Document:

Exhibit 10.1(h)

EXECUTION COPY

AMENDMENT NO. 8

This
AMENDMENT No. 8 dated as of October 13, 2005 (“Amendment No. 8”),
is entered into by and among H&E EQUIPMENT SERVICES L.L.C., a
Louisiana limited liability company (“H&E”),
GREAT NORTHERN EQUIPMENT, INC., a Montana corporation (“Great
Northern” and together with H&E, individually a “Borrower” and jointly, severally and collectively, the “Borrowers”), H&E HOLDINGS L.L.C., a Delaware limited
liability company, GNE INVESTMENTS, INC., a Washington corporation and H&E
FINANCE CORP., a Delaware corporation, the
persons designated as “Lenders” on the signature pages hereto, and GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as Agent.

WHEREAS, Borrowers,
the other Credit Parties, the Lenders (as defined therein) and Agent are party
to the Credit
Agreement dated as of June 17, 2002 (including all annexes,
exhibits and schedules thereto, and as amended by Amendment No. 1 dated as
of March 31, 2003, Amendment No. 2 dated as of May 14, 2003,
Amendment No. 3 dated as of February 10, 2004, Amendment No. 4
dated as of October 26, 2004, Amendment No. 5 dated as of January 13,
2005, Amendment No. 6
dated as of March 11, 2005 and Amendment No. 7 dated as of March 31,
2005, and as further amended, restated, supplemented or otherwise
modified and in effect from time to time, “Original Credit Agreement”;
all capitalized terms defined in the Original Credit Agreement and not
otherwise defined herein have the meanings assigned to them in the Original
Credit Agreement or in Annex A
thereto);

WHEREAS, the Borrowers, the other Credit Parties and
the Lenders are party to Waiver No. 3 dated as of August 26, 2005
(the “Waiver”); and

WHEREAS, Borrowers and each Lender, subject to Section 3
hereof, wish to amend the Original Credit Agreement in the manner set forth
below.

NOW, THEREFORE, in
consideration of the premises and the agreements, provisions and covenants
herein contained, Borrowers, Credit Parties, each Lender and Agent agree as
follows:

SECTION 1.

AMENDMENTS TO ORIGINAL CREDIT AGREEMENT

Subject to the satisfaction of the conditions to effectiveness referred to
in Section 2 hereof, the Original
Credit Agreement is hereby amended as follows:

(a)   the Original Credit Agreement is hereby amended by replacing the
dollar figure “$150,000,000” appearing in clause (G) of the recitals with
the dollar figure “$165,000,000”.

(b)   the Original Credit Agreement is hereby amended by adding a new Section 3.27
to read as follows:

Section 3.27. Permitted
Debt.

Prior
to the Amendment No. 8 Effective Date, no Credit Party incurred any
Indebtedness pursuant to clause (12) of Section 4.09 of the Senior Note
Indenture or clause (12) of Section 4.09 of the Senior Subordinated Note
Indenture.

(c)   the Original Credit
Agreement is hereby amended by replacing the dollar figure “$90,000,000”
appearing in Section 6.7(d)(x) with the dollar figure “125,000,000”.

(d)   the Original Credit Agreement is hereby amended by adding a new
clause (c) at the end of Section 6.18 to read as follows:

 
  
 

(c)    No Credit
Party shall incur any Indebtedness pursuant to clause (12) of Section 4.09
of the Senior Note Indenture or clause (12) of Section 4.09 of the Senior
Subordinated Note Indenture on or after the Amendment No. 8 Effective Date
other than Indebtedness incurred under this Agreement.

(e)   the Original Credit Agreement is hereby amended by replacing the
text “clause (1) or (2) of the definition of “Permitted Debt”
contained in Section 4.09 of the Senior Subordinated Note Indenture”
appearing in Exhibit 1.1(a)(i) to the Original Credit Agreement (Form of
Notice of Revolving Credit Advance) with the text “clause (1) or (12) of
the definition of “Permitted Debt” contained in Section 4.09 of the Senior
Subordinated Note Indenture; and (iv) no Indebtedness has been incurred
pursuant to clause (12) of the definition of “Permitted Debt” contained in Section 4.09
of the Senior Note Indenture or clause (12) of the definition of “Permitted
Debt” contained in Section 4.09 of the Senior Subordinated Note Indenture
other than Indebtedness incurred under the Credit Agreement”.

(f)    the following definitions are added to Annex A
of the Original Credit Agreement in their proper alphabetical place:

“Amendment No. 8” means Amendment No. 8, dated as of October 13,
2005, to this Agreement.

“Amendment No. 8 Effective Date” means the ‘Effective
Date’ as defined in Amendment No. 8.

(g)   Annex A of the
Original Credit Agreement is amended as follows:

(i)             the definition of “Borrowing Availability” is amended by replacing the dollar
figure “$15,000,000” appearing therein with the dollar figure “$16,500,000”.

(ii)         the
definition of “Revolving Loan Commitment” is
amended by replacing such definition in its entirety with the following:

“Revolving Loan Commitment” means (a) as to any
Revolving Lender, the aggregate commitment of such Revolving Lender to make
Revolving Credit Advances or incur Letter of Credit Obligations as set forth on
Annex J or in the most recent Assignment Agreement executed by such
Revolving Lender and (b) as to all Revolving Lenders, the aggregate
commitment of all Revolving Lenders to make Revolving Credit Advances or incur
Letter of Credit Obligations, which aggregate commitment shall be One Hundred
Sixty Five Million Dollars ($165,000,000) on the Amendment No. 8
Effective Date, as such amount may be adjusted, if at all, from time to time in
accordance with the Agreement, provided, however, that in the event that the maximum amount permitted
under clause (1) of the definition of “Permitted Debt” contained in the
Senior Note Indenture or the Senior Subordinated Note Indenture is reduced by
virtue of the application to “Senior Debt” (as defined in the Senior Note
Indenture or Senior Subordinated Note Indenture) of “Net Proceeds” of “Assets
Sales” (as such terms are defined in the Senior Note Indenture or Senior
Subordinated Note Indenture), then and in such event the Revolving Loan
Commitment shall be reduced automatically by the amount of each such reduction,
with any such reduction to the Revolving Loan Commitment to be allocated to all
Lenders pro rata.

(h)   Annex J of the
Original Credit Agreement is amended by replacing such annex in its entirety
with Annex J attached hereto.

SECTION 2.

CONDITIONS TO EFFECTIVENESS

This Amendment No. 8 shall become effective on the date (the “Effective Date”) on which the following conditions shall
have been satisfied:

(a)          H&E
shall have paid to Agent in immediately available funds all fees, costs and
expenses of Agent payable under Section 11.3(b) of
the Original Credit Agreement and specified in that 

 2
 

certain fee letter
dated October 13, 2005 between Borrowers and Agent (the “Fee Letter”), in connection with the preparation, execution
and delivery of this Amendment No. 8;

(b)         Agent shall have received one or more
counterparts of  the following:

(i)    this Amendment No. 8 executed and delivered
by Borrowers, the other Credit Parties, Agent and the Lenders;

(ii)   the Fee Letter, in form and substance
satisfactory to Agent, executed and delivered by H&E;

(iii)  duly executed originals of Amended and
Restated Revolving Notes for each Lender, in form and substance reasonably
satisfactory to such Lender, dated the Amendment No. 8 Effective Date;

(iv)  for each Credit Party, (a) its
articles or certificate of incorporation or certificate of formation, as
applicable, and all amendments thereto, (b) good standing certificates
(including verification of tax status) in its state of incorporation or
formation, as applicable, and (c) good standing certificates (including
verification of tax status) and certificates of qualification to conduct
business in each jurisdiction where its ownership or lease of property or the
conduct of its business requires such qualification, each dated a recent date
prior to the Amendment No. 8 Effective Date and certified by the
applicable Secretary of State or other authorized Governmental Authority;

(v)    for each Credit Party, (a) its
by-laws or operating agreement, as applicable, together with all
amendments thereto and (b) resolutions of such Person’s Board of Directors
or Board of Members, as applicable, approving and authorizing the execution,
delivery and performance of this Amendment No. 8 and  the other Loan Documents to which it is a
party and the transactions to be consummated in connection therewith, each
certified as of Amendment No. 8 Effective Date by such Person’s secretary
or an assistant secretary as being in full force and effect without any
modification or amendment;

(vi)  for each Credit Party, signature and
incumbency certificates of the officers of such Person executing this Amendment
No. 8 or any of the other Loan Documents, certified as of the Amendment No. 8
Effective Date by such Person’s secretary or an assistant secretary as being
true, accurate, correct and complete;

(vii) duly executed originals of opinions of Dechert LLP,
New York and Delaware counsel for the Credit Parties, together with opinions of
Louisiana and Montana counsel, each in form and substance reasonably
satisfactory to Agent and its counsel, dated the Amendment No. 8 Effective
Date, and addressed to Agent and Lenders;

(viii)            duly executed originals of a Master
Reaffirmation of Loan Documents, dated the Amendment No. 8 Effective Date,
executed by each Credit Party; and

(ix)  such other documents, instruments or
agreements as Agent may reasonably request.

SECTION 3.

LIMITATION ON SCOPE

Except
as expressly amended hereby or to the extent
noncompliance is waived pursuant to the Waiver, all of the
representations, warranties, terms, covenants and conditions of the Loan
Documents shall remain in full force and effect in accordance with their
respective terms. The amendments set forth herein shall be limited precisely as
provided for herein and shall not be deemed to be waivers of, amendments of,
consents to or modifications of any term or provision of the Loan Documents or
any other document or instrument referred to therein or of any transaction or
further or future action on the part of Borrowers or 

 3
 

any other Credit Party requiring the consent of Agent
or Lenders except to the extent specifically provided for herein. Agent and
Lenders have not and shall not be deemed to have waived any of their respective
rights and remedies against Borrowers or any other Credit Party for any
existing or future Defaults or Event of Default.

SECTION 4.

MISCELLANEOUS

(a)   Borrowers hereby represent and warrant as follows:

(i)    this Amendment No. 8 has been duly authorized and executed
by Borrowers and each other Credit Party, and the Original Credit Agreement, as
amended by this Amendment No. 8, is the legal, valid and binding obligation
of Borrowers and each other Credit Party that is a party thereto, enforceable
in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, moratorium and similar laws affecting the rights of
creditors in general;

(ii)   Borrowers repeat and restate the
representations and warranties of Borrowers contained in the Original Credit
Agreement as of the date of this Amendment No. 8 and as of the Effective
Date, except to the extent such representations and warranties (i) relate to a specific date or (ii) are
waived pursuant to the Waiver.

(b)         This Amendment No. 8
is being delivered in the State of New York.

(c)          Borrowers and the other
Credit Parties hereby ratify and confirm the Original Credit Agreement as
amended hereby, and agree that, as amended hereby, the Original Credit
Agreement remains in full force and effect.

(d)         Borrowers and the other
Credit Parties agree that all Loan Documents to which each such Person is a
party remain in full force and effect notwithstanding the execution and
delivery of this Amendment No. 8.

(e)          This Amendment No. 8
may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed an original, but all of which
counterparts together shall constitute but one and the same instrument.

(f)            All references in the Loan Documents to the
“Credit Agreement” and in the Original Credit Agreement as amended hereby to “this
Agreement,” “hereof,” “herein” or the like shall mean and refer to the Original
Credit Agreement as amended by this Amendment No. 8 (as well as by all
subsequent amendments, restatements, modifications and supplements thereto).

(g)          Each of the following provisions of the Original
Credit Agreement is hereby incorporated herein by this reference with
the same effect as though set forth in its entirety herein, mutatis mutandis,
and as if “this Agreement” in any such provision read “this Amendment No. 8”:
Section 11.6, (Severability), Section 11.9 (Governing Law), Section 11.10
(Notices), Section 11.11 (Section Titles)
Section 11.13 (Waiver of Jury
Trial), Section 11.16 (Advice of Counsel)
and Section 11.17 (No Strict
Construction).

[SIGNATURE PAGES FOLLOW]

 4

WITNESS the
due execution hereof by the respective duly authorized officers of the
undersigned as of the date first written above.

	
  

  	
  BORROWERS:

  
	
   

  	
  H&E EQUIPMENT SERVICES
  L.L.C.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  GREAT NORTHERN EQUIPMENT, INC.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  CREDIT PARTIES:

  
	
   

  	
  H&E HOLDINGS L.L.C.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  GNE INVESTMENTS, INC.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  H&E FINANCE CORP.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 SIGNATURE PAGE TO AMENDMENT NO. 8
  
 

 

	
  

  	
  AGENT
  AND LENDERS:

  
	
   

  	
  GENERAL
  ELECTRIC CAPITAL CORPORATION,

  
	
   

  	
  as Agent and a Lender

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as a Lender

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  PNC BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as a Lender

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  LASALLE BUSINESS CREDIT, LLC,

  
	
   

  	
  as a Lender

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 SIGNATURE PAGE TO AMENDMENT NO. 8
  

ANNEX J (from Annex A—Commitments definition)

to

CREDIT AGREEMENT

	
  Lender(s):

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  General Electric Capital Corporation

  	
   

  	
   

  	
   

  
	
  Revolving Loan Commitment:

  	
   

  	
  $

  	
  63,750,000

  	
   

  
	
  Swing Line Commitment:

  	
   

  	
  $

  	
  10,000,000

  	
   

  
	
  PNC Bank, National Association

  	
   

  	
   

  	
   

  
	
  Revolving Loan Commitment:

  	
   

  	
  $

  	
  22,500,000

  	
   

  
	
  LaSalle Business Credit, Inc.

  	
   

  	
   

  	
   

  
	
  Revolving Loan Commitment:

  	
   

  	
  $

  	
  17,000,000

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
   

  	
   

  
	
  Revolving Loan
  Commitment:

  	
   

  	
  $

  	
  61,750,000Exhibit 4.1

 

EQUIFAX INC.

 

and

 

SUNTRUST BANK,

as Rights Agent

 

 

AMENDED AND RESTATED RIGHTS AGREEMENT

 

 

Amended and Restated as of October 14, 2005

 

Originally Dated as of October 25, 1995 and amended as of July 7,
2001

 

 

TABLE OF CONTENTS

 

	
  Section

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 1.

  	
   

  	
  Certain Definitions

  	
   

  
	
  Section 2.

  	
   

  	
  Appointment of Rights Agent

  	
   

  
	
  Section 3

  	
   

  	
  Issuance of Right Certificates

  	
   

  
	
  Section 4

  	
   

  	
  Form of Right Certificates

  	
   

  
	
  Section 5

  	
   

  	
  Countersignature and Registration

  	
   

  
	
  Section 6

  	
   

  	
  Transfer, Split-Up, Combination and Exchange of Right
  Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates

  	
   

  
	
  Section 7.

  	
   

  	
  Exercise of Rights; Purchase Price; Expiration Date
  of Rights

  	
   

  
	
  Section 8.

  	
   

  	
  Cancellation and Destruction of Right Certificates

  	
   

  
	
  Section 9.

  	
   

  	
  Company Covenants Concerning Securities and Rights

  	
   

  
	
  Section 10.

  	
   

  	
  Record Date

  	
   

  
	
  Section 11.

  	
   

  	
  Adjustment of Purchase Price, Number and Kind of
  Securities or Number of Rights

  	
   

  
	
  Section 12.

  	
   

  	
  Certificate of Adjusted Purchase Price or Number of
  Securities

  	
   

  
	
  Section 13.

  	
   

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

  	
   

  
	
  Section 14.

  	
   

  	
  Fractional Rights and Fractional Securities

  	
   

  
	
  Section 15.

  	
   

  	
  Rights of Action

  	
   

  
	
  Section 16.

  	
   

  	
  Agreement of Rights Holders

  	
   

  
	
  Section 17.

  	
   

  	
  Right Certificate Holder Not Deemed a Shareholder

  	
   

  
	
  Section 18.

  	
   

  	
  Concerning the Rights Agent

  	
   

  
	
  Section 19.

  	
   

  	
  Merger or Consolidation or Change of Name of Rights
  Agent

  	
   

  
	
  Section 20.

  	
   

  	
  Duties of Rights Agent

  	
   

  
	
  Section 21.

  	
   

  	
  Change of Rights Agent

  	
   

  
	
  Section 22.

  	
   

  	
  Issuance of New Right Certificates

  	
   

  
	
  Section 23.

  	
   

  	
  Redemption

  	
   

  
	
  Section 24.

  	
   

  	
  Notice of Certain Events

  	
   

  
	
  Section 25.

  	
   

  	
  Notices

  	
   

  
	
  Section 26.

  	
   

  	
  Supplements and Amendments

  	
   

  
	
  Section 27.

  	
   

  	
  Exchange

  	
   

  
	
  Section 28.

  	
   

  	
  Determinations and Actions by the
  Board of Directors, etc

  	
   

  
	
  Section 29.

  	
   

  	
  Successors; Certain Covenants

  	
   

  
	
  Section 30.

  	
   

  	
  Benefits of this Agreement

  	
   

  
	
  Section 31.

  	
   

  	
  Severability

  	
   

  
	
  Section 32.

  	
   

  	
  Governing Law

  	
   

  
	
  Section 33.

  	
   

  	
  Counterparts

  	
   

  
	
  Section 34.

  	
   

  	
  Descriptive Headings

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A — Form of Right
  Certificate

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit B — Form of
  Summary of Rights to Purchase Common Shares

  	
   

  

 

i

 

AMENDED AND RESTATED RIGHTS AGREEMENT

 

This
AMENDED AND RESTATED RIGHTS AGREEMENT,
dated as of October 14, 2005 (this “Agreement”), is made and
entered into by and between Equifax Inc., a Georgia corporation (the “Company”),
and SunTrust Bank, a Georgia banking corporation (the “Rights Agent”).

 

RECITALS

 

WHEREAS, the Company and the Rights Agent are parties to that certain Rights
Agreement, dated as of October 25, 1995, as amended as of July 7,
2001 (the “Prior Agreement”);

 

WHEREAS, on October 25,
1995, the Board of Directors of the Company (the “Board of Directors”)
authorized and declared a dividend distribution of one right (“Right”)
for each Common Share (as hereinafter defined) outstanding as of the Close of
Business (as hereinafter defined) on November 6, 1995 (the “Record Date”),
each Right initially representing the right to purchase one Common Share, upon
the terms and subject to the conditions of the Prior Agreement, and further
authorized and directed the issuance of one Right with respect to each Common
Share issued or delivered by the Company (whether originally issued or
delivered from the Company’s treasury) after the Record Date but prior to the
earlier of the Distribution Date (as hereinafter defined) and the Expiration
Date (as hereinafter defined);

 

WHEREAS, Section 26 of the Prior Agreement provides that, prior to the
occurrence of a Distribution Date (as defined therein), the Company and the
Rights Agent shall, if the Company so directs, supplement or amend any
provision of the Agreement without the approval of any holders of certificates
representing shares of Common Stock and the Rights Agent shall execute such
supplement or amendment; and

 

WHEREAS, the Board of Directors has determined that it is in the best interests
of the Company and its shareholders to amend and restate the Prior Agreement as
set forth herein and the Rights Agent has agreed to the amendment and
restatement of the Prior Agreement as set forth herein;

 

NOW THEREFORE, in consideration of the premises and the mutual agreements herein set
forth, the parties hereby agree that the Prior Agreement is amended and
restated as follows:

 

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

 

(a)                                  “Acquiring Person” shall mean any
Person (other than the Company or any Subsidiary of the Company or any employee
benefit or stock ownership plan of the Company or of any Subsidiary of the
Company or any entity holding Common Shares for or pursuant to the terms of any
such plan) who or which, together with all Affiliates and Associates of such
Person, shall be the Beneficial Owner of 20% or more of the Common Shares then
outstanding; provided, however, that a Person shall not be deemed
to have become an Acquiring Person solely as a result of a reduction in the
number of Common Shares outstanding or solely as a

 

 

result
of any acquisition that is approved in advance by the Board of Directors, in
each case unless and until such time as (i) such Person or any Affiliate
or Associate of such Person shall thereafter become the Beneficial Owner of any
additional Common Shares, other than as a result of a stock dividend, stock
split or similar transaction effected by the Company in which all holders of
Common Shares are treated equally or in a transaction that is approved in
advance by the Board of Directors, or (ii) any other Person who is the
Beneficial Owner of any Common Shares shall thereafter become an Affiliate or
Associate of such Person. 
Notwithstanding the foregoing, if the Board of Directors determines in
good faith that a Person who otherwise would be an Acquiring Person as defined
under the foregoing provisions of this Section 1(a) has become
such inadvertently, and such Person has divested or agrees to divest as
promptly as practicable (as determined by the Board of Directors) a sufficient
number of Common Shares so that such Person would no longer be an “Acquiring
Person” as defined under the foregoing provisions of this paragraph (a), then
such Person shall not be deemed to be an Acquiring Person for any purposes of
this Agreement unless and until such Person shall again become an Acquiring
Person as herein defined.

 

(b)                                 “Affiliate” and “Associate”
shall have the respective meanings ascribed to such terms in Rule 12b-2 of
the General Rules and Regulations under the Exchange Act, as in effect on
the date of this Agreement.

 

(c)                                  A Person shall be deemed the “Beneficial
Owner” of, and shall be deemed to “beneficially own,” any
securities:

 

(i)                                     which such Person or any of such Person’s
Affiliates or Associates beneficially owns, directly or indirectly, as
determined pursuant to Rule 13d-3 of the General Rules of the
Exchange Act.

 

(ii)                                  which such Person or any of such Person’s
Affiliates or Associates, directly or indirectly, has (A) the right to
acquire (whether such right is exercisable immediately or only after the
passage of time) pursuant to any agreement, arrangement or understanding
(whether or not in writing), or upon the exercise of conversion rights,
exchange rights, warrants or options, or other rights (in each case, other than
upon exercise or exchange of the Rights); provided, however, that
a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own”
securities tendered pursuant to a tender or exchange offer made by or on behalf
of such Person or any of such Person’s Affiliates or Associates until such
tendered securities are accepted for purchase or exchange; or (B) the
right to vote or dispose of or has “beneficial ownership” of (as determined
pursuant to Rule 13d-3 of the General Rules of the Exchange Act),
including pursuant to any agreement, arrangement or understanding (whether or
not in writing); or

 

(iii)                               of which any other Person is the Beneficial
Owner, if such Person or any of such Person’s Affiliates or Associates has any
agreement, arrangement or understanding (whether or not in writing) with such
other Person (or any of such other Person’s Affiliates or Associates) with
respect to acquiring, holding, voting or disposing of any securities of the
Company;

 

2

 

provided, however, that a Person shall not be
deemed the Beneficial Owner of, or to beneficially own, any security (A) if
such Person has the right to vote such security pursuant to an agreement,
arrangement or understanding (whether or not in writing) which (1) arises
solely from a revocable proxy given to such Person in response to a public
proxy or consent solicitation made pursuant to, and in accordance with, the
applicable rules and regulations of the Exchange Act and (2) is not
also then reportable on Schedule 13D under the Exchange Act (or any
comparable or successor report), or (B) if such beneficial ownership
arises solely as a result of such Person’s status as a “clearing agency”, as
defined in Section 3(a)(23) of the Exchange Act; and provided, further,
that nothing in this paragraph (c) shall cause a Person engaged in
business as an underwriter of securities to be the Beneficial Owner of, or to
beneficially own, any securities acquired through such Person’s participation
in good faith in an underwriting syndicate until the expiration of 40 calendar
days after the date of such acquisition, or such later date as the Board of
Directors may determine in any specific case.

 

(d)                                 “Business Day” shall mean any day other
than a Saturday, Sunday or a day on which banking institutions in the State of
Georgia (or such other state in which the principal office of the Rights Agent
is located) are authorized or obligated by law or executive order to close.

 

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

 

(f)                                    “Common Shares” when used with
reference to the Company shall mean shares of the Common Stock, par value $1.25
per share, of the Company; provided, however, that, if the
Company is the continuing or surviving corporation in a transaction described
in Section 11(a)(ii) or Section 13(a)(ii) hereof,
“Common Shares” when used with reference to the Company shall mean the
capital stock or equity security with the greatest aggregate voting power of
the Company.  “Common Shares” when used
with reference to any Person, other than the Company, including an Issuer,
shall mean shares of the capital stock or equity interests with the greatest
aggregate voting power of such Person or, if such other Person is a subsidiary
of another Person, the Person or Persons which ultimately control such
first-mentioned Person.

 

(g)                                 “Company” shall mean Equifax Inc., a
Georgia corporation.

 

(h)                                 “Distribution Date” shall mean the
earliest of: (i) the Close of Business on the tenth calendar day (or,
unless the Distribution Date shall have previously occurred, such later date as
may be specified by the Board of Directors) after the Share Acquisition Date, (ii) the
Close of Business on the tenth Business Day (or, unless the Distribution Date
shall have previously occurred, such later date as may be specified by the
Board of Directors) after the date of the commencement of a tender or exchange
offer by any Person (other than the Company or any Subsidiary of the Company or
any employee benefit or stock ownership plan of the Company or of any
Subsidiary of the Company or any entity holding Common Shares for or pursuant
to the terms of any such plan), if upon the consummation thereof such Person
would be the Beneficial Owner of 20% or more of the outstanding Common Shares,
and (iii) the Close of Business on the tenth calendar day after the first
date of public announcement by the Company

 

3

 

or
an Acquiring Person (by press release, filing made with the Securities and
Exchange Commission or otherwise) of the first occurrence of a Triggering
Event.

 

(i)                                     “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended.

 

(j)                                     “Expiration Date” shall mean the
earliest of (i) the Close of Business on the Final Expiration Date, (ii) the
time at which the Rights are redeemed as provided in Section 23
hereof, and (iii) the time at which all exercisable Rights are exchanged
as provided in Section 27 hereof.

 

(k)                                  “Final Expiration Date” shall mean November 6,
2015.

 

(l)                                     “Flip-in Event” shall mean any event
described in clauses (A), (B) or (C) of Section 11(a)(ii) hereof.

 

(m)                               “Flip-over Event” shall mean any event
described in subsections (i), (ii), (iii) or (iv) of Section 13(a) hereof.

 

(n)                                 “Independent Director” shall
mean a person, while such person is a member of the Board of Directors, who
shall be determined to be independent under the listing standards of the NYSE
and who is not an Acquiring Person or an affiliate or associate of an Acquiring
Person, or a representative of an Acquiring Person, or of any such affiliate or
associate; provided, however, that the fact that a person is
nominated for election as a director by an Acquiring Person or any such
affiliate, associate or representative, or the fact that an Acquiring Person or
any such affiliate, associate or representative votes in favor of the election
of a person as a director, shall not, in and of itself, disqualify a person
from being an Independent Director provided that such person does not have any
agreement or understanding with such Acquiring Person, affiliate, associate or
representative with respect to how such person will vote on any future
transactions.

 

(o)                                 “Issuer” shall have the meaning set
forth in Section 13(b) hereof.

 

(p)                                 “Nasdaq” shall mean The Nasdaq Stock
Market, Inc.

 

(q)                                 “NYSE” shall mean the New York Stock
Exchange, Inc.

 

(r)                                    “Person” shall mean any individual,
firm, corporation, limited liability company, partnership or other legal
entity, and includes any successor (by merger or otherwise) of such entity.

 

(s)                                  “Purchase Price” shall mean initially
$153.81 per Common Share, and shall be subject to further adjustment from time
to time as provided in this Agreement.

 

(t)                                    “Redemption Price” shall mean $0.01 per
Right, subject to adjustment by resolution of the Board of Directors to reflect
any stock split, stock dividend or similar transaction occurring after the date
hereof.

 

(u)                                 “Right” shall have the meaning set
forth in the Recitals to this Agreement.

 

4

 

(v)                                 “Right Certificates” shall mean
certificates evidencing the Rights, in substantially the form of Exhibit A attached hereto.

 

(w)                               “Rights Agent” shall mean SunTrust
Bank, unless and until a successor Rights Agent shall have become such pursuant
to the terms of this Agreement, and thereafter, “Rights Agent” shall mean such
successor Rights Agent.

 

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

 

(y)                                 “Share Acquisition Date” shall mean the
earlier of the date of (i) the first date of public announcement (by press
release, a report filed or amended pursuant to Section 13(d) of the
Exchange Act or otherwise) by the Company or an Acquiring Person that an
Acquiring Person has become such or (ii) the public disclosure of facts by
the Company or an Acquiring Person indicating that a Person has become such; provided,
however, that if such Person is determined not to have become an
Acquiring Person pursuant to the last sentence of Section 1(a),
then no Share Acquisition Date shall be deemed to have occurred.

 

(z)                                   “Subsidiary” when used with reference
to any Person shall mean any corporation or other legal entity of which a
majority of the voting power of the voting equity securities or equity
interests is owned, directly or indirectly, by such Person; provided, however,
that for purposes of Section 13(b) hereof, “Subsidiary” when
used with reference to any Person shall mean any corporation or other legal
entity of which at least 20% of the voting power of the voting equity
securities or equity interests is owned, directly or indirectly, by such
Person.

 

(aa)                            “Summary of Rights to Purchase Common
Shares” shall mean the Summary of Rights to Purchase Common Shares, in
substantially the form of Exhibit B
attached hereto.

 

(bb)                          “Trading Day” shall mean any day on
which the principal national securities exchange on which the Common Shares are
listed or admitted to trading is open for the transaction of business or, if
the Common Shares are not listed or admitted to trading on any national
securities exchange, a Business Day.

 

(cc)                            “Triggering Event” shall mean any
Flip-in Event or Flip-over Event.

 

Section 2.                                            Appointment of Rights Agent. The Company hereby appoints the Rights Agent
to act as agent for the Company and the holders of the Rights (who, in
accordance with Section 3 hereof, shall also be, prior to the
Distribution Date, the holders of the Common Shares) in accordance with the
terms and conditions hereof, and the Rights Agent hereby accepts such
appointment and hereby certifies that it complies with the requirements of the
NYSE governing transfer agents and registrars. 
The Company may from time to time act as Co-Rights Agent or appoint such
Co-Rights Agents as it may deem necessary or desirable.  Any actions which may be taken by the Rights
Agent pursuant to the terms of this Agreement may be taken by any such
Co-Rights Agent.  To the extent that any
Co-Rights Agent takes any action pursuant to this Agreement, such Co-Rights
Agent shall be entitled to all of the rights and protections of and subject to
all of the applicable duties and obligations imposed upon, the Rights Agent
pursuant to the terms of this Agreement.

 

5

 

Section 3.                                            Issue of Right Certificates.

 

(a)                                  Until the Distribution Date, (i) the
Rights shall be evidenced by the certificates representing Common Shares
registered in the names of the record holders thereof (which certificates
representing Common Shares shall also be deemed to be Right Certificates), (ii) the
Rights shall be transferable only in connection with the transfer of the
underlying Common Shares (including a transfer to the Company), and (iii) the
surrender for transfer of any certificates evidencing Common Shares in respect
of which Rights have been issued shall also constitute the transfer of the
Rights associated with the Common Shares evidenced by such certificates.

 

(b)                                 Promptly upon request, the Company shall send
a copy of this Agreement by first-class, postage prepaid mail, to any record
holder of Common Shares requesting the same (or, at the Company’s option, shall
send a letter summarizing the terms of the Rights), at the address of such
holder shown on the records of the Company as of such date.

 

(c)                                  Rights shall be issued by the Company in
respect of all Common Shares (other than Common Shares issued upon the exercise
or exchange of any Right) issued or delivered by the Company (whether
originally issued or delivered from the Company’s treasury) after the Record
Date but prior to the earlier of the Distribution Date and the Expiration Date.
Certificates evidencing such Common Shares shall have stamped on, impressed on,
printed on, written on or otherwise affixed to them the following legend or
such similar legend as the Company may deem appropriate and as is not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any applicable law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any stock exchange or
transaction reporting system on which the Common Shares may from time to time
be listed or quoted, or to conform to usage:

 

This
Certificate also evidences and entitles the holder hereof to certain Rights as
set forth in a Rights Agreement between Equifax Inc. and SunTrust Bank dated as
of October 14, 2005 (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 Equifax Inc. 
Under certain circumstances, as set forth in the Rights Agreement, such
Rights may be redeemed, may expire, may be amended or may be evidenced by
separate certificates and no longer be evidenced by this Certificate.  Equifax Inc. will mail to the holder of this
Certificate a copy of the Rights Agreement without charge promptly after
receipt of a written request therefor. 
Under certain circumstances as set forth in the Rights Agreement, Rights
beneficially owned by an Acquiring Person or any Affiliate or Associate of an
Acquiring Person (as such terms are defined in the Rights Agreement) may become
null and void.

 

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

 

6

 

(d)                                 The Company shall promptly notify the Rights
Agent of the occurrence of a Distribution Date and request its transfer agent
to provide to the Rights Agent a shareholder list together with all other
relevant information.  As promptly as
practicable after the Distribution Date, the Company shall prepare and execute,
the Rights Agent will countersign and shall, at the Company’s expense, send or
cause to be sent (and the Rights Agent shall, if requested, send), by
first-class, insured, postage prepaid mail, to each record holder of Common
Shares as of the Close of Business on the Distribution Date, at the address of
such holder shown on the records of the Company, a Right Certificate, evidencing
one Right for each Common Share so held, subject to adjustment as provided
herein.  In the event that an adjustment
in the number of Rights per Common Share has been made pursuant to Section 11(a)(i) hereof,
at the time of distribution of the Right Certificates, the Company shall make
the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof)
so that Right Certificates representing only whole numbers of Rights are
distributed and cash is paid in lieu of any fractional Rights.  As of and after the Distribution Date, the
Rights shall be evidenced solely by such Right Certificates.  The failure to mail a Right Certificate shall
not affect the legality or validity of the Rights.

 

Section 4.                                            Form of Right Certificates.

 

(a)                                  The Right Certificates (and the form of
election to purchase and form of assignment to be printed on the reverse
thereof) shall be substantially in the form set forth as Exhibit A hereto with such changes,
marks of identification or designation and such legends, summaries or
endorsements printed thereon as the Company may deem appropriate (but which
does not affect the rights, duties or responsibilities of the Rights Agent) and
as are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any applicable law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any stock exchange
or transaction reporting system on which the Rights may from time to time be
listed or quoted, or to conform to usage. 
The Right Certificates shall be in machine printable format and in a
form reasonably satisfactory to the Rights Agent.  Subject to the provisions of Sections 11
and 22 hereof, the Right Certificates, whenever issued, on their face
shall entitle the holders thereof to purchase such number of Common Shares as
shall be set forth therein at the Purchase Price set forth therein, but the
Purchase Price, the number and kind of securities issuable upon exercise of
each Right and the number of Rights outstanding shall be subject to adjustment
as provided herein.

 

(b)                                 Any Right Certificate issued hereunder that
represents Rights beneficially owned by (i) an Acquiring Person or any
Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring
Person (or an any such Associate or Affiliate) who becomes a transferee after
the Acquiring Person becomes such, or (iii) a transferee of an Acquiring
Person (or of any such Associate or Affiliate) who becomes a transferee prior
to or concurrently with the Acquiring Person becoming such and receives such
Rights pursuant to either (A) a transfer (whether or not for
consideration) from the Acquiring Person to holders of equity interests in such
Acquiring Person or to any Person with whom such Acquiring Person has any
continuing agreement, arrangement or understanding regarding the transferred
Rights or (B) a transfer that the Board of Directors has determined is
part of a plan, arrangement or understanding that has the primary purpose or
effect the avoidance of Section 7(d) hereof, and any Right
Certificate issued pursuant to Section 6 or Section 11
hereof upon transfer, exchange, replacement or adjustment of any

 

7

 

other Right Certificate referred to in this
sentence, shall contain (to the extent feasible) the following legend or such
similar legend as the Company may deem appropriate and as is not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto, or
with any rule or regulation of any stock exchange or which the Rights may
from time to time be listed, or to conform to usage:

 

The
Rights represented by this Right Certificate are or were beneficially owned by
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 Right Certificate and the
Rights represented hereby may become null and void in the circumstances
specified in the Rights Agreement.

 

The
provisions of Section 7(d) hereof shall be operative
regardless of whether the foregoing legend is contained on any Right
Certificate.

 

Section 5.                                            Countersignature and Registration.

 

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

 

(b)                                 Following the Distribution Date, the Rights
Agent shall keep or cause to be kept, at the principal office of the Rights
Agent designated for such purpose and at such other offices as may be required
to comply with any applicable law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any stock exchange or
any transaction reporting system on which the Rights may from time to time be
listed or quoted, books for registration and transfer of the Right Certificates
issued hereunder.  Such books shall show
the names and addresses of the respective holders of the Right Certificates,
the number of Rights evidenced on its face by each of the Right Certificates
and the date of each of the Right Certificates.

 

8

 

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

 

(a)                                  Subject to the provisions of Sections 4(b),
7(d) and 14 hereof, at any time after the Close of Business
on the Distribution Date and prior to the Expiration Date, any Right
Certificate or Right Certificates representing exercisable Rights may be
transferred, split up, combined or exchanged for another Right Certificate or
Right Certificates, entitling the registered holder to purchase a like number
of Common Shares (or other securities, as the case may be) as the Right
Certificate or Right Certificates surrendered then entitled such holder (or
former holder in the case of a transfer) to purchase.  Any registered holder desiring to transfer,
split up, combine or exchange Right Certificates shall make such request in
writing delivered to the Rights Agent, and shall surrender the Right
Certificate or Right Certificates to be transferred, split up, combined or
exchanged at the principal office of the Rights Agent designated for such
purpose.  Neither the Rights Agent nor
the Company shall be obligated to take any action whatsoever with respect to
the transfer of any such surrendered Right Certificate until the registered
holder shall have properly completed and signed the certificate contained in
the form of assignment on the reverse side of such Right Certificate and shall
have provided such additional evidence of the identity of the Beneficial Owner
(or former Beneficial Owner) or Affiliates or Associates thereof as the Company
or the Rights Agent shall reasonably request. 
Thereupon or as promptly as practicable thereafter, subject to the
provisions of Sections 4(b), 7(d) and 14 hereof, the
Company shall prepare, execute and deliver to the Rights Agent, and the Rights
Agent shall countersign and deliver a Right Certificate or Right Certificates,
as the case may be, as so requested.  The
Company may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer, split
up, combination or exchange of Right Certificates.

 

(b)                                 Upon receipt by the Company and the Rights
Agent of evidence reasonably satisfactory to them of the loss, theft,
destruction or mutilation of a Right Certificate, and of indemnity or security
reasonably satisfactory to them, and, if requested by the Company,
reimbursement to the Company and the Rights Agent of all reasonable expenses
incidental thereto, and upon surrender to the Rights Agent and cancellation of
the Right Certificate if mutilated, the Company shall prepare, execute and
deliver a new Right Certificate of like tenor to the Rights Agent and the Rights
Agent shall countersign and deliver such new Right Certificate to the
registered holder in lieu of the Right Certificate so lost, stolen, destroyed
or mutilated.

 

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

 

(a)                                  The registered holder of any Right Certificate
may exercise the Rights evidenced thereby (except as otherwise provided herein
including, without limitation, any restrictions on exercisability set forth in Section 7(d))
in whole or in part at any time after the Close of Business on the Distribution
Date and prior to the Expiration Date, upon surrender of the Right Certificate,
with the form of election to purchase on the reverse side thereof duly
executed, to the Rights Agent at the office or offices of the Rights Agent
designated for such purpose, together with payment in cash, in lawful money of
the United States of America by certified check or bank draft payable to the
order of the Company equal to the sum of (i) the aggregate Purchase Price
for the total number of securities as to which such surrendered Rights are
exercised and (ii) an

 

9

 

amount equal to any applicable transfer tax
required to be paid by the holder of such Right Certificate in accordance with
the provisions of Section 9 hereof. 
In lieu of the cash payment referred to in the immediately preceding
sentence, following the occurrence of a Triggering Event, the registered holder
of a Right Certificate may exercise the Rights evidenced thereby (except as
otherwise provided herein) in whole or in part upon surrender of the Right
Certificate as described above together with an election to exercise such
Rights without payment of cash on the reverse side thereof duly completed.  With respect to any Rights as to which such
an election is made, the holder shall receive a number of Common Shares or
other securities having a value equal to the difference between (x) the value
of the Common Shares or other securities that would have been issuable upon
payment of the cash amount as described above, and (y) the sum of items (i) and
(ii) above.  For purposes of this Section 7(a),
the value of any Common Share or other security shall be the current per share
market price of a Common Share (determined pursuant to Section 11(d) hereof)
on the Trading Day immediately preceding the date of the first occurrence of a
Triggering Event.

 

(b)                                 Upon receipt of a Right Certificate
representing exercisable Rights with the form of election to purchase duly
executed, accompanied by either payment as described in Section 7(a) above
or a duly completed election to exercise without payment of cash, the Rights
Agent shall promptly (i) requisition from any transfer agent of the Common
Shares (or make available, if the Rights Agent is the transfer agent)
certificates representing the number of Common Shares to be purchased (and the
Company hereby irrevocably authorizes and directs its transfer agent to comply
with all such requests), (ii) after receipt of such certificates, cause
the same to be delivered to or upon the order of the registered holder of such
Right Certificate, registered in such name or names as may be designated by
such holder, (iii) when appropriate, requisition from the Company or any
transfer agent therefor (or make available, if the Rights Agent is the transfer
agent) certificates representing the number of equivalent common shares to be
issued in lieu of the issuance of Common Shares in accordance with the
provisions of Section 11(a)(iii) hereof, (iv) when
appropriate, after receipt of such certificates, cause the same to be delivered
to or upon the order of the registered holder of such Right Certificate,
registered in such name or names as may be designated by such holder, (v) when
appropriate, requisition from the Company the amount of cash to be paid in lieu
of the issuance of fractional shares in accordance with the provisions of Section 14
hereof or in lieu of the issuance of Common Shares in accordance with the
provisions of Section 11(a)(iii) hereof, (vi) when appropriate,
after receipt, deliver such cash to or upon the order of the registered holder
of such Right Certificate, and (vii) when appropriate, deliver any due
bill or other instrument provided to the Rights Agent by the Company for
delivery to the registered holder of such Right Certificate as provided by Section 11(1) hereof.

 

(c)                                  In case the registered holder of any Right
Certificate shall exercise less than all the Rights evidenced thereby, the
Company shall prepare, execute and deliver a new Right Certificate evidencing
Rights equivalent to the Rights remaining unexercised and the Rights Agent
shall countersign and deliver such new Right Certificate to the registered
holder of such Right Certificate or to his duly authorized assigns, subject to
the provisions of Section 14 hereof.

 

(d)                                 Notwithstanding anything in this Agreement to
the contrary, from and after the later of the Distribution Date and the first
occurrence of a Triggering Event, any Rights beneficially owned by (i) an
Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a
transferee of an Acquiring Person (or of any such Associate or Affiliate) who

 

10

 

becomes a transferee after the Acquiring
Person becomes such, or (iii) a transferee of an Acquiring Person (or of
any such Associate or Affiliate) who becomes a transferee prior to or
concurrently with the Acquiring Person becoming such and receives such Rights
pursuant to either (A) a transfer (with or without consideration in respect
thereof) from an Acquiring Person to holders of equity interests in such
Acquiring Person or to any Person with whom the Acquiring Person has any
continuing agreement, arrangement or understanding regarding the transfer of
Rights, or (B) a transfer that the Board of Directors has determined is
part of a plan, arrangement or understanding that has as a primary purpose or
effect the avoidance of this Section 7(d), shall become null and
void without any further action, no holder of such Rights shall have any rights
whatsoever with respect to such Rights, whether under any provision of this
Agreement or otherwise, and any Right Certificate delivered to the Rights Agent
for transfer to an Acquiring Person or any Affiliate or Associate thereof shall
be cancelled.  The Company shall use all
reasonable efforts to ensure that the provisions of this Section 7(d) and
Section 4(b) hereof are complied with, but shall have no
liability to any holder of Right Certificates or other Person as a result of
its failure to make any determinations with respect to an Acquiring Person or
its Affiliates, Associates or transferees hereunder.  Upon the occurrence of a Flip-in Event, no
Right Certificate that represents Rights that are or have become void pursuant
to the provisions of this Section 7(d) will thereafter be
issued pursuant to Section 3 or Section 6, and any
Right Certificate delivered to the Rights Agent that represents Rights that are
or have become void pursuant to the provisions of this Section 7(d) shall
be canceled.  Upon the occurrence of a
Flip-over Event, any Rights that shall not have been previously exercised
pursuant to this Section 7(d) shall thereafter be exercisable
only pursuant to Section 13 and not pursuant to this Section 7(d).

 

(e)                                  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 any purported transfer, split up,
combination or exchange of any Right Certificate pursuant to Section 6
hereof or exercise of a Right Certificate as set forth in this Section 7
unless the registered holder of such Right Certificate shall have (i) completed
and signed the certificate following the form of assignment or form of election
to purchase, as applicable, set forth on the reverse side of the Right
Certificate surrendered for such transfer, split up, combination, exchange or
exercise, and (ii) provided such additional evidence of the identity of
the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates
thereof as the Company shall have reasonably requested.

 

Section 8.                                            Cancellation and Destruction of Right
Certificates.  All Right Certificates surrendered for the
purpose of exercise, transfer, split up, combination or exchange shall, if
surrendered to the Company or to any of its stock transfer agents, be delivered
to the Rights Agent for cancellation or in cancelled form, or, if surrendered
to the Rights Agent, shall be cancelled by it, and no Right Certificates shall
be issued in lieu thereof except as expressly permitted by 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 Right Certificate purchased or acquired by the Company
otherwise than upon the exercise thereof. 
The Rights Agent shall deliver all cancelled Right Certificates to the
Company, or shall, at the written request of the Company, destroy such
cancelled Right Certificates, and in such case shall deliver a certificate of
destruction thereof to the Company.

 

11

 

Section 9.                                            Company Covenants Concerning Securities and
Rights.   The Company covenants and agrees that:

 

(a)                                  So long as the Common Shares issuable upon the
exercise of the Rights may be listed on a national securities exchange or
quoted on Nasdaq, it shall endeavor to cause, from and after such time as the
Rights become exercisable, all securities reserved for issuance upon the
exercise of Rights to be listed on such exchange or quoted on Nasdaq upon
official notice of issuance upon such exercise.

 

(b)                                 It shall take all such action as may be
necessary to ensure that all Common Shares and/or other securities delivered
upon exercise of Rights, at the time of delivery of the certificates for such
securities shall be (subject to payment of the Purchase Price) duly authorized,
validly issued, fully paid and nonassessable securities.

 

(c)                                  It shall pay when due and payable any and all
U.S. federal and state transfer taxes and charges that may be payable in
respect of the issuance or delivery of the Right Certificates and of any
certificates representing securities issued upon the exercise of Rights; provided,
however, that the Company shall not be required to pay any transfer tax
or charge which may be payable in respect of any transfer or delivery of Right
Certificates to a person other than, or the issuance or delivery of
certificates representing securities issued upon the exercise of Rights in a
name other than that of, the registered holder of the Right Certificate
evidencing Rights surrendered for exercise, or to issue or deliver any
certificates representing securities issued 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 Right Certificate at the time of surrender) or
until it has been established to the Company’s reasonable satisfaction that no
such tax is due.

 

(d)                                 It shall use its best efforts (i) to file
on an appropriate form, as soon as practicable following the later of the first
occurrence of a Triggering Event or the Distribution Date, a registration
statement under the Securities Act with respect to the securities issuable 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 Act) until the earlier of (A) the
date as of which the Rights are no longer exercisable for such securities and (B) the
Expiration Date.  The Company shall also
take such action as may be appropriate under, or to ensure compliance with, the
securities or “blue sky” laws of the various states in connection with the
exercisability of the Rights. The Company may temporarily suspend, for a period
of time after the date set forth in clause (i) of the first sentence of
this Section 9(d), the exercisability of the Rights in order to
prepare and file such registration statement and to permit it to become
effective.  Upon any such suspension, the
Company shall issue a public announcement stating that the exercisability of
the Rights has been temporarily suspended, as well as a public announcement at
such time as the suspension is no longer in effect.  In addition, if the Company shall determine
that a registration statement should be filed under the Securities Act or any
state securities laws following the Distribution Date, the Company may
temporarily suspend the exercisability of the Rights in each relevant
jurisdiction until such time as a registration statement has been declared
effective and, upon any such suspension, the Company shall issue a public
announcement stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement at such time as the suspension is
no longer in

 

12

 

effect. 
Notwithstanding anything in this Agreement to the contrary, the Rights
shall not be exercisable in any jurisdiction if the requisite registration or
qualification in such jurisdiction shall not have been effected or the exercise
of the Rights shall not be permitted under applicable law.

 

(e)                                  Notwithstanding anything in this Agreement to
the contrary, after the Distribution Date it shall not, except as permitted by Section 23,
26 or 27 hereof, take (or permit any Subsidiary to take) any
action if at the time such action is taken it is reasonably foreseeable that
such action will eliminate or otherwise diminish the benefits intended to be
afforded by the Rights.

 

(f)                                    In the event that the Company is obligated to
issue other securities of the Company and/or pay cash pursuant to Section 11,
13 or 14 hereof, it shall make all arrangements necessary so that
such other securities and/or cash are available for distribution by the Rights
Agent, if and when appropriate.

 

Section 10.                                      Record Date. Each Person in whose name any certificate representing Common Shares
is issued upon the exercise of Rights shall for all purposes be deemed to have
become the holder of record of the Common Shares represented thereby on, and
such certificate shall be dated, the date upon which the Right Certificate
evidencing such Rights was duly surrendered and payment of the Purchase Price
(and all applicable transfer taxes) was made; provided, however,
that if the date of such surrender and payment is a date upon which the Common
Shares transfer books of the Company are closed, such Person shall be deemed to
have become the record holder of such securities on, and such certificate shall
be dated, the next succeeding Business Day on which the Common Shares transfer
books of the Company are open.  Prior to
the exercise of the Rights evidenced thereby, the holder of a Right Certificate
shall not be entitled to any rights of a shareholder of the Company with
respect to securities for which the Rights shall be exercisable, including,
without limitation, the right to vote, to receive dividends or other
distributions or to exercise any preemptive rights, and shall not be entitled
to receive any notice of any proceedings of the Company, except as provided
herein.

 

Section 11.                                      Adjustment of Purchase Price, Number and Kind
of Securities or Number of Rights. The Purchase Price, the number and kind of securities issuable upon
exercise of each Right and the number of Rights outstanding are subject to
adjustment from time to time as provided in this Section 11.  Notwithstanding the foregoing, no
adjustments to the Purchase Price pursuant to this Section 11 shall
be made for the occurrence of any event which occurred prior to October 14,
2005 that otherwise would have required an adjustment to the Purchase Price
pursuant to this Section 11.

 

(a)                                  (i) In the event that the Company shall
at any time after the date of this Agreement (A) effect a dividend on the
Common Shares payable in Common Shares, (B) subdivide the outstanding
Common Shares, (C) combine the outstanding Common Shares into a smaller
number of shares or (D) issue any shares of its capital stock in a
reclassification of the Common Shares (including any such reclassification in
connection with a consolidation or merger in which the Company is the
continuing or surviving corporation), except as otherwise provided in this Section 11(a),
the Purchase Price in effect at the time of the record date for such dividend
or on the effective date of such subdivision, combination or reclassification,
and/or the

 

13

 

number and/or kind of shares of capital stock
issuable on such date upon exercise of a Right, shall be proportionately
adjusted so that the holder of any Right exercised after such time shall be
entitled to receive upon payment of the Purchase Price then in effect the
aggregate number and kind of shares of capital stock which, if such Right had
been exercised immediately prior to such date and at a time when the Common
Shares transfer books of the Company were open, the holder of such Right would
have owned upon such exercise (and, in the case of a reclassification, would
have retained after giving effect to such reclassification)  and would have 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) hereof
or Section 13 hereof, the adjustment provided for in this Section 11(a)(i) shall
be in addition to, and shall be made prior to, any adjustment required pursuant
to Section 11(a)(ii) or Section 13 hereof.

 

(ii)                                  Subject to the provisions of Section 23,
26 or 27 hereof, in the event that:

 

(A)                              any Acquiring Person or any Affiliate or
Associate of any Acquiring Person, at any time after the date of this
Agreement, directly or indirectly, shall (1) merge into the Company or
otherwise combine with the Company and the Company shall be the continuing or
surviving corporation of such merger or combination (other than in a
transaction subject to Section 13 hereof), (2) merge or
otherwise combine with any Subsidiary of the Company, (3) in one or more
transactions (other than in connection with the exercise or exchange of Rights
or the exercise or conversion of securities exercisable or exchangeable for or
convertible into shares of any class of capital stock of the Company or any of
its Subsidiaries) transfer any cash, securities or any other assets to the
Company or any of its Subsidiaries in exchange (in whole or in part) for shares
of any class of capital stock of the Company or any of its Subsidiaries or for
securities exercisable or exchangeable for or convertible into shares of any
class of capital stock of the Company or any of its Subsidiaries, or otherwise
obtain from the Company or any of its Subsidiaries, with or without
consideration, any additional shares of any class of capital stock of the
Company or any of its Subsidiaries or securities exercisable or exchangeable
for or convertible into shares of any class of capital stock of the Company or
any of its Subsidiaries (other than as part of a pro rata distribution to all
holders of such shares of any class of capital stock of the Company, or any of
its Subsidiaries), (4) sell, purchase, lease, exchange, mortgage, pledge,
transfer or otherwise dispose (in one or more transactions), to, from, with or
of, as the case may be, the Company or any of its Subsidiaries (other than in a
transaction subject to Section 13 hereof ), assets, including
securities, on terms and conditions less favorable to the Company than the
Company would be able to obtain in arm’s-length negotiation with an
unaffiliated third party, (5) receive any compensation from the Company or
any of its Subsidiaries other than compensation as a director or for full-time
employment as a regular employee, in either case, at rates in accordance with
the Company’s (or its Subsidiaries’) past practices, or (6) receive the
benefit, directly or indirectly (except proportionately as a shareholder), of
any loans, advances, guarantees, pledges or other financial assistance or any
tax credits or other tax advantage provided by the Company or any of its
Subsidiaries; or

 

14

 

(B)                                during such time as there is an Acquiring
Person, there shall be any reclassification of securities of the Company
(including any reverse stock split), or recapitalization of the Company, or any
merger or consolidation of the Company with any of its Subsidiaries, or any
other transaction or series of transactions involving the Company or any of its
Subsidiaries (whether or not with or into or otherwise involving an Acquiring
Person), other than a transaction subject to Section 13 hereof,
which has the effect, directly or indirectly, of increasing by more than 1% the
proportionate share of the outstanding shares of any class of equity securities
of the Company or of securities exercisable or exchangeable for or convertible
into equity securities of the Company or any of its Subsidiaries of which an
Acquiring Person or any Affiliate or Associate of any Acquiring Person, is the
Beneficial Owner; or

 

(C)                                any Person becomes an Acquiring Person;

 

then,
and in each such case, proper provision shall be made so that each holder of a
Right, except as provided below, shall thereafter have a right to receive, upon
exercise thereof in accordance with the terms of this Agreement at an exercise
price per Right equal to the product of the then-current Purchase Price
multiplied by the number of Common Shares for which a Right was exercisable
immediately prior to the first occurrence of a Triggering Event, such number of
Common Shares as shall equal the result obtained by (x) multiplying the
then-current Purchase Price by the number of Common Shares for which a Right
was exercisable immediately prior to the first occurrence of a Triggering
Event, and dividing that product by (y) 50% of the current per share market
price of the Common Shares (determined pursuant to Section 11(d) hereof)
on the date of the first occurrence of a Triggering Event.

 

(iii)                               Upon the occurrence of the Distribution Date
or a Flip-in Event, if there shall not be sufficient Common Shares authorized
but unissued or issued but not outstanding to permit the issuance of all the
Common Shares issuable in accordance with the provisions hereof upon the
exercise of a Right, the Board of Directors shall use its best efforts promptly
to authorize and, subject to the provisions of Section 9(d) hereof,
make available for issuance additional Common Shares or other equity securities
of the Company having equivalent voting rights and an equivalent value (as
determined in good faith by the Board of Directors) to the Common Shares (for
purposes of this Section 11(a)(iii), “equivalent common shares”).  In the event that equivalent common shares
are so authorized, upon the exercise of a Right in accordance with the
provisions of Section 7 hereof, the registered holder shall be
entitled to receive (A) Common Shares, to the extent any are available and
(B) a number of equivalent common shares, which the Board of Directors
shall have determined in good faith to have a value equivalent to the excess of
(x) the aggregate current per share market value of all the Common Shares
issuable in accordance with subsection (ii) hereof upon the exercise
of a Right (the “Exercise Value”) over (y) the aggregate current per share
market value of any Common Shares available for issuance upon the exercise of
such Right; provided, however, that if at any time after 90
calendar days after the first occurrence of a Flip-in Event, there shall not be
sufficient Common Shares and/or equivalent common shares available for issuance
upon the exercise of a Right, then the Company shall be obligated to deliver,
upon the surrender of such Right and without requiring payment of the Purchase
Price, Common Shares (to the extent available), equivalent common shares (to
the extent available) and then cash (to the extent

 

15

 

permitted by applicable law and any agreements
or instruments to which the Company is a party in effect immediately prior to the
first occurrence of any Flip-in Event), which securities and cash shall have an
aggregate value equal to the excess of (1) the Exercise Value over (2) the
product of the then-current Purchase Price multiplied by the number of Common
Shares for which a Right was exercisable immediately prior to the first
occurrence of a Triggering Event.  To the
extent that any legal or contractual restrictions prevent the Company from
paying the full amount of cash payable in accordance with the foregoing
sentence, the Company shall pay to holders of the Rights as to which such
payments are being made all amounts which are not then restricted on a pro rata
basis and shall continue to make payments on a pro rata basis as funds become
available until the full amount due to each such Rights holder has been paid.

 

(b)                                 In the event that the Company shall fix a
record date for the issuance of rights, options or warrants to all holders of
Common Shares entitling them (for a period expiring within 45 calendar days
after such record date) to subscribe for or purchase Common Shares (or
securities having equivalent rights, privileges and preferences as the Common
Shares (for purposes of this Section 11(b), “equivalent common
shares”)) or securities convertible into Common Shares or equivalent common
shares at a price per Common Share or equivalent common share (or having a
conversion price per share, if a security convertible into Common Shares or
equivalent common shares) less than the current per share market price of the
Common Shares (determined pursuant to Section 11(d) hereof) 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 Common Shares outstanding on such record date plus the number of
Common Shares which the aggregate offering price of the total number of Common
Shares and/or equivalent common shares so to be offered (and/or the aggregate
initial conversion price of the convertible securities so to be offered) would
purchase at such current per share market price and the denominator of which
shall be the number of Common Shares outstanding on such record date plus the
number of additional Common Shares and/or equivalent common shares to be
offered for subscription or purchase (or into which the convertible securities
so to be offered are initially convertible). In case such subscription price
may be paid in a consideration part or all of which shall be in a form other
than cash, the value of such consideration shall be as determined in good faith
by the Board of Directors, whose determination shall be described in a
statement filed with the Rights Agent. 
Common Shares owned by or held for the account of the Company shall not
be deemed outstanding for the purpose of any such computation.  Such adjustment shall be made successively
whenever such a record date is fixed; and in the event that such rights, options
or warrants are not so issued, the Purchase Price shall be adjusted to be the
Purchase Price which would then be in effect if such record date had not been
fixed.

 

(c)                                  In the event that the Company shall fix a
record date for the making of a distribution to all holders of Common Shares (including
any such distribution made in connection with a consolidation or merger in
which the Company is the continuing or surviving corporation) of evidences of
indebtedness, cash (other than a regular periodic cash dividend), assets, stock
(other than a dividend payable in Common Shares) or subscription rights,
options or warrants (excluding those referred to in Section 11(b) hereof),
the Purchase Price to be in effect after such record date shall be determined
by multiplying the Purchase Price in effect immediately prior to such record
date by a fraction, the numerator of which shall be the current per share
market price of the Common Shares (as determined pursuant to Section 11(d) hereof)

 

16

 

on such record date or, if earlier, the date
on which Common Shares begin to trade on an ex-dividend or when-issued basis
for such distribution, less the fair market value (as determined in good faith
by the Board of Directors, whose determination shall be described in a
statement filed with the Rights Agent) of the portion of the evidences of
indebtedness, cash, assets or stock so to be distributed or of such
subscription rights, options or warrants applicable to one Common Share, and
the denominator of which shall be such current per share market price of the
Common Shares.  Such adjustments shall be
made successively whenever such a record date is fixed; and in the event that
such distribution is not so made, the Purchase Price shall again be adjusted to
be the Purchase Price which would then be in effect if such record date had not
been fixed.

 

(d)                                 For the purpose of any computation hereunder,
the “current per share market price” of Common Shares on any date shall be
deemed to be the average of the daily closing prices per share of such Common
Shares for the 30 consecutive Trading Days immediately prior to such date; provided,
however, that in the event that the current per share market price of
the Common Shares is determined during a period following the announcement by
the issuer of such Common Shares of (i) a dividend or distribution on such
Common Shares payable in such Common Shares or securities convertible into such
Common Shares (other than the Rights) or (ii) any subdivision, combination
or reclassification of such Common Shares, and prior to the expiration of 30
Trading Days after the ex-dividend date for such dividend or distribution, or
the record date for such subdivision, combination or reclassification, then,
and in each such case, the current per share market price shall be
appropriately adjusted to take into account ex-dividend trading or to reflect
the current per share market price per Common Share equivalent.  The closing price for each day shall be the
last sale price, regular way, or, in case no such sale takes place on such day,
the average of the closing bid and asked prices, regular way, in either case as
reported in the principal consolidated transaction reporting system with
respect to securities listed or admitted to trading on the NYSE or, if the
Common 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 national securities exchange on which the
Common Shares are listed or admitted to trading or, if the Common Shares are
not listed or admitted to trading on any national securities exchange, the last
quoted price or, if not so quoted, the average of the high bid and low asked
prices in the over-the-counter market, as reported by Nasdaq or such other
system then in use, or, if on any such date the Common Shares are not quoted by
any such organization, the average of the closing bid and asked prices as
furnished by a professional market maker making a market in the Common Shares
selected by the Board of Directors.  If
the Common Shares are not publicly held or not so listed or traded, or not the
subject of available bid and asked quotes, “current per share market price”
shall mean the fair value per share as determined in good faith by the Board of
Directors, whose determination shall be described in a statement filed with the
Rights Agent.

 

(e)                                  Except as set forth below, no adjustment in
the Purchase Price shall be required unless such adjustment would require an
increase or decrease of at least 1% in such price; provided, however,
that any adjustments which by reason of this Section 11(e) are
not required to be made shall be carried forward and taken into account in any
subsequent adjustment.  All calculations
under this Section 11 shall be made to the nearest cent or to the
nearest one ten thousandth of a Common Share or other security, as the case may
be.  Notwithstanding the first sentence
of this Section 11(e), any adjustment required by this Section 11
shall be made no later

 

17

 

than the earlier of (i) three years from
the date of the transaction which requires such adjustment and (ii) the
Expiration Date.

 

(f)                                    If as a result of an adjustment made pursuant
to Section 11(a) hereof, the holder of any Right thereafter
exercised shall become entitled to receive any securities of the Company other
than Common Shares, thereafter the number of such other securities so
receivable upon exercise of any Right shall be subject to adjustment from time
to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the Common Shares contained in this Section 11,
and the provisions of Sections 7, 9, 10 and 13 hereof with
respect to the Common Shares shall apply on like terms to any such other
securities.

 

(g)                                 All Rights originally issued by the Company
subsequent to any adjustment made to the Purchase Price hereunder shall
evidence the right to purchase, at the adjusted Purchase Price, the number of
Common Shares issuable from time to time hereunder upon exercise of the Rights,
all subject to further adjustment as provided herein.

 

(h)                                 Unless the Company shall have exercised its
election as provided in Section 11(i) hereof, upon each
adjustment of the Purchase Price as a result of the calculations made in Section 11(b) and
Section 11(c) hereof made with respect to a distribution of
subscription rights, options or warrants applicable to Common Shares, 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 Common Shares (calculated to the nearest one-thousandth of a Common
Share) obtained by (i) multiplying (x) the number of Common Shares issuable
upon exercise of a Right immediately prior to this adjustment by (y) the
Purchase Price in effect immediately prior to such adjustment of the Purchase
Price, and (ii) dividing the product so obtained by the Purchase Price in
effect immediately after such adjustment of the Purchase Price.

 

(i)                                     The Company may elect, on or after the date of
any adjustment of the Purchase Price, to adjust the number of Rights in
substitution for any adjustment in the number of Common Shares issuable 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 Common Shares for which a Right was exercisable
immediately prior to such adjustment. 
Each Right held of record prior to such adjustment of the number of
Rights shall become that number of Rights (calculated to the nearest
one-thousandth) obtained by dividing the Purchase Price in effect immediately
prior to adjustment of the Purchase Price by the Purchase Price in effect
immediately after adjustment of the Purchase Price.  The Company shall make a public announcement
of its election to adjust the number of Rights, indicating the record date for
the adjustment, and, if known at the time, the amount of the adjustment to be
made.  This record date may be the date
on which the Purchase Price is adjusted or any day thereafter, but, if the
Right Certificates have been issued, shall be at least 10 calendar days later
than the date of the public announcement. 
If Right Certificates have been issued, upon each adjustment of the
number of Rights pursuant to this Section 11(i), the Company shall,
as promptly as practicable, cause to be distributed to holders of record of
Right Certificates on such record date Right Certificates evidencing, subject
to the provisions of Section 14 hereof, the additional Rights to
which such holders shall be entitled as a result of such adjustment, or, at the
option of the Company, shall cause to be distributed to such holders of record
in substitution and replacement for the Right Certificates held by such holders
prior to the date of adjustment, and upon surrender thereof if required by

 

18

 

the Company, new Right Certificates evidencing
all the Rights to which such holders shall be entitled after such
adjustment.  Right Certificates so to be
distributed shall be issued, executed and countersigned in the manner provided
for herein (and may bear, at the option of the Company, the adjusted Purchase
Price) and shall be registered in the names of the holders of record of Right
Certificates on the record date specified in the public announcement.

 

(j)                                     Irrespective of any adjustment or change in
the Purchase Price or the number or kind of securities issuable upon the
exercise of the Rights, the Right Certificates theretofore and thereafter
issued may continue to express the Purchase Price and the number and kind of
securities which were expressed in the initial Right Certificate issued
hereunder.

 

(k)                                  Before taking any action that would cause an
adjustment reducing the Purchase Price below the then par value, if any, of the
Common Shares or other securities 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 Common Shares or such other securities at such
adjusted Purchase Price.

 

(l)                                     In any case in which this Section 11
shall require that an adjustment in the Purchase Price be made effective as of
a record date for a specified event, the Company may elect to defer until the
occurrence of such event the issuance to the holder of any Right exercised
after such record date the number of Common Shares or other securities of the
Company, if any, issuable upon such exercise over and above the number of
Common Shares or other securities of the Company, if any, issuable upon such
exercise on the basis of the Purchase Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to such holder
a due bill or other appropriate instrument evidencing such holder’s right to
receive such additional Common Shares or other securities upon the occurrence
of the event requiring such adjustment.

 

(m)                               Notwithstanding anything in this Agreement to
the contrary, 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 in its good faith judgment the Board of Directors
shall determine to be advisable in order that any (i) consolidation or
subdivision of the Common Shares, (ii) issuance wholly for cash of Common
Shares at less than the current per share market price therefor, (iii) issuance
wholly for cash of Common Shares or securities which by their terms are
convertible into or exchangeable for Common Shares, (iv) stock dividends,
or (v) issuance of rights, options or warrants referred to in this Section 11,
hereafter made by the Company to holders of its Common Shares shall not be
taxable to such shareholders.

 

Section 12.                                      Certificate of Adjusted Purchase Price or
Number of Securities.  Whenever an adjustment is made as provided in
Section 11 or Section 13 hereof, the Company shall
promptly (a) prepare a certificate setting forth such adjustment and a
brief statement of the facts accounting for such adjustment, (b) file with
the Rights Agent and with each transfer agent for the Common Shares a copy of
such certificate, and (c) if such adjustment is made after the
Distribution Date, mail a brief summary of such adjustment to each holder of a
Right Certificate in accordance with Section 25 hereof.  The Rights Agent shall be fully protected in
relying on any such certificate and on any adjustment therein and shall not be
obligated or responsible for

 

19

 

calculating any adjustment nor shall it be
deemed to have knowledge of any such adjustment unless and until it shall have
received such a certificate.

 

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

 

(a)                                  In the event that, following the Share
Acquisition Date, directly or indirectly:

 

(i)                                     the Company shall consolidate with, or merge
with or into, any other Person and the Company shall not be the continuing or
surviving corporation of such consolidation or merger; or

 

(ii)                                  any Person shall consolidate with the Company,
or merge with or into the Company and the Company shall be the continuing or
surviving corporation of such merger or consolidation and, in connection with
such merger or consolidation, all or part of the Common Shares shall be changed
into or exchanged for stock or other securities of any other Person or cash or
any other property; or

 

(iii)                               the Company shall be a party to any statutory
share exchange with any other Person; or

 

(iv)                              the Company, directly or indirectly, shall
sell or otherwise transfer (or one or more of its Subsidiaries shall sell or
otherwise transfer), in one or more transactions, assets, cash flow or earning
power (including, without limitation, securities creating any obligation on the
part of the Company and/or any of its Subsidiaries) representing in the
aggregate more than 50% of the assets, cash flow or earning power of the
Company and its Subsidiaries (taken as a whole) to any Person or Persons other
than the Company or one of its wholly owned Subsidiaries;

 

then,
and in each such case, proper provision shall be made so that from and after
the latest of the Share Acquisition Date, the Distribution Date, and the date
of the occurrence of such Triggering Event, (A) each holder of a Right
(except as otherwise provided herein) shall thereafter have the right to
receive, upon the exercise thereof in accordance with the terms of this
Agreement at an exercise price per Right equal to the product of the
then-current Purchase Price multiplied by the number of Common Shares for which
a Right was exercisable immediately prior to the first occurrence of a
Triggering Event, such number of duly authorized, validly issued, fully paid,
nonassessable and freely tradable Common Shares of the Issuer, free and clear
of any liens, encumbrances and other adverse claims and not subject to any
rights of call or first refusal, as shall be equal to the result obtained by
(x) multiplying the then-current Purchase Price by the number of Common Shares
for which a Right is exercisable immediately prior to the first occurrence of a
Triggering Event and dividing that product by (y) 50% of the current per share
market price of the Common Shares of the Issuer (determined pursuant to Section 11(d) hereof),
on the date of consummation of such Flip-over Event; (B) the Issuer shall
thereafter be liable for, and shall assume, by virtue of the consummation of
such Flip-over Event, all the obligations and duties of the Company pursuant to
this Agreement; (C) the term “Company” shall thereafter be deemed to refer
to the Issuer; and (D) the Issuer shall take such steps (including,
without limitation, the reservation of a sufficient number of its Common Shares
to permit the exercise of all outstanding Rights) in connection with such
consummation as may be necessary to assure that

 

20

 

the
provisions hereof shall thereafter be applicable, as nearly as reasonably may
be possible, in relation to its Common Shares thereafter deliverable upon the
exercise of the Rights.

 

(b)                                 For purposes of this Section 13, “Issuer”
shall mean (i) in the case of any Flip-over Event described in Sections
13(a)(i) or (ii) above, the Person that is the continuing,
surviving, resulting or acquiring Person (including the Company as the
continuing or surviving corporation of a transaction described in Section 13(a)(ii) above),
(ii) in the case of any Flip-over Event described in Section 13(a)(iii) above,
the Person acquiring the securities of the shareholders of the Company in such
exchange and (iii) in the case of any Flip-over Event described in Section 13(a)(iv) above,
the Person that is the party receiving the greatest portion of the assets or
earning power (including, without limitation, securities creating any
obligation on the part of the Company and/or any of its Subsidiaries)
transferred pursuant to such transaction or transactions; provided, however,
that, in any such case, (A) if (1) no class of equity security of
such Person is, at the time of such merger, consolidation or transaction and
has been continuously over the preceding 12-month period, registered pursuant
to Section 12 of the Exchange Act, and (2) such Person is a
Subsidiary, directly or indirectly, of another Person, a class of equity
security of which is and has been so registered, the term “Issuer” shall mean
such other Person; and (B) in case such Person is a Subsidiary, directly
or indirectly, of more than one Person, a class of equity security of two or
more of which are and have been so registered, the term Issuer shall mean
whichever of such Persons is the issuer of the equity security having the
greatest aggregate market value. 
Notwithstanding the foregoing, if the Issuer in any of the Flip-over
Events listed above is not a corporation or other legal entity having
outstanding equity securities, then, and in each such case, (x) if the Issuer
is directly or indirectly wholly owned by a corporation or other legal entity
having outstanding equity securities, then all references to Common Shares of
the Issuer shall be deemed to be references to the Common Shares of the
corporation or other legal entity having outstanding equity securities which
ultimately controls the Issuer, and (y) if there is no such corporation or
other legal entity having outstanding equity securities, (I) proper provision
shall be made so that the Issuer shall create or otherwise make available for
purposes of the exercise of the Rights in accordance with the terms of this
Agreement, a kind or kinds of security or securities having a fair market value
at least equal to the economic value of the Common Shares which each holder of
a Right would have been entitled to receive if the Issuer had been a
corporation or other legal entity having outstanding equity securities; and
(II) all other provisions of this Agreement shall apply to the issuer of such
securities as if such securities were Common Shares.

 

(c)                                  The Company shall not consummate any Flip-over
Event, if, (i) at the time of or immediately after such Flip-over
Event, there are or would be any rights, warrants, instruments or securities
outstanding or any agreements or arrangements in effect which would eliminate
or substantially diminish the benefits intended to be afforded by the Rights, (ii) prior
to, simultaneously with or immediately after such Flip-over Event, the
shareholders of the Person who constitutes, or would constitute, the Issuer for
purposes of Section 13(a) shall have received a distribution
of Rights previously owned by such Person or any of its Affiliates or
Associates, or (iii) the form or nature of the organization of the Issuer
would preclude or limit the exercisability of the Rights.  In addition, the Company will not consummate
any Flip-over Event unless the Issuer has unless
the Issuer shall have a sufficient number of authorized Common Shares (or other
securities as contemplated in Section 13(b) above) which have
not been issued or reserved for issuance to permit the exercise in full of the
Rights in accordance with this Section 13 and

 

21

 

unless prior to such consummation the Company
and the Issuer shall have executed and delivered to the Rights Agent a supplemental
agreement providing for the terms set forth in subsections (a) and (b) of
this Section 13 and further providing that as promptly as
practicable after the consummation of any Flip-over Event, the Issuer shall:

 

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

 

(ii)                                  take all such action as may be appropriate
under, or to ensure compliance with, the securities or “blue sky” laws of the
various states in connection with the exercisability of the Rights; and

 

(iii)                               deliver to holders of the Rights historical
financial statements for the Issuer 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)                                 The provisions of this Section 13
shall similarly apply to successive mergers or consolidations or sales or other
transfers.  In the event that a Flip-over
Event occurs at any time after the occurrence of a Flip-in Event, except for
Rights that have become void pursuant to Section 7(d), the Rights
that have not theretofore been exercised shall cease to be exercisable in the
manner provided in Section 11(a)(ii) and will thereafter
become exercisable in the manner described in Section 13(a) hereof.

 

Section 14.                                      Fractional Rights and Fractional Securities.

 

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

 

22

 

market maker making a market in the Rights
selected by the Board of Directors.  If
the Rights are not publicly held or are not so listed or traded, or are not the
subject of available bid and asked quotes, the current market value of one
Right will mean the fair value thereof as determined in good faith by the
Board, whose determination shall be described in a statement filed with the
Rights Agent.

 

(b)                                 Following the occurrence of a Triggering
Event, the Company shall not be required to issue fractions of Common Shares or
other securities issuable upon exercise or exchange of the Rights or to
distribute certificates which evidence any such fractional securities.  In lieu of issuing any such fractional
securities, the Company may pay to any Person to whom or which such fractional
securities would otherwise be issuable an amount in cash equal to the same fraction
of the current market value of one such security.  For purposes of this Section 14(b),
the current market value of a Common Share or other security issuable upon the
exercise or exchange of Rights shall be the closing price thereof (as
determined in the same manner as set forth for Common Shares in the second
sentence of Section 11(d) hereof) for the Trading Day
immediately prior to the date of such exercise or exchange; provided, however,
that if neither the Common Shares nor any such other securities are publicly
held or listed or admitted to trading on any national securities exchange, or
the subject of available bid and asked quotes, the current market value of one
Common Share or such other security shall mean the fair value thereof as
determined in good faith by the Board of Directors, whose determination will
mean the fair value thereof as shall be described in a statement filed with the
Rights Agent.

 

Section 15.                                      Rights of Action.  All
rights of action in respect of this Agreement, excepting the rights of action
given to the Rights Agent under Section 18 hereof, are vested in
the respective registered holders of the Right Certificates (and, prior to the
Distribution Date, the registered holders of the Common Shares); and any
registered holder of any Right Certificate (or, prior to the Distribution Date,
of the Common Shares), without the consent of the Rights Agent or of the holder
of any other Right Certificate (or, prior to the Distribution Date, of the
holder of any Common Shares), may in his, her or its own behalf and for his, her
or its own benefit enforce, and may institute and maintain any suit, action or
proceeding against the Company to enforce, or otherwise act in respect of, his,
her or its right to exercise Rights evidenced by such Right Certificate or
Common Share certificate in the manner provided in such Right Certificate and
in this Agreement.  Without limiting the
foregoing or any remedies available to the holders of Rights, it is
specifically acknowledged that the holders of Rights would not have an adequate
remedy at law for any breach of this Agreement and shall be entitled to
specific performance of the obligations under this Agreement, and injunctive
relief against actual or threatened violations of the obligations of any Person
subject to this Agreement.

 

Section 16.                                      Agreement of Rights Holders.  Every
holder of a Right by accepting the same consents and agrees with the Company
and the Rights Agent and with every other holder of a Right that:

 

(a)                                  Prior to the Distribution Date, the Rights
shall be transferable only in connection with the transfer of the Common
Shares;

 

(b)                                 After the Distribution Date, the Right
Certificates are transferable only on the registry books of the Rights Agent if
surrendered at the principal office of the Rights Agent

 

23

 

designated for such purpose, duly endorsed or
accompanied by a proper instrument of transfer with the appropriate form fully
executed;

 

(c)                                  The Company and the Rights Agent may deem and
treat the person in whose name the Right Certificate (or, prior to the
Distribution Date, the associated Common Share certificate) is registered as
the absolute owner thereof and of the Rights evidenced thereby (notwithstanding
any notations of ownership or writing on the Right Certificate or the
associated Common Share certificate made by anyone other than the Company or
the Rights Agent) for all purposes whatsoever, and neither the Company nor the
Rights Agent shall be affected by any notice to the contrary;

 

(d)                                 Such holder expressly waives any right to
receive any fractional Rights and any fractional securities upon exercise or
exchange of a Right, except as otherwise provided in Section 14
hereof; and

 

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

 

Section 17.                                      Right Certificate Holder Not Deemed a
Shareholder.  No holder, as such, of any Right Certificate
shall be entitled to vote, receive dividends or be deemed for any purpose the
holder of the Common Shares or any other securities of the Company which may at
any time be issuable upon the exercise of the Rights represented thereby, nor
shall anything contained herein or in any Right Certificate be construed to
confer upon the holder of any Right Certificate, as such, any of the rights of
a shareholder of the Company or 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 Section 24
hereof), or to receive dividends or subscription rights, or otherwise, until
the Right or Rights evidenced by such Right Certificate shall have been
exercised in accordance with the provisions of this Agreement or exchanged
pursuant to the provisions of Section 27 hereof.

 

Section 18.                                      Concerning the Rights Agent.

 

(a)                                  The Company will pay to the Rights Agent such
reasonable compensation as shall be agreed in writing between the Company and
the Rights Agent 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, its directors, officers, employees and agents for, and hold each
of them harmless against, any loss, liability, suit, action, proceeding or
expense, incurred without

 

24

 

gross negligence, bad faith, or willful
misconduct on the part of the Rights Agent, for anything done or omitted to be
done by the Rights Agent or such other indemnified party in connection with the
acceptance and administration of this Agreement, or the performance of the
Rights Agent’s duties hereunder including the costs and expenses of defending
against any claim of liability arising therefrom, directly or indirectly.

 

(b)                                 The Rights Agent shall be protected and shall
incur no liability for or in respect of any action taken, suffered, or omitted
by it in connection with its administration of this Agreement in reliance upon
any Right Certificate or certificate evidencing Common Shares or other
securities of the Company, instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement or other paper or document believed by it to be genuine
and to be signed, executed and, where necessary, verified or acknowledged, by
the proper Person or Persons.

 

(c)                                  The indemnity provided in this Section 18
shall survive the expiration of the Rights and the termination of this
Agreement.

 

Section 19.                                      Merger or Consolidation or Change of Name of
Rights Agent.

 

(a)                                  Any Person into which the Rights Agent or any
successor Rights Agent may be merged or with which it may be consolidated, or
any Person resulting from any merger or consolidation to which the Rights Agent
or any successor Rights Agent is a party, or any Person succeeding to the
corporate trust business of the Rights Agent or any successor Rights Agent,
shall be the successor to the Rights Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, provided that such Person would be eligible for appointment as
a successor Rights Agent under the provisions of Section 21
hereof.  If at the time such successor
Rights Agent succeeds to the agency created by this Agreement, any of the Right
Certificates shall have been countersigned but not delivered, any such
successor Rights Agent may adopt the countersignature of the predecessor Rights
Agent and deliver such Right Certificates so countersigned; and if at that time
any of the Right Certificates shall not have been countersigned, any successor
Rights Agent may countersign such Right Certificates either in the name of the
predecessor Rights Agent or in the name of the successor Rights Agent; and in
all such cases such Right Certificates shall have the full force provided in
the Right Certificates and in this Agreement.

 

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

 

Section 20.                                      Duties of Rights Agent.  The
Rights Agent undertakes the duties and obligations imposed by this Agreement
upon the following terms and conditions, by all of which the Company and the
holders of Right Certificates, by their acceptance thereof, shall be bound:

 

25

 

(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 or omitted by it in good faith and in
accordance with such advice or opinion.

 

(b)                                 Whenever in the performance of its duties
under this Agreement the Rights Agent deems it necessary or desirable that any
fact or matter be proved or established by the Company prior to taking or
suffering any action hereunder, such fact or matter (unless other evidence in
respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a certificate signed by any one of the
Chairman of the Board, the President, any Vice President, the Secretary or the
Treasurer of the Company and delivered to the Rights Agent; and such
certificate shall be full authorization to the Rights Agent for any action
taken or suffered in good faith by it under the provisions of this Agreement in
reliance upon such certificate.

 

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

 

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

 

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

 

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

 

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

 

26

 

any action taken or suffered to be taken by it
in good faith in accordance with instructions of any such officer or for any
delay in acting while awaiting instructions. 
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 or omitted by the Rights Agent under this Agreement and
the date on or after which such action shall be taken or such omission shall be
effective.  The Rights Agent shall not be
liable for any action taken 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 that 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 date of an
omission), the Rights Agent shall have received written instructions in
response to such application specifying the action to be taken 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 it were not Rights Agent under this Agreement.  Nothing herein shall preclude the Rights
Agent from acting in any other capacity for the Company or for any other
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 or by or through its attorneys or agents, and the Rights Agent
shall not be answerable or accountable for any act, default, neglect or
misconduct of any such attorneys or agents or for any loss to the Company
resulting from any such act, default, neglect or misconduct, provided the
Rights Agent was not grossly negligent in the selection and continued
employment thereof.  The Rights Agent
shall not be under any duty or responsibility to ensure compliance with any applicable
federal or state securities laws in connection with the issuance, transfer or
exchange of Right Certificates.

 

(j)                                     If, with respect to any Right Certificate
surrendered to the Rights Agent for exercise, transfer, split up, combination
or exchange, either (i) the certificate attached to the form of assignment
or form of election to purchase, as the case may be, has either not been
completed or indicates an affirmative response to clause 1 or 2 thereof, or (ii) any
other actual or suspected irregularity exists, the Rights Agent shall not take
any further action with respect to such requested exercise, transfer, split up,
combination or exchange, without first consulting with the Company, and will
thereafter take further action with respect thereto only in accordance with the
Company’s written instructions.

 

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

 

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 calendar days’ notice in writing mailed
to the Company and to each transfer agent of the Common Shares by

 

27

 

registered or certified mail, and to the
holders of the Right Certificates by first-class mail.  The Company may remove the Rights Agent or
any successor Rights Agent upon 30 calendar days’ notice in writing, mailed to
the Rights Agent or successor Rights Agent, as the case may be, and to each
transfer agent of the Common Shares by registered or certified mail, and to the
holders of the Right Certificates by first-class mail.  If the Rights Agent resigns or is removed or
otherwise becomes incapable of acting, the Company shall appoint a successor to
the Rights Agent.  If the Company fails
to make such appointment within a period of 30 calendar days after giving
notice of such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Rights Agent or by
the holder of a Right Certificate (who shall, with such notice, submit his
Right Certificate for inspection by the Company), then the registered holder of
any Right Certificate may apply to any court of competent jurisdiction for the
appointment of a new Rights Agent.  Any
successor Rights Agent, whether appointed by the Company or by such a court,
shall be a Person organized and doing business under the laws of the United
States or of the State of Georgia or the State of New York (or of any other
state of the United States so long as such corporation is authorized to do
business as a banking institution in the State of Georgia or the State of New
York), in good standing, having a principal office in the State of Georgia or
the State of New York, which is authorized under such laws to exercise
corporate trust or stock transfer powers and is subject to supervision or
examination by federal or state authority and which has at the time of its
appointment as Rights Agent a combined capital and surplus of at least $50
million.  After appointment, the
successor Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without further
act or deed; but the predecessor Rights Agent shall deliver and transfer to the
successor Rights Agent any property at the time held by it hereunder, and
execute and deliver any further assurance, conveyance, act or deed necessary
for the purpose.  Not later than the
effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor Rights Agent and each transfer agent of the
Common Shares, and mail a notice thereof in writing to the registered holders
of the Right Certificates.  Failure to
give any notice provided for in this Section 21, however, or any
defect therein, shall not affect the legality or validity of the resignation or
removal of the Rights Agent or the appointment of the successor Rights Agent,
as the case may be.

 

Section 22.                                      Issuance of New Right Certificates. 
Notwithstanding any of the provisions of this Agreement or of the Rights
to the contrary, the Company may, at its option, issue new Right Certificates
evidencing Rights in such form as may be approved by its Board of Directors to
reflect any adjustment or change in the Purchase Price per share and the number
or kind of securities issuable upon exercise of the Rights made in accordance
with the provisions of this Agreement. 
In addition, in connection with the issuance or sale by the Company of
Common Shares following the Distribution Date and prior to the Expiration Date,
the Company (a) shall, with respect to Common Shares so issued or sold
pursuant to the exercise, exchange or conversion of securities (other than
Rights) issued prior to the Distribution Date which are exercisable or
exchangeable for, or convertible into, Common Shares, and (b) may, in any
other case, if deemed necessary, appropriate or desirable by the Board of
Directors, issue Right Certificates representing an equivalent number of Rights
as would have been issued in respect of such Common Shares if they had been
issued or sold prior to the Distribution Date, as appropriately adjusted as
provided herein as if they had been so issued or sold; provided, however,
that (i) no such Right Certificate shall be issued if, and to the extent
that, in its good faith judgment the Board of Directors determines that the
issuance of such Right Certificate

 

28

 

could have a material adverse tax consequence
to the Company or to the Person to whom or which such Right Certificate
otherwise would be issued, and (ii) no such Right Certificate shall be
issued if, and to the extent that, appropriate adjustment otherwise has been
made in lieu of the issuance thereof.

 

Section 23.                                      Redemption.

 

(a)                                  Prior to the Expiration Date, the Company may,
at its option and with the approval of the Board, redeem all but not less than
all of the then-outstanding Rights at the Redemption Price at any time prior to
the Close of Business on the later of (i) the Distribution Date and (ii) the
Share Acquisition Date, or on such later date as the Board of Directors may
designate prior to such time as the Rights are no longer redeemable hereunder.

 

(b)                                 Immediately upon the effectiveness of the
redemption of the Rights as provided in Section 23(a), and without any
further action and without any notice, the right to exercise the Rights shall
terminate and the only right thereafter of the holders of Rights shall be to
receive the Redemption Price without interest thereon.  Promptly after the effectiveness of the
redemption of the Rights as provided in Section 23(a), the Company shall
publicly announce such redemption, and within 10 calendar days thereafter, the
Company shall give notice of such redemption 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 Company; provided,
however, that the failure to give, or any defect in, any such notice
shall not affect the validity of the redemption of the Rights.  Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the
notice.  The notice of redemption mailed
to the holders of Rights shall state the method by which the payment of the
Redemption Price will be made.  The
Company may, at its option, pay the Redemption Price in cash, Common Shares
(based upon the current per share market price of the Common Shares (determined
pursuant to Section 11(d) hereof) at the time of redemption)
or any other form of consideration deemed appropriate by the Board of Directors
(based upon the fair market value of such other consideration, determined by
the Board of Directors in good faith) or any combination thereof.  The Company may, at its option, combine the
payment of the Redemption Price with any other payment being made concurrently
to holders of Common Shares and, to the extent that any such other payment is
discretionary, may reduce the amount thereof on account of the concurrent
payment of the Redemption Price.  If
legal or contractual restrictions prevent the Company from paying the
Redemption Price (in the form of consideration deemed appropriate by the Board)
at the time of redemption, the Company will pay the Redemption Price, without
interest, promptly after such time as the Company ceases to be so prevented
from paying the Redemption Price.

 

(c)                                  If, following the occurrence of a Share
Acquisition Date and following the expiration of the right of redemption
hereunder, (i) a Person who is an Acquiring Person shall have transferred
or otherwise disposed of a number of Common Shares in one transaction or series
of transactions, not directly or indirectly involving the Company or any of its
Subsidiaries, which did not result in the occurrence of a Triggering Event such
that such Person is thereafter the Beneficial Owner of 10% or less of the
outstanding Common Shares, and (ii) there are no other Persons immediately
following the occurrence of the event described in clause (i) who are
Acquiring Persons, then the right of redemption hereunder shall be reinstated
and shall thereafter be exercisable subject to the provisions of this Section 23.

 

29

 

Section 24.                                      Notice of Certain Events.

 

(a)                                  If, after the Distribution Date, the Company
proposes (i) to pay any dividend payable in stock of any class to the
holders of Common Shares or to make any other distribution to the holders of
Common Shares (other than a regular periodic cash dividend), (ii) to offer
to the holders of Common Shares rights, options or warrants to subscribe for or
to purchase any additional Common Shares or shares of stock of any class or any
other securities, rights or options, (iii) to effect any reclassification
of its Common Shares (other than a reclassification involving only the
subdivision of outstanding Common Shares), (iv) to effect any
consolidation or merger into or with, or to effect any sale or other transfer
(or to permit one or more of its Subsidiaries to effect any sale or other
transfer), in one or more transactions, of assets or earning power (including,
without limitation, securities creating any obligation on the part of the
Company and/or any of its Subsidiaries) representing more than 50% of the
assets and earning power of the Company and its Subsidiaries, taken as a whole,
to any other Person or Persons, other than the Company or one or more of its
wholly owned subsidiaries, or (v) to effect the liquidation, dissolution
or winding up of the Company, then, in each such case, the Company shall give
to each holder of a Right Certificate, to the extent feasible and in accordance
with Section 25 hereof, a notice of such proposed action, which
specifies the record date for the purposes of such stock dividend, distribution
or offering of rights, options or warrants, or the date on which such
reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution, or winding up is to take place and the date of participation
therein by the holders of the Common Shares, if any such date is to be fixed,
and such notice shall be so given, in the case of any action covered by clause (i) or
(ii) above, at least 10 calendar days prior to the record date for
determining holders of the Common Shares for purposes of such action, and, in
the case of any such other action, at least 10 calendar days prior to the date
of the taking of such proposed action or the date of participation therein by
the holders of the Common Shares, whichever shall be the earlier.

 

(b)                                 In case any Triggering Event occurs, then, in
any such case, the Company shall as soon as practicable thereafter give to the
Rights Agent and each holder of a Right Certificate, in accordance with Section 25
hereof, a notice of the occurrence of such event, which specifies the event and
the consequences of the event to holders of Rights.

 

Section 25.                                      Notices.

 

(a)                                  Notices or demands authorized by this
Agreement to be given or made by the Rights Agent or by the holder of any Right
Certificate to or on the Company shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed (until another address is filed by
the Company in writing with the Rights Agent) or by facsimile or other generally
accepted means of electronic transmission as follows:

 

Equifax
Inc.

1550
Peachtree Street, N.W.

Atlanta,
Georgia 30309

Attention:
Corporate Secretary

 

30

 

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

 

SunTrust
Bank

Stock
Transfer Department

P.O. Box
4625

Atlanta,
Georgia 30302-4625

Attention:
Department Manager

 

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

 

Section 26.                                      Supplements and Amendments.  Prior
to the Distribution Date and subject to the last sentence of this Section 26,
the Company may in its sole and absolute discretion and the Rights Agent shall,
if the Company so directs, supplement or amend any provision of this Agreement
in any respect without the approval of any holders of Rights or Common Shares.  From and after the Distribution Date and
subject to the last sentence of this Section 26, the Company may in
its sole and absolute discretion and the Rights Agent shall, if the Company so
directs, supplement or amend this Agreement without the approval of any holders
of Right Certificates in order (i) to cure any ambiguity, (ii) to
correct or supplement any provision contained herein which may be defective or
inconsistent with any other provisions herein, (iii) to shorten or
lengthen any time period hereunder, or (iv) to supplement or amend the
provisions hereunder in any manner which the Company may deem desirable,
including, without limitation, the addition of other events requiring
adjustment to the Rights under Sections 11 or 13 hereof or
procedures relating to the redemption of the Rights, which supplement or
amendment shall not, in the good faith determination of the Board of Directors,
adversely affect the interests of the holders of Right Certificates (other than
an Acquiring Person or an Affiliate or Associate of an Acquiring Person).  Upon the delivery of a certificate from an
officer of the Company that states that the proposed supplement or amendment is
in compliance with the terms of this Section 26, the Rights Agent
shall execute such supplement or amendment; provided, however,
that the failure or refusal of the Rights Agent to execute such supplement or
amendment shall not affect the validity of any supplement or amendment adopted
by the Company, any of which shall be effective in accordance with the terms
thereof.  Notwithstanding anything in
this Agreement to the contrary, no supplement or amendment shall be made at
such time as the Rights are not then redeemable which decreases the stated
Redemption Price or the period of time remaining until the Final Expiration
Date or which modifies a time period relating to when the Rights may be
redeemed.

 

31

 

Section 27.                                      Exchange.

 

(a)                                  The Board of Directors may, at its option, at
any time after the later of the Distribution Date and the first occurrence of a
Triggering Event, direct the Company to exchange all or part of the
then-outstanding and exercisable Rights (which shall not include Rights that
have become void pursuant to the provisions of Section 11(a)(ii) hereof)
for Common Shares at an exchange ratio of one Common Share per Right,
appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof (such exchange ratio being
hereinafter referred to as the “Exchange Ratio”).  Any such exchange shall be effective
immediately upon the action of the Board of Directors ordering the same, unless
such action of the Board of Directors expressly provides that such exchange
shall be effective at a subsequent time or upon the occurrence or nonoccurrence
of one or more specified events (in which case such exchange shall be effective
in accordance with the provisions of such action of the Board of
Directors).  Notwithstanding the
foregoing, the Board of Directors shall not be empowered to effect such
exchange at any time after any Person (other than the Company, any Subsidiary
of the Company, any employee benefit plan of the Company or any such
Subsidiary, or any entity holding Common Shares for or pursuant to the terms of
any such plan), who or which, together with all Affiliates and Associates of
such Person, becomes the Beneficial Owner of 50% or more of the Common Shares
then outstanding.

 

(b)                                 Immediately upon effectiveness of the exchange
of any Rights pursuant to Section 27(a) hereof, and without
any further action and without any notice, the right to exercise such Rights
shall terminate and the only right with respect to such Rights thereafter of
the holder of such Rights shall be to receive that number of Common Shares
equal to the number of such Rights held by such holder multiplied by the
Exchange Ratio.  Promptly after the
effectiveness of the exchange of any Rights pursuant to Section 27(a) hereof,
the Company shall publicly announce such exchange, and within 10 calendar days
thereafter, shall give notice of any such exchange to all of the holders of
such Rights at their last addresses as they appear upon the registry books of
the Rights Agent; provided, however, that the failure to give, or
any defect in, such notice shall not affect the validity of such exchange.  Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the
notice. Each such notice of exchange shall state the method by which the exchange
of the Common Shares for Rights will be effected and, in the event of any
partial exchange, the number of Rights which will be exchanged.  Any partial exchange shall be effected pro
rata based on the number of Rights (other than Rights which have become void
pursuant to the provisions of Section 11(a)(ii) hereof) held
by each holder of Rights.

 

(c)                                  In any exchange pursuant to this Section 27,
the Company, at its option, may substitute for any Common Share exchangeable
for a Right, (i) equivalent common shares (as such term is used in Section 11(a)(iii) hereof),
(ii) cash, (iii) debt securities of the Company, (iv) other
assets, or (v) any combination of the foregoing, in any event having an
aggregate value which the Board of Directors shall have determined in good
faith to be equal to the current market value of one Common Share (determined
pursuant to Section 11(d) hereof) on the Trading Day
immediately preceding the date of exchange pursuant to this Section 27.

 

32

 

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

 

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

 

(b)                                 It
is understood that the TIDE Committee (as described below) of the Board of
Directors shall review and evaluate this Agreement in order to consider whether
the maintenance of this Agreement continues to be in the best interest of the
Company and its shareholders, at least every three years, or sooner if (i) any
Person shall have made a proposal to the Company or taken any other action
that, if effective, could cause such Person to become a Acquiring Person
hereunder, and (ii) if a majority of the members of the TIDE Committee
shall deem such review and evaluation appropriate after giving due regard to
all relevant circumstances.  Following
each such review, the TIDE Committee will communicate its conclusion to the
full Board of Directors, including any recommendation in light thereof as to
whether this Agreement should be modified or the right should be redeemed.  The TIDE Committee shall be appointed by the
Board of Directors to fulfill the foregoing duties and shall be comprised of
members of the Board of Directors who are Independent Directors.  The Board of Directors may designate an
existing committee of the Board of Directors to serve as the TIDE Committee
provided that members of such committee satisfy the foregoing
requirements.  The TIDE Committee and the
Board of Directors, when considering whether this Agreement should be modified
or the rights should be redeemed, shall have the power to set their own agenda
and to retain at the expense of the Company their choice of legal counsel,
investment bankers and other advisors. 
The TIDE Committee and the Board of Directors, when considering whether
this Agreement should be modified or the Rights should be redeemed, shall have
the authority to review all information in the Company and to consider any and
all factors they deem relevant to an evaluation of whether this Agreement
should be modified or the rights should be redeemed.

 

Section 29.                                      Successors; Certain Covenants.  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.

 

33

 

Section 30.                                      Benefits of this Agreement. 
Nothing in this Agreement shall be construed to give to any Person other
than the Company, the Rights Agent and the registered holders of the Right
Certificates (and, prior to the Distribution Date, the registered holders of
the Common Shares) any legal or equitable right, remedy or claim under this
Agreement.  This Agreement shall be for
the sole and exclusive benefit of the Company, the Rights Agent and the
registered holders of the Right Certificates (and prior to the Distribution Date,
the registered holders of the Common Shares).

 

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

 

Section 32.                                      Governing Law.  This
Agreement, each Right and each Right Certificate issued hereunder shall be
deemed to be a contract made under the internal substantive laws of the State
of Georgia and for all purposes shall be governed by and construed in
accordance with the internal substantive laws of such State applicable to
contracts to be made and performed entirely within such State.

 

Section 33.                                      Counterparts.  This Agreement may be executed
in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument.

 

Section 34.                                      Descriptive Headings. 
Descriptive headings of the several Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

 

34

 

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.

 

	
   

  	
  EQUIFAX INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUNTRUST BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
									

 

35

 

EXHIBIT A

 

FORM OF RIGHT CERTIFICATE

 

	
  Certificate
  No. R-

  	
   

  	
   

  	
   

  	
  RIGHTS

  

 

NOT EXERCISABLE AFTER NOVEMBER 6, 2015 OR EARLIER
IF REDEEMED OR EXCHANGED.  THE RIGHTS ARE
SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.01 PER RIGHT, AND TO
EXCHANGE, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES
SPECIFIED IN THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING
PERSON OR AN AFFILIATE OR AN ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS
ARE DEFINED IN THE RIGHTS AGREEMENT), OR TRANSFERRED TO ANY PERSON WHO IS OR
BECOMES AN ACQUIRING PERSON, MAY BECOME NULL AND VOID AND MAY NO
LONGER BE TRANSFERABLE.

 

Right
Certificate

 

EQUIFAX INC.

 

This
certifies that                               ,
or his, her or its 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 October 14,
2015 as the same may be amended from time to time (the “Rights Agreement”),
between Equifax Inc., a Georgia corporation (the “Company”), and
SunTrust Bank, a Georgia banking corporation (the “Rights Agent”), to
purchase from the Company at any time after the Distribution Date (as such term
is defined in the Rights Agreement) and prior to 5:00 P.M. (Eastern time)
on November 6, 2015 at the principal office or offices of the Rights Agent
designated for such purpose, one fully paid nonassessable share of common
stock, par value $1.25 per share (the “Common Shares”), of the Company,
at a purchase price of $153.81 per Common Share (the “Purchase Price”),
upon presentation and surrender of this Right Certificate with the Form of
Election to Purchase and related Certificate duly executed. If this Right
Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Right Certificate or Right Certificates for the
number of whole Rights not exercised. The number of Rights evidenced by this
Right Certificate (and the number of Common Shares which may be purchased upon
exercise thereof) set forth above, and the Purchase Price set forth above, are
the number and Purchase Price as of November 6, 2015, based on the Common
Shares as constituted at such date.

 

As
provided in the Rights Agreement, the Purchase Price and the number and kind of
securities issuable (or other securities or property) which may be purchased
upon the exercise of the Rights and the number of Rights evidenced by this
Right Certificate are subject to modification and adjustment upon the happening
of certain events.

 

This
Right Certificate is subject to all of the terms, provisions and conditions of
the Rights Agreement, which terms, provisions and conditions are hereby
incorporated herein by

 

A-1

 

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 of the Rights Agent,
the Company and the holders of the Right Certificates, which limitations of
rights include the temporary suspension of the exercisability of the Rights
under the circumstances specified in the Rights Agreement. Copies of the Rights
Agreement are on file at the principal executive offices of the Company.

 

Pursuant
to the Rights Agreement, from and after the later of the Distribution Date and
the first occurrence of a Flip-in Event (as such term is defined in the Rights
Agreement), (i) any Rights that are or were acquired or beneficially owned
by any Acquiring Person (or any Affiliate or Associate of such Acquiring
Person) shall be void and any holder of such Rights shall thereafter have no
right to exercise such Rights under any provision of the Rights Agreement, (ii) no
Right Certificate shall be issued pursuant to the Rights Agreement that
represents Rights beneficially owned by an Acquiring Person or any Affiliate or
Associate thereof, (iii) no Right Certificate shall be issued at any time
upon the transfer of any Rights to an Acquiring Person or any Affiliate or
Associate thereof or to any nominee of such Acquiring Person or Affiliate or
Associate thereof, and (iv) any Right Certificate delivered to the Rights
Agent for transfer to an Acquiring Person or any Affiliate or Associate thereof
shall be cancelled.

 

This
Right Certificate, with or without other Right Certificates, upon surrender at
the office or agency of the Rights Agent designated for such purpose, may be
transferred, split up, combined or exchanged for another Right Certificate or
Right Certificates of like tenor and date evidencing Rights entitling the
holder to purchase a like aggregate number of Common Shares (or other
securities, as the case may be) as the Right Certificate or Right Certificates
surrendered shall have entitled such holder (or former holder in the case of a
transfer) to purchase, upon presentation and surrender hereof at the principal
office of the Rights Agent designated for such purpose, with the Form of
Assignment (if appropriate) and the related Certificate duly executed.  If this Right Certificate shall be exercised
in part, the holder shall be entitled to receive upon surrender hereof another
Right Certificate or Right Certificates for the number of whole Rights not
exercised.

 

Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Right
Certificate (i) may be redeemed by the Company at its option at a
redemption price of $0.01 per Right or (ii) may be exchanged in whole or
part for Common Shares.  The Rights
Agreement may be supplemented and amended by the Company, as provided therein.

 

The
Company is not required to issue fractional Common Shares or other securities
issuable upon the exercise of any Right or Rights evidenced hereby.  In lieu of issuing such fractional Common
Shares or other securities, the Company may make a cash payment, as provided in
the Rights Agreement.

 

No
holder of this Right Certificate, as such, shall be entitled to vote or receive
dividends or be deemed for any purpose the holder of the Common Shares or of
any other securities of the Company which may at any time be issuable upon the
exercise or exchange of the Right or Rights represented hereby, nor shall
anything contained herein or in the Rights Agreement be construed to confer
upon the holder hereof, as such, any of the rights of a shareholder of the
Company or any right to vote for the election of directors or upon any matter
submitted to

 

A-2

 

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
otherwise, until the Right or Rights evidenced by this Right Certificate shall
have been exercised or exchanged in accordance with the provisions of the
Rights Agreement.

 

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

 

WITNESS the facsimile signature of the proper officers of the Company and its
corporate seal. Dated as of                     ,
20    .

 

	
   

  	
  ATTEST:

  	
  Equifax
  Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Secretary

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  [SEAL]

  	
   

  
	
   

  	
   

  
	
  Countersigned:

  	
   

  
	
   

  	
   

  
	
  SunTrust
  Bank

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  	
   

  
									

 

A-3

 

Form of
Reverse Side of Right Certificate

 

FORM OF ASSIGNMENT

 

(To
be executed by the registered holder if such

holder desires to transfer the Right Certificate)

 

	
  FOR VALUE RECEIVED,

  	
   

  
	
  hereby
  sells, assigns and transfers unto

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  (Please
  print name and address of transferee)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  
						

 

 

	
  Dated:

  	
   

  	
  ,

  	
  20

  	
   

  	
   

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Signature

  
	
   

  
	
  Signature
  Guaranteed:

  
							

 

A-4

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)                                  the Rights evidenced by this Right Certificate
[ ] are [ ] are not being sold, assigned, transferred, split up, combined or
exchanged by or on behalf of a Person who is or was an Acquiring Person or an
Affiliate or Associate of any such Person (as such terms are defined in the
Rights Agreement);

 

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

 

	
  Dated:

  	
   

  	
  ,

  	
  20

  	
   

  	
   

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Signature

  

 

A-5

 

FORM OF ELECTION TO PURCHASE

 

(To
be executed if holder desires to

exercise the Right Certificate)

 

To
Equifax Inc.

 

The
undersigned hereby irrevocably elects to exercise                 
Rights represented by this Right Certificate to purchase the Common Shares or
other securities or property issuable upon the exercise of such Rights and
requests that certificates for such securities be issued in the name of:

 

	
  Please
  insert social security or other identifying number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Please
  print name and address)

  	
   

  
					

 

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

 

	
  Please
  insert social security or other identifying number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Please
  print name and address)

  	
   

  
				

 

Optional
Election to Exercise without Payment of Cash:

 

With
respect to the exercise of the                 
Rights specified above, the undersigned hereby elects to exercise such Rights
without payment of cash and to receive a number of Common Shares or other
securities having a value (as determined pursuant to the Rights Agreement)
equal to the difference between (i) the value of the Common Shares or
other securities that would have been issuable upon the exercise thereof upon
payment of the cash amount as provided in the Rights Agreement, and (ii) the
amount of such cash payment.

 

	
  Dated:

  	
   

  	
  ,

  	
  20

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
  Signature
  Guaranteed:

  	
   

  

 

A-6

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)                                  the Rights evidenced by this Right 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 any such Person (as such terms are defined pursuant to the Rights
Agreement);

 

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

 

	
  Dated:

  	
   

  	
  ,

  	
  20

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  

 

NOTICE

 

Signatures
on the foregoing Form of Assignment and Form of Election to Purchase
and in the related Certificates must correspond to the name as written upon the
face of this Right Certificate in every particular, without alteration or
enlargement or any change whatsoever.

 

Signatures
must be guaranteed by a member firm of a registered national securities
exchange, a member of the National Association of Securities Dealers, Inc.,
or a commercial bank or trust company having an office or correspondent in the
United States.

 

In the event the certification set forth above in the Form of
Assignment or the Form of Election to Purchase, as the case may be, is not
completed, such Assignment or Election to Purchase will not be honored.

 

A-7

 

EXHIBIT B

 

SUMMARY OF RIGHTS TO PURCHASE

COMMON SHARES

 

The Board of Directors of Equifax Inc. (the “Company”) has
declared a dividend distribution of one right (a “Right”) for each
outstanding share of common stock, par value $1.25 per share (the “Common
Shares”), of the Company.  Each Right
entitles the registered holder to purchase from the Company one Common Share at
a price of $153.81 (the “Purchase Price”), subject to adjustment.  The description and terms of the Rights are
set forth in an Amended and Restated Rights Agreement, dated as of October 14,
2005 (the “Rights Agreement”), between the Company and SunTrust Bank, as
Rights Agent (the “Rights Agent”).

 

Until the earliest to occur of (i) the close of business on the
tenth calendar day (or such later date as may be specified by the Board of
Directors) following a public announcement that a person or group of affiliated
or associated persons has acquired, or obtained the right to acquire,
beneficial ownership of 20% or more of the outstanding Common Shares (an “Acquiring
Person”), (ii) the close of business on the tenth business day
following the commencement of a tender offer or exchange offer by a person or
group of affiliated or associated persons, the consummation of which would
result in beneficial ownership by such person or group of 20% or more of the
outstanding Common Shares, or (iii) the close of business on the tenth
calendar day following the first date of public announcement of the first
occurrence of a Flip-in Event or a Flip-over Event (as such terms are
hereinafter defined) (the earliest of such dates being hereinafter called the “Distribution
Date”), the Rights will be evidenced, with respect to any of the Common
Share certificates outstanding as of the Record Date, by such Common Share
certificates.

 

The Rights Agreement provides that, until the Distribution Date, the
Rights will be transferred with and only with the Common Shares.  Until the Distribution Date (or earlier
redemption or expiration of the Rights), new Common Share certificates issued
upon transfer or new issuance of Common Shares will contain a notation
incorporating the Rights Agreement by reference.  Until the Distribution Date (or earlier
redemption or expiration of the Rights), the surrender for transfer of any
certificates for Common Shares in respect of which Rights have been issued will
also constitute the transfer of the Rights associated with the Common Shares
represented by such certificates.  As
soon as practicable following the Distribution Date, separate certificates
evidencing the Rights (the “Right Certificates”) will be mailed to
holders of record of the Common Shares of the close of business on the
Distribution Date and such separate Right Certificates alone will evidence the
Rights.

 

No
Right is exercisable at any time prior to the Distribution Date.  The Rights will expire on November 6,
2015 (the “Final
Expiration Date”) unless
earlier redeemed or exchanged by the Company as described below.  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.

 

The Purchase Price payable, and the number of Common Shares or other
securities issuable, upon exercise of the Rights are subject to adjustment from
time to time to prevent

 

B-1

 

dilution (i) in the event
of a stock dividend on, or a subdivision, combination or reclassification of,
the Common Shares, (ii) upon the grant to holders of the Common Shares of
certain rights or warrants to subscribe for or purchase Common Shares at a
price, or securities convertible into Common Shares with a conversion price,
less than the then current market price of the Common Shares or (iii) upon
the distribution to holders of the Common Shares of evidences of indebtedness
or cash (excluding regular periodic cash dividends), assets, stock (excluding
dividends payable in Common Shares) or of subscription rights or warrants
(other than those referred to above).

 

In the event (a “Flip-in Event”) that (i) any person or
group of affiliated or associated persons becomes an Acquiring Person, (ii) any
Acquiring Person merges into or combines with the Company and the Company is
the surviving corporation or any Acquiring Person effects certain other
transactions with the Company, as described in the Rights Agreement, or (iii) during
such time as there is an Acquiring Person, there shall be any reclassification
of securities or recapitalization or reorganization of the Company which has
the effect of increasing by more than 1% the proportionate share of the
outstanding shares of any class of equity securities of the Company or any of
its subsidiaries beneficially owned by the Acquiring Person, proper provision
shall be made so that each holder of a Right, other than Rights that are or
were owned beneficially by the Acquiring Person (which, from and after the later
of the Distribution Date and the date of the earliest of any such events, will
be void), will thereafter have the right to receive, upon exercise thereof at
the then current exercise price of the Right, that number of Common Shares (or,
under certain circumstances, an economically equivalent security or securities
of the Company) having a market value of two times the exercise price of the
Right.

 

To illustrate the operation of such an adjustment, at a Purchase Price
of $153.81, assuming the current market price (as determined pursuant to the
provisions of the Rights Agreement) per Common Share were $34.18, each Right
not owned beneficially by an Acquiring Person at or after the time of such an
occurrence would entitle its holder to purchase (after the Distribution Date)
from the Company nine (9) Common Shares (having a market value of $307.62)
for $153.81.

 

In
the event (a “Flip-over Event”) that, following the first date of public
announcement that a person has become an Acquiring Person, (i) the Company
merges with or into any person and the Company is not the surviving corporation, (ii) any person merges with
or into the Company and the Company is the surviving corporation, but its
Common Shares are changed or exchanged, or (iii) 50% or more of the Company’s
assets or earning power, including without limitation securities creating
obligations of the Company, are sold, proper provision shall be made so that
each holder of a Right will thereafter have the right to receive, upon the
exercise thereof at the then current exercise price of the Right, that number
of shares of common stock (or, under certain circumstances, an economically
equivalent security or securities) of such other person which at the time of
such transaction would have a market value of two times the exercise price of
the Right.

 

At
any time after the later of the Distribution Date and the first occurrence of a
Flip-in Event or Flip-over Event and prior to the acquisition by any person or
group of affiliated or associated persons of 50% or more of the outstanding
Common Shares, the Board of Directors

 

B-2

 

may exchange the Rights (other than any Rights
which have become void), in whole or in part, at an exchange ratio of one
Common Share per Right (subject to adjustment).

 

With
certain exceptions, no adjustment in the Purchase Price will be required until
cumulative adjustments require an adjustment in the Purchase Price of at least
1%.  The Company is not required to issue
fractional Common Shares or other securities issuable upon the exercise of
Rights.  In lieu of issuing such
securities, the Company may make a cash payment, as provided in the Rights
Agreement.

 

The
Company may redeem the Rights in whole, but not in part, at a price of $0.01 per
Right (the “Redemption Price”), at any time prior to the close of
business on the later of (i) the Distribution Date and (ii) the first
date of public announcement that a person has become an Acquiring Person or on
such later date, as the Board of Directors may designate prior to such time as
the Rights are no longer redeemable. 
Immediately upon any redemption of the Rights, the right to exercise the
Rights will terminate and the only right of the holders of Rights will be to
receive the Redemption Price.

 

In
addition, the Board of Directors will appoint a committee (the “TIDE
Committee”) that is comprised of at least three directors of the Company
who are independent under the listing standards of the New York Stock Exchange
and who are not an Acquiring Person nor an affiliate or an associate of an
Acquiring Person, to review and evaluate the Rights Agreement in order to
consider whether it continues to be in the best interest of the Company and its
shareholders (i) at least every three years, or (ii) sooner if an
acquisition proposal is made that the TIDE Committee believes would make such a
review and evaluation appropriate. 
Following each such review, the TIDE Committee will communicate its
conclusions to the full Board of Directors, including any recommendation as to
whether the Rights Agreement should be modified or the Rights should be
redeemed.

 

The
Rights Agreement may be amended by the Company without the approval of any
holders of Right Certificates, including amendments which add other events requiring
adjustment to the purchase price payable and the number of Common Shares or
other securities issuable upon the exercise of the Rights or which modify
procedures relating to the redemption of the Rights, provided that no amendment
may be made at such time as the Rights are not then redeemable which decreases
the stated Redemption Price or the period of time remaining until the Final
Expiration Date or which modifies a time period relating to when the Rights may
be redeemed.

 

A
copy of the Rights Agreement was filed with the Securities and Exchange
Commission as an Exhibit to a Registration Statement on Form 8-A/A.  A copy of the Rights Agreement is available
free of charge from the Company.  The
foregoing summary does not purport to be complete and is qualified in its
entirety by reference to the Rights Agreement, which is incorporated herein by
this reference.

 

B-3

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