Document:

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                                                                     Exhibit 4.7
                                                                     -----------

                             SECOND AMENDMENT TO THE
                          FOREST CITY ENTERPRISES, INC.
              DEFERRED COMPENSATION PLAN FOR NONEMPLOYEE DIRECTORS
              ----------------------------------------------------

                  This Second Amendment to the Forest City Enterprises, Inc.
Deferred Compensation Plan for Nonemployee Directors (the "Plan") is effective
as of March 10, 2000.

                  WHEREAS, Forest City Enterprises, Inc. (the "Company")
maintains the Plan, and

                  WHEREAS, the Company desires to amend the Plan, effective as
of March 10, 2000, as hereinafter set forth.

                  NOW, THEREFORE, the Plan is hereby amended as follows:

         1.       Section 1 of Article I of the Plan is hereby amended in its
entirety to read as follows:

                                    "1. `Account' shall mean the bookkeeping
                  account(s) maintained by the Committee on behalf of each
                  Participant pursuant to Section 4 of Article II that is
                  credited with Fees which are deferred by a Participant, and
                  the gains, losses, interest and other earnings on such amounts
                  as determined in accordance with Section 4 of Article II."

         2.       Article I of the Plan is hereby amended by inserting the
following new Section immediately following Section 4 thereof:

                                    "4A. `Class A Common Shares' shall mean the
                  Class A Common Shares of the Company, or any security into
                  which such shares may be changed, as determined by the
                  Committee in its sole discretion, (i) in the event of a change
                  in the outstanding Class A Common Shares or in the capital
                  structure of the Company by reason of any share dividend,
                  share split, reverse share split, recapitalization,
                  reorganization, merger, consolidation, combination, exchange
                  or other relevant change in the capitalization of the Company
                  or (ii) in the event of any change in applicable laws or any
                  change in circumstances which results in or would result in
                  any substantial dilution or enlargement of the rights of any
                  Participant in the Plan or which otherwise warrants equitable
                  adjustment because it interferes with the intended operation
                  of the Plan."

         3.       Section 4 of Article II of the Plan is hereby amended in its
entirety to read as follows:

                                    "4.  Accounts; Earnings.  Fees that a
                  Participant elects to defer shall be treated as if they were
                  set aside in an Account on the date the Fees would otherwise
                  have been paid to the Participant.

                                    (i) Such Account will be credited with
                           gains, losses, interest and other earnings based on
                           investment directions made by the Participant, in
                           accordance with investment deferral crediting options
                           and procedures established by the

                                       -9-

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                           Committee which shall, unless otherwise permitted by
                           the Committee, limit the number of such investment
                           direction changes to one (1) in any calendar year.
                           The Committee specifically retains the right in its
                           sole discretion to change the investment deferral
                           crediting options and procedures from time to time.
                           Unless otherwise specified by the Committee, the
                           investments in which a Participant's Account may be
                           deemed invested are (a) an interest bearing
                           obligation specified by the Committee from time to
                           time and (b) with respect to Fees credited to his or
                           her Account after June 1, 2000, Class A Common
                           Shares. Any dividends deemed payable with respect to
                           Class A Common Shares that are deemed credited to a
                           Participant's Account shall be credited to the
                           Participant's Account and shall be deemed reinvested
                           in Class A Common Shares.

                                    (ii) By electing to defer any amount
                           pursuant to the Plan, each Participant shall thereby
                           acknowledge and agree that the Company is not and
                           shall not be required to make any investment in
                           connection with the Plan, nor is it required to
                           follow the Participant's investment directions in any
                           actual investment it may make or acquire in
                           connection with the Plan. Any amounts credited to a
                           Participant's Account with respect to which a
                           Participant does not provide investment direction
                           shall be credited with gains, losses, interest and
                           other earnings as if such amounts were invested in an
                           investment option to be selected by the Committee in
                           its sole discretion. Each Participant shall be 100%
                           vested in the entire amount credited to his or her
                           Account at all times."

         4.       Section 5(i) of Article II of the Plan is hereby amended in
its entirety to read as follows:

                                    "(i) The amount of a Participant's Account
                  attributable to deferral of Fees (and gains, losses, interest
                  and other earnings thereon) shall be paid to the Participant
                  in a lump sum or in a number of annual installments (not in
                  excess of fifteen (15) installments) as designated by the
                  Participant in the Election Agreement. Distributions shall be
                  made in cash or in Class A Common Shares (with fractional
                  shares paid in cash), or any combination thereof, as elected
                  by the Participant, provided, however, that Class A Common
                                      --------  -------
                  Shares shall only be distributable with respect to that
                  portion of a Participant's Account that is deemed invested in
                  such shares at the time of distribution. The lump sum payment
                  or the first annual installment, as the case may be, shall be
                  made as soon as practicable following the end of the period of
                  deferral as specified in Section 3 of this Article. In the
                  event that the Account is paid in installments, the amount of
                  each installment shall be equal to the quotient obtained by
                  dividing the Participant's Account balance as of the date of
                  such installment payment by the number of installment payments
                  remaining to be made to or in respect of such Participant at
                  the time of the calculation. In the event that the Account is
                  paid in installments, the amount credited to the Participant's
                  Account remaining unpaid shall continue to be credited with
                  gains, losses, interest and other earnings as provided in
                  Section 4 of this Article."

         5.       Section 6 of Article II of the Plan is hereby amended by (i)
deleting the phrase "lump sum amount" where it appears in the fourth sentence
therein and substituting therefor the phrase "lump sum

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amount in cash" and (ii) deleting the phrase "lump sum" where it appears in the
fifth sentence therein and substituting therefor the phrase "lump sum amount in
cash".

         6.       Section 7 of Article II of the Plan is hereby amended by (i)
deleting the phrase "lump sum" where it appears therein and substituting
therefor the phrase "lump sum amount in cash".

         7.       Section 8 of Article II of the Plan is hereby amended by
adding the following at the end thereof:

                           "(iii) Amounts payable under paragraphs (i) and (ii)
                  of this Section 8 of Article II shall only be payable in cash,
                  and shall not be payable in Class A Common Shares."

         8.       Except as expressly amended and modified herein, the
provisions of the Plan shall remain in full force and effect.

         9.       Except to the extent preempted by federal law, this Amendment
shall be governed by and construed in accordance with the laws of the State of
Ohio.

         EXECUTED at Cleveland, Ohio as of May 19, 2000.

                                         FOREST CITY ENTERPRISES, INC.

                                         By:
                                               -----------------------------

                                         Name:
                                               -----------------------------

                                         Title:
                                               -----------------------------Exhibit 4.3
                                SECOND AMENDMENT
                                     to the
                        PREFERRED SHARES RIGHTS AGREEMENT
                                     between
                           GLENAYRE TECHNOLOGIES, INC.
                                       and
                     AMERICAN STOCK TRANSFER & TRUST COMPANY

         This Second Amendment (this "Amendment") to the Preferred Shares Rights
Agreement is made and entered into as of June 2, 2000 between GLENAYRE
TECHNOLOGIES, INC., a Delaware corporation (the "Company"), and AMERICAN STOCK
TRANSFER & TRUST COMPANY, as Rights Agent (the "Rights Agent").

                                 R E C I T A L S

         WHEREAS, the Company and the Rights Agent entered into the Preferred
Shares Rights Agreement dated as of May 21, 1997, as amended as of January 14,
1999 (as amended, modified, restated or supplemented from time to time, the
"Rights Agreement"); and

         WHEREAS, Section 27 of the Rights Agreement provides that prior to the
Distribution Date (as defined in the Rights Agreement), the Company may
supplement or amend the Rights Agreement in any respect without the approval of
any holders of Rights; and

         WHEREAS, pursuant to a request by the State of Wisconsin Investment
Board (SWIB") in January 1999, the Rights Agreement was amended to exclude SWIB,
for the period from January 14, 1999 through January 14, 2000, from the
definition of Acquiring Person until such time as SWIB became the Beneficial
Owner of a percentage of the Common Shares of the Company then outstanding which
equals or exceeds 20% and as a result of such amendment, SWIB will now not
become an Acquiring Person until such time as SWIB's percentage of the
outstanding Common Shares equals or exceeds 16%;

         WHEREAS, SWIB has requested that the Company again amend the Rights
Agreement to exclude SWIB from the definition of Acquiring Person until such
time as SWIB becomes the Beneficial Owner of a percentage of the Common Shares
of the Company then outstanding which equals or exceeds 20%; and

         WHEREAS, pursuant to its letter dated June 1, 2000 requesting this
Amendment and in consideration of such Amendment, SWIB has reconfirmed that it
will not seek election or placement of a representative of SWIB on the Company's
Board of Directors while SWIB is the Beneficial Owner of 15% or more of the
outstanding Common Shares of the Company; and

         WHEREAS, the Company, with the approval of the Board of Directors of
the Company, has determined to modify the terms of the Rights Agreement in
certain respects as set forth

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herein, and in connection therewith, is entering into this Amendment and
directing the Rights Agent to enter into this Amendment.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

         1. Effect of Amendment. Except as expressly provided herein, the Rights
Agreement shall be and remain in full force and effect.

         2. Capitalized Terms. All capitalized, undefined terms used in this
Amendment shall have the meanings assigned thereto in the Rights Agreement.

         3. Amendment to Definitions. The following definitions contained in
Section 1 of the Rights Agreement are hereby deleted in their entirety and
amended to read as follows:

                  "ACQUIRING PERSON" shall mean any Person who, itself or
together with all Affiliates and Associates of such Person, shall be the
Beneficial Owner of 15% or more of the Common Shares then outstanding, but shall
not include the Company, any Subsidiary of the Company, SWIB unless and until
SWIB shall have become the Beneficial Owner of a percentage of Common Shares
then outstanding which equals or exceeds the SWIB Percentage at which such time
SWIB shall be an Acquiring Person, or any employee benefit plan of the Company
or of any Subsidiary of the Company or any entity holding Common Shares for or
pursuant to the terms of any such plan. Notwithstanding the foregoing, no Person
shall be deemed to be an Acquiring Person: (i) as the result of an acquisition
of Common Shares by the Company which, by reducing the number of shares
outstanding, increases the proportionate number of shares beneficially owned by
such Person to 15% or more (or, in the case of SWIB, to a percentage equal to or
greater than the SWIB Percentage) of the Common Shares of the Company then
outstanding; provided, that if a Person shall become the Beneficial Owner of 15%
or more (or, in the case of SWIB, of a percentage equal to or greater than the
SWIB Percentage) of the Common Shares of the Company then outstanding by reason
of share purchases by the Company and shall, after such share purchases by the
Company, become the Beneficial Owner of any additional Common Shares of the
Company, then such Person shall be deemed to be an Acquiring Person, or (ii) if
within eight (8) days after such Person would otherwise become an Acquiring
Person (but for the operation of this clause (ii)), such Person notifies the
Board of Directors that such Person did so inadvertently and within two (2) days
after such notification, such Person is the Beneficial Owner of less than 15%
(or, in the case of SWIB, of a percentage less than the SWIB Percentage) of the
outstanding Common Shares.

                  "DISTRIBUTION DATE" shall mean the earlier of (i) the Close of
Business on the tenth day (or such later date as may be determined by action of
a majority of the members of the Board of Directors then in office) after the
Shares Acquisition Date (or, if the tenth day after the Shares Acquisition Date
occurs before the Record Date, the Close of Business on the Record Date) or (ii)
the Close of Business on the tenth day (or such later date as may be determined
by action of a majority of the members of the Board of Directors then in office)
after the date that a tender or exchange offer by any Person (other than the
Company, any Subsidiary of the Company, SWIB unless and until SWIB shall have
become the Beneficial Owner of a percentage of Common Shares

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<PAGE>

then outstanding which equals or exceeds the SWIB Percentage, any employee
benefit plan of the Company or of any Subsidiary of the Company, or any Person
or entity organized, appointed or established by the Company for or pursuant to
the terms of any such plan) is first published or sent or given within the
meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange
Act, if, assuming the successful consummation thereof, such Person would be the
Beneficial Owner of 15% or more (or, in the case of SWIB, of a percentage equal
to or greater than the SWIB Percentage) of the shares of Common Stock then
outstanding.

                  "SWIB PERCENTAGE" shall mean 20% to and including June 15,
2001 at which time the SWIB Percentage shall be reduced to (i) 16% if SWIB is
not the Beneficial Owner of 16% or more of the Common Shares of the Company
outstanding at the close of business on June 15, 2001 or (ii) if SWIB is the
Beneficial Owner of 16% or more of the Common Shares of the Company outstanding
at the close of business on June 15, 2001, the next highest whole percentage in
excess of the percentage of Common Shares of the Company then outstanding
beneficially owned by SWIB (but in no event more than 20%).

                  "TRIGGERING EVENT" shall mean an event pursuant to which any
Person (other than the Company, any Subsidiary of the Company, SWIB unless and
until SWIB shall have become the Beneficial Owner of a percentage of Common
Shares then outstanding which equals or exceeds the SWIB Percentage, any
employee benefit plan of the Company or any Subsidiary of the Company, or any
entity holding Common Shares for or pursuant to the terms of any such plan),
together with all Affiliates and Associates of such Person, becomes an Acquiring
Person.

         4. Effective Date. This Amendment shall become effective as of the date
first above written but such effectiveness is contingent upon (a) the execution
of this Amendment by the Company; (b) delivery of a certificate from an
appropriate officer of the Company stating that this Amendment is in compliance
with Section 27 of the Rights Agreement; and (c) the execution and delivery of
this Amendment by the Rights Agent.

         5. Governing Law. This Amendment shall be governed by, construed and
enforced in accordance with the laws of the State of Delaware without reference
to the conflicts or choice of law principles thereof.

         6. Counterparts. This Amendment may be executed in separate
counterparts, each of which when executed and delivered is an original but all
of which taken together constitute one and the same instrument.

         7. Fax Transmission. A facsimile, telecopy or other reproduction of
this Amendment may be executed by one or more parties hereto, and an executed
copy of this Amendment may be delivered by one or more parties hereto by
facsimile or similar instantaneous electronic transmission device pursuant to
which the signature of or on behalf of such party can be seen, and such
execution and delivery shall be considered valid, binding and effective for all
purposes. At the request of any party hereto, all parties hereto agree to
execute an original of the Amendment as well as any facsimile, telecopy or other
reproduction thereof.

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         IN WITNESS WHEREOF, the Company and the Rights Agent have caused this
Amendment to be duly executed as of the day first above written.

                                       GLENAYRE TECHNOLOGIES, INC.

                                       By       s/ Bert C. Klein
                                                ------------------------------
                                       Name     Bert C. Klein
                                       Title    Chief Financial Officer

                                       AMERICAN STOCK TRANSFER
                                       & TRUST COMPANY, as Rights Agent

                                       By       s/ Herbert J. Lemmer
                                                ------------------------------
                                       Name     Herbert J. Lemmer
                                       Title    Vice President

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