Document:

<Page>

                                                                     EXHIBIT 4.2

                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                                METALS USA, INC.

                                    ARTICLE I
                                  STOCKHOLDERS

     SECTION 1. ANNUAL MEETING. The annual meeting of the stockholders of the
Corporation shall be held on such date, at such time and at such place, if any,
within or without the State of Delaware as may be designated by the Board of
Directors, for the purpose of' electing directors and for the transaction of
such other business as may be properly brought before the meeting. Such date
shall be within thirteen (13) months subsequent to the latest of the Effective
Time, the last annual meeting of stockholders and the last act by written
consent to elect directors in lieu of an annual meeting of stockholders.

     SECTION 2. SPECIAL MEETINGS. Unless otherwise provided in the Certificate
of Incorporation, special meetings of the stockholders shall be called by the
President or the Secretary upon the order in writing of a majority of the Board
of Directors or stockholders holding together at least a majority of all the
shares of stock of the Corporation entitled to vote at the meeting, and shall be
held at such date, time and place, within or without the State of Delaware, as
may be specified by such order. Such order of the Board of Directors or the
stockholders shall state the purpose or purposes of the proposed meeting.
Business transacted at any special meeting shall be confined to the purpose(s)
stated in such order and any matters reasonably related to thereto.

     SECTION 3. NOTICE OF STOCKHOLDER BUSINESS AND NOMINATIONS.

     (a)  ANNUAL MEETINGS OF STOCKHOLDERS.

          (i)    Nominations of persons for election to the Board of Directors
          and the proposal of business to be considered by the stockholders may
          be made at an annual meeting of stockholders (A) pursuant to the
          Corporation's notice of meeting, (B) by or at the direction of the
          Board of Directors or (C) by any stockholder who was a stockholder of
          record at the time of giving of notice provided for in this Section,
          who is entitled to vote at the meeting and who complies with the
          notice procedures set forth in this Section.

          (ii)   For nominations or other business to be properly brought before
          an annual meeting by a stockholder pursuant to section 3(a)(i)(C) of
          this Article I, the stockholder must have given timely notice thereof
          in writing to the Secretary of the Corporation and such other business
          must otherwise be a proper matter for stockholder action. To be
          timely, a stockholder's notice shall be delivered to the

<Page>

          Secretary at the principal executive offices of the Corporation not
          later than the close of business on the sixtieth (60th) day nor
          earlier than the close of business on the ninetieth (90th) day prior
          to the first (1st) anniversary of the preceding year's annual meeting;
          PROVIDED, HOWEVER, that in the event that the date of the annual
          meeting is more than thirty (30) days before or more than sixty (60)
          days after such anniversary date, notice by the stockholder to be
          timely must be so delivered not earlier than the close of business on
          the ninetieth (90th) day prior to such annual meeting and not later
          than the close of business on the later of the sixtieth (60th) day
          prior to such annual meeting or the tenth (10th) day following the day
          on which public announcement of the date of such meeting is first made
          by the Corporation. In no event shall the public announcement of an
          adjournment of an annual meeting commence a new time period for the
          giving of a stockholder's notice as described above. Such
          stockholder's notice shall set forth:

                 (A)  as to each person whom the stockholder proposes to
                 nominate for election or reelection as a director all
                 information relating to such person that is required to be
                 disclosed in solicitations of proxies for election of directors
                 in an election contest, or is otherwise required, in each case
                 pursuant to Regulation 14A under the Securities Exchange Act of
                 1934, as amended (the "Exchange Act") and Rule 14a-11
                 thereunder (including such person's written consent to being
                 named in the proxy statement as a nominee and to serving as a
                 director if elected);

                 (B)  as to any other business that the stockholder proposes to
                 bring before the meeting, a brief description of the business
                 desired to be brought before the meeting, the reasons for
                 conducting such business at the meeting and any material
                 interest in such business of such stockholder and the
                 beneficial owner, if any, on whose behalf the proposal is made;
                 and

                 (C)  as to the stockholder giving the notice and the beneficial
                 owner, if any, on whose behalf the nomination or proposal is
                 made (1) the name and address of such stockholder, as they
                 appear on the Corporations' books, and of such beneficial owner
                 and (2) the class and number of shares of the Corporation which
                 are owned beneficially and of record by such stockholder and
                 such beneficial owner.

          (iii)  Notwithstanding anything in the second sentence of
          Section 3(a)(ii) of this Article I to the contrary, in the event that
          the number of directors to be elected to the Board of Directors is
          increased and there is no public announcement by the Corporation
          naming all of the nominees for director or specifying the size of the
          increased Board of Directors at least seventy (70) days prior to the
          first (1st) anniversary of the preceding year's annual meeting, a
          stockholder's notice required by this Section shall also be considered
          timely, but only with respect to nominees for any new positions
          created by such increase, if it shall be delivered to the Secretary at
          the principal executive offices of the Corporation not later than

                                        2
<Page>

          the close of business on the tenth (10th) day following the day on
          which such public announcement is first made by the Corporation.

     (b)  SPECIAL MEETINGS OF STOCKHOLDERS. Only such business shall be
     conducted at a special meeting of stockholders as shall have been brought
     before the meeting pursuant to the order of the Board of Directors or
     stockholders under which the special meeting has been called in accordance
     with Section 2 of this Article I. Nominations of persons for election to
     the Board of Directors may be made at a special meeting of stockholders at
     which directors are to be elected pursuant to the order of the Board of
     Directors or stockholders under which the special meeting has been called
     in accordance with Section 2 of this Article I (a) by or at the direction
     of the Board of Directors or (b) by any stockholder who is a stockholder of
     record at the time of giving of notice provided for in this Section 3, who
     shall be entitled to vote at the meeting and who complies with the notice
     procedures set forth in this Section 3. In the event a special meeting of
     stockholders for the purpose of electing one or more directors to the Board
     of Directors has been called under order of the Board of Directors or
     stockholders in accordance with Section 2 of this Article I, any
     stockholder may nominate a person or persons (as the case may be), for
     election to such positions(s) as specified in the Corporation's notice of
     meeting, if the stockholder's notice required by Section 3(a)(ii) of this
     Article I shall be delivered to the Secretary at the principal executive
     offices of the Corporation not earlier than the close of business on the
     ninetieth (90th) day prior to such special meeting and not later than the
     close of business on the later of the sixtieth (60th) day prior to such
     special meeting or the tenth (10th) day following the day on which public
     announcement is first made of the date of the special meeting and of the
     nominees proposed by the Board of Directors to be elected at such meeting.
     In no event shall the public announcement of an adjournment of a special
     meeting commence a new time period for the giving of a stockholder's notice
     as described above.

     (c)  GENERAL.

          (i)    Only such persons who are nominated in accordance with the
          procedures set forth in this Section 3 shall be eligible to serve as
          directors and only such business shall be conducted at a meeting of
          stockholders as shall have been brought before the meeting in
          accordance with the procedures set forth in this Section 3. Except as
          otherwise provided by applicable law, the Chairman of the meeting
          shall have the power and duty to determine whether a nomination or any
          business proposed to be brought before the meeting was made or
          proposed, as the case may be, in accordance with the procedures set
          forth in this Section 3 and, if any proposed nomination or business is
          not in compliance with this Section 3, to declare that such defective
          proposal or nomination shall be disregarded.

          (ii)   For purposes of this Section 3, "public announcement" shall
          mean disclosure in a press release reported by the Dow Jones News
          Service, Associated Press or comparable national news service or in a
          document publicly filed by the Corporation with the Securities and
          Exchange Commission pursuant to Section 13, 14 or 15(d) of the
          Exchange Act.

                                        3
<Page>

          (iii)  Notwithstanding the foregoing provisions of this Section 3, a
          stockholder shall also comply with all applicable requirements of the
          Exchange Act and the rules and regulations thereunder with respect to
          the matters set forth in this Section 3. Nothing in this Section 3
          shall be deemed to affect any rights (A) of stockholders to request
          inclusion of proposals in the Corporation's proxy statement pursuant
          to Rule 14a-8 under the Exchange Act; or (B) of the holders of Common
          Stock or any series of Preferred Stock or any outstanding voting
          indebtedness to elect directors under specified circumstances.

     SECTION 4. NOTICE OF MEETINGS. Written notice of all meetings of the
stockholders, stating the place, if any, date and hour of the meeting, the place
within the city or other municipality or community at which the list of
stockholders may be examined, and the means of remote communications, if any, by
which stockholders and proxyholders may be deemed to be present in person and
vote at such meeting shall be mailed or delivered to each stockholder not less
than 10 nor more than 60 days prior to the meeting. Notice of any special
meeting shall state in general terms the purpose or purposes for which the
meeting is to be held as specified in the order of the Board of Directors or
stockholders pursuant to which the meeting has been called.

     SECTION 5. QUORUM. At any meeting of the stockholders, the holders of a
majority in number of the total outstanding shares of stock of the Corporation
entitled to vote at such meeting, present in person or represented by proxy,
shall constitute a quorum of the stockholders for all purposes. When a quorum is
once present, it is not broken by the subsequent withdrawal of any stockholder.

     SECTION 6. ADJOURNED MEETINGS. Whether or not a quorum shall be present in
person or represented at any meeting of the stockholders, the holders of a
majority in number of the shares of stock of the Corporation present in person
or represented by proxy and entitled to vote at such meeting shall have the
power to adjourn the meeting from time to time until a quorum shall be present
or represented. When a meeting is adjourned to another time or place, notice
need not be given of the adjourned meeting if at the meeting at which the
adjournment is taken the time, place, if any, thereof and the means of remote
communications, if any, by which stockholders and proxyholders may be deemed to
be present in person and vote at such adjourned meeting are announced. At such
reconvened meeting at which a quorum shall be present or represented, any
business may be transacted that might have been transacted at the meeting as
originally notified. If the adjournment is for more than thirty days, or if
after the adjournment a new record date is fixed for the adjourned meeting, a
notice of the adjourned meeting shall be given to each stockholder of record
entitled to vote at the adjourned meeting.

     SECTION 7. ORGANIZATION. Each annual and special meeting of stockholders
shall be presided over by a chairman, who shall have the exclusive authority to,
among other things, determine (a) whether business and nominations have been
properly brought before such meetings, and (b) the order in which business and
nominations properly brought before such meeting shall be considered. The
chairman of each annual and special meeting shall be the Chairman of the Board
or, in the absence (or inability or refusal to act) of the Chairman of the
Board, the President or, in the absence (or inability or refusal to act) of the
President, such other person as shall be appointed by resolution approved by the
majority of the Board of Directors.

                                        4
<Page>

     The Secretary of the Corporation shall act as Secretary of all meetings of
the stockholders; but in the absence of the Secretary, the Chairman may appoint
any person to act as Secretary of the meeting. It shall be the duty of the
Secretary to prepare and make, at least ten (10) days before every meeting of
stockholders, a complete list of stockholders entitled to vote at such meeting,
arranged in alphabetical order and showing the address of each stockholder and
the number of shares registered in the name of each stockholder. Such list shall
be open, either at a place within the city where the meeting is to be held,
which place shall be specified in the notice of the meeting or, if not so
specified, at the place where the meeting is to be held, for the ten (10) days
next preceding the meeting, to the examination of any stockholder, for any
purpose germane to the meeting, during ordinary business hours, and shall be
produced and kept at the time and place of the meeting during the whole time
thereof and subject to the inspection of any stockholder who may be present.
Failure to comply with the requirements of this Section 7 shall not affect the
validity of any action taken at said meeting. In the event a meeting of
stockholders is to be held solely by means of remote communication as permitted
by Section 11 of this Article I, the list of stockholders shall be open to the
examination of any stockholder during the whole time of the meeting on a
reasonably acceptable electronic network, and the information required to access
such list shall be provided to stockholders together with the notice of meeting.

     The stock ledger shall be the only evidence as to who are the stockholders
entitled to examine the stock ledger, the list required by this Section 7 or the
books of the Corporation or to vote in person or by proxy at any meeting of
stockholders.

     SECTION 8. VOTING. Except as otherwise provided in the Certificate of
Incorporation or these Bylaws, each stockholder shall be entitled to one vote
for each share of the capital stock of the Corporation registered in the name of
such stockholder upon the books of the Corporation on the applicable record
dated fixed pursuant to these Bylaws. Each stockholder entitled to vote at a
meeting of stockholders or to express consent or dissent to corporate action in
writing without a meeting, or a stockholder's duly authorized attorney-in-fact,
may vote in person or authorize another person or persons to act for such
stockholder by proxy, but no such proxy shall be voted or acted upon after three
years from its date, unless the proxy provides for a longer period. Each proxy
shall be in writing, executed by the stockholder giving the proxy or by such
stockholder's duly authorized attorney, or electronically transmitted to the
proxyholder in a manner such that it can be determined that the transmission was
authorized by the stockholder. Unless and until voted, every proxy shall be
revocable at the pleasure of the person who executed it, or such person's legal
representatives or assigns, except in those cases where an irrevocable proxy
permitted by statute has been given.

     At all elections of directors, the voting may but not need be by ballot.
When directed by the presiding officer or upon the demand of any stockholder,
the vote upon any other matter before a meeting of stockholders shall be by
ballot. The voting by stockholders or proxyholders at any meeting conducted by
remote communication may be effected by a ballot submitted by electronic
transmission provided that any such electronic transmission sets forth or is
submitted with information from which it can be determined that the electronic
transmission was authorized by the stockholder or proxyholder.

     Except as otherwise provided by law or by the Certificate of Incorporation,
at all meetings of stockholders at which a quorum is present, (i) directors
shall be elected by a plurality

                                        5
<Page>

of the votes cast by the stockholders entitled to vote in the election present
in person or by proxy and (ii) all other matters shall be decided by a majority
of the votes cast by the stockholders entitled to vote thereon present in person
or by proxy.

     Shares of the capital stock of the Corporation belonging to the Corporation
or to another corporation, if a majority of the shares entitled to vote in the
election of directors of such other corporation is held, directly or indirectly,
by the Corporation, shall neither be entitled to vote nor be counted for quorum
purposes.

     SECTION 9. INSPECTORS. When required by law or directed by the presiding
officer or upon the demand of any stockholder entitled to vote, but not
otherwise, the polls shall be opened and closed, the proxies and ballots shall
be received and taken in charge, and all questions touching the qualification of
voters, the validity of proxies and the acceptance or rejection of votes shall
be decided at any meeting of the stockholders by two or more inspectors who may
be appointed by the Board of Directors before the meeting, or if not so
appointed, shall be appointed by the presiding officer at the meeting. If any
person so appointed fails to appear or act, the vacancy may be filled by
appointment in like manner.

     SECTION 10. ACTION WITHOUT MEETING. Unless otherwise provided in the
Certificate of Incorporation, any action permitted or required by law, the
Certificate of Incorporation or these Bylaws to be taken at a meeting of
stockholders, may be taken without a meeting, without prior notice and without a
vote, if a consent or consents in writing, setting forth the action so taken,
shall be signed by or on behalf of the holders of outstanding stock having not
less than the minimum number of votes that would be necessary to authorize or
take such action at a meeting at which all shares entitled to vote thereon were
present and voted and shall be delivered to the Corporation by delivery to its
registered office in the state of incorporation, its principal place of
business, or an officer or agent of the Corporation having custody of the book
in which proceedings of meetings of stockholders are recorded. Delivery made to
the Corporation's registered office shall be by hand or by certified or
registered mail, return receipt requested.

     Every written consent shall bear the date of signature of the person who
signs the consent, and no written consent shall be effective to take the
corporate action referred to therein unless, within sixty (60) days of the
earliest dated consent delivered in the manner required by this Section to the
Corporation, written consents signed by or on behalf of a sufficient number of
holders to take action are delivered to the Corporation by delivery to its
registered office in the state of incorporation, its principal place of
business, or an officer or agent of the Corporation having custody of the book
in which proceedings of meetings of stockholders are recorded. Delivery made to
the Corporation's registered office shall be by hand or by certified or
registered mail, return receipt requested.

     Any written consent may be delivered by a form of electronic transmission,
and such transmission shall be deemed signed and dated for purposes hereof if
such transmission sets forth or is delivered with information from which the
Company can determine that same was transmitted by or on behalf of a stockholder
and the date that the same was transmitted. No consent by electronic
transmission shall be deemed to have been delivered unless such consent is
reproduced in paper form and delivered to the Company as aforesaid.

                                        6
<Page>

     Prompt notice of the taking of corporation action without a meeting by less
than a unanimous written consent shall be given by the Secretary to those
stockholders who have not consented in writing.

     SECTION 11. REMOTE MEETINGS. If authorized by the Board of Directors in its
sole discretion, and subject to such guidelines and procedures as the Board of
Directors may adopt, stockholders and proxyholders not physically present at a
meeting of stockholders may, by means of remote communication:

     (A)  participate in a meeting of stockholders; and

     (B)  be deemed present in person and vote at a meeting of stockholders
          whether such meeting is to be held at a designated place or solely by
          means of remote communication, provided that (i) the Corporation shall
          implement reasonable measures to verify that each person deemed
          present and permitted to vote at the meeting by means of remote
          communication is a stockholder or proxyholder, (ii) the Corporation
          shall implement reasonable measures to provide such stockholders and
          proxyholders a reasonable opportunity to participate in the meeting
          and to vote on matters submitted to the stockholders, including an
          opportunity to read or hear the proceedings of the meeting
          substantially concurrently with such proceedings, and (iii) if any
          stockholder or proxyholder votes or takes other action at the meeting
          by means of remote communication, a record of such vote or other
          action shall be maintained by the Corporation.

     In the case of any annual meeting of stockholders or any special meeting of
stockholders called upon order of the Board of Directors, the Board of Directors
may, in its sole discretion, determine that the meeting shall not be held at any
place, but may instead be held solely by means of remote communications as
authorized by this Section 11.

                                   ARTICLE II
                               BOARD OF DIRECTORS

     SECTION 1. NUMBER AND TERM OF OFFICE. The business, property and affairs of
the Corporation shall be managed by or under the direction of a Board of
Directors. No director need be a stockholder of the Corporation, a citizen of
the United States, or a resident of the State of Delaware. The number of
directors constituting the entire Board of Directors shall be (i) until the
first annual meeting of stockholders after the Effective Time, six (which number
shall be increased to seven upon the Board of Directors determining to increase
the size of the Board of Directors to seven and initially to fill the newly
created directorship created pursuant to this clause with a person who is an
officer of the Corporation (other than the Chairman of the Board) at the time
such newly created directorship is so filled, which determination the Board of
Directors shall make no later than the date six months after the Effective
Date); and (ii) from and after such first annual meeting, seven or such greater
number as fixed from time to time by resolution passed by a majority of the
directors. The directors shall, except as hereinafter otherwise provided for
filling vacancies or any newly created directorships or as otherwise provided in
the Certificate of Incorporation, be elected at the annual meeting of
stockholders. Directors who are elected by stockholders at an annual meeting of
stockholders and directors

                                        7
<Page>

who are elected in the interim to fill vacancies or newly created directorships
shall hold office until the next annual meeting of stockholders and until their
respective successors are elected and qualified or until their earlier
resignation or removal. The use of the phrase "entire Board" herein refers to
the total number of directors which the Corporation would have if there were no
vacancies.

     SECTION 2. REMOVAL, VACANCIES AND ADDITIONAL DIRECTORS. Except as otherwise
provided in the Certificate of Incorporation, the holders of a majority of the
shares of stock outstanding and entitled to vote for the election of directors
may remove any director, with or without cause. Except as otherwise provided in
the Certificate of Incorporation, vacancies caused by any such removal or by the
death or resignation of any director or for any other reason, and any newly
created directorship resulting from any increase in the authorized number of
directors, may be filled by the affirmative vote of a majority of the directors
then in office, although less than a quorum, or by a sole remaining director, or
at a special meeting of the stockholders by the holders of shares entitled to
vote for the election of directors. The Board of Directors shall be authorized
to elect a person initially to fill a newly created directorship created
pursuant to clause (i) the third sentence of Section 1 of this Article II only
if such person is an officer of the Corporation (other than the Chairman of the
Board) at the time of such election.

     If there are no directors in office, then an election of directors may be
held in the manner provided by law. If, at the time of filling any vacancy or
any newly-created directorship, the directors then in office shall constitute
less than a majority of the whole Board (as constituted immediately prior to any
such increase), the Court of Chancery may, upon application of any stockholder
or stockholders holding at least ten percent of the total number of the shares
at the time outstanding having the right to vote for such directors, summarily
order an election to be held to fill any such vacancies or newly-created
directorships, or to replace the directors chosen by the directors then in
office as aforesaid, such election to be governed by Section 211 of the General
Corporation Law of the State of Delaware as far as applicable. No decrease in
the size of the Board shall serve to shorten the term of an incumbent director.

     When one or more directors shall resign effective at a future date, a
majority of the directors then in office, including those who have so resigned,
shall have power to fill such vacancy or vacancies, the vote thereon to take
effect when such resignation or resignations shall become effective, and each
director so chosen shall hold office as herein provided in connection with the
filling of other vacancies.

     SECTION 3. PLACE OF MEETING. The Board of Directors may hold its meetings
in any place or places in the State of Delaware or outside the State of
Delaware.

     SECTION 4. ANNUAL MEETING. Following the annual meeting of stockholders,
the newly elected Board of Directors shall meet for the purpose of the election
of officers and the transaction of such other business as may properly come
before the meeting. Such meeting may be held without notice immediately after
the annual meeting of stockholders at the same place at which such stockholders'
meeting is held or, if such annual meeting of stockholders is to be held solely
by means of remote communication as permitted by Section 11 of Article I, at the
principal place of business of the Corporation.

                                        8
<Page>

     SECTION 5. REGULAR MEETINGS. Regular meetings of the Board of Directors
shall be held at such times and places as the Board of Directors from time to
time by resolution shall determine. No notice shall be required for any regular
meeting of the Board of Directors held at times and places fixed by resolution
of the Board of Directors; but the Corporation shall notify each director of the
adoption of every resolution fixing or changing the time or place of regular
meetings at least five (5) days before the first meeting held pursuant thereto.

     SECTION 6. SPECIAL MEETINGS. Special meetings of the Board of Directors
shall be held whenever called by order of the Chairman of the Board or the
President or by a majority of the directors or the sole director, as the case
may be, then in office and shall be held at such date, time and place as may be
specified by such order.

     Notice of the day, time and place of each special meeting shall be given to
each director by the President or the Secretary at least two (2) days before the
meeting if by a recognized express delivery service or at least 24 hours before
the meeting if delivered personally or by telephone, facsimile or electronic
transmission. Unless otherwise indicated in the notice thereof, any and all
business that may be transacted at a regular meeting may be transacted at any
special meeting. Except as may be otherwise expressly provided by law, the
Certificate of Incorporation, or these Bylaws, neither the business to be
transacted at, nor the purpose of, any special meeting need be specified in the
notice or waiver of notice of such meeting.

     SECTION 7. QUORUM. A majority of the entire Board of Directors shall
constitute a quorum for the transaction of business. The vote of the majority of
the directors present at any meeting of the Board of Directors at which a quorum
is present shall be the act of the Board of Directors. If at any meeting of the
Board of Directors there is less than a quorum present, a majority of those
present may adjourn the meeting from time to time to another time and place
without notice.

     SECTION 8. ORGANIZATION. The Chairman of the Board or, in the absence (or
inability or refusal to act) of the Chairman of the Board, the President shall
preside at all meetings of the Board of Directors. In the absence (or inability
or refusal to act) of the Chairman of the Board and the President, a chairman
shall be elected from the directors present. The Secretary of the Corporation
shall act as secretary of all meetings of the directors; but in the absence of
the Secretary, the Chairman of the Board may appoint any person to act as
secretary of the meeting.

     SECTION 9. ATTENDANCE VIA COMMUNICATIONS EQUIPMENT. Unless otherwise
restricted by applicable law, the Certificate of Incorporation or these Bylaws,
members of the Board of Directors or any committee thereof may hold a meeting by
means of telephone conference or other method of remote communications by means
of which all persons participating in the meeting can effectively communicate
with each other. Such participation in a meeting shall constitute presence in
person at the meeting, except where a person participates in the meeting for the
express purpose of objecting to the transaction of any business on the ground
that the meeting is not lawfully called or convened.

     SECTION 10. CONSENT OF DIRECTORS OR COMMITTEE IN LIEU OF MEETING. Unless
otherwise restricted by the Certificate of Incorporation or by these Bylaws, any
action required or permitted to be taken at any meeting of the Board of
Directors, or of any committee thereof, may be taken

                                        9
<Page>

without a meeting if all members of the Board of Directors or committee, as the
case may be, consent thereto in writing or by electronic transmission and the
writing or writings or the electronic transmission or transmissions are filed
with the minutes of proceedings of the Board of Directors or committee, as the
case may be. Such filing shall be in paper form if the minutes are maintained in
paper form and shall be in electronic form if the minutes are maintained in
electronic form.

     SECTION 11. COMPENSATION OF DIRECTORS. Directors shall be paid their
reasonable and necessary expenses, if any, of attendance at each meeting of the
Board of Directors or any committee thereof and, as and to the extent authorized
by the Board of Directors, a fixed sum for attendance at each meeting of the
Board of Directors or any committee thereof and a stated fee as director. No
such payment shall preclude any director from serving the Corporation in any
other capacity and receiving compensation therefor. Members of standing or other
committees of the Board of Directors may be allowed like compensation for
attending committee meetings.

                                   ARTICLE III
                             COMMITTEES OF DIRECTORS

     SECTION 1. ESTABLISHMENT. The Board of Directors may from time to time by
resolution establish, name or dissolve one or more committees, each committee to
consist of one or more of the directors. Each committee shall keep regular
minutes of its meetings and report the same to the Board of Directors when
required. There shall exist the following standing committees, which committees
shall have and may exercise the following powers and authority:

     (a)  AUDIT COMMITTEE. The Audit Committee shall from time to time, but no
     less than two times per year, meet to review and monitor the financial and
     cost accounting practices and procedures of the Corporation and all of its
     subsidiaries and to report its findings and recommendations to the Board of
     Directors for final action. The Audit Committee shall not be empowered to
     approve any corporate action of whatever kind or nature, and the
     recommendations of the Audit Committee shall not be binding on the Board of
     Directors, except when, pursuant to the provisions of Section 2 of this
     Article III, such power and authority have been specifically delegated to
     such committee by the Board of Directors by resolution. In addition to the
     foregoing, the specific duties of the Audit Committee shall be determined
     by the Board of Directors by resolution.

     (b)  COMPENSATION COMMITTEE. The Compensation Committee shall from time to
     time meet to review the various compensation plans, policies and practices
     of the Corporation and all of its subsidiaries and to report its findings
     and recommendations to the Board of Directors for final action. The
     Compensation Committee shall not be empowered to approve any corporate
     action of whatever kind or nature, and the recommendations of the
     Compensation Committee shall not be binding on the Board of Directors,
     except when, pursuant to the provisions of Section 2 of this Article III,
     such power and authority have been specifically delegated to such committee
     by the Board of Directors by resolution. In addition to the foregoing, the
     specific duties of the Compensation Committee shall be determined by the
     Board of Directors by resolution.

                                       10
<Page>

     SECTION 2. AVAILABLE POWERS. Any committee established pursuant to
Section 1 of this Article III, including the Audit Committee and the
Compensation Committee, but only to the extent provided in the resolution of the
Board of Directors establishing such committee or otherwise delegating specific
power and authority to such committee and as limited by law, the Certificate of
Incorporation, and these Bylaws, shall have and may exercise all of the powers
and authority of the Board of Directors in the management of the business and
affairs of the Corporation, and may authorize the seal of the Corporation to be
affixed to all papers that may require it. Without limiting the foregoing, such
committee may, but only to the extent authorized in the resolution or
resolutions providing for the issuance of shares of stock adopted by the Board
of Directors as provided in Section 151(a) of the General Corporation Law of the
State of Delaware, fix any of the preferences or rights of such shares relating
to dividends, redemption, dissolution, any distribution of assets of the
Corporation or the conversion into, or the exchange of such shares for, shares
of any other class or classes or any other series of the same or any other class
or classes of stock of the Corporation.

     SECTION 3. UNAVAILABLE POWERS. No committee of the Board of Directors shall
have the power or authority to (1) approve or adopt, or recommend to the
stockholders, any action or matter expressly required by the General Corporation
Law of the State of Delaware to be submitted to stockholders for approval or (2)
adopt, amend or repeal any provision of these Bylaws.

     SECTION 4. ALTERNATE MEMBERS. The Board of Directors may designate one or
more directors as alternate members of any committee, who may replace any absent
or disqualified member at any meeting of such committee.

     SECTION 5. PROCEDURES. Time, place, and notice, if any, of meetings of a
committee shall be determined by such committee. At meetings of a committee, a
majority of the number of members designated by the Board of Directors shall
constitute a quorum for the transaction of business. The act of a majority of
the members present at any meeting at which a quorum is present shall be the act
of the committee, except as otherwise specifically provided by law, the
Certificate of Incorporation or these Bylaws. If a quorum is not present at a
meeting of a committee, the members present may adjourn the meeting from time to
time, without notice other than an announcement at the meeting, until a quorum
is present.

     SECTION 6. TERM; TERMINATION. In the event any person shall cease to be a
director of the Corporation, such person shall simultaneously therewith cease to
be a member of any committee appointed by the Board of Directors.

                                   ARTICLE IV
                                    OFFICERS

     SECTION 1. OFFICERS. The Board of Directors shall elect the officers of the
Corporation, which shall include a President, one or more Vice Presidents (any
one or more of whom may be given an additional designation of rank or function),
a Secretary and a Treasurer, and such additional officers, if any, as shall be
elected by the Board of Directors pursuant to the provisions of Section 7 of
this Article IV. The Board of Directors shall elect officers at its first
meeting after the Effective Time and after each annual meeting of the
stockholders thereafter.

                                       11
<Page>

The failure to hold such election shall not of itself terminate the term of
office of any officer. Any officer may resign at any time upon written notice to
the Corporation. Officers may, but need not, be a stockholder or, except in the
case of the Chairman of the Board, a director. Any number of offices may be held
by the same person.

     All officers, agents and employees shall be subject to removal, with or
without cause, at any time by the Board of Directors. The removal of an officer
without cause shall be without prejudice to such officer's contract rights, if
any. The election or appointment of an officer shall not of itself create
contract rights. All agents and employees other than officers elected by the
Board of Directors shall also be subject to removal, with or without cause, at
any time by the officers appointing them.

     Any vacancy caused by the death, resignation, or removal of any officer or
otherwise shall be filled by the Board of Directors.

     In addition to the powers and duties of the officers of the Corporation as
set forth in these Bylaws, the officers shall have such authority and shall
perform such duties as from time to time may be provided by law or the
Certificate of Incorporation or as may be assigned by the Board of Directors or
the President.

     SECTION 2. POWERS AND DUTIES OF THE CHAIRMAN OF THE BOARD. The Chairman of
the Board shall preside when present at all meetings of the stockholders and at
all meetings of the Board of Directors. The Chairman of the Board shall advise
and counsel the President and other officers and shall have such other powers
and perform such other duties as may from time to time be assigned to the
Chairman of the Board by these Bylaws or by the Board of Directors. The Chairman
of the Board may execute bonds, mortgages, and other contracts requiring a seal
under the seal of the Corporation, except where required or permitted by law to
be otherwise signed and executed and except where the signing and execution
thereof shall be expressly delegated by the Board of Directors to some other
officer or agent of the Corporation. The Chairman of the Board may delegate all
or any of the powers or duties of the Chairman of the Board to the President, if
and to the extent deemed by the Chairman of the Board to be desirable or
appropriate.

     SECTION 3. POWERS AND DUTIES OF THE PRESIDENT. The President shall be the
chief executive officer of the Corporation and, subject to the control of the
Board of Directors, shall have general and active management of the business and
affairs, and general charge and control of the operations, of the Corporation
and shall have all powers and shall perform all duties incident to the office of
President. In the absence of the Chairman of the Board or in the event of the
inability or refusal to act of the Chairman of the Board, the President shall
preside at all meetings of the stockholders and at all meetings of the Board of
Directors and perform all other duties and exercise all other powers of the
Chairman of the Board. The President shall have such other powers and perform
such other duties as may from time to time be assigned to the President by these
Bylaws or by the Board of Directors.

     SECTION 4. POWERS AND DUTIES OF THE VICE PRESIDENTS. In the absence of the
President or in the event of the President's inability or refusal to act, except
as otherwise expressly provided in these Bylaws, the Vice President (or in the
event there be more than one Vice

                                       12
<Page>

President, the Vice Presidents in the order designated by the Board of
Directors, or in the absence of any designation, then in the order of their
election or appointment) shall perform the duties of the President, and when so
acting, shall have all the powers of and be subject to all the restrictions upon
the President. Each Vice President shall have all such other powers and shall
perform all such other duties incident to the office of Vice President and shall
have such other powers and perform such other duties as may from time to time be
assigned to such Vice President by these Bylaws or by the Board of Directors or
the President.

     SECTION 5. POWERS AND DUTIES OF THE SECRETARY. The Secretary shall have the
duty to record the proceedings of all meetings of the Board of Directors and all
meetings of the stockholders in books to be kept for that purpose; the Secretary
shall attend to the giving or serving of all notices of the Corporation; the
Secretary shall have custody of the corporate seal of the Corporation and shall
affix the same to such documents and other papers as the Board of Directors or
the President shall authorize and direct; the Secretary shall have charge of the
stock certificate books, transfer books and stock ledgers and such other books
and papers as the Board of Directors or the President shall direct, all of which
shall at all reasonable times be open to the examination of any director, upon
application, at the office of the Corporation during business hours; and
whenever required by the Board of Directors or the President shall render
statements of such accounts; and the Secretary shall have all powers and shall
perform all duties incident to the office of Secretary and shall also have such
other powers and shall perform such other duties as may from time to time be
assigned to the Secretary by these Bylaws or by the Board of Directors or the
President.

     SECTION 6. POWERS AND DUTIES OF THE TREASURER. Unless the Board of
Directors by resolution otherwise provides, the Treasurer shall be the chief
accounting and financial officer of the Corporation. The Treasurer shall have
custody of, and when proper shall pay out, disburse or otherwise dispose of, all
funds and securities of the Corporation which may have come into the hands of
the Treasurer; the Treasurer may endorse on behalf of the Corporation for
collection checks, notes and other obligations and shall deposit the same to the
credit of the Corporation in such bank or banks or depositary or depositaries as
the Board of Directors may designate; the Treasurer shall sign all receipts and
vouchers for payments made to the Corporation; the Treasurer shall enter or
cause to be entered regularly in the books of the Corporation kept for the
purpose full and accurate accounts of all moneys received or paid or otherwise
disposed of by the Treasurer and whenever required by the Board of Directors or
the President shall render statements of such accounts; the Treasurer shall, at
all reasonable times, exhibit the Treasurer's books and accounts to any director
of the Corporation upon application at the office of the Corporation during
business hours; and Treasurer shall have all powers and the Treasurer shall
perform all duties incident to the office of the Treasurer and shall also have
such other powers and shall perform such other duties as may from time to time
be assigned to the Treasurer by these Bylaws or by the Board of Directors or the
President.

     SECTION 7. ADDITIONAL OFFICERS. The Board of Directors may from time to
time elect such other officers, including a Controller, Assistant Treasurers,
Assistant Secretaries and Assistant Controllers, as the Board of Directors may
deem advisable and such officers shall have such authority and shall perform
such duties as may from time to time be assigned to them by the Board of
Directors or the President.

                                       13
<Page>

     The Board of Directors may from time to time by resolution delegate to any
Assistant Treasurer or Assistant Treasurers any of the powers or duties herein
assigned to the Treasurer; and may similarly delegate to any Assistant Secretary
or Assistant Secretaries any of the powers or duties assigned to the Secretary.

     The Board of Directors may delegate the power to appoint such other
officers, assistant officers, and agents, and may also remove such officers and
agents or delegate the power to remove same, as it shall from time to time deem
necessary.

     SECTION 8. SURETY BONDS. Such officers and agents of the Corporation (if
any) as the President or the Board of Directors may direct, from time to time,
shall be bonded for the faithful performance of their duties and for the
restoration to the Corporation, in case of their death, resignation, retirement,
disqualification or removal from office, of all books, papers, vouchers, money
and other property of whatever kind in their possession or under their control
belonging to the Corporation, in such amounts and by such surety companies as
President or the Board of Directors may determine. The premiums on such bonds
shall be paid by the Corporation and the bonds so furnished shall be in the
custody of the Secretary.

     SECTION 9. PROXIES IN RESPECT OF SECURITIES OF OTHER CORPORATIONS. The
President, any Vice President, or the Secretary from time to time may, or may
appoint an attorney or attorneys or an agent or agents for the Corporation to,
in the name and on behalf of the Corporation, attend meetings or vote or consent
in respect of, or otherwise exercise the powers and rights that the Corporation
may have as the holder of, stock or other securities in any other corporation or
other entity held by the Corporation, and the President, any Vice President, or
the Secretary may instruct any person or persons so appointed as to the manner
of exercising such powers and rights; and the President, any Vice President or
the Secretary may execute or cause to be executed, in the name and on behalf of
the Corporation and under its corporate seal or otherwise, all such written
proxies, powers of attorney, consents or other instruments as such officer may
deem necessary or proper in order that the Corporation may exercise such powers
and rights.

     SECTION 10. COMPENSATION OF OFFICERS. The officers of the Corporation shall
be entitled to receive such compensation for their services as shall from time
to time be determined by the Board of Directors.

     SECTION 11. TERM OF OFFICE. All officers shall serve until their successors
are duly elected and qualified or until their earlier death, resignation, or
removal from office.

                                    ARTICLE V
                                 INDEMNIFICATION

     SECTION 1. GENERAL. Subject to Section 4 of this Article V, the Corporation
shall indemnify any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative, or investigative (other than an action
by or in the right of the Corporation), by reason of the fact that the person is
or was a director, officer, employee, or agent of the Corporation, or is or was
serving at the request of the Corporation as a director, officer, employee, or
agent of another

                                       14
<Page>

corporation, partnership, joint venture, trust, or other enterprise, against
expenses (including attorneys' fees), judgments, fines, and amounts paid in
settlement actually and reasonably incurred by the person in connection with
such action, suit or proceeding if the person acted in good faith and in a
manner the person reasonably believed to be in or not opposed to the best
interests of the Corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe the person's conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement or conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the person did not act in good
faith and in a manner which the person reasonably believed to be in or not
opposed to the best interests of the Corporation and, with respect to any
criminal action or proceeding, have reasonable cause to believe that the
person's conduct was unlawful.

     SECTION 2. ACTIONS BY OR IN THE RIGHT OF THE CORPORATION. Subject to
Section 4 of this Article V, the Corporation shall indemnify any person who was
or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Corporation to procure a
judgment in its favor by reason of the fact that the person is or was a
director, officer, employee, or agent of the Corporation, or is or was serving
at the request of the Corporation as a director, officer, employee, or agent of
another corporation, partnership, joint venture, or trust or other enterprise,
against expenses (including attorneys' fees) actually and reasonably incurred by
the person in connection with the defense or settlement of such action or suit
if the person acted in good faith and in a manner the person reasonably believed
to be in or not opposed to the best interests of the Corporation and except that
no indemnification shall be made in respect of any claim, issue, or matter as to
which such person shall have been adjudged to be liable to the Corporation
unless and only to the extent that the Court of Chancery or the court in which
such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses
which the Court of Chancery or such other court shall deem proper.

     SECTION 3. INDEMNIFICATION AGAINST EXPENSES. To the extent that a present
or former director or officer, employee or agent of the Corporation has been
successful on the merits or otherwise in defense of any action, suit, or
proceeding referred to in Section 1 and Section 2 of this Article V, or in
defense of any claim, issue, or matter therein, such person shall be indemnified
against expenses (including attorneys' fees) actually and reasonably incurred by
such person in connection therewith.

     SECTION 4. BOARD DETERMINATIONS; LIMITATION ON INDEMNIFICATION. Any
indemnification under Section 1 and Section 2 of this Article V (unless ordered
by a court) shall be made by the Corporation only as authorized in the specific
case upon a determination that indemnification of the present or former
director, officer, employee or agent is proper in the circumstances because the
person has met the applicable standard of conduct set forth in Section 1 and
Section 2 of this Article V. Such determination shall be made (1) by a majority
vote of the directors who were not parties to such action, suit or proceeding,
even though less than a quorum, or (2) by a committee of such directors
designated by majority vote of such directors, even though less than a quorum,
or (3) if there are no such disinterested directors or if such directors so
direct, by independent legal counsel in a written opinion, or (4) by the
stockholders. Notwithstanding anything contained in this Article V to the
contrary, except for proceedings to

                                       15
<Page>

enforce rights to indemnification, the Corporation shall not be obligated to
indemnify any person (or such person's heirs, executors, or representatives) in
connection with any action, suit, or proceeding (or part thereof) initiated by
such person unless such action, suit, or proceeding was authorized or consented
to by the Board of Directors.

     SECTION 5. ADVANCEMENT OF EXPENSES. Expenses (including attorneys' fees)
incurred by an officer, director, employee or agent in defending a civil or
criminal action, suit or proceeding may be paid by the Corporation in advance of
the final disposition of such action, suit, or proceeding upon receipt of an
undertaking by or on behalf of such director, officer, employee or agent to
repay such amount if it shall ultimately be determined that such person is not
entitled to be indemnified by the Corporation as authorized by law or in this
Article V.

     SECTION 6. NONEXCLUSIVE. The indemnification and advancement of expenses
provided by, or granted pursuant to, this Article V shall not be deemed
exclusive of any other rights to which any director, officer, employee, or agent
of the Corporation seeking indemnification or advancement of expenses may be
entitled under any Bylaw, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in such person's official capacity and
as to action in another capacity while holding such office, and shall, unless
otherwise provided when authorized or ratified, continue as to a person who has
ceased to be a director, officer, employee, or agent of the Corporation and
shall inure to the benefit of the heirs, executors, and administrators of such a
person.

     SECTION 7. INSURANCE. The Corporation shall have the power to purchase and
maintain insurance on behalf of any person who is or was a director, officer,
employee, or agent of the Corporation, or is or was serving at the request of
the Corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise, against any
liability asserted against such person and incurred by such person in any such
capacity or arising out of such person's status as such, whether or not the
Corporation would have the power to indemnify such person against such liability
under the provisions of applicable statutes, the Certificate of Incorporation,
or this Article V.

     SECTION 8. CERTAIN DEFINITIONS. For purposes of this Article V, (a)
references to "the Corporation" shall include, in addition to the resulting
corporation, any constituent corporation (including any constituent of a
constituent) absorbed in a consolidation or merger that, if its separate
existence had continued, would have had power and authority to indemnify its
directors, officers, employees, or agents, so that any person who is or was a
director, officer, employee or agent of such constituent corporation, or is or
was serving at the request of such constituent corporation as a director,
officer, employee, or agent of another corporation, partnership, joint venture,
trust, or other enterprise, shall stand in the same position under the
provisions of this Article V with respect to the resulting or surviving
corporation as such person would have with respect to such constituent
corporation if its separate existence had continued; (b) references to "other
enterprises" shall include employee benefit plans; (c) references to "fines"
shall include any excise taxes assessed on a person with respect to an employee
benefit plan; (d) references to "serving at the request of the Corporation"
shall include any service as a director, officer, employee, or agent of the
Corporation that imposes duties on, or involves services by, such director,
officer, employee, or agent with respect to any employee benefit plan, its
participants, or beneficiaries; and (e) a person who acted in good faith and in
a manner such person

                                       16
<Page>

reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner "not
opposed to the best interests of the Corporation" as referred to in this Article
V.

     SECTION 9. CHANGE IN GOVERNING LAW; EFFECT OF AMENDMENT OR REPEAL OF THIS
ARTICLE. In the event of any amendment or addition to Section 145 of the General
Corporation Law of the State of Delaware or the addition of any other section to
such law that limits indemnification rights thereunder, the Corporation shall,
to the extent then permitted by the General Corporation Law of the State of
Delaware, indemnify to the fullest extent authorized or permitted hereunder, any
person who was or is a party or is threatened to be made a party to any
threatened, pending, or completed action, suit, or proceeding, whether civil,
criminal, administrative, or investigative (including an action by or in the
right of the Corporation), by reason of the fact that such person is or was a
director, officer, employee, or agent of the Corporation, or is or was serving
at the request of the Corporation as a director, officer, employee, or agent of
another corporation, partnership, joint venture, trust, or other enterprise,
against expenses (including attorneys' fees), judgments, fines, and amounts paid
in settlement actually and reasonably incurred by such person in connection with
such action, suit, or proceeding. Any amendment or repeal of this Article V
shall not adversely affect any rights to indemnification of a director or
officer of the Corporation existing at the time of such amendment or repeal with
respect to any acts or omissions occurring prior to such amendment or repeal.

                                   ARTICLE VI
                             STOCK-SEAL-FISCAL YEAR

     SECTION 1. CERTIFICATES FOR SHARES OF STOCK. Every holder of shares of the
capital stock of the Corporation, unless and to the extent the Board by
resolution provides that any or all classes or series of stock shall be
uncertificated, shall be entitled to have a certificate that certifies the
number of shares owned by such holder. The certificates for shares of stock of
the Corporation shall be in such form, not inconsistent with the Certificate of
Incorporation, as shall be approved by the Board of Directors. All certificates
shall be signed by the Chairman of the Board, the President or a Vice President
and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant
Treasurer, and shall not be valid unless so signed. Any and all signatures on
any such certificate may be facsimiles.

     In case any officer or officers, transfer agent or registrar who shall have
signed any such certificate or certificates shall cease to be such officer or
officers, transfer agent or registrar of the Corporation, whether because of
death, resignation or otherwise, before such certificate or certificates shall
have been delivered by the Corporation, such certificate or certificates may
nevertheless be issued and delivered as though the person or persons who signed
such certificate or certificates had not ceased to be such officer or officers,
transfer agent or registrar of the Corporation at such time of delivery.

     All certificates for shares of stock shall be consecutively numbered as the
same are issued. The Secretary or such other person designated by the Board of
Directors shall maintain as part of the books of the Corporation a stock ledger
in which the name of each person owning

                                       17
<Page>

any shares of capital stock of the Corporation, whether or not represented by
certificates, the number and class of such shares and the date of issue thereof
shall be entered.

     Except as hereinafter provided, all certificates surrendered to the
Corporation for transfer shall be canceled, and no new certificates shall be
issued until former certificates for the same number of shares have been
surrendered and canceled.

     If the Corporation shall be authorized to issue more than one class of
capital stock or more than one series of any class, a statement of the powers,
designations, preferences and relative, participating, optional or other special
rights of each class of stock or series thereof and the qualification,
limitations or restrictions of such preferences and/or rights shall, unless the
Board of Directors shall by resolution provide that such class or series of
stock shall be uncertificated, be set forth in full or summarized on the face or
back of any certificate that the Corporation shall issue to represent such class
or series of stock; PROVIDED, HOWEVER, that, to the extent allowed by law, in
lieu of such statement, the face or back of such certificate may state that the
Corporation will furnish a copy of such statement without charge to each
requesting stockholder.

     SECTION 2. LOST, STOLEN OR DESTROYED CERTIFICATES. Whenever a person owning
a certificate for shares of stock of the Corporation alleges that it has been
lost, stolen or destroyed, such person shall file in the office of the
Corporation an affidavit setting forth, to the best of such person's knowledge
and belief, the time, place and circumstances of the loss, theft or destruction,
and, if required by the Board of Directors, the President or the Secretary, a
bond of indemnity or other indemnification sufficient in the opinion of the
Board of Directors, the President or the Secretary to indemnify the Corporation
and its agents against any claim that may be made against it or them on account
of the alleged loss, theft or destruction of any such certificate or the
issuance of a new certificate in replacement therefor. Thereupon the Corporation
may cause to be issued to such person a new certificate in replacement for the
certificate alleged to have been lost, stolen or destroyed. Upon the stub of
every new certificate so issued shall be noted the fact of such issue and the
number, date and the name of the registered owner of the lost, stolen or
destroyed certificate in lieu of which the new certificate is issued.

     SECTION 3. TRANSFER OF SHARES. Shares of stock of the Corporation shall be
transferred on the books of the Corporation by the holder thereof, in person or
by such holder's attorney duly authorized in writing, upon surrender and
cancellation of certificates for the number of shares of stock to be
transferred.

     SECTION 4. FRACTIONAL SHARES. The Corporation may, but shall not be
required to, issue certificates for fractions of a share where necessary to
effect authorized transactions, or the Corporation may pay in cash the fair
value of fractions of a share as of the time when those entitled to receive such
fractions are determined, or it may issue scrip in registered or bearer from
over the manual or facsimile signature of an offer of the Corporation or of its
agent, exchangeable as therein provided for full shares, but such scrip shall
not entitle the holder to any rights of a stockholder except as therein
provided.

                                       18
<Page>

     SECTION 5. REGULATIONS. The Board of Directors shall have power and
authority to make such rules and regulations as it may deem expedient concerning
the issue, transfer and registration of certificates for shares of stock of the
Corporation.

     SECTION 6. RECORD DATE. In order that the Corporation may determine the
stockholders entitled to notice of or to vote at any meeting of stockholders or
any adjournment thereof, the Board of Directors may fix, in advance, a record
date, which shall not precede the date upon which the resolution fixing the
record date is adopted by the Board of Directors, and which record date shall
not be more than sixty nor less than ten days prior to any such action. If no
record date is fixed by the Board of Directors, the record date for determining
stockholders entitled to notice of or to vote at a meeting of stockholders shall
be at the close of business on the day next preceding the day notice is given
or, if notice is waived, at the close of business on the day next preceding the
day on which the meeting is held. A determination of stockholders of record
entitled to notice of or to vote at a meeting of stockholders shall apply to any
adjournment of the meeting; PROVIDED, HOWEVER, that the Board of Directors may
fix a new record date for the adjourned meeting.

     In order that the Corporation may determine the stockholders entitled to
consent to corporate action in writing without a meeting, the Board of Directors
may fix a record date, which record date shall not precede the date upon which
the resolution fixing the record date is adopted by the Board of Directors, and
which date shall not be more than ten days after the date upon which the
resolution fixing the record date is adopted by the Board of Directors. If no
record date has been fixed by the Board of Directors, the record date for
determining stockholders entitled to consent to corporate action in writing
without a meeting, when no prior action by the Board of Directors is otherwise
required, shall be the first date on which a signed written consent setting
forth the action taken or proposed to be taken is delivered to the Corporation
by delivery to its registered office in the State of Delaware, its principal
place of business, or an officer or agent of the Corporation having custody of
the book in which proceedings of meetings of stockholders are recorded. Delivery
made to the Corporation's registered office shall be by hand or by certified or
registered mail, return receipt requested. If no record date has been fixed by
the Board of Directors and prior action by the Board of Directors is required,
the record date for determining stockholders entitled to consent to corporate
action in writing without a meeting shall be at the close of business on the day
on which the Board of Directors adopts the resolution taking such prior action.

     In order that the Corporation may determine the stockholders entitled to
receive payment of any dividend or other distribution or allotment of any rights
or the stockholders entitled to exercise any rights in respect of any change,
conversion or exchange of stock, or for the purpose of any other lawful action,
the Board of Directors may fix a record date, which record date shall not
precede the date upon which the resolution fixing the record date is adopted,
and which record date shall be not more than sixty days prior to such action. If
no record date is fixed, the record date for determining stockholders for any
such purpose shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto.

     SECTION 7. DIVIDENDS. Dividends on the capital stock of the Corporation,
paid in cash, property, or securities of the Corporation and as may be limited
by applicable law and applicable provisions of the Certificate of Incorporation
(if any), may be declared by the Board of Directors

                                       19
<Page>

in its discretion, and it shall not be required at any time, against such
discretion, to divide or pay any part of such funds among or to the stockholders
as dividends or otherwise.

     Subject to the provisions of the Certificate of Incorporation, any
dividends declared upon the stock of the Corporation shall be payable on such
date or dates as the Board of Directors shall determine. If the date fixed for
the payment of any dividend shall in any year fall upon a legal holiday, then
the dividend payable on such date shall be paid on the next day not a legal
holiday.

     Before payment of any dividend, there may be set aside out of any funds of
the Corporation available for dividends such sum or sums as the Board of
Directors from time to time, in its absolute discretion, determines proper as a
reserve or reserves to meet contingencies, for equalizing dividends, for
repairing or maintaining any property of the Corporation or for such other
purpose as the Board of Directors shall determine to be in the best interest of
the Corporation; and the Board of Directors may modify or abolish any such
reserve in the manner in which it was created.

     SECTION 8. ISSUANCE AND PAYMENT. Subject to the provisions of law, the
Certificate of Incorporation or these Bylaws, shares may be issued for such
consideration and to such persons as the Board of Directors may determine from
time to time. Shares may not be issued until the full amount of the
consideration has been paid, unless upon the face or back of each certificate
issued to represent any partly paid shares of capital stock there shall have
been set forth the total amount of the consideration to be paid therefor and the
amount paid thereon up to and including the time said certificate is issued.

     SECTION 9. REGISTERED STOCKHOLDERS. The Corporation shall be entitled to
recognize the exclusive right of a person registered on its books as the owner
of shares to receive dividends, vote and be held liable for calls and
assessments and shall not be bound to recognize any equitable or other claim to
or interest in such share or shares on the part of any person other than such
registered owner, whether or not it shall have express or other notice thereof,
except as otherwise provided by law.

     SECTION 10. CORPORATE SEAL. The Board of Directors shall provide a suitable
seal, containing the name of the Corporation, which seal shall be kept in the
custody of the Secretary. A duplicate of the seal may be kept and be used by any
officer of the Corporation designated by the Board of Directors or the
President. The seal may be used by causing it or a facsimile thereof to be
impressed, affixed or otherwise reproduced.

     SECTION 11. FISCAL YEAR. The fiscal year of the Corporation shall be the
calendar year or such other fiscal year as the Board of Directors from time to
time by resolution shall determine.

                                   ARTICLE VII
                                   AMENDMENTS

     The Board of Directors shall have the power to adopt, amend and repeal from
time to time Bylaws of the Corporation, subject to the right of the stockholders
entitled to vote with respect thereto to amend or repeal such Bylaws and to
adopt new Bylaws as adopted or amended

                                       20
<Page>

by the Board of Directors; and the stockholders may prescribe that any Bylaws
made by them shall not be altered, amended or repealed by the Board of
Directors.

                                  ARTICLE VIII
                            MISCELLANEOUS PROVISIONS

     SECTION 1. BANK ACCOUNTS, CHECKS, NOTES, ETC. In addition to such bank
accounts as may be authorized by the Board of Directors, the Treasurer or any
person designated by the Treasurer, whether or not an employee of the
Corporation, may authorize such bank accounts to be opened or maintained in the
name and on behalf of the Corporation as the Treasurer may deem necessary or
appropriate.

     All checks, drafts, bills of exchange, acceptances, notes or other
obligations or orders for the payment of money by the Corporation shall be
signed and, if so required by the Board of Directors, countersigned by the
Treasurer or such other officers of the Corporation or other persons as the
Board of Directors from time to time shall designate.

     Checks, drafts, bills of exchange, acceptances, notes, obligations and
orders for the payment of money made payable to the Corporation may be endorsed
for deposit to the credit of the Corporation with a duly authorized depository
by the Treasurer or such other officers or persons as the Board of Directors
from time to time may designate.

     SECTION 2. LOANS. No loans and no renewals of any loans shall be contracted
on behalf of the Corporation except as authorized by the Board of Directors and
permitted under applicable law. When authorized so to do, any officer or agent
of the Corporation may effect loans and advances for the Corporation from any
bank, trust company or other institution or from any firm, corporation or
individual, and for such loans and advances may make, execute and deliver
promissory notes, bonds or other evidences of indebtedness of the Corporation.
When authorized so to do, any officer or agent of the Corporation may pledge,
hypothecate or transfer, as security for the payment of any and all loans,
advances, indebtedness and liabilities of the Corporation, any and all stocks,
securities and other personal property at any time held by the Corporation, and
to that end may endorse, assign and deliver the same. Such authority may be
general or confined to specific instances.

     SECTION 3. CONTRACTS. Except as otherwise provided in these Bylaws or by
law or as otherwise directed by the Board of Directors, the President or any
Vice President shall be authorized to execute and deliver, in the name and on
behalf of the Corporation, all agreements, bonds, contracts, deeds, mortgages,
and other instruments, either for the Corporation's own account or in a
fiduciary or other capacity, and the seal of the Corporation, if appropriate,
shall be affixed thereto by any of such officers or the Secretary or an
Assistant Secretary. The Board of Directors, the President or any Vice President
designated by the Board of Directors or the President may authorize any other
officer, employee or agent to execute and deliver, in the name and on behalf of
the Corporation, agreements, bonds, contracts, deeds, mortgages, and other
instruments, either for the Corporation's own account or in a fiduciary or other
capacity, and, if appropriate, to affix the seal of the Corporation thereto. The
grant of such authority by the Board of Directors or any such officer may be
general or confined to specific instances.

                                       21
<Page>

     SECTION 4. MEANS OF GIVING NOTICE. Whenever under applicable law, the
Certificate of Incorporation or these Bylaws notice is required to be given to
any director or stockholder, such notice may be given in writing and delivered
personally, by a recognized express delivery service (such as Federal Express)
or (subject, in the case of notices to stockholders, as specified below) by
means of facsimile transmission or other form of electronic transmission or,
solely in the case of notices to stockholders, through the United States mail,
in any such case addressed to such director or stockholder at such director or
stockholder's address or facsimile transmission or electronic mail address, as
the case may be, appearing on the records of the Corporation, with postage and
fees thereon prepaid if required. Such notice shall be deemed to be given at the
time when the same shall be deposited in the United States mail or with an
express delivery service or when transmitted, as the case may be. Notice of any
meeting of the Board of Directors may also be given to a director by telephone
and shall be deemed given in such circumstances when actually received by the
director. Any notice given to any stockholder shall be effective if given by a
form of electronic transmission consented to by the stockholder to whom the
notice is given, to the extent permitted by, and subject to the conditions set
forth in, Section 232 of the General Corporation Law of the State of Delaware.

     SECTION 5. WAIVERS OF NOTICE. Whenever any notice whatever is required to
be given by law, by the Certificate of Incorporation or by these Bylaws to any
person or persons, a waiver thereof in writing, signed by the person or persons
entitled to the notice, or a waiver by electronic transmission by the person
entitled to notice, whether before or after the time stated therein, shall be
deemed equivalent thereto. All such waivers shall be filed with the corporate
records. Attendance at a meeting shall constitute a waiver of notice of such
meeting, except where a person attends for the express purpose of objecting to
the transaction of any business on the ground that the meeting is not lawfully
called or convened.

     SECTION 6. OFFICES OUTSIDE OF DELAWARE. Except as otherwise required by the
laws of the State of Delaware, the Corporation may have an office or offices and
keep its books, documents and papers outside of the State of Delaware at such
place or places as from time to time may be determined by the Board of Directors
or the President.

     SECTION 7. REPORTS TO STOCKHOLDERS. The Board of Directors shall present at
each annual meeting of stockholders, and at any special meeting of stockholders
when called for by vote of the stockholders, a statement of the business and
condition of the Corporation.

     SECTION 8. BOOKS AND RECORDS. The Corporation shall keep correct and
complete books and records of account and shall keep minutes of the proceedings
of the stockholders and the Board of Directors and committees thereof and shall
keep at its registered office or principal place of business, or at the office
of its transfer agent or registrar, a record of its stockholders, giving the
names and addresses of all stockholders and the number and class of the shares
held by each.

     SECTION 9. RESIGNATION. Any director, committee member, officer, or agent
may resign by delivering notice in writing or by electronic transmission to the
Chairman of the Board, the President or the Secretary. The resignation shall
take effect at the time specified therein (which shall be no earlier than the
time of such delivery) or immediately if no time is specified.

                                       22
<Page>

Unless otherwise specified therein, the acceptance of such resignation shall not
be necessary to make it effective.

     SECTION 10. RATIFICATION. Any transaction, questioned in any law suit on
the ground of lack of authority, defective or irregular execution, adverse
interest of director, officer or stockholder, non-disclosure, miscomputation, or
the application of improper principles or practices of accounting, may be
ratified before or after judgment, by the Board of Directors or by the
stockholders, and if so ratified shall have the same force and effect as if the
questioned transaction had been originally duly authorized. Such ratification
shall be binding upon the Corporation and its stockholders and shall constitute
a bar to any claim or execution of any judgment in respect of such questioned
transaction.

     SECTION 11. DEFINED TERMS. All capitalized terms used herein but not
defined herein shall have the meanings assigned to such terms in the Certificate
of Incorporation.

     Effective as of 9:00 a.m. C.S.T., on October 31, 2002.

/s/ John Hageman
Secretary

                                       23<Page>

                                                                     EXHIBIT 4.3

                         REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement as of the October 31, 2002 (pursuant to
the Plan of Reorganization of the Company (the "Plan"), as confirmed by order of
the United States Bankruptcy Court for the Southern District of Texas, Houston
Division) is made by and among, Metals USA, Inc., a Delaware corporation as
reorganized pursuant to Chapter 11, Title 11 of the United States Code (the
"Company"), and each of the holders (the "Initial Holders") set forth on the
signature pages hereto.

     SECTION 1. DEFINITIONS.

     As used herein, the following terms shall have the following meanings:

     "Affiliate" means, with respect to any specified Person, any other Person
who, directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with such specified Person. For
purposes of this definition, the term "control" (including the terms
"controlling," "controlled by" and "under common control with") means the
possession, direct or indirect, of the power to cause the direction of the
management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

     "Audit Completion Date" means the first date on which there are available
for filing with the Commission in the Shelf Registration Statement (i) audited
financial statements for the Company required to be included in the Shelf
Registration Statement pursuant to Regulation S-X (assuming an anticipated
effective date of the Shelf Registration Statement no earlier than 91 days
subsequent to December 31, 2002) and (ii) the consent of the auditor(s) that
audited such financial statements to the inclusion of such financial statements
in the Shelf Registration Statement.

     "Business Day" means any day other than a day on which banks are authorized
or required to be closed in the State of Texas.

     "Commission" means the Securities and Exchange Commission or any successor
thereto.

     "Common Shares" means the shares of New Common Stock distributed under the
Plan to the Initial Holders.

     "Company" has the meaning set forth in the first paragraph hereof and shall
include the Company's successors by merger, acquisition, reorganization or
otherwise.

     "Controlling Persons" has the meaning set forth in Section 7(a).

     "Damages" has the meaning set forth in Section 7(a).

     "Effective Date" has the meaning set forth in the first paragraph.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended from
time to time, or any successor statute, and the rules and regulations of the
Commission promulgated thereunder.

<Page>

     "Holder" means, at any time, any beneficial owner of New Common Stock
constituting Registrable Securities at such time that either (x) is an Initial
Holder or (y) any transferee of an Initial Holder that has executed an addendum
hereto in the form of Annex A hereto agreeing to become a Holder hereunder and
subject to the terms and provisions hereof.

     "Holders' Counsel" means such single law firm selected by Holders of a
majority in interest of Registrable Securities then outstanding and beneficially
owned by the Holders to serve as counsel to all of the Holders in connection
with the preparation of the Shelf Registration Statement; provided that, for any
successor counsel to be deemed "Holders' Counsel" for purposes of this
Registration Rights Agreement, the Company shall have received written notice
from the relevant Holders specifying the identity and address of any such
successor counsel.

     "Indemnified Party" has the meaning set forth in Section 7(c).

     "Indemnifying Party" has the meaning set forth in Section 7(c).

     "Inspectors" has the meaning set forth in Section 4(l).

     "NASD" has the meaning set forth in Section 4(o).

     "New Common Stock" means the Common Stock, par value $0.01 per share, of
the Company.

     "Participating Holders" means Holders participating, or requesting to
participate, as the case may be, in an underwritten offering of Registrable
Securities in an underwritten offering pursuant to Section 3.

     "Person" means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated
organization or government or other agency or political subdivision thereof.

     "Prospectus" means the prospectus included in any Registration Statement
(including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act) as
filed with the Commission by the Company pursuant to Rule 424 (or any similar
provision then in force) of the Securities Act, as amended or supplemented by
any prospectus supplement so filed with the Commission, including a prospectus
supplement so filed with the Commission with respect to the terms of the
offering of any portion of the Registrable Securities covered by such
Registration Statement, and by all other amendments and supplements to the
prospectus so filed with the Commission, including post-effective amendments so
filed with the Commission, and in each case including all material incorporated
by reference or deemed to be incorporated by reference in such prospectus.

     "Records" has the meaning set forth in Section 4(l).

     "Registrable Securities" means, the Common Shares until such time as either
(i) such Common Shares have been transferred or sold (other than by transfer by
operation of law or by dividend (or other similar distribution), descent,
bequest or inheritance and without payment of

                                        2
<Page>

any consideration) or (ii) such Common Shares are beneficially owned by a Person
who (together with its Affiliates and together with any Persons who are members
of a "group" (within the meaning of Section 13 of the Exchange Act and the rules
and regulations promulgated thereunder) with such Person), directly or
indirectly, beneficially owns less than ten percent (10%) of the issued and
outstanding shares of Common Stock at such time.

     "Registration Expenses" has the meaning set forth in Section 6.

     "Registration Statement" means any registration statement of the Company
filed with the Commission on the appropriate form pursuant to the Securities Act
that covers any of the Registrable Securities pursuant to the provisions of this
Agreement, and all amendments and supplements to any such registration
statement, including post-effective amendments, in each case including the
Prospectus, all exhibits, and all material incorporated by reference or deemed
to be incorporated by reference in such registration statement.

     "Securities Act" means the Securities Act of 1933, as amended from time to
time, or any successor statute, and the rules and regulations of the Commission
promulgated thereunder.

     "Selling Holders" has the meaning set forth in Section 4(a).

     "Shelf Registration" has the meaning set forth in Section 2(a).

     "Shelf Registration Statement" has the meaning set forth in Section 2(a).

     "Suspension Notice" has the meaning set forth in Section 5.

     "Suspension Period" has the meaning set forth in Section 5.

     "Target Effective Date" means the date sixty (60) days after the Audit
Completion Date.

     "Target Effective Period" has the meaning set forth in Section 2(a).

     "Termination Date" means the earlier of (i) the date on which no
Registrable Securities remain outstanding and (ii) the date of the second
anniversary of the Effective Date, such date in clause (ii) to be extended for
the aggregate number of days during any Suspension Periods.

     "Trading Day" shall mean each Monday, Tuesday, Wednesday, Thursday, and
Friday, other than any day on which securities are not traded on the applicable
securities exchange or in the applicable securities market.

     "Underwritten Holder Offering" means a registration in which securities of
the Company are sold by a Holder to an underwriter for reoffering to the public.

     "underwritten registration" or "underwritten offering" means a registration
in which securities of the Company are sold to an underwriter for reoffering to
the public.

                                        3
<Page>

     SECTION 2. SHELF REGISTRATION.

     FILING; EFFECTIVENESS. The Company shall prepare, and, as soon as
practicable but in no event later than April 10, 2003 (the "Mandatory Filing
Date"), file with the Commission a shelf registration statement (the "Shelf
Registration Statement") on the appropriate form for an offering to be made on a
continuous basis pursuant to Rule 415 under the Securities Act (or such
successor rule or similar provision then in effect) covering all of the
Registrable Securities for which information has timely been provided to the
Company pursuant to Section 9(b) (a "Shelf Registration"). If, as of the Target
Effective Date, the Shelf Registration Statement is not effective or the
effectiveness thereof has been suspended, then the Company shall use its
reasonable best efforts to cause such Shelf Registration Statement to be
effective as soon as practicable, but in no event later than June 30, 2003 (the
"Mandatory Effective Date"). Once the Shelf Registration Statement is effective,
the Company shall use its reasonable best efforts to keep such Shelf
Registration Statement continuously effective for a period (the "Target
Effective Period") ending on the earlier of (i) the Termination Date and (ii)
the date on which no Registrable Securities are outstanding. The Holders shall
be permitted to withdraw all or any part of the Registrable Securities from a
Shelf Registration Statement no later than 10 Business Days prior to the
expected initial effective date of such Shelf Registration Statement. The
Company may include or permit any other party to include any securities other
than Registrable Securities in the Shelf Registration. The Shelf Registration
Statement shall contain a plan of distribution for a distribution of Registrable
Securities in the form attached as Exhibit A, as such may be modified in order
to respond to any comments in respect thereof of the staff of the Commission.
The Company shall undertake to register the Registrable Securities on Form S-3
as soon as such form is available for use by the Company to register the
Registrable Securities for sale in the manner specified in such plan of
distribution (including by filing a post-effective amendment on Form S-3 to the
then existing Shelf Registration Statement), and, to the extent the Company
seeks to register the Registrable Securities on Form S-3 by filing a new Shelf
Registration Statement, the Company shall maintain the effectiveness of the
Shelf Registration Statement then in effect until such time as such Shelf
Registration Statement on Form S-3 has been declared effective by the
Commission.

     SECTION 3. PIGGY-BACK RIGHTS.

          (a)  If the Company proposes to file a Registration Statement (other
     than a Registration Statement pursuant to Section 2 or on Form S-4 or S-8
     or any successor form) with respect to an offering of New Common Stock
     under the Securities Act by the Company for its own account or for the
     account of any selling stockholder(s) pursuant to demand registration
     rights of such selling stockholder(s) and the registration form to be used
     may be used for the registration for resale of Registrable Securities by
     Holders, then the Company shall give written notice of such proposed filing
     to each of the Holders, which notice shall be delivered as soon as
     practicable (but in no event fewer than fifteen (15) Business Days before
     the anticipated effective date) and shall describe in reasonable detail the
     proposed registration and intended method of distribution and offer such
     Holders the opportunity to register the number of Registrable Securities as
     each such Holder may request. The Company shall use its reasonable best
     efforts to permit the Holders who have requested to participate in the
     registration for such offering within ten (10) Business Days of the
     delivery of notice provided for in the preceding sentence to

                                        4
<Page>

     include such Registrable Securities in such offering on the same terms and
     conditions as the securities of the Company or such demand selling
     stockholder(s) included therein. Notwithstanding the foregoing, if such
     registration involves an underwritten offering and the managing underwriter
     (or underwriters) selected by the Company or demand selling stockholder(s)
     (the "Company Underwriter") advises the Company and the Participating
     Holders in writing that, in its reasonable good faith opinion, the
     aggregate amount of Registrable Securities requested to be included in such
     offering (including those securities requested by the Company or demand
     selling stockholder(s) to be included in such registration) is sufficiently
     large so as to have an adverse effect on the success of the offering, then
     such registration shall include, first, all securities that the Company
     proposed to register for its own account or for the account of such demand
     selling stockholder(s), second, all Registrable Securities timely requested
     to be registered by the Participating Holders, pro rata among such
     Participating Holders (based upon the number of Registrable Securities
     which each such Participating Holder requested to be included in such
     registration), and third, all other securities proposed to be registered,
     in each case, to the extent of the number of securities which the Company
     is so advised can be sold in (or during the time of) such offering without
     having such adverse effect. If such registration involves an underwritten
     offering, the Company shall have the exclusive right to select the
     underwriters.

          (b)  If, at any time after giving written notice of its intention to
     register any securities pursuant to this Section 3 and prior to the
     effective date of the Registration Statement filed in connection with such
     registration, the Company determines for any reason not to register or to
     delay registration of such securities, the Company may, at its election,
     give written notice of such determination to all Participating Holders of
     Registrable Securities and, (i) in the case of a determination not to
     register, shall be relieved of its obligation pursuant to this Section 3 to
     register the Registrable Securities in connection with such abandoned
     registration and, (ii) in the case of a determination to delay
     registration, shall be permitted to delay the registration of such
     Registrable Securities pursuant to this Section 3 by not more than ninety
     (90) days; provided that such right to delay registration shall be
     exercised by the Company not more than once in any consecutive twelve (12)
     month period.

     Any Participating Holder shall have the right to withdraw its request for
inclusion of its Registrable Securities in any Registration Statement pursuant
to this Section 3 by giving written notice to the Company of its request to
withdraw; provided, however, that (i) such request must be made in writing prior
to the earlier of the execution of the underwriting agreement or the execution
of the custody agreement with respect to such registration and (ii) such
withdrawal shall be irrevocable and, after making such withdrawal, such
Participating Holder shall no longer have any right to include Registrable
Securities in such registration.

     The Company's obligations to include Registrable Securities of any Holder
in any Registration Statement pursuant to this Section 3 shall terminate on the
Termination Date.

                                        5
<Page>

     SECTION 4. REGISTRATION PROCEDURES.

     In connection with the obligations of the Company to effect or cause the
registration of any Registrable Securities pursuant to the terms and conditions
of this Registration Rights Agreement, the Company shall use its reasonable best
efforts to effect the registration and sale of such Registrable Securities in
accordance with the intended method of distribution thereof as quickly as
reasonably practicable and in accordance with Sections 2 and 3, and in
connection therewith:

          (a)  Prior to filing a Registration Statement or Prospectus or any
     amendments or supplements thereto, excluding for purposes of this
     Section 4(a) documents incorporated by reference after the initial filing
     of the Registration Statement, the Company will furnish to the Holders of
     the Registrable Securities covered by such Registration Statement (the
     "Selling Holders") and Holders' Counsel, draft copies of all such documents
     proposed to be filed at least 10 Business Days prior thereto, and not file
     any document in a form to which Holders' Counsel reasonably objects.

          (b)  The Company shall promptly prepare and file with the Commission
     such amendments and post-effective amendments to each Registration
     Statement as may be necessary to keep such Registration Statement effective
     for as long as such registration is required to remain effective pursuant
     to the terms hereof; shall cause the Prospectus to be supplemented by any
     required Prospectus supplement, and, as so supplemented, to be filed
     pursuant to Rule 424 under the Securities Act; and shall comply with the
     provisions of the Securities Act applicable to it with respect to the
     disposition of all Registrable Securities covered by such Registration
     Statement during the applicable period in accordance with the intended
     methods of disposition by the Holders set forth in such Registration
     Statement or supplement to the Prospectus.

          (c)  The Company shall, promptly after the preparation thereof,
     furnish to any Holder, without charge, such reasonable number of conformed
     copies of each Registration Statement and any post-effective amendment
     thereto and such number of copies of the Prospectus (including each
     preliminary Prospectus) and any amendments or supplements thereto, any
     documents incorporated by reference therein and such other documents as
     such Holder or underwriter may reasonably request in order to facilitate
     the public sale or other disposition of the Registrable Securities being
     sold by such Holder.

          (d)  The Company shall, (i) on or prior to the date on which a
     Registration Statement is declared effective, use its reasonable best
     efforts to register or qualify the Registrable Securities covered by such
     Registration Statement all the securities or "blue sky" laws of all the
     states of the United States; (ii) do any and all other acts and things
     which may be reasonably necessary to enable such Holder to consummate the
     disposition of such Registrable Securities owned by such Holder; and (iii)
     use its reasonable best efforts to keep each such registration or
     qualification (or exemption therefrom) effective during the period which
     the Registration Statement is required to be kept effective in accordance
     with the provisions of this Registration Rights Agreement; provided,
     however, that the Company shall not be required (x) to qualify generally to
     do business in any jurisdiction where it would not otherwise be required to
     qualify but for this Section 4(d),

                                        6
<Page>

     (y) to file any general consent to service of process or (z) subject itself
     to material taxation in any such jurisdiction.

          (e)  The Company shall cause the Registrable Securities covered by a
     Registration Statement to be registered with or approved by such other
     governmental agencies or authorities as may be reasonably necessary by
     virtue of the business and operations of the Company to enable the Holders
     to consummate the disposition of such Registrable Securities.

          (f)  The Company shall promptly notify each Holder (with respect to
     the Shelf Registration) or each Participating Holder (with respect to any
     registration pursuant to Section 3) in writing (provided that any such
     notice under clauses (ii), (iii), (iv) or (v) of this Section 4(f) shall
     only state (x) that such notice is a notice by the Company pursuant to
     clause (ii), (iii), (iv) or (v) of this Section 4(f) and (y) the
     obligations of Holders in respect thereof pursuant to this Agreement and
     shall not contain any other information except as required by law), (i)
     when a Prospectus or any Prospectus supplement or post-effective amendment
     has been filed and, with respect to a Registration Statement or any
     post-effective amendment, when the same has become effective, (ii) of any
     request by the Commission or any state securities authority for amendments
     and supplements to a Registration Statement and Prospectus or for
     additional information after the Registration Statement has become
     effective, (iii) of the issuance by the Commission of any stop order
     suspending the effectiveness of a Registration Statement or the initiation
     of any proceedings for that purpose, (iv) of the issuance by any state
     securities commission or other regulatory authority of any order suspending
     the qualification or exemption from qualification of any of the Registrable
     Securities under state securities or "blue sky" laws or the initiation of
     any proceedings for that purpose, and (v) of the happening of any event
     which makes any statement made in a Registration Statement or related
     Prospectus untrue or which requires the making of any changes in such
     Registration Statement or Prospectus so that they will not contain any
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading.

          (g)  If requested by a Holder, the Company as promptly as practicable
     shall: (i) incorporate in a prospectus supplement or post-effective
     amendment such information as a Holder requests to be included therein
     relating to the sale and distribution of Registrable Securities, including,
     without limitation, information with respect to the number of Registrable
     Securities being offered or sold, the purchase price being paid therefor,
     the persons selling the Registrable Securities and any other terms of the
     offering of the Registrable Securities, in each case to the extent (but
     only to the extent) such information is required under the Securities Act
     to be included in a Prospectus or Registration Statement in respect of a
     distribution other than an Underwritten Holder Offering; and (ii) make all
     required filings of such prospectus supplement or post-effective amendment
     as soon as practicable after having been notified of the matters requested
     to be incorporated in such prospectus supplement or post-effective
     amendment.

          (h)  The Company shall make generally available to the Holders an
     earnings statement satisfying the provisions of Section 11(a) of the
     Securities Act no later than 45

                                        7
<Page>

     days (90 days in the event it relates to a fiscal year) after the end of
     the 12-month period beginning with the first day of the Company's first
     fiscal quarter commencing after the effective date of a Registration
     Statement, which earnings statement shall cover said 12-month period, and
     which requirement will be deemed to be satisfied if the Company timely
     files complete and accurate information on forms 10-Q, 10-K and 8-K under
     the Exchange Act and otherwise complies with Rule 158 under the Securities
     Act.

          (i)  The Company shall promptly use its reasonable best efforts to
     prevent the issuance of any order suspending the effectiveness of a
     Registration Statement, and if one is issued use its reasonable best
     efforts to obtain the withdrawal of any order suspending the effectiveness
     of a Registration Statement at the earliest possible moment.

          (j)  The Company shall, as promptly as practicable after filing with
     the Commission any document which is incorporated by reference into a
     Registration Statement (in the form in which it was incorporated), deliver
     a copy of each such document to each of the Holders.

          (k)  The Company shall cooperate with the Holders to facilitate the
     timely preparation and delivery of certificates (which shall not bear any
     restrictive legends) representing securities sold under a Registration
     Statement, and enable such securities to be in such denominations and
     registered in such names as such Holders may reasonably request and keep
     available and make available to the Company's transfer agent prior to the
     effectiveness of such Registration Statement a supply of such certificates.

          (l)  For a reasonable period prior to the filing of any Registration
     Statement pursuant to this Agreement, the Company shall promptly make
     available to each Holder participating in any disposition pursuant to a
     Registration Statement, and any attorney, accountant or other agent or
     representative retained by any such Holder (collectively, the
     "Inspectors"), all financial and other records, pertinent corporate
     documents and properties of the Company (collectively, the "Records"), and
     cause the Company's officers, directors and employees to supply all
     information reasonably requested by any such Inspector in connection with
     such Registration Statement as shall be reasonably necessary in each such
     case, in the judgment of Holders' Counsel, to conduct a reasonable
     investigation within the meaning of the Securities Act; provided that,
     unless the disclosure of such Records is necessary to avoid or correct a
     misstatement or omission in such Registration Statement or the release of
     such Records is ordered pursuant to a subpoena or other order from a court
     of competent jurisdiction, the Company shall not be required to provide any
     information under this paragraph if (1) the Company believes, after
     consultation with counsel for the Company, that to do so would cause the
     Company to forfeit an attorney-client privilege that was applicable to such
     information or (2) either (i) the Company has requested and been granted
     from the Commission confidential treatment of such information contained in
     any filing with the Commission or documents provided supplementally or
     otherwise or (ii) the Company reasonably determines in good faith that such
     Records are confidential and so notifies the Inspectors in writing, unless
     prior to furnishing any such information with respect to (i) or (ii) such
     Holder of Registrable Securities requesting such information agrees to
     enter into a confidentiality agreement in customary form and subject to
     customary exceptions

                                        8
<Page>

     reasonably acceptable to the Company; and provided, further that each
     Holder of Registrable Securities agrees that it will, upon learning that
     disclosure of such Records is sought in a court of competent jurisdiction,
     give notice to the Company and allow the Company at its expense, to
     undertake appropriate action and to prevent disclosure of the Records
     deemed confidential.

          (m)  The Company shall, on or as soon as practicable after the date of
     this Agreement, use its reasonable best efforts to cause the Common Shares
     to be authorized for quotation and/or listing, as applicable, on either (i)
     the National Market System of the NASDAQ Stock Market or (ii) in the event
     that the Common Shares are not, following the exercise of reasonable best
     efforts by the Company, eligible for listing on the National Market System
     of the NASDAQ Stock Market, such other exchange or quotation system for
     which the Common Shares are eligible for listing as selected by the
     Company.

          (n)  The Company shall provide a CUSIP number for all Registrable
     Securities covered by a Registration Statement not later than the effective
     date of such Registration Statement.

          (o)  The Company shall cooperate with each Holder and each underwriter
     participating in the disposition of Registrable Securities and their
     respective counsel in connection with any filings required to be made with
     the National Association of Securities Dealers, Inc. ("NASD").

          (p)  The Company shall, during the period when the Prospectus is
     required to be delivered under the Securities Act, promptly file all
     documents required to be filed with the Commission pursuant to
     Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act.

          (q)  The Company shall appoint a transfer agent and registrar for all
     the shares Common Shares covered by a Registration Statement not later than
     the effective date of such Registration Statement.

     SECTION 5. SUSPENSION PERIOD.

     Each Holder, upon receipt of any notice that states (a) that such notice is
a notice by the Company pursuant to clause (i) or (ii) of this Section 5 and (b)
the obligations of Holders in respect thereof pursuant to this Agreement (which
notice shall not contain any other information except as required by law) (a
"Suspension Notice") from the Company requiring such Holder to suspend the
disposition of the Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities, shall forthwith discontinue such
disposition of the Registrable Securities pursuant to the Registration Statement
(i) for any period (limited in duration as specified below) determined by the
Company if the Company would, in the opinion of the Company's counsel, be
required to disclose in such Registration Statement or any Prospectus
information contemplated thereby not otherwise then required to be publicly
disclosed, and in the reasonable judgment of the Board of Directors of the
Company, such disclosure might adversely affect the Company or any material
business transaction or negotiation in which the Company is then engaged, or
(ii) in the event of any happening of the

                                        9
<Page>

kind described in Section 4(f)(ii), (iii), (iv) or (v), until such Holder's
receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 4(f)(i) or until such Holder is advised in writing by the Company that
the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings which are incorporated by reference in the
Prospectus, and, if so directed by the Company, such Holder will, or will
request the managing underwriter or underwriters, if any, to, deliver to the
Company (at the Company's expense) all copies, other than permanent file copies
then in such Holder's possession, of the Prospectus covering such Registrable
Securities current at the time of receipt of such notice; provided, however,
that (x) in no event shall any single period during which the disposition of
Registrable Securities is suspended under this Section 5 (the "Suspension
Period") exceed 20 days (in the case of any Suspension Period pursuant to clause
(ii) above) or 45 days (in the case of any Suspension Period pursuant to clause
(i) above), (y) in no event shall the aggregate length of all Suspension Periods
during any period of twelve consecutive months exceed 90 days and (z) there
shall be at least two Trading Days between any two consecutive Suspension
Periods. In the event that the Company shall give any Suspension Notice, (x) in
the case of a Suspension Notice given pursuant to clause (i) above, the Company
shall use its reasonable best efforts and take such actions as are reasonably
necessary to end the Suspension Period as promptly as practicable and (y)
immediately following expiration of the Suspension Period, the Company shall, to
the extent necessary, prepare and file with the Commission and furnish a
supplement or amendment to such Prospectus so that, as thereafter deliverable to
the purchasers of such Registrable Securities, such Prospectus will not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. Notwithstanding anything to the contrary,
the Company shall cause its transfer agent to deliver unlegended shares of New
Common Stock to a transferee of a Holder in connection with any sale of
Registrable Securities under the Registration Statement with respect to which a
Holder has entered into a contract for sale (constituting a "sale" of such
Registrable Securities for purposes of the Securities Act) prior to the Holder's
receipt of the notice of a Suspension Period and for which the Initial Holder
has not yet settled.

     SECTION 6. REGISTRATION EXPENSES.

     Any and all expenses incident to the Company's performance of or compliance
with this Registration Rights Agreement, including without limitation all
Commission and securities exchange, NASDAQ or NASD registration and filing fees,
all fees and reasonable expenses incurred in connection with compliance with
state securities or "blue sky" laws, printing expenses, messenger and delivery
expenses, internal expenses (including, without limitation, all salaries and
expenses of the Company's officers and employees performing legal or accounting
duties), all reasonable expenses for word processing, printing and distributing
any Registration Statement, any Prospectus, any amendments or supplements
thereto, any underwriting agreements, securities sales agreements and other
documents relating to the performance of and compliance with this Registration
Rights Agreement, the fees and expenses incurred in connection with the listing
of the Registrable Securities, the fees and disbursements of counsel for the
Company and of the independent certified public accountants of the Company
(including the expenses of any special audit or comfort letters) Securities Act
liability insurance (if the Company elects to obtain such insurance), the fees
and expenses of any special experts or other Persons retained by the Company in
connection with any registration, the reasonable fees and

                                       10
<Page>

disbursements of Holders' Counsel (all such expenses being herein called
"Registration Expenses"), will be borne by the Company whether or not the
Registration Statement to which such expenses relate becomes effective;
provided, however, that Registration Expenses shall not include underwriting
fees, discounts or commissions attributable to the sale or disposition of
Registrable Securities.

     SECTION 7. INDEMNIFICATION AND CONTRIBUTION.

          (a)  INDEMNIFICATION BY THE COMPANY. The Company agrees to indemnify
     and hold harmless, to the fullest extent permitted by law, each Holder, its
     partners, officers, directors, trustees, stockholders, employees, agents
     and investment advisers, and each Person who controls such Holder within
     the meaning of either Section 15 of the Securities Act or Section 20 of the
     Exchange Act, or is under common control with, or is controlled by, such
     Holder, together with the partners, officers, directors, trustees,
     stockholders, employees and agents of such controlling Person
     (collectively, the "Controlling Persons"), from and against all losses,
     claims, damages, liabilities and expenses (including without limitation any
     reasonable legal or other fees and expenses actually incurred in connection
     with defending or investigating any action or claim in respect thereof)
     (collectively, the "Damages") to which such Holder, its partners, officers,
     directors, trustees, stockholders, employees, agents and investment
     advisers, and any such Controlling Person may become subject under the
     Securities Act, insofar as such Damages (or proceedings in respect thereof)
     arise out of or are based upon any untrue or alleged untrue statement of
     material fact contained in any Registration Statement (or any amendment
     thereto) pursuant to which Registrable Securities were registered under the
     Securities Act, including all documents incorporated therein by reference,
     or caused by any omission or alleged omission to state therein a material
     fact necessary to make the statements therein not misleading, or caused by
     any untrue statement or alleged untrue statement of a material fact
     contained in any Prospectus (as amended or supplemented if the Company
     shall have furnished any amendments or supplements thereto), or caused by
     any omission or alleged omission to state therein a material fact necessary
     to make the statements therein in light of the circumstances under which
     they were made not misleading or are based upon any violation or alleged
     violation by the Company of the Securities Act, the Exchange Act, any state
     securities law or any rule, regulation thereunder ("Securities Law")
     relating to the offer or sale of Registrable Securities pursuant to the
     Registration Statement, except insofar as (i) such Damages arise out of or
     are based upon any such untrue statement or omission based upon information
     relating to such Holder furnished in writing to the Company by such Holder
     (or by a Person authorized to provide such information on behalf of such
     Holder) expressly for use therein, (ii) the Company has advised such Holder
     of an event described in Section 4(f)(v) and such Damages are caused solely
     by such Holder having sold Registrable Securities notwithstanding such
     written notice prior to receipt of a supplemental or amended prospectus
     pursuant to Section 5 or (iii) such Damages are caused solely by such
     Holder's failure to deliver a copy of the Registration Statement or
     Prospectus after the Company has furnished such Holder with a sufficient
     number of copies of same in relation to sales effected by such Holder after
     such Holder's receipt of such Registration Statement or Prospectus or
     before the Company is required to have furnished such Holder with such
     Registration Statement or Prospectus pursuant to

                                       11
<Page>

     Section 4; PROVIDED that the Company shall not be liable in any such case
     to the extent that any such loss, claim, damage, liability or expense
     arises out of or is based upon an untrue statement or omission made in any
     preliminary prospectus if (x) such Holder failed to send or deliver a copy
     of the Prospectus with or prior to the delivery of written confirmation of
     the sale of Registrable Securities, (y) the Prospectus would have
     completely corrected such untrue statement or omission and (z) the Company
     delivered a copy of such Prospectus to such Holder prior to such written
     confirmation of sale; PROVIDED FURTHER that the Company shall not be liable
     in any such case to the extent that any such loss, claim, damage, liability
     or expense arises out of or is based upon an untrue statement or alleged
     untrue statement or omission or alleged omission in the Prospectus, if such
     untrue statement, omission or alleged omission is completely corrected in
     an amendment or supplement to the Prospectus and if, having previously been
     furnished by or on behalf of the Company with copies of the Prospectus as
     so amended or supplemented, such Holder thereafter sells Registrable
     Securities pursuant to the Registration Statement and fails to deliver such
     Prospectus as so amended or supplemented, prior to or concurrently with the
     sale of a Registrable Security to the Person asserting such Damages who
     purchased such Registrable Security from such Holder after such Holder's
     receipt of such Prospectus as so amended or supplemented by or on behalf of
     the Company. Such indemnity shall remain in full force and effect
     regardless of any investigation made by or on behalf of the Indemnified
     Party and shall survive the transfer of the Registrable Securities by the
     Holders pursuant to Section 10(c).

          (b)  INDEMNIFICATION BY THE HOLDERS. Each Holder agrees, severally and
     not jointly, to indemnify and hold harmless to the fullest extent permitted
     by law the Company, its directors, officers, stockholders, employees,
     agents, attorneys, and investment advisers, each Person, if any, who
     controls the Company within the meaning of either Section 15 of the
     Securities Act or Section 20 of the Exchange Act, or is under common
     control with, or is controlled by, the Company, together with its
     Controlling Persons, and any underwriter engaged by the Company from and
     against all Damages to which the Company and any Controlling Persons may
     become subject (i) under the Securities Act insofar as such Damages (or
     proceedings in respect thereof) arise out of or are based upon any untrue
     or alleged untrue statement of material fact contained in any Registration
     Statement (or any amendment thereto) pursuant to which Registrable
     Securities were registered under the Securities Act (including all
     documents incorporated therein by reference), or caused by any omission or
     alleged omission to state therein a material fact necessary to make the
     statements therein not misleading, or caused by any untrue statement or
     alleged untrue statement of a material fact contained in any Prospectus (as
     amended or supplemented if the Company shall have furnished any amendments
     or supplements thereto), or caused by any omission or alleged omission to
     state therein a material fact necessary to make the statements therein in
     light of the circumstances under which they were made not misleading, to
     the extent, but only to the extent that such Damages arise out of or are
     based upon any such untrue statement or alleged untrue statement or
     omission or alleged omission based upon information relating to such Holder
     furnished in writing to the Company by such Holder (or by a Person
     authorized to provide such information on behalf of such Holder) expressly
     for inclusion therein and in conformity therewith or (ii) under any
     Securities Law insofar as such Damages (or proceedings in respect thereof)
     are based upon any violation or alleged

                                       12
<Page>

     violation by such Holder of any Securities Law relating to the offer or
     sale of Registrable Securities pursuant to the Registration Statement,
     provided, however, that any Holder shall be liable under this Section 7(b)
     for only that amount of Damages as does not exceed the net proceeds to such
     Holder as a result of the sale of Registrable Securities pursuant to such
     Registration Statement. Such indemnity shall remain in full force and
     effect regardless of any investigation made by or on behalf of such
     Indemnified Party and shall survive the transfer of the Registrable
     Securities by the Holder pursuant to Section 10(c).

          (c)  INDEMNIFICATION PROCEDURES. In case any proceeding (including any
     governmental investigation) shall be instituted involving any Person in
     respect of which indemnity may be sought pursuant to either paragraph (a)
     or (b) above, such Person (the "Indemnified Party") shall promptly notify
     the Person against whom such indemnity may be sought (the "Indemnifying
     Party") in writing; PROVIDED, HOWEVER, that the failure so to notify the
     Indemnifying Party shall not relieve the Indemnifying Party of any
     liability that it may have to the Indemnified Party pursuant to this
     Section 7 unless such Indemnifying Party is materially prejudiced by such
     failure. The Indemnifying Party shall retain counsel reasonably
     satisfactory to the Indemnified Party to represent the Indemnified Party
     and any others the Indemnifying Party may designate in such proceedings and
     shall pay the reasonable fees and disbursements of such counsel relating to
     such proceeding. In any such proceeding, any Indemnified Party shall have
     the right to retain its own counsel, but the fees and expenses of such
     counsel shall be at the expense of such Indemnified Party unless (i) the
     Indemnifying Party and the Indemnified Party shall have mutually agreed to
     the retention of such counsel, or (ii) the Indemnifying Party fails
     promptly to assume the defense of such proceeding or fails to employ
     counsel reasonably satisfactory to such Indemnified Party or parties and
     such failure is not due to the failure of the Indemnified Party to provide
     the notice required in this Section 6(c), or (iii) (A) the named parties to
     any such proceeding (including any impleaded parties) include both such
     Indemnified Party or parties and any Indemnifying Party or an Affiliate of
     such Indemnified Party or parties or of any Indemnifying Party, (B) there
     may be one or more legal defenses available to such Indemnified Party or
     parties or such Affiliate of such Indemnified Party or parties that are
     different from or additional to those available to any Indemnifying Party
     or such Affiliate of any Indemnifying Party and (C) such Indemnified Party
     or parties shall have been advised by such counsel that there may exist a
     legal or ethical conflict of interest between or among such Indemnified
     Party or parties or such Affiliate of such Indemnified Party or parties and
     any Indemnifying Party or such Affiliate of any Indemnifying Party, in
     which case, if such Indemnified Party or parties notifies the Indemnifying
     Party or parties in writing that it elects to employ separate counsel of
     its choice at the reasonable expense of the indemnifying parties, the
     indemnifying parties shall not have the right to assume the defense thereof
     and such counsel shall be at the reasonable expense of the indemnifying
     parties, it being understood, however, that the indemnifying parties shall
     not, in connection with any one such proceeding or separate but
     substantially similar or related proceedings in the same jurisdiction,
     arising out of the same general allegations or circumstances, be liable for
     the fees and expenses of more than one separate firm of attorneys at any
     time for all such Indemnified Party or parties. The Indemnifying Party
     shall not be liable for indemnification under Section 7(a) or (b) or
     contribution under

                                       13
<Page>

     Section 7(d) for any settlement of any proceeding effected without its
     written consent (which will not be unreasonably withheld). No Indemnifying
     Party shall, without the prior written consent (which will not be
     unreasonably withheld) of the Indemnified Party, effect any settlement of
     any pending or threatened proceeding in respect of which such Indemnified
     Party is a party, and indemnity could have been sought hereunder by such
     Indemnified Party, unless such settlement includes an unconditional release
     of such Indemnified Party from all liability on claims that are the subject
     matter of such proceeding.

          (d)  CONTRIBUTION. To the extent that the indemnification provided for
     in paragraph (a) or (b) of this Section 7 is unavailable to an Indemnified
     Party or insufficient in respect of any Damages, then each Indemnifying
     Party under such paragraph, in lieu of indemnifying such Indemnified Party
     thereunder, shall contribute to the amount paid or payable by such
     Indemnified Party as a result of such Damages in such proportion as is
     appropriate to reflect the relative fault of the Indemnifying Party and the
     Indemnified Party on the other hand in connection with the statements or
     omissions that resulted in such Damages, as well as any other relevant
     equitable considerations. The relative fault of the Indemnifying Party and
     the Indemnified Party shall be determined by reference to, among other
     things, whether the untrue or alleged untrue statement of a material fact
     or the omission or alleged omission to state a material fact relates to
     information supplied by such Indemnified Party or Indemnifying Party and
     the parties' relative intent, knowledge, access to information and
     opportunity to correct or prevent such statement or omission.

     Notwithstanding the provisions of Section 7(d), no Holder shall be required
to contribute any amount in excess of the amount by which the total price at
which the Registrable Securities of such Holder were sold by such Holder
pursuant to the Registration Statement to the public exceeds the amount of any
damages which such Holder has otherwise been required to pay by reason of such
untrue statement or omission. Each Holder's obligation to contribute pursuant to
Section 7(d) is several in the proportion that the proceeds of the offering
received by such Holder bears to the total proceeds of the offering received by
all the Holders and not joint.

     If indemnification is available under paragraph (a) or (b) of this
Section 7, the indemnifying parties shall indemnify each Indemnified Party to
the full extent provided in such paragraphs without regard to the relative fault
of said Indemnifying Party or Indemnified Party or any other equitable
consideration provided for in Section 7(d).

     The Company and each Holder agrees that it would not be just or equitable
if contribution pursuant to Section 7(d) were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable
considerations referred to herein. The amount paid or payable by an Indemnified
Party as a result of the Damages referred to in this Section 7 shall be deemed
to include, subject to the limitations set forth above, any reasonable legal or
other expenses incurred (and not otherwise reimbursed) by such Indemnified Party
in connection with investigating or defending any such action or claim. No
person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The remedies
provided for in this Section 7 are not exclusive and shall not

                                       14
<Page>

limit any rights or remedies which may otherwise be available to any Indemnified
Party at law or in equity.

     SECTION 8. RULE 144.

     The Company covenants that it will (i) file in a timely manner any reports
required to be filed by it under the Securities Act and the Exchange Act (or, if
the Company is not required to file such reports, it will, upon the request of
any Holder, make publicly available other information so long as necessary to
permit sales under Rule 144 under the Securities Act), and (ii) take such
further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions
provided by (a) Rule 144 under the Securities Act, as such Rules may be amended
from time to time, or (b) any similar rule or regulation hereafter adopted by
the Commission. Upon the request of any Holder, the Company will deliver to such
Holder a written statement as to whether it has complied with such requirements.

     SECTION 9. CERTAIN LIMITATIONS ON REGISTRATION RIGHTS.

          (a)  In the case of a registration under Section 3, no Holder may
     participate in such registration unless (i) such Holder agrees to sell such
     Holder's Registrable Securities on the basis provided therein and (ii) if
     the Company has determined to enter into an underwriting agreement in
     connection therewith, such Holder (x) completes and executes all
     questionnaires, powers-of-attorney, custody agreements, indemnities,
     lock-up agreements, underwriting agreements and other documents required
     under the terms of such underwriting agreement and (y) agrees to comply
     with Regulation M under the Exchange Act.

          (b)  The Company may require each Holder of Registrable Securities to
     furnish to the Company such information regarding the Holder of such
     securities, the securities of the Company held by such Holder, the manner
     of acquisition of such securities, each as required by the rules and
     regulations of the Commission, and any other information required by the
     rules and regulations of the Commission, as the Company may from time to
     time reasonably request in writing. Without limitation of the forgoing,
     within 10 Business Days after written request by the Company, any Holder
     desiring to have Registrable Securities beneficially owned by such Holder
     included in a Registration Statement shall provide the Company in writing
     with the information applicable to such Holder required to be included in
     the such Registration Statement pursuant to Rule 507 of Regulation S-K.

          (c)  For avoidance of doubt, any distribution of Registrable
     Securities pursuant to the Shelf Registration Statement shall be effected
     other than through an Underwritten Holder Offering; and the Company shall
     have no obligation to enter into any underwriting or other agreement with
     any Holder or broker dealer or agent therefor in respect of any disposition
     of Registrable Securities pursuant to the Shelf Registration Statement.

                                       15
<Page>

     SECTION 10. [Reserved]

     SECTION 11. MISCELLANEOUS.

          (a)  AMENDMENTS AND WAIVERS. The provisions of this Registration
     Rights Agreement, including the provisions of this sentence, may not be
     amended, modified or supplemented, and waivers or consents to departures
     from the provisions hereof may not be given without the written consent of
     the Company and the Holders of a majority in interest of the Registrable
     Securities then outstanding.

          (b)  NOTICES. Any notices, consents waivers or other communications
     required or permitted to be given under the terms of this agreement must be
     in writing and will be deemed to have been delivered: (i) upon receipt,
     when delivered personally; (ii) upon receipt, when sent by facsimile
     (provided confirmation of transmission is mechanically or electronically
     generated and kept on file by the sending party); or (iii) one business day
     after deposit with an overnight courier service, in each case properly
     addressed to the party to receive the same. The addresses and facsimile
     numbers for such communications shall be:

          If to the Company, to:

               Metals USA, Inc.
               Three Riverway, Suite 600
               Houston, Texas 77056
               Telephone:  713.965.0990
               Facsimile:  713.513.4883
               Attention: General Counsel

          With a copy to:

               Akin Gump Strauss Hauer & Feld LLP
               711 Louisiana Street, Suite 1900 South
               Houston, Texas 77002
               Telephone:  713.220.5800
               Facsimile:  713.236.0822
               Attention: Eugene F. "Chip" Cowell III, Esq.

     If to a Holder, to its address and facsimile number set forth on the
signature page attached hereto, or to such other address and/or facsimile number
and/or to the attention of such other person as the recipient party has
specified by written notice given to each other party five days prior to the
effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication, (B)
mechanically or electronically generated by the sender's facsimile machine
containing the time, date, recipient facsimile number and an image of the first
page of such transmission or (C) provided by an overnight courier service shall
be rebuttable evidence of personal service, receipt by facsimile or receipt from
an overnight courier service in accordance with clause (i), (ii) or (iii) above,
respectively.

                                       16
<Page>

          (c)  SUCCESSORS AND ASSIGNS; ASSIGNMENT. This Registration Rights
     Agreement shall inure to the benefit of and be binding upon the Holders
     from time to time of Registrable Securities and the Company and its
     successors and assigns. The rights under this agreement with respect to
     Registrable Securities shall be automatically assignable by the Holders to
     any transferee of all or any portion of Registrable Securities if: (i) the
     transferee or assignee executes and delivers to the Company an addendum
     hereto in the form of Annex A hereto; (ii) the Company is, within a
     reasonable time after such transfer or assignment, furnished with written
     notice of (a) the name and address of such transferee or assignee, and (b)
     the securities with respect to which such registration rights are being
     transferred or assigned; and (iii) immediately following such transfer or
     assignment such securities continue to constitute Registrable Securities
     hereunder.

          (d)  HEADINGS. The headings in this Registration Rights Agreement are
     for convenience of reference only and shall not limit or otherwise affect
     the meaning hereof.

          (e)  GOVERNING LAW. This Registration Rights Agreement shall be
     governed by and construed in accordance with the laws of the State of New
     York without regard to principles of conflicts of law.

          (f)  SEVERABILITY. In the event that any one or more of the provisions
     contained herein, or the application thereof in any circumstances, is held
     invalid, illegal or unenforceable in any respect for any reason, the
     validity, legality and enforceability of any such provision in every other
     respect and of the remaining provisions contained herein shall not be in
     any way impaired thereby, it being intended that all of the rights and
     privileges of the Holders shall be enforceable to the fullest extent
     permitted by law.

          (g)  REMEDIES. In the event of a breach or a threatened breach by the
     Company of its obligations under this Registration Rights Agreement, any
     party injured or to be injured by such breach will be entitled to specific
     performance of its rights under this Registration Rights Agreement or to
     injunctive relief, in addition to being entitled to exercise all rights
     granted by law. The parties agree that the provisions of this Registration
     Rights Agreement shall be specifically enforceable, it being agreed by the
     parties that the remedy at law, including monetary damages, is inadequate
     and that any objection in any action for specific performance or injunctive
     relief that a remedy at law would be adequate is waived.

          (h)  INCONSISTENT INSTRUCTIONS. If the Company receives conflicting
     instructions, notices or elections from two or more Persons with respect to
     the same Registrable Securities, the Company may act upon the basis of the
     instructions, notice or election received from the registered owner of such
     Registrable Securities.

          (i)  REGISTRATION RIGHTS TO OTHERS. Nothing herein shall prohibit or
     limit the Company from entering into an agreement providing holders of
     securities which may hereafter be issued by the Company with such
     registration rights exercisable at such time or times and in such manner as
     the Board of Directors of the Company shall deem in the best interests of
     the Company so long as the performance by the Company of

                                       17
<Page>

     its obligations under such other agreement will not cause the Company to
     breach its obligations to the Holders hereunder.

          (j)  TERMINATION. This Agreement (except for the indemnification and
     contribution rights and obligations as provided in Section 7 which shall
     survive forever) shall terminate upon the earliest of (i) the written
     agreement of the Company and all Holders of Registrable Securities at such
     time, (ii) the date upon which there are no Registrable Securities
     outstanding and (iii) the Termination Date.

          (k)  COUNTERPARTS. This Agreement may be executed in any number of
     counterparts and by the parties hereto in separate counterparts, each of
     which when so executed shall be deemed to be an original and all of which
     taken together shall constitute one and the same agreement. This agreement,
     once executed by a party, may be delivered to the other party hereto by
     facsimile transmission of a copy of this agreement bearing the signature of
     the party so delivering this agreement.

          (l)  RULES OF CONSTRUCTION. Unless the context otherwise requires,
     "or" is not exclusive, and references to sections or subsections refer to
     sections or subsections of this Agreement.

          (m)  ENTIRE AGREEMENT. This Agreement is intended by the parties as a
     final expression of their agreement and intended to be a complete and
     exclusive statement of the agreement and understanding of the parties
     hereto in respect of the subject matter contained herein. There are no
     restrictions, promises, warranties or undertakings in respect of the
     subject matter contained herein other than those set forth or referred to
     herein. This Agreement supersedes all prior oral and written agreements and
     understandings between the parties with respect to such subject matter.

          (n)  INTERPRETATION. This Agreement is the result of arms-length
     negotiations between the parties hereto and has been prepared jointly by
     the parties. In applying and interpreting the provisions of this Agreement,
     there shall be no presumption that the Agreement was prepared by any one
     party or that the Agreement should be construed in favor of or against any
     one party.

          (o)  NO THIRD PARTY BENEFICIARIES. This Agreement is for the benefit
     of the parties hereto and any beneficial owner of Registrable Securities
     who agrees to become bound by the terms hereof and become a Holder for the
     purposes of this Agreement, and is not intended to confer upon any other
     Person any rights or remedies.

          (p)  STATUS. Each Initial Holder by executing this Agreement
     represents and warrants to the Company that such Initial Holder together
     with its Affiliates, directly or indirectly, beneficially owns in excess of
     ten percent (10%) of the issued and outstanding shares of New Common Stock
     on the Effective Date.

                                       18
<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement as of October 31, 2002.

                                METALS USA, INC.

                                By:    /s/ John Hageman
                                Name:  John Hageman
                                Title: Sr. Vice President & Secretary

                                INITIAL HOLDERS:

                                CITADEL EQUITY FUND LTD.
                                   By:  Citadel Limited Partnership
                                   Its: Portfolio Manager
                                       By:  GLB Partners, L.P.
                                       Its: General Partner
                                           By:  Citadel Investment Group, L.L.C.
                                           Its: General Partner

                                              By:  /s/ Adam Cooper
                                              Name: Adam Cooper
                                              Title: Senior Managing Director
                                                     and General Counsel

                                CITADEL DISTRESSED OPPORTUNITY AND
                                CREDIT FUND LTD.
                                   By:  Citadel Limited Partnership
                                   Its: Portfolio Manager
                                       By:  GLB Partners, L.P.
                                       Its: General Partner
                                           By:  Citadel Investment Group, L.L.C.
                                           Its: General Partner

                                       By:  /s/ Adam Cooper
                                       Name: Adam Cooper
                                       Title: Senior Managing Director and
                                       General Counsel

                                       19
<Page>

                                   With a copy to:

                                   Katten Muchin Zavis Rosenman
                                   525 West Monroe Street, Suite 1600
                                   Chicago, Illinois 60661-3693
                                   Telephone: 312-902-5200
                                   Facsimile: 312-902-1061
                                   Attention: Robert J. Brantmann, Esq.

                                       20
<Page>

                                                                         Annex A

     The undersigned is a beneficial owner of Registrable Securities under and
as defined in, and hereby agrees to become a Holder under and subject to the
terms and provisions of, that certain Registration Rights Agreement, dated as of
________ __, 2002, by and among Metals USA, Inc. and the Holders named therein.

                                       [NAME OF HOLDER]

                                       By:
                                               ---------------------------------
                                       Name:
                                               ---------------------------------
                                       Title:
                                               ---------------------------------
                                       Address:
                                               ---------------------------------

                                               ---------------------------------

                                       Facsimile No.:
                                                     ---------------------------

                                       21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}]]