Document:

Prepared by MERRILL CORPORATION

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  Exhibit 4.5

    
  

 
 

 WARRANT AGREEMENT

  
  
  between

  
  
  ASCENT ENERGY INC.

  
  
  and

  
  
  MELLON INVESTOR SERVICES LLC

  
  
  as WARRANT AGENT

    
  

   

 
 

June      , 2001

 

WARRANT AGREEMENT

 

    THIS WARRANT AGREEMENT, dated as of June  , 2001 is entered into between ASCENT ENERGY INC., a Delaware corporation (the "Company"), and MELLON INVESTOR
SERVICES LLC, a Delaware limited liability company, as warrant agent (the "Warrant Agent").

RECITALS

    WHEREAS, the Company proposes to sell from time to time Warrants evidenced by Warrant Certificates with each Warrant representing the right to purchase 191.943 Common Shares; and

 

    WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to act on behalf of the Company, in connection with the issuance of
the Warrant Certificates (as defined below) and the other matters provided herein.

 

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

	1.
	DEFINITIONS

    "Additional Common Shares" shall mean all Common Shares issued or issuable by the Company after the date of this Agreement, other than the Warrant Shares.

 

    "Affiliate" shall mean, as to any Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control of such Person. For purposes
of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and "controlled" have meanings correlative to the foregoing. Notwithstanding the foregoing, "Affiliate" shall not include any
wholly-owned Subsidiary of the Company.

 

    "Agreement" shall mean this Warrant Agreement, as the same may be amended, modified or supplemented from time to time.

 

    "Business Day" shall mean a day which in New York, New York is neither a legal holiday nor a day on which banking institutions are authorized by law or regulation to close.

 

    "Capital Stock" of any Person shall mean any and all shares, interests, participations, or other equivalents (however designated) of such Person's capital stock, and any warrants,
options or similar rights to acquire such capital stock.

    "Code" shall mean the Internal Revenue Code of 1986, as amended.

 

    "Common Equity Securities" shall mean any class or series of Common Shares of the Company.

 

    "Common Shares" shall mean (i) the Common Stock, (ii) any Capital Stock into which such Common Shares may thereafter be changed and (iii) any share of the Company
of any other class issued to holders of such Common Shares upon any reclassification thereof.

    "Common Stock" shall mean the common stock, par value $.001 per share of the Company, as constituted on the original issuance of the Warrants.

 

    "Company" shall mean the company identified in the preamble hereof and its successors and assigns.

 

    "Company Order" shall mean a written request or order signed in the name of the Company by its Chairman or any Co-Chairman of the Board, its Chief Executive officer, its
President, any Vice President, and by its Treasurer, any Assistant Treasurer, its Secretary or any Assistant Secretary, and delivered to the Warrant Agent.

    "Company Securities" mean any Common Equity Securities or other securities, whether debt or equity, that may be issued by the Company and then outstanding.

 

    "Corporate Agency Office" shall have the meaning given such term in Section 9.

 

 

    "Countersigning Agent" shall mean any Person authorized by the Warrant Agent to act on behalf of the Warrant Agent to countersign Warrant Certificates.

    "Current Market Price" shall mean, with respect to any security on any date:

 

    (1) if
the Company does not have a class of equity securities registered under the Exchange Act, the value of such security (a) determined in good faith in the
most recently completed arm's-length transaction between the Company and an unaffiliated third party in which such determination is necessary and the closing of which occurs on such date or shall have
occurred within the six months preceding such date, or (b) if no such determination shall have been made within such six-month period, determined as of such date by the Company's
Board of Directors in its reasonable judgment, which determination shall be final and binding upon the Holders; provided that if any of the Holders of 20% or more of the Warrants disagree with such
valuation by the Board of Directors and provide notice of such disagreement to the Company requesting an independent valuation, then the Company shall select an independent financial expert who shall
determine the value of such security and whose customary compensation shall be provided by the Holders requesting such independent valuation, or

 

    (2) if the Company does have a class of equity securities registered under the Exchange Act, the average of the daily Market Prices of such security for each Business
Day during the period commencing thirty (30) Business Days before such date and ending on the date one day prior to such date or, if the Company has had a class of equity securities registered
under the Exchange Act for less than thirty (30) consecutive Business Days before such date, then the average of the daily Market Price for all of the Business Days before such date for which
daily Market Prices are available provided, however, that in the event that the Current Market Price per share of a security is determined during a period following the announcement by the Company of
(A) a dividend or distribution on such a security payable in shares of such a security or securities convertible into shares of such a security, or (B) any subdivision, combination or
reclassification of such security, and prior to the expiration of such thirty (30) Business Day period before such date (or, if applicable, such lesser number of Business Days before such date
for which daily Market Prices are available) after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then in
each such case, Current Market Price shall be properly adjusted to take into account ex-dividend trading.

    "Depositary"
shall mean the Depository Trust Company and any and all successors thereto appointed as depositary hereunder by the Company.

 

    "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

    "Expiration Date" shall mean the date specified in a Warrant Certificate on which all rights thereunder shall terminate or such earlier date as determined in accordance with
Section 5.

 

    "Global Warrant" shall have the meaning given such term in Section 2.3(d).

    "Holder" or "Warrantholder" shall mean any Person in whose name at the time any Warrant Certificate is registered upon the Warrant Register.

 

    "Institutional Accredited Investor" shall mean an institution that is an "accredited investor" as that term is defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act.

 

    "Market Price" shall mean (A) in the case of a security listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no sale
takes place on such day, the average of the closing bid and asked prices on such day, (B) in the case of a security not then listed or admitted to trading on any securities exchange, the last
reported sale price on such day, or if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reputable quotation source designated by the
Company, (C) in the case of a security not then listed or admitted to trading on any securities exchange and as to which no such reported sale price or bid and

 

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asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reputable quotation service, or The Wall Street Journal, Eastern Edition, or if such
newspaper is no longer published then in a newspaper of general circulation in the Borough of Manhattan, City and State of New York, customarily published on each Business Day, designated by the
Company or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than thirty (30) days prior
to the date in question) for which prices have been so reported, and (D) if there are no bid and asked prices reported during the thirty (30) days prior to the date in question, the
Current Market Value of the security shall be determined as if the Company did not have a class of equity securities registered under the Exchange Act.

    "Non-Stock Dividend" shall mean any payment by the Company to all holders of its Common Shares of any dividend, or any other distribution by the Company to such holders,
of any shares of Capital Stock of the Company, evidences of indebtedness of the Company, cash or other assets (including rights, warrants or other securities (of the Company or any other Person)),
other than any dividend or

distribution (i) upon a merger or consolidation or sale to which Section 6.1(h) applies, (ii) of any Common Shares referred to in Section 6.1(a) or (iii) of cash not
in liquidation of the Company.

    "Non-Surviving Combination" shall mean any merger, consolidation or other business combination by the Company with one or more other entities in a transaction in which the
Company is not the surviving entity or becomes a wholly-owned subsidiary of another entity.

 

    "outstanding" shall mean, as of the time of determination, when used with respect of any Warrants, all Warrants originally issued under this Agreement except (i) Warrants that
have been exercised pursuant to Section 3.2(a), (ii) Warrants that have expired pursuant to Sections 3.2(b), 5 or 7 and (iii) Warrants that have otherwise been acquired by the
Company; provided, however, that in determining whether the Holders of the requisite amount of the outstanding Warrants have given any request, demand, authorization, direction, notice, consent or
waiver under the provisions of this Agreement, Warrants owned by the Company or any Subsidiary or Affiliate of the Company or any Person that is at such time a party to a merger or acquisition
agreement with the Company shall be disregarded and deemed not to be outstanding.

 

    "Person" shall mean any individual, corporation (including a business trust), partnership, joint venture, association, joint-stock company, trust, estate, limited liability company,
unincorporated association, unincorporated organization, government or agency or political subdivision thereof or any other entity.

 

    "Qualified Institutional Buyer" shall have the meaning given such term in Rule 144A under the Securities Act.

    "Recipient" shall have the meaning given such term in Section 3.2(e).

    "Registration Rights Agreement" shall mean any registration rights agreement applicable to any Warrant Shares as may be specified therein.

 

    "Restricted Warrants" shall have the meaning given such term in Section 2.2(b).

 

    "Restricted Warrant Legend" shall mean the legend so designated on the Warrant Certificate attached hereto as Exhibit A.

    "Rule 144" shall mean Rule 144 promulgated under the Securities Act.

 

    "SEC" shall mean the Securities and Exchange Commission or any successor agency thereto.

 

    "Securities Act" shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

    "Subsidiary" shall mean, with respect to any Person, any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without

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regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or
more of the other Subsidiaries of such Person or a combination thereof.

    "Voting Stock" shall mean, with respect to any Person, one or more classes of the Capital Stock of such Person entitled to vote under ordinary circumstances in the election of
directors, managers or trustees of such Person.

 

    "Warrant Agent" shall mean the warrant agent named in the preamble hereof or the successor or successors of such Warrant Agent appointed in accordance with the terms hereof.

 

    "Warrant Certificates" shall mean those certain warrant certificates evidencing the Warrants, substantially in the form of Exhibit A attached hereto.

    "Warrant Price" shall mean the exercise price per Warrant Share, initially set at the price reflected in a Warrant Certificate, subject to adjustment as provided in
Section 6.1(g).

 

    "Warrant Register" shall have the meaning given such term in Section 9.

 

    "Warrant Shares" shall mean the Common Shares issuable upon exercise of the Warrants, the number of which is subject to adjustment from time to time in accordance with
Section 6.

 

    "Warrants" shall mean those warrants issued hereunder at the Warrant Price, subject to adjustment pursuant to Section 6.

	2.
	WARRANT
CERTIFICATES

    2.1  Issuance of Warrants.  Warrant Certificates evidencing the right to purchase            
Common Shares may be executed by the Company and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant
Certificate duly executed on behalf of the Company and receipt of a Company Order, countersign the Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company.
Each Warrant Certificate shall evidence one or more Warrants, and each Warrant shall represent the right, subject to the provisions contained herein and therein, to purchase 191.943 Common Shares.
Subsequent to the original issuance of Warrant Certificates, the Warrant Agent shall countersign a Warrant Certificate only (a) if the Warrant Certificate is issued in exchange or substitution
for one or more previously countersigned Warrant Certificates or in connection with their transfer as hereinafter provided in Section 2.4 or (b) upon receipt of a Company Order
specifying the number of additional Warrant Certificates to be issued evidencing Warrants; provided, however, that in no event shall Warrant Certificates evidencing the right to purchase more than
      Common Shares be issued pursuant to this Agreement.

    2.2  Form, Denomination and Date of Warrants.  

    (a) Warrant Certificates shall be substantially in the form of Exhibit A hereto. The Warrants shall be numbered, lettered or otherwise distinguished in such
manner or in accordance with such plans as the officers of the Company executing the same may determine with the approval of the Warrant Agent. Each Warrant shall be dated the date of its
authentication. Any of the Warrants may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends,
not inconsistent with the provisions of this Agreement, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with the rules of any securities market in which
the Warrants are admitted to trading, or to conform to general usage. All Warrants shall be otherwise substantially identical except as to Warrant Price, Expiration Date, denomination and as otherwise
provided herein.

 

    (b) Purchasers of Warrants will receive certificated Warrants bearing the Restricted Warrant Legend ("Restricted Warrants"). Restricted Warrants will bear the
Restricted Warrant Legend unless removed in accordance with Section 2.4.

    2.3  Execution and Delivery of Warrant Certificates.  

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    (a) Warrant Certificates evidencing the Warrants which may be countersigned and delivered under this Agreement are limited to Warrant Certificates evidencing
      Warrants, except for Warrant Certificates countersigned and delivered upon registration of transfer of, or in exchange for, or in lieu of, one or more previously countersigned
Warrant Certificates pursuant to Sections 3.2(d), 7 and 9.

    (b) At any time and from time to time on or after the date of this Agreement, Warrant Certificates evidencing the Warrants may be executed by the Company and delivered
to the Warrant Agent for countersignature, and the Warrant Agent shall, upon receipt of a Company Order and at the direction of the Company set forth therein, countersign and deliver such Warrant
Certificates to the Company for issuance. The Warrant Agent is further hereby authorized to countersign and deliver Warrant Certificates as required by this Section 2.3 or by Sections 2.1, 2.2,
3.2(d), 7 or 9.

    (c) The Warrant Certificates shall be executed in the corporate name and on behalf of the Company by the Chairman (or any Co-Chairman) of the Board, the
Chief Executive Officer, the President or any one of the Vice Presidents of the Company under corporate seal reproduced thereon and attested to by the Secretary or one of the Assistant Secretaries of
the Company, either manually or by facsimile signature printed thereon. The Warrant Certificates shall be countersigned by the Warrant Agent and shall not be valid for any purpose unless so
countersigned. In case any officer of the Company whose signature shall have been placed upon any of the Warrant Certificates shall cease to be such officer of the Company before countersignature by
the Warrant Agent and issue and delivery thereof, such Warrant Certificates may, nevertheless, be countersigned by the Warrant Agent and issued and delivered with the same force and effect as though
such person had not ceased to be such officer of the Company, and any Warrant Certificate may be signed on behalf of the Company by such person as, at the actual date of the execution of such Warrant
Certificate, shall be a proper officer of the Company, although at the date of the execution of this Agreement any such person was not such an officer.

 

    (d) Warrants purchased by Qualified Institutional Buyers shall be evidenced by one or more permanent global Warrant Certificates in definitive, fully registered form
with the Global Warrant Legend and Restricted Warrant Legend set forth in the form of Warrant (the "Global Warrant") and deposited with The Bank of New York, as custodian for and registered in the
name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Warrant Agent as hereinafter provided. The number of Warrants represented by any such
Global Warrant may from time to time be increased or decreased by adjustments made on the records of the Warrant Agent and the Depositary or its nominee as hereinafter provided.

 

    (e) This Section 2.3(e) shall apply only to the Global Warrant deposited with or on behalf of the Depositary.

 

    Members of, or participants in, the Depositary ("Agent Members") shall have no rights under this Agreement with respect to any Global Warrant held on their behalf by the Depositary or
under the Global Warrant, and the Depositary may be treated by the Company, the Warrant Agent, and any agent of the Company or the Warrant Agent as the absolute owner of the Global Warrant for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent, or any agent of the Company or the Warrant Agent, from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members the operation of customary practices governing the exercise of the
rights of a holder of any Warrant.

 

    (f)  Except as otherwise provided herein, owners of beneficial interests in the Global Warrant will not be entitled to receive physical delivery of certificated
Warrants. Purchasers of Warrants who are not Qualified Institutional Buyers will receive certificated Warrants bearing the Restricted Warrant Legend ("Restricted Warrants"); provided, however, that
upon transfer of such certificated Warrants to a Qualified Institutional Buyer, such certificated Warrants will, until the Global Warrant has previously been exchanged, be exchanged for an interest in
the Global Warrant pursuant to the provisions of

 

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Section 2.4. Restricted Warrants will bear the Restricted Warrant Legend unless removed in accordance with Section 2.4(b).

    2.4  Transfer and Exchange.  

    (a) If a holder of a Restricted Warrant wishes at any time to transfer such Restricted Warrant to a Person who wishes to take delivery thereof in the form of a
Restricted Warrant, such holder may, subject to the restrictions on transfer set forth herein and in such Restricted Warrant, cause the exchange of such Restricted Warrants for one or more Restricted
Warrants of any authorized denomination or denominations and exercisable for the same aggregate number of Warrant Shares. Upon receipt by the Warrant Agent at its Corporate Agency Office of
(i) such Restricted Warrant, duly endorsed as provided herein, (ii) instructions from such holder directing the Warrant Agent to authenticate and deliver one or more Restricted Warrants
exercisable for the same aggregate number of Warrant Shares as the Restricted Warrant to be exchanged, such instructions to contain the name or names of the designated transferee or transferees, the
authorized denomination or denominations of the Restricted Warrants to be so issued and appropriate delivery instructions, (iii) a certificate in the form of Exhibit B attached hereto
given by the Person acquiring the Restricted Warrants, to the effect set forth therein, and (iv) an opinion of counsel to the transferor of such Restricted Warrant in the form of
Exhibit C hereto, to the effect set forth therein, then the Warrant Agent shall cancel or cause to be canceled such Restricted Warrant and, concurrently therewith, the Company shall execute,
and the Warrant Agent shall authenticate and deliver, one or more Restricted Warrants to the effect set forth therein, in accordance with the instructions referred to above.

 

    (b) If Warrants are issued upon the transfer, exchange or replacement of Warrants bearing the Restricted Warrant Legend, or if a request is made to remove such
Restricted Warrant Legend, the Warrants so issued shall bear the Restricted Warrant Legend, or the Restricted Warrant Legend shall not be removed, as the case may be, unless there is delivered to the
Company satisfactory evidence, which may include an opinion of counsel as may be reasonably required by the Company to the effect that neither the Restricted Warrant Legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply with the provisions of the Securities Act. Upon provision of such satisfactory evidence, or the Warrant Agent, at the
direction of the Company, shall authenticate and deliver Warrant Certificates that do not bear the Restricted Warrant Legend.

 

    (c) No service charge shall be made to a Warrantholder for any registration of transfer or exchange; provided, however, that the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Warrant Certificates.

 

    (d) The Warrant Agent shall use CUSIP numbers in notices of repurchase or exchange as a convenience to Warrantholders; provided that any such notice shall state that no
representation is made as to the correctness or accuracy of such numbers either as printed on the Warrants or as contained in any notice of repurchase or exchange and that reliance may be placed only
on the other identification numbers printed on the Warrants. The Company will promptly notify the Warrant Agent of any change in the CUSIP numbers.

 

	3.
	EXERCISE
AND EXPIRATION OF WARRANTS

 

    3.1  Right to Acquire Warrant Shares Upon Exercise.  

    Each Warrant Certificate shall, when countersigned by the Warrant Agent, entitle the Holder thereof, subject to the provisions thereof and of this Agreement, to acquire from the
Company, for each Warrant evidenced thereby, 191.943 Warrant Shares at the Warrant Price, subject to adjustment as provided in this Agreement. The Warrant Price shall be adjusted from time to time as
required by Section 6.1.

 

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    3.2  Exercise and Expiration of Warrants.  

    (a)  Exercise of Warrants.  Subject to the terms and conditions set forth herein, including, without
limitation, the exercise procedure described in Section 3.2(c), a Holder of a Warrant Certificate may exercise all or any whole number of the Warrants evidenced thereby, on any Business Day
from and after the date set forth in the Warrant until 5:00 p.m., New York City time, on the Expiration Date (subject to earlier expiration pursuant to Section 5) for the Warrant Shares
purchasable thereunder.

 

    (b)  Expiration of Warrants.  The Warrants shall terminate and become void as of 5:00 p.m., New
York time on the Expiration Date, subject to earlier expiration in accordance with Section 5. In the event that the Warrants are to expire by reason of Section 5, the term "Expiration
Date" shall mean such earlier date for all purposes of this Agreement.

    (c)  Method of Exercise.  The Holder may exercise all or any of the Warrants by either of the following
methods:

     (i) The
Holder may deliver to the Warrant Agent at the Corporate Agency Office (A) a written notice of such Holder's election to exercise Warrants, duly executed
by such Holder in the form set forth on the reverse of, or attached to, such Warrant Certificate, which notice shall specify the number of Warrant Shares to be purchased, (B) the Warrant
Certificate evidencing such Warrants and (C) a sum equal to the aggregate Warrant Price for the Warrant Shares into which such Warrants are being exercised, which sum shall be paid in any
combination elected by such Holder of (x) certified or official bank checks in New York Clearing House funds payable to the order of the Company and delivered to the Warrant Agent at the
Corporate Agency Office, or (y) wire transfers in immediately available funds to the account of the company at such banking institution as the company shall have given notice to the Warrant
Agent and the Holders in accordance with Section 13.1(b); or

 

    (ii) The Holder may also exercise all or any of the Warrants in a "cashless" or "net-issue" exercise by delivering to the Warrant Agent at the Corporate
Agency Office (A) a written notice of such Holder's election to exercise Warrants, duly executed by such Holder in the form set forth on the reverse of, or attached to, such Warrant
Certificate, which notice shall specify the number of Warrant Shares to be delivered to such Holder and either (x) the number of Warrant Shares with respect to which such Warrants are being
surrendered in payment of the aggregate Warrant Price for the Warrant Shares to be delivered to the Holder or (y) the number of Company Securities that are being surrendered in payment in the
aggregate Warrant Price for the Warrant Shares to be delivered to the Holder, and (B) the Warrant Certificate evidencing such Warrants, together with any Company Securities being delivered in
payment of the Warrant Price. For purposes of this subparagraph (ii), each Warrant Share

as to which such Warrants are surrendered in payment of the aggregate Warrant Price will be attributed a value equal to (x) the Current Market Price per share of Common Shares minus
(y) the then-current Warrant Price and (iii) each Company Security that is being surrendered in payment of the aggregate Warrant Price will be attributed a value equal to
(x) the Current Market Price per share of Common Shares in the case of Common Shares, (y) the aggregate principal amount of any Company Securities that evidence debt and (z) the
liquidation preference of any Company Securities that evidence preferred stock.

 

    (d)  Partial Exercise.  If fewer than all the Warrants represented by a Warrant Certificate are
exercised, such Warrant Certificate shall be surrendered and a new Warrant Certificate of the same tenor and for the number of Warrants which were not exercised shall be executed by the Company. The
Warrant Agent shall countersign the new Warrant Certificate, registered in such name or names, subject to the provisions of Section 9, as may be directed in writing by the Holder, and shall
deliver the new Warrant Certificate to the Person or Persons in whose name such new Warrant Certificate is so registered. The Company, whenever required by the Warrant Agent, will supply the Warrant
Agent with Warrant Certificates duly executed on behalf of the Company for such purpose.

 

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    (e)  Issuance of Warrant Shares.  Upon surrender of a Warrant Certificate evidencing Warrants in
conformity with the foregoing provisions and payment of the Warrant Price in respect of the exercise of one or more Warrants evidenced thereby, the Warrant Agent shall, when such payment is received,
deliver to the Company the notice of exercise received pursuant to Section 3.2(c), and, in accordance with Section 3.3, deliver or deposit all funds received as instructed in writing by
the Company (or, in lieu thereof, deliver the Company Securities as instructed in writing by the Company) and advise the Company by telephone at the end of such day of the amount of funds so deposited
to its account. The Company shall thereupon, as promptly as practicable, and in any event within five Business Days after receipt by the Company of such notice of exercise, execute or cause to be
executed and deliver or cause to be delivered to the Recipient (as defined below) a certificate or certificates representing the aggregate number of Warrant Shares issuable upon such exercise (based
upon the aggregate number of Warrants so exercised), determined in accordance with Section 3.6, together with an amount in cash in lieu of any fractional share(s) determined in accordance with
Section 6.4. The certificate or certificates so delivered shall be, to the extent possible, in such denomination or denominations as such Holder shall request in such notice of exercise and
shall be registered or otherwise placed in the name of, and delivered to, the Holder or, subject to Section 2.2 and Section 3.4, such other Person as shall be designated by the Holder in
such notice (the Holder or such other Person being referred to herein as the "Recipient").

 

    (f)  Time of Exercise.  A Warrant shall be deemed to have been exercised immediately prior to the close
of business on the date on which all requirements set forth in Section 3.2(c) applicable to such exercise have been satisfied. Subject to Section 6.1(f)(iv), certificate(s)
evidencing the Warrant Shares issued upon the exercise of such Warrant shall be deemed to have been issued and, for all purposes of this Agreement, the Recipient shall, as between such Person and the
Company, be deemed to be and entitled to all rights of the holder of record of such Warrant Shares as of such time.

 

    3.3  Application of Funds Upon Exercise of Warrants.  

    Any funds delivered to the Warrant Agent upon exercise of any Warrant(s) shall be held by the Warrant Agent in trust for the Company. The Warrant Agent shall promptly deliver and pay
to or upon the written order of the Company all funds received by it upon the exercise of any Warrants by bank wire transfer to an account designated by the Company or as the Warrant Agent otherwise
may be directed in writing by the Company.

    3.4  Payment of Taxes.  

    The Company shall pay any and all taxes (other than income taxes) and other charges that may be payable in respect of the issue or delivery of Warrant Shares on exercise of Warrants
pursuant hereto. The Company shall not be required, however, to pay any tax or other charge imposed in respect of any transfer involved in the issue and delivery of any certificates for Warrant Shares
or payment of cash to any Recipient other than the Holder of the Warrant Certificate surrendered upon the exercise of a Warrant, and in case of such transfer or payment, the Warrant Agent and the
Company shall not be required to issue or deliver any certificate or pay any cash until (a) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered
to the Warrant Agent or the Company or (b) it has been established to the Company's satisfaction that any such tax or other charge that is or may become due has been paid.

 

    3.5  Surrender of Certificates.  

    Any Warrant Certificate surrendered for exercise shall, if surrendered to the Company, be delivered to the Warrant Agent, and all Warrant Certificates surrendered or so delivered to
the Warrant Agent shall be promptly canceled by such Warrant Agent and shall not be reissued by the Company. The Warrant Agent shall destroy such canceled Warrant Certificates and deliver its
certificate of destruction to the Company, unless the Company shall otherwise direct.

 

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    3.6  Shares Issuable.  

    The number of Warrant Shares "issuable upon exercise" of Warrants at any time shall be the number of Warrant Shares into which such Warrants are then exercisable. The number of
Warrant Shares "into

which each Warrant is exercisable" initially shall be one share, subject to adjustment as provided in Section 6.1.

 

	4.
	REGISTRATION
RIGHTS

 

    The Warrantholders and holders of Warrant Shares shall have the registration rights provided for in any relevant Registration Rights Agreement. The Warrant Agent shall keep copies of
any Registration Rights Agreement available for inspection by the Holders during normal business hours at its office. The Company shall supply the Warrant Agent from time to time with such numbers of
copies of the Registration Rights Agreement as the Warrant Agent may request.

 

	5.
	DISSOLUTION,
LIQUIDATION OR WINDING UP

 

    If, on or prior to the Expiration Date, the Company (or any other Person controlling the Company) shall propose a voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company, the Company shall give written notice thereof to the Warrant Agent and all Holders of Warrant Certificates in the manner provided in Section 13 prior to the date on
which such transaction is expected to become effective or, if earlier, the record date for such transaction. Such notice shall also specify the date as of which the holders of record of the Common
Shares shall be entitled to exchange their shares for moneys, securities or other property deliverable upon such dissolution, liquidation or winding up, as the case may be, on which date each Holder
of Warrant Certificates shall be entitled to receive the moneys, securities or other property which such Holder would have been entitled to receive had such Holder been the holder of record of the
Warrant Shares into which the Warrants were exercisable immediately prior to such dissolution, liquidation or winding up (net of the then applicable Warrant Price) and the rights to exercise the
Warrants shall terminate.

    In case of any such voluntary or involuntary dissolution, liquidation or winding up of the Company, the Company shall deposit with the Warrant Agent any moneys, securities or other
property which the Holders are entitled to receive under this Agreement, together with a Company Order as to the distribution thereof. After receipt of such deposit from the Company and after any
Holder has surrendered a Warrant Certificate to the Warrant Agent, the Warrant Agent shall make payment in the appropriate amount to such Person or Persons as it may be directed in writing by the
Holder surrendering such Warrant Certificate. The Warrant Agent shall not be required to pay interest on any money deposited pursuant to the provisions of this Section 5 except such as it shall
agree with the Company to pay thereon. Any moneys, securities or other property which at any time shall be deposited by the Company or on its behalf with the Warrant Agent pursuant to this
Section 5 shall be, and are hereby, assigned, transferred and set over to the Warrant Agent in trust for the purpose for which such moneys, securities or other property shall have been
deposited; provided that moneys, securities or other property need not be segregated from other moneys, securities or other property held by the Warrant Agent except to the extent required by law.

9

 

	6.
	ADJUSTMENTS

 

    6.1  Adjustments.  

    The number of Warrant Shares into which each Warrant is exercisable and the Warrant Price shall be subject to adjustment from time to time in accordance (and only in accordance) with
the provisions of this Section 6:

    (a)  Stock Dividends, Subdivisions and Combinations.  If, at any time, the Company shall:

     (i) pay
to the holders of its Common Shares a dividend payable in, or make any other distribution on any class of its capital stock in, Common Shares (other than a
dividend or distribution upon a merger or consolidation or sale to which Section 6.1(h) applies);

 

    (ii) subdivide its outstanding Common Shares into a larger number of Common Shares (other than a subdivision upon a merger or consolidation or sale to which
Section 6.1(h) applies); or

    (iii) combine its outstanding Common Shares into a smaller number of Common Shares (other than a combination upon a merger or consolidation or sale to which
Section 6.1(h) applies);

 

then,
(x) in the case of any such dividend or distribution, effective immediately after the opening of business on the day after the date for the determination of the holders of Common Shares
entitled to receive such dividend or distribution or (y) in the case of any subdivision or combination, effective immediately after the opening of business on the day after the day upon which
such subdivision or combination becomes effective, the number of Warrant Shares into which each Warrant is exercisable shall be adjusted to that number of Warrant Shares determined by (A) in
the case of any such dividend or distribution, multiplying the number of Warrant Shares into which each Warrant is exercisable at the opening of business on the day after the day for determination by
a fraction (not to be less than one), (1) the numerator of which shall be equal to the sum of the number of Common Shares outstanding at the close of business on such date for determination and
the total number of shares constituting such dividend or distribution and (2) the denominator of which shall be equal to the number of Common Shares outstanding at the close of business on such
date for determination, or (B) in the case of any such combination, by proportionately reducing, or, in the case of any such subdivision, by proportionately increasing, the number of Warrant
Shares into which each Warrant is exercisable at the

opening of business on the day after the day upon which such subdivision or combination becomes effective.

    (b)  Certain Other Dividends and Distributions.  If, at any time, the Company shall effect a
Non-Stock Dividend (other than any dividend or distribution of any warrants, options or rights referred to in Section 6.1(d)), then, and in each such case, effective immediately
after the opening of business on the day after the date for the determination of the holders of Common Shares entitled to receive such distribution, the number of Warrant Shares into which each
Warrant is exercisable shall be adjusted to that number determined by multiplying the number of Warrant Shares into which each Warrant is exercisable immediately prior to the close of business on the
date of determination by a fraction, (i) the numerator of which shall be the Current Market Price per Common Share on such date of determination and (i) the denominator of which shall be
such Current Market Price per Common Share minus the portion applicable to one Common Share of the fair market value (as determined in good faith by the Board of Directors of the Company) of such
securities or other assets so distributed.

 

    (c)  Reclassifications.  A reclassification of the Common Shares (other than any such reclassification in
connection with a merger or consolidation or sale to which Section 6.1(h) applies) into Common Shares and shares of any other class of stock shall be deemed a distribution by the Company
to the holders of its Common Shares of such shares of such other class of stock for the purposes and within the meaning of Section 6.1(b) (and the effective date of such reclassification
shall

 

10

 

be deemed to be "the date for the determination of the holders of Common Shares entitled to receive such distribution" for the purposes and within the meaning of Section 6.1(b)) and, if the
outstanding number of Common Shares shall be changed into a larger or smaller number of Common Shares as a part of such reclassification, such change shall be deemed a subdivision or combination, as
the case may be, of the outstanding Common Shares for the purposes and within the meaning of Section 6.1(a) (and the effective date of such reclassification shall be deemed to be "the
day upon which such subdivision or combination becomes effective" for the purposes and within the meaning of Section 6.1(a)).

 

    (d)  Distribution of Warrants or Other Rights to Holders of Common Shares.  If, at any time, the Company
shall make a distribution to all holders of outstanding Common Shares of any warrants, options or other rights to subscribe for or purchase any Additional Common Shares or securities convertible into
or exchangeable for Additional Common Shares (other than a distribution of such warrants, options or rights upon a merger or consolidation or sale to which Section 6.1(h)) applies), whether or
not the rights to subscribe or purchase thereunder are immediately exercisable, and the consideration per share for which Additional Common Shares may at any time thereafter be issuable pursuant to
such warrants or other rights shall be less than the Current Market Price per Common Share on the date fixed for determination of the holders of Common Shares entitled to receive such distribution,
then, and for each such case, effective immediately after the opening of business on the day after the date for determination, the number of Warrant Shares into which each Warrant is exercisable shall
be adjusted to that number determined by multiplying the number of Warrant Shares into which each Warrant is exercisable at the opening of business on the day after such date for determination by a
fraction (not

less than one), (i) the numerator of which shall be the number of Common Shares outstanding at the close of business on such date for determination plus the maximum number of Additional Common
Shares issuable pursuant to all such warrants or other rights and (ii) the denominator of which shall be the number of Common Shares outstanding at the close of business on such date for
determination plus the number of Common Shares that the minimum consideration received and receivable by the Company for the issuance of such maximum number of Additional Common Shares pursuant to the
terms of such warrants or other rights would purchase at such Current Market Price.

 

    (e)  Superseding Adjustments.  In case at any time after any adjustment of the number of Warrant Shares
into which each Warrant is exercisable shall have been made pursuant to Section 6.1(d) on the basis of the distribution of warrants or other rights or after any new adjustment of the
number of Warrant Shares into which each Warrant is exercisable shall have been made pursuant to this Section 6.1(e), such warrants or rights shall expire, and all or a portion of such warrants
or rights shall not have been exercised, then, and in each such case, upon the election of the Company by written notice to the Warrant Agent, such previous adjustment in respect of such warrants or
rights which have expired without exercise shall be rescinded and annulled as to any then outstanding Warrants, and the Additional Common Shares that were deemed for purposes of the computations set
forth in Section 6.1(d) to have been issued or sold by virtue of such adjustment in respect of such warrants or rights shall no longer be deemed to have been distributed.

    (f)  Other Provisions Applicable to Adjustments under this Section.  The following provisions shall be
applicable to the making of adjustments of the number of Warrant Shares into which each Warrant is exercisable and to the Warrant Price under this Section 6.1:

 

    (i)  Treasury Stock.  The sale or other disposition (other than any shares specified in the definition of
"Additional Common Shares") of any issued Common Shares owned or held by or for the account of the Company shall be deemed an issuance or sale of Additional Common Shares for purposes of this
Section 6. The Company shall not pay any dividend on or make any distribution on Common Shares held in the treasury of the Company. For the purposes of this Section 6.1, the number of
Common Shares at any time outstanding shall not include shares held

 

11

 

in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of Common Shares.

 

    (ii)  When Adjustments Are to be Made.  The adjustments required by Sections 6.1(a),
6.1(b) 6.1(c) and 6.1(d) shall be made whenever and as often as any specified event requiring an adjustment shall occur, except that no adjustment of the Warrant Shares into which
each Warrant is exercisable that would otherwise be required shall be made unless and until such adjustment either by itself or with other adjustments not previously made increases or decreases the
Warrant Shares into which each Warrant is exercisable immediately prior to the making of such adjustment by at least 1%. Any adjustment representing a change of less than such minimum amount (except
as aforesaid) shall be carried forward

and made as soon as such adjustment, together with other adjustments required by Sections 6.1(a), 6.1(b), 6.1(c) and 6.1 (h)) and not previously made, would result in such minimum
adjustment.

    (iii)  Fractional Interests.  In computing adjustments under this Section 6, fractional interests
in Common Shares shall be taken into account to the nearest one-thousandth of a share.

 

    (iv)  Deferral of Issuance upon Exercise.  In any case in which this Section 6 shall require that
an adjustment to the Warrant Shares into which each Warrant is exercisable be made effective pursuant to Section 6.1(a)(i), 6.1(b) or 6.1(d) prior to the occurrence of a specified
event and any Warrant is exercised after the time at which the adjustment became effective but prior to the occurrence of such specified event the Company may elect to defer until the occurrence of
such specified event the issuing to the Holder of the Warrant Certificate evidencing such Warrant (or other Person entitled thereto) of, and may delay registering such Holder or other Person as the
recordholder of, the Warrant Shares over and above the Warrant Shares issuable upon such exercise determined in accordance with Section 3.6 on the basis of the Warrant Shares into which each
Warrant is exercisable prior to such adjustment determined in accordance with Section 3.6; provided, however, that the Company shall deliver to such Holder or other person a due bill or other
appropriate instrument evidencing the right of such Holder or other Person to receive, and to become the record holder of, such Additional Common Shares, upon the occurrence of the event requiring
such adjustment.

    (g)  Warrant Price Adjustment.  Whenever the number of Warrant Shares into which a Warrant is exercisable
is adjusted as provided in this Section 6.1, the Warrant Price payable upon exercise of the Warrant shall simultaneously be adjusted by multiplying such Warrant Price immediately prior to such
adjustment by a fraction, the numerator of which shall be the number of Warrant Shares into which such Warrant was exercisable immediately prior to such adjustment, and the denominator of which shall
be the number of Warrant Shares into which such Warrant was exercisable immediately thereafter.

12

 

    (h)  Merger, Consolidation or Combination.  In the event the Company merges, consolidates or otherwise
combines with or into any Person, then, as a condition of such merger, consolidation or combination, lawful and adequate provisions shall be made whereby Warrantholders shall, in addition to their
other rights hereunder, thereafter have the right to purchase and receive upon the basis and upon the terms and conditions specified in this Agreement upon exercise of the Warrants and in Lieu of the
Warrant Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby, such shares of stock, securities or assets as may be issued or payable with
respect to or in exchange for a number of outstanding Common Shares equal to the number of Warrant Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented
hereby, and in any such case appropriate provision shall be made with respect to the rights and interests of the Warrantholders to the end that the provisions hereof (including, without limitation,
provisions for adjustments of the number of Warrant Shares) shall thereafter be applicable, as nearly as may be practicable, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise hereof.

    (i)  Compliance with Governmental Requirements.  Before taking any action that would cause an adjustment
reducing the Warrant Price below the then par value of any of the Warrant Shares into which the Warrants are exercisable, the Company will take any corporate action that may be necessary in order that
the Company may validly and legally issue fully paid and non assessable Warrant Shares at such adjusted Warrant Price.

 

    (j)  Optional Tax Adjustment.  The Company may at its option, at any time during the term of the
Warrants, increase the number of Warrant Shares into which each Warrant is exercisable, or decrease the Warrant Price, in addition to those changes required by Section 6.1(a), 6.1(b), 6.1(c),
6.1(d) or 6.1(g), as deemed advisable by the Board of Directors of the Company, in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights shall not
be taxable to the Recipients.

 

    6.2  Notice of Adjustment.  

    Whenever the number of Warrant Shares into which a Warrant is exercisable is to be adjusted, or the Warrant Price is to be adjusted, in either case as herein provided, the Company
shall compute the adjustment in accordance with Section 6.1, shall, promptly after such adjustment becomes effective, cause a notice of such adjustment or adjustments to be given to all Holders
in accordance with Section 13.1(b) and shall deliver to the Warrant Agent a certificate of the Chief Financial Officer of the Company setting forth the number of Warrant Shares into
which each Warrant is exercisable after such adjustment, or the adjusted Warrant Price, as the case may be, and setting forth in brief a statement of the facts requiring such adjustment and the
computation by which such adjustment was made. As provided in Section 11.1, the Warrant Agent shall be entitled to rely on such certificate and shall be

under no duty or responsibility with respect to any such certificate, except to exhibit the same from time to time to any Holder desiring an inspection thereof during reasonable business hours.

    6.3  Statement on Warrant Certificates.  

    Irrespective of any adjustment in the number or kind of shares into which the Warrants are exercisable, Warrant Certificates theretofore or thereafter issued may continue to express
the same price and number and kind of shares initially issuable pursuant to this Agreement.

 

    6.4  Fractional Interest.  

    The Company shall not issue fractional Warrant Shares on the exercise of Warrants. If Warrant Certificates evidencing more than one Warrant shall be presented for exercise at the same
time by the same Holder, the number of full Warrant Shares which shall be issuable upon such exercise thereof shall be computed on the basis of the aggregate number of Warrants so to be exercised. If
any fraction of a Warrant Share would, except for the provisions of this Section 6.4, be issuable on the exercise of

 

13

 

any Warrant (or specified portion thereof), the Company shall, in lieu of issuing any fractional Warrant Shares, pay an amount in cash calculated by it to be equal to the then Current Market Price per
Common Share on the date of such exercise multiplied by such fraction computed to the nearest whole cent. The Holders, by their acceptance of the Warrant Certificates, expressly waive their right to
receive any fraction of a Warrant Share or a stock certificate representing a fraction of a Warrant Share.

 

	7.
	LOSS
OR MUTILATION

 

    Upon (i) receipt by the Company and the Warrant Agent of evidence satisfactory to them of the ownership of and the loss, theft, destruction or mutilation of any Warrant
Certificate and such security or indemnity as may be required by them to save each of them harmless and (ii) surrender, in the case of mutilation, of the mutilated Warrant Certificate to the
Warrant Agent and cancellation thereof, then, in the absence of notice to the Company or the Warrant Agent that the Warrants evidenced thereby have been acquired by a bona fide purchaser, the Company
shall execute and upon its written request the Warrant Agent shall countersign and deliver to the registered Holder of the lost, stolen, destroyed or mutilated Warrant Certificate, in exchange
therefor or in lieu thereof, a new Warrant Certificate of the same tenor and for a like aggregate number of Warrants. At the written request of such registered Holder, the new Warrant Certificate so
issued shall be retained by the Warrant Agent as having been surrendered for exercise, in lieu of delivery thereof to such Holder, and shall be deemed for purposes

of Section 3.2 to have been surrendered for exercise on the date the conditions specified in clauses (i) and (ii) of the preceding sentence were first satisfied.

    Upon the issuance of any new Warrant Certificate under this Section 7, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and other expenses (including the fees and expenses of the Warrant Agent and of counsel to the Company) in connection therewith.

 

    Every new Warrant Certificate executed and delivered pursuant to this Section 7 in lieu of any lost, stolen or destroyed Warrant Certificate shall constitute an additional
contractual obligation of the Company, whether or not the allegedly lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of
this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder.

    The provisions of this Section 7 are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect to the replacement of mutilated, lost,
stolen, or destroyed Warrant Certificates.

 

	8.
	RESERVATION
AND AUTHORIZATION OF WARRANT SHARES

 

    The Company shall at all times reserve and keep available, free from preemptive rights, solely for issue upon the exercise of Warrants as herein provided, such number of its
authorized but unissued Warrant Shares deliverable upon the exercise of Warrants as will be sufficient to permit the exercise in full of all outstanding Warrants. The Company covenants that all
Warrant Shares will, at all times that Warrants are exercisable, be duly approved for listing subject to official notice of issuance on each securities exchange, if any, on which the Common Shares are
then listed. The Company covenants that (i) all Warrant Shares that may be issued upon exercise of Warrants shall upon issuance be duly and validly authorized, issued and fully paid and
nonassessable and free of preemptive or similar rights and (ii) the stock certificates issued to evidence any such Warrant Shares will comply with the Delaware General Corporation Law and any
other applicable law.

 

    The Company hereby authorizes and directs its current and future transfer agents for the Common Shares at all times to reserve stock certificates for such number of authorized shares
as shall be requisite for such purpose. The Warrant Agent is hereby authorized to requisition from time to time from any such transfer agents stock certificates required to honor outstanding Warrants
upon exercise thereof in accordance with the terms of this Agreement, and the Company hereby authorizes and

 

14

 

directs such transfer agents to comply with all such requests of the Warrant Agent. The Company will supply such transfer agents with duly executed stock certificates for such purposes. Promptly after
the date of expiration of all of the Warrants in accordance with Section 3.2(b), the Warrant Agent shall certify to the Company the aggregate number of Warrants then outstanding, and thereafter
no Warrant Shares shall be reserved in respect of such Warrants.

 

	9.
	WARRANT
TRANSFER BOOKS

 

    The Warrant Agent will maintain an office (the "Corporate Agency Office") in the United States of America, where Warrant Certificates may be surrendered for registration of transfer
or exchange and where Warrant Certificates may be surrendered for exercise of Warrants evidenced thereby, which office is            ,
Attention:            -, on the date hereof. The
Warrant Agent will give prompt written notice to all Holders of Warrant Certificates of any change in the location of such office.

 

    The Warrant Certificates evidencing the Warrants shall be issued in registered form only. The Company shall cause to be kept at the office of the Warrant Agent designated for such
purpose a warrant register (the "Warrant Register") in which, subject to such reasonable regulations as the Warrant Agent may prescribe and such regulations as may be prescribed by law, the Company
shall provide for the registration of Warrant Certificates and of transfers or exchanges of Warrant Certificates as herein provided.

 

    Subject to Section 2.4, upon surrender for registration of transfer of any Warrant Certificate at the Corporate Agency Office, the Company shall execute, and the Warrant Agent
shall countersign and deliver, in the name of the designated transferee or transferees, one or more new Warrant Certificates evidencing a like aggregate number of Warrants.

 

    Subject to Section 2.4, (i) at the option of the Holder, Warrant Certificates may be exchanged at the office of the Warrant Agent upon payment of the charges hereinafter
provided for other Warrant Certificates evidencing a like aggregate number of Warrants and (ii) whenever any Warrant Certificates are so surrendered for exchange, the Company shall execute, and
the Warrant Agent shall countersign and deliver, the Warrant Certificates of the same tenor and evidencing the same number of Warrants as evidenced by the Warrant Certificates surrendered by the
Holder making the exchange.

    All Warrant Certificates issued upon any registration of transfer or exchange of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations,
and entitled to the same benefits under this Agreement, as the Warrant Certificates surrendered for such registration of transfer or exchange.

 

    Subject to Section 2.4, every Warrant Certificate surrendered for registration of transfer or exchange shall (if so required by the Company or the Warrant Agent) be duly
endorsed, or be accompanied by a

written instrument of transfer in form satisfactory to the Company and the Warrant Agent, duly executed by the Holder thereof or his attorney duly authorized in writing.

    The Warrant Agent shall, upon request of the Company from time to time, deliver to the Company such reports of registered ownership of the Warrants and such records of transactions
with respect to the Warrants and the Warrant Shares as the Company may request. The Warrant Agent shall also make available to the Company for inspection by the Company's agents or employees, from
time to time as the Company may request, such original books of accounts and records maintained by the Warrant Agent in connection with the issuance and exercise of Warrants hereunder, such
inspections to occur at the Corporate Agency Office during normal business hours.

    The Warrant Agent shall keep copies of this Agreement and any notices given to Holders hereunder available for inspection by the Holders during normal business hours at the Corporate

15

 

Agency Office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may request.

	10.
	WARRANT
HOLDERS

    10.1  Voting or Dividend Rights.  

    Prior to the exercise of the Warrants, except as may be specifically provided for herein, (i) no Holder of a Warrant Certificate, as such, shall be entitled to any of the
rights of a holder of Common Shares, including, without limitation, the right to vote at or to receive any notice of any meetings of stockholders; (ii) the consent of any Holder shall not be
required with respect to any action or proceeding of the Company; (iii) except as provided in Section 5, no Holder, by reason of the ownership or possession of a Warrant or the Warrant
Certificate representing the same, shall have any right to receive any stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable to the stockholders
of the Company prior to, or for which the relevant record date preceded, the date of the exercise of such Warrant; and (iv) no Holder shall have any right not expressly conferred by this
Agreement or Warrant Certificate held by such Holder.

 

    10.2  Rights of Action.  

    All rights of action against the Company in respect of this Agreement, except rights of action vested in the Warrant Agent, are vested in the Holders of the Warrant Certificates, and
any Holder of any Warrant Certificate, without the consent of the Warrant Agent or the Holder of any other Warrant Certificate, may, in such Holder's own behalf and for such Holder's own benefit,
enforce and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such Holder's right to exercise, exchange or tender for
purchase such Holder's Warrants in the manner provided in this Agreement.

 

    10.3  Treatment of Holders of Warrant Certificates.  

    Every Holder of a Warrant Certificate, by accepting the same, consents and agrees with the Company, with the Warrant Agent and with every subsequent holder of such Warrant Certificate
that, prior to due presentment of such Warrant Certificate for registration of transfer, the Company and the Warrant Agent may treat the Person in whose name the Warrant Certificate is registered as
the owner thereof for all purposes and as the Person entitled to exercise the rights granted under the Warrants, and neither the Company, the Warrant Agent nor any agent thereof shall be affected by
any notice to the contrary.

 

    10.4  Communications to Holders.  

    (a) If any Holder of a Warrant Certificate applies in writing to the Warrant Agent and such application states that the applicant desires to communicate with other
Holders with respect to its rights under this Agreement or under the Warrants, then the Warrant Agent shall, within five (5) Business Days after the receipt of such application, and upon
payment to the Warrant Agent by such applicant of the reasonable expenses of preparing such list, provide to such applicant a list of the names and addresses of all Holders of Warrant Certificates as
of the most recent practicable date.

 

    (b) Every Holder of Warrant Certificates, by receiving and holding the same, agrees with the Company and the Warrant Agent that neither the Company nor the Warrant
Agent nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with
Section 10.4(a).

16

 

	11.
	CONCERNING
THE WARRANT AGENT

 

    11.1  Nature of Duties and Responsibilities Assumed.  

    The Company hereby appoints the Warrant Agent to act as agent of the Company as set forth in this Agreement. The Warrant Agent hereby accepts the appointment as agent of the Company
and agrees to perform that agency upon the terms and conditions set forth in this Agreement and in the Warrant Certificates or as the Company and the Warrant Agent may hereafter agree, by all of which
the Company and the Holders of Warrant Certificates, by their acceptance thereof, shall be bound; provided, however, that the terms and conditions contained in the Warrant Certificates are subject to
and governed by this Agreement or any other terms and conditions hereafter agreed to by the Company and the Warrant Agent.

 

    The Warrant Agent shall not, by countersigning Warrant Certificates or by any other act hereunder, be deemed to make any representations as to validity or authorization of
(i) the Warrants or the Warrant Certificates (except as to its countersignature thereon), (ii) any securities or other property delivered upon exercise of any Warrant, (iii) the
accuracy of the computation of the number or kind or amount of stock or other securities or other property deliverable upon exercise of any Warrant or (iv) the correctness of any of the
representations of the Company made in such certificates that the Warrant Agent receives. The Warrant Agent shall not at any time have any duty to calculate or determine whether any facts exist that
may require any adjustments pursuant to Section 6 hereof with respect to the kind and amount of shares or other securities or any property issuable to Holders upon the exercise of Warrants
required from time to time. The Warrant Agent shall have no duty or responsibility to determine the accuracy or correctness of such calculation or with respect to the methods employed in making the
same. The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any Warrant Shares or of any securities or property which may at any time be issued or
delivered upon the exercise of any Warrant or upon any adjustment pursuant to Section 6 hereof, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible
for any failure of the Company to make any cash payment or to issue, transfer or deliver any Warrant Shares or stock certificates or other securities or property upon the surrender of any Warrant
Certificate for the purpose of exercise or upon any adjustment pursuant to Section 6 hereof or to comply with any of the covenants of the Company contained in Section 12 hereof.

    The Warrant Agent shall not (i) be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any action taken, offered or omitted by it
in good faith on the belief that any Warrant Certificate or any other documents or any signatures are genuine or properly authorized, (11) be responsible for any failure on the part of the
Company to comply with any of its covenants and obligations contained in this Agreement or in the Warrant Certificates or (iii) be liable for any act or omission in connection with this
Agreement except for its own gross negligence, bad faith or willful misconduct.

 

    The Warrant Agent is hereby authorized to accept and is protected in accepting instructions with respect to the performance of its duties hereunder by Company Order and to apply to
any such officer named in such Company order for instructions (which instructions will be promptly given in writing when requested), and the Warrant Agent shall not be liable for any action taken or
suffered to be taken by it in good faith in accordance with the instructions in any Company Order.

 

    The Warrant Agent may execute and exercise any of the rights and powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or
employees, provided that reasonable care has been exercised in the selection and in the continued employment of any such attorney, agent or employee. The Warrant Agent shall not be under any
obligation or duty to institute, appear in or defend any action, suit or legal proceeding in respect hereof, unless first indemnified to its satisfaction, but this provision shall not affect the power
of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without such indemnity. The Warrant Agent

 

17

 

shall promptly notify the Company in writing of any claim made or action, suit or proceeding instituted against it arising out of or in connection with this Agreement.

 

    The Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further acts, instruments and assurances as may
reasonably be required by the Warrant Agent in order to enable it to carry out or perform its duties under this Agreement.

 

    The Warrant Agent shall act solely as agent of the Company hereunder and does not assume any obligation or relationship of agency or trust for or with any of the Holders or any
beneficial owners of Warrants. The Warrant Agent shall not be liable except for the failure to perform such duties as are specifically set forth herein or specifically set forth in the Warrant
Certificates, and no implied covenants or obligations shall be read into this Agreement against the Warrant Agent whose duties and obligations shall be determined solely by the express provisions
hereof or the express provisions of the Warrant Certificates.

    11.2  Right to Consult Counsel.  

    The Warrant Agent may at any time consult with legal counsel satisfactory to it (who may be legal counsel for the Company), and the Warrant Agent shall incur no liability or
responsibility to the Company or to any Holder for any action taken, suffered or omitted by it in good faith in accordance with the opinion or advice of such counsel.

 

    11.3  Compensation, Reimbursement and Indemnification.  

    The Company agrees to pay the Warrant Agent from time to time compensation for all fees and expenses relating to its services hereunder as the Company and the Warrant Agent may agree
from time to time and to reimburse the Warrant Agent for reasonable expenses and disbursements, including

reasonable counsel fees and expenses incurred in connection with the execution and administration of this Agreement. The Company further agrees to indemnify the Warrant Agent for and save it harmless
against any losses, liabilities or reasonable expenses arising out of or in connection with the acceptance and administration of this Agreement, including the reasonable costs, legal fees and expenses
of investigating or defending any claim of such liability, except that the Company shall have no liability hereunder to the extent that any such loss, liability or expense results from the Warrant
Agent's own gross negligence, bad faith or willful misconduct.

 

18

 

    11.4  Warrant Agent May Hold Company Securities.  

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

 

    11.5  Resignation and Removal; Appointment of Successor.  

    (a) The Warrant Agent may resign its duties and be discharged from all further duties and liability hereunder (except liability arising as a result of the Warrant
Agent's own gross negligence or willful misconduct) after giving thirty (30) days' prior written notice to the Company. The Company may remove the Warrant Agent upon thirty (30) days'
written notice, and the Warrant Agent shall thereupon in like manner be discharged from all further duties and liabilities hereunder, except as aforesaid. The Warrant Agent shall, at the expense of
the Company, cause notice to be given in accordance with Section 13.1(b) to each Holder of a Warrant Certificate of said notice of resignation or notice of removal, as the case may be. Upon
such resignation or removal, the Company shall appoint in writing a new Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) calendar days after it
has been notified in writing of such resignation by the resigning Warrant Agent or after such removal, then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for
the appointment of a new Warrant Agent. Any new Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation doing business under the laws of the United States or any
state thereof in good standing, authorized under such laws to act as Warrant Agent, and is ordinarily in the business as a transfer agent for publicly held securities. After acceptance in writing of
such appointment by the new Warrant Agent, it shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as the Warrant Agent, without any
further assurance, conveyance, act or deed; but if for any reason it shall be reasonably necessary or expedient to execute and deliver any further assurance, conveyance, act or deed, the same shall be
done at the reasonable expense of the Company and shall be legally and validly executed and delivered by the resigning or removed Warrant Agent. Not later than the effective date of any such
appointment, the Company shall file notice thereof with the resigning or removed Warrant Agent. Failure to give any notice provided for in this Section 11.5(a), however, or any defect therein,
shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of a new Warrant Agent, as the case may be.

 

    (b) Any corporation into which the warrant Agent or any new Warrant Agent may be merged, or any corporation resulting from any consolidation to which the Warrant Agent
or any new Warrant Agent shall be a party, shall be a successor Warrant Agent under this Agreement without any further act, provided that such corporation would be eligible for appointment as
successor to the Warrant Agent under the provisions of Section 11.5(a). Any such successor Warrant Agent shall promptly cause notice of its succession as Warrant Agent to be given in accordance
with Section 13.1(b) to each Holder of a Warrant Certificate at such Holder's last address as shown on the Warrant Register.

    11.6  Appointment of Countersigning Agent.  

    (a) The Warrant Agent may appoint a Countersigning Agent or Agents which shall be authorized to act on behalf of the Warrant Agent to countersign Warrant Certificates
issued upon original issue and upon exchange, registration of transfer or pursuant to Section 7, and Warrant Certificates so countersigned shall be entitled to the benefits of this Agreement
equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. Wherever reference is made

19

 

in this Agreement to the countersignature and delivery of Warrant Certificates by the Warrant Agent or to Warrant Certificates countersigned by the Warrant Agent, such reference shall be deemed to
include countersignature and delivery on behalf of the Warrant Agent by a Countersigning Agent and Warrant Certificates countersigned by a Countersigning Agent. Each Countersigning Agent shall be
acceptable to the Company and shall at the time of appointment be a corporation doing business under the laws of the United States of America or any State thereof in good standing, authorized under
such laws to act as Countersigning Agent, and having a combined capital and surplus of not less than $100,000,000. The combined capital and surplus of any such new Countersigning Agent shall be deemed
to be the combined capital and surplus as set forth in the most recent annual report of its condition published by such Countersigning Agent prior to its appointment, provided that such reports are
published at least annually pursuant to law or to the requirements of a Federal or state supervising or examining authority.

 

    (b) Any corporation into which a Countersigning Agent may be merged, or any corporation resulting from any consolidation to which such Countersigning Agent shall be a
party, shall be a successor Countersigning Agent without any further act, provided that such corporation would be eligible for appointment as a new Countersigning Agent under the provisions of
Section 11.6(a), without the execution or filing of any paper or any further act on the part of the Warrant Agent or the Countersigning Agent. Any such successor Countersigning Agent shall
promptly cause notice of its succession as Countersigning Agent to be given in accordance with Section 13.1(b) to each Holder of a Warrant Certificate at such Holder's last address as shown on
the Warrant Register.

 

    (c) A Countersigning Agent may resign at any time by giving thirty (30) days' prior written notice thereof to the Warrant Agent and to the Company. The Warrant
Agent may at any time terminate the agency

of a Countersigning Agent by giving thirty (30) days' prior written notice thereof to such Countersigning Agent and to the Company.

    (d) The Warrant Agent agrees to pay to each Countersigning Agent from time to time reasonable compensation for its services under this Section, and the Warrant Agent
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 11.3.

 

    (e) Any Countersigning Agent shall have the same rights and immunities as those of the Warrant Agent set forth in Section 11.1.

 

	12.
	ADDITIONAL
COVENANTS OF THE COMPANY

 

    12.1  Maintenance of Office.  

    So long as any of the Warrants remain outstanding, the Company will maintain in the City of New York the following: (a) an office or agency where the Warrants may be presented
for exercise, (b) an office or agency where the Warrants may be presented for registration of transfer and for exchange as in this Agreement provided and (c) an office or agency where
notices and demands to or upon the Company in respect of the Warrants or of this Agreement may be served. The Company will give to the Warrant Agent written notice of the location of any such office
or agency and of any change of location thereof. The Company hereby initially designates the office of the Warrant Agent at            , or such other location as the Company may designate
upon
notice from the Warrant Agent as the office or agency for each such purpose. In case the Company shall fail to maintain any such office or agency or shall fail to give such notice of the location or
of any change in the location thereof, presentations and demands may be made and notices may be served at the Corporate Agency Office.

 

20

 

	13.
	NOTICES

 

    13.1  Notices Generally.  

    (a) Any request, notice, direction, authorization, consent, waiver, demand or other communication permitted or authorized by this Agreement to be made upon, given or
furnished to or filed with the Company or the Warrant Agent by the other party hereto or by any Holder shall be sufficient for every

purpose hereunder if in writing (including telecopy communication) and telecopied or delivered by hand (including by courier service) as follows:

 

If
to the Company, to it at:

Ascent Energy Inc.

650 Poydras Street, Suite 2200

New Orleans, Louisiana 70130

(504) 586-8888

or

If
to the Warrant Agent, to it at:

 

Mellon Investor Services LLC

Plaza of the Americas

600 N. Pearl Street

Dallas, Texas 75201-2884

 

or,
in either case, such other address as shall have been set forth in a notice delivered in accordance with this Section 13.1(a).

 

    All such communications shall, when so telecopied or delivered by hand, be effective when telecopied with confirmation of receipt or received by the addressee, respectively.

    Any Person that telecopies any communication hereunder to any Person shall, on the same date as such tetecopy is transmitted, also send, by first class mail, postage prepaid and
addressed to such Person as specified above, an original copy of the communication so transmitted.

 

    (b) Where this Agreement provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Warrant

Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Agreement provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. In case by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made by a method approved by
the Warrant Agent as one which would be most reliable under the circumstances for successfully delivering the notice to the addressees shall constitute a sufficient notification for every purpose
hereunder.

    13.2  Required Notices to Holders.  

    In case the Company shall propose (i) to pay any dividend payable in stock of any class to the holders of its Common Shares or to make any other distribution to the holders of
its Common Shares for which an adjustment is required to be made pursuant to Section 6, (ii) to distribute to the holders of its Common Shares rights to subscribe for or to purchase any
Additional Common Shares or shares of stock of any class or any other securities, rights or options, (iii) to effect any reclassification of its

21

 

Common Shares, (iv) to effect any transaction described in Section 6.1(h) or (v) to effect the liquidation, dissolution or winding up of the Company, then, and in each such case,
the Company shall cause to be filed with the Warrant Agent and shall give to each Holder of a Warrant Certificate, in accordance with Section 13.1(b), a notice of such proposed action or event.
Such notice shall specify (x) the date on which a record is to be taken for the purposes of such dividend or distribution; and (y) the date on which such reclassification, transaction,
event, liquidation, dissolution or winding up is expected to become effective and the date as of which it is expected that holders of Common Shares of record shall be entitled to exchange their Common
Shares for securities, cash or other property deliverable upon such reclassification, transaction, event, liquidation, dissolution or winding up. Such notice shall be given, in the case of any action
covered by clause (i) or (ii) above, at least ten (10) days prior to the record date for determining holders of the Common Shares for purposes of such action or, in the case of
any action covered by clauses (iii) through (v), at least twenty (20) days prior to the applicable effective or expiration date specified above or, in any such case, prior to such
earlier time as notice thereof shall be required to be given pursuant to Rule 10b-17 under the Exchange Act, if applicable.

    If at any time the Company shall cancel any of the proposed transactions for which notice has been given under this Section 13.2 prior to the consummation thereof, the Company
shall give each Holder prompt notice of such cancellation in accordance with Section 13.1(b) hereof.

 

	14.
	APPLICABLE
LAW

 

    THIS AGREEMENT, EACH WARRANT CERTIFICATE ISSUED HEREUNDER, EACH WARRANT EVIDENCED THEREBY AND ALL RIGHTS ARISING HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

	15.
	PERSONS
BENEFITING

 

    This Agreement shall be binding upon and inure to the benefit of the Company and the Warrant Agent, and their respective successors and assigns and the Holders from time to time of
the Warrant Certificates. Nothing in this Agreement is intended or shall be construed to confer upon any Person, other than the Company, the Warrant Agent and the Holders of the Warrant Certificates,
any right, remedy or claim under or by reason of this Agreement or any part hereof. Each Holder, by acceptance of a Warrant Certificate, agrees to all of the terms and provisions of this Agreement
applicable thereto.

	16.
	COUNTERPARTS

 

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

 

	17.
	AMENDMENTS

 

    The Company and the Warrant Agent may, without the consent or concurrence of the Holders of the Warrant Certificates, by supplemental agreement or otherwise, amend this Agreement for
the purpose of making any changes or corrections in this Agreement that (i) are required to cure any ambiguity or to correct or supplement any defective or inconsistent provision or clerical
omission or mistake or manifest error herein contained or (i) add to the covenants and agreements of the Company in this Agreement further covenants and agreements of the Company thereafter to
be observed, or surrender any rights or powers reserved to or conferred upon the Company in this Agreement; provided, however, that in either case, such amendment shall not adversely affect the rights
or interests of the Holders of the Warrant Certificates hereunder in any material respect. This Agreement may

22

 

otherwise be amended by the Company and the Warrant Agent only with the consent of the Holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the consent of each

Holder of a Warrant affected shall be required for any amendment pursuant to which the Warrant Price would be increased or the number of Warrant Shares purchasable upon exercise of Warrants would be
decreased (other than pursuant to adjustments provided herein).

 

    The Warrant Agent shall join with the Company in the execution and delivery of any such amendment unless such amendment affects the Warrant Agent's own rights, duties or immunities
hereunder, in which case the Warrant Agent may, but shall not be required to, join in such execution and delivery. Upon execution and delivery of any amendment pursuant to this Section 17, such
amendment shall be considered a part of this Agreement for all purposes and every Holder of a Warrant Certificate theretofore or thereafter countersigned and delivered hereunder shall be bound
thereby.

 

    Promptly after the execution by the Company and the Warrant Agent of any such amendment, the Company shall give notice to the Holders of Warrant Certificates, setting forth in general
terms the substance of such amendment, in accordance with the provisions of Section 13.1(b). Any failure of the Company to mail such notice or any defect therein, shall not, however, in any way
impair or affect the validity of any such amendment.

	18.
	INSPECTION

 

    The Warrant Agent shall cause a copy of this Agreement to be available at all reasonable times at the Corporate Agency Office of the Warrant Agent for inspection by the Holder of any
Warrant Certificate. The Warrant Agent may require such Holder to submit his Warrant Certificate for inspection by it.

 

	19.
	SUCCESSOR
TO THE COMPANY

 

    So long as Warrants remain outstanding, the Company will not enter into any Non-Surviving Combination unless the acquirer (or its parent company under any triangular
acquisition) shall expressly assume by a supplemental agreement, executed and delivered to the Warrant Agent, in form reasonably satisfactory to the Warrant Agent, the due and punctual performance of
every covenant of this Agreement on the part of the Company to be performed and observed and shall have provided for exercise rights in accordance with Section 6.1 (h)). Upon the consummation
of such Non-Surviving Combination, the acquirer (or its parent company under any triangular acquisition) shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Agreement with the same effect as if such acquirer (or its parent company under any triangular acquisition) had been named as the Company herein.

 

	20.
	ENTIRE
AGREEMENT

    This Agreement sets forth the entire agreement of the parties hereto as to the subject matter hereof and supersedes all previous agreements among all or some of the parties hereto
with respect thereto, whether written, oral or otherwise.

 

	21.
	HEADINGS

 

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

23

 

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	 	ASCENT ENERGY INC.
	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	

	

 	
 	

MELLON INVESTOR SERVICES LLC
	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

24

  

 
 

 EXHIBIT A

    

 
 

 FORM OF FACE OF WARRANT CERTIFICATE

    

Restricted Warrant Legend

 

    Include this Legend for Global Warrants:

 

    THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED TO OR FOR THE ACCOUNT OR BENEFIT OF ANY PERSON EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), OR (B) IT IS AN "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT) WHICH IS AN INSTITUTION (AN "INSTITUTIONAL ACCREDITED INVESTOR"), (2) AGREES THAT IT WILL NOT PRIOR TO THE DATE WHICH IS TWO YEARS (OR SUCH
SHORTER PERIOD AS COMPLIES

 

    WITH RULE 144 UNDER THE SECURITIES ACT) AFTER THE LATER OF THE DATE OF ORIGINAL ISSUANCE OF THIS SECURITY AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS SECURITY (THE "RESALE RESTRICTION TERMINATION DATE") RESELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY, EXCEPT (A) TO THE ISSUER, (B) TO A PERSON THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH THE RESALE PROVISIONS OF RULE 144A UNDER THE
SECURITIES ACT, (C) TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE WARRANT AGENT A WRITTEN CERTIFICATION CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (COPIES OF SUCH FORM CAN BE

OBTAINED FROM THE WARRANT AGENT), (D) PURSUANT TO THE RESALE LIMITATIONS PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OF
LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF SUCH ACCOUNT BE AT ALL TIMES WITHIN ITS CONTROL AND TO COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT WILL
DELIVER TO EACH PERSON TO WHICH THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IF THE PROPOSED TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER, THE HOLDER MUST,
PRIOR TO SUCH TRANSFER, FURNISH TO THE WARRANT AGENT AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE FOREGOING RESTRICTIONS ON RESALE WILL NOT APPLY SUBSEQUENT TO THE
RESALE RESTRICTION TERMINATION DATE.

 

    Unless and until it is exchanged in whole or in part for Securities in definitive form, this Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a

 

25

 

nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. The
Depository Trust Company shall act as the Depositary until a successor shall be appointed by the Company. Unless this certificate is presented by an authorized representative of The Depository Trust
Company (55 Water Street, New York, New York) ("DTC"), to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or such other name as may be requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as may be requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

26

  

 
 

  ASCENT ENERGY INC.
  WARRANT CERTIFICATE

    

    EVIDENCING

WARRANTS TO PURCHASE COMMON SHARES

(VALID ONLY IF COUNTERSIGNED BY THE WARRANT AGENT

 

AS PROVIDED HEREIN)

 

	No.	 	Warrants

    THIS CERTIFIES THAT, for value received,            or registered assigns, is the registered owner
of            Warrants to Purchase Common Shares of Ascent
Energy Inc., a Delaware corporation (the "Company," which term includes any successor thereto under the Warrant Agreement), and is entitled, subject to and upon compliance with the provisions
hereof and of the Warrant Agreement, at such Holder's option, at any time from and after            to purchase from the Company 191.943 Warrant Shares for each Warrant evidenced hereby, at
the purchase price of $        per share (as adjusted from time to time, the "Warrant Price"), payable in full at the time of purchase, the number of Warrant Shares into which and the
Warrant Price at which each Warrant shall be exercisable, each being subject to adjustment as provided in Section 6 of the Warrant Agreement.

 

    The Holder of this Warrant Certificate may exercise all or any whole number of the Warrants evidenced hereby, on any Business Day from and after the Separation Date (as defined in the
Warrant Agreement) until 5:00 p. m., New York City time, on            (subject to earlier expiration pursuant to Section 5 of the Warrant Agreement, the "Expiration Date") for the
Warrant Shares purchasable hereunder.

    Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

    Unless this Warrant Certificate has been countersigned by the Warrant Agent by manual signature of an authorized officer on behalf of the Warrant Agent, this Warrant Certificate shall
not be valid for any purpose and no Warrant evidenced hereby shall be exercisable.

27

 

    IN WITNESS WHEREOF, the Company has caused this certificate to be duly executed under its corporate seal.

 

	 	 	 	 	ASCENT ENERGY INC.
	

SEAL	
 	

By:	
 	

 	
 	

 
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
	

ATTEST:	
 	

 	
 	

 	
 	

 
	

Dated:	
 	

 	
 	

 	
 	

 
	

Countersigned:	
 	

 	
 	

 	
 	

 
	

MELLON INVESTOR SERVICES LLC	
 	

 	
 	

 	
 	

 
	

Warrant Agent	
 	

 	
 	

 	
 	

 
	

By:	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	
	 	 	 	 	 	 
	 	 	Authorized Signature	 	 	 	 	 	 

28

 

  REVERSE OF WARRANT CERTIFICATE

 

ASCENT ENERGY INC.

 

WARRANT CERTIFICATE

 

EVIDENCING

WARRANTS TO PURCHASE COMMON SHARES

    

	1.
	General.

    The Warrants evidenced hereby are one of a duly authorized issue of Warrants of the Company designated as its Warrants to Purchase Common Shares ("Warrants"), limited in aggregate
number to      Warrants issued under and in accordance with the Warrant Agreement, dated as of June  , 2001 (the "Warrant Agreement"), between the Company and Mellon
Investor Services LLC, as warrant agent (the "Warrant Agent", which term includes any successor thereto permitted under the Warrant Agreement), to which Warrant Agreement and all amendments thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Warrant Agent, the Holders of Warrant Certificates and
the owners of the Warrants evidenced thereby and of the terms upon which the Warrant Certificates are, and are to be, countersigned and delivered. A copy of the Warrant Agreement shall be available at
all reasonable times at the office of the Warrant Agent for inspection by the Holder hereof.

 

    In the event of the exercise of less than all of the Warrants evidenced hereby, a new Warrant Certificate of the same tenor and for the number of Warrants which are not exercised
shall be issued by the Company in the name or upon the written order of the Holder of this Warrant Certificate upon the cancellation hereof.

    All Warrant Shares issuable by the Company upon the exercise of Warrants shall, upon such issuance, be duly authorized, validly issued, fully paid and nonassessable and free of
preemptive or similar rights. The Company shall pay any and all taxes (other than income taxes) that may be payable in respect of

the issue or delivery of Warrant Shares on exercise of Warrants. The Company shall not be required, however, to pay any tax or other charge imposed in respect of any transfer involved in the issue and
delivery of any certificates for Warrant Shares or payment of cash to any Person other than the Holder of the Warrant Certificate surrendered upon the exercise of a Warrant, and in case of such
transfer or payment, the Warrant Agent and the Company shall not be required to issue or deliver any certificate or pay any cash until (a) such tax or charge has been paid or an amount
sufficient for the payment thereof has been delivered to the Warrant Agent or to the Company or (b) it has been established to the Company's satisfaction that any such tax or other charge that
is or may become due has been paid.

 

    The Warrant Certificates are issuable only in registered form in denominations of whole numbers of Warrants. Upon surrender at the office of the Warrant Agent and payment of the
charges specified herein and in the Warrant Agreement, this Warrant Certificate may be exchanged for Warrant Certificates in other authorized denominations or the transfer hereof may be registered in
whole or in part in authorized denominations to one or more designated transferees, subject to the restrictions on transfer set forth herein and in the Warrant Agreement; provided, however, that such
other Warrant Certificates issued upon exchange or registration of transfer shall evidence the same aggregate number of Warrants as this Warrant Certificate. The Company shall cause to be kept at the
office of the Warrant Agent the Warrant Register in which, subject to such reasonable regulations as the Warrant Agent may prescribe and such regulations as may be prescribed by law, the Company shall
provide for the registration of Warrant Certificates and of transfers or exchanges of Warrant Certificates.

 

	2.
	Expiration.

    Except as provided in the Warrant Agreement, all outstanding Warrants shall expire and all rights of the Holders of Warrant Certificates evidencing such Warrants shall terminate and
cease to exist, as

29

 

of 5:00 p.m., New York time, on the Expiration Date. "Expiration Date" shall mean            , or such earlier date as determined in accordance with the Warrant Agreement.

 

	3.
	Registration
Rights.

    The Warrantholders and the holders of Warrant Shares shall have the registration rights provided for in the Registration Rights Agreement, dated as of            (the
"Registration Rights Agreement"), by and between the Company named on the execution pages thereof and the Purchasers named on the execution pages thereof. A copy of the Registration Rights Agreement
is on file at the office of the Warrant Agent.

 

	4.
	Liquidation
of the Company.

 

    If, on or prior to the Expiration Date, the Company (or any other Person controlling the Company) shall propose a voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company, each Warrantholder shall receive the securities, money or other property which such Warrantholder would have been entitled to receive had such Warrantholder been the holder
of record of the Warrant Shares into which the Warrants were exercisable immediately prior to such dissolution, liquidation or winding up (net of the then applicable Warrant Price), and the rights to
exercise such Warrants shall terminate.

 

	5.
	Anti-Dilution
Adjustments.

 

    The number of Warrant Shares issuable upon exercise of a Warrant shall be adjusted on occurrence of certain events, including, without limitation, the payment of a certain dividends
on, or the making of a certain distributions in respect of, the Common Shares, including the distribution of rights to purchase Common Shares (or securities convertible into or exchangeable for Common
Shares) at a price below the Current Market Price. An adjustment shall also be made in the event of a combination, subdivision or reclassification of the Common Shares.

 

    Adjustments will be made whenever and as often as any specified event requires an adjustment to occur.

 

	6.
	Procedure
for Exercising Warrant.

    Subject to the provisions hereof and of the Warrant Agreement, the Holder of this Warrant Certificate may exercise all or any whole number of the Warrants evidenced hereby by either
of the following methods:

    (A) The
Holder may deliver to the Warrant Agent at the Corporate Agency Office (i) a written notice of such Holder's election to exercise all or a portion of the
Warrants evidenced hereby, duly executed by such Holder in the form set forth below, which notice shall specify the number of Warrant Shares to be purchased, (ii) this Warrant Certificate and
(iii) a sum equal to the aggregate Warrant Price for the Warrant Shares into which the Warrants represented by this Warrant Certificate are being exercised, which sum shall be paid in any
combination elected by such Holder of (x) certified or official bank checks in New York Clearing House funds payable to the order of the Company and delivered to the Warrant Agent at the
Corporate Agency Office, or (y) wire transfers in immediately available funds to the account of the company at such banking institution as the Company shall have given notice to the Warrant
Agent and the Holders in accordance with the Warrant Agreement; or

 

    (B) The Holder may also exercise all or any of the Warrants in a "cashless" or "net-issue" exercise by delivering to the Warrant Agent at the Corporate
Agency Office (A) a written notice of such Holder's election to exercise Warrants, duly executed by such Holder in the form set forth on the reverse of, or attached to, such Warrant
Certificate, which notice shall specify the number of Warrant Shares to be delivered to such Holder and either (x) the number of Warrant Shares with

 

30

 

respect to which such Warrants are being surrendered in payment of the aggregate Warrant Price for the Warrant Shares to be delivered to the Holder or (y) the number of Company Securities that
are being surrendered in payment in the aggregate Warrant Price for the Warrant Shares to be delivered to the Holder, and (B) the Warrant Certificate evidencing such Warrants, together with any
Company Securities being delivered in payment of the Warrant Price. For purposes of this subparagraph (ii), each Warrant Share as to which such Warrants are surrendered in payment of the aggregate
Warrant Price will be attributed a value equal to (x) the Current Market Price per share of Common Shares minus (y) the then-current Warrant Price and (iii) each
Company Security that is being surrendered in payment of the aggregate Warrant Price will be attributed a value equal to (x) the Current Market Price per share of Common Shares in the case of
Common Shares, (y) the aggregate principal amount of any Company Securities that evidence debt and (z) the liquidation preference of any Company Securities that evidence preferred stock.

 

	7.
	Registered
Holder.

    Prior to due presentment of this Warrant Certificate for registration of transfer, the Company, the Warrant Agent and any agent of the Company or the Warrant Agent may treat the
Person in whose name this Warrant Certificate is registered as the owner hereof for all purposes, and neither the Company, the Warrant Agent nor any such agent shall be affected by notice to the
contrary.

 

	8.
	Amendment.

 

    The Warrant Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of Warrant Certificates under the Warrant Agreement at any time by the Company and the Warrant Agent with the consent of the Holders of Warrant Certificates evidencing a majority of the
then outstanding Warrants.

 

	9.
	Status
as Warrantholder.

 

    Prior to the exercise of the Warrants, except as may be specifically provided for in the Warrant Agreement, (i) no Holder of a Warrant Certificate, as such, shall be entitled
to any of the rights of a holder of Common Shares of the Company, including, without limitation, the right to vote at, or to receive any notice of, any meetings of stockholders of the Company;
(ii) the consent of any Holder shall not be required with respect to any action or proceeding of the Company; (iii) except as provided with respect to the dissolution, liquidation or
winding up of the Company, no Holder, by reason of the ownership or possession of a Warrant or the Warrant Certificate representing the same, shall have any right to receive any stock dividends,
allotments or rights or other distributions (except as specifically provided in the Warrant Agreement), paid, allotted or distributed or distributable to the stockholders of the Company prior to or
for which the relevant record date preceded the date of the exercise of such Warrant; and (iv) no Holder shall have any right not expressly conferred by the Warrant Agreement or Warrant
Certificate held by such Holder. Notwithstanding anything herein to the contrary, if the Company declares and pays any cash dividend or makes any distribution in cash in respect of its Common Shares,
it shall pay each Holder of Warrants an amount in cash equal to the amount that such Holder would have received had it been a holder of record of the Warrant Shares issuable upon exercise of its
Warrants immediately prior to the record date for such dividend or distribution.

 

	10.
	Governing
Law.

 

    This Warrant Certificate, each Warrant evidenced thereby and the Warrant Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without
giving effect to principles of conflicts of Laws to the extent that application of the Law of another jurisdiction would be required thereby.

31

 

	11.
	Definitions.

 

    All terms used in this Warrant Certificate which are defined in the Warrant Agreement shall have the meanings assigned to them in the Warrant Agreement.

32

 

FORM OF EXERCISE

 

    In accordance with and subject to the terms and conditions hereof and of the Warrant Agreement, the undersigned registered Holder of this Warrant Certificate hereby irrevocably elects
to exercise    Warrants evidenced by this Warrant Certificate or represents that such Holder has tendered the Warrant Price for each of the Warrants evidenced hereby being exercised in
the aggregate amount of $         in the indicated combination of:

     (i) cash ($            );

 

    (ii) certified bank check payable to the order of the Company ($            );

 

    (iii) official bank check in New York Clearing House funds payable to the order of the Company ($            );

    (iv) wire transfer in immediately available funds to the account designated by the Company for such purpose ($            ); or

    (v) surrender of Warrants or other Company Securities having a value determined in accordance with the Warrant Certificate ($            )

 

    The undersigned requests that the Warrant Shares issuable upon exercise be in fully registered form in such denominations and registered in such names and delivered, together with any
other property receivable upon exercise, in such manner as is specified in the instructions set forth below.

    If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate representing the remaining Warrants
evidenced hereby be issued and delivered to the undersigned unless otherwise specified in the instructions below.

 

	Dated:	 	 	 	Name:	 	 
	 	 	
	 	 	 	
 (Please Print)
	

 	
 	

 (Insert Social Security or Other

Identifying Number of Holder)	
 	

Address:	
 	

 
	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

 Signature

    (Signature must conform in all respects to name of Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust company or member
firm of a national securities exchange.)

 

Signature Guaranteed:

 

    Instructions (i) as to denominations and names of Warrant Shares issuable upon exercise and as to delivery of such securities and any other property issuable upon exercise and
(ii) if applicable, as to Warrant Certificates evidencing unexercised Warrants:

33

 

Assignment

 

(Form of Assignment To Be Executed If Holder Desires To Transfer Warrant Certificate)

 

    FOR VALUE RECEIVED                    hereby sells, assigns and transfers unto

    Please insert social security

or other identifying number

    (Please print name and address including zip code)

 

the Warrants represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint Attorney, to transfer said Warrant Certificate on the books of the within-named Company
with full power of substitution in the premises.

 

	Dated:	 	 
	 	 	
 Signature

    (Signature must conform in all respects to name of Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust company or member
firm of a national securities exchange.)

 

    Signature Guaranteed:

 

34

  

 
 

 EXHIBIT B

    

 
 

  FORM OF ACCREDITED INVESTOR TRANSFEREE CERTIFICATE

    

(Transfers Pursuant to ss.2.4(a) of the Warrant Agreement)

 

                , 20      

Mellon Investor Services LLC, Plaza of the Americas, 600 N. Pearl St. Dallas, Texas 75201-2884

Attention:

 

Re: Ascent Energy Inc. Warrants to Purchase Common Shares (the      "Warrants")

 

    Reference is hereby made to the Warrant Agreement dated as of September 9, 1997 (the "Warrant Agreement") between Ascent Energy Inc. and Mellon Investor Services LLC, as
Warrant Agent. Capitalized terms used but not defined herein shall have the meanings given them in the Warrant Agreement.

    This letter relates to Warrants exercisable for an aggregate of            Common Shares ("Warrant Shares"), which Warrants are held in the name of name of transferor
(the
"Transferor") to effect the transfer of the Warrants to the undersigned.

 

    In connection with such request, and in respect of such Warrants, we confirm that:

 

    1.  We have received and such information as we deem necessary in order to make our investment decision.

 

    2.  We understand that the Warrants and Warrant Shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and unless so
registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Warrants or Warrant Shares to
offer, sell or otherwise transfer such securities prior to the date which is two years after the later of the date of original issue and the last date on which the Company or any affiliate or the
Company was the owner of such securities (or any predecessor thereto) (the "Resale Restriction Termination Date") only (a) to the Company (b) pursuant to a registration statement which
has been declared effective under the Securities Act, (c) for so long as the Warrants or Warrant Shares are eligible for resale pursuant to Rule 144A under the Securities Act, to a
person we reasonably believe is a Qualified Institutional Buyer (as defined in Rule 144A) that purchases for its own account or for the account of a Qualified Institutional Buyer to whom notice
is given that the transfer is being made in reliance on Rule 144A, (d) to an "Accredited Investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) which is an institution (an "Institutional Accredited Investor") that is purchasing for his own account or for the account of such an Institutional Accredited Investor for investment
purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act, (e) pursuant to the resale limitations provided by Rule 144
under the Securities Act (if available), or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any
requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and to compliance with any applicable state
securities law. The foregoing restrictions on sale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Warrants or Warrant Shares is proposed
to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to
the Company which shall provide, among other things, that the transferee is an Institutional Accredited Investor and that it is acquiring such Warrants or Warrant Shares for investment purposes and
not for distribution in violation of the Securities Act. Each purchaser

35

 

acknowledges that the Company and the Warrant Agent reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Warrants or Warrant Shares
pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Warrant Agent.

 

    3.  We are an [Institutional] Accredited Investor or, if the transfer is of a beneficial interest in the Global Warrant, a Qualified
Institutional Buyer, in either case purchasing for our own account or for the account of such an [Institutional] Accredited Investor as to each of which we exercise sole
investment discretion and we are acquiring the Warrants or Warrant Shares for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the
Securities Act and

we have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Securities, and we and any accounts for which we
are acting are each able to bear the economic risk of our or its investments for an indefinite period.

    4.  All of you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	 	Very truly yours,
	

 	
 	

 	
 	

 (Name of Purchaser)
	

 	
 	

By:	
 	

 
	 	 	 	 	

	

 	
 	

Name:	
 	

 
	 	 	 	 	

	

 	
 	

Title:	
 	

 
	 	 	 	 	

	

 	
 	

Date:	
 	

 
	 	 	 	 	

    Upon transfer, the Securities should be registered in the name of the new beneficial owner as follows:

 

	Name:	 	 	 	 
	 	 	
	 	 
	

Address:	
 	

 	
 	

 
	 	 	
	 	 
	

	
 	

 
	

Taxpayer ID Number:	
 	

 	
 	

 
	 	 	
	 	 

36

 
 
 

  EXHIBIT C

    

 
 

 FORM OF LEGAL
  OPINION ON TRANSFER

    

                , 20      

 

Mellon Investor Services LLC, Plaza of the Americas, 600 N. Pearl St. Dallas, Texas 75201-2884

 

Attention:

 

Re: Ascent Energy Inc. Warrants to Purchase Common Shares (the "Warrants")

 

Ladies and Gentlemen:

 

    This opinion is being furnished to you in connection with the sale by (the "Transferor") to (the "Purchaser") of Warrants to Purchase Common Shares exercisable for an aggregate of
Common Shares, par value $.001 per share, of Ascent Energy Inc. (the "Warrants").

 

    We have examined such documents and records as we have deemed appropriate. In our examination of the foregoing, we have assumed the authenticity of all documents, the genuineness of
all signatures and the due authorization, execution and delivery of the aforementioned by each of the parties thereto. We have further assumed the accuracy of the representations contained in the
Accredited Investor Transferee Certificate executed and delivered by the Purchaser in connection with its purchase of the Warrants made by the parties executing such document. We have also assumed
that the sale of the Warrants to the Transferor was exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the "Securities Act").

 

    Based on the foregoing, we are of the opinion that the sale to the Purchaser of the Warrants does not require registration of such Warrants under the Securities Act.

 

	 	 	Very truly yours,
	

 	
 	

 
	

 	
 	

 

37

QuickLinks

Exhibit 4.5

WARRANT AGREEMENT between ASCENT ENERGY INC. and MELLON INVESTOR SERVICES LLC as WARRANT AGENT

EXHIBIT A

FORM OF FACE OF WARRANT CERTIFICATE

ASCENT ENERGY INC. WARRANT CERTIFICATE

EXHIBIT B

FORM OF ACCREDITED INVESTOR TRANSFEREE CERTIFICATE

EXHIBIT C

FORM OF LEGAL OPINION ON TRANSFER<PAGE>

                                                                    Exhibit 4(c)

                             AMENDED AND RESTATED
                                    BYLAWS
                                      OF
                      ELECTRONIC DATA SYSTEMS CORPORATION
                        (Adopted as of April 24, 2001)

                                   ARTICLE I
                                    OFFICES

1.1  Registered Office.  The registered office of Electronic Data Systems
     -----------------
     Corporation (the "Corporation") in the State of Delaware shall be 2711
     Centerville Road, Wilmington, Delaware 19808.  The name of the registered
     agent at such address is Corporation System Company.

1.2  Other Offices.  The Corporation may also have offices at such other places
     -------------
     both within and outside the State of Delaware as the Board of Directors of
     the Corporation (the "Board of Directors") may determine from time to time
     or as the business of the Corporation may require.

                                   ARTICLE II

                            MEETINGS OF STOCKHOLDERS

2.1  Place of Meetings.  Meetings of stockholders of the Corporation shall be
     -----------------
     held at such place within or outside the State of Delaware as may be
     designated by the Board of Directors or the officer calling the meeting.

2.2  Annual Meeting.  The annual meeting of the stockholders of the Corporation
     --------------
     shall be held on the third Tuesday of May in each year, at ten o'clock a.m.
     or on such other date and at such other time as shall be determined by the
     Board of Directors and set forth in the notice of meeting, and on any
     subsequent day or days or later time to which such meeting may be
     adjourned, for the purposes of electing Directors of the Corporation and
     transacting such other business as may properly come before the meeting.
     The Board of Directors shall designate the place for the holding of such
     meeting, and at least 10 days' notice shall be given to the stockholders of
     the Corporation of the place so fixed.  If the day designated herein is a
     legal holiday, the annual meeting shall be held on the first succeeding day
     which is not a legal holiday.  If for any reason the annual meeting shall
     not be held on the day designated herein, the Board of Directors shall
     cause the annual meeting to be held as soon thereafter as may be
     convenient.  Failure to hold an annual meeting at the designated time or
     otherwise shall not work a dissolution of the Corporation.

2.3  Special Meetings.  Unless otherwise provided by the provisions of the
     ----------------
     General Corporation Law of the State of Delaware, or any successor statute
     (the "DGCL"), or by or pursuant to the Restated Certificate of
     Incorporation of the Corporation, as it may be further amended or restated
     from time to time, including pursuant to any resolution or resolutions
     adopted in accordance therewith by the Board of Directors providing for the
     establishment of one or more series of preferred stock of the Corporation
     (the

                                       1
<PAGE>

     "Certificate of Incorporation"), special meetings of the stockholders of
     the Corporation may be called at any time only by the Chairman of the Board
     of Directors or by the Board of Directors pursuant to a resolution approved
     by the affirmative vote of at least a majority of the Whole Board, and no
     such special meeting may be called by any other person or persons (the term
     "Whole Board" shall mean the total number of Directors of the Corporation
     as fixed in accordance with the Certificate of Incorporation, whether or
     not there exist any vacancies in previously authorized directorships). Upon
     written request of any person or persons referenced in the immediately
     preceding sentence who are authorized to call special meetings of the
     stockholders of the Corporation and who have duly called such a special
     meeting, it shall be the duty of the Secretary of the Corporation to fix
     the date of the meeting to be held not less than 10 nor more than 60 days
     after the receipt of the request and to give due notice thereof. If the
     Secretary shall neglect or refuse to fix the date of the meeting and give
     notice thereof, the person or persons calling the meeting may do so. Every
     special meeting of the stockholders of the Corporation shall be held at
     such place within or outside the State of Delaware as the Board of
     Directors or the officer calling the meeting may designate.

2.4  Notice of Meeting.  Unless otherwise provided by the DGCL, whenever
     -----------------
     stockholders of the Corporation are required or permitted to take any
     action at a meeting, written or printed notice of the meeting, stating the
     place, date and hour of the meeting, and, in the case of a special meeting,
     the purpose or purposes for which the meeting is called, shall be delivered
     not less than 10 nor more than 60 days before the date of the meeting,
     either personally or by mail, by or at the direction of the Chairman of the
     Board, the Chief Executive Officer or the Secretary of the Corporation, to
     each stockholder of the Corporation entitled to vote at such meeting.  If
     mailed, such notice shall be deemed to be delivered when deposited in the
     United States mail addressed to a stockholder of the Corporation at such
     stockholder's address as it appears on the stock transfer records of the
     Corporation, with postage thereon prepaid.  Notice of any meeting of
     stockholders of the Corporation need not be given to any stockholder of the
     Corporation if waived by him in writing in accordance with Section 7.3
     hereof.  In addition, attendance at a meeting of the stockholders of the
     Corporation shall constitute a waiver of notice of such meeting, except
     when a stockholder of the Corporation attends a meeting for the express
     purpose of objecting (and so expresses such objection at the beginning of
     the meeting) to the transaction of any business on the ground that the
     meeting is not lawfully called or convened.

2.5  Registered Holders of Shares; Closing of Share Transfer Records; and Record
     ---------------------------------------------------------------------------
     Date.
     ----

     (a)  Registered Holders as Owners.  Unless otherwise provided by Delaware
          ----------------------------
          law, the Corporation may regard the person in whose name any shares
          issued by the Corporation are registered in the stock transfer records
          of the Corporation at any particular time (including, without
          limitation, as of a record date fixed pursuant to Section 2.5(b)
          hereof) as the owner of such shares at that time for purposes of
          voting such shares, receiving distributions thereon or notices in
          respect thereof, transferring such shares, exercising rights of
          dissent with respect to such shares, entering into agreements with
          respect to such shares, or giving proxies with respect to such shares;
          and neither the Corporation nor any of its officers, Directors,
          employees or agents shall be liable for regarding that person to be
          the

                                       2
<PAGE>

          owner of such shares at that time for those purposes, regardless of
          whether that person possesses a certificate for such shares.

     (b)  Record Date.  For the purpose of determining stockholders of the
          -----------
          Corporation entitled to notice of or to vote at any meeting of
          stockholders of the Corporation or any adjournment thereof, or
          entitled to receive a distribution by the Corporation (other than a
          distribution involving a purchase or redemption by the Corporation of
          any of its own shares) or a share dividend, or in order to make a
          determination of stockholders of the Corporation for any other proper
          purpose, the Board of Directors may fix in advance a date as the
          record date for any such determination of stockholders of the
          Corporation, such date in any case to be not more than 60 days, and in
          the case of a meeting of stockholders of the Corporation, not less
          than 10 days, prior to the date on which the particular action
          requiring such determination of stockholders of the Corporation is to
          be taken.  The Board of Directors shall not close the books of the
          Corporation against transfers of shares during the whole or any part
          of such period.

2.6  Quorum of Stockholders; Adjournment.  Unless otherwise provided by the DGCL
     -----------------------------------
     or the Certificate of Incorporation, a majority of the outstanding shares
     of all classes or series of capital stock of the Corporation entitled to
     vote, present in person or represented by proxy, shall constitute a quorum
     at any meeting of the stockholders of the Corporation, and the stockholders
     of the Corporation present at any duly convened meeting may continue to do
     business at such meeting or at any adjournment thereof notwithstanding any
     withdrawal from the meeting of holders of shares counted in determining the
     existence of a quorum.  Unless otherwise provided by the Certificate of
     Incorporation or these Bylaws, any meeting of the stockholders of the
     Corporation may be adjourned from time to time, without notice other than
     by announcement at the meeting at which such adjournment is taken, and at
     any such adjourned meeting at which a quorum shall be present any action
     may be taken that could have been taken at the meeting originally called;
     provided, however, that if the adjournment is for more than 30 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.

2.7  Voting by Stockholders.
     ----------------------

     (a)  Voting on Matters Other Than the Election of Directors.  With respect
          ------------------------------------------------------
          to any matters as to which no other voting requirement is specified by
          the DGCL, the Certificate of Incorporation or these Bylaws, the
          affirmative vote required for stockholder action shall be that of at
          least a majority of the shares present in person or represented by
          proxy at the meeting (as counted for purposes of determining the
          existence of a quorum at the meeting).  In the case of a matter
          submitted for a vote of the stockholders of the Corporation as to
          which a stockholder approval requirement is applicable under the
          stockholder approval policy of the New York Stock Exchange or any
          other exchange or quotation system on which the shares of any class or
          series of capital stock of the Corporation is traded or quoted, the
          requirements of Rule 16b-3 promulgated under the Securities Exchange
          Act of 1934, as amended (the "Exchange Act"), or any other rule
          promulgated under the Exchange Act requiring a vote of

                                       3
<PAGE>

          stockholders, or any provision of the Internal Revenue Code, in each
          case for which no higher voting requirement is specified by the DGCL,
          the Certificate of Incorporation or these Bylaws, the vote required
          for approval shall be the requisite vote specified in such stockholder
          approval policy, Rule 16b-3 or such other rule promulgated under the
          Exchange Act or Internal Revenue Code provision, as the case may be
          (or the highest such requirement if more than one is applicable). For
          the approval of the appointment of independent public accountants (if
          submitted for a vote of the stockholders of the Corporation), the vote
          required for approval shall be at least a majority of the votes cast
          on the matter.

     (b)  Voting in the Election of Directors.  Unless otherwise provided by or
          -----------------------------------
          pursuant to the Certificate of Incorporation or these Bylaws in
          accordance with the DGCL, at a meeting of stockholders of the
          Corporation at which a quorum is present, Directors of the Corporation
          shall be elected by a plurality of the votes cast by holders of
          outstanding shares of all classes or series of capital stock of the
          Corporation entitled to vote in the election of Directors of the
          Corporation.

2.8  Stockholder Proposals.  At an annual meeting of stockholders of the
     ---------------------
     Corporation, only such business shall be conducted, and only such proposals
     shall be acted upon, as shall have been properly brought before such annual
     meeting.  To be properly brought before an annual meeting, business or
     proposals must (i) be specified in the notice relating to the meeting (or
     any supplement thereto) given by or at the direction of the Board of
     Directors in accordance with Section 2.4 hereof or (ii) be properly brought
     before the meeting by a stockholder of the Corporation who (A) is a
     stockholder of record at the time of the giving of such stockholder's
     notice provided for in this Section 2.8, (B) shall be entitled to vote at
     the annual meeting and (C) complies with the requirements of this Section
     2.8, and otherwise be proper subjects for stockholder action and be
     properly introduced at the annual meeting.  For a proposal to be properly
     brought before an annual meeting by a stockholder of the Corporation, in
     addition to any other applicable requirements, such stockholder must have
     given timely advance notice thereof in writing to the Secretary of the
     Corporation.  To be timely, such stockholder's notice must be delivered to,
     or mailed and received at, the principal executive offices of the
     Corporation not less than 90 days nor more than 270 days prior to the
     scheduled annual meeting date, regardless of any postponements, deferrals
     or adjournments of such annual meeting to a later date; provided, however,
     that if the scheduled annual meeting date differs from the annual meeting
     date prescribed by these Bylaws as in effect on the date of the next
     preceding annual meeting of stockholders of the Corporation and if less
     than 100 days' prior notice or public disclosure of the scheduled annual
     meeting date is given or made, notice by such stockholder, to be timely,
     must be so delivered or received not later than the close of business on
     the 10th day following the earlier of the day on which the notice of such
     meeting was mailed to stockholders of the Corporation or the day on which
     such public disclosure was made.  Any such stockholder's notice to the
     Secretary of the Corporation shall set forth as to each matter such
     stockholder proposes to bring before the annual meeting (i) a description
     of the proposal desired to be brought before the annual meeting and the
     reasons for conducting such business at the annual meeting, (ii) the name
     and address, as they appear on the Corporation's books, of such stockholder
     proposing such business and any other stockholders of the Corporation known
     by such stockholder to be in favor of such proposal, (iii) the number of
     shares of each class or

                                       4
<PAGE>

     series of capital stock of the Corporation Beneficially Owned (as defined
     below) by such stockholder on the date of such notice and (iv) any material
     interest of such stockholder in such proposal. A person shall be the
     "beneficial owner" of any shares of any class or series of capital stock of
     the Corporation of which such person would be the beneficial owner pursuant
     to the terms of Rule 13d-3 promulgated under the Exchange Act as in effect
     on March 12, 1996; stock shall be deemed "Beneficially Owned" by the
     beneficial owner or owners thereof. The presiding officer of the meeting of
     stockholders of the Corporation shall determine whether the requirements of
     this Section 2.8 have been met with respect to any stockholder proposal. If
     the presiding officer determines that any stockholder proposal was not made
     in accordance with the terms of this Section 2.8, he shall so declare at
     the meeting and any such proposal shall not be acted upon at the meeting.
     At a special meeting of stockholders of the Corporation, only such business
     shall be conducted, and only such proposals shall be acted upon, as shall
     have been properly brought before such special meeting. To be properly
     brought before such a special meeting, business or proposals must (i) be
     specified in the notice relating to the meeting (or any supplement thereto)
     given by or at the direction of the Board of Directors in accordance with
     Section 2.4 hereof or (ii) constitute matters incident to the conduct of
     the meeting as the presiding officer of the meeting shall determine to be
     appropriate. In addition to the foregoing provisions of this Section 2.8, a
     stockholder of the Corporation shall also comply with all applicable
     requirements of the Exchange Act and the rules and regulations promulgated
     thereunder with respect to the matters set forth in this Section 2.8.

                                  ARTICLE III

                                   DIRECTORS

3.1  Number, Classification and Tenure.
     ---------------------------------

     (a)  The powers of the Corporation shall be exercised by or under the
          authority of, and the business and affairs of the Corporation shall be
          managed by or under the direction of, the Board of Directors.  In
          addition to the authority and powers conferred upon the Board of
          Directors by the DGCL, the Certificate of Incorporation or these
          Bylaws, the Board of Directors is hereby authorized and empowered to
          exercise all such powers and do all such acts and things as may be
          exercised or done by the Corporation, subject to the provisions of the
          DGCL, the Certificate of Incorporation and any Bylaw of the
          Corporation adopted by the stockholders of the Corporation; provided,
          however, that no Bylaw of the Corporation hereafter adopted by the
          stockholders of the Corporation, nor any amendment thereto, shall
          invalidate any prior act of the Board of Directors that would have
          been valid if such Bylaw or amendment thereto had not been adopted.

     (b)  Except as otherwise provided by the Certificate of Incorporation or
          these Bylaws or to the extent prohibited by Delaware law, the Board of
          Directors shall have the right to establish the rights, powers,
          duties, rules and procedures that (i) from time to time shall govern
          the Board of Directors, including, without limiting the generality of
          the foregoing, the vote required for any action by the Board of

                                       5
<PAGE>

          Directors and (ii) from time to time shall affect the Directors' power
          to manage the business and affairs of the Corporation.

     (c)  Within the limits specified in the Certificate of Incorporation, and
          subject to such rights of holders of shares of one or more outstanding
          series of preferred stock of the Corporation to elect one or more
          Directors of the Corporation under circumstances as shall be provided
          by or pursuant to the Certificate of Incorporation, the number of
          Directors of the Corporation that shall constitute the Board of
          Directors shall be fixed from time to time exclusively by, and may be
          increased or decreased from time to time exclusively by, the
          affirmative vote of at least a majority of the Whole Board.

     (d)  Each Director of the Corporation shall hold office for the full term
          for which such Director is elected and until such Director's successor
          shall have been duly elected and qualified or until his earlier death,
          resignation or removal in accordance with the Certificate of
          Incorporation and these Bylaws.

     (e)  The Directors of the Corporation, other than those who may be elected
          by holders of shares of one or more outstanding series of preferred
          stock of the Corporation under circumstances as shall be provided by
          or pursuant to the Certificate of Incorporation, shall be divided into
          three classes as provided by the Certificate of Incorporation.

     (f)  Unless otherwise provided by or pursuant to the Certificate of
          Incorporation, newly created directorships resulting from any increase
          in the authorized number of Directors of the Corporation and any
          vacancies on the Board of Directors resulting from death, resignation
          or removal in accordance with the Certificate of Incorporation and
          these Bylaws shall be filled only by the affirmative vote of at least
          a majority of the remaining Directors of the Corporation then in
          office, even if such remaining Directors constitute less than a quorum
          of the Board of Directors.  Any Director of the Corporation elected in
          accordance with the preceding sentence shall hold office for the
          remainder of the full term of the class of Directors of the
          Corporation in which the new directorship was created or the vacancy
          occurred and until such Director's successor shall have been elected
          and qualified or until his earlier death, resignation or removal in
          accordance with the Certificate of Incorporation and these Bylaws.
          Unless otherwise provided by or pursuant to the Certificate of
          Incorporation, no decrease in the number of Directors of the
          Corporation constituting the Board of Directors shall shorten the term
          of any incumbent Director of the Corporation.  The term "Voting Stock"
          shall mean all outstanding shares of all classes and series of capital
          stock of the Corporation entitled to vote generally in the election of
          Directors of the Corporation, considered as one class; and, if the
          Corporation shall have shares of Voting Stock entitled to more or less
          than one vote for any such share, each reference in these Bylaws to a
          proportion or percentage in voting power of Voting Stock shall be
          calculated by reference to the portion or percentage of votes entitled
          to be cast by holders of such shares generally in the election of
          Directors of the Corporation.

                                       6
<PAGE>

3.2  Qualifications.  Directors of the Corporation need not be residents of the
     --------------
     State of Delaware or stockholders of the Corporation.

3.3  Nomination of Directors.  Subject to such rights of holders of shares of
     -----------------------
     one or more outstanding series of preferred stock of the Corporation to
     elect one or more Directors of the Corporation under circumstances as shall
     be provided by or pursuant to the Certificate of Incorporation, only
     persons who are nominated in accordance with the procedures set forth in
     this Section 3.3 shall be eligible for election as, and to serve as,
     Directors of the Corporation.  Nominations of persons for election to the
     Board of Directors may be made only at an annual meeting of the
     stockholders of the Corporation at which Directors of the Corporation are
     to be elected (i) by or at the direction of the Board of Directors or (ii)
     by any stockholder of the Corporation who is a stockholder of record at the
     time of the giving of such stockholder's notice provided for in this
     Section 3.3, who shall be entitled to vote at such meeting in the election
     of Directors of the Corporation and who complies with the requirements of
     this Section 3.3.  Any such nomination by a stockholder of the Corporation
     shall be preceded by timely advance notice in writing to the Secretary of
     the Corporation.  To be timely, such stockholder's notice must be delivered
     to, or mailed and received at, the principal executive offices of the
     Corporation not less than 90 days nor more than 270 days prior to the
     scheduled annual meeting date, regardless of any postponements, deferrals
     or adjournments of such annual meeting to a later date; provided, however,
     that if the scheduled annual meeting date differs from the annual meeting
     date prescribed by these Bylaws as in effect on the date of the next
     preceding annual meeting of stockholders of the Corporation and if less
     than 100 days' prior  notice or public disclosure of the scheduled meeting
     date is given or made, notice by such stockholder, to be timely, must be so
     delivered or received not later than the close of business on the 10th day
     following the earlier of the day on which the notice of such meeting was
     mailed to stockholders of the Corporation or the day on which such public
     disclosure was made.  Any such stockholder's notice to the Secretary of the
     Corporation shall set forth (i) as to each person whom such stockholder
     proposes to nominate for election or re-election as a Director of the
     Corporation, (A) the name, age, business address and residence address of
     such person, (B) the principal occupation or employment of such person, (C)
     the number of shares of each class or series of capital stock of the
     Corporation Beneficially Owned by such person on the date of such notice
     and (D) any other information relating to such person that is required to
     be disclosed in solicitations of proxies for election of Directors of the
     Corporation, or is otherwise required, in each case pursuant to Regulation
     14A promulgated under the Exchange Act (including, without limitation, the
     written consent of such person to having such person's name placed in
     nomination at the meeting and to serve as a Director of the Corporation if
     elected), and (ii) as to such stockholder giving the notice, (A) the name
     and address, as they appear on the Corporation's books, of such stockholder
     and any other stockholders of the Corporation known by such stockholder to
     be in favor of such person being nominated and (B) the number of shares of
     each class or series of capital stock of the Corporation Beneficially Owned
     by such stockholder on the date of such notice.  The presiding officer of
     the meeting of stockholders of the Corporation shall determine whether the
     requirements of this Section 3.3 have been met with respect to any
     nomination or intended nomination.  If the presiding officer determines
     that any nomination was not made in accordance with the requirements of
     this Section 3.3, he shall so declare at the meeting and the defective
     nomination shall be disregarded.  In addition to the foregoing provisions
     of this Section 3.3, a stockholder of the Corporation

                                       7
<PAGE>

     shall also comply with all applicable requirements of the Exchange Act and
     the rules and regulations promulgated thereunder with respect to the
     matters set forth in this Section 3.3.

3.4  Place of Meeting.  Meetings of the Board of Directors, regular or special,
     ----------------
     may be held either within or outside of the State of Delaware, at whatever
     place is specified by the person or persons calling the meeting.  In the
     absence of specific designation, the meetings shall be held at the
     principal office of the Corporation.

3.5  Regular Meetings.  Regular meetings of the Board of Directors shall be held
     ----------------
     at such place or places within or outside the State of Delaware, at such
     hour and on such day as may be fixed by resolution of the Board of
     Directors, without further notice of such meetings.  The time or place of
     holding regular meetings of the Board of Directors may be changed by the
     Chairman of the Board or the Chief Executive Officer by giving written
     notice thereof as provided by Section 3.7 hereof.

3.6  Special Meetings.  Special meetings of the Board of Directors shall be
     ----------------
     held, whenever called by the Chairman of the Board or the Chief Executive
     Officer or Directors of the Corporation constituting at least a majority of
     the Whole Board, at such place or places within or outside the State of
     Delaware as may be stated in the notice of the meeting.

3.7  Attendance at and Notice of Meetings.  Written notice of the time and place
     ------------------------------------
     of, and general nature of the business to be transacted at, all special
     meetings of the Board of Directors, and written notice of any change in the
     time or place of holding the regular meetings of the Board of Directors,
     shall be given to each Director of the Corporation personally or by mail or
     by telegraph, telecopier or similar communication at least one day before
     the day of the meeting; provided, however, that notice of any meeting need
     not be given to any Director of the Corporation if waived by him in writing
     in accordance with Section 7.3 hereof, or if he shall be present at such
     meeting.  Attendance at a meeting of the Board of Directors shall
     constitute presence in person at such meeting, except when a Director of
     the Corporation attends a meeting for the express purpose of objecting (and
     so expresses such objection at the beginning of the meeting) to the
     transaction of any business on the ground that the meeting is not lawfully
     called or convened.

3.8  Quorum of and Action by Directors.  A majority of the Directors of the
     ---------------------------------
     Corporation in office (i.e., excluding any directorships in which vacancies
     may exist) shall constitute a quorum of the Board of Directors for the
     transaction of business; but a lesser number may adjourn from day to day
     until a quorum is present.  Unless otherwise required by the Certificate of
     Incorporation, the DGCL or these Bylaws, the affirmative vote of at least a
     majority of the Directors of the Corporation present at a meeting at which
     a quorum is present, shall be the act of the Board of Directors.

3.9  Board and Committee Action Without a Meeting.  Unless otherwise restricted
     --------------------------------------------
     by the Certificate of Incorporation or these Bylaws, any action required or
     permitted to be taken at a meeting of the Board of Directors or any
     committee thereof may be taken without a meeting if a consent in writing,
     setting forth the action so taken, is signed by all the Directors of the
     Corporation or members of such committee, as the case may be, and shall be
     filed with the Secretary of the Corporation.

                                       8
<PAGE>

3.10 Board and Committee Telephone Meetings.  Subject to the provisions
     --------------------------------------
     required or permitted by the DGCL for notice of meetings, unless otherwise
     restricted by the Certificate of Incorporation or these Bylaws, Directors
     of the Corporation, or members of any committee designated by the Board of
     Directors, may participate in and hold a meeting of such Board of Directors
     or committee by means of conference telephone or similar communications
     equipment by means of which all persons participating in the meeting can
     hear each other, and participation in a meeting pursuant to this Section
     3.10 shall constitute presence in person at such meeting, except where a
     person participates in the meeting for the express purpose of objecting
     (and so expresses such objection at the beginning of the meeting) to the
     transaction of any business on the ground that the meeting is not lawfully
     called or convened.

3.11 Compensation.  Directors of the Corporation shall receive such
     ------------
     compensation for their services as shall be determined by the Board of
     Directors.

3.12 Removal.
     -------

     (a)  No Director of the Corporation shall be removed from such office by
          vote or other action of the stockholders of the Corporation or
          otherwise, except by the affirmative vote of holders of at least a
          majority of the then outstanding Voting Stock, voting together as a
          single class.  No Director of the Corporation shall be removed from
          such office by vote or other action of the stockholders of the
          Corporation or otherwise, except for cause, which shall be deemed to
          exist only if:  (i) such Director has been convicted, or such Director
          is granted immunity to testify where another has been convicted, of a
          felony by a court of competent jurisdiction (and such conviction is no
          longer subject to direct appeal); (ii) such Director has been found by
          a court of competent jurisdiction (and such finding is no longer
          subject to direct appeal) or by the affirmative vote of at least a
          majority of the Whole Board at any regular or special meeting of the
          Board of Directors called for such purpose to have been grossly
          negligent or guilty of willful misconduct in the performance of his
          duties to the Corporation in a matter of substantial importance to the
          Corporation; (iii) such Director has been adjudicated by a court of
          competent jurisdiction to be mentally incompetent, which mental
          incompetency directly affects his ability to perform as a Director of
          the Corporation; (iv) such Director has been found by a court of
          competent jurisdiction (and such finding is no longer subject to
          direct appeal) or by the affirmative vote of at least a majority of
          the Whole Board at any regular or special meeting of the Board of
          Directors called for such purpose to have breached such Director's
          duty of loyalty to the Corporation or its stockholders or to have
          engaged in any transaction with the Corporation from which such
          Director derived an improper personal benefit; or (v) "cause" for
          removal otherwise exists under Section 141(k)(1) of the DGCL.  No
          Director of the Corporation so removed may be nominated, re-elected or
          reinstated as a Director of the Corporation so long as the cause for
          removal continues to exist.  Any proposal by a stockholder of the
          Corporation to remove a Director of the Corporation, in order to be
          validly acted upon at any meeting, shall comply with Section 2.8
          hereof.

                                       9
<PAGE>

     (b)  Notwithstanding Section 3.12(a) hereof, whenever holders of shares of
          one or more outstanding series of preferred stock of the Corporation
          are entitled to elect one or more Directors of the Corporation under
          circumstances as shall be provided by or pursuant to the Certificate
          of Incorporation, any Director of the Corporation so elected may be
          removed in accordance with such provisions.

3.13 Committees of the Board of Directors.
     ------------------------------------

     (a)  The Board of Directors, by resolution adopted by the affirmative vote
          of at least a majority of the Board of Directors, may designate and
          appoint from among its members one or more committees, each of which
          shall be comprised of one or more of its members, and may designate
          one or more of its members as alternate members of any committee, who
          may, subject to any limitations by the Board of Directors, replace
          absent or disqualified members at any meeting of that committee.  Any
          such committee, to the extent provided by such resolution or in the
          Certificate of Incorporation or these Bylaws, shall have and may
          exercise all of the authority of the Board of Directors to the extent
          permitted by the DGCL.

     (b)  The Board of Directors shall have the power at any time to change the
          membership of any committee of the Board of Directors and to fill
          vacancies in it.  A majority of the number of members of any such
          committee (excluding any committee memberships in which vacancies may
          exist) shall constitute a quorum of such committee for the transaction
          of business unless a greater number is required by a resolution
          adopted by the Board of Directors.  The Board of Directors, or each
          such committee in the absence of action by the Board of Directors, may
          elect a chairman of such committee and appoint such subcommittees and
          assistants as it may deem necessary.  Unless otherwise provided by
          resolution of the Board of Directors, meetings of any committee shall
          be conducted (i) in accordance with Sections 3.9, 3.10 and 7.3 hereof
          and (ii) in the same manner that Sections 3.5, 3.6, 3.7 and 3.8 hereof
          apply to meetings of the Board of Directors.  Any member of any such
          committee designated or appointed by the Board of Directors may be
          removed by the Board of Directors whenever in its judgment the best
          interests of the Corporation will be served thereby, but such removal
          shall be without prejudice to the contract rights, if any, of the
          person so removed.  Election or appointment of a member of a committee
          shall not of itself create contract rights.

     (c)  Any action taken by any committee of the Board of Directors shall
          promptly be recorded in the minutes and filed with the Secretary of
          the Corporation and shall be made available to any and all Directors
          of the Corporation.

                                   ARTICLE IV

                                    OFFICERS

4.1  Officers.  The officers of the Corporation shall consist of a Chief
     --------
     Executive Officer of the Corporation, a Secretary, a Chief Financial
     Officer, a Treasurer and a Controller, each of whom shall be elected or
     appointed by the Board of Directors.  Such other officers of the
     Corporation, including but not limited to a Chairman of the Board, a Vice

                                       10
<PAGE>

     Chairman of the Board, a President of the Corporation, a Chief Operating
     Officer may be elected or appointed by the Board of Directors. Any number
     of Presidents or Chief Executives of divisions or subdivisions or other
     business units or sub-units, any number of Vice Presidents of the
     Corporation, any number of Managing Directors of support units or sub-
     units, any number of assistant officers of the Corporation, or agents, as
     may be deemed necessary or appropriate, may be elected or appointed by the
     Board of Directors or, as hereinafter provided, by officers of the
     Corporation.  Any two or more offices may be held by the same person. All
     officers and agents of the Corporation, as between themselves and the
     Corporation, shall have such authority and perform such duties in the
     management of the Corporation as is provided by these Bylaws, or as may be
     determined by resolution of the Board of Directors or where such officer
     may be appointed by another officer, as determined by the appointing
     officer, but in each case not inconsistent with these Bylaws.

4.2  Vacancies.  Whenever any vacancies shall occur in any office of the
     ---------
     Corporation by death, resignation, removal, increase in the number of
     offices of the Corporation, or otherwise, the same shall be filled by the
     Board of Directors, except as otherwise provided in this Section 4.2.  If
     any such vacancy shall occur by death, resignation or removal of an officer
     who was appointed or under these Bylaws could have been appointed by the
     Chief Executive Officer of the Corporation, the Secretary, the Treasurer or
     the Controller in accordance with these Bylaws, such vacancy may also be
     filled by the Chief Executive Officer of the Corporation, the Secretary,
     the Treasurer or the Controller, as applicable. Vacancies in offices other
     than those specified in Section 4.1 as mandatory offices of the
     Corporation, need not be filled if the Board of Directors or officer
     authorized under these Bylaws to appoint such an officer so determines.
     Any officer so elected or appointed shall hold office until such officer's
     successor is elected or appointed or until his earlier death, resignation
     or removal.

4.3  Removal.  Any officer or agent elected or appointed by the Board of
     -------
     Directors or appointed by an officer authorized under these Bylaws to
     appoint such an officer or agent  may be removed by the Board of Directors
     whenever in its judgment the best interests of the Corporation will be
     served thereby.  Any officer or agent who was appointed or under these
     Bylaws could have been appointed by another officer may be removed by the
     officer (or such officer's successor) who appointed or could have appointed
     such officer or agent whenever in the judgment of the appointing officer or
     officer authorized under these Bylaws to make such an appointment (or such
     officer's successor) the best interests of the Corporation will be served
     thereby.  Any such removal shall be without prejudice to the contract
     rights, if any, of the officer or agent so removed.  Election or
     appointment of an officer or agent shall not of itself create contract
     rights.

4.4  Chairman of the Board.  The Board of Directors may elect or appoint, from
     ---------------------
     among its members, a Chairman of the Board of the Corporation.  The
     Chairman of the Board, when present, shall preside at all meetings of the
     stockholders of the Corporation and of the Board of Directors.  The
     Chairman of the Board shall perform, under the direction and subject to the
     control of the Board of Directors, all duties incident to the office of
     Chairman of the Board and such other duties as the Board of Directors may
     assign to the Chairman of the Board from time to time.  The Chairman of the
     Board may execute (in facsimile or otherwise) and deliver certificates for
     shares of the Corporation, any deeds,

                                       11
<PAGE>

     mortgages, bonds, contracts or other instruments that the Board of
     Directors has authorized to be executed and delivered, except in cases
     where the execution and delivery thereof shall be expressly and exclusively
     delegated to one or more other officers or agents of the Corporation by the
     Board of Directors or these Bylaws, or where the execution and delivery
     thereof shall be required by law to be executed and delivered by another
     person. The Chairman of the Board shall have the power and authority to
     appoint one or more Vice Presidents of the Corporation, which power shall
     not be exclusive of any right of the Board of Directors, the Vice Chairman
     of the Board, the Chief Executive Officer of the Corporation or the
     President of the Corporation to elect or appoint such officers.

4.5  Vice Chairman of the Board.  The Board of Directors may elect or appoint,
     --------------------------
     from among its members, a Vice Chairman of the Board of the Corporation.
     The Vice Chairman of the Board shall perform, under the direction and
     subject to the control of the Board of Directors and the Chairman of the
     Board, all duties incident to the office of Vice Chairman of the Board and
     such other duties as the Board of Directors or the Chairman of the Board
     may assign to the Vice Chairman of the Board from time to time.  In the
     event of the death, disability or other absence of the Chairman of the
     Board, the duties of the Chairman of the Board may be performed by the Vice
     Chairman of the Board.  The Vice Chairman of the Board may execute (in
     facsimile or otherwise) and deliver certificates for shares of the
     Corporation, any deeds, mortgages, bonds, contracts or other instruments
     that the Board of Directors has authorized to be executed and delivered,
     except in cases where the execution and delivery thereof shall be expressly
     and exclusively delegated to one or more other officers or agents of the
     Corporation by the Board of Directors or these Bylaws, or where the
     execution and delivery thereof shall be required by law to be executed and
     delivered by another person.  The Vice Chairman of the Board shall have the
     power and authority to appoint one or more Vice Presidents of the
     Corporation, which power shall not be exclusive of any right of the Board
     of Directors, the Chairman of the Board, the Chief Executive Officer of the
     Corporation or the President of the Corporation to elect or appoint such
     officers.

4.6  Chief Executive Officer.  The Chief Executive Officer of the Corporation in
     -----------------------
     general shall supervise and control all of the business and affairs of the
     Corporation, under the direction and subject to the control of the Board of
     Directors, the Chairman of the Board and such other officer or officers as
     the Board of Directors or the Chairman of the Board may designate.  The
     Chief Executive Officer of the Corporation shall perform, under the
     direction and subject to the control of the Board of Directors, the
     Chairman of the Board and such other officer or officers as the Board of
     Directors or the Chairman of the Board may designate, all duties incident
     to the office of Chief Executive Officer of the Corporation and such other
     duties as the Board of Directors, the Chairman of the Board or such other
     officer or officers may assign to the Chief Executive Officer of the
     Corporation from time to time. The Chief Executive Officer of the
     Corporation may execute (in facsimile or otherwise) and deliver
     certificates for shares of the Corporation, any deeds, mortgages, bonds,
     contracts or other instruments that the Board of Directors has authorized
     to be executed and delivered, except in cases where the execution and
     delivery thereof shall be expressly and exclusively delegated to one or
     more other officers or agents of the Corporation by the Board of Directors
     or these Bylaws, or where the execution and delivery thereof shall be
     required by law to be executed and delivered by another person.  The Chief
     Executive Officer of the Corporation shall have the power

                                       12
<PAGE>

     and authority to appoint one or more Vice Presidents of the Corporation,
     which power shall not be exclusive of any right of the Board of Directors,
     the Chairman of the Board, the Vice Chairman of the Board or the President
     of the Corporation to elect or appoint such officers. The Chief Executive
     Officer of the Corporation shall also have the power and authority to
     appoint one or more other officers as President, Chief Executive or other
     officer in charge of a division, subdivision or other business unit or sub-
     unit; as Managing Director or other officer in charge of a support unit or
     sub-unit; or as such other officer having such other title as the Chief
     Executive Officer of the Corporation shall deem appropriate (other than
     those officers required by these Bylaws to be elected by the Board of
     Directors), which power shall not be exclusive of any right of the Board of
     Directors to elect or appoint such officers.

4.7  President.  The President of the Corporation shall perform, under the
     ---------
     direction and subject to the control of the Board of Directors, the
     Chairman of the Board and such other officer or officers as the Board of
     Directors or the Chairman of the Board may designate, all duties incident
     to the office of President and such other duties as the Board of Directors,
     the Chairman of the Board or such other officer or officers may assign to
     the President of the Corporation from time to time.  In the event of the
     death, disability or other absence of the Chairman of the Board and the
     Vice Chairman of the Board, the duties of the Chairman of the Board may be
     performed by the President of the Corporation.  The President of the
     Corporation may execute (in facsimile or otherwise) and deliver
     certificates for shares of the Corporation, any deeds, mortgages, bonds,
     contracts or other instruments that the Board of Directors has authorized
     to be executed and delivered, except in cases where the execution and
     delivery thereof shall be expressly and exclusively delegated to one or
     more other officers or agents of the Corporation by the Board of Directors
     or these Bylaws, or where the execution and delivery thereof shall be
     required by law to be executed and delivered by another person.  The
     President of the Corporation shall have the power and authority to appoint
     one or more Vice Presidents of the Corporation, which power shall not be
     exclusive of any right of the Board of Directors, the Chairman of the
     Board, the Vice Chairman of the Board or the Chief Executive Officer of the
     Corporation to elect or appoint such officers.

4.8  Chief Operating Officer.  The Chief Operating Officer shall perform, under
     -----------------------
     the direction and subject to the control of the Board of Directors, the
     Chairman of the Board and such other officer or officers as the Board of
     Directors or the Chairman of the Board may designate, all duties incident
     to the office of Chief Operating Officer and such other duties as the Board
     of Directors, the Chairman of the Board or such other officer or officers
     may assign to the Chief Operating Officer from time to time. The Chief
     Operating Officer may execute (in facsimile or otherwise) and deliver any
     deeds, mortgages, bonds, contracts or other instruments that the Board of
     Directors has authorized to be executed and delivered, except in cases
     where the execution and delivery thereof shall be expressly and exclusively
     delegated to one or more other officers or agents of the Corporation by the
     Board of Directors or these Bylaws, or where the execution and delivery
     thereof shall be required by law to be executed and delivered by another
     person.

4.9  Vice President.  Each Vice President of the Corporation shall perform,
     --------------
     under the direction and subject to the control of the Board of Directors,
     the Chairman of the Board and such other officer or officers as the Board
     of Directors or the Chairman of the Board

                                       13
<PAGE>

     may designate, such duties as the Board of Directors, the Chairman of the
     Board or such other officer or officers may assign to such Vice President
     from time to time. Vice Presidents of the Corporation may be further
     designated as Executive Vice Presidents, Senior Vice Presidents, Assistant
     Vice Presidents or such other similar title as the Board of Directors, the
     Chairman of the Board or such other officer or officers as the Board of
     Directors or the Chairman of the Board may designate.

4.10 Secretary.  The Secretary of the Corporation shall attend all meetings of
     ---------
     the stockholders of the Corporation, the Board of Directors and committees
     established by the Board of Directors (except where the committee has
     appointed its own secretary) and shall record correctly the proceedings of
     such meetings in a book suitable for such purposes.  The Secretary shall
     attest with a signature and the seal of the Corporation (in facsimile or
     otherwise) all stock certificates issued by the Corporation and shall keep
     a stock ledger in which all transactions pertaining to shares of all
     classes and series of capital stock of the Corporation shall be correctly
     recorded.  The Secretary, or the President, shall also attest with a
     signature and the seal of the Corporation (in facsimile or otherwise) all
     deeds, conveyances or other instruments requiring the seal of the
     Corporation.  The Secretary shall have the  power and authority on behalf
     of the Corporation to execute any consents of stockholders, members,
     partners or other owners and to attend, and to act and to vote in person or
     by proxy in connection with, any meetings of the stockholders, members,
     partners or other owners of any corporation, limited liability company,
     partnership or other entity in which the Corporation may own stock,
     membership interests, partnership interests or other securities, and in
     connection with any such meeting, the Secretary shall possess and may
     exercise any and all the rights and powers incident to the ownership of
     such stock, membership interests, partnership interests or other securities
     that the Corporation, as the owner thereof, may possess and exercise. This
     power and authority shall not be exclusive of any right of the Board of
     Directors to grant such power and authority to any other person. The
     Chairman of the Board, the Chief Executive Officer or the Secretary shall
     give, or cause to be given, notice of all meetings of the stockholders of
     the Corporation and special meetings of the Board of Directors or
     committees established by the Board of Directors. The Secretary is
     authorized to issue certificates, to which the corporate seal may be
     affixed, attesting to the incumbency of officers of the Corporation or to
     actions duly taken by the stockholders of the Corporation, the Board of
     Directors or any committee established by the Board of Directors. The
     Secretary shall perform, under the direction and subject to the control of
     the Board of Directors, the Chairman of the Board and such other officer or
     officers as the Board of Directors or the Chairman of the Board may
     designate, all duties incident to the office of Secretary and such other
     duties as the Board of Directors, the Chairman of the Board or such other
     officer or officers may assign to the Secretary from time to time. The
     duties of the Secretary may also be performed by any Assistant Secretary of
     the Corporation. The Secretary shall have the power and authority to
     appoint one or more Assistant Secretaries of the Corporation, which power
     shall not be exclusive of any right of the Board of Directors to elect or
     appoint such officer.

4.11 Chief Financial Officer.  The Chief Financial Officer of the Corporation
     -----------------------
     in general shall supervise all of the financial affairs of the Corporation,
     under the direction and subject to the control of the Board of Directors
     and the President.  The Chief Financial Officer shall have the power and
     authority on behalf of the Corporation to execute (in facsimile or
     otherwise) any consents of stockholders, members, partners or other owners
     and to

                                       14
<PAGE>

     attend, and to act and to vote in person or by proxy in connection
     with, any meetings of stockholders, members, partners or other owners of
     any corporation, limited liability company, partnership or other entity in
     which the Corporation may own stock, membership interests, partnership
     interests or other securities, and in connection with any such meeting, the
     Chief Financial Officer shall possess and may exercise any and all the
     rights and powers incident to the ownership of such stock, membership
     interests, partnership interests or other securities that the Corporation,
     as the owner thereof, may possess and exercise.  This power and authority
     shall not be exclusive of any right of the Board of Directors to grant such
     power and authority to any other person.  The Chief Financial Officer shall
     perform, under the direction and subject to the control of the Board of
     Directors, the Chairman of the Board and such other officer or officers as
     the Board of Directors or the Chairman of the Board may designate, all
     duties incident to the office of Chief Financial Officer and such other
     duties as the Board of Directors, the Chairman of the Board or such other
     officer or officers may assign to the Chief Financial Officer from time to
     time.

4.12  Treasurer.  The Treasurer of the Corporation shall have the care and
      ---------
     custody of all the funds, notes, bonds, debentures, stock and other
     securities of the Corporation that may come into the hands of the
     Treasurer, acting in such capacity.  The Treasurer shall be responsible for
     the investment and reinvestment of funds of the Corporation in accordance
     with general investment policies determined from time to time by the
     Corporation and shall ensure that the Corporation is adequately funded at
     all times by arranging, under the direction and subject to the control of
     the Board of Directors, for the issuance of debt, equity and other forms of
     securities that may be necessary or appropriate.  The Treasurer may endorse
     (in facsimile or otherwise) checks, drafts, notes, bonds, debentures and
     other instruments for the payment of money for deposit or collection when
     necessary or appropriate and may deposit the same to the credit of the
     Corporation in such banks or depositories as the Board of Directors may
     designate from time to time, and the Treasurer may endorse (in facsimile or
     otherwise) all commercial documents requiring endorsements for or on behalf
     of the Corporation.  The Treasurer may deliver instructions to financial
     institutions by facsimile or otherwise.  The Treasurer may execute (in
     facsimile or otherwise) all receipts and vouchers for payments made to the
     Corporation.  The Treasurer shall render an account of the Treasurer's
     transactions to the Board of Directors or its Audit Committee as often as
     the Board of Directors or its Audit Committee shall require from time to
     time.  The Treasurer shall enter regularly in the books to be kept by the
     Treasurer for that purpose, a full and adequate account of all monies
     received and paid by the Treasurer on account of the Corporation.  The
     Treasurer shall have the power and authority on behalf of the Corporation
     to execute (in facsimile or otherwise) any consents of stockholders,
     members, partners or other owners and to attend, and to act and to vote in
     person or by proxy in connection with, any meetings of stockholders,
     members, partners or other owners of any corporation, limited liability
     company, partnership or other entity in which the Corporation may own
     stock, membership interests, partnership interests or other securities and
     in connection with any such meeting, the Treasurer shall possess and may
     exercise any and all the rights and powers incident to the ownership of
     such stock, membership interests, partnership interests or other securities
     that the Corporation, as the owner thereof, may possess and exercise. This
     power and authority shall not be exclusive of any right of the Board of
     Directors to grant such power and authority to any other person. If
     requested by the Board of Directors, the Treasurer shall give a bond to

                                       15
<PAGE>

     the Corporation for the faithful performance of the Treasurer's duties, the
     expense of which bond shall be borne by the Corporation. The Treasurer
     shall perform, under the direction and subject to the control of the Board
     of Directors, the Chairman of the Board and such other officer or officers
     as the Board of Directors or the Chairman of the Board may designate, all
     duties incident to the office of Treasurer and such other duties as the
     Board of Directors, the Chairman of the Board or such other officer or
     officers may assign to the Treasurer from time to time. The duties of the
     Treasurer may also be performed by any Assistant Treasurer of the
     Corporation. The Treasurer shall have the power and authority to appoint
     one or more Assistant Treasurers of the Corporation, which power shall not
     be exclusive of any right of the Board of Directors to elect or appoint
     such officer.

4.13 Controller.  The Controller of the Corporation shall be the chief
     ----------
     accounting officer of the Corporation, shall maintain adequate records of
     all assets, liabilities and transactions of the Corporation and shall be
     responsible for the design, installation and maintenance of accounting and
     cost control systems and procedures throughout the Corporation.  The
     Controller also shall keep in books belonging to the Corporation full and
     accurate accounts of receipts of, and disbursements made by, the
     Corporation.  The Controller shall render an account of the Controller's
     transactions to the Board of Directors or its Audit Committee as often as
     the Board of Directors or its Audit Committee shall require from time to
     time. If requested by the Board of Directors, the Controller shall give a
     bond to the Corporation for the faithful performance of the Controller's
     duties, the expense of which bond shall be borne by the Corporation. The
     Controller shall perform, under the direction and subject to the control of
     the Board of Directors, the Chairman of the Board and such other officer or
     officers as the Board of Directors or the Chairman of the Board may
     designate, all duties incident to the office of Controller and such other
     duties as the Board of Directors, the Chairman of the Board or such other
     officer or officers may assign to the Controller from time to time. The
     duties of the Controller may also be performed by any Assistant Controller
     of the Corporation. The Controller shall have the power and authority to
     appoint one or more Assistant Controllers of the Corporation, which power
     shall not be exclusive of any right of the Board of Directors to elect or
     appoint such officer.

4.14 Other Officers. Officers other than those expressly named in the
     ---------------
     foregoing provisions of this Article IV ("Additional Officers") shall
     perform, under the direction and subject to the control of the Board of
     Directors, the Chief Executive Officer of the Corporation and such other
     officer or officers as the Board of Directors or the Chief Executive
     Officer of the Corporation may designate, such duties as the Board of
     Directors, the Chief Executive Officer of the Corporation or such other
     officer or officers may assign to such Additional Officers from time to
     time.  Such Additional Officers may include Presidents or Chief Executives
     of Business Units or divisions, subdivisions or sub-units, Managing
     Directors or other leaders of support units or sub-units and such other
     officers having such titles as may be deemed necessary or appropriate by
     the Board of Directors or the Chief Executive Officer of the Corporation
     electing or appointing such officers.

4.15  Delegation of Authority.  In the case of any absence of any officer of the
      -----------------------
     Corporation or for any other reason that the Board of Directors may deem
     sufficient, the Board of Directors may delegate in writing some or all of
     the powers or duties of such officer to

                                       16
<PAGE>

     any other officer or to any Director, employee, stockholder or agent of the
     Corporation for whatever period of time the Board of Directors deems
     appropriate.

                                   ARTICLE V

                                 CAPITAL STOCK

5.1  Stock Certificates.  The certificates representing shares of all classes or
     ------------------
     series of capital stock of the Corporation shall be in such form or forms
     as shall be approved by the Board of Directors, or the Corporation's stock
     may be represented by uncertificated shares.  In the case of certificated
     shares, the Corporation shall deliver certificates representing shares to
     which stockholders of the Corporation are entitled.  Certificates
     representing such certificated shares shall be signed by the Chairman of
     the Board, the Vice Chairman of the Board, the President or a Vice
     President and either the Treasurer, the Assistant Treasurer, the Secretary
     or an Assistant Secretary, and may, but shall not be required to, bear the
     seal of the Corporation or a facsimile thereof.  The signatures of such
     officers upon a certificate may be facsimiles.  In the event the original
     or facsimile signature on a certificate is of an officer who has ceased to
     be such officer before such certificate is issued, it may be issued by the
     Corporation with the same effect as if such person were such officer at the
     date of its issuance.

                                   ARTICLE VI

                                INDEMNIFICATION

6.1  General.  Each person who at any time shall serve or shall have served as a
     -------
     Director, officer, employee or agent of the Corporation (including any
     predecessor of the Corporation), or any person who is or was serving at the
     written request of the Corporation (in accordance with written procedures
     adopted from time to time by the Board of Directors) as a director,
     officer, partner, venturer, proprietor, trustee, employee, agent or similar
     functionary of another foreign or domestic corporation, partnership, joint
     venture, sole proprietorship, trust, employee benefit plan or other
     enterprise, shall be entitled to (a) indemnification and (b) the
     advancement of expenses incurred by such person from the Corporation as,
     and to the fullest extent, permitted by Section 145 of the DGCL or any
     successor statutory provision, as from time to time amended.  The foregoing
     right of indemnification and to the advancement of expenses shall not be
     deemed exclusive of any other rights to which those to be indemnified may
     be entitled as a matter of law or under any agreement, vote of stockholders
     or disinterested Directors of the Corporation, or other arrangement.

6.2  Insurance.  The Corporation may purchase and maintain insurance or another
     ---------
     arrangement on behalf of any person who is or was a Director, officer,
     employee or agent of the Corporation or who is or was serving at the
     written request of the Corporation as a director, officer, partner,
     venturer, proprietor, trustee, employee, agent or similar functionary of
     another foreign or domestic corporation, partnership, joint venture, sole
     proprietorship, trust, employee benefit plan or other enterprise against
     any liability asserted against and incurred by such person in such capacity
     or arising out of such person's status in such capacity, whether or not the
     Corporation would have the power to indemnify such person against that
     liability under this Article VI or the DGCL.

                                       17
<PAGE>

                                  ARTICLE VII

                            MISCELLANEOUS PROVISIONS

7.1  Bylaw Amendments.  The Board of Directors is expressly empowered to adopt,
     ----------------
     amend or repeal these Bylaws.  Any adoption, amendment or repeal of these
     Bylaws by the Board of Directors shall require, in addition to any other
     affirmative vote that may be required by law, the Certificate of
     Incorporation or these Bylaws, the affirmative vote of at least a majority
     of the Whole Board.  The stockholders of the Corporation shall also have
     the power to adopt, amend or repeal these Bylaws at any annual or special
     meeting, by the affirmative vote of holders of at least 66-2/3% of the then
     outstanding Voting Stock, voting together as a single class, in addition to
     any other affirmative vote that may be required by law, the Certificate of
     Incorporation or these Bylaws.  Any proposal by a stockholder of the
     Corporation to adopt, amend or repeal these Bylaws, in order to be validly
     acted upon at any meeting, shall comply with Section 2.8 hereof.

7.2  Books and Records.  The Corporation shall keep books and records of account
     -----------------
     and shall keep minutes of the proceedings of its stockholders, its Board of
     Directors and each committee of its Board of Directors.

7.3  Waiver of Notice.  Whenever any notice is required to be given to any
     ----------------
     stockholder of the Corporation, any Director of the Corporation or any
     member of any committee of the Board of Directors, under the provisions of
     the DGCL, the Certificate of Incorporation or these Bylaws, a waiver
     thereof in writing signed by the person or persons entitled to such notice,
     whether before or after the time stated therein, shall be equivalent to the
     giving of such notice.  Neither the business transacted at, nor the purpose
     of, any regular or special meeting of such stockholders, Directors or
     committees need be stated in the written waiver of notice of such meeting.

7.4  Resignations.  Any Director or officer of the Corporation may resign at any
     ------------
     time.  Such resignation shall be made in writing and shall take effect at
     the time specified therein, or, if no time be specified, at the time of its
     receipt by the Chairman of the Board, the Vice Chairman of the Board, the
     Chief Executive Officer, the President, the Chief Operating Officer or the
     Secretary.  The acceptance of a resignation shall not be necessary to make
     it effective, unless expressly so provided by the resignation.

7.5  Seal.  The seal of the Corporation shall be in such form as the Board of
     ----
     Directors may adopt.

7.6  Fiscal Year.  The fiscal year of the Corporation shall end on the 31st day
     -----------
     of December of each year or as otherwise provided by a resolution adopted
     by the Board of Directors.

                                       18

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