Document:

STOCKHOLDERS RIGHTS AGREEMENT

          This Stockholders Rights Agreement (this "Rights Agreement") is made
and entered into as of February 13, 2007, by and between Nordic American Tanker
Shipping Limited, a Bermuda corporation (the "Company"), and Mellon Investor
Services LLC, as Rights Agent, a New Jersey limited liability company (the
"Rights Agent").

          WHEREAS, the Board of Directors of the Company (the "Board") has (a)
authorized and declared a dividend of one right (the "Right") for each share of
the Company's common stock, par value $.01 per share (the "Common Stock") held
of record as of the Close of Business (as hereinafter defined) on February 27,
2007 (the "Record Date") and (b) has further authorized the issuance of one
Right in respect of each share of Common Stock that shall become outstanding (i)
at any time between the Record Date and the earliest of the Distribution Date,
the Redemption Date or the Final Expiration Date (as such terms are hereinafter
defined) or (ii) upon the exercise or conversion, prior to the earlier of the
Redemption Date or the Final Expiration Date, of any option or other security
exercisable for or convertible into shares of Common Stock, which option or
other such security is outstanding on the Distribution Date; and

          WHEREAS, each Right represents the right of the holder thereof to
purchase one one-thousandth of a share of Series A Participating Preferred Stock
(as such number may hereafter be adjusted pursuant to the provisions hereof),
upon the terms and subject to the conditions set forth herein, having the
rights, preferences and privileges set forth in the Certificate of Designations
of Series A Participating Preferred Stock, attached hereto as Exhibit A.

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

     1. Certain Definitions.

          "Acquiring Person" shall mean any Person who or which, together with
all Affiliates and Associates of such Person, shall be the Beneficial Owner of
15% or more of the shares of Common Stock then outstanding, but shall not
include the Company, any Subsidiary of the Company or any employee benefit plan
of the Company or of any Subsidiary of the Company, or any entity holding shares
of Common Stock for or pursuant to the terms of any such plan. Notwithstanding
the foregoing, no Person shall be deemed to be an Acquiring Person as the result
of an acquisition of shares of Common Stock by the Company which, by reducing
the number of shares outstanding, increases the proportionate number of shares
beneficially owned by such Person to 15% or more of the shares of Common Stock
of the Company then outstanding; provided, however, that a Person who (i)
becomes the Beneficial Owner of 15% or more of the shares of Common Stock of the
Company then outstanding by reason of share purchases by the Company and (ii)
then after such share purchases by the Company, becomes the Beneficial Owner of
any additional shares of Common Stock of the Company (other than pursuant to a
dividend or distribution paid or made by the Company on the outstanding shares
of Common Stock in shares of Common Stock or pursuant to a split or subdivision
of the outstanding shares of Common Stock), such Person shall be deemed to be an
Acquiring Person unless upon becoming the Beneficial Owner of such additional
shares of Common Stock of the Company such Person does not beneficially own 15%
or more of the shares of Common Stock of the Company then outstanding.
Notwithstanding the foregoing, (i) if the Company's Board of Directors
determines in good faith that a Person who would otherwise be an "Acquiring
Person," as defined herein, has become such inadvertently (including, without
limitation, because (A) such Person was unaware that it beneficially owned a
percentage of the shares of Common Stock that would otherwise cause such Person
to be an "Acquiring Person," as defined herein, or (B) such Person was aware of
the extent of the shares of Common Stock it beneficially owned but had no actual
knowledge of the consequences of such beneficial ownership under this Agreement)
and without any intention of changing or influencing control of the Company, and
if such Person divested or divests as promptly as practicable a sufficient
number of shares of Common Stock so that such Person would no longer be an
"Acquiring Person," as defined herein, then such Person shall not be deemed to
be or to have become an "Acquiring Person" for any purposes of this Agreement;
and (ii) if, as of the date hereof, any Person is the Beneficial Owner of 15% or
more of the shares of Common Stock outstanding, such Person shall not be or
become an "Acquiring Person," as defined herein, unless and until such time as
such Person shall become the Beneficial Owner of additional shares of Common
Stock in an amount equal to 2% of the Company's outstanding common stock
(calculated without including the shares of Common Stock already held by such
Person), other than pursuant to a grant under a Company equity incentive plan, a
dividend or distribution paid or made by the Company on the outstanding shares
of Common Stock in shares of Common Stock or pursuant to a split or subdivision
of the outstanding shares of Common Stock, unless, upon becoming the Beneficial
Owner of such additional shares of Common Stock, such Person is not then the
Beneficial Owner of 15% or more of the shares of Common Stock then outstanding.

          "Adjustment fraction" shall have the meaning set forth in Section
11(a)(i) hereof.

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

          A Person shall be deemed the "Beneficial Owner" of and shall be deemed
to "Beneficially Own" any securities:

               (i)  which such Person or any of such Person's Affiliates or
                    Associates beneficially owns, directly or indirectly, for
                    purposes of Section 13(d) of the Exchange Act and Rule 13d-3
                    thereunder (or any comparable or successor law or
                    regulation);

               (ii) which such Person or any of such Person's Affiliates or
                    Associates has (A) the right to acquire (whether such right
                    is exercisable immediately or only after the passage of
                    time) pursuant to any agreement, arrangement or
                    understanding (other than customary agreements with and
                    between underwriters and selling group members with respect
                    to a bona fide public offering of securities), or upon the
                    exercise of conversion rights, exchange rights, rights
                    (other than the Rights), warrants or options, or otherwise;
                    provided, however, that a Person shall not be deemed
                    pursuant to this subsection (ii)(A) to be the Beneficial
                    Owner of, or to beneficially own, (1) securities tendered
                    pursuant to a tender or exchange offer made by or on behalf
                    of such Person or any of such Person's Affiliates or
                    Associates until such tendered securities are accepted for
                    purchase or exchange, or (2) securities which a Person or
                    any of such Person's Affiliates or Associates may be deemed
                    to have the right to acquire pursuant to any merger or other
                    acquisition agreement between the Company and such Person
                    (or one or more of its Affiliates or Associates) if such
                    agreement has been approved by the Board of Directors of the
                    Company prior to there being an Acquiring Person; or (B) the
                    right to vote pursuant to any agreement, arrangement or
                    understanding; provided, however, that a Person shall not be
                    deemed the Beneficial Owner of, or to beneficially own, any
                    security under this subsection (ii)(B) if the agreement,
                    arrangement or understanding to vote such security (1)
                    arises solely from a revocable proxy or consent given to
                    such Person in response to a public proxy or consent
                    solicitation made pursuant to, and in accordance with, the
                    applicable rules and regulations of the Exchange Act and (2)
                    is not also then reportable on Schedule 13D under the
                    Exchange Act (or any comparable or successor report); or

               (iii) which are beneficially owned, directly or indirectly, by
                    any other Person (or any Affiliate or Associate thereof)
                    with which such Person or any of such Person's Affiliates or
                    Associates has any agreement, arrangement or understanding,
                    whether or not in writing (other than customary agreements
                    with and between underwriters and selling group members with
                    respect to a bona fide public offering of securities) for
                    the purpose of acquiring, holding, voting (except to the
                    extent contemplated by the proviso to subsection (ii)(B)
                    above) or disposing of any securities of the Company;
                    provided, however, that in no case shall an officer or
                    director of the Company be deemed (x) the Beneficial Owner
                    of any securities beneficially owned by another officer or
                    director of the Company solely by reason of actions
                    undertaken by such persons in their capacity as officers or
                    directors of the Company or (y) the Beneficial Owner of
                    securities held of record by the trustee of any employee
                    benefit plan of the Company or any Subsidiary of the Company
                    for the benefit of any employee of the Company or any
                    Subsidiary of the Company, other than the officer or
                    director, by reason of any influence that such officer or
                    director may have over the voting of the securities held in
                    the plan.

          "Business Day" shall mean any day other than a Saturday, Sunday or a
day on which the NYSE is authorized or obligated by law or executive order to
close.

          "Close of Business" on any given date shall mean 5:00 P.M., New York
time, on such date; provided, however, that if such date is not a Business Day
it shall mean 5:00 P.M., New York time, on the next succeeding Business Day.

          "Common Stock" shall have the meaning set forth in the preamble.
Common Stock when used with reference to any Person other than the Company shall
mean the capital stock (or equity interest) with the greatest voting power of
such other Person or, if such other Person is a Subsidiary of another Person,
the Person or Persons which ultimately control such first-mentioned Person.

          "Common Stock Equivalents" shall have the meaning set forth in Section
11(a)(iii) hereof.

          "Company" shall have the meaning set forth in the preamble, subject to
the terms of Section 13(a)(iii)(C) hereof.

          "Current Per Share Market Price" of any security (a "Security" for
purposes of this definition), for all computations other than those made
pursuant to Section 11(a)(iii) hereof, shall mean the average of the daily
closing prices per share of such Security for the thirty (30) consecutive
Trading Days immediately prior to such date, and for purposes of computations
made pursuant to Section 11(a)(iii) hereof, the Current Per Share Market Price
of any Security on any date shall be deemed to be the average of the daily
closing prices per share of such Security for the ten (10) consecutive Trading
Days immediately prior to such date; provided, however, that in the event that
the Current Per Share Market Price of the Security is determined during a period
following the announcement by the issuer of such Security of (i) a dividend or
distribution on such Security payable in shares of such Security or securities
convertible into such shares or (ii) any subdivision, combination or
reclassification of such Security, and prior to the expiration of the applicable
thirty (30) Trading Day or ten (10) Trading Day period, after the ex-dividend
date for such dividend or distribution, or the record date for such subdivision,
combination or reclassification, then, and in each such case, the Current Per
Share Market Price shall be appropriately adjusted to reflect the current market
price per share equivalent of such Security. The closing price for each day
shall be the last sale price, regular way, or, in case no such sale takes place
on such day, the average of the closing bid and asked prices, regular way, in
either case as reported in the principal consolidated transaction reporting
system with respect to securities listed or admitted to trading on the NYSE or,
if the Security is not listed or admitted to trading on the NYSE, as reported in
the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which the
Security is listed or admitted to trading or, if the Security is not listed or
admitted to trading on any national securities exchange, the last sale price or,
if such last sale price is not reported, the average of the high bid and low
asked prices in the over-the-counter market, as reported by NYSE or such other
system then in use, or, if on any such date the Security is not quoted by any
such organization, the average of the closing bid and asked prices as furnished
by a professional market maker making a market in the Security selected by the
Board of Directors of the Company. If on any such date no market maker is making
a market in the Security, the fair value of such shares on such date as
determined in good faith by the Board of Directors of the Company shall be used.
If the Preferred Shares are not publicly traded, the Current Per Share Market
Price of the Preferred Shares shall be conclusively deemed to be the Current Per
Share Market Price of the shares of Common Stock as determined pursuant to this
definition, as appropriately adjusted to reflect any stock split, stock dividend
or similar transaction occurring after the date hereof, multiplied by 1000. If
the Security is not publicly held or so listed or traded, Current Per Share
Market Price shall mean the fair value per share as determined in good faith by
the Board of Directors of the Company, whose determination shall be described in
a statement filed with the Rights Agent and shall be conclusive for all
purposes.

          "Current Value" shall have the meaning set forth in Section 11(a)(iii)
hereof.

          "Distribution Date" shall mean the earlier of (i) the Close of
Business on the tenth day after the Shares Acquisition Date (or, if the tenth
day after the Shares Acquisition Date occurs before the Record Date, the Close
of Business on the Record Date) or (ii) the Close of Business on the tenth
Business Day (or such later date as may be determined by action of the Company's
Board of Directors) after the date that a tender or exchange offer by any Person
(other than the Company, any Subsidiary of the Company, any employee benefit
plan of the Company or of any Subsidiary of the Company, or any Person or entity
organized, appointed or established by the Company for or pursuant to the terms
of any such plan) is first published or sent or given within the meaning of Rule
14d-2(a) of the General Rules and Regulations under the Exchange Act, if,
assuming the successful consummation thereof, such Person would be an Acquiring
Person.

          "Equivalent Shares" shall mean Preferred Shares and any other class or
series of capital stock of the Company which is entitled to the same rights,
privileges and preferences as the Preferred Shares.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

          "Exchange Ratio" shall have the meaning set forth in Section 24(a)
hereof.

          "Exercise Price" shall have the meaning set forth in Section 4(a)
hereof.

          "Expiration Date" shall mean the earliest to occur of: (i) the Close
of Business on the Final Expiration Date, (ii) the Redemption Date, or (iii) the
time at which the Board of Directors orders the exchange of the Rights as
provided in Section 24 hereof.

          "Final Expiration Date" shall mean February 28, 2017. "NYSE" shall
mean the New York Stock Exchange.

          "Person" shall mean any individual, firm, corporation or other entity,
and shall include any successor (by merger or otherwise) of such entity.

          "Post-event Transferee" shall have the meaning set forth in Section
7(e) hereof.

          "Preferred Shares" shall mean shares of Series A Participating
Preferred Stock, $0.01 par value, of the Company.

          "Pre-event Transferee" shall have the meaning set forth in Section
7(e) hereof.

          "Principal Party" shall have the meaning set forth in Section 13(b)
hereof.

          "Record Date" shall have the meaning set forth in the recitals at the
beginning of this Rights Agreement.

          "Redemption Date" shall have the meaning set forth in Section 23(a)
hereof.

          "Redemption Price" shall have the meaning set forth in Section 23(a)
hereof.

          "Rights Agent" shall mean Mellon Investor Services LLC, or its
successor or replacement as provided in Sections 19 and 21 hereof.

          "Rights Certificate" shall mean a certificate substantially in the
form attached hereto as Exhibit B.

          "Section 11(a)(ii) Trigger Date" shall have the meaning set forth in
Section 11(a)(iii) hereof.

          "Section 13 Event" shall mean any event described in clause (i), (ii)
or (iii) of Section 13(a)
hereof.

          "Securities Act" shall mean the Securities Act of 1933, as amended.

          "Shares Acquisition Date" shall mean the first date of public
announcement (which, for purposes of this definition, shall include, without
limitation, a report filed pursuant to Section 13(d) under the Exchange Act) by
the Company or an Acquiring Person that an Acquiring Person has become such;
provided that, if such Person is determined not to have become an Acquiring
Person as defined herein, then no Shares Acquisition Date shall be deemed to
have occurred.

          "Spread" shall have the meaning set forth in Section 11(a)(iii)
hereof.

          "Subsidiary" of any Person shall mean any corporation or other entity
of which an amount of voting securities sufficient to elect a majority of the
directors or Persons having similar authority of such corporation or other
entity is beneficially owned, directly or indirectly, by such Person, or any
corporation or other entity otherwise controlled by such Person.

          "Substitution Period" shall have the meaning set forth in Section
11(a)(iii) hereof.

          "Summary of Rights" shall mean a summary of this Agreement
substantially in the form attached hereto as Exhibit C.

          "Total Exercise Price" shall have the meaning set forth in Section
4(a) hereof.

          "Trading Day" shall mean a day on which the principal national
securities exchange on which a referenced security is listed or admitted to
trading is open for the transaction of business or, if a referenced security is
not listed or admitted to trading on any national securities exchange, a
Business Day.

          "Triggering Event" shall be deemed to have occurred upon any Person,
becoming an Acquiring Person.

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

     3. Issuance of Rights Certificates.
        --------------------------------

          (a) Until the Distribution Date, (i) the Rights will be evidenced
(subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates
for shares of Common Stock registered in the names of the holders thereof (which
certificates shall also be deemed to be Rights Certificates) and not by separate
Rights Certificates and (ii) the right to receive Rights Certificates will be
transferable only in connection with the transfer of shares of Common Stock.
Until the earlier of the Distribution Date or the Expiration Date, the surrender
for transfer of certificates for shares of Common Stock shall also constitute
the surrender for transfer of the Rights associated with the shares of Common
Stock represented thereby. As soon as practicable after the Distribution Date,
the Company will prepare and execute, the Rights Agent will countersign, and the
Company will send or cause to be sent (and the Rights Agent will, if requested
and if provided the necessary information, send) by first-class, postage-prepaid
mail, to each record holder of shares of Common Stock as of the Close of
Business on the Distribution Date, at the address of such holder shown on the
records of the Company, a Rights Certificate evidencing one Right for each share
of Common Stock so held, subject to adjustment as provided herein. In the event
that an adjustment in the number of Rights per share of Common Stock has been
made pursuant to Section 11 hereof, then at the time of distribution of the
Rights Certificates, the Company shall make the necessary and appropriate
rounding adjustments (in accordance with Section 14(a) hereof) so that Rights
Certificates representing only whole numbers of Rights are distributed and cash
is paid in lieu of any fractional Rights. As of the Distribution Date, the
Rights will be evidenced solely by such Rights Certificates and may be
transferred by the transfer of the Rights Certificates as permitted hereby,
separately and apart from any transfer of shares of Common Stock, and the
holders of such Rights Certificates as listed in the records of the Company or
any transfer agent or registrar for the Rights shall be the record holders
thereof. The Company shall promptly notify the Rights Agent in writing upon the
occurrence of the Distribution Date and, if such notification is given orally,
the Company shall confirm the same in writing on or prior to the Business Day
next following. Until such notice is received by the Rights Agent, the Rights
Agent may presume conclusively for all purposes that the Distribution Date has
not occurred.

          (b) On the Record Date or as soon as practicable thereafter, the
Company will send a copy of the Summary of Rights by first-class,
postage-prepaid mail, to each record holder of shares of Common Stock as of the
Close of Business on the Record Date, at the address of such holder shown on the
records of the Company's transfer agent and registrar. With respect to
certificates for shares of Common Stock outstanding as of the Record Date, until
the Distribution Date, the Rights will be evidenced by such certificates
registered in the names of the holders thereof together with the Summary of
Rights. Until the Distribution Date (or, if earlier, the Expiration Date), the
surrender for transfer of any certificate for shares of Common Stock outstanding
on the Record Date, with or without a copy of the Summary of Rights, shall also
constitute the transfer of the Rights associated with the shares of Common Stock
represented thereby.

          (c) Unless the Board of Directors by resolution adopted at or before
the time of the issuance of any shares of Common Stock specifies to the
contrary, Rights shall be issued in respect of all shares of Common Stock that
are issued after the Record Date but prior to the earlier of the Distribution
Date or the Expiration Date or, in certain circumstances provided in Section 22
hereof, after the Distribution Date. Certificates representing such shares of
Common Stock shall also be deemed to be certificates for Rights, and shall bear
a legend in substantially the following form:

         THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO
         CERTAIN RIGHTS AS SET FORTH IN A STOCKHOLDER RIGHTS AGREEMENT BETWEEN
         NORDIC AMERICAN TANKER SHIPPING LIMITED AND MELLON INVESTOR SERVICES
         LLC, AS THE RIGHTS AGENT, DATED AS OF FEBRUARY 13, 2007, (THE "RIGHTS
         AGREEMENT"), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY
         REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE
         OFFICES OF NORDIC AMERICAN TANKER SHIPPING LIMITED UNDER CERTAIN
         CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL
         BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED
         BY THIS CERTIFICATE. NORDIC AMERICAN TANKER SHIPPING LIMTED WILL MAIL
         TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT
         WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER
         CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED
         TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON
         OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE
         RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF OF SUCH
         PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.

With respect to such certificates containing the foregoing legend, until the
earlier of (i) the Distribution Date or (ii) the Expiration Date, the Rights
associated with the shares of Common Stock represented by such certificates
shall be evidenced by such certificates alone, and the surrender for transfer of
any such certificate shall also constitute the transfer of the Rights associated
with the shares of Common Stock represented thereby.

          (d) In the event that the Company purchases or acquires any shares of
Common Stock after the Record Date but prior to the Distribution Date, any
Rights associated with such shares of Common Stock shall be deemed canceled and
retired so that the Company shall not be entitled to exercise any Rights
associated with the shares of Common Stock which are no longer outstanding.

     4. Form of Rights Certificates.
        ----------------------------

          (a) The Rights Certificates (and the forms of election to purchase
shares of Common Stock and of assignment to be printed on the reverse thereof)
shall be substantially in the form of Exhibit B hereto and may have such marks
of identification or designation and such legends, summaries or endorsements
printed thereon as the Company may deem appropriate (but which do not affect the
rights, duties or responsibilities of the Rights Agent) and as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any applicable law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange or a national
market system, on which the Rights may from time to time be listed or included,
or to conform to usage. Subject to the provisions of Section 11 and Section 22
hereof, the Rights Certificates, whenever distributed, shall be dated as of the
Record Date (or in the case of Rights issued with respect to shares of Common
Stock issued by the Company after the Record Date, as of the date of issuance of
such shares of Common Stock) and on their face shall entitle the holders thereof
to purchase such number of one- thousandths of a Preferred Share as shall be set
forth therein at the price set forth therein (such exercise price per one
one-thousandth of a Preferred Share being hereinafter referred to as the
"Exercise Price" and the aggregate Exercise Price of all Preferred Shares
issuable upon exercise of one Right being hereinafter referred to as the "Total
Exercise Price"), but the number and type of securities purchasable upon the
exercise of each Right and the Exercise Price shall be subject to adjustment as
provided herein.

          (b) Any Rights Certificate issued pursuant to Section 3(a) or Section
22 hereof that represents Rights beneficially owned by: (i) an Acquiring Person
or any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an
Acquiring Person (or of any such Associate or Affiliate) who becomes a
transferee after the Acquiring Person becomes such or (iii) a transferee of an
Acquiring Person (or of any such Associate or Affiliate) who becomes a
transferee prior to or concurrently with the Acquiring Person becoming such and
receives such Rights pursuant to either (A) a transfer (whether or not for
consideration) from the Acquiring Person to holders of equity interests in such
Acquiring Person or to any Person with whom such Acquiring Person has any
continuing agreement, arrangement or understanding regarding the transferred
Rights or (B) a transfer which the Company's Board of Directors has determined
is part of a plan, arrangement or understanding which has as a primary purpose
or effect avoidance of Section 7(e) hereof, and any Rights Certificate issued
pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement
or adjustment of any other Rights Certificate referred to in this sentence,
shall contain (to the extent the Rights Agent has knowledge thereof and to the
extent feasible) a legend in substantially the following form:

          THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE
          BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON
          OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE
          DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE
          AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE
          CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.

     5.   Countersignature and Registration.
          ----------------------------------

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

          (b) Following the Distribution Date, receipt by the Rights Agent of
written notice to that effect, the Rights Agent will keep or cause to be kept,
at its office designated for such purposes, books for registration and transfer
of the Rights Certificates issued hereunder. Such books shall show the names and
addresses of the respective holders of the Rights Certificates, the number of
Rights evidenced on its face by each of the Rights Certificates and the date of
each of the Rights Certificates.

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

          (a) Subject to the provisions of Sections 7(e), 14 and 24 hereof, at
any time after the Close of Business on the Distribution Date, and at or prior
to the Close of Business on the Expiration Date, any Rights Certificate or
Rights Certificates may be transferred, split up, combined or exchanged for
another Rights Certificate or Rights Certificates, entitling the registered
holder to purchase a like number of one-thousandths of a Preferred Share (or,
following a Triggering Event, other securities, cash or other assets, as the
case may be) as the Rights Certificate or Rights Certificates surrendered then
entitled such holder to purchase. Any registered holder desiring to transfer,
split up, combine or exchange any Rights Certificate or Rights Certificates
shall make such request in writing delivered to the Rights Agent, and shall
surrender the Rights Certificate or Rights Certificates to be transferred, split
up, combined or exchanged at the office of the Rights Agent designated for such
purpose. The Rights Certificates are transferable only on the registry books of
the Rights Agent. Neither the Rights Agent nor the Company shall be obligated to
take any action whatsoever with respect to the transfer of any such surrendered
Rights Certificate until the registered holder shall have completed and signed
the certificate contained in the form of assignment on the reverse side of such
Rights Certificate and shall have provided such additional evidence of the
identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or
Associates thereof as the Company shall reasonably request. Thereupon the Rights
Agent shall, subject to Sections 7(e), 14 and 24 hereof, countersign and deliver
to the person entitled thereto a Rights Certificate or Rights Certificates, as
the case may be, as so requested. The Company or the Rights Agent may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer, split up, combination or exchange of
Rights Certificates.

          (b) Upon receipt by the Company and the Rights Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of
a Rights Certificate, and, in case of loss, theft or destruction, of indemnity
or security satisfactory to them, and, at the Company's request, reimbursement
to the Company and the Rights Agent of all reasonable expenses incidental
thereto, and upon surrender to the Rights Agent and cancellation of the Rights
Certificate if mutilated, the Company will make and deliver a new Rights
Certificate of like tenor to the Rights Agent for delivery to the registered
holder in lieu of the Rights Certificate so lost, stolen, destroyed or
mutilated.

     7. Exercise of Rights; Exercise Price; Expiration Date of Rights.
        --------------------------------------------------------------

          (a) Subject to Sections 7(e), 23(b) and 24(b) hereof, the registered
holder of any Rights Certificate may exercise the Rights evidenced thereby
(except as otherwise provided herein) in whole or in part at any time after the
Distribution Date and prior to the Close of Business on the Expiration Date by
surrender of the Rights Certificate, with the form of election to purchase on
the reverse side thereof duly executed, to the Rights Agent at the office of the
Rights Agent designated for such purpose, together with payment of the Exercise
Price for each one-thousandth of a Preferred Share (or, following a Triggering
Event, other securities, cash or other assets as the case may be) as to which
the Rights are exercised.

          (b) The Exercise Price for each one-thousandth of a Preferred Share
issuable pursuant to the exercise of a Right shall initially be one hundred
forty Dollars ($115), shall be subject to adjustment from time to time as
provided in Sections 11 and 13 hereof and shall be payable in lawful money of
the United States of America in accordance with paragraph (c) below.

          (c) Upon receipt of a Rights Certificate representing exercisable
Rights, with the form of election to purchase duly executed, accompanied by
payment of the Exercise Price for the number of one-thousandths of a Preferred
Share (or, following a Triggering Event, other securities, cash or other assets
as the case may be) to be purchased and an amount equal to any applicable tax or
charge required to be paid by the holder of such Rights Certificate in
accordance with Section 9(e) hereof, the Rights Agent shall, subject to Section
20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of
the Preferred Shares (or make available, if the Rights Agent is the transfer
agent for the Preferred Shares) a certificate or certificates for the number of
one-thousandths of a Preferred Share (or, following a Triggering Event, other
securities, cash or other assets as the case may be) to be purchased and the
Company hereby irrevocably authorizes its transfer agent to comply with all such
requests or (B) if the Company shall have elected to deposit the total number of
one-thousandths of a Preferred Share (or, following a Triggering Event, other
securities, cash or other assets as the case may be) issuable upon exercise of
the Rights hereunder with a depositary agent, requisition from the depositary
agent depositary receipts representing such number of one-thousandths of a
Preferred Share (or, following a Triggering Event, other securities, cash or
other assets as the case may be) as are to be purchased (in which case
certificates for the Preferred Shares (or, following a Triggering Event, other
securities, cash or other assets as the case may be) represented by such
receipts shall be deposited by the transfer agent with the depositary agent) and
the Company hereby directs the depositary agent to comply with such request,
(ii) when appropriate, requisition from the Company the amount of cash to be
paid in lieu of issuance of fractional shares in accordance with Section 14
hereof, (iii) after receipt of such certificates or depositary receipts, cause
the same to be delivered to or upon the order of the registered holder of such
Rights Certificate, registered in such name or names as may be designated by
such holder and (iv) when appropriate, after receipt thereof, deliver such cash
to or upon the order of the registered holder of such Rights Certificate. The
payment of the Exercise Price (as such amount may be reduced (including to zero)
pursuant to Section 11(a)(iii) hereof) and an amount equal to any applicable
transfer tax required to be paid by the holder of such Rights Certificate in
accordance with Section 9(e) hereof, may be made in cash or by certified bank
check, cashier's check or bank draft payable to the order of the Company. In the
event that the Company is obligated to issue securities of the Company other
than Preferred Shares, pay cash and/or distribute other property pursuant to
Section 11(a) hereof, the Company will make all arrangements necessary so that
such other securities, cash and/or other property are available for distribution
by the Rights Agent, if and when necessary to comply with this Agreement.

          (d) In case the registered holder of any Rights Certificate shall
exercise less than all the Rights evidenced thereby, a new Rights Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued
by the Rights Agent to the registered holder of such Rights Certificate or to
his or her duly authorized assigns, subject to the provisions of Section 14
hereof.

          (e) Notwithstanding anything in this Agreement to the contrary, from
and after the first occurrence of a Triggering Event, any Rights beneficially
owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring
Person, (ii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee after the Acquiring Person becomes such (a
"Post-Event Transferee"), (iii) a transferee of an Acquiring Person (or of any
such Associate or Affiliate) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such and receives such Rights pursuant to
either (A) a transfer (whether or not for consideration) from the Acquiring
Person to holders of equity interests in such Acquiring Person or to any Person
with whom the Acquiring Person has any continuing agreement, arrangement or
understanding regarding the transferred Rights or (B) a transfer which the
Company's Board of Directors has determined is part of a plan, arrangement or
understanding which has as a primary purpose or effect the avoidance of this
Section 7(e) (a "Pre-Event Transferee") or (iv) any subsequent transferee
receiving transferred Rights from a Post-Event Transferee or a Pre-Event
Transferee, either directly or through one or more intermediate transferees,
shall become null and void without any further action and no holder of such
Rights shall have any rights whatsoever with respect to such Rights, whether
under any provision of this Agreement or otherwise. The Company shall use all
reasonable efforts to ensure that the provisions of this Section 7(e) and
Section 4(b) hereof are complied with, but shall have no liability to any holder
of Rights Certificates or to any other Person as a result of its failure to make
any determinations with respect to an Acquiring Person or any of such Acquiring
Person's Affiliates, Associates or transferees hereunder. The Company shall give
the Rights Agent written notice of the identity of any such Acquiring Person,
Associate or Affiliate, or the nominee of any of the foregoing, and the Rights
Agent may rely on such notice in carrying out its duties under this Agreement
and shall be deemed not to have any knowledge of the identity of any such
Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing
unless and until it shall have received such notice.

          (f) Notwithstanding anything in this Agreement to the contrary,
neither the Rights Agent nor the Company shall be obligated to undertake any
action with respect to a registered holder upon the occurrence of any purported
exercise as set forth in this Section 7 unless such registered holder shall, in
addition to having complied with the requirements of Section 7(a), have (i)
completed and signed the certificate contained in the form of election to
purchase set forth on the reverse side of the Rights Certificate surrendered for
such exercise and (ii) provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates
thereof as the Company shall reasonably request.

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

     9.   Reservation and Availability of Preferred Shares.
          -------------------------------------------------

          (a) The Company covenants and agrees that it will use its best efforts
to cause to be reserved and kept available out of its authorized and unissued
Preferred Shares not reserved for another purpose (and, following the occurrence
of a Triggering Event, out of its authorized and unissued shares of Common Stock
and/or other securities), the number of Preferred Shares (and, following the
occurrence of the Triggering Event, Common Stock and/or other securities) that
will be sufficient to permit the exercise in full of all outstanding Rights.

          (b) If the Company shall hereafter list any of its Preferred Shares on
a national securities exchange, then so long as the Preferred Shares (and,
following the occurrence of a Triggering Event, shares of Common Stock and/or
other securities) issuable and deliverable upon exercise of the Rights may be
listed on such exchange, the Company shall use its best efforts to cause, from
and after such time as the Rights become exercisable (but only to the extent
that it is reasonably likely that the Rights will be exercised), all shares
reserved for such issuance to be listed on such exchange upon official notice of
issuance upon such exercise.

          (c) The Company shall use its best efforts to (i) file, as soon as
practicable following the earliest date after the first occurrence of a
Triggering Event in which the consideration to be delivered by the Company upon
exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii)
hereof, or as soon as is required by law following the Distribution Date, as the
case may be, a registration statement under the Securities Act with respect to
the securities purchasable upon exercise of the Rights on an appropriate form,
(ii) cause such registration statement to become effective as soon as
practicable after such filing and (iii) cause such registration statement to
remain effective (with a prospectus at all times meeting the requirements of the
Securities Act) until the earlier of (A) the date as of which the Rights are no
longer exercisable for such securities and (B) the date of expiration of the
Rights. The Company may temporarily suspend, for a period not to exceed ninety
(90) days after the date set forth in clause (i) of the first sentence of this
Section 9(c), the exercisability of the Rights in order to prepare and file such
registration statement and permit it to become effective. Upon any such
suspension, the Company shall issue a public announcement and notify in writing
the Rights Agent that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement and written notification to the
Rights Agent at such time as the suspension is no longer in effect. The Company
will also take such action as may be appropriate under, or to ensure compliance
with, the securities or "blue sky" laws of the various states in connection with
the exercisability of the Rights. Notwithstanding any provision of this
Agreement to the contrary, the Rights shall not be exercisable in any
jurisdiction, unless the requisite qualification in such jurisdiction shall have
been obtained, or an exemption therefrom shall be available, and until a
registration statement has been declared effective.

          (d) The Company covenants and agrees that it will take all such action
as may be necessary to ensure that all Preferred Shares (or other securities of
the Company) delivered upon exercise of Rights shall, at the time of delivery of
the certificates for such securities (subject to payment of the Exercise Price),
be duly and validly authorized and issued and fully paid and nonassessable
shares.

          (e) The Company further covenants and agrees that it will pay when due
and payable any and all taxes and charges which may be payable in respect of the
original issuance or delivery of the Rights Certificates or of any Preferred
Shares (or other securities of the Company) upon the exercise of Rights. The
Company shall not, however, be required to pay any tax or charge which may be
payable in respect of any transfer or delivery of Rights Certificates to a
person other than, or the issuance or delivery of certificates or depositary
receipts for the Preferred Shares (or other securities of the Company) in a name
other than that of, the registered holder of the Rights Certificate evidencing
Rights surrendered for exercise or to issue or to deliver any certificates or
depositary receipts for Preferred Shares (or other securities of the Company)
upon the exercise of any Rights until any such tax or charge shall have been
paid (any such tax or charge being payable by the holder of such Rights
Certificate at the time of surrender) or until it has been established to the
Company's satisfaction that no such tax or charge is due.

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

     11. Adjustment of Exercise Price, Number of Shares or Number of Rights. The
Exercise Price, the number and kind of shares or other property covered by each
Right and the number of Rights outstanding are subject to adjustment from time
to time as provided in this Section 11.

          (a) (i) Notwithstanding anything in this Agreement to the contrary, in
the event the Company shall at any time after the date of this Agreement (A)
declare a dividend on the Preferred Shares payable in Preferred Shares, (B)
subdivide the outstanding Preferred Shares, (C) combine the outstanding
Preferred Shares (by reverse stock split or otherwise) into a smaller number of
Preferred Shares, or (D) issue any shares of its capital stock in a
reclassification of the Preferred Shares (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing
or surviving corporation), then, in each such event, except as otherwise
provided in this Section 11 and Section 7(e) hereof: (1) the Exercise Price in
effect at the time of the record date for such dividend or of the effective date
of such subdivision, combination or reclassification shall be adjusted so that
the Exercise Price thereafter shall equal the result obtained by dividing the
Exercise Price in effect immediately prior to such time by a fraction (the
"Adjustment Fraction"), the numerator of which shall be the total number of
Preferred Shares (or shares of capital stock issued in such reclassification of
the Preferred Shares) outstanding immediately following such time and the
denominator of which shall be the total number of Preferred Shares outstanding
immediately prior to such time; provided, however, that in no event shall the
consideration to be paid upon the exercise of one Right be less than the
aggregate par value of the shares of capital stock of the Company issuable upon
exercise of such Right; and (2) the number of one-thousandths of a Preferred
Share (or share of such other capital stock) issuable upon the exercise of each
Right shall equal the number of one-thousandths of a Preferred Share (or share
of such other capital stock) as was issuable upon exercise of a Right
immediately prior to the occurrence of the event described in clauses (A)-(D) of
this Section 11(a)(i), multiplied by the Adjustment Fraction; provided, however,
that, no such adjustment shall be made pursuant to this Section 11(a)(i) to the
extent that there shall have simultaneously occurred an event described in
clause (A), (B), (C) or (D) of Section 11(n) with a proportionate adjustment
being made thereunder. Each share of Common Stock that shall become outstanding
after an adjustment has been made pursuant to this Section 11(a)(i) shall have
associated with it the number of Rights, exercisable at the Exercise Price and
for the number of one-thousandths of a Preferred Share (or shares of such other
capital stock) as one share of Common Stock has associated with it immediately
following the adjustment made pursuant to this Section 11(a)(i).

          (ii) Subject to Section 24 of this Agreement, in the event a
          Triggering Event shall have occurred, then promptly following such
          Triggering Event each holder of a Right, except as provided in Section
          7(e) hereof, shall thereafter have the right to receive for each
          Right, upon exercise thereof in accordance with the terms of this
          Agreement and payment of the Exercise Price in effect immediately
          prior to the occurrence of the Triggering Event, in lieu of a number
          of one-thousandths of a Preferred Share, such number of shares of
          Common Stock of the Company as shall equal the result obtained by
          multiplying the Exercise Price in effect immediately prior to the
          occurrence of the Triggering Event by the number of one-thousandths of
          a Preferred Share for which a Right was exercisable (or would have
          been exercisable if the Distribution Date had occurred) immediately
          prior to the first occurrence of a Triggering Event, and dividing that
          product by 50% of the Current Per Share Market Price for shares of
          Common Stock on the date of occurrence of the Triggering Event;
          provided, however, that the Exercise Price and the number of shares of
          Common Stock of the Company so receivable upon exercise of a Right
          shall be subject to further adjustment as appropriate in accordance
          with Section 11(e) hereof to reflect any events occurring in respect
          of the shares of Common Stock of the Company after the occurrence of
          the Triggering Event.

          (iii) In lieu of issuing shares of Common Stock in accordance with
          Section 11(a)(ii) hereof, the Company may, if the Company's Board of
          Directors determines that such action is necessary or appropriate and
          not contrary to the interest of holders of Rights and, in the event
          that the number of shares of Common Stock which are authorized by the
          Company's Memorandum of Association but not outstanding or reserved
          for issuance for purposes other than upon exercise of the Rights are
          not sufficient to permit the exercise in full of the Rights, or if any
          necessary regulatory approval for such issuance has not been obtained
          by the Company, the Company shall: (A) determine the excess of (1) the
          value of the shares of Common Stock issuable upon the exercise of a
          Right (the "Current Value") over (2) the Exercise Price (such excess,
          the "Spread") and (B) with respect to each Right, make adequate
          provision to substitute for such shares of Common Stock, upon exercise
          of the Rights, (1) cash, (2) a reduction in the Exercise Price, (3)
          other equity securities of the Company (including, without limitation,
          shares or units of shares of any series of preferred stock which the
          Company's Board of Directors has deemed to have the same value as
          Common Stock (such shares or units of shares of preferred stock are
          herein called "Common Stock Equivalents")), except to the extent that
          the Company has not obtained any necessary stockholder or regulatory
          approval for such issuance, (4) debt securities of the Company, except
          to the extent that the Company has not obtained any necessary
          stockholder or regulatory approval for such issuance, (5) other assets
          or (6) any combination of the foregoing, having an aggregate value
          equal to the Current Value, where such aggregate value has been
          determined by the Company's Board of Directors based upon the advice
          of a nationally recognized investment banking firm selected by the
          Company's Board of Directors; provided, however, if the Company shall
          not have made adequate provision to deliver value pursuant to clause
          (B) above within thirty (30) days following the later of (x) the first
          occurrence of a Triggering Event and (y) the date on which the
          Company's right of redemption pursuant to Section 23(a) expires (the
          later of (x) and (y) being referred to herein as the "Section
          11(a)(ii) Trigger Date"), then the Company shall be obligated to
          deliver, upon the surrender for exercise of a Right and without
          requiring payment of the Exercise Price, Common Stock (to the extent
          available), except to the extent that the Company has not obtained any
          necessary stockholder or regulatory approval for such issuance, and
          then, if necessary, cash, which shares and/or cash have an aggregate
          value equal to the Spread. If the Company's Board of Directors shall
          determine in good faith that it is likely that sufficient additional
          Common Stock could be authorized for issuance upon exercise in full of
          the Rights or that any necessary regulatory approval for such issuance
          will be obtained, the thirty (30) day period set forth above may be
          extended to the extent necessary, but not more than ninety (90) days
          after the Section 11(a)(ii) Trigger Date, in order that the Company
          may seek stockholder approval for the authorization of such additional
          shares or take action to obtain such regulatory approval (such period,
          as it may be extended, the "Substitution Period"). To the extent that
          the Company determines that some action need be taken pursuant to the
          first and/or second sentences of this Section 11(a)(iii), the Company
          (x) shall provide, subject to Section 7(e) hereof, that such action
          shall apply uniformly to all outstanding Rights and (y) may suspend
          the exercisability of the Rights until the expiration of the
          Substitution Period in order to seek any authorization of additional
          shares, to take any action to obtain any required regulatory approval
          and/or to decide the appropriate form of distribution to be made
          pursuant to such first sentence and to determine the value thereof. In
          the event of any such suspension, the Company shall issue a public
          announcement stating that the exercisability of the Rights has been
          temporarily suspended, as well as a public announcement at such time
          as the suspension is no longer in effect. The Company shall notify the
          Rights Agent whenever it makes a public announcement pursuant to this
          Section 11(a) and give the Rights Agent a copy of such announcement.
          For purposes of this Section 11(a)(iii), the value of the Common Stock
          shall be the Current Per Share Market Price of the Common Stock on the
          Section 11(a)(ii) Trigger Date and the value of any Common Stock
          Equivalent shall be deemed to have the same value as the Common Stock
          on such date.

          (b) In case the Company shall, at any time after the date of this
Agreement, fix a record date for the issuance of rights, options or warrants to
all holders of Preferred Shares entitling such holders (for a period expiring
within forty-five (45) calendar days after such record date) to subscribe for or
purchase Preferred Shares or Equivalent Shares or securities convertible into
Preferred Shares or Equivalent Shares at a price per share (or having a
conversion price per share, if a security convertible into Preferred Shares or
Equivalent Shares) less than the then Current Per Share Market Price of the
Preferred Shares or Equivalent Shares on such record date, then, in each such
case, the Exercise Price to be in effect after such record date shall be
determined by multiplying the Exercise Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the number of
Preferred Shares and Equivalent Shares (if any) outstanding on such record date,
plus the number of Preferred Shares or Equivalent Shares, as the case may be,
which the aggregate offering price of the total number of Preferred Shares or
Equivalent Shares, as the case may be, to be offered or issued (and/or the
aggregate initial conversion price of the convertible securities to be offered
or issued) would purchase at such current market price, and the denominator of
which shall be the number of Preferred Shares and Equivalent Shares (if any)
outstanding on such record date, plus the number of additional Preferred Shares
or Equivalent Shares, as the case may be, to be offered for subscription or
purchase (or into which the convertible securities so to be offered are
initially convertible); provided, however, that in no event shall the
consideration to be paid upon the exercise of one Right be less than the
aggregate par value of the shares of capital stock of the Company issuable upon
exercise of one Right. In case such subscription price may be paid in a
consideration part or all of which shall be in a form other than cash, the value
of such consideration shall be as determined in good faith by the Company's
Board of Directors, whose determination shall be described in a statement filed
with the Rights Agent and shall be binding on the Rights Agent and the holders
of the Rights. Preferred Shares and Equivalent Shares owned by or held for the
account of the Company shall not be deemed outstanding for the purpose of any
such computation. Such adjustment shall be made successively whenever such a
record date is fixed, and in the event that such rights, options or warrants are
not so issued, the Exercise Price shall be adjusted to be the Exercise Price
which would then be in effect if such record date had not been fixed.

          (c) In case the Company shall, at any time after the date of this
Agreement, fix a record date for the making of a distribution to all holders of
the Preferred Shares or of any class or series of Equivalent Shares (including
any such distribution made in connection with a consolidation or merger in which
the Company is the continuing or surviving corporation) of evidences of
indebtedness or assets (other than a regular quarterly cash dividend, if any, or
a dividend payable in Preferred Shares) or subscription rights, options or
warrants (excluding those referred to in Section 11(b)), then, in each such
case, the Exercise Price to be in effect after such record date shall be
determined by multiplying the Exercise Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the Current Per Share
Market Price of a Preferred Share or an Equivalent Share on such record date,
less the fair market value per Preferred Share or Equivalent Share (as
determined in good faith by the Board of Directors of the Company, whose
determination shall be described in a statement filed with the Rights Agent) of
the portion of the cash, assets or evidences of indebtedness so to be
distributed or of such subscription rights or warrants applicable to a Preferred
Share or Equivalent Share, as the case may be, and the denominator of which
shall be such Current Per Share Market Price of a Preferred Share or Equivalent
Share on such record date; provided, however, that in no event shall the
consideration to be paid upon the exercise of one Right be less than the
aggregate par value of the shares of capital stock of the Company issuable upon
exercise of one Right. Such adjustments shall be made successively whenever such
a record date is fixed, and in the event that such distribution is not so made,
the Exercise Price shall be adjusted to be the Exercise Price which would have
been in effect if such record date had not been fixed.

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

          (e) If as a result of an adjustment made pursuant to Section 11(a) or
13(a) hereof, the holder of any Right thereafter exercised shall become entitled
to receive any shares of capital stock other than Preferred Shares, thereafter
the number of such other shares so receivable upon exercise of any Right and, if
required, the Exercise Price thereof, shall be subject to adjustment from time
to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the Preferred Shares contained in Sections 11(a),
11(b), 11(c), 11(d), 11(g), 11(h), 11(i), 11(j), 11(k) and 11(l), and the
provisions of Sections 7, 9, 10, 13 and 14 with respect to the Preferred Shares
shall apply on like terms to any such other shares.

          (f) All Rights originally issued by the Company subsequent to any
adjustment made to the Exercise Price hereunder shall evidence the right to
purchase, at the adjusted Exercise Price, the number of one-thousandths of a
Preferred Share purchasable from time to time hereunder upon exercise of the
Rights, all subject to further adjustment as provided herein.

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

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

          (i) Irrespective of any adjustment or change in the Exercise Price or
the number of Preferred Shares issuable upon the exercise of the Rights, the
Rights Certificates theretofore and thereafter issued may continue to express
the Exercise Price per one one-thousandth of a Preferred Share and the number of
one-thousandths of a Preferred Share which were expressed in the initial Rights
Certificates issued hereunder.

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

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

          (l) Notwithstanding anything in this Section 11 to the contrary, prior
to the Distribution Date, the Company shall be entitled to make such reductions
in the Exercise Price, in addition to those adjustments expressly required by
this Section 11, as and to the extent that it in its sole discretion shall
determine to be advisable in order that any (i) consolidation or subdivision of
the Preferred Shares or Common Stock, (ii) issuance wholly for cash of any
Preferred Shares or Common Stock at less than the current market price, (iii)
issuance wholly for cash of Preferred Shares or Common Stock or securities which
by their terms are convertible into or exchangeable for Preferred or Common
Stock, (iv) stock dividends or (v) issuance of rights, options or warrants
referred to in this Section 11, hereafter made by the Company to holders of its
Preferred Shares or Common Stock shall not be taxable to such stockholders.

          (m) The Company covenants and agrees that, after the Distribution
Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or
permit to be taken) any action if at the time such action is taken it is
reasonably foreseeable that such action will diminish substantially or otherwise
eliminate the benefits intended to be afforded by the Rights.

          (n) In the event the Company shall at any time after the date of this
Agreement (A) declare a dividend on the Common Stock payable in shares of Common
Stock, (B) subdivide the outstanding shares of Common Stock, (C) combine the
outstanding Common Stock (by reverse stock split or otherwise) into a smaller
number of shares of Common Stock, or (D) issue any shares of its capital stock
in a reclassification of the shares of Common Stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing or surviving corporation), then, in each such event,
except as otherwise provided in this Section 11(a) and Section 7(e) hereof: (1)
each share of Common Stock (or shares of capital stock issued in such
reclassification of the Common Stock) outstanding immediately following such
time shall have associated with it the number of Rights as were associated with
one share of Common Stock immediately prior to the occurrence of the event
described in clauses (A)-(D) above; (2) the Exercise Price in effect at the time
of the record date for such dividend or of the effective date of such
subdivision, combination or reclassification shall be adjusted so that the
Exercise Price thereafter shall equal the result obtained by multiplying the
Exercise Price in effect immediately prior to such time by a fraction, the
numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to the event described in clauses (A)-(D) above,
and the denominator of which shall be the total number of shares of Common Stock
outstanding immediately after such event; provided, however, that in no event
shall the consideration to be paid upon the exercise of one Right be less than
the aggregate par value of the shares of capital stock of the Company issuable
upon exercise of such Right; and (3) the number of one-thousandths of a
Preferred Share (or shares of such other capital stock) issuable upon the
exercise of each Right outstanding after such event shall equal the number of
one- thousandths of a Preferred Share (or shares of such other capital stock) as
were issuable with respect to one Right immediately prior to such event. Each
share of Common Stock that shall become outstanding after an adjustment has been
made pursuant to this Section 11(n) shall have associated with it the number of
Rights, exercisable at the Exercise Price and for the number of one-thousandths
of a Preferred Share (or shares of such other capital stock) as one share of
Common Stock has associated with it immediately following the adjustment made
pursuant to this Section 11(n). If an event occurs which would require an
adjustment under both this Section 11(n) and Section 11(a)(ii) hereof, the
adjustment provided for in this Section 11(n) shall be in addition to, and shall
be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

     12. Certificate of Adjusted Exercise Price or Number of Shares. Whenever an
adjustment is made or any event affecting the Rights of their exercisability
(including without limitation an event which causes Rights to become null and
void) as provided in Sections 11 and 13 hereof, the Company shall promptly (a)
prepare a certificate setting forth such adjustment or describing such event and
a brief reasonably detailed statement of the facts, computations and methodology
accounting for such adjustment, (b) file with the Rights Agent and with each
transfer agent for the Preferred Shares a copy of such certificate and (c) mail
a brief summary thereof to each holder of a Rights Certificate in accordance
with Section 26 hereof. Notwithstanding the foregoing sentence, the failure of
the Company to make such certification or give such notice shall not affect the
validity of such adjustment or the force or effect of the requirement for such
adjustment. The Rights Agent shall be fully protected in relying on any such
certificate and on any adjustment or statement contained therein and shall have
no duty or liability with respect to, and shall not be deemed to have knowledge
of such adjustment or any such event unless and until it shall have received
such certificate.

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

          (a) In the event that, following a Triggering Event, directly or
indirectly:

          (i) the Company shall consolidate with, or merge with and into, any
          other Person (other than a wholly-owned Subsidiary of the Company in a
          transaction the principal purpose of which is to change the state of
          incorporation of the Company and which complies with Section 11(m)
          hereof);

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

          (iii) the Company shall sell or otherwise transfer (or one or more of
          its Subsidiaries shall sell or otherwise transfer), in one or more
          transactions, assets or earning power aggregating 50% or more of the
          assets or earning power of the Company and its Subsidiaries (taken as
          a whole) to any other Person or Persons (other than the Company or one
          or more of its wholly owned Subsidiaries in one or more transactions,
          each of which individually (and together) complies with Section 11(m)
          hereof),

          then, concurrent with and in each such case:

                    (a) each holder of a Right (except as provided in Section
                    7(e) hereof) shall thereafter have the right to receive,
                    upon the exercise thereof, at a price equal to the Total
                    Exercise Price applicable immediately prior to the
                    occurrence of the Section 13 Event in accordance with the
                    terms of this Agreement, such number of validly authorized
                    and issued, fully paid, nonassessable and freely tradeable
                    shares of Common Stock of the Principal Party (as
                    hereinafter defined), free of any liens, encumbrances,
                    rights of first refusal or other adverse claims, as shall be
                    equal to the result obtained by dividing such Total Exercise
                    Price by 50% of the Current Per Share Market Price of the
                    shares of Common Stock of such Principal Party on the date
                    of consummation of such Section 13 Event, provided, however,
                    that the Exercise Price and the number of shares --------
                    ------- of Common Stock of such Principal Party so
                    receivable upon exercise of a Right shall be subject to
                    further adjustment as appropriate in accordance with Section
                    11(e) hereof;

                    (b) such Principal Party shall thereafter be liable for, and
                    shall assume, by virtue of such Section 13 Event, all the
                    obligations and duties of the Company pursuant to this
                    Agreement;

                    (c) the term "Company" shall thereafter be deemed to refer
                    to such Principal Party, it being specifically intended that
                    the provisions of Section 11 hereof shall apply only to such
                    Principal Party following the first occurrence of a Section
                    13 Event;

                    (d) such Principal Party shall take such steps (including,
                    but not limited to, the reservation of a sufficient number
                    of its Common Stock) in connection with the consummation of
                    any such transaction as may be necessary to ensure that the
                    provisions hereof shall thereafter be applicable, as nearly
                    as reasonably may be, in relation to its shares of Common
                    Stock thereafter deliverable upon the exercise of the
                    Rights; and

                    (e) upon the subsequent occurrence of any consolidation,
                    merger, sale or transfer of assets or other extraordinary
                    transaction in respect of such Principal Party, each holder
                    of a Right shall thereupon be entitled to receive, upon
                    exercise of a Right and payment of the Total Exercise Price
                    as provided in this Section 13(a), such cash, shares,
                    rights, warrants and other property which such holder would
                    have been entitled to receive had such holder, at the time
                    of such transaction, owned the shares of Common Stock of the
                    Principal Party receivable upon the exercise of such Right
                    pursuant to this Section 13(a), and such Principal Party
                    shall take such steps (including, but not limited to,
                    reservation of shares of stock) as may be necessary to
                    permit the subsequent exercise of the Rights in accordance
                    with the terms hereof for such cash, shares, rights,
                    warrants and other property.

                    (f) For purposes hereof, the "earning power" of the Company
                    and its Subsidiaries shall be determined in good faith by
                    the Company's Board of Directors on the basis of the
                    operating earnings of each business operated by the Company
                    and its Subsidiaries during the three fiscal years preceding
                    the date of such determination (or, in the case of any
                    business not operated by the Company or any Subsidiary
                    during three full fiscal years preceding such date, during
                    the period such business was operated by the Company or any
                    Subsidiary).

          (b) For purposes of this Agreement, the term "Principal Party" shall
mean:

          (i) in the case of any transaction described in clause (i) or (ii) of
          Section 13(a) hereof: (A) the Person that is the issuer of the
          securities into which the shares of Common Stock are converted in such
          merger or consolidation, or, if there is more than one such issuer,
          the issuer the shares of Common Stock of which have the greatest
          aggregate market value of shares outstanding, or (B) if no securities
          are so issued, (x) the Person that is the other party to the merger,
          if such Person survives said merger, or, if there is more than one
          such Person, the Person the shares of Common Stock of which have the
          greatest aggregate market value of shares outstanding or (y) if the
          Person that is the other party to the merger does not survive the
          merger, the Person that does survive the merger (including the Company
          if it survives) or (z) the Person resulting from the consolidation;
          and

          (ii) in the case of any transaction described in clause (iii) of
          Section13(a) hereof, the Person that is the party receiving the
          greatest portion of the assets or earning power transferred pursuant
          to such transaction or transactions, or, if more than one Person that
          is a party to such transaction or transactions receives the same
          portion of the assets or earning power so transferred and each such
          portion would, were it not for the other equal portions, constitute
          the greatest portion of the assets or earning power so transferred, or
          if the Person receiving the greatest portion of the assets or earning
          power cannot be determined, whichever of such Persons is the issuer of
          shares of Common Stock having the greatest aggregate market value of
          shares outstanding; provided, however, that in any such case described
          in the foregoing clause (b)(i) or (b)(ii), if the shares of Common
          Stock of such Person are not at such time or have not been
          continuously over the preceding 12-month period registered under
          Section 12 of the Exchange Act, then (1) if such Person is a direct or
          indirect Subsidiary of another Person the shares of Common Stock of
          which are and have been so registered, the term "Principal Party"
          shall refer to such other Person, or (2) if such Person is a
          Subsidiary, directly or indirectly, of more than one Person, the
          Common Stock of which are and have been so registered, the term
          "Principal Party" shall refer to whichever of such Persons is the
          issuer of shares of Common Stock having the greatest aggregate market
          value of shares outstanding, or (3) if such Person is owned, directly
          or indirectly, by a joint venture formed by two or more Persons that
          are not owned, directly or indirectly by the same Person, the rules
          set forth in clauses (1) and (2) above shall apply to each of the
          owners having an interest in the venture as if the Person owned by the
          joint venture was a Subsidiary of both or all of such joint venturers,
          and the Principal Party in each such case shall bear the obligations
          set forth in this Section 13 in the same ratio as its interest in such
          Person bears to the total of such interests.

          (c) The Company shall not consummate any Section 13 Event unless the
Principal Party shall have a sufficient number of authorized shares of Common
Stock that have not been issued or reserved for issuance to permit the exercise
in full of the Rights in accordance with this Section 13 and unless prior
thereto the Company and such issuer shall have executed and delivered to the
Rights Agent a supplemental agreement confirming that such Principal Party
shall, upon consummation of such Section 13 Event, assume this Agreement in
accordance with Sections 13(a) and 13(b) hereof, that all rights of first
refusal or preemptive rights in respect of the issuance of shares of Common
Stock of such Principal Party upon exercise of outstanding Rights have been
waived, that there are no rights, warrants, instruments or securities
outstanding or any agreements or arrangements which, as a result of the
consummation of such transaction, would eliminate or substantially diminish the
benefits intended to be afforded by the Rights and that such transaction shall
not result in a default by such Principal Party under this Agreement, and
further providing that, as soon as practicable after the date of such Section 13
Event, such Principal Party will:

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

          (ii) use its best efforts to list (or continue the listing of) the
          Rights and the securities purchasable upon exercise of the Rights on a
          national securities exchange or to meet the eligibility requirements
          for quotation on the NYSE and list (or continue the listing of) the
          Rights and the securities purchasable upon exercise of the Rights on
          the NYSE; and (iii) deliver to holders of the Rights historical
          financial statements for such Principal Party which comply in all
          respects with the requirements for registration on Form F-1 or Form
          S-1 (or any successor form), as the case may be, under the Exchange
          Act.

In the event that at any time after the occurrence of a Triggering Event some or
all of the Rights shall not have been exercised at the time of a transaction
described in this Section 13, the Rights which have not theretofore been
exercised shall thereafter be exercisable in the manner described in Section
13(a) (without taking into account any prior adjustment required by Section
11(a)(ii)).

          (d) In case the "Principal Party" for purposes of Section 13(b) hereof
has provision in any of its authorized securities or in its memorandum of
association or bye-laws or other instrument governing its corporate affairs,
which provision would have the effect of (i) causing such Principal Party to
issue (other than to holders of Rights pursuant to Section 13 hereof), in
connection with, or as a consequence of, the consummation of a Section 13 Event,
shares of Common Stock or Equivalent Shares of such Principal Party at less than
the then Current Per Share Market Price thereof or securities exercisable for,
or convertible into, shares of Common Stock or Equivalent Shares of such
Principal Party at less than such then Current Per Share Market Price, or (ii)
providing for any special payment, tax or similar provision in connection with
the issuance of the shares of Common Stock of such Principal Party pursuant to
the provisions of Section 13 hereof, then, in such event, the Company hereby
agrees with each holder of Rights that it shall not consummate any such
transaction unless prior thereto the Company and such Principal Party shall have
executed and delivered to the Rights Agent a supplemental agreement providing
that the provision in question of such Principal Party shall have been canceled,
waived or amended, or that the authorized securities shall be redeemed, so that
the applicable provision will have no effect in connection with or as a
consequence of, the consummation of the proposed transaction.

          (e) The Company covenants and agrees that it shall not, at any time
after the Distribution Date, effect or permit to occur any Section 13 Event, if
(i) at the time or immediately after such Section 13 Event there are any rights,
warrants or other instruments or securities outstanding or agreements in effect
which would substantially diminish or otherwise eliminate the benefits intended
to be afforded by the Rights, (ii) prior to, simultaneously with or immediately
after such Section 13 Event, the stockholders of the Person who constitutes, or
would constitute, the "Principal Party" for purposes of Section 13(b) hereof
shall have received a distribution of Rights previously owned by such Person or
any of its Affiliates or Associates or (iii) the form or nature of organization
of the Principal Party would preclude or limit the exercisability of the Rights.

          (f) The provisions of this Section 13 shall similarly apply to
successive mergers or consolidations or sales or other transfers.

     14. Fractional Rights and Fractional Shares.
         ----------------------------------------

          (a) The Company shall not be required to issue fractions of Rights or
to distribute Rights Certificates which evidence fractional Rights. In lieu of
such fractional Rights, there shall be paid to the registered holders of the
Rights Certificates with regard to which such fractional Rights would otherwise
be issuable, an amount in cash equal to the same fraction of the current market
value of a whole Right. For the purposes of this Section 14(a), the current
market value of a whole Right shall be the closing price of the Rights for the
Trading Day immediately prior to the date on which such fractional Rights would
have been otherwise issuable, as determined pursuant to this Agreement.

          (b) The Company shall not be required to issue fractions of Preferred
Shares (other than fractions that are integral multiples of one one-thousandth
of a Preferred Share) upon exercise of the Rights or to distribute certificates
which evidence fractional Preferred Shares (other than fractions that are
integral multiples of one one-thousandth of a Preferred Share). Interests in
fractions of Preferred Shares in integral multiples of one one-thousandth of a
Preferred Share may, at the election of the Company, be evidenced by depositary
receipts, pursuant to an appropriate agreement between the Company and a
depositary selected by it; provided, that such agreement shall provide that the
holders of such depositary receipts shall have all the rights, privileges and
preferences to which they are entitled as beneficial owners of the Preferred
Shares represented by such depositary receipts. In lieu of fractional Preferred
Shares that are not integral multiples of one one-thousandth of a Preferred
Share, the Company shall pay to the registered holders of Rights Certificates at
the time such Rights are exercised as herein provided an amount in cash equal to
the same fraction of the current market value of a Preferred Share. For purposes
of this Section 14(b), the current market value of a Preferred Share shall be
one thousand times the closing price of a share of Common Stock (as determined
pursuant to the terms hereof) for the Trading Day immediately prior to the date
of such exercise.

          (c) The Company shall not be required to issue fractions of shares of
Common Stock or to distribute certificates which evidence fractional shares of
Common Stock upon the exercise or exchange of Rights. In lieu of such fractional
shares of Common Stock, the Company shall pay to the registered holders of
Rights Certificates at the time such Rights are exercised as herein provided an
amount in cash equal to the same fraction of the current market value of a share
of Common Stock. For purposes of this Section 14(c), the current market value of
a share of Common Stock shall be the closing price of a share of Common Stock
(as determined pursuant to the terms hereof) for the Trading Day immediately
prior to the date of such exercise.

          (d) The holder of a Right by the acceptance of the Right expressly
waives his or her right to receive any fractional Rights or any fractional
shares (other than fractions that are integral multiples of one one-thousandth
of a Preferred Share) upon exercise of a Right.

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

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

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

          (a) prior to the Distribution Date, the Rights will be transferable
only in connection with the transfer of the shares of Common Stock;

          (b) after the Distribution Date, the Rights Certificates are
transferable only on the registry books of the Rights Agent if surrendered at
the principal office or offices of the Rights Agent designated for such
purposes, duly endorsed or accompanied by a proper instrument of transfer and
with the appropriate forms and certificates fully executed; and

          (c) subject to Sections 6(a) and 7(f) hereof, the Company and the
Rights Agent may deem and treat the person in whose name the Rights Certificate
(or, prior to the Distribution Date, the associated Common Stock certificate) is
registered as the absolute owner thereof and of the Rights evidenced thereby
(notwithstanding any notations of ownership or writing on the Rights
Certificates or the associated Common Stock certificate made by anyone other
than the Company or the Rights Agent) for all purposes whatsoever, and neither
the Company nor the Rights Agent shall be affected by any notice to the
contrary.

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

     17. Rights Certificate Holder Not Deemed a Stockholder. No holder, as such,
of any Rights Certificate shall be entitled to vote, receive dividends or be
deemed for any purpose to be the holder of the Preferred Shares or any other
securities of the Company which may at any time be issuable on the exercise of
the Rights represented thereby, nor shall anything contained herein or in any
Rights Certificate be construed to confer upon the holder of any Rights
Certificate, as such, any of the rights of a stockholder of the Company or any
right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting
stockholders (except as provided in Section 25 hereof), or to receive dividends
or subscription rights, or otherwise, until the Right or Rights evidenced by
such Rights Certificate shall have been exercised in accordance with the
provisions hereof.

     18. The Rights Agent.
         -----------------

          (a) The Company agrees to pay to the Rights Agent reasonable
compensation for all services rendered by it hereunder and, from time to time,
on demand of the Rights Agent, its reasonable expenses and counsel fees and
other disbursements incurred in the preparation, delivery, amendment,
administration and execution of this Agreement and the exercise and performance
of its duties hereunder. The Company also agrees to indemnify the Rights Agent
for, and to hold it harmless against, any loss, liability, damage, judgment,
fine, penalty, claim, demand, settlement, cost or expense (including without
limitation, the reasonable fees and expenses of counsel), incurred without gross
negligence, bad faith or willful misconduct on the part of the Rights Agent(each
as determined by a final, non-appealable order, judgment, decree or ruling of a
court of competent jurisdiction), for action taken, suffered or omitted by the
Rights Agent in connection with the acceptance, administration, exercise and
performance of its duties under this Agreement. The costs and expenses incurred
in enforcing the right of indemnification shall be paid by the Company. The
provisions of this Section 18 and Section 20 below shall survive the termination
of this Agreement, the exercise or expiration of the Rights and the resignation,
replacement or removal of the Rights Agent. In no event will the Rights Agent be
liable for punitive, special, indirect, incidental or consequential loss or
damage of any kind whatsoever, even if the Rights Agent has been advised of the
possibility of such loss or damage. Any liability of the Rights Agent under this
Agreement will be limited to the amount of fees paid by the Company to the
Rights Agent.

          (b) The Rights Agent shall be authorized and protected and shall incur
no liability for, or in respect of any action taken, suffered or omitted by it
in connection with its acceptance and administration of this Agreement and the
exercise and performance of its duties hereunder, in reliance upon any Rights
Certificate or certificate for the Preferred Shares or shares of Common Stock or
for other securities of the Company, instrument of assignment or transfer, power
of attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement or other paper or document reasonably believed by it to
be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons, or otherwise upon the advice of
counsel as set forth in Section 20 hereof.

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

     20. Duties of Rights Agent. The Rights Agent undertakes to perform only the
duties and obligations expressly imposed by this Agreement (and no implied
duties) upon the following terms and conditions, by all of which the Company and
the holders of Rights Certificates, by their acceptance thereof, shall be bound:

          (a) The Rights Agent may consult with legal counsel (who may be legal
counsel for the Company or an employee of the Rights Agent), and the written
advice or opinion of such counsel shall be full and complete authorization and
protection to the Rights Agent and the Rights Agent shall incur no liability for
or in respect of any action taken, suffered or omitted by it and in accordance
with such written advice or opinion.

          (b) Whenever in the performance of its duties under this Agreement the
Rights Agent shall deem it necessary or desirable that any fact or matter
(including, without limitation, the identity of any Acquiring Person and the
determination of Current Per Share Market Price) be proved or established by the
Company prior to taking, suffering or omitting to take any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established
by a certificate signed by any one of the Chairman of the Board, the Chief
Executive Officer, the President, any Vice President, the Chief Financial
Officer, the Secretary or any Assistant Secretary of the Company and delivered
to the Rights Agent; and such certificate shall be full and complete
authorization and protection to the Rights Agent and the Rights Agent shall
incur no liability for or in respect of any action taken or suffered in good
faith by it under the provisions of this Agreement in reliance upon such
certificate.

          (c) The Rights Agent shall be liable hereunder to the Company and any
other Person only for its own gross negligence, bad faith or willful misconduct
(each as determined by a final, non-appealable order, judgment, decree or ruling
of a court of competent jurisdiction).

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

          (e) The Rights Agent shall not have any liability for or be under any
responsibility in respect of the validity of this Agreement or the execution and
delivery hereof (except the due execution hereof by the Rights Agent) or in
respect of the validity or execution of any Rights Certificate (except its
countersignature thereof); nor shall it be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any
Rights Certificate; nor shall it be responsible for any change in the
exercisability of the Rights (including the Rights becoming null and void
pursuant to Section 7(e) hereof) or any change or adjustment in the terms of the
Rights (including the manner, method or amount thereof) provided for in Sections
3, 11, 13, 23 or 24, or the ascertaining of the existence of facts that would
require any such change or adjustment (except with respect to the exercise of
Rights evidenced by Rights Certificates after receipt by the Rights Agent of a
certificate furnished pursuant to Section 12 describing such change or
adjustment); nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any
Preferred Shares to be issued pursuant to this Agreement or any Rights
Certificate or as to whether any Preferred Shares will, when issued, be validly
authorized and issued, fully paid and nonassessable.

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

          (g) The Rights Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from any
one of the Chairman of the Board, the Chief Executive Officer, the President,
any Vice President, the Chief Financial Officer, the Secretary or any Assistant
Secretary of the Company, and to apply to such officers for advice or
instructions in connection with its duties, and such instructions shall be full
authorization and protection to the Rights Agent and it shall not be liable for
or in respect of any action taken, suffered or omitted by it in accordance with
instructions of any such officer or for any delay in acting while waiting for
those instructions. The Rights Agent shall be fully authorized and protected in
relying upon the most recent instructions received by it from any such officer.
Any application by the Rights Agent for written instructions from the Company
may, at the option of the Rights Agent, set forth in writing any action proposed
to be taken, suffered or omitted by the Rights Agent under this Rights Agreement
and the date on and/or after which such action shall be taken, suffered or such
omission shall be effective. The Rights Agent shall not be liable for any action
taken or suffered by, or omission of, the Rights Agent in accordance with a
proposal included in any such application on or after the date specified in such
application (which date shall not be less than five (5) Business Days after the
date any officer of the Company actually receives such application, unless any
such officer shall have consented in writing to an earlier date) unless, prior
to taking, suffering or omitting of any such action (or the effective date in
the case of an omission), the Rights Agent shall have received written
instructions in response to such application specifying the action to be taken,
suffered or omitted.

          (h) The Rights Agent and any stockholder, affiliate, director, officer
or employee of the Rights Agent may buy, sell or deal in any of the Rights or
other securities of the Company or become pecuniarily interested in any
transaction in which the Company may be interested, or contract with or lend
money to the Company or otherwise act as fully and freely as though the Rights
Agent were not Rights Agent under this Agreement. Nothing herein shall preclude
the Rights Agent or any such stockholder, affiliate, director, officer or
employee from acting in any other capacity for the Company or for any other
Person.

          (i) The Rights Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself (through
its directors, officers or employees) or by or through its attorneys or agents,
and the Rights Agent shall not be answerable or accountable for any act,
default, neglect or misconduct of any such attorneys or agents or for any loss
to the Company or any other Person resulting from any such act, default, neglect
or misconduct, absent gross negligence or bad faith in the selection and
continued employment thereof (which gross negligence or bad faith must be
determined by a final, non-appealable order, judgment, decree or ruling of a
court of competent jurisdiction).

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

          (k) If, with respect to any Rights Certificate surrendered to the
Rights Agent for exercise or transfer, the certificate attached to the form of
assignment or form of election to purchase, as the case may be, has either not
been completed or indicates an affirmative response to clause 1 and/or 2
thereof, the Rights Agent shall not take any further action with respect to such
requested exercise or transfer without first consulting with the Company.

     21. Change of Rights Agent. The Rights Agent or any successor Rights Agent
may resign and be discharged from its duties under this Agreement upon thirty
(30) days' written notice mailed to the Company and to each transfer agent of
the Preferred Shares and the Common Stock known to the Rights Agent, by
registered or certified mail, and to the holders of the Rights Certificates by
first-class mail. The Company may remove the Rights Agent or any successor
Rights Agent upon thirty (30) days' written notice, mailed to the Rights Agent
or successor Rights Agent, as the case may be, and to each transfer agent of the
Preferred Shares and the Common Stock by registered or certified mail, and to
the holders of the Rights Certificates by first-class mail. If the Rights Agent
shall resign or be removed or shall otherwise become incapable of acting, the
Company shall appoint a successor to the Rights Agent. If the Company shall fail
to make such appointment within a period of thirty (30) days after giving notice
of such removal or after receiving written notice of such resignation or
incapacity by the resigning or incapacitated Rights Agent or by the holder of a
Rights Certificate (who shall, with such notice, submit his or her Rights
Certificate for inspection by the Company), then the registered holder of any
Rights Certificate may apply to any court of competent jurisdiction for the
appointment of a new Rights Agent. Any successor Rights Agent, whether appointed
by the Company or by such a court, shall be (a) a Person organized and doing
business under the laws of the United States or of any state of the United
States, in good standing, which is authorized under such laws to exercise
corporate trust or stockholder services powers and is subject to supervision or
examination by federal or state authority and which has at the time of its
appointment as Rights Agent a combined capital and surplus of at least $50
million or (b) an affiliate of a Person described in clause (a) of this
sentence. After appointment, the successor Rights Agent shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally
named as Rights Agent without further act or deed; but the predecessor Rights
Agent shall deliver and transfer to the successor Rights Agent any property at
the time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Not later than the effective
date of any such appointment, the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Preferred
Shares and the Common Stock, and mail a written notice thereof to the registered
holders of the Rights Certificates. Failure to give any notice provided for in
this Section 21, however, or any defect therein, shall not affect the legality
or validity of the resignation or removal of the Rights Agent or the appointment
of the successor Rights Agent, as the case may be.

     22. Issuance of New Rights Certificates. Notwithstanding any of the
provisions of this Agreement or of the Rights to the contrary, the Company may,
at its option, issue new Rights Certificates evidencing Rights in such form as
may be approved by its Board of Directors to reflect any adjustment or change in
the Exercise Price and the number or kind or class of shares or other securities
or property purchasable under the Rights Certificates made in accordance with
the provisions of this Agreement. In addition, in connection with the issuance
or sale of shares of Common Stock following the Distribution Date and prior to
the redemption or expiration of the Rights, the Company (a) shall, with respect
to shares of Common Stock so issued or sold pursuant to the exercise of stock
options or under any employee plan or arrangement or upon the exercise,
conversion or exchange of other securities of the Company outstanding at the
date hereof or upon the exercise, conversion or exchange of securities
hereinafter issued by the Company and (b) may, in any other case, if deemed
necessary or appropriate by the Board of Directors of the Company, issue Rights
Certificates representing the appropriate number of Rights in connection with
such issuance or sale; provided, however, that (i) no such Rights Certificate
shall be issued and this sentence shall be null and void ab initio if, and to
the extent that, such issuance or this sentence would create a significant risk
of or result in material adverse tax consequences to the Company or the Person
to whom such Rights Certificate would be issued or would create a significant
risk of or result in such options' or employee plans' or arrangements' failing
to qualify for otherwise available special tax treatment and (ii) no such Rights
Certificate shall be issued if, and to the extent that, appropriate adjustment
shall otherwise have been made in lieu of the issuance thereof.

     23. Redemption.

          (a) The Company may, at its option and with the approval of the Board
of Directors, at any time prior to the Close of Business on the earlier of (i)
the Shares Acquisition Date and (ii) the Final Expiration Date, redeem all but
not less than all the then outstanding Rights at a redemption price of $0.01 per
Right, appropriately adjusted to reflect any stock split, stock dividend or
similar transaction occurring after the date hereof (such redemption price being
herein referred to as the "Redemption Price") and the Company may, at its
option, pay the Redemption Price either in shares of Common Stock (based on the
Current Per Share Market Price thereof at the time of redemption) or cash. Such
redemption of the Rights by the Company may be made effective at such time, on
such basis and with such conditions as the Board of Directors in its sole
discretion may establish. The date on which the Board of Directors elects to
make the redemption effective shall be referred to as the "Redemption Date".

          (b) Immediately upon the action of the Board of Directors of the
Company ordering the redemption of the Rights, evidence of which shall have been
filed with the Rights Agent, and without any further action and without any
notice, the right to exercise the Rights will terminate and the only right
thereafter of the holders of Rights shall be to receive the Redemption Price.
The Company shall promptly give public notice of any such redemption; provided,
however, that the failure to give or any defect in, any such notice shall not
affect the validity of such redemption. Within ten (10) days after the action of
the Board of Directors ordering the redemption of the Rights, the Company shall
give notice of such redemption to the Rights Agent and the holders of the then
outstanding Rights by mailing such notice to all such holders at their last
addresses as they appear upon the registry books of the Rights Agent or, prior
to the Distribution Date, on the registry books of the transfer agent for the
Common Stock. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of
redemption will state the method by which the payment of the Redemption Price
will be made. Neither the Company nor any of its Affiliates or Associates may
redeem, acquire or purchase for value any Rights at any time in any manner other
than that specifically set forth in this Section 23 or in Section 24 hereof, and
other than in connection with the purchase of shares of Common Stock prior to
the Distribution Date.

     24. Exchange.

          (a) Subject to applicable laws, rules and regulations, and subject to
subsection 24(c) below, the Company may, at its option, by action of the Board
of Directors, at any time after the occurrence of a Triggering Event, exchange
all or part of the then outstanding and exercisable Rights (which shall not
include Rights that have become void pursuant to the provisions of Section 7(e)
hereof) for shares of Common Stock at an exchange ratio of one share of Common
Stock per Right, appropriately adjusted to reflect any stock split, stock
dividend or similar transaction occurring after the date hereof (such exchange
ratio being hereinafter referred to as the "Exchange Ratio"). Notwithstanding
the foregoing, the Board of Directors shall not be empowered to effect such
exchange at any time after any Person (other than the Company, any Subsidiary of
the Company, any employee benefit plan of the Company or any such Subsidiary, or
any entity holding Common Stock for or pursuant to the terms of any such plan),
together with all Affiliates and Associates of such Person, becomes the
Beneficial Owner of 50% or more of the Common Stock then outstanding.

          (b) Immediately upon the action of the Board of Directors ordering the
exchange of any Rights pursuant to subsection 24(a) of this Section 24 and
without any further action and without any notice, the right to exercise such
Rights shall terminate and the only right thereafter of a holder of such Rights
shall be to receive that number of shares of Common Stock equal to the number of
such Rights held by such holder multiplied by the Exchange Ratio. The Company
shall give public notice of any such exchange (with prompt written notice
thereof to the Rights Agent); provided, however, that the failure to give, or
any defect in, such notice shall not affect the validity of such exchange. The
Company shall mail a notice of any such exchange to all of the holders of such
Rights at their last addresses as they appear upon the registry books of the
Rights Agent. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of
exchange will state the method by which the exchange of the shares of Common
Stock for Rights will be effected and, in the event of any partial exchange, the
number of Rights which will be exchanged. Any partial exchange shall be effected
pro rata based on the number of Rights (other than Rights which have become void
pursuant to the provisions of Section 7(e) hereof) held by each holder of
Rights.

          (c) In the event that there shall not be sufficient shares of Common
Stock issued but not outstanding or authorized but unissued to permit any
exchange of Rights as contemplated in accordance with Section 24(a), the Company
shall either take such action as may be necessary to authorize additional shares
of Common Stock for issuance upon exchange of the Rights or alternatively, at
the option of a majority of the Board of Directors, with respect to each Right
(i) pay cash in an amount equal to the Current Value (as hereinafter defined),
in lieu of issuing shares of Common Stock in exchange therefor, or (ii) issue
debt or equity securities or a combination thereof, having a value equal to the
Current Value, in lieu of issuing shares of Common Stock in exchange for each
such Right, where the value of such securities shall be determined by a
nationally recognized investment banking firm selected by majority vote of the
Board of Directors, or (iii) deliver any combination of cash, property, shares
of Common Stock and/or other securities having a value equal to the Current
Value in exchange for each Right. For purposes of this Section 24(c) only, the
Current Value shall mean the product of the Current Per Share Market Price of
shares of Common Stock on the date of the occurrence of the event described
above in subparagraph (a), multiplied by the number of shares of Common Stock
for which the Right otherwise would be exchangeable if there were sufficient
shares available. To the extent that the Company determines that some action
need be taken pursuant to clauses (i), (ii) or (iii) of this Section 24(c), the
Board of Directors may temporarily suspend the exercisability of the Rights for
a period of up to sixty (60) days following the date on which the event
described in Section 24(a) shall have occurred, in order to seek any
authorization of additional shares of Common Stock and/or to decide the
appropriate form of distribution to be made pursuant to the above provision and
to determine the value thereof. In the event of any such suspension, the Company
shall issue a public announcement stating that the exercisability of the Rights
has been temporarily suspended.

          (d) The Company shall not be required to issue fractions of shares of
Common Stock or to distribute certificates which evidence fractional shares of
Common Stock. In lieu of such fractional shares of Common Stock, there shall be
paid to the registered holders of the Rights Certificates with regard to which
such fractional shares of Common Stock would otherwise be issuable, an amount in
cash equal to the same fraction of the current market value of a whole share of
Common Stock (as determined pursuant to the terms hereof).

          (e) The Company may, at its option, by majority vote of the Board of
Directors, at any time before any Person has become an Acquiring Person,
exchange all or part of the then outstanding Rights for rights of substantially
equivalent value, as determined reasonably and with good faith by the Board of
Directors, based upon the advice of one or more nationally recognized investment
banking firms.

          (f) Immediately upon the action of the Board of Directors ordering the
exchange of any Rights pursuant to subsection 24(e) of this Section 24 and
without any further action and without any notice, the right to exercise such
Rights shall terminate and the only right thereafter of a holder of such Rights
shall be to receive that number of rights in exchange therefor as has been
determined by the Board of Directors in accordance with subsection 24(e) above.
The Company shall give public notice of any such exchange; provided, however,
that the failure to give, or any defect in, such notice shall not affect the
validity of such exchange. The Company shall mail a notice of any such exchange
to all of the holders of such Rights at their last addresses as they appear upon
the registry books of the transfer agent for the shares of Common Stock of the
Company. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of
exchange will state the method by which the exchange of the Rights will be
effected.

     25. Notice of Certain Events.

          (a) In case the Company shall propose to effect or permit to occur any
Triggering Event or Section 13 Event, the Company shall give notice thereof to
the Rights Agent and to each holder of Rights in accordance with Section 26
hereof at least twenty (20) days prior to occurrence of such Triggering Event or
such Section 13 Event.

          (b) In case any Triggering Event or Section 13 Event shall occur,
then, in any such case, the Company shall as soon as practicable thereafter give
to the Rights Agent and to each holder of a Rights Certificate, in accordance
with Section 26 hereof, a notice of the occurrence of such event, which shall
specify the event and the consequences of the event to holders of Rights under
Sections 11(a)(ii) and 13 hereof.

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

          Nordic American Tanker Shipping Limited
          LOM Building
          27 Reid Street
          Hamilton, HM 11
          Bermuda

          Attention: Herbjorn Hansson
          with a copy to:

          Seward & Kissel LLP
          One Battery Park Plaza
          New York, New York 10004
          Attention: Gary J. Wolfe, Esq.

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

          Mellon Investor Services LLC
          480 Washington Blvd
          Jersey City, NJ 07310
          Attention: Robert Kavanagh

          With a copy to:

          Mellon Investor Services LLC
          480 Washington Blvd
          Jersey City, NJ 07310
          Attention: General Counsel

Notices or demands authorized by this Agreement to be given or made by the
Company or the Rights Agent to the holder of any Rights Certificate shall be
sufficiently given or made if sent by first-class mail, postage prepaid,
addressed to such holder at the address of such holder as shown on the registry
books of the Company.

     27. Supplements and Amendments. Prior to the occurrence of a Distribution
Date, the Company may supplement or amend this Agreement in any respect without
the approval of any holders of Rights and the Rights Agent shall, if the Company
so directs, execute such supplement or amendment. From and after the occurrence
of a Distribution Date, the Company and the Rights Agent may from time to time
supplement or amend this Agreement without the approval of any holders of Rights
in order to (i) cure any ambiguity, (ii) correct or supplement any provision
contained herein which may be defective or inconsistent with any other
provisions herein, (iii) shorten or lengthen any time period hereunder or (iv)
to change or supplement the provisions hereunder in any manner that the Company
may deem necessary or desirable and that shall not adversely affect the
interests of the holders of Rights (other than an Acquiring Person or an
Affiliate or Associate of an Acquiring Person); provided, this Agreement may not
be supplemented or amended to lengthen, pursuant to clause (iii) of this
sentence, (A) a time period relating to when the Rights may be redeemed at such
time as the Rights are not then redeemable or (B) any other time period unless
such lengthening is for the purpose of protecting, enhancing or clarifying the
rights of, and/or the benefits to, the holders of Rights (other than an
Acquiring Person or an Affiliate or Associate of an Acquiring Person). Upon the
delivery of a certificate from an appropriate officer of the Company that states
that the proposed supplement or amendment is in compliance with the terms of
this Section 27, the Rights Agent shall execute such supplement or amendment.
Notwithstanding anything contained in this Agreement to the contrary, the Rights
Agent may, but shall not be obligated to, enter into any supplement or amendment
that affect the Rights Agent's own rights, duties, obligations or immunities
under this Agreement. Prior to the Distribution Date, the interests of the
holders of Rights shall be deemed coincident with the interests of the holders
of shares of Common Stock.

     28. Successors. All the covenants and provisions of this Agreement by or
for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.

     29. Determinations and Actions by the Board of Directors, etc. For all
purposes of this Agreement, any calculation of the number of shares of Common
Stock outstanding at any particular time, including for purposes of determining
the particular percentage of such outstanding shares of Common Stock of which
any Person is the Beneficial Owner, shall be made in accordance with the last
sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the
Exchange Act. The Board of Directors of the Company shall have the exclusive
power and authority to administer this Agreement and to exercise all rights and
powers specifically granted to the Board, or the Company, or as may be necessary
or advisable in the administration of this Agreement, including, without
limitation, the right and power to (i) interpret the provisions of this
Agreement and (ii) make all determinations and calculations deemed necessary or
advisable for the administration of this Agreement (including a determination to
redeem or not redeem the Rights or to amend the Agreement). All such actions,
calculations, interpretations and determinations (including, for purposes of
clause (y) below, all omissions with respect to the foregoing) which are done or
made by the Board in good faith, shall (x) be final, conclusive and binding on
the Company, the Rights Agent, the holders of the Rights Certificates and all
other parties and (y) not subject the Board to any liability to the holders of
the Rights. The Rights Agent is entitled to always assume the Company's Board
acted in good faith and shall be fully protected and incur no liability in
reliance thereon.

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

     31. Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated; provided,
however, that notwithstanding anything in this Agreement to the contrary, if any
such term, provision, covenant or restriction is held by such court or authority
to be invalid, void or unenforceable and the Board of Directors of the Company
determines in its good faith judgment that severing the invalid language from
this Agreement would adversely affect the purpose or effect of this Agreement,
the right of redemption set forth in Section 23 hereof shall be reinstated and
shall not expire until the Close of Business on the tenth day following the date
of such determination by the Board of Directors.

     32. Assignment. This Agreement may not be assigned, or otherwise
transferred, in whole or in part, by either party without the prior written
consent of the other party, which the other party will not unreasonably
withhold, condition or delay; except that consent is not required for an
assignment to a an affiliate of the Rights Agent. Any attempted assignment in
violation of the foregoing will be void.

     33. Governing Law. This Agreement and each Right and each Rights
Certificate issued hereunder shall be deemed to be a contract made under the
laws of New York and for all purposes shall be governed by and construed in
accordance with the laws of such jurisdiction applicable to contracts to be made
and performed entirely within such jurisdiction.

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

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

<PAGE>

IN WITNESS WHEREOF, the parties have executed this Stockholder Rights Agreement
as of the date first written above.

                               NORDIC AMERICAN TANKER SHIPPING LIMITED

                               By: /s/ Herbjorn Hansson
                                   -------------------------------------
                                    Name:     Herbjorn Hansson
                                    Title:    Chairman of the Board of
                                              Directors, Chief Executive
                                              Officer, President and Director

                               MELLON INVESTOR SERVICES LLC, as Rights Agent

                               By: /s/ Robert Kavanagh
                                   -------------------------------------
                                    Name:  Robert Kavanagh
                                    Title: Assistant Vice President

<PAGE>

                                                                 Exhibit A
                                                                 ---------

        CERTIFICATE OF DESIGNATIONS OF RIGHTS, PREFERENCES AND PRIVILEGES
                  OF SERIES A PARTICIPATING PREFERRED STOCK OF
                     NORDIC AMERICAN TANKER SHIPPING LIMITED

The undersigned, Mr. Herbjorn Hansson and Mr. Peter Bubenzer do hereby certify:

1. That they are the duly elected and acting President and Secretary,
respectively, of Nordic American Tanker Shipping Limited, a Bermuda corporation
(the "Company").

2. That pursuant to the authority conferred by the Company's Bye-Laws, the
Company's Board of Directors on February 13, 2007 established a series of
preferred stock, which such series shall be designated as "Series A
Participating Preferred Stock"; and further

          RESOLVED, that the President shall be entitled to hereby designate and
prescribe that the relative rights, restrictions, preferences and limitations of
such Series A Participating Preferred Stock should be as follows:

          Section 1. Designation and Amount. The shares of such series shall be
designated as "Series A Participating Preferred Stock". The Series A
Participating Preferred Stock shall have a par value of $0.01 per share, and the
number of shares constituting such series shall initially be 1,000,000, which
number the Board may from time to time increase or decrease (but not below the
number then outstanding).

          Section 2. Proportional Adjustment. In the event the Company shall at
any time after the issuance of any share or shares of Series A Participating
Preferred Stock (i) declare any dividend on the common stock of the Company par
value $0.01 per share (the "Common Stock") payable in shares of Common Stock,
(ii) subdivide the outstanding Common Stock or (iii) combine the outstanding
Common Stock into a smaller number of shares, then in each such case the Company
shall simultaneously effect a proportional adjustment to the number of
outstanding shares of Series A Participating Preferred Stock.

          Section 3. Dividends and Distributions.
                     ----------------------------

          (a) Subject to the prior and superior right of the holders of any
shares of any series of preferred stock ranking prior and superior to the shares
of Series A Participating Preferred Stock with respect to dividends at any time,
the holders of shares of Series A Participating Preferred Stock shall be
entitled to receive when, as and if declared by the Board out of funds legally
available for the purpose, quarterly dividends payable quarterly in each year
(each such date being referred to herein as a "Quarterly Dividend Payment
Date"), commencing on the first Quarterly Dividend Payment Date after the first
issuance of a share or fraction of a share of Series A Participating Preferred
Stock, in an amount per share equal to 1,000 times the aggregate per share
amount of all cash dividends, and 1,000 times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a
dividend payable in shares of Common Stock or a subdivision of the outstanding
shares of Common Stock (by reclassification or otherwise), declared on the
Common Stock since the immediately preceding Quarterly Dividend Payment Date,
or, with respect to the first Quarterly Dividend Payment Date, since the first
issuance of any share or fraction of a share of Series A Participating Preferred
Stock.

          (b) The Board shall declare a dividend or distribution on the Series A
Participating Preferred Stock as provided in paragraph (a) above immediately
after it declares a dividend or distribution on the Common Stock (other than a
dividend payable in shares of Common Stock).

          (c) Dividends shall begin to accrue on outstanding shares of Series A
Participating Preferred Stock from the Quarterly Dividend Payment Date
immediately preceding the date of issue of such shares of Series A Participating
Preferred Stock, unless the date of issue of such shares is prior to the record
date for the first Quarterly Dividend Payment Date, in which case dividends on
such shares shall begin to accrue from the date of issue of such shares, or
unless the date of issue is a Quarterly Dividend Payment Date or is a date after
the record date for the determination of holders of shares of Series A
Participating Preferred Stock entitled to receive a quarterly dividend and
before such Quarterly Dividend Payment Date, in either of which events such
dividends shall begin to accrue from such Quarterly Dividend Payment Date.
Accrued but unpaid dividends shall not bear interest. Dividends paid on the
shares of Series A Participating Preferred Stock in an amount less than the
total amount of such dividends at the time accrued and payable on such shares
shall be allocated pro rata on a share-by-share basis among all such shares at
the time outstanding. The Board may fix a record date for the determination of
holders of shares of Series A Participating Preferred Stock entitled to receive
payment of a dividend or distribution declared thereon, which record date shall
be no more than 30 days prior to the date fixed for the payment thereof.

          Section 4. Voting Rights. The holders of shares of Series A
Participating Preferred Stock shall have the following voting rights:

          (a) Each share of Series A Participating Preferred Stock shall entitle
the holder thereof to 1,000 votes on all matters submitted to a vote of the
stockholders of the Company.

          (b) Except as otherwise provided herein or by law, the holders of
shares of Series A Participating Preferred Stock and the holders of shares of
Common Stock shall vote together as one class on all matters submitted to a vote
of stockholders of the Company .

          (c) Except as required by law, holders of Series A Participating
Preferred Stock shall have no special voting rights and their consent shall not
be required (except to the extent they are entitled to vote with holders of
Common Stock as set forth herein) for taking any corporate action.

          Section 5. Certain Restrictions.
                     ---------------------

          (a) The Board shall not declare any dividend on, make any distribution
on, or redeem or purchase or otherwise acquire for consideration any shares of
Common Stock after the first issuance of a share or fraction of a share of
Series A Participating Preferred Stock unless concurrently therewith it shall
declare a dividend on the Series A Participating Preferred Stock as required by
Section 3 hereof.

          (b) Whenever quarterly dividends or other dividends or distributions
payable on the Series A Participating Preferred Stock as provided in Section 3
are in arrears, thereafter and until all accrued and unpaid dividends and
distributions, whether or not declared, on shares of Series A Participating
Preferred Stock outstanding shall have been paid in full, the Board shall not
(i) declare or pay dividends on, make any other distributions on, or redeem or
purchase or otherwise acquire for consideration any shares of stock ranking
junior (either as to dividends or upon liquidation, dissolution or winding up)
to the Series A Participating Preferred Stock; (ii) declare or pay dividends on,
make any other distributions on any shares of stock ranking on a parity (either
as to dividends or upon liquidation, dissolution or winding up) with Series A
Participating Preferred Stock, except dividends paid ratably on the Series A
Participating Preferred Stock and all such parity stock on which dividends are
payable or in arrears in proportion to the total amounts to which the holders of
all such shares are then entitled; (iii) redeem or purchase or otherwise acquire
for consideration shares of any stock ranking on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series A
Participating Preferred Stock, provided that the Company may at any time redeem,
purchase or otherwise acquire shares of any such parity stock in exchange for
shares of any stock of the Company ranking junior (either as to dividends or
upon dissolution, liquidation or winding up) to the Series A Participating
Preferred Stock; (iv) purchase or otherwise acquire for consideration any shares
of Series A Participating Preferred Stock, or any shares of stock ranking on a
parity with the Series A Participating Preferred Stock, except in accordance
with a purchase offer made in writing or by publication (as determined by the
Board) to all holders of such shares upon such terms as the Board, after
consideration of the respective annual dividend rates and other relative rights
and preferences of the respective series and classes, shall determine in good
faith will result in fair and equitable treatment among the respective series or
classes.

          (c) The Company shall not permit any subsidiary of the Company to
purchase or otherwise acquire for consideration any shares of stock of the
Company unless the Company could, under paragraph (b) of this Section 5,
purchase or otherwise acquire such shares at such time and in such manner.

          Section 6. Reacquired Shares. Any shares of Series A Participating
Preferred Stock purchased or otherwise acquired by the Company in any manner
whatsoever shall be retired and canceled promptly after the acquisition thereof.
All such shares shall upon their cancellation become authorized but unissued
shares of preferred stock and may be reissued as part of a new series of
preferred stock to be created by resolution or resolutions of the Board, subject
to the conditions and restrictions on issuance set forth herein and, in the
Memorandum of Association and Bye-laws, as then amended.

          Section 7. Liquidation, Dissolution or Winding Up. Upon any
liquidation, dissolution or winding up of the Company , the holders of shares of
Series A Participating Preferred Stock shall be entitled to receive an aggregate
amount per share equal to 1,000 times the aggregate amount to be distributed per
share to holders of shares of Common Stock plus an amount equal to any accrued
and unpaid dividends on such shares of Series A Participating Preferred Stock.

          Section 8. Consolidation, Merger, etc. In case the Company shall enter
into any consolidation, merger, combination or other transaction in which the
shares of Common Stock are exchanged for or changed into other stock or
securities, cash and/or any other property, then in any such case the shares of
Series A Participating Preferred Stock shall at the same time be similarly
exchanged or changed in an amount per share equal to 1,000 times the aggregate
amount of stock, securities, cash and/or any other property (payable in kind),
as the case may be, into which or for which each share of Common Stock is
changed or exchanged.

          Section 9. No Redemption. The shares of Series A Participating
Preferred Stock shall not be redeemable.

          Section 10. Ranking. The Series A Participating Preferred Stock shall
rank junior to all other series of the Company's preferred stock as to the
payment of dividends and the distribution of assets, unless the terms of any
such series shall provide otherwise.

          Section 11. Amendment. The Memorandum of Association and Bye-laws of
the Company shall not be amended in any manner which would materially alter or
change the powers, preference or special rights of the Series A Participating
Preferred Stock so as to affect them adversely without the affirmative vote of
the holders of a majority of the outstanding shares of Series A Participating
Preferred Stock, voting separately as a class.

          Section 12. Fractional Shares. Series A Participating Preferred Stock
may be issued in fractions of a share which shall entitle the holder, in
proportion to such holder's fractional shares, to exercise voting rights,
receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series A Participating Preferred Stock on a pro rata
basis.

          RESOLVED FURTHER, that the President or any Director and the Secretary
or any Assistant Secretary of this Company be, and they hereby are, authorized
and directed to prepare and file a Certificate of Designation of Rights,
Preferences and Privileges in accordance with the foregoing resolution and the
provisions of Bermuda law and to take such actions as they may deem necessary or
appropriate to carry out the intent of the foregoing resolution."

                                     REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

<PAGE>
         We further declare under penalty of perjury that the matters set forth
in the foregoing Certificate of Designation are true and correct of our own
knowledge.

         Executed in city of New York, country of United States on February 13,
2007.

                                                /s/ Herbjorn Hansson
                                                --------------------------------
                                                Herbjorn Hansson
                                                Chairman of the Board of
                                                Directors, Chief Executive
                                                Officer, President and Director

                                                /s/ Peter Bubenzer
                                                --------------------------------
                                                Peter Bubenzer
                                                Secretary

<PAGE>

                                                                    Exhibit B
                                                                    ---------

                          [FORM OF RIGHTS CERTIFICATE]

No. R-                                                   _________________Rights

NOT EXERCISABLE AFTER THE EARLIER OF FEBRUARY 28, 2017 AND THE DATE ON WHICH THE
RIGHTS EVIDENCED HEREBY ARE REDEEMED OR EXCHANGED BY THE COMPANY AS SET FORTH IN
THE RIGHTS AGREEMENT. AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR
HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR AN AFFILIATE
OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT),
WHETHER CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT
HOLDER, MAY BE NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHT CERTIFICATE
ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON
OR AN AFFILIATE OR AN ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE
DEFINED IN THE RIGHTS AGREEMENT). THIS RIGHT CERTIFICATE AND THE RIGHTS
REPRESENTED HEREBY MAY BE OR MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES
SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.](1) THE RIGHTS SHALL NOT BE
EXERCISABLE FOR SECURITIES IN ANY JURISDICTION IF (I) THE REQUISITE
QUALIFICATION IN SUCH JURISDICTION SHALL NOT HAVE BEEN OBTAINED, (II) SUCH
EXERCISE SHALL NOT BE PERMITTED UNDER APPLICABLE LAW OR (III) IF APPLICABLE, A
REGISTRATION STATEMENT IN RESPECT OF SUCH SECURITIES SHALL NOT HAVE BEEN
DECLARED EFFECTIVE.

-----------------------------
(1) If applicable, insert this portion of the legend and delete the preceding
sentence.

                                RIGHT CERTIFICATE
                     NORDIC AMERICAN TANKER SHIPPING LIMITED

This Right Certificate certifies that _________________________, or registered
assigns, is the registered holder of the number of Rights set forth above, each
of which entitles the holder (upon the terms and subject to the conditions set
forth in the Rights Agreement dated as of February 13, 2007 (the "Rights
Agreement") between Nordic American Tanker Shipping Limited, a Bermuda Company
(the "Company"), and Mellon Investor Services LLC (the "Rights Agent")) to
purchase from the Company, at any time after the Distribution Date and prior to
the Expiration Date, one-thousandth of a Preferred Share issuable pursuant to
the exercise of a Right for one hundred forty Dollars ($115) (the "Exercise
Price"), payable in lawful money of the United States of America, upon surrender
of this Right Certificate, with the form of election to purchase and related
certificate duly executed, and payment of the Purchase Price at an office of the
Rights Agent designated for such purpose.

Terms used herein and not otherwise defined herein have the meanings assigned to
them in the Rights Agreement.

The number of Rights evidenced by this Right Certificate (and the number and
kind of shares issuable upon exercise of each Right) and the Purchase Price set
forth above are as of February 13, 2007, and may have been or in the future be
adjusted as a result of the occurrence of certain events, as more fully provided
in the Rights Agreement.

Upon the occurrence of a Section 11(a)(ii) Event, if the Rights evidenced by
this Right Certificate are beneficially owned by (a) an Acquiring Person or an
Associate or Affiliate of an Acquiring Person, (b) a transferee of an Acquiring
Person (or any such Associate or Affiliate) who becomes a transferee after the
Acquiring Person becomes such, or (c) under certain circumstances specified in
the Rights Agreement, a transferee of an Acquiring Person (or any such Associate
or Affiliate) who becomes a transferee prior to or concurrently with the
Acquiring Person becoming such, such Rights shall become null and void, and no
holder hereof shall have any right with respect to such Rights from and after
the occurrence of such Section l1(a)(ii) Event.

This Right Certificate is subject to all of the terms, provisions and conditions
of the Rights Agreement, which terms, provisions and conditions are hereby
incorporated herein by reference and made a part hereof and to which Rights
Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Right Certificates, which
limitations of rights include the temporary suspension of the exercisability of
such Rights under the specific circumstances set forth in the Rights Agreement.

Upon surrender at an office of the Rights Agent designated for such purpose and
subject to the terms and conditions set forth in the Rights Agreement, any
Rights Certificate or Certificates may be transferred or exchanged for another
Rights Certificate or Certificates evidencing a like number of Rights as the
Rights Certificate or Certificates surrendered.

Subject to the provisions of the Rights Agreement, the Board of Directors of the
Company may, at its option at any time prior to (i) the close of business on the
tenth day after the Share Acquisition Date (or such later date as a majority of
the Continuing Directors may designate prior to such time as the Rights are no
longer redeemable) and (ii) the Final Expiration Date, redeem all but not less
than all the then outstanding Rights at a redemption price of $0.01 per Right,
appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof.

No fractional Common Shares will be issued upon the exercise of any Right or
Rights evidenced hereby, but in lieu thereof a cash payment will be made, as
provided in the Rights Agreement. If this Right Certificate shall be exercised
in part, the holder shall be entitled to receive upon surrender hereof another
Right Certificate or Certificates for the number of whole Rights not exercised.

No holder of this Right Certificate shall be entitled to vote, receive dividends
or be deemed for any purpose the holder of the shares which may at any time be
issuable on the exercise hereof nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof as such, any
of the rights of a shareholder of the Company or any right to vote for the
election of directors or upon any matter submitted to shareholders at any
meeting thereof, or to give or withhold consent to any corporate action, or to
receive notice of meetings or other actions affecting shareholders (except as
provided in the Rights Agreement), or to receive dividends or subscription
rights, or otherwise, until the Right or Rights evidenced by this Right
Certificate shall have been exercised as provided in the Rights Agreement.

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

<PAGE>

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal by its authorized officers.

Dated as of
                                                NORDIC AMERICAN TANKER SHIPPING
                                                LIMITED

                                                By:
THE COMMON SEAL           )                         ----------------------------
OF NORDIC AMERICAN TANKER                           Name: Herbjorn Hansson:
SHIPPING LIMITED          )                         Chairman of the Board of
                                                    Directors, Chief Executive
was affixed to this deed  )                         Officer, President and
in the presence of        )                         Director

                                                By:
Countersigned:                                     -----------------------------
                                                   Name: Peter Bubenzer
Mellon Investor Services LLC                       Title: Secretary
as Rights Agent
By:
   ------------------------------------
         Authorized Signature

<PAGE>

                    Form of Reverse Side of Right Certificate

                               FORM OF ASSIGNMENT

                    (To be executed if the registered holder
                   desires to transfer the Right Certificate.)

FOR VALUE RECEIVED______________________________________________________________
hereby sells, assigns and transfers unto _______________________________________

________________________________________________________________________________
                  (Please print name and address of transferee)
this Right Certificate, together with all right, title and interest therein, and
does hereby irrevocably constitute and appoint __________________________
Attorney, to transfer the within Right Certificate on the books of the
within-named Company, with full power of substitution.
Dated: _________________, 20__.

                                     ---------------------------------
                                               Signature
Signature Guaranteed:

Signatures must be guaranteed by a participant in the Securities Transfer Agent
Medallion Program, the Stock Exchanges Medallion Program or the New York Stock
Exchange, Inc. Medallion Signature Program.

<PAGE>

                                   Certificate

The undersigned hereby certifies by checking the appropriate boxes that:

(1) the Rights evidenced by this Right Certificate ___ are ___ are not being
assigned by or on behalf of a Person who is or was an Acquiring Person or an
Affiliate or Associate of any such Acquiring Person (as such terms are defined
in the Rights Agreement);

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

Dated: ___________, 20__              --------------------------------
                                                Signature

Signature Signature Guaranteed:

Signatures must be guaranteed by a participant in the Securities Transfer Agent
Medallion Program, the Stock Exchanges Medallion Program or the New York Stock
Exchange, Inc. Medallion Signature Program.

The signatures to the foregoing Assignment and Certificate must correspond to
the name as written upon the face of this Right Certificate in every particular,
without alteration or enlargement or any change whatsoever.

<PAGE>
                          FORM OF ELECTION TO PURCHASE

          (To be executed if the registered holder desires to exercise
                   Rights represented the Right Certificate.)

To: Nordic American Tanker Shipping Limited

The undersigned hereby irrevocably elects to exercise _____________ Rights
represented by this Right Certificate to purchase Series A Participating
Preferred Shares issuable upon the exercise of the Rights (or such other
securities of the Company or of any other person which may be issuable upon the
exercise of the Rights) and requests that certificates for such securities be
issued in the name of and delivered to:

Please insert social security
or other identifying number

---------------------------------------------------------------------------
                         (Please print name and address)
---------------------------------------------------------------------------

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

Please insert social security
or other identifying number

---------------------------------------------------------------------------
                         (Please print name and address)
---------------------------------------------------------------------------

Dated: ____________, 20__
                               -------------------------------
                                         Signature

Signature Guaranteed:

Signatures must be guaranteed by a participant in the Securities Transfer Agent
Medallion Program, the Stock Exchanges Medallion Program or the New York Stock
Exchange, Inc. Medallion Signature Program.

<PAGE>

                                   Certificate

The undersigned hereby certifies by checking the appropriate boxes that:

(1) the Rights evidenced by this Right Certificate ___ are ___ are not being
assigned by or on behalf of a Person who is or was an Acquiring Person or an
Affiliate or Associate of any such Acquiring Person (as such terms are defined
in the Rights Agreement);

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

Dated: ___________, 20__              ---------------------------------
                                                Signature

Signature Guaranteed:

Signatures must be guaranteed by a participant in the Securities Transfer Agent
Medallion Program, the Stock Exchanges Medallion Program or the New York Stock
Exchange, Inc. Medallion Signature Program.

The signatures to the foregoing Assignment and Certificate must correspond to
the name as written upon the face of this Right Certificate in every particular,
without alteration or enlargement or any change whatsoever.

In the event the certification set for above in the Election to Purchase, is not
completed, the Company and the Rights Agent will deem the beneficial owner of
the Rights evidenced by this Rights Certificate to be an Acquiring Person or an
Affiliate or Associate thereof (as defined in the Rights Agreement) and such
Assignment or Election to Purchase will not be honored.

<PAGE>

                                                                     Exhibit C
                                                                     ---------

                                SUMMARY OF RIGHTS

Distribution and Transfer of Rights:            The rights will separate from
Distribution Date:                              the common stock and become
                                                exercisable after (1) a person
                                                or group acquires ownership of
                                                15% or more of the company's
                                                common stock or (2) the 10th
                                                business day (or such later
                                                date as determined by the
                                                company's board of directors)
                                                after a person or group
                                                announces a tender or exchange
                                                offer which would result in
                                                that person or group holding
                                                15% or more of the company's
                                                common stock.

Preferred Stock  Purchasable  Upon Exercise of  On the Distribution Date, each
Rights:                                         holder of a right will be
                                                entitled to purchase for $115
                                                (the "Exercise Price") a
                                                fraction (1/1000th) of one
                                                share of the company's
                                                preferred stock which has
                                                similar economic terms as one
                                                share of common stock.

Flip-in:                                        If an acquiring person (an
                                                "Acquiring Person") acquires
                                                more than 15% of the company's
                                                common stock then each holder
                                                of a right (except that
                                                acquiring person) will be
                                                entitled to buy at the
                                                Exercise Price, a number of
                                                shares of the company's common
                                                stock which has a market value
                                                of twice the Exercise Price.

Flip-over:                                      If after an Acquiring Person
                                                acquires more than 15% of the
                                                company's common stock, the
                                                company merges into another
                                                company (either as the
                                                surviving corporation or as
                                                the disappearing entity) or
                                                the company sells more than
                                                50% of its assets or earning
                                                power, then each holder of a
                                                right (except for those owned
                                                by the acquirer) will be
                                                entitled to purchase at the
                                                Exercise Price, a number of
                                                shares of common stock of the
                                                surviving entity which has a
                                                then current market value of
                                                twice the Exercise Price.

Exchange Provision:                             Any time after the date an
                                                Acquiring Person obtains more
                                                than 15% of the company's
                                                common stock and before that
                                                Acquiring Person acquires more
                                                than 50% of the company's
                                                outstanding common stock, the
                                                company may exchange each
                                                right owned by all other
                                                rights holders, in whole or in
                                                part, for one share of the
                                                company's common stock.

Redemption of Rights:                           The company can redeem the
                                                rights at any time prior to a
                                                public announcement that a
                                                person has acquired ownership
                                                of 15% or more of the
                                                company's common stock.

Expiration of Rights:                           The rights expire on the
                                                earliest of (1) February 28,
                                                2017 or (2) the exchange or
                                                redemption of the rights as
                                                described above.

Amendment of Terms of Rights:                   The terms of the rights and
                                                the Stockholder Rights Plan
                                                may be amended without the
                                                consent of the rights holders
                                                at any time on or prior to the
                                                Distribution Date. After the
                                                Distribution Date, the terms
                                                of the rights and the
                                                Stockholder Rights Plan may be
                                                amended to make changes, which
                                                do not adversely affect the
                                                rights of the rights holders
                                                (other than the Acquiring
                                                Person).

Voting Rights:                                  The rights will not have any
                                                voting rights.

Anti-dilution Provisions:
                                                The rights will have the
                                                benefit of certain customary
                                                anti-dilution protections.

SK 01318 0002 727121 v4STB Sixth Amendment to Revolving Credit and LOC Loan Agreement

    Exhibit
      10.1

    
 

    SIXTH
      AMENDMENT TO REVOLVING CREDIT AND

    LETTER
      OF CREDIT LOAN AGREEMENT

    

    THIS
      SIXTH AMENDMENT TO REVOLVING CREDIT AND LETTER OF CREDIT LOAN AGREEMENT (this
      “Amendment”)
      is
      entered into February 13, 2007, by and between, U.S. XPRESS ENTERPRISES, INC.,
      a
      Nevada corporation (the “Borrower”),
      and
      SUNTRUST BANK, BANK OF AMERICA, N.A., LASALLE BANK NATIONAL ASSOCIATION, BRANCH
      BANKING AND TRUST COMPANY, NATIONAL CITY BANK, REGIONS FINANCIAL CORPORATION
      (collectively the “Lenders”),
      and
      SUNTRUST BANK, in its capacity as Administrative Agent for the Lenders (the
      “Administrative
      Agent”).

    

    RECITALS:

    

    A. The
      Borrower, Administrative Agent and the Lenders previously entered into that
      certain Revolving Credit and Letter of Credit Loan Agreement dated October
      14,
      2004 (as previously amended and as it may be amended from time to time, the
      “Credit Agreement”).

    

    B. The
      Borrower, Administrative Agent and the Lenders desire to further amend the
      Credit Agreement to clarify that the calculation of Consolidated Net Worth
      under
      Section 6.4 of the Credit Agreement shall be reduced by certain stock
      redemptions allowable under Section 7.5 of the Credit Agreement.

    

    C. Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to such
      terms in the Credit Agreement.

    

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration, the receipt and adequacy of which is hereby acknowledged, the
      Borrower, Administrative Agent and the Lenders executing this Amendment agree
      as
      follows:

    

    1. Amendment
      to Section 6.4.
      Section
      6.4 of the Credit Agreement concerning “Consolidated Tangible Net Worth” is
      amended by adding the following provision at the end thereof:

    

    Notwithstanding
      any provision of this Section to the contrary, the required Consolidated
      Tangible Net Worth shall be reduced by the allowable stock redemptions made
      under Section
      7.5
      since
      February 27, 2006.

    

    2. Conditions.
      The
      effectiveness of this Amendment is subject to the satisfaction of the following
      conditions precedent:

    

    (a) The
      Lenders shall have received this Amendment duly executed by the Borrower and
      the
      Guarantors;

    

    (b) The
      representations and warranties in the Loan Documents, as amended hereby, shall
      be true and correct in all material respects as of the date hereof as if made
      on
      the date hereof, except for such representations and warranties limited by
      their
      terms to a specific date; and

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) No
      Default shall exist.

    

    3. Payment
      of Expenses.
      The
      Borrower agrees to pay or reimburse the Administrative Agent for all its
      reasonable out-of-pocket costs and expenses incurred in connection with the
      preparation and execution of this Amendment.

    

    4. Counterparts.
      This
      Amendment may be executed by one or more of the parties hereto on any number
      of
      separate counterparts, and all of said counterparts taken together shall be
      deemed to constitute one and the same instrument. 

    

    5. Severability;
      Headings.
      Any
      provision of this Amendment which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability, without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction. The section and subsection headings used in this Amendment
      are for convenience of reference only and are not to affect the construction
      hereof or to be taken into consideration in the interpretation
      hereof.

    

    6. Continuing
      Effect Upon Other Documents.
      This
      Amendment shall not constitute an amendment or waiver of any other provision
      of
      the Credit Agreement not expressly referred to herein and, except to the extent
      that the Credit Agreement has been amended hereby, shall not be construed as
      a
      waiver or consent to any further or future action on the part of the Borrower
      that would require a waiver or consent of the Lenders or the Administrative
      Agent. Except as expressly amended, modified or supplemented hereby, the
      provisions of the Credit Agreement are and shall remain in full force and
      effect.

    

    7. GOVERNING
      LAW.
      THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
      AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF NEW YORK.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    

    ENTERED
      INTO as of the date first above written.

     

    
      	 	 	
              BORROWER:

            
	 	 	 
	 	 	U.S. XPRESS ENTERPRISES, INC.
	 	 	 
	
               

            	
              By:

            	
              /s/
                Ray M. Harlin

            
	 	 	 
	 	Title:	
              Assistant
                Secretary

            

    

    

     

     

    
      	 	 	
              LENDERS:

            
	 	 	 
	
               

            	 	SUNTRUST BANK
	 	 	as Administrative Agent, as
              an
              Issuing Bank,
	 	 	as Swingline Lender and as
              a
              Lender
	 	 	 
	
               

            	
              By:

            	
              /s/
                William H. Crawford

            
	 	 	 
	 	Title:	
              Director

            

    

    

    

    

    [additional
      signature lines continued on following pages]

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
               

            	 	BANK OF AMERICA, N.A., as
              Issuing
              Bank
	 	 	for Existing Letters of Credit
              and
              as a Lender
	 	 	 
	
               

            	
              By:

            	
              /s/
                Alan R. Buck

            
	 	 	 
	 	Title:	
              Vice
                President

            

    

     

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
               

            	 	LASALLE BANK NATIONAL
              ASSOCIATION
	 	 	 
	
               

            	
              By:

            	
              /s/
                Nick T. Weaver

            
	 	 	 
	 	Title:	
              Senior
                Vice President

            

    

     

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
               

            	 	BRANCH BANKING AND TRUST
              COMPANY
	 	 	 
	
               

            	
              By:

            	
              /s/
                R. Andrew Beam

            
	 	 	 
	 	Title:	
              Senior
                Vice President

            

    

     

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
               

            	 	NATIONAL CITY BANK
	 	 	 
	
               

            	
              By:

            	
              /s/
                John H. Ankerman

            
	 	 	 
	 	Title:	
              Senior
                Vice President

            

    

     

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
               

            	 	REGIONS FINANCIAL CORPORATION
	 	 	 
	
               

            	
              By:

            	
              /s/
                Elaine B. Passman

            
	 	 	 
	 	Title:	
              Vice
                President

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    

    Guarantor
      Consent

    Each
      of
      the undersigned Guarantors: (i) consent and agree to this Amendment and
      (ii) agree that the Loan Documents to which it is a party shall remain in
      full force and effect and shall continue to be the legal, valid and binding
      obligation of such Guarantor enforceable against it in accordance with their
      respective terms.

     

     

    
      	 	
              GUARANTORS:

            
	 	 
	 	
              U.S.
                Xpress, Inc.

            
	 	
              U.S.
                Xpress Leasing, Inc.

            
	 	
              Xpress
                Air, Inc.

            
	 	
              Xpress
                Company Store, Inc.

            
	 	
              Xpress
                Global Systems, Inc.

            
	 	
              Xpress
                Colorado, Inc.

            
	 	
              Cargo
                Movement Corp.

            
	 	
              Xpress
                Waiting, Inc.

            
	 	
              Colton
                Xpress, LLC

            
	 	
              Associated
                Developments, LLC

            
	 	
              Total
                Transportation Holdings, Inc.

            
	 	
              Total
                Logistics, Inc. 

            
	 	
              Transportation
                Investments, Inc.

            
	 	
              Total
                Transportation of Mississippi LLC, 

            
	 	
              Transportation
                Assets Leasing, Inc.

            
	 	
              TAL
                Real Estate, LLC 

            
	 	
              TAL
                Power Equipment #1, LLC

            
	 	
              TAL
                Van #1, LLC

            
	 	
              TAL
                Furniture and Equipment, LLC 

            
	 	
              TAL
                Marine, Inc.

            
	 	
              TAL
                Aviation, LLC

            
	 	
              TAL
                Power Equipment #2, LLC

            
	 	
              ATS
                Acquisition Holding Co.

            
	 	
              Arnold
                Transportation Services, Inc.

            

    

     

    
      	 	 	 
	
               

            	
              By:

            	
              /s/
                Ray M. Harlin

            
	 	 	 
	 	Name:  	
              Ray
                M. Harlin

            
	 	 	Authorized Officer of above
              Guarantors

    

     

    
 

    
      	 	 	
              GUARANTOR:

            
	 	 	 
	 	 	Xpress Nebraska, Inc.
	 	 	 
	
               

            	
              By:

            	
              /s/Al
                Hingst

            
	 	 	 
	 	Name:	
              Al
                Hingst, Secretary

            

    

     

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              GUARANTOR:

            
	 	 	 
	 	 	Xpress Holdings, Inc.
	 	 	 
	
               

            	
              By:

            	
              /s/Jane
                Killmeyer

            
	 	 	 
	 	Name:	
              Jane
                Killmeyer, Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]