Document:

Exhibit 4.4  

YOUNG BROADCASTING INC.

2001 EMPLOYEE STOCK PURCHASE PLAN

(as amended as of May 4, 2004)  

        Young Broadcasting Inc. (the "Company") hereby establishes its 2001 Employee Stock Purchase Plan (the "Plan") as follows: 

        1.    Purpose of the Plan.    This Plan is adopted to provide eligible employees who wish to become shareholders in
the Company and/or to increase their share ownership with a convenient method of doing so through accumulated payroll deductions. The Company's management and Board of Directors believe that employee
participation in the ownership of the business is to the mutual benefit of the employees and the Company. The Company intends that the rights to purchase stock of the Company granted under the Plan be
considered options issued under an "employee stock purchase plan" as that term is defined in Section 423(b) of the Code. 

        2.    Certain Definitions.    

        2.1   "Account"
means the funds accumulated as a bookkeeping matter with respect to an eligible Employee as a result of deductions from such Employee's paycheck for the
purpose of purchasing stock under this Plan. 

        2.1   "Board"
means the Board of Directors of the Company. 

        2.2   "Code"
means the Internal Revenue Code of 1986, as amended. 

        2.3   "Committee"
means a Committee designated by the Board to administer the Plan or, if at any time no Committee shall be in office, then the functions of the Committee
specified in the Plan shall be exercised by the Board and any references herein to the Committee shall be construed as references to the Board. 

        2.4   "Common
Stock" means the Company's Class A common stock, $.001 par value. 

        2.5   "Compensation"
means total cash compensation, including any commissions or bonuses. 

        2.6   "Designated
Subsidiary" means any Subsidiary which has been designated by the Committee from time to time in its sole discretion as eligible to participate in the Plan. 

        2.7   "ESPP
Agent" means the financial services or brokerage firm designated by the Company to act as administrative agent of the Plan. 

        2.8   "Effective
Date" means January 1, 2001, provided that if the Plan is not approved by shareholders of the Company by the last day of the first Offering Period,
then the Plan shall not be effective and all amounts withheld through payroll deduction shall thereupon be returned to Employees, without interest. 

        2.9   "Employee"
shall mean any individual employed by the Company or any Designated Subsidiary. For purposes of this Plan, an eligible Employee shall not include any
individual who performs services for the Company or a Designated Subsidiary solely as an independent contractor, consultant or employee of a third party employment or leasing agency. 

        2.9   "Enrollment
Date" means the first day of each Offering Period. 

        2.10 "Exercise
Date" means the last day of each Offering Period. 

        2.11 "Fair
Market Value" means, as of any date, the value of Common Stock determined as follows: (a) if such Common Stock is listed on a national securities exchange,
the last reported sale 

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price
or, if no such reported sale takes place on any such day, the average of the closing bid and asked prices on the principal national securities exchange on which the Common Stock is listed or
admitted to trading, or (b) if such Common Stock is not listed or admitted to trading on a national securities exchange, then the average of the closing bid and asked prices, as reported by  The Wall Street
Journal for the over-the-counter market, or (c) if none of the foregoing is applicable, then the fair
market value of a share of Common Stock as determined by the Committee in its discretion. 

        2.12   "Offering
Period" or "Offering" means the period or periods beginning with the date an option is granted under the Plan and ending with the date (not more
than 12 months after such grant) determined by the Committee. During the term of the Plan there will be a series of Offering Periods, with the first Offering Period commencing on the Effective
Date, provided that the final Offering Period will end prior to the termination of the Plan. 

        2.13   "Purchase
Price" shall mean an amount equal to 95% of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date,
whichever is lower. 

        2.14   "Subsidiary"
shall mean any corporation, domestic or foreign, whether or not such corporation now exists or is hereafter organized or acquired by the
Company or by a Subsidiary, in an unbroken chain of corporations beginning with the Company if, at the time the option is granted, each of the corporations other than the last corporation in an
unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

        3.    Administration.    

        3.1   The
Plan will be administered by the Committee. The Committee will have the final power to determine all questions of policy and administrative procedure that may arise
in the administration of the Plan and will administer, or will direct the ESPP Agent to administer, the Plan to qualify as an "employee stock purchase plan" under Section 423 of the Code and
the regulations thereunder, as amended from time to time. 

        3.2   The
Committee has the power, subject to the express provisions of the Plan, to: (a) determine whether a grant of options to purchase Common Stock will be made at
the commencement of each Offering Period; (b) designate from time to time which Subsidiaries of the Company will be eligible to participate in the Plan; and (c) construe and interpret
the Plan and options granted under it, and to establish, amend and revoke rules and regulations for its administration, including correcting any defect, omission or inconsistency in the Plan, in a
manner and to the extent it shall deem appropriate to make the Plan fully effective; (d) amend the Plan, or recommend to the Board any Plan amendments which require shareholder approval, as
provided in Section 17; (e) exercise such other powers and to perform such acts in connection with the Plan as the Committee determines will promote the best interests of the Company. 

        4.    Shares Subject to the Plan.    

        4.1   The
number of shares of Common Stock for which options may be granted under the Plan is one hundred thousand (100,000) shares. If any option granted under the Plan
terminates for any reason without having been exercised, the Common Stock not purchased under such option will again become available for issuance under the Plan. 

        4.2   The
Common Stock subject to the Plan may be unissued shares or reacquired shares, purchased on the market or otherwise. If the total number of shares for which options
are to be granted on any date exceeds the number of shares then available under the Plan (after deduction of all shares for which options have been exercised or are then outstanding), the Committee
will make a pro rata allocation of the shares remaining available in as nearly a uniform manner as is practicable and equitable. In such event, the payroll deductions to be made will be reduced
accordingly. 

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        5.    Eligibility.    

        5.1   Any
Employee who is employed by the Company or a Designated Subsidiary on a given Enrollment Date will be eligible to participate in the Plan for that Offering Period,
except as otherwise provided in the Plan. 

        5.2   An
Employee will not be granted an option under the Plan (a) if, immediately after the grant, such Employee (or any other person whose stock would be attributed
to such Employee pursuant to Section 424(d) of the Code) would own stock and/or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of stock of the Company or of any Subsidiary of the Company, or (b) if such option, together with any other options granted under any employee stock purchase plan
of the Company or its Subsidiaries results in such Employee having the right to purchase in a calendar year stock whose Fair Market Value exceeds $25,000 (determined at the Fair Market Value of the
shares at the time such option is granted) as provided in Section 423(b)(8) of the Code. 

        5.3   Officers
of the Company are eligible to participate in Offerings under the Plan, provided, however, that the Committee may provide in an Offering that certain employees
who are highly compensated employees within the meaning of Section 423(b)(4)(D) of the Code shall not be eligible to participate. 

        5.4   For
purposes of this Plan, an eligible Employee shall not include (a) employees who have been employed less than 2 years, (b) employees whose
customary employment is 20 hours or less per week, and (c) employees whose customary employment is for not more than 5 months in any calendar year. 

        6.     Grant
of Options. The Committee will determine, prior to the Enrollment Date for any Offering Period, whether to grant options to purchase Common Stock of the Company
under the Plan to eligible Employees. Unless otherwise determined by the Committee, the options will be granted on each Enrollment Date on the terms and conditions and to the participating Employees
as set forth in this Plan. 

        7.    Participation.    

        7.1   An
eligible Employee may become a participant in any Offering Period under the Plan by completing an enrollment agreement authorizing payroll deductions in form and
substance satisfactory to the Committee and filing the enrollment agreement with the Company or, if so designated by the Committee, with the ESPP Agent, by the applicable Enrollment Date. 

        7.2   Payroll
deductions for an Employee shall commence on the first payday following the Enrollment Date and will continue through the Offering Period unless terminated by
the Employee as provided in Section 12 or unless the Plan is terminated as provided in Section 17. 

        8.    Payroll Deductions.    

        8.1   At
the time an Employee files the enrollment agreement, the Employee will elect to have payroll deductions made on each payday during the Offering Period in an amount
not exceeding a total of 15% (or such other percentage as the Committee may determine) of the Compensation which the Employee receives on each payday during the Offering Period. 

        8.2   All
payroll deductions made for an Employee shall be credited to his or her bookkeeping Account under the Plan. An Employee may not make any additional payments into the
Account. The funds allocated to an Employee's Account shall be accounted for separately as a bookkeeping matter but may be commingled with the general funds of the Company until used to purchase
Common Stock on an Exercise Date or returned to the Employee. No interest will be paid or accrued on any money in the Accounts of participating Employees. 

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        8.3   An
Employee may discontinue such Employee's participation in the Plan as provided in Section 12. An Employee's enrollment agreement shall be effective for
successive Offering Periods unless terminated as provided in Section 12. To increase or decrease the rate of payroll deductions (within the limitations of the Plan), with respect to the next
Offering Period, an Employee must complete and file with the Company prior to the Enrollment Date for such Offering Period, a new enrollment agreement authorizing a change in payroll deduction rate.
Such change in rate of payroll deduction shall be effective at the beginning of the next Offering Period following the Company's receipt of the new enrollment agreement. 

        8.4   To
the extent necessary to comply with Section 423(b)(8) of the Code and Section 5.2 of this Plan, an Employee's payroll deductions will be decreased by
the Company at such time during any Offering Period which is scheduled to end during the current calendar year (the "Current Offering Period") if the aggregate of all such Employee's payroll
deductions which were previously used to purchase Common Stock under the Plan (and any other employee stock purchase plans of the Company) in a prior Offering Period which ended during the current
calendar year plus all payroll deductions accumulated with respect to the Current Offering Period exceeds the applicable limits of Code Section 423(b)(8). Payroll deductions shall recommence at
the rate provided in such Employee's enrollment agreement at the beginning of the first Offering Period which is scheduled to end in a subsequent calendar year, unless terminated by the Employee as
provided in Section 12 or termination of the Plan as provided in Section 17. 

        8.5   On
the Exercise Date, or at the time some or all of the Company's Common Stock issued under the Plan is disposed of by the Employee, the Employee must make adequate
provision for the Company's federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock. At any time, the Company
may, but will not be obligated to, withhold from the Employee's compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make
available to the Company any tax deductions or benefit attributable to sale or early disposition by the Employee of Common Stock under the Plan. 

        9.    Exercise of the Option on the Exercise Date.    Each Employee who continues to be a Employee in an Offering on
the Exercise Date will be deemed to have exercised his option on such date and to have purchased from the Company the number of full shares of Common Stock reserved for the purpose of the Plan as his
accumulated payroll deductions on such date will pay for at the option price, provided that the maximum number of shares that an Employee can purchase in any single Offering Period cannot exceed 1,000
shares 

        10.    Employee's Rights as a Shareholder.    No Employee will have any right as a shareholder with respect to any
shares until the shares have been purchased in accordance with Section 11 above and the Common Stock has been issued by the Company. 

        11.   Evidence
of Stock Ownership. 

        11.1   Promptly
following each Exercise Date, the number of shares of Common Stock purchased by each Employee shall be deposited into an account established in
the Employee's name at the ESPP Agent. 

        11.2   Only
to the extent permitted by the ESPP Agent, the Employee may direct, by written notice to the ESPP Agent at the time of the Employee's enrollment in
the Plan, that the account with the ESPP Agent be established in the names of the Employee and one other person designated by the Employee, as joint tenants with right of survivorship, tenants in
common, or community property, to the extent and in the manner permitted by applicable law. 

        11.3   An
Employee may undertake a disposition (as that term is defined in Section 424(c) of the Code) of the shares in the account established with the
ESPP Agent at any time, whether by sale, 

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exchange,
gift, or other transfer of legal title, but in the absence of such a disposition of the shares, the shares must remain in the Employee's account at the ESPP Agent until the holding period
set forth in Section 423(a) of the Code has been satisfied. With respect to shares for which the Section 423(a) holding period has been satisfied, the Employee may move those shares to
another brokerage account of Employee's choosing or request that a stock certificate be issued and delivered to him. 

        12.    Withdrawal.    

        12.1   An
Employee may withdraw from an Offering in whole but not in part, at any time prior to the next Exercise Date by delivering a withdrawal notice to the
Company or, if so directed by the Company, with the ESPP Agent, in which event the Company will refund the entire balance of his deductions as soon as practicable thereafter. 

        12.2   To
re-enter the Plan, an Employee who has previously withdrawn must file a new enrollment agreement in accordance with
Section 7.1. The Employee's re-entry into the Plan will not become effective before the beginning of the next Offering following his withdrawal. 

        13.    Carryover of Enrollment.    At the termination of each Offering, the Employee will automatically be
re-enrolled in the next Offering, and the balance in the employee's Account shall be used for option exercises in the new Offering, unless the Employee has withdrawn from the Offering by
providing proper notice to Company. Upon termination of the Plan, the balance of each employee's Account shall be refunded to him. 

        14.    No Employment Rights.    Neither the Plan nor any option granted hereunder will confer upon the Employee any
right with respect to continuance of employment by the Company or any Subsidiary nor shall the Plan or any option granted under the Plan interfere in any way with the right of the Company or any
Subsidiary to terminate the employment of the Employee at any time, with or without cause consistent with applicable law. 

        15.    Rights Not Transferable.    No Employee may sell, assign, transfer, pledge, or otherwise dispose of or encumber
either the payroll deductions credited to such Employee's Account or any rights with regard to the exercise of an option or to receive shares under the Plan other than by will or the laws of descent
and distribution, and such right and interest shall not be liable for, or subject to, the debts, contracts, or liabilities of the Employee. If any such action is taken by the Employee, or any claim is
asserted by any other party in respect of such right and interest whether by garnishment, levy, attachment or otherwise, such action or claim will be treated as an election to withdraw funds in
accordance with Section 12. An option can only be exercised by the Employee to whom the option has been granted. 

        16.    Termination of Employment.    Upon termination of employment for any reason whatsoever, including but not
limited to death or retirement, the balance in the Account of a participating Employee will be paid to the Employee or his estate. 

        17.    Amendment or Discontinuance of the Plan.    The Committee or the Board will have the right to amend, modify, or
terminate the Plan at any time without notice, provided that no Employee's existing rights under any Offering already made under Section 6 hereof may be adversely affected thereby, and provided
that any amendment will be subject to shareholder approval if shareholder approval is required under the Code or other applicable law. 

        18.    Changes in Capitalization.    In the event of reorganization, recapitalization, stock split, stock dividend,
combination of shares, merger, consolidation, offerings of rights, or any other change in the structure of the common shares of the Company, the Board may make such adjustment, if any, as it may deem
appropriate in the number, kind, and the price of shares available for purchase under the Plan, and in the number of shares which an Employee is entitled to purchase. 

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        19.    Notices.    All notices or other communications by an Employee to the Company under or in connection with the
Plan shall be deemed to have been duly given when received by Shareholder Services of the Company or when received in the form specified by the Company at the location, or by the person, including the
ESPP Agent, designated by the Company for the receipt thereof. 

        20.    Change of Control.    

        20.1   Notwithstanding
other provisions of the Plan, in the event of a "Change in Control" of the Company (as defined in Section 20.3 below), all of the
options of a participating Employee shall become immediately exercisable, unless directed otherwise by a resolution of the Board or the Committee adopted prior to and specifically relating to the
occurrence of such change in control. 

        20.2   In
the event of a Change in Control, unless otherwise determined by the Board as provided in Section 20.1 or by required law, each participating
Employee shall have the right at any time thereafter to and including the original Exercise Date for such option to exercise the option in full notwithstanding any limitation or restriction in any
option agreement or in the Plan 

        20.3   For
purposes of this Section 20, "Change in Control" means: 

	(a)
	there
shall be consummated 

        (i)    any
consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which any shares of the Company's common
stock are to be converted into cash, securities or other property, provided that the consolidation or merger is not with a corporation which was a wholly-owned subsidiary of the Company immediately
before the consolidation or merger, or 

        (ii)   any
sale, lease, exchange, or other transfer (in one transaction or a series or related transactions) of all, or substantially all, or the assets of the Company (other
than to one or more directly or indirectly wholly-owned subsidiaries of the Company); or 

        (b)   the
shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or 

        (c)   any
person (as such term is used in Sections 13(c) and 14(d) of the Exchange Act of 1934, as amended) shall become the beneficial owner (within the meaning of
Rule 13d-3 under the Exchange Act), directly or indirectly, of 30% or more the Company's then outstanding common stock, provided that such person shall not be a wholly-owned
subsidiary of the Company immediately before it become such 30% beneficial owner; or 

        (d)   individuals
who constitute the Company's Board of Directors on the date hereof (the "Incumbent Board") cease for any reason to constitute at least a majority thereof,
provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least three-quarters
of the directors comprising the Incumbent Broad (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without
objection to such nomination shall be, for purposes of this clause (d), considered as though such person were a member of the Incumbent Board. 

        21.    Termination of the Plan.    This Plan shall terminate at the earliest of the following:
(a) December 31, 2010; (b) the effective date of a merger or consolidation wherein the Company is not to be the surviving corporation, which merger or consolidation is not between
or among corporations related to the Company; (c) the date the Committee or the Board acts to terminate the Plan in accordance with Section 17 above; (d) the date when all shares
reserved under the Plan have been purchased. Prior to the occurrence of such events, on such date as the Board may determine, the Committee may (but need not) permit a participating Employee to
exercise the option to purchase 

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shares
of Common Stock for as many full shares as the balance of his Account will allow at the lower of Fair Market Value on the Enrollment Date or the date on which the option is permitted to be
exercised. If the Employee elects to purchase shares, the remaining balance of his Account will be refunded to the Employee after such purchase. 

        22.    Limitations on Sale of Common Stock Purchased Under the Plan.    The Plan is intended to provide Common Stock
for investment and not for resale. The Company does not, however, intend to restrict or influence any Employee in the conduct of his own affairs. An Employee, therefore, may sell stock
purchased under the Plan at any time he chooses, subject to compliance with any applicable Federal or state securities laws and applicable withholding taxes. THE EMPLOYEE ASSUMES THE RISK OF ANY
MARKET FLUCTUATIONS IN THE PRICE OF THE STOCK. 

        23.    Governmental Regulation.    The Company's obligation to sell and deliver shares of the Common Stock under this
Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance, or sale of such shares of Common Stock. 

Adopted
by the Board of Directors:      

Approved by Shareholders:       

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Exhibit 4.1  

 
  REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights Agreement (this "Rights Agreement") is made and entered into as of October 14,
2004 by and among Serologicals Corporation, a Delaware corporation ("Serologicals"), and those persons who are signatories hereto on the date hereof
(the "Participating Stockholders"). 

WITNESSETH  

        WHEREAS, this Rights Agreements is made pursuant to the Agreement and Plan of Merger dated as of
September 7, 2004 (the "Merger Agreement") by and among Serologicals, Cavalier Acquisition Company, LLC, a Delaware limited liability company,
Cavalier Group, Inc., a Delaware corporation ("Cavalier") and Sheridan G. Snyder (the "Stockholder
Representative"), an individual and resident of the Commonwealth of Virginia; 

        WHEREAS, the Participating Stockholders became the owners of Shares (as defined below) in connection with the transactions described in
the Merger Agreement; and 

        WHEREAS, in order to induce the Participating Stockholders to cause Cavalier to enter into the transactions described in the Merger
Agreement, Serologicals has agreed, with respect to the Common Stock issued pursuant to the Merger Agreement, to provide the Participating Stockholders with the registration rights set forth herein
and subject to the terms and conditions set forth herein; 

        NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the mutual covenants and agreements hereinafter set forth, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, agree as follows: 

        1.    Definitions.    

        1.1    Defined Terms.    Capitalized terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the Merger Agreement. 

        1.2    Additional Defined Terms.    As used in this Rights Agreements, the following capitalized terms shall have the
following meanings: 

        (a)   "NASD" shall mean the National Association of Securities Dealers, Inc. 

        (b)   "Resale Prospectus" shall mean the prospectus included in the Resale Registration Statement, including any preliminary
prospectus, and any amendment or supplement thereto, including any supplement relating to the terms of the offering of any portion of the Resale Securities covered by the Resale Registration
Statement, and in each case including all material incorporated by reference therein. 

        (c)   "Resale Registration" shall mean a registration required to be effected pursuant to  Section 2 hereof. 

        (d)   "Resale Securities" shall mean the Shares held by any Selling Stockholder and any shares of Common Stock issued as a
dividend or other distribution with respect to the Shares held by any Selling Stockholder, excluding (i) Shares that have been registered under any other effective registration statement,
(ii) Shares sold or otherwise transferred pursuant to Rule 144 under the Securities Act or otherwise, and (iii) Shares held by any Selling Stockholder if all of such Shares are
eligible for sale pursuant to Rule 144 under the Securities Act and could be sold in one transaction in accordance with the volume limitations contained in Rule 144(e)(1) under the
Securities Act. 

        (e)   "Resale Registration Expenses" shall mean any and all expenses, other than Selling Expenses, incident to performance of
or compliance with this Rights Agreement, including, 

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without
limitation: (i) all SEC, stock exchange and NASD registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or "blue
sky" laws and compliance with the rules of the NASD, (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing the Resale Registration
Statement or any Resale Prospectus, (iv) the fees and disbursements of counsel for Serologicals and of the independent public accountants of Serologicals, including the expenses of any special
audits or "comfort" letters required by or incident to such performance and compliance; and (v) up to $10,000 of fees and disbursements of one counsel on behalf of all Selling Stockholders. 

        (f)    "Resale Registration Statement" shall mean a registration statement of Serologicals (and any other entity required to be
a registrant with respect to such registration statement pursuant to the requirements of the Securities Act) that covers all of the Resale Securities to be offered on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments (including post-effective amendments) to such registration
statement, and all exhibits thereto and materials incorporated by reference therein. 

        (g)   "Selling Expenses" shall mean all underwriting discounts and selling commissions and transfer taxes applicable to the
sale of Resale Securities, disbursements of underwriters and, except as provided in clause (v) of Section 1.2(e) hereof, the fees and
expenses of all counsel, accountants or other advisors for any Participating Stockholder. 

        (h)   "Shares" shall mean any Serologicals Common Stock issued to any Participating Stockholder pursuant to the Merger
Agreement. 

        2.    Resale Registration Under the Securities Act for the Benefit of the Participating
Stockholders.    

        2.1    Filing of Resale Registration Statement.    Serologicals shall cause to be filed within 20 days
following receipt by Serologicals of a completed and executed Notice and Questionnaire from each Participating Stockholder, but in any event within 60 days after the date of this Rights
Agreement, a Resale Registration Statement providing for the sale, by those Participating Stockholders who timely provide a Notice and Questionnaire (as hereinafter defined) (the
"Selling Stockholders") of all Resale Securities, in accordance with the terms hereof and will use its reasonable efforts to cause such Resale
Registration Statement to be declared effective by the SEC as soon as practicable thereafter. Without limiting the obligations of Serologicals in the preceding sentence, Serologicals agrees to use its
reasonable efforts to file (i) all financial statements and any other information required by Form 8-K (or any successor form) with respect to the Merger within the time
limits required by Form 8-K (or any successor form) and (ii) on or before the deadline for
filing, all reports required to maintain its eligibility to use Form S-3 (or any successor form). Serologicals shall use its reasonable efforts to keep the Resale Registration
Statement with respect to the Resale Securities continuously effective from the date such Resale Registration Statement is effective until the earlier of two years after the date hereof or the date on
which all Participating Stockholders cease to hold Resale Securities. Serologicals further agrees to supplement or amend the Resale Registration Statement if and as required by the rules, regulations
or instructions applicable to the registration form used by Serologicals for such Resale Registration Statement or by the Securities Act or any rules and regulations thereunder. 

        2.2    Expenses.    Serologicals shall pay all Resale Registration Expenses in connection with the registration of the
Resale Securities pursuant to Section 2.1. The Participating Stockholders shall pay all Selling Expenses. 

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        2.3    Offering.    Subject to the provisions of this Rights Agreements, any Selling Stockholder may, at its election,
effect offers and sales under the Resale Registration Statement by means of one or more offerings. 

        3.    Resale Registration Procedures.    

        3.1    Registration.    In connection with the obligations of Serologicals with respect to the Resale Registration
Statement contemplated by Section 2 hereof, Serologicals shall: 

        (a)   (i) prepare
and file with the SEC the Resale Registration Statement and such amendments to such Resale Registration Statement as may be necessary to keep such
Resale Registration Statement effective for the applicable period; (ii) cause the Resale Prospectus to be amended or supplemented as required and to be filed as required by Rule 424 or
any similar rule that may be adopted under the Securities Act; (iii) respond as promptly as practicable to any comments received from the SEC with respect to the Resale Registration Statement
or any amendment thereto; and (iv) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Resale Registration Statement during the
applicable period in accordance with the intended method or methods of distribution by the Selling Stockholders covered thereby; 

        (b)   furnish
to each Selling Stockholder, without charge, as many copies of the Resale Registration Statement, the Resale Prospectus and any amendments or supplements thereto
(not including any documents incorporated therein by reference or exhibits thereto unless specifically requested), as such Selling Stockholder may reasonably request, in order to facilitate the public
sale or other disposition of the Resale Securities; 

        (c)   to
the extent required under applicable state and federal law, use its reasonable efforts to (i) register or qualify the Resale Securities by the time the Resale
Registration Statement is declared effective by the SEC under applicable state securities or blue sky laws of each state in the United States and (ii) keep each such registration or
qualification effective during the period such Resale Registration Statement is required to be kept effective; provided,  however, that in connection
therewith, Serologicals shall not be required to (1) qualify as a foreign corporation to do business or to register
as a broker or dealer in any such jurisdiction where it would not otherwise be required to qualify or register but for this Section 3.1(c),
(2) subject itself to taxation in any such jurisdiction where it is not otherwise subject to taxation or (3) file a general consent to service of process in any such jurisdiction; 

        (d)   promptly
notify the Selling Stockholders (i) when the Resale Registration Statement and any post-effective amendments thereto have become effective,
(ii) when any amendment or supplement to the Resale Prospectus has been filed with the SEC, (iii) of the issuance by the SEC or any state securities authority of any stop order
suspending the effectiveness of the Resale Registration Statement or any part thereof or the initiation of any proceedings for that purpose, and (iv) if Serologicals receives any notification
with respect to the suspension of the qualification of the Resale Securities for offer or sale in any jurisdiction or the initiation of any proceeding for such purpose; 

        (e)   make
every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of the Resale Registration Statement or any part thereof or the
qualifications of the Resale Securities to be offered or sold in any jurisdiction; 

        (f)    upon
the occurrence of any event contemplated by the first sentence of Section 3.3 or upon the happening of any
event as a result of which the Resale Prospectus contains an untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading, use commercially reasonable efforts to promptly prepare and file an amendment 

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or
a supplement to the Resale Prospectus or any document incorporated therein by reference or promptly prepare, file and obtain effectiveness of a post-effective amendment to the Resale
Registration Statement and file any other required document, in any such case to the extent necessary so that, as thereafter delivered to the purchasers of the Resale Securities, such Resale
Prospectus as then amended or supplemented will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they are made, not misleading; 

        (g)   make
available for inspection by the Selling Stockholders, and any underwriter participating in any disposition pursuant to the Resale Registration Statement and any
counsel or accountants retained by the Selling Stockholders or any such underwriter, all financial and other records, pertinent corporate documents and properties of Serologicals and cause the
officers, directors and employees of
Serologicals to supply all such records, documents or information reasonably requested by the Selling Stockholders, any such underwriter, counsel or accountants in connection with the Resale
Registration Statement; provided, however, that such records, documents or information which
Serologicals determines in good faith to be confidential and notifies the Selling Stockholders, any such underwriter, counsel or accountants in writing that such records, documents or information are
confidential shall not be disclosed by the Selling Stockholders, any such underwriter, counsel or accountants unless (i) such disclosure is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction or governmental agency, or (ii) such records, documents or information become generally available to the public other than through a breach of this Rights
Agreements; 

        (h)   prior
to the initial filing of the Resale Registration Statement, furnish copies of the Resale Registration Statement or any amendment thereto, or the Resale Prospectus
or any amendment or supplement thereto (not including any documents incorporated by reference therein unless specifically requested) to the Selling Stockholders and any underwriter sufficiently in
advance of its use and/or filing with the SEC to allow the Selling Stockholders and any underwriter an opportunity to comment thereon, but in no event less than three (3) business days prior to
such use or filing, and not file any such Resale Registration Statement, or any amendment thereto, or the Resale Prospectus or any amendment or supplement thereto as to which the Selling Stockholders
or such underwriter may reasonably object within three (3) business days after the receipt thereof; provided,  however, that this Section 3.1(h) shall not apply to any amendment to the Resale Registration
Statement or any amendment or supplement to the Resale Prospectus that occurs (x) after the date of the effective date of the Resale Registration Statement and (y) outside of a Selling
Period; and 

        (i)    use
its reasonable efforts to cause all Resale Securities to be listed on any securities exchange on which similar securities issued by Serologicals are then listed. 

        3.2    Restrictions.    Each such Selling Stockholder severally covenants and agrees that (i) it will not offer
or sell any Resale Securities under the Resale Registration Statement until it has acknowledged receipt of copies of the Resale Prospectus as then amended or supplemented as contemplated by  Section 3.1 and notice from Serologicals that the Resale Registration Statement and any post-effective amendments thereto have become
effective; (ii) upon receipt of any notice from Serologicals contemplated by Section 3.1 or the receipt of a notice from Serologicals of
the happening of an event as a result of which (a) the Resale Registration Statement contains an untrue statement of a material fact or omits to state a material fact necessary in order to make
the statements therein not misleading or (b) the Resale Prospectus contains an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, the Selling Stockholders shall not offer or sell any Resale Securities pursuant to the Resale Registration Statement
until the 

4

 

Selling
Stockholders receive copies of a supplemented or amended Resale Prospectus and receive notice that any post-effective amendment has become effective, and, if so directed by
Serologicals, each Selling Stockholder will deliver to Serologicals (at the expense of Serologicals) all copies in its possession, other than permanent file copies then in such Selling Stockholder's
possession, of the Resale Prospectus as amended or supplemented at the time of receipt of such notice; (iii) the Selling Stockholders and any of its beneficial owners, officers, directors or
affiliates, if any, will comply with the provisions of Regulation M promulgated by the SEC as applicable to them in connection with sales of Resale Securities pursuant to the Resale
Registration Statement; (iv) each Selling Stockholder and any of its beneficial owners, officers, directors or affiliates, if any, will comply with the prospectus delivery requirements of the
Securities Act as applicable to them in connection with sales of Resale Securities pursuant to the Resale Registration Statement; and (v) each Selling Stockholder and any of its beneficial
owners, officers, directors or affiliates, if any, will enter into such written agreements as Serologicals shall reasonably request to ensure compliance with clause (iv) and (v) above.
Notwithstanding any provision in this Rights Agreement to the contrary, Serologicals shall have no obligation under or pursuant to Section 2 or  Section 3 of this Rights Agreement with respect to any Selling Stockholder who violates the provisions of this  Section 3.2. 

        3.3    Blackout Period.    Notwithstanding anything herein to the contrary, Serologicals shall not be required to take
any of the actions described in clauses (i), (ii) or (iii) of Section 3.1(a) or described in  Section 3.1(e) with respect to the Resale
Securities to the extent that Serologicals is in possession of material non-public
information that it deems advisable not to disclose or is engaged in negotiations or planning for a merger or acquisition or disposition transaction by Serologicals that, in any case, Serologicals
would then be required to disclose in connection with a registration statement for a primary offering of Serologicals Common Stock and Serologicals delivers written notice to the Selling Stockholders,
and to any other holders of securities of Serologicals registered under a registration statement (other than on a Form S-8 (or any successor form)) ("Other
Holders"), to the effect that the Selling Stockholders may not make offers or sales under the Resale Registration Statement for the period set forth in such notice (the
"Blackout Period"); provided that the Blackout Period shall not (i) exceed forty-five
(45) days in any three month period and one-hundred twenty (120) days in any twelve month period and (ii) shall not be for a time period different from any other
blackout, lockout or similar period imposed on any Other Holder pursuant to the same set of circumstances. Selling Stockholders shall not offer or sell any Resale Securities pursuant to the Resale
Registration Statement during any Blackout Period. 

        4.    Notice and Questionnaire.    Each Participating Stockholder that wishes to sell shares
pursuant to the Resale Registration Statement shall, not later than November 2, 2004, complete and execute and shall deliver, or cause to be delivered, to Serologicals at the address set forth
in Section 8.2 a Notice and Questionnaire in the form attached hereto as Annex A.

        5.    Indemnification; Contribution.    

        5.1    Indemnification by Serologicals.    Serologicals agrees to indemnify and hold harmless the Selling
Stockholders: 

        (a)   against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to which any Selling Stockholder may become subject under the Securities Act or
otherwise (A) that arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Resale Registration Statement or any amendment thereto, or
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (B) that arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in any Resale Prospectus or any amendment or supplement thereto, or the omission or alleged 

5

 

omission
to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; 

        (b)   against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or
investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or alleged untrue statement or any omission or
alleged omission, if such settlement is effected with the written consent of Serologicals; and 

        (c)   subject
to the limitations set forth in Section 5.3, against any and all expense whatsoever, as incurred
(including reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental agency
or body, commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or alleged untrue statement or omission or alleged omission, to the
extent that any such expense is not paid under Sections 5.1(a) or 5.1(b); 

provided, however, that the indemnity provided pursuant to this  Section 5.1 shall not (x) apply with
respect to any loss, liability, claim, damage or expense to the extent that it arises out of or is
based
upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to Serologicals by any Selling
Stockholder expressly for use in the Resale Registration Statement or any amendment thereto, or the Resale Prospectus or any amendment or supplement thereto or (y) inure to the benefit of any
Selling Stockholder from whom any Person asserting any loss, claim, damage, liability or action of, against or with respect to such Selling Stockholder resulting from the fact that (1) a copy
of the Prospectus (together with any correcting amendments or supplements) was not sent or given to such asserting person at, or prior to, the written confirmation of the sale of such Securities to
such Person and (2) the untrue statement in or omission from any Prospectus (giving rise to such loss, claim, damage, liability or action) was corrected in an amendment or supplement thereto
delivered to such Selling Stockholder prior to the date such Selling Stockholder delivered to such Person a copy of the Resale Prospectus (together with any correcting amendments or supplements). 

        5.2    Indemnification by the Selling Stockholders.    The Selling Stockholders agree to indemnify and hold harmless
Serologicals, and each of its respective directors and officers (including each director and officer of Serologicals who signed the Resale Registration Statement), and each Person, if any, who
controls Serologicals within the meaning of Section 15 of the Securities Act, to the same extent as the indemnity contained in  Section 5.1 hereof,
 but only insofar as such loss, liability, claim, damage or expense arises out of or is based upon any untrue statement or
alleged untrue statement or omission or alleged omission made in the Resale Registration Statement or any amendment thereto, or the Resale Prospectus or any amendment or supplement thereto, in
reliance upon and in conformity with written information furnished to Serologicals by the Selling Stockholders expressly for use therein; provided that
the liability of each Selling Stockholder hereunder shall be limited to the lower of (i) the proportion of any such loss, claim, damage, liability or expense which is equal to the proportion
that the net proceeds from the sale of the shares sold by such Holder under the Resale Registration Statement bears to the total net proceeds from the sale of all securities sold thereunder and
(ii) the net proceeds received by such Holder from the sale of Resale Securities covered by such Resale Registration Statement. 

        5.3    Conduct of Indemnification Proceedings.    Each indemnified party shall give reasonably prompt notice to each
indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve it from any
liability which it may have under the indemnity agreement provided in 

6

 

 Sections 6.1 or 6.2 above, unless the lack of notice by the indemnified party materially prejudices the indemnifying party or
results in the forfeiture by the indemnifying party of substantial rights and defenses. After receipt of such notice, the indemnifying party shall be entitled to participate in and, to the extent it
shall wish, jointly with any other indemnifying party so notified, to assume the defense of such action or proceeding at such indemnifying party's own expense with counsel chosen by such indemnifying
party and approved by the indemnified party, which approval shall not be unreasonably withheld; provided,  however, that, if the defendants in any such
action or proceeding include both the indemnified party and the indemnifying party and the indemnified
party reasonably determines, based upon advice of counsel, that a conflict of interest exists or that there may be legal defenses available to it or other indemnified parties that are different from
or in addition to those available to the indemnifying party, then the indemnified party shall be entitled to separate counsel (which shall be limited to a single law firm), the reasonable fees and
expenses of which shall be paid by the indemnifying party. If the indemnifying party does not assume the defense of any such action or proceeding, after having received the notice referred to in the
first sentence of this paragraph, the indemnifying party will pay the reasonable fees and expenses of counsel (which shall be limited to a single law firm) for the indemnified party. In such event,
however, the indemnifying party will not be liable for any settlement effected without the written consent of such indemnifying party. If the indemnifying party assumes the defense of any such action
or proceeding in accordance with this paragraph, such indemnifying party shall not be liable for any fees and expenses of counsel for the indemnified party incurred thereafter in connection with such
action or proceeding, except as set forth in the proviso in the second sentence of this Section 6.3. 

        5.4    Contribution.    

        (a)   In
order to provide for just and equitable contribution in circumstances in which the indemnity provided for in this  Section 5 is for any reason held to be unenforceable although applicable in
accordance with its terms, Serologicals and the Selling Stockholders
shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnity agreement incurred by Serologicals and the Selling Stockholders, in
such proportion as is appropriate to reflect the relative fault of Serologicals on the one hand and the Selling Stockholders on the other, in connection with the statements or omissions which resulted
in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified parties shall be
determined by reference to, among other things, whether the action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, has been made by, or relates to information supplied by, such indemnifying party or the indemnified parties, and the parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 5.4 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. 

        (b)   Notwithstanding
the provisions of this Section 5.4 any Selling Stockholder shall not be required to contribute any
amount in excess of the amount by which the total price at which the Resale Securities of such Participating Stockholder were offered to the public exceeds the amount of any damages which such
Participating Stockholder would otherwise have been required to pay by reason of such untrue statement or omission. 

        (c)   Notwithstanding
the foregoing, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this 

7

 

 Section 5.4, each director of Serologicals, each officer of Serologicals who signed the Resale Registration Statement, and each Person, if any, who controls Serologicals
within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as Serologicals. 

        6.    Rule 144 Sales.    Serologicals covenants that, so long as it is subject to the
reporting requirements of the Exchange Act, it will file the reports required to be filed by it under the Exchange Act so as to enable the Participating Stockholder to sell Shares pursuant to
Rule 144 under the Securities Act. 

        7.    Transfer of Registration Rights.    Any Participating Stockholder that is a partnership,
corporation or limited liability company may transfer or assign its registration rights provided pursuant to this Rights Agreement with respect to any Resale Securities to any partner, shareholder or
member of such Participating Stockholder; provided that (ii) such Participating Stockholder shall give Serologicals written notice prior to the
time of such transfer or assignment stating the name and address of the transferee and identifying the Resale Securities with respect to which the rights under this Agreement are being transferred and
(ii) such transferee or assignee agrees in writing, the form and substance of which shall be reasonably satisfactory to Serologicals, to be bound as a Participating Stockholder by the
provisions of this Rights Agreement, following which any such transferee or assignee shall be deemed a "Participating Stockholder" pursuant to this Rights Agreement. 

        8.    Miscellaneous.    

        8.1    Amendments and Waivers.    The provisions of this Rights Agreements, including the provisions of this sentence,
may not be amended, modified, supplemented or waived, nor may consent to departures therefrom be given, without the written consent of Serologicals and the consent of the Participating Stockholders
then holding a majority of the Resale Securities. 

        8.2    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, registered first-class mail, or any courier guaranteeing overnight delivery, (i) if to the Participating Stockholders, at the addresses set forth on the signature
pages hereto or (ii) if to Serologicals, at 5655 Spalding Drive, Norcross, Georgia, 30092, Attention: General Counsel. All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; or at the time actually delivered if delivered by an
air courier guaranteeing overnight delivery. 

        8.3    No Assignment.    This Rights Agreements shall inure to the benefit of and be binding upon the parties hereto
and, where applicable, their successors and permitted assigns. Except as otherwise permitted herein, no party to this Rights Agreements may assign or delegate all or any portion of its rights,
obligations, or liabilities under this Rights Agreements without the prior written consent of the other parties to this Rights Agreements. 

        8.4    Third Party Beneficiaries.    There shall be no third party beneficiaries or intended beneficiaries of this
Rights Agreements. 

        8.5    Counterparts.    This Rights Agreements may be executed in any number of counterparts and by the parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        8.6    Headings.    The headings in this Rights Agreements are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. 

        8.7    Governing Law.    This Rights Agreements shall be governed by and construed in accordance with the laws of the
State of Delaware without giving effect to the conflicts of law provisions thereof. 

8

 

        8.8    Specific Performance.    The parties hereto acknowledge that there would be no adequate remedy at law if any
party fails to perform any of its obligations hereunder, and accordingly agree that each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to
compel specific performance of the obligations of any other party under this Rights Agreements in accordance with the terms and conditions of this Rights Agreements in any court of the United States
or any State thereof having jurisdiction. 

        8.9    Entire Agreement.    This Rights Agreements is intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Rights Agreements supersedes all
prior agreements and understandings between the parties with respect to such subject matter. 

The remainder of this page intentionally left blank

Signature pages follow  

9

 

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

	 	 	SEROLOGICALS CORPORATION
	

 	
 	

By:	
 	

/s/  PHILIP A. THEODORE      
 Name: Philip A. Theodore

Title: Vice President, General Counsel
	

 	
 	
PARTICIPATING STOCKHOLDERS
	

 	
 	

ADVENT PRIVATE EQUITY FUND II "A"
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

ADVENT PRIVATE EQUITY FUND II "B"
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

ADVENT PRIVATE EQUITY FUND II "C"
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

ADVENT PRIVATE EQUITY FUND II "D"
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

*

	 	 	 	 	Name: J. Mark Braughler
	

 	
 	

*

	 	 	 	 	Name: Glenn Joseph Dozier
	 	 	 	 	 

10

 

	

 	
 	

HEALTH CARE VENTURES V, L.P.
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

*

	 	 	 	 	Name: John Hopkinson III
	

 	
 	

IVY FOUNDATION
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

MOLECULAR DEVICES CORPORATION
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

*

	 	 	 	 	Name: Ian W. Ratcliffe
	

 	
 	

RHO MANAGEMENT TRUST II
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

RIGGS CAPITAL PARTNERS, LLC
	

 	
 	

By:	
 	

*
 Name:

Title:
	

 	
 	

*

	 	 	 	 	Name: Truman T. Semans
	

 	
 	

*

	 	 	 	 	Name: Sheridan G. Snyder

	*
	The
Participating Stockholders were deemed to have executed this Registration Rights Agreement by signing an election to receive shares of the Common Stock, par value $0.01 per share,
of Serologicals Corporation upon the consummation of the acquisition of Upstate Group, Inc. by Serologicals Corporation. 

11

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REGISTRATION RIGHTS AGREEMENT

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