Document:

Professional Business Management Agreement dated May 31, 2004

 Exhibit 10.48 
  
 EXECUTION COPY 
  
 PROFESSIONAL BUSINESS MANAGEMENT AGREEMENT 
  
 This Professional Business Management Agreement (the “Agreement”) is made and entered into effective as of May 31, 2004 by and between
EyeMasters, Inc., a Delaware corporation (“Professional Business Manager”), and Tom Sowash O.D. & Associates, P.C., an Arizona professional optometry corporation (the “Practice”). 
  
 R E C I T A L S

  
 A. The Practice desires to engage in the provision of
Professional Eye Care Services (as defined below) to the general public in the state of Arizona (the “Practice Area”) through individual Professionals (as defined below) each of whom is licensed to practice optometry and/or ophthalmology
in Arizona and is employed or otherwise retained by the Practice; 
  
 B. The Practice desires to provide Professional Eye Care Services to the general public at Office(s) located adjacent to certain optical retail stores operating under the name “EyeMasters” in Arizona and engage the Professional
Business Manager to provide management services at such Offices (such Office locations, each to be listed on Exhibit A as attached hereto and amended from time to time, are hereinafter referred to as the “EyeMasters Practice
Locations” or “Practice Locations”); and 
  
 C. The
Practice desires to engage Professional Business Manager to provide equipment and such management, administrative, support and business services as are necessary and appropriate for the day-to-day administration of the non-optometric aspects of the
Practice’s professional eye care practice at each of the EyeMasters Practice Locations, and Professional Business Manager desires to provide such, upon the terms and conditions hereinafter set forth, for the purpose of enhancing the
cost-efficiency and quality of services rendered by the Practice to its patients. 
  
 NOW, THEREFORE, for and in consideration of the mutual agreements, terms, covenants and conditions contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Parties agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 For the purposes of this Agreement, the following terms shall have the
following meanings ascribed hereto, unless otherwise clearly required by the context in which such term is used: 
  
 1.1 Agreement. The term “Agreement” shall mean this instrument as originally executed and delivered, or, if amended or supplemented, as
so amended or supplemented. The parties acknowledge that as part of the services provided hereunder, Professional Business Manager, directly or through its affiliates, will sublease the premises with respect to the Practice Locations, and such
sublease agreements are incorporated herein by reference. 
  
 1.2
Budget. The term “Budget” shall mean an operating budget and capital expenditure budget for each fiscal year as prepared in accordance with Section 3.11(a). 
  

 1.3 Clinical Duties. The term “Clinical Duties” shall mean those duties of
Non-Professional Personnel (as defined below) which entail directly or indirectly assisting a Professional (as defined below) in the scheduling, examination or care of patients in the course of providing Professional Eye Care Services, regardless of
whether the performance of such duties requires licensure under applicable state law. 
  
 1.4 Confidential Information. The term “Confidential Information” shall mean any information of Professional Business Manager or the Practice, as appropriate (whether written or oral), including, but
not limited to, all business management or economic studies, patient lists, proprietary forms, proprietary business or management methods, marketing data, fee schedules, or trade secrets of the Professional Business Manager or of the Practice, as
applicable, whether or not such Confidential Information is disclosed or otherwise made available to one Party by the other Party pursuant to this Agreement. Confidential Information shall also include the terms and provisions of this Agreement and
any transaction or document executed by the Parties pursuant to this Agreement. Confidential Information does not include any information that the receiving party can establish (a) is or becomes generally available to and known by the public or
optometric community (other than as a result of an unpermitted disclosure directly or indirectly by the receiving party or its affiliates, advisors, or Representatives); (b) is or becomes available to the receiving party on a nonconfidential basis
from a source other than the furnishing party or its affiliates, advisors or Representatives, provided that such source is not and was not bound by a confidentiality agreement with or other obligation of secrecy to the furnishing party of which the
receiving party has knowledge; or (c) has already been or is hereafter independently acquired or developed by the receiving party without violating any confidentiality agreement with or other obligation of secrecy to the furnishing party.

  
 1.5 Executive Office Administrator. The term
“Executive Office Administrator” shall mean the employee of Professional Business Manager having executive authority and responsibility for the general and active management of the Professional Business Manager. This authority and
responsibility shall not include any control over the practice of optometry, medicine or ophthalmology by Professionals. 
  
 1.6 EyeMasters Practice Locations. The term “EyeMasters Practice Locations” shall have the meaning set forth in the Recitals 

 
 1.7 GAAP. The term “GAAP” shall mean generally accepted
United States accounting principles. 
  
 1.8 Management
Fee. The term “Management Fee” shall mean the Professional Business Manager’s compensation established as described in Article V hereof. 
  
 1.9 Management Services. The term “Management Services” shall mean the business, administrative, and
management services to be provided for the Practice and the Office hereunder, including, without limitation, the provision of equipment, inventory and supplies, support services, personnel (excluding Professionals and Optometric Technicians)
management, administration, financial record keeping, and reporting, and other business office services, all as reasonably contemplated by this Agreement and which are necessary for the conduct of the Practice’s business at the Practice
Locations. 
  
 1.10 Non-Professional Personnel. The term
“Non-Professional Personnel” shall mean those individuals employed by the Professional Business Manager and the Optical Technicians and the 

  

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optometric manager employed by the Practice at the Office who are not Optometrists or Ophthalmologists. 
  
 1.11 Office. The term “Office” shall mean the facilities and
locations used by the Practice and subleased from the Professional Business Manager or its affiliate with respect to the Practice Locations, all business operations related to the Practice’s optometric and/or therapeutic optometric practice at
the Practice Locations, and all related business operations of the Practice which are to be administered by Professional Business Manager under this Agreement. 
  

1.12 Office Expense. The term “Office Expense” shall mean all direct out-of-pocket operating and non-operating expenses incurred by
the Practice or the Professional Business Manager in the provision of Management Services to the Office and shall include all operating and non-operating expenses incurred by the Practice relating to the items set forth in this Section. The
Professional Business Manager shall be reimbursed by the Practice for any reasonable Office Expense incurred by the Professional Business Manager in the provision of services to the Practice hereunder, upon request by the Professional Business
Manager. Office Expense shall not include any Professional Business Manager Expense, Practice Expense or President Expense or any state, local or federal income or franchise tax. Without limitation, Office Expense shall include the following
expenses to the extent relating to the Practice Locations: 
  
 (a) comprehensive general and professional liability insurance covering the Office, Non-Professional employees of the Practice in connection with the operation of the Office and employees of Professional Business
Manager in connection with the operation of the Office; 
  
 (b) the expense of using, leasing, purchasing or otherwise procuring and maintaining the Office premises (e.g., rent expense and related charges); 
  
 (c) the cost of Office supplies and inventory; 
  
 (d) all expenses reflected in the budget that are not
Professional Business Manager Expenses, Practice Expenses or President Expenses; 
  
 (e) reasonable costs and expenses (to the extent not covered by insurance) of lawsuits or claims against the Professional Business Manager
or its personnel, or the Practice, its Professional(s), or its other personnel related to their performance of duties at the Office or their interest in assets used in connection with the Office, provided that if any of the Professional Business
Manager or its personnel, or the Practice, its Professional(s), or its other personnel do not prevail in the lawsuit or claim or settle the matter with a material payment by the party (the party at “fault”), such costs and expenses shall
be deemed a Professional Business Manager Expense in the event of Professional Business Manager’s fault or the fault of its personnel and a Practice Expense in the event of fault by the Practice, its Professional(s), or its other personnel
whereupon the Practice and such Professional(s) or other personnel shall be jointly responsible for the immediate reimbursement of the sums advanced by Professional Business Manager; provided further that Professional Business Manager shall not
advance such costs and expenses from the Account if the Practice Advisory Council concludes that (i) it is unlikely that the Professional Practice Account will be reimbursed if the party involved will not prevail in the lawsuit or claim, or (ii) a
reasonable third person would believe that obtaining a reimbursement of the advanced sums will be difficult to achieve; and the Parties acknowledge that nothing in this Section shall create any liability on the part of a Professional who would
otherwise be shielded from personal liability by the corporate or limited liability structure of the Practice; and 
  

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 (f) key person life and disability insurance premiums related to policies which the
Parties agree to acquire on the life of the Practice’s President or Professionals, whereupon any proceeds shall be paid to the Professional Practice Account, unless the Parties agree to a specific split of the proceeds. Should only the Practice
choose to obtain key person life insurance, the Practice shall pay all premiums as a Practice Expense and shall receive all proceeds. Further, if only the Professional Business Manager chooses to obtain such insurance, Professional Business Manager
shall pay all premiums as a Professional Business Manager Expense and shall receive all proceeds. The Practice shall cause its President and Professionals to submit to a medical examination necessary to obtain such insurance. 
  
 Expenses contemplated in this paragraph (other than Section 1.12(d))
shall be in the Budget or approved by the Practice Advisory Council, and where reasonably determinable, are intended to be reasonable and customary based upon similar relationships generally existing between national practice management companies
and practices they manage. The expenses related to individuals who are consultants of or employed by Professional Business Manager and who provide services benefiting the Practice with respect to the EyeMasters Practice Locations shall be borne by
the Professional Business Manager and the Professional Business Manager shall not be entitled to reimbursement therefore (other than through the payment of the Management Fee). The Parties acknowledge that certain expenses not specifically set forth
above and associated with performing the services hereunder may benefit both Parties or be difficult or impractical to allocate between the Parties (e.g., utility costs, telephone service costs, overhead charges, costs of personnel (other than
Professionals and Optical Technicians), costs of marketing materials and costs of equipment provided hereunder). Accordingly, other benefits provided to the Practice, and expenses incurred, by the Professional Business Manager, with respect to the
EyeMasters Practice Locations (other than Office Expenses, Professional Business Manager Expenses, Practice Expenses or President Expenses) shall be compensated through the payment of the Management Fee and the Professional Business Manager shall
not be entitled to reimbursement therefore. Notwithstanding anything to the contrary herein, unless expressly designated as a Professional Business Manager Expense, a Practice Expense or a President Expense in this Agreement or any exhibit thereto,
all direct out-of-pocket expenses reasonably incurred by Professional Business Manager in providing services pursuant to this Agreement shall be considered Office Expenses. 
  
 1.13 Optical Technicians. The term “Optical Technician” shall mean each optical technician employed by the
Practice. 
  
 1.14 Optometrist. The term
“Optometrist” shall mean each individually licensed Optometrist, if any, who is employed or otherwise retained by or associated with the Practice, and shall meet at all times the qualifications described in Section 4.3 and
Section 4.4. 
  
 1.15 Ophthalmologist. The term
“Ophthalmologist” shall mean each individually licensed Ophthalmologist, if any, who is employed or otherwise retained by or associated with the Practice, and shall meet at all times the qualifications described in Section 4.3 and
Section 4.4. 
  
 1.16 Parties. The term
“Parties” shall mean the Practice and Professional Business Manager. 
  
 1.17 Permitted President Expense. The “Permitted President Expense” shall mean (i) the salary of the President of $9,000 per Practice Location on an annualized basis (such amount to be prorated for
any partial year in which a Practice Location operates) to be paid to the President under the President’s Employment Agreement described in Section 4.3 hereof plus the related employee benefits, reasonable 

  

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and customary professional dues, subscriptions, continuing educations and technical training expenses (not to exceed $700 per Practice Location on an
annualized basis) and related payroll taxes as contemplated in the President’s Employment Agreement. 
  
 1.18 Practice. The term “Practice” shall have the meaning set forth in the Recitals. 
  
 1.19 Practice Advisory Council. The term “Practice Advisory
Council” shall have the meaning set forth in Section 2.6 of this Agreement. 
  
 1.20 Practice Expenses. The term “Practice Expenses” shall mean, to the extent relating to the Practice Locations: (a) all reasonable Professionals’ (other than the President’s) and Optical
Technicians’ salaries, benefits, payroll taxes and other direct costs related to their services to the Practice (including reasonable and customary professional dues, subscriptions, continuing education and technical training expenses, and
severance payments); (b) reasonable and customary professional liability insurance expenses of Professionals; (c) reasonable travel costs for continuing education, technical training and necessary business travel for Professionals (other than the
President) and Optical Technicians; (d) to the extent not covered by insurance and subject to the advance provisions contained herein, the defense costs and expenses of any litigation or claims brought against the Practice, its Professionals, or its
other personnel by any third party in which the Practice, its Professionals, or its other personnel do not prevail or the matter settles with a material payment and the Practice, its Professionals, or other personnel are at fault, and any liability
judgment or material settlement assessed against the Practice or its Professionals or other personnel; (e) certain equipment expenses with respect to equipment that Professional Business Manager determines not to acquire or lease as described in
Sections 3.2(c) and 3.2(d) of this Agreement; (f) interest on any funds advanced to the Practice by Professional Business Manager to the extent that Professional Business Manager is a net lender in accordance with the terms of this
Agreement; (g) any income taxes or franchise taxes of the Practice; and (h) consulting, accounting, or legal fees which relate solely to the Practice or relate to a dispute with Professional Business Manager. Notwithstanding the foregoing, the term
Practice Expenses shall specifically exclude (i) business travel requested by Professional Business Manager, which shall be an Office Expense, (ii) any and all compensation or expenses attributable to President, which shall be President Expenses
(except reasonable and customary expenses for malpractice insurance which shall be a Practice Expense), (iii) “tail” insurance coverage for the President, which shall be a President Expense, (iv) the cost of supplies or (v) such other
items agreed to in advance in writing by the Parties hereto. Such expenses are to be approved annually in the Budget. 
  
 1.21 President. The term “President” shall mean the Shareholder that shall be appointed during the term of this Agreement to act as the
President of the Practice and shall execute the President’s Employment Agreement attached hereto as Exhibit 4.3. 
  
 1.22 President Expense. The term “President Expense” shall be limited to the following expenses: (a) President’s salary, benefits,
payroll taxes, and other direct costs as provided in the President’s Employment Agreement (including professional dues, subscriptions, continuing education expenses, severance payments, and reasonable entertainment expenses and reasonable
travel costs for continuing education or other reasonable business travel but excluding business travel requested by Professional Business Manager, which shall be an Office Expense, and excluding any other expense of a President approved as an
Office Expense in advance by the Parties); (b) ”tail” coverage malpractice insurance expenses for the President and any malpractice insurance expenses of any Professional which are in excess of those which are customary and reasonable; and
(c) consulting, accounting, or legal fees which relate solely to the President or relate to any dispute with the Professional Business Manager. In addition to the 

  

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foregoing, “President Expenses” shall include any non-operating expenses of the Practice, any extraordinary or unusual expenses of the Practice,
any unreasonable continuing education expenses, entertainment expenses or travel costs and any costs or expenses with respect to requests by the Practice that are not approved by the Professional Business Manager (e.g., costs of additional
Non-Professional personnel at the locations, costs of marketing or advertising in excess of advertising proposed by the Professional Business Manager). In determining whether to approve such excess expenditures requested by the Practice, the
Professional Business Manager shall use its judgment based upon its experience in other professional management relationships. The Practice shall reimburse the Professional Business Manager for any President Expense incurred by the Professional
Business Manager. Unless expressly designated as a Management Fee, a Professional Business Manager Expense, an Office Expense, or a Practice Expense in this Agreement or in any exhibit hereto or in any written agreement of the Parties, any expense
incurred by the Practice shall be considered a President Expense. Notwithstanding the above, the Practice may require certain Professionals to pay certain expenses incurred for them specifically. Nothing in this Section shall create personal
liability on the part of the Practice’s Shareholders. 
  
 1.23 Professional. The term “Professional” shall mean any Optometrist or Ophthalmologist. 
  
 1.24 Professional Business Manager. The term “Professional Business Manager” shall have the meaning set forth in the Recitals hereto.

  
 1.25 Professional Business Manager Expense. The term
“Professional Business Manager Expense” shall mean an expense or cost incurred by the Professional Business Manager, for which the Professional Business Manager is financially liable and is not entitled to reimbursement from the Practice.
Professional Business Manager Expense shall specifically include: (a) any income or franchise taxes of the Professional Business Manager; (b) the expense of providing, leasing, purchasing or otherwise procuring and maintaining the Office equipment,
including depreciation in the case of furniture and equipment; (c) costs and expenses of the employees of the Professional Business Manager that provide services at the Offices; (d) utility costs, telephone costs, supplies, marketing materials and
corporate overhead charges; (e) to the extent not covered by insurance and subject to the advance provisions contained herein, the defense costs and expenses of any litigation or claims brought against the Professional Business Manager or its
personnel by any third party in which the Professional Business Manager or its personnel do not prevail or the matter settles with a material payment and the Professional Business Manager or its personnel are at fault, and any liability judgment or
material settlement assessed against the Professional Business Manager or its personnel; and (e) any other expenses or costs that are not reasonable and customary reimbursements based upon a national practice management company’s usual
arrangement with a practice it manages. 
  
 1.26 Professional
Eye Care Services. The term “Professional Eye Care Services” shall mean professional health care items and services, including, but not limited to, the practice of optometry and ophthalmology, and all related professional health care
services provided by the Practice through Optometrists, Ophthalmologists, and other professional health care providers that are retained by or professionally affiliated with the Practice; provided, however, in no event shall Professional Eye Care
Services include the direct or indirect selling of eye glass frames, sun glasses, eyeglass lenses or prisms, contact lenses or contact lens supplies. 
  
 1.27 Professional Practice Account. The term “Professional Practice Account” shall mean the bank account described in
Section 3.10. 
  

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 1.28 Representatives. The term “Representatives” shall mean a Party’s officers,
directors, managers, employees, or other agents. 
  
 1.29
Shareholder. The term “Shareholder” shall mean any current or future shareholder of the Practice. 
  
 1.30 Term. The term “Term” shall mean the initial and any renewal periods of duration of this Agreement as described in Section
6.1. 
  
 ARTICLE II 
  
 APPOINTMENT OF PROFESSIONAL BUSINESS MANAGER 
  
 2.1 Appointment. The Practice hereby appoints Professional Business
Manager as its sole and exclusive agent for the management and administration of the business functions and business affairs of the Office and Professional Business Manager hereby accepts such appointment, subject at all times to the provisions of
this Agreement. Notwithstanding any provisions in this Agreement to the contrary, Professional Business Manager’s duties, responsibilities and authority hereunder shall only extend to the management of the EyeMasters Practice Locations set
forth on Exhibit A hereto, which may be amended from time to time with the consent of the Practice and Professional Business Manager or as provided in Section 6.2(c) hereof. 
  
 2.2 Authority. Consistent with the provisions of this Agreement, Professional Business Manager shall have the
responsibility and commensurate authority to provide Management Services for the Practice at the EyeMasters Practice Locations. Subject to the requirements of Section 2.8 , the Practice shall give Professional Business Manager thirty (30) days’
prior notice of the Practice’s intent to execute any agreement creating a binding legal obligation on the Practice to the extent relating to the EyeMasters Practice Locations. The Parties acknowledge and agree that the Practice, through its
Professionals, shall be responsible for and shall have complete authority, responsibility, supervision and control over the provision of all Professional Eye Care Services and other professional health care services performed for patients, and that
all diagnoses, treatments, procedures and other professional health care services shall be provided and performed exclusively by or under the supervision of Professionals as such Professionals, with the advice of the President and the
Professional’s discretion, deem appropriate. Professional Business Manager shall have and exercise absolutely no control, influence, authority or supervision over the provision of Professional Eye Care Services. 
  
 2.3 Patient Referrals. Professional Business Manager and the Practice
agree that the benefits to the Practice and to Professional Business Manager hereunder do not require, are not payment for, and are not in any way contingent upon the referral, admission or any other arrangement for the provision of any item or
service offered by either Professional Business Manager or Practice to patients in any facility, laboratory, center or health care operation controlled, managed or operated by the other party or upon the referral, admission, or any other arrangement
for the provision of any item or service offered by the other party. 
  
 2.4 Internal Decisions of the Practice. Matters involving the Practice’s allocation of professional income among its President and the Professional employees of the Practice, tax planning and pension and investment planning
shall remain the responsibility of the Practice. The Professional Business Manager may not and shall not directly or indirectly control or attempt to control, dictate or influence, 

  

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directly or indirectly, the professional judgment including, but not limited to, the level or type of care or services rendered, the manner of practice or
the practice of the Practice or any Professional employed by the Practice. 
  
 2.5 Practice of Optometry. The Parties acknowledge that Professional Business Manager is not authorized or qualified to engage in any activity that may be construed or deemed to constitute the practice of
optometry. To the extent any act or service herein required to be performed by Professional Business Manager should be construed by a court of competent jurisdiction or by the Board of Optometry or Medicine to constitute the practice of optometry or
ophthalmology, the requirement to perform that act or service by Professional Business Manager shall be deemed waived and unenforceable. Although Professional Business Manager shall provide Non-Professional Personnel to the Practice and Professional
Business Manager shall manage the administrative aspects of their employment, all Non-Professional Personnel shall be subject to the direction, supervision and control of the Practice and its Professionals in the performance of any and all Clinical
Duties and in the performance of Clinical Duties shall not be subject to any direction or control by, or liability to, Professional Business Manager. Professional Business Manager may not and shall not control or attempt to control, directly or
indirectly, the professional judgment, the manner of practice or the practice of the Practice or any Professional employed by the Practice. In this regard, Professional Business Manager shall not attempt to dictate, influence or control the scope,
level, or type of Professional Eye Care Services provided to patients of the Office, the frequency of patient contacts at the Office (except to the extent necessary to establish the Budget), the discipline of any Professionals who are Practice
employees, the fees charged for Professional Eye Care Services provided to patients of the Office (except to the extent necessary to establish the Budget or negotiate managed care contracts), or any other matter that impinges on the professional
judgment of the Practice or any Professional employed by the Practice. 
  
 2.6 Formation and Operation of the Practice Advisory Council. The Parties hereby establish a Practice Advisory Council which shall be responsible for advising Professional Business Manager and the Practice with respect to developing
the Office and implementing management and administrative policies for the overall operation of the Office and for providing mediation and non-binding (unless otherwise provided herein) dispute resolution on certain matters. The Practice Advisory
Council shall consist of four (4) members. Professional Business Manager shall designate, in its sole discretion, two (2) members of the Practice Advisory Council or may have one (1) member with two (2) votes. The Practice shall designate, in its
sole discretion, two (2) members of the Practice Advisory Council or may have one (1) member with two (2) votes. The Practice Advisory Council members selected by the Practice shall be the President and/or full-time Professional employees of the
Practice. Each Party’s representatives to the Practice Advisory Council shall have the authority to make decisions on behalf of the respective Party. Except as may otherwise be provided, the act of a majority of the members of the Practice
Advisory Council shall be the act of the Practice Advisory Council, provided that the affirmative vote of the Practice member(s) shall be required on all votes of the Practice Advisory Council relating to or affecting the provision of Professional
Eye Care Services. The decisions, resolutions, actions, or recommendations of the Practice Advisory Council shall be implemented by Professional Business Manager or the Practice, as appropriate. 
  

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 2.7 Duties and Responsibilities of the Practice Advisory Council. The Practice Advisory Council
shall review, evaluate, make recommendations, and where specifically authorized herein and permitted by law, make decisions with respect to the following matters, to the extent relating to the EyeMasters Practice Locations: 
  
 (a) Facility Improvements and Expansion. Any
renovation and expansion plans and capital equipment expenditures with respect to the Practice’s facilities at the EyeMasters Practice Locations shall be reviewed by the Practice Advisory Council, which shall make recommendations to the
Practice with respect to proposed changes therein. Such renovation and expansion plans and capital equipment expenditures shall be based upon economic feasibility, optometry support, productivity and then-current market conditions. 
  
 (b) Marketing and Public Relations. The Practice
Advisory Council shall review and make recommendations to the Practice with respect to all marketing and public relations services and programs promoting the Practice’s Professional Eye Care Services and ancillary services rendered by the
Practice at the EyeMasters Practice Locations. 
  
 (c) Patient Fees; Collection Policies. The Practice Advisory Council shall review and make recommendations to the Practice concerning the fee schedule and collection policies for all Professional Eye Care Services and ancillary
services rendered by the Practice at the EyeMasters Practice Locations. 
  
 (d) Ancillary Services. The Practice Advisory Council shall approve any new non-professional ancillary services to be rendered by the Practice at the EyeMasters Practice Locations and the pricing, continuation
of, access to and quality of such services. 
  
 (e) Provider and Payor Relationships. The Practice Advisory Council shall review and make recommendations to the Practice regarding the establishment or maintenance of relationships between the Practice and institutional health care
providers and third-party payors, and the Practice shall review and approve all agreements with institutional health care providers and third-party payors. The Practice Advisory Council shall also make recommendations to the Practice concerning
discounted fee schedules, including capitated fee arrangements of which the Practice shall be a party, and the Practice shall review and approve all such capitated fee arrangements. 
  
 (f) Strategic Planning. The Practice Advisory Council may make recommendations to the Practice
concerning development of long-term strategic planning objectives for the Practice. 
  
 (g) Capital Expenditures. The Practice Advisory Council shall make recommendations to the Practice concerning the priority of major
capital expenditures, and shall review and approve any commitment to make any capital expenditures relating to the Office involving amounts in excess of $15,000 individually, or $50,000 in the aggregate, in any one fiscal year, which amounts may be
increased from time to time by agreement of the Parties. 
  
 (h) Fee Dispute Resolution. At the request of Professional Business Manager or the Practice, the Practice Advisory Council shall make recommendations to Professional Business Manager with respect to any dispute
concerning a set off or reduction in Management Fees. 
  
 (i) Grievances Referrals. The Practice Advisory Council shall consider and make recommendations to Professional Business Manager and the Practice regarding grievances pertaining to matters not specifically addressed in this Agreement
as referred to it by Professional Business Manager or the Practice’s Board of Directors. 
  

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 (j) Termination of Professional Business Manager’s Personnel. The Practice
Advisory Council shall review and approve any decision by the Professional Business Manager to terminate any of Professional Business Manager’s personnel primarily located at the Office who occupy office manager or high level positions.

  
 (k) Approval of New Offices or
Dispensary. The Practice Advisory Council shall approve any move of any current Office location or expansion to an additional Office location. 
  
 Except in those specific instances set forth above in which the Practice Advisory Council has been granted the authority to make decisions binding upon
the Professional Business Manager and the Practice, it is acknowledged and agreed that recommendations of the Practice Advisory Council are intended for the advice and guidance of Professional Business Manager and the Practice and that the Practice
Advisory Council does not have the power to bind Professional Business Manager or the Practice. Where discretion with respect to any matter is vested in Professional Business Manager or the Practice under the terms of this Agreement, Professional
Business Manager or the Practice, as the case may be, shall have ultimate responsibility for the exercise of such discretion, notwithstanding any recommendations of the Practice Advisory Council. Professional Business Manager and the Practice shall,
however, take such recommendations of the Practice Advisory Council into account in good faith in the exercise of such discretion. 
  
 2.8 Professional Health Care Decisions. Notwithstanding anything herein to the contrary, all decisions required by applicable law to be made solely
by health care professionals will be made solely by the appropriate Professionals. The Practice shall have ultimate and exclusive authority concerning issues related to: 
  
 (a) The extent, type, availability levels, and scope of Professional Eye Care Services to be provided
(provided, however, that the Practice Advisory Council shall have the authority set forth in Section 2.7(d) with respect to non-professional ancillary services); 
  
 (b) The scheduling and availability of Professional Eye Care Services; 
  
 (c) Recruitment of Professionals to the Practice, including
the specific qualifications and specialties of recruited Professionals; 
  
 (d) Any optometric-related functions; 
  
 (e) Fee schedules for Professional Eye Care Services; 
  
 (f) Frequency, volume and/or scheduling of patient encounters; 
  
 (g) The discipline of any Professionals or Non-Professional Personnel with respect to the performance of
Professional Eye Care Services or Clinical Duties, as applicable; and 
  
 (h) Any other decisions required by applicable law to be made solely by Professionals and not by Non-Professionals. 
  

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 Without limiting the generality of the foregoing, in no event shall Professional Business Manager have
any authority which will result in the Practice, or the Professionals retained by the Practice, engaging in Unprofessional Conduct as more specifically set forth in Section 4.4 hereof. 
  
 2.9 Meetings of the Practice Advisory Council. The Practice Advisory
Council shall meet on a regular basis as mutually agreed by the Parties. A special meeting of the Practice Advisory Council may be called by Professional Business Manager or the Practice upon two (2) weeks’ notice, except in the event of an
emergency, in which case a special meeting may be called by Professional Business Manager or the Practice upon three (3) business days’ notice. Meetings may be held telephonically or by any other means agreeable to the Parties. 
  
 ARTICLE III 
  
 OBLIGATIONS AND RESPONSIBILITIES OF BUSINESS MANAGER 
  
 3.1 Management Services. Professional Business Manager shall provide all Management Services as are necessary and
appropriate for the day-to-day administration of the business aspects of the Practice’s operations at the EyeMasters Practice Locations, pursuant to the terms of this Agreement. Professional Business Manager shall operate in a reasonable and
customary manner with due consideration to the Practice’s past business practices and shall operate in accordance with all applicable laws, rules and regulations which are necessary and material to the Professional Business Manager’s
performance of the Management Services. Professional Business Manager will provide in good faith and with due diligence its services consistent with management services generally provided in the operations of optometric practice similar in size,
type and operations in the Practice Areas. All reasonable costs and expenses related to Professional Business Manager’s duties contained in this Article III shall be Office Expenses unless limited or excluded as an Office Expense
pursuant to the terms of this Agreement. Subject to Section 6.2(c), Professional Business Manager hereby consents and agrees to provide all Management Services to all Office facilities and locations at the EyeMasters Practice Locations;
provided, however, that during the Term of this Agreement the Practice shall not engage any individual or entity other than Professional Business Manager to provide Management Services to the Practice at the Practice Locations without the consent
and approval of the Practice Advisory Council. 
  
 3.2 Office,
Facilities and Equipment. 
  
 (a)
Professional Business Manager shall procure, for or on behalf of the Practice, leases (or sublease agreements) for the EyeMasters Practice Locations that are deemed by the Parties to be reasonable, necessary and appropriate, and the expense
associated therewith shall be an Office Expense. Each such lease or sublease agreement shall be between the Professional Business Manager, or its affiliate, as landlord, and the Practice, as tenant. Professional Business Manager shall consult with
the Practice regarding the condition, use and needs of Office facilities, offices and improvements. The Practice shall pay when due all rents and expenses of the Office, including without limitation expenses for leasehold or facility improvements.
Such rents and expenses shall be Office Expenses. 
  
 (b) To the extent required to provide Office space to the Practice, Professional Business Manager shall negotiate and administer all leases of and agreements for Office facilities at the EyeMasters Practice Locations on behalf of the
Practice; provided, however, that Professional Business Manager shall consult with the Practice on all professional or clinical matters relating thereto and that the Practice shall consent to any lease negotiated by Professional Business Manager,
which consent shall not be 

  

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unreasonably withheld. The Parties acknowledge that the initial rental payments for the Office space at the EyeMasters Practice Locations shall be as set
forth on Exhibit A attached hereto. Notwithstanding any provision in this Agreement to the contrary, Professional Business Manager shall not have any duty or obligation to negotiate or enter into leases or subleases on behalf of the Practice
with respect to Office facilities that will have terms in excess of the then current term of this Agreement and the Practice acknowledges that such leases or subleases will be coterminous with this Agreement. 
  
 (c) Professional Business Manager shall provide all
non-health care equipment, fixtures, office supplies, furniture and furnishings as are reasonable and approved in the Budget for the operation of the Office and the provision of Professional Eye Care Services at the Practice Locations. If the
Practice wishes to choose additional equipment, which the Professional Business Manager determines not to acquire or lease, the Practice may acquire or lease such equipment, and the expense related thereto shall be deemed a Practice Expense. A list
of all non-healthcare equipment furnished by Professional Business Manager pursuant to this Section 3.2(c) and healthcare equipment furnished by Professional Business Manager pursuant to Section 3.2(d) for each Practice Location is set forth on
Exhibit 3.2(c) attached hereto. 
  
 (d)
Professional Business Manager shall provide, finance, or cause to be provided or financed health care related equipment as reasonably required by the Practice with respect to the EyeMasters Practice Locations. The Practice shall have final authority
in all health care equipment selections; provided, however, that if the Practice chooses to acquire health care equipment for the EyeMasters Practice Locations which is not in the Budget and which Professional Business Manager reasonably chooses not
to acquire, expenses related thereto shall be treated as a Practice Expense and such equipment shall be owned by the Practice; provided further that following such acquisition or lease by the Practice, if the Practice Advisory Council determines
after a period of six months of use such equipment is reasonably certain to result in material profit to Professional Business Manager (taking into account the cost or expense and anticipated revenues associated with such equipment) then
Professional Business Manager shall acquire such equipment from the Practice by either (at Professional Business Manager’s option), paying cash or by assuming the liability associated with such equipment, or if such equipment is then being
leased by the Practice, by assuming such lease and thereafter providing such equipment to the Practice under the terms of this Section 3.2(d). In the event of such an acquisition by Professional Business Manager, it shall reimburse the Practice for
previous expenses applied thereto. Notwithstanding any provision in this Agreement to the contrary, the Practice acknowledges and agrees that the health care related equipment currently at the EyeMasters Practice Locations is sufficient and
satisfactory for the operation of the EyeMasters Practice Locations. Except for equipment which Professional Business Manager elects not to acquire or lease which is acquired or leased by the Practice pursuant to Section 3.2(c) or (d),
all health care and non-health care equipment, other than Professional-owned automobiles, acquired for the use of the Practice at the EyeMasters Practice Locations shall be owned by Professional Business Manager and the depreciation and related
capital charge shall be a Professional Business Manager Expense. Professional Business Manager may make recommendations to the Practice on the relationship between its health care equipment decisions and the overall administrative and financial
operations of the Practice at the EyeMasters Practice Locations. 
  
 (e) Professional Business Manager shall be responsible for the repair and maintenance of the Office, consistent with the Practice’s responsibilities under the terms of any lease or other use arrangement, and for
the prompt repair, maintenance, and replacement of all equipment other than such repairs, maintenance and replacement necessitated by the gross negligence or willful misconduct of the Practice, its Professionals or other personnel employed by the
Practice, the repair or replacement of which shall be a Practice Expense and not an Office Expense. Replacement equipment shall be acquired where 

  

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Professional Business Manager in good faith determines, in consultation with the Practice, that such replacement is necessary or where the Budget has made
allowances for such replacement. 
  
 3.3 Health Care
Supplies. Professional Business Manager shall order, procure, purchase and provide on behalf of and as agent for the Practice all reasonable health care supplies relating to the Practice Locations unless otherwise prohibited by federal and/or
state law. Furthermore, Professional Business Manager shall ensure that the Office is at all times adequately stocked with the health care supplies that are necessary and appropriate for the operation of the Office and required for the provision of
Professional Eye Care Services at the EyeMasters Practice Locations. The ultimate oversight, supervision and ownership for all health care supplies is and shall remain the sole responsibility of the Practice and all costs and expenses relating to
such supplies shall be an Office Expense. As used in this provision, the term “health care supplies” shall mean all drugs, pharmaceuticals, products, substances, items or devices whose purchase, possession, maintenance, administration,
prescription or security requires the authorization or order of a licensed health care provider or requires a permit, registration, certification or other governmental authorization held by a licensed health care provider as specified under any
federal and/or state law. 
  
 3.4 Support Services.
Professional Business Manager shall provide or arrange for all printing, stationery, forms, postage, duplication or photocopying services, and other support services as are reasonably necessary and appropriate for the operation of the Office and the
provision of Professional Eye Care Services therein. 
  
 3.5
Quality Assurance, Risk Management, and Utilization Review. Professional Business Manager shall assist the Practice in the Practice’s establishment and implementation of procedures to ensure the consistency, quality, appropriateness, and
necessity of Professional Eye Care Services provided by the Practice at the EyeMasters Practice Locations, and shall provide, administrative support for the Practice’s overall quality assurance, risk management, and utilization review programs
relating to the EyeMasters Practice Locations. Professional Business Manager shall perform these tasks in a manner to ensure the confidentiality and non-discoverability of these program actions to the fullest extent allowable under state and federal
law. 
  
 3.6 Licenses and Permits. Professional Business
Manager shall, on behalf of and in the name of the Practice, coordinate all development and planning processes, and apply for and use reasonable efforts to obtain and maintain all federal, state and local licenses and regulatory permits required for
or in connection with the operation of the Office and the equipment (existing and future) located at the EyeMasters Practice Locations, other than those relating to the practice of optometry or the administration of drugs by Professionals retained
by or associated with the Practice. The expenses and costs associated with obtaining and maintaining permits with respect to the Office shall be deemed Office Expenses. 
  
 3.7 Personnel. 
  
 (a) Selection and Retention of Professional Business Manager’s Personnel. Except as specifically provided in Section
4.3 of this Agreement, Professional Business Manager shall, in consultation with the Practice, employ or otherwise retain and shall be responsible for selecting, hiring, training, supervising, and terminating, all management, administrative,
technical, clerical, secretarial, bookkeeping, accounting, payroll, billing and collection and other personnel (excluding Professionals and Optical Technicians) as Professional Business Manager deems reasonably necessary and appropriate for the
operation of the Office at the EyeMasters Practice Locations and for Professional Business Manager’s performance of its duties and obligations under this Agreement. Consistent with reasonably prudent 

  

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personnel management policies, Professional Business Manager shall seek and consider the advice, input, and requests of the Practice in regard to personnel
matters. Professional Business Manager shall have sole responsibility for determining the salaries and providing fringe benefits, and for withholding, as required by law, any sums for income tax, unemployment insurance, social security, or any other
withholding required by applicable law or governmental requirement. Professional Business Manager reserves the right to change the number, composition or employment terms of such personnel in the future at Professional Business Manager’s
discretion; provided, however, that the termination of any of Professional Business Manager’s personnel who occupy office manager or high level positions, and are primarily located at the Office must receive the approval of the Practice
Advisory Council. Professional Business Manager and the Practice recognize and acknowledge that Professional Business Manager and personnel retained by Professional Business Manager may from time to time perform services for persons other than the
Practice. This Agreement shall not be construed to prevent or prohibit Professional Business Manager from performing such services for others or restrict Professional Business Manager from using its personnel to provide services to others.
Professional Business Manager hereby disclaims any liability relating to the effect of its employees on the qualification of the Practice’s retirement plans under the Internal Revenue Code, and all liabilities for such classification shall be
solely the responsibility of the Practice. 
  
 (b) Termination of Professional Business Manager’s Personnel. If the Practice is dissatisfied with the services of any employee of Professional Business Manager or any personnel under Professional Business Manager’s
direction, supervision and control, at the EyeMasters Practice Locations, the Practice shall consult with Professional Business Manager. Professional Business Manager shall in good faith determine whether the performance of that employee could be
brought to acceptable levels through counsel and assistance, or whether such employee should be terminated. All of Professional Business Manager’s determinations regarding Professional Business Manager’s personnel shall be governed by the
overriding principle and goal of providing high quality optometric and/or therapeutic optometric support services. Employee assignments shall be made to assure consistent and continued rendering of high quality optometric and/or therapeutic
optometric support services. The Professional Business Manager shall maintain established working relationships wherever possible, and Professional Business Manager shall make every effort consistent with sound business practices to honor the
specific requests of the Practice with regard to the assignment of employees. Notwithstanding that which is contained in this Section 3.7(b), the Practice shall have the right and obligation to determine the direction, supervision, and
control of any personnel while said personnel are involved in the performance of Clinical Duties at the EyeMasters Practice Locations, including prohibiting said personnel from being involved in the performance of Clinical Duties. 
  
 3.8 Contract Negotiations. Professional Business Manager shall
evaluate, assist in negotiations and administer on behalf of the Practice contracts relating to the EyeMasters Practice Locations that do not relate to the provision of Professional Eye Care Services as set forth in this Agreement and/or as approved
in the Budget. To the extent permitted by law, Professional Business Manager shall evaluate, assist in negotiations, administer and execute on the Practice’s behalf, all contractual arrangements with third parties as are reasonably necessary
and appropriate for the Practice’s provision of Professional Eye Care Services at the EyeMasters Practice Locations including, without limitation, negotiated price agreements with third-party payors, alternative delivery systems, or other
purchasers of group health care services. The Professional Business Manager shall review and make recommendations to the Practice regarding the establishment or maintenance of relationships between the Practice (with respect to the EyeMasters
Practice Locations) and institutional health care providers and third-party payors, and the Practice shall review and approve all agreements with institutional health care providers and third-party payors. The Professional Business Manager shall
also make recommendations to the Practice concerning discounted fee schedules, 

  

 14 

 
including capitated fee arrangements of which the Practice (with respect to the EyeMasters Practice Locations) shall be a party, and the Practice shall
review and approve all such capitated fee arrangements. The Practice shall have the final authority with regard to the entry into all such contractual arrangements relating to the provision of Professional Eye Care Services at the EyeMasters
Practice Locations. 
  
 3.9 Billing and Collection. As an
agent on behalf of and for the account of the Practice, Professional Business Manager shall establish and maintain credit and billing and collection services, policies and procedures, and shall use reasonable efforts to timely bill and collect all
fees for all billable Professional Eye Care Services provided by the Practice, the Professionals or other personnel employed or otherwise retained by the Practice at the EyeMasters Practice Locations. In connection with the billing and collection
services to be provided hereunder, and throughout the Term (and thereafter as provided in Section 6.3), the Practice hereby grants to Professional Business Manager an exclusive special power of attorney and appoints Professional Business
Manager as the Practice’s exclusive true and lawful agent and attorney-in-fact (which shall be deemed revoked in the event of termination for cause by the Practice), and Professional Business Manager hereby accepts such special power of
attorney and appointment, for the following purposes to the extent relating to the EyeMasters Practice Locations: 
  
 (a) To bill the Practice’s patients, in the Practice’s name using the Practice’s tax identification number and on the
Practice’s behalf, for all billable Professional Eye Care Services provided by the Practice to patients at the EyeMasters Practice Locations; 
  
 (b) To bill, in the Practice’s name using the Practice’s tax identification number and on the Practice’s behalf, all claims
for reimbursement or indemnification from health maintenance organizations, self-insured employers, insurance companies, Medicare, Medicaid and all other third-party payors or fiscal intermediaries for all covered billable Professional Eye Care
Services provided by the Practice to patients at the EyeMasters Practice Locations; 
  
 (c) To collect and receive, in the Practice’s name and on the Practice’s behalf, all accounts receivable generated by such
billings and claims for reimbursement, to administer such accounts including, but not limited to: (i) extending the time of payment of any such accounts; (ii) suing, assigning or selling at a discount such accounts to collection agencies; or (iii)
taking other measures to require the payment of any such accounts; provided, however, that the Practice shall review and approve (which approval shall not be unreasonably withheld) any decision by Professional Business Manager to undertake
extraordinary collection measures, such as filing lawsuits, discharging or releasing obligors, or assigning or selling accounts at a discount to collection agencies. Professional Business Manager shall act in a professional manner and in compliance
with all federal and state fair debt collection practices laws in rendering billing and collection services; 
  
 (d) To deposit all amounts collected on behalf of the Practice into the Professional Practice Account which shall be and at all times
remain in the Practice’s name. The Practice covenants to transfer and deliver to the Professional Practice Account all funds received by the Practice from patients or third-party payors for billable Professional Eye Care Services rendered at
the EyeMasters Practice Locations. Upon receipt by Professional Business Manager of any funds from patients or third-party payors or from the Practice pursuant hereto for billable Professional Eye Care Services rendered at the EyeMasters Practice
Locations, Professional Business Manager shall immediately deposit the same into the Professional Practice Account. Professional Business Manager shall administer, be responsible for, and be obligated to pay for all Office Expenses; provided,
however, that Professional Business Manager shall only be liable for Office Expenses to the extent of funds in the Professional Practice Account. Professional Business 

  

 15 

 
Manager shall disburse funds from the Professional Practice Account to creditors and other persons on behalf of the Practice, maintaining records of such
receipt and disbursement of funds; 
  
 (e) To
take possession of, endorse in the name of the Practice, and deposit into the Professional Practice Account any notes, checks, money orders, insurance payments, and any other instruments received in payment of accounts receivable of the Practice
relating to the Practice Locations; and 
  
 (f)
To sign checks on behalf of the Practice, and to make withdrawals from the Professional Practice Account, for payments specified in this Agreement. Upon request of Professional Business Manager, the Practice shall execute and deliver to the
financial institution wherein the Professional Practice Account is maintained, such additional documents or instruments as may be necessary to evidence or effect the special power of attorney granted to Professional Business Manager by the Practice
pursuant to this Section 3.9. The special power of attorney granted herein shall be coupled with an interest and shall be irrevocable except with Professional Business Manager’s written consent. The irrevocable power of attorney shall
expire when this Agreement has been terminated, all accounts receivable payable to Professional Business Manager pursuant to this Agreement have been collected, and all Management Fees due to Professional Business Manager have been paid. If
Professional Business Manager assigns this Agreement in accordance with its terms, the Practice shall execute a power of attorney in favor of the assignee in a form acceptable to Professional Business Manager. 
  
 3.10 Maintenance of Professional Practice Account. 
  
 (a) Power of Attorney. Professional Business Manager
shall have access to the Professional Practice Account solely for the purposes stated herein. In connection herewith and throughout the term of this Agreement, the Practice hereby grants to Professional Business Manager an exclusive special power of
attorney for the purposes stated herein and appoints Professional Business Manager as the Practice’s exclusive, true, and lawful agent and attorney-in-fact, and Professional Business Manager hereby accepts such special power of attorney and
appointment, to deposit into the Professional Practice Account all funds, fees, and revenues received from collection by Professional Business Manager for Professional Eye Care Services rendered to patients of the Office, and for all other
professional and Office services relating to the EyeMasters Practice Locations and to make withdrawals from the Professional Practice Account for payments specified in this Agreement and as requested from time to time by the Practice.
Notwithstanding the exclusive special power of attorney granted to Professional Business Manager hereunder, the Practice may, upon reasonable advance notice to Professional Business Manager, draw checks on the Professional Practice Account;
provided, however, that the Practice shall neither draw checks on the Professional Practice Account nor request Professional Business Manager to do so if the balance remaining in the Professional Practice Account after such withdrawal would be
insufficient to enable Professional Business Manager to pay on behalf of the Practice any Management Fee or reimbursement of any expense to which Professional Business Manager may be entitled or any Office Expense, Practice Expense or President
Expense attributable to the operations of the Office or to the provision of Professional Eye Care Services and/or any other obligations of the Practice to the extent relating to the EyeMasters Practice Locations. Limits on authority to sign checks
and purchase orders shall be mutually agreed upon by Professional Business Manager and the Practice. The Parties acknowledge and agree that Professional Business Manager may periodically sweep (e.g., withdraw all funds) the Professional Practice
Account for the purpose of managing the cash of the Practice, such cash management to be in accordance with the Professional Business Manager’s own cash management practices. 
  

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 (b) Payments from the Professional Practice Account. From the funds collected and
deposited by the Professional Business Manager in the Professional Practice Account, the Professional Business Manager shall pay in the following order of priority and in accordance with applicable requirements under law or contract: 
  
 (i) any refunds owed to patients by the Practice;

  
 (ii) all Office Expenses; 
  
 (iii) Practice Expenses (other than the cost of acquiring or
leasing equipment pursuant to Sections 3.2(c) and 3.2(d)); 
  
 (iv) Permitted President Expenses; 
  
 (v) the past due Management Fee compensation owed to the Professional Business Manager pursuant to Section 5.1 hereof; 
  

(vi) the current Management Fee compensation owed to the Professional Business Manager pursuant to Section 5.1 hereof; and

  
 (vii) all remaining Practice Expenses and
President Expenses. 
  
 The Parties acknowledge
that all funds remaining after the foregoing items are paid in full shall be the funds of the Practice, which funds may be distributed by the Practice to its Shareholder. Notwithstanding the foregoing priorities of payment, the Permitted President
Expenses (other than the expenses arising out of the President’s Employment Agreement) and other President Expenses shall be paid at the end of each consecutive 12-month period of this Agreement unless otherwise consented to by the Professional
Business Manager. 
  
 (c) Additional
Documents. Upon request of Professional Business Manager, the Practice shall execute and deliver to the financial institution wherein the Professional Practice Account is maintained, such additional documents or instruments as may be necessary
to evidence or effect the special power of attorney granted to Professional Business Manager by the Practice pursuant to this Section 3.10. The special power of attorney granted herein shall be coupled with an interest and shall be
irrevocable except with Professional Business Manager’s written consent. The irrevocable power of attorney shall expire when this Agreement has been terminated, all accounts receivable payable to Professional Business Manager pursuant to this
Agreement have been collected, and all Management Fees due to Professional Business Manager have been paid. If Professional Business Manager assigns this Agreement in accordance with its terms, the Practice shall execute a power of attorney in favor
of the assignee in a form acceptable to Professional Business Manager. Professional Business Manager shall not make any withdrawal from the Professional Practice Account unless expressly authorized in this Agreement. 
  
 (d) Payroll Account. A Practice payroll account in
the name of the Practice shall be established on behalf of the Practice for payroll to Professionals of the Practice (other than the President). Funds for this account shall be received as Practice Expenses. The Practice, as employer of said
Professionals, and Professional Business Manager, as agent and attorney of the Practice shall each have signing capacity to access the account for payroll. 
  

 17 

 3.11 Fiscal Matters. 
  
 (a) Annual Budget. The initial Annual Budget shall be agreed upon by the parties before the execution
of this Agreement. Thereafter, annually and at least thirty (30) days prior to the commencement of each fiscal year of the Practice, the Professional Business Manager, in consultation with the Practice, shall prepare and deliver to the Practice a
proposed Budget, setting forth an estimate of the Practice’s revenues and expenses for the upcoming fiscal year with respect to the EyeMasters Practice Locations. The Practice shall review the proposed Budget and either approve the proposed
Budget or request any changes within twenty-one (21) days after receiving the proposed Budget. Disputes concerning the Budget shall, at the request of either party hereto, be submitted to the Practice Advisory Council. In the event the Parties are
unable to agree on a Budget by the beginning of the fiscal year, until an agreement is reached, the Budget for the prior year shall be deemed to be adopted as the Budget for the current year, with each line item in the Budget (with the exception of
the Management Fee which shall be established pursuant to the terms of this Agreement) increased or decreased by one of the following, whichever is most appropriate relative to the particular item of income or expense: (i) the increase or decrease
from the prior year in the Consumer Price Index—Health/Medical Services for the relevant region; or (ii) the proportionate increase or decrease in mutually agreed upon personnel costs as measured by the increase or decrease in
full-time-equivalent personnel. The Practice Advisory Council may revise or modify the Budget from time to time during the applicable fiscal year to reflect changing circumstances affecting the Practice. Additionally, notwithstanding the above, no
change in an adopted Budget shall be contrary to the terms and spirit of this Agreement nor shall it have any effect on the Management Fee expressly agreed to herein, unless approved in advance in writing by the Parties hereto. 
  
 (b) Obligations of Professional Business Manager.
Professional Business Manager shall use commercially reasonable efforts to manage and administer the operations of the Office as herein provided so that the actual revenues, costs and expenses of the operation and maintenance of the Office during
any applicable period of the Practice’s fiscal year shall be consistent with the Budget. 
  
 (c) Accounting and Financial Records. Professional Business Manager shall establish and administer accounting procedures, controls
and systems for the development, preparation, and safekeeping of administrative or financial records and books of account relating to the business and financial affairs of the Office and the provision of Professional Eye Care Services at the
EyeMasters Practice Locations, all of which shall be prepared and maintained in accordance with GAAP. The Practice shall have the right to inspect such records and books of account at its expense at any time, upon reasonable notice to Professional
Business Manager. Professional Business Manager shall prepare and deliver to the Practice (i) within sixty (60) days of the end of each of the first three (3) fiscal quarters in each fiscal year, and (ii) within ninety (90) days of the end of each
fiscal year, a balance sheet and a profit and loss statement reflecting the financial status of the Practice in regard to the provision of Professional Eye Care Services at the EyeMasters Practice Locations as of the end of such period, all of which
shall be prepared in accordance with GAAP consistently applied. In addition, Professional Business Manager shall prepare or assist in the preparation of any other financial statements or records as the Practice may reasonably request. 
  
 (d) Sales and Use Taxes. Professional Business
Manager and the Practice acknowledge and agree that to the extent that any of the services to be provided by Professional Business Manager hereunder may be subject to any state sales and use taxes, Professional Business Manager may have a legal
obligation to collect such taxes from the Practice and to remit the same to the appropriate tax collection authorities. The Practice agrees to have applicable state sales and use taxes attributable to the services to be provided by Professional
Business Manager hereunder treated as an Office Expense. 
  

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 3.12 Reports and Records. 
  
 (a) Health Care Records. All files and records relating to the operation of the Office including,
without limitation, accounting, billing and collection, and patient records shall at all times be and remain the property of the Practice and shall remain under its possession, custody, and control. Subject to the foregoing and to the extent
permitted by applicable law, Professional Business Manager shall, in consultation with the Practice, establish, monitor, and maintain procedures and policies for the timely, appropriate, and efficient preparation, filing, retrieval, and secure
storage of such records. Patient records shall be located at Office facilities so that they are readily accessible for patient care. Patient records shall not be removed from Office premises without the express written consent of the Practice,
except as specified herein. Patient records for patients not seen within the last three (3) years may be stored in a commercial storage facility or other location Professional Business Manager shall designate, provided that Professional Business
Manager shall notify the Practice of the location of said records. All such health care records shall be retained and maintained by the Practice and the Professional Business Manager as a business associate and as agent for the Practice in
accordance with all applicable state and federal laws relating to the confidentiality and retention thereof. In this regard, Professional Business Manager shall comply with the terms of the business associate agreement entitled “HIPAA
Addendum” in Exhibit 3.14 which is incorporated into this Agreement by reference. Further, Professional Business Manager shall use its best efforts to preserve the confidentiality of patient records and shall use information contained in such
records only as the agent for the Practice and for the limited purposes necessary to perform the services set forth herein. 
  
 (b) Other Reports and Records. Professional Business Manager shall timely create, prepare and file such additional reports and
records as are reasonably necessary and appropriate for the Practice’s provision of Professional Eye Care Services at the EyeMasters Practice Locations, and shall be prepared to analyze and interpret such reports and records upon the request of
the Practice. 
  
 3.13 Recruitment of the Practice’s
Professionals and Optical Technicians. Upon the Practice’s request, Professional Business Manager shall coordinate, supervise or perform all administrative services reasonably necessary and appropriate to recruit potential Professionals and
Optical Technicians to become employees of the Practice at the EyeMasters Practice Locations. It will be and remain the sole and complete responsibility of the Practice to interview, select, contract with, supervise, control and terminate all
Professionals and Optical Technicians performing Professional Eye Care Services or other professional services at the EyeMasters Practice Locations. 
  
 3.14 Confidential and Proprietary Information. 
  
 (a) Professional Business Manager agrees that it shall not disclose any Confidential Information of the Practice to other persons without
the Practice’s express written authorization, that such Confidential Information shall not be used in any way detrimental to the Practice, and that Professional Business Manager will keep such Confidential Information confidential and will
ensure that its affiliates and advisors who have access to such Confidential Information comply with these nondisclosure obligations; provided, however, that Professional Business Manager may disclose Confidential Information to those of its
Representatives who need to know Confidential Information for the purposes of this Agreement, it being understood and agreed by Professional Business Manager that such Representatives will be informed of the confidential nature of the Confidential
Information, will agree to be bound by this Section 3.14, and will be directed by Professional Business Manager not to disclose to any other person any Confidential Information. 
  

 19 

 (b) Notwithstanding clause (a) above and subject to the restrictions in clause (c) below,
Professional Business Manager may share, subject to the restrictions of this section, with other professional corporations, limited liability companies, associations, ophthalmology and optometry practices, or health care delivery entities the
practice statistics of the Practice, including utilization review data, quality assurance data, cost data, outcomes data, or other practice data. The Practice statistics and confidential information may be disclosed within the Practice, to managed
care providers or other third party payors for the purpose of obtaining or maintaining third party payor contracts or reimbursements, or to financial analysts and underwriters; provided that any disclosure outside the Practice for any purpose not
related to managed care contracting shall not identify any Professional by name without the Practice’s consent and will not disclose or divulge patient identifying information. 
  
 (c) Notwithstanding anything contained herein to the contrary, Professional Business Manager shall comply
with the requirements set forth in the HIPAA Addendum attached hereto as Exhibit 3.14. 
  
 3.15 Professional Business Manager’s Insurance. Throughout the Term, Professional Business Manager shall, as an Office Expense, obtain and maintain with commercial carriers, through self-insurance or a
combination thereof, appropriate workers’ compensation coverage for Professional Business Manager’s employed personnel provided pursuant to this Agreement, and professional, casualty and comprehensive general liability insurance covering
Professional Business Manager, Professional Business Manager’s personnel, and all of Professional Business Manager’s equipment in such amounts, on such basis and upon such terms and conditions as Professional Business Manager deems
appropriate but which insurance is consistent with the insurance which is maintained by the Practice pursuant to Section 4.5 of this Agreement. Professional Business Manager shall cause the Practice to be named as an additional insured on
Professional Business Manager’s professional, casualty and comprehensive general liability policy. Upon the request of the Practice, Professional Business Manager shall provide the Practice with a certificate evidencing such insurance coverage.
Professional Business Manager, in agreement with the Practice, may also carry, as an Office expense, key person life and disability insurance on any President or Professional employee of the Practice in amounts determined reasonable and sufficient
by the Professional Business Manager. Professional Business Manager shall be the owner and beneficiary of any such insurance. Should only the Practice choose to obtain key person life and disability insurance, the Practice shall pay all premiums as
a Practice Expense and shall receive all proceeds. Further, if only the Professional Business Manager chooses to obtain such insurance, Professional Business Manager shall pay all premiums as a Professional Business Manager Expense and shall receive
the proceeds. The Practice shall cause its Professionals to submit to a medical examination necessary to obtain such insurance. 
  
 3.16 No Warranty or Representations. The Practice acknowledges that Professional Business Manager has not made and will not make any express or
implied warranties or representations that the Management Services provided by Professional Business Manager will result in any particular amount or level of income to the Practice. Specifically, Professional Business Manager has not represented
that its Management Services will result in higher revenues, lower expenses, greater profits, or growth in the number of patients treated by the Practice’s Professionals. 
  
 3.17 Marketing and Public Relations. Professional Business Manager acknowledges that the Practice desires a public
relations program to enhance its optometric and/or therapeutic optometric practice and to extend the Office’s ability to provide Professional Eye Care Services to patients at the Practice Locations. Subject to the Practice’s approval,
Professional Business Manager shall design and implement an appropriate public relations program on behalf of the Practice, with appropriate emphasis on public 

  

 20 

 
awareness of the availability of Professional Eye Care Services at the Practice Locations. The public relations program shall be conducted in compliance with
applicable laws and regulations governing advertising by the ophthalmological and optometric professions. 
  
 3.18 Acquisition of Services and Supplies. In obtaining services, supplies and personnel for or on behalf of the Practice pursuant to this
Agreement, Professional Business Manager shall be authorized to obtain such services, supplies and personnel from an affiliate of Professional Business Manager provided that the Office Expenses which are incurred by or on behalf of the Professional
Business Manager shall be consistent with the expenses of optical dispensaries similar in size, type and operations in the area in which the Practice operates. 
  

ARTICLE IV 
  
 OBLIGATIONS AND RESPONSIBILITIES OF THE PRACTICE. 
  
 4.1 Professional Services. The Practice shall diligently conduct the business of an optometric and/or therapeutic optometric practice, including
utilizing its capacities to the greatest extent practicable to provide Professional Eye Care Services to patients of the Office at the EyeMasters Practice Locations. The Practice shall have the obligation to provide customary services of fitting and
training to contact lens patients, including but not limited to, training with respect to the insertion and removal of contact lenses. The Practice shall retain that number of Professionals at the Practice Locations as are reasonably necessary and
appropriate in the sole discretion of the Practice for the provision of Professional Eye Care Services at the EyeMasters Practice Locations and shall determine their assignment and scheduled hours of practice at the EyeMasters Practice Locations.
The Practice shall provide Professional Eye Care Services to the Office’s patients in compliance at all times with ethical standards, laws and regulations applying to the optometric and/or therapeutic optometric professions. The Practice shall
ensure that each Professional associated with or employed by the Practice to provide optometric and/or therapeutic optometric care to the Office’s patients at the EyeMasters Practice Locations is licensed in each jurisdiction in which he or she
provides such services. The Practice shall establish and implement a program to monitor the quality of Professional Eye Care Services provided at the EyeMasters Practice Locations (the “Continuous Quality Improvement Program”). The
Continuous Quality Improvement Program shall be designed to promote and maintain quality care consistent with accepted practices prevailing from time to time in the area where each EyeMasters Practice Location is situated 
  
 4.2 Optometric and Therapeutic Optometric Practice. The Practice shall
use and occupy the Office for the provision of Professional Eye Care Services and shall comply with all applicable local rules and ordinances and all standards of optometric and/or therapeutic optometric care. It is expressly acknowledged by the
parties that the optometric and/or therapeutic optometric practice or practices conducted at the Office shall be conducted solely by Professionals employed by or under contract with the Practice, and no other Professional shall be permitted to use
or occupy the Office without the prior written consent of Professional Business Manager. 
  
 4.3 Employment of Professionals and Optical Technicians. Subject to Section 3.13 hereof, the Practice shall be responsible for the hiring, compensation, supervision, evaluation, and termination of all
Professionals and Optical Technicians at the EyeMasters Practice Locations. At the request of the Practice, Professional Business Manager shall be available to consult with the Practice respecting such 

  

 21 

 
matters. The Practice shall be responsible for the payment of such Professionals’ and Optical Technicians’ salaries and wages, payroll taxes,
benefits, and all other taxes and charges now or hereafter applicable to them. The Practice shall employ and contract only with licensed Professionals who meet applicable credentialing guidelines established by the Practice. The Practice shall not
in any fiscal year contract in the aggregate with Professionals and Optical Technicians for an amount (including the cost of associated benefits, payroll expense, and professional liability coverage) which is greater than the amount provided for
such purpose in the Budget for such fiscal year. The Practice represents, warrants and covenants that, if requested by the Professional Business Manager, on or before ninety (90) days from the date of such request, it will use its best efforts to
obtain, shall in the future obtain, and shall enforce formal written employment agreements from each of its present full-time (an average of thirty (30) or more hours per week) Professionals, except for the President of the Practice, and those
employed in the future in the form mutually acceptable to the Practice and the Professional Business Manager (“Employment Agreement”) containing a restrictive covenant (the “Restrictive Covenant”). The Practice further
represents, warrants and covenants that, concurrent with the execution hereof, the President of the Practice will enter into an Employment Agreement in the form attached as Exhibit 4.3, which agreement shall remain in force and effect during
the term of this Agreement without amendment unless terminated in accordance therewith. The President shall devote his full time and attention to the operation of the Practice and shall not provide optometric services other than at the EyeMasters
Practice Locations. The Parties acknowledge that the primary duties of the Optical Technicians will be to assist the Professionals with Professional Eye Care Services. If requested by the Professional Business Manager, and the Practice in its
reasonable discretion determines that time permits, such Optical Technicians may from time to time perform services which benefit the optical retail location adjacent to the EyeMasters Practice Location, provided that at all such times the Optical
Technicians shall remain under the control and supervision of the Practice. In no event shall the Practice or any of the Optical Technicians be entitled to any compensation or reimbursement for such services provided by the Optical Technicians.

  
 4.4 Professional Standards. As a continuing condition
of Professional Business Manager’s obligations hereunder, each Professional and any other Professional personnel retained by the Practice to provide Professional Eye Care Services at the EyeMasters Practice Locations must (i) have and maintain
a valid and unrestricted license to practice optometry or ophthalmology in the jurisdiction in which such Professional provides services, (ii) comply with, be controlled and governed by, and provide Professional Eye Care Services in accordance with,
applicable federal, state and municipal laws, rules, regulations, ordinances and orders, and the ethics and standard of care of the optometric community wherein the Office is located, and (iii) provide on a continual basis, quality care to its
patients. 
  
 4.5 Practice’s Insurance. The Business
Manager shall, as a Practice Expense, obtain and maintain with commercial carriers chosen by the Practice appropriate workers’ compensation coverage for the Practice’s employed personnel, if any, and professional and comprehensive general
liability insurance covering the Practice and each of the Professionals involved in the provision of Professional Eye Care Services. The comprehensive general liability coverage with respect to each of the Professionals shall be in the minimum
amount of One Million Dollars ($1,000,000) and professional liability coverage shall be in the minimum amount of One Million Dollars ($1,000,000) for each occurrence and Three Million Dollars ($3,000,000) annual aggregate. The insurance policy or
policies shall provide for at least thirty (30) days’ advance written notice to the Practice from the insurer as to any alteration of coverage, cancellation, or proposed cancellation for any cause. Upon the termination of this Agreement for any
reason, the Practice shall continue to carry professional liability insurance in the amounts specified herein for the shorter period of (i) the period set forth in Arizona’s statute of repose (or if no statute of repose exists, Arizona’s
statute of limitations) for bringing professional malpractice claims based upon injuries which are not immediately 

  

 22 

 
discoverable plus any applicable tolling periods, or (ii) ten (10) years after termination; or if the Practice dissolves or ceases to practice optometry, the
Practice shall obtain and maintain as a Practice Expense “tail” professional liability coverage, in the amounts specified in this Section for the shorter period of (i) the period set forth in Arizona’s statute of repose (or if no
statute of repose exists, Arizona’s statute of limitations) for bringing professional malpractice claims based upon injuries which are not immediately discoverable plus any applicable tolling periods, or (ii) ten (10) years. The Practice shall
be responsible for paying all premiums for President “tail” insurance coverage and such coverage shall be a President Expense; provided, however, that the Practice may cause its Professionals to be responsible for paying the premiums for
such “tail” insurance coverage. 
  
 4.6 Confidential
and Proprietary Information. The Practice agrees that it shall not disclose any Confidential Information of the Professional Business Manager to other persons without Professional Business Manager’s express written authorization, such
Confidential Information shall not be used in any way detrimental to Professional Business Manager, and the Practice will keep such Confidential Information confidential and will ensure that its affiliates and advisors who have access to such
Confidential Information comply with these nondisclosure obligations; provided, however, that the Practice may disclose Confidential Information to those of its Representatives who need to know Confidential Information for the purposes of this
Agreement, it being understood and agreed by the Practice that such Representatives will be informed of the confidential nature of the Confidential Information, will agree to be bound by this Section, and will be directed by the Practice not to
disclose to any other person any Confidential Information. 
  
 4.7
Non-Competition. The Practice hereby recognizes, acknowledges, and avers that Professional Business Manager will incur substantial costs in providing the equipment, support services, personnel, management, administration, and other items and
services that are the subject matter of this Agreement and that in the process of providing services under this Agreement, the Practice will be privy to financial and Confidential Information, to which the Practice would not otherwise be exposed.
The Parties also recognize that the services to be provided by Professional Business Manager will be feasible only if the Practice operates an active practice to which the Professionals associated with the Practice devote their full time and
attention (provided, however, the Practice may hire or otherwise engage the services of optometrists or other professionals on a part-time basis when the Practice deems it appropriate). The Practice agrees, acknowledges, and avers that the
non-competition covenants described hereunder are necessary for the protection of Professional Business Manager, and that Professional Business Manager would not have entered into this Agreement without the following covenants: 
  
 (a) Except as specifically agreed to by Professional
Business Manager in writing, the Practice covenants and agrees that during the Term of this Agreement and for a period of one (1) year from the date this Agreement is terminated other than if terminated by the Practice for cause, the Practice and
the Shareholders shall not directly or indirectly, engage in any activity or own (excluding ownership of less than one percent (1%) of the equity of any publicly traded entity and excluding ownership of the common stock of Professional Business
Manager), manage, operate, control, contract with, lend funds to, lend its name to, maintain any interest whatsoever in, or be employed by, any enterprise: (i) having to do with the provision, distribution, promotion, or advertising of any type of
management or administrative services or products (including, without limitation, the sale of optical lenses, frames or contact lens) to third parties in competition with Professional Business Manager, within a ten (10) mile radius of any EyeMasters
Practice Location; and/or (ii) offering any type of service(s) or product(s) to third parties substantially similar to those offered by Professional Business Manager to the Practice hereunder in competition with Professional Business Manager within
a five (5) mile radius of any EyeMasters Practice Location; or (iii) participation in the sale of optical retail goods (e.g., frames, lenses and contact lenses) within a three (3) mile radius of any 

  

 23 

 
Practice Location. Notwithstanding the above restriction, nothing herein shall prohibit: (i) the Practice or any of its Shareholders from providing
management and administrative services to this or their own optometry practice after the termination of this Agreement; (ii) the Practice or its Shareholders from contracting with a third-party manager to provide administrative or management
services for its or their professional eye care practices after termination of this Agreement; (iii) any of the Practice’s Shareholders from providing management and administrative services to their own optometry practices after the termination
of their employment relationship with the Practice; and (iv) such Shareholders from contracting with a third-party manager to provide administrative or management services for their professional eye care practices after the termination of their
employment relationship with the Practice. Notwithstanding the foregoing, the Practice or the Shareholders (or the Practice and the Shareholder acting together) shall be permitted to own and operate a single location for the purpose of operating an
optometric and/or optical practice and/or selling optical goods, provided that such store is not affiliated with or located within or adjacent to any national, regional or local optical retailer or an optometric practice that owns and operates more
than one practice location and such store location is not within a one (1) mile radius of (i) a location that is owned, operated or managed by Business Manager as of the date of termination of this Agreement or (ii) a location in which Business
Manager has affirmative plans (evidenced by documentation) to commence operations as of the date of termination of the Agreement and the President has actively participated in such plans. 
  
 (b) The Practice understands and acknowledges that
Professional Business Manager shall suffer severe harm in the event that the foregoing non-competition covenants in Section 4.7 are violated, and accordingly, if the Practice breaches any obligation of Section 4.7, in addition to any other
remedies available under this Agreement, at law or in equity, Professional Business Manager shall be entitled to enforce this Agreement by injunctive relief and by specific performance of the Agreement, such relief to be without the necessity of
posting a bond, cash or otherwise. Additionally, nothing in this Section 4.7(b) shall limit Professional Business Manager’s right to recover any other damages to which it is entitled as a result of the Practice’s breach. The time
period for which the non-competition covenant is effective shall be extended day for day for the time period the Practice is in violation of the non-competition covenant. If any provision of the covenants is held by a court of competent jurisdiction
to be unenforceable due to an excessive time period, geographic area, or restricted activity, the covenant shall be reformed to comply with such time period, geographic area, or restricted activity that would be held enforceable. Following
termination of this agreement pursuant to Section 6.2(a) hereof, the Practice shall be relieved of the restrictions imposed by this Section 4.7. 
  
 4.8 Name. The Practice covenants and agrees that during the term of this Agreement, the Practice shall conduct its professional practice at the
EyeMasters Practice Locations under the name of, and only under the name of “Tom Sowash O.D. & Associates, P.C.” (unless otherwise consented to by Professional Business Manager) and that such name is, or will be, duly and timely
registered, qualified, or licensed under the laws of the jurisdiction in which they are being used. The Practice covenants and promises that, without the prior written consent of the Professional Business Manager, the Practice will not: 

 
 (a) take any action that is reasonably likely to result
in the loss of registration, qualification or licensure of the name; 
  
 (b) fail to take any reasonably necessary action that will maintain the registration, qualification, or licensure current; 
  

 24 

 (c) license, sell, give, or otherwise transfer the name or the right to use the name to
any optometry practice, Optometrist, professional corporation, professional limited liability company, office or any other entity; or 
  
 (d) cease conducting the professional practice of the Practice under the name. 
  
 4.9 Billing Information and Assignments; Establishment of Fees. The
Practice shall promptly provide the Professional Business Manager with all billing and other information reasonably requested by the Professional Business Manager to enable it to bill and collect the Office’s fees and other charges and
reimbursement claims pursuant to Section 3.9, and the Practice shall use its best efforts to procure consents to assignments and other approvals and documents necessary from patients to enable the Professional Business Manager, on behalf of
the Practice, to obtain payment or reimbursement from third parties for such fees, other charges and claims. 
  
 4.10 Provider Agreements. The Practice shall have ultimate authority with regard to all contractual arrangements with third parties for the
Practice’s provision of Professional Eye Care Services at the Practice Locations, and the Practice may at its sole discretion reject or otherwise refuse to enter into any such contractual arrangement. 
  
 4.11 Tax Matters. The Practice shall prepare or arrange for the
preparation by an accountant selected by the Practice of all appropriate corporate tax returns and reports required of the Practice including such returns and reports required with respect to the Professional Practice Account. A pro rata portion of
the costs and expenses relating to the preparation of such returns and reports shall be deemed a Practice Expense. 
  
 4.12 Shareholders’ Undertaking. The Practice shall cause to be executed by all Shareholders of the Practice an undertaking in the form of
Exhibit 4.12 by such Shareholders to, among other things, agree to cause the Practice to abide by the restrictive covenant described in Section 4.7 of this Professional Business Management Agreement. 
  
 4.13 Limitations on Actions of the Practice. The Practice shall not
take any of the following actions without the express prior written consent of Professional Business Manager: 
  
 (a) Any action leading to or intended to result in the merger, combination or consolidation of the Practice or Office with, or acquisition
of the Practice, the Office, or their businesses by, any other entity; 
  
 (b) Mortgage or encumber any of the Practice’s real, personal or mixed property as security for any indebtedness which is not contemplated by the Budget; 
  

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 (c) Pay any dividend or make any other distribution, whether in cash or in kind, to
Shareholders of the Practice, if any compensation owed by the Practice to Professional Business Manager hereunder has not been paid in full, and if any and all monetary obligations of the Practice to Professional Business Manager have not been fully
paid in accordance with the terms of any and all documents governing such obligations; provided, however, that the foregoing shall not prevent payment of President’s salary, Bonus, payroll taxes thereon, and certain President Expenses as set
forth in Section 3.10(b); 
  
 (d) Dissolve
or liquidate the Practice, or take any action with a view to or likely to have the result of the dissolution or liquidation of the Practice; or 
  
 (e) Authorize the provision of professional services such that the income derived therefrom is not owned by the Practice; provided that no
such consent is necessary for (i) professional services performed by Professionals during said Professionals’ vacation time, or (ii) professional services performed in connection with duties and responsibilities as a member of the Reserves or
National Guard. 
  
 4.14 Leases of Office. The Practice
shall maintain and fulfill all of its obligations under leases or subleases of Office facilities or locations. 
  
 ARTICLE V 
  
 BUSINESS MANAGER’S COMPENSATION. 
  
 5.1
Base Management Fee. The Practice and Professional Business Manager agree to the compensation set forth herein as being paid to Professional Business Manager in consideration of a substantial commitment made by Professional Business Manager
hereunder and that such fees are fair and reasonable. Each month Professional Business Manager shall be paid that Management Fee as set forth in Exhibit 5.1 (as may be amended from time to time). The Parties agree that in the event that
additional Practice locations are opened, or some of the Practice locations are abandoned, the Management Fee set forth on Exhibit 5.1 shall be adjusted as mutually agreed upon by the Parties. 
  
 5.2 Reasonable Value. Payment of the Management Fee is not intended to
be and shall not be interpreted or applied as permitting Professional Business Manager to share in the Practice’s fees for Professional Eye Care Services or any other services, but is acknowledged as the Parties’ negotiated agreement as to
the reasonable fair market value of Professional Business Manager’s commitment to pay all Office Expenses and the fair market value of the equipment, contract analysis and support, other support services, purchasing, personnel, management,
administration, strategic management and other items and services furnished by Professional Business Manager pursuant to the Agreement, considering the nature and volume of the services required and the risks assumed by Professional Business
Manager. The Practice and Professional Business Manager recognize and acknowledge that Professional Business Manager will incur substantial costs and business risks in undertaking to pay advance Office Expenses and in providing the support services,
personnel, marketing, management, administration, and other items and services that are the subject matter of this Agreement. It is the intent of the Parties that the Management Fee reasonably compensate Professional Business Manager for the value
to the Practice of Professional Business Manager’s administrative expertise, given the considerable business risk to Professional Business Manager, in providing the Management Services that are the subject of this Agreement. 
  

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 5.3 Payment of Management Fee. To facilitate the payment of the Management Fee as provided in
Section 5.1 hereof, the Practice hereby expressly authorizes Professional Business Manager to make withdrawals of the Management Fee from the Professional Practice Account as such fee becomes due and payable during the Term in accordance with
Section 3.10(a) and after termination as provided in Section 6.3. Professional Business Manager shall deliver to the Practice an invoice for the Management Fee accompanied by a reasonably detailed statement of the information upon
which the Management Fee calculation is based. 
  
 5.4 Disputes
Regarding Fees. 
  
 (a) It is the
Parties’ intent that any disputes regarding performance standards of the Professional Business Manager be resolved to the extent possible by good faith negotiation. To that end, the Parties agree that if the Practice in good faith believes that
Professional Business Manager has failed to perform its obligations, and that as a result of such failure, the Practice is entitled to a set-off or reduction in its Management Fees, the Practice shall give Professional Business Manager notice of the
perceived failure and request in the notice a set-off or reduction in Management Fees. Professional Business Manager and the Practice shall then negotiate the dispute in good faith, and if an agreement is reached, the Parties shall implement the
resolution without further action. At the request of Professional Business Manager or the Practice, the Practice Advisory Council shall make recommendations to Professional Business Manager with respect to any dispute concerning a set off or
reduction in Management Fees. 
  
 (b) If the
Parties cannot reach a resolution within a reasonable time, the Parties shall submit the dispute to mediation to be conducted in accordance with the American Arbitration Association’s Commercial Mediation Rules. 
  
 (c) If the mediation process fails to resolve the dispute,
the dispute shall be submitted by either Party to binding arbitration under Section 8.7. 
  
 ARTICLE VI 
  
 TERM AND
TERMINATION 
  
 6.1 Initial and Renewal Term. The Term
of this Agreement will be for an initial period of one (1) year after the effective date, and shall be automatically renewed for ten (10) successive one (1) year periods thereafter, unless either Professional Business Manager or the Practice shall
have given notice of its desire not to renew this Agreement at least thirty (30) days before the end of the initial term or any renewal one year term, or unless otherwise terminated as provided in Section 6.2 of this Agreement.
Notwithstanding any provision to the contrary, the rights and obligations of the Parties with respect to any Practice Location shall terminate upon the termination of the underlying lease or sublease pursuant to which the Practice operates such
Office. 
  

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 6.2 Termination. 
  
 (a) Termination by the Practice. The Practice may immediately terminate this Agreement at its
discretion, upon written notice pursuant to Section 8.3, as follows: 
  
 (i) If Professional Business Manager becomes insolvent by reason of its inability to pay its debts as they mature; is adjudicated bankrupt or insolvent; files a petition in bankruptcy, reorganization or similar
proceeding under the bankruptcy laws of the United States or shall have such a petition filed against it which is not discharged within thirty (30) days; has a receiver or other custodian, permanent or temporary, appointed for its business, assets
or property; makes a general assignment for the benefit of creditors; has its bank accounts, property or accounts attached; has execution levied against its business or property; or voluntarily dissolves or liquidates or has a petition filed for
corporate dissolution and such petition is not dismissed within thirty (30) days; 
  
 (ii) If the Professional Business Manager fails to comply with, or breaches, any material provision of this Agreement and does not correct
such failure or breach within ninety (90) days after written notice of such failure to comply or breach is delivered by the Practice specifying the nature of the noncompliance or breach in reasonable detail; or 
  
 (iii) Professional Business Manager commits any act of
fraud, misappropriation or embezzlement, or any other felony and as a result the Professional Business Manager is unable to substantially perform under the terms of this Agreement. 
  
 (b) Termination by Professional Business Manager. Upon written notice pursuant to Section 8.3,
Professional Business Manager may immediately terminate this Agreement at its discretion, upon thirty (30) days prior notice for any reason, or immediately for the following reasons: 
  
 (i) The revocation, suspension, cancellation or restriction of any Shareholders’ or the
President’s license to practice optometry in Arizona if, in the reasonable discretion of the Professional Business Manager, the Practice will not be financially viable after such revocation, suspension, cancellation, or restriction; 

 
 (ii) If the Practice becomes insolvent by reason of its
inability to pay its debts as they mature; is adjudicated bankrupt or insolvent; files a petition in bankruptcy, reorganization or similar proceeding under the bankruptcy laws of the United States or shall have such a petition filed against it which
is not discharged within thirty (30) days; has a receiver or other custodian, permanent or temporary, appointed for its business, assets or property; makes a general assignment for the benefit of creditors; has its bank accounts, property or
accounts attached; has execution levied against its business or property; or voluntarily dissolves or liquidates or has a petition filed for corporate dissolution and such petition is not dismissed within thirty (30) days; 
  
 (iii) If the Practice fails to comply with, or breaches, any
material provision of this Agreement, or any other agreement with Professional Business Manager, or the President fails to comply with or breaches the provisions of the President’s Employment Agreement, and does not correct such failure or
breach within thirty (30) days after written notice of such failure to comply or breach is delivered by Professional Business Manager specifying the nature of the noncompliance or breach in reasonable detail; 
  

 28 

 (iv) If the Practice fails to comply with Section 4.1 pertaining to the Hours of
Operation of the Sublease Agreements entered into with EyeMasters, Inc. and/or Visionary Properties, Inc., and such non-compliance was reasonably avoidable and the Practice does not correct such failure within five (5) days after written notice of
such failure to comply is delivered by Professional Business Manager; provided, however, that Professional Business Manager shall only be obligated to send two (2) such notices in any twelve (12) month period and upon the third and/or any successive
failure to comply with such obligations in any twelve (12) month period. Practice shall automatically be in default thereunder without the necessity of any notice or opportunity to cure being given and Professional Business Manager shall immediately
have the right to exercise any one or more of its remedies available to it as a result of such default without the necessity of any notice or opportunity to cure being given to the Practice; or 
  
 (v) If the Practice or any of the Practice’s
Professionals commit any act of fraud, misappropriation or embezzlement, or any other felony and as a result the Practice as an entire entity is unable to substantially perform under the terms of this Agreement. 
  
 (c) The Professional Business Manager may terminate its
obligation with regard to any individual EyeMasters Practice Location upon thirty (30) days’ prior written notice to the Practice. 
  
 (d) Termination by Agreement. In the event the Practice and Professional Business Manager shall mutually agree in writing, this
Agreement may be terminated on the date specified in such written agreement. 
  
 (e) Legislative, Regulatory or Administrative Change. In the event there shall be a change in the Medicare or Medicaid statutes, federal statutes, state statutes, case law, administrative interpretations,
regulations or general instructions, the adoption of new federal or state legislation, a change in any third-party reimbursement system or any finding, ruling, or decree of any regulatory body concerning this Agreement, any of which are reasonably
likely to materially and adversely affect the manner in which either Party may perform or be compensated for its services under this Agreement or which shall make this Agreement or any related agreements unlawful or unenforceable, or which would be
reasonably likely to subject either Party to this Agreement, or any member, shareholder, officer, director, employee, agent or affiliated organization to any civil or criminal penalties or administrative sanctions, the Parties shall immediately use
their best efforts to enter into a new service arrangement or basis for compensation for the services furnished pursuant to this Agreement that complies with the law, regulation, policy, finding, ruling, or decree, or which minimizes the possibility
of such penalties, sanctions or unenforceability, and that approximates as closely as possible the economic position of the Parties prior to the change. If the Parties are unable to reach a new agreement within thirty (30) days, this Agreement shall
be terminated upon thirty (30) days written notice by either Party to the other. 
  
 6.3 Effects of Termination. 
  
 (a) Obligation After Termination. Upon termination of this Agreement, as hereinabove provided, neither Party shall have any further obligations hereunder except for: 
  
 (i) obligations accruing prior to the date of termination,
including, without limitation, payment of the Management Fee relating to services provided prior to the termination of this Agreement; 
  

 29 

 (ii) obligations, promises, or covenants set forth herein that are expressly made to
extend beyond the Term, including, without limitation, insurance, indemnities and non-competition provisions, which provisions shall survive the expiration or termination of this Agreement; 
  
 (iii) the obligation of the Practice described in Section
6.4; 
  
 (iv) the obligation of the Practice
to repay amounts advanced by Professional Business Manager to the Practice; 
  
 (v) if the Agreement is terminated within the initial 12-month period, the parties will not enter into an agreement with each other regarding the same subject matter until the conclusion of that 12-month period.

  
 (b) Receipt of Collections After
Termination. In effectuating the provisions of this Section 6.3, the Practice specifically acknowledges and agrees that if this Agreement terminates pursuant to Sections 6.1, 6.2(b) or 6.2(d), Professional Business Manager
shall continue for a period not to exceed ninety (90) days to exclusively collect and receive on behalf of the Practice all cash collections from accounts receivable in existence at the time this Agreement is terminated, it being understood that:

  
 (i) such cash collections will represent
compensation to Professional Business Manager to the extent of all outstanding obligations to Professional Business Manager by the Practice pursuant to this Agreement; for Management Services already rendered; 
  
 (ii) Professional Business Manager shall not be entitled to
collect accounts receivable after the termination date if this Agreement is terminated pursuant to Section 6.2(a); 
  
 (iii) the Professional Business Manager shall deduct from such cash collections any other amounts owed to Professional Business Manager
under this Agreement, including, without limitation, ten percent (10%) of such cash collections as its Management Fee during any period after the termination of this Agreement while such collections are taking place and any reasonable costs incurred
by Professional Business Manager in carrying out the post termination procedures and transactions contemplated herein; and 
  
 (iv) Professional Business Manager shall remit remaining amounts from such collection activities, if any, to the Practice. 
  
 (c) Surrender of Books After Termination. Upon the
expiration or termination of this Agreement for any reason or cause whatsoever, Professional Business Manager shall surrender to the Practice all books and records pertaining to the Office. 
  
 6.4 Limitation of Liability. IN NO EVENT SHALL PROFESSIONAL
BUSINESS MANAGER BE LIABLE TO THE PRACTICE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOST PROFITS, ARISING OUT OF OR RELATED TO 

  

 30 

 
THIS AGREEMENT OR THE PERFORMANCE OR BREACH THEREOF, EVEN IF PROFESSIONAL BUSINESS MANAGER HAS BEEN ADVISED OF THE POSSIBILITY THEREOF; PROVIDED, HOWEVER,
THAT THE FOREGOING SHALL NOT PREVENT RECOVERY OF ACTUAL DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT. 
  
 ARTICLE VII 
  
 INDEMNIFICATION; THIRD PARTY CLAIMS 
  
 7.1
Indemnification by the Practice. The Practice shall indemnify and hold harmless Professional Business Manager and Professional Business Manager’s shareholders, directors, officers, agents and employees, from and against all claims,
demands, liabilities, losses, damages, costs and expenses, including reasonable attorneys’ fees, resulting in any manner, directly or indirectly, from the negligent acts or omissions or misconduct of the Practice or its members, Shareholders,
directors, officers, employees, agents or independent contractors, including but not limited to any such claims, demands, liabilities, losses, damages, costs and expenses which accrued or arose prior to the date of execution of this Agreement.

  
 7.2 Indemnification by Professional Business Manager.
Professional Business Manager shall indemnify and hold harmless the Practice, and the Practice’s members, Shareholders, directors, officers, agents and employees, from and against any and all claims, demands, liabilities, losses, damages, costs
and expenses, including reasonable attorneys’ fees, resulting in any manner, directly or indirectly, from the negligent acts or omissions or misconduct of Professional Business Manager or its shareholders, directors, officers, employees, agents
or independent contractors, including but not limited to any such claims, demands, liabilities, losses, damages, costs and expenses which accrued or arose prior to the date of execution of this Agreement. 
  
 7.3 Notice of Claim for Indemnification. No claims for indemnification
under this Agreement relating to claims solely between the Parties shall be valid unless notice of such claim is delivered to the Practice (in the case of a claim by Professional Business Manager) or Professional Business Manager (in the case of a
claim by the Practice) within one (1) year after the Party making such claim first obtained knowledge of the facts upon which such claim is based. Any such notice shall set forth in reasonable detail, to the extent known by the Party giving such
notice, the facts on which such claim is based and the resulting estimated amount of damages. 
  
 7.4 Matters Involving Third Parties. 
  
 (a) If the Practice or Professional Business Manager receives notice or acquires knowledge of any matter which may give rise to a claim by another person and which may then result in a claim for indemnification under
this Agreement, then: (i) if such notice or knowledge is received or acquired by the Practice, the Practice shall promptly notify Professional Business Manager; and (ii) if such notice or knowledge is received or acquired by Professional Business
Manager, the Professional Business Manager shall promptly notify the Practice; except that no delay in giving such notice shall diminish any obligation under this Agreement to provide indemnification unless (and then solely to the extent) the Party
from whom such indemnification is sought is prejudiced. 
  

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 (b) Any Party from whom such indemnification (the “Indemnifying Party”) is
sought shall have the right to defend the Party seeking such indemnification (the “Indemnified Party”) against such claim by another person (the “Third Party Claim”) with counsel of the Indemnifying Party’s choice reasonably
satisfactory to the Indemnified Party so long as: (i) within fifteen (15) days after the Indemnified Party has given notice of the Third Party Claim to the Indemnifying Party, the Indemnifying Party notifies the Indemnified Party that the
Indemnifying Party will indemnify the Indemnified Party from and against all adverse consequences the Indemnified Party may suffer caused by, resulting from, arising out of or relating to such Third Party Claim; (ii) the Indemnifying Party provides
the Indemnified Party with evidence reasonably satisfactory to the Indemnified Party that the Indemnifying Party has the financial resources necessary to defend against the Third Party Claim and fulfill its indemnification obligations; (iii) the
Third Party Claim seeks money damages; (iv) settlement of, or an adverse judgment with respect to, the Third Party Claim (other than an optometric malpractice claim) is not, in the good faith judgment of the Indemnified Party, likely to establish a
precedential custom or practice adverse to the continuing business interests of the Indemnified Party; and (v) the Indemnifying Party conducts the defense of the Third Party Claim actively and diligently. 
  
 (c) So long as the Indemnifying Party is conducting the
defense of the Third Party Claim in accordance with Section 7.4(b): (i) the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim; (ii) the Indemnified Party
shall not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior consent of the Indemnifying Party; and (iii) the Indemnifying Party shall not consent to the entry of any judgment or
enter into any settlement with respect to the Third Party Claim without the prior consent of the Indemnified Party. 
  
 (d) If any of the conditions specified in Section 7.4(b) is not satisfied, however; (i) the Indemnified Party may defend against,
and consent to the entry of any judgment or enter into any settlement with respect to, the Third Party Claim in any manner it may deem advisable (and the Indemnified Party need not consult with, or obtain any consent from, any Indemnifying Party in
connection therewith); (ii) the Indemnifying Party shall reimburse the Indemnified Party promptly and periodically for the costs of defending against the Third Party Claim (including reasonable attorneys’ and accountants’ fees and
expenses); and (iii) the Indemnifying Party shall remain responsible for any adverse consequences the Indemnified Party may suffer caused by, resulting from, arising out of or relating to such Third Party Claim to the fullest extent provided in this
Agreement. 
  
 7.5 Settlement. Except as permitted by
Section 7.4, a Party shall not compromise or settle any claim for which the other Party is obligated to indemnify it without the written consent of such Party. 
  
 7.6 Cooperation. The Indemnified Party shall make available all information and assistance that the Indemnifying
Party may reasonably request in conjunction with assessing, defending and settling said claim. 
  

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 ARTICLE VIII 
  
 MISCELLANEOUS 
  
 8.1 Administrative Services Only. Nothing in this Agreement is
intended or shall be construed to allow Professional Business Manager to exercise control, authority or direction over the manner or method by which the Practice and its Professionals perform Professional Eye Care Services or other professional
health care services. The rendition of all Professional Eye Care Services, including, but not limited to, the prescription or administration of medicine and drugs, shall be the sole responsibility of the Practice and its Professionals, and
Professional Business Manager shall not interfere in any manner or to any extent therewith. Nothing contained in this Agreement shall be construed to permit Professional Business Manager to engage in the practice of optometry, it being the sole
intention of the Parties hereto that the services to be rendered to the Practice by Professional Business Manager are solely for the purpose of providing non-optometric management and administrative services to the Practice so as to enable the
Practice to devote its full time and energies to the professional conduct of its professional eye care practice and provision of Professional Eye Care Services to its patients. 
  
 8.2 Status of Independent Contractor. The Practice and Professional Business Manager and their shareholders are not,
and shall not be deemed to be by virtue of this Agreement, joint venturers, partners, employees or agents of each other (except as expressly provided in this Agreement). Except as may be expressly provided herein, neither Party shall have any
authority to bind the other without the other’s express written consent; and then only to the extent of the authority conferred by such express written consent. Each Party is an independent contractor, and each Party shall remain professionally
and economically independent of the other. In the course of the business relationship contemplated in this Agreement only the Practice and its Professionals shall practice optometry and/or therapeutic optometry, and they shall do so as independent
professionals with no employment relationship to Professional Business Manager. Professional Business Manager and the Practice agree that the Practice shall retain absolute authority to direct the optometric, professional, and ethical aspects of its
optometric and/or therapeutic optometric practice, any authority granted herein to Professional Business Manager concerning the business and administrative aspects of such practice notwithstanding. Each Party shall be solely responsible for and
shall comply with all state and federal laws applicable to that Party pertaining to employment taxes, income tax withholding, unemployment compensation contributions, and other employment related matters. 
  
 8.3 Notices. Any notice, demand, or communication required, permitted,
or desired to be given hereunder shall be deemed effectively given when in writing and personally delivered or mailed by prepaid certified or registered mail, return receipt requested, addressed as follows: 
  

			
	 The Practice:
	  	 Tom Sowash O.D. & Associates, P.C.
 Fiesta
Crossing
 1660 S. Alma School Road
 Mesa, AZ
85210-3090

		
	 with a copy to:
	  	 Tom Sowash O.D. & Associates, P.C.
 14565 W. Byers
Place
 Golden, Colorado 80401

  

 33 

			
	 Professional Business Manager:
	  	 EyeMasters, Inc.
 11103 West Avenue
 San Antonio, Texas 78213
 Attention: Chief Financial
Officer

		
	 with a copy to:
	  	 Cox & Smith Incorporated
 112 E. Pecan, Suite
1800
 San Antonio, Texas 78205
 Attention: J. Daniel Harkins or
Steven A. Elder

  
 or to such other address, or to the
attention of such other person or officer, as any party may by written notice designate. 
  
 8.4 Governing Law. This Agreement shall in all respects be governed, interpreted and construed in accordance with the laws of the State of Arizona without giving effect to principles of comity or conflicts of
laws thereof. 
  
 8.5 Jurisdiction and Venue. Professional
Business Manager and the Practice hereby consent to the personal jurisdiction and venue of the state and federal courts in the judicial circuit where the Practice has its principal corporate office, and do hereby waive all questions of personal
jurisdiction and venue, including, without limitation, the claim or defense that such courts constitute an inconvenient forum. 
  
 8.6 Assignment. Except as may be herein specifically provided to the contrary, this Agreement shall inure to the benefit of and be binding upon the
Parties hereto and their respective legal representatives, successors, and assigns; provided, however, that the Practice may not assign this Agreement without the prior written consent of Professional Business Manager, which consent may be withheld.
Professional Business Manager may assign or transfer its rights and obligations under this Agreement only in the following situations: (a) pursuant to a merger of Professional Business Manager into another entity or the sale of substantially all of
the assets of Professional Business Manager; (b) pursuant to the sale and/or assignment of all of this Agreement with the Practice’s consent, which shall not be unreasonably withheld; (c) pursuant to a transfer or assignment of this Agreement
to one of Professional Business Manager’s subsidiaries, affiliates, or sister corporations; or (d) pursuant to any transfer or assignment to or by any financial lender of the Professional Business Manager, and this Agreement is subordinate to
the rights of such lender. After such assignment and transfer, the Practice agrees to look solely to such assignee or transferee for performance of this Agreement. 
  
 8.7 Arbitration. Any and every dispute of any nature whatsoever that may arise between the Parties, whether sounding
in contract, statute, tort, fraud, misrepresentation, discrimination or any other legal theory, including, but not limited to, disputes relating to or involving the construction, performance or breach of this Agreement or any other agreement between
the Parties, whether entered into prior to, on, or subsequent to the date of this Agreement, or those arising under any federal, state or local law, regulation or ordinance, shall be determined by binding arbitration in accordance with the
then-current commercial arbitration rules of the American Arbitration Association, to the extent such rules do not conflict with the provisions of this paragraph. If the amount in controversy in the arbitration exceeds Two Hundred Fifty Thousand
Dollars ($250,000), exclusive of interest, attorneys’ fees and costs, the arbitration shall be conducted by a panel of three (3) neutral arbitrators. Otherwise, the arbitration shall be conducted by a single neutral arbitrator. The Parties
shall endeavor to select neutral arbitrators by mutual agreement. If such agreement cannot be reached within thirty (30) calendar days after a dispute 

  

 34 

 
has arisen which is to be decided by arbitration, any Party or the Parties jointly shall request the American Arbitration Association to submit to each Party
an identical panel of fifteen (15) persons. Alternate strikes shall be made to the panel, commencing with the Party bringing the claim, until the names of three (3) persons remain, or one (1) person if the case is to be heard by a single arbitrator.
The Parties may, however, by mutual agreement, request the American Arbitration Association to submit additional panels of possible arbitrators. The person(s) thus remaining shall be the arbitrator(s) for such arbitration. If three (3) arbitrators
are selected, the arbitrators shall elect a chairperson to preside at all meetings and hearings. The arbitrator(s), or a majority of them, shall have the power to determine all matters incident to the conduct of the arbitration, including without
limitation all procedural and evidentiary matters and the scheduling of any hearing. The award made by a majority of the arbitrators shall be final and binding upon the Parties thereto and the subject matter thereof. The arbitration shall be
governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16, and judgment upon the award rendered by the arbitrator(s) may be entered by any court having jurisdiction thereof. The arbitrators shall have no authority to award punitive
or exemplary damages or any statutory multiple damages, and shall only have the authority to award compensatory damages, arbitration costs, attorney’s fees, declaratory relief, and permanent injunctive relief, if applicable. Unless otherwise
agreed by the parties, the arbitration shall be held in Phoenix, Arizona. This Section 8.7 shall not prevent either Party from seeking a temporary restraining order or temporary or preliminary injunctive relief from a court of competent
jurisdiction in order to protect its rights under this Agreement. In the event a Party seeks such injunctive relief pursuant to this Agreement, such action shall not constitute a waiver of the provisions of this Section 8.7, which shall
continue to govern any and every dispute between the Parties, including without limitation the right to damages, permanent injunctive relief and any other remedy, at law or in equity. 
  
 8.8 Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY DISPUTE
OF ANY NATURE WHATSOEVER THAT MAY ARISE BETWEEN THEM, INCLUDING, BUT NOT LIMITED TO, THOSE DISPUTES RELATING TO, OR INVOLVING IN ANY WAY, THE CONSTRUCTION, PERFORMANCE OR BREACH OF THIS AGREEMENT OR ANY OTHER AGREEMENT BETWEEN THE PARTIES, THE
PROVISIONS OF ANY FEDERAL, STATE OR LOCAL LAW, REGULATION OR ORDINANCE NOTWITHSTANDING. By execution of this Agreement, each of the parties hereto acknowledges and agrees that it has had an opportunity to consult with legal counsel and that
he/she it knowingly and voluntarily waives any right to a trial by jury of any dispute pertaining to or relating in any way to the transactions contemplated by this Agreement, the provisions of any federal, state or local law, regulation or
ordinance notwithstanding. 
  
 8.9 Waiver of Breach. The
waiver by either Party of a breach or violation of any provision of this Agreement shall not operate as, or be construed to constitute, a waiver of any subsequent breach of the same or another provision hereof. 
  
 8.10 Enforcement. In the event either Party resorts to legal action to
enforce or interpret any provision of this Agreement, the prevailing Party shall be entitled to recover the costs and expenses of such action so incurred, including, without limitation, reasonable attorneys’ fees. 
  
 8.11 Gender and Number. Whenever the context of this Agreement
requires, the gender of all words herein shall include the masculine, feminine, and neuter, and the number of all words herein shall include the singular and plural. 
  

 35 

 8.12 Additional Assurances. Except as may be herein specifically provided to the contrary, the
provisions of this Agreement shall be self-operative and shall not require further agreement by the Parties; provided, however, at the request of either Party, the other Party shall execute such additional instruments and take such additional acts
as are reasonable and as the requesting Party may deem necessary to effectuate this Agreement. 
  
 8.13 Consents, Approvals, and Exercise of Discretion. Whenever this Agreement requires any consent or approval to be given by either Party, or either Party must or may exercise discretion, and except where
specifically set forth to the contrary, the Parties agree that such consent or approval shall not be unreasonably withheld or delayed, and that such discretion shall be reasonably exercised. 
  
 8.14 Force Majeure. Neither Party shall be liable or deemed to be in
default for any delay or failure in performance under this Agreement or other interruption of service deemed to result, directly or indirectly, from acts of God, civil or military authority, acts of public enemy, war, accidents, fires, explosions,
earthquakes, floods, failure of transportation, strikes or other work interruptions by either Party’s employees, or any other similar cause beyond the reasonable control of either Party unless such delay or failure in performance is expressly
addressed elsewhere in this Agreement. Notwithstanding the same, the Parties hereto agree to continue this Agreement to the best degree they can so long as reasonably possible and the Practice shall not be excused from its obligations under
Sections 4.1, 6.4 and 6.5 pursuant to this Section 8.14. 
  
 8.15 Severability. The Parties hereto have negotiated and prepared the terms of this Agreement in good faith with the intent that each and every one of the terms, covenants and conditions herein be binding upon
and inure to the benefit of the respective Parties. Accordingly, if any one or more of the terms, provisions, promises, covenants or conditions of this Agreement or the application thereof to any person or circumstance shall be adjudged or rendered
to any extent invalid, unenforceable, void or voidable for any reason whatsoever by a court of competent jurisdiction, an arbitration tribunal, a regulatory agency, or statute, such provision shall be reformed, construed and enforced as if such
unenforceable provision had not been contained herein, and each and all of the remaining terms, provisions, promises, covenants and conditions of this Agreement or their application to other persons or circumstances shall not be affected thereby and
shall be valid and enforceable to the fullest extent permitted by law. To the extent this Agreement is in violation of applicable law, then the Parties agree to negotiate in good faith to amend the Agreement, to the extent possible consistent with
its purposes, to conform to law. 
  
 8.16 Press Releases and
Public Announcements. Except as otherwise required by law or by applicable rules of any securities exchange or association of securities dealers, neither the Practice nor the Professional Business Manager shall issue any press release, make any
public announcement or otherwise disclose any information for the purpose of publication by any print, broadcast or other public media, relating to the transactions contemplated by this Agreement, without the prior approval of the other Party.

  
 8.17 Divisions and Headings. The division of this
Agreement into articles, sections, and subsections and the use of captions and headings in connection therewith are solely for convenience and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 8.18 Amendments and Execution. This Agreement and any amendments
hereto shall be in writing and executed in multiple copies on behalf of the Practice by its President, and on behalf of Professional Business Manager by an officer. Each multiple copy shall be deemed an original, but all multiple copies together
shall constitute one and the same instrument. 
  

 36 

 8.19 Licenses, Permits and Certificates. Professional Business Manager and the Practice shall each
obtain and maintain in effect, at all times during the term of this Agreement, all licenses, permits and certificates required by law which are applicable to the performance of their respective obligations pursuant to this Agreement. 
  
 8.20 No Third Party Beneficiaries. Except as otherwise provided
herein, this Agreement shall not confer any rights or remedies upon any person other than Professional Business Manager and the Practice and their respective successors and permitted assigns. 
  
 8.21 Compliance with Applicable Laws. Professional Business Manager
and the Practice shall comply with all applicable federal, state and local laws, regulations, rules and restrictions in the conduct of their obligations under this Agreement. 
  
 8.22 Language Construction. The Practice and Professional Business Manager acknowledge that each Party hereto and its
counsel have reviewed and revised this Agreement and agree that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement.

  
 8.23 Entire Agreement. With respect to the subject
matter of this Agreement, this Agreement supersedes all previous contracts and constitutes the entire agreement between the Parties. Neither Party shall be entitled to benefits other than those specified herein. No prior oral statements or
contemporaneous negotiations or understandings or prior written material not specifically incorporated herein shall be of any force and effect, and no changes in or additions to this Agreement shall be recognized unless incorporated herein by
amendment as provided herein, such amendment(s) to become effective on the date stipulated in such amendment(s). The Parties specifically acknowledge that, in entering into and executing this Agreement, the Parties rely solely upon the
representations and agreements contained in this Agreement and no others. 
  
 8.24 Authority. Professional Business Manager and the Practice hereby warrant and represent to each other that they have the requisite corporate authority to execute and deliver this Agreement in their
respective names. 
  

 37 

 IN WITNESS WHEREOF, the Practice and Professional Business Manager have caused this Agreement to
be executed by their duly authorized representatives, effective as of the day and year first above written. 
  

			
	 “The Practice”

	
	TOM SOWASH O.D. & ASSOCIATES, P.C.
		
	By:	 	/s/    THOMAS M. SOWASH        
	 	 	Thomas M. Sowash, O.D., President
	
	 Date: August 7, 2004

	
	 “Professional Business Manager”

	 EYEMASTERS, INC.

		
	By:	 	/s/    DAVE E.
MCCOMAS        
	 Name:
	 	Dave E. McComas
	 Title:
	 	President
	
	 Date: July     , 2004

  

 38 

  
 EXECUTION COPY

  
 EXHIBIT A 
 PRACTICE LOCATIONS 
  

								
	 	  	 Address

	  	 	  	Monthly Rental
Rate

	 1.
	  	 #70
	  	 Fiesta Crossing
 1660 S. Alma School Road
 Mesa, AZ 85210-3090
	  	$	2,700
				
	 2.
	  	 #95
	  	 Metrocenter
 9658 Metro Parkway East
 Phoenix, AZ 85051-1511
	  	$	2,900
				
	 3.
	  	 #101
	  	 Dobson Shores
 1938 S. Dobson Road
 Mesa, AZ 85202-5658
	  	$	1,550
				
	 4.
	  	 #122
	  	 Desert Sky
 7611 W. Thomas Road
 Phoenix, AZ 85033-5441
	  	$	3,300
				
	 5.
	  	 #123
	  	 Christown Mall
 1645 W. Bethany Home Road
 Phoenix, AZ 85015-2507
	  	$	1,100
				
	 6.
	  	 #134
	  	 Scottsdale Pavillions
 9039 E. Indian Bend Road
 Scottsdale, AZ 85250
	  	$	1,150
				
	 7.
	  	 #219
	  	 Arrowhead Towne Center
 7700 West Arrowhead Town Center
 Glendale, AZ 85308
	  	$	3,650
				
	 8.
	  	 #244
	  	 Scottsdale Fashion Square
 7000 E. Camelback Road #2001
 Scottsdale, AZ 85251
	  	$	2,050
				
	 9.
	  	 #254
	  	 Ahwatukee Foothills Towne Center
 4933 E. Ray Road, Suite 9B
 Phoenix, Maricopa County, Arizona
	  	$	2,800
				
	 10.
	  	 #14
	  	 Chandler
 3111 W. Chandler Boulevard, Suite 1124
 Phoenix, Arizona
	  	$	2,900
				
	 11.
	  	 #96
	  	 Superstition Springs
 5555 - 2410 E. Southern Avenue
 Mesa, Arizona
	  	$	3,100

  

  
 EXECUTION COPY

  
 EXHIBIT 3.14 
  
 HIPAA ADDENDUM 
  
 The Practice is receiving and Professional Business Manager (called
“Business Manager” for purposes of this Addendum) is providing business management services in connection with the operation of Practice, pursuant to the terms of the Professional Business Management Agreement. This Addendum sets forth
certain terms that will apply to the relationship between Practice and Business Manager including that relationship arising out of the Professional Business Management Agreement, and which are required by the privacy regulations promulgated pursuant
to the Health Insurance Portability and Accountability Act, as amended (“HIPAA”). The parties agree as follows: 
  
 1. Definitions. Unless otherwise specified in this Addendum, all capitalized terms not otherwise defined shall have the meanings
established for purposes of Title 45 parts 160 and 164 of the United States Code of Federal Regulations, as amended from time to time. For purposes of clarification, the following terms shall have the definitions as set forth herein below:

  
 (a) Privacy Rule. “Privacy Rule” shall mean
the HIPAA Regulations as codified in 45 CFR Parts 160 and 164. 
  
 (b) Protected Health Information. “Protected Health Information” or “PHI” shall mean any information, whether oral or recorded in any form or medium: (i) that relates to the past, present, or future physical or
mental condition of an individual; the provision of health care to an individual; or the past, present, or future payment for the provision of health care to an individual; and (ii) that identifies the individual, or with respect to which there is
reasonable basis to believe the information can be used to identify the individual, and shall have the meaning given to such term in the Privacy Rule. 
  
 2. Professional Business Management Agreement. If any provisions of this Addendum conflict with any of the terms of the Professional
Business Management Agreement or any other agreement between the parties, the terms of this Addendum shall control. 
  
 3. HIPAA Compliance. 
  
 3.1 This Section 3 applies only in the event that Business Manager is receiving from, or creating or receiving on behalf of Practice, Protected Health
Information (“PHI”), as defined in the Privacy Rule, pursuant to any agreement or other relationship between the parties. 
  
 3.2. Disclosure of PHI. Business Manager understands and acknowledges that it may receive PHI from or create or receive PHI on behalf of
Practice during the performance of the Professional Business Management Agreement. Business Manager may not use or disclose PHI except for the purpose of performing Business Manager’s obligations under the Professional Business Management
Agreement and as permitted under the Professional Business Management Agreement and Addendum, if such use or disclosure of PHI would not violate the Privacy Rule if done by the Practice. Business Manager may use and disclose the PHI (a) in its
possession for its proper management and administration, provided that disclosures are required by law, or Business Manager obtains reasonable 

  

 
assurances from the person to whom the information is disclosed that it will remain confidential and used or further disclosed only as required by law or for
the purpose for which it was disclosed to the person and the person notifies the Business Manager of any instances of which it is aware in which the confidentiality of the information has been breached; or (b) if Business Manager de-identifies any
and all PHI, provided that Business Manager de-identifies the PHI in accordance with the Privacy Rule. 
  
 3.3 With regard to its use and/or disclosure of PHI, Business Manager hereby agrees that Business Manager shall: 
  

	 	a)	not use or disclose any PHI except as permitted by the Professional Business Management Agreement, this Addendum, or required or allowed by law; 

  

	 	b)	not use or further disclose the PHI in a manner that would violate the requirements of applicable law, if done by the Practice; 

  

	 	c)	at all times maintain and use appropriate safeguards to prevent use or disclosure of any PHI other than as permitted or required by the Professional Business Management Agreement or
this Addendum; 

  

	 	d)	report to the Practice any use or disclosure of any PHI or which it becomes aware that is not permitted by the Professional Business Management Agreement or this Addendum;

  

	 	e)	ensure that any subcontractor or agent to whom it provides any PHI received from the Practice or created or received by Business Manager on behalf of the Practice agrees in writing
to the same conditions and restrictions that apply to Business Manager with regard to the PHI, including, without limitation, all of the requirements of this Section; 

  

	 	f)	within a reasonable time of receiving a written request from the Practice or any Individual provide the Individual with access to his or her PHI held by the Practice and Business
Manager in accordance with the Privacy Rule to an individual’s request for access to PHI; 

  

	 	g)	within a reasonable time of receiving a written request from the Practice, incorporate any amendments or corrections to the PHI from Practice, in accordance with the Privacy Rule;

  

	 	h)	within a reasonable time of receiving a written request from the Practice, make available the information required for Practice to provide an accounting of disclosures, in
accordance with the Privacy Rule; 

  

	 	i)	document such disclosures of PHI and information related to such disclosures as would be required for the Practice to respond to a request by an individual for an accounting of
disclosures of PHI in accordance with the Privacy Rule; 

  

	 	j)	make Business Manager’s internal practices, books, and records relating to the use and disclosure of PHI received from the Practice or created or received by Business Manager
on behalf of Practice available to the Secretary of the United States Health and Human Services or to the Practice for purposes of determining the Practice’s and Business Manager’s compliance with applicable law; 

 

 2 

	 	k)	Business Manager Agrees to implement reasonable alternative means or locations of communications with Individuals as needed to honor a request under 45 C.F.R. §§164.522
and 164.526; 

  

	 	l)	within a reasonable time of the termination of the Professional Business Management Agreement, return to the Practice or destroy all PHI related to that Professional Business
Management Agreement, and retain no copies in any form whatsoever. If return or destruction is not feasible, Business Manager agrees to extend any and all protection contained in this Addendum to any PHI retained after termination and limit further
uses and disclosures to those purposes that make the return or destruction infeasible; and 

  

	 	m)	if Business Manager conducts Standard Transaction (as defined in 45 C.F.R. Part 162) for or on behalf of the Practice, Business Manager will company, and will require each
subcontractor or agent involved with the conduct of such Standard Transaction to company with each applicable requirement of C.F.R. Part 162. Business Manager will not enter into, or permit its subcontractors or agents to enter into, any agreement
in connection with the conduct of Standard Transaction for or on behalf of the Practice that: (i) changes the definition, data condition, or use of a data element or segment in a Standard Transaction; (ii) adds any data elements or segments to the
maximum defined data set; (iii) uses any code or data element that is marked “not used” in the Standard Transactions implementation specification or is not in the Standard Transactions implementation specifications; or (iv) changes the
meaning or intent of the Standard Transactions implementation specification. 

  
 4. Construction. The terms and conditions of this Addendum required by the Privacy Rule shall be construed in light of any applicable interpretation of and/or guidance on the Privacy Rule issued by HHS
or the Office of Civil Rights (“OCR”) from time to time. 
  
 5. Survival. This Addendum shall survive any termination of the Professional Business Management Agreement. 
  
 6. Notice of Privacy Practices. The Practice shall provide to Business Manager its Notice of Privacy Practices (“Notice”) when
adopted and any amendments thereafter. Business Associate agrees that it will abide by the limitations of any Notice published by the Practice of which it has knowledge. An amended Notice shall not affect permitted uses and disclosures on which
Business Associate has relied prior to the receipt of such Notice. 
  

 3 

 7. Confidentiality. Business Manager shall take all legally mandated steps required to (i)
protect PHI from unauthorized uses or disclosures and (ii) maintain the confidentiality and integrity of PHI. Prior to any permitted disclosure of PHI, Business Manager shall require the person or entity to which it intends to disclose PHI to assume
all of the same duties with respect to PHI that Business Manager has under this Addendum. 
  
 8. Security. Business Manager will: implement administrative, physical, and technical safeguards that reasonably and appropriate protect the confidentiality, integrity and availability of the electronic
protected health information that it creates, receives, maintains, or transmits on behalf of the Practice; ensure that any agent, including a subcontractor, to whom it provides such information agrees to implement reasonable and appropriate
safeguards to protect the information; and report any security incidents to the Practice, in accordance with the Security Standards in 45 C.F.R. Part 160, 162 and 164. 
  
 9. Term and Termination. 
  
 9.1 This Addendum shall commence on the Effective Date and shall remain in effect until terminated in accordance with the
terms of this Section 9; provided, however, that any termination shall not affect the respective obligations or rights of the parties arising under this Addendum prior to the effective date of termination, all of which shall continue in
accordance with their terms. 
  
 9.2 The Practice shall have the
right to terminate this Addendum for any reason upon thirty (30) days written notice to Business Manager. 
  
 9.3 The Practice, at its sole discretion, may immediately terminate this Addendum and the Professional Business Management Agreement and shall have no
further obligations to Business Manager hereunder if any of the following events shall have occurred and be continuing: 
  

	 	(a)	Business Manager failed to observe or perform any material covenant or agreement contained in this Addendum for twenty (20) days after written notice thereof has been given to
Business Manager by Practice; or 

  

	 	(b)	A violation by Business Manager of any provision of the Privacy Standards, Security Standards, or other applicable federal or state privacy law. 

  
 9.4 Upon the Practice’s knowledge of a material breach of this Addendum
by Business Manager, Practice shall provide Business Manager notice of such breach and afford Business Manager an opportunity to cure such breach; provided, however, that if Business Manager fails to cure the breach within the time specified by the
Practice, which must be at least 20 days, based upon the extent and seriousness of the breach, or the breach is of a nature that cannot be cured, the Practice may immediately terminate the Professional Business Management Agreement. 
  

 4 

 9.5 Upon the termination of the Professional Business Management Agreement, this Addendum shall also
terminate, provided, however, the obligations of Business Manager hereunder with respect to confidentiality and use of the PHI shall survive the termination of this Addendum. 
  
 9.6 Upon termination, Business Manager agrees either to return to the Practice or to destroy all PHI received from the
Practice or otherwise through the performance of services for the Practice, that is in the possession or control of Business Manager or its agents. In the case of information for which it is not feasible to “return or destroy,” Business
Manager shall continue to comply with the covenants in this Addendum with respect to such PHI and shall comply with other applicable state or federal law, which may require a specific period of retention, redaction, or other treatment. 

 
 9.7 If neither termination or cure is feasible, the Practice shall report
the violation to the Secretary, if required under HIPAA. 
  
 10.
Waiver. No provision of this Addendum or any breach thereof shall be deemed waived unless such waiver is in writing and signed by the party claimed to have waived such provision or breach. No waiver of a breach shall
constitute a waiver of or excuse any different or subsequent breach. 
  
 11. Assignment. Neither party may assign (whether by operation or law or otherwise) any of its rights or delegate or subcontract any of its obligations under this Addendum without the prior written consent of the other party.
Notwithstanding the foregoing, the Practice shall have the right to assign its rights and obligations hereunder to any entity that is an affiliate or successor of the Practice, without the prior approval of Business Manager. Further, this Addendum
may be assigned by Business Manager in connection with an assignment of the Professional Business Management Agreement. 
  
 12. Governing Law. This Addendum shall be governed by and interpreted in accordance with the laws of the State of Arizona. 
  
 13. Counterparts. This Addendum may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document. In making proof of this Addendum, it shall not be necessary to produce or account for more than one such counterpart
executed by the party against whom enforcement of this Addendum is sought. 
  

 5 

 EXECUTION COPY 
  
 EXHIBIT 4.3 
  
 PRESIDENT’S EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) made and entered into effective as of the 31st day of May, 2004, by and between Tom Sowash O.D. & Associates, P.C., an Arizona professional optometry corporation (the “Company”), or its
assigns, and Thomas M. Sowash, O.D. (“Executive”); 
  
 W I T N E S S E T H: 
  
 WHEREAS, Executive owns 100% of the ownership interest in the Company; and 
  
 WHEREAS, Executive is duly licensed to practice optometry in the State of Arizona and desires to accept employment as an
employee of the Company to practice optometry and provide certain management services as an employee of the Company; 
  
 WHEREAS, the Company desires to employ Executive on the terms and conditions set forth below; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the parties hereto agree as follows: 
  
 1.
Employment. The Company hereby employs Executive to serve as President of the Company, and Executive hereby accepts such employment, upon the terms and conditions set forth herein.  
  
 2. Term. The term of this Agreement shall commence on the date hereof
(the “Effective Date”) and shall terminate on the day preceding the first (1st) anniversary of the Effective Date, subject to earlier termination and extension as hereinafter provided (the “Term”). Thereafter, this Agreement
shall automatically renew for ten (10) successive one-year terms unless either party gives written notice of its election not to renew at least thirty (30) days prior to the end of the then current period. In the event of such extension, all of the
terms and conditions of this Agreement shall remain in full force and effect. 
  
 3. Duties, Qualifications and Optometric Records. 
  
 (a) During the Term, Executive shall serve as the President of the Company with such title, duties and responsibilities as established from time to time by the Board of Directors of the Company (the
“Board”), or such person who may be appointed by the Board to oversee the operations of the Company. Such duties and responsibilities shall include, but not be limited to, the management of the other optometrists employed by the Company
and the operations of the Company in Arizona and such other states as the Company has operations. Executive agrees that he will devote substantially all of his full professional time, attention and energies to the business of the Company and the
business of Dr. Tom Sowash O.D. & Associates Professional Corporation, LLC for his practice in Colorado (the “Colorado 

  

 1 

 
Practice”), and to the performance of his duties hereunder and under his employment agreement with respect to the Colorado Practice, such time to be
divided between the business of the Company and the Colorado Practice as Executive reasonably and in his professional judgment deems necessary or advisable. Executive shall not engage in the practice of optometry except as an employee of the Company
or Dr. Tom Sowash O.D. & Associates Professional Corporation, LLC with respect to the Colorado Practice. Executive will at all times report to the Board or such person who may be appointed by the Board to oversee the operations of the Company
and its direct and indirect subsidiaries and affiliates. Executive shall abide by all of the Company’s policies and procedures, as may be adopted from time to time by the Company. Executive shall maintain a valid and unrestricted license to
practice optometry in each state or other jurisdiction in which the Company provides optometry services. 
  
 (b) Executive shall, in accordance with the Company’s policies, cause to be properly prepared and filed reports of all examinations, procedures and
other professional services performed by himself and the other employees of the Company. The ownership and right of control of all reports, records and supporting documents prepared for and/or maintained by the Company belongs to the Company. In
addition, Executive shall promptly submit such additional records as the Company deems to be required by any third party payors. In the event that Executive’s employment with the Company is terminated, to the extent that Executive has any
rights in such patient records, Executive agrees that such rights will be transferred to, and the records shall remain with, the Company, and Executive shall have no ongoing rights with respect thereto. 
  
 4. Compensation. 
  
 (a) Base Compensation. During the term of this Agreement, the Company
shall pay to Executive compensation equal to $9,000 per practice location on an annualized basis (such amount to be prorated for any partial year in which a practice location operates) (the “Base Salary”). The Base Salary shall be payable
during the Term not less frequently than monthly in accordance with the Company’s standard payroll policy or in such other installments as the parties may mutually agree. The Base Salary shall be payable during the Term in substantially equal
installments not less frequently than monthly in accordance with the Company’s standard payroll policy or in such other installments as the parties may mutually agree. 
  
 (b) Reimbursement of Expenses. The Company shall reimburse Executive, in accordance with the Company’s policy in
effect from time to time, for all reasonable travel, entertainment and other business expenses incurred by Executive in the performance of his duties and responsibilities hereunder. Notwithstanding the foregoing, Executive shall only be entitled to
reimbursement for continuing education and related expenses for only sixteen (16) credit hours of continuing optometry education per year and the reasonable travel and lodging related thereto. 
  
 (c) Net Payments. The amount of any gross payments provided for in
this Agreement shall be paid net of any applicable withholding required under federal, state or local law. 
  
 5. Benefits. Executive shall be entitled to receive the benefits made available or applicable from time to time to the employees of the Company;
provided, however, that the receipt of such benefits by Executive shall be subject to the Company’s eligibility and enrollment requirements pertaining to such benefit programs. Executive shall be eligible for four weeks paid vacation per year
in accordance with the Company’s vacation policy. 
  

 2 

 6. Confidentiality and Competitive Activities. 
  
 (a) Confidentiality. Executive acknowledges that during his employment
with the Company, the Company has and will continue to disclose to him the confidential affairs and proprietary information of the Company and its subsidiaries and affiliates which is developed by and belongs to the Company and its subsidiaries and
affiliates, including matters of a business nature such as information about costs, profits, markets, sales, trade secrets, potential patents and other business ideas, customer lists, supplier and vendor lists, plans for future developments and/or
acquisitions, and information of any other kind not known within the optometric and optical professions or the optical retail industry generally (collectively, “Confidential Matters”). Executive further acknowledges that the Company would
not hire Executive or disclose these Confidential Matters to Executive without the promises made by Executive in this Section 6. In light of the foregoing, Executive agrees: 
  
 (i) To keep secret all Confidential Matters and the confidential affairs and proprietary information of any
third party to whom the Company is bound by a confidentiality agreement, and not to disclose them to anyone outside of the Company or its subsidiaries or affiliates, or otherwise use them or use his knowledge of them for his own benefit or for the
benefit of any third party, including, without limitation, use of the trade secrets, trade names or trademarks of the Company, either during or after the Term, except with the Company’s prior written consent; and 
  
 (ii) To deliver promptly to the Company at the termination
of the Term, or at any time the Company may request, all memoranda, notices, records, reports and other documents (and all copies thereof) relating to the business of the Company or any of its subsidiaries or affiliates, including, but not limited
to, Confidential Matters, which he may then possess or have under his control. 
  
 Notwithstanding any of the foregoing, the term “Confidential Matters” does not include information which (i) is or becomes generally available to the public other than as a result of any disclosure by
Executive or (ii) Executive is compelled to disclose by judicial or administrative process; provided, that in the case of any such requirement or purported requirement Executive shall provide written notice to the Company prior to producing such
information, which notice shall be given at least ten (10) days prior to producing such information, if practicable, so that the Company may seek a protective order or other appropriate remedy. 
  
 (b) Competitive Activities. Executive expressly recognizes and
acknowledges that the terms and conditions of this Section 6(b) are reasonable as to the time, area, and scope of restricted activity necessary to protect the legitimate interests of the Company, and are not unduly burdensome to Executive.
During the Restricted Period (as hereinafter defined), Executive shall not, directly or indirectly (whether for compensation or otherwise), alone or as officer, director, stockholder (excepting stockholdings for investment purposes of not more than
1% in securities of publicly held and traded companies), partner, associate, employee, agent, principal, creditor, guarantor, trustee, salesman, consultant, or any other capacity, take any action in or participate with or become interested in or
associated with any person, firm, partnership, corporation or other entity whatsoever that is engaged in the optometric and/or optical professions and/or the business of the retail sale of optical goods in any of the geographic areas within three
(3) miles of any of the practice locations that are owned, operated or managed by the Company as of the date of termination of employment or location in which the Company has affirmative plans (evidenced by documentation) to commence operations as
of the date of termination of employment (such activities are hereinafter referred to as the “Competitive Activities” and the restricted area is hereinafter referred to as the “Restricted Area”). Notwithstanding the foregoing,

  

 3 

 
Executive shall be permitted to own and operate a single location for the purpose of operating an optometric and/or optical practice and/or selling optical
goods, provided that such store is not affiliated with or located within or adjacent to any national, regional or local optical retailer or an optometric practice that owns and operates more than one practice location and such store location is not
within a one (1) mile radius of (i) a location that is owned, operated or managed by the Company as of the date of termination of employment or (ii) a location in which the Company has affirmative plans (evidenced by documentation) to commence
operations as of the date of termination of employment and Executive has actively participated in such plans. 
  
 The foregoing exceptions to the prohibitions against Competitive Activities shall not release Executive, or waive any rights of the Company with respect
to, any of Executive’s other covenants, obligations or duties hereunder including without limitation, the provisions of Section 6(a), 6(c) and 6(d). 
  
 (c) Antisolicitation. Executive agrees that during the Restricted Period (as hereinafter defined), he will not
influence or attempt to influence patients (including customers with respect to managed care plans) of the Company or any of its present or future direct or indirect subsidiaries or affiliates, either directly or indirectly, to divert their business
to any individual, partnership, firm, corporation or other entity then in competition with the business of the Company or any subsidiary or affiliate of the Company; provided this prohibition shall not apply to general advertisements in newspapers
or other widely distributed publications, media, or mail, whether electronic or otherwise. 
  
 (d) Soliciting Employees. Executive agrees that during the Term of this Agreement and for a period of twenty-four (24) months thereafter Executive shall not without the written consent of the Company, such
consent to be given only after Executive is no longer a shareholder of the Company, directly or indirectly contact or solicit to employ or employ any of the then current or past employees of the Company or any subsidiary or affiliate of the Company
unless such person shall have ceased to be employed by the Company (or its subsidiary or affiliate, as the case may be) and such cessation of employment shall have occurred at least twelve (12) months prior thereto; provided this prohibition shall
not apply to general advertisements in newspapers or other widely distributed publications, media, or mail, whether electronic or otherwise. 
  
 (e) The term “Restricted Period” shall mean the period commencing on the Effective Date and ending on the second anniversary of the date of
termination of Executive’s employment or ending after the same period of time that Executive was employed by the Practice, which is shorter. 
  
 7. Remedies for Breach. In addition to the rights and remedies provided in Section 16, and without waiving the same, if Executive
breaches, or threatens to breach, any of the provisions of Section 6, the Company shall have the following rights and remedies, in addition to any others, each of which shall be independent of the other and severally enforceable: 
  
 (i) The right and remedy to have such provisions
specifically enforced by any court having equity jurisdiction together with an accounting for any benefit or gain by Executive in connection with any such breach. Executive specifically acknowledges and agrees that any breach or threatened breach of
the provisions of Section 6 will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company, and accordingly the Company shall have the right to injunctive relief in connection with any
such breach or threatened breach. Any injunction arising from the exercise of such equity jurisdiction 

  

 4 

 
shall be available without the posting of any bond or other security. 
  
 (ii) The right and remedy to require Executive to account for and pay over to the Company all compensation,
profits, monies, accruals, increments or other benefits (hereinafter collectively the “Benefits”) derived or received, directly or indirectly, by Executive as a result of any transactions constituting a breach of any of the provisions of
Section 6, Executive hereby agreeing to account for and pay over the Benefits to the Company. 
  
 (iii) The right to terminate Executive’s employment pursuant to Section 8(c). 
  
 (iv) Upon discovery by the Company of a breach or threatened
breach of Section 6, the right to immediately suspend payments to Executive under Section 4, pending a resolution of the dispute. 
  
 If any covenant contained in Section 6 or any portion thereof is hereafter construed to be invalid or unenforceable, the same shall not affect the
remainder of the covenant or covenants contained therein, which shall be given full effect, without regard to the invalid portions, and any court having jurisdiction shall reform the covenant to the extent necessary to cause the limitations
contained therein as to time, geographical area and scope of activity to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the goodwill and other business interest of the Company and to enforce
the covenant as reformed. The parties hereto intend to and hereby confer jurisdiction to enforce the covenants contained in Section 6 upon the courts of any state or other jurisdiction in which any alleged breach of any such covenant occurs.
If the courts of any of one or more of such states or other jurisdictions shall hold such covenants not wholly enforceable by reason of the scope thereof or otherwise, it is the intention of the parties hereto that such determination not bar or in
any way affect the Company’s right to the relief provided above in the courts of any other states or jurisdictions as to breaches of such covenants in such other respective states or jurisdictions, the above covenants as they relate to each
state or jurisdiction being, for this purpose, severable into diverse and independent covenants. If any court determines that such covenants are unenforceable, the Company shall be relieved of all obligations under this Agreement and Executive shall
not be entitled to any payments which are suspended pursuant to Section 7(iv). 
  
 8. Termination of Agreement. 
  
 (a) Death. This Agreement shall automatically terminate upon the death of Executive. During the Term, if Executive’s employment is terminated due to his death, Executive’s estate shall be entitled to receive the Base Salary
set forth in Section 4 accrued through the end of the month in which the death occurs; provided, however, Executive’s estate shall not be entitled to any bonus payments (except as otherwise provided in the applicable bonus plan) or any
other benefits (except as provided by law). 
  
 (b)
Disability. If Executive is unable to perform his services by reason of mental or physical Disability (as herein defined), the Company may terminate this Agreement at any time. Upon termination of Executive’s employment due to
Disability, Executive shall be entitled to receive the Base Salary set forth in Section 4 accrued through the date on which Executive is first eligible to receive payment of disability benefits under the employee benefit plans as then in
effect, and if no such plan is in effect, through the month ending one hundred eighty (180) days after onset of Disability and Executive shall not 

  

 5 

 
be entitled to any bonus payments (except as otherwise provided in the applicable bonus plan) or any other benefits (except as provided by law). The term
“Disability” shall mean an infirmity preventing Executive from performing his duties for a period of more than three (3) consecutive months where no reasonable accommodation is available or where a reasonable accommodation would create an
undue burden on the Company. Any question as to the existence of an infirmity preventing Executive from performing his duties as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician
mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination
in writing. The determination of Disability made in writing to the Company and Executive shall be final and conclusive for all purposes of the Agreement. 
  
 (c) Termination For Cause. The Company may terminate this Agreement at any time for “Cause” in accordance with the procedures provided
below. Termination of this Agreement for “Cause” shall mean termination upon (i) the breach of any material provision of this Agreement by Executive, (ii) commission (not merely an accusation) of an act punishable by imprisonment which is
reasonably likely to have a material adverse effect on the Company or interfere with Executive’s duties hereunder, (iii) willful and continued failure to substantially perform his duties hereunder (other than as a result of total or partial
incapacity due to physical or mental illness), (iv) the engaging by Executive in conduct that is injurious to the Company, monetarily or otherwise, including, without limitation, embezzlement, fraud, theft, dishonesty, misfeasance, insubordination,
malfeasance, and neglect of duties, (v) violation of the Company’s ethics policy or any material violation or repeated violations by Executive of the other policies and procedures promulgated from time to time by the Company, (vi) current
alcohol or drug abuse by Executive, (vii) the suspension, revocation or cancellation of Employee’s right to practice optometry in the state of Arizona, (viii) Executive ceases to be the sole shareholder of the Company, or (ix) the termination
of the Professional Business Management Agreement between the Company and EyeMasters, Inc. In the event of termination of Executive’s employment for Cause, Executive shall be entitled to receive only the Base Salary set forth in Section
4 accrued through the date of termination and he shall not be entitled to any bonus payments or other benefits (except as provided by law). 
  
 (d) Other Termination by the Company. The Company may terminate this Agreement at any time without “Cause” by providing thirty (30) days
prior written notice to Executive. If the Company terminates this Agreement at any time without Cause (i.e., other than pursuant to Section 8(b) or (8(c) above) or the Company elects not to renew the Term as provided in Section
2 hereof, the Company shall be obligated to pay Executive, and Executive shall be entitled to receive only, the Base Salary set forth in Section 4 accrued through the date of termination and he shall not be entitled to any bonus payments
or other benefits (except as provided by law). Notwithstanding the notice provided by the Company, the Company, in its sole discretion, may choose to immediately terminate Executive’s employment. In that event, the Company’s only
obligation to Executive will be to pay the Base Salary that Executive would have received during the notice period. 
  
 (e) Termination by Executive. Executive may terminate this Agreement upon thirty (30) days prior written notice to the Company; provided, however,
Executive shall not be entitled to terminate this Agreement so long as he is a shareholder of the Company. Termination shall be effective at the expiration of the notice period. All obligations of the Company under this Agreement shall end on the
effective date of termination and the Company shall have no further obligations under this Agreement, including, but not limited to payment of salary, bonuses or any similar compensation or benefits. Notwithstanding the notice provided by Executive,
the Company, in its sole discretion, may choose to 

  

 6 

 
accept Executive’s resignation immediately. In that event, the Company’s only obligation to Executive will be to pay the Base Salary that Executive
would have received during the notice period. 
  
 9. Effect of
Termination. Upon the termination of this Agreement, whether by the expiration of the Term specified in Section 2 or pursuant to Section 8, the rights of Executive which shall have accrued prior to the date of such termination
shall not be affected in any way. Executive shall not have any rights which have not previously accrued upon termination of this Agreement. 
  
 10. Fees. The Company shall have the exclusive authority to determine the amount and nature of all fees and the procedure for establishing the fees
to be charged patients of the Company, even though such patients might be treated solely by Executive in the course of Executive’s employment by the Company. 
  
 11. Ownership of Fees and Income. All income generated by Executive for Executive’s professional services and
all activities related thereto shall belong to the Company, whether paid directly to the Company or to Executive. Executive may be required (and agrees upon request of the Company so to do) to render a true accounting of all transactions relating to
Executive’s practice during the course of his employment. 
  
 12. Communications. All notices and other communications under this Agreement shall be in writing and shall be deemed to have been duly given when (a) delivered by hand (with written confirmation of receipt), (b) sent by facsimile
(with written confirmation of receipt), provided that a copy is mailed by registered mail, return receipt requested, or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each
case to the respective addresses set forth below, or to such other addresses as either party may have furnished to the other in writing in accordance herewith, except that notice of a change of address shall be effective only upon actual receipt; to
the Company: Fiesta Crossing, 1660 S. Alma School Road, Mesa, AZ 85210-3090, for the attention of the President; and to Executive: 14565 W. Byers Place, Golden, CO 80401. 
  
 13. Amendments or Additions. No amendments or additions to this Agreement shall be binding or effective unless in
writing and signed by all parties hereto. 
  
 14. Binding
Effect; Assignability. This Agreement shall be binding upon, and shall inure to the benefit of, Executive; the obligations of Executive hereunder are personal, and this Agreement may not be assigned by Executive. This Agreement is completely
assignable by the Company without notice to or consent of Executive. This Agreement shall be binding upon, and shall inure to the benefit of, the Company and shall also bind and inure to the benefit of any successor of the Company by merger or
consolidation or any assignee of all or substantially all of its properties. 
  
 15. Headings; References. The headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. References to a
“Section” when used without further attribution shall refer to the particular sections of this Agreement. 
  
 16. Binding Arbitration. Subject to the rights of any party to seek injunctive relief pursuant to Section 7 above and without waiving the
same, the parties agree that all disputes, controversies or claims that may arise among them (including their agents and employees), arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be submitted
to, and determined by, 

  

 7 

 
binding arbitration. Such arbitration shall be conducted before a single arbitrator pursuant to the Commercial Arbitration Rules then in effect of the
American Arbitration Association, except to the extent such rules are inconsistent with this Section 16. Except as otherwise provided in this Agreement, the arbitrator shall apply the laws of the State of Arizona (without regard to conflict
of law rules) in determining the substance of the dispute, controversy or claim and shall decide the same in accordance with applicable usages and terms of trade. The fees of the arbitration initially shall be paid one-half by the Company and
one-half by Executive; provided, however, that the prevailing party in any such arbitration shall be entitled to recover its reasonable attorneys’ fees, costs and expenses incurred in connection with the arbitration. Any award pursuant to such
arbitration shall be final and binding upon the parties, and judgment on the award may be entered in any federal or state court having jurisdiction. The obligations set forth in this Section 16 shall survive the termination of this Agreement.
THE COMPANY AND EXECUTIVE EACH KNOWINGLY AND VOLUNTARILY GIVE UP ANY RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY DISPUTE, CLAIM OR CONTROVERSY WHICH MAY ARISE BETWEEN THEM. 
  
 17. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of Arizona without regard to its conflicts of law principles. 
  
 18. Surviving Provisions. The obligations of the Company under Section 8, of Executive under Sections 3(b), 6 and 7,
and of both the Company and Executive under Section 16 shall survive the expiration of the Term of this Agreement. 
  
 19. Entire Agreement. This Agreement shall constitute the entire agreement between the parties, superseding all prior agreements and all other
negotiations, letters of intent, memoranda of understandings, and representations (if any) made by and among such parties, and may not be modified or amended, and no waiver shall be effective, unless by written document signed by both parties
hereto. The Company and Executive have each had an opportunity to consult with counsel of their choice regarding the terms and conditions of this Agreement, and each understands the consequences of entering into and complying with the terms and
conditions of the Agreement. 
  
 20. Pronouns. In this
Agreement, the use of any gender shall be deemed to include all genders, and the use of the singular shall include the plural, wherever it appears appropriate from the context. 
  
 21. Enforcement Costs. If any legal action or other proceeding, including arbitration, is brought for the enforcement
of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement, the prevailing party or parties shall be entitled to recover reasonable attorneys’ fees, court costs
and all expenses even if not taxable as court costs, incurred in that action or proceeding, in addition to any other relief to which such party or parties may be entitled. 
  

 8 

 22. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
  
 23. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which,
taken together, shall constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the day and year first above written. 
  

			
	THE COMPANY
	
	 TOM SOWASH O.D. & ASSOCIATES, P.C.

		
	By:	 	 
	 	 	Thomas M. Sowash, O.D., President
	
	 EXECUTIVE:

	
	 
	Thomas M. Sowash, O.D.

  

 9 

 EXECUTION COPY 
  
 EXHIBIT 3.2 
 LISTING OF HEALTHCARE AND NON-HEALTHCARE EQUIPMENT 
  

 1 

 EXECUTION COPY 
  
 EXHIBIT 4.12 
  
 SHAREHOLDERS’ UNDERTAKING TO MAINTAIN PRACTICE’S 
 CORPORATE EXISTENCE AND BE BOUND BY COVENANT 
 NOT TO COMPETE 
  
 As an inducement to the Professional Business Manager to enter into this
Professional Business Management Agreement with the Practice or as required in the Professional Business Management Agreement, each of the undersigned person(s), having an ownership interest in the Practice, irrevocably and unconditionally covenants
and agrees to maintain in good standing the corporate existence of the Practice under the laws of the state of Arizona, and to cause the Practice to abide by the restrictive covenant contained in Section 4.7 of the Professional Business
Management Agreement. The undersigned persons further unconditionally covenant and agree to indemnify and hold harmless Professional Business Manager from and against any and all claims requirements, demands, liabilities, losses, damages, costs and
expenses, including reasonable attorneys’ fees, resulting in any manner from the failure of the Practice to remain in good standing under the laws of Arizona or the failure of the Practice to abide by the restrictive covenants in Section
4.7 of the Professional Business Management Agreement. The undersigned acknowledges that he or she has received adequate consideration for the execution hereof. This undertaking may be assumed by a successor to Shareholder or Shareholders,
whereupon the undersigned shall be released to the extent of such assumption, provided that any such successor Shareholder executes a form similar to this. 
  
 IN WITNESS WHEREOF, the undersigned(s) have executed this Shareholders’ Undertaking effective as of the day and year written opposite such
Shareholder’s name. 
  

					
			
	 Dated effective: May 31, 2004
	 	 	 	  
	 	 	 	 	Thomas M. Sowash, O.D.

  

 1 

 EXECUTION COPY 
  
 EXHIBIT 5.1 
  
 BASE MANAGEMENT FEE 
  
 The Management Fee for each Practice Location shall be the annual amount set forth opposite such Practice Locations identified below (such amount to be
prorated for any partial year in which such Practice Location is open for business). 
  

							
	 1.
	  	#70	  	Fiesta Crossing	  	$24,900 per annum
	 	  	 	  	1660 S. Alma School Road	  	($2,075.00 per month)
	 	  	 	  	Mesa, AZ 85210-3090	  	 
				
	 2.
	  	#95	  	Metrocenter	  	$24,900 per annum
	 	  	 	  	9658 Metro Parkway East	  	($2,075.00 per month)
	 	  	 	  	Phoenix, AZ 85051-1511	  	 
				
	 3.
	  	#101	  	Dobson Shores	  	$24,900 per annum
	 	  	 	  	1938 S. Dobson Road	  	($2,075.00 per month)
	 	  	 	  	Mesa, AZ 85202-5658	  	 
				
	 4.
	  	#122	  	Desert Sky	  	$24,900 per annum
	 	  	 	  	7611 W. Thomas Road	  	($2,075.00 per month)
	 	  	 	  	Phoenix, AZ 85033-5441	  	 
				
	 5.
	  	#123	  	Christown Mall	  	$24,900 per annum
	 	  	 	  	1645 W. Bethany Home Road	  	($2,075.00 per month)
	 	  	 	  	Phoenix, AZ 85015-2507	  	 
				
	 6.
	  	#134	  	Scottsdale Pavillions	  	$24,900 per annum
	 	  	 	  	9039 E. Indian Bend Road	  	($2,075.00 per month)
	 	  	 	  	Scottsdale, AZ 85250	  	 
				
	 7.
	  	#219	  	Arrowhead Towne Center	  	$24,900 per annum
	 	  	 	  	7700 West Arrowhead Town Center	  	($2,075.00 per month)
	 	  	 	  	Glendale, AZ 85308	  	 
				
	 8.
	  	#244	  	Scottsdale Fashion Square	  	$24,900 per annum
	 	  	 	  	7000 E. Camelback Road #2001	  	($2,075.00 per month)
	 	  	 	  	Scottsdale, AZ 85251	  	 
				
	 9.
	  	#254	  	Ahwatukee Foothills Towne Center	  	$24,900 per annum
	 	  	 	  	4933 E. Ray Road, Suite 9B	  	($2,075.00 per month)
	 	  	 	  	Phoenix, Maricopa County, Arizona	  	 
				
	 10.
	  	#14	  	Chandler	  	$24,900 per annum
	 	  	 	  	3111 W. Chandler Boulevard, Suite 1124	  	($2,083.33 per month)
	 	  	 	  	Phoenix, Arizona	  	 
				
	 11.
	  	#96	  	Superstition Springs	  	$24,900 per annum
	 	  	 	  	5555 - 2410 E. Southern Avenue	  	($2,075.00 per month)
	 	  	 	  	Mesa, Arizona	  	 

  

 2<PAGE>

                                                                     Exhibit 4.3

================================================================================

                          WESTLAKE CHEMICAL CORPORATION

                                                                       as Issuer

         THE SUBSIDIARY GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO

                                                        as Subsidiary Guarantors

                                       and

                              [                  ]
                               ------------------

                                                                      as Trustee

                                   ----------

                                    Indenture

                       Dated as of                 , 2005
                                   ----------------

                                   ----------

                                Debt Securities

================================================================================

<PAGE>

                          WESTLAKE CHEMICAL CORPORATION

           Reconciliation and tie between Trust Indenture Act of 1939
                  and Indenture, dated as of            , 2005
                                             -----------

                                   ----------

  Section of
Trust Indenture                                                    Section(s) of
  Act of 1939                                                        Indenture
---------------                                                   --------------
(S) 310 (a)(1).................................................   7.10
        (a)(2).................................................   7.10
        (a)(3).................................................   Not Applicable
        (a)(4).................................................   Not Applicable
        (a)(5).................................................   7.10
        (b)....................................................   7.08, 7.10
(S) 311 (a)....................................................   7.11
        (b)....................................................   7.11
        (c)....................................................   Not Applicable
(S) 312 (a)....................................................   2.07
        (b)....................................................   11.03
        (c)....................................................   11.03
(S) 313 (a)....................................................   7.06
        (b)....................................................   7.06
        (c)....................................................   7.06
        (d)....................................................   7.06
(S) 314 (a)....................................................   4.03, 4.04
        (b)....................................................   Not Applicable
        (c)(1).................................................   11.04
        (c)(2).................................................   11.04
        (c)(3).................................................   Not Applicable
        (d)....................................................   Not Applicable
        (e)....................................................   11.05
(S) 315 (a)....................................................   7.01(b)
        (b)....................................................   7.05
        (c)....................................................   7.01(a)
        (d)....................................................   7.01(c)
        (d)(1).................................................   7.01(c)(1)
        (d)(2).................................................   7.01(c)(2)
        (d)(3).................................................   7.01(c)(3)
        (e)....................................................   6.11
(S) 316 (a)(1)(A)..............................................   6.05
        (a)(1)(B)..............................................   6.04
        (a)(2).................................................   Not Applicable
        (a)(last sentence).....................................   2.11
        (b)....................................................   6.07
(S) 317 (a)(1).................................................   6.08
        (a)(2).................................................   6.09
        (b)....................................................   2.06
(S) 318 (a)....................................................   11.01

----------

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.

                                       i

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE...........................1

   SECTION 1.01    Definitions.................................................1
   SECTION 1.02    Other Definitions...........................................5
   SECTION 1.03    Incorporation by Reference of Trust Indenture Act...........6
   SECTION 1.04    Rules of Construction.......................................6

ARTICLE II THE SECURITIES......................................................7

   SECTION 2.01    Amount Unlimited; Issuable in Series........................7
   SECTION 2.02    Denominations..............................................10
   SECTION 2.03    Forms Generally............................................10
   SECTION 2.04    Execution, Authentication, Delivery and Dating.............10
   SECTION 2.05    Registrar and Paying Agent.................................12
   SECTION 2.06    Paying Agent to Hold Money in Trust........................13
   SECTION 2.07    Holder Lists...............................................13
   SECTION 2.08    Transfer and Exchange......................................13
   SECTION 2.09    Replacement Securities.....................................14
   SECTION 2.10    Outstanding Securities.....................................14
   SECTION 2.11    Original Issue Discount, Foreign-Currency Denominated and
                   Treasury Securities........................................15
   SECTION 2.12    Temporary Securities.......................................15
   SECTION 2.13    Cancellation...............................................15
   SECTION 2.14    Payments; Defaulted Interest...............................16
   SECTION 2.15    Persons Deemed Owners......................................16
   SECTION 2.16    Computation of Interest....................................16
   SECTION 2.17    Global Securities; Book-Entry Provisions...................16

ARTICLE III REDEMPTION........................................................19

   SECTION 3.01    Applicability of Article...................................19
   SECTION 3.02    Notice to the Trustee......................................19
   SECTION 3.03    Selection of Securities To Be Redeemed.....................19
   SECTION 3.04    Notice of Redemption.......................................20
   SECTION 3.05    Effect of Notice of Redemption.............................21
   SECTION 3.06    Deposit of Redemption Price................................21
   SECTION 3.07    Securities Redeemed in Part................................21
   SECTION 3.08    Purchase of Securities.....................................22
   SECTION 3.09    Mandatory and Optional Sinking Funds.......................22
   SECTION 3.10    Satisfaction of Sinking Fund Payments with Securities......22
   SECTION 3.11    Redemption of Securities for Sinking Fund..................22

ARTICLE IV COVENANTS..........................................................23

   SECTION 4.01    Payment of Securities......................................23
   SECTION 4.02    Maintenance of Office or Agency............................23

                                       ii

<PAGE>

   SECTION 4.03    SEC Reports; Financial Statements..........................24
   SECTION 4.04    Compliance Certificate.....................................25
   SECTION 4.05    Corporate Existence........................................25
   SECTION 4.06    Waiver of Stay, Extension or Usury Laws....................25
   SECTION 4.07    Additional Amounts.........................................26

ARTICLE V SUCCESSORS..........................................................26

   SECTION 5.01    Limitations on Mergers and Consolidations..................26
   SECTION 5.02    Successor Person Substituted...............................27

ARTICLE VI DEFAULTS AND REMEDIES..............................................27

   SECTION 6.01    Events of Default..........................................27
   SECTION 6.02    Acceleration...............................................29
   SECTION 6.03    Other Remedies.............................................30
   SECTION 6.04    Waiver of Defaults.........................................30
   SECTION 6.05    Control by Majority........................................30
   SECTION 6.06    Limitations on Suits.......................................31
   SECTION 6.07    Rights of Holders to Receive Payment.......................31
   SECTION 6.08    Collection Suit by Trustee.................................32
   SECTION 6.09    Trustee May File Proofs of Claim...........................32
   SECTION 6.10    Priorities.................................................32
   SECTION 6.11    Undertaking for Costs......................................33

ARTICLE VII TRUSTEE...........................................................33

   SECTION 7.01    Duties of Trustee..........................................33
   SECTION 7.02    Rights of Trustee..........................................34
   SECTION 7.03    May Hold Securities........................................35
   SECTION 7.04    Trustee's Disclaimer.......................................35
   SECTION 7.05    Notice of Defaults.........................................35
   SECTION 7.06    Reports by Trustee to Holders..............................36
   SECTION 7.07    Compensation and Indemnity.................................36
   SECTION 7.08    Replacement of Trustee.....................................37
   SECTION 7.09    Successor Trustee by Merger, etc. .........................38
   SECTION 7.10    Eligibility; Disqualification..............................39
   SECTION 7.11    Preferential Collection of Claims Against the Company or a
                   Subsidiary Guarantor.......................................39

ARTICLE VIII DISCHARGE OF INDENTURE...........................................39

   SECTION 8.01    Termination of the Company's and the Subsidiary Guarantors'
                   Obligations................................................39
   SECTION 8.02    Application of Trust Money.................................43
   SECTION 8.03    Repayment to Company or Subsidiary Guarantor...............43
   SECTION 8.04    Reinstatement..............................................44

ARTICLE IX SUPPLEMENTAL INDENTURES AND AMENDMENTS.............................44

   SECTION 9.01    Without Consent of Holders.................................44
   SECTION 9.02    With Consent of Holders....................................45

                                      iii

<PAGE>

   SECTION 9.03    Compliance with Trust Indenture Act........................47
   SECTION 9.04    Revocation and Effect of Consents..........................47
   SECTION 9.05    Notation on or Exchange of Securities......................48
   SECTION 9.06    Trustee to Sign Amendments, etc. ..........................48

ARTICLE X GUARANTEE...........................................................49

   SECTION 10.01   Guarantee..................................................49
   SECTION 10.02   Execution and Delivery of Guarantee........................51
   SECTION 10.03   Limitation on Liability of the Subsidiary Guarantors.......51
   SECTION 10.04   Release of Subsidiary Guarantors from Guarantee............51
   SECTION 10.05   Contribution...............................................52

ARTICLE XI MISCELLANEOUS......................................................52

   SECTION 11.01   Trust Indenture Act Controls...............................52
   SECTION 11.02   Notices....................................................52
   SECTION 11.03   Communication by Holders with Other Holders................53
   SECTION 11.04   Certificate and Opinion as to Conditions Precedent.........54
   SECTION 11.05   Statements Required in Certificate or Opinion..............54
   SECTION 11.06   Rules by Trustee and Agents................................54
   SECTION 11.07   Legal Holidays.............................................54
   SECTION 11.08   No Recourse Against Others.................................55
   SECTION 11.09   Governing Law..............................................55
   SECTION 11.10   No Adverse Interpretation of Other Agreements..............55
   SECTION 11.11   Successors.................................................55
   SECTION 11.12   Severability...............................................55
   SECTION 11.13   Counterpart Originals......................................55
   SECTION 11.14   Table of Contents, Headings, etc. .........................55

                                       iv

<PAGE>

          INDENTURE (this "Indenture") dated as of           , 2005 among
                                                   ----------
Westlake Chemical

Corporation, a Delaware corporation (the "Company"), the subsidiary guarantors
listed on the signature pages hereto (the "Subsidiary Guarantors"), and
               , a                  , as trustee (the "Trustee").
---------------    -----------------

          The Company and the Subsidiary Guarantors have duly authorized the
execution and delivery of this Indenture to provide for the issuance from time
to time of the Company's debentures, notes, bonds or other evidences of
indebtedness to be issued from time to time in one or more series (herein called
the "Securities"), and the Guarantee by each of the Subsidiary Guarantors of the
Securities, as provided in this Indenture.

          The Company and the Subsidiary Guarantors are members of the same
consolidated group of companies. The Subsidiary Guarantors will derive direct
and indirect economic benefit from the issuance of the Securities. Accordingly,
each Subsidiary Guarantor has duly authorized the execution and delivery of this
Indenture to provide for its full, unconditional and joint and several guarantee
of the Securities to the extent provided in or pursuant to this Indenture.

          All things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done.

          NOW, THEREFORE, THIS INDENTURE WITNESSETH:

          For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and ratable benefit of all Holders of the Securities or of any series
thereof, as follows:

                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01 Definitions.

          "Additional Amounts" means any additional amounts required by the
express terms of a Security or by or pursuant to a Board Resolution, under
circumstances specified therein or pursuant thereto, to be paid by the Company
or any Subsidiary Guarantor, as the case may be, with respect to certain taxes,
assessments or other governmental charges imposed on certain Holders and that
are owing to such Holders.

          "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by, or under direct or indirect common
control with, such specified Person. For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise.

          "Agent" means any Registrar or Paying Agent.

          "Bankruptcy Law" means Title 11 of the United States Code or any
similar federal, state or foreign law for the relief of debtors.

          "Board of Directors," when used with reference to the Company or a
Subsidiary Guarantor, means the Board of Directors or comparable governing body
of the Company or such Subsidiary Guarantor, as the case may be, or any
committee thereof duly authorized, with respect to any particular matter, to act
by or on behalf of the Board of Directors or comparable governing body of the
Company or such Subsidiary Guarantor, as the case may be.

          "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company or a Subsidiary Guarantor to
have been duly adopted by the Board of Directors of the Company or such
Subsidiary Guarantor, as the case may be, and to be in full force and effect on
the date of such certification, and delivered to the Trustee.

          "Borrowed Money Indebtedness" means all, and any guarantee thereof
notes, bonds, debentures or other similar evidences of debt for money borrowed,
and any guarantee thereof.

          "Business Day" means any day that is not a Legal Holiday.

                                       1

<PAGE>

          "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean such successor Person; provided, however, that for purposes
of any provision contained herein which is required by the TIA, "Company" shall
also mean each other obligor (if any), other than a Subsidiary Guarantor, on the
Securities of a series.

          "Company Order" and "Company Request" mean, respectively, a written
order or request signed in the name of the Company or each Subsidiary Guarantor
by two Officers of the Company and delivered to the Trustee.

          "Corporate Trust Office of the Trustee" means the principal office of
the Trustee at which at any particular time its corporate trust business shall
be administered, which, in the case of              , shall be                 ,
                                       -------------           ----------------
New York, New York           .
                   ----------

          "Default" means any event, act or condition that is, or after notice
or the passage of time or both would be, an Event of Default.

          "deliver" or "delivery" means, in the context of certificated
Securities, actual physical delivery of the certificated Securities to the
relevant Person required hereunder, together with all endorsements, and in the
context of Global Securities, the designation on the records of the Depositary
of a change in the beneficial interests of a holder in a Global Security.

          "Depositary" means, with respect to the Securities of any series
issuable or issued in whole or in part in global form, the Person specified
pursuant to Section 2.01 hereof as the initial Depositary with respect to the
Securities of such series, until a successor shall have been appointed and
become such pursuant to the applicable provision of this Indenture, and
thereafter "Depositary" shall mean or include such successor.

          "Dollar" or "$" means a dollar or other equivalent unit in such coin
or currency of the United States as at the time shall be legal tender for the
payment of public and private debt.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and any successor statute.

          "GAAP" means generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, as in effect from time to time.

          "Global Security" means a Security that is issued in global form in
the name of the Depositary with respect thereto or its nominee.

                                       2

<PAGE>

          "Government Obligations" means, with respect to a series of
Securities, (i) direct obligations of a government that issues the currency in
which the Securities of the series are payable for the payment of which the full
faith and credit of such government is pledged, or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of such
government, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by such government, which, in either case under clause (i)
or (ii) above, are not callable or redeemable at the option of the issuer
thereof; or (iii) depository receipts issued by a bank or trust company as
custodian with respect to any such Government Obligations or a specific payment
of interest on or principal of any such Government Obligation held by such
custodian for the account of the holder of a depository receipt, provided that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the Government Obligation
evidenced by such depository receipt.

          "Guarantee" shall mean the guarantee of the Company's obligations
under the Securities by a Subsidiary Guarantor as provided in Article X.

          "Holder" means a Person in whose name a Security is registered.

          "Indenture" means this Indenture as amended or supplemented from time
to time pursuant to the provisions hereof, and includes the terms of a
particular series of Securities established as contemplated by Section 2.01.

          "interest" means, with respect to an Original Issue Discount Security
that by its terms bears interest only after Maturity, interest payable after
Maturity.

          "Interest Payment Date," when used with respect to any Security, shall
have the meaning assigned to such term in the Security as contemplated by
Section 2.01.

          "Issue Date" means, with respect to Securities of a series, the first
date on which the Securities of such series are originally issued under this
Indenture.

          "Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in any of The City of New York, New York; Houston, Texas or a Place
of Payment are authorized or obligated by law, regulation or executive order to
remain closed.

          "Maturity" means, with respect to any Security, the date on which the
principal of such Security or an installment of principal becomes due and
payable as therein or herein provided, whether at the Stated Maturity thereof,
or by declaration of acceleration, call for redemption or otherwise.

          "Officer" means the Chairman of the Board, any Vice Chairman of the
Board, the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant
Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person.

          "Officers' Certificate" means a certificate signed by two Officers of
a Person.

                                       3

<PAGE>

          "Opinion of Counsel" means a written opinion from legal counsel who is
acceptable to the Trustee. Such counsel may be an employee of or counsel to the
Company, the Subsidiary Guarantor or the Trustee.

          "Original Issue Discount Security" means any Security that provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

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

          "Place of Payment" means, with respect to the Securities of any
series, the place or places where the principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of that
series are payable as specified in accordance with Section 2.01 subject to the
provisions of Section 4.02.

          "principal" of a Security means the principal of the Security plus,
when appropriate, the premium, if any, on the Security.

          "Redemption Date" means, with respect to any Security to be redeemed,
the date fixed for such redemption by or pursuant to this Indenture.

          "Redemption Price" means, with respect to any Security to be redeemed,
the price at which it is to be redeemed pursuant to this Indenture.

          "Responsible Officer" means any officer within the corporate trust
department of the Trustee having direct responsibility for the administration of
this Indenture or any other officer to whom any corporate trust matter is
referred because of such person's knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the
administration of this Indenture.

          "Rule 144A Securities" means Securities of a series designated
pursuant to Section 2.01 as entitled to the benefits of Section 4.03(b).

          "SEC" means the Securities and Exchange Commission.

          "Securities" has the meaning stated in the preamble of this Indenture
and more particularly means any Securities authenticated and delivered under
this Indenture.

          "Security Custodian" means, with respect to Securities of a series
issued in global form, the Trustee for Securities of such series, as custodian
with respect to the Securities of such series, or any successor entity thereto.

          "Stated Maturity" means, when used with respect to any Security or any
installment of principal thereof or interest thereon, the date specified in such
Security as the fixed

                                       4

<PAGE>

date on which the principal of such Security or such installment of principal or
interest is due and payable.

          "Subsidiary" means a Person at least a majority of the outstanding
voting stock of which is owned, directly or indirectly, by the Company or by one
or more other Subsidiaries, or by the Company and one or more other
Subsidiaries. For the purposes of this definition, "voting stock" means stock
having voting power for the election of directors, whether at all times or only
so long as no senior class of stock has such voting power by reason of any
contingency.

          "Subsidiary Guarantors" means the Person or Persons named as the
"Subsidiary Guarantors" in the first paragraph of this Indenture, in each case
until a successor to such Person or Persons shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Subsidiary
Guarantors" shall mean such successor Person or Persons, and any other
Subsidiary of the Company who may execute this Indenture, or a supplement
thereto, for the purpose of providing a Guarantee pursuant to this Indenture.

          "surrender" shall have the same meaning as "deliver" in the context of
the surrender of a Security.

          "TIA" means the Trust Indenture Act of 1939, as amended, as in effect
on the date hereof; provided, however, that, in the event the Trust Indenture
Act of 1939 is amended after such date, "TIA" means, to the extent required by
any such amendment, the Trust Indenture Act of 1939 as so amended.

          "Trustee" means the Person named as such above until a successor
replaces it in accordance with the applicable provisions of this Indenture, and
thereafter "Trustee" means each Person who is then a Trustee hereunder, and if
at any time there is more than one such Person, "Trustee" as used with respect
to the Securities of any series means the Trustee with respect to Securities of
that series.

          "United States" means the United States of America (including the
States and the District of Columbia) and its territories and possessions, which
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

          "U.S. Government Obligations" means Government Obligations with
respect to Securities payable in Dollars.

SECTION 1.02 Other Definitions.

                                                                        Defined
Term                                                                  in Section
----                                                                  ----------

                                       5

<PAGE>

"Agent Members"....................................................       2.17
"Bankruptcy Custodian".............................................       6.01
"Conversion Event".................................................       6.01
"covenant defeasance"..............................................       8.01
"Event of Default".................................................       6.01
"Exchange Rate"....................................................       2.11
"Funding Guarantor"................................................      10.05
"Judgment Currency"................................................       6.10
"legal defeasance".................................................       8.01
"mandatory sinking fund payment"...................................       3.09
"optional sinking fund payment"....................................       3.09
"Paying Agent".....................................................       2.05
"Registrar"........................................................       2.05
"Required Currency"................................................       6.10
"Successor"........................................................       5.01

SECTION 1.03 Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture (and
if the Indenture is not qualified under the TIA at the time, as if it were so
qualified unless otherwise provided). The following TIA terms used in this
Indenture have the following meanings:

          "Commission" means the SEC.

          "indenture securities" means the Securities.

          "indenture security holder" means a Holder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Trustee.

          "obligor" on the indenture securities means the Company, any
Subsidiary Guarantor or any other obligor on the Securities.

          All terms used in this Indenture that are defined by the TIA, defined
by a TIA reference to another statute or defined by an SEC rule under the TIA
have the meanings so assigned to them.

SECTION 1.04 Rules of Construction.

          Unless the context otherwise requires:

          (1)  a term has the meaning assigned to it;

          (2)  an accounting term not otherwise defined has the meaning assigned
               to it in accordance with GAAP;

                                       6

<PAGE>

          (3)  "or" is not exclusive;

          (4)  words in the singular include the plural, and in the plural
               include the singular;

          (5)  provisions apply to successive events and transactions; and

          (6)  all references in this instrument to Articles and Sections are
               references to the corresponding Articles and Sections in and of
               this instrument.

                                   ARTICLE II
                                 THE SECURITIES

SECTION 2.01 Amount Unlimited; Issuable in Series.

          The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited.

          The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth, or determined
in the manner provided, in an Officers' Certificate of the Company or in a
Company Order, or established in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series:

          (1) the title of the Securities of the series (which shall distinguish
     the Securities of the series from the Securities of all other series);

          (2) if there is to be a limit, the limit upon the aggregate principal
     amount of the Securities of the series that may be authenticated and
     delivered under this Indenture (except for Securities authenticated and
     delivered upon registration of transfer of, or in exchange for, or in lieu
     of, other Securities of the series pursuant to Section 2.08, 2.09, 2.12,
     2.17, 3.07 or 9.05 and except for any Securities that, pursuant to Section
     2.04 or 2.17, are deemed never to have been authenticated and delivered
     hereunder); provided, however, that unless otherwise provided in the terms
     of the series, the authorized aggregate principal amount of such series may
     be increased before or after the issuance of any Securities of the series
     by a Board Resolution (or action pursuant to a Board Resolution) to such
     effect;

          (3) whether any Securities of the series are to be issuable initially
     in temporary global form and whether any Securities of the series are to be
     issuable in permanent global form, as Global Securities or otherwise, and,
     if so, whether beneficial owners of interests in any such Global Security
     may exchange such interests for Securities of such series and of like tenor
     of any authorized form and denomination and the circumstances under which
     any such exchanges may occur, if other than in the manner provided in
     Section 2.17, and the initial Depositary and Security Custodian, if any,
     for any Global Security or Securities of such series;

                                       7

<PAGE>

          (4) the manner in which any interest payable on a temporary Global
     Security on any Interest Payment Date will be paid if other than in the
     manner provided in Section 2.14;

          (5) the date or dates on which the principal of and premium (if any)
     on the Securities of the series is payable or the method of determination
     thereof;

          (6) the rate or rates, or the method of determination thereof, at
     which the Securities of the series shall bear interest, if any, whether and
     under what circumstances Additional Amounts with respect to such Securities
     shall be payable, the date or dates from which such interest shall accrue,
     the Interest Payment Dates on which such interest shall be payable and the
     record date for the interest payable on any Securities on any Interest
     Payment Date, or if other than provided herein, the Person to whom any
     interest on Securities of the series shall be payable;

          (7) the place or places where, subject to the provisions of Section
     4.02, the principal of, premium (if any) and interest on and any Additional
     Amounts with respect to the Securities of the series shall be payable;

          (8) the period or periods within which, the price or prices (whether
     denominated in cash, securities or otherwise) at which and the terms and
     conditions upon which Securities of the series may be redeemed, in whole or
     in part, at the option of the Company, if the Company is to have that
     option, and the manner in which the Company must exercise any such option,
     if different from those set forth herein;

          (9) whether Securities of the series are entitled to the benefits of
     any Guarantee of any Subsidiary Guarantor pursuant to this Indenture;

          (10) the obligation, if any, of the Company to redeem, purchase or
     repay Securities of the series pursuant to any sinking fund or analogous
     provisions or at the option of a Holder thereof and the period or periods
     within which, the price or prices (whether denominated in cash, securities
     or otherwise) at which and the terms and conditions upon which Securities
     of the series shall be redeemed, purchased or repaid in whole or in part
     pursuant to such obligation;

          (11) if other than denominations of $1,000 and any integral multiple
     thereof, the denomination in which any Securities of that series shall be
     issuable;

          (12) if other than Dollars, the currency or currencies (including
     composite currencies) or the form, including equity securities, other debt
     securities (including Securities), warrants or any other securities or
     property of the Company, any Subsidiary Guarantor or any other Person, in
     which payment of the principal of, premium (if any) and interest on and any
     Additional Amounts with respect to the Securities of the series shall be
     payable;

          (13) if the principal of, premium (if any) or interest on or any
     Additional Amounts with respect to the Securities of the series are to be
     payable, at the election of the Company or a Holder thereof, in a currency
     or currencies (including composite

                                       8

<PAGE>

     currencies) other than that in which the Securities are stated to be
     payable, the currency or currencies (including composite currencies) in
     which payment of the principal of, premium (if any) and interest on and any
     Additional Amounts with respect to Securities of such series as to which
     such election is made shall be payable, and the periods within which and
     the terms and conditions upon which such election is to be made;

          (14) if the amount of payments of principal of, premium (if any) and
     interest on and any Additional Amounts with respect to the Securities of
     the series may be determined with reference to any commodities, currencies
     or indices, values, rates or prices or any other index or formula, the
     manner in which such amounts shall be determined;

          (15) if other than the entire principal amount thereof, the portion of
     the principal amount of Securities of the series that shall be payable upon
     declaration of acceleration of the Maturity thereof pursuant to Section
     6.02;

          (16) any additional means of satisfaction and discharge of this
     Indenture and any additional conditions or limitations to discharge with
     respect to Securities of the series and the related Guarantee pursuant to
     Article VIII or any modifications of or deletions from such conditions or
     limitations;

          (17) any deletions or modifications of or additions to the Events of
     Default set forth in Section 6.01 or covenants of the Company or any
     Subsidiary Guarantor set forth in Article IV pertaining to the Securities
     of the series;

          (18) any restrictions or other provisions with respect to the transfer
     or exchange of Securities of the series, which may amend, supplement,
     modify or supersede those contained in this Article II;

          (19) if the Securities of the series are to be convertible into or
     exchangeable for capital stock, other debt securities (including
     Securities), warrants, other equity securities or any other securities or
     property of the Company, any Subsidiary Guarantor or any other Person, at
     the option of the Company or the Holder or upon the occurrence of any
     condition or event, the terms and conditions for such conversion or
     exchange;

          (20) whether the Securities of the series are to be entitled to the
     benefit of Section 4.03(b) (and accordingly constitute Rule 144A
     Securities); and

          (21) any other terms of the series (which terms shall not be
     prohibited by the provisions of this Indenture).

          All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to the Board Resolution referred to above and (subject to Section 2.03) set
forth, or determined in the manner provided, in the Officers' Certificate or
Company Order referred to above or in any such indenture supplemental hereto.

                                       9

<PAGE>

          If any of the terms of the series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action,
together with such Board Resolution, shall be set forth in an Officers'
Certificate or certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the
Officers' Certificate or Company Order setting forth the terms of the series.

SECTION 2.02 Denominations.

          The Securities of each series shall be issuable in such denominations
as shall be specified as contemplated by Section 2.01. In the absence of any
such provisions with respect to the Securities of any series, the Securities of
such series denominated in Dollars shall be issuable in denominations of $1,000
and any integral multiples thereof.

SECTION 2.03 Forms Generally.

          The Securities of each series shall be in fully registered form and in
substantially such form or forms (including temporary or permanent global form)
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto. The Securities may have notations, legends or endorsements
required by law, securities exchange rule, the Company's certificate of
incorporation, bylaws or other similar governing documents, agreements to which
the Company is subject, if any, or usage (provided that any such notation,
legend or endorsement is in a form acceptable to the Company). A copy of the
Board Resolution establishing the form or forms of Securities of any series
shall be delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 2.04 for the authentication and delivery of such
Securities.

          The definitive Securities of each series shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officers executing such Securities, as
evidenced by their execution thereof.

          The Trustee's certificate of authentication shall be in substantially
the following form:

          "This is one of the Securities of the series designated therein
     referred to in the within-mentioned Indenture.

                                         [                         ], as Trustee
                                          -------------------------

                                         By:
                                             -----------------------------------
                                                     Authorized Officer".

SECTION 2.04 Execution, Authentication, Delivery and Dating.

          Two Officers of the Company shall sign the Securities on behalf of the
Company and, with respect to the Guarantee of the Securities, an Officer of each
Subsidiary Guarantor shall sign the Securities on behalf of such Subsidiary
Guarantor, in each case by manual or facsimile signature.

                                       10

<PAGE>

          If an Officer of the Company or a Subsidiary Guarantor whose signature
is on a Security no longer holds that office at the time the Security is
authenticated, the Security shall be valid nevertheless.

          A Security shall not be entitled to any benefit under this Indenture
or the related Guarantees or be valid or obligatory for any purpose until
authenticated by the manual signature of an authorized signatory of the Trustee,
which signature shall be conclusive evidence that the Security has been
authenticated under this Indenture. Notwithstanding the foregoing, if any
Security has been authenticated and delivered hereunder but never issued and
sold by the Company, and the Company delivers such Security to the Trustee for
cancellation as provided in Section 2.13, together with a written statement
(which need not comply with Section 11.05 and need not be accompanied by an
Opinion of Counsel) stating that such Security has never been issued and sold by
the Company, for all purposes of this Indenture such Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture or the related Guarantees.

          At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series executed by the
Company and each Subsidiary Guarantor to the Trustee for authentication, and the
Trustee shall authenticate and deliver such Securities for original issue upon a
Company Order for the authentication and delivery of such Securities or pursuant
to such procedures acceptable to the Trustee as may be specified from time to
time by Company Order. Such order shall specify the amount of the Securities to
be authenticated, the date on which the original issue of Securities is to be
authenticated, the name or names of the initial Holder or Holders and any other
terms of the Securities of such series not otherwise determined. If provided for
in such procedures, such Company Order may authorize (1) authentication and
delivery of Securities of such series for original issue from time to time, with
certain terms (including, without limitation, the Maturity dates or dates,
original issue date or dates and interest rate or rates) that differ from
Security to Security and (2) may authorize authentication and delivery pursuant
to oral or electronic instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing.

          If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Section 2.01, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive (in addition to the Company Order referred
to above and the other documents required by Section 11.04), and (subject to
Section 7.01) shall be fully protected in relying upon:

          (a) an Officers' Certificate of the Company setting forth the Board
     Resolution and, if applicable, an appropriate record of any action taken
     pursuant thereto, as contemplated by the last paragraph of Section 2.01;
     and

          (b) an Opinion of Counsel to the effect that:

               (i) the form of such Securities has been established in
          conformity with the provisions of this Indenture;

                                       11

<PAGE>

               (ii) the terms of such Securities have been established in
          conformity with the provisions of this Indenture; and

               (iii) that such Securities and the related Guarantee, when
          authenticated and delivered by the Trustee and issued by the Company
          in the manner and subject to any conditions specified in such Opinion
          of Counsel, will constitute valid and binding obligations of the
          Company and the Subsidiary Guarantors, respectively, enforceable
          against the Company and the Subsidiary Guarantors, respectively, in
          accordance with their respective terms, except as the enforceability
          thereof may be limited by applicable bankruptcy, insolvency,
          reorganization, moratorium, fraudulent conveyance or transfer or other
          similar laws in effect from time to time affecting the rights of
          creditors generally, and the application of general principles of
          equity (regardless of whether such enforceability is considered in a
          proceeding in equity or at law).

          If all the Securities of any series are not to be issued at one time,
it shall not be necessary to deliver an Officers' Certificate and Opinion of
Counsel at the time of issuance of each such Security, but such Officers'
Certificate and Opinion of Counsel shall be delivered at or before the time of
issuance of the first Security of the series to be issued.

          The Trustee shall not be required to authenticate such Securities if
the issuance of such Securities pursuant to this Indenture would affect the
Trustee's own rights, duties or immunities under the Securities and this
Indenture or otherwise in a manner not reasonably acceptable to the Trustee.

          The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with the Company, any Subsidiary Guarantor or an
Affiliate of the Company or any Subsidiary Guarantor.

          Each Security shall be dated the date of its authentication.

SECTION 2.05 Registrar and Paying Agent.

          The Company shall maintain an office or agency for each series of
Securities where Securities of such series may be presented for registration of
transfer or exchange ("Registrar") and an office or agency where Securities of
such series may be presented for payment ("Paying Agent"). The Registrar shall
keep a register of the Securities of such series and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term "Registrar" includes any co-registrar and the
term "Paying Agent" includes any additional paying agent.

          The Company shall enter into an appropriate agency agreement with any
Registrar or Paying Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to such Agent. The
Company shall notify the Trustee of the name and address of any Agent not a
party to this Indenture. The Company may change any

                                       12

<PAGE>

Paying Agent or Registrar without notice to any Holder. If the Company fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company, any Subsidiary Guarantor or any other Subsidiary
may act as Paying Agent or Registrar.

          The Company initially appoints the Trustee as Registrar and Paying
Agent.

SECTION 2.06 Paying Agent to Hold Money in Trust.

          The Company shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent will hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of
principal of, premium, if any, or interest on or any Additional Amounts with
respect to Securities and will notify the Trustee of any default by the Company
in making any such payment. While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed.
Upon payment over to the Trustee and upon accounting for any funds disbursed,
the Paying Agent (if other than the Company, a Subsidiary Guarantor or another
Subsidiary of the Company) shall have no further liability for the money. If the
Company, a Subsidiary Guarantor or another Subsidiary of the Company acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders all money held by it as Paying Agent. Each Paying Agent
shall otherwise comply with TIA (S) 317(b).

SECTION 2.07 Holder Lists.

          The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Holders and shall otherwise comply with TIA (S) 312(a). If the Trustee is not
the Registrar with respect to a series of Securities, the Company shall furnish
to the Trustee at least five Business Days before each Interest Payment Date
with respect to such series of Securities, and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Holders of such
series, and the Company shall otherwise comply with TIA (S) 312(a).

SECTION 2.08 Transfer and Exchange.

          Except as set forth in Section 2.17 or as may be provided pursuant to
Section 2.01:

          When Securities of any series are presented to the Registrar with the
request to register the transfer of such Securities or to exchange such
Securities for an equal principal amount of Securities of the same series of
like tenor and of other authorized denominations, the Registrar shall register
the transfer or make the exchange as requested if its requirements and the
requirements of this Indenture for such transactions are met; provided, however,
that the Securities presented or surrendered for registration of transfer or
exchange shall be duly endorsed or accompanied by a written instruction of
transfer in form reasonably satisfactory to

                                       13

<PAGE>

the Registrar duly executed by the Holder thereof or by his attorney, duly
authorized in writing, on which instruction the Registrar can rely.

          To permit registrations of transfers and exchanges, the Company and
the Subsidiary Guarantors shall execute and the Trustee shall authenticate
Securities at the Registrar's written request and submission of the Securities
or Global Securities. No service charge shall be made to a Holder for any
registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith
(other than such transfer tax or similar governmental charge payable upon
exchanges pursuant to Section 2.12, 3.07 or 9.05). The Trustee shall
authenticate Securities in accordance with the provisions of Section 2.04.
Notwithstanding any other provisions of this Indenture to the contrary, the
Company shall not be required to register the transfer or exchange of (a) any
Security selected for redemption in whole or in part pursuant to Article III,
except the unredeemed portion of any Security being redeemed in part, or (b) any
Security during the period beginning 15 Business Days prior to the mailing of
notice of any offer to repurchase Securities of the series required pursuant to
the terms thereof or of redemption of Securities of a series to be redeemed and
ending at the close of business on the day of mailing.

SECTION 2.09 Replacement Securities.

          If any mutilated Security is surrendered to the Trustee, or if the
Holder of a Security claims that the Security has been destroyed, lost or stolen
and the Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of such Security, the Company shall issue, the
Subsidiary Guarantors shall execute and the Trustee shall authenticate a
replacement Security of the same series if the Trustee's requirements are met.
If any such mutilated, destroyed, lost or stolen Security has become or is about
to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security. If required by the Trustee, any Subsidiary
Guarantor or the Company, such Holder must furnish an indemnity bond that is
sufficient in the judgment of the Trustee and the Company to protect the
Company, each Subsidiary Guarantor, the Trustee, any Agent or any authenticating
agent from any loss that any of them may suffer if a Security is replaced. The
Company and the Trustee may charge a Holder for their expenses in replacing a
Security.

          Every replacement Security is an additional obligation of the Company.

SECTION 2.10 Outstanding Securities.

          The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security
effected by the Trustee hereunder and those described in this Section 2.10 as
not outstanding.

          If a Security is replaced pursuant to Section 2.09, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a protected purchaser.

                                       14

<PAGE>

          If the principal amount of any Security is considered paid under
Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

          A Security does not cease to be outstanding because the Company, a
Subsidiary Guarantor or an Affiliate of the Company or a Subsidiary Guarantor
holds the Security.

SECTION 2.11 Original Issue Discount, Foreign-Currency Denominated and Treasury
             Securities.

          In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, amendment, supplement, waiver or
consent, (a) the principal amount of an Original Issue Discount Security shall
be the principal amount thereof that would be due and payable as of the date of
such determination upon acceleration of the Maturity thereof pursuant to Section
6.02, (b) the principal amount of a Security denominated in a foreign currency
shall be the Dollar equivalent, as determined by the Company by reference to the
noon buying rate in The City of New York for cable transfers for such currency,
as such rate is certified for customs purposes by the Federal Reserve Bank of
New York (the "Exchange Rate") on the date of original issuance of such
Security, of the principal amount (or, in the case of an Original Issue Discount
Security, the Dollar equivalent, as determined by the Company by reference to
the Exchange Rate on the date of original issuance of such Security, of the
amount determined as provided in (a) above), of such Security and (c) Securities
owned by the Company, a Subsidiary Guarantor or any other obligor upon the
Securities or any Affiliate of the Company, of a Subsidiary Guarantor or of such
other obligor shall be disregarded, except that, for the purpose of determining
whether the Trustee shall be protected in relying upon any such direction,
amendment, supplement, waiver or consent, only Securities that a Responsible
Officer of the Trustee actually knows are so owned shall be so disregarded.

SECTION 2.12 Temporary Securities.

          Until definitive Securities of any series are ready for delivery, the
Company may prepare, the Subsidiary Guarantors shall execute and the Trustee
shall authenticate temporary Securities. Temporary Securities shall be
substantially in the form of definitive Securities, but may have variations that
the Company considers appropriate for temporary Securities. Without unreasonable
delay, the Company shall prepare, the Subsidiary Guarantors shall execute and
the Trustee shall authenticate definitive Securities in exchange for temporary
Securities. Until so exchanged, the temporary Securities shall in all respects
be entitled to the same benefits under this Indenture as definitive Securities.

SECTION 2.13 Cancellation.

          The Company or any Subsidiary Guarantor at any time may deliver
Securities to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange, payment or redemption or for credit against any sinking
fund payment. The Trustee shall cancel all Securities surrendered for
registration of transfer, exchange, payment, redemption, replacement or
cancellation or for credit against any sinking fund. Unless the Company shall
direct in writing that canceled Securities be returned to it, after written
notice to the Company all canceled Securities held by the Trustee shall be

                                       15

<PAGE>

disposed of in accordance with the usual disposal procedures of the Trustee, and
the Trustee shall maintain a record of their disposal. The Company may not issue
new Securities to replace Securities that have been paid or that have been
delivered to the Trustee for cancellation.

SECTION 2.14 Payments; Defaulted Interest.

          Unless otherwise provided as contemplated by Section 2.01, interest
(except defaulted interest) on any Security that is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the
Persons who are registered Holders of that Security at the close of business on
the record date next preceding such Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest
Payment Date. The Holder must surrender a Security to a Paying Agent to collect
principal payments. Unless otherwise provided with respect to the Securities of
any series, the Company will pay the principal of, premium (if any) and interest
on and any Additional Amounts with respect to the Securities in Dollars. Such
amounts shall be payable at the offices of the Trustee or any Paying Agent,
provided that at the option of the Company, the Company may pay such amounts (1)
by wire transfer with respect to Global Securities or (2) by check payable in
such money mailed to a Holder's registered address with respect to any
Securities.

          If the Company defaults in a payment of interest on the Securities of
any series, the Company shall pay the defaulted interest in any lawful manner
plus, to the extent lawful, interest on the defaulted interest, in each case at
the rate provided in the Securities of such series and in Section 4.01. The
Company may pay the defaulted interest to the Persons who are Holders on a
subsequent special record date. At least 15 days before any special record date
selected by the Company, the Company (or the Trustee, in the name of and at the
expense of the Company upon 20 days' prior written notice from the Company
setting forth such special record date and the interest amount to be paid) shall
mail to Holders a notice that states the special record date, the related
payment date and the amount of such interest to be paid.

SECTION 2.15 Persons Deemed Owners.

          The Company, the Subsidiary Guarantors, the Trustee, any Agent and any
authenticating agent may treat the Person in whose name any Security is
registered as the owner of such Security for the purpose of receiving payments
of principal of, premium (if any) or interest on or any Additional Amounts with
respect to such Security and for all other purposes. None of the Company, any
Subsidiary Guarantor, the Trustee, any Agent or any authenticating agent shall
be affected by any notice to the contrary.

SECTION 2.16 Computation of Interest.

          Except as otherwise specified as contemplated by Section 2.01 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a year comprising twelve 30-day months.

SECTION 2.17 Global Securities; Book-Entry Provisions.

          If Securities of a series are issuable in global form as a Global
Security, as contemplated by Section 2.01, then, notwithstanding clause (11) of
Section 2.01 and the

                                       16

<PAGE>

provisions of Section 2.02, any such Global Security shall represent such of the
outstanding Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of outstanding Securities
from time to time endorsed thereon and that the aggregate amount of outstanding
Securities represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges, transfers or redemptions. Any endorsement of
a Global Security to reflect the amount, or any increase or decrease in the
amount, of outstanding Securities represented thereby shall be made by the
Trustee (i) in such manner and upon instructions given by such Person or Persons
as shall be specified in such Security or in a Company Order to be delivered to
the Trustee pursuant to Section 2.04 or (ii) otherwise in accordance with
written instructions or such other written form of instructions as is customary
for the Depositary for such Security, from such Depositary or its nominee on
behalf of any Person having a beneficial interest in such Global Security.
Subject to the provisions of Section 2.04 and, if applicable, Section 2.12, the
Trustee shall deliver and redeliver any Security in permanent global form in the
manner and upon instructions given by the Person or Persons specified in such
Security or in the applicable Company Order. With respect to the Securities of
any series that are represented by a Global Security, the Company and the
Subsidiary Guarantors authorize the execution and delivery by the Trustee of a
letter of representations or other similar agreement or instrument in the form
customarily provided for by the Depositary appointed with respect to such Global
Security. Any Global Security may be deposited with the Depositary or its
nominee, or may remain in the custody of the Trustee or the Security Custodian
therefor pursuant to a FAST Balance Certificate Agreement or similar agreement
between the Trustee and the Depositary. If a Company Order has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 11.05 and need not be accompanied by an
Opinion of Counsel.

          Members of, or participants in, the Depositary ("Agent Members") shall
have no rights under this Indenture with respect to any Global Security held on
their behalf by the Depositary, or the Trustee or the Security Custodian as its
custodian, or under such Global Security, and the Depositary may be treated by
the Company, any Subsidiary Guarantor, the Trustee or the Security Custodian and
any agent of the Company, any Subsidiary Guarantor, the Trustee or the Security
Custodian as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Global
Security of a series may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent
Members, to take any action that a Holder of Securities of such series is
entitled to take under this Indenture or the Securities of such series and (ii)
nothing herein shall prevent the Company, any Subsidiary Guarantor, the Trustee
or the Security Custodian, or any agent of the Company, any Subsidiary
Guarantor, the Trustee or the Security Custodian, from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or shall impair, as between the Depositary and its Agent Members, the operation
of customary practices governing the exercise of the rights of a beneficial
owner of any Security.

          Notwithstanding Section 2.08, and except as otherwise provided
pursuant to Section 2.01, transfers of a Global Security shall be limited to
transfers of such Global Security in whole, but not in part, to the Depositary,
its successors or their respective nominees. Interests of beneficial owners in a
Global Security may be transferred in accordance with the rules and

                                       17

<PAGE>

procedures of the Depositary. Securities shall be transferred to all beneficial
owners in exchange for their beneficial interests in a Global Security if, and
only if, either (1) the Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for the Global Security and a successor
Depositary is not appointed by the Company within 90 days of such notice, (2) an
Event of Default has occurred with respect to such series and is continuing and
the Registrar has received a request from the Depositary to issue Securities in
lieu of all or a portion of the Global Security (in which case the Company shall
deliver Securities within 30 days of such request) or (3) the Company determines
in its sole discretion not to have the Securities represented by a Global
Security.

          In connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to this Section
2.17, the Registrar shall reflect on its books and records the date and a
decrease in the principal amount of the Global Security in an amount equal to
the principal amount of the beneficial interests in the Global Security to be
transferred, and the Company and the Subsidiary Guarantors shall execute, and
the Trustee upon receipt of a Company Order for the authentication and delivery
of Securities shall authenticate and deliver, one or more Securities of the same
series of like tenor and amount.

          In connection with the transfer of all of the beneficial interests in
a Global Security to beneficial owners pursuant to this Section 2.17, the Global
Security shall be deemed to be surrendered to the Trustee for cancellation, and
the Company and the Subsidiary Guarantors shall execute, and the Trustee shall
authenticate and deliver, to each beneficial owner identified by the Depositary
in exchange for its beneficial interests in the Global Security, an equal
aggregate principal amount of Securities of authorized denominations.

          None of the Company, any Subsidiary Guarantor or the Trustee will have
any responsibility or liability for any aspect of the records relating to, or
payments made on account of, Securities by the Depositary, or for maintaining,
supervising or reviewing any records of the Depositary relating to such
Securities. None of the Company, any Subsidiary Guarantor or the Trustee shall
be liable for any delay by the related Global Security Holder or the Depositary
in identifying the beneficial owners, and each such Person may conclusively rely
on, and shall be protected in relying on, instructions from such Global Security
Holder or the Depositary for all purposes (including with respect to the
registration and delivery, and the respective principal amounts, of the
Securities to be issued).

          The provisions of the last sentence of the third paragraph of Section
2.04 shall apply to any Global Security if such Global Security was never issued
and sold by the Company and the Company or a Subsidiary Guarantor delivers to
the Trustee the Global Security together with written instructions (which need
not comply with Section 11.05 and need not be accompanied by an Opinion of
Counsel) with regard to the cancellation or reduction in the principal amount of
Securities represented thereby, together with the written statement contemplated
by the last sentence of the third paragraph of Section 2.04.

          Notwithstanding the provisions of Sections 2.03 and 2.14, unless
otherwise specified as contemplated by Section 2.01, payment of principal of,
premium (if any) and interest on and any Additional Amounts with respect to any
Global Security shall be made to the Depositary.

                                       18

<PAGE>

          The Company in issuing Securities of any series may use CUSIP numbers
(if then generally in use), and, if so, the Trustee shall use CUSIP numbers in
notices of redemption as a convenience to Holders of Securities of such series;
provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities of such series
or as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Securities of such
series, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee in
writing of any change in the CUSIP numbers.

          Notwithstanding anything herein to the contrary, delivery or surrender
of a Security shall not be required in the case of Global Securities in order to
obtain the rights or benefits provided hereunder upon the delivery or surrender
of a Security.

                                   ARTICLE III
                                   REDEMPTION

SECTION 3.01 Applicability of Article.

          Securities of any series that are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 2.01 for Securities of any
series) in accordance with this Article III.

SECTION 3.02 Notice to the Trustee.

          If the Company elects to redeem Securities of any series pursuant to
this Indenture, it shall notify the Trustee of the Redemption Date and the
principal amount of Securities of such series to be redeemed. The Company shall
so notify the Trustee at least 45 days before the Redemption Date (unless a
shorter notice shall be satisfactory to the Trustee) by delivering to the
Trustee an Officers' Certificate stating that such redemption will comply with
the provisions of this Indenture and of the Securities of such series. Any such
notice may be canceled at any time prior to the mailing of such notice of such
redemption to any Holder and shall thereupon be void and of no effect.

SECTION 3.03 Selection of Securities To Be Redeemed.

          If less than all the Securities of any series are to be redeemed
(unless all of the Securities of such series of a specified tenor are to be
redeemed), the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee from the outstanding
Securities of such series (and tenor) not previously called for redemption,
either pro rata, by lot or by such other method as the Trustee shall deem
appropriate in accordance with industry standards at the time of such redemption
and that may provide for the selection for redemption of portions (equal to the
minimum authorized denomination for Securities of that series or any integral
multiple thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of
that series or of the principal amount of Global Securities of such series;
provided that, if at the time of redemption such Securities are registered as a
Global Security, the Depositary shall determine, in accordance with its
procedures, the principal amount of such Securities held by each beneficial
owner of Securities to be redeemed.

                                       19

<PAGE>

          The Trustee shall promptly notify the Company and the Registrar in
writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be
redeemed.

          For purposes of this Indenture, unless the context otherwise requires,
all provisions relating to redemption of Securities shall relate, in the case of
any of the Securities redeemed or to be redeemed only in part, to the portion of
the principal amount thereof which has been or is to be redeemed.

SECTION 3.04 Notice of Redemption.

          Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 days (or not less than 15 days in the case of
convertible Securities) nor more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at the address of such Holder
appearing in the register of Securities maintained by the Registrar.

          All notices of redemption shall identify the Securities to be redeemed
and shall state:

          (1) the Redemption Date;

          (2) the Redemption Price (or the method of calculating or determining
     the Redemption Price);

          (3) that, unless the Company and the Subsidiary Guarantors default in
     making the redemption payment, interest on Securities called for redemption
     ceases to accrue on and after the Redemption Date, and the only remaining
     right of the Holders of such Securities is to receive payment of the
     Redemption Price upon surrender to the Paying Agent of the Securities
     redeemed;

          (4) if any Security is to be redeemed in part, the portion of the
     principal amount thereof to be redeemed and that on and after the
     Redemption Date, upon surrender for cancellation of such Security to the
     Paying Agent, a new Security or Securities in the aggregate principal
     amount equal to the unredeemed portion thereof will be issued without
     charge to the Holder;

          (5) that Securities called for redemption must be surrendered to the
     Paying Agent to collect the Redemption Price and the name and address of
     the Paying Agent;

          (6) that the redemption is for a sinking or analogous fund, if such is
     the case;

          (7) if such Securities are convertible into or exchangeable for
     capital stock, other debt securities (including Securities), warrants,
     other equity securities or any other securities or property of the Company,
     any Subsidiary Guarantor or any other Person, the name and address of the
     conversion or exchange agent, the date on which the right to convert or
     exchange is terminated and the conversion or exchange rate; and

          (8) the CUSIP number, if any, relating to such Securities.

                                       20

<PAGE>

          Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's written request,
by the Trustee in the name and at the expense of the Company.

SECTION 3.05 Effect of Notice of Redemption.

          Once notice of redemption is mailed, Securities called for redemption
become due and payable on the Redemption Date and at the Redemption Price. Upon
surrender to the Paying Agent, such Securities called for redemption shall be
paid at the Redemption Price, but interest installments whose maturity is on or
prior to such Redemption Date will be payable on the relevant Interest Payment
Dates to the Holders of record at the close of business on the relevant record
dates specified pursuant to Section 2.01.

SECTION 3.06 Deposit of Redemption Price.

          By 11:00 a.m., New York City time, on any Redemption Date, the Company
or a Subsidiary Guarantor shall deposit with the Trustee or the Paying Agent
(or, if the Company or such Subsidiary Guarantor is acting as the Paying Agent,
segregate and hold in trust as provided in Section 2.06) an amount of money in
same day funds sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest on and any
Additional Amounts with respect to, the Securities or portions thereof which are
to be redeemed on that date, other than Securities or portions thereof called
for redemption on that date which have been delivered by the Company or a
Subsidiary Guarantor to the Trustee for cancellation.

          If the Company or a Subsidiary Guarantor complies with the preceding
paragraph, then, unless the Company and the Subsidiary Guarantors default in the
payment of such Redemption Price, interest on the Securities to be redeemed will
cease to accrue on and after the applicable Redemption Date, whether or not such
Securities are presented for payment, and the Holders of such Securities shall
have no further rights with respect to such Securities except for the right to
receive the Redemption Price upon surrender of such Securities. If any Security
called for redemption shall not be so paid upon surrender thereof for
redemption, the principal, premium, if any, any Additional Amounts, and, to the
extent lawful, accrued interest thereon shall, until paid, bear interest from
the Redemption Date at the rate specified pursuant to Section 2.01 or provided
in the Securities or, in the case of Original Issue Discount Securities, such
Securities' yield to maturity.

SECTION 3.07 Securities Redeemed in Part.

          Upon surrender to the Paying Agent of a Security to be redeemed in
part, the Company and the Subsidiary Guarantors shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security without service
charge a new Security or Securities, of the same series and of any authorized
denomination as requested by such Holder in aggregate principal amount equal to,
and in exchange for, the unredeemed portion of the principal of the Security so
surrendered that is not redeemed.

                                       21

<PAGE>

SECTION 3.08 Purchase of Securities.

          Unless otherwise specified as contemplated by Section 2.01, the
Company, any Subsidiary Guarantor and any Affiliate of the Company or any
Subsidiary Guarantor may at any time purchase or otherwise acquire Securities in
the open market or by private agreement. Any such acquisition shall not operate
as or be deemed for any purpose to be a redemption of the indebtedness
represented by such Securities. Any Securities purchased or acquired by the
Company or a Subsidiary Guarantor may be delivered to the Trustee and, upon such
delivery, the indebtedness represented thereby shall be deemed to be satisfied.
Section 2.13 shall apply to all Securities so delivered.

SECTION 3.09 Mandatory and Optional Sinking Funds.

          The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment," and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment." Unless otherwise provided by the terms of Securities of
any series, the cash amount of any sinking fund payment may be subject to
reduction as provided in Section 3.10. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series and by this Article III.

SECTION 3.10 Satisfaction of Sinking Fund Payments with Securities.

          The Company or a Subsidiary Guarantor may deliver outstanding
Securities of a series (other than any previously called for redemption) and may
apply as a credit Securities of a series that have been redeemed either at the
election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of
such Securities, in each case in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of such series required to be made
pursuant to the terms of such series of Securities; provided that such
Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.

SECTION 3.11 Redemption of Securities for Sinking Fund.

          Not less than 45 days prior (unless a shorter period shall be
satisfactory to the Trustee) to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers' Certificate of
the Company specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivery of or by crediting Securities of that
series pursuant to Section 3.10 and will also deliver or cause to be delivered
to the Trustee any Securities to be so delivered. Failure of the Company to
timely deliver or cause to be delivered such Officers' Certificate and
Securities specified in this paragraph, if any, shall not constitute a default
but shall constitute the election of the Company (i) that the mandatory sinking
fund payment for such series due on the next

                                       22

<PAGE>

succeeding sinking fund payment date shall be paid entirely in cash without the
option to deliver or credit Securities of such series in respect thereof and
(ii) that the Company will make no optional sinking fund payment with respect to
such series as provided in this Section.

          If the sinking fund payment or payments (mandatory or optional or
both) to be made in cash on the next succeeding sinking fund payment date plus
any unused balance of any preceding sinking fund payments made in cash shall
exceed $100,000 (or the Dollar equivalent thereof based on the applicable
Exchange Rate on the date of original issue of the applicable Securities) or a
lesser sum if the Company shall so request with respect to the Securities of any
particular series, such cash shall be applied on the next succeeding sinking
fund payment date to the redemption of Securities of such series at the sinking
fund redemption price together with accrued interest to the date fixed for
redemption. If such amount shall be $100,000 (or the Dollar equivalent thereof
as aforesaid) or less and the Company makes no such request then it shall be
carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof
as aforesaid) is available. Not less than 30 days before each such sinking fund
payment date, the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 3.03 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.04. Such notice having been
duly given, the redemption of such Securities shall be made upon the terms and
in the manner stated in Sections 3.05, 3.06 and 3.07.

                                   ARTICLE IV
                                    COVENANTS

SECTION 4.01 Payment of Securities.

          The Company shall pay the principal of, premium (if any) and interest
on and any Additional Amounts with respect to the Securities of each series on
the dates and in the manner provided in the Securities of such series and in
this Indenture. Principal, premium, interest and any Additional Amounts shall be
considered paid on the date due if the Paying Agent (other than the Company, a
Subsidiary Guarantor or a Subsidiary) holds by 11:00 a.m., New York City time,
on that date money deposited by the Company or a Subsidiary Guarantor designated
for and sufficient to pay all principal, premium, interest and any Additional
Amounts then due.

          The Company shall pay interest (including post-petition interest in
any proceeding under any Bankruptcy Law) on overdue principal and premium (if
any), at a rate equal to the then applicable interest rate on the Securities to
the extent lawful; and it shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue installments of interest
and any Additional Amount (without regard to any applicable grace period) at the
same rate to the extent lawful.

SECTION 4.02 Maintenance of Office or Agency.

          The Company will maintain in each Place of Payment for any series of
Securities an office or agency (which may be an office of the Trustee, the
Registrar or the Paying Agent) where Securities of that series may be presented
for registration of transfer or exchange, where Securities of that series may be
presented for payment and where notices and demands to or upon

                                       23

<PAGE>

the Company or a Subsidiary Guarantor in respect of the Securities of that
series and this Indenture may be served. Unless otherwise designated by the
Company by written notice to the Trustee and the Subsidiary Guarantors, such
office or agency shall be the office of the Trustee in The City of New York,
which on the date hereof is located at                         , New York, New
                                       ------------------------
York           . The Company will give prompt written notice to the Trustee and
     ----------
the Subsidiary Guarantors of the location, and any change in the location, of
such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee and the
Subsidiary Guarantors with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

          The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in each Place of Payment for Securities of any series for such
purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

SECTION 4.03 SEC Reports; Financial Statements.

          (a) If the Company is subject to Section 13 or 15(d) of the Exchange
Act, the Company shall file with the Trustee, within 15 days after it files the
same with the SEC, copies of the annual reports and the information, documents
and other reports (or copies of such portions of any of the foregoing as the SEC
may by rules and regulations prescribe) that the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. If this
Indenture is qualified under the TIA, but not otherwise, the Company shall also
comply with the provisions of TIA (S) 314(a).

          (b) If the Company is not subject to the requirements of Section 13 or
15(d) of the Exchange Act, the Company shall furnish to all Holders of Rule 144A
Securities and prospective purchasers of Rule 144A Securities designated by the
Holders of Rule 144A Securities, promptly upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) promulgated under the
Securities Act of 1933, as amended.

          (c) The Company intends to file the reports, information and documents
referred to in Section 4.03(a) hereof with the SEC in electronic form pursuant
to Regulation S-T promulgated by the SEC using the SEC's Electronic Data
Gathering, Analysis and Retrieval ("EDGAR") system. The Company shall notify the
Trustee in the manner prescribed herein of each such filing. The Trustee is
hereby authorized and directed to access the EDGAR system for purposes of
retrieving the reports so filed. Compliance with the foregoing shall constitute
delivery by the Company of such reports to the Trustee in compliance with the
provisions of TIA (S) 314(a). The Trustee shall have no duty to search for or
obtain any electronic or other filings that the Company makes with the SEC,
regardless of whether such filings are periodic, supplemental or otherwise.
Delivery of the reports, information and documents to the Trustee pursuant to
this Section 4.03 shall be solely for the purposes of compliance with this
Section 4.03 and with TIA (S) 314(a). The Trustee's receipt of such reports,
information and documents shall

                                       24

<PAGE>

not constitute notice to it of the content thereof or of any matter determinable
from the content thereof, including the Company's and any Subsidiary Guarantor's
compliance with any of their covenants hereunder, as to which the Trustee is
entitled to rely upon Officers' Certificates.

SECTION 4.04 Compliance Certificate.

          (a) Each of the Company and the Subsidiary Guarantors shall deliver to
the Trustee, within 120 days after the end of each fiscal year of the Company
and the Subsidiary Guarantors, a statement signed by the principal executive
officer, principal financial officer or principal accounting officer of the
Company or such Subsidiary Guarantor, as the case may be, which need not
constitute an Officers' Certificate, complying with TIA (S) 314(a)(4) and
stating that in the course of performance by the signing Officer of his duties
as such Officer of the Company or such Subsidiary Guarantor, as the case may be,
he would normally obtain knowledge of the keeping, observing, performing and
fulfilling by the Company or such Subsidiary Guarantor, as the case may be, of
its obligations under this Indenture, and further stating that to the best of
his knowledge the Company or such Subsidiary Guarantor, as the case may be, has
kept, observed, performed and fulfilled each and every covenant contained in
this Indenture and is not in default in the performance or observance of any of
the terms, provisions and conditions hereof (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events of Default
of which such Officer may have knowledge and what action the Company or such
Subsidiary Guarantor, as the case may be, is taking or proposes to take with
respect thereto).

          (b) The Company or any Subsidiary Guarantor shall, so long as
Securities of any series are outstanding, deliver to the Trustee, as soon as
practicable, but in no event more than five Business Days, after any Officer of
the Company or such Subsidiary Guarantor, as the case may be, becoming aware of
any Default or Event of Default under this Indenture, an Officers' Certificate
specifying such Default or Event of Default and what action the Company or such
Subsidiary Guarantor, as the case may be, is taking or proposes to take with
respect thereto.

SECTION 4.05 Corporate Existence.

          Subject to Article V, each of the Company and the Subsidiary
Guarantors shall do or cause to be done all things necessary to preserve and
keep in full force and effect its existence. This Section 4.05 shall not
prohibit or restrict the Company or any Subsidiary Guarantor from converting
into a different form of legal entity.

SECTION 4.06 Waiver of Stay, Extension or Usury Laws.

          Each of the Company and the Subsidiary Guarantors covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any usury law or other law that would prohibit or
forgive it from paying all or any portion of the principal of or interest on the
Securities as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the covenants or the performance of this
Indenture; and (to the extent that it may lawfully do so) each of the Company
and the Subsidiary Guarantors hereby

                                       25

<PAGE>

expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

SECTION 4.07 Additional Amounts.

          If the Securities of a series expressly provide for the payment of
Additional Amounts, the Company will pay to the Holder of any Security of such
series Additional Amounts as expressly provided therein. Whenever in this
Indenture there is mentioned, in any context, the payment of the principal of or
any premium or interest on, or in respect of, any Security of any series or the
net proceeds received from the sale or exchange of any Security of any series,
such mention shall be deemed to include mention of the payment of Additional
Amounts provided for in this Section 4.07 to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
the provisions of this Section 4.07 and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.

                                    ARTICLE V
                                   SUCCESSORS

SECTION 5.01 Limitations on Mergers and Consolidations.

          Neither the Company nor any Subsidiary Guarantor shall consolidate
with or merge into any Person, or sell, lease, convey, assign, transfer or
otherwise dispose of, in any transaction or series of transactions, all or
substantially all of its assets to any Person (other than a consolidation or
merger of the Company and one or more Subsidiary Guarantors or two or more
Subsidiary Guarantors, or a sale, lease, conveyance, assignment, transfer or
other disposition of all or substantially all of the assets of the Company to a
Subsidiary Guarantor, a Subsidiary Guarantor to the Company or of a Subsidiary
Guarantor to another Subsidiary Guarantor), unless:

          (1) either (a) the Company or such Subsidiary Guarantor, as the case
     may be, shall be the continuing Person or (b) the Person (if other than the
     Company or such Subsidiary Guarantor) formed by such consolidation or into
     which the Company or such Subsidiary Guarantor is merged, or to which such
     sale, lease, conveyance, assignment, transfer or other disposition shall be
     made (collectively, the "Successor"), is organized and validly existing
     under the laws of the United States of America, any political subdivision
     thereof or any State thereof or the District of Columbia, and expressly
     assumes by supplemental indenture, in the case of the Company, the due and
     punctual payment of the principal of, premium (if any) and interest on and
     any Additional Amounts with respect to all the Securities and the
     performance of the Company's covenants and obligations under this Indenture
     and the Securities, or, in the case of such Subsidiary Guarantor, the
     performance of the Guarantee and such Subsidiary Guarantor's covenants and
     obligations under this Indenture and the Securities;

                                       26

<PAGE>

          (2) immediately after giving effect to such transaction or series of
     transactions, no Default or Event of Default shall have occurred and be
     continuing or would result therefrom; and

          (3) in the case of clause (1)(b) above, the Successor delivers to the
     Trustee an Officers' Certificate and an Opinion of Counsel, each stating
     that the transaction and such supplemental indenture comply with this
     Indenture.

SECTION 5.02 Successor Person Substituted.

          Upon any consolidation or merger of the Company or a Subsidiary
Guarantor, as the case may be, or any sale, lease, conveyance, assignment,
transfer or other disposition of all or substantially all of the assets of the
Company or such Subsidiary Guarantor in accordance with Section 5.01, the
Successor formed by such consolidation or into which the Company or such
Subsidiary Guarantor is merged or to which such sale, lease, conveyance,
assignment, transfer or other disposition is made shall succeed to, and be
substituted for, and may exercise every right and power of the Company or such
Subsidiary Guarantor, as the case may be, under this Indenture and the
Securities with the same effect as if such Successor had been named as the
Company or such Subsidiary Guarantor, as the case may be, herein, and the
predecessor Company or Subsidiary Guarantor, in the case of a sale, conveyance,
assignment, transfer or other disposition, shall be released from all
obligations under this Indenture, the Securities and, in the case of a
Subsidiary Guarantor, the Guarantee.

                                   ARTICLE VI
                              DEFAULTS AND REMEDIES

SECTION 6.01 Events of Default.

          Unless either inapplicable to a particular series or specifically
deleted or modified in or pursuant to the supplemental indenture or Board
Resolution establishing such series of Securities or in the form of Security for
such series, an "Event of Default," wherever used herein with respect to
Securities of any series, occurs if:

               (1) the Company defaults in the payment of interest on or any
     Additional Amounts with respect to any Security of that series when the
     same becomes due and payable and such default continues for a period of 30
     days;

               (2) the Company defaults in the payment of (A) the principal of
     any Security of that series at its Maturity or (B) premium (if any) on any
     Security of that series when the same becomes due and payable;

               (3) the Company defaults in the deposit of any sinking fund
     payment, when and as due by the terms of a Security of that series, and
     such default continues for a period of 30 days;

               (4) the Company or any Subsidiary Guarantor fails to comply with
     any of its other covenants or agreements in, or provisions of, the
     Securities of such series or this Indenture (other than an agreement,
     covenant or provision that has expressly been

                                       27

<PAGE>

     included in this Indenture solely for the benefit of one or more series of
     Securities other than that series) which shall not have been remedied
     within the specified period after written notice, as specified in the last
     paragraph of this Section 6.01;

               (5) the Company, or if that series of Securities is entitled to
     the benefits of a Guarantee by the Subsidiary Guarantors, any of such
     Subsidiary Guarantors, pursuant to or within the meaning of any Bankruptcy
     Law:

               (A) commences a voluntary case,

               (B) consents to the entry of an order for relief against it in an
          involuntary case,

               (C) consents to the appointment of a Bankruptcy Custodian of it
          or for all or substantially all of its property, or

               (D) makes a general assignment for the benefit of its creditors;

               (6) a court of competent jurisdiction enters an order or decree
     under any Bankruptcy Law that remains unstayed and in effect for 90 days
     and that:

               (A) is for relief against the Company or any Subsidiary Guarantor
          as debtor in an involuntary case,

               (B) appoints a Bankruptcy Custodian of the Company or any
          Subsidiary Guarantor or a Bankruptcy Custodian for all or
          substantially all of the property of the Company or any Subsidiary
          Guarantor, or

               (C) orders the liquidation of the Company or any Subsidiary
          Guarantor;

               (7) that series of Securities is entitled to the benefits of
     a Guarantee by the Subsidiary Guarantors, the Guarantee of any of the
     Subsidiary Guarantors ceases to be in full force and effect with
     respect to Securities of that series (except as otherwise provided in
     this Indenture) or is declared null and void in a judicial proceeding,
     or any such Subsidiary Guarantor denies or disaffirms its obligations
     under this Indenture or such Guarantee; or

               (8) any other Event of Default provided with respect to
     Securities of that series occurs.

          The term "Bankruptcy Custodian" means any receiver, trustee, assignee,
liquidator or similar official under any Bankruptcy Law.

          When a Default or Event of Default is cured, it ceases.

          Notwithstanding the foregoing provisions of this Section 6.01, if the
principal of, premium (if any) or interest on or Additional Amounts with respect
to any Security is payable in a currency or currencies (including a composite
currency) other than Dollars and such currency

                                       28

<PAGE>

or currencies are not available to the Company or a Subsidiary Guarantor for
making payment thereof due to the imposition of exchange controls or other
circumstances beyond the control of the Company or such Subsidiary Guarantor (a
"Conversion Event"), each of the Company and the Subsidiary Guarantors will be
entitled to satisfy its obligations to Holders of the Securities by making such
payment in Dollars in an amount equal to the Dollar equivalent of the amount
payable in such other currency, as determined by the Company or the Subsidiary
Guarantor, as the case may be, by reference to the Exchange Rate on the date of
such payment, or, if such rate is not then available, on the basis of the most
recently available Exchange Rate. Notwithstanding the foregoing provisions of
this Section 6.01, any payment made under such circumstances in Dollars where
the required payment is in a currency other than Dollars will not constitute an
Event of Default under this Indenture.

          Promptly after the occurrence of a Conversion Event, the Company or a
Subsidiary Guarantor shall give written notice thereof to the Trustee; and the
Trustee, promptly after receipt of such notice, shall give notice thereof in the
manner provided in Section 11.02 to the Holders. Promptly after the making of
any payment in Dollars as a result of a Conversion Event, the Company or the
Subsidiary Guarantor, as the case may be, shall give notice in the manner
provided in Section 11.02 to the Holders, setting forth the applicable Exchange
Rate and describing the calculation of such payments.

          A Default under clause (4) or (8) of this Section 6.01 is not an Event
of Default until the Trustee notifies the Company and the Subsidiary Guarantors,
or the Holders of at least 25% in principal amount of the then outstanding
Securities of the series affected by such Default (or, in the case of a Default
under clause (4) of this Section 6.01, if outstanding Securities of other series
are affected by such Default, then at least 25% in principal amount of the then
outstanding Securities so affected) notify the Company, the Subsidiary
Guarantors and the Trustee, of the Default, and the Company or the applicable
Subsidiary Guarantor, as the case may be, fails to cure the Default within 60
days after receipt of the notice. The notice must specify the Default, demand
that it be remedied and state that the notice is a "Notice of Default."

SECTION 6.02 Acceleration.

          If an Event of Default with respect to any Securities of any series at
the time outstanding (other than an Event of Default specified in clause (5) or
(6) of Section 6.01) occurs and is continuing, the Trustee by notice to the
Company and the Subsidiary Guarantors, or the Holders of at least 25% in
principal amount of the then outstanding Securities of the series affected by
such Event of Default (or, in the case of an Event of Default described in
clause (4) of Section 6.01, if outstanding Securities of other series are
affected by such Event of Default, then at least 25% in principal amount of the
then outstanding Securities so affected) by notice to the Company, the
Subsidiary Guarantors and the Trustee, may declare the principal of (or, if any
such Securities are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of that series) and all
accrued and unpaid interest on all then outstanding Securities of such series or
of all series, as the case may be, to be due and payable. Upon any such
declaration, the amounts due and payable on the Securities shall be due and
payable immediately. If an Event of Default specified in clause (5) or (6) of
Section 6.01 hereof occurs, such amounts shall ipso facto become and be
immediately due and payable without any declaration, notice or other act on the
part of the Trustee or any Holder. The Holders of a

                                       29

<PAGE>

majority in principal amount of the then outstanding Securities of the series
affected by such Event of Default or all series so affected, as the case may be,
by written notice to the Trustee may rescind an acceleration and its
consequences (other than nonpayment of principal of or premium or interest on or
any Additional Amounts with respect to the Securities) if (i) the rescission
would not conflict with any judgment or decree, (ii) all existing Events of
Default with respect to Securities of that series (or of all series, as the case
may be) have been cured or waived, except nonpayment of principal, premium,
interest or any Additional Amounts that has become due solely because of the
acceleration, and (iii) the Trustee has been paid any amounts due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section
7.07.

SECTION 6.03 Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal of, or premium,
if any, or interest on the Securities or to enforce the performance of any
provision of the Securities or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any
of the Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing
upon an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.

SECTION 6.04 Waiver of Defaults.

          Subject to Sections 6.07 and 9.02, the Holders of a majority in
principal amount of the then outstanding Securities of any series or of all
series affected thereby (acting as one class) by notice to the Trustee may waive
an existing or past Default or Event of Default with respect to such series or
all series so affected, as the case may be, and its consequences (including
waivers obtained in connection with a tender offer or exchange offer for
Securities of such series or all series so affected or a solicitation of
consents in respect of Securities of such series or all series so affected,
provided that in each case such offer or solicitation is made to all Holders of
then outstanding Securities of such series or all series so affected (but the
terms of such offer or solicitation may vary from series to series)), except (1)
a continuing Default or Event of Default in the payment of the principal of, or
premium, if any, or interest on or any Additional Amounts with respect to any
Security or (2) a continued Default in respect of a provision that under Section
9.02 cannot be amended or supplemented without the consent of each Holder
affected. Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

SECTION 6.05 Control by Majority.

          With respect to Securities of any series, the Holders of a majority in
principal amount of the then outstanding Securities of such series may direct in
writing the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising

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<PAGE>

any trust or power conferred on it relating to or arising under an Event of
Default described in clause (1), (2), (3) or (7) of Section 6.01, and with
respect to all Securities, the Holders of a majority in principal amount of all
the then outstanding Securities affected may direct in writing the time, method
and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on it not relating to or arising
under such an Event of Default. However, the Trustee may refuse to follow any
direction that conflicts with applicable law or this Indenture, that the Trustee
determines may be unduly prejudicial to the rights of other Holders, or that may
involve the Trustee in personal liability; provided, however, that the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action hereunder, the Trustee shall be
entitled to indemnification satisfactory to it in its sole discretion from
Holders directing the Trustee against all losses and expenses caused by taking
or not taking such action.

SECTION 6.06 Limitations on Suits.

          Subject to Section 6.07 hereof, a Holder of a Security of any series
may pursue a remedy with respect to this Indenture or the Securities of such
series only if:

          (1) the Holder gives to the Trustee written notice of a continuing
     Event of Default with respect to such series;

          (2) the Holders of at least 25% in principal amount of the then
     outstanding Securities of such series make a written request to the Trustee
     to pursue the remedy;

          (3) such Holder or Holders offer to the Trustee indemnity satisfactory
     to the Trustee against any loss, liability or expense;

          (4) the Trustee does not comply with the request within 60 days after
     receipt of the request and the offer of indemnity; and

          (5) during such 60-day period, the Holders of a majority in principal
     amount of the Securities of such series do not give the Trustee a direction
     inconsistent with the request.

          A Holder may not use this Indenture to prejudice the rights of another
Holder or to obtain a preference or priority over another Holder.

SECTION 6.07 Rights of Holders to Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of
any Holder of a Security to receive payment of principal of and premium, if any,
and interest on and any Additional Amounts with respect to the Security, on or
after the respective due dates expressed in the Security, or to bring suit for
the enforcement of any such payment on or after such respective dates, is
absolute and unconditional and shall not be impaired or affected without the
consent of the Holder.

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<PAGE>

SECTION 6.08 Collection Suit by Trustee.

          If an Event of Default specified in clause (1) or (2) of Section 6.01
hereof occurs and is continuing, the Trustee is authorized to recover judgment
in its own name and as trustee of an express trust against the Company or a
Subsidiary Guarantor for the amount of principal, premium (if any), interest and
any Additional Amounts remaining unpaid on the Securities of the series affected
by the Event of Default, and interest on overdue principal and premium, if any,
and, to the extent lawful, interest on overdue interest, and such further amount
as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

SECTION 6.09 Trustee May File Proofs of Claim.

          The Trustee is authorized to file such proofs of claim and other
papers or documents and to take such actions, including participating as a
member, voting or otherwise, of any committee of creditors, as may be necessary
or advisable to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company or a Subsidiary Guarantor or their respective creditors
or properties and shall be entitled and empowered to collect, receive and
distribute any money or other property payable or deliverable on any such claims
and any Bankruptcy Custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07. To the
extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 out of the estate in any such proceeding, shall be
denied for any reason, payment of the same shall be secured by a lien on, and
shall be paid out of, any and all distributions, dividends, money, securities
and other properties which the Holders of the Securities may be entitled to
receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

SECTION 6.10 Priorities.

          If the Trustee collects any money pursuant to this Article VI, it
shall pay out the money in the following order:

          First: to the Trustee for amounts due under Section 7.07;

          Second: to Holders for amounts due and unpaid on the Securities in
     respect of which or for the benefit of which such money has been collected,
     for principal, premium (if any), interest and any Additional Amounts
     ratably, without preference or priority of

                                       32

<PAGE>

     any kind, according to the amounts due and payable on such Securities for
     principal, premium (if any), interest and any Additional Amounts,
     respectively; and

          Third: to the Company.

          The Trustee, upon prior written notice to the Company, may fix record
dates and payment dates for any payment to Holders pursuant to this Article VI.

          To the fullest extent allowed under applicable law, if for the purpose
of obtaining a judgment against the Company or a Subsidiary Guarantor in any
court it is necessary to convert the sum due in respect of the principal of,
premium (if any) or interest on or Additional Amounts with respect to the
Securities of any series (the "Required Currency") into a currency in which a
judgment will be rendered (the "Judgment Currency"), the rate of exchange used
for purposes of rendering the judgment shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the Business Day in The
City of New York next preceding that on which final judgment is given. None of
the Company, any Subsidiary Guarantor or the Trustee shall be liable for any
shortfall nor shall it benefit from any windfall in payments to Holders of
Securities under this Section 6.10 caused by a change in exchange rates between
the time the amount of a judgment against it is calculated as above and the time
the Trustee converts the Judgment Currency into the Required Currency to make
payments under this Section 6.10 to Holders of Securities, but payment of such
judgment shall discharge all amounts owed by the Company and the Subsidiary
Guarantors on the claim or claims underlying such judgment.

SECTION 6.11 Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in
principal amount of the then outstanding Securities of any series.

                                   ARTICLE VII
                                     TRUSTEE

SECTION 7.01 Duties of Trustee.

          (a) If an Event of Default has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in such exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person's
own affairs.

          (b) Except during the continuance of an Event of Default with respect
to the Securities of any series:

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<PAGE>

          (1) the Trustee need perform only those duties that are specifically
     set forth in this Indenture and no others, and no implied covenants or
     obligations shall be read into this Indenture against the Trustee; and

          (2) in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     the Trustee and conforming to the requirements of this Indenture. However,
     the Trustee shall examine such certificates and opinions to determine
     whether, on their face, they appear to conform to the requirements of this
     Indenture.

          (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

          (1) this paragraph does not limit the effect of Section 7.01(b);

          (2) the Trustee shall not be liable for any error of judgment made in
     good faith by a Responsible Officer, unless it is proved that the Trustee
     was negligent in ascertaining the pertinent facts; and

          (3) the Trustee shall not be liable with respect to any action it
     takes or omits to take in good faith in accordance with a direction
     received by it pursuant to Section 6.05.

          (d) Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to the
provisions of this Section 7.01.

          (e) No provision of this Indenture shall require the Trustee to expend
or risk its own funds or incur any liability. The Trustee may refuse to perform
any duty or exercise any right or power unless it receives indemnity
satisfactory to it against any loss, liability or expense.

          (f) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Company and the
Subsidiary Guarantors. Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law. All money received by the
Trustee shall, until applied as herein provided, be held in trust for the
payment of the principal of, premium (if any) and interest on and Additional
Amounts with respect to the Securities.

SECTION 7.02 Rights of Trustee.

          (a) The Trustee may conclusively rely on any document believed by it
to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.

          (b) Before the Trustee acts or refrains from acting, it may require
instruction, an Officers' Certificate or an Opinion of Counsel or both to be
provided. The Trustee shall not be liable for any action it takes or omits to
take in good faith in reliance on such instruction, Officers' Certificate or
Opinion of Counsel. The Trustee may consult at the Company's expense

                                       34

<PAGE>

with counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

          (c) The Trustee may act through agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care.

          (d) The Trustee shall not be liable for any action it takes or omits
to take in good faith which it believes to be authorized or within its rights or
powers conferred upon it by this Indenture.

          (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company or any Subsidiary
Guarantor shall be sufficient if signed by an Officer of the Company or such
Subsidiary Guarantor, as the case may be.

          (f) The Trustee shall not be charged with knowledge of any Default or
Event of Default with respect to the Securities, unless either (1) a Responsible
Officer shall have actual knowledge of such Default or Event of Default or (2)
written notice of such Default or Event of Default shall have been given to the
Trustee by the Company, any Subsidiary Guarantor or by any Holder of the
Securities, and such notice references the Securities and this Indenture.

          (g) The permissive rights of the Trustee enumerated herein shall not
be construed as duties.

SECTION 7.03 May Hold Securities.

          The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the Company, any
Subsidiary Guarantor or any of their respective Affiliates with the same rights
it would have if it were not Trustee. Any Agent may do the same with like rights
and duties. However, the Trustee is subject to Sections 7.10 and 7.11.

SECTION 7.04 Trustee's Disclaimer.

          The Trustee makes no representation as to the validity or adequacy of
this Indenture or the Securities, it shall not be accountable for the Company's
use of the proceeds from the Securities or any money paid to the Company or any
Subsidiary Guarantor or upon the Company's or such Subsidiary Guarantor's
direction under any provision hereof, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee and
it shall not be responsible for any statement or recital herein or any statement
in the Securities other than its certificate of authentication.

SECTION 7.05 Notice of Defaults.

          If a Default or Event of Default with respect to the Securities of any
series occurs and is continuing and it is known to the Trustee, the Trustee
shall mail to Holders of Securities of such series a notice of the Default or
Event of Default within 90 days after it occurs. Except in the case of a Default
or Event of Default in payment of principal of, premium (if any) and

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<PAGE>

interest on and Additional Amounts or any sinking fund installment with respect
to the Securities of such series, the Trustee may withhold the notice if and so
long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Holders of Securities of such
series.

SECTION 7.06 Reports by Trustee to Holders.

          Within 60 days after each June 15 of each year after the execution of
this Indenture, the Trustee shall mail to Holders of a series, the Subsidiary
Guarantors and the Company a brief report dated as of such reporting date that
complies with TIA (S) 313(a); provided, however, that if no event described in
TIA (S) 313(a) has occurred within the twelve months preceding the reporting
date with respect to a series, no report need be transmitted to Holders of such
series. The Trustee also shall comply with TIA (S) 313(b). The Trustee shall
also transmit by mail all reports if and as required by TIA (S)(S) 313(c) and
313(d).

          A copy of each report at the time of its mailing to Holders of a
series of Securities shall be filed by the Company or a Subsidiary Guarantor
with the SEC and each securities exchange, if any, on which the Securities of
such series are listed. The Company shall notify the Trustee if and when any
series of Securities is listed on any securities exchange.

SECTION 7.07 Compensation and Indemnity.

          The Company agrees to pay to the Trustee for its acceptance of this
Indenture and services hereunder such compensation as the Company and the
Trustee shall from time to time agree in writing. The Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Company agrees to reimburse the Trustee upon request for all
reasonable disbursements, advances and expenses incurred by it. Such expenses
shall include the reasonable compensation, disbursements and expenses of the
Trustee's agents and counsel.

          The Company hereby indemnifies the Trustee and any predecessor Trustee
against any and all loss, liability, damage, claim or expense, including taxes
(other than taxes based upon, measured by or determined by the income of the
Trustee), incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, except as set forth in the
next following paragraph. The Trustee shall notify the Company and the
Subsidiary Guarantors promptly of any claim for which it may seek indemnity. The
Company shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent.

          The Company shall not be obligated to reimburse any expense or
indemnify against any loss or liability incurred by the Trustee through the
Trustee's negligence or bad faith.

          To secure the payment obligations of the Company in this Section 7.07,
the Trustee shall have a lien prior to the Securities on all money or property
held or collected by the Trustee, except that held in trust to pay principal of,
premium (if any) and interest on and any Additional Amounts with respect to
Securities of any series. Such lien and the Company's obligations under this
Section 7.07 shall survive the resignation or removal of the Trustee and the
satisfaction and discharge of this Indenture.

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<PAGE>

          When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(5) or (6) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

SECTION 7.08 Replacement of Trustee.

          A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee's acceptance of
appointment as provided in this Section 7.08.

          The Trustee may resign and be discharged at any time with respect to
the Securities of one or more series by so notifying the Company and the
Subsidiary Guarantors. The Holders of a majority in principal amount of the then
outstanding Securities of any series may remove the Trustee with respect to the
Securities of such series by so notifying the Trustee, the Company and the
Subsidiary Guarantors. The Company may remove the Trustee if:

          (1) the Trustee fails to comply with Section 7.10;

          (2) the Trustee is adjudged a bankrupt or an insolvent or an order for
     relief is entered with respect to the Trustee under any Bankruptcy Law;

          (3) a Bankruptcy Custodian or public officer takes charge of the
     Trustee or its property; or

          (4) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, with respect to the Securities of one or more
series, the Company shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any particular series). Within one year after
the successor Trustee with respect to the Securities of any series takes office,
the Holders of a majority in principal amount of the Securities of such series
then outstanding may appoint a successor Trustee to replace the successor
Trustee appointed by the Company.

          If a successor Trustee with respect to the Securities of any series
does not take office within 30 days after the retiring or removed Trustee
resigns or is removed, the retiring or removed Trustee (at the expense of the
Company), the Company, any Subsidiary Guarantor or the Holders of at least 10%
in principal amount of the then outstanding Securities of such series may
petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

          If the Trustee with respect to the Securities of a series fails to
comply with Section 7.10, any Holder of Securities of such series may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee with respect to the Securities of such
series.

                                       37

<PAGE>

          In case of the appointment of a successor Trustee with respect to all
Securities, each such successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee, to the Company and to the Subsidiary
Guarantors. Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers
and duties of the retiring Trustee under this Indenture. The successor Trustee
shall mail a notice of its succession to Holders. The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 7.07.

          In case of the appointment of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the Subsidiary
Guarantors, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more (but not all) series shall execute and deliver an
indenture supplemental hereto in which each successor Trustee shall accept such
appointment and that (1) shall confer to each successor Trustee all the rights,
powers and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall
confirm that all the rights, powers and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee and
(3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee. Nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, and each
such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee. Upon
the execution and delivery of such supplemental indenture, the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee shall have all the rights, powers and
duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates. On request of
the Company or any successor Trustee, such retiring Trustee shall transfer to
such successor Trustee all property held by such retiring Trustee as Trustee
with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates. Such retiring Trustee shall, however, have
the right to deduct its unpaid fees and expenses, including attorneys' fees.

          Notwithstanding replacement of the Trustee or Trustees pursuant to
this Section 7.08, the obligations of the Company under Section 7.07 shall
continue for the benefit of the retiring Trustee or Trustees.

SECTION 7.09 Successor Trustee by Merger, etc.

          Subject to Section 7.10, if the Trustee consolidates, merges or
converts into, or transfers all or substantially all of its corporate trust
business to, another corporation, the successor corporation without any further
act shall be the successor Trustee; provided, however, that in the case of a
transfer of all or substantially all of its corporate trust business to another
corporation, the transferee corporation expressly assumes all of the Trustee's
liabilities hereunder.

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<PAGE>

          In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated; and in case at that time any of the
Securities shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor hereunder or
in the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Securities or
in this Indenture provided that the certificate of the Trustee shall have.

SECTION 7.10 Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder which shall be a
corporation or banking association organized and doing business under the laws
of the United States, any State thereof or the District of Columbia and
authorized under such laws to exercise corporate trust power, shall be subject
to supervision or examination by Federal or State (or the District of Columbia)
authority and shall have, or be a subsidiary of a bank or bank holding company
having, a combined capital and surplus of at least $50 million as set forth in
its most recent published annual report of condition.

          The Indenture shall always have a Trustee who satisfies the
requirements of TIA (S)(S) 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is
subject to and shall comply with the provisions of TIA (S) 310(b) during the
period of time required by this Indenture. Nothing in this Indenture shall
prevent the Trustee from filing with the SEC the application referred to in the
penultimate paragraph of TIA (S) 310(b).

SECTION 7.11 Preferential Collection of Claims Against the Company or a
             Subsidiary Guarantor.

          The Trustee is subject to and shall comply with the provisions of TIA
(S) 311(a), excluding any creditor relationship listed in TIA (S) 311(b). A
Trustee who has resigned or been removed shall be subject to TIA (S) 311(a) to
the extent indicated therein.

                                  ARTICLE VIII
                             DISCHARGE OF INDENTURE

SECTION 8.01 Termination of the Company's and the Subsidiary Guarantors'
             Obligations.

          (a) This Indenture shall cease to be of further effect with respect to
the Securities of a series (except that the Company's obligations under Section
7.07, the Trustee's and Paying Agent's obligations under Section 8.03 and the
rights, powers, protections and privileges accorded the Trustee under Article
VII shall survive), and the Trustee, on demand of the Company, shall execute
proper instruments acknowledging the satisfaction and discharge of this
Indenture with respect to the Securities of such series, when:

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<PAGE>

          (1) either:

               (A) all outstanding Securities of such series theretofore
          authenticated and issued (other than destroyed, lost or stolen
          Securities that have been replaced or paid) have been delivered to the
          Trustee for cancellation; or

               (B) all outstanding Securities of such series not theretofore
          delivered to the Trustee for cancellation:

                    (i)  have become due and payable, or

                    (ii) will become due and payable at their Stated Maturity
                         within one year, or

                    (iii) are to be called for redemption within one year under
                         arrangements satisfactory to the Trustee for the giving
                         of notice of redemption by the Trustee in the name, and
                         at the expense, of the Company,

          and, in the case of clause (i), (ii) or (iii) above, the Company or a
          Subsidiary Guarantor has irrevocably deposited or caused to be
          deposited with the Trustee as funds (immediately available to the
          Holders in the case of clause (i)) in trust for such purpose (x) money
          in the currency in which payment of the Securities of such series is
          to be made in an amount, or (y) Government Obligations with respect to
          such series, maturing as to principal and interest at such times and
          in such amounts as will ensure the availability of money in the
          currency in which payment of the Securities of such series is to be
          made in an amount or (z) a combination thereof, which will be
          sufficient, in the opinion (in the case of clauses (y) and (z)) of a
          nationally recognized firm of independent public accountants expressed
          in a written certification thereof delivered to the Trustee, to pay
          and discharge the entire indebtedness on the Securities of such series
          for principal and interest to the date of such deposit (in the case of
          Securities which have become due and payable) or for principal,
          premium, if any, and interest to the Stated Maturity or Redemption
          Date, as the case may be; or

               (C) the Company and the Subsidiary Guarantors have properly
          fulfilled such other means of satisfaction and discharge as is
          specified, as contemplated by Section 2.01, to be applicable to the
          Securities of such series;

          (2) the Company or a Subsidiary Guarantor has paid or caused to be
paid all other sums payable by them hereunder with respect to the Securities of
such series; and

          (3) the Company has delivered to the Trustee an Officers' Certificate
stating that all conditions precedent to satisfaction and discharge of this
Indenture with respect to the Securities of such series have been complied with,
together with an Opinion of Counsel to the same effect.

                                       40

<PAGE>

          (b) Unless this Section 8.01(b) is specified as not being applicable
to Securities of a series as contemplated by Section 2.01, the Company may, at
its option, terminate certain of its and the Subsidiary Guarantors' respective
obligations under this Indenture ("covenant defeasance") with respect to the
Securities of a series if:

          (1) the Company or a Subsidiary Guarantor has irrevocably deposited or
     caused to be irrevocably deposited with the Trustee as trust funds in trust
     for the purpose of making the following payments, specifically pledged as
     security for and dedicated solely to the benefit of the Holders of
     Securities of such series, (i) money in the currency in which payment of
     the Securities of such series is to be made in an amount, or (ii)
     Government Obligations with respect to such series, maturing as to
     principal and interest at such times and in such amounts as will ensure the
     availability of money in the currency in which payment of the Securities of
     such series is to be made in an amount or (iii) a combination thereof, that
     is sufficient, in the opinion (in the case of clauses (ii) and (iii)) of a
     nationally recognized firm of independent public accountants expressed in a
     written certification thereof delivered to the Trustee, to pay the
     principal of and premium (if any) and interest on all Securities of such
     series on each date that such principal, premium (if any) or interest is
     due and payable and (at the Stated Maturity thereof or upon redemption as
     provided in Section 8.01(e)) to pay all other sums payable by it hereunder;
     provided that the Trustee shall have been irrevocably instructed to apply
     such money and/or the proceeds of such Government Obligations to the
     payment of said principal, premium (if any) and interest with respect to
     the Securities of such series as the same shall become due;

          (2) the Company has delivered to the Trustee an Officers' Certificate
     stating that all conditions precedent to satisfaction and discharge of this
     Indenture with respect to the Securities of such series have been complied
     with, and an Opinion of Counsel to the same effect;

          (3) no Default or Event of Default with respect to the Securities of
     such series shall have occurred and be continuing on the date of such
     deposit;

          (4) the Company shall have delivered to the Trustee an Opinion of
     Counsel from a nationally recognized counsel acceptable to the Trustee or a
     private letter ruling issued by the United States Internal Revenue Service
     to the effect that the Holders will not recognize income, gain or loss for
     United States Federal income tax purposes as a result of the Company's
     exercise of its option under this Section 8.01(b) and will be subject to
     United States Federal income tax on the same amount and in the same manner
     and at the same times as would have been the case if such option had not
     been exercised;

          (5) the Company and the Subsidiary Guarantors have complied with any
     additional conditions specified pursuant to Section 2.01 to be applicable
     to the discharge of Securities of such series pursuant to this Section
     8.01; and

          (6) such deposit and discharge shall not cause the Trustee to have a
     conflicting interest as defined in TIA (S) 310(b).

                                       41

<PAGE>

          In such event, this Indenture shall cease to be of further effect
(except as set forth in this paragraph), and the Trustee, on demand of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge under this Indenture. However, the Company's and the Subsidiary
Guarantors' respective obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09,
4.01, 4.02, 7.07, 7.08, 8.04 and 10.01, the Trustee's and Paying Agent's
obligations in Section 8.03 and the rights, powers, protections and privileges
accorded the Trustee under Article VII shall survive until all Securities of
such series are no longer outstanding. Thereafter, only the Company's
obligations in Section 7.07 and the Trustee's and Paying Agent's obligations in
Section 8.03 shall survive with respect to Securities of such series.

          After such irrevocable deposit made pursuant to this Section 8.01(b)
and satisfaction of the other conditions set forth herein, the Trustee upon
request shall acknowledge in writing the discharge of the Company's and the
Subsidiary Guarantors' obligations under this Indenture with respect to the
Securities of such series except for those surviving obligations specified
above.

          In order to have money available on a payment date to pay principal of
or premium (if any) or interest on the Securities, the Government Obligations
shall be payable as to principal or interest on or before such payment date in
such amounts as will provide the necessary money. Government Obligations shall
not be callable at the issuer's option.

          (c) If the Company and the Subsidiary Guarantors have previously
complied or are concurrently complying with Section 8.01(b) (other than any
additional conditions specified pursuant to Section 2.01 that are expressly
applicable only to covenant defeasance) with respect to Securities of a series,
then, unless this Section 8.01(c) is specified as not being applicable to
Securities of such series as contemplated by Section 2.01, the Company may elect
that its and the Subsidiary Guarantors' respective obligations to make payments
with respect to Securities of such series be discharged ("legal defeasance"),
if:

          (1) no Default or Event of Default under clauses (5) and (6) of
     Section 6.01 hereof shall have occurred at any time during the period
     ending on the 91st day after the date of deposit contemplated by Section
     8.01(b) (it being understood that this condition shall not be deemed
     satisfied until the expiration of such period);

          (2) unless otherwise specified with respect to Securities of such
     series as contemplated by Section 2.01, the Company has delivered to the
     Trustee an Opinion of Counsel from a nationally recognized counsel
     acceptable to the Trustee to the effect referred to in Section 8.01(b)(4)
     with respect to such legal defeasance, which opinion is based on (i) a
     private letter ruling issued by the United States Internal Revenue Service
     addressed to the Company, (ii) a published ruling of the United States
     Internal Revenue Service pertaining to a comparable form of transaction or
     (iii) a change in the applicable United States Federal income tax law
     (including regulations) after the date of this Indenture;

          (3) the Company and the Subsidiary Guarantors have complied with any
     other conditions specified pursuant to Section 2.01 to be applicable to the
     legal defeasance of Securities of such series pursuant to this Section
     8.01(c); and

                                       42

<PAGE>

          (4) the Company has delivered to the Trustee a Company Request
     requesting such legal defeasance of the Securities of such series and an
     Officers' Certificate stating that all conditions precedent with respect to
     such legal defeasance of the Securities of such series have been complied
     with, together with an Opinion of Counsel to the same effect.

          In such event, the Company and the Subsidiary Guarantors will be
discharged from their respective obligations under this Indenture and the
Securities of such series to pay principal of, premium (if any) and interest on
and any Additional Amounts with respect to Securities of such series, the
Company's and the Subsidiary Guarantors' respective obligations under Sections
4.01, 4.02 and 10.01 shall terminate with respect to such Securities, and the
entire indebtedness of the Company evidenced by such Securities and of the
Subsidiary Guarantors evidenced by the related Guarantee shall be deemed paid
and discharged.

          (d) If and to the extent additional or alternative means of
satisfaction, discharge or defeasance of Securities of a series are specified to
be applicable to such series as contemplated by Section 2.01, each of the
Company and the Subsidiary Guarantors may terminate any or all of its
obligations under this Indenture with respect to Securities of a series and any
or all of its obligations under the Securities of such series if it fulfills
such other means of satisfaction and discharge as may be so specified, as
contemplated by Section 2.01, to be applicable to the Securities of such series.

          (e) If Securities of any series subject to subsection (a), (b), (c)
or (d) of this Section 8.01 are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption provisions or in accordance with any
mandatory or optional sinking fund provisions, the terms of the applicable trust
arrangement shall provide for such redemption, and the Company shall make such
arrangements as are reasonably satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the
Company.

SECTION 8.02 Application of Trust Money.

          The Trustee or a trustee satisfactory to the Trustee and the Company
shall hold in trust money or Government Obligations deposited with it pursuant
to Section 8.01 hereof. It shall apply the deposited money and the money from
Government Obligations through the Paying Agent and in accordance with this
Indenture to the payment of principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the series with respect
to which the deposit was made.

SECTION 8.03 Repayment to Company or Subsidiary Guarantor.

          The Trustee and the Paying Agent shall promptly pay to the Company or
any Subsidiary Guarantor any excess money or Government Obligations (or proceeds
therefrom) held by them at any time upon the written request of the Company.

          Subject to the requirements of any applicable abandoned property laws,
the Trustee and the Paying Agent shall pay to the Company upon written request
any money held by them for the payment of principal, premium (if any), interest
or any Additional Amounts that remain unclaimed for two years after the date
upon which such payment shall have become due.

                                       43

<PAGE>

After payment to the Company, Holders entitled to the money must look to the
Company for payment as general creditors unless an applicable abandoned property
law designates another Person, and all liability of the Trustee and the Paying
Agent with respect to such money shall cease.

SECTION 8.04 Reinstatement.

          If the Trustee or the Paying Agent is unable to apply any money or
Government Obligations deposited with respect to Securities of any series in
accordance with Section 8.01 by reason of any legal proceeding or by reason of
any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the obligations of the
Company and the Subsidiary Guarantors under this Indenture with respect to the
Securities of such series and under the Securities of such series shall be
revived and reinstated as though no deposit had occurred pursuant to Section
8.01 until such time as the Trustee or the Paying Agent is permitted to apply
all such money or Government Obligations in accordance with Section 8.01;
provided, however, that if the Company or any Subsidiary Guarantor has made any
payment of principal of, premium (if any) or interest on or any Additional
Amounts with respect to any Securities because of the reinstatement of its
obligations, the Company or such Subsidiary Guarantor, as the case may be, shall
be subrogated to the rights of the Holders of such Securities to receive such
payment from the money or Government Obligations held by the Trustee or the
Paying Agent.

                                   ARTICLE IX
                     SUPPLEMENTAL INDENTURES AND AMENDMENTS

SECTION 9.01 Without Consent of Holders.

          The Company, the Subsidiary Guarantors and the Trustee may amend or
supplement this Indenture or the Securities or waive any provision hereof or
thereof without the consent of any Holder:

          (1) to cure any ambiguity, omission, defect or inconsistency;

          (2) to comply with Section 5.01;

          (3) to provide for uncertificated Securities in addition to or in
     place of certificated Securities, or to provide for the issuance of bearer
     Securities (with or without coupons);

          (4) to provide any security for, or to add any guarantees of or
     additional obligors on, any series of Securities or the related Guarantee;

          (5) to comply with any requirement in order to effect or maintain the
     qualification of this Indenture under the TIA;

          (6) to add to the covenants of the Company or any Subsidiary Guarantor
     for the benefit of the Holders of all or any series of Securities (and if
     such covenants are to be for the benefit of less than all series of
     Securities, stating that such covenants are

                                       44

<PAGE>

     expressly being included solely for the benefit of such series), or to
     surrender any right or power herein conferred upon the Company or any
     Subsidiary Guarantor;

          (7) to add any additional Events of Default with respect to all or any
     series of the Securities (and, if any such Event of Default is applicable
     to less than all series of Securities, specifying the series to which such
     Event of Default is applicable);

          (8) to change or eliminate any of the provisions of this Indenture;
     provided that any such change or elimination shall become effective only
     when there is no outstanding Security of any series created prior to the
     execution of such amendment or supplemental indenture that is adversely
     affected in any material respect by such change in or elimination of such
     provision;

          (9) to establish the form or terms of Securities of any series as
     permitted by Section 2.01;

          (10) to supplement any of the provisions of this Indenture to such
     extent as shall be necessary to permit or facilitate the defeasance and
     discharge of any series of Securities pursuant to Section 8.01; provided,
     however, that any such action shall not adversely affect the interest of
     the Holders of Securities of such series or any other series of Securities
     in any material respect; or

          (11) to evidence and provide for the acceptance of appointment
     hereunder by a successor Trustee with respect to the Securities of one or
     more series and to add to or change any of the provisions of this Indenture
     as shall be necessary to provide for or facilitate the administration of
     the trusts hereunder by more than one Trustee, pursuant to the requirements
     of Section 7.08.

          Upon the request of the Company, accompanied by a Board Resolution,
and upon receipt by the Trustee of the documents described in Section 9.06, the
Trustee shall, subject to Section 9.06, join with the Company and the Subsidiary
Guarantors in the execution of any supplemental indenture authorized or
permitted by the terms of this Indenture and make any further appropriate
agreements and stipulations that may be therein contained.

SECTION 9.02 With Consent of Holders.

          Except as provided below in this Section 9.02, the Company, the
Subsidiary Guarantors and the Trustee may amend or supplement this Indenture
with the consent (including consents obtained in connection with a tender offer
or exchange offer for Securities of any one or more series or all series or a
solicitation of consents in respect of Securities of any one or more series or
all series, provided that in each case such offer or solicitation is made to all
Holders of then outstanding Securities of each such series (but the terms of
such offer or solicitation may vary from series to series)) of the Holders of at
least a majority in principal amount of the then outstanding Securities of all
series affected by such amendment or supplement (acting as one class).

          Upon the request of the Company, accompanied by a Board Resolution,
and upon the filing with the Trustee of evidence of the consent of the Holders
as aforesaid, and upon

                                       45

<PAGE>

receipt by the Trustee of the documents described in Section 9.06, the Trustee
shall, subject to Section 9.06, join with the Company and the Subsidiary
Guarantors in the execution of such amendment or supplemental indenture.

          It shall not be necessary for the consent of the Holders under this
Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the
substance thereof.

          The Holders of a majority in principal amount of the then outstanding
Securities of one or more series or of all series (acting as one class) may
waive compliance in a particular instance by the Company or any Subsidiary
Guarantor with any provision of this Indenture with respect to Securities of
such series (including waivers obtained in connection with a tender offer or
exchange offer for Securities of such series or a solicitation of consents in
respect of Securities of such series, provided that in each case such offer or
solicitation is made to all Holders of then outstanding Securities of such
series (but the terms of such offer or solicitation may vary from series to
series)).

          However, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.02 may not:

          (1) reduce the amount of Securities whose Holders must consent to an
     amendment, supplement or waiver;

          (2) reduce the rate of or change the time for payment of interest,
     including default interest, on any Security;

          (3) reduce the principal of, any premium on or any mandatory sinking
     fund payment with respect to, or change the Stated Maturity of, any
     Security or reduce the amount of the principal of an Original Issue
     Discount Security that would be due and payable upon a declaration of
     acceleration of the Maturity thereof pursuant to Section 6.02;

          (4) reduce the premium, if any, payable upon the redemption of any
     Security or change the time at which any Security may or shall be redeemed;

          (5) change any obligation of the Company or any Subsidiary Guarantor
     to pay Additional Amounts with respect to any Security;

          (6) change the coin or currency or currencies (including composite
     currencies) in which any Security or any premium, interest or Additional
     Amounts with respect thereto are payable;

          (7) impair the right to institute suit for the enforcement of any
     payment of principal of, premium (if any) or interest on or any Additional
     Amounts with respect to any Security pursuant to Sections 6.07 and 6.08,
     except as limited by Section 6.06;

                                       46

<PAGE>

          (8) make any change in the percentage of principal amount of
     Securities necessary to waive compliance with certain provisions of this
     Indenture pursuant to Section 6.04 or 6.07 or make any change in this
     sentence of Section 9.02;

          (9) waive a continuing Default or Event of Default in the payment of
     principal of, premium (if any) or interest on or Additional Amounts with
     respect to the Securities;

          (10) except as provided in Section 10.04, release any Subsidiary
     Guarantor or modify the Guarantee in any manner adverse to the Holders; or

          (11) if applicable, make any change that materially and adversely
     affects the right to convert any Security.

          A supplemental indenture that changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for
the benefit of one or more particular series of Securities, or which modifies
the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

          The right of any Holder to participate in any consent required or
sought pursuant to any provision of this Indenture (and the obligation of the
Company or any Subsidiary Guarantor to obtain any such consent otherwise
required from such Holder) may be subject to the requirement that such Holder
shall have been the Holder of record of any Securities with respect to which
such consent is required or sought as of a date identified by the Company or
such Subsidiary Guarantor in a notice furnished to Holders in accordance with
the terms of this Indenture.

          After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Company shall mail to the Holders of each Security
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Company to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amendment, supplement or waiver.

SECTION 9.03 Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the Securities
shall comply in form and substance with the TIA as then in effect.

SECTION 9.04 Revocation and Effect of Consents.

          Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as
the consenting Holder's Security, even if notation of the consent is not made on
any Security. However, any such Holder or subsequent Holder may revoke the
consent as to his or her Security or portion of a Security if the Trustee
receives written notice of revocation before a date and time therefor identified
by the Company or any Subsidiary Guarantor in a notice furnished to such Holder
in accordance with the terms of this Indenture or, if no such date and time
shall be identified, the date the amendment,

                                       47

<PAGE>

supplement or waiver becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every
Holder.

          The Company or any Subsidiary Guarantor may, but shall not be
obligated to, fix a record date (which need not comply with TIA (S) 316(c)) for
the purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver or to take any other action under this Indenture. If a
record date is fixed, then notwithstanding the provisions of the immediately
preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to
consent to such amendment, supplement or waiver or to revoke any consent
previously given, whether or not such Persons continue to be Holders after such
record date. No consent shall be valid or effective for more than 90 days after
such record date unless consents from Holders of the principal amount of
Securities required hereunder for such amendment or waiver to be effective shall
have also been given and not revoked within such 90-day period.

          After an amendment, supplement or waiver becomes effective, it shall
bind every Holder, unless it is of the type described in any of clauses (1)
through (9) of Section 9.02 hereof. In such case, the amendment, supplement or
waiver shall bind each Holder who has consented to it and every subsequent
Holder that evidences the same debt as the consenting Holder's Security.

SECTION 9.05 Notation on or Exchange of Securities.

          If an amendment or supplement changes the terms of an outstanding
Security, the Company may require the Holder of the Security to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Security at
the request of the Company regarding the changed terms and return it to the
Holder. Alternatively, if the Company so determines, the Company in exchange for
the Security shall issue, the Subsidiary Guarantors shall execute and the
Trustee shall authenticate a new Security that reflects the changed terms.
Failure to make the appropriate notation or to issue a new Security shall not
affect the validity of such amendment or supplement.

          Securities of any series authenticated and delivered after the
execution of any amendment or supplement may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such amendment or supplement.

SECTION 9.06 Trustee to Sign Amendments, etc.

          The Trustee shall sign any amendment or supplement authorized pursuant
to this Article if the amendment or supplement does not adversely affect the
rights, duties, liabilities or immunities of the Trustee. If it does, the
Trustee may, but need not, sign it. In signing or refusing to sign such
amendment or supplement, the Trustee shall be entitled to receive, in addition
to the documents required by Section 11.04, and, subject to Section 7.01 hereof,
shall be fully protected in relying upon, an Opinion of Counsel provided at the
expense of the Company or a Subsidiary Guarantor to the effect that such
amendment or supplement is authorized or permitted by this Indenture.

                                       48

<PAGE>

                                    ARTICLE X
                                    GUARANTEE

SECTION 10.01 Guarantee.

          (a) Notwithstanding any provision of this Article X to the contrary,
the provisions of this Article X relating to the Subsidiary Guarantors shall be
applicable only to, and inure solely to the benefit of, the Securities of any
series designated, pursuant to Section 2.01, as entitled to the benefits of the
Guarantee of each of the Subsidiary Guarantors.

          (b) For value received, each of the Subsidiary Guarantors hereby
fully, unconditionally and absolutely guarantees (the "Guarantee") to the
Holders and to the Trustee the due and punctual payment of the principal of, and
premium, if any, and interest on the Securities and all other amounts due and
payable under this Indenture and the Securities by the Company, when and as such
principal, premium, if any, and interest shall become due and payable, whether
at the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise, according to the terms of the Securities and this Indenture, subject
to the limitations set forth in Section 10.03.

          (c) Failing payment when due of any amount guaranteed pursuant to the
Guarantee, for whatever reason, each of the Subsidiary Guarantors will be
jointly and severally obligated to pay the same immediately. The Guarantee
hereunder is intended to be a general, unsecured, senior obligation of each of
the Subsidiary Guarantors and will rank pari passu in right of payment with all
Borrowed Money Indebtedness of such Subsidiary Guarantor that is not, by its
terms, expressly subordinated in right of payment to the Guarantee. Each of the
Subsidiary Guarantors hereby agrees that its obligations hereunder shall be
full, unconditional and absolute, irrespective of the validity, regularity or
enforceability of the Securities, the Guarantee (including the Guarantee of any
Subsidiary Guarantor) or this Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder of the Securities with respect to
any provisions hereof or thereof, the recovery of any judgment against the
Company or any Subsidiary Guarantor, or any action to enforce the same or any
other circumstances which might otherwise constitute a legal or equitable
discharge or defense of the Subsidiary Guarantors. Each of the Subsidiary
Guarantors hereby agrees that in the event of a default in payment of the
principal of, or premium, if any, or interest on the Securities, whether at the
Stated Maturity or by declaration of acceleration, call for redemption or
otherwise, legal proceedings may be instituted by the Trustee on behalf of the
Holders or, subject to Section 6.06, by the Holders, on the terms and conditions
set forth in this Indenture, directly against such Subsidiary Guarantor to
enforce such Guarantee without first proceeding against the Company or any other
Subsidiary Guarantor.

          (d) The obligations of each of the Subsidiary Guarantors under this
Article X shall be as aforesaid full, unconditional and absolute and shall not
be impaired, modified, released or limited by any occurrence or condition
whatsoever, including, without limitation, (i) any compromise, settlement,
release, waiver, renewal, extension, indulgence or modification of, or any
change in, any of the obligations and liabilities of the Company or any of the
Subsidiary Guarantors contained in the Securities or this Indenture, (ii) any
impairment, modification, release or limitation of the liability of the Company,
any of the Subsidiary Guarantors or any of their estates in bankruptcy, or any
remedy for the enforcement thereof, resulting from the

                                       49

<PAGE>

operation of any present or future provision of any applicable Bankruptcy Law,
as amended, or other statute or from the decision of any court, (iii) the
assertion or exercise by the Company, any of the Subsidiary Guarantors or the
Trustee of any rights or remedies under the Securities or this Indenture or
their delay in or failure to assert or exercise any such rights or remedies,
(iv) the assignment or the purported assignment of any property as security for
the Securities, including all or any part of the rights of the Company or any of
the Subsidiary Guarantors under this Indenture, (v) the extension of the time
for payment by the Company or any of the Subsidiary Guarantors of any payments
or other sums or any part thereof owing or payable under any of the terms and
provisions of the Securities or this Indenture or of the time for performance by
the Company or any of the Subsidiary Guarantors of any other obligations under
or arising out of any such terms and provisions or the extension or the renewal
of any thereof, (vi) the modification or amendment (whether material or
otherwise) of any duty, agreement or obligation of the Company or any of the
Subsidiary Guarantors set forth in this Indenture, (vii) the voluntary or
involuntary liquidation, dissolution, sale or other disposition of all or
substantially all of the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar
proceeding affecting, the Company or any of the Subsidiary Guarantors or any of
their respective assets, or the disaffirmance of the Securities, the Guarantee
or this Indenture in any such proceeding, (viii) the release or discharge of the
Company or any of the Subsidiary Guarantors from the performance or observance
of any agreement, covenant, term or condition contained in any of such
instruments by operation of law, (ix) the unenforceability of the Securities,
the Guarantee or this Indenture or (x) any other circumstances (other than
payment in full or discharge of all amounts guaranteed pursuant to the
Guarantee) which might otherwise constitute a legal or equitable discharge of a
surety or guarantor.

          (e) Each of the Subsidiary Guarantors hereby (i) waives diligence,
presentment, demand of payment, filing of claims with a court in the event of
the merger, insolvency or bankruptcy of the Company or any of the Subsidiary
Guarantors, and all demands whatsoever, (ii) acknowledges that any agreement,
instrument or document evidencing the Guarantee may be transferred and that the
benefit of its obligations hereunder shall extend to each holder of any
agreement, instrument or document evidencing the Guarantee without notice to it
and (iii) covenants that the Guarantee will not be discharged except by complete
performance of the Guarantee. Each of the Subsidiary Guarantors further agrees
that if at any time all or any part of any payment theretofore applied by any
Person to the Guarantee is, or must be, rescinded or returned for any reason
whatsoever, including, without limitation, the insolvency, bankruptcy or
reorganization of the Company or any of the Subsidiary Guarantors, the Guarantee
shall, to the extent that such payment is or must be rescinded or returned, be
deemed to have continued in existence notwithstanding such application, and the
Guarantee shall continue to be effective or be reinstated, as the case may be,
as though such application had not been made.

          (f) Each of the Subsidiary Guarantors shall be subrogated to all
rights of the Holders and the Trustee against the Company in respect of any
amounts paid by such Subsidiary Guarantor pursuant to the provisions of this
Indenture; provided, however, that such Subsidiary Guarantor, shall not be
entitled to enforce or to receive any payments arising out of, or based upon,
such right of subrogation until all of the Securities and the Guarantee shall
have been paid in full or discharged.

                                       50

<PAGE>

SECTION 10.02 Execution and Delivery of Guarantee.

          To further evidence the Guarantee set forth in Section 10.01, each of
the Subsidiary Guarantors hereby agrees that a notation relating to such
Guarantee, substantially in the form attached hereto as Annex A, shall be
endorsed on each Security entitled to the benefits of the Guarantee
authenticated and delivered by the Trustee and executed by either manual or
facsimile signature of an Officer of such Subsidiary Guarantor. Each of the
Subsidiary Guarantors hereby agrees that the Guarantee set forth in Section
10.01 shall remain in full force and effect notwithstanding any failure to
endorse on each Security a notation relating to the Guarantee. If any Officer of
a Subsidiary Guarantor, whose signature is on this Indenture or a Security no
longer holds that office at the time the Trustee authenticates such Security or
at any time thereafter, the Guarantee of such Security shall be valid
nevertheless. The delivery of any Security by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Subsidiary Guarantors.

SECTION 10.03 Limitation on Liability of the Subsidiary Guarantors.

          Each Subsidiary Guarantor and by its acceptance hereof each Holder of
a Security entitled to the benefits of the Guarantee hereby confirm that it is
the intention of all such parties that the guarantee by such Subsidiary
Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or
conveyance for purposes of any federal or state law. To effectuate the foregoing
intention, the Holders of a Security entitled to the benefits of the Guarantee
and the Subsidiary Guarantors hereby irrevocably agree that the obligations of
each Subsidiary Guarantor under its Guarantee shall be limited to the maximum
amount as will, after giving effect to all other contingent and fixed
liabilities of such Subsidiary Guarantor and to any collections from or payments
made by or on behalf of any other Subsidiary Guarantor in respect of the
obligations of such other Subsidiary Guarantor under its Guarantee, result in
the obligations of such Subsidiary Guarantor under the Guarantee not
constituting a fraudulent conveyance or fraudulent transfer under federal or
state law.

SECTION 10.04 Release of Subsidiary Guarantors from Guarantee.

          (a) Notwithstanding any other provisions of this Indenture, the
Guarantee of any Subsidiary Guarantor may be released upon the terms and subject
to the conditions set forth in this Section 10.04. Provided that no Default
shall have occurred and shall be continuing under this Indenture, any Guarantee
incurred by a Subsidiary Guarantor pursuant to this Article X shall be
unconditionally released and discharged (i) automatically upon (A) any sale,
exchange or transfer, whether by way of merger or otherwise, to any Person that
is not an Affiliate of the Company, of all of the Company's direct or indirect
equity interests in such Subsidiary Guarantor (provided such sale, exchange or
transfer is not prohibited by this Indenture) or (B) the merger of such
Subsidiary Guarantor into the Company or any other Subsidiary Guarantor or the
liquidation and dissolution of such Subsidiary Guarantor (in each case to the
extent not prohibited by this Indenture) or (ii) following delivery of a written
notice of such release or discharge by the Company to the Trustee, upon the
release or discharge of all guarantees by such Subsidiary Guarantor of any
Borrowed Money Indebtedness of the Company other than obligations arising under
this Indenture and any Securities issued hereunder, except a discharge or
release by or as a result of payment under such guarantees.

                                       51

<PAGE>

          (b) The Trustee shall deliver an appropriate instrument evidencing any
release of a Subsidiary Guarantor from the Guarantee upon receipt of a written
request of the Company accompanied by an Officers' Certificate and an Opinion of
Counsel that the Subsidiary Guarantor is entitled to such release in accordance
with the provisions of this Indenture. If the Subsidiary Guarantor is not so
released it shall remain liable for the full amount of principal of (and
premium, if any, on) and interest on the Securities entitled to the benefits of
such Guarantee as provided in this Indenture, subject to the limitations of
Section 10.03.

SECTION 10.05 Contribution.

          In order to provide for just and equitable contribution among the
Subsidiary Guarantors, the Subsidiary Guarantors hereby agree, inter se, that in
the event any payment or distribution is made by any Subsidiary Guarantor (a
"Funding Guarantor") under its Guarantee, such Funding Guarantor shall be
entitled to a contribution from each other Subsidiary Guarantor (as applicable)
in a pro rata amount based on the net assets of each Subsidiary Guarantor
(including the Funding Guarantor) for all payments, damages and expenses
incurred by that Funding Guarantor in discharging the Company's obligations with
respect to the Securities or any other Subsidiary Guarantor's obligations with
respect to its Guarantee.

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.01 Trust Indenture Act Controls.

          If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by operation of TIA (S) 318(c), the imposed duties shall
control.

SECTION 11.02 Notices.

          Any notice or communication by the Company, any Subsidiary Guarantor
or the Trustee to the others is duly given if in writing and delivered in person
or mailed by first-class mail (registered or certified, return receipt
requested), telex, facsimile or overnight air courier guaranteeing next day
delivery, to the other's address:

          If to the Company or the Subsidiary Guarantors:

          Westlake Chemical Corporation
          2801 Post Oak Boulevard
          Houston, Texas 77056
          Attn: General Counsel
          Telephone: (713) 960-9111
          Facsimile:

                                       52

<PAGE>

          If to the Trustee:

          Attn:
          Telephone:
          Facsimile:

          The Company, any Subsidiary Guarantor or the Trustee by notice to the
others may designate additional or different addresses for subsequent notices or
communications.

          All 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; when
answered back, if telexed; when receipt acknowledged, if by facsimile; and the
next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

          Any notice or communication to a Holder shall be mailed by first-class
mail, postage prepaid, to the Holder's address shown on the register kept by the
Registrar. Failure to mail a notice or communication to a Holder or any defect
in it shall not affect its sufficiency with respect to other Holders.

          If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it, except in the case of notice to the Trustee, it is duly given only
when received.

          If the Company or a Subsidiary Guarantor mails a notice or
communication to Holders, it shall mail a copy to the Company and the other
Subsidiary Guarantors, as the case may be, and to the Trustee and each Agent at
the same time.

          All notices or communications, including without limitation notices to
the Trustee, the Company or a Subsidiary Guarantor by Holders, shall be in
writing, except as otherwise set forth herein.

          In case by reason of the suspension of regular mail service, or by
reason of any other cause, it shall be impossible to mail any notice required by
this Indenture, then such method of notification as shall be made with the
approval of the Trustee shall constitute a sufficient mailing of such notice.

SECTION 11.03 Communication by Holders with Other Holders.

          Holders may communicate pursuant to TIA (S) 312(b) with other Holders
with respect to their rights under this Indenture or the Securities. The
Company, the Subsidiary Guarantors, the Trustee, the Registrar and anyone else
shall have the protection of TIA (S) 312(c).

                                       53

<PAGE>

SECTION 11.04 Certificate and Opinion as to Conditions Precedent.

          Upon any request or application by the Company or a Subsidiary
Guarantor to the Trustee to take any action under this Indenture, the Company or
such Subsidiary Guarantor, as the case may be, shall, if requested by the
Trustee, furnish to the Trustee at the expense of the Company or such Subsidiary
Guarantor, as the case may be:

          (1) an Officers' Certificate (which shall include the statements set
     forth in Section 11.05) stating that, in the opinion of the signers, all
     conditions precedent and covenants, if any, provided for in this Indenture
     relating to the proposed action have been complied with; and

          (2) an Opinion of Counsel (which shall include the statements set
     forth in Section 11.05 hereof) stating that, in the opinion of such
     counsel, all such conditions precedent and covenants have been complied
     with.

SECTION 11.05 Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA (S) 314(a)(4)) shall comply with the provisions of TIA
(S) 314(e) and shall include:

          (1) a statement that the Person making such certificate or opinion has
     read such covenant or condition;

          (2) a brief statement as to the nature and scope of the examination or
     investigation upon which the statements or opinions contained in such
     certificate or opinion are based;

          (3) a statement that, in the opinion of such Person, he or she has
     made such examination or investigation as is necessary to enable him or her
     to express an informed opinion as to whether or not such covenant or
     condition has been complied with; and

          (4) a statement as to whether or not, in the opinion of such Person,
     such condition or covenant has been complied with.

SECTION 11.06 Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or the Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

SECTION 11.07 Legal Holidays.

          If a payment date is a Legal Holiday at a Place of Payment, payment
may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.

                                       54

<PAGE>

SECTION 11.08 No Recourse Against Others.

          A director, officer, employee, stockholder, partner or other owner of
the Company, a Subsidiary Guarantor or the Trustee, as such, shall not have any
liability for any obligations of the Company under the Securities, for any
obligations of any Subsidiary Guarantor under the Guarantee, or for any
obligations of the Company, any Subsidiary Guarantor or the Trustee under this
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. Each Holder by accepting a Security waives and
releases all such liability. The waiver and release shall be part of the
consideration for the issuance of Securities.

SECTION 11.09 Governing Law.

          THIS INDENTURE, THE SECURITIES AND THE GUARANTEE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
EXCEPT TO THE EXTENT THE LAWS OF THE STATE OF NEW YORK REQUIRE THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION.

SECTION 11.10 No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company, any Subsidiary Guarantor or any Subsidiary. Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

SECTION 11.11 Successors.

          All agreements of the Company and the Subsidiary Guarantors in this
Indenture and the Securities shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successors.

SECTION 11.12 Severability.

          In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall, to the fullest extent permitted by applicable
law, not in any way be affected or impaired thereby.

SECTION 11.13 Counterpart Originals.

          The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

SECTION 11.14 Table of Contents, Headings, etc.

          The table of contents, cross-reference table and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way
modify or restrict any of the terms or provisions hereof.

                                       55

<PAGE>

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

                                        WESTLAKE CHEMICAL CORPORATION

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

                                        GEISMAR HOLDINGS, INC.

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

                                        GEISMAR VINYLS COMPANY LP

                                        By: GVGP, Inc., its General Partner

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

                                        GVGP, INC.

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

                                        NORTH AMERICAN BRISTOL CORPORATION

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

<PAGE>

                                        NORTH AMERICAN PIPE CORPORATION

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

                                        NORTH AMERICAN PROFILES, INC.

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

                                        VAN BUREN PIPE CORPORATION

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

                                        WESTECH BUILDING PRODUCTS, INC.

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

                                        WESTLAKE CHEMICAL HOLDINGS, INC.

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

<PAGE>

                                        WESTLAKE CHEMICAL INVESTMENTS, INC.

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

                                        WESTLAKE CHEMICAL MANUFACTURING, INC.

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

                                        WESTLAKE CHEMICAL PRODUCTS, INC.

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

                                        WESTLAKE DEVELOPMENT CORPORATION

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

                                        WESTLAKE INTERNATIONAL CORPORATION

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

<PAGE>

                                        WESTLAKE MANAGEMENT SERVICES, INC.

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

                                        WESTLAKE OLEFINS CORPORATION

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

                                        WESTLAKE PETROCHEMICALS LP

                                        By: Westlake Chemical Investments, Inc.,
                                            its General Partner

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

                                        WESTLAKE POLYMERS LP

                                        By: Westlake Chemical Investments, Inc.,
                                            its General Partner

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

                                        WESTLAKE PVC CORPORATION

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

<PAGE>

                                        WESTLAKE RESOURCES CORPORATION

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

                                        WESTLAKE STYRENE LP

                                        By: Westlake Chemical Holdings, Inc.,
                                            its General Partner

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

                                        WESTLAKE VINYL CORPORATION

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

                                        WESTLAKE VINYLS, INC.

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

                                        WPT LP

                                        By: Westlake Chemical Holdings, Inc.,
                                            its General Partner

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

<PAGE>

                                        [                   ], as Trustee
                                         -------------------

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

<PAGE>

                                     ANNEX A

                              NOTATION OF GUARANTEE

          Each of the Subsidiary Guarantors (which term includes any successor
Person under the Indenture) has fully, unconditionally and absolutely
guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture, the due and punctual payment of the principal of,
and premium, if any, and interest on the Securities and all other amounts due
and payable under the Indenture and the Securities by the Company.

          The obligations of the Subsidiary Guarantors to the Holders of
Securities and to the Trustee pursuant to the Guarantee and the Indenture are
expressly set forth in Article X of the Indenture and reference is hereby made
to the Indenture for the precise terms of the Guarantee.

                                        GEISMAR HOLDINGS, INC.

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

                                        GEISMAR VINYLS COMPANY LP

                                        By: GVGP, Inc., its General Partner

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

                                        GVGP, INC.

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

<PAGE>

                                        NORTH AMERICAN BRISTOL CORPORATION

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

                                        NORTH AMERICAN PIPE CORPORATION

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

                                        NORTH AMERICAN PROFILES, INC.

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

                                        VAN BUREN PIPE CORPORATION

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

                                        WESTECH BUILDING PRODUCTS, INC.

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

<PAGE>

                                        WESTLAKE CHEMICAL HOLDINGS, INC.

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

                                        WESTLAKE CHEMICAL INVESTMENTS, INC.

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

                                        WESTLAKE CHEMICAL MANUFACTURING, INC.

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

                                        WESTLAKE CHEMICAL PRODUCTS, INC.

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

                                        WESTLAKE DEVELOPMENT CORPORATION

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

<PAGE>

                                        WESTLAKE INTERNATIONAL CORPORATION

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

                                        WESTLAKE MANAGEMENT SERVICES, INC.

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

                                        WESTLAKE OLEFINS CORPORATION

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

                                        WESTLAKE PETROCHEMICALS LP

                                        By: Westlake Chemical Investments, Inc.,
                                            its General Partner

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

<PAGE>

                                        WESTLAKE POLYMERS LP

                                        By: Westlake Chemical Investments, Inc.,
                                            its General Partner

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

                                        WESTLAKE PVC CORPORATION

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

                                        WESTLAKE RESOURCES CORPORATION

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

                                        WESTLAKE STYRENE LP

                                        By: Westlake Chemical Holdings, Inc.,
                                            its General Partner

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

                                        WESTLAKE VINYL CORPORATION

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

<PAGE>

                                        WESTLAKE VINYLS, INC.

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

                                        WPT LP

                                        By: Westlake Chemical Holdings, Inc.,
                                            its General Partner

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

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