Document:

<PAGE>
                                                                     EXHIBIT 4.3

                                AMENDMENTS TO THE
                            ARTICLES OF INCORPORATION
                                       OF
                              SANDERSON FARMS, INC.

         Pursuant to the provisions of Section 10.06 of the Mississippi Business
Corporation Act, the undersigned corporation hereby amends its Articles of
Incorporation as follows:

                  1. Present Article SECOND is hereby deleted in its entirety
         and new Article

         SECOND is inserted to read:

                  "SECOND: The period of its duration is perpetual."

                  2. Present Article FOURTH is hereby deleted in its entirety
         and new Article FOURTH is inserted to read:

                  "FOURTH:

                  "Section 1. The aggregate number of shares which the
         corporation is authorized to issue is one hundred five million
         (105,000,000), divided into two classes. The designation of each class,
         the number of shares of each class and the par value, if any, of the
         shares of each class, or a statement that the shares of any class are
         without par value, are as follows:

<Table>
<Caption>
                                                                  PAR VALUE PER
                                                                SHARE OR STATEMENT
NUMBER OF                                  SERIES                THAT SHARES ARE
  SHARES                    CLASS         (IF ANY)              WITHOUT PAR VALUE
----------                  -----         --------              ------------------
<S>                       <C>             <C>                   <C>
100,000,000                Common         None                        $1.00

  5,000,000               Preferred       To be determined      To be determined
                                          by the Board of       by the Board of
                                          Directors before      Directors before
                                          issuance              issuance
</Table>

<PAGE>

                  "Section 2. The Board of Directors of the corporation shall
         have the authority to establish one or more series of the Preferred
         Stock authorized by these Articles of Incorporation and to determine,
         in whole or in part, the preferences, limitations and relative rights
         (within the limits set forth in Section 79-4-6.01, Mississippi Code
         1972, as amended) of (a) the Preferred Stock before the issuance
         thereof, or (b) one or more series of the Preferred Stock before the
         issuance of any shares of that series.

                  "Section 3. No amendment to the Articles of Incorporation of
         the corporation that would have the effect of reducing the number of
         authorized shares of Common Stock or Preferred Stock or would reduce
         the authority of the Board of Directors to fix terms or conditions
         relating to any series of Preferred Stock, or would have the effect of
         modifying the terms or conditions relating to any series of Preferred
         Stock, once established by the Board of Directors, shall be adopted
         unless such amendment shall receive the affirmative vote of at least
         75% of the total number of shares of Common Stock outstanding (in
         addition to and not in lieu of, any other vote required under the
         Mississippi Business Corporation Act); provided that this Section 3
         shall not apply to, and such 75% vote shall not be required for, any
         such amendment recommended to the stockholders in advance of adoption
         by the vote of at least two-thirds of the full Board of Directors of
         the corporation at a time when no person, corporation or other entity
         beneficially owns (for which purpose the definition of 'beneficial
         ownership' set forth in Article NINTH on the date on which this Article
         FOURTH becomes effective (without regard to any amendments to Article
         NINTH, unless specifically incorporated into this Article FOURTH) shall
         apply, but without regard to Paragraph 4 of Section 'B' thereof) 20% or
         more of the outstanding shares of Common Stock of the corporation or
         20% or more of the total voting power of the corporation entitled to
         vote with respect to such amendment."

         3. Present Articles SEVENTH is hereby deleted in its entirety and new
Article SEVENTH is inserted to read:

                  "SEVENTH:

                  "Section 1. The number of directors constituting the Board of
         Directors shall be fixed by the Board of Directors in the By-laws and
         may be changed by it from time to time.

                  "Section 2. The terms of directors of the corporation shall be
         staggered by dividing the total number of directors into three classes,
         with each class containing one-third, or as close to one-third as
         possible, of the total. With respect to directors who are elected at
         the first annual stockholders' meeting where a classified Board of
         Directors is elected, the terms of directors in the first class shall
         expire at the first annual

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         stockholders' meeting after their election, the terms of the second
         class shall expire at the second annual stockholders' meeting after
         their election, and the terms of the third class shall expire at the
         third annual stockholders' meeting after their election. At each annual
         stockholders' meeting held after such first meeting, directors shall be
         chosen for a term of three years to succeed those whose terms expire.

                  "Section 3. Directors shall be elected at each annual meeting
         or at any special meeting of stockholders called for that purpose by
         the affirmative vote of a majority, and not a plurality, of the shares
         entitled to vote and represented, in person or by proxy, at such
         meeting at which a quorum is present. There shall be no cumulative
         voting.

                  "Section 4. No amendment to this Article SEVENTH shall have
         the effect of shortening any term of office that commenced prior to the
         adoption of such amendment, unless such amendment specifically provides
         that it has that effect and is recommended to the stockholders in
         advance of adoption by the vote of at least two-thirds of the full
         Board of Directors of the corporation at a time when no person,
         corporation or other entity beneficially owns (for which purpose the
         definition of 'beneficial ownership' set forth in Article NINTH on the
         date on which this Article SEVENTH becomes effective (without regard to
         any amendments to Article NINTH, unless specifically incorporated into
         this Article SEVENTH) shall apply, but without regard to paragraph 4 of
         Section 'B' thereof) 20% or more of the outstanding shares of Common
         Stock of the corporation or 20% or more of the total voting power of
         the corporation entitled to vote with respect to such amendment."

         4. New Article NINTH is hereby added to read:

                  "NINTH: The provisions of the Mississippi Shareholder
         Protection Act, Sections 79-25-1 through 79-25-9, Mississippi Code 1972
         Annotated (the 'Act'), without regard to any future amendments thereto
         but with the modifications set forth below, shall apply to this
         corporation as if the corporation was a 'Corporation' as defined in the
         Act. The following modifications shall apply:

                  "A. The 80% vote required by Section 79-25-5(a) of the Act
         shall not apply, and the only vote required by this Article NINTH shall
         be the two-thirds vote required by Section 79-25-5(b).

                  "B. The term 'Beneficial Owner' is defined as follows for all
         purposes of this Article NINTH rather than as it is defined in Section
         79-25-3(d) of the Act.

                           "1. 'Beneficial Owner', when used with respect to any
                  voting stock, means any person (i) that, individually or with
                  any of its affiliates or associates, beneficially owns voting
                  stock, directly or indirectly; or (ii) that, individually or

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                  with any of its affiliates or associates, has: (A) the right
                  to acquire voting stock (whether such right is exercisable
                  immediately or only after the passage of time), pursuant to
                  any agreement, arrangement or understanding, or upon the
                  exercise of conversion rights, exchange rights, warrants or
                  options, or otherwise; provided, however, that a person shall
                  not be deemed the Beneficial Owner of, or to beneficially own,
                  voting stock tendered pursuant to a tender or exchange offer
                  made by or on behalf of such person or any of such person's
                  Affiliates or Associates until such tendered voting stock is
                  accepted for purchase or exchange; or (B) the right to vote
                  voting stock pursuant to any agreement, arrangement or
                  understanding; provided, however, that a person shall not be
                  deemed the Beneficial Owner of, or to beneficially own, any
                  voting stock if the agreement, arrangement or understanding to
                  vote such stock (1) arises solely from a revocable proxy or
                  consent given to such person in response to a public proxy or
                  consent solicitation made pursuant to, and in accordance with,
                  the applicable rules and regulations promulgated under the
                  Securities Exchange Act of 1934, as amended, and (2) is not
                  also then reportable on Schedule 13D under that Act (or any
                  comparable or successor report); or (iii) that has any
                  agreement, arrangement or understanding for the purpose of
                  acquiring, holding, voting, exercising investment power over,
                  or disposing of voting stock with any other person that
                  beneficially owns, or whose affiliates or associates
                  beneficially own, directly or indirectly, such shares of
                  voting stock.

                           "2. Notwithstanding anything in this definition of
                  beneficial ownership to the contrary, the phrase 'then
                  outstanding,' when used with reference to a person's
                  beneficial ownership of voting stock of the corporation, shall
                  mean the number of such voting stock not then actually issued
                  and outstanding which such person would be deemed to own
                  beneficially hereunder.

                           "3. Further notwithstanding the foregoing, in
                  determining as of any particular time whether any member of
                  the Sanderson Family (as such term is defined in paragraph 5
                  hereof) beneficially owns voting stock of the corporation,
                  such member shall not be considered to be the beneficial owner
                  of any share that constitutes a Family Share (as herein
                  defined) at that time, even if such share would, in the
                  absence of this paragraph, be deemed to be beneficially owned
                  by such member. A 'Family Share' is a share that meets the
                  description set forth in any of clauses (i) through (iv) below
                  and that, at the time as of which a determination of
                  beneficial ownership is to be made, continues to be a Family
                  Share pursuant to the provisions that follow those clauses. A
                  share is initially a 'Family Share' if: (i) on the date this
                  Article NINTH becomes effective ('Effective Date'), all or
                  substantially all of the economic benefit of owning such share
                  is enjoyed by one or more members of the Sanderson Family; or
                  (ii) such share is distributed after the Effective Date with
                  respect to a share that is a Family

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                  Share on the date of such distribution, in connection with any
                  stock dividend, stock split, recapitalization or similar
                  transaction affecting all shares of the same class or series
                  as the share with respect to which such distributed share is
                  distributed; or (iii) such share is issued after the Effective
                  Date upon exercise of any warrant, right or option that is
                  distributed with respect to a share that is a Family Share on
                  the date of such distribution, provided that such distribution
                  is made to all holders of shares of the same class or series
                  as the share with respect to which such warrant, right or
                  option is distributed, and further provided that at all times
                  after such distribution of such warrant, right or option
                  through the date of issuance of the share all or substantially
                  all of the economic benefit of ownership of such warrant,
                  right or option continues to be enjoyed, without interruption,
                  by any one or more members of the Sanderson Family (regardless
                  of any transfer of economic enjoyment from any such member to
                  any other such member); or (iv) all or substantially all of
                  the economic benefit of ownership of such share is acquired at
                  any time by a member of the Sanderson Family pursuant to the
                  Employee Stock Ownership Plan and Trust Agreement of Sanderson
                  Farms, Inc. and Affiliates (the 'ESOP') or pursuant to any
                  employee benefit plan of the Company approved by the Board of
                  Directors, and which is available without discrimination
                  either to all employees or all key employees of the
                  corporation. A share that is a 'Family Share' initially, in
                  accordance with the preceding sentence, continues to be a
                  'Family Share' thereafter only for so long as all or
                  substantially all of the economic benefit of ownership
                  continues, without interruption, to be enjoyed by any one or
                  more members of the Sanderson Family (regardless of any
                  transfer of economic benefit from any such member to any other
                  such member). A share ceases to be a 'Family Share' if all or
                  substantially all of the economic benefit of ownership is
                  transferred to, or becomes held by, a person who or which is
                  not a member of the Sanderson Family. Once a share ceases to
                  be a 'Family Share' it does not thereafter become a 'Family
                  Share' even if the economic benefit of its ownership is
                  reacquired by a member of the Sanderson Family, unless such
                  reacquisition is pursuant to a distribution or exercise of the
                  type described in clause (ii) or (iii) above, or is from the
                  ESOP or any employee benefit plan of the type described in
                  clause (iv) above. For all purposes of determining whether a
                  share is or remains a Family Share, shares shall not be
                  considered to be fungible. The economic benefit of ownership
                  of a share is deemed to be enjoyed by the person or persons
                  who are the principal beneficiaries of dividends and other
                  distributions made with respect to such share and of the
                  proceeds of any sale of such share. The beneficiary of a
                  trust, and not the trustee, enjoys the economic benefit of a
                  share owned by the trust. Similarly, the participant in any
                  employee benefit plan that owns a share allocated to that
                  participant, and not the trustee or plan administrator, enjoys
                  the economic benefit of ownership of that share. The economic
                  benefit of a share held by a corporation is enjoyed by that
                  corporation and not by its shareholders.

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                           "4. Solely for the purposes of this Article NINTH,
                  notwithstanding the foregoing, all shares which would, but for
                  the special provisions set forth in paragraph 3 hereof, be
                  deemed to be beneficially owned by such member of the
                  Sanderson Family (without regard to manner or time of
                  acquisition) shall be deemed beneficially owned by such member
                  (i) for purposes of receiving payment for shares held by such
                  member from an Interested Shareholder in a business
                  combination pursuant to the terms of the Act; or (ii) after
                  such time as such member is, in accordance with the above
                  rules for determining beneficial ownership, deemed to be an
                  Interested Shareholder pursuant to the Act and this Article
                  NINTH.

                           "5. Voting stock that, pursuant to the foregoing, is
                  not deemed beneficially owned by a member of the Sanderson
                  Family shall nevertheless be considered to be outstanding
                  shares for purposes of calculating beneficial ownership
                  percentages by such member of shares that are deemed
                  beneficially owned by such member, and for purposes of
                  calculating beneficial ownership of other persons. For
                  purposes of this Article NINTH, 'Sanderson Family' shall mean
                  the children and grandchildren of D. R. Sanderson and Wilma W.
                  Sanderson and the spouses of such children, but not the
                  spouses of such grandchildren and shall also mean the estate
                  of any of the foregoing persons.

                  "C. The supermajority vote required by the Act shall not apply
         to a business combination which has been approved by at least
         two-thirds of the Continuing Directors, and not by 80% of the
         Continuing Directors as provided in Section 79-25-7(c) of the Act.

                  "D. No amendment to this Article NINTH shall apply to any
         Business Combination with an Interested Shareholder who was an
         Interested Shareholder either on the date on which such amendment is
         proposed by the Board of Directors, or on the date on which such
         amendment is approved by the stockholders, unless such amendment (i)
         shall have been recommended to the stockholders in advance of adoption
         by the vote of at least two-thirds of the full Board of Directors of
         the corporation at a time when no person, corporation or other entity
         beneficially owns 20% or more of the outstanding shares of Common Stock
         of the corporation or 20% or more of the total voting power of the
         corporation entitled to vote with respect to such amendment, or (ii) is
         approved by at least two-thirds of the Continuing Directors."

         5. New Article TENTH is hereby added to read:

                  "TENTH: Any amendment to Articles SEVENTH, NINTH, TENTH,
         TWELFTH or THIRTEENTH of these Articles of Incorporation shall require
         the affirmative vote of at least two-thirds of the total number of
         shares of Common Stock

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<PAGE>

         outstanding (in addition to, and not in lieu of, any other vote
         required under the Mississippi Business Corporation Act); provided that
         such two-thirds vote shall not be required for any such amendment which
         is recommended to the stockholders in advance of adoption by the vote
         of at least two-thirds of the full Board of Directors of the
         corporation at a time when no person, corporation or other entity
         beneficially owns (for which purpose the definition of 'beneficial
         ownership' set forth in Article NINTH on the date on which this Article
         TENTH becomes effective (without regard to any amendments to Article
         NINTH, unless specifically incorporated into this Article TENTH) shall
         apply, but without regard to paragraph 4 of Section 'B' thereof) 20%
         or more of the outstanding shares of Common Stock of the corporation or
         20% or more of the total voting power of the corporation entitled to
         vote with respect to such amendment."

         6. New Article ELEVENTH is hereby added to read:

                  "ELEVENTH: The Board of Directors is authorized to adopt, and
         amend from time to time, a By-law that increases, over the percentage
         otherwise required by the Mississippi Business Corporation Act, the
         percentage ownership of all of the votes entitled to be cast on the
         issue to be considered at a special meeting that is necessary to call a
         special meeting of stockholders, and the percentage set forth in such
         By-law shall be deemed to be set forth herein."

         7. New Article TWELFTH is hereby added to read:

                  "TWELFTH: Any merger, consolidation, share exchange,
         combination of shares, sale of substantially all of the corporation's
         assets other than in the regular course of business or adoption of a
         plan of dissolution of the corporation shall require the affirmative
         vote of at least two-thirds of the total Common Stock outstanding and
         the affirmative vote of at least two-thirds of all of the votes
         entitled to be cast on such transaction by each voting group entitled
         to vote separately thereon."

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<PAGE>

         8. New Article THIRTEENTH is hereby added to read:

                  "THIRTEENTH: Any director of the corporation elected or
         appointed by the stockholders of the corporation or by its Board of
         Directors may be removed only by the vote of not less than two-thirds
         of the total outstanding Common Stock. Any vacancy on the Board of
         Directors resulting from the removal of a director as provided in this
         Article THIRTEENTH shall be filled by the stockholders; provided that,
         if the stockholders fail to fill any such vacancy within 90 days of the
         date that the director was removed, then the Board of Directors may
         fill such vacancy. No amendment hereto shall apply during any term of
         office that commenced prior to such amendment, unless such amendment
         specifically provides that it shall apply during any such term of
         office and is recommended to the stockholders in advance of adoption by
         the vote of at least two-thirds of the full Board of Directors of the
         corporation at a time when no person, corporation or other entity
         beneficially owns (for which purpose the definition of 'beneficial
         ownership' set forth in Article NINTH on the date on which this Article
         THIRTEENTH becomes effective (without regard to any amendments to
         Article NINTH, unless specifically incorporated into this Article
         THIRTEENTH) shall apply, but without regard to paragraph 4 of Section
         'B' thereof) 20% or more of the outstanding shares of Common Stock of
         the corporation or 20% or more of the total voting power of the
         corporation entitled to vote with respect to such amendment.
         Notwithstanding the foregoing, this Article THIRTEENTH shall not apply
         to any Director elected by any class (other than Common Stock) or
         series which may be or become entitled to elect a director voting as a
         separate class or series, and the removal of such a director shall be
         governed by the provisions relating to that class or series."

         Dated: April 21, 1989.

                                       SANDERSON FARMS, INC.

                                       BY: /s/ Joe Frank Sanderson
                                          --------------------------------------
                                          CHAIRMAN

                                       BY: /s/ Wyatt J. Davis, Jr.
                                          --------------------------------------
                                          SECRETARY

                                       8<PAGE>
                                                                     EXHIBIT 4.4

                           CERTIFICATE OF DESIGNATIONS

                                       of

                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

                                       of

                              SANDERSON FARMS, INC.

                      (Pursuant to Section 79-4-6.02 of the
                      Mississippi Business Corporation Law)

         Sanderson Farms, Inc., a Mississippi corporation (the "Corporation"),
hereby certifies that the following resolution was adopted by the Board of
Directors of the Corporation as required by Section 79-4-6.02 of the Business
Corporation Law at a meeting duly called and held on April 21, 1989:

         RESOLVED, that pursuant to the authority granted to and vested in the
Board of Directors of this Corporation (the "Board of Directors" or the "Board")
in accordance with the provisions of the Articles of Incorporation, the Board of
Directors hereby creates a series of Preferred Stock, par value $100.00 per
share (the "Preferred Stock"), of the Corporation and hereby states the
designation and number of shares, and fixes the preferences, limitations, and
relative rights thereof as follows:

                 Series A Junior Participating Preferred Stock:

         Section 1. Designation and Amount. The shares of such series shall be
designated as "Series A Junior Participating Preferred Stock" (the "Series A
Preferred Stock") and the number of shares constituting the Series A Preferred
Stock shall be 500,000. Such number of shares may be increased or decreased by
resolution of the Board of Directors; provided, that no decrease shall reduce
the number of shares of Series A Preferred Stock to a number less than the
number of shares then outstanding plus the number of shares reserved for
issuance upon the exercise of outstanding options, rights or warrants or upon
the conversion of any outstanding securities issued by the Corporation
convertible into Series A Preferred Stock.

         Section 2. Dividends and Distributions.

         (A) Subject to the rights of the holders of any shares of any series of
Preferred Stock (or any similar stock) ranking prior and superior to the Series
A Preferred Stock with respect to dividends, the holders of shares of Series A
Preferred Stock, in preference to the holders of Common Stock, par value $1.00
per share (the "Common Stock"), of the Corporation, and of any

<PAGE>

other junior stock, shall be entitled to receive, when, as and if declared by
the Board of Directors out of funds legally available for the purpose, quarterly
dividends payable in cash on the first day of March, June, September and
December in each year (each such date being referred to herein as a "Quarterly
Dividend Payment Date"), commencing on the first Quarterly Dividend Payment Date
after the first issuance of a share or fraction of a share of Series A Preferred
Stock, in an amount per share (rounded to the nearest cent) equal to the greater
of (a) $1 or (b) subject to the provision for adjustment hereinafter set forth,
100 times the aggregate per share amount of all cash dividends, and 100 times
the aggregate per share amount (payable in kind) of all non-cash dividends or
other distributions, other than a dividend payable in shares of Common Stock or
a subdivision of the outstanding shares of Common Stock (by reclassification or
otherwise), declared on the Common Stock since the immediately preceding
Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend
Payment Date, since the first issuance of any share or fraction of a share of
Series A Preferred Stock. In the event the Corporation shall at any time declare
or pay any dividend on the Common Stock payable in shares of Common Stock, or
effect a subdivision or combination or consolidation of the outstanding shares
of Common Stock (by reclassification or otherwise than by payment of a dividend
in shares of Common Stock) into a greater or lesser number of shares of Common
Stock, then in each such case the amount to which holders of shares of Series A
Preferred Stock were entitled immediately prior to such event under clause (b)
of the preceding sentence shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such
event.

         (B) The Corporation shall declare a dividend or distribution on the
Series A Preferred Stock as provided in paragraph (A) of this Section
immediately after it declares a dividend or distribution on the Common Stock
(other than a dividend payable in shares of Common Stock); provided that, in the
event no dividend or distribution shall have been declared on the Common Stock
during the period between any Quarterly Dividend Payment Date and the next
subsequent Quarterly Dividend Payment Date, a dividend of $1 per share on the
Series A Preferred Stock shall nevertheless be payable on such subsequent
Quarterly Dividend Payment Date.

         (C) Dividends shall begin to accrue and be cumulative on outstanding
shares of Series A Preferred Stock from the Quarterly Dividend Payment Date next
preceding the date of issue of such shares, unless the date of issue of such
shares is prior to the record date for the first Quarterly Dividend Payment
Date, in which case dividends on such shares shall begin to accrue from the date
of issue of such shares, or unless the date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders
of shares of Series A Preferred Stock entitled to receive a quarterly dividend
and before such Quarterly Dividend Payment Date, in either of which events such
dividends shall begin to accrue and be cumulative from such Quarterly Dividend
Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends
paid on the shares of Series A Preferred Stock in an amount less than the

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<PAGE>

total amount of such dividends at the time accrued and payable on such shares
shall be allocated pro rata on a share-by-share basis among all such shares at
the time outstanding. The Board of Directors may fix a record date for the
determination of holders of shares of Series A Preferred Stock entitled to
receive payment of a dividend or distribution declared thereon, which record
date shall be not more than 60 days prior to the date fixed for the payment
thereof.

         Section 3. Voting Rights. The holders of shares of Series A Preferred
Stock shall have the following voting rights:

         (A) Subject to the provision for adjustment hereinafter set forth, each
share of Series A Preferred Stock shall entitle the holder thereof to 100 votes
on all matters submitted to a vote for the stockholders of the Corporation. In
the event the Corporation shall at any time declare or pay any dividend on the
Common Stock payable in shares of Common Stock or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by
reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each
such case the number of votes per share to which holders of shares of Series A
Preferred Stock were entitled immediately prior to such event shall be adjusted
by multiplying such number by a fraction, the numerator of which is the number
of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

         (B) Except as otherwise provided herein, in any other Certificate of
Designations creating a series of Preferred Stock or any similar stock, or by
law, the holders of shares of Series A Preferred Stock and the holders of shares
of Common Stock and any other capital stock of the Corporation have general
voting rights shall vote together as one class on all matters submitted to a
vote of stockholders of the Corporation.

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

         Section 4. Certain Restrictions.

         (A) Whenever quarterly dividends or other dividends or distributions
payable on the Series A Preferred Stock as provided in Section 2 are in arrears,
thereafter and until all accrued and unpaid dividends and distributions, whether
or not declared, on shares of Series A Preferred Stock outstanding shall have
been paid in full, the Corporation shall not:

                                       3
<PAGE>

                  (i) declare or pay dividends, or make any other distributions,
         on any shares of stock ranking junior (either as to dividends or upon
         liquidation, dissolution or winding up) to the Series A Preferred
         Stock;

                  (ii) declare or pay dividends, or make any other
         distributions, on any shares of stock ranking on a parity (either as to
         dividends or upon liquidation, dissolution or winding up) with the
         Series A Preferred Stock except dividends paid ratably on the Series A
         Preferred Stock and all such parity stock on which dividends are
         payable or in arrears in proportion to the total amounts to which the
         holders of all such shares are then entitled;

                  (iii) redeem or purchase or otherwise acquire for
         consideration shares of any stock ranking junior (either as to
         dividends or upon liquidation, dissolution or winding up) to the Series
         A Preferred Stock, provided that the Corporation may at any time
         redeem, purchase or otherwise acquire shares of any such junior stock
         in exchange for shares of any stock of the Corporation ranking junior
         (either as to dividends or upon dissolution, liquidation or winding up)
         to the Series A Preferred Stock; or

                  (iv) redeem or purchase or otherwise acquire for consideration
         any shares of Series A Preferred Stock, or any shares of stock ranking
         on a parity with the Series A Preferred Stock, except in accordance
         with a purchase offer made in writing or by publication (as determined
         by the Board of Directors) to all holders of such shares upon such
         terms as the Board of Directors, after consideration of the respective
         annual dividend rates and other relative rights and preferences of the
         respective series and classes, shall determine in good faith will
         result in fair and equitable treatment among the respective series or
         classes.

         (B) The Corporation shall not permit any subsidiary of the Corporation
to purchase or otherwise acquire for consideration any shares of stock of the
Corporation unless the Corporation would, under paragraph (A) of this Section 4,
purchase or otherwise acquire such shares at such time and in such manner.

         Section 5. Reacquired Shares. Any shares of Series A Preferred Stock
purchased or otherwise acquired by the Corporation in any manner whatsoever
shall be retired and cancelled promptly after the acquisition thereof. All such
shares shall upon their cancellation become authorized but unissued shares of
Preferred Stock and may be reissued as part of a new series of Preferred Stock
subject to the conditions and restrictions on issuance set forth herein, in the
Articles of Incorporation, or in any other Certificate of Designations creating
a series of Preferred Stock or any similar stock or as otherwise required by
law.

         Section 6. Liquidation, Dissolution or Winding Up. Upon any
liquidation, dissolution or winding up of the Corporation, no distribution shall
be made (1) to the holders of

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<PAGE>

shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series A Preferred Stock unless, prior
thereto, the holders of shares of Series A Preferred Stock shall have received
$100 per share, plus an amount equal to accrued and unpaid dividends and
distributions thereon, whether or not declared, to the date of such payment,
provided that the holders of shares of Series A Preferred Stock shall be
entitled to receive an aggregate amount per share, subject to the provision for
adjustment hereinafter set forth, equal to 100 times the aggregate amount to be
distributed per share to holders of shares of Common Stock, or (2) to the
holders of shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A Preferred Stock,
except distributions made ratably on the Series A Preferred Stock and all such
parity stock in proportion to the total amounts to which the holders of all such
shares are entitled upon such liquidation, dissolution or winding up. In the
event the Corporation shall at any time declare or pay any dividend on the
Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by
reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each
such case the aggregate amount to which holders of shares of Series A Preferred
Stock were entitled immediately prior to such event under the provisio in clause
(1) of the preceding sentence shall be adjusted by multiplying such amount by a
fraction the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such
event.

         Section 7. Consolidation, Merger, etc. In case the corporation shall
enter into any consolidation, merger, combination or other transaction in which
the shares of Common Stock are exchanged for or changed into other stock or
securities, cash and/or any other property, then in any such case each share of
Series A Preferred Stock shall at the same time be similarly exchanged or
changed into an amount per share, subject to the provision for adjustment
hereinafter set forth, equal to 100 times the aggregate amount of stock,
securities, cash and/or any other property (payable in kind), as the case may
be, into which or for which each share of Common Stock is changed or exchanged.
In the event the Corporation shall at any time declare or pay any dividend on
the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by
reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each
such case the amount set forth in the preceding sentence with respect to the
exchange or change of shares of Series A Preferred Stock shall be adjusted by
multiplying such amount by a fraction, the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

                                       5
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         Section 8. No Redemption. The shares of Series A Preferred Stock shall
not be redeemable.

         Section 9. Rank. The Series A Preferred Stock shall rank, with respect
to the payment of dividends and the distribution of assets, junior to all series
of any other class of the Corporation's Preferred Stock.

         Section 10. Amendment. The Articles of Incorporation of the Corporation
shall not be amended in any manner which would materially alter or change the
powers, preferences or special rights of the Series A Preferred Stock so as to
affect them adversely without the affirmative vote of the holders of at least
two-thirds of the outstanding shares of Series A Preferred Stock, voting
together as a single class.

         IN WITNESS WHEREOF, this Certificate of Designations is executed on
behalf of the Corporation by its Chairman of the Board and attested by its
Secretary this 21st day of April, 1989.

                                      /s/ Joe Frank Sanderson
                                      ------------------------------------------
                                      Joe Frank Sanderson, Chairman of the Board

Attest:

/s/ Wyatt J. Davis, Jr.
-----------------------------
Secretary

                                       6

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