Document:

<PAGE>
                                                                   EXHIBIT 10.47

                                VECTOR GROUP LTD.
                          SUPPLEMENTAL RETIREMENT PLAN
                     (AS AMENDED AND RESTATED MARCH 3, 2004)

                  WHEREAS, VECTOR GROUP LTD., a Delaware corporation (the
"Company"), adopted the Vector Group Ltd. Supplemental Retirement Plan as of
January 1, 2002, as amended by Amendment No. 1 thereto entered into on January
21, 2003, for the purpose of providing certain select management employees of
the Company and its affiliates unfunded deferred compensation benefits payable
upon retirement, death or other termination of employment;

                  WHEREAS, the Board has the right under Section 8.2 of the Plan
to amend the Plan; and

                  WHEREAS, the Board desires to make certain additional
amendments to the Plan, to add additional Participants and to amend and restate
the Plan in its entirety.

                  NOW, THEREFORE, the Plan is amended and restated, as of
January 1, 2002, to read as follows:

                                    SECTION 1
                                   DEFINITIONS

                  Except as otherwise provided herein, the following terms shall
be defined in accordance with this Section 1:

<PAGE>

                  1.1 "Accrued Benefit" shall mean that amount of projected
annual retirement benefit set forth on Exhibit A hereto that a Participant who
fulfills the terms and conditions of the Plan would receive at his Normal
Retirement Date.

                  1.2 "Actuarial Equivalent" shall mean a form of benefit
differing in time, period or manner of payout from the normal form of retirement
benefit provided under the Plan but having the same value when computed using
post-retirement mortality table 1983 Group Annuity (50% male/50% female) and
pre- and post-retirement interest rates of 7.5%.

                  1.3 "Adopting Employer" means (a) any business entity in which
the Company owns a majority interest upon the Effective Date or (b) any other
business entity, which, following the Effective Date, is authorized by the Board
to adopt the Plan.

                  1.4 "Anniversary Date" shall mean the Effective Date and each
anniversary thereof while the Plan remains in effect.

                  1.5 "Board" shall mean the Board of Directors of the Company.

                  1.6 "Committee" shall mean the person, persons or entity
designated by the Company to administer the Plan on behalf of the Company and
the Adopting Employers.

                  1.7 "Company" shall mean Vector Group Ltd., a Delaware
corporation.

                                       2
<PAGE>

                  1.8 "Disability" shall mean the total inability of a
Participant to perform all of the material duties of the Participant's regular
occupation on a full-time basis due to sickness or injury.

                  1.9 "Disability Retirement Date" shall mean the date selected
by the Committee occurring no later than 30 days following the finding by the
Committee that a Participant who has incurred a Disability is unlikely to return
to active Service prior to attainment of his Normal Retirement Date.

                  1.10 "Effective Date" shall mean the date set forth in Section
8.1 of the Plan.

                  1.11 "Employer" shall mean the Company and any Adopting
Employer for which a Participant renders service.

                  1.12 "Employer Contribution" shall mean the contribution by an
Employer to the Fund for each Plan Year described in Section 3.1 hereof.

                  1.13 "Fiscal Year" shall mean the fiscal year of the Company.

                  1.14 "Fund" shall mean the fund established under the Trust
Fund Agreement.

                  1.15 "Normal Retirement Date" shall mean the January 1
following the Participant's attainment of the later of age 60 or the completion
of 8 Years of Participation with the Company or an Adopting Employer following
the Effective Date.

                                       3
<PAGE>

                  1.16 "Participant" shall mean any key employee of an Employer
who from time to time may be designated on Exhibit A hereto as a participant in
the Plan by the Board and who is an active participant in the Plan.

                  1.17 "Participant Payment Date" shall mean the date on which a
Participant's Accrued Benefit shall be paid either in whole or in part to the
Participant. Except as set forth in Section 6.4, such date shall be: (a) the
Disability Retirement Date of a Participant who has incurred a Disability, (b)
that date which falls 30 days following the Normal Retirement Date of a
Participant (as such date may be extended pursuant to Section 5.2 hereof), (c)
that date selected by the Board occurring no later than 6 months following the
death of a Participant, if the Participant's death takes place prior to any date
described in clauses (a), (b) or (d) of this Section 1.17, or (d) that date that
falls 30 days following the termination of the Service of a Participant without
cause (as defined in Section 4.4 hereof).

                  1.18 "Participation Ratio" shall mean that percentage equal to
a fraction, the numerator of which consists of that number of full Years of
Participation of the Participant in the Plan that were completed by the
Participant prior to the Participant's termination of Service or incurrence of a
Disability and the denominator of which consists of that total number of Years
of Participation that would have been required on the part of the Participant
for the Participant to attain the Participant's Normal Retirement Date.

                  1.19 "Plan" shall mean the Vector Group Ltd. Supplemental
Retirement Plan, as set forth herein and as the same may be amended from time to
time hereafter.

                                       4
<PAGE>

                  1.20 "Service" shall mean the period of full time continuous
employment of the Participant by the Company or an Adopting Employer, following
the Effective Date.

                  1.21 "Trust Fund Agreement" shall mean the Vector Group Ltd.
Supplemental Retirement Plan Trust, the purpose of which agreement is to hold
the Fund.

                  1.22 "Trustee" shall mean the trustee serving in such capacity
under the Trust Fund Agreement.

                  1.23 "Year of Participation" shall mean a Year of Service in
which the Participant participated in the Plan. A Participant shall be deemed to
have commenced participation in the Plan on the participation date set forth on
Exhibit A hereto.

                  1.24 "Year of Service" shall mean a 12 consecutive month
period, in each month of which a Participant is entitled to compensation by
reason of Service.

                                   SECTION 2
                           DESIGNATION OF PARTICIPANTS
                          AND ELIGIBILITY FOR BENEFITS

                  2.1 DESIGNATION OF PARTICIPANTS. The Participants shall be
those key employees of the Company or an Adopting Employer that the Board
designates to participate in the Plan.

                  2.2 ELIGIBILITY FOR BENEFITS. Except as otherwise provided
herein, benefits under the Plan shall be payable in respect of a Participant at
the Participant Payment Date applicable to the Participant and only by reason of
the circumstances provided in Sections 4.1 through 4.4 hereof.

                                       5
<PAGE>

                                   SECTION 3
                                  CONTRIBUTION

                  3.1 AMOUNT OF EMPLOYER CONTRIBUTION. For the Fiscal Year
ending with the Effective Date or within which falls the Effective Date and
thereafter for each Fiscal Year (or portion thereof) that the Plan remains in
effect, an Employer may, in the discretion of the Board, make an Employer
Contribution to the Fund in that amount that the Employer shall determine to be
necessary or appropriate to provide the benefits under the Plan.

                                   SECTION 4
                      CIRCUMSTANCES OF PAYMENT; EXCLUSIVITY

                  4.1 ATTAINMENT OF NORMAL RETIREMENT DATE. Upon the attainment
of a Participant of the Participant's Normal Retirement Date, the Participant
shall be vested in the Participant's Accrued Benefit, which shall be paid in the
manner set forth in Section 5 hereof to the Participant at the Participant
Payment Date of such Participant, as provided in Section 1.17(b) hereof.

                  4.2 DISABILITY. A Participant in the Service of an Employer
who incurs a Disability prior to the attainment of the Participant's Normal
Retirement Date shall be vested at the Participant's Disability Retirement Date
in that amount equal to: (i) the Actuarial Equivalent of the Participant's
Accrued Benefit, multiplied by (ii) the Participant's Participation Ratio, which
amount shall be paid in the manner set forth in Section 5 hereof to the
Participant at the Participant Payment Date of such Participant, as provided in
Section 1.17(a) hereof.

                                       6
<PAGE>

                  4.3 DEATH. In the event a Participant in the Service of an
Employer dies prior to incurring a Disability or attaining his Normal Retirement
Date, such Participant's beneficiary shall be vested in the Actuarial Equivalent
of the Participant's Accrued Benefit, which shall be paid in the manner set
forth in Section 5 hereof at the Participant Payment Date provided in Section
1.17(c) hereof.

                  4.4 TERMINATION OF SERVICE. In the event of the termination of
the Service of a Participant hereunder by an Employer without "cause" (as
defined herein), such Participant shall be vested upon the effective date of
such termination of Service in that amount equal to: (i) the Actuarial
Equivalent of the Participant's Accrued Benefit, multiplied by (ii) the
Participant's Participation Ratio, which amount shall be paid in the manner set
forth in Section 5 hereof at the Participant Payment Date provided in Section
1.17(d) hereof. For purposes of this Section 4.4, the term "cause" shall mean
solely an act of fraud or dishonesty by the Participant which constitutes a
violation of the penal law of the State of New York and which results in gain or
personal enrichment of the Participant at the expense of an Employer or any
entity affiliated therewith.

                  4.5 EXCLUSIVITY. A Participant whose Service is terminated
upon the Participant's own initiative or for any reason other than as set forth
in the foregoing provisions of this Section 4 shall be entitled to no benefits
whatsoever under the Plan.

                                       7
<PAGE>

                                    SECTION 5
                       METHOD AND RECIPIENTS OF PAYMENTS;
                               PLAN ADMINISTRATION

                  5.1 NORMAL PAYMENT METHOD AND RECIPIENTS OF PAYMENTS. The
normal form of distribution of the benefit payable to a Participant pursuant to
this Section 5.1, commencing upon the Participant Payment Date of the
Participant, shall be a monthly pension, payable, in the case of a Participant
who is married on such date, under a joint and survivor annuity that represents
the Actuarial Equivalent of a single life annuity, and in the case of a
Participant who is unmarried on such date, under a single life annuity. In the
event of the death of a Participant prior to the applicable Participant Payment
Date of the Participant, the amount of the death benefit payable in accordance
with Section 4.3 hereof shall be paid in a lump sum to the Participant's
beneficiary or beneficiaries theretofore designated by the Participant by filing
with the Participant's Employer or the Committee a notice in writing in such
form as the Committee may prescribe, and in the absence of such designation,
shall be paid to the executors or administrators of the estate of the
Participant. The beneficiaries named as aforesaid may be changed at any time by
the Participant by amending and forwarding to the Participant's Employer or the
Committee a further written designation.

                  5.2 EXTENSION OF PARTICIPANT PAYMENT DATE. With the prior
approval of the Company or an Adopting Employer, a Participant may elect to
defer the Participant's applicable Participant Payment Date described in Section
1.17(b) to a date no later than 30 days following the Participant's actual
termination of Service with the Company or an Adopting Employer, provided such
election is entered into prior to the commencement of that calendar year in

                                       8
<PAGE>

which would occur such otherwise applicable Participant Payment Date. In the
case of any extension of a Participant's applicable Participant Payment Date
authorized by this Section 5.2, the Participant shall be entitled upon his
actual Participant Payment Date to the Actuarial Equivalent of the Participant's
Accrued Benefit.

                  5.3 EXCEPTION TO NORMAL PAYOUT METHOD. Within the three-month
period ending 30 days prior to the applicable Participant Payment Date of a
Participant, a Participant may submit a request to the Committee in writing to
be paid the Accrued Benefit payable to the Participant commencing upon the
applicable Participant Payment Date in the form of a lump sum. The Committee
shall approve or disapprove such request in its discretion and notify the
Participant of its decision prior to the applicable Participant Payment Date of
the Participant.

                  5.4 PLAN ADMINISTRATION. The general administration of the
Plan shall be the responsibility of the Committee, which is hereby authorized,
in its discretion, to delegate said responsibilities to an administrator or
administrative committee.

                                   SECTION 6
                               SOURCE OF BENEFITS;
                           NO GUARANTEE OF EMPLOYMENT;
                        NO FUNDING; CONSTRUCTIVE RECEIPT

                  6.1 SOURCE OF BENEFITS. Benefits payable under the Plan shall
be payable either from the general assets of the Company or an Adopting Employer
or, in the discretion of the Board, from the Fund. No one of the Trustees,
directors, officers, agents or shareholders of the Company or an Adopting
Employer, or of the Committee or of any administrator or administrative
committee to which any function is delegated pursuant to Section 5.4 hereof,

                                       9
<PAGE>

assumes any personal liability for obligations incurred on behalf of the Company
or an Adopting Employer or under the Trust Agreement. No Participant's or
beneficiary's interest in a Participant's benefits under the Plan shall be
greater than that of an unsecured creditor of the Company or an Adopting
Employer.

                  6.2 NO GUARANTEE OF EMPLOYMENT. Nothing contained herein shall
be construed as a contract of employment or deemed to give any Participant the
right to be retained in the employ of any Employer.

                  6.3 UNFUNDED PLAN. In adopting the Plan and entering into the
Trust Fund Agreement, it is the intention of the Company and the Adopting
Employers that any benefits to be provided under the Plan shall be deemed
unfunded for tax and pension law purposes and that any assets acquired by or
held within the Trust shall not be deemed to constitute funding for the benefit
of the Participant, or the Participant's beneficiary or estate. Consequently, at
all times while the Plan is in effect, the Accrued Benefit of a Participant
shall be understood to reflect only a means for the measurement and
determination of the amounts to be paid to the Participant pursuant to the terms
of the Plan, and a Participant's Accrued Benefit shall not constitute or be
treated as a trust fund of any kind, nor shall any assets held under the Trust
be deemed to represent security for the performance of any obligation of the
Company or an Adopting Employer hereunder but shall at all times be, and remain,
their general, unpledged and unrestricted assets.

                  6.4 CONSTRUCTIVE RECEIPT. In the event that a final
determination shall be made by the Internal Revenue Service or any court of
competent jurisdiction that by reason of elections made or actions taken

                                       10
<PAGE>

hereunder a Participant has recognized gross income for federal, state or local
income tax purposes prior to the actual payment of benefits to such Participant
to which such gross income is attributable, the Committee shall authorize the
payment to the Participant in one lump sum, within 90 days following such final
determination, of an amount equal to such recognized income. Thereafter, the
Participant may be paid any remaining benefits available to the Participant
under the normal terms and conditions hereof, provided, however, that a
Participant who receives a distribution pursuant to the immediately preceding
sentence of this Section 6.4 shall have his future benefits reduced in an amount
equal to the Actuarial Equivalent of such distribution in such manner and at
such time as the Committee may determine.

                                   SECTION 7
                                NONASSIGNABILITY

                  7.1 No benefit payable hereunder may be assigned, pledged,
mortgaged or hypothecated and, except to the extent required by applicable law,
no such benefit shall be subject to legal process or attachment for the payment
of any claims of a creditor of a Participant or the beneficiary of such
Participant.

                                   SECTION 8
                    EFFECTIVE DATE; AMENDMENT AND TERMINATION

                  8.1 EFFECTIVE DATE. This Plan shall be effective as of January
1, 2002 and shall remain in effect through its termination, subject to the
provisions of Section 8.2 hereof.

                                       11
<PAGE>

                  8.2 AMENDMENT AND TERMINATION. The Board may at any time, or
from time to time, amend this Plan in any respect on a prospective basis or
terminate this Plan without restriction and without the consent of any
Participant or beneficiary, provided that any such amendment or termination
shall not impair the right of any Participant or any beneficiary to be paid
benefits earned and vested hereunder prior to such amendment or termination. In
the event of the termination of the Plan, each Participant shall be deemed to
have attained the Participant's Normal Retirement Date as of the date of such
termination, and the Participant's Accrued Benefit shall be paid to the
Participant in accordance with the terms of Sections 4 and 5 hereof.

                  8.3 PLAN SPONSOr. The Company shall be the sponsor and named
fiduciary of the Plan, which the Company and Adopting Employers have adopted for
the benefit of certain designated highly compensated and key management
personnel.

                                   SECTION 9
                                CLAIMS PROCEDURES

                  9.1 INITIAL CLAIM. If the Participant or the Participant's
beneficiary (hereinafter referred to as a "Claimant") is denied all or any
portion of an expected benefit under this Plan for any reason, the Claimant may
file a claim with the Committee. The Committee shall notify the Claimant within
60 days of its allowance or denial of the claim, unless the Claimant receives
written notice from the Committee prior to the end of the 60-day period stating
that special circumstances require an extension of the time for decision for an
additional period not to exceed an additional 60 days. The notice of the

                                       12
<PAGE>

Committee's decision shall be in writing, sent by mail to the Claimant's last
known address, and, if a denial of the claim, must contain the following
information:

                           (a) the specific reasons for denial;

                           (b) specific reference to pertinent provisions of the
Plan on which the denial is based; and

                           (c) if applicable, a description of any additional
information or material necessary to perfect the claim, an explanation of why
such information or material is necessary, and an explanation of the claims
review procedure.

                  9.2 REVIEW. A Claimant may request a review by the Committee
of any denial of the Claimant's claim by submitting in writing such a request
within 60 days of the mailing of notice of the denial. The Claimant or the
Claimant's representative shall be entitled to review all pertinent documents,
and to submit issues and comments in writing. Absent a request for review within
such 60-day period, the claim shall be deemed to be conclusively denied.

                                   SECTION 10
                                  MISCELLANEOUS

                  10.1 PAYMENT TO REPRESENTATIVES. If an individual entitled to
receive any benefits hereunder is determined by the Committee or is otherwise
adjudged to be legally incompetent, they shall be paid to such individual's duly
appointed and acting guardian, if any, and if no such guardian is appointed and
acting, to such persons as the Committee may designate for the benefit of such

                                       13
<PAGE>

individual. Such payment shall, to the extent made, be deemed a complete
discharge for such payments under the Plan.

                  10.2 TIMING OF PAYMENTS. If the Committee is unable to make
the determinations required under the Plan in sufficient time for payments to be
made when due, the Committee shall make such payments upon the completion of
such determinations with interest at a reasonable rate from such due date and
may, at its option, make provisional payments, subject to adjustment, pending
the completion of such determinations.

                  10.3 WITHHOLDING, ETC. The Employer shall deduct from each
payment under the Plan any Federal, state or local withholding or other taxes or
charges which an Employer would be required to deduct under applicable law, and
any amount so deducted shall be treated as a payment hereunder to the
Participant or the Participant's beneficiaries.

                  10.4 GOVERNING LAW. The provisions of this Plan shall be
construed according to the laws of the United States and the State of New York,
excluding the provisions of any such laws that would require the application of
the laws of another jurisdiction.

                  10.5 GENDER AND NUMBER. The masculine pronoun wherever used
shall include the feminine. Wherever any words are used herein in the singular,
they shall be construed as though they were also used in the plural in all cases
where they shall so apply.

                                       14
<PAGE>

                  10.6 BINDING EFFECT. This Agreement shall be binding upon the
Company and the Adopting Employers and their successors or assigns.

                  10.7 CAPTIONS. The captions at the head of an article, section
or a paragraph of the Plan are designed for convenience of reference only and
are not to be resorted to for the purposes of interpreting any provision of the
Plan, and in the case of any conflict with the text of the Plan, the text of the
Plan shall control.

                  10.8 SEVERABILITY. The invalidity of any portion of the Plan
shall not invalidate the remainder thereof, which shall continue in full force
and effect.

                  10.9 COMMUNICATIONS. Any election, application, claim, notice,
or other communication required or permitted to be made by a Participant
pursuant to the Plan shall be made in writing and in such form as the Committee
shall prescribe. Such communication or notice shall be effective upon receipt,
if sent by first class mail, postage prepaid, and addressed to the Committee,
c/o the Company's offices at 712 Fifth Avenue, New York, New York 10019-4108.

                  IN WITNESS WHEREOF, the Company has caused this amended and
restated Agreement to be executed in its name by its duly authorized officer on
March 3, 2004, to be effective as set forth above.

                                                     VECTOR GROUP LTD.

                                                       /S/ Richard J. Lampen
                                                     ---------------------------
                                                     By:  Authorized Signatory

                                       15
<PAGE>

                                   EXHIBIT A

<TABLE>
<CAPTION>

PARTICIPANT                                 PROJECTED RETIREMENT BENEFIT              PARTICIPATION DATE
-----------                                 ----------------------------              ------------------
<S>                                                   <C>                                   <C>
Bennett S. LeBow                                      $2,524,163                            1/1/02

Howard M. Lorber                                      $1,051,875                            1/1/02

Ronald J. Bernstein                                     $438,750                            1/1/02

Gregory Sulin                                           $148,500                            1/1/02

Timothy Jackson                                         $148,500                            1/1/02

Robert Bereman                                          $148,500                            1/1/02

Mark Conkling                                           $148,500                            1/1/02

Richard J. Lampen                                       $250,000                            1/1/04

Marc N. Bell                                            $200,000                            1/1/04

J. Bryant Kirkland III                                  $202,500                            1/1/04
</TABLE>

                                       16<PAGE>

                                                                     EXHIBIT 4.3

                           CERTIFICATE OF DESIGNATION
                                       OF
                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK
                                       OF
                      ORTHODONTIC CENTERS OF AMERICA, INC.

                     Pursuant to Section 151 of the General
                    Corporation Law of the State of Delaware

         Orthodontic Centers of America, Inc., a Delaware corporation ("OCA"),
through the undersigned duly authorized officer, in accordance with the
provisions of Sections 103 and 151 of the General Corporation Law of the State
of Delaware, DOES HEREBY CERTIFY:

         That, the Board of Directors of OCA on March 3, 2004, pursuant to the
authority conferred upon the Board of Directors by the Restated Certificate of
Incorporation of OCA (the "Certificate of Incorporation") and in accordance with
the provisions of Section 151 of the General Corporation Law of the State of
Delaware, adopted the following resolution creating a series of Preferred Stock,
par value $.01 per share:

         RESOLVED, that, pursuant to the authority expressly granted to and
vested in the Board of Directors of OCA in accordance with the provisions of
Article 4(b) of the Restated Certificate of Incorporation, a series of 500,000
shares of the Preferred Stock of the Company, par value $.01 per share, be, and
it hereby is, created and that the voting powers, designations, preferences and
relative, participating, optional and other special rights of the shares of such
series, and the qualifications, limitations or restrictions thereof are as
follows:

SERIES A JUNIOR PARTICIPATING PREFERRED STOCK:

         (a)      DESIGNATION AND AMOUNT. The shares of such series shall be
designated as "Series A Junior Participating Preferred Stock" (the "Series A
Junior Preferred Stock") and the number of shares constituting the Series A
Junior 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 Junior 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 OCA
convertible into Series A Junior Preferred Stock.

         (b)      DIVIDENDS AND DISTRIBUTIONS.

                  (i)      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 Junior Preferred Stock with respect to
         dividends, the holders of shares of Series A Junior Preferred Stock, in
         preference to the holders of Common Stock, $.01 par value per share
         (the "Common Stock"), of OCA, and of any 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 on the first business day of February, May, August and November
         in each year (each such date being referred to herein as a "Quarterly
         Dividend Payment Date") as provided in paragraphs (ii) and (iii) of
         this Section (b) in an amount per share (rounded to the nearest cent)
         equal to the greater of (A) $1.00 in cash or (B) subject to the
         provision for adjustment hereinafter set forth, 1,000 times the
         aggregate per share amount (payable in cash) of all cash dividends, and
         1,000 times the aggregate per share amount (payable in kind) of all
         non-cash dividends or other distributions, other than a dividend
         payable in shares of Common Stock or a subdivision of the outstanding
         shares of Common Stock (by reclassification or otherwise), declared on
         the Common Stock since the immediately preceding Quarterly Dividend
         Payment Date or with respect to the first Quarterly Dividend Payment
         Date, since the first issuance of any share or fraction of a share of
         Series A Junior Preferred Stock. If OCA 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)
         into a greater or lesser number of shares of Common Stock, then in each
         such

<PAGE>

         case the amount to which holders of shares of Series A Junior 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 was outstanding
         immediately prior to such event.

                  (ii)     OCA shall declare a dividend or distribution on the
         Series A Junior Preferred Stock as provided in paragraph (i) of this
         Section (b) immediately after it declares a dividend or distribution on
         the Common Stock (other than a dividend payable in shares of Common
         Stock); PROVIDED that, if 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 $1.00 per share payable in cash on the
         Series A Junior Preferred Stock shall nevertheless accrue and be
         cumulative on the outstanding shares of Series A Junior Preferred Stock
         as provided in paragraph (iii) of this Section (b).

                  (iii)    Dividends shall begin to accrue and be cumulative on
         outstanding shares of Series A Junior 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 Junior 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 Junior Preferred Stock in an amount less
         than the total amount of such dividends at the time accrued and payable
         on such shares shall be allocated pro rata on a share-by-share basis
         among all such shares at the time outstanding. The Board of Directors
         may fix a record date for the determination of holders of shares of
         Series A Junior 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.

         (c)      VOTING RIGHTS. The holders of shares of Series A Junior
Preferred Stock shall have the following voting rights:

                  (i)      Subject to the provisions for adjustment hereinafter
         set forth, each share of Series A Junior Preferred Stock shall entitle
         the holder thereof to 1,000 votes on all matters submitted to a vote of
         the stockholders of OCA. If OCA shall at any time declare or pay any
         dividend on Common Stock payable in shares of Common Stock, or effect a
         subdivision or combination of the outstanding shares of Common Stock
         (by reclassification or otherwise) 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 Junior 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 was outstanding immediately prior to such event.

                  (ii)     Except as otherwise provided herein, in the
         Certificate of Incorporation, as it may be amended from time to time,
         in any other Certificate of Designation creating a series of Preferred
         Stock or any similar stock, or by law, the holders of shares of Series
         A Junior Preferred Stock and the holders of shares of Common Stock and
         any other capital stock of OCA having general voting rights shall vote
         together as one class on all matters submitted to a vote of
         stockholders of OCA.

                  (iii)    Except as set forth herein or as otherwise provided
         by law, holders of Series A Junior 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.

                                       2

<PAGE>
         (d)      CERTAIN RESTRICTIONS.

                  (i)      Whenever quarterly dividends or other dividends or
         distributions payable on the Series A Junior Preferred Stock as
         provided in Section (b) are in arrears, thereafter and until all
         accrued and unpaid dividends and distributions, whether or not
         declared, on shares of Series A Junior Preferred Stock outstanding
         shall have been paid in full, or declared and a sum sufficient for the
         payment therefor be set apart for payment and be in the process of
         payment, OCA shall not:

                           (A)      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 Junior Preferred Stock;

                           (B)      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 Junior Preferred Stock, except
                  dividends paid ratably on the Series A Junior 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;

                           (C)      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 Junior Preferred Stock, PROVIDED that OCA may at
                  any time redeem, purchase or otherwise acquire shares of any
                  such junior stock in exchange for shares of any stock of OCA
                  ranking junior (as to both dividends and upon dissolution,
                  liquidation or winding up) to the Series A Junior Preferred
                  Stock; or

                           (D)      redeem or purchase or otherwise acquire for
                  consideration any shares of Series A Junior Preferred Stock or
                  any shares of stock ranking on a parity (either as to
                  dividends or upon liquidation, dissolution or winding up) with
                  the Series A Junior 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 holders of the respective
                  series or classes.

                  (ii)     OCA shall not permit any subsidiary of OCA to
         purchase or otherwise acquire for consideration any shares of stock of
         OCA unless OCA could, under paragraph (i) of this Section (d), purchase
         or otherwise acquire such shares at such time and in such manner.

         (e)      REACQUIRED SHARES. Any shares of Series A Junior Preferred
Stock purchased or otherwise acquired by OCA in any manner whatsoever shall be
retired and canceled promptly after the acquisition thereof. All such shares
shall upon their cancellation become authorized but unissued shares of Preferred
Stock and may be reissued as part of a new series of Preferred Stock subject to
the conditions and restrictions on issuance set forth herein, in the Certificate
of Incorporation, or in any other Certificate of Designation creating a series
of Preferred Stock or any similar stock or as otherwise required by law.

         (f)      LIQUIDATION, DISSOLUTION OR WINDING UP. Upon any liquidation,
dissolution or winding up of OCA, no distribution shall be made (i) to the
holders of shares of stock ranking junior (either as to dividends or as to
amounts payable upon liquidation, dissolution or winding up) to the Series A
Junior Preferred Stock unless, prior thereto, the holders of Series A Junior
Preferred Stock shall have received an amount per share (rounded to the nearest
cent) equal to the greater of (A) $1,000 per share, or (B) an amount per share,
subject to the provision for adjustment hereinafter set forth, equal to 1,000
times the aggregate amount to be distributed per share to holders of Common
Stock, plus, in either case, an amount equal to accrued and unpaid dividends and
distributions thereon, whether or not declared, to the date of such payment, or
(ii) to the holders of stock ranking on a parity (either as to dividends or as
to amounts payable upon liquidation, dissolution or winding up) with the Series
A Junior Preferred Stock, except distributions made ratably on the Series A
Junior 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. If OCA shall at any time declare or pay
any dividend on 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) into a greater or lesser number of
shares of Common Stock, then in

                                       3

<PAGE>

each such case the aggregate amount to which holders of shares of Series A
Junior Preferred Stock were entitled immediately prior to such event under the
proviso in clause (i)(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 was
outstanding immediately prior to such event.

         (g)      CONSOLIDATION, MERGER, ETC. If OCA 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
or any other property, or any combination thereof, then in any such case each
share of Series A Junior 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 1,000 times the aggregate amount of
stock, securities, cash or any other property (payable in kind), or any
combination thereof, as the case may be, into which or for which each share of
Common Stock is changed or exchanged. If OCA 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) 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
Junior 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 was outstanding immediately prior to such
event.

         (h)      REDEMPTION. The shares of Series A Junior Preferred Stock
shall not be redeemable. So long as any shares of Series A Junior Preferred
Stock remain outstanding, OCA shall not purchase or otherwise acquire for
consideration any shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series A Junior Preferred Stock
unless OCA shall substantially concurrently also purchase or acquire for
consideration a proportionate number of shares of Series A Junior Preferred
Stock.

         (i)      RANK. The Series A Junior Preferred Stock shall rank, with
respect to payment of dividends and the distribution of assets, junior to all
series of any other class of OCA's Preferred Stock; provided that any class or
series of OCA's Preferred Stock hereafter created may expressly provide that
such class or series shall be pari passu with the Series A Preferred Stock with
respect to the payment of dividends and distributions, voting rights and/or
distributions upon liquidation, dissolution or winding up of OCA.

         (j)      AMENDMENT. The Certificate of Incorporation of OCA shall not
be amended in any manner which would materially alter or change the powers,
preferences, privileges or special rights of the Series A Junior 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 Junior Preferred Stock,
voting together as a single class.

         IN WITNESS WHEREOF, this Certificate of Designation is executed on
behalf of OCA by its Chairman of the Board, President and Chief Executive
Officer, and attested by its Secretary, this 3rd day of March, 2004.

                             ORTHODONTIC CENTERS OF AMERICA, INC.

                             By: /s/ Bartholomew F. Palmisano, Sr.
                                 -------------------------------------------
                                 Bartholomew F. Palmisano, Sr.
                                 Chairman of the Board, President and
                                  Chief Executive Officer

ATTEST:

/s/ Bartholomew F. Palmisano, Jr.
-----------------------------------
Bartholomew F. Palmisano, Jr.
Secretary

                                       4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]