Document:

Share Purchase Agreement

 EXHIBIT 4.22 
  
  
  
 SHARE PURCHASE AGREEMENT 

 BETWEEN 
 UNIINVEST HOLDING AG, IN LIQUIDATION 
 AND 
 UNILENS VISION, INC. 
 Dated as of November 6, 2009 
  
  
  
  

 132 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1 INTERPRETATION
	  	134
			
	 1.1
	  	DEFINITIONS	  	134
	 1.2
	  	INTERPRETATION	  	136
	 1.3
	  	CURRENCY	  	137
		
	 ARTICLE 2 SALE AND PURCHASE
	  	137
			
	 2.1
	  	SALE AND PURCHASE OF SHARES	  	137
	 2.2
	  	PAYMENT OF THE SHARE PURCHASE PRICE	  	137
	 2.3
	  	DELIVERY OF THE SHARES	  	137
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	  	137
			
	 3.1
	  	PURCHASER’S REPRESENTATIONS	  	137
	 3.2
	  	VENDOR’S REPRESENTATIONS	  	138
		
	 ARTICLE 4 CONDITIONS AND COVENANTS
	  	139
			
	 4.1
	  	CONDITIONS – PURCHASER	  	139
	 4.2
	  	CONDITIONS - VENDOR	  	140
	 4.3
	  	MUTUAL CONDITIONS	  	140
	 4.4
	  	NON-SATISFACTION OF CONDITIONS	  	141
	 4.5
	  	CREDITORS’ RIGHT	  	141
	 4.6
	  	SPECIAL COMMITTEE DELIBERATIONS; MEETING OF SHAREHOLDERS	  	141
	 4.7
	  	FINANCING ARRANGEMENTS	  	141
	 4.8
	  	FURTHER ASSURANCES	  	142
		
	 ARTICLE 5 CLOSING
	  	142
			
	 5.1
	  	CLOSING	  	142
	 5.2
	  	PURCHASER’S DELIVERIES ON CLOSING	  	142
	 5.3
	  	VENDOR’S DELIVERIES ON CLOSING	  	143
	 5.4
	  	PURCHASER’S ACKNOWLEDGEMENT	  	143
	 5.5
	  	EFFECT OF AGREEMENT	  	143
	 5.6
	  	TERMINATION OF THIS AGREEMENT	  	143
		
	 ARTICLE 6 GENERAL
	  	144
			
	 6.1
	  	NOTICE	  	144
	 6.2
	  	TIME	  	145
	 6.3
	  	NON-SURVIVAL OF REPRESENTATIONS AND WARRANTIES	  	145
	 6.4
	  	BENEFIT OF AGREEMENT	  	145
	 6.5
	  	ENTIRE AGREEMENT	  	145
	 6.6
	  	SEVERABILITY	  	146
	 6.7
	  	FEES AND EXPENSES	  	146
	 6.8
	  	COMMISSION	  	146
	 6.9
	  	GOVERNING LAW	  	146
	 6.10
	  	JURISDICTION	  	146
	 6.11
	  	WAIVER OF JURY TRIAL	  	146
	 6.12
	  	PUBLIC DISCLOSURE	  	147
	 6.13
	  	COUNTERPARTS	  	147

  

 133 

 SHARE PURCHASE AGREEMENT 
 THIS AGREEMENT is made as of the ** day of November, 2009 
 BETWEEN: 
 UNIINVEST HOLDING AG, IN LIQUIDATION Zurich, Switzerland, duly represented by its bankruptcy
administrator, Dr. iur. Roger Giroud, Attorney at Law, Giroud & Anderes, Attorneys at Law, Seefeldstrasse 116, 8034 Zurich 
 (hereinafter referred to as the “Vendor”) 
 AND: 
 UNILENS VISION, INC., a British Columbia corporation duly represented by its President and Chief Executive
Officer, Michael J. Pecora, 10431 72nd Avenue North,
Largo, Florida 33777 
 (hereinafter referred to as the “Purchaser”) 
 WHEREAS: 
 A. The Vendor is the legal and
beneficial owner of 2,188,861 common shares of the Purchaser (the “Shares”). 
 B. The Vendor is in bankruptcy liquidation
under the Swiss Federal Statute on Debt Enforcement and Bankruptcy and has the power and authority to sell the Shares. 
 C. The Vendor has
agreed to sell to the Purchaser and the Purchaser has agreed to purchase from the Vendor all of the Vendor’s legal and beneficial interest in the Shares on the terms and conditions as hereinafter set forth. 
 NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and the mutual representations, warranties, agreements and covenants herein
contained (the receipt and adequacy of such consideration is hereby mutually admitted by each party), the parties hereby covenant and agree as follows: 
 ARTICLE 1 
 INTERPRETATION 
  

	1.1	Definitions 

 In this
Agreement the following words and phrases shall have the meanings set forth after each: 
 “Business Day” means any day except
Saturday or Sunday or any statutory holiday in the Province of British Columbia, the State of Florida or Zurich, Switzerland; 
 “Closing” means the successful completion of the transactions contemplated by this Agreement; 
  

 134 

 “Closing Date” means the Business Day that is five Business Days after expiry of the
Creditors’ Right with no higher offer being made by any creditor of the Vendor; 
 “Closing Time” means 8:00 a.m.
(Vancouver time) on the Closing Date or as otherwise agreed to by the parties; 
 “Commitment Letter” means the letter of
Regions Bank, Tampa, Florida, dated July 3, 2009, a copy of which has previously been provided by the Purchaser to the Vendor; 
 “Creditors’ Committee” means the committee of the creditors of the Vendor as established under Article 237 of the Swiss Federal Statute on Debt Enforcement and Bankruptcy; 
 “Creditors’ Committee Approval” means the final approval of the Creditors’ Committee to the sale of the Shares as contemplated by
this Agreement; 
 “Creditors’ Right” means the right of any creditor of the Vendor to make a higher bid for the Shares as
provided in article 256 paragraph 3 of the Swiss Federal Statute on Debt Enforcement and Bankruptcy; 
 “Majority of the Minority
Shareholders” means the holders of a simple majority of the Purchaser’s common shares that are present in person or by proxy at a special meeting of the Purchaser’s shareholders, excluding (i) the Shares and (ii) any of
the Purchaser’s common shares held by the Vendor’s officers, directors and control persons who are also insiders of the Purchaser, and their affiliates, and any other parties whose votes may not be counted for purposes of obtaining
minority shareholder approval in accordance with Policy 5.9 of the TSX Venture Exchange Corporate Finance Manual and Multilateral Instrument 61-101–Protection of Minority Security Holders in Special Transactions; 
 “Minority Approval” means the affirmative vote of a Majority of the Minority Shareholders approving this Agreement and the transactions
contemplated hereby at a special meeting of the Purchaser’s shareholders duly called and held for the purpose of considering the approval of this Agreement and the transactions contemplated hereby; 
 “Person” includes an individual, corporation, body corporate, limited liability company, partnership, joint venture, association, trust or
unincorporated organization or any trustee, executor, administrator or other legal representative thereof; 
 “Share Purchase
Price” means $3.15 per Share, for a total Share Purchase Price of $6,894,912.15. 
 “Shares” has the meaning ascribed
to it in Recital A; 
 “Special Committee” the Special Committee of the Board of Directors of the Purchaser established to
consider this Agreement and the transactions contemplated hereby. 
 “Vendor’s Counsel” means Farris, Vaughan,
Wills & Murphy LLP. 
  

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	1.2	Interpretation 

 For the
purposes of this Agreement, except as otherwise expressly provided herein: 
  

	 	(a)	“this Agreement” means this Agreement, as it may from time to time be supplemented or amended and in effect; 

  

	 	(b)	a reference to a Part is to part of this Agreement and the symbol § followed by a number or some combination of numbers and letters refers to the section,
subsection, paragraph, subparagraph, clause or sub clause of this Agreement so designated; 

  

	 	(c)	the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular section, paragraph, subparagraph or other subdivision, unless otherwise specifically indicated; 

  

	 	(d)	the singular of any term includes the plural and vice versa and the use of any term is equally applicable to any gender and where applicable, a body corporate;

  

	 	(e)	the word “or” is not exclusive and the word “including” is not limiting (whether or not non-limiting language such as “without limitation”
or “but not limited to” or other words of similar import is used with reference thereto); 

  

	 	(f)	except as otherwise provided, any reference to a statute includes and is a reference to such statute and to the regulations made pursuant thereto with all amendments
made thereto and in force from time to time, and to any statute or regulations that may be passed which have the effect of supplementing or superseding such statute or such regulations; 

  

	 	(g)	where the phrase “to the best of the knowledge of” or phrases of similar import are used in this Agreement, it shall mean that the Person or Persons in
respect of whom the phrase is stating same to such Person’s actual knowledge, without having to undertake an independent investigation, unless it is stated to have been made after reasonable due inquiry; 

  

	 	(h)	the headings to the sections and subsections of this Agreement are inserted for convenience only and do not form a part of this Agreement and are not intended to
interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof; 

  

	 	(i)	any reference to an entity includes and is also a reference to any entity that is a successor to such entity; and 

  

	 	(j)	the language in all parts of this Agreement shall in all cases be construed as a whole and neither strictly for nor strictly against any of the parties.

  

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	1.3	Currency 

 All dollar
amounts specified in this Agreement are in U.S. dollars unless specified otherwise. 
 ARTICLE 2 
 SALE AND PURCHASE 
  

	2.1	Sale and Purchase of Shares 

 Subject to the terms and conditions hereof, the Vendor shall sell to the Purchaser, and the Purchaser shall purchase, the Shares at the Closing Time on the Closing Date. 
  

	2.2	Payment of the Share Purchase Price 

 At the Closing Time, the Purchaser shall pay the total Share Purchase Price to the Vendor by wire transfer to an account designated by the Vendor. The Vendor shall provide the Purchaser with notice in
writing of the Vendor’s wire transfer instructions a reasonable time prior to the Closing Date. 
  

	2.3	Delivery of the Shares 

 At the Closing Time, the Vendor shall deliver the share certificates(s) for the Shares with one or more duly endorsed share transfer powers or stock powers of attorney to the Purchaser. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
  

	3.1	Purchaser’s Representations 

 The Purchaser represents and warrants to the Vendor as follows: 
  

	 	(a)	the Purchaser is a corporation duly incorporated under the laws of British Columbia; 

  

	 	(b)	the Purchaser has all necessary corporate power, authority and capacity to execute and deliver this Agreement and to perform its obligations hereunder and, after the
Minority Approval is obtained, the consummation of the transactions contemplated herein shall have been duly authorized by all necessary corporate action on the part of the Purchaser; 

  

	 	(c)	the Purchaser is not a party to, bound or affected by or subject to any indenture, agreement, instrument, charter or bylaw provision, law, regulation, order, judgment
or decree which would be violated, contravened or breached by the signing and delivery by it of this Agreement or the performance by it of any of the terms contained herein; 

  

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	 	(d)	there is no suit, action, litigation, arbitration proceeding or governmental proceeding, including appeals and applications for review, in progress, pending or, to the
best of the Purchaser’s knowledge, threatened against or relating to the Purchaser or any judgment, decree, injunction, rule or order of any court, governmental department, commission, agency, instrumentality or arbitrator which, in any case,
might adversely affect the ability of the Purchaser to enter into this Agreement or to consummate the transactions contemplated therein; 

  

	 	(e)	this Agreement and all other documents contemplated hereunder to which the Purchaser is (or will be) a party to in order to complete the transactions contemplated
herein have been (or will be) duly and validly signed and delivered by the Purchaser and constitute (or will constitute) legal, valid and binding obligations of the Purchaser enforceable in accordance with the terms hereof or thereof; and

  

	 	(f)	pursuant to the Commitment Letter, Regions Bank has committed to provide financing to the Purchaser for the purchase of the Shares, subject to the various covenants and
conditions set forth therein. To the best of the knowledge of the Purchaser, there is currently no reason to believe that it will be unable to comply with such covenants or to fulfill such conditions, and the Purchaser has received no notice or
indication from Regions Bank to the effect that the Commitment Letter may be terminated or rescinded or that the commitment may not be fulfilled. 

  

	3.2	Vendor’s Representations 

 The Vendor represents and warrants to the Purchaser as follows: 
  

	 	(a)	the Vendor is a corporation duly incorporated and validly existing under the laws of Switzerland but is in bankruptcy proceedings with a view to dissolution, under the
Swiss Federal Statute on Debt Enforcement and Bankruptcy; 

  

	 	(b)	subject to receiving the Creditors’ Committee Approval and subject to the Creditors’ Right, the Vendor has all requisite power and authority to sign this
Agreement and to complete the transactions contemplated herein. The signing and delivery by the Vendor of this Agreement and the consummation of the transactions contemplated herein by the Vendor has been duly authorized by all necessary action on
the part of the Vendor. Subject to receiving the Creditors’ Committee Approval and subject to the Creditors’ Right, the Vendor has duly signed this Agreement, and this Agreement and all other documents contemplated hereunder to which the
Vendor will be a party to complete the transactions contemplated herein, have and will constitute legal, valid and binding obligations of the Vendor, enforceable against the Vendor in accordance with the terms hereof or thereof.

  

	 	(c)	the Vendor is the sole registered and beneficial owner of the Shares, with good title thereto, and, other than the Creditors Right and the rights of the Purchaser
hereunder, the Shares are, and will be transferred to the Purchaser, free and clear of all options, rights, claims, charges, liens, security interests or other encumbrances of any nature. The Shares are not subject to any voting trust, voting
agreement or shareholder agreement. The Vendor has the exclusive right to dispose of the Shares and, other than the Creditors’ Committee Approval, no consent, waiver, authorization or license of, or any filing with or notice to, any third party
is required for the transfer of the Shares to the Purchaser; 

  

 138 

	 	(d)	the Vendor is not a party to, and the Vendor and the Shares are not bound or affected by or subject to, any indenture, agreement, instrument, charter or bylaw
provision, law, regulation, order, judgment or decree which would be violated, contravened or breached by the signing and delivery by it of this Agreement or the performance by it of any of the terms contained herein subject to compliance with the
Creditors’ Right; 

  

	 	(e)	there is no suit, action, litigation, arbitration proceeding or governmental proceeding, including appeals and applications for review, in progress, pending or, to the
best of the Vendor’s knowledge, threatened against or relating to the Vendor or any judgment, decree, injunction, rule or order of any court, governmental department, commission, agency, instrumentality or arbitrator which, in any case, will
adversely affect the ability of the Vendor to enter into this Agreement or to consummate the transactions contemplated herein; and 

  

	 	(f)	the Vendor is a non-resident of Canada for the purposes of the Income Tax Act (Canada) and a resident of Switzerland for purposes of the Canada-Switzerland Income Tax
Convention. 

 ARTICLE 4 
 CONDITIONS AND COVENANTS 
  

	4.1	Conditions – Purchaser 

 The obligation of the Purchaser to complete the transactions contemplated by this Agreement is subject to the following conditions being fulfilled or performed at or prior to the Closing Time: 
  

	 	(a)	all representations and warranties of the Vendor contained in this Agreement shall be true and correct as of the Closing Date in all material respects with the same
effect as though made on and as of that date; 

  

	 	(b)	the Vendor shall have performed each of its obligations under this Agreement to the extent required to be performed on or before the Closing Date;

  

	 	(c)	no action or proceedings shall be pending or threatened, and no temporary restraining order, preliminary or permanent injunction or other order shall have issued by any
court of competent jurisdiction, to restrain or prohibit the completion of the transactions contemplated by this Agreement; 

  

	 	(d)	the Special Committee shall have approved this Agreement and the transactions contemplated hereby and shall have obtained an opinion of an investment banking firm to
the effect that the consideration to be received by the Vendor pursuant to this Agreement is fair from a financial point of view to the minority shareholders of the Purchaser; and 

  

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	 	(e)	the Board of Directors of Purchaser shall have received the resignation of the Vendor’s nominee thereto. 

 The foregoing conditions are for the exclusive benefit of the Purchaser. Any condition may be waived by the Purchaser in whole or in part.
Any such waiver shall be binding on the Purchaser only if made in writing. 
  

	4.2	Conditions – Vendor 

 The obligation of the Vendor to complete the transactions contemplated by this Agreement, is subject to the following conditions being fulfilled or performed at or prior to the Closing Time: 
  

	 	(a)	all representations and warranties of the Purchaser contained in this Agreement shall be true and correct as of the Closing Date with the same effect as though made on
and as of that date; 

  

	 	(b)	the Purchaser shall have performed each of its obligations under this Agreement to the extent required to be performed on or before the Closing Date;

  

	 	(c)	no action or proceedings shall be pending or threatened, and no temporary restraining order, preliminary or permanent injunction or other order shall have issued by any
court of competent jurisdiction, to restrain or prohibit the completion of the transactions contemplated by this Agreement; and 

  

	 	(d)	the Vendor shall not have lost possession or control of the Shares or any of them as a result of any order of a court of competent jurisdiction or pursuant to the
exercise of the Creditors’ Right. 

 The foregoing conditions are for the exclusive benefit of the Vendor.
Any condition may be waived by the Vendor in whole or in part. Any such waiver shall be binding on the Vendor only if made in writing. 
  

	4.3	Mutual Conditions 

 The
obligations of the Vendor and the Purchaser to complete the transactions contemplated by this Agreement are subject to the conditions that: 
  

	 	(a)	the Creditors’ Committee Approval shall have been obtained; 

  

	 	(b)	as at the Closing Date, the Creditors’ Committee Approval shall not have been stayed, varied or vacated, and no order shall have been issued which restrains or
prohibits the completion of the transactions contemplated by this Agreement; 

  

	 	(c)	the Minority Approval shall have been obtained; and 

  

	 	(d)	no creditor of the Vendor shall have legally and validly exercised the Creditors’ Right. 

 The parties hereto acknowledge that the foregoing conditions are for the mutual benefit of the Vendor and the Purchaser and may not be
waived. 
  

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	4.4	Non-Satisfaction of Conditions 

 If any condition set out in §§ 4.1, 4.2 or 4.3 is not satisfied or performed prior to the time specified therefor, the party for whose benefit the condition is inserted may: 
  

	 	(a)	waive compliance with the condition in whole or in part in its sole discretion by written notice to the other party and without prejudice to any of its rights of
termination in the event of non-fulfillment of any other condition in whole or in part; or 

  

	 	(b)	the parties will endeavour to negotiate in good faith for a reasonable period not to exceed 30 days to determine how to complete the transaction contemplated by this
Agreement and give effect to the intent of this Agreement despite the condition that has not been satisfied; and 

  

	 	(c)	the provisions of § 5.6 shall apply. 

  

	4.5	Creditors’ Right 

 Forthwith after the Purchaser has obtained the Minority Approval, the bankruptcy administrator of the Purchaser shall give notice to its creditors as required under the Swiss Federal Statute on Debt Enforcement and Bankruptcy entitling them
to offer to purchase the Shares for a price higher than the Share Purchase Price, which notice will be open for acceptance for a period of 30 days (although the notice itself will provide creditors with 20 days to accept). The bankruptcy
administrator of the Purchaser shall prepare such notice and any related materials prior to the date of the special meeting of the holders of Purchaser’s common shares contemplated by this Agreement, so that they are ready for distribution
forthwith after the Purchaser has obtained the Minority Approval. 
  

	4.6	Special Committee Deliberations; Meeting of Shareholders 

 Purchaser shall cause the Special Committee, as promptly as is practicable to (i) retain an investment banking firm to render a fairness opinion as described in § 4.1(e), (ii) meet and
consider the approval of this Agreement and the transactions contemplated hereby and (iii) recommend such approval to its Board of Directors. Purchaser shall cause the Board of Directors to approve this Agreement and the transactions
contemplated hereby, to call a special meeting of the holders of Purchaser’s common shares and to approve the related proxy solicitation materials. Promptly after the execution of this Agreement, and in any event on or before November 30,
2009, the Purchaser shall call a special meeting of the holders of its common shares to approve the transactions contemplated hereby and to be held as promptly as practicable for the purpose of considering and approving this Agreement, and Purchaser
shall use its reasonable best efforts to complete and furnish to its shareholders a notice of special meeting and appropriate proxy solicitation materials that conform in all material respects to applicable law and to solicit the votes required for
the Minority Approval. 
  

	4.7	Financing Arrangements 

 The Purchaser shall use its reasonable best efforts to complete the financing contemplated by the Commitment Letter as promptly as is practicable so that it has adequate funds on hand to perform its obligations under this Agreement on a
timely basis. 
  

 141 

	4.8	Further Assurances 

 Subject to the terms and conditions of this Agreement, each party agrees to use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable (a) to
satisfy (or cause the satisfaction of) the conditions set out in this Article 4 to the extent the same is within its control and to consummate and make effective as promptly as is practicable the transactions contemplated herein and (b) for the
discharge by each party of its respective obligations under this Agreement, including its obligations under applicable laws, in each case including the execution and delivery of such documents as the other party may reasonably require. Each of the
parties, where appropriate, shall reasonably cooperate with the other party in taking such actions. 
 ARTICLE 5

 CLOSING 
  

	5.1	Closing 

 The completion
of the transactions contemplated by this Agreement shall take place at the offices of Farris, Vaughan, Wills & Murphy LLP, 25th Floor, 700 West Georgia Street, Vancouver, British Columbia, at the Closing Time on the Closing Date or as
otherwise determined by mutual agreement of the parties in writing. All documents to be delivered at Closing shall be held in escrow and will not be released until confirmation from the Vendor’s bank that it has received the Share Purchase
Price as contemplated in § 2.2. 
  

	5.2	Purchaser’s Deliveries on Closing 

 At or before the Closing Time, the Purchaser shall provide, or sign and deliver, to the Vendor the following, each of which shall be in form and substance satisfactory to the Vendor, acting reasonably:

  

	 	(a)	payment of the Share Purchase Price in accordance with §§ 2.2 and 4.9, which shall be evidenced by a confirmation from the Vendor’s bank that it has
received the Share Purchase Price; 

  

	 	(b)	an acknowledgement of the Purchaser, signed by a senior officer of the Purchaser, dated the Closing Date, confirming that all of the representations and warranties of
the Purchaser contained in this Agreement are true and correct as of the Closing Date, with the same effect as though made on and as of the Closing Date; 

  

	 	(c)	an acknowledgement of the Purchaser signed by a senior officer of the Purchaser dated the Closing Date, that each of the conditions precedent in § 4.1 and 4.3 (to
its knowledge) of this Agreement has been fulfilled, performed or waived as of the Closing Date; and 

  

	 	(d)	such further and other documentation as is referred to in this Agreement or as the Vendor may reasonably require to give effect to this Agreement.

  

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	5.3	Vendor’s Deliveries on Closing 

 At or before the Time of Closing, the Vendor shall sign and deliver to the Purchaser the following, each of which shall be in form and substance satisfactory to the Purchaser, acting reasonably:

  

	 	(a)	one or more stock certificates evidencing all of the Shares, together with one or more related share transfer powers or stock power of attorney duly endorsed in blank
on behalf of the Vendor. 

  

	 	(b)	a copy of the Creditors’ Committee Approval certified by the bankruptcy administrator of the Vendor; 

  

	 	(c)	an acknowledgement of the Vendor, signed by the bankruptcy administrator of the Vendor, dated the Closing Date, confirming that all of the representations and
warranties of the Vendor contained in this Agreement are true and correct as of the Closing Date, with the same effect as though made on and as of the Closing Date; and 

  

	 	(d)	an acknowledgement of the Vendor, signed by the bankruptcy administrator of the Vendor, dated the Closing Date, that each of the conditions precedent in § 4.2 and
4.3 of this Agreement has been fulfilled, performed or waived as of the Closing Date. 

  

	5.4	Purchaser’s Acknowledgement 

 The Purchaser acknowledges and confirms its understanding that the Vendor is selling the right, title and interest of the Vendor in and to the Shares pursuant to the Vendor’s powers and as authorized under the laws of Switzerland.

  

	5.5	Effect of Agreement 

  

	 	(a)	Upon signing of this Agreement by the Purchaser and delivery to the Vendor or its agent of this Agreement, this Agreement shall be an irrevocable bona fide offer of the
Purchaser, open for acceptance and signing by the Vendor up to 5:00 p.m. (Vancouver time) on the fifth day following such delivery. 

  

	 	(b)	Upon signing of this Agreement by the Vendor this Agreement shall be a legal and binding obligation of both the Vendor and the Purchaser, subject only to the conditions
as set forth herein. 

  

	5.6	Termination of this Agreement 

 This Agreement may be terminated at any time prior to the Closing Date: 
  

	 	(a)	by the mutual consent of the Purchaser and the Vendor; 

  

	 	(b)	by the Vendor, if the Purchaser fails to hold a special meeting of its shareholders to consider the approval of this Agreement and the transactions contemplated hereby
on or before December 31, 2009; 

  

	 	(c)	by the Purchaser, if there has been a material breach by the Vendor of any of its representations, warranties, covenants or other agreements set forth herein, which
breach is not curable, or if curable, is not cured within 10 days after notice of such breach is given by the Purchaser to the Vendor; 

  

 143 

	 	(d)	by the Purchaser, if any of the conditions set forth in § 4.1 and 4.3 are incapable of being met; 

  

	 	(e)	by the Vendor, if there has been a material breach by the Purchaser of any of its representations, warranties, covenants or other agreements set forth herein, which
breach is not curable, or if curable, is not cured within 10 days after notice of such breach is given by the Vendor to the Purchaser; or 

  

	 	(f)	by the Vendor, if any of the conditions set forth in § 4.2 and 4.3 are incapable of being met. 

 Upon any termination of this Agreement pursuant to this § 5.6, this Agreement shall be void and shall have no further force or effect, and the Vendor
and the Purchaser and all of their respective officers, directors, employees, agents, administrators, affiliates, consultants, investment bankers, attorneys, advisors and other representatives shall be relieved of any further liability with respect
to this Agreement and the transactions contemplated hereby; provided, however, that any such termination shall not affect the liability of either party to the other for the breach of any provision of this Agreement. In addition, if the Vendor fails
to perform its obligations at the Closing for a reason other than the failure of any of the conditions set forth in § 4.2 and 4.3 or the breach of this Agreement by the Purchaser, the Vendor shall pay the Purchaser up to $500,000, as
reimbursement for all of its costs associated with this transaction, including legal, accounting, investment banking, proxy solicitation, travel, printing and mailing costs related to the preparation and negotiation of this Agreement and the special
meeting of shareholders called to consider this Agreement. If the Purchaser fails to perform its obligations at the Closing for a reason other than the failure of any of the conditions set forth in § 4.1 or 4.3, or the breach of this Agreement
by the Vendor, the Purchaser shall pay the Vendor up to $500,000, as reimbursement for all of its costs and expenses incurred by the Vendor with respect to these transactions, including all legal fees and fees and costs and expenses of its
bankruptcy administration related thereto. 
 ARTICLE 6 
 GENERAL 
  

	6.1	Notice 

 Any notice or
other communication under this Agreement shall be in writing and may be delivered personally or transmitted by fax or e mail, addressed as follows: 
  

									
	 (a)
	 	 in the case of the Purchaser:
	  	with a copy to:
			
		 	 Unilens Corp. USA
	  	Laurence S. Markowitz, Esq.
		 	 10431 72nd Street North
	  	Baker & Hostetler LLP
		 	 Largo, FL 34647-1511
	  	45 Rockefeller Plaza
		 	Attention:	 	Mr. Michael E. Pecora	  	New York, New York 10111
		 	 Facsimile:
	 	 (727) 545-1883
	  	Facsimile:	  	(212) 589-4201
		 	 E mail: michael.pecora@unilens.com
	  	E mail: lmarkowitz@bakerlaw.com

  

 144 

									
		 	 (b)    in the case of the Vendor:
	  	with a copy to:
			
		 	Uniinvest Holding AG, in Liquidation	  	Elizabeth J. Harrison, Q.C.
		 	Giroud & Anderes, Attorneys at Law	  	Farris, Vaughan, Wills & Murphy LLP
		 	Rechtsanwälte	  	25th Floor, 700 West Georgia Street
		 	Seefeldstrasse 116	  	Vancouver, British Columbia
		 	CH-8034 Zürich	  	Canada V7Y 1B3
		 	Switzerland	  	Facsimile:	  	604-661-9349
		 	Attention:	 	Dr. Roger Giroud	  	E mail: eharrison@farris.com
		 		 	Bankruptcy Administrator	  	
		 	Facsimile:	 	011 41 44 387 84 80	  	
		 	E mail:	 	roger.giroud@gampa.ch	  	

 Any such notice or other communication, if given by personal delivery, will be deemed
to have been received on the day of actual delivery thereof and, if transmitted by fax or e mail before 8:00 a.m. (Vancouver time) on a Business Day, will be deemed to have been given and received on that Business Day, and if transmitted by fax
after 8:00 a.m. (Vancouver time) on a Business Day, will be deemed to have been given and received on the Business Day after the date of the transmission. Any notice given by the Vendor’s Counsel or any agent of the Vendor on its behalf shall
be deemed to be a notice given by the Vendor. 
  

	6.2	Time 

 Time shall, in all
respects, be of the essence hereof, provided that the time for doing or completing any matter provided for herein may be extended or abridged by an agreement in writing signed by the Vendor and the Purchaser or by their respective solicitors.

  

	6.3	Non-Survival of Representations and Warranties 

 The representations and warranties of the parties hereto contained in this Agreement shall merge on Closing and shall not survive Closing; provided, however, that the Vendor’s representation
and warranty set forth in § 3.2(c) shall survive the Closing. 
  

	6.4	Benefit of Agreement 

 This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors. The Purchaser shall not assign the benefit of this Agreement without the prior written consent of the Vendor, which consent
may be unreasonably withheld and further provided that the Vendor consents to the assignment by the Purchaser of the Purchaser’s benefits under this Agreement to a wholly-owned subsidiary of the Purchaser to be incorporated provided that the
Purchaser shall guarantee the obligations of that subsidiary to the Vendor. 
  

	6.5	Entire Agreement 

 This
Agreement constitutes the entire agreement between the parties with respect to the subject matter and supersedes all prior negotiations and understandings. This Agreement may not be amended or modified in any respect except by a written instrument
signed by both of the parties. 
  

 145 

	6.6	Severability 

 If any
provision of this Agreement or any document delivered in connection with this Agreement is partially or completely invalid or unenforceable, the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any
other provision of this Agreement, all of which shall be construed and enforced as if that invalid or unenforceable provision were omitted. The invalidity or unenforceability of any provision in one jurisdiction shall not affect such provisions
validity or enforceability in any other jurisdiction. 
  

	6.7	Fees and Expenses 

 Whether or not the transactions contemplated herein are consummated, all expenses, including all legal, accounting, financial advisory, consulting and other fees, incurred in connection with the negotiation or effectuation of this Agreement
or consummation of such transactions, shall be the obligation of the respective party incurring such expenses. 
  

	6.8	Commission 

 Each party
acknowledges that there are no agent or broker fees or other commissions payable by the Vendor on the Share Purchase Price as a result of any action of such party or otherwise in connection with the transactions contemplated herein, and each party
agrees to indemnify the other party against any claim for compensation or commission by any third party or agent retained by such party in connection with, or in contemplation of, the transactions contemplated herein. 
  

	6.9	Governing Law 

 This
Agreement shall be governed by and construed in accordance with the substantive laws of Switzerland (excluding Swiss Private International Law and International Treaties such as the Vienna Convention on the International Sale of Goods). 

 

	6.10	Jurisdiction 

 All
disputes arising out of or in connection with this Agreement or the transaction contemplated hereby shall be submitted to the exclusive jurisdiction of the Commercial Court of the Canton of Zurich with reserves of appeals to the Swiss Federal
Supreme Court. Each party to this Agreement waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding, and submits to the jurisdiction of such court in any
suit, action or proceeding. 
  

	6.11	Waiver of Jury Trial 

 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY
PARTY HERETO IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
  

 146 

	6.12	Public Disclosure 

 Subject to any disclosure obligations of either party under applicable law, neither party shall disclose or publicize this Agreement or the transaction contemplated hereby without the prior approval of the other, which approval will not be
unreasonably withheld or delayed. In this regard, the Purchaser shall issue a press release with regard to this Agreement promptly after execution of this Agreement. The Purchaser acknowledges that details of the transactions contemplated hereby
will be provided to creditors of the Vendor as part of the Creditors’ Right and that this Agreement will be available for review by any creditors of the Vendor. 
  

	6.13	Counterparts 

 This
Agreement may be signed in any number of counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same agreemeTransmission by facsimile of an signed counterpart of this Agreement shall be deemed to
constitute due and sufficient delivery of such counterpart. 
 IN WITNESS WHEREOF, the parties have signed this Agreement.

  

									
	UNIINVEST HOLDING AG,	 		 	UNILENS VISION, INC.
	IN LIQUIDATION by its Bankruptcy Administrator	 		 	
					
	Per:	 	/s/ R. Giroud	 		 	Per:	 	/s/ Michael J. Pecora
		 		 		 	MICHAEL J. PECORA
		 		 		 	President and CEO

  

 147Shareholder Rights Agreement

 Exhibit 4.1 
 CELL THERAPEUTICS, INC. 
 AND 
 COMPUTERSHARE TRUST COMPANY, N.A. 
 AS RIGHTS AGENT 
 SHAREHOLDER RIGHTS AGREEMENT 
 DATED AS OF DECEMBER 28, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Section 1.
	  	Certain Definitions	  	1
			
	 Section 2.
	  	Appointment of Rights Agent	  	5
			
	 Section 3.
	  	Issue of Right Certificates	  	5
			
	 Section 4.
	  	Form of Right Certificates	  	7
			
	 Section 5.
	  	Countersignature and Registration	  	7
			
	 Section 6.
	  	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	  	8
			
	 Section 7.
	  	Exercise of Rights; Exercise Price; Expiration Date of Rights	  	9
			
	 Section 8.
	  	Cancellation and Destruction of Right Certificates	  	10
			
	 Section 9.
	  	Reservation and Availability of Preferred Stock	  	10
			
	 Section 10.
	  	Preferred Stock Record Date	  	11
			
	 Section 11.
	  	Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights	  	12
			
	 Section 12.
	  	Certificate of Adjusted Exercise Price or Number of Shares	  	18
			
	 Section 13.
	  	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	18
			
	 Section 14.
	  	Fractional Rights and Fractional Shares	  	20
			
	 Section 15.
	  	Rights of Action	  	21
			
	 Section 16.
	  	Agreement of Right Holders	  	21
			
	 Section 17.
	  	Right Certificate Holder Not Deemed a Shareholder	  	21
			
	 Section 18.
	  	Concerning the Rights Agent	  	22
			
	 Section 19.
	  	Merger or Consolidation or Change of Name of Rights Agent	  	22
			
	 Section 20.
	  	Duties of Rights Agent	  	23
			
	 Section 21.
	  	Change of Rights Agent	  	24
			
	 Section 22.
	  	Issuance of New Right Certificates	  	25
			
	 Section 23.
	  	Redemption	  	25
			
	 Section 24.
	  	Exchange	  	26
			
	 Section 25.
	  	Notice of Certain Events	  	27
			
	 Section 26.
	  	Notices	  	28
			
	 Section 27.
	  	Supplements and Amendments	  	28
			
	 Section 28.
	  	Successors	  	29
			
	 Section 29.
	  	Determinations and Actions by the Board of Directors	  	29
			
	 Section 30.
	  	Benefits of this Agreement	  	29
			
	 Section 31.
	  	Severability	  	29
			
	 Section 32.
	  	Governing Law	  	30
			
	 Section 33.
	  	Counterparts	  	30

  

 -i- 

 TABLE OF CONTENTS 
  

					
	 Section 34.
	  	Descriptive Headings	  	30
			
	 Section 35.
	  	Force Majeure	  	30
			
	 Exhibit A
	  	Certificate of Designation, Preferences and Rights of Series ZZ Junior Participating Cumulative Preferred Stock	  	A-1
			
	 Exhibit B
	  	Form of Right Certificate	  	B-1

  

 -ii- 

 SHAREHOLDER RIGHTS AGREEMENT 
 SHAREHOLDER RIGHTS AGREEMENT, dated as of December 28, 2009 (this “Agreement”), between Cell Therapeutics, Inc., a
Washington corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company (the “Rights Agent”). 
 W I T N E S S E T H 
 WHEREAS, the Board of Directors of the Company
(the “Board of Directors”) desires to provide shareholders of the Company with the opportunity to benefit from the long-term prospects and value of the Company and to ensure that shareholders of the Company receive fair and equal
treatment in the event of any proposed takeover of the Company; 
 WHEREAS, on December 24, 2009, the Board of Directors
authorized the adoption of this Agreement and declared a dividend distribution of one Right (as such term is hereinafter defined) for each outstanding share of Common Stock (as such term is hereinafter defined) of the Company outstanding as of
January 7, 2010 (the “Record Date”), and authorized the issuance of one Right (as such number may be adjusted as hereinafter set forth) for each share of Common Stock of the Company issued (whether or not originally issued or sold
from the Company’s treasury, except in the case of treasury shares having associated Rights) between the Record Date and the earlier of the Distribution Date or the Expiration Date (as such terms are hereinafter defined), each Right initially
representing the right to purchase one ten-thousandth of a share of Series ZZ Junior Participating Cumulative Preferred Stock of the Company having the rights, powers and preferences set forth on Exhibit A attached hereto, upon the terms
and subject to the conditions hereinafter set forth (the “Rights”); and 
 WHEREAS, the Company desires
to appoint the Rights Agent to act as rights agent hereunder, in accordance with the terms and conditions hereof. 
 NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 
 Section 1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 
 (a) “Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or which, together with all Affiliates (as such term is hereinafter defined) and Associates (as such
term is hereinafter defined) of such Person, shall be the Beneficial Owner (as such term is hereinafter defined) of 20% or more of the shares of Common Stock of the Company then outstanding, but shall not include (i) the Company, (ii) any
Subsidiary (as such term is hereinafter defined) of the Company, (iii) any employee benefit plan or compensation arrangement of the Company or any Subsidiary of the Company or (iv) any Person organized, appointed or established by the
Company or any Subsidiary of the Company for or pursuant to the terms of any such employee benefit plan or compensation arrangement (the Persons described in clauses (i) through (iv) above are referred to herein as “Exempt
Persons”). 
 Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as the result of an
acquisition by the Company of Common Stock of the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 20% or more of the shares of Common Stock of the Company
then outstanding; provided, however, that if a Person shall become the Beneficial Owner of 20% or more of the shares of Common Stock of the Company then outstanding solely by reason of share purchases by the Company and shall, after
such share purchases by the Company, become the Beneficial Owner of any additional shares (other than pursuant to a stock split, stock dividend or similar event or transaction) of Common Stock of the Company and immediately thereafter be the
Beneficial Owner of 20% or more of the shares of Common Stock of the Company then outstanding, then such Person shall be deemed to be an “Acquiring Person.” 
  

 1 

 In addition, notwithstanding the foregoing, and notwithstanding anything to the contrary
provided in the Agreement including, without limitation, in Sections 1(kk), 3(a) or 27 of this Agreement, a Person shall not be an “Acquiring Person” if the Board of Directors determines at any time that a Person who
would otherwise be an “Acquiring Person,” has become such without intending to become an “Acquiring Person,” and such Person promptly (and in any event within five (5) Business Days or such shorter period as requested by the
Company) divests or enters into an irrevocable commitment to divest and thereafter divests as required by such commitment, a sufficient number of shares of Common Stock of the Company so that such Person would no longer be an “Acquiring
Person,” as defined pursuant to the foregoing provisions of this Section 1(a). 
 (b) “Adjustment
Shares” shall have the meaning set forth in Section 11(a)(ii) of this Agreement. 
 (c)
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations (the “Rules”) under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), as in effect on the date of this Agreement; provided, however, that no Person who is a director or officer of the Company shall be deemed an Affiliate or an Associate of any other director
or officer of the Company solely as a result of his or her position as director or officer of the Company. 
 (d) A Person shall
be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own” and have “Beneficial Ownership” of, any securities: 
 (i) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, Beneficially Owns (as
determined pursuant to Rule 13d-3 of the Rules under the Exchange Act, as in effect on the date of this Agreement); 
 (ii) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has: 
 (A) the right to acquire (whether or not such right is exercisable immediately or only after the passage of time or upon the satisfaction of any conditions or both) pursuant to any agreement, arrangement or understanding (whether or not in
writing) (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities), including, without limitation, for the avoidance of doubt, through agreements to enter into
agreements that permit a Person to purchase or otherwise acquire such securities, or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided, however, that a
Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially Own” or have “Beneficial Ownership” of, (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person
or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; (2) securities issuable upon exercise of Rights at any time prior to the occurrence of a Triggering Event; or
(3) securities issuable upon exercise of Rights from and after the occurrence of a Triggering Event, which Rights were acquired by such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date or pursuant to
Sections 3(a), 11(i) or 22 of this Agreement; or 
 (B) the right to vote pursuant to any
agreement, arrangement or understanding (whether or not in writing); provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially Own” or have “Beneficial Ownership”
of, any security under this clause (B) if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given in response to a public proxy or consent solicitation made pursuant to a
written proxy or consent solicitation statement filed with the Securities and Exchange Commission in accordance with the Rules of the Exchange Act and (2) is not also then reportable by such person on Schedule 13D under the Exchange Act (or any
comparable or successor report); or 
  

 2 

 (C) the right to dispose of pursuant to any agreement, arrangement or
understanding (whether or not in writing) (other than customary arrangements with and between underwriters and selling group members with respect to a bona fide public offering of securities); or 
 (iii) which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with
which such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) (other than customary agreements with and between underwriters and selling group members with respect
to a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in clause (B) of Section 1(d)(ii) of this Agreement) or disposing of any
securities of the Company. 
 provided, however, that (1) no Person engaged in business as an underwriter of securities shall
be deemed the Beneficial Owner of any securities acquired through such Person’s participation as an underwriter in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of such acquisition, and
(2) no Person who is a director or an officer of the Company shall be deemed, as a result of his or her position as director or officer of the Company, the Beneficial Owner of any securities of the Company that are Beneficially Owned by any
other director or officer of the Company. 
 For all purposes of this Agreement, the phrase “then outstanding,” when
used with reference to the percentage of the then outstanding securities Beneficially Owned by a Person, shall mean the number of securities then issued and outstanding together with the number of such securities not then actually issued and
outstanding which such Person would be deemed to Beneficially Own hereunder. 
 (e) “Articles of Incorporation”
when used in reference to the Company shall mean the Amended and Restated Articles of Incorporation, as amended, and as may be further amended from time to time, of the Company. 
 (f) “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in the State of
New York are authorized or obligated by law or executive order to close. 
 (g) “Close of Business” on any
given date shall mean 5:00 p.m., New York City, New York time, on such date; provided, however, that if such date is not a Business Day it shall mean 5:00 p.m., New York City, New York time, on the next succeeding Business Day.

 (h) “Common Stock” when used in reference to the Company shall mean the common stock, no par value per
share, of the Company or any other shares of capital stock of the Company into which such stock shall be reclassified or changed. “Common Stock” when used with reference to any Person other than the Company organized in corporate form
shall mean (i) the capital stock or other equity interest of such Person with the greatest voting power, (ii) the equity securities or other equity interest having power to control or direct the management of such Person or (iii) if
such Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person and which have issued any such outstanding capital stock, equity securities or equity interest. “Common Stock” when
used with reference to any Person not organized in corporate form shall mean units of beneficial interest which (x) shall represent the right to participate generally in the profits and losses of such Person (including, without limitation, any
flow-through tax benefits resulting from an ownership interest in such Person) and (y) shall be entitled to exercise the greatest voting power of such Person or, in the case of a limited partnership, shall have the power to remove or otherwise
replace the general partner or partners. 
 (i) “Common Stock Equivalents” shall have the meaning set forth in
Section 11(a)(iii) of this Agreement. 
 (j) “Current Value” shall have the meaning set forth in
Section 11(a)(iii) of this Agreement. 
  

 3 

 (k) “Depositary Agent” shall have the meaning set forth in
Section 7(c) of this Agreement. 
 (l) “Distribution Date” shall have the meaning set forth in
Section 3(a) of this Agreement. 
 (m) “Exchange Date” shall have the meaning set forth in
Section 7(a) of this Agreement. 
 (n) “Exempt Person” shall have the meaning set forth in the
definition of “Acquiring Person” in Section 1(a) of this Agreement. 
 (o) “Exercise
Price” shall have the meaning set forth in Section 4(a) of this Agreement. 
 (p) “Expiration
Date” and “Final Expiration Date” shall have the meanings set forth in Section 7(a) of this Agreement. 
 (q) “Fair Market Value” of any securities or other property shall be as determined in accordance with Section 11(d) of this Agreement. 
 (u) “Group” shall have the meaning set forth in clause (b) of the definition of “Person” in
Section 1(w) of this Agreement. 
 (w) “Person” shall mean (a) an individual, a corporation, a
partnership, a limited liability company, an association, a joint stock company, a trust, a business trust, a government or political subdivision, any unincorporated organization, or any other association or entity including any successor (by merger
or otherwise) thereof or thereto, and (b) a “group” as that term is used for purposes of Section 13(d)(3) of the Exchange Act. 
 (x) “Preferred Stock” shall mean shares of Series ZZ Junior Participating Cumulative Preferred Stock, no par value per share, of the Company having the rights and preferences set forth in
the form of Certificate of Designation, Preferences and Rights attached hereto as Exhibit A. 
 (y)
“Preferred Stock Equivalents” shall have the meaning set forth in Section 11(b) of this Agreement. 
 (z) “Principal Party” shall have the meaning set forth in Section 13(b) of this Agreement. 
 (aa) “Redemption Date” shall have the meaning set forth in Section 7(a) of this Agreement. 
 (bb) “Redemption Price” shall have the meaning set forth in Section 23 of this Agreement. 
 (cc) “Registered Common Stock” shall have the meaning set forth in Section 13(b) of this Agreement. 
 (dd) “Right Certificates” shall have the meaning set forth in Section 3(a) of this Agreement. 
 (ee) “Section 11(a)(ii) Event” shall have the meaning set forth in Section 11(a)(ii) of this Agreement. 
 (ff) “Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) of this Agreement.

 (gg) “Section 13 Event” shall mean any event described in clauses (x), (y) or (z) of
Section 13(a) of this Agreement. 
  

 4 

 (hh) “Section 24(a)(i) Exchange Ratio” shall have the meaning set forth in
Section 24(a)(i) of this Agreement. 
 (ii) “Section 24(a)(ii) Exchange Ratio” shall have the
meaning set forth in Section 24(a)(ii) of this Agreement. 
 (jj) “Spread” shall have the meaning
set forth in Section 11(a)(iii) of this Agreement. 
 (kk) “Stock Acquisition Date” shall mean the
date of the first public announcement (which for purposes of this definition shall include, without limitation, the issuance of a press release or the filing of a publicly-available report or other document with the Securities and Exchange
Commission or any other governmental agency) by the Company, acting pursuant to a resolution adopted by the Board of Directors, or by an Acquiring Person, subject in each case to the last paragraph of Section 1(a) of this Agreement, that
an Acquiring Person has become such. 
 (ll) “Subsidiary” shall mean, with reference to any Person, any
corporation or other entity of which securities or other ownership interests having ordinary voting power sufficient, in the absence of contingencies, to elect a majority of the board of directors or other persons performing similar functions of
such corporation or other entity are at the time directly or indirectly Beneficially Owned or otherwise controlled by such Person either alone or together with one or more Affiliates of such Person. 
 (mm) “Substitution Period” shall have the meaning set forth in Section 11(a)(iii) of this Agreement.

 (nn) “Triggering Event” shall mean any Section 11(a)(ii) Event or any Section 13 Event.

 Section 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as
agent for the Company in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-rights agents as it may deem necessary or desirable. In the event the
Company appoints one or more co-rights agents, the respective duties of the Rights Agent and any co-rights agents shall be as the Company shall determine. The Company shall give ten (10) days’ prior written notice to the Rights Agent of
the appointment of one or more co-rights agents and the respective duties of the Rights Agent and any such co-rights agents. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such
co-rights agents. 
 Section 3. Issue of Right Certificates. 
 (a) From the date hereof until the earlier of (i) the Close of Business on the tenth (10th) calendar day after the Stock Acquisition Date or (ii) the
Close of Business on the tenth (10th) Business Day
(or such later calendar day, if any, as the Board of Directors may determine in its sole discretion) after the date a tender or exchange offer by any Person, other than an Exempt Person, is first published or sent or given within the meaning of Rule
14d-4(a) of the Exchange Act, or any successor rule, if, upon consummation thereof, such Person could become the Beneficial Owner of 20% or more of the shares of Common Stock of the Company then outstanding (including any such date which is after
the date of this Agreement and prior to the issuance of the Rights) (the earliest of such dates being herein referred to as the “Distribution Date”), (x) the Rights shall be evidenced (subject to the provisions of
Section 3(b) of this Agreement) by the certificates for the Common Stock of the Company registered in the names of the holders of the Common Stock of the Company (which certificates for Common Stock of the Company shall be deemed also to
be certificates for Rights) and not by separate certificates, and (y) the Rights shall be transferable only in connection with the transfer of the underlying shares of Common Stock of the Company (including a transfer to the Company). As soon
as practicable after the Distribution Date, the Rights Agent shall, at the Company’s expense send, by first-class, insured, postage prepaid mail, to each record holder of the Common Stock of the Company as of the Close of Business on the
Distribution Date, at the address of such holder shown on the records of the Company, one or more certificates, in

  

 5 

 
substantially the form of Exhibit B attached hereto (the “Right Certificates”), evidencing one Right for each share of Common Stock of the Company so held, subject to
adjustment as provided herein. In the event that an adjustment in the number of Rights per share of Common Stock of the Company has been made pursuant to Section 11(o) of this Agreement, the Company may make the necessary and appropriate
rounding adjustments (in accordance with Section 14(a) of this Agreement) at the time of distribution of the Right Certificates, so that Right Certificates representing only whole numbers of Rights are distributed and cash is paid in
lieu of any fractional Rights. As of and after the Close of Business on the Distribution Date, the Rights shall be evidenced solely by such Right Certificates and the Rights shall be transferable separately from the share of Common Stock of the
Company. 
 (b) With respect to certificates for the Common Stock of the Company issued prior to the Close of Business on the
Record Date, the Rights shall be evidenced by such certificates for the Common Stock of the Company on or until the Distribution Date (or the earlier redemption, expiration or termination of the Rights), and the registered holders of the Common
Stock of the Company also shall be the registered holders of the associated Rights. Until the Distribution Date (or the earlier redemption, expiration or termination of the Rights), the transfer of any of the certificates for the Common Stock of the
Company outstanding prior to the date of this Agreement shall also constitute the transfer of the Rights associated with the Common Stock of the Company represented by such certificate. 
 (c) Certificates for the Common Stock of the Company issued after the Record Date, but prior to the earlier of the Distribution Date or the
Expiration Date, shall be deemed also to be certificates for Rights, and shall bear a legend, substantially in the form set forth below: 
 “This certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Shareholder Rights Agreement between Cell Therapeutics, Inc. and Computershare Trust Company, N.A.
(or any successor thereto), as Rights Agent, dated as of December 28, 2009 as amended, restated, renewed, supplemented or extended from time to time (the “Rights Agreement”), the terms of which are hereby incorporated herein by
reference and a copy of which is on file at the principal offices of Cell Therapeutics, Inc. and the stock transfer administration office of the Rights Agent. Under certain circumstances, as set forth in the Rights Agreement, such Rights shall be
evidenced by separate certificates and shall no longer be evidenced by this certificate. Cell Therapeutics, Inc. may redeem the Rights at a redemption price of $0.0001 per Right, subject to adjustment, under the terms of the Rights Agreement. Cell
Therapeutics, Inc. shall mail to the holder of this certificate a copy of the Rights Agreement, as in effect on the date of mailing, without charge promptly after receipt of a written request therefor. Under certain circumstances, Rights issued to
or held by Acquiring Persons or any Affiliates or Associates thereof (as defined in the Rights Agreement), and any subsequent holder of such Rights, may become null and void. The Rights shall not be exercisable, and shall be void so long as held, by
a holder in any jurisdiction where the requisite qualification, if any, to the issuance to such holder, or the exercise by such holder, of the Rights in such jurisdiction shall not have been obtained or be obtainable.” 
 With respect to such certificates containing the foregoing legend, the Rights associated with the Common Stock of the Company represented by
such certificates shall be evidenced by such certificates alone until the earlier of the Distribution Date or the Expiration Date, and the transfer of any of such certificates shall also constitute the transfer of the Rights associated with the
Common Stock of the Company represented by such certificates. In the event that the Company purchases or acquires any shares of Common Stock of the Company after the Record Date but prior to the Distribution Date, any Rights associated with such
Common Stock of the Company shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with the shares of Common Stock of the Company which are no longer outstanding. The failure to print the
foregoing legend on any such certificate representing Common Stock of the Company or any defect therein shall not affect in any manner whatsoever the application or interpretation of the provisions of Section 7(e) of this Agreement.

  

 6 

 Section 4. Form of Right Certificates. 
 (a) The Right Certificates (and the forms of election to purchase shares and of assignment and certificate to be printed on the reverse
thereof) shall each be substantially in the form of Exhibit B attached hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as
are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law, rule or regulation or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed, or to
conform to customary usage. The Right Certificates shall be in a machine printable format and in a form reasonably satisfactory to the Rights Agent. Subject to the provisions of Sections 11 and 22 of this Agreement, the Right
Certificates, whenever distributed, shall be dated as of the Record Date, shall show the date of countersignature, and on their face shall entitle the holders thereof to purchase such number of one ten-thousandths of a share of Preferred Stock as
shall be set forth therein at the price set forth therein (the “Exercise Price”), but the amount and type of securities and the Exercise Price shall be subject to adjustment as provided herein. 
 (b) Any Right Certificate issued pursuant to Section 3(a) or Section 22 of this Agreement that represents Rights
Beneficially Owned by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person) who becomes a transferee after the
Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to
either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or
understanding (whether or not in writing) regarding the transferred Rights, the shares of Common Stock of the Company associated with such Rights or the Company or (B) a transfer which the Board of Directors has determined is part of a plan,
arrangement or understanding which has as a primary purpose or effect the avoidance of Section 7(e) of this Agreement, and any Right Certificate issued pursuant to Section 6, Section 11 or Section 22
of this Agreement upon transfer, exchange, replacement or adjustment of any other Right Certificate referred to in this sentence, shall have deleted therefrom the second sentence of the existing legend on such Right Certificate (to the extent
feasible and if the Company has provided specific written instructions to the Rights Agent) and in substitution therefor shall contain the following legend: 
 “The Rights represented by this Right Certificate are or were Beneficially Owned by a Person who was or became an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as such
terms are defined in the Rights Agreement). This Right Certificate and the Rights represented hereby may become null and void under certain circumstances as specified in Section 7(e) of the Rights Agreement.” 
 The Company shall give notice to the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring Person or
any Associate or Affiliate thereof. The Company shall instruct the Rights Agent in writing of the Rights which should be so legended. The failure to print the foregoing legend on any such Right Certificate or any defect therein shall not affect in
any manner whatsoever the application or interpretation of the provisions of Section 7(e) of this Agreement. 
 Section 5. Countersignature and Registration. 
 (a) The Right Certificates shall be executed
on behalf of the Company by its President or Vice President and by its Secretary, either manually or by facsimile signature or other electronic or digital means, and shall have affixed thereto the Company’s seal or a facsimile thereof which
shall be attested to by the Secretary of the Company, either manually or by facsimile signature or other electronic or digital means. The Right Certificates shall be countersigned, either manually or by facsimile signature or other electronic or
digital means, by an authorized signatory of the Rights Agent and shall not be valid for any purpose unless so countersigned, and such countersignature upon any Right Certificate shall be conclusive

  

 7 

 
evidence, and the only evidence, that such Right Certificate has been duly countersigned as required hereunder. In case any officer of the Company who shall have signed any of the Right
Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by an authorized signatory of the Rights
Agent, and issued and delivered by the Company with the same force and effect as though the person who signed such Right Certificates had not ceased to be such officer of the Company; and any Right Certificates may be signed on behalf of the Company
by any person who, at the actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Rights Agreement any such person was not such an
officer. 
 (b) Following the Distribution Date, the Rights Agent shall keep or cause to be kept, at one of its offices
designated as the appropriate place for surrender of Right Certificates upon exercise or transfer, books for registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective
holders of the Right Certificates, the number of Rights evidenced on its face by each of the Right Certificates and the date of each of the Right Certificates. 
 Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. 
 (a) Subject to the provisions of Sections 4(b), 7(e) and 14 of this Agreement, at any time after the Close of
Business on the Distribution Date, and at or prior to the Close of Business on the Expiration Date, any Right Certificate or Certificates may be transferred, split up, combined or exchanged for another Right Certificate or Certificates, entitling
the registered holder to purchase a like number of one ten-thousandths of a share of Preferred Stock (or following a Triggering Event, Common Stock of the Company, cash, property, debt securities, Preferred Stock or any combination thereof,
including any such securities, cash, or property or other assets following a Section 13 Event) as the Right Certificate or Certificates surrendered then entitled such holder to purchase and at the same Exercise Price. Any registered holder
desiring to transfer, split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights Agent, and shall surrender the Right Certificate or Certificates to be transferred, split up, combined or exchanged,
with the form of assignment and certificate duly executed, at the office or offices of the Rights Agent designated for such purpose. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the
transfer of any such surrendered Right Certificate until the registered holder shall have completed and signed the certificate contained in the form of assignment on the reverse side of such Right Certificate and shall have provided such additional
evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. Thereupon the Rights Agent shall, subject to Sections 4(b), 7(e) and
14 of this Agreement, countersign and deliver to the Person entitled thereto a Right Certificate or Certificates, as the case may be, as so requested. The Company may require payment by the registered holder of a Right Certificate, of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Right Certificates. 
 (b) Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in case of loss, theft or
destruction, of indemnity or security satisfactory to them, and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate, if
mutilated, the Company shall execute and deliver a new Right Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of the Right Certificate so lost, stolen, destroyed or mutilated.

  

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 Section 7. Exercise of Rights; Exercise Price; Expiration Date of
Rights. 
 (a) Subject to Section 7(e) of this Agreement, the registered holder of any Right Certificate may
exercise the Rights evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to purchase and the certificate on the reverse
side thereof properly completed and duly executed, to the Rights Agent at the office or offices of the Rights Agent designated for such purpose and together with payment of the aggregate Exercise Price for the total number of one ten-thousandths of
a share of Preferred Stock (or other securities, cash or other assets, as the case may be) as to which such surrendered Rights are then exercised, at or prior to the earlier of (i) the Close of Business on the third anniversary of the Record
Date (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 of this Agreement (the “Redemption Date”) or (iii) the time at which such Rights are
exchanged as provided in Section 24 of this Agreement (the “Exchange Date”) (the earliest of (i), (ii) or (iii) being herein referred to as the “Expiration Date”). Except as set forth in
Section 7(e) of this Agreement and notwithstanding any other provision of this Agreement, any Person who prior to the Distribution Date becomes a record holder of shares of Common Stock of the Company may exercise all of the rights of a
registered holder of a Right Certificate with respect to the Rights associated with such shares of Common Stock of the Company in accordance with the provisions of this Agreement, as of the date such Person becomes a record holder of shares of
Common Stock of the Company. 
 (b) The Exercise Price for each one ten-thousandth of a share of Preferred Stock pursuant to the
exercise of a Right shall initially be Six United States Dollars (U.S. $6.00), shall be subject to adjustment from time to time as provided in Sections 11 and 13 of this Agreement and shall be payable in lawful money of the United
States of America in accordance with Section 7(c) below. 
 (c) As promptly as practicable following the
Distribution Date, the Company shall deposit with a corporation, trust, bank or similar institution in good standing organized under the laws of the United States or any State of the United States, which is authorized under such laws to exercise
corporate trust or stock transfer powers and is subject to supervision or examination by a federal or state authority (such institution is hereinafter referred to as the “Depositary Agent”), certificates representing the shares of
Preferred Stock that may be acquired upon exercise of the Rights and the Company shall cause such Depositary Agent to enter into an agreement pursuant to which the Depositary Agent shall issue receipts representing interests in the shares of
Preferred Stock so deposited. Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase and the certificate on the reverse side thereof properly completed and duly executed, accompanied by payment of
the Exercise Price for the shares (or other securities, cash, property or other assets, as the case may be) to be purchased and an amount equal to any applicable transfer tax (as determined by the Rights Agent) by certified check or bank draft
payable to the order of the Company or by money order, the Rights Agent shall, subject to Sections 14(b) and 20(k) of this Agreement, thereupon promptly (i) requisition from the Depositary Agent (or make available, if the
Rights Agent is the Depositary Agent) depositary receipts or certificates for the number of one ten-thousandths of a share of Preferred Stock to be purchased and the Company hereby irrevocably authorizes the Depositary Agent to comply with all such
requests, (ii) when appropriate, requisition from the Company the amount of cash, if any, to be paid in lieu of issuance of fractional shares in accordance with Section 14 of this Agreement, (iii) promptly after receipt of such
certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated by such holder and (iv) when appropriate, after
receipt of each certificate or depositary receipts promptly deliver such cash to or upon the order of the registered holder of such Right Certificate. In the event that the Company is obligated to issue other securities (including Common Stock of
the Company) of the Company, pay cash or distribute other property pursuant to Section 11(a) of this Agreement, the Company shall make all arrangements necessary so that such other securities, cash or other property are available for
distribution by the Rights Agent, if and when appropriate. The payment of the Exercise Price may be made by certified or bank check payable to the order of the Company, or by money order or wire transfer of immediately available funds to the account
of the Company (provided that notice of such wire transfer shall be given by the holder of the related Right to the Rights Agent). 
 (d) In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights
Agent and delivered to the registered holder of such Right Certificate or to his duly authorized assigns, subject to the provisions of Section 14 of this Agreement. 
  

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 (e) Notwithstanding anything in this Agreement to the contrary, from and after the first
occurrence of a Section 11(a)(ii) Event or Section 13 Event, any Rights Beneficially Owned by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any
Associate or Affiliate of an Acquiring Person) who becomes a transferee after the Acquiring Person becomes such or (iii) a transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person) who becomes a transferee
prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or
to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights, the shares of Common Stock of the Company associated with such Rights or the Company, or (B) a transfer
which the Board of Directors has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of this Section 7(e), shall be null and void without any further action and no holder of
such Rights shall have any rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company shall use all reasonable efforts to ensure that the provisions of this Section 7(e) and
Section 4(b) of this Agreement are complied with, but shall have no liability to any holder of Right Certificates or other Person as a result of its failure to make any determinations with respect to an Acquiring Person or any Affiliates
or Associates of an Acquiring Person or any transferee of any of them hereunder. 
 (f) Notwithstanding anything in this
Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with respect to a registered holder of Rights or other securities upon the occurrence of any purported exercise as set forth in this
Section 7 unless such registered holder shall have (i) properly completed and duly executed the certificate contained in the form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such
exercise, and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. 
 (g) A committee of the Board of Directors shall periodically review this Agreement in order to consider whether the maintenance of this
Agreement continues to be in the best interests of the Company and its shareholders. The committee shall consist of independent directors of the Company and shall conduct such review when, as and in such manner as the committee deems appropriate,
after giving due regard to all relevant circumstances; provided, however, that the committee shall take such action at least once every three years. Following each such review, the committee shall report its conclusions to the Board of
Directors as to whether this Agreement should be maintained or terminated. The committee is authorized to retain such legal counsel, financial advisors and other advisors as the committee deems appropriate in order to assist the committee in
carrying out its foregoing responsibilities under this Agreement. 
 Section 8. Cancellation and Destruction
of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered to the Rights Agent for cancellation
or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to
the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled
Right Certificates to the Company or, at the written request of the Company, destroy all such canceled Right Certificates and certify in writing to the Company that it has done so. 
 Section 9. Reservation and Availability of Preferred Stock. 
 (a) The Company covenants and agrees that it shall cause to be reserved and kept available out of its authorized and unissued shares of
Preferred Stock or any authorized and issued shares of Preferred Stock held in its treasury, the number of shares of Preferred Stock that shall be sufficient to permit the exercise in full of all outstanding and exercisable Rights. Upon the
occurrence of any events resulting in an increase in the aggregate number of shares of Preferred Stock issuable upon exercise of all outstanding Rights in excess of the number then reserved, the Company shall make appropriate increases in the number
of shares so reserved. 
  

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 (b) The Company shall use its best efforts to cause, from and after such time as the Rights
become exercisable, all shares of Preferred Stock issued or reserved for issuance to be listed, upon official notice of issuance, upon the principal national securities exchange in the United States, if any, upon which the Common Stock of the
Company is listed or, if the principal market for the Common Stock of the Company is not on any national securities exchange in the United States, to be eligible for quotation on such system as the Common Stock is then quoted. 
 (c) The Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the occurrence of a
Section 11(a)(ii) Event on which the consideration to be delivered by the Company upon exercise of the Rights has been determined in accordance with Section 11(a)(iii) of this Agreement, or as soon as required by law following the
Distribution Date, as the case may be, a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the securities purchasable upon exercise of the Rights on an appropriate form,
(ii) cause such registration statement to become effective as soon as practicable after such filing and (iii) cause such registration statement to remain effective (with a prospectus that at all times meets the requirements of the
Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities or (B) the Expiration Date. The Company shall also take such action as may be appropriate under, and which shall ensure
compliance with, the securities or “blue sky” laws of the various states in the United States in connection with the exercisability of the Rights. The Company may temporarily suspend, for a period of time not to exceed ninety
(90) days after the date determined in accordance with the provisions of the first sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective.
Upon such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect, in each case
with prompt written notice to the Rights Agent. Notwithstanding any such provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction in the United States unless the requisite qualification in such
jurisdiction shall have been obtained. 
 (d) The Company covenants and agrees that it shall take all such action as may be
necessary to ensure that all shares of Preferred Stock delivered upon the exercise of the Rights shall, at the time of delivery of the certificates or depositary receipts for such shares (subject to payment of the Exercise Price), be duly and
validly authorized and issued and fully paid and non-assessable. 
 (e) The Company further covenants and agrees that it shall
pay when due and payable any and all United States federal and state transfer taxes and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any certificates for shares of Preferred Stock and/or other
property upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery of Right Certificates or the issuance or delivery of other securities or property
to a person other than, or in respect of the issuance or delivery of securities or other property in a name other than that of, the registered holder of the Right Certificates evidencing Rights surrendered for exercise or to issue or deliver any
certificates for securities or other property in a name other than that of the registered holder upon the exercise of any Rights until such tax shall have been paid (any such tax being payable by the holder of such Right Certificate at the time of
surrender) or until it has been established to the Company’s satisfaction that no such tax is due. 
 Section 10. Preferred Stock Record Date. Each Person in whose name any certificate for Preferred Stock or other securities (including any fraction of a share of Preferred Stock or such other securities) is issued
upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the shares of Preferred Stock or such other securities represented thereby on, and such certificate shall be dated, the date upon which the Right
Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price (and any applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the transfer
books of the

  

 11 

 
Company for the Preferred Stock or such other securities, as applicable, are closed, such person shall be deemed to have become the record holder of such shares of Preferred Stock or such other
securities on, and such certificate shall be dated, the next succeeding Business Day on which the transfer books of the Company are open; and further provided, however, that if delivery of shares of Preferred Stock or such other
securities is delayed pursuant to Section 9(c) of this Agreement, such Person shall be deemed to have become the record holder of such shares of Preferred Stock or such other securities only when such shares or such other securities
first become deliverable. Prior to the exercise of the Right evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a shareholder of the Company with respect to shares for which the Rights shall be exercisable,
including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.

 Section 11. Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights.

 The Exercise Price, the number and kind of shares covered by each Right and the number of Rights outstanding are subject to
adjustment from time to time as provided in this Section 11. 
 (a) (i) In the event that the Company shall at any
time after the date of this Agreement (A) declare a dividend on the Preferred Stock payable in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred Stock into a smaller number
of shares or (D) issue, change or alter any shares of its capital stock in a reclassification or recapitalization of the Preferred Stock (including any such reclassification or recapitalization in connection with a consolidation or merger in
which the Company is the continuing or surviving Person), except as otherwise provided in this Section 11(a) and Section 7(e) of this Agreement, the Exercise Price in effect at the time of the record date for such dividend or
the effective time of such subdivision, combination, reclassification or recapitalization, and the number and kind of shares of capital stock issuable on such date or at such time, shall be proportionately adjusted so that the holder of any Right
exercised after such time shall be entitled to receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the Preferred Stock transfer books of the
Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination, reclassification or recapitalization. If an event occurs which would require an adjustment under
both Section 11(a)(i) and Section 11(a)(ii) of this Agreement, the adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment required pursuant to
Section 11(a)(ii) of this Agreement. 
 (ii) Subject to the provisions of Section 24 of
this Agreement, in the event any Person, alone or together with its Affiliates and Associates, shall become an Acquiring Person, then, promptly following any such occurrence (a “Section 11(a)(ii) Event”), proper provision shall be
made so that each holder of a Right, except as provided in Section 7(e) of this Agreement, shall thereafter have a right to receive, upon exercise thereof at the then current Exercise Price in accordance with the terms of this Agreement,
in lieu of a number of one ten-thousandths of a share of Preferred Stock, such number of shares of Common Stock of the Company as shall equal the result obtained by (x) multiplying the then current Exercise Price by the then number of one
ten-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event, whether or not such Right was then exercisable, and dividing that product by (y) 50% of
the Fair Market Value per share of Common Stock of the Company (determined pursuant to Section 11(d) of this Agreement) on the date of the occurrence of a Section 11(a)(ii) Event (such number of shares being referred to as the
“Adjustment Shares”). 
 (iii) In lieu of issuing any shares of Common Stock of the Company in
accordance with Section 11(a)(ii) of this Agreement, the Company, acting by or pursuant to a resolution of the Board of Directors, may, and in the event that the number of shares of Common Stock of the Company which are authorized by the
Company’s Articles of Incorporation but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights is not sufficient to permit the exercise in full of the Rights in accordance with the foregoing subparagraph
(ii) of this Section 11(a), the Company, acting by or

  

 12 

 
pursuant to a resolution of the Board of Directors, shall: (A) determine the excess of (X) the Fair Market Value of the Adjustment Shares issuable upon the exercise of a Right (the
“Current Value”) over (Y) the Exercise Price attributable to each Right (such excess being referred to as the “Spread”) and (B) with respect to all or a portion of each Right (subject to
Section 7(e) of this Agreement), make adequate provision to substitute for the Adjustment Shares, upon payment of the applicable Exercise Price, (1) Common Stock of the Company or equity securities, if any, of the Company other than
Common Stock of the Company (including without limitation shares, or units of shares, of preferred stock that the Board of Directors determines to have the same value as shares of Common Stock of the Company (such shares of preferred stock being
referred to herein as “Common Stock Equivalents”)), (2) cash, (3) a reduction in the Exercise Price, (4) Preferred Stock Equivalents which the Board of Directors has deemed to have the same value as shares of Common
Stock of the Company, (5) debt securities of the Company, (6) other assets or securities of the Company or (7) any combination of the foregoing, having an aggregate value equal to the Current Value, where such aggregate value has been
determined by the Board of Directors after receiving the advice of a nationally recognized investment banking firm selected by the Board of Directors; provided, however, that if the Company shall not have made adequate provision to
deliver value pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Section 11(a)(ii) Event and (y) the date on which the Company’s right of redemption pursuant to
Section 23(a) of this Agreement expires (the later of (x) and (y) being referred to herein as the “Section 11(a)(ii) Trigger Date”), then the Company shall be obligated to deliver, upon the surrender for
exercise of a Right and without requiring payment of the Exercise Price, shares of Common Stock of the Company (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. If the Board
of Directors shall determine in good faith that it is likely that sufficient additional shares of Common Stock of the Company could be authorized for issuance upon exercise in full of the Rights, the 30-day period set forth above may be extended to
the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company may seek shareholder approval for the authorization of such additional shares (such period, as it may be extended,
being referred to herein as the “Substitution Period”). To the extent that the Company determines that action should be taken pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company
(x) shall provide, subject to Section 7(e) of this Agreement, that such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period
in order to seek any authorization of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue
a further public announcement stating that the exercisability of the Rights has been temporarily suspended and a public announcement at such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the
value of the Common Stock of the Company and of the Preferred Stock shall be the Fair Market Value (as determined pursuant to Section 11(d) of this Agreement) per share of the Common Stock of the Company and the Preferred Stock on the
Section 11(a)(ii) Trigger Date, the value of the Common Stock Equivalent shall be deemed to be the same as the Common Stock of the Company on such date and the value of any Preferred Stock Equivalent shall be deemed to have the same value as
the Preferred Stock on such date. 
 (b) If the Company shall fix a record date for the issuance of rights, options or warrants
to all holders of Preferred Stock entitling them (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Stock (or securities having the same or more favorable rights,
privileges and preferences as the shares of Preferred Stock (“Preferred Stock Equivalents”)) or securities convertible into Preferred Stock or Preferred Stock Equivalents at a price per share of Preferred Stock or per share of
Preferred Stock Equivalents (or having a conversion price per share, if a security convertible into Preferred Stock or Preferred Stock Equivalents) less than the Fair Market Value (as determined pursuant to Section 11(d) of this
Agreement) per share of Preferred Stock on such record date, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator
of which shall be the number of shares of Preferred Stock outstanding on such record date, plus the number of shares of Preferred Stock which the aggregate offering price of the total number of shares of Preferred Stock and/or Preferred Stock
Equivalents to be offered (and the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Fair Market Value and the denominator of which shall be the number of shares of Preferred Stock outstanding
on such record date, plus the number of

  

 13 

 
additional shares of Preferred Stock and Preferred Stock Equivalents to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially
convertible). In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration shall be the Fair Market Value thereof determined in accordance with
Section 11(d) of this Agreement. Shares of Preferred Stock owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustments shall be made successively whenever such
a record date is fixed; and in the event that such rights or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed. 
 (c) If the Company shall fix a record date for the making of a distribution to all holders of Preferred Stock (including any such
distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), of evidences of indebtedness, cash (other than a regular periodic cash dividend out of the earnings or retained earnings
of the Company), assets (other than a dividend payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or convertible securities, subscription rights or warrants (excluding those referred to in
Section 11(b) of this Agreement), the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall
be the Fair Market Value (as determined pursuant to Section 11(d) of this Agreement) per one ten-thousandth of a share of Preferred Stock on such record date, less the Fair Market Value (as determined pursuant to
Section 11(d) of this Agreement) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such convertible securities, subscription rights or warrants applicable to one ten-thousandth of a share of
Preferred Stock and the denominator of which shall be the Fair Market Value (as determined pursuant to Section 11(d) of this Agreement) per one ten-thousandth of a share of Preferred Stock. Such adjustments shall be made successively
whenever such a record date is fixed; and in the event that such distribution is not so made, the Exercise Price shall again be adjusted to be the Exercise Price which would be in effect if such record date had not been fixed. 
 (d) For the purpose of this Agreement, the “Fair Market Value” of any share of Preferred Stock, Common Stock or any other
stock or any Right or other security or any other property shall be determined as provided in this Section 11(d). 
 (i) In the case of a publicly-traded stock or other security, the Fair Market Value on any date for the purpose of computations pursuant to Section 11(a)(iii) of this Agreement, shall be
deemed to be the average of the daily closing prices per share of such stock or per unit of such other security for the thirty (30) consecutive Trading Days (as such term is hereinafter defined) immediately prior to, but not including such date
and, for purposes of computations pursuant to Section 11(a)(ii) of this Agreement ten (10) consecutive Trading Days; provided, however, that in the event that the Fair Market Value per share of any share of stock is
determined during a period following the announcement by the issuer of such stock of (x) a dividend or distribution on such stock payable in shares of such stock or securities convertible into shares of such stock or (y) any subdivision,
combination or reclassification of such stock, and prior to the expiration of the thirty (30) Trading Day period or the ten (10) Trading Day period, as applicable, after the ex-dividend date for such dividend or distribution, or the record
date for such subdivision, combination or reclassification, then, and in each such case, the Fair Market Value shall be properly adjusted to take into account ex-dividend trading. The closing price for each day shall be the last sale price, regular
way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted
to trading on The NASDAQ Capital Market in the United States or, if the securities are not listed or admitted to trading on The NASDAQ Capital Market, as reported in the principal consolidated transaction reporting system in the United States with
respect to securities listed on the principal national securities exchange in the United States on which such security is listed or admitted to trading; or, if not listed or admitted to trading on any national securities exchange in the United
States, the last quoted price (or, if not so quoted, the average of the last quoted high bid and low asked prices) in the over-the-counter market in the United States, as reported by the OTC Bulletin Board, the Pink Sheets or such other system then
in use; or, if on any such date no bids for such security are quoted by any such organization, the

  

 14 

 
average of the closing bid and asked prices as furnished by a professional market maker in the United States making a market in such security selected by the Board of Directors. If on any such
date no market maker is making a market in such security, the Fair Market Value of such security on such date shall be determined reasonably and in good faith by the Board of Directors, provided, however, that if at the time of such
determination there is an Acquiring Person, the Fair Market Value of such security on such date shall be determined by a nationally recognized investment banking firm selected by the Board of Directors, which determination shall be described in a
statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. The term “Trading Day” shall mean a day on which the principal national securities exchange in the United States on which
such security is listed or admitted to trading is open for the transaction of business or, if such security is not listed or admitted to trading on any national securities exchange in the United States, a Business Day. 
 (ii) If a security is not publicly held or not so listed or traded, “Fair Market Value” shall mean the fair
value per share of stock or per other unit of such security, determined reasonably and in good faith by the Board of Directors; provided, however, that if at the time of such determination there is an Acquiring Person, the Fair Market
Value of such security on such date shall be determined by a nationally recognized investment banking firm selected by the Board of Directors, which determination shall be described in a statement filed with the Rights Agent and shall be binding on
the Rights Agent and the holders of the Rights; provided, however, that for the purposes of making any adjustment provided for by Section 11(a)(ii) of this Agreement, the Fair Market Value of a share of Preferred Stock
shall not be less than the product of the then Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend Multiple or Vote Multiple (as both of such terms are defined in the Certificate of Designation, Preferences and
Rights attached as Exhibit A attached hereto) applicable to the Preferred Stock and shall not exceed 105% of the product of the then Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend Multiple or Vote
Multiple applicable to the Preferred Stock. 
 (iii) In the case of property other than securities, the Fair
Market Value thereof shall be determined reasonably and in good faith by the Board of Directors; provided, however, that if at the time of such determination there is an Acquiring Person, the Fair Market Value of such property on such
date shall be determined by a nationally recognized investment banking firm selected by the Board of Directors, which determination shall be described in a statement filed with the Rights Agent and shall be binding upon the Rights Agent and the
holders of the Rights. 
 (e) Anything herein to the contrary notwithstanding, no adjustment in the Exercise Price shall be
required unless such adjustment would require an increase or decrease of at least 1.0% in the Exercise Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall
be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-millionth of a share of Common Stock of the Company or
hundred-millionth of a share of Preferred Stock, as the case may be, or to such other figure as the Board of Directors may deem appropriate. Notwithstanding the first sentence of this Section 11(e), any adjustment required by this
Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction which mandates such adjustment or (ii) the Expiration Date. 
 (f) If as a result of any provision of Section 11(a) or Section 13(a) of this Agreement, the holder of any Right
thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Stock, thereafter the number of such other shares so receivable upon exercise of any Right shall be subject to adjustment from time
to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in Sections 11(a), (b), (c), (d), (e), (g) through
(k) and (m), inclusive, of this Agreement and the provisions of Sections 7, 9, 10, 13 and 14 of this Agreement with respect to the Preferred Stock shall apply on like terms to any such other
shares. 
 (g) All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder
shall evidence the right to purchase, at the adjusted Exercise Price, the number of one ten-thousandths of a share of Preferred Stock (or other securities or amount of cash or combination thereof) purchasable from time to time hereunder upon
exercise of the Rights, all subject to further adjustment as provided herein. 
  

 15 

 (h) Unless the Company shall have exercised its election as provided in
Section 11(i) of this Agreement, upon each adjustment of the Exercise Price as a result of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment
shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of one ten-thousandths of a share of Preferred Stock (calculated to the nearest one hundred-millionth) as the Board of Directors determines is appropriate
to preserve the economic value of the Rights, including, by way of example, that number obtained by (i) multiplying (x) the number of one ten-thousandths of a share of Preferred Stock for which a Right may be exercisable immediately prior
to this adjustment by (y) the Exercise Price in effect immediately prior to such adjustment of the Exercise Price and (ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise
Price. 
 (i) The Company may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights,
in substitution for any adjustment in the number of shares of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after the adjustment in the number of Rights shall be exercisable for the number of one
ten-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the
nearest one hundred-millionth) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price. The Company shall make a
public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise Price is
adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement. If Right Certificates have been issued, upon each adjustment of the number of
Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing, subject to Section 14
of this Agreement, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and replacement for the Right
Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Right
Certificates so to be distributed shall be issued, executed and delivered by the Company and countersigned by the Rights Agent in the manner provided for herein (and may bear, at the option of the Company, the adjusted Exercise Price) and shall be
registered in the names of the holders of record of Right Certificates on the record date specified in the public announcement. 
 (j) Irrespective of any adjustment or change in the Exercise Price or the number of one ten-thousandths of a share of Preferred Stock issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may
continue to express the Exercise Price per share and the number of shares which were expressed in the initial Right Certificates issued hereunder without prejudice to any adjustment or change. 
 (k) Before taking any action that would cause an adjustment reducing the Exercise Price below the then stated value, if any, of the number
of one ten-thousandths of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue
fully paid and non-assessable shares of Preferred Stock at such adjusted Exercise Price. 
 (l) In any case in which this
Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuing to the holder of any Right
exercised after such record date the number of one ten-thousandths of a share of Preferred Stock or other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one ten-thousandths of a share of
Preferred

  

 16 

 
Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided,
however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares (fractional or otherwise) or other securities upon the occurrence of the
event requiring such adjustment. 
 (m) Anything in this Section 11 to the contrary notwithstanding, the Company
shall be entitled to make such reductions in the Exercise Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in its good faith judgment the Board of Directors shall determine to be
advisable in order that any consolidation or subdivision of the Preferred Stock, issuance wholly for cash of any shares of Preferred Stock at less than the Fair Market Value, issuance wholly for cash of shares of Preferred Stock or securities which
by their terms are convertible into or exchangeable for shares of Preferred Stock, stock dividends or issuance of rights, options or warrants referred to hereinabove in this Section 11, hereafter made by the Company to holders of its
Preferred Stock, shall not be taxable to such shareholders. 
 (n) The Company covenants and agrees that it shall not, at any
time after the Distribution Date and so long as the Rights have not been redeemed pursuant to Section 23 of this Agreement or exchanged pursuant to Section 24 of this Agreement, (i) consolidate with (other than a
Subsidiary of the Company in a transaction that complies with the proviso at the end of this sentence), (ii) merge with or into, or (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction or a series of
related transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries taken as a whole, to any other Person or Persons (other than the Company and/or any of its Subsidiaries in one
or more transactions each of which complies with the proviso at the end of this sentence) if (x) at the time of or immediately after such consolidation, merger or sale there are any rights, warrants or other instruments outstanding or
agreements or arrangements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights, or (y) prior to, simultaneously with or immediately after such consolidation, merger or sale the
shareholders of a Person who constitutes, or would constitute, the “Principal Party” for the purposes of Section 13(a) of this Agreement shall have received a distribution of Rights previously owned by such Person or any of its
Affiliates and Associates; provided, however, that, subject to the following sentence, this Section 11(n) shall not affect the ability of any Subsidiary of the Company to consolidate with, or merge with or into, or sell or
transfer assets or earning power to, any other Subsidiary of the Company. The Company covenants and agrees that, after the earlier of the Stock Acquisition Date or the Distribution Date, it shall not, except as permitted by Section 23 or
Section 27 of this Agreement, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action shall diminish substantially or otherwise eliminate the benefits intended
to be afforded by the Rights. 
 (o) Notwithstanding anything in this Agreement to the contrary, in the event the Company shall
at any time after the date of this Agreement and prior to the Distribution Date (i) declare or pay any dividend on the outstanding Common Stock of the Company payable in shares of Common Stock of the Company or (ii) effect a subdivision,
combination or consolidation of the outstanding shares of Common Stock of the Company (by reclassification or otherwise than by payment of dividends in shares of Common Stock of the Company) into a greater or lesser number of shares of Common Stock
of the Company, then in any such case (A) the number of one ten-thousandths of a share of Preferred Stock purchasable after such event upon proper exercise of each Right shall be determined by multiplying the number of one ten-thousandths of a
share of Preferred Stock so purchasable immediately prior to such event by a fraction, the numerator of which is the number of shares of Common Stock of the Company outstanding immediately prior to such event and the denominator of which is the
number of shares of Common Stock of the Company outstanding immediately after such event, and (B) each share of Common Stock of the Company outstanding immediately after such event shall have issued with respect to it that number of Rights
which each share of Common Stock of the Company outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this Section 11(o) shall be made successively whenever such a dividend is declared
or paid or such a subdivision, combination or consolidation is effected. 
  

 17 

 (p) The exercise of Rights under Section 11(a)(ii) of this Agreement shall only
result in the loss of rights under Section 11(a)(ii) of this Agreement to the extent so exercised and neither such exercise nor any exchange of Rights pursuant to Section 24 of this Agreement shall otherwise affect the rights
of holders of Right Certificates under this Rights Agreement, including rights to purchase securities of the Principal Party following a Section 13 Event which has occurred or may thereafter occur, as set forth in Section 13 of this
Agreement. Upon exercise of a right represented by a Right Certificate under Section 11(a)(ii) of this Agreement, the Rights Agent shall return such Right Certificate duly marked to indicate that such exercise has occurred. 

Section 12. Certificate of Adjusted Exercise Price or Number of Shares. Whenever an adjustment is made as
provided in Section 11 or Section 13 of this Agreement, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment,
(b) promptly file with the Rights Agent and with each transfer agent for the Preferred Stock and the Common Stock of the Company a copy of such certificate and (c) mail a brief summary thereof to each holder of a Right Certificate (or, if
prior to the Distribution Date, to each holder of a certificate representing shares of Common Stock of the Company) in accordance with Section 26 of this Agreement. The Rights Agent shall be fully protected in relying on any such
certificate and on any adjustment contained therein and shall not be deemed to have knowledge of any such adjustment unless and until it shall have received such certificate. 
 Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power.  
 (a) In the event that, following the Stock Acquisition Date, directly or indirectly, (x) the Company consolidates with, or merges with
and into, any other Person (other than a Subsidiary of the Company in a transaction which is not prohibited by Section 11(n) of this Agreement), and the Company shall not be the continuing or surviving corporation of such consolidation
or merger, (y) any Person (other than a Subsidiary of the Company in a transaction which is not prohibited by the proviso at the end of the first sentence of Section 11(n) of this Agreement) shall consolidate with the Company, or
merge with and into the Company and the Company shall be the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the shares of Common Stock of the Company shall be changed into or exchanged for
stock or other securities of any other Person or cash or any other property, or (z) the Company shall sell, mortgage or otherwise transfer (or one or more of its Subsidiaries shall sell, mortgage or otherwise transfer), in one transaction or a
series of related transactions, assets, cash flow or earning power aggregating 50% or more of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or any
Subsidiary of the Company in one or more transactions, each of which is not prohibited by the proviso at the end of the first sentence of Section 11(n) of this Agreement), then, and in each such case, proper provision shall be made so
that: (i) each holder of a Right, except as provided in Section 7(e) of this Agreement, shall have the right to receive, upon the exercise thereof at the then current Exercise Price in accordance with the terms of this Agreement,
such number of validly authorized and issued, fully paid and non-assessable shares of freely tradable shares of Common Stock of the Principal Party (as defined in Section 13(b) of this Agreement), free and clear of rights of call or
first refusal, liens, encumbrances, transfer restrictions or other adverse claims, as shall be equal to the result obtained by (1) multiplying the then current Exercise Price by the number of one ten-thousandths of a share of Preferred Stock
for which a Right is exercisable immediately prior to the first occurrence of a Section 13 Event (without taking into account any adjustment previously made pursuant to Section 11(a)(ii) or 11(a)(iii) of this Agreement), and
dividing that product by (2) 50% of the Fair Market Value (determined pursuant to Section 11(d) of this Agreement) per share of the Common Stock of such Principal Party on the date of consummation of such consolidation, merger, sale
or transfer; (ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale, mortgage or transfer, all the obligations and duties of the Company pursuant to this Agreement;
(iii) the term “Company” shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11 of this Agreement shall apply only to such Principal Party; and
(iv) such Principal Party shall take such steps (including, without limitation, the reservation of a sufficient number of shares of its Common Stock to permit exercise of all outstanding Rights in accordance with this Section 13(a)
and the making of payments in cash and/or other securities in

  

 18 

 
accordance with Section 11(a)(iii) of this Agreement) in connection with such consummation as may be necessary to assure that the provisions hereof shall thereafter be applicable, as
nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the exercise of the Rights. 
 (b) “Principal Party” shall mean: 
 (i) in the case of any transaction described in clause
(x) or (y) of the first sentence of Section 13(a) of this Agreement, the Person that is the issuer of any securities into which shares of Common Stock of the Company are converted in such merger or consolidation, or, if there
is more than one such issuer, the issuer of Common Stock that has the highest aggregate Fair Market Value (determined pursuant to Section 11(d) of this Agreement), and if no securities are so issued, the Person that is the other party to
the merger or consolidation, or, if there is more than one such Person, the Person the Common Stock of which has the highest aggregate Fair Market Value (determined pursuant to Section 11(d) of this Agreement); and 
 (ii) in the case of any transaction described in clause (z) of the first sentence of Section 13(a) of this
Agreement, the Person that is the party receiving the greatest portion of the assets, cash flow or earning power transferred pursuant to such transaction or transactions, or, if each Person that is a party to such transaction or transactions
receives the same portion of the assets, cash flow or earning power transferred pursuant to such transaction or transactions or if the Person receiving the largest portion of the assets, cash flow or earning power cannot be determined, whichever
Person the Common Stock of which has the highest aggregate Fair Market Value (determined pursuant to Section 11(d) of this Agreement); 
 provided, however, that in any such case described in clauses (i) or (ii) of Section 13(b) of this Agreement, (1) if the Common Stock of such Person is not at such
time and has not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act (“Registered Common Stock”) or such Person is not a corporation, and such Person is a direct or indirect
Subsidiary or Affiliate of another Person who has Registered Common Stock outstanding, “Principal Party” shall refer to such other Person; (2) if the Common Stock of such Person is not Registered Common Stock or such Person is not a
corporation, and such Person is a direct or indirect Subsidiary of another Person but is not a direct or indirect Subsidiary of another Person which has Registered Common Stock outstanding, “Principal Party” shall refer to the ultimate
parent entity of such first-mentioned Person; (3) if the Common Stock of such Person is not Registered Common Stock or such Person is not a corporation, and such Person is directly or indirectly controlled by more than one Person, and one or
more of such other Persons has Registered Common Stock outstanding, “Principal Party” shall refer to whichever of such other Persons is the issuer of the Registered Common Stock having the highest aggregate Fair Market Value (determined
pursuant to Section 11(d) of this Agreement); and (4) if the Common Stock of such Person is not Registered Common Stock or such Person is not a corporation, and such Person is directly or indirectly controlled by more than one
Person, and none of such other Persons has Registered Common Stock outstanding, “Principal Party” shall refer to whichever ultimate parent entity is the corporation having the greatest shareholders’ equity or, if no such ultimate
parent entity is a corporation, “Principal Party” shall refer to whichever ultimate parent entity is the entity having the greatest net asset value. 
 (c) The Company shall not consummate any such consolidation, merger, sale or transfer unless prior thereto (x) the Principal Party shall have a sufficient number of authorized shares of its Common
Stock, which have not been issued or reserved for issuance, to permit the exercise in full of the Rights in accordance with this Section 13, and (y) the Company and each Principal Party and each other Person who may become a
Principal Party as a result of such consolidation, merger, sale or transfer shall have executed and delivered to the Rights Agent a supplemental agreement providing for the terms set forth in Section 13(a) and (b) of this
Agreement and further providing that, as soon as practicable after the date of any consolidation, merger, sale or transfer of assets mentioned in Section 13(a) of this Agreement, the Principal Party at its own expense shall:

 (i) prepare and file a registration statement under the Securities Act with respect to the Rights and the
securities purchasable upon exercise of the Rights on an appropriate form, and will use

  

 19 

 
its best efforts to cause such registration statement to become effective as soon as practicable after such filing and cause such registration statement to remain effective (with a prospectus
that at all times meets the requirements of the Securities Act) until the Expiration Date; 
 (ii) qualify or
register the Rights and the securities purchasable upon exercise of the Rights under the blue sky laws of such jurisdictions in the United States as may be necessary or appropriate; 
 (iii) list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national
securities exchange in the United States or to meet the eligibility requirements for listing on an automated quotation system in the United States or such other system in the United States on which the Common Stock of the Company is then traded; and

 (iv) deliver to holders of the Rights historical financial statements for the Principal Party and each of its
Affiliates which comply in all respects with the requirements for registration on Form 10 under the Exchange Act. 
 (d) In
case the Principal Party which is to be a party to a transaction referred to in this Section 13 has a provision in any of its authorized securities or in its articles of incorporation (or equivalent document) or bylaws or other
instrument governing its affairs, which provision would have the effect of (i) causing such Principal Party to issue (other than to holders of Rights pursuant to this Section 13), in connection with, or as a consequence of, the
consummation of a transaction referred to in this Section 13, shares of Common Stock of such Principal Party at less than the then current Fair Market Value (determined pursuant to Section 11(d) of this Agreement) or securities
exercisable for, or convertible into, Common Stock of such Principal Party at less than such Fair Market Value, or (ii) providing for any special payment, tax or similar provisions in connection with the issuance of the Common Stock of such
Principal Party pursuant to the provisions of this Section 13, then, in such event, the Company shall not consummate any such transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to the
Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision shall have no
effect in connection with, or as a consequence of, the consummation of the proposed transaction. 
 The provisions of this
Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers. 
 Section 14. Fractional Rights and Fractional Shares. 
 (a) The Company shall not be required
to issue fractions of Rights, except prior to the Distribution Date as provided in Section 11(o) of this Agreement, or to distribute Right Certificates which evidence fractional Rights. If the Company elects not to issue such fractional
Rights, the Company shall pay, in lieu of such fractional Rights, to the registered holders of the Right Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the Fair
Market Value of a whole Right, as determined pursuant to Section 11(d) of this Agreement. 
 (b) The Company shall
not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of one ten-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence
fractional shares of Preferred Stock (other than fractions which are integral multiples of one ten-thousandth of a share of Preferred Stock). In lieu of fractional shares of Preferred Stock that are not integral multiples of one ten-thousandth of a
share of Preferred Stock, the Company may pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the Fair Market Value of one ten-thousandth of a
share of Preferred Stock. For purposes of this Section 14(b), the Fair Market Value of one ten-thousandth of a share of Preferred Stock shall be determined pursuant to Section 11(d) of this Agreement for the Trading Day
immediately prior to the date of such exercise. 
  

 20 

 (c) The holder of a Right by the acceptance of the Rights expressly waives his right to
receive any fractional Rights or any fractional shares upon exercise of a Right, except as permitted by this Section 14. 
 Section 15. Rights of Action. All rights of action in respect of this Agreement, other than rights of action vested in the Rights Agent pursuant to Sections 18 and 20 of this Agreement, are vested in
the respective registered holders of the Right Certificates (or, prior to the Distribution Date, the registered holders of the Common Stock of the Company); and any registered holder of any Right Certificate (or, prior to the Distribution Date, of
the Common Stock of the Company), without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Stock of the Company), may, in such registered holder’s own behalf and
for such registered holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his right to exercise the Right evidenced by such Right Certificate
in the manner provided in such Right Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy
at law for any breach of this Agreement and shall be entitled to specific performance of the obligations hereunder and injunctive relief against actual or threatened violations of the obligations hereunder of any Person subject to this Agreement.
Holders of Rights shall be entitled to recover the reasonable costs and expenses, including attorneys’ fees, incurred by them in any action to enforce the provisions of this Agreement. 
 Section 16. Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with
the Company and the Rights Agent and with every other holder of a Right that: 
 (a) prior to the Distribution Date, each Right
shall be transferable only simultaneously and together with the transfer of shares of Common Stock of the Company; 
 (b) after
the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office or offices of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper
instrument of transfer; 
 (c) subject to Sections 6(a) and 7(f) of this Agreement, the Company and the Rights
Agent may deem and treat the person in whose name a Right Certificate (or, prior to the Distribution Date, the associated certificate representing Common Stock of the Company) is registered as the absolute owner thereof and of the Rights evidenced
thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated certificate representing Common Stock of the Company made by anyone other than the Company or the Rights Agent) for all purposes whatsoever,
and, subject to the last sentence of Section 7(e), neither the Company nor the Rights Agent shall be affected by any notice to the contrary; and 
 (d) notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or other Person as the result of its inability to
perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, judgment, decree or ruling issued (whether interlocutory or final) by a court of competent jurisdiction or by a governmental,
regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority prohibiting or otherwise restraining performance of such obligations;
provided, however, that the Company must use its best efforts to have any such injunction, order, judgment, decree or ruling lifted or otherwise overturned as soon as possible. 
 Section 17. Right Certificate Holder Not Deemed a Shareholder. No holder, as such, of any Right Certificate shall
be entitled to vote, receive dividends or be deemed for any purpose the holder of the shares of Preferred Stock or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby, nor shall
anything contained herein or in any Right Certificate

  

 21 

 
be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter
submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section 25 of this Agreement), or
to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with the provisions hereof. 
 Section 18. Concerning the Rights Agent. 
 (a) The Company agrees to pay to the Rights Agent such compensation as shall be agreed to in writing between the Company and the Rights
Agent for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and attorney fees and disbursements and other disbursements incurred in the administration and execution of this Agreement
and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without gross negligence, bad faith or willful misconduct
on the part of the Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom,
directly or indirectly. The provisions of this Section 18(a) shall survive the expiration of the Rights and the termination of this Agreement. 
 (b) The Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in reliance
upon any Right Certificate or certificate representing Common Stock of the Company, Preferred Stock, or other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction,
consent, certificate, statement, or other paper or document believed by it in good faith and without negligence to be genuine and to be signed and executed by the proper Person or Persons. 
 (c) The Rights Agent shall not be liable for consequential damages under any provision of this Agreement or for any consequential damages
arising out of any act or failure to act hereunder. 
 Section 19. Merger or Consolidation or Change of Name
of Rights Agent. 
 (a) Any corporation into which the Rights Agent or any successor Rights Agent may be merged or with
which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation succeeding to the shareholder services business of the Rights
Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be
eligible for appointment as a successor Rights Agent under the provisions of Section 21 of this Agreement. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Right
Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned; and in case at that time any of the
Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and in all such cases such Right
Certificates shall have the full force provided in the Right Certificates and in this Agreement. 
 (b) In case at any time the
name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so
countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or in its changed name; and in all such cases such Right
Certificates shall have the full force provided in the Right Certificates and in this Agreement. 
  

 22 

 Section 20. Duties of Rights Agent. The Rights Agent undertakes
the duties and obligations expressly imposed by this Agreement upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound: 
 (a) The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Company), and the opinion of such
counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 
 (b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or
matter (including, without limitation, the identity of any Acquiring Person and the determination of “Fair Market Value”) be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof shall be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by a person believed by the Rights Agent to be the Chairman of the Board of Directors,
the President, a Vice President, the Treasurer or the Secretary of the Company and delivered to the Rights Agent. Any such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the
provisions of this Agreement in reliance upon such certificate. 
 (c) The Rights Agent shall be liable hereunder only for its
own gross negligence, bad faith or willful misconduct. 
 (d) The Rights Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained in this Agreement or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by
the Company only. 
 (e) The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or
the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the exercisability of the Rights (including the Rights becoming void pursuant to Section 7(e) of
this Agreement) or any adjustment required under the provisions of Sections 11, 13 or 23(c) of this Agreement or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of
facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a certificate describing any such adjustment furnished in accordance with Section 12 of this
Agreement), nor shall it be responsible for any determination by the Board of Directors of the Fair Market Value of the Rights or Preferred Stock pursuant to the provisions of Section 14 of this Agreement; nor shall it by any act
hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock of the Company or Preferred Stock to be issued pursuant to this Agreement or any Right Certificate or as to whether or
not any shares of Common Stock of the Company or Preferred Stock will, when so issued, be validly authorized and issued, fully paid and non-assessable. 
 (f) The Company agrees that it shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as
may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 
 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder and certificates delivered pursuant to any provision hereof from any
person believed by the Rights Agent to be the Chairman of the Board of Directors, the President, a Vice President, the Treasurer or the Secretary of the Company, and is authorized to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered

  

 23 

 
to be taken by it in good faith in accordance with instructions of any such officer. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights
Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on or after which such action shall be taken or such omission shall be effective. The Rights Agent shall not be liable for
any action taken by, or omission of, the Rights Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date any
officer of the Company actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall
have received written instructions in response to such application specifying the action to be taken or omitted. 
 (h) The
Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be
interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the
Company or for any other legal entity. 
 (i) The Rights Agent may execute and exercise any of the rights or powers hereby
vested in it or perform any duty hereunder either itself or by or through its attorneys or agents. 
 (j) No provision of this
Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 
 (k)
If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an
affirmative response to clause (1) or clause (2) thereof, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company. 
 Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged
from its duties under this Agreement upon not less than thirty (30) days’ notice in writing mailed to the Company by first class mail, provided, however, that in the event the transfer agency relationship in effect between
the Company and the Rights Agent with respect to the Common Stock of the Company terminates, the Rights Agent shall be deemed to have resigned automatically on the effective date of such termination. The Company may remove the Rights Agent or any
successor Rights Agent (with or without cause), effective immediately or on a specified date, by written notice given to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock of the Company
and Preferred Stock, and by giving notice to the holders of the Right Certificates by any means reasonably determined by the Company to inform such holders of such removal (including without limitation, by including such information in one or more
of the Company’s reports to shareholders or reports or filings with the Securities and Exchange Commission). If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to
the Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection by the Company), then the incumbent Rights Agent or the registered holder of any Right Certificate may apply
to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a corporation organized and doing business under the laws of the
United States, the State of Delaware, the State of New York or the State of Washington (or of any other state of the United States so long as such corporation is authorized to do business as a banking institution in the State of Delaware, the State
of New York or the State of Washington), in good standing, which is authorized under such laws to exercise stock transfer or corporate trust powers and is subject to supervision or

  

 24 

 
examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $10,000,000 or (b) an Affiliate of a Person
described in clause (a) of this sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed;
but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than
the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock of the Company and the Preferred Stock, and give notice to the holders of the
Right Certificates by any means reasonably determined by the Company to inform such holders of such appointment (including without limitation, by including such information in one or more of the Company’s reports to shareholders or reports or
filings with the Securities and Exchange Commission). Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent
or the appointment of the successor Rights Agent, as the case may be. 
 Section 22. Issuance of New Right
Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of Directors
to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement.
In addition, in connection with the issuance or sale of shares of Common Stock of the Company following the Distribution Date and prior to the redemption or expiration of the Rights, the Company (a) shall, with respect to shares of Common Stock
of the Company so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement, or upon the exercise, conversion or exchange of securities hereafter issued by the Company, and (b) may, in any other case, if
deemed necessary or appropriate by the Board of Directors, issue Right Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no such Right Certificate
shall be issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences to the Company or the person to whom such Right Certificate would be issued,
and (ii) no such Right Certificate shall be issued if, and to the extent that, appropriate adjustments shall otherwise have been made in lieu of the issuance thereof. 
 Section 23. Redemption. 
 (a) The Board of Directors may, at its option, redeem all but not less than all of the then outstanding Rights at a redemption price of $0.0001 per Right, appropriately adjusted to reflect any stock
split, stock dividend declared or paid, any subdivision or combination of the outstanding shares of Common Stock of the Company or any similar event or transaction occurring after the date of this Agreement (such redemption price, as adjusted from
time to time, being hereinafter referred to as the “Redemption Price”). The Rights may be redeemed only until the earlier to occur of (i) the time at which any Person becomes an Acquiring Person or (ii) the Final
Expiration Date. 
 (b) Immediately upon the action of the Board of Directors ordering the redemption of the Rights in
accordance with Section 23 of this Agreement, and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the
Redemption Price for each Right so held. Promptly after the action of the Board of Directors ordering the redemption of the Rights in accordance with Section 23 of this Agreement, the Company shall give notice of such redemption to the
Rights Agent and the holders of the then outstanding Rights by mailing such notice to the Rights Agent and to all such holders at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on
the registry books of the Transfer Agent for the Common Stock of the Company. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. The Company promptly shall mail a notice of
any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner

  

 25 

 
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption shall state the method by which the payment of the Redemption Price shall be
made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or Section 24 of this
Agreement or in connection with the purchase of shares of Common Stock of the Company prior to the Distribution Date. 
 (c) The
Company may, at its option, pay the Redemption Price in cash, shares of Common Stock of the Company (based on the Fair Market Value of the Common Stock of the Company as of the time of redemption) or any other form of consideration deemed
appropriate by the Board of Directors. 
 Section 24. Exchange. 
 (a)(i) The Board of Directors may, at its option, at any time on or after the occurrence of a Section 11(a)(ii) Event, exchange all or
part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 7(e) of this Agreement) for shares of Common Stock of the Company at an exchange ratio of one
share of Common Stock of the Company per Right, appropriately adjusted to reflect any stock split, stock dividend, combination of the outstanding shares of Common Stock of the Company or similar event or transaction occurring after the date hereof
(such exchange ratio being hereinafter referred to as the “Section 24(a)(i) Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect such exchange at any time after any Person (other
than an Exempt Person), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Stock of the Company. 
 (ii) Notwithstanding the foregoing, the Board of Directors may, at its option, at any time on or after the occurrence of a
Section 11(a)(ii) Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e) of this Agreement) for shares of
Common Stock of the Company at an exchange ratio specified in the following sentence, as appropriately adjusted to reflect any stock split, stock dividend, combination of the outstanding shares of Common Stock of the Company or similar event or
transaction occurring after the date of this Agreement. Subject to the adjustment described in the foregoing sentence, each Right may be exchanged for that number of shares of Common Stock of the Company obtained by dividing the Spread (as defined
in Section 11(a)(iii) of this Agreement) by the then Fair Market Value of a share of Common Stock of the Company on the earlier of (x) the date on which any person becomes an Acquiring Person or (y) the date on which a tender
or exchange offer by any Person (other than an Exempt Person) is first published or sent or given within the meaning of Rule 14d-4(a) of the Exchange Act or any successor rule, if upon consummation thereof such Person could become an Acquiring
Person (such exchange ratio being referred to herein as the “Section 24(a)(ii) Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect such exchange at any time after any Person
(other than an Exempt Person), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Stock of the Company. 
 (b) Immediately upon the action of the Board of Directors ordering the exchange of any Rights pursuant to subsection (a) of this Section 24 and without any further action and without any
notice, the right to exercise such Rights pursuant to Section 11(a)(ii) of this Agreement shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock of the Company
equal to the number of such Rights held by such holder multiplied by the Section 24(a)(i) Exchange Ratio or the Section 24(a)(ii) Exchange Ratio, as applicable; provided, however, that the holder of a Right exchanged pursuant
to this Section 24 shall continue to have the right to purchase securities or other property of the Principal Party following a Section 13 Event that has occurred or may thereafter occur. The Company shall promptly give notice of
any such exchange in accordance with Section 26 of this Agreement and shall promptly mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights
Agent; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder
receives the

  

 26 

 
notice. Each such notice of exchange shall state the method by which the exchange of the shares of Common Stock of the Company for Rights shall be effected and, in the event of any partial
exchange, the number of Rights which shall be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions of Section 7(e) of this
Agreement) held by each holder of Rights. 
 (c) In any exchange pursuant to this Section 24, the Company, at its
option, may substitute Preferred Stock (or Preferred Stock Equivalent, as such term is defined in Section 11(b) of this Agreement) for Common Stock of the Company exchangeable for Rights, at the initial rate of one ten-thousandth of a
share of Preferred Stock (or Preferred Stock Equivalent) for each share of Common Stock of the Company, as appropriately adjusted to reflect adjustments in the voting rights of the Preferred Stock pursuant to the terms thereof, so that the fraction
of a share of Preferred Stock delivered in lieu of each share of Common Stock of the Company shall have the same voting rights as one share of Common Stock of the Company. 
 (d) In the event that there shall not be sufficient shares of Common Stock of the Company or Preferred Stock (or Preferred Stock
Equivalents) issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with this Section 24, the Company shall take all such action as may be necessary to authorize additional
shares of Common Stock of the Company or Preferred Stock (or Preferred Stock Equivalent) for issuance upon exchange of the Rights. 
 (e) The Company shall not be required to issue fractions of Common Stock of the Company or to distribute certificates which evidence fractional shares of Common Stock of the Company. If the Company elects not to issue such fractional shares
of Common Stock of the Company, the Company shall pay, in lieu of such fractional shares of Common Stock of the Company, to the registered holders of the Right Certificates with regard to which such fractional shares of Common Stock of the Company
would otherwise be issuable, an amount in cash equal to the same fraction of the Fair Market Value of a whole share of Common Stock of the Company. For the purposes of this paragraph (e), the Fair Market Value of a whole share of Common Stock
of the Company shall be the closing price of a share of Common Stock of the Company (as determined pursuant to the second sentence of Section 11(d)(i) of this Agreement) for the Trading Day immediately prior to the date of exchange
pursuant to this Section 24. 
 Section 25. Notice of Certain Events. 
 (a) In case the Company shall propose, at any time after the Distribution Date, (i) to pay any dividend payable in stock of any class
to the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular periodic cash dividend out of earnings or retained earnings of the Company), or (ii) to offer to the holders of
Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights or options, or (iii) to effect any reclassification of its Preferred
Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock), or (iv) to effect any consolidation or merger into or with, or to effect any sale, mortgage or other transfer (or to permit one or
more of its Subsidiaries to effect any sale, mortgage or other transfer), in one transaction or a series of related transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other
Person (other than a Subsidiary of the Company in one or more transactions each of which is not prohibited by the proviso at the end of the first sentence of Section 11(n) of this Agreement), or (v) to effect the liquidation,
dissolution or winding up of the Company, or (vi) to declare or pay any dividend on the Common Stock of the Company payable in Common Stock of the Company or to effect a subdivision, combination or consolidation of the Common Stock of the
Company (by reclassification or otherwise than by payment of dividends in Common Stock of the Company) then in each such case, the Company shall give to each holder of a Right Certificate and to the Rights Agent, in accordance with
Section 26 of this Agreement, a notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, distribution of rights or warrants, or the date on which such reclassification, consolidation,
merger, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of the shares of Common Stock of the Company and/or Preferred Stock, if any such date is to be fixed, and such
notice shall be so given in the case of any

  

 27 

 
action covered by clause (i) or (ii) above at least twenty (20) days prior to the record date for determining holders of the shares of Preferred Stock for purposes of such action,
and in the case of any such other action, at least twenty (20) days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the shares of Common Stock of the Company and/or Preferred Stock,
whichever shall be the earlier; provided, however, no such notice shall be required pursuant to this Section 25 as a result of any Subsidiary of the Company effecting a consolidation or merger with or into, or effecting a
sale or other transfer of assets or earnings power to, any other Subsidiary of the Company in a manner not inconsistent with the provisions of this Agreement. 
 (b) In case any Section 11(a)(ii) Event shall occur, then, in any such case, the Company shall as soon as practicable thereafter give to each registered holder of a Right Certificate and to the
Rights Agent, in accordance with Section 26 of this Agreement, a notice of the occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights under Section 11(a)(ii) of this
Agreement. 
 Section 26. Notices. Notices or demands authorized by this Agreement to be given or made
by the Rights Agent or by the holder of any Right Certificate to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, by facsimile transmission or by nationally-recognized overnight courier addressed
(until another address is filed in writing with the Rights Agent) as follows: 
 Cell Therapeutics, Inc. 
 501 Elliott Avenue West, Suite 400 
 Seattle, Washington 98119 
 Facsimile No.: (206) 213-8317 
 Attention: Head of Legal Affairs 
 Subject to the provisions of Section 21 of this Agreement, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate to or
on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, by facsimile transmission or by nationally-recognized overnight courier addressed (until another address is filed in writing with the Company) as
follows: 
 Computershare Trust Company, N.A. 
 655 Montgomery Street, Suite 830 
 San Francisco, California 94111 
 Facsimile No.: (415) 677-5014 
 Attention: Client Services 
 Notices or demands authorized by this Agreement to be
given or made by the Company or the Rights Agent to the holder of any Right Certificate (or, prior to the Distribution Date, to the holder of any certificate representing shares of Common Stock of the Company) shall be sufficiently given or made if
sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company. 
 Section 27. Supplements and Amendments. Prior to the occurrence of a Section 11(a)(ii) Event, the Company and the Rights Agent shall, if the Board of Directors so directs,
supplement or amend any provision of this Agreement as the Board of Directors may deem necessary or desirable without the approval of any holders of certificates representing shares of Common Stock of the Company. From and after the occurrence of a
Section 11(a)(ii) Event, the Company and the Rights Agent shall, if the Board of Directors so directs, supplement or amend this Agreement without the approval of any holder of Right Certificates in order (i) to cure any ambiguity,
(ii) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, (iii) to shorten or lengthen any time period hereunder, or (iv) to change or supplement the
provisions hereof in any manner which the Board of Directors may deem necessary or desirable and which shall not adversely affect the interests of the holders of Right Certificates (other than an Acquiring Person or any Affiliate or Associate of an

  

 28 

 
Acquiring Person); provided, however, that from and after the occurrence of a Section 11(a)(ii) Event this Agreement may not be supplemented or amended to lengthen, pursuant to
clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then redeemable or (B) any other time period unless such lengthening is for the purpose of protecting,
enhancing or clarifying the rights of, and the benefits to, the holders of Rights (other than an Acquiring Person or any Affiliate or Associate of an Acquiring Person). Without limiting the foregoing, the Company may at any time prior to the
occurrence of a Section 11(a)(ii) Event amend this Agreement to lower the threshold set forth in Section 1(a) to not less than the greater of (i) the sum of 0.001% and the largest percentage of the outstanding Common Stock of the
Company then known by the Company to be Beneficially Owned by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any Subsidiary of the Company, or any entity holding Common Stock of the
Company for or pursuant to the terms of any such plan) and (ii) 10.0%. Upon the delivery of such certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of
this Section 27, the Rights Agent shall execute such supplement or amendment, and any failure of the Rights Agent to so execute such supplement or amendment shall not affect the validity of the actions taken by the Board of Directors
pursuant to this Section 27. Prior to the occurrence of a Section 11(a)(ii) Event, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock of the Company. Notwithstanding
any other provision hereof, the Rights Agent’s consent must be obtained regarding any amendment or supplement pursuant to this Section 27 which alters the Rights Agent’s rights or duties. 
 Section 28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or
the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
 Section 29. Determinations and Actions by the Board of Directors. The Board of Directors shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically
granted to the Board of Directors or to the Company, or as may be necessary or advisable in the administration of this Agreement, including without limitation, the right and power to (i) interpret the provisions of this Agreement and
(ii) make all determinations and computations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or not redeem the Rights or to amend the Agreement). All such actions, calculations,
interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board of Directors in good faith shall (x) be final, conclusive and binding on the
Company, the Rights Agent, the holders of the Rights and all other parties, and (y) not subject any member of the Board of Directors to any liability to the holders of the Rights or to any other person. 
 Section 30. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other
than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock of the Company) any legal or equitable right, remedy or claim under this Agreement; but this Agreement
shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, registered holders of the Common Stock of the Company). 
 Section 31. Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated; provided, however, that notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or
unenforceable and the Board of Directors determines in its good faith judgment that severing the invalid language from the Agreement would adversely affect the purpose or effect of the Agreement, the right of redemption set forth in
Section 23 of this Agreement shall be reinstated and shall not expire until the Close of Business on the tenth (10th) day following the date of such determination by the Board of Directors. 
  

 29 

 Section 32. Governing Law. This Agreement, each Right and each
Right Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Washington and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made
and to be performed entirely within such State. The courts of the State of Washington and of the United States of America located in the State of Washington (the “Washington Courts”) shall have exclusive jurisdiction over any
litigation arising out of or relating to this Agreement and the transactions contemplated hereby, and any Person commencing or otherwise involved in any such litigation shall waive any objection to the laying of venue of such litigation in the
Delaware Courts and shall not plead or claim in any Washington Court that such litigation brought therein has been brought in an inconvenient forum. Notwithstanding the foregoing, the rights, duties and obligations of the Rights Agent shall be
governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, and the Rights Agent shall not be subject to the exclusive jurisdiction of the Washington Courts. 
 Section 33. Counterparts. This Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and
enforceability as an original signature. 
 Section 34. Descriptive Headings. Descriptive headings of
the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
 Section 35. Force Majeure. Notwithstanding anything to the contrary contained herein, neither the Company nor the Rights Agent shall be liable for any delay or failure in
performance resulting directly from any act or event beyond its reasonable control and without the fault or gross negligence of the delayed or non-performing party that causes a sudden, substantial or widespread disruption in business activities,
including, without limitation, fire, flood, natural disaster or act of God, strike or other industrial disturbance, war (declared or undeclared), embargo, blockade, legal restriction, riot, insurrection, act of terrorism, disruption in
transportation, communications, electric power or other utilities, or other vital infrastructure or any means of disrupting or damaging internet or other computer networks or facilities (each, a “Force Majeure Condition”);
provided, however, that such delayed or non-performing party shall use reasonable commercial efforts to resume performance as soon as practicable. If any Force Majeure Condition occurs, the party delayed or unable to perform shall give
prompt written notice to the other party, stating the nature of the Force Majeure Condition and any action being taken to avoid or minimize its effect. 
 [Remainder of page intentionally left blank] 
  

 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as an instrument under seal and attested, all as of the day and year first above written. 
  

									
	ATTEST:	 		 	CELL THERAPEUTICS, INC.
					
	By:	 	/s/ Craig Philips	 		 	By:	 	/s/ James A. Bianco, M.D.
	Name:	 	Craig Philips	 		 	Name:	 	James A. Bianco, M.D.
	Title:	 	President	 		 	Title:	 	Chief Executive Officer
			
	ATTEST:	 		 	 COMPUTERSHARE TRUST COMPANY, N.A.,
 as Rights Agent

					
	By:	 	/s/ Ian Yewer	 		 	By:	 	/s/ Kellie Gwinn
	Name:	 	Ian Yewer	 		 	Name:	 	Kellie Gwinn
	Title:	 	Branch President	 		 	Title:	 	Vice President

  

 S-1 

 EXHIBIT A 
 CERTIFICATE OF DESIGNATION, PREFERENCES AND RIGHTS OF SERIES ZZ JUNIOR 
 PARTICIPATING CUMULATIVE PREFERRED STOCK 
 ARTICLES OF AMENDMENT
TO 
 AMENDED AND RESTATED ARTICLES OF 
 CELL THERAPEUTICS, INC. 
 CERTIFICATE OF DESIGNATION, PREFERENCES AND
RIGHTS OF 
 SERIES ZZ JUNIOR PARTICIPATING CUMULATIVE PREFERRED STOCK 
 Pursuant to the Washington Business Corporation Act, Chapter 23B.10, the undersigned officer of Cell Therapeutics, Inc., a Washington
corporation (the “Corporation”), does hereby submit for filing these Articles of Amendment: 
 FIRST: The name
of the Corporation is Cell Therapeutics, Inc. 
 SECOND: This amendment to the Amended and Restated Articles of Incorporation,
as amended to date (the “Restated Articles”), was adopted by the Board of Directors of the Corporation on December 24, 2009. Shareholder action was not required on this amendment pursuant to Article II.2 of the Restated
Articles. 
 THIRD: A new Section 2(i) of Article II is added to the Restated Articles to add the designations, rights and
preferences of a new series of preferred stock as follows, such Section to be effective as of December 28, 2009: 
 “(i) Series ZZ Junior Participating Cumulative Preferred Stock 
 TERMS OF PREFERRED STOCK

 Section 1. Designation and Amount. There shall be a series of preferred stock that shall be designated
as “Series ZZ Junior Participating Cumulative Preferred Stock” (the “Series ZZ Preferred Stock”), and the number of shares initially constituting such series shall be 80,000. Such number of shares may be increased or
decreased by resolution of the Board of Directors; provided, however, that no decrease shall reduce the number of shares of Series ZZ 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 ZZ Preferred Stock. 
 Section 2. Dividends and Distributions. 
 (a)(i) Subject to the rights of the holders of any shares of any class or series of preferred stock (or any similar stock) ranking prior and superior to the Series ZZ Preferred Stock with respect to
dividends, the holders of shares of Series ZZ Preferred Stock, in preference to the holders of shares of common stock and of any other class or series of stock ranking junior to the Series ZZ Preferred 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 ZZ Preferred Stock, in an amount per share (rounded to the nearest
cent) equal to the greater of (a) $1.00 or (b) subject

  

 A-1 

 
to the provisions for adjustment hereinafter set forth, 10,000 times the aggregate per share amount of all cash dividends, and 10,000 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 ZZ Preferred Stock. The multiple of cash and non-cash dividends declared
on the common stock to which holders of the Series ZZ Preferred Stock are entitled, which shall be 10,000 initially but which shall be adjusted from time to time as hereinafter provided, is hereinafter referred to as the “Dividend
Multiple.” In the event the Corporation shall at any time after January 7, 2010 (the “Rights Declaration Date”) (i) declare or pay any dividend on common stock payable in shares of common stock, or
(ii) 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 Dividend Multiple thereafter applicable to the determination of the amount of dividends which holders of shares of Series ZZ Preferred Stock shall be entitled to receive shall be the Dividend Multiple applicable
immediately prior to such event multiplied 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. 
 (ii) Notwithstanding anything else contained in this paragraph
(a), the Corporation shall, out of funds legally available for that purpose, declare a dividend or distribution on the Series ZZ Preferred Stock as provided in this paragraph (a) immediately after it declares a dividend or distribution on the
common stock (other than a dividend payable in shares of common stock) and the Corporation shall pay such distribution of the Series ZZ Preferred Stock before the dividend or distribution declared on the common stock is paid or set apart;
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 $1.00 per share
on the Series ZZ Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 
 (b)
Dividends shall begin to accrue and be cumulative on outstanding shares of Series ZZ Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares of Series ZZ Preferred Stock, unless the date of issue of
such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment
Date or is a date after the record date for the determination of holders of shares of Series ZZ 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 ZZ 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 in accordance with applicable law a record date for the determination of
holders of shares of Series ZZ Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than such number of days prior to the date fixed for the payment thereof as may be allowed
by applicable law. 
 Section 3. Voting Rights. In addition to any other voting rights required by law, the
holders of shares of Series ZZ Preferred Stock shall have the following voting rights: 
 (a) Subject to the provision for
adjustment hereinafter set forth, each share of Series ZZ Preferred Stock shall entitle the holder thereof to 10,000 votes on all matters submitted to a vote of the shareholders of the Corporation. The number of votes which a holder of a share of
Series ZZ Preferred Stock is entitled to cast, which shall initially be 10,000 but which may be adjusted from time to time as

  

 A-2 

 
hereinafter provided, is hereinafter referred to as the “Vote Multiple.” In the event the Corporation shall at any time after the Rights Declaration Date (i) declare or pay
any dividend on common stock payable in shares of common stock, or (ii) 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 Vote Multiple thereafter applicable to the determination of the number of votes per share to which holders of shares of Series ZZ Preferred Stock
shall be entitled shall be the Vote Multiple immediately prior to such event multiplied 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 or
by law, the holders of shares of Series ZZ Preferred Stock and the holders of shares of common stock and the holders of shares of any other capital stock of this Corporation having general voting rights, shall vote together as one class on all
matters submitted to a vote of shareholders of the Corporation. 
 (c)(i) Whenever, at any time or times, dividends payable on
any shares of Series ZZ Preferred Stock shall be in arrears in an amount equal to at least six (6) full quarter dividends (whether or not declared and whether or not consecutive), the holders of record of the outstanding shares of Series ZZ
Preferred Stock shall have the exclusive right, voting separately as a single class, to elect two (2) directors of the Corporation at a special meeting of shareholders of the Corporation or at the Corporation’s next annual meeting of
shareholders, and at each subsequent annual meeting of shareholders, as provided below. 
 (ii) Upon the vesting
of such right of the holders of shares of Series ZZ Preferred Stock, the maximum authorized number of members of the Board of Directors shall automatically be increased by two (2) and the two (2) vacancies so created shall be filled by
vote of the holders of the outstanding shares of Series ZZ Preferred Stock as hereinafter set forth. A special meeting of the shareholders of the Corporation then entitled to vote shall be called by the President, the Board of Directors or, if
requested in writing, by the holders of at least 10% of the shares of Series ZZ Preferred Stock then outstanding. At such special meeting, or, if no such special meeting shall have been called, then at the next annual meeting of shareholders of the
Corporation, the holders of the shares of Series ZZ Preferred Stock shall elect, voting as above provided, two (2) directors of the Corporation to fill the aforesaid vacancies created by the automatic increase in the number of members of the
Board of Directors. At any and all such meetings for such election, the holders of a majority of the outstanding shares of Series ZZ Preferred Stock shall be necessary to constitute a quorum for such election, whether present in person or proxy, and
such two (2) directors shall be elected by the vote of at least a majority of the shares of Series ZZ Preferred Stock held by such shareholders present or represented at the meeting, the holders of Series ZZ Preferred Stock being entitled to
cast a number of votes per share of Series ZZ Preferred Stock as is specified in paragraph (a) of this Section 3. Each such additional director shall not be a member of Class I, Class II or Class III of the Board of Directors of the
Corporation, but shall serve until the next annual meeting of shareholders for the election of directors, or until his successor shall be elected and shall qualify, or until his right to hold such office terminates pursuant to the provisions of this
Section 3(c). Any director elected by holders of shares of Series ZZ Preferred Stock pursuant to this Section 3(c) may be removed at any annual or special meeting, by vote of a majority of the shareholders voting as a class who elected
such director, with or without cause. In case any vacancy shall occur among the directors elected by the holders of shares of Series ZZ Preferred Stock pursuant to this Section 3(c), such vacancy may be filled by the remaining director so
elected, or his successor then in office, and the director so elected to fill such vacancy shall serve until the next meeting of shareholders for the election of directors. 
 (iii) The right of the holders of shares of Series ZZ Preferred Stock, voting separately as a class, to elect two
(2) members of the Board of Directors of the Corporation as aforesaid shall continue until, and only until, such time as all arrears in dividends (whether or not declared) on the

  

 A-3 

 
Series ZZ Preferred Stock shall have been paid or declared and set apart for payment, at which time such right shall terminate, except as herein or by law expressly provided subject to revesting
in the event of each and every subsequent default of the character above-mentioned. Upon any termination of the right of the holders of the Series ZZ Preferred Stock as a class to vote for directors as herein provided, the term of office of all
directors then in office elected by the holders of shares of Series ZZ Preferred Stock pursuant to this Section 3(c) shall terminate immediately. Whenever the term of office of the directors elected by the holders of shares of Series ZZ
Preferred Stock pursuant to this Section 3(c) shall terminate and the special voting powers vested in the holders of the Series ZZ Preferred Stock pursuant to this Section 3(c) shall have expired, the maximum number of members of this
Board of Directors of the Corporation shall be such number as may be provided for in the Amended and Restated Bylaws of the Corporation, irrespective of any increase made pursuant to the provisions of this Section 3(c). The voting rights
granted by this Section 3(c) shall be in addition to any other voting rights granted to the holders of the Series ZZ Preferred Stock in this Section 3. 
 (d) Except as otherwise required by applicable law or as set forth herein, holders of Series ZZ 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 dividends or distributions payable on the Series ZZ
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 ZZ Preferred Stock outstanding shall have been paid in full, the
Corporation shall not: 
 (i) declare or pay dividends on, make any other distributions on, or redeem or purchase
or otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series ZZ Preferred Stock; 
 (ii) declare or pay dividends on 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 ZZ Preferred Stock, except dividends paid ratably on the Series ZZ 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) except as permitted in
subsection 4(a)(iv) below, redeem, purchase or otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series ZZ Preferred Stock, provided that the
Corporation may at any time redeem, purchase or otherwise acquire shares of any such parity 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 ZZ Preferred Stock; or 
 (iv) purchase or otherwise acquire for consideration any shares of Series ZZ
Preferred Stock, or any shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series ZZ 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 ZZnd
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 could, under subsection (a) of this Section 4,
purchase or otherwise acquire such shares at such time and in such manner. 
  

 A-4 

 Section 5. Reacquired Shares. Any shares of Series ZZ Preferred Stock
purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired promptly after the acquisition thereof. All such shares shall upon their retirement become authorized but unissued shares of preferred stock and may be
reissued as part of a new series of preferred stock to be created by resolution or resolutions of the Board of Directors, subject to the conditions and restrictions on issuance set forth herein. 
 Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation
(voluntary or otherwise), no distribution shall be made (x) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series ZZ Preferred Stock unless, prior thereto, the
holders of shares of Series ZZ Preferred Stock shall have received an amount (the “Series ZZ Liquidation Preference”) equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such
payment, plus an amount equal to the greater of (1) $10,000.00 per share or (2) an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 10,000 times the aggregate amount of all cash or other
property to be distributed per share to holders of common stock upon such liquidation, dissolution or winding up of the Corporation, or (y) to the holders of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or
winding up) with the Series ZZ Preferred Stock, except distributions made ratably on the Series ZZ Preferred Stock and all other 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 after the Rights Declaration Date (i) declare or pay any dividend on common stock payable in shares of common stock, or (ii) 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 per share to which holders of shares of Series ZZ Preferred Stock were entitled immediately prior to such event under clause (x) 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. 
 In the event, however, that there are not sufficient assets available to permit payment in full of the Series ZZ Liquidation Preference and
the liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series ZZ Preferred Stock in respect thereof, then the assets available for such distribution shall be distributed
ratably to the holders of the Series ZZ Preferred Stock and the holders of such parity shares in proportion to their respective liquidation preferences. 
 Neither the consolidation of nor merging of the Corporation with or into any other corporation or corporations, nor the sale or other transfer of all or substantially all of the assets of the Corporation,
shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this Section 6. 
 Section 7. Consolidation, Merger, etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the outstanding 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 ZZ Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share (subject to the provision for adjustment
hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of common stock is changed or exchanged, plus accrued
and unpaid dividends, if any, payable with respect to the Series ZZ Preferred Stock. In the event the Corporation shall at any time after the Rights Declaration Date (i) declare or pay any dividend on common stock payable in shares of common
stock, or (ii) 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

  

 A-5 

 
amount set forth in the preceding sentence with respect to the exchange or change of shares of Series ZZ 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. 
 Section 8. Redemption. The shares of Series ZZ Preferred Stock shall not be redeemable; provided, however,
that the foregoing shall not limit the ability of the Corporation to purchase or otherwise deal in such shares to the extent otherwise permitted hereby and by law. 
 Section 9. Ranking. Unless otherwise expressly provided in the Articles of Incorporation or a Certificate of Designation, Preferences or Rights relating to any other series of preferred
stock of the Corporation, the Series ZZ Preferred Stock shall rank junior to every other series of the Corporation’s preferred stock previously or hereafter authorized, as to the payment of dividends and the distribution of assets on
liquidation, dissolution or winding up and shall rank senior to the common stock. 
 Section 10.
Fractional Shares. Series ZZ Preferred Stock may be issued in whole shares or in any fraction of a share that is one ten-thousandth (1/10,000th) of a share or any integral multiple of such fraction, which shall entitle the holder, in
proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series ZZ Preferred Stock. In lieu of fractional shares, the
Corporation may elect to make a cash payment as provided in the Rights Agreement for fractions of a share other than one ten-thousandth (1/10,000th) of a share or any integral multiple thereof. 
 Section 11. Amendment. At any time any shares of Series ZZ Preferred Stock are outstanding, the Articles of Incorporation
and the foregoing Sections 1 through 10, inclusive, and this Section 11 of the Certificate of Designation shall not be amended in any manner, including by merger, consolidation or otherwise, which would materially alter or change the powers,
preferences or special rights of the Series ZZ Preferred Stock so as to affect them adversely without the affirmative vote of the holders of two-thirds or more of the outstanding shares of Series ZZ Preferred Stock, voting separately as a
class.” 
 [Signature Page Follows] 
  

 A-6 

 I certify that I am a duly appointed and incumbent officer of the above named Corporation
and that I am authorized to execute these Articles of Amendment on behalf of the Corporation. 
 EXECUTED,
this 28th day of December, 2009. 
  

					
	 CELL THERAPEUTICS, INC., 
 a Washington corporation

		
	By:	 	/s/ James A. Bianco, M.D.
		 	Name:	 	James A. Bianco, M.D.
		 	Title:	 	Chief Executive Officer

  

 A-7 

 EXHIBIT B 
 FORM OF RIGHT CERTIFICATE 
 Certificate No. R- _______
Rights 
 NOT EXERCISABLE AFTER JANUARY 7, 2013 OR EARLIER IF NOTICE OF REDEMPTION IS GIVEN. THE RIGHTS ARE SUBJECT TO
REDEMPTION, AT THE OPTION OF CELL THERAPEUTICS, INC., AT $0.0001 PER RIGHT, ON THE TERMS SET FORTH IN THE SHAREHOLDER RIGHTS AGREEMENT BETWEEN CELL THERAPEUTICS, INC. AND COMPUTERSHARE TRUST COMPANY, N.A., AS RIGHTS AGENT, DATED AS OF DECEMBER 28,
2009 (THE “RIGHTS AGREEMENT”). UNDER CERTAIN CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. 
 Right Certificate 

 CELL THERAPEUTICS, INC. 
 This certifies that ___________, or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions
and conditions of the Shareholder Rights Agreement dated as of December 28, 2009 (the “Rights Agreement”) between Cell Therapeutics, Inc. (the “Company”) and Computershare Trust Company, N.A., as Rights Agent (the
“Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to the close of business on January 7, 2013 at the office or offices of the Rights
Agent designated for such purpose, or its successors as Rights Agent, one ten-thousandth of a fully paid, non-assessable share of the Series ZZ Junior Participating Cumulative Preferred Stock (the “Preferred Stock”) of the Company,
at a purchase price of $0.0001 per one ten-thousandth of a share (the “Exercise Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase and the related Certificate duly executed. The
number of Rights evidenced by this Right Certificate (and the number of shares which may be purchased upon exercise thereof) set forth above, and the Exercise Price per share set forth above, are the number and Exercise Price as of $6.00, based on
the Preferred Stock as constituted at such date. 
 Upon the occurrence of a Section 11(a)(ii) Event (as such term is
defined in the Rights Agreement), if the Rights evidenced by this Right Certificate are beneficially owned by (i) an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement),
(ii) a transferee of any such Acquiring Person or Associate or Affiliate thereof, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of a Person who, after such transfer, became an Acquiring Person or an
Affiliate or Associate of an Acquiring Person, such Rights shall become null and void and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Section 11(a)(ii) Event. 
 As provided in the Rights Agreement, the Exercise Price and the number of shares of Preferred Stock or other securities which may be
purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events. 
 This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and made a part
hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates, which
limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the principal office of the Company and the
designated office of the Rights Agent and are also available upon written request to the Company or the Rights Agent. 
  

 B-1 

 This Right Certificate, with or without other Right Certificates, upon surrender at the
office or offices of the Rights Agent designated for such purpose, may be exchanged for another Right Certificate or Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of shares of
Preferred Stock as the Rights evidenced by the Right Certificate or Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender
hereof another Right Certificate or Certificates for the number of whole Rights not exercised. If this Right Certificate shall be exercised in whole or in part pursuant to Section 11(a)(ii) of the Rights Agreement, the holder shall be
entitled to receive this Right Certificate duly marked to indicate that such exercise has occurred as set forth in the Rights Agreement. 
 Under certain circumstances, subject to the provisions of the Rights Agreement, the Board of Directors of the Company at its option may exchange all or any part of the Rights evidenced by this Certificate
for shares of the Company’s Common Stock or Preferred Stock at an exchange ratio (subject to adjustment) specified in the Rights Agreement. 
 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed by the Board of Directors of the Company at its option at a redemption price of $0.0001 per
Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board of Directors). 
 The Company is not
obligated to issue fractional shares of stock upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one ten-thousandth of a share of Preferred Stock, which may, at the election of the
Company, be evidenced by depositary receipts). If the Company elects not to issue such fractional shares, in lieu thereof a cash payment shall be made, as provided in the Rights Agreement. 
 No holder of this Right Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of
shares of Preferred Stock, Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as
such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive
notice of meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have been
exercised as provided in the Rights Agreement. 
 This Right Certificate shall not be valid or obligatory for any purpose until
it shall have been countersigned by an authorized signatory of the Rights Agent. 
 WITNESS the facsimile signature (or
other electronic or digital means) of the proper officers of the Company as a document under corporate seal. 
  

											
	Attested:	 		 	CELL THERAPEUTICS, INC.
					
	By:	 	 	 		 	By:	 	 
		 	[Secretary]	 		 		 	Name:	 	
		 		 		 		 	Title:	 	

  

 B-2 

			
	Countersigned:
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 B-3 

 Form of Reverse Side of Right Certificate] 
 FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such 
 holder desires to transfer the Right Certificate.) 

 FOR VALUE RECEIVED ___________________ hereby sells, assigns and transfers unto ___________________ (Please print name and
address of transferee) _________ this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint _______________________ Attorney, to transfer the within Right Certificate on the books
of the within-named Company, with full power of substitution. 
 Dated: __________, ____ 

	
	
	  
	Signature

 Medallion Signature Guaranteed: ______________________________

 CERTIFICATE 
 The undersigned hereby certifies by checking the appropriate boxes that: 
 (1) the
Rights evidenced by this Right Certificate _______ are ________ are not being transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights
Agreement); and 
 (2) after due inquiry and to the best knowledge of the undersigned, the undersigned _________ did ___________
did not directly or indirectly acquire the Rights evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate of any such Person. 
 Dated: __________, ____  

	
	
	  
	Signature

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

 B-4 

 FORM OF ELECTION TO PURCHASE 
 (To be executed if holder desires to 
 exercise the
Right Certificate.) 
 To CELL THERAPEUTICS, INC.: 
 The undersigned hereby irrevocably elects to exercise _________ Rights represented by this Right Certificate to purchase the shares of Preferred Stock issuable upon the exercise of the Rights (or such
other securities of the Company or of any other person which may be issuable upon the exercise of the Rights) and requests that certificates for such shares be issued in the name of: 
 Please insert social security or other identifying taxpayer number: _________________________ 
 __________________________ 
  
  
  
  
 (Please print name and address) 
 If such number of Rights shall not be all the
Rights evidenced by this Right Certificate or if the Rights are being exercised pursuant to Section 11(a)(ii) of the Rights Agreement, a new Right Certificate for the balance of such Rights shall be registered in the name of and
delivered to: 
 Please insert social security or other identifying taxpayer number: ____________________________ 
 __________________________ 
  
  
  
  
 (Please print name and address) 
 Dated: __________, ____ 

	
	
	  
	Signature

 Medallion Signature Guaranteed: _____________________________ 
  

 B-5 

 CERTIFICATE 
 The undersigned hereby certifies by checking the appropriate boxes that: 
 (1) the Rights evidenced by this Right Certificate ______ are ________ are not being exercised by or on behalf of a Person who is or was an
Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement); and 
 (2)
after due inquiry and to the best knowledge of the undersigned, the undersigned ________ did ________ did not directly or indirectly acquire the Rights evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or
an Affiliate or Associate of any such Person. 
 Dated: __________, ____  

	
	
	  
	Signature

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

 B-6

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