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AMENDMENT NO. 3 TO RIGHTS AGREEMENT    
  

        THIS AMENDMENT NO. 3 (this "Amendment"), dated as of February 20, 2002, among The Immune Response Corporation, a Delaware corporation (the "Company") and
Computershare Trust Company, Inc. ("Computershare"), to the Rights Agreement dated as of February 26, 1992, as amended by Amendment No. 1 dated as of April 17, 1997, and
Amendment No. 2 dated as of December 20, 2001, between the Company and Computershare (as successor agent to Harris Trust and Savings Bank which was successor agent Mellon Investor
Services, which was successor agent to ChaseMellon Shareholder Services, L.L.C., which was successor agent to First Interstate Bank Ltd.), as Rights Agent (the "Rights Agreement"). 

        A.    The
Company and Computershare have heretofore entered into the Rights Agreement pursuant to which the Computershare was appointed to serve as the Rights Agent under the
Rights Agreement. Pursuant to Section 27 of the Rights Agreement, the Company and the Rights Agent may, from time to time, supplement or amend the Rights Agreement in accordance with the
provisions of such Section. 

        B.    The
Board of Directors of the Company has determined that it is in the best interest of the Company and its stockholders to amend the Rights Agreement such that the Final
Expiration Date be extended from February 26, 2002 until February 26, 2012. 

        NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein, the parties hereto agree as follows: 

        1.    Effective
as of the date of Amendment No. 3, all References in the Rights Agreement and Exhibits attached thereto to "February 26, 2002" shall be deleted
and substituted with "February 26, 2012". 

        2.    This
Amendment shall be governed by and construed in accordance with the laws of the State of Delaware and for all purposes shall be governed by and construed in
accordance with all laws of such State applicable to contracts to be made and performed entirely within such State. 

        3.    This
Amendment may be executed in counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument. 

-1-

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and attested, all as of the date and year first above written. 

	Attest:	 	THE IMMUNE RESPONSE CORPORATION
	

By:	

 	
 	

By:	

 
	 	
	 	 	

	

Title:	

 	
 	

Title:	

 
	 	
	 	 	

	 	 	 	 	 
	

Attest:	
 	
COMPUTERSHARE TRUST COMPANY, INC.
	

By:	

 	
 	

By:	

 
	 	
	 	 	

	

Title:	

 	
 	

Title:	

 
	 	
	 	 	

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AMENDMENT NO. 3 TO RIGHTS AGREEMENT<Page>
                                                                    EXHIBIT 4(C)

                               WALTER INDUSTRIES
                      EXECUTIVE DEFERRED COMPENSATION PLAN

                                   EFFECTIVE
                                     AS OF
                                JANUARY 1, 2002
<Page>
                               WALTER INDUSTRIES
                      EXECUTIVE DEFERRED COMPENSATION PLAN

                               TABLE OF CONTENTS

<Table>
<Caption>
ARTICLE                 TITLE                                                           PAGE
-------                 -----                                                         --------
<S>                     <C>                                                           <C>
 I                      Definitions.................................................     3

 II.                    Administration..............................................     3

 III.                   Eligibility & Participation.................................     4

 IV.                    Deferral Elections..........................................     4

 V.                     Participation Account and Investment of Deferred Amounts....     5

 VI.                    Benefits Under the Plan.....................................     6

 VII.                   Amendment and Termination...................................     8

 VIII.                  Miscellaneous...............................................     8
</Table>

                                       2
<Page>
                               WALTER INDUSTRIES
                      EXECUTIVE DEFERRED COMPENSATION PLAN

                                    PURPOSE

    Walter Industries, Inc. (the "Company") hereby establishes the Walter
Industries Executive Deferred Compensation Plan (the "Plan") effective
January 1, 2002 ("Effective Date"), for a select group of personnel to ensure
that the overall effectiveness of the Company's and its Related Employers'
compensation program will attract, retain and motivate qualified personnel. The
purpose of this Plan is to provide certain key employees who contribute or who
are expected to contribute substantially to the success of the Company and its
Related Employers with the opportunity to defer the receipt of compensation.

                                   ARTICLE I
                                  DEFINITIONS

    (a) "Account" shall mean a Participant's Deferred Compensation Account as
described in Article V.

    (b) "Board" or "Board of Directors" shall mean the board of directors of the
Company or a Related Employer.

    (c) "Company" shall mean Walter Industries, Inc. and its successors.

    (d) "Participant" shall mean any employee of the Company or a Related
Employer who is covered by this Plan as provided in Article III.

    (e) "Plan" shall mean the Walter Industries Deferred Compensation Plan
hereby created and as it may be amended from time to time.

    (f) "Plan Administrator" shall mean the Company.

    (g) "Plan Year" shall mean the 12-month period ending on December 31.

    (h) "Related Employer" shall mean an affiliate of the Company that has
elected to adopt the Plan and that the Company, in its sole discretion, allows
to participate in the Plan.

                                   ARTICLE II
                                 ADMINISTRATION

    (a)  PLAN ADMINISTRATOR.

        (1)  The Plan Administrator shall have complete control and discretion
    to manage the operation and administration of the Plan. Not in limitation,
    but in amplification of the foregoing, the Plan Administrator shall have the
    following powers:

           (A) To determine all questions relating to the eligibility of
       employees to participate or continue to participate;

           (B) To maintain all records and books of account necessary for the
       administration of the Plan;

           (C) To interpret the provisions of the Plan and to make and to
       publish such interpretive or procedural rules as are not inconsistent
       with the Plan and applicable law;

                                       3
<Page>
           (D) To compute, certify and arrange for the payment of benefits to
       which any Participant or beneficiary is entitled;

           (E) To process claims for benefits under the Plan by Participants or
       beneficiaries;

           (F) To engage consultants and professionals to assist the Plan
       Administrator in carrying out its duties under this Plan; and

           (G) To develop and maintain such instruments as may be deemed
       necessary from time to time by the Plan Administrator to facilitate
       payment of benefits under the Plan.

        (2) The Plan Administrator may designate a committee to assist the Plan
    Administrator in the administration of the Plan and perform the duties
    required of the Plan Administrator hereunder.

    (b)  PLAN ADMINISTRATOR'S AUTHORITY.  The Plan Administrator may consult
with Company officers, legal and financial advisers to the Company and others,
but nevertheless the Plan Administrator shall have the full authority and
discretion to act, and the Plan Administrator's actions shall be final and
conclusive on all parties.

                                  ARTICLE III
                          ELIGIBILITY & PARTICIPATION

    (a)  ELIGIBILITY.  The Company or a Related Employer, in its sole
discretion, shall determine those employees eligible to participate in the Plan.
Accordingly, an employee of the Company or a Related Employer who, in the
opinion of the Company or a Related Employer based upon its then current
guidelines, has contributed or is expected to contribute significantly to the
growth and successful operations of the Company or its Related Employers and who
meets any additional criteria for eligibility that the Company or a Related
Employer, in its sole discretion, may adopt from time to time, will be eligible
to become a Participant.

    (b)  PARTICIPATION.  An eligible employee shall become a Participant upon
the timely filing of a deferral election form pursuant to Article IV.

                                   ARTICLE IV
                               DEFERRAL ELECTIONS

    (a)  DEFERRAL PROCEDURES.

        (1)  Any Participant may elect to defer, for any calendar year, that
    amount of his base salary and/or cash bonus payable during such calendar
    year as may be permitted by the Plan Administrator in its discretion;
    provided, however, that the minimum annual deferral amount from a
    Participant's base salary shall be $2,000.

        (2)  Any deferral election under this paragraph (a) shall be in writing,
    signed by the Participant, and delivered to the Plan Administrator prior to
    January 1 of the calendar year in which the compensation to be deferred is
    otherwise payable to the Participant; provided, however, that (A) within the
    30 days of the Effective Date of the Plan, or (B) within the 30 day period
    following a Participant's eligibility to participate in the Plan, he shall
    be permitted to defer compensation payable subsequent to his deferral
    election.

        (3)  Except as provided in subparagraph (4) below, a deferral election
    made with respect to a calendar year (or portion thereof) will be
    irrevocable once such calendar year (or portion thereof) has begun.

                                       4
<Page>
        (4)  (A)  If a Participant suffers an unforeseen emergency (as defined
    in paragraph (d) of Article VI), determined in the discretion of the Plan
    Administrator, the Participant will be permitted to revoke his deferral
    election for the remainder of the calendar year in which it is determined by
    the Plan Administrator that the unforeseen emergency has occurred.

            (B)  A Participant who revokes his deferral election pursuant to
    this subparagraph (4) shall be eligible to make a new deferral election
    pursuant to the provisions of subparagraph (2) above effective as of the
    January 1 that next follows the effective date of the revocation of his
    deferral election under subparagraph (4)(A) above.

    (b)  ELECTION FORMS.  Any election by a Participant under this Article IV
shall be made on a form or forms prescribed by the Plan Administrator (the terms
of which are incorporated herein by reference), and shall specify the amount of
compensation to be deferred.

    (c)  REVOCATION OR CHANGE.  Any permitted revocation of or change in any
election under this Article IV shall be in writing and shall be on such form as
may be approved by the Plan Administrator.

                                   ARTICLE V
             PARTICIPANT ACCOUNT AND INVESTMENT OF DEFERRED AMOUNTS

    (a)  IN GENERAL.

        (1) Any compensation deferred pursuant to this Plan shall be recorded by
    the Plan Administrator in a Deferred Compensation Account maintained in the
    name of the Participant. The Deferred Compensation Account shall be credited
    with all amounts that have been deferred by the Participant during the Plan
    Year pursuant to Article IV, and such Account shall be charged from time to
    time with all amounts that are distributed to the Participant.

        (2) All amounts that are credited to a Participant's Account shall be
    credited solely for purposes of accounting and computation. A Participant
    shall not have any interest in or right to such Account at any time.

        (3) A Participant shall be at all times fully vested in his Deferred
    Compensation Account.

    (b)  SUBJECT TO CLAIMS.  The Plan constitutes an unsecured promise by the
Company or a Related Employer to pay benefits in the future. Participants shall
have the status of general unsecured creditors of the Company. Participants
employed by a Related Employer shall have the status of general unsecured
creditors of such Related Employer. The Plan is unfunded for Federal tax
purposes and for purposes of Title I of the Employee Retirement Income Security
Act of 1974. All amounts credited to a Participant's Account will remain the
general assets of the Company or a Related Employer and shall remain subject to
the claims of the Company's or a Related Employer's creditors until such amounts
are distributed to the Participants.

    (c)  CREDITING OF INTEREST.

        (1) The Plan Administrator shall allow a Participant to make a
    hypothetical allocation of the amounts credited to his Accounts among
    investment options/indices that the Plan Administrator shall make available
    from time to time. The Plan Administrator shall establish procedures
    regarding Participant investment allocations as are necessary, which
    procedures shall be communicated to the Participants.

                                       5
<Page>
        (2) A Participant's Account shall be credited or debited, at least
    monthly, with gain or loss equal to the aggregate/weighted average return on
    the hypothetical investment options/indices selected by the Participant. The
    amount of such gain or loss shall be determined by the Plan Administrator
    and such determination shall be binding and conclusive.

    (d)  VALUATION; ANNUAL STATEMENT.  The value of a Participant's Account
shall be determined by the Plan Administrator and the Plan Administrator may
establish such accounting procedures as are necessary to account for the
Participant's interest in the Plan. Each Participant's Account shall be valued
as of the last day of each Plan Year or more frequently as determined by the
Plan Administrator. The Plan Administrator shall furnish each Participant with
an annual statement of his Account.

    (e)  ESTABLISHMENT OF TRUST.

        (1) The Company and a Related Employer may establish one or more trusts
    substantially in conformance with the terms of the model trust described in
    Revenue Procedure 92-64 to assist in meeting its obligations to Participants
    under this Plan. Except as provided in paragraph (b) above and the terms of
    the trust agreement, any such trust or trusts shall be established in such
    manner as to permit the use of assets transferred to the trust and the
    earnings thereon to be used by the trustee solely to satisfy the liability
    of the Company in accordance with the Plan.

        (2) The Company or a Related Employer, in its sole discretion, and from
    time to time, may make contributions to the Trust. Unless otherwise paid by
    the Company or a Related Employer, all benefits under the Plan and expenses
    chargeable to the Plan shall be paid from the trust.

        (3) The powers, duties and responsibilities of the trustee shall be as
    set forth in the trust agreement and nothing contained in the Plan, either
    expressly or by implication, shall impose any additional powers, duties or
    responsibilities upon the trustee.

                                   ARTICLE VI
                            BENEFITS UNDER THE PLAN

    (a)  TIMING OF PAYMENT.  The distribution of the amount credited to the
Participant's Account shall be paid as soon as administratively practicable
following the Participant's termination of employment with the Company or a
Related Employer.

    (b)  FORM OF BENEFIT PAYMENT.

        (1) A Participant shall elect one of the following forms of payment for
    his benefit (other than the death benefit) upon commencing participation in
    the Plan:

           (A) a lump sum, or

           (B) annual installments over a period of 5, 10 or 15 years.

        (2) In the event a Participant elects installment payments, each such
    payment shall be equal to the balance in the Participant's Account as of the
    end of the valuation date immediately

                                       6
<Page>
    preceding the date of payment, divided by the number of payment years
    remaining (the "Factor"). For example:

<Table>
<Caption>
       5 YEAR INSTALLMENT          10 YEAR INSTALLMENT   15 YEAR INSTALLMENT
--------------------------------   -------------------   -------------------
       PAYMENT           FACTOR    PAYMENT     FACTOR    PAYMENT     FACTOR
       -------          --------   --------   --------   --------   --------
<S>                     <C>        <C>        <C>        <C>        <C>
          1                5           1         10          1         15
          2                4           2          9          2         14
          3                3           3          8          3         13
          4                2           4          7          4         12
          5                1           5          6          5         11
                                       6          5          6         10
                                       7          4          7          9
                                       8          3          8          8
                                       9          2          9          7
                                      10          1         10          6
                                                            11          5
                                                            12          4
                                                            13          3
                                                            14          2
                                                            15          1
</Table>

        (3) At least 13 months prior to the distribution of benefits, the
    Participant may, subject to the approval of the Plan Administrator, modify
    his election as to the form of benefit payment.

        (4) (A) (i) Notwithstanding the foregoing, as of each election to defer
    under paragraph (a) of Article IV, a Participant may elect to receive a
    distribution of such deferred amounts (plus earnings or losses thereon) in a
    lump sum as of a specified future calendar year date. The date of
    distribution elected by the Participant shall be at least five full calendar
    years following the Participant's deferral election under this subparagraph.

             (ii) Any distribution pursuant to this subparagraph shall be made
    as of January 1 of the calendar year selected by the Participant for the
    receipt of his distribution.

             (iii) A Participant may modify each election made pursuant to this
    subparagraph (4) to provide for a later calendar year distribution date;
    provided, however, that only one such modification per election may be made
    and such modification must be made at least 13 months prior to the original
    specified calendar year date of distribution.

           (B) If the Participant terminates employment with the Company prior
    to the distribution date or dates elected in accordance with subparagraph
    (4)(A) above, then any such election or elections under subparagraph (4)(A)
    shall be null and void and the Participant's benefit shall be distributed in
    accordance with the otherwise applicable provisions of the Plan.

    (c)  PAYMENT TO BENEFICIARY.

        (1) Notwithstanding anything in this Plan to the contrary, if the
    Participant dies before he has commenced receiving benefits under the Plan,
    the death benefit shall be paid to his beneficiary or beneficiaries
    designated to receive such benefits in a lump sum.

        (2) If the Participant dies after benefits have commenced but before he
    has received all of his benefits under the Plan, all unpaid amounts shall be
    paid to his beneficiary or beneficiaries in a lump sum.

                                       7
<Page>
        (3) A designation of beneficiaries shall be made on a form prescribed by
    and filed with the Plan Administrator, and may be changed at any time by
    filing a new form with the Plan Administrator. If the Participant has
    designated no beneficiary, or if no beneficiary that he has designated
    survives him, then such unpaid amounts shall be paid to his estate. In the
    event of any dispute as to the entitlement of any beneficiary, the Plan
    Administrator's determination shall be final, and the Plan Administrator may
    withhold any payment until such dispute has been resolved.

    (d)  ACCELERATED DISTRIBUTION FOR UNFORSEEN EMERGENCY.

        (1) If a Participant suffers an unforseen emergency, the Plan
    Administrator may, in its discretion, accelerate the distribution of all or
    a portion of the amount of his Deferred Compensation Account. Any such
    accelerated distribution shall be made in a lump sum as soon as
    administratively practicable following a determination that the Participant
    has incurred an unforseen emergency. The amount of any such distribution
    shall be limited to the amount necessary to satisfy the emergency need,
    including any amounts necessary to pay any federal, state or local income
    taxes reasonably anticipated to result from the distribution.

        (2) For this purpose, the term "unforseen emergency" shall mean a severe
    financial hardship resulting from the Participant's illness or accident or
    that of the Participant's spouse and/or dependents, an extraordinary and
    unforeseeable loss of the Participant's property due to casualty as a result
    of events beyond the Participant's control, or other similar events beyond
    the control of the Participant, which events cannot reasonably be relieved
    by reimbursement (by insurance or otherwise), liquidation of the
    Participant's assets (to the extent the liquidation would not in itself
    cause a financial hardship) or cessation of deferrals under the Plan.

    (e)  ACCOUNTING PROCEDURES. The Plan Administrator shall establish such
accounting procedures as are necessary to implement the provisions of this
Article.

                                  ARTICLE VII
                           AMENDMENT AND TERMINATION

    (a)  IN GENERAL.  The Plan may be amended at any time, or from time to time,
by the Company, and the Plan may be terminated at any time by the Company. Any
such amendment or termination shall be ratified and approved by the Company's
Board of Directors or a Committee of the Board authorized to act on behalf of
the Board.

    (b)  EFFECT OF AMENDMENT OR TERMINATION.  No such amendment or termination
shall affect the rights of any Participant with respect to any deferral credited
to the Account of a Participant prior to such amendment or termination. Upon
termination, the Participants (or their beneficiaries) shall be paid the balance
of their Account in a lump sum.

                                  ARTICLE VIII
                                 MISCELLANEOUS

    (a)  PAYMENTS TO MINORS AND INCOMPETENTS.  If the Plan Administrator
receives satisfactory evidence that a person who is entitled to receive any
benefit under the Plan, at the time such benefit becomes available, is a minor
or is physically unable or mentally incompetent to receive such benefit and to
give a valid release therefore, and that another person or an institution is
then maintaining or has custody of such person, and that no guardian committee,
or other representative of the estate of such person shall have been duly
appointed, the Plan Administrator may authorize payment of such benefit
otherwise payable to such person to such other person or institution; and the
release of such other person or institution shall be a valid and complete
discharge for the payment of such benefit.

                                       8
<Page>
    (b)  PLAN NOT A CONTRACT OF EMPLOYMENT.  The Plan shall not be deemed to
constitute a contract between the Company or a Related Employer and any
Participant, nor to be consideration for the employment of any Participant.
Nothing in the Plan shall give a Participant the right to be retained in the
employ of the Company or a Related Employer; all Participants shall remain
subject to discharge or discipline as employees to the same extent as if the
Plan had not been adopted.

    (c)  NO INTEREST IN ASSETS.  Nothing contained in the Plan shall be deemed
to give any Participant any equity or other interest in the assets, business or
affairs of the Company or a Related Employer. No Participant in the Plan shall
have a security interest in assets of the Company or a Related Employer used to
make contributions or pay benefits.

    (d)  RECORDKEEPING.  Appropriate records shall be maintained for the Plan,
subject to the supervision and control of the Plan Administrator.

    (e)  NON-ALIENATION OF BENEFITS.  No benefit under the Plan shall be subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, and any attempt to do so shall be void. No benefit under
the Plan shall in any manner be liable for or subject to the debts, contracts,
liabilities, engagements or torts of any person. If any person entitled to
benefits under the Plan shall become bankrupt or shall attempt to anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge any benefit under
the Plan, or if any attempt shall be made to subject any such benefit to the
debts, contracts, liabilities, engagements or torts of the person entitled to
any such benefit, except as specifically provided in the Plan, then such
benefits shall cease and terminate at the discretion of the Plan Administrator.
The Plan Administrator may then hold or apply the same or any part thereof to or
for the benefit of such person or any dependent or beneficiary of such person in
such manner and proportions as it shall deem proper.

    (f)  STATE LAW.  This Plan shall be construed in accordance with the laws of
Florida.

    (g)  CORPORATE SUCCESSORS.  The Plan shall not be automatically terminated
by a transfer or sale of assets of the Company or a Related Employer or by the
merger or consolidated of the Company or a Related Employer into or with any
other corporation or other entity, but the Plan shall be continued after such
sale, merger or consolidation only if and to the extent that the transferee,
purchaser or successor entity agrees to continue the Plan. In the event that the
Plan is not continued by the transferee, purchaser or successor entity, then the
Plan shall terminate subject to the provisions of Article VII.

    (h)  LIABILITY LIMITED.  In administering the Plan, neither the Plan
Administrator nor any officer, director or employee thereof, shall be liable for
any act or omission performed or omitted, as the case may be, by such person
with respect to the Plan; provided, that the foregoing shall not relieve any
person of liability for gross negligence, fraud or bad faith. The Plan
Administrator, its officers, directors and employees shall be entitled to rely
conclusively on all tables, valuations, certificates, opinions and reports that
shall be furnished by any actuary, accountant, trustee, insurance company,
consultant, counsel or other expert who shall be employed or engaged by the Plan
Administrator in good faith.

    (i)  PROTECTIVE PROVISIONS.  Each Participant shall cooperate with the Plan
Administrator by furnishing any and all information requested by the Plan
Administrator in order to facilitate the payment of benefits hereunder, taking
such physical examinations as the Plan Administrator may deem necessary and
taking such other relevant action as may be requested by the Plan Administrator.
If a Participant refuses so to cooperate or makes any material misstatement of
information or nondisclosure of medical history, then no benefits will be
payable hereunder to such Participant or his beneficiary, provided that, in the
Plan Administrator's sole discretion, benefits may be payable in an amount
reduced to compensate the Company or a Related Employer for any loss, cost,
damage or expense suffered or incurred by the Company or a Related Employer as a
result in any way of such action, misstatement or nondisclosure.

                                       9
<Page>
    IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its
duly authorized officers on this       day of             , 2002.

<Table>
<S>                                                    <C>   <C>
                                                       WALTER INDUSTRIES, INC.

                                                       By:
                                                             -----------------------------------------
                                                       Its:
                                                             -----------------------------------------

                                                                          "COMPANY"
</Table>

                                       10

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