Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 4.2  

 
 

RIVERWOOD HOLDING, INC.
  
    and
  
    WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCATION    
    

 
 

FORM OF
  
    RIGHTS AGREEMENT    
    

        
Dated as of                             , 2003 

   TABLE OF CONTENTS 

	 
	 	 
	 	Page

	Section 1.	 	Certain Definitions	 	1
	

Section 2.	
 	

Appointment of Rights Agent	
 	

6
	

Section 3.	
 	

Issuance of Right Certificates	
 	

6
	

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; Purchase Price; Expiration Date of Rights	
 	

9
	

Section 8.	
 	

Cancellation of Right Certificates	
 	

10
	

Section 9.	
 	

Reservation and Availability of Capital Stock	
 	

10
	

Section 10.	
 	

Preferred Stock Record Date	
 	

11
	

Section 11.	
 	

Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights	
 	

12
	

Section 12.	
 	

Certificate of Adjusted Purchase Price or Number of Shares	
 	

18
	

Section 13.	
 	

Consolidation, Merger or Sale or Transfer of Assets, Cash Flow 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 Stockholder	
 	

22
	

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
	 	 	 	 	 

i

 

	

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, etc.	
 	

29
	

Section 30.	
 	

Benefits of this Agreement	
 	

29
	

Section 31.	
 	

Severability	
 	

29
	

Section 32.	
 	

Governing Law	
 	

30
	

Section 33.	
 	

Counterparts	
 	

30
	

Section 34.	
 	

Descriptive Headings	
 	

30
	

Exhibit A—Form of Certificate of Designation	
 	

31
	

Exhibit B—Form of Right Certificate	
 	

36
	

Exhibit C—Summary of Rights to Purchase Preferred Stock	
 	

43

ii

FORM OF

RIGHTS AGREEMENT 

        This
Rights Agreement, dated as of                        , 2003 (the "Agreement"),
between Riverwood Holding, Inc., to be
renamed Graphic Packaging Corporation, a Delaware corporation (the "Corporation"), and Wells Fargo Bank Minnesota, National Association, a national
banking association (the "Rights Agent"), 

W I T N E S S E T H: 

        WHEREAS,
the Board of Directors of the Corporation has authorized the issuance of one Right (each, a "Right") with respect to each share
of Common Stock (as hereinafter defined) of the Corporation issued and outstanding as of the Close of Business (as hereinafter defined)
on                        , 2003 (the
"Record Date"), each Right initially representing the right to purchase one one-thousandth of a share of Series A Junior
Participating Preferred Stock, par value $0.01 per share (as such number may be adjusted pursuant to the provisions of this Agreement) of the Corporation having the rights and preferences set forth in
the Certificate of Designation attached hereto as Exhibit A, upon the terms and subject to the conditions hereinafter set forth, and has further
authorized and directed the issuance of one Right (as such number may be adjusted pursuant to the provisions of this Agreement) with respect to each share of Common Stock that shall become outstanding
(whether originally issued or delivered from the Corporation's treasury) between the Record Date and the earlier of the Distribution Date and the Expiration Date (as such terms are hereinafter
defined), and in certain circumstances after the Distribution Date; 

        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 who or which, together with all Affiliates and Associates of such Person, shall
be the Beneficial Owner of 15% or more of the shares of Common Stock of the Corporation then outstanding, but shall not include any Exempt Person; provided,
however, an "Acquiring Person" shall also not include any Grandfathered Person, unless such Grandfathered Person shall become, at any time after the Grandfathered Time, the
Beneficial Owner of more than the Grandfathered Percentage of the shares of Common Stock of the Corporation applicable to such Grandfathered Person. Notwithstanding the foregoing: 

          (i)  no
Person shall become an "Acquiring Person" as the result of an acquisition of shares of Common Stock by the Corporation which, by reducing the number of shares of
Common Stock outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 15% or more of the shares of Common Stock of the Corporation then outstanding (or, in the
case of a Grandfathered Person, a percentage of the shares of the Common Stock of the Corporation greater than the Grandfathered Percentage applicable to such Grandfathered Person),  provided,
however, that if a Person shall become the Beneficial Owner of 15% or more of the shares of
Common Stock of the Corporation (or, in the case of a Grandfathered Person, of a percentage of the shares of the Common Stock of the Corporation greater than the Grandfathered Percentage applicable to
such Grandfathered Person) by reason of share purchases by the Corporation and shall, after such share purchases by the Corporation, become the Beneficial Owner of any additional shares of Common
Stock of the Corporation (other than from the Corporation pursuant to a stock dividend, reclassification or stock split), then such Person shall be deemed to be an "Acquiring Person" unless, upon
becoming the Beneficial Owner of such additional shares of Common Stock of the Corporation, such Person is not then the Beneficial Owner of 15% or more of the shares of Common Stock of the Corporation
then outstanding (or, in the case of a Grandfathered Person, of a percentage of the shares of the Common Stock of the Corporation greater than the Grandfathered Percentage applicable to such
Grandfathered Person); 

 

         (ii)  if
the Board of Directors of the Corporation determines in good faith that a Person who would otherwise be an "Acquiring Person" has become such inadvertently
(including, without limitation, because (A) such Person was unaware that he or it Beneficially Owned a percentage of Common Stock that would otherwise
cause such Person to be an "Acquiring Person" or (B) such Person was aware of the extent of his or its Beneficial Ownership but had no actual knowledge
of the consequences of such Beneficial Ownership under this Agreement) and without any intention of changing or influencing control of the Corporation, and if such Person as promptly as practicable
has divested or divests himself or itself of Beneficial Ownership of a sufficient number of shares of Common Stock so that such Person would no longer be an "Acquiring Person," then such Person shall
not be deemed to be or to have become an "Acquiring Person" for any purposes of this Agreement; 

        (iii)  no
Person shall become an "Acquiring Person" by virtue of beneficial ownership of Common Stock of the Corporation by any Affiliate and/or Associate of such Person,
which Affiliate and/or Associate is deemed to be an Affiliate and/or Associate of such Person solely by reason of such Affiliate and/or Associate being a director or officer of the Corporation; and 

        (iv)  to
the extent that the Grandfathered Persons are subject to the Stockholders Agreement and to the extent that such Grandfathered Persons as parties to the Stockholders
Agreement could be deemed a "group" (as such term is used in Rule 13d-5 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), as in effect on the date of this Agreement), no Grandfathered Person shall become an "Acquiring Person" unless and until such
Grandfathered Person becomes the Beneficial Owner of more than the Grandfathered Percentage of the shares of Common Stock of the Corporation applicable to such Grandfathered Person without including
the number of shares Beneficially Owned by the other Grandfathered Persons. 

        (b)   "Act" shall have the meaning set forth in Section 9(c) hereof. 

        (c)   "Adjustment Shares" shall have the meaning set forth in Section 11(a)(ii) hereof. 

        (d)   "Affiliate" and "Associate," when used with reference to any Person,
shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement. 

        (e)   "Agreement" shall have the meaning set forth in the first paragraph hereof. 

        (f)    A
Person shall be deemed the "Beneficial Owner" of and shall be deemed to "beneficially own" any securities: 

          (i)  which
such Person or any of such Person's Affiliates or Associates beneficially owns, directly or indirectly, for purposes of Section 13(d) of the Exchange Act
and Rule 13d-3 thereunder (or any successor law or regulation); 

         (ii)  which
such Person or any of such Person's Affiliates or Associates, directly or indirectly, has the right to acquire (whether such right is exercisable immediately or
only after the passage of time) pursuant to any agreement, arrangement or understanding (whether or not in writing), or upon the exercise of conversion rights, exchange rights, rights, warrants or
options, or otherwise; provided, however, that a Person shall not be deemed the "Beneficial Owner" of,
or to "beneficially own," (A) 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 payment or exchange, or (B) securities issuable upon exercise of Rights at any
time prior to the occurrence of a Section 11(a)(ii) Event or a Section 13 Event, or (C) securities issuable upon exercise of Rights
from and after the occurrence of a Section 11(a)(ii) Event or a Section 13 Event, which Rights were acquired by such Person or any of such Person's Affiliates or Associates 

2

 

prior
to the Distribution Date or pursuant to Section 3(a) or Section 22 hereof ("Original Rights") or pursuant to
Section 11(i) hereof in connection with an adjustment made with respect to any Original Rights; 

        (iii)  which
such Person or any of such Person's Affiliates or Associates, directly or indirectly, has or shares the right to vote or dispose of, including 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," any security if the agreement, arrangement or understanding to vote such security
(A) arises solely from a revocable proxy or consent given in response to a public proxy or consent solicitation made pursuant to, and in accordance
with, the Exchange Act and the applicable rules and regulations thereunder and (B) is not also then reportable by such Person on Schedule 13D
under the Exchange Act (or any comparable or successor report); or 

        (iv)  which
are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) and with respect to which such Person or any of such
Person's Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or
consent as described in the proviso to subparagraph (iii) of this paragraph (f)) or disposing of such securities of the Corporation;  provided, however, that nothing in this paragraph (f) shall cause a person engaged in business as
an underwriter of securities to be the "Beneficial Owner" of, or to "beneficially own," any securities acquired through such person's participation in good faith in a firm commitment underwriting
until the expiration of forty days after the date of such acquisition. 

        (g)   "Book-Entry" shall mean an uncertificated book entry for the Corporation's Common Stock. 

        (h)   "Business Day" shall mean any day other than a Saturday, Sunday or day on which the Rights Agent is authorized or
obligated by law or executive order to close. 

        (i)    "CDR Fund" shall mean Clayton, Dubilier & Rice Fund V Limited Partnership, an exempted limited partnership
organized under the laws of the Cayman Islands. 

        (j)    "Certificate of Designation" shall mean the Certificate of Designation of Series A Junior Participating Preferred
Stock setting forth the powers, preferences, rights, qualifications, limitations and restrictions of such series of preferred stock of the Corporation, a copy of which is attached hereto as  Exhibit A. 

        (k)   "Close of Business" on any given date shall mean 5:00 P.M., Eastern time, on such date;  provided, however, that if
such date is not a Business Day, it shall mean 5:00 P.M., Eastern
time, on the next succeeding Business Day. 

        (l)    "Common Stock" when used with reference to the Corporation shall mean the Common Stock, par value $0.01 per share, of the
Corporation. "Common Stock" when used with reference to any Person other than the Corporation which is organized in corporate form shall mean the capital stock with the greatest voting power, or the
equity securities or other equity interest having power to control or direct the management, of such Person or, if such Person is a Subsidiary of another Person, the Person which ultimately controls
such first-mentioned Person and which has issued any such outstanding capital stock, equity securities or equity interests. "Common Stock" when used with reference to any Person that is not organized
in corporate form shall mean units of beneficial interest that shall (i) 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 (ii) 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 the general partner or partners. 

        (m)  "Common Stock Equivalents" shall have the meaning set forth in Section 11(a)(iii) hereof. 

3

 

        (n)   "Corporation" shall have the meaning set forth in the first paragraph of this Agreement. 

        (o)   "Current Market Price" shall have the meaning set forth in Section 11(d) hereof. 

        (p)   "Current Value" shall have the meaning set forth in Section 11(a)(iii) hereof. 

        (q)   "Distribution Date" shall have the meaning set forth in Section 3(a) hereof. 

        (r)   "Equivalent Preference Stock" shall have the meaning set forth in Section 11(b) hereof. 

        (s)   "Exchange Act" shall have the meaning set forth in Section 1(d) hereof. 

        (t)    "Exempt Person" means the Corporation, any Subsidiary of the Corporation, any employee benefit plan of the Corporation or
any Subsidiary of the Corporation, or any Person organized, appointed or established by the Corporation or such Subsidiary as a fiduciary for or pursuant to the terms of any such employee benefit plan
or for the purpose of funding any such plan or funding other employee benefits for employees of the Corporation or of any Subsidiary of the Corporation. 

        (u)   "EXOR" shall mean EXOR Group S.A., an investment holding company organized under the laws of Luxembourg. 

        (v)   "Expiration Date" shall have the meaning set forth in Section 7(a) hereof. 

        (w)  "Family Stockholder Group" shall mean collectively any and all of the following Persons, or any of the immediate
transferees of Common Stock of any of the following Persons: the Adolph Coors, Jr. Trust, any individual who or entity which has been, is or in the future becomes a trustee thereof, any other trust
the primary beneficiaries of which are descendants of Adolph Coors, Sr. or spouses of such descendants, and/or any individual who or entity which has been, is or in the future becomes a trustee of any
such trusts. 

        (x)   "Final Expiration Date" shall have the meaning set forth in Section 7(a) hereof. 

        (y)   "Grandfathered Percentage" shall mean the following percentages of the outstanding shares of Common Stock of the
Corporation that each such Grandfathered Person, together with all respective Affiliates and Associates of such Grandfathered Person, Beneficially Owns as of the Grandfathered Time, plus an additional
2.0%: in the case of (i) the CDR Fund, [    ]%; (ii) EXOR,
[    ]%; and (iii) the Family Stockholder Group, [    ]%. Notwithstanding the
foregoing, in the event any Grandfathered Person shall sell, transfer, or otherwise dispose of any outstanding shares of Common Stock of the Corporation after the Grandfathered Time, the Grandfathered
Percentage shall, subsequent to such sale, transfer or disposition, mean, with respect to such Grandfathered Person, the lesser of (i) the Grandfathered Percentage as in effect immediately
prior to such sale, transfer or disposition or (ii) the percentage of outstanding shares of Common Stock of the Corporation that such Grandfathered Person Beneficially Owns immediately
following such sale, transfer or disposition plus an additional 2.0%. 

        (z)   "Grandfathered Person" shall mean any one or more of the following Persons: the CDR Fund, EXOR and the Family Stockholder
Group for so long as each such Person, together with its respective Affiliates and Associates, shall be the Beneficial Owner of greater than 15% of the shares of Common Stock of the Corporation then
outstanding, provided that such Person shall cease to be a Grandfathered Person at such time when such Person shall become the Beneficial Owner of less
than 15% of the shares of Common Stock of the Corporation then outstanding. 

        (aa) "Grandfathered Time" shall mean the Effective Time (as such term is defined in the Agreement and Plan of Merger, among
the Corporation, Riverwood Acquisition Sub LLC and Graphic Packaging International Corporation, dated as of March 24, 2003). 

        (bb) "NASDAQ" shall have the meaning set forth in Section 11(d)(i) hereof. 

        (cc) "Original Rights" shall have the meaning set forth in Section 1(f)(i) hereof. 

4

 

        (dd) "Ownership Statements" shall have the meaning set forth in Section 3(a) hereof. 

        (ee) "Person" shall mean any individual, firm, corporation, partnership, trust or other entity and shall include any
successor (by merger or otherwise) of such entity. For the purposes of this Agreement, the Family Stockholder Group shall be deemed to be a single Person. 

        (ff)  "Post-Event Transferee" shall have the meaning set forth in Section 7(e) hereof. 

        (gg) "Pre-Event Transferee" shall have the meaning set forth in Section 7(e) hereof. 

        (hh) "Preferred Stock" shall mean shares of Series A Junior Participating Preferred Stock, par value $0.01 per share,
of the Corporation, having the rights, powers and preferences, and the qualifications, limitations and restrictions set forth in the Certificate of Designation, and, to the extent there are not a
sufficient number of shares of Series A Junior Participating Preferred Stock authorized to permit the full exercise of the then outstanding Rights, shares of Equivalent Preference Stock or any
other series of preferred stock of the Corporation designated for such purpose by the Board of Directors of the Corporation containing terms substantially similar to the terms of the Series A
Junior Participating Preferred Stock. 

        (ii)   "Principal Party" shall have the meaning set forth in Section 13(b) hereof. 

        (jj)   "Purchase Price" shall have the meaning set forth in Section 4 hereof. 

        (kk) "Record Date" shall have the meaning set forth in the WHEREAS clause at the beginning of this Agreement. 

        (ll)   "Redemption Price" shall have the meaning set forth in Section 23(a) hereof. 

        (mm) "Right Certificate" shall have the meaning set forth in Section 3(a) hereof. 

        (nn) "Rights" shall have the meaning set forth in the WHEREAS clause at the beginning of this Agreement. 

        (oo) "Rights Agent" shall have the meaning set forth in the first paragraph of this Agreement. 

        (pp) "Section 11(a)(ii) Event" shall have the meaning set forth in Section 11(a)(ii) hereof. 

        (qq) "Section 13 Event" shall have the meaning set forth in Section 13(a) hereof. 

        (rr)  "Spread" shall have the meaning set forth in Section 11(a)(iii) hereof. 

        (ss)  "Stock Acquisition Time" shall mean the time of occurrence of whichever of the following first occurs:
(i) the first public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to
Section 13(d) of the Exchange Act) by the Corporation or an Acquiring Person that an Acquiring Person has become such or (ii) the communication
to the Corporation (including, without limitation, to the directors of the Corporation) of any notice (including, without limitation, any written consent or notice related thereto) from the Acquiring
Person indicating or reflecting that the Acquiring Person has become such. 

        (tt)  "Stockholders Agreement" shall mean the Stockholders Agreement, dated as of March 25, 2003, by and among the
Corporation, the Persons listed on Schedule I thereto, the CDR Fund, and EXOR. 

        (uu) "Subsidiary" shall mean, with respect 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 are at the
time beneficially owned, directly or indirectly, by such Person, or otherwise controlled by such Person. 

        (vv) "Substitution Period" shall have the meaning set forth in Section 11(a)(iii) hereof. 

5

 

        (ww) "Trading Day" shall have the meaning set forth in Section 11(d)(i) hereof. 

        (xx) "Voting Stock" shall mean (i) the shares of Common Stock of the
Corporation and (ii) any other shares of capital stock of the Corporation entitled to vote generally in the election of directors or entitled to vote
together with the shares of Common Stock in respect of any merger, consolidation, sale of all or substantially all of the Corporation's assets, liquidation, dissolution or winding up. 

        Section 2.
Appointment of Rights Agent. The Corporation hereby appoints the Rights Agent to act as agent for the Corporation and
the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the Common Stock of the Corporation) in accordance with the
terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Corporation may from time to time act as co-Rights Agent or appoint such co-Rights Agents
as it may deem necessary or desirable, upon 10 days' prior written notice to the Rights Agent. 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 Agent. Any actions which may be taken by the Rights Agent pursuant to the terms of this Agreement may be taken by any such Co-Rights Agent. 

        Section 3.
Issuance of Right Certificates. 

        (a)   Until
the earlier of the Close of Business on (i) the tenth day after the date on which the Stock Acquisition Time
occurs, or (ii) the tenth Business Day (or such specified or unspecified later date on or after the Record Date as may be determined by action of the
Board of Directors of the Corporation prior to such time as any Person becomes an Acquiring Person) after the commencement by any Person (other than an Exempt Person) of, or the first public
announcement of the intention of any Person (other than an Exempt Person) to commence, a tender or exchange offer for an amount of Common Stock of the Corporation which, together with the shares of
such stock already owned by such Person, would result in such Person becoming an Acquiring Person (including any such date that is after the date of this Agreement and prior to the issuance of the
Rights) (the earlier of (i) and (ii) being herein referred to as the "Distribution Date"),
(x) the Rights will be evidenced by a current ownership statement issued with respect to uncertificated shares of Common Stock in lieu of a stock
certificate (an "Ownership Statement"), or by the certificates for shares of Common Stock of the Corporation registered in the names of the holders
thereof, and not by separate Book-Entries and Ownership Statements or by separate Rights Certificates, and (y) the Rights will be
transferable only in connection with the transfer of the underlying Common Stock. As soon as practicable after the Distribution Date, the Rights Agent will send, by first-class, insured,
postage-prepaid mail, to each record holder of Common Stock of the Corporation as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the
Corporation, a Right Certificate, in substantially the form of Exhibit B hereto (a "Right
Certificate"), evidencing one Right for each share of Common Stock of the Corporation so held, subject to adjustment and to the provisions of Section 14(a) hereof. As of
the Close of Business on the Distribution Date, the Rights will be evidenced solely by such Right Certificates. 

        (b)   On
the Record Date or as soon as practicable thereafter, the Corporation will send a copy of a Summary of Rights to Purchase Preferred Stock, in substantially the form
attached hereto as Exhibit C, by first-class, postage-prepaid mail, to each record holder of its Common Stock as of the Close of Business on the
Record Date, at the address of such holder shown on the records of the Corporation. With respect to Book-Entries and Ownership Statements or certificates for Common Stock of the
Corporation outstanding as of the Record Date, until the earlier of the Distribution Date or the Expiration Date, the Rights will be evidenced by such Book-Entries and Ownership Statements
or certificates for Common Stock together with the Summary of Rights. Until the earlier of the Distribution Date or the Expiration Date, the transfer of any Common Stock represented by a
Book-Entry and Ownership Statement or the surrender for transfer of any certificate for Common Stock of the Corporation outstanding on the Record Date, with or without a copy of the
Summary of 

6

 

Rights,
shall also constitute the transfer of the Rights associated with the Common Stock represented by such Book-Entry and Ownership Statement or certificate. 

        (c)   Certificates
(or Ownership Statements) issued by the Corporation for Common Stock (whether upon transfer or exchange of outstanding Common Stock, original issuance or
disposition from the Corporation's treasury) after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date shall also be deemed to be certificates for the Rights and
shall have impressed on, printed on, written on or otherwise affixed to them the following legend: 

This
[certificate][statement] also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between the Corporation
and Wells Fargo Bank Minnesota, National Association, as it may be amended 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 executive offices of the Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights
will be evidenced by separate certificates and will no longer be evidenced by this [certificate][statement]. The Corporation will mail to the holder of
this [certificate][statement] 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 set forth in the Rights Agreement, Rights beneficially owned by an Acquiring Person, or any Associate or Affiliate thereof (as
such terms are defined in the Rights Agreement), whether currently held by or on behalf of such Person or by any subsequent holder, may become null and void.

With
respect to such certificates (or Ownership Statements) containing the foregoing legend, until the earlier of (i) the Distribution Date or
(ii) the Expiration Date, the Rights associated with the Common Stock of the Corporation represented by such certificates or evidenced by such Ownership
Statements shall be evidenced by such certificates or Ownership Statements alone and registered holders of Common Stock of the Corporation shall also be the registered holders of the associated
Rights, and the surrender for transfer of any of such certificates shall also constitute the transfer of the Rights associated with the Common Stock of the Corporation represented by such certificates
or Ownership Statements. 

        Notwithstanding
this paragraph (c), the omission of a legend shall not affect the enforceability of any part of this Agreement or the rights of any holder of the Rights. 

        Section 4.
Form of Right Certificates. 

        The
Right Certificates (and the forms of election to purchase, certification and assignment to be printed on the reverse thereof) shall each be substantially in the form set forth in  Exhibit B hereto
and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the
Corporation 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 or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange or national market system on which the Rights may from time to time be listed, or to conform to usage. Subject to the provisions of
Sections 11 and 22 hereof, the Right Certificates, whenever distributed, on their face
shall entitle the holders thereof to purchase such number of one one-thousandths of a share of Preferred Stock as shall be set forth therein at the price per one
one-thousandths of a share of Preferred Stock set forth therein (the "Purchase Price"), but the amount and type of securities purchasable
upon the exercise of each Right and the Purchase Price thereof shall be subject to adjustment as provided in this Agreement. 

        Section 5.
Countersignature and Registration. 

        (a)   The
Right Certificates shall be executed on behalf of the Corporation manually or by facsimile by the Chairman of the Board, the President and Chief Executive Officer,
the Chief Financial Officer, the Treasurer, the General Counsel and also by any Secretary or any Assistant Secretary, either 

7

 

manually
or by facsimile. The Right Certificates shall be countersigned by the Rights Agent manually and shall not be valid for any purpose unless so countersigned. In case any officer of the
Corporation who shall have signed any of the Right Certificates shall cease to be such officer of the Corporation before countersignature by the Rights Agent and issuance and delivery by the
Corporation, such Right Certificates, nevertheless, may be countersigned by the Rights Agent, and issued and delivered by the Corporation with the same force and effect as though the person who signed
such Right Certificates had not ceased to be such officer of the Corporation; and any Right Certificate may be signed on behalf of the Corporation by any person who, at the actual date of the
execution of such Right Certificate, shall be a proper officer of the Corporation 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 will keep or cause to be kept, at its office designated for such purposes, books in any form or medium (including
electronic media) 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 by each of the Right Certificates on its face and the date and certificate number 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 7(e) and 14 hereof, 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 Right Certificates may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates, entitling the registered
holder to purchase a like number of shares of Preferred Stock (or other securities, cash or assets, as the case may be) as the Right Certificate or Right Certificates surrendered then entitled such
holder (or former holder in the case of a transfer) to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate or Right Certificates shall make such
request in writing delivered to the Rights Agent, and shall surrender the Right Certificate or Right Certificates to be transferred, split up, combined or exchanged at the office of the Rights Agent
designated for such purpose. Neither the Rights Agent nor the Corporation shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate or
Right Certificates 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 or Right Certificates
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 Corporation shall reasonably request.
Thereupon the Rights Agent shall, subject to Sections 7(e) and 14 hereof, countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so
requested. The Corporation may require payment from the holders of Right Certificates 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 such Right Certificates. 

        (b)   Upon
receipt by the Corporation and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a valid Right
Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and reimbursement to the Corporation 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 Corporation will 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. 

8

   
        Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. 

        (a)   Subject
to Section 7(e) hereof, the registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein
including, without limitation, the restrictions on exercisability set forth in Sections 9(c), 11(a)(iii) and 23(a) hereof) 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 certificate on the reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated
for such purpose, together with payment of the Purchase Price for each one one-thousandth of a share of Preferred Stock as to which the Rights are exercised, at or prior to the earliest of
(i) the Close of Business
on                                    , 2013 [10 years after
Record Date] (the
"Final Expiration Date"), (ii) the time at which the Rights are redeemed as provided in
Section 23 or (iii) the time at which the Rights are exchanged as provided in Section 24 (the earliest of (i), (ii) and
(iii) being herein referred to as the "Expiration Date"). 

        (b)   The
Purchase Price for each one one-thousandth of a share of Preferred Stock issued pursuant to the exercise of a Right shall initially be $35.00, shall be
subject to adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America in accordance with paragraph (c) below. 

        (c)   Except
as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase and certificate duly
executed, accompanied by payment (in cash, or by certified bank check or money order payable to the order of the Corporation) of the Purchase Price for the Preferred Stock to be purchased and an
amount equal to any applicable transfer tax required to be paid by the holder of the Rights pursuant hereto in cash, or by certified bank check or money order payable to the order of the Corporation,
the Rights Agent shall, subject to Section 20(k) hereof, (i) (A) promptly requisition from any
transfer agent of the Preferred Stock (or make available, if the Rights Agent is the transfer agent for such shares) certificates for the number of shares of Preferred Stock to be purchased and the
Corporation hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) if the Corporation shall have elected to deposit
the total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing interests
in such number of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred Stock represented by such receipts shall
be deposited by the transfer agent with the depositary agent) and the Corporation hereby directs the depositary agent to comply with such request, (ii)
when appropriate, requisition from the Corporation the amount of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14 hereof,
(iii) promptly requisition from the Corporation (A) certificates for the number of shares of other
securities or (B) the amount of cash or other assets, as the case may be, in each case to be purchased in lieu of shares of Preferred Stock, (iv)
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 (v) when appropriate, after receipt, promptly deliver such cash or other assets to or upon the order of
the registered holder of such Right Certificate. 

        (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, 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, subject to the provisions of Section 14 hereof. 

        (e)   Notwithstanding
anything in this Agreement to the contrary, from and after the first occurrence of a Section 11(a)(ii) Event, any Rights beneficially owned
by (i) an Acquiring Person or any Affiliate or Associate of an Acquiring Person, (ii) a transferee of
any such Acquiring Person (or of 

9

 

any
such Affiliate or Associate) who becomes a transferee after such Acquiring Person becomes such (a "Post-Event Transferee"),
(iii) a transferee of any such Acquiring Person (or of any such Affiliate or Associate) who becomes a transferee prior to or concurrently with such
Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from such Acquiring Person
to holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or
(B) a transfer which the Board of Directors of the Corporation 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) (a "Pre-Event Transferee") or
(iv) any subsequent transferee receiving transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either
directly or through one or more immediate transferees, 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 Corporation shall use all reasonable efforts to ensure that the provisions of this Section 7(e) 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 of its Affiliates, Associates or
transferees hereunder. 

        (f)    Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Corporation shall be obligated to undertake any action with respect to a
registered holder of any Right Certificate upon the occurrence of any purported transfer or exercise as set forth in this Section 7 unless such registered holder shall, in addition to having
complied with the requirements of Section 7(a), have (i) completed and signed the certificate following the form of assignment or election to
purchase set forth on the reverse side of the Right Certificate surrendered for such assignment or 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 Corporation shall reasonably request. 

        Section 8.
Cancellation of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split up,
combination or exchange shall, if surrendered to the Corporation or to 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 Corporation 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 Corporation otherwise than upon the exercise thereof.
The Rights Agent shall deliver all canceled Right Certificates to the Corporation. 

        Section 9.
Reservation and Availability of Capital Stock. 

        (a)   The
Corporation covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Preferred Stock (and, following
the occurrence of a Section 11(a)(ii) Event or a Section 13 Event, out of its authorized and unissued shares of Common Stock or other securities or out of its authorized and
issued shares held in its treasury), the number of shares of Preferred Stock (and, following the occurrence of a Section 11(a)(ii) Event or a Section 13 Event, Common Stock of the
Corporation or other securities) that, as provided in this Agreement, will be sufficient to permit the exercise in full of all outstanding Rights. 

        (b)   So
long as the Preferred Stock (and, following the occurrence of a Section 11(a)(ii) Event or a Section 13 Event, Common Stock of the Corporation or
other securities) issuable upon the exercise of Rights may be listed on any national securities exchange, the Corporation shall use its best efforts to cause, from and after such time as the Rights
become exercisable, all shares reserved for such issuance to be listed on such exchange upon official notice of issuance upon such exercise. 

        (c)   The
Corporation shall use its best efforts to (i) file, as soon as practicable following the earliest date after the
first occurrence of a Section 11(a)(ii) Event or a Section 13 Event in which the consideration to be delivered by the Corporation upon exercise of the Rights has been determined
in 

10

 

accordance
with this Agreement, or as soon as is required by law following the Distribution Date, as the case may be, a registration statement under the Securities Act of 1933, as amended (the
"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 at all times meeting the requirements of the Act) until the earlier of
(A) the date as of which the Rights are no longer exercisable for such securities and (B) the Expiration
Date. The Corporation will also take such action as may be appropriate under, or to ensure compliance with, the securities or "blue sky" laws of the various states in connection with the
exercisability of the Rights. The Corporation may, acting by resolution of its Board of Directors, temporarily suspend, for a period of time not to exceed 90 days after the date set forth in
clause (i) 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
any such suspension, the Corporation 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. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction if the requisite qualifications in such
jurisdiction shall not have been obtained or an exemption therefrom shall not be available. 

        (d)   The
Corporation covenants and agrees that it will take all such action as may be necessary to ensure that all one one-thousandths of a share of Preferred
Stock (and, following the occurrence of a Section 11(a)(ii) Event or a Section 13 Event, Common Stock of the Corporation or other securities) delivered upon exercise of Rights
shall, at the time of delivery of the certificates for such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable. 

        (e)   The
Corporation further covenants and agrees that it will pay when due and payable any and all 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 shares of Preferred Stock (or shares of Common Stock of the Corporation or other securities, as the case may be) upon the
exercise of Rights. The Corporation shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery of Right Certificates to a Person other than, or
the issuance or delivery of certificates or depositary receipts for shares of Preferred Stock (or shares of Common Stock of the Corporation or other securities, as the case may be) in a name other
than that of, the registered holder of the Right Certificate evidencing Rights surrendered for exercise or to issue or deliver any certificates for shares of Preferred Stock (or Common Stock of the
Corporation or other securities, as the case may be) or depositary receipts for Preferred Stock upon the exercise of any Rights until any 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 Corporation's satisfaction that no such tax is due. 

        Section 10.
Preferred Stock Record Date. Each Person in whose name any certificate for a number of one one-thousandths
of a share of Preferred Stock (or shares of Common Stock of the Corporation or other securities, as the case may be) is issued upon the exercise of Rights shall for all purposes be deemed to have
become the holder of record of shares of Preferred Stock (or shares of Common Stock of the Corporation or other securities, as the case may be) 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 Purchase 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 Corporation's
transfer books for the Preferred Stock (or Common Stock or other securities, as the case may be) are closed, such Person shall be deemed to have become the record holder of such shares (fractional and
otherwise) on, and such certificate shall be dated, the next succeeding Business Day on which the Corporation's transfer books for the Preferred Stock (or Common Stock or other securities, as the case
may be) are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not 

11

 

be
entitled to any rights of a stockholder of the Corporation 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 Corporation, except as provided herein. 

        Section 11.
Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights. The Purchase Price, the number and kind of
shares, or fractions thereof, 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 the Corporation shall at any time after the date of this Agreement (A) declare or pay a dividend
on the Preferred Stock payable in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock into a greater number of shares,
(C) combine or consolidate the outstanding Preferred Stock into a smaller number of shares or (D) issue
any shares of its capital stock in a reclassification of the Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Corporation is the
continuing or surviving corporation), then, in each such event, except as otherwise provided in Section 7(e) and this Section 11(a), the Purchase Price in effect at the time of the
record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of Preferred Stock or capital stock, as the case may be,
issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive, upon payment of the Purchase Price then in effect, the
aggregate number and kind of shares of Preferred Stock or capital stock, as the case may be, which, if such Right had been exercised immediately prior to such date and at a time when the Preferred
Stock or capital stock, as the case may be, transfer books of the Corporation were open, he would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision,
combination or reclassification. If an event occurs which would require an adjustment under both Section 11(a)(i) and Section 11(a)(ii) hereof, 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) hereof. 

         (ii)  In
the event (a "Section 11(a)(ii) Event") that any Person, alone or together with its Affiliates and
Associates, shall become an Acquiring Person, then each holder of a Right, except as provided below and in Section 7(e) hereof, shall thereafter have the right to receive for each Right, upon
exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, such number of
shares of Common Stock of the Corporation as shall equal the result obtained by (x) multiplying the then current Purchase Price by the number of one
one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of such Section 11(a)(ii) Event, whether or not such
Right was then exercisable, and (y) dividing that product (which, following such first occurrence, shall thereafter be adjusted as appropriate in
accordance with Section 11(f) hereof and, as so adjusted, shall be referred to as the "Purchase Price" for each Right and for all purposes of this Agreement) by 50% of the Current Market Price
per share of the Common Stock of the Corporation on the date of such first occurrence (such number of shares being hereinafter referred to as the "Adjustment
Shares"). 

        (iii)  In
lieu of issuing shares of Common Stock of the Corporation in accordance with Section 11(a)(ii) hereof, the Corporation, acting by resolution of its
Board of Directors, may, and, in the event that the number of shares of Common Stock which are authorized by the Corporation's Certificate of Incorporation but not outstanding or reserved for issuance
for purposes other than upon exercise of the Rights are not sufficient to permit exercise in full of the Rights in accordance with Section 11(a)(ii) hereof, the Corporation, acting by
resolution of its Board of Directors, shall (A) determine the excess of (1) the value of the Adjustment
Shares issuable upon the exercise of a Right (the "Current Value"), over (2) the Purchase Price 

12

 

attributable
to each Right (such excess, the "Spread") and (B) with respect to each Right (subject to
Section 7(e) hereof), make adequate provision to substitute for all or any part of the Adjustment Shares, upon payment of the applicable Purchase Price,
(1) cash, (2) a reduction in the Purchase Price, (3)
Preferred Stock or other equity securities of the Corporation (including, without limitation, shares, or units of shares, of preferred stock which the Board of Directors of the Corporation has deemed
to have the same value as shares of Common Stock of the Corporation (such Preferred Stock or shares or units of preferred stock hereinafter called "Common Stock
Equivalents")), (4) debt securities of the Corporation, (5) other assets or
(6) any combination of the foregoing, which, when combined with the Adjustment Shares (if any) to be issued, has an aggregate value equal to the Current
Value, where such aggregate value has been determined by action of the Board of Directors of the Corporation based upon the advice of a nationally recognized investment banking firm selected by the
Board of Directors of the Corporation; provided, however, if the Corporation shall not have made
adequate provision to deliver value pursuant to clause (B) above within 30 days following the first occurrence of a Section 11(a)(ii) Event, then the Corporation shall be
obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, shares of Common Stock of the Corporation (to the extent available) and then, if
necessary, cash, which shares or cash have an aggregate value equal to the Spread. If, after the occurrence of a Section 11(a)(ii) Event, the number of shares of Common Stock that are
authorized by the Corporation's certificate of incorporation but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient to permit exercise in
full of the Rights in accordance with Section 11(a)(ii) hereof and the Corporation, acting by resolution of its Board of Directors, shall determine in good faith that it is likely that
sufficient additional shares of its Common Stock 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 90 days after the occurrence of such Section 11(a)(ii) Event, in order that the Corporation may seek stockholder approval for the authorization of such
additional shares (such period as it may be extended, the "Substitution Period"). To the extent that the Corporation determines that some action is to
be taken pursuant to the terms of this Section 11(a)(iii), the Corporation (x) shall provide, subject to Section 7(e) hereof, 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 such stockholder approval for the authorization of additional shares or to decide the appropriate form of distribution to be made pursuant to the first sentence of this
Section 11(a)(iii) and to determine the value thereof. In the event of any such suspension, the Corporation 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. For purposes of this Section 11(a)(iii), the value of the Common
Stock of the Corporation shall be the Current Market Price per share of the Common Stock of the Corporation on the date of the first occurrence of the Section 11(a)(ii) Event, and the
per share or per unit value of any Common Stock Equivalents shall be deemed to equal the Current Market Price per share of the Common Stock of the Corporation on such date. 

        (b)   In
the event that the Corporation shall fix a record date for the issuance of rights, options or warrants to all holders of shares of Preferred Stock entitling them (for
a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred Stock (or shares having the same rights, privileges and preferences as the shares of Preferred
Stock ("Equivalent Preference Stock")) or securities convertible into shares of Preferred Stock or Equivalent Preference Stock at a price per share of
Preferred Stock or Equivalent Preference Stock (or having a conversion price per share, if a security convertible into shares of Preferred Stock or Equivalent Preference Stock) less than the Current
Market Price per share of the Preferred Stock (as defined in Section 11(d)) on such record date, then, in each such case, the Purchase Price to be in effect after such record date shall be 

13

 

determined
by multiplying the Purchase 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 additional shares of Preferred Stock and/or Equivalent Preference Stock which the aggregate offering price of the total number of shares so to be offered (and/or the
aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Current Market Price, and the denominator of which shall be the number of shares of Preferred
Stock outstanding on such record date plus the number of additional shares of Preferred Stock or Equivalent Preference Stock to be offered for subscription or purchase (or into which the convertible
securities so to be offered are initially convertible); provided, however, that in no event shall the
consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Corporation issuable upon the exercise of one Right. 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 as determined in good faith by the Board of
Directors of the Corporation, whose 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. Such adjustment
shall be made successively whenever such a record date is fixed; and in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price
which would then be in effect if such record date had not been fixed. 

        (c)   In
case the Corporation 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 Corporation is the continuing or surviving corporation) of evidences of indebtedness or assets (other than a regular periodic cash dividend or a dividend
payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or subscription rights or warrants (excluding those referred to in Section 11(b) hereof),
then, in each such case, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction,
the numerator of which shall be the Current Market Price per share of Preferred Stock on such record date, less the fair market value (as determined in good faith by the Board of Directors of the
Corporation, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the assets or evidences of indebtedness so to be distributed or of such subscription
rights or warrants applicable to one share of Preferred Stock, and the denominator of which shall be such Current Market Price per share of Preferred Stock;  provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be
less than the aggregate par value of the shares of capital stock of the Corporation issuable upon the exercise of one Right. 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 Purchase Price shall again be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed. 

        (d)   (i) For
the purpose of any computation hereunder, the "Current Market Price" per share of Common Stock of the
Corporation on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock of the Corporation for the 30 consecutive Trading Days immediately prior to such
date; provided, however, that in the event that the Current Market Price per share of Common Stock of
the Corporation is determined during a period following the announcement by the issuer of such Common Stock of (A) a dividend or distribution on such
Common Stock payable in shares of such Common Stock or securities convertible into such Common Stock (other than the Rights) or (B) any subdivision,
combination or reclassification of such Common Stock, and prior to the expiration of the 30 Trading Days after the ex-dividend date for such dividend or distribution, or the record date
for such subdivision, combination or reclassification, as the case may be, then, and in each such case, the Current Market Price shall be appropriately adjusted to take into account the
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 

14

 

either
case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the shares of Common
Stock of the Corporation are not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed
on the principal national securities exchange on which the shares of Common Stock of the Corporation are listed or admitted to trading or, if the shares of Common Stock of the Corporation are not
listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by the National Association of Securities Dealers Automated Quotation System ("NASDAQ") or
such other system then in use, or, if on any such date the shares of Common Stock of the Corporation are not quoted by any such organization, the average of the closing bid and asked prices as
furnished by a professional market maker making a market in shares of Common Stock of the Corporation selected by the Corporation, acting by resolution of the Board of Directors of the Corporation,
or, if on any such date no market maker is making a market in shares of Common Stock of the Corporation, the fair value of such shares on such date as determined in good faith by the Corporation,
acting by resolution of the Board of Directors of the Corporation (which determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes). The term
"Trading Day" shall mean a day on which the principal national securities exchange on which the shares of Common Stock of the Corporation are listed or
admitted to trading is open for the transaction of business or, if the shares of Common Stock of the Corporation are not listed or admitted to trading on any national securities exchange, a Business
Day. 

         (ii)  For
the purpose of any computation hereunder, the "Current Market Price" per share of Preferred Stock shall be
determined in the same manner as set forth for the Common Stock of the Corporation in Section 11(d)(i) hereof (other than the last clause of the second sentence thereof). If the Current
Market Price per share of Preferred Stock cannot be determined in the manner provided above or if the Preferred Stock is not publicly held or listed or traded in a manner described in
Section 11(d)(i) hereof, the Current Market Price per share of Preferred Stock shall be conclusively deemed to be an amount equal to 1000 (as such number may be appropriately adjusted
for such events as stock splits, stock dividends and recapitalizations with respect to the Common Stock of the Corporation occurring after the date of this Agreement) multiplied by the Current Market
Price per
share of the Common Stock of the Corporation. If neither the Common Stock of the Corporation nor the Preferred Stock is publicly held or so listed or traded, the Current Market Price per share of
Preferred Stock shall mean the fair value per share as determined in good faith by the Corporation, acting by resolution of its Board of Directors, whose determination shall be described in a
statement filed with the Rights Agent and shall be conclusive for all purposes. For all purposes of this Agreement, the Current Market Price of one one-thousandth of a share of Preferred
Stock shall be equal to the Current Market Price of one share of Preferred Stock divided by 1000. 

        (e)   Anything
herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at
least 1% in such 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 ten-thousandth of a share of Common Stock or other share or the nearest one-millionth of a share of Preferred Stock, as the case may be.
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 years from the date of the transaction which mandates such adjustment or (ii) the Expiration
Date. 

        (f)    If
as a result of an adjustment made pursuant to Section 11(a) or Section 13(a) hereof, the holder of any Right thereafter exercised shall become entitled
to receive any shares of capital stock of 

15

 

the
Corporation other than Preferred Stock, thereafter the Purchase Price and 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), (e), (g), (h), (i), (j), (k) and
(m) inclusive, and the provisions of Sections 7, 9, 10, 13 and 14 with respect to the Preferred Stock shall apply on like terms to any such other shares;  provided, however, that the Corporation shall not be liable for its inability to reserve and keep
available for issuance upon exercise of the Rights pursuant to Section 11(a)(ii) a number of shares of its Common Stock greater than the number then authorized by the Certificate of
Incorporation of the Corporation but not outstanding or reserved for any other purpose. 

        (g)   All
Rights originally issued by the Corporation subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to purchase, at the adjusted
Purchase Price, the number of one one-thousandths of a share of Preferred Stock purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as
provided herein. 

        (h)   Unless
the Corporation shall have exercised its election as provided in Section 11(i), upon each adjustment of the Purchase Price as a result of the calculations
made in Section 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 Purchase Price, that
number of one one-thousandths of a share of Preferred Stock (calculated to the nearest one-millionth of a share of Preferred Stock) obtained by
(i) multiplying (A) the number of one one-thousandths of a share covered by a Right
immediately prior to such adjustment of the Purchase Price by (B) the Purchase Price in effect immediately prior to such adjustment of the Purchase
Price and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price. 

        (i)    The
Corporation may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights, in substitution for any adjustment in the number
of one one-thousandths of a share of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall be
exercisable for the number of one one-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-thousandth) obtained by dividing the Purchase Price in effect immediately
prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Corporation 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 Purchase Price is
adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least 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 Corporation 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 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or,
at the option of the Corporation, 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 Corporation, 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 countersigned in the manner provided for herein (and may bear, at the option of the Corporation, the adjusted Purchase 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 Purchase Price or the number of shares of Preferred Stock, or fraction thereof, issuable upon the exercise of the Rights,
the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price per one one-thousandth 

16

 

of
a share and the number of shares which were expressed in the initial Right Certificates issued hereunder. 

        (k)   Before
taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the one one-thousandth of a share of
Preferred Stock issuable upon exercise of the Rights, the Corporation shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly
and legally issue fully paid and nonassessable shares of Preferred Stock at such adjusted Purchase Price. 

        (l)    In
any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the
Corporation may elect to defer until the occurrence of such event the issuing to the holder of any Right exercised after such record date the Preferred Stock, or a fraction thereof, and other capital
stock or securities of the Corporation, if any, issuable upon such exercise over and above the Preferred Stock and other capital stock or securities of the Corporation, if any, issuable upon such
exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that
the Corporation 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 securities upon
the occurrence of the event requiring such adjustment. 

        (m)  Anything
in this Section 11 to the contrary notwithstanding, the Corporation, acting by resolution of its Board of Directors shall be entitled to make such
reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in
order that any consolidation or subdivision of the Preferred Stock, issuance wholly for cash of any Preferred Stock at less than the Current Market Price, issuance wholly for cash of Preferred Stock
or securities which by their terms are convertible into or exchangeable for Preferred Stock, stock dividends or issuance of rights, options or warrants referred to hereinabove in this
Section 11, hereafter made by the Corporation to holders of its Preferred Stock shall not be taxable to such stockholders. 

        (n)   The
Corporation covenants and agrees that it shall not, at any time after the Distribution Date, (i) consolidate with any
other Person, (ii) merge with or into any other Person or (iii) sell or transfer (or permit any
Subsidiary to sell or transfer), in one transaction or a series of related transactions, assets, cash flow or earning power aggregating more than 50% of the assets, cash flow or earning power of the
Corporation and its Subsidiaries (taken as a whole) to any other Person or Persons if (x) at the time of or immediately after such consolidation, merger
or sale there are any rights, warrants or other instruments or securities outstanding or agreements 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 stockholders of the Person who
constitutes, or would constitute, the "Principal Party" for purposes of Section 13(a) hereof shall have received a distribution of Rights
previously owned by such Person or any of its Affiliates and Associates. 

        (o)   The
Corporation covenants and agrees that, after the Distribution Date, it will not, except as permitted by Section 23, Section 24 or Section 27
hereof, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or eliminate the benefits
intended to be afforded by the Rights. 

        (p)   Anything
in this Agreement to the contrary notwithstanding, in the event the Corporation shall at any time after the date of this Agreement and prior to the Distribution
Date (i) declare or pay any dividend on its Common Stock payable in Common Stock of the Corporation,
(ii) subdivide its outstanding Common Stock into a greater number of shares (by reclassification or otherwise than by payment of dividends in Common
Stock) or (iii) combine or consolidate its outstanding Common Stock into a smaller number of shares, then, in any such case,
(x) the number of one one-thousandths of a share of Preferred Stock purchasable after such event upon proper exercise of each Right shall be 

17

 

determined
by multiplying the number of one one-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 Corporation outstanding immediately before such event and the denominator of which is the number of shares of such Common Stock outstanding immediately after such
event and (y) action shall be taken such that each share of Common Stock of the Corporation outstanding immediately after such event shall have issued
with respect to it that number of Rights which each share of Common Stock of the Corporation outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in
this Section 11(p) shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is effected. If an event occurs which would
require an adjustment under Section 11(a)(ii) and this Section 11(p), the adjustments provided for in this Section 11(p) shall be in addition and prior to any adjustment
required pursuant to Section 11(a)(ii). 

        Section 12.
Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Sections 11
and 13, the Corporation 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 its Common Stock and Preferred Stock 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 its Common Stock) in accordance with Section 26 of this Agreement. Notwithstanding the foregoing sentence, the failure of the Corporation to make such certificates or
give such notice shall not affect the validity or the force or effect of the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any
adjustment therein contained. Any adjustment to be made pursuant to Sections 11 and 13 shall be effective as of the date of the event giving rise to such adjustment. 

        Section 13.  Consolidation, Merger or Sale or Transfer of Assets, Cash Flow or Earning Power. 

        (a)   In
the event (a "Section 13 Event") that, following the first occurrence of a
Section 11(a)(ii) Event, directly or indirectly, (x) the Corporation shall consolidate or otherwise combine with or merge with or into,
any other Person and the Corporation shall not be the surviving or continuing corporation of such consolidation, combination or merger, (y) any Person
shall consolidate or otherwise combine with or merge with or into the Corporation and the Corporation shall be the surviving or continuing corporation of such consolidation, combination or merger and,
in connection therewith, all or part of the Common Stock of the Corporation shall be changed into or exchanged for stock or other securities of the Corporation or any other Person or cash or any other
property or (z) the Corporation shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more
transactions, assets, cash flow or earning power aggregating more than 50% of the assets, cash flow or earning power of the Corporation and its Subsidiaries (taken as a whole and calculated on the
basis of the Corporation's most recent regularly prepared financial statement) to any other Person or Persons, then, and in each such case (except as provided in Section 13(d) hereof), proper
provision shall be made so that (i) each holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to
receive, upon the exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, such number of validly authorized and issued, fully paid, nonassessable and freely
tradable shares of Common Stock of the Principal Party (as hereinafter defined), not subject to any liens, encumbrances, rights of call, rights of first refusal or other adverse claims, as shall be
equal to the result obtained by dividing the then current Purchase Price by 50% of the Current Market Price per share of Common Stock of such Principal Party on the date of consummation of such
merger, consolidation, sale or transfer (provided that the Purchase Price and the number of shares of Common Stock of such Principal Party so receivable
upon exercise of a Right shall, from and after such Section 13 Event, be subject to further adjustment in accordance with Section 11(f) hereof to reflect any events occurring in respect
of the Common Stock of such Principal Party after the occurrence of such Section 13 Event); (ii) such 

18

 

Principal
Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Corporation pursuant to this Agreement;
(iii) the term "Corporation" shall thereafter be deemed to refer to such Principal Party, it being
specifically intended that the provisions of Section 11 hereof shall apply only to such Principal Party following the first occurrence of a Section 13 Event;
(iv) such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of shares of its Common Stock in
accordance with Section 9 hereof) 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
possible, in relation to its shares of Common Stock thereafter deliverable upon the exercise of the Rights; and (v) the provisions of
Section 11(a)(ii) hereof shall be of no effect following the first occurrence of any Section 13 Event. 

        (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) hereof:
(A) the Person that is the issuer of any securities into which shares of Common Stock of the Corporation are converted in such merger or consolidation,
or (B) if no securities are so issued, (x) the Person that is the other party to such merger, if such
Person survives such merger, or (y) if the Person that is the other party to the merger does not survive the merger, the Person that does survive the
merger (including the Corporation if it survives) or (z) the Person resulting from the consolidation; and 

         (ii)  in
the case of any transaction described in clause (z) of the first sentence of Section 13(a) hereof, 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; 

provided, however, that in any such case, (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, and such Person is a
direct or indirect Subsidiary of another Person the Common Stock of which is and has been so registered, "Principal Party" shall refer to such other Person;
(2) in case such Person is a Subsidiary, directly or indirectly, of more than one Person, the Common Stocks of two or more of which are and have been so
registered, "Principal Party" shall refer to whichever of such Persons is the issuer of the Common Stock having the greatest aggregate market value; or
(3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly, by the
same Person, the rules set forth in clauses (1) and (2) above shall apply to each of the owners having an interest in the venture as if the Person owned by the joint venture was a
Subsidiary of both or all of such joint venturers, and the Principal Party in each such case shall bear the obligations set forth in this Section 13 in the same ratio as its interest in such
Person bears to the total of such interests. 

        (c)   The
Corporation shall not consummate any Section 13 Event unless 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 unless prior thereto the Corporation and such issuer shall have
executed and delivered to the Rights Agent a supplemental agreement containing the provisions set forth in paragraphs (a) and (b) of this Section 13 and further providing that, as
soon as practicable after the date of any such Section 13 Event, the Principal Party will: 

          (i)  prepare
and file a registration statement under the Act with respect to the Rights and the securities purchasable upon exercise of the Rights on an appropriate
form and will use its best efforts to cause such registration statement to (A) become effective as soon as practicable after such filing and
(B) remain effective (with a prospectus at all times meeting the requirements of the Act) until the Expiration Date, and similarly comply with
applicable state securities laws; and 

         (ii)  use
its best efforts to (A) list (or continue the listing of) the Rights and the securities purchasable upon exercise of
the Rights on a national securities exchange or (B) meet the 

19

 

eligibility
requirements for quotation on NASDAQ and list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on NASDAQ; and 

        (iii)  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. 

The
provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers. In the event that a Section 13 Event shall occur at any time
after the occurrence of a Section 11(a)(ii) Event, the Rights which have not theretofore been exercised shall thereafter, subject to Section 7(e) hereof, become exercisable in the
manner described in Section 13(a) hereof. 

        (d)   The
Corporation covenants and agrees that it will not, after the occurrence of a Section 11(a)(ii) Event, engage in any Section 13 Event if at the
time of or after such event there are any charter or by-law provisions or any rights, warrants or other instruments outstanding or any other action taken which would diminish or otherwise
eliminate the benefits intended to be afforded by the Rights. 

        Section 14.
Fractional Rights and Fractional Shares. 

        (a)   The
Corporation shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional
Rights, there shall be paid to the registered holders of the Right Certificates with regard to which such fractions of Rights would otherwise be issuable an amount in cash equal to the same fraction
of the current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day
immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price of the Rights for any 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 New York Stock Exchange or, if the Rights are not listed or admitted to trading on the New York Stock Exchange, as reported in the principal
consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Rights are listed or admitted to trading or, if the Rights are
not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by NASDAQ or such other system then in use, or, if on any such date the Rights are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in the Rights (selected by the Corporation, acting by resolution of its Board of Directors). If on any such
date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined in good faith by the Corporation, acting by resolution of its Board of Directors
shall be used. 

        (b)   The
Corporation shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of one
one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional shares (other than fractions which are integral multiples
of one one-thousandth of a share of Preferred Stock). Interests in fractions of Preferred Stock in integral multiples of one one-thousandth of a share of Preferred Stock may,
at the election of the Corporation, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Corporation and a depositary selected by it, provided that such agreement
shall provide that the holders of depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Stock. In lieu of
fractional shares that are not integral multiples of one one-thousandth of a share of Preferred Stock, the Corporation shall pay to the registered holders of Right Certificates at the time
such Right Certificates are exercised as herein provided an amount in cash equal to the same fraction of the current market value of one share 

20

 

of
Preferred Stock. For purposes of this Section 14(b), the current market value of a share of Preferred Stock shall be the closing price of a share of Preferred Stock (as determined pursuant
to Section 11(d)(ii) hereof) for the Trading Day immediately prior to the date of such exercise. 

        (c)   Following
the occurrence of a Section 11(a)(ii) Event or a Section 13 Event, the Corporation shall not be required to issue fractions of shares of
its Common Stock upon exercise of the Rights or to distribute certificates or Ownership Statements which evidence fractional shares of its Common Stock. In lieu of fractional shares of its Common
Stock, the Corporation 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 current
market value of one share of its Common Stock. For purposes of this Section 14(c), the current market value of one share of Common Stock of the Corporation shall be the closing price of one
share of Common Stock of the Corporation (as determined pursuant to Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of such exercise. 

        (d)   The
holder of a Right by the acceptance of the Right expressly waives his right to receive any fractional Rights or any fractional shares upon exercise of a Right except
as otherwise permitted by this Section 14. 

        Section 15.
Rights of Action. All rights of action in respect of this Agreement, except the rights of action vested in the Rights
Agent pursuant to Section 18 hereof, are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the registered holders of Common Stock of
the Corporation); and any registered holder of any Right Certificate (or, prior to the Distribution Date, of Common Stock of the Corporation), without the consent of the Rights Agent or of any holder
of any other Right Certificate (or, prior to the Distribution Date, of Common Stock of the Corporation) may, in his own behalf and for his own benefit, enforce, and may institute and maintain any
suit, action or proceeding against the Corporation to enforce, or otherwise act in respect of, his right to exercise the Rights 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 will be entitled to specific performance of the
obligations hereunder and injunctive relief against actual or threatened violations of the obligations of any Person subject to this Agreement. 

        Section 16.  Agreement of Right Holders. Every holder of a Right by accepting such Right consents and agrees with the Corporation
and the Rights Agent and with every other holder of a Right that: 

        (a)   prior
to the Close of Business on the earlier of the Distribution Date or the Expiration Date, the Rights shall be evidenced by the Book-Entries and
Ownership Statements or certificates for shares of Common Stock of the Corporation registered in the name of the holders of such shares (which Book-Entries and Ownership Statements or
certificates for shares of Common Stock of the Corporation shall also constitute certificates for Rights) and each Right will be transferable only in connection with the transfer of Common Stock of
the Corporation; 

        (b)   after
the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office of the Rights Agent
designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer; 

        (c)   the
Corporation and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the associated Common Stock
Book-Entry and Ownership Statement or certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on
the Right Certificate or the associated Common Stock certificate made by anyone other than the Corporation or the Rights Agent) for all purposes whatsoever, and neither the Corporation nor the Rights
Agent shall be affected by any notice to the contrary; and 

21

 

        (d)   notwithstanding
anything in this Agreement to the contrary, neither the Corporation nor the Rights Agent shall have any liability to any holder of a Right or other
Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of
competent jurisdiction or by a governmental, 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 obligation; provided, however, the
Corporation must use its best efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as possible. 

        Section 17.
Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right or Right Certificate shall be
entitled to vote, receive dividends or be deemed for any purpose the holder of the number of one one-thousandths of a share of Preferred Stock or any other securities of
the Corporation 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 be construed to confer upon the
holder of any Right or Right Certificate, as such, any of the rights of a stockholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25), 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
Corporation agrees to pay to the Rights Agent compensation as agreed to by the parties for all services rendered by it hereunder and, from time to time, on demand of
the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties
hereunder. The Corporation 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 in the premises. In no event will the Rights Agent be liable for special, indirect, incidental or consequential loss or damage of any kind whatsoever, even if
the Rights Agent has been advised of the possibility of such loss or damage. 

        (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 for Preferred Stock or Common Stock of the Corporation or for other securities of the Corporation, instrument of assignment or
transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or document believed by it to be genuine and to be signed, executed and,
where necessary, verified or acknowledged by the proper Person or Persons. 

        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 corporate trust or stock transfer 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, however, that such corporation would be eligible for appointment as a successor Rights Agent
under the provisions of Section 21 hereof. The purchase of all or substantially all of the Rights Agent's assets employed in the performance of transfer agent activities shall be deemed a
merger or consolidation for purposes of this 

22

 

Section 19.
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 Rights Agent 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. 

        Section 20.
Duties of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the
following terms and conditions, by all of which the Corporation 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 (which may be legal counsel for the Corporation), 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 an Acquiring Person and the determination of the Current Market Price per share of Preferred Stock and Common Stock) be proved or established by the Corporation prior to
taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a
certificate signed by the Chairman of the Board, the Chief Executive Officer, the President (if any) or the Senior Vice President and General Counsel and by the Treasurer or the Secretary of the
Corporation and delivered to the Rights Agent; and 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; provided,  however, that in no event will the
Rights Agent be liable for special, indirect, incidental or consequential loss or damage of any kind whatsoever. 

        (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 Corporation 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 Corporation of any
covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any adjustment required under the provisions of Section 11 or Section 13 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 actual notice of any such adjustment); nor shall it be responsible for any determination by the Board of 

23

 

Directors
of the Corporation of the Current Market Price of the Preferred Stock or Common Stock of the Corporation; 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 Corporation or Preferred Stock or other securities to be issued pursuant to this Agreement or any Right Certificate or as to
whether any shares of Preferred Stock or Common Stock of the Corporation or other securities will, when issued, be validly authorized and issued, fully paid and nonassessable. 

        (f)    The
Corporation agrees that it will 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 from the Chairman of the Board, the
Chief Executive Officer, the President (if any), the Senior Vice President and General Counsel, the Secretary or the Treasurer of the Corporation, and 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 to be taken by it in good faith in accordance with instructions of any such officer. 

        (h)   The
Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Corporation
or become pecuniarily interested in any transaction in which the Corporation may be interested, or contract with or lend money to the Corporation or otherwise act as fully and freely as though it were
not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Corporation 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, and the Rights Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Corporation or to
holders of the Rights resulting from any such act, omission, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 

        (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 for 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 and/or 2 thereof, the Rights Agent shall not take any further action
with respect to such requested exercise or transfer without first consulting with the Corporation. 

        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 30 days' notice in writing mailed to the Corporation and to each transfer agent of the Common Stock of the Corporation and Preferred Stock by registered or certified
mail, and to the holders of the Right Certificates by first-class mail. The Corporation may remove the Rights Agent or any successor Rights Agent upon 30 days' notice in writing, mailed to the
Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock of the Corporation and Preferred Stock by registered or certified mail, and to the holders of
the Right Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Corporation shall appoint a successor to the Rights Agent.
If the Corporation shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation or 

24

 

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 Corporation), then
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
Corporation or by such a court, shall be a corporation organized and doing business under the laws of the United States or any state of the United States, in good standing, which is authorized under
such laws to exercise corporate trust or stockholder services powers and is subject to supervision or 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 $100 million. 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 Corporation shall file notice
thereof in writing with the predecessor Rights Agent and each transfer agent of its Common Stock and Preferred Stock, and mail a notice thereof in writing to the registered holders of the Right
Certificates. 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 Corporation may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by resolution of its Board of Directors, to reflect any adjustment or
change in the Purchase Price 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 its Common Stock following the Distribution Date (other than upon exercise of a Right) and prior to the Expiration Date,
the Corporation (a) shall, with respect to shares of Common Stock 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, notes or debentures issued by the Corporation prior to the Distribution Date, and
(b) may, in any other case, if deemed necessary or appropriate by the Board of Directors of the Corporation, 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 Corporation shall be advised by counsel that such issuance would create a
significant risk of material adverse tax consequences to the Corporation 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 adjustment shall
otherwise have been made in lieu of the issuance thereof. 

        Section 23.
Redemption. 

        (a)   The
Corporation may, by resolution of its Board of Directors, at its option, at any time prior to the Close of Business on the earlier of
(x) the Stock Acquisition Time or (y) the Close of Business on the Final Expiration Date, redeem all but
not less than all of the then outstanding Rights at a redemption price of $0.001 per Right (payable in cash, shares of Common Stock (based on the Current Market Price of the Common Stock at the time
of redemption) or any other form of consideration deemed appropriate by the Board of Directors of the Corporation), appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof (such redemption price being hereinafter referred to as the "Redemption Price"). Such redemption of the
Rights by the Corporation may be made effective at such time, on such bases and with such conditions as the Board of Directors may in its sole discretion establish. 

        (b)   Immediately
upon the action of the Board of Directors of the Corporation ordering the redemption of the Rights (or at such time subsequent to such action as the Board of
Directors may 

25

 

determine),
and without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the
Redemption Price. The Corporation shall promptly give public notice of any such redemption; provided,  however, that the failure to give, or any defect in,
any such notice shall not affect the validity of any such redemption. Within 10 days after
the action of the Board of Directors ordering the redemption of the Rights, the Corporation shall give notice of such redemption to the holders of the then outstanding Rights by mailing such notice 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 Corporation. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method
by which the payment of the Redemption Price will be made. 

        Section 24.
Exchange. 

        (a)   The
Board of Directors of the Corporation may, at its option, at any time after any Person becomes an Acquiring Person, 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) hereof) for shares of Common Stock at an exchange ratio of one share of
Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as
the "Exchange Ratio"). Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect such exchange at any time after an
Acquiring Person, together with all Affiliates and Associates of such Acquiring Person, becomes the Beneficial Owner of 50% or more of the shares of Common Stock then outstanding. 

        (b)   Immediately
upon the action of the Board of Directors of the Corporation ordering the exchange of any Rights pursuant to paragraph (a) of this Section 24
and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of
shares of Common Stock equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Corporation shall promptly give public notice of any such exchange;  provided,
however, that the failure to give, or any defect in, such notice shall not affect the validity
of such exchange. The Corporation 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 herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the
exchange of the shares of Common Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected  pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of Section 7(e) hereof) held by each
holder of Rights. 

        (c)   In
any exchange pursuant to this Section 24, the Corporation, at its option, may substitute shares of Preferred Stock (or any other series of preferred stock of
the Corporation containing terms substantially similar to the terms of the Preferred Stock) for some or all of the shares of Common Stock exchangeable for Rights, at the initial rate of one
one-thousandth of a share of Preferred Stock (or of such other series of preferred stock of the Corporation) for each share of Common Stock, 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 (or of such other series of preferred stock of the
Corporation) delivered in lieu of each share of Common Stock shall have the same voting rights as one share of Common Stock. 

26

   
        (d)   In the event that there shall not be sufficient shares of Common Stock or Preferred Stock (or any other series of preferred stock of the Corporation containing terms
substantially similar to the terms of the Preferred Stock) issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with this
Section 24, the Corporation may take all such action as may be necessary to authorize additional shares of Common Stock or Preferred Stock (or such other series of preferred stock of the
Corporation) for issuance upon exchange of the Rights. 

        (e)   The
Corporation shall not be required to issue fractions of shares of Common Stock or to distribute Book-Entries and Ownership Statements or certificates
which evidence fractional shares of Common Stock. In lieu of such fractional shares, the Corporation shall pay to the registered holders of the Right Certificates with regard to which such fractional
shares would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock. For the purposes of this paragraph (d), the current
market value of a whole share of Common Stock shall be the closing price of a share of Common Stock (as determined pursuant to the second sentence of Section 11(d) hereof) 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 Corporation shall at any time after the earlier of the Distribution Date or the Stock Acquisition Time propose
(i) to pay any dividend payable in stock of any class to the holders of its Preferred Stock or to make any other distribution to the holders of its
Preferred Stock (other than a regular periodic dividend out of earnings or retained earnings of the Corporation), or (ii) to offer to the holders of
Preferred Stock options, rights or warrants to subscribe for or to purchase any additional Preferred Stock or shares of stock of any class or any other securities, rights or options, or
(iii) to effect any reclassification of the Preferred Stock (other than a reclassification involving only the subdivision of outstanding shares of
Preferred Stock), or (iv) to effect any merger, consolidation or other combination into or with, or to effect any sale or other transfer (or to permit
one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of more than 50% of the assets, cash flow or earning power of the Corporation and its Subsidiaries
(taken as a whole) to, any other Person, or (v) to effect the liquidation, dissolution or winding up of the Corporation, then, in each such case, the
Corporation shall give to each holder of a Right, in accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the purposes of such stock
dividend or distribution of rights or warrants, or the date on which such reclassification, merger, consolidation, combination, sale, transfer, liquidation, dissolution or winding up is to take place
and the date of participation therein by the holders of Common Stock of the Corporation or Preferred Stock, if any such date is to be fixed, and such notice shall be so given in the case of any action
covered by clause (i) or (ii) above at least twenty days prior to the record date for determining holders of Preferred Stock for purposes of such action, and in the case of any such
other action, at least twenty days prior to the date of the taking of such proposed action or the date of participation therein by the holders of Common Stock of the Corporation or Preferred Stock,
whichever shall be the earlier. The failure to give notice required by this Section 25 or any defect therein shall not affect the legality or validity of the action taken by the Corporation or
the vote upon any such action. 

        (b)   In
case any of the events set forth in Section 11(a)(ii) or Section 13(a) of this Agreement shall occur, then, in any such case,
(i) the Corporation shall as soon as practicable thereafter give to each holder of a Right, to the extent feasible and in accordance with
Section 26, 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) or
Section 13(a) hereof, and (ii) all references in Section 25(a) hereof to Preferred Stock shall be deemed thereafter to refer also to
Common Stock or other securities issuable in respect of the Rights. 

27

 

        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 Corporation shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights
Agent) as follows: 

Riverwood
Holding, Inc.

814 Livingston Court

Marietta, Georgia 30067

Attention: Corporate Secretary 

Subject
to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or made by the Corporation 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, addressed (until another address is filed in writing with the Corporation) as follows: 

Wells
Fargo Bank Minnesota, National Association

161 North Concord Exchange

South St. Paul, Minnesota 55075

Attention: Stock Transfer Administration 

Notices
or demands authorized by this Agreement to be given or made by the Corporation or the Rights Agent to the holder of any Right Certificate (or if prior to the Distribution Date to each holder
of a certificate representing shares of Common Stock of the Corporation) shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such Right holder (or if prior
to the Distribution Date to such holder of Common Stock of the Corporation) at the address of such holder as shown on the registry books of the Corporation. 

        Section 27.
Supplements and Amendments. Prior to the Stock Acquisition Time and subject to the penultimate sentence of this
Section 27, the Corporation may, by resolution of its Board of Directors, and the Rights Agent shall, if the Corporation so directs, supplement or amend any provision of this Agreement in any
respect whatsoever (including, without limitation, any extension of the period in which the Rights may be redeemed) without the approval of any holders of certificates representing shares of Common
Stock of the Corporation. From and after the Stock Acquisition Time and subject to the penultimate sentence of this Section 27, without the approval of any holders of certificates representing
shares of Common Stock of the Corporation or of Right Certificates, the Corporation may, by resolution of its Board of Directors, and the Rights Agent shall, if the Corporation so directs, supplement
or amend this Agreement 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 or amend any other provisions in any manner which the Corporation may deem necessary or desirable, which shall not
adversely affect the interests of, or diminish substantially or eliminate the benefits intended to be afforded by the Rights to, the holders of Right Certificates (other than an Acquiring Person or an
Affiliate or Associate of any such Person); provided, however, that this Agreement may not be
supplemented or amended (A) to lengthen, pursuant to clause (iii) of this sentence, a time period relating to when the Rights may be redeemed or
to modify the ability (or inability) of the Board of Directors of the Corporation to redeem the Rights, in either case at such time as the Rights are not then redeemable, or to lengthen any other time
period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of or the benefits to the holders of Rights (other than an Acquiring Person or an Affiliate or
Associate of any such Person) or (B) to alter, amend, supplement or delete this second sentence of Section 27. Upon the delivery of a certificate
from an appropriate officer of the Corporation which states that the proposed supplement or amendment is in compliance with the terms of this Section 27 (together with a copy of such proposed
supplement or amendment), the Rights Agent shall execute such supplement or amendment. Notwithstanding the foregoing, any 

28

 

supplement
or amendment that does not amend this Agreement in a manner adverse to the Rights Agent, and is otherwise in compliance in all respects with this Section 27, shall become effective
immediately upon execution by the Company, whether or not also executed by the Rights Agent. In the case of any such supplement or amendment, the Corporation shall deliver to the Rights Agent a
certificate from an appropriate officer of the Corporation which states that such supplement or amendment was in compliance with the terms of this Section 27 (together with a copy of such
supplement or amendment). Notwithstanding anything contained in this Agreement to the contrary, no supplement or amendment shall be made which changes the Redemption Price. Prior to the Distribution
Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock. 

        Section 28.
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Corporation 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, etc. 

        (a)   For
all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for purposes of determining the
particular percentage of such outstanding shares of Common Stock of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of
Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act. The Board of Directors of the Corporation shall have the exclusive power and authority to
administer this Agreement and to exercise all rights and powers specifically granted to such Board of Directors, 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 deemed necessary or advisable for the administration of this Agreement (including, without limitation, a determination to redeem or not redeem the Rights or to amend the Agreement).
All such actions, calculations, interpretations and determinations which are done or made by the Board of Directors of the Corporation or the Corporation in good faith, shall be final, conclusive and
binding on the Corporation, the Rights Agent, the holders of the Right Certificates and all other parties. 

        (b)   Nothing
contained in this Agreement shall be deemed to be in derogation of the obligation of the Board of Directors of the Corporation to exercise its fiduciary duty.
Without limiting the foregoing, nothing contained in this Agreement shall be construed to suggest or imply that the Board of Directors of the Corporation shall not be entitled to reject any tender
offer, or to take any other action (including, without limitation, the commencement, prosecution, defense or settlement of any litigation and the submission of additional or alternative offers or
other proposals) with respect to any tender offer that the Board of Directors believes is necessary or appropriate in the exercise of such fiduciary duty. 

        Section 30.  Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the
Corporation, 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 Corporation) any legal or
equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Corporation, 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 Corporation). 

        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. 

29

 

        Section 32.
Governing Law. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under
the laws of the State of Delaware 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 performed entirely within
such State. The parties agree that all actions and proceedings
arising out of this Agreement or any of the transactions contemplated hereby in connection with the rights and obligations of the Rights Agent shall be brought in the courts of State of Delaware or
the United States District Court for the District of Delaware (each, a "Delaware Court") and that, in connection with any such action or proceeding
relating to the rights and obligations of the Rights Agent, the parties submit to the jurisdiction of, and venue in, such Delaware Court. Each of the parties hereto irrevocably waives any right to a
trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby. 

        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. 

        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. 

SIGNATURE 

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first
above written. 

	Attest:	 	RIVERWOOD HOLDING, INC.
	

By	
 	

 	
 	

By	
 	

 
	 	 	
 Name:

Title:	 	 	 	
 Name:

Title:
	

Attest:	
 	

WELLS FARGO BANK MINNESOTA,

NATIONAL ASSOCIATION, as Rights

Agent
	

By	
 	

 	
 	

By	
 	

 
	 	 	
 Name:

Title:	 	 	 	
 Name:

Title:

30

   Exhibit A to the

Rights Agreement  

RIVERWOOD HOLDING, INC. 

Certificate
of Designation,

Preferences and Rights

Pursuant to Section 151

of the General Corporation Law

of the State of Delaware 

Certificate of Designation,

Preferences and Rights

of

Series A Junior Participating Preferred Stock 

        I,
Edward W. Stroetz, Jr., being the Secretary of Riverwood Holding, Inc., a Delaware corporation (the "Corporation"), do hereby
certify that, pursuant to authority expressly vested in the Board of Directors of the Corporation by the provisions of the Restated Certificate of Incorporation of the Corporation (the
"Restated Certificate of Incorporation"), the Board of Directors duly adopted the following resolution: 

        RESOLVED,
that, pursuant to the authority vested in the Board in accordance with the provisions of the Restated Certificate of Incorporation, a Series A Junior Participating
Preferred Stock, par value $0.01 per share, of the Corporation (the "Series A Preferred Stock") be, and it hereby is, created, and that the
number of shares thereof, and the designation and the voting powers, preferences and relative
participating, optional and other special rights of the shares of such series, and the qualifications, limitations or restrictions thereof are as follows: 

        Section 1.
Designation and Number of Shares. 500,000 shares of the Preferred Stock of the Corporation shall constitute a series of
Preferred Stock designated as Series A Junior Participating Preferred Stock (hereinafter referred to as the "Series A Preferred Stock").
Such number of shares may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall reduce the number of
shares of Series A Preferred Stock to a number less than (a) the number of shares then outstanding plus
(b) 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 or exchangeable for Series A Preferred Stock. 

        Section 2.
Dividends and Distributions. 

        (a)   Subject
to the rights of the holders of any shares of any series of Preferred Stock (or any similar stock) ranking prior and superior to the Series A Preferred
Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of Common Stock, par value $0.01 of the Corporation (the
"Common Stock") and of any other class or series of junior stock that may be outstanding, shall be entitled to receive, when, as and if declared by the
Board of Directors out of funds legally available for the purpose, annual dividends payable in cash on the fifteenth day of December in each year (each such date being referred to herein as a
"Dividend Payment Date"), commencing on the first Dividend Payment Date after the first issuance of a share or fraction of a share of Series A
Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (i) $10.00 per share, or
(ii) subject to the provision for adjustment hereinafter set forth, 1000 times the aggregate per share amount of all cash dividends, and 1000 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 

31

 

preceding
Dividend Payment Date, or, with respect to the first Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event the
Corporation shall at any time after [                        ], 2003 declare or pay any dividend on Common Stock payable in shares
of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the amount
to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (ii) of the preceding sentence shall be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that
were outstanding immediately prior to such event. 

        (b)   The
Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (a) of this Section 2 immediately
after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event
no dividend or distribution shall have been declared on the Common Stock during the period between any Dividend Payment Date and the next subsequent Dividend Payment Date, a dividend of $10.00 per
share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Dividend Payment Date. 

        (c)   Dividends
shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Dividend Payment Date next preceding the date of
issue of such shares of Series A Preferred Stock, unless the date of issue of such shares is prior to the record date for the first 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 Dividend Payment Date or is a date after the record date for the determination of holders of shares of
Series A Preferred Stock entitled to receive a quarterly dividend and before such Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from
such Dividend Payment Date. Accrued but unpaid dividends shall accumulate but shall not bear interest. Dividends paid on the shares of Series A Preferred Stock in an amount less than the total
amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis
among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of
a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof. 

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

        (a)   Subject
to the provisions for adjustment as hereinafter set forth, each share of Series A Preferred Stock shall entitle the holder thereof to 1000 votes (and each
one one-thousandth of a share of Series A Preferred Stock shall entitle the holder thereof to one vote) on all matters submitted to a vote of the stockholders of the Corporation. In
the event the Corporation shall at any time after [            ], 2003 declare or pay any dividend on Common Stock payable in shares of Common Stock or effect a subdivision
or combination or consolidation of the outstanding shares of Common Stock or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series A Preferred Stock were entitled
immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and
the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

        (b)   Except
as otherwise provided herein, in the Certificate of Incorporation, in any other certificate of designation creating a series of preferred stock or any similar
stock, or by law, the holders 

32

 

of
shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on
all matters submitted to a vote of stockholders of the Corporation. 

        (c)   Except
as provided herein, in Section 10 or by applicable law, holders of Series A Preferred Stock shall have no special voting rights and their consent
shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for authorizing or taking any corporate action. 

        Section 4.
Certain Restrictions. 

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

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

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

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

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

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

        Section 5.
Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in
any manner whatsoever, shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of preferred stock,
without designation as to series, 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, in the Certificate of Incorporation, in any other certificate of designation creating a series of preferred stock or any similar stock or as otherwise
required by law. 

33

 

        Section 6.
Liquidation, Dissolution or Winding-Up. Upon any voluntary or involuntary liquidation, dissolution or
winding-up of the Corporation, no distribution shall be made (a) to the holders of shares of stock ranking junior (either as to dividends or
upon liquidation, dissolution or winding-up) to the Series A Preferred Stock unless prior thereto, the holders of shares of Series A Preferred Stock shall have received the
higher of (i) $1000 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of
such payment, or (ii) an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1000 times the aggregate
amount to be distributed per share to holders of Common Stock; nor shall any distribution be made (b) to the holders of stock ranking on a parity
(either as to dividends or upon liquidation, dissolution or winding-up) with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock
and all 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 [                        ], 2003 declare or pay any dividend on Common Stock payable in shares
of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the
aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the provision in clause (a) of the preceding sentence shall be
adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

        Section 7.
Consolidation, Merger, etc. In case the Corporation shall enter into any consolidation, merger, combination or other
transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, or otherwise changed, then in any such case each share of
Series A Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share (subject to the provision for adjustment hereinafter set forth) equal to 1000 times
the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the
event the Corporation shall at any time after [                        ], 2003 declare or pay any dividend on Common Stock payable
in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the amount
set forth in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to
such event. 

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

        Section 9.
Rank. Unless otherwise provided in the Certificate of Incorporation or a certificate of designation relating to a
subsequent series of preferred stock of the Corporation, the Series A Preferred Stock shall rank junior to all other series of the Corporation's preferred stock as to the payment of dividends
and the distribution of assets on liquidation, dissolution or winding-up, and senior to the Common Stock. 

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

34

 

        Section 11.
Fractional Shares. Series A Preferred Stock may be issued in fractions of a share (in one
one-thousandths of a share and integral multiples thereof) 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 A Preferred Stock. 

        IN
WITNESS WHEREOF, this Certificate of Designation is executed on behalf of the Corporation by Edward W. Stroetz, Jr., its Secretary, and attested this    th day of
            , 2003. 

	

 	
 	

 Name: Edward W. Stroetz, Jr.

Title: Secretary
	

ATTEST:	
 	

 
	
 Name:

Title:

	 	 

35

   Exhibit B to the

Rights Agreement  

[Form of Right Certificate] 

	Certificate No. R-            	             Rights

NOT
EXERCISABLE AFTER                                    , 2013 OR EARLIER
IF THE BOARD OF DIRECTORS ORDERS THE REDEMPTION OR EXCHANGE OF THE RIGHTS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.001 PER
RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS
ARE 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 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. 

Rights Certificate  

 RIVERWOOD HOLDING, 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 Rights Agreement, dated as of                        , 2003, as
the same may be amended from time to time (the
"Rights Agreement"), between Riverwood Holding, Inc., a Delaware corporation (the "Corporation"),
and Wells Fargo Bank Minnesota, National Association, a national banking association (the "Rights Agent"), to purchase from the Corporation at any time
after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M. (Eastern time)
on                                    , 2013, at the office of the
Rights Agent
designated for such purpose, or its successors as Rights Agent, one one-thousandth of a fully paid nonassessable share of Series A Junior Participating Preferred Stock, par value
$0.01 per share (the "Preferred Stock"), of the Corporation, at a purchase price of $35.00 per one one-thousandth of a share of Preferred
Stock (the "Purchase Price"), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase and the Certificate
contained therein duly executed. The number of Rights evidenced by this Right Certificate (and the number of one one-thousands of a share of Preferred Stock which may be purchased upon
exercise thereof) set forth above, and the Purchase Price per one one-thousandth of a share of Preferred Stock set forth above, are the number and Purchase Price as of
[                        ], [    ], based on the shares of Preferred Stock as constituted at such date.

        From
and after the first occurrence of a Section 11(a)(ii) Event (as 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 thereof (as such terms are defined in the Rights Agreement),
(ii) a transferee of any such Acquiring Person (or of any Associate or Affiliate thereof) who becomes a transferee after such Acquiring Person (or any
Associate or Affiliate thereof) becomes such (a "Post-Event Transferee"), (iii) under
certain circumstances specified in the Rights Agreement, a transferee of such Acquiring Person (or of any Associate or Affiliate thereof) who becomes a transferee prior to or concurrently with such
Acquiring Person becoming such (a "Pre-Event Transferee") or (iv) any subsequent transferee
receiving transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more immediate transferees, 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. 

36

 

        The
Rights evidenced by this Right Certificate shall not be exercisable, and shall be void so long as held, by a holder in any jurisdiction where the requisite qualification 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. 

        As
provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths of a share of Preferred Stock or the number and kind of 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, including
Section 11(a)(ii) Events and Section 13 Events (as defined in the Rights Agreement). 

        This
Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, as it may be amended from time to time, 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 Corporation 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 executive offices of the Corporation and the above-mentioned
office of the Rights Agent and are also available upon written request to the Rights Agent. 

        This
Right Certificate, with or without other Right Certificates, upon surrender at the principal office of the Rights Agent, may be exchanged for another Right Certificate or Right
Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of one one-thousandths of a share of Preferred Stock as the Rights evidenced
by the Right Certificate or Right 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 Right Certificates for the number of whole Rights not exercised. 

        Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Right Certificate may be redeemed by the Corporation at a redemption price of $0.001 per Right at any time
prior to the Close of Business on the earlier of (i) the Stock Acquisition Time (as defined in the Rights Agreement) and
(ii) the close of business on the Expiration Date (as defined in the Rights Agreement). Subject to the provisions of the Rights Agreement, the rights
evidenced by this Right Certificate may be exchanged in whole or part for shares of Common Stock or fractional shares of Preferred Stock (or any other substantially similar series of preferred stock
of the Corporation). 

        No
fractional shares of Preferred Stock will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one
one-thousandth of a share of Preferred Stock, which may, at the election of the Corporation, be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as
provided in the Rights Agreement. 

        Other
than those provisions relating to the redemption price of the Rights, any of the provisions of the Rights Agreement may be amended by the Board of Directors of the Corporation in
any respect whatsoever up until the Stock Acquisition Time and thereafter in certain respects which do not
adversely affect the interests of holders of Right Certificates (other than an Acquiring Person or the Affiliates or Associates thereof). 

        No
holder of this Right Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of shares of Preferred Stock or of any other securities of the
Corporation 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 stockholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate 

37

 

action,
or to receive notice of meetings or other actions affecting stockholders (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 the Rights Agent. 

        WITNESS
the facsimile signature of the proper officers of the Corporation and its corporate seal. Dated as of                        ,
            . 

	ATTEST:	 	RIVERWOOD HOLDING, INC.
	

 	
 	

 	
 	

By:	
 	

 
	

 Secretary	
 	

 	
 	

 Name:

Title:
	

Countersigned:

WELLS FARGO BANK MINNESOTA,

NATIONAL ASSOCIATION	
 	

 	
 	

 
	

By:	
 	

 	
 	

 	
 	

 
	 	 	
	 	 	 	 
	Authorized Signature

	 	 	 	 

38

   [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 Corporation, with full power of substitution. 

	Dated:                        ,
        	 
	

 	

 Signature

Signatures
Guaranteed: 

        The
undersigned hereby certifies that (1) the Rights evidenced by this Right Certificate are not beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as
defined in the Rights Agreement); and (2) after due inquiry and to the best knowledge of the undersigned, it [    ] did
[    ] did not acquire the Rights evidenced by this Right Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or
Associate thereof. 

	 	
 Signature

39

   NOTICE 

        The
signature to the foregoing Assignment 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. 

40

   FORM OF ELECTION TO PURCHASE 

(To
be executed if holder desires to

exercise the Right Certificate.) 

To
Riverwood Holding, 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
such Rights (or such other securities of the Corporation 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 number 

(Please print name and address) 

If
such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered in the name of and
delivered to: 

Please
insert social security

or other identifying number 

(Please print name and address) 

        Dated:                        ,
        

41

 
        [Form
of Election to Purchase—continued] 

	 	
 Signature
	

 	

(Signature must conform in all respects to name of holder as specified on the face of this Right Certificate.)

Signature
Guaranteed: 

(To
be completed if applicable) 

The
undersigned hereby certifies that (1) the Rights evidenced by this Right Certificate are not beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in
the Rights Agreement); and (2) after due inquiry and to the best knowledge of the undersigned, it [    ] did [    ] did not
acquire the Rights evidenced by this Right Certificate from any Person who is, was or subsequently became an Acquiring Person of an Affiliate or Associate thereof. 

	 	
 Signature

NOTICE

        In
the event the certification set forth above in the Forms of Assignment and Election is not completed, the Corporation will deem the beneficial owner of the Rights evidenced by this
Right Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and, in the case of an Assignment, will affix a legend to that effect on any Right
Certificates issued in exchange for this Rights Certificate. 

42

   Exhibit C to the

Rights Agreement  

UNDER
CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH
RIGHTS MAY BECOME NULL AND VOID. 

RIVERWOOD HOLDING, INC. 

SUMMARY
OF RIGHTS TO PURCHASE

PREFERRED STOCK 

        The
Board of Directors of Riverwood Holding, Inc. (the "Corporation") has authorized the issuance of one Preferred Share Purchase
Right (a "Right") for each outstanding share of Common Stock, par value $0.01 per share, of the Corporation (the "Common
Stock"). The following is a summary of the terms of the Rights. 

        Each
Right entitles the registered holder to purchase from the Corporation one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value
$0.01 per share, of the Corporation (the "Preferred Stock") at a price of $35.00 per one one-thousandth of a share of Preferred Stock,
subject to adjustment (the "Purchase Price"). The description and terms of the Rights are set forth in a Rights Agreement, dated as
of                        
            , 2003 (the Rights Agreement, as it may be amended from time to time, is hereinafter referred to as the "Rights Agreement") between
the
Corporation and Wells Fargo Bank Minnesota, National Association, as Rights Agent (the "Rights Agent"). 

        Initially,
the Rights will be attached to all Common Stock book-entries or certificates representing shares then outstanding, and no separate book-entries or
certificates representing the Rights ("Right Certificates") will be distributed. The Rights will separate from the
Common Stock and a "Distribution Date" will occur upon the earlier to occur of (i) ten days following
the time (the "Stock Acquisition Time") of a public announcement or notice to the Corporation that a person or group of affiliated or associated persons
(an "Acquiring Person"), not including certain exempt persons, acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the
outstanding Common Stock of the Corporation, and (ii) ten business days (or, if determined by the Board of Directors, a specified or unspecified later
date) following the commencement or announcement of an intention to make a tender offer or exchange offer which, if successful, would cause the bidder to own 15% or more of the outstanding Common
Stock. In the case of stockholders of the Corporation who beneficially owned 15% or more of the outstanding shares of the Common Stock of the Corporation as of the Effective Time (as such term is
defined in the Agreement and Plan of Merger, among the Corporation, Riverwood Acquisition Sub LLC and Graphic Packaging International Corporation, dated as of March 25, 2003) (such stockholders
are referred to in the Rights Agreement as "grandfathered persons", provided that any such stockholder shall cease to be a grandfathered person at such time when such stockholder beneficially owns
less than 15% of the outstanding shares of the Common Stock of the Corporation) the Rights generally will be distributed only if any such stockholder acquires or proposes to acquire more than an
additional 2% of the outstanding shares of the Common Stock of the Corporation. 

        The
Rights Agreement provides that, until the Distribution Date, (i) the Rights will be transferred with and only with the Common Stock,
(ii) new Common Stock certificates issued
after                            , 2003, upon transfer, new issuance or reissuance of the Common Stock,
will contain a notation incorporating the Rights Agreement by reference and (iii) the surrender for transfer of any of the Common Stock
book-entries and current ownership statements issued with respect to uncertificated shares of Common Stock in lieu of a stock certificate (an "Ownership
Statement") or certificates 

43

 

outstanding
will also constitute the transfer of the Rights associated with the shares of Common Stock represented by such certificate or book-entry and Ownership Statement. As soon as
practicable following the Distribution Date, separate Right Certificates will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date and such separate
Right Certificates alone will evidence the Rights. Except in connection with issuance of Common Stock pursuant to employee stock plans, options and certain convertible securities, and except as
otherwise determined by the Board of Directors, only shares of Common Stock issued prior to the Distribution Date will be issued with Rights. 

        The
Rights are not exercisable until the Distribution Date. The Rights will expire on                            ,
2013, unless earlier redeemed or exchanged by the Corporation as
described below. 

        In
the event that, after the time any person becomes an Acquiring Person, the Corporation is acquired in a merger or other business combination transaction or 50% or more of its assets,
cash flow or earning power is sold, proper provision shall be made so that each holder of a Right shall thereafter have the right to receive, upon the exercise thereof at the then current exercise
price of the Right, that number of shares of common stock of the acquiring corporation which at the time of such transaction would have a market value (as defined in the Rights Agreement) of two times
the Purchase Price of the Right. In the event that, after the time any person becomes an Acquiring Person, the Corporation
were the surviving corporation of a merger and its Common Stock were changed or exchanged, proper provision shall be made so that each holder of a Right will thereafter have the right to receive upon
exercise that number of shares of common stock of the Corporation (or its acquiror) having a market value of two times the exercise price of the Right. 

        In
the event that a person or group becomes an Acquiring Person, each holder of a Right (other than the Acquiring Person) will thereafter have the right to receive upon exercise that
number of shares of Common Stock (or, in certain circumstances, cash, a reduction in the Purchase Price, Preferred Stock, other equity securities of the Corporation, debt securities of the
Corporation, other property or a combination thereof) having a market value (as defined in the Rights Agreement) of two times the Purchase Price of the Right. Notwithstanding any of the foregoing,
following the occurrence of any of the events set forth in this paragraph, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by any
Acquiring Person (or an affiliate, associate or transferee thereof) will be null and void. A person will not be an Acquiring Person if the Board of Directors of the Corporation determines that such
person or group became an Acquiring Person inadvertently and such person or group promptly divests itself of a sufficient number of shares of Common Stock so that such person or group is no longer an
Acquiring Person. 

        The
Purchase Price payable, and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time
to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock,
(ii) upon the grant to holders of Preferred Stock of certain rights or warrants to subscribe for Preferred Stock or convertible securities at less than
the current market price of Preferred Stock or (iii) upon the distribution to holders of Preferred Stock of evidences of indebtedness or assets
(excluding regular periodic cash dividends or dividends payable in Preferred Stock) or of subscription rights or warrants (other than those referred to above). The number of Rights and number of
shares of Preferred Stock issuable upon the exercise of each Right are also subject to adjustment in the event of a stock split, combination or stock dividend on the Common Stock. 

        With
certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional
shares of Preferred Stock will be issued (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock which may, upon the election of the
Corporation, be evidenced by 

44

 

depositary
receipts) and, in lieu thereof, an adjustment in cash will be made based on the market price of the Preferred Stock on the last trading date prior to the date of exercise. 

        At
any time prior to the earlier of the Stock Acquisition Time and the Expiration Date (as defined in the Rights Agreement), the Board of Directors may redeem the Rights in whole, but
not in part, at a price of $0.001 per Right (the "Redemption Price"). Immediately upon the action of the Board of
Directors ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. 

        At
any time after a person becomes an Acquiring Person and prior to the acquisition by such Person of 50% or more of the outstanding shares of Common Stock, the Board of Directors of the
Corporation may exchange the Rights (other than Rights beneficially owned by such Person which have become void), in whole or part, at an exchange ratio of one share of Common Stock per Right (subject
to adjustment). The Corporation, at its option, may substitute one-thousandth (subject to adjustment) of a share of Preferred Stock (or other series of substantially similar preferred
stock of the Corporation) for each share of Common Stock to be exchanged. 

        Each
share of Preferred Stock purchasable upon exercise of the Rights will have a minimum preferential dividend of $10 per year, but will be entitled to receive, in the aggregate, a
dividend of 1000 times the dividend declared on the shares of Common Stock. In the event of liquidation, the holders of the shares of Preferred Stock will be entitled to receive a minimum liquidation
payment of $1000 per share, but will be entitled to receive an aggregate liquidation payment equal to 1000 times the payment made per share of Common Stock. Each share of Preferred Stock will have one
thousand votes, voting together with the shares of Common Stock. In the event of any merger, consolidation or other transaction in which shares of Common Stock are exchanged, each share of Preferred
Stock will be entitled to receive 1000 times the amount and type of consideration received per share of Common Stock. The rights of the shares of Preferred Stock as to dividends and liquidation, and
in the event of mergers and consolidations, are protected by anti-dilution provisions. 

        Until
a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Corporation, other than rights resulting from such holder's ownership of shares of
Common Stock, including, without limitation, the right to vote or to receive dividends. While the distribution of the Rights will not be taxable to stockholders or to the Corporation, stockholders
may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for Common Stock (or other consideration) of the Corporation or for common stock of the
acquiring corporation as set forth above. 

        Other
than those provisions relating to the Redemption Price, any of the provisions of the Rights Agreement may be amended by the Board of Directors prior to the Stock Acquisition Time.
After such time, the provisions of the Rights Agreement may be amended by the Board of Directors in order to cure any ambiguity, to correct or supplement defective or inconsistent provisions, to
shorten or lengthen any time period under the Rights Agreement, to make changes which do not adversely affect the interests of the holders of Rights (excluding the interests of any Acquiring Person)
or to shorten or lengthen any time period under the Rights Agreement; provided, however, that no
amendment to adjust the time period governing redemption shall be made at such time as the Rights are not redeemable. 

        The
term "Voting Stock" means (i) the shares of Common Stock of the Corporation and
(ii) any other shares of capital stock of the Corporation entitled to vote generally in the election of directors or entitled to vote together with the
shares of Common Stock in respect of any merger, consolidation, sale of all or substantially all of the Corporation's assets, liquidation, dissolution or winding up. 

        A
copy of the Rights Agreement has been filed with the Securities and Exchange Commission as an Exhibit to the Corporation's Registration Statement on Form S-4 dated
                                    , 2003. Copies of the Rights
Agreement are available free of charge from the Corporation. This summary 

45

 

description
of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, as it may be amended from time to time, which is hereby incorporated
herein by reference. 

46

QuickLinks

RIVERWOOD HOLDING, INC. and WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCATION

FORM OF RIGHTS AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 4.4    
    

EXECUTION
COPY 

        AMENDMENT
No. 1 and WAIVER dated as of April 23, 2002 (this "Amendment"), to the Credit Agreement, dated as of
August 10, 2001, as amended (the "Credit Agreement"), among Riverwood International Corporation (the
"Borrower"), the several banks and other financial institutions from time to time parties thereto (the
"Lenders"), Bankers Trust Company as syndication agent, and JPMorgan Chase Bank, as administrative agent for the Lenders thereunder (in such capacity,
the "Administrative Agent") and AMENDMENT No. 1 to the Guarantee and Collateral Agreement, dated as of August 10, 2001, (the
"Guarantee and Collateral Agreement") among Riverwood Holding, Inc., RIC Holding, Inc. and the Borrower and certain of its Subsidiaries in
favor of the Administrative Agent. 

W I T N E S S E T H : 

        WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement and the Guarantee and Collateral Agreement in order to add thereto a
$250,000,000 Tranche B term loan facility (the "Tranche B Term Loan Facility") and to modify certain other provisions of the Credit
Agreement as set forth herein; 

        WHEREAS,
the proceeds of the Tranche B Term Loan Facility will be used to refinance the Borrower's outstanding $250,000,000 10-1/4% Senior Notes due 2006 (the
"Refinancing"); and 

        WHEREAS,
the Administrative Agent and the Lenders are willing to agree to the requested amendments on the terms and conditions contained herein. 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties agree as follows: 

1.    AMENDMENTS TO THE CREDIT AGREEMENT    

 Definitions.    Unless otherwise defined herein, terms defined in the Credit Agreement shall have their defined meanings when used herein. 

 Amendments of Subsection 1.1 (Defined Terms).    (i) Subsection 1.1 of the Credit Agreement is hereby amended by adding the following new
definitions, to appear in alphabetical order: 

        "Mandatory Prepayment Date":    as defined in subsection 4.4(i). 

         "Prepayment Option Notice":    as defined in subsection 4.4(i). 

         "Surplus Payment Amount":    as defined in subsection 4.4(i). 

        "Tranche B Effective Date":    the Tranche B Effective Date as defined in the Amendment No. 1 and Waiver dated as of
April 23, 2002 to this Agreement. 

         "Tranche B Term Note":    as defined in subsection 2.5A(b). 

         "Tranche B Prepayment Amount":    as defined in subsection 4.4(i). 

        "Tranche B Term Loan":    as defined in subsection 2.5A(a). 

         "Tranche B Term Loan Commitment":    as to any Tranche B Term Loan Lender, its obligation to make Tranche B Term Loans to
the
Borrower in an aggregate amount not to exceed at any one time outstanding the amount set forth opposite such Tranche B Term Loan Lender's name in Schedule A-1 under the heading
"Tranche B Term Loan Commitment" or, in the case of any Lender that is an Assignee, the amount of the assigning Lender's Tranche B Term Loan Commitment assigned to such Assignee pursuant
to subsection 11.6(c) (in each case as such amount may be adjusted from time to time as provided herein); collectively, as to all the Tranche B Term Loan Lenders, the
"Tranche B Term Loan Commitments". After the Tranche B 

 

Effective
Date, the aggregate amount of Tranche B Term Loan Commitments may not exceed $250,000,000. 

         "Tranche B Term Loan Lender":    any Lender having a Tranche B Term Loan Commitment hereunder and/or a Tranche B Term Loan
outstanding hereunder. 

        "Tranche B Term Loan Percentage":    as to any Tranche B Term Loan Lender at any time, the percentage which (i) such
Lender's
Tranche B Term Loans then outstanding constitutes of (ii) the aggregate Tranche B Term Loans of all the Tranche B Term Loan Lenders then outstanding. 

         "Tranche B Term Note":    as defined in subsection 2.5A(b). 

The
definition of "Applicable Margin" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        "Applicable Margin":    the rate per annum determined as follows: During the period from the Closing Date until the first Adjustment Date,
the
Applicable Margin in respect of Revolving Credit Loans and Term Loans shall equal (i) with respect to ABR Loans, 1.75% per annum and (ii) with respect to Eurodollar Loans, 2.75% per
annum, and during the period from the Tranche B Effective Date until the
first Adjustment Date thereafter, the Applicable Margin in respect of Tranche B Term Loans shall equal (i) with respect to ABR Loans, 1.50% per annum and (ii) with respect to
Eurodollar Loans, 2.50% per annum. Such Applicable Margin will be adjusted on each subsequent Adjustment Date to the applicable rate per annum set forth under the heading "Applicable Margin for ABR
Loans" or "Applicable Margin for Eurodollar Loans" on the applicable Pricing Grid which corresponds to the Consolidated Leverage Ratio determined from the financial statements and compliance
certificate relating to the end of the fiscal quarter immediately preceding such Adjustment Date and if there is no applicable rate set forth under such heading which corresponds to the Consolidated
Leverage Ratio determined from such financial statements and compliance certificate, (x) the Applicable Margin in respect of Revolving Credit Loans and Term Loans, shall equal (i) with
respect to ABR Loans, 1.75% per annum and (ii) with respect to Eurodollar Loans, 2.75% per annum and (y) the Applicable Margin in respect of Tranche B Term Loans, shall equal
(i) with respect to ABR Loans, 1.50% per annum and (ii) with respect to Eurodollar Loans, 2.50% per annum; PROVIDED that in the event that the financial statements required to be
delivered pursuant to subsection 7.1(a) or 7.1(b), as applicable, and the related compliance certificate required to be delivered pursuant to subsection 7.2(b), are not delivered when
due, then 

        (a)   if
such financial statements and certificate are delivered after the date such financial statements and certificate were required to be delivered (without giving effect
to any applicable cure period) and the Applicable Margin increases from that previously in effect as a result of the delivery of such financial statements, then the Applicable Margin in respect of
Revolving Credit Loans, Tranche B Term Loans and Term Loans during the period from the date upon which such financial statements were required to be delivered (without giving effect to any
applicable cure period) until the date upon which they actually are delivered shall, except as otherwise provided in clause (c) below, be the Applicable Margin as so increased; 

        (b)   if
such financial statements and certificate are delivered after the date such financial statements and certificate were required to be delivered and the Applicable
Margin decreases from that previously in effect as a result of the delivery of such financial statements, then such decrease in the Applicable Margin shall not become applicable until the date upon
which the financial statements and certificate actually are delivered; and 

        (c)   if
such financial statements and certificate are not delivered prior to the expiration of the applicable cure period, then, effective upon such expiration, for the
period from the date 

2

 

upon
which such financial statements and certificate were required to be delivered (after the expiration of the applicable cure period) until two Business Days following the date upon which they
actually are delivered, (x) the Applicable Margin in respect of Revolving Credit Loans and Term Loans shall be 1.75% per annum, in the case of ABR Loans, and 2.75% per annum, in the case of
Eurodollar Loans and (y) the Applicable Margin in respect of Tranche B Term Loans shall be 1.50% per annum, in the case of ABR Loans, and 2.50% per annum, in the case of Eurodollar Loans
(it being understood that the foregoing shall not limit the rights of the Administrative Agent and the Lenders set forth in Section 9). 

The
definition of "Base Amount" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Base Amount":    the lesser of (a) the "Base Amount" as defined in the 1996 Senior Subordinated Note Documents, (b) the amount
of
Indebtedness (as defined in the 1997 Senior Note Documents) permitted to be incurred under the Senior Secured Credit Agreement (as defined in the 1997 Senior Note Documents) pursuant to
Section 4.03(b)(i) of the 1997 Senior Note Documents and (c) and the amount of Indebtedness (as defined in the 2001 Senior Note Documents) permitted to be incurred under the Senior
Secured Credit Agreement (as defined in the 2001 Senior Note Documents) pursuant to Section 4.03(b)(i) of the 2001 Senior Note Documents. 

The
definition of "Conduit Lender" is hereby amended by deleting clause (b) in its entirety and substituting in place thereof the following: 

        (b)   be
deemed to have any Term Loan Commitment, Revolving Credit Commitment or Tranche B Term Loan Commitment or 

The
definition of "Consolidated Funded Indebtedness/Securitization" is hereby amended by deleting clause (i) thereof in its entirety and substituting in place thereof the following: 

          (i)  all
Indebtedness of Holding and its consolidated Subsidiaries which by its terms matures more than one year after the date of calculation, including, in any event, the
Existing Notes then outstanding, and any such Indebtedness maturing within one year from such date which is renewable or extendable at the option of the obligor to a date more than one year from such
date, including, in any event, the Term Loans, the Tranche B Term Loans, the Revolving Credit Loans and the Swing Line Loans, in each case determined on a consolidated basis in accordance with
GAAP plus. 

The
definition of "Facility" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Facility":    each of (a) the Term Loan Commitments and the Term Loans made thereunder, (b) the Tranche B Term Loan
Commitments
and the Tranche B Term Loans made thereunder and (c) the Revolving Commitments and the extensions of credit made thereunder. 

The
definition of "Interest Payment Date" is hereby amended by adding the phrase "or a Tranche B Term Loan" immediately after the phrase "Term Loan". 

The
definition of "Loan" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Loan":    a Revolving Credit Loan, a Term Loan, a Tranche B Term Loan or a Swing Line Loan, as the context shall require;
collectively, the
"Loans". 

3

 

The
definition of "Notes" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Notes":    the collective reference to the Revolving Credit Notes, the Term Notes, the Tranche B Term Notes and the Swing Line
Notes. 

The
definition of "Pricing Grid" is hereby amended by adding the following after the table contained therein: 

        and
(ii) with respect to Tranche B Term Loans: 

	Consolidated Leverage Ratio
 
	 	Applicable Margin for

Abr Loans
	 	Applicable Margin for

Eurodollar Loans
	 
	Greater than 4.00 to 1.00	 	1.50	%	2.50	%
	Less than or equal to 4.00 to 1.00	 	1.25	%	2.25	%

The
definition of "Total Credit Percentage" is hereby amended by adding the phrase "and Tranche B Term Loans" immediately after the phrase "Term Loans" in both places the latter phrase occurs. 

 Addition of Subsection 2.5A (Tranche B Term Loans).    Section 2 of the Credit Agreement is hereby amended by adding the following subsection
following subsection 2.5 thereof: 

        2.5A    Tranche B Term Loans.    (b) Subject to the terms and conditions hereof, each Tranche B
Term Loan Lender severally agrees to make, in a single draw on the Tranche B Effective Date, a term loan (a "Tranche B Term Loan") to the
Borrower in an aggregate principal amount not to exceed the amount set forth opposite such Lender's name in Schedule A-1 under the heading "Tranche B Term Loan Commitment". The
Tranche B Term Loans may from time to time be (i) Eurodollar Loans in Dollars, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to
the Administrative Agent in accordance with subsections 2.7A and 4.2. The portion of each Tranche B Term Loan Lender's Tranche B Term Loan Commitment which is not utilized on the
Tranche B Effective Date shall be automatically and permanently cancelled. 

The
Borrower agrees that, upon the request to the Administrative Agent by any Tranche B Term Loan Lender made on or prior to the Tranche B Effective Date or in connection with any
assignment pursuant to subsection 11.6(c), in order to evidence such Lender's Tranche B Term Loan the Borrower will execute and deliver to such Lender a promissory note substantially in
the form of Exhibit A-4 (each, as amended, supplemented, replaced or otherwise modified from time to time, a "Tranche B Term Note"), with
appropriate insertions therein as to payee, date and principal amount, payable to the order of such Tranche B Term Loan Lender and in a principal amount equal to the lesser of (a) the
amount set forth opposite such Tranche B Term Loan Lender's name on Schedule A-1 under the heading
"Tranche B Term Loan Commitment" and (b) the unpaid principal amount of the Tranche B Term Loans made by such Tranche B Term Loan Lender to the Borrower. Each
Tranche B Term Note shall (i) be dated the Tranche B Effective Date, (ii) be payable as provided in subsection 2.6A and (iii) provide for the payment of
interest in accordance with subsection 4.1. 

 Addition of Subsection 2.6A (Amortization of Tranche B Term Loans).    Section 2 of the Credit Agreement is hereby amended by adding the
following subsection following subsection 2.6 thereof: 

        2.6A.    Amortization of Tranche B Term Loans.    The aggregate Tranche B Term Loans of all the
Tranche B Term Loan Lenders shall be payable in consecutive semi-annual installments, on the dates and in the principal amounts equal to the respective amounts set forth below (together with 

4

 

all
accrued interest thereon) opposite the applicable installment date (or, if less, the aggregate amount of the Tranche B Term Loans then outstanding): 

	Date
 
	 	Amount

	September 30, 2002	 	$	1,250,000
	March 31, 2003	 	$	1,250,000
	September 30, 2003	 	$	1,250,000
	March 31, 2004	 	$	1,250,000
	September 30, 2004	 	$	1,250,000
	March 31, 2005	 	$	1,250,000
	September 30, 2005	 	$	1,250,000
	March 31, 2006	 	$	1,250,000
	September 30, 2006	 	$	1,250,000
	March 31, 2007	 	$	238,750,000

 Addition of Subsection 2.7A (Procedure for Tranche B Term Loan Borrowing).    Section 2 of the Credit Agreement is hereby amended by adding the
following subsection following subsection 2.7 thereof: 

        2.7A.    Procedure for Tranche B Term Loan Borrowing.    The Borrower shall give the Administrative Agent
irrevocable notice (which notice must be received by the Administrative Agent prior to 12:30 P.M., New York City time, at least (a) three Business Days prior to the Tranche B
Effective Date, if all or any part of the Tranche B Term Loans are to be initially Eurodollar Loans or (b) one Business Day prior to the Tranche B Effective Date, in all other
cases requesting that the Tranche B Term Loan Lenders make the Tranche B Term Loans on the Tranche B Effective Date and specifying (i) the amount to be borrowed,
(ii) whether the Tranche B Term Loans are to be initially Eurodollar Loans, ABR Loans or a combination thereof, and (iii) if the Tranche B Term Loans are to be entirely or
partly Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor. Upon receipt of such notice the Administrative Agent
shall promptly notify each Tranche B Term Loan Lender thereof. Each Tranche B Term Loan Lender will make the amount of its pro rata share of the Tranche B Term Loans available to
the Administrative Agent for the account of the Borrower at the office of the Administrative Agent specified in subsection 11.2 prior to 10:00 A.M., New York City time, on the Tranche B
Effective Date in Dollars and in funds immediately available to the Administrative Agent. The Administrative Agent shall on such date credit the account of the Borrower on the books of such office of
the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Tranche B Term Loan Lenders and in like funds as received by the Administrative
Agent. 

 Amendment of Subsection 2.8 (Repayment of Loans).    Subsection 2.8(a) of the Credit Agreement is hereby amended by deleting the word "and" which
appears after clause (ii) and adding at the end of the first sentence (immediately prior to the period at the end thereof) the following: 

;
and (iv) each Tranche B Term Loan Lender, the amounts specified in subsection 2.6A (or, if less in any case, the aggregate amount of the Tranche B Term Loans made to the
Borrower then outstanding), on the dates set forth in subsection 2.6A (or such earlier date on which the Tranche B Term Loans become due and payable pursuant to Section 9) 

 Amendment to Section 4.1 (Interest Rates and Payment Dates).    Subsection 4.1(c) is amended by deleting it in its entirety and substituting in place
thereof the following: 

        (c)   If
all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit
commission, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by 

5

 

acceleration
or otherwise), such overdue amount shall bear interest at a rate per annum which is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto
pursuant to the relevant foregoing provisions of this subsection plus 2.00%, (y) in the case of overdue interest, the rate that would be otherwise applicable to principal of the related Loan
pursuant to the relevant foregoing provisions of this subsection plus 2.00% and (z) in the case of, fees, commissions or other amounts, the rate described in paragraph (b) of this
subsection for ABR Loans that are Term Loans plus 2.00%, in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment). 

 Amendment of Subsection 4.2 (Conversion and Continuation Options).    Subsection 4.2 of the Credit Agreement is hereby amended by deleting the first two
sentences therefrom and substituting in place thereof the following: 

The
Borrower may elect from time to time to convert outstanding Term Loans, Tranche B Term Loans and Revolving Credit Loans from Eurodollar Loans made or outstanding in Dollars to ABR Loans by
giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election, provided that any such conversion of Eurodollar
Loans made or outstanding in Dollars may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert outstanding Term Loans,
Tranche B Term Loans and Revolving Credit Loans from ABR Loans to Eurodollar Loans made or outstanding in Dollars by giving the Administrative Agent at least three Business Days' prior
irrevocable notice of such election. 

Amendment of Subsection 4.4 (Optional and Mandatory Prepayments).  

Subsection 4.4(a)
is amended by deleting it in its entirety and substituting in place thereof the following: 

        (a)   The
Borrower may at any time and from time to time prepay the Loans made to it and the Reimbursement Obligations in respect of Letters of Credit issued for its account,
in whole or in part, without premium or penalty, upon at least three Business Days' irrevocable notice by the Borrower to the Administrative Agent (in the case of Eurodollar Loans and Reimbursement
Obligations outstanding in Dollars), at least one Business Day's irrevocable notice by the Borrower to the Administrative Agent (in the case of ABR Loans other than Swing Line Loans) or same-day
irrevocable notice by the Borrower to the Administrative Agent (in the case of Swing Line Loans), specifying, in the case of any prepayment of Loans, the date and amount of prepayment and whether the
prepayment is (i) of Term Loans, Tranche B Term Loans, Revolving Credit Loans or Swing Line Loans, or a combination thereof, and (ii) of Eurodollar Loans, ABR Loans or a
combination thereof, and, in each case if a combination thereof, the principal amount allocable to each and, in the case of any prepayment of Reimbursement Obligations, the date and amount of
prepayment, the identity of the applicable Letter of Credit or Letters of Credit and the amount allocable to each of such Reimbursement Obligations. Upon the receipt of any such notice the
Administrative Agent shall promptly notify each affected Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein,
together with (if a Eurodollar Loan is prepaid other than at the end of the Interest Period applicable thereto) any amounts payable pursuant to subsection 4.12 and, in the case of prepayments
of the Term Loans and Tranche B Term Loans only, accrued interest to such date on the amount prepaid. Partial prepayments of (i) the Term Loans and Tranche B Term Loans pursuant
to this subsection (x) shall be made pro rata between the Term Loans and the Tranche B Term Loans according to the respective outstanding
principal amounts thereof and (y) shall be applied pro rata to the respective installments of principal thereof, provided  that notwithstanding
clauses (x) and (y) above, any such partial prepayment may, at the option of the Borrower, be first allocated to the Term Loans and the
Tranche B Term Loans pro rata based upon the aggregate 

6

 

amount
of the installments thereof due in the next twelve months and then applied, at the option of the Borrower, against any of such installments of the Term Loans or the Tranche B Term Loans,
as the case may be, and, thereafter, the remainder of such partial prepayment shall be allocated and applied as provided in clauses (x) and (y) above, and (ii) the Revolving Credit Loans
and the Reimbursement Obligations pursuant to this subsection shall (unless the Borrower otherwise directs) be applied, first, to payment of the Swing
Line Loans then outstanding, second, to payment of the Revolving Credit Loans then outstanding, third,
to payment of any Reimbursement Obligations then outstanding and, last, to cash collateralize any outstanding L/C Obligation on terms reasonably
satisfactory to the Administrative Agent. Partial prepayments pursuant to this subsection 4.4(a) shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in
excess thereof. 

Subsection 4.4(b)
of the Credit Agreement is hereby amended by adding the phrase "except as provided in subsection 4.4(i) and" at the beginning of the final parenthetical of such
subsection. 

Subsection 4.4(e)
of the Credit Agreement is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        (e)   Prepayments
pursuant to subsection 4.4(b) shall be applied, first, to prepay Term Loans and Tranche B Term Loans then outstanding  pro rata according to the respective outstanding principal amounts thereof,
 second, to prepay Swing Line Loans then outstanding, third, to prepay
Revolving Credit Loans then outstanding, fourth, to pay any Reimbursement Obligations then outstanding and, last, to cash collateralize any outstanding L/C Obligations on terms reasonably satisfactory
to the Administrative Agent. Prepayments of Term Loans and Tranche B Term Loans pursuant to subsection 4.4(b) shall be applied pro rata to the respective installments of principal
thereof, provided, however, that any such payment made within twelve months prior to the date on which an installment of the principal thereof is
scheduled to be made may, at the option of the Borrower, be applied to such installment. 

Subsection 4.4(f)
of the Credit Agreement is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        (f)    Amounts
prepaid on account of Term Loans and Tranche B Term Loans pursuant to subsection 4.4(a) or 4.4(b) may not be reborrowed. 

Subsection 4.4(h)
of the Credit Agreement is hereby amended by replacing the word "or" which appears after "4.4(b)" with a comma and adding the phrase "or 4.4(i)" after "4.4(d)". 

Section 4.4
of the Credit Agreement is hereby further amended by adding the following subsection 4.4(i) to the end thereof: 

        (i)    Notwithstanding
anything to the contrary in Section 4.4(b), 4.4(e) or 4.8, with respect to the amount of any mandatory prepayment described in Section 4.4
that is allocated to Tranche B Term Loans (such amount, the "Tranche B Prepayment Amount"), at any time when Term Loans remain
outstanding, the Borrower will, in lieu of applying such amount to the prepayment of Tranche B Term Loans, as provided in paragraph (b) or (e) above, on the date specified in
Section 4.4(b) for such prepayment, give the Administrative Agent telephonic notice (promptly confirmed in writing) thereof and the Administrative Agent shall prepare and provide to each
Tranche B Lender a notice (each, a "Prepayment Option Notice") as described below. As promptly as practicable after receiving such notice from
the Borrower, the Administrative Agent will send to each Tranche B Term Loan Lender a Prepayment Option Notice, which shall be in the form of Exhibit K, and shall include an offer by the
Borrower to prepay on the date (each a "Mandatory Prepayment Date") that is 5 Business Days after the date of the Prepayment Option Notice, the
Tranche B Term Loans of such Lender by an amount equal to the portion of the Prepayment Amount indicated in such Lender's Prepayment Option Notice as being applicable to such 

7

 

Lender's
Tranche B Term Loans. On the Mandatory Prepayment Date the Borrower shall prepay the Tranche B Prepayment Amount, and (i) the aggregate amount thereof necessary to prepay
that portion of the outstanding relevant Tranche B Term Loans in respect of which such Tranche B Term Loan Lenders have accepted prepayment as described above shall be applied to the
prepayment of the Tranche B Term Loans, and (ii) the aggregate amount (if any) equal to the portion of the Tranche B Prepayment Amount not accepted by the relevant
Tranche B Term Loan Lenders (the "Surplus Prepayment Amount") shall be applied to the prepayment of the Term Loans (with any such prepayment to
be applied, at the option of the Borrower, first to any of the installments of the Term Loans due in the next twelve months); provided that
(x) no Tranche B Term Loan Lender shall have the right to decline such payment if, after giving effect to the otherwise required prepayment(s), no Term Loans shall remain outstanding and
(y) if the Surplus Prepayment Amount exceeds the aggregate amount of the Term Loans then outstanding, such excess shall be applied to prepay any then outstanding Tranche B Term Loans as
set forth in the last sentence of Section 4.4(e) notwithstanding that any Tranche B Term Loan Lender has accepted or declined such prepayment, and otherwise in accordance with
subsection 4.4(e). 

 Amendments of Subsection 4.8 (Pro Rata Treatment and Payments).    (i)Subsection 4.8(a) of the Credit Agreement is hereby amended by deleting the third
sentence in its entirety and substituting in place thereof the following: 

Each
payment (including each prepayment) by the Borrower on account of principal of and interest on any Term Loans shall be allocated by the Administrative Agent pro rata  according to the respective
outstanding principal amounts of the Term Loans then held by the Term Loan Lenders. Each payment (including each prepayment) by the Borrower on
account of principal of and interest on any Tranche B Term Loans shall be allocated by the Administrative Agent pro rata according to the
respective outstanding principal amounts of the Tranche B Term Loans then held by the Tranche B Term Loan Lenders. 

Subsection 4.8(b)
of the Credit Agreement is hereby amended by adding the phrase ", Tranche B Term Loan Percentage" immediately after the phrase "Revolving Credit Commitment Percentage"
in the first sentence. 

Subsection 4.8(b)
of the Credit Agreement is hereby further amended by adding the phrase ", Tranche B Term Loan Percentage" immediately after the phrase "Revolving Credit Commitment
Percentage" in the fourth sentence. 

Subsection 4.8(c)(ii)
of the Credit Agreement is hereby amended by adding the phrase ", Tranche B Term Loan Commitments" immediately after the phrase "Revolving Credit Commitment". 

Subsection 4.8(c)(iv)
of the Credit Agreement is hereby amended by deleting the phrase "this subsection 4.8(c)(iii)" and substituting in place thereof the phrase "this
subsection 4.8(c)(iv)". 

 Amendment to Section 4.10 (Requirements of Law).    Subsection 4.10 of the Credit Agreement is hereby amended by adding the phrase ", or with respect to
the Tranche B Loans, the Tranche B Effective Date" immediately before the phrase "(or, if later, the date on which such Lender becomes a Lender)" in each place the latter phrase appears. 

 Amendment to Section 4.11 (Taxes).    Subsection 4.11(b) is hereby amended by adding the phrase "(or, if later, with respect to Tranche B Term
Loans, the Tranche B Effective Date)" immediately after the phrase "after the date such Person becomes a Lender hereunder." 

 Amendment of Subsection 5.14 (Collateral).    Subsection 5.14(b) of the Credit Agreement is hereby amended by adding the phrase "to the Guarantee and
Collateral Agreement" immediately after the phrase "Schedule 7". 

8

            

 Amendment of Subsection 5.17 (Purpose of Loans).    (ii) Subsection 5.17 of the Credit Agreement is hereby amended by adding the phrase "(other
than the Tranche B Term Loans)" immediately after the phrase "The proceeds of the Loans." 

Subsection 5.17
of the Credit Agreement is hereby further amended by adding the following sentence to the end thereof: 

The
proceeds of the Tranche B Term Loans shall be used by the Borrower to refinance the Borrower's outstanding 1996 Senior Notes and to pay certain fees, costs and expenses in connection with
such refinancing. 

 Amendment of Subsection 8.1 (Financial Condition Covenants).    (iii) Subsection 8.1(a) of the Credit Agreement is hereby amended by adding the
following row to the end of the table therein: 

	December 31, 2006 - March 31, 2007	 	4.40 to 1.00.

Subsection 8.1(b)
of the Credit Agreement is hereby amended by adding the following row to the end of the table therein: 

	December 31, 2006 - March 31, 2007	 	2.25 to 1.00.

 Amendment of Subsection 8.14 (Limitation on Optional Payments and Modifications of Debt Instruments and Other
Documents).    (iv) Subsection 8.14(a) of the Credit Agreement is hereby amended by deleting the proviso in its entirety therefrom and substituting in
place thereof the following: 

provided, that the 1996 Senior Notes may, and the Borrower hereby agrees that the 1996 Senior Notes shall, be optionally redeemed in accordance with the
1996 Senior Note Indenture within seventy-five days of the date that is two Business Days after the Tranche B Effective Date. 

Subsection 8.14(b)
of the Credit Agreement is hereby amended by adding the phrase "then outstanding" immediately after the phrase "Existing Notes". 

 Amendment of Section 9 (Events of Default).    Section 9 of the Credit Agreement is hereby amended by adding the phrase ", the Tranche B Term
Loan Commitments" immediately following the phrase "Revolving Credit Commitments" each time such phrase appears in the paragraph immediately following paragraph (m). 

 Amendment of Subsection 11.1 (Amendments and Waivers).    Subsection 11.1(a) of the Credit Agreement is hereby amended by adding at the end of
paragraph (iv) the following: 

,
or amend, modify or waive any provision of subsection 2.5A or subsection 2.6A without the written consent of the Tranche B Term Loan Lenders the Tranche B Term Loan Percentages
of which aggregate at least 51%; 

 Amendment of Subsection 11.5 (Payment of Expenses and Taxes).    Subsection 11.5 of the Credit Agreement is hereby amended by deleting the parenthetical
in clause (a) in the first sentence thereof in its entirety and substituting in place thereof the following: 

(including
the syndication of the Revolving Credit Commitments, Term Loans and Tranche B Term Loans (including the reasonable expenses of the Administrative Agent's due diligence investigation)
and the monitoring of the Collateral) 

9

 

 Amendment of Subsection 11.6 (Successors and Assigns; Participations and Assignments.    (v) Subsection 11.6(b) of the Credit Agreement is
hereby amended by deleting the final parenthetical of the first sentence therein in its entirety and substituting in place thereof the following: 

(or,
if less, the full amount of such selling Lender's Revolving Credit Loans, Term Loans, Tranche B Term Loans and Revolving Credit Commitments) 

Subsection 11.6(c)
of the Credit Agreement is hereby amended by deleting the first two sentences and substituting in place thereof the following: 

        (c)   Any
Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time and from time to time assign to
any Lender or any Lender Affiliate or, with the prior written consent of the Borrower and the Administrative Agent (which in each case shall not be unreasonably withheld), to an additional bank or
financial institution (an "Assignee") all or any part of its rights and obligations under this Agreement, including, without limitation, its Revolving
Credit Commitment, Term Loan Commitments, Tranche B Term Loan Commitments and Loans, pursuant to an Assignment and Acceptance, substantially in the form of Exhibit F, executed by such
Assignee, such assigning Lender (and, in the case of an Assignee that is not then a Lender or a Lender Affiliate thereof, by the Borrower and the Administrative Agent) and delivered to the
Administrative Agent for its acceptance and recording in the Register; provided that (i) (unless the Borrower and the Administrative Agent
otherwise consent in writing) no such transfer to an Assignee (other than a Lender or any Affiliate thereof) shall be in an aggregate principal amount less than $1,000,000 in the aggregate (or, if
less, the full amount of such assigning Lender's Term Loans, Revolving Credit Loans, Tranche B Term Loans, Term Loan Commitments, Tranche B Term Loan Commitments and Revolving Credit
Commitment) and (ii) if any Lender assigns all or any part of its
rights and obligations under this Agreement to one of its Affiliates in connection with or in contemplation of the sale or other disposition of its interest in such Affiliate, the Borrower's prior
written consent shall be required for such assignment. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance,
(x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with a Revolving Credit
Commitment and the Term Loan Commitment or Tranche B Term Loan Commitment and the Term Loans or Tranche B Term Loans, as set forth therein, and (y) the assigning Lender thereunder
shall be released from its obligations under this Agreement to the extent that such obligations shall have been expressly assumed by the Assignee pursuant to such Assignment and Acceptance (and, in
the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such assigning Lender shall cease to be a party
hereto but shall nevertheless continue to be entitled to the benefits of subsections 4.10, 4.11, 4.12 and 11.5). 

Subsection 11.6(d)
of the Credit Agreement is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        (d)   The
Administrative Agent, on behalf of the Borrower, shall maintain at its address referred to in subsection 11.2 a copy of each Assignment and Acceptance
delivered to it and a register (the "Register") for the recordation of the names and addresses of the Lenders and the Revolving Credit Commitment, Term
Loan Commitment and Tranche B Term Loan Commitment of, and the principal amount of the Loans owing to, and any Notes evidencing such Loans owned by, each Lender from time to time.
Notwithstanding anything in this Agreement to the contrary, the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of any
Loan, any Notes and the Revolving Credit Commitments, Term Loan Commitments and Tranche B Term Loan Commitments recorded 

10

 

therein
for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

Subsection 11.6(e)
of the Credit Agreement is hereby amended by deleting "$4,000" from the second sentence and substituting in place thereof "$3,500". 

Subsection 11.6(e)
of the Credit Agreement is hereby further amended by deleting the third sentence and substituting in place thereof the following: 

        On
or prior to such effective date, the assigning Lender shall surrender any outstanding Notes held by it all or a portion of which are being assigned, and the Borrower, at its own
expense, shall, upon the request to the Administrative Agent by the assigning Lender or the Assignee, as applicable, execute and deliver to the Administrative Agent (in exchange for the outstanding
Notes of the assigning
Lender) a new Revolving Credit Note, Term Note, Tranche B Term Note and/or Swing Line Note, as the case may be, to the order of such Assignee in an amount equal to (i) in the case of a
Revolving Credit Note, the lesser of (A) the amount of such Assignee's Revolving Credit Commitment and (B) the aggregate principal amount of all Revolving Credit Loans made by such
Assignee, (ii) in the case of a Term Note, the amount of such Assignee's Term Loans, (iii) in the case of a Tranche B Term Note, the amount of such Assignee's Tranche B Term Loans
and (iv) in the case of a Swing Line Note, the lesser of (A) the Swing Line Commitment and (B) the aggregate principal amount of all Swing Line Loans made by such Assignee, in
each case with respect to the relevant Loan, Swing Line Commitment, Revolving Credit Commitment, Term Loan Commitment or Tranche B Term Loan Commitment after giving effect to such Assignment
and Acceptance and, if the assigning Lender has retained a Swing Line Commitment, Revolving Credit Commitment, Term Loan Commitment, Tranche B Term Commitment, Term Loan or Tranche B
Term Loan hereunder, a new Revolving Credit Note, Term Note, Tranche B Term Note and/or Swing Line Note, as the case may be, to the order of the assigning Lender in an amount equal to
(i) in the case of a Revolving Credit Note, the lesser of (A) the amount of such Lender's Revolving Credit Commitment and (B) the aggregate principal amount of all Revolving
Credit Loans made by such Lender, (ii) in the case of a Term Note, the amount of such Lender's Term Loans, (iii) in the case of a Tranche B Term Note, the amount of such Lender's
Tranche B Term Loans, and (iv) in the case of a Swing Line Note, the lesser of (A) the Swing Line Commitment and (B) the aggregate principal amount of all Swing Line Loans
made by such Lender, in each case with respect to the relevant Loan, Swing Line Commitment, Revolving Credit Commitment, Term Loan Commitment or Tranche B Term Loan Commitment after giving
effect to such Assignment and Acceptance. 

 Amendment to Subsection 11.7 (Adjustments; Set-off).    Subsection 11.7(a) of the Credit Agreement is hereby amended by adding the phrase ",
Tranche B Term Loans" immediately after the phrase "Term Loans" each time such phrase appears therein. 

The
Credit Agreement is hereby amended by adding as Schedule A-1 and Exhibits A-4 and K thereto the documents attached to this Amendment as Schedule A-1 and Exhibits A-4
and K, respectively. 

2.    WAIVER.    Each of the requirements in the proviso to the definition of "Termination Date" in subsection 1.1 of the
Credit Agreement and in the parenthetical in clause (ii) of subsection 3.1(a) of the Credit Agreement are hereby waived to the extent necessary to ensure that the Refinancing and the
Tranche B Term Loan Facility constitute a refinancing of the 1996 Senior Notes as contemplated thereby; and accordingly the Termination Date is and shall remain December 31, 2006, for
all purposes under the Loan Documents. 

11

 

3.    AMENDMENT TO THE GUARANTEE AND COLLATERAL AGREEMENT.    Schedule 7 to the Guarantee and Collateral Agreement is hereby
amended by adding thereto the language set forth in Schedule A-7 attached hereto as indicated in such Schedule 

4.    CONDITIONS.    

        A.    Conditions to Effectiveness.    This Amendment shall become effective upon the satisfaction of the following
conditions precedent (the effective date of this Amendment, the "Tranche B Effective Date"): 

        Loan
Documents: 

        Amendment.    The Administrative Agent shall have received counterparts of this Amendment executed by the Borrower and consented
to by the Required Lenders under the Credit Agreement. 

        Reaffirmation of Guarantee and Collateral.    The Administrative Agent shall have received a reaffirmation of the Guarantee and
Collateral Agreement (the "Reaffirmation"), executed and delivered by an authorized officer of Holding, RIC Holding, the Borrower and each other Loan
Party signatory thereto, the form of which is attached hereto as Exhibit A. 

        Mortgages:    with respect to each of the Mortgages, to the extent reasonably requested by the Administrative Agent, a mortgage
amendment in form and substance reasonably satisfactory to the Administrative Agent (a "Mortgage Amendment"), which has the effect of including all
obligations of the Loan Parties in respect of the Tranche B Term Loans as secured obligations under such Mortgage, executed and delivered by a duly authorized officer of the Loan Party
signatory thereto; 

        Consents, Licenses and Approvals.    The Administrative Agent shall have received a certificate of a Responsible Officer of the
Borrower stating that all consents, authorizations, notices and filings required in connection with this Amendment, the Tranche B Term Loan Facility, the security, collateral and guarantees for
the Tranche B Loan Facility and the refinancing of the 1996 Senior Notes as contemplated hereby (except for (i) filings to perfect the Liens created by the Security Documents,
(ii) filings pursuant to the Assignment of Claims Act of 1940, as amended (31 U.S.C. Section 3727 et seq.), in respect of Accounts of the Borrower and its Subsidiaries the Obligor in
respect of which is the United States of America or any department, agency or instrumentality thereof and (iii) consents, authorizations, notices and filings which the failure to obtain or make
would not reasonably be expected to have a Material Adverse Effect) are in full force and effect or have the status described therein, and the Administrative Agent shall have received evidence thereof
reasonably satisfactory to it. 

        Legal Opinions.    The Administrative Agent shall have received the following executed legal opinions: 

        the
executed legal opinion of Debevoise & Plimpton, special counsel to each of Holding, RIC Holding, the Borrower and the other Loan Parties, substantially in the form of
Exhibit B-1 to this Amendment; and 

        the
executed legal opinion of Edward W. Stroetz, Jr., counsel to each of Holding, RIC Holding, the Borrower and the other Loan Parties, substantially in the form of
Exhibit B-2 to this Amendment. 

        Closing Certificate.    The Administrative Agent shall have received a certificate from each Loan Party, dated the
Tranche B Effective Date, substantially in the form of Exhibit J to the Credit Agreement, with appropriate insertions and attachments and modifications to reflect this Amendment. 

12

 

        Title Insurance Policies.    The Administrative Agent shall have received in respect of each of the Existing Mortgagee Title
Policies an endorsement or endorsements (collectively, the "Endorsements") or marked up unconditional binder for the issuance of such Endorsements dated
the Tranche B Effective Date. Each of the Endorsements shall modify the relevant Existing Mortgage Title Policy to (i) insure that the Mortgage insured thereby (as amended) continues to
be a valid first Lien on the Mortgaged Property encumbered thereby free and clear of all defects and encumbrances, except those listed on Schedule B of the Existing Mortgage Title Policies and
those permitted by subsection 8.3 of the Credit Agreement and such as may be approved by the Administrative Agent; (ii) name the Administrative Agent for the benefit of the Lenders,
including the Tranche B Term Loan Lenders, as the insured thereunder; and (iii) be in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent
shall have received evidence reasonably satisfactory to it that all premiums in respect of each of the Endorsements, and all charges for mortgage recording tax, if any, have been paid. The
Administrative Agent shall have also received a copy of all recorded documents referred to, or listed as exceptions to title in, the Endorsements referred to in this subsection and a copy, certified
by such parties as the Administrative Agent may deem reasonably appropriate, of all other documents affecting the property covered by each Mortgage as shall have been reasonably requested by the
Administrative Agent. 

        Fees.    The Administrative Agent and the Lenders shall have received all fees and expenses required to be paid or delivered by
the Borrower to them on or prior to the Tranche B Effective Date, including an amendment fee (the "Amendment Fee") to be received by the Administrative Agent for the account of each Term Loan
Lender and Revolving Credit Lender in the amount of 0.125% of the sum of such Lender's Revolving Credit Commitment and outstanding Term Loans (excluding the Tranche B Term Loans) under the
Credit Agreement; provided, that the Amendment Fee shall be paid only to Term Loan Lenders and Revolving Credit Lenders whose executed signature pages
to this Amendment are received by the Administrative Agent by no later than 5:00 p.m., Friday, April 12, 2002. 

        Borrowing Certificate.    The Administrative Agent shall have received a certificate of the Borrower, dated the Tranche B
Effective Date, substantially in the form of Exhibit H to the Credit Agreement, with appropriate insertions, attachments and modifications to reflect this Amendment, reasonably satisfactory in
form and substance to the Administrative Agent, executed by a Responsible Officer and the Secretary or any Assistant Secretary of the Borrower. 

        Corporate Proceedings of The Loan Parties.    The Administrative Agent shall have received a copy of the resolutions, in form
and substance reasonably satisfactory to the Administrative Agent, of the board of directors of each Loan Party authorizing, as applicable, (i) the execution, delivery and performance of this
Amendment, any Tranche B Term Notes, the Reaffirmation, the Mortgage Amendment and the other Loan Documents to which will become a party as of the Tranche B Effective Date and
(ii) the Extensions of Credit to such Loan Party (if any) contemplated hereunder, certified by the Secretary or an Assistant Secretary of such Loan Party as of the Tranche B Effective
Date, which certificate shall be in form and substance reasonably satisfactory to the Administrative Agent and shall state that the resolutions thereby certified have not been amended, modified
(except as any later such resolution may modify any earlier such resolution), revoked or rescinded and are in full force and effect. 

        Incumbency Certificates of The Loan Parties.    The Administrative Agent shall have received a certificate of each Loan Party,
dated the Tranche B Effective Date, as to the incumbency and signature of the officers of such Loan Party executing any Loan Document, 

13

 

reasonably
satisfactory in form and substance to the Administrative Agent, executed by a Responsible Officer and the Secretary or any Assistant Secretary of such Loan Party. 

The
making of the Tranche B Term Loans by the Tranche B Term Lenders shall conclusively be deemed to constitute an acknowledgement by the Administrative Agent and each Lender that each
of the conditions precedent set forth in this Section 4 shall have been satisfied in accordance with its respective terms or shall have been irrevocably waived by such Person. 

5.    MISCELLANEOUS    

        B.    Representations and Warranties.    In order to induce the Administrative Agent and the Lenders to enter into
this Amendment, the Borrower hereby represents and warrants to the Administrative Agent and the Lenders that the representations and warranties of the Borrower contained in the Loan Documents are true
and correct in all material respects on and as of the Tranche B Effective Date (after giving effect hereto) as if made on and as of the Tranche B Effective Date (except where such
representations and warranties expressly relate to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date);  provided that all references to the
"Credit Agreement" in any Loan Document shall be and are deemed to mean the Credit Agreement as amended hereby. 

        Applicable Law and Jurisdiction.    This Amendment has been executed and delivered in New York, New York, and the rights and
obligations of the parties hereto shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of New York. 

        Counterparts.    This Amendment may be executed by the parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. 

        Fees and Expenses.    The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket
costs and expenses in connection with the negotiation, preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of Simpson Thacher &
Bartlett. 

        Successors and Assigns.    This Amendment shall be binding upon and inure to the benefit of the Borrower and its successors and
assigns, and upon the Administrative Agent and the Lenders and their respective successors and assigns. The execution and delivery of this Amendment by any Lender prior to the Tranche B
Effective Date shall be binding upon its successors and assigns and shall be effective as to any loans or commitments assigned to it after such execution and delivery. 

        Continuing Effect.    Except as expressly amended hereby, the Credit Agreement as amended by this Amendment shall continue to be
and shall remain in full force and effect in accordance with its terms. This Amendment shall not constitute an amendment or waiver of any provision of the Credit Agreement not expressly referred to
herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Borrowers that would require an amendment, waiver or consent of the Administrative Agent or the
Lenders except as expressly stated herein. Any reference to the "Credit Agreement" in the Loan Documents or any related documents shall be deemed to be a reference to the Credit Agreement as amended
by this Amendment. 

        IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the day and year first above written. 

14

   
        IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the day and year first above written: 

	 	 	 	 	RIVERWOOD INTERNATIONAL CORPORATION
	

 	
 	

 	
 	

By:	
 	

/s/  EDWARD W. STROETZ, JR.      
 Acting General Counsel and Secretary
	

 	
 	

 	
 	

JPMORGAN CHASE BANK,

as Administrative Agent, Swing Line Lender, Issuing Lender and Lender
	

 	
 	

 	
 	

By:	
 	

/s/  WILLIAM J. CAGGIANO      
 Title: Managing Director
	
Consented to:	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

CREDIT INDUSTRIEL ET COMMERCIAL	
 	

 	
 	

 
	

By:	
 	

/s/  SEAN MOUNIER      
 Title: First Vice President	
 	

 	
 	

 
	

By:	
 	

/s/  BRIAN O'LEAR      
 Title: Vice President	
 	

 	
 	

 
	 	 	 	 	 	 	 

15

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

TORONTO DOMINION (NEW YORK), INC.	
 	

 	
 	

 
	

By:	
 	

/s/  SUSAN K. STRONG      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

EMERALD ORCHARD LIMITED	
 	

 	
 	

 
	

By:	
 	

/s/  SUSAN K. STRONG      
 Title: Attorney in Fact	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

New Alliance Global CDO, Limited	
 	

 	
 	

 
	By:	 	Alliance Capital Management L.P., as Sub-Advisor	 	 	 	 
	By:	 	Alliance Capital Management Corporation, as General Partner	 	 	 	 
	

By:	
 	

/s/  SVERKER JOHANSSON      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Stein Roe Floating Rate Limited Liability Company	
 	

 	
 	

 
	

By:	
 	

/s/  JAMES R. FELLOWS      
 Title: Senior Vice President

         Stein Roe & Farnham Incorporated

         as Advisor to the Stein Roe Floating

         Rate Limited Liability Company	
 	

 	
 	

 
	 	 	 	 	 	 	 

16

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Liberty-Stein Roe Advisor Floating Rate

Advantage Fund

by Stein Roe & Farnham Incorporated as Advisor	
 	

 	
 	

 
	

By:	
 	

/s/  JAMES R. FELLOWS      
 Title: Sr. Vice President & Portfolio Manager	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Sun America Senior Floating Rate Fund Inc.	
 	

 	
 	

 
	By:	 	Stanfield Capital Partners LLC as Subadvisor	 	 	 	 
	

By:	
 	

/s/  CHRISTOPHER A. BONDY      
 Title: Partner	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Stanfield Arbitrage CDO, Ltd.	
 	

 	
 	

 
	By:	 	Stanfield Capital Partners LLC	 	 	 	 
	By:	 	Stanfield Capital Partners, Ltd.

as its Collateral Manager	 	 	 	 
	

By:	
 	

/s/  CHRISTOPHER A. BONDY      
 Title: Partner	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Stanfield Quattro CLO, Ltd.	
 	

 	
 	

 
	By:	 	Stanfield Capital Partners, Ltd.

as its Collateral Manager	 	 	 	 
	

By:	
 	

/s/  CHRISTOPHER A. BONDY      
 Title: Partner	
 	

 	
 	

 
	 	 	 	 	 	 	 

17

 

	

 	
 	

 	
 	

 	
 	

 
	

Ceres II Finance LTD.	
 	

 	
 	

 
	By:	 	INVESCO Senior Secured Management, Inc.

as Sub-Managing Agent (Financial)	 	 	 	 
	

By:	
 	

/s/  JOSEPH ROTONDO      
 Title: Authorized Signatory	
 	

 	
 	

 
	

AVALON CAPITAL LTD.	
 	

 	
 	

 
	By:	 	INVESCO Senior Secured Management, Inc. as Portfolio Advisor	 	 	 	 
	

By:	
 	

/s/  JOSEPH ROTONDO      
 Title: Authorized Signatory	
 	

 	
 	

 
	

AVALON CAPITAL LTD. 2	
 	

 	
 	

 
	By:	 	INVESCO Senior Secured Management, Inc. as Portfolio Advisor	 	 	 	 
	

By:	
 	

/s/  JOSEPH ROTONDO      
 Title: Authorized Signatory	
 	

 	
 	

 
	

CHARTER VIEW PORTFOLIO	
 	

 	
 	

 
	By:	 	INVESCO Senior Secured Management, Inc. As Investment Advisor	 	 	 	 
	

By:	
 	

/s/  JOSEPH ROTONDO      
 Title: Authorized Signatory	
 	

 	
 	

 
	

AIM FLOATING RATE FUND	
 	

 	
 	

 
	By:	 	INVESCO Senior Secured Management, Inc.

As Attorney in fact	 	 	 	 
	

By:	
 	

/s/  JOSEPH ROTONDO      
 Title: Authorized Signatory	
 	

 	
 	

 
	 	 	 	 	 	 	 

18

 

	

 	
 	

 	
 	

 	
 	

 
	

CHANCELLOR/TRITON CBO, LIMITED	
 	

 	
 	

 
	By:	 	INVESCO Senior Secured Management, Inc. As Collateral Manager	 	 	 	 
	

By:	
 	

/s/  JOSEPH ROTONDO      
 Title: Authorized Signatory	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

ENDURANCE CLO I, LTD	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC,

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

NEMEAN CLO, LTD	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC,

as Investment Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

BALANCED HIGH-YIELD FUND II, LTD.	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC,

as Asset Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	 	 	 	 	 	 	 

19

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

SEQUILS-ING I (HBDGM), LTD.	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC, as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

THE ING CAPITAL SENIOR SECURED HIGH

INCOME HOLDINGS FUND, LTD.	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC,

as Investment Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

ARCHIMEDES FUNDING II, LTD.	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC,

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	

ARCHIMEDES FUNDING III, LTD.	
 	

 	
 	

 
	By:	 	ING Capital Advisors LLC,

as Collateral Managers	 	 	 	 
	

Name of Financial Institution:	
 	

 	
 	

 
	

ORYX CLO, LTD	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC,

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	 	 	 	 	 	 	 

20

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

BALANCED HIGH-YIELD FUND II, LTD.	
 	

 	
 	

 
	c/o	 	ING Capital Advisors LLC,

as Asset Manager	 	 	 	 
	

By:	
 	

/s/  GORDON COOK      
 Title: Senior Vice President & Portfolio Manager	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

National City Bank	
 	

 	
 	

 
	

By:	

 	

/s/  CHRISTOPHER J. KEY      
 Title: Account Officer	

 	

 	

 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Foothill Income Trust II, L.P.	
 	

 	
 	

 
	By:	 	Fit II GP, LLC, its Gen Partner	 	 	 	 
	

By:	
 	

/s/  ILLEGIBLE       
 Title: Managing Member	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

BLUE SQUARE FUNDING SERIES 3	
 	

 	
 	

 
	By:	 	Bankers Trust Company, as Trustee	 	 	 	 
	

By:	
 	

/s/  SUSAN ANDERSEN      
 Title: Assistant Vice President	
 	

 	
 	

 
	 	 	 	 	 	 	 

21

 

	

 	
 	

 	
 	

 	
 	

 
	

AMMC CDO I, LIMITED	
 	

 	
 	

 
	By:	 	American Money Management Corp.,

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  DAVID P. MEYER      
 Title: Vice President	
 	

 	
 	

 
	

AMMC CDO II, LIMITED	
 	

 	
 	

 
	By:	 	American Money Management Corp.,

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  DAVID P. MEYER      
 Title: Vice President	
 	

 	
 	

 
	

NATIONAL WESTMINSTER BANK PLC	
 	

 	
 	

 
	By:	 	NatWest Capital Markets Limited,

its Agent	 	 	 	 
	By:	 	Greenwich Capital Markets, Inc.,

its Agent	 	 	 	 
	

By:	
 	

/s/  ILLEGIBLE      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Senior Debt Portfolio	
 	

 	
 	

 
	By:	 	Boston Management and Research as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	 	 	 	 	 	 	 

22

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Eaton Vance Senior Income Trust	
 	

 	
 	

 
	By:	 	Eaton Vance Management as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Eaton Vance Institutional Senior Loan Fund	
 	

 	
 	

 
	By:	 	Eaton Vance Management as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Oxford Strategic Income Fund	
 	

 	
 	

 
	By:	 	Eaton Vance Management as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Eaton Vance CDO II, Ltd.	
 	

 	
 	

 
	By:	 	Eaton Vance Management as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	 	 	 	 	 	 	 

23

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Eaton Vance CDO III, LTD.	
 	

 	
 	

 
	By:	 	Eaton Vance Management as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Eaton Vance CDO IV, LTD.	
 	

 	
 	

 
	By:	 	Eaton Vance Management as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Constantinus Eaton Vance CDO V, LTD.	
 	

 	
 	

 
	By:	 	Eaton Vance Management as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Grayson & Co	
 	

 	
 	

 
	By:	 	Boston Management and Research as Investment Advisor	 	 	 	 
	

By:	
 	

/s/  PAYSON F. SWAFFIELD      
 Title: Vice President	
 	

 	
 	

 
	 	 	 	 	 	 	 

24

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

TRANSAMERICA BUSINESS CAPITAL CORPORATION	
 	

 	
 	

 
	

By:	

 	

/s/  STEPHEN K. GOETSCHIUS      
 Title: Senior Vice President	

 	

 	

 	

 
	

LONG LANE MASTER TRUST IV	
 	

 	
 	

 
	By:	 	Fleet National Bank as Trust Administrator	 	 	 	 
	

By:	
 	

/s/  ILLEGIBLE      
 Title:	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

East West Bank	
 	

 	
 	

 
	

By:	
 	

/s/  NANCY A. MOORE      
 Title: Senior Vice President	
 	

 	
 	

 
	

NATEXIS BANQUES POPULARIES	
 	

 	
 	

 
	

By:	
 	

/s/  FRANK H. MADDEN, JR.      
 Title: Vice President and Group Manager	
 	

 	
 	

 
	

By:	
 	

/s/  CHRISTIAN GIORDANO      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

MADISON AVENUE CDO III LTD	
 	

 	
 	

 
	By:	 	Metropolitan Life Insurance Company,

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  JAMES R. DWIGHT      
 Title: Director	
 	

 	
 	

 
	 	 	 	 	 	 	 

25

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

METROPOLITIAN LIFE INSURANCE COMPANY	
 	

 	
 	

 
	

By:	
 	

/s/  JAMES R. DWIGHT      
 Title: Director	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

GENERAL ELECTRIC CAPITAL CORPORATION	
 	

 	
 	

 
	

By:	
 	

/s/  GREGORY HONG      
 Title: Duly Authorized Signatory	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

HELLER FINANCIAL, INC.	
 	

 	
 	

 
	

By:	
 	

/s/  GREGORY HONG      
 Title: Duly Authorized Signatory	
 	

 	
 	

 
	

West Loop CLO-1, L.P.	
 	

 	
 	

 
	By:	 	Heller Financial, Inc.

Authorized Agent	 	 	 	 
	

By:	
 	

/s/  JANET K. WILLIAMS      
 Title: Duly Authorized Signatory	
 	

 	
 	

 
	 	 	 	 	 	 	 

26

 

	

Name of Financial Institution:	
 	

 	
 	

 
	

SEQUILS I, LTD	
 	

 	
 	

 
	By:	 	TCW Advisors, Inc.

as its Collateral Agent	 	 	 	 
	

By:	
 	

/s/  MARK GOLD      
 Title: Managing Director	
 	

 	
 	

 
	

By:	
 	

/s/  STEVE KALIN      
 Title: Vice President	
 	

 	
 	

 
	

TCW SELECT LOAN FUND, LIMITED	
 	

 	
 	

 
	

By:	
 	

TCW Advisors, Inc.

as its Collateral Agent	
 	

 	
 	

 
	

By:	
 	

/s/  MARK GOLD      
 Title: Managing Director	
 	

 	
 	

 
	

By:	
 	

/s/  STEVE KALIN      
 Title: Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

CIT Lending Services Corporation	
 	

 	
 	

 
	

By:	
 	

/s/  MARK S. O'KEEFFE      
 Title: VP	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

OAK HILL SECURITIES FUND, L.P.	
 	

 	
 	

 
	By:	 	Oak Hill Securities GenPar L.P.

its General Partner	 	 	 	 
	

By:	
 	

Oak Hill Securities MGR, Inc.,

its General Partner	
 	

 	
 	

 
	

By:	
 	

/s/  SCOTT D. KRASE      
 Title: Authorized Signatory	
 	

 	
 	

 
	 	 	 	 	 	 	 

27

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

OAK HILL SECURITIES FUND II, L.P.	
 	

 	
 	

 
	By:	 	Oak Hill Securities GenPar II L.P.

its General Partner	 	 	 	 
	

By:	
 	

Oak Hill Securities MGR II, Inc.,

its General Partner	
 	

 	
 	

 
	

By:	
 	

/s/  SCOTT D. KRASE      
 Title: Authorized Signatory	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

OAK HILL CREDIT PARTNERS I, LIMITED	
 	

 	
 	

 
	By:	 	Oak Hill CLO Management, LLC

as Investment Manager	 	 	 	 
	

By:	
 	

/s/  SCOTT D. KRASE      
 Title: Authorized Signatory	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

SEQUILS—CUMBERLAND I, LTD.	
 	

 	
 	

 
	By:	 	Deerfield Capital Management LLC

as its Collateral Manager	 	 	 	 
	

By:	
 	

/s/  MARK E. ILLEGIBLE      
 Title: Sr. Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

Rosemont CLO, Ltd.	
 	

 	
 	

 
	By:	 	Deerfield Capital Management LLC as its Collaterial Manager	 	 	 	 
	

By:	
 	

/s/  MARK E. ILLEGIBLE      
 Title: Sr. Vice President	
 	

 	
 	

 
	 	 	 	 	 	 	 

28

 

	

 	
 	

 	
 	

 	
 	

 
	

Highland Legacy Limited	
 	

 	
 	

 
	By:	 	Highland Capital Management, L.P.

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  ILLEGIBLE      
 Title:	
 	

 	
 	

 
	

Highland Loan Funding V Ltd.	
 	

 	
 	

 
	By:	 	Highland Capital Management, L.P.

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  MARK K. OKADA, CFA      
 Title: Executive Vice President Highland Capital Management, L.P.	
 	

 	
 	

 
	

Highland Offshore Partners, L.P.	
 	

 	
 	

 
	By:	 	Highland Capital Management, L.P.

as Collateral Manager	 	 	 	 
	

By:	
 	

/s/  MARK K. OKADA, CFA      
 Title: Executive Vice President Highland Capital Management, L.P.	
 	

 	
 	

 
	

NORTHWOODS CAPITAL, LIMITED	
 	

 	
 	

 
	BY:	 	ANGELO, GORDON & CO., L.P.,

AS COLLATERAL AGENT	 	 	 	 
	

By:	
 	

/s/  JOHN W. FRASER      
 Title: Managing Director	
 	

 	
 	

 
	

NORTHWOODS CAPITAL II, LIMITED	
 	

 	
 	

 
	By:	 	ANGELO, GORDON & CO., L.P.,

AS COLLATERAL MANAGER	 	 	 	 
	

By:	
 	

/s/  JOHN W. FRASER      
 Title: Managing Director	
 	

 	
 	

 
	 	 	 	 	 	 	 

29

 

	

 	
 	

 	
 	

 	
 	

 
	

NORTHWOODS CAPITAL III, LIMITED	
 	

 	
 	

 
	By:	 	ANGELO, GORDON & CO., L.P.,

AS COLLATERAL MANAGER	 	 	 	 
	

By:	
 	

/s/  JOHN W. FRASER      
 Title: Managing Director	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

OLYMPIC FUNDING TRUST, SERIES 1999-1	
 	

 	
 	

 
	

By:	

 	

/s/  DIANA L. MUSHILL      
 Title: Authorized Agent	

 	

 	

 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

MUIRFIELD TRADING LLC	
 	

 	
 	

 
	

By:	
 	

/s/  DIANA L. MUSHILL      
 Title: Asst. Vice President	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

SRF TRADING, INC.	
 	

 	
 	

 
	

By:	

 	

/s/  DIANA L. MUSHILL      
 Title: Asst. Vice President	

 	

 	

 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

SRF 2000 LLC	
 	

 	
 	

 
	

By:	

 	

/s/  DIANA L. MUSHILL      
 Title: Asst. Vice President	

 	

 	

 	

 
	 	 	 	 	 	 	 

30

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

JUPITER FUNDING TRUST	
 	

 	
 	

 
	

By:	

 	

/s/  DIANA L. MUSHILL      
 Title: Authorized Agent	

 	

 	

 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

PPM SPYGLASS FUNDING TRUST	
 	

 	
 	

 
	

By:	

 	

/s/  DIANA L. MUSHILL      
 Title: Authorized Agent	

 	

 	

 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

PPM Shadow Creek Funding Trust	
 	

 	
 	

 
	

By:	

 	

/s/  DIANA L. MUSHILL      
 Title: Authorized Agent	

 	

 	

 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

WINGED FOOT FUNDING TRUST	
 	

 	
 	

 
	

By:	
 	

/s/  DIANA L. MUSHILL      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH CNC LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	 	 	 	 	 	 	 

31

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH Crescent LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH Crescent-2 LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH Crescent-3 LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH Cypress Tree-1 LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH ING-2 LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	 	 	 	 	 	 	 

32

 

	

 	
 	

 	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH ING-3 LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH Pondview LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH Sterling LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

KZH Waterside LLC	
 	

 	
 	

 
	

By:	
 	

/s/  JOYCE FRASER-BRYANT      
 Title: Authorized Agent	
 	

 	
 	

 

33

QuickLinks

EXHIBIT 4.4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]