Document:

EX-10.5

 Exhibit 10.5 
 Form of FOX Trade Mark Licence 
 Twentieth Century Fox Film Corporation 

Fox Sports Australia Pty Limited 
 Fox Sports Australia Investments Pty Limited 

			
	FOX Trade Mark Licence	  	

  
  

 
 Table of Contents 

 

							
	1.	 	Definitions and Interpretation	  	1
				
		 	1.1	  	 Definitions
	  	1
		 	1.2	  	 Interpretation
	  	4
			
	2.	 	Licence	  	5
				
		 	2.1	  	 Grant of licence
	  	5
		 	2.2	  	 Derivative Marks
	  	5
		 	2.3	  	 Licensor’s rights and obligations
	  	6
		 	2.4	  	 Excluded powers
	  	6
			
	3.	 	Duration	  	6
			
	4.	 	Trade Marks Act matters	  	6
				
		 	4.1	  	 Record of authorised use
	  	6
		 	4.2	  	 Additional registrations
	  	6
		 	4.3	  	 Maintenance of Fox Marks
	  	7
		 	4.4	  	 Costs of applications and maintenance
	  	7
		 	4.5	  	 Defensive Registrations
	  	7
			
	5.	 	Infringement	  	8
				
		 	5.1	  	 Notice of infringement or challenge
	  	8
		 	5.2	  	 Potential Infringement
	  	8
		 	5.3	  	 Licensor’s action or proceeding
	  	8
		 	5.4	  	 Licensee’s action or proceeding
	  	9
		 	5.5	  	 Confidentiality and privilege
	  	10
			
	6.	 	Standards of quality and marketing	  	10
				
		 	6.1	  	 Conformity of standards and approval of Materials
	  	10
		 	6.2	  	 Consultation on marketing
	  	11
		 	6.3	  	 Preservation of the Fox Marks
	  	11
		 	6.4	  	 Manner of use of Fox Marks
	  	11
		 	6.5	  	 Existing approvals
	  	12
		 	6.6	  	 New approval process
	  	12
		 	6.7	  	 Licensor variations to Fox Marks
	  	12
		 	6.8	  	 Compliance with laws and industry standards
	  	12
		 	6.9	  	 Certification of use
	  	13
			
	7.	 	Sub-licensing	  	13
				
		 	7.1	  	 Importance of sub-licensing rights
	  	13
		 	7.2	  	 Grant of sub-licences
	  	13
			
	8.	 	Warranties	  	14
				
		 	8.1	  	 Mutual warranty
	  	14
		 	8.2	  	 Licensor warranties
	  	14
		 	8.3	  	 Licensee’s warranties
	  	14
			
	9.	 	Trade Names	  	15
				
		 	9.1	  	 Corporate Names
	  	15

  
  

			
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	FOX Trade Mark Licence	  	

  
  

 

							
		 	9.2	  	Business names	  	15
		 	9.3	  	Domain names	  	15
		 	9.4	  	Obligations on termination	  	15
		 	9.5	  	No effect on rights to FOX SPORTS	  	16
			
	10.	 	Indemnities	  	16
				
		 	10.1	  	 Licensee’s Indemnity
	  	16
		 	10.2	  	Licensor’s Indemnity	  	17
		 	10.3	  	General provisions relating to indemnities	  	17
			
	11.	 	Assignment	  	18
				
		 	11.1	  	 Assignment by Licensee
	  	18
		 	11.2	  	Assignment by Licensor	  	18
			
	12.	 	Termination	  	18
				
		 	12.1	  	 Termination by either party
	  	18
		 	12.2	  	Termination of Agreement in respect of a Fox Mark	  	18
			
	13.	 	Rights on Termination	  	19
				
		 	13.1	  	 Accrued rights
	  	19
		 	13.2	  	Cessation of use	  	19
		 	13.3	  	Further consequences of expiry or termination	  	19
			
	14.	 	No challenge	  	20
			
	15.	 	Specific Performance and Injunctive Relief	  	20
			
	16.	 	Dispute resolution	  	20
			
	17.	 	No Waiver	  	20
			
	18.	 	No Agency or Partnership	  	21
			
	19.	 	Notices	  	21
			
	20.	 	Severance	  	22
			
	21.	 	Entire Agreement	  	22
			
	22.	 	Governing Law and Jurisdiction	  	23
			
	23.	 	Further Assurances	  	23
			
	24.	 	Counterparts	  	23
		
	 Schedule 1 Part 1A: Fox Marks - registrations and applications
	  	24
		
	 Schedule 1 Part 1B: Unregistered FOX Marks
	  	24
		
	 Schedule 1 Part 2: Derivative Marks
	  	25

  
  

			
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	 Date
  
	  	2013                           
 
		
	 Parties
  
	  	
		
	 1.
	  	Twentieth Century Fox Film Corporation, a corporation existing under the laws of Delaware of 10201 West Pico Boulevard, Los Angeles, California, 90035, United States of
America (the Licensor)
		
	 2.
	  	Fox Sports Australia Pty Limited (ACN 065 445 418) of 4 Broadcast Way, Artarmon, NSW 2064, Australia 
		
	 3.
	  	 Fox Sports Australia Investments Pty Limited (ACN 065 420 046) of 4 Broadcast Way, Artarmon, NSW 2064, Australia

 
 (Fox Sports Australia and Fox Sports Australia Investments each a
Licensee).

		
	 Recitals
  
	  	
		
	 A
	  	The Licensor is the owner of the Fox Marks.
		
	 B
	  	The Licensee carries on a business which includes within its scope the ownership, operation and distribution of media and other goods and services featuring or associated with
sports and sports-related content.
		
	 C
	  	The Licensor has agreed to grant the Licensee a licence in respect of the Fox Marks and the Licensee is to be an authorised user for the purposes of the Act, on the terms and
conditions of this Agreement.
		
	 	  	 

 It is agreed as follows. 
  

	1.	Definitions and Interpretation 

  

 
  

	1.1	Definitions 

 The
following definitions apply unless the context requires otherwise. 
 Act means the Trade Marks Act 1995
(Cth) and the New Zealand Trade Marks Act 2002. 
 Affiliate in relation to a person, means a body
corporate, joint venture, partnership, unit trust, trust or other business association (each an entity) which Controls, is Controlled by or is under common Control with that person. 

Authorised Officer means, for a party, a director or a company secretary of that party or any employee of that party whose
title includes either the words “Senior Vice President” or “Chief” and includes a person acting in any of those capacities. 

  
  

			
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 Business Day means a day which is not a Saturday, Sunday or a public
holiday in Los Angeles or Sydney. 
 Commencement Date means 1 March 2013. 

Content Transaction has the meaning given to it in clause 7.1. 

Control means: 
  

	 	(a)	the ability to: 

  

	 	(i)	appoint or remove at least half of the directors of an entity; or 

  

	 	(ii)	control the casting of at least 50% of the maximum number of votes that might be cast at a meeting of an entity which is entitled to direct the business or management
of that entity; or 

  

	 	(b)	the holding, directly or indirectly (and whether through one or more interposed entities or through other contractual devices or structures or any combination of such
things), of at least half of the effective economic interest in the equity of an entity. 

 Defensive
Registrations has the meaning given to it in clause 4.5(a). 
 Derivative Marks means: 

 

	 	(a)	the trade marks listed in Schedule 1 Part 2; and 

  

	 	(b)	any other trade mark which incorporates the word “FOX” in combination with one or more other words and/or design elements, which trade mark has been
authorised by the Licensor pursuant to clause 2.2. 

 For the avoidance of doubt, Derivative Marks do not include
FOX SPORTS Marks, which are the subject of the FOX SPORTS Licence Agreement. 
 Domain Names means those internet
domain names in the .au or .nz top level domain which incorporate any of the Fox Marks. 
 Fox Programmes and
Channels has the meaning given to it in clause 2.1(a). 
 Fox Marks means: 

 

	 	(a)	the trade mark “FOX”; 

  

	 	(b)	the trade marks listed in Schedule 1 Parts 1A and 1B (and, for avoidance of doubt, includes any such additional trade marks that may be registered or applied for as
contemplated by clause 4, if any); 

  

	 	(c)	the Derivative Marks; 

  

	 	(d)	in relation to the trade marks referred to in (a) and (b) above as registered and/or used by the Licensor as at the Commencement Date, any variations to those
trade marks that are made by the Licensor from time to time (whether or not those variations are registered as trade marks); 

 as are listed in Schedule 1 or that are otherwise added to Schedule 1 by either (i) the Licensor from time to time by written notice to the Licensee or (ii) agreement of the parties from time to
time, but excluding, for the avoidance of doubt, the mark FOX SPORTS and derivatives thereof and the mark 20TH CENTURY FOX and derivatives thereof. 

  
  

			
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 FOX SPORTS Licence Agreement means the trade mark licence agreement made
on or about the same date as this Agreement between the Licensor and the Licensee in relation to the FOX SPORTS trade marks. 

Insolvency Event means the happening of any of these events to a party: 

 

	 	(a)	an order is made that a body corporate be wound up and the order is not dismissed or discharged within 21 days of being made; or 

 

	 	(b)	a liquidator, provisional liquidator, receiver or manager is appointed in respect of a body corporate and the appointment is not dismissed or withdrawn within 21 days
of being made; or 

  

	 	(c)	except to effect a bona fide reconstruction, amalgamation or merger while solvent, a body corporate enters into, or resolves to enter into, a scheme of arrangement,
deed of company arrangement or composition with, or assignment for the benefit of, all or any class of its creditors, or it proposes a reorganisation, moratorium or other administration involving any of them; or 

 

	 	(d)	a body corporate stops payment generally to its creditors, ceases to carry on its business or threatens to do any of those things other than for the purposes of a bona
fide reconstruction or amalgamation or merger while solvent; or 

  

	 	(e)	a body corporate resolves to wind itself up, or otherwise dissolve itself, or gives notice of intention to do so, except to effect a bona fide reconstruction,
amalgamation or merger while solvent or is otherwise wound up or dissolved; or 

  

	 	(f)	a body corporate applies to a court or an administrative body for a suspension of payments to creditors; or 

 

	 	(g)	a body corporate takes any steps to obtain protection or is granted protection from its creditors, under any applicable legislation or an administrator is appointed to
a body corporate; or 

  

	 	(h)	a body corporate is or states that it is insolvent; or 

  

	 	(i)	anything analogous or having a substantially similar effect to any of the events specified above happens under the law of any applicable jurisdiction; or

  

	 	(j)	a body corporate reduces or takes action to reduce its capital in a manner which materially affects its ability to comply with its obligations under this agreement
without the written consent of the other party. 

 Intellectual Property Rights means all registered
and unregistered rights in relation to present and future copyright, trade marks, designs, know-how, patents, confidential information, moral rights and all other intellectual property as defined in article 2 of the Convention Establishing the
World Intellectual Property Organisation 1967 which may subsist anywhere in the world. 
 Licensed Goods means
those goods intended for commercial sale in respect of which the Licensee has received the Licensor’s approval to use the Fox Marks. 

  
  

			
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 Maintenance Costs has the meaning given to it in clause 4.4. 

Register has the meaning given to it in the Act. 
 Sports Services means: 
  

	 	(a)	the business of owning, operating, producing and distributing content, including statistics, and other services (including via television, online, internet, mobile
telecommunications, apps, radio and publishing platforms), primarily featuring sports or sports-related content; 

  

	 	(b)	any services ancillary to and in connection with that business; 

  

	 	(c)	producing and distributing, other than by way of commercial sale, goods in the nature of promotional and marketing-related items; and 

 

	 	(d)	producing, distributing and supplying any other goods (including Licensed Goods) and services as are approved by the Licensor in writing from time to time

 Territory means Australia and New Zealand. 

 

	1.2	Interpretation 

 Headings
are for convenience only and do not affect interpretation. The following rules apply unless the context requires otherwise. 
  

	 	(a)	The singular includes the plural and conversely. 

  

	 	(b)	A gender includes all genders. 

  

	 	(c)	A reference to a person includes a body corporate, an unincorporated body or other entity and conversely. 

 

	 	(d)	A reference to a clause or Schedule is to a clause of or schedule to this Agreement. 

 

	 	(e)	Mentioning anything after includes, including, for example, or similar expressions, does not limit what else might be included.

  

	 	(f)	A reference to a party to this Agreement or another agreement or document includes the party’s successors, permitted substitutes and permitted assigns.

  

	 	(g)	A reference to an agreement or document is to the agreement or document as amended, supplemented, varied or replaced from time to time, where applicable in accordance
with this Agreement or that other agreement or document. 

  

	 	(h)	A reference to legislation or to a provision of legislation includes a modification or re-enactment of it, a legislative provision substituted for it and a regulation
or statutory instrument issued under it. 

  

	 	(i)	A reference to conduct includes an omission, statement or undertaking, whether or not in writing. 

 

	 	(j)	A reference to dollars or $ means Australian dollars unless otherwise stated. 

 

	 	(k)	A warranty, representation or obligation given or entered into by more than one person binds them jointly and severally. 

  
  

			
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	2.	Licence 

  

 
  

	2.1	Grant of licence 

 In
consideration of the payment of the sum of $10.00 by the Licensee to the Licensor (the receipt of which the Licensor acknowledges), the Licensor grants to the Licensee a non-exclusive licence to use, and authorise the use of, the Fox Marks in the
Territory in relation to the Sports Services, including as follows: 
  

	 	(a)	as part of the name of the programmes and channels listed in Schedule 2 and other programmes which are developed by the Licensee including interactive and/or video on
demand channels (Fox Programmes and Channels); 

  

	 	(b)	in on-air and off-air promotions concerning the Fox Programmes and Channels and/or Sports Services; 

 

	 	(c)	in adherence or application on goods strictly in the nature of promotional and marketing-related items for the Fox Programmes and Channels and/or Sports Services;

  

	 	(d)	in relation to the manufacture, distribution and sale of Licensed Goods in connection with the Fox Programmes and Channels and/or Sports Services; and

  

	 	(e)	on any internet website(s) and mobile telephony services (including mobile device apps) operated by the Licensee and in connection with any content made available via
websites and mobile telephony services (including those operated by third parties) and Licensee dedicated and controlled areas on social media websites such as a Facebook Fan Page or Twitter Profile (Licensee Social Media Areas) from
time to time provided that any such: 

  

	 	(i)	websites and Licensee Social Media Areas are directed at users in the Territory (and the fact that such website(s) and areas may be accessible from outside the
Territory shall not constitute a breach by the Licensee of the territorial restrictions contained herein); and 

  

	 	(ii)	mobile telephony services are directed at users for reception and viewing on mobile devices in the Territory only (and the fact that such mobile telephony services may
be capable of being received outside the Territory by customers who subscribe to the relevant mobile telephony service in the Territory, are ordinarily resident within the Territory and are visiting a particular country outside the Territory on a
temporary basis shall not constitute a breach by the Licensee of the territorial restrictions contained herein). 

  

	2.2	Derivative Marks 

  

	 	(a)	Subject to clause 2.2(b), the licence granted to the Licensee in clause 2.1 includes the non-exclusive licence to use, in the Territory, such additional Derivative
Marks as may be authorised by the Licensor from time to time. 

  

	 	(b)	The Licensor takes no responsibility for any use by the Licensee of a third party registered or unregistered trade mark as a component of a Derivative Mark, whether or
not the Licensor has authorised that Derivative Mark. 

  
  

			
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	2.3	Licensor’s rights and obligations 

  

	 	(a)	The parties acknowledge that: 

  

	 	(i)	the Licensee has been using the Fox Marks since before the Commencement Date with the permission of the Licensor and Foxtel Management Pty Limited; and

  

	 	(ii)	the Licensee has not acquired and will not acquire any rights in or goodwill relating to any of the Fox Marks (whether by operation of law, through any of its Content
Transactions or other arrangements with third parties or for any other reason) other than those granted under this Agreement. 

  

	 	(b)	The Licensee acknowledges that all right, title and interest in and to the Fox Marks (including related trade names, company names and domain names), all goodwill
associated therewith and all rights relating thereto, belong and shall belong to the Licensor. 

  

	 	(c)	The Licensee acknowledges that all use of the Fox Marks by the Licensee and its permitted sub-licensees pursuant to this Agreement, including any goodwill resulting
from that use, inures and shall inure to the sole benefit of the Licensor. 

  

	2.4	Excluded powers 

 Except
to the extent expressly granted to the Licensee in this Agreement, the Licensee will have none of the powers conferred on authorised users of trade marks by section 26 of the Act. 

 

	3.	Duration 

  

 
 This Agreement is deemed to take
effect from the Commencement Date and will continue in force perpetually subject to the rights of termination under clause 12. 
  

	4.	Trade Marks Act matters 

  

 
  

	4.1	Record of authorised use 

The Licensor and the Licensee or their authorised agents shall apply in writing in the form prescribed by the Act for recordal of the
Licensee’s rights and interest in respect of the Fox Marks under this Agreement on the Register on or after the Commencement Date. 
  

	4.2	Additional registrations 

If at any time during the term of this Agreement, the Licensee wishes the Licensor to obtain: 

 

	 	(a)	additional trade mark registrations in the Territory in respect of marks which include the word FOX; or 

 

	 	(b)	additional Domain Name registrations, 

  
  

			
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 it will notify the Licensor in writing and, provided that the requested registrations
are not inconsistent with the provisions of this Agreement, the Licensor will use in consultation with the Licensee all reasonable endeavours to secure such additional registrations as soon as reasonably practicable. 

 

	4.3	Maintenance of Fox Marks 

The Licensor shall be responsible for holding all trade mark and Domain Name registrations in the Territory in respect of the Fox Marks,
and shall take all steps necessary to maintain and renew those registrations provided that, where the Licensee is the only licensee of the Fox Marks in the Territory in respect of the fields of use contemplated by this Agreement, the parties have
first discussed and agreed in good faith that it is appropriate for the Licensor to continue to maintain and renew those registrations. 
  

	4.4	Costs of applications and maintenance 

  

	 	(a)	For so long as the Licensee is the only licensee of the Fox Marks in the Territory in respect of the fields of use contemplated by this Agreement, the Licensee shall
pay all of the Licensor’s reasonable costs, on a solicitor/trade mark attorney and own client basis (including the costs of the solicitors or trade mark attorneys selected and appointed by the Licensor), associated with the matters referred to
in clauses 4.2 and 4.3 (Maintenance Costs) in respect of Fox Marks which are used by the Licensee pursuant to this Agreement. 

  

	 	(b)	If the Licensor licenses one or more third parties to use a Fox Mark in the Territory in respect of any part of the fields of use contemplated by this Agreement and the
Licensee uses that particular Fox Mark, the Licensee’s obligation to bear Maintenance Costs in respect of that Fox Mark shall be reduced in inverse proportion to the number of other licensees that use that Fox Mark (i.e. the Licensee shall pay
one half if there is one other licensee, one third if there are two and so on). 

  

	4.5	Defensive Registrations 

  

	 	(a)	If any party believes that it would be desirable for the Licensor to file trade mark applications or domain name registrations in the Territory (other than the Domain
Names listed in clause 9.3 or applications for Fox Marks within the fields of use contemplated by this Agreement) in order to protect its rights in the Fox Marks (Defensive Registrations) it shall notify the other party in writing. The
parties will discuss in good faith whether it is appropriate for the Licensor to apply for such Defensive Registrations and, if so, who should bear the costs associated therewith. 

 

	 	(b)	The Licensor shall be responsible for obtaining and maintaining Defensive Registrations. If Defensive Registrations are applied for at the request of the Licensee (or
if the Licensee agrees to bear the costs thereof), the Licensee shall pay all of the Licensor’s reasonable costs, on a solicitor/trade mark attorney and own client basis (including the costs of the solicitors or trade mark attorneys selected
and appointed by the Licensor) associated with obtaining and maintaining those Defensive Registrations. 

  
  

			
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	5.	Infringement 

  

 
  

	5.1	Notice of infringement or challenge 

 The Licensee will promptly notify the Licensor in writing if it becomes aware of conduct by any third party in the Territory, actual or threatened, in relation to any of the Fox Marks, which may:

  

	 	(a)	give rise to an action by the Licensor or the Licensee for registered trade mark infringement, passing off or breach of the Competition and Consumer Act 2010
(Cth) or other fair trading laws (Potential Infringement); or 

  

	 	(b)	challenge, prejudice or detrimentally affect any of the Fox Marks or adversely affect the interests of the Licensor in the Fox Marks (Potential
Challenge). 

  

	5.2	Potential Infringement 

If a Potential Infringement is identified: 
  

	 	(a)	the Licensor and the Licensee will cooperate promptly and in good faith to consider whether to take any action or to bring any proceeding; and 

 

	 	(a)	the Licensor may in its absolute discretion decide whether to take any action or to bring any proceeding. 

 

	5.3	Licensor’s action or proceeding 

 If the Licensor decides to take any action or to bring a proceeding in relation to a Potential Infringement: 
  

	 	(a)	the Licensor must give the Licensee reasonable written notice of any proposed proceeding before it is commenced; 

 

	 	(b)	the Licensee must cooperate fully with the Licensor and will promptly comply with its requests for assistance in furtherance of the action or proceeding, including as
to the joinder of the Licensee as a party and the provision of information, documents and evidence; 

  

	 	(c)	subject to clause 5.3(d), the Licensor and the Licensee must each pay their own respective expenses and legal costs associated with the action or proceeding;

  

	 	(d)	if the action is taken or the proceeding is commenced at the request of the Licensee, or so as primarily to benefit the Licensee, the Licensor must keep the Licensee
informed in relation to all material steps taken and steps to be taken in the action or proceeding and their progress, including in relation to strategy, claims and cross-claims, interlocutory applications, hearings and orders, directions hearings
and procedural matters, discovery, witnesses, evidence and proposals for mediation or settlement and the Licensee must pay all the reasonable expenses and legal costs of the Licensor associated with the action or proceeding;

  
  

			
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	 	(e)	the Licensor and the Licensee may each seek to recover their respective expenses and legal costs associated with the action or proceeding from any third party and may
each retain any such recoveries; and 

  

	 	(f)	subject to clause 5.3(e), the Licensor will be entitled to any amount recovered by or on behalf of the Licensor or the Licensee from any third party as a result of the
action or proceeding. 

  

	5.4	Licensee’s action or proceeding 

 If the Licensor notifies the Licensee in writing that it has decided not to take any action and not to bring any proceeding in relation to a Potential Infringement, the Licensee may do so, subject to the
following conditions: 
  

	 	(a)	the Licensor must give its prior written approval of the proposed action or proceeding, including as to its joinder as a party; 

 

	 	(b)	the Licensee may only use solicitors, attorneys or counsel approved for the time being by the Licensor (such approval not to be unreasonably withheld or withdrawn);

  

	 	(c)	the Licensee must regularly consult with and keep the Licensor informed in relation to all material steps taken and to be taken in the action or the proceeding and
their progress, including in relation to strategy, claims and cross-claims, interlocutory applications, hearings and orders, directions hearings and procedural matters, discovery, witnesses, evidence and proposals for mediation or settlement;

  

	 	(d)	the Licensor must comply with the Licensee’s reasonable requests for assistance in furtherance of the proceeding and the provision of information, documents and
evidence; 

  

	 	(e)	the Licensee must not make any admission of liability, agree to any compromise or settlement or commence or defend any appeal proceedings without the Licensor’s
prior written consent; 

  

	 	(f)	the Licensee must pay its own expenses and legal costs associated with the action or proceeding; 

 

	 	(g)	subject to clause 5.4(h), the Licensee must pay all the reasonable expenses and legal costs of the Licensor associated with the action or proceeding on an indemnity
basis; 

  

	 	(h)	if at any time the Licensor (acting reasonably) becomes dissatisfied with the conduct of the action or proceeding or decides for any reason to intervene:

  

	 	(i)	it may take over the conduct of that action or proceeding; and 

  

	 	(ii)	the Licensor will pay its own expenses and costs of that action or proceeding incurred after the date that it takes over its conduct; 

 

	 	(i)	the Licensor and the Licensee may each seek to recover their respective costs and expenses associated with the action or proceeding from any third party and may each
retain any such recoveries; and 

  

	 	(j)	subject to clause 5.4(i), the Licensor will be entitled to any amount recovered by or on behalf of the Licensor or the Licensee from any third party as a result of the
action or proceeding unless the Licensor exercises its discretion to take over the conduct of the proceeding pursuant to clause 5.4(h), in which case the Licensor and the Licensee will consult in good faith as to how such recoveries should be
apportioned taking into account their respective contributions, including financial contributions, to the action or proceeding. 

  
  

			
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	5.5	Confidentiality and privilege 

  

	 	(a)	Subject to contrary agreement or order, the Licensor and the Licensee must keep confidential all information, documents and communications concerning any Potential
Infringement, any Potential Challenge and any action taken or proceeding commenced in relation to such matters which pass between them or their respective legal representatives (Confidential Communications), unless they are in the
public domain. 

  

	 	(b)	The Licensor and the Licensee acknowledge and agree: 

  

	 	(i)	that they have a common interest in any action taken or proceeding commenced against or by a third party in relation to any Potential Infringement or Potential
Challenge; and 

  

	 	(ii)	that, subject to contrary agreement or order, they will each use their best endeavours to preserve and not to waive any privilege that may apply to Confidential
Communications. 

  

	6.	Standards of quality and marketing 

  

 
  

	6.1	Conformity of standards and approval of Materials 

  

	 	(a)	The nature and quality of the goods manufactured or supplied and all stationery, advertising and promotional materials relating to the goods and/or services using the
FOX Marks and manufactured or supplied by the Licensee must conform to any quality control standards either notified to the Licensee by the Licensor from time to time or otherwise prepared by the Licensee and approved by the Licensor from time to
time. The Licensor shall not impose or vary quality control standards arbitrarily or unreasonably, it being understood and agreed, however, that it shall not be arbitrary or unreasonable for the Licensor to set quality control standards upon
reasonable notice to the Licensee which, in the Licensor’s good faith belief, are necessary or appropriate to preserve the goodwill associated with the Fox Marks and which have no material adverse effect on the Licensee.

  

	 	(b)	Upon the Licensor’s reasonable request from time to time, the Licensee must submit for the Licensor’s inspection samples of any Licensed Goods and of any
marketing and promotional material in relation to any of the Sports Services where such material contains any FOX Mark. 

  

	 	(c)	If the Licensor, acting reasonably, notifies the Licensee that any sample does not comply with clause 6.1(a), the Licensee must suspend production, distribution and
supply of the relevant Licensed Goods and/or marketing and promotional material until the non-compliance is rectified. 

  

	 	(d)	The Licensee must ensure that it operates all of its business operations according to the high standards of quality associated with the prestige and reputation of the
Fox Marks. 

  
  

			
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	6.2	Consultation on marketing 

The Licensee will consult where reasonably practicable with the Licensor on its advertising and marketing of the goods and/or the services
under or by reference to the Fox Marks as may be necessary to ensure co-ordination and integration with any advertising and marketing initiatives of the Licensor. The Licensee may from time to time request marketing and branding materials used or
authorised for use by the Licensor in relation to other Fox-branded channels outside the Territory, where the Licensee wishes to use such materials in the marketing and branding of the Fox Programmes and Channels in accordance with this Agreement.
Any use of such materials by the Licensee is subject to the parties’ prior agreement on the costs of the provision and use of such materials. 
  

	6.3	Preservation of the Fox Marks 

 The Licensee acknowledges that the Licensor is and will remain the legal and beneficial owner of the Fox Marks and a number of other trade marks in the Territory and elsewhere which consist of or include
the word “FOX” or “fx”. The Licensee undertakes not to do or cause any thing to be done that may adversely affect the Licensor’s rights in relation to those marks or call into question the validity of the Licensor’s
rights in relation to the Fox Marks or the registration of those marks. This undertaking survives termination of this Agreement for a further period of three years. The provisions of this clause shall not apply to the mark FOX SPORTS and derivatives
thereof, which are the subject of the FOX SPORTS Licence Agreement between the parties. 
  

	6.4	Manner of use of Fox Marks 

  

	 	(a)	The Licensee must only reproduce and use the Fox Marks in substantially the same form in which they appear in Schedule 1 or otherwise in a form that has both been
approved by the Licensor pursuant to clause 6.5 or 6.6 and that complies with the quality control standards referred to in clause 6.1(a). 

  

	 	(b)	The Licensee agrees that it will not use the Fox Marks in an unlawful manner. 

 

	 	(c)	The Licensee agrees that it shall, other than where used as part of a Broadcasting Service, including any programming or editorial content, or as otherwise agreed
between the Licensor and the Licensee, ensure that wherever reasonably practicable having regard to space constraints a trade mark legend in the appropriate form as set out in Schedule 3 appears whenever any of the Fox Marks are used.

  
  

			
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	6.5	Existing approvals 

 The
Licensor acknowledges that the Licensee does not need to seek the Licensor’s approval in respect of any use of a Fox Mark that is substantially the same as a use of that Fox Mark made by the Licensee prior to the date of this Agreement.

  

	6.6	New approval process 

  

	 	(a)	If the Licensee proposes to use a Fox Mark: 

  

	 	(i)	in a form which is substantially different from the form in which it appears in Schedule 1 or in which it was used prior to the date of this Agreement; or

  

	 	(ii)	which the Licensee has not used in the 3-year period immediately preceding the proposed date of re-commencement of use; 

it will notify the Licensor in writing no less than 30 days prior to the commencement of that use, seeking approval for that use.

  

	 	(b)	The Licensor’s approval shall not be unreasonably withheld or delayed. 

 

	 	(c)	If the Licensor has an objection to the varied form of the Fox Mark, the parties will discuss any differences of opinion in relation to the varied form of the Fox Mark,
and any disputes may be referred to the dispute resolution procedure in clause 16. 

  

	 	(d)	If the Licensor does not respond to a notification under this clause within 10 Business Days of receipt, the Licensor will be deemed to have approved the
Licensee’s use of the varied form of the Fox Mark. 

  

	6.7	Licensor variations to Fox Marks 

 If, in relation to the FOX trade mark and the trade marks listed in Schedule 1 Parts 1A and 1B as registered and/or used by the Licensor as at the Commencement Date, the Licensor makes variations
from time to time (each an Amended Mark): 
  

	 	(a)	the Amended Mark will be added to Schedule 1 either (i) by the Licensor from time to time by written notice to the Licensee or (ii) by agreement of the
parties from time to time; and 

  

	 	(b)	the Licensee may use the Amended Mark without seeking the prior approval of the Licensor, provided that it otherwise complies with the terms of this Agreement in
respect of its use of the Amended Mark. 

  

	6.8	Compliance with laws and industry standards 

 Licensee must ensure that it complies with all applicable laws and industry standards concerning the Sports Services (including the Licensed Goods), including: 

 

	 	(a)	those concerning advertising, broadcasting, telecommunications, consumer product and health and safety matters; and 

 

	 	(b)	international labour laws and standards, including ensuring that it does not (and that any permitted sub-licensees do not) use child, slave or involuntary prisoner
labour or any other form of forced, involuntary or illegal labour or engage in abusive employment or corrupt business practices in respect of such goods or services. 

  
  

			
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	6.9	Certification of use 

From time to time on written request of the Licensor, but not more frequently than once every 2 years, the Licensee shall provide to the
Licensor a statutory declaration made by an Authorised Officer of the Licensee, setting out which of the Fox Marks have been used, and which of the Fox Marks have not been used, in the preceding 2 years. 

 

	7.	Sub-licensing 

  

 
  

	7.1	Importance of sub-licensing rights 

 The Licensor acknowledges that the Licensee has entered into and/or intends to enter into arrangements with a number of third parties in relation to the transmission or distribution of the FOX SPORTS
subscription television channels, including the Fox Programmes and Channels (Content Transactions), for which it requires the right to sub-license the Fox Marks. The Licensor also acknowledges that the Licensee may also enter into
Content Transactions or similar arrangements in the future, and the ability to sub-license the Fox Marks is an important factor in the Licensee’s ability to enter into such transactions. 

 

	7.2	Grant of sub-licences 

The Licensee may sub-license its rights in the Fox Marks to: 

 

	 	(a)	any person in relation to any of the Fox Marks for the purpose of merchandising (but only in respect of Licensed Goods); or 

 

	 	(b)	any entity which distributes or transmits the Licensee’s channels and other content services; or 

 

	 	(c)	any entity for the purposes of the promotional activities set out in clause 2.1(b); or 

 

	 	(d)	any Affiliate of the Licensee; or 

  

	 	(e)	any other entity which grants the Licensee the right to transmit sports coverage and other programming on the Licensee’s channels and other content services for
the sole purpose of promoting its connection with the Licensee and the Sports Services, 

 provided that:

  

	 	(i)	any such sub-licence is terminable immediately upon termination of the licence granted under clause 2; 

 

	 	(ii)	the sub-licensee is bound by quality control provisions which are no less onerous than those which appear in this Agreement (or which are otherwise agreed by the
Licensor); and 

  

	 	(iii)	the Licensee will take all reasonable steps to ensure that its sub-licensees comply with all relevant obligations of the Licensee under this Agreement as if references
to the Licensee were references to its sub-licensees, and will be liable to the Licensor for all breaches of the terms of this Agreement by its sub-licensees. 

  
  

			
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	8.	Warranties 

  

 
  

	8.1	Mutual warranty 

 Each
party represents, warrants and undertakes that it has the right, power and authority to enter into this Agreement. 
  

	8.2	Licensor warranties 

 The
Licensor represents, warrants and undertakes that: 
  

	 	(a)	in respect of the Fox Marks listed in Schedule 1 Part 1A, it is the registered proprietor or applicant for registration (as applicable); 

 

	 	(b)	all fees and steps necessary for the prosecution, maintenance and renewal of the Fox Marks listed in Schedule 1 Part 1A have been paid or taken as at the Commencement
Date; 

  

	 	(c)	it has the right to grant the licences granted under this Agreement and there is no restriction, encumbrance or other matter preventing the Licensor from granting the
licences; 

  

	 	(d)	so far as it is aware, and except in respect of any Derivative Marks which include a third party registered or unregistered trade mark as a component, use of the Fox
Marks in the Territory by the Licensee in accordance with this Agreement will not infringe the trade mark rights of any third party; 

  

	 	(e)	so far as it is aware, use of any Licensed Marks created by Licensor (including any variations made by Licensor under clause 6.7) in the Territory by the Licensee in
accordance with this Agreement will not infringe any other Intellectual Property Rights of any third party; and 

  

	 	(f)	so far as it is aware, as at the Commencement Date, there are no existing or threatened oppositions or challenges to the validity of any of the Fox Marks.

  

	8.3	Licensee’s warranties 

The Licensee represents, warrants and undertakes that: 
  

	 	(a)	it will not be in breach of any agreement or arrangement to which it is a party or to which it is subject because of its execution of this Agreement or its performance
under it; 

  

	 	(b)	so far as it is aware, there is no restriction, encumbrance or other matter involving the Licensee which would prevent the Licensor from granting the licences on the
terms set out in this Agreement; 

  

	 	(c)	so far as it is aware, as at the Commencement Date, there are no existing or threatened oppositions or challenges to the validity of any of the Fox Marks;

  
  

			
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	 	(d)	it will, and it will procure that its permitted sub-licensees and Affiliates will, comply with the terms of this Agreement; and 

 

	 	(e)	it will not, and it will procure that its sub-licensees and Affiliates do not, use the Fox Marks in any manner that is not authorised by this Agreement.

  

	9.	Trade Names 

  

 
  

	9.1	Corporate Names 

 The
Licensee shall not be permitted to register or use any of the Fox Marks as, or as part of, its corporate name, nor to authorise any other person to do so, except with the prior written consent of the Licensor. 

 

	9.2	Business names 

 The
registration or use of any business name by the Licensee of any name incorporating a Fox Mark or part thereof is subject to the Licensor’s prior written consent. The Licensor hereby consents to the following business names incorporating a Fox
Mark or part thereof used by the Licensee as at the Commencement Date: FOX FOOTY. The Licensee shall not be permitted to authorise any other person to register or use any business name containing or comprising the Fox Marks. 

 

	9.3	Domain names 

 Except as
may be otherwise agreed with the Licensor, domain name registrations will be obtained and maintained in accordance with the provisions of clauses 4.2 and 4.3. The use and any registration of Domain Names by the Licensee and/or its permitted
sub-licensees is subject to the Licensor’s prior written consent. The Licensor hereby consents to the following Domain Names registered and used by the Licensee as at the Commencement Date: foxfooty.com.au and nrlonfox.com.au.

  

	9.4	Obligations on termination 

Subject to clause 9.5, on the termination of this Agreement, despite any consent previously given, the Licensee must do the following
(within two months of termination) in relation to a corporate or business name or Domain Name including the Fox Marks or part of them: 
  

	 	(a)	cease carrying on business under the corporate or business name and cease using the Domain Name or any deceptively similar name or title; 

 

	 	(b)	without limiting paragraph (a), where a Fox Mark or any part of a Fox Mark has been used as or as part of: 

 

	 	(i)	a business name, the Licensee must, in respect of each name, give the Licensor evidence of lodgement of a Notice of Cessation Under Business Name (or equivalent
document) under the relevant Act properly executed by or on behalf of the Licensee and by all other persons, if any, in relation to whom the name is registered; 

 

	 	(ii)	a corporate title, the Licensee must promptly give the Licensor evidence that: 

 

	 	(A)	an Application for Change of Name of a Company (or equivalent document) has been completed and lodged with the Australian Securities and Investments Commission;

  
  

			
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	 	(B)	a new corporate name has been reserved; and 

  

	 	(C)	a special resolution that the name be changed has been passed; and 

  

	 	(c)	without limiting clause 9.4(a), if the Licensee is the registered holder of any Domain Name, the Licensee must give the Licensor evidence that it has applied to the
relevant domain name registry to have the Domain Name removed from the register or (if so requested by the Licensor and permitted by the relevant regulations) transferred to the Licensor or an Affiliate thereof. 

 

	9.5	No effect on rights to FOX SPORTS 

 Nothing in this Agreement (including this clause 9) will affect the provisions of the FOX SPORTS Licence Agreement or the rights of the Licensee to use the mark FOX SPORTS, whether as a corporate,
business or domain name or in any other manner whatsoever. 
  

	10.	Indemnities 

  

 
  

	10.1	Licensee’s Indemnity 

The Licensee shall indemnify the Licensor against each claim, action, proceeding, judgment, damage, loss, expense or liability incurred or
suffered by or brought or made or recovered against the Licensor (including without limitation reasonable legal costs) to the extent arising from: 
  

	 	(a)	the Licensee’s breach of any of its obligations under this Agreement; 

 

	 	(b)	without limiting clause 10.1(a), the breach by the Licensee of any of its warranties given under this Agreement; 

 

	 	(c)	any act of fraud or wilful misconduct by or on behalf of the Licensee, its personnel or its permitted sub-licensees in connection with this Agreement;

  

	 	(d)	any negligent, unlawful or fraudulent act or omission of the Licensee, its personnel or its permitted sub-licensees in connection with this Agreement; or

  

	 	(e)	any claim by any third party against the Licensor in respect of the Licensee’s exercise of its rights under this Agreement (other than a claim that would
constitute a breach by the Licensor of clause 8.2(d) and 8.2(e)), including any claim that: 

  

	 	(i)	the content of any programmes and other content developed, produced or distributed by the Licensee under or by reference to the Fox Marks (other than content which is
sourced from the Licensor or its Affiliates); or 

  

	 	(ii)	the operation of the Sports Services (including in respect of any Licensed Goods); or 

 

	 	(iii)	the distribution platforms utilised by the Licensee in the provision of the Sports Services, 

  
  

			
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 breaches any applicable laws or industry standards, infringe the rights of any person
(including any Intellectual Property Rights, moral rights and privacy rights) or are defamatory of any person. 
  

	10.2	Licensor’s Indemnity 

The Licensor shall indemnify the Licensee against each claim, action, proceeding, judgment, damage, loss, expense or liability incurred or
suffered by or brought or made or recovered against the Licensee (including without limitation reasonable legal costs) to the extent arising from: 
  

	 	(a)	the Licensor’s breach of any of its obligations under this Agreement; 

 

	 	(b)	without limiting clause 10.2(a), breach by the Licensor of any of its warranties given under this Agreement; 

 

	 	(c)	any act of fraud or wilful misconduct by or on behalf of the Licensor or its personnel in connection with this Agreement; or 

 

	 	(d)	any negligent, unlawful or fraudulent act or omission of the Licensor or its personnel in connection with this Agreement. 

 

	10.3	General provisions relating to indemnities 

  

	 	(a)	The indemnities in this clause 10 shall not apply to the extent that the indemnified parties suffer loss as a result of their own negligence, wilful default or breach
of the terms of this Agreement. 

  

	 	(b)	Each party (Indemnifying Party) shall be entitled to take over and conduct in the name of the other party (Indemnified Party) the defence or
settlement of any claim for which it is indemnified by the Indemnifying Party under this Agreement. Under this Agreement, the Indemnifying Party has the right to investigate any claim for which it has agreed to indemnify Indemnified Party and with
Indemnified Party’s consent, settle any claims if Indemnifying Party reasonably believes that it is proper. Indemnifying Party’s duty to defend ends however, if Indemnified Party unreasonably refuses to consent to a settlement which
Indemnifying Party recommends. Indemnified Party must then defend the claim at its own expense and negotiate any settlement, and Indemnifying Party’s liability for any settlement or judgment shall be limited to costs of the reasonable
settlement for which Indemnifying Party could have settled had Indemnified Party consented. 

  

	 	(c)	As a condition precedent to its right to be indemnified under this Agreement Indemnified Party shall do what is reasonably necessary and practicable to prevent or limit
the dissemination of material that is erroneous, false or untrue. 

  

	 	(d)	Indemnified Party shall, as a condition precedent to the right to be indemnified under this Agreement notify the Indemnifying Party in writing as soon as possible of
any claim made against the Indemnified Party whether such claim be oral or in writing and shall, upon request give Indemnifying Party such information as Indemnifying Party may reasonably require to investigate the matter so reported.

  
  

			
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	 	(e)	Indemnifying Party shall be entitled to claim indemnity or contribution at any time in the name of the Indemnified Party from any party against whom the Indemnifying
Party may have such rights. 

  

	 	(f)	Indemnified Party shall not admit any liability, assume any financial obligation or payout any money for or settle any claim which Indemnifying Party is obliged to
indemnify Indemnified Party under this Agreement without the prior written consent of Indemnifying Party. If Indemnified Party does, it will be at its own expense. 

 

	 	(g)	Nothing in this Agreement requires Indemnifying Party to indemnify Indemnified Party for or in respect of government-imposed fines, penalties or taxes, or punitive or
exemplary damages. 

  

	11.	Assignment 

  

 
  

	11.1	Assignment by Licensee 

Subject to the prior written consent of the Licensor, the Licensee may assign this Agreement (and the benefit of the right to use each of
the FOX Marks) to a bona fide purchaser for value of the Licensee’s business. The parties acknowledge that it may be reasonable for the Licensor to withhold its consent in relation to the assignment of the search light device (with or without
the search light pedestal) comprised in the FOX Marks. 
  

	11.2	Assignment by Licensor 

The Licensor may assign any of the FOX Marks, provided it gives prior written notice to the Licensee, and provided that the assignee
enters into a written agreement with the Licensee to be bound by the terms of this Agreement. 
  

	12.	Termination 

  

 
  

	12.1	Termination by either party 

 A party may terminate this Agreement (other than clause 9.4 and clause 13) if any of the events listed below occurs and is not remedied within 90 days of notice from the terminating party to the other
party: 
  

	 	(a)	an Insolvency Event occurs in relation to the other party; or 

  

	 	(b)	the Licensee ceases to provide any Sports Services in the Territory; or 

  

	 	(c)	the Licensee has not made any use of any of the Fox Marks (other than immaterial or insubstantial use) for a continuous period of two years. 

 

	12.2	Termination of Agreement in respect of a Fox Mark 

 At any time, the Licensee may decide to cease using one or more Fox Marks and/or cease broadcasting, or rebrand, any of the Fox Programmes and Channels. The Licensee shall give notice to the Licensor 3
months in advance of such an event. 

  
  

			
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	13.	Rights on Termination 

  

 
  

	13.1	Accrued rights 

Termination of this Agreement will be without prejudice to the rights which any party may have accrued up to the date of termination,
provided that nothing in this clause shall affect the Licensor’s rights in relation to the goodwill in the Fox Marks. 
  

	13.2	Cessation of use 

 After
the termination of this Agreement, the Licensee will within 2 months of termination: 
  

	 	(a)	permanently cease to use the Fox Marks and any marks substantially identical with or deceptively similar to the Fox Marks (and related business and company names and
Domain Names, as referred to in clause 9), provided that nothing in this clause shall affect the FOX SPORTS Licence Agreement or the Licensee’s rights to use the name FOX SPORTS; 

 

	 	(b)	destroy all goods in the Licensee’s possession or control which bear the Fox Marks; 

 

	 	(c)	destroy all unused stationery, business cards, advertising material and other materials which bear the Fox Marks; 

 

	 	(d)	destroy all tools, brands, dies or files used exclusively to reproduce the Fox Marks; 

 

	 	(e)	if requested by the Licensor, provide the Licensor with a statutory declaration made by an Authorised Officer of each Licensee confirming the destruction of the items
referred to in sub-clauses (b), (c) and (d); 

  

	 	(f)	remove or cause to be removed any sign, poster or reference to the Fox Marks which may exist on the Licensee’s premises, vehicles, or other promotional or display
materials; and 

  

	 	(g)	cancel all references to the Fox Marks on hoardings or other advertisements or in directories or other books of reference. 

 

	13.3	Further consequences of expiry or termination 

 Upon expiry or termination of this Agreement: 
  

	 	(a)	the Licensor may apply to cancel any of the Licensee’s registrations as a user of any of the Fox Marks and the Licensee consents to these cancellations and, at the
Licensor’s request, will execute consents and any other necessary or desirable documents in relation to any applications for cancellation. If the Licensee fails to execute these consents and other documents within fourteen days of a request to
do so, then the Licensee irrevocably gives the Licensor, and each of its Authorised Officers, separately, power to execute them on its behalf; and 

  

	 	(b)	the Licensee must not do anything that might lead any person to believe that it is still licensed to use any of the Fox Marks or is in any way connected with the
Licensor. 

  
  

			
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	14.	No challenge 

  

 
 The Licensee must not dispute or
challenge the validity or scope of the Fox Marks or the Licensor’s rights in relation thereto, nor directly or indirectly assist any person to do so. This clause survives termination of this Agreement for a further period of 3 years.

  

	15.	Specific Performance and Injunctive Relief 

  

 
 Each party acknowledges that
damages will not be an adequate remedy for the other party for any breach of this Agreement and that a party is entitled to seek specific performance or injunctive relief as a remedy for any actual or threatened breach, in addition to any other
remedies available at law or in equity under or independently of this Agreement. 
  

	16.	Dispute resolution 

  

 
  

	 	(a)	No party may commence litigation in relation to a dispute arising under or in connection with this Agreement before: 

 

	 	(i)	that party has issued a notice of dispute to the others; and 

  

	 	(ii)	the dispute resolution procedures set out in this clause 16 have been followed. 

 

	 	(b)	Once a notice of dispute has been issued, the parties must immediately refer the dispute to their respective senior managers to resolve. 

 

	 	(c)	If the respective senior managers cannot resolve the dispute within 5 Business Days of the notice of dispute being issued, they must escalate the dispute by referring
it to the Chief Operating Officer of the Licensor’s nominee, Fox Sports Productions, Inc., in the case of the Licensor and the Chief Executive Officer of Fox Sports Australia Pty Limited in the case of the Licensees. 

 

	 	(d)	If the dispute is not resolved within 10 Business Days of its escalation in accordance with clause 16(c), then either party may take such action or proceedings as it
sees fit. 

  

	 	(e)	Nothing in this clause 16 shall prevent either party from seeking urgent interlocutory relief. 

 

	 	(f)	If either party commences legal proceedings against the other (whether in a court or by arbitration), all reasonable expenses and legal costs of the successful party in
the proceedings (or in any interlocutory matters related to the proceedings) will be borne by the other. 

  

	17.	No Waiver 

  

 
 No failure to exercise and no delay
in exercising any right, power or remedy under this Agreement will operate as a waiver. A single or partial exercise or waiver of the exercise of any right, power or remedy does not preclude any other or further exercise of that or any other right,
power or remedy. A waiver is not valid or binding on the party granting that waiver unless made in writing. 

  
  

			
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	18.	No Agency or Partnership 

  

 
 This Agreement does not constitute
any party the agent of another or imply that the parties intend constituting a partnership, joint venture or other form of association in which any party may be liable for the acts or omissions of another. No party by virtue of this Agreement
obtains any authority to incur any obligations on behalf of, or to pledge the credit of, any other party. 
  

	19.	Notices 

  

 
 Any notice, demand, consent or
other communication (a Notice) given or made under this Agreement: 
  

	 	(a)	must be in writing addressed and delivered to the intended recipient at the respective postal or email address or fax number below or the postal or email addresses or
fax number last notified by the intended recipient to the sender after the date of this Agreement: 

  

			
	Licensor	  	 Twentieth Century Fox Film Corporation, Los Angeles and Fox Broadcasting Company

 
 Attention:         Senior Vice President,
Intellectual Property
  
 Fax:      (310)969
0544,
  
 Address: P O Box 900, Beverly Hills, California 90213, United States
of America
  
 Email: Mei-lan.Stark@fox.com

		
	Licensee	  	 Fox Sports Australia Pty Limited and Fox Sports Australia Investments Pty Limited

 
 Attention:         General Counsel

 
 Fax:       612 9776 6383

 
 Address: 4 Broadcast Way, Artarmon NSW 2064

 
 Email : christina.allen@foxsports.com.au

  

	 	(b)	must be signed by an authorised officer of the sender; 

  

	 	(c)	if sent by email and is in order to serve proceedings on the other party, must be in a form which: 

 

	 	(i)	identifies the sender; 

  

	 	(ii)	is electronically signed by the sender or an authorised officer of the sender; and 

 

	 	(iii)	clearly indicates the subject matter of the notice in the subject heading of the email; 

  
  

			
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 provided that the recipient has not provided written notice to the other parties
confirming that it does not wish to receive notices by email. The parties consent to the method of signature contained in this clause 19(c) and agree that it satisfies the requirements of applicable law for signature on service of notice by email;

  

	 	(d)	will be taken to have been given: 

  

	 	(i)	(in the case of delivery in person) when delivered, received or left at the above address; 

 

	 	(ii)	(in the case of facsimile transmission) when recorded on the transmission result report unless: 

 

	 	(A)	within 24 hours of that time the recipient informs the sender that the transmission was received in an incomplete or garbled form; or 

 

	 	(B)	the transmission report indicates a faulty or incomplete transmission; 

  

	 	(iii)	(in the case of post) on the seventh day after the date on which the notice is accepted for posting by the relevant postal authority; and 

 

	 	(iv)	(in the case of email delivery) when delivered and on the date of completion of such delivery provided that the sender does not within 12 hours after sending such
notice (as recorded on the device from which the sender sent the email) receive any indication that delivery of the email to the intended recipient has failed. 

 If delivery or receipt is on a day when commercial premises are not generally open for business in the place of receipt, or is later than 4pm (local time) on any day, the notice will be taken to have been
given on the next day when commercial premises are generally open for business in the place of receipt. 
  

	20.	Severance 

  

 
 Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction will be ineffective in that jurisdiction to the extent of the prohibition or unenforceability. That will not invalidate the remaining provisions of this Agreement nor affect the validity or
enforceability of that provision in any other jurisdiction. 
  

	21.	Entire Agreement 

  

 
 This Agreement and the documents
referred to herein contain the entire agreement between the parties with respect to its subject matter. They set out the only conduct, representations, warranties, covenants, agreements or understandings (collectively Conduct) relied
on by the parties and supersede all earlier Conduct by or between the parties in connection with their subject matter. None of the parties has relied on or is relying on any other conduct in entering into this Agreement and completing the
transactions contemplated by it. None of the terms of this Agreement can be waived or modified except by an express written agreement signed by all parties. 

  
  

			
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	22.	Governing Law and Jurisdiction 

  

 
 This Agreement is governed by the
laws of New York. Each party submits to the jurisdiction of courts exercising jurisdiction there, and waives any right to claim that those courts are an inconvenient forum. 

 

	23.	Further Assurances 

  

 
 At the reasonable request of
another party, each party must do anything necessary (including executing agreements and documents) to give full effect to this Agreement and the transactions contemplated by it. 

 

	24.	Counterparts 

  

 
 This Agreement may be executed in
any number of counterparts. All counterparts together will be taken to constitute one instrument. 

  
  

			
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 Schedule 1 Part 1A: Fox Marks - registrations and applications 

 

					
	 Registration/

application No
	  	Class(es)	  	Mark
	638739	  	9	  	FOX
			
	638740	  	41	  	FOX
			
	638741	  	9	  	  

			
	638742	  	41	  	  

			
	785590	  	9, 38	  	FOX
			
	914917	  	25	  	FOX
			
	891830	  	9, 41, 42	  	‘Fox Fanfare’ sound mark
			
	893621	  	9, 41, 42	  	‘Fox Fanfare’ sound mark
			
	889720	  	9, 16, 25, 38, 41	  	FOX FOOTY CHANNEL
			
	889721	  	9, 14, 16, 18, 21, 24, 25, 28, 38, 41	  	  
    

 Schedule 1 Part 1B: Unregistered FOX Marks 

 

					
			
		  		  	  

			
		  		  	  
   

  
  

			
		  	Page 24

			
	FOX Trade Mark Licence	  	

  
  

 

							
				
		  		  	   

  
   

	  	
				
		  		  	  
 

	  	 

			
		  		  	  
 

			
		  		  	  
 

			
		  		  	  
 

			
		  		  	  
 

			
		  		  	  
 

			
		  		  	  
 

			
		  		  	  
 

  
  

			
		  	Page 25

			
	FOX Trade Mark Licence	  	

  
  

 

							
			
		  		  	

			
		  		  	  
 

			
		  		  	  
 

  
  

			
		  	Page 26

			
	FOX Trade Mark Licence	  	

  
  

 

 Schedule 1 Part 2: Derivative Marks 
 Note: The Licensor takes no responsibility for the use by Licensee of any third party trade mark as a component of a Derivative Mark (clause 2.2). 

FOX FOOTY 
 FOX FOOTY CHANNEL 

FOX FOOTY HD 
 FOX FOOTY TV 

FOX FOOTY LIVE 
 FOX FOOTY EXTRA 

FOX FOOTY STATS 
 FOX FOOTY SCORE CENTRE

 FOX FOOTY MATCH CENTRE 
 FOX FOOTY
RADIO 
 FOX FOOTY HQ 
 FOX FOOTY
STUDIOS 
 FOX FOOTY ACTIVE 
 FOX
FOOTY DIGITAL 
 FOX FOOTY PLUS 
 FOX
FOOTY + 
 FOX FOOTY MOBILE 
 FOX
FOOTY NET 
 FOX FOOTY PLAY 
 FOX
FOOTY FANTASY 
 FOX FANTASY AFL 
 FOX
FOOTY TIPPING 
 FOX TIPPING AFL 
 FOX
FOOTY CREW 
 FOX FOOTY ON DEMAND 

FOX FOOTY BY DEMAND 
 FOX FOOTY ON 

FOX FOOTY ONLINE 
 FOX FOOTY NOW 

FOX FOOTY PPV 
 FOX FOOTY SOCIAL 

  
  

			
		  	Page 27

			
	FOX Trade Mark Licence	  	

  
  

 

 FOX FOOTY VIDEO 
 FOX SOCCER 
 FOX NRL 
 FOX AFL 
 NRL ON FOX 
 AFL ON FOX 
 FOX EXTREME 
 FOX RUGBY 
 FOX CRICKET 
 FOX FOOTBALL 
 FOX TRACKER 
 FOXKOPTER 
 FOX FIELD 
 FOX ANALYSER 
 FOX ANALYST 
 FOX FOOTY ANALYST 
 FOX MOBILE (as in moving vehicle carrying camera along sideline) 

FOX SEGWAY 
 FOX FUEL 

FOX FUEL TV 
 FOX SPEED 

FOX SPEED TV 
 FOX LEAGUE TEAMS 

FOX SUPERCOACH AFL 

  
  

			
		  	Page 28

			
	FOX Trade Mark Licence	  	

  
  

 

 Schedule 2: Fox Programmes and Channels 
 FOX FOOTY 
 NRL ON FOX 
 FOX LEAGUE TEAMS 

  
  

			
		  	Page 29

			
	FOX Trade Mark Licence	  	

  
  

 

 Schedule 3: Trade Mark legends 
 Where reasonably practicable having regard to space constraints: 
  

			
	If the Fox Mark is not registered:	  	 [Fox
Mark]TM
  

and, space permitting:
  
 used under licence in [Australia/New Zealand] by Fox Sports Australia Pty Limited

		
	If the Fox Mark is registered:	  	 [Fox Mark]®
  

and, space permitting:
  
 used under licence in [Australia/New Zealand] by Fox Sports Australia Pty Limited

  
  

			
		  	Page 30

			
	FOX Trade Mark Licence	  	

  
  

 

					
	Executed in California, USA and NSW, Australia	 		 	
	  
 Signed for Twentieth Century Fox Film Corporation by
its authorised representative in the presence of:
	 		 	  

		 		 	Authorised Representative Signature
			
	  
	 		 	  

	Witness Signature	 		 	Print Name
			
	  
	 		 	  

	Print Name	 		 	Position

  
  

			
		  	Page 31

			
	FOX Trade Mark Licence	  	

  
  

 

					
	Executed in accordance with section 127 of the Corporations Act 2001 by Fox Sports Australia Pty Limited:	 		 	
			
	  
	 		 	  

	Director Signature	 		 	Director/Secretary Signature
			
	  
	 		 	  

	Print Name	 		 	Print Name
			
	Executed in accordance with section 127 of the Corporations Act 2001 by Fox Sports Investments Australia Pty Limited:	 		 	
			
	  
	 		 	  

	Director Signature	 		 	Director/Secretary Signature
			
	  
	 		 	  

	Print Name	 		 	Print Name

  
  

			
		  	Page 32Rights Agreement

 Exhibit 4.1 
 RIGHTS AGREEMENT 
 by and between 

HEALTH MANAGEMENT ASSOCIATES, INC. 
 and 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 

as Rights Agent 
  

 
 Dated as of

 May 24, 2013 

 TABLE OF CONTENTS 

 
  

							
	 Section
	 	 	  	Page	 
			
	 Section 1.
	 	Certain Definitions	  	 	1	  
	 Section 2.
	 	Appointment of Rights Agent	  	 	7	  
	 Section 3.
	 	Issuance of Right Certificates	  	 	8	  
	 Section 4.
	 	Form of Right Certificates	  	 	10	  
	 Section 5.
	 	Countersignature and Registration	  	 	10	  
	 Section 6.
	 	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	  	 	11	  
	 Section 7.
	 	Exercise of Rights; Exercise Price; Expiration Date of Rights; Invalidation of Certain Rights	  	 	12	  
	 Section 8.
	 	Cancellation and Destruction of Right Certificates	  	 	15	  
	 Section 9.
	 	Reservation and Availability of Shares of Preferred Stock	  	 	15	  
	 Section 10.
	 	Preferred Stock Record Date	  	 	16	  
	 Section 11.
	 	Adjustment of Exercise Price or Number of Shares	  	 	16	  
	 Section 12.
	 	Certification of Adjusted Exercise Price or Number of Shares	  	 	23	  
	 Section 13.
	 	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	 	23	  
	 Section 14.
	 	Fractional Rights and Fractional Shares	  	 	26	  
	 Section 15.
	 	Rights of Action	  	 	27	  
	 Section 16.
	 	Agreement of Right Holders	  	 	28	  
	 Section 17.
	 	Right Certificate Holder Not Deemed a Stockholder	  	 	28	  
	 Section 18.
	 	Concerning the Rights Agent	  	 	29	  
	 Section 19.
	 	Merger or Consolidation of, or Change in Name of, the Rights Agent	  	 	29	  
	 Section 20.
	 	Duties of Rights Agent	  	 	30	  
	 Section 21.
	 	Change of Rights Agent	  	 	32	  
	 Section 22.
	 	Issuance of New Right Certificates	  	 	33	  
	 Section 23.
	 	Redemption	  	 	33	  
	 Section 24.
	 	Notice of Proposed Actions	  	 	34	  
	 Section 25.
	 	Notices	  	 	35	  
	 Section 26.
	 	Supplements and Amendments	  	 	36	  

  
 i 

 TABLE OF CONTENTS 

(cont’d) 
  

 

							
	 Section
	 	 	  	Page	 
			
	 Section 27.
	 	Exchange	  	 	36	  
	 Section 28.
	 	Successors	  	 	38	  
	 Section 29.
	 	Benefits of this Agreement	  	 	38	  
	 Section 30.
	 	Delaware Contract	  	 	38	  
	 Section 31.
	 	Counterparts	  	 	38	  
	 Section 32.
	 	Descriptive Headings	  	 	38	  
	 Section 33.
	 	Severability	  	 	38	  
	 Section 34.
	 	Determinations and Actions by the Board of Directors	  	 	38	  

  

					
	Exhibit A	  	-	  	Form of Certificate of Designations of Series A Junior Participating Preferred Stock
	Exhibit B	  	-	  	Summary of Rights
	Exhibit C	  	-	  	Form of Right Certificate

  
 ii 

 RIGHTS AGREEMENT 

THIS RIGHTS AGREEMENT (this “Agreement”), dated as of May 24, 2013, is entered into by and between Health
Management Associates, Inc., a Delaware corporation (the “Corporation”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Rights Agent”). 

RECITALS 

WHEREAS, on May 24, 2013, the board of directors of the Corporation (the “Board of Directors”) authorized the
issuance of, and declared a dividend payable in, one right (a “Right”) for each share of common stock, par value $0.01 per share (“Common Stock”), of the Corporation outstanding as of close of business on
June 3, 2013 (the “Record Date”), each such Right representing the right to purchase one one-thousandth (1/1000) of a share of Series A Junior Participating Preferred Stock of the Corporation, par value $0.01 per share
(“Preferred Stock”), having the rights and preferences set forth in the form of Certificate of Designations attached hereto as Exhibit A duly adopted by the Board of Directors on May 24, 2013, upon the terms and subject
to the conditions hereinafter set forth; and 
 WHEREAS, on May 24, 2013, the Board of Directors further authorized the
issuance of one Right (subject to adjustment) with respect to each share of Common Stock which may be issued between the Record Date and the earliest to occur of the Distribution Date, the Expiration Date or the Final Expiration Date (as such terms
are hereinafter defined); provided, however, that Rights may be issued with respect to shares of Common Stock that shall become outstanding after the Distribution Date and prior to the earlier of the Expiration Date and the Final
Expiration Date in accordance with Section 22 hereof. 
 NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereby agree as follows: 
 Section 1. Certain Definitions. For purposes of
this Agreement, the following terms shall have the meanings provided in this Section 1. Any capitalized term defined in this Section 1 and used in the following definitions shall have the meaning provided in this Section 1.

 (a) “Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or which, together
with all Affiliates and Associates of such Person, shall be the Beneficial Owner (as such term is hereinafter defined) of fifteen percent (15%) or more of the shares of Voting Stock then outstanding, but shall not include an Exempt Person (as
such term is hereinafter defined); provided, however, that (i) if the Board of Directors determines in good faith that a Person became the Beneficial Owner of a number of shares of Voting Stock such that the Person would otherwise
qualify as an “Acquiring Person” inadvertently (including, without limitation, because (A) such Person was unaware that it Beneficially Owned a percentage of Voting Stock 

 
that would otherwise cause such Person to be an “Acquiring Person” or (B) such Person was aware of the extent of its Beneficial Ownership of Voting Stock 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, then such Person shall not be deemed to be or to have become an “Acquiring
Person” for any purposes of this Agreement unless and until such Person shall have failed to divest itself, as soon as practicable (as determined, in good faith, by the Board of Directors), of Beneficial Ownership of a sufficient number of
shares of Voting Stock so that such Person would no longer otherwise qualify as an “Acquiring Person” (or, in the case solely of Derivative Shares (as such term is hereinafter defined), such Person terminates the subject derivative
transaction or transactions or disposes of the subject derivative security or securities, or establishes to the satisfaction of the Board of Directors that such Derivative Shares are not held with any intention of changing or influencing control of
the Corporation) ; (ii) an Existing Holder (as such term is hereinafter defined) shall not be deemed to be or to become an “Acquiring Person” unless and until such time as such Existing Holder shall become the Beneficial Owner of
additional shares of Voting Stock representing one-quarter of one percent (0.25%) of the then-outstanding Voting Stock (other than pursuant to a dividend or distribution paid or made by the Corporation on the outstanding Voting Stock or pursuant to
a split or subdivision of the outstanding Voting Stock); provided, however, that if, following the date hereof, any Existing Holder Beneficially Owns less than fifteen percent (15%) of the Voting Stock then outstanding, such
Existing Holder shall thereafter become an Acquiring Person if such Existing Holder acquires Beneficial Ownership of additional shares of Voting Stock representing fifteen percent (15%) or more of the Voting Stock then outstanding (other than
pursuant to a dividend or distribution paid or made by the Corporation on the outstanding Voting Stock or pursuant to a split or subdivision of the outstanding Voting Stock); and (iii) no Person shall become an “Acquiring Person” as
the result of an acquisition of shares of Voting Stock by the Corporation which, by reducing the number of shares outstanding, increases the proportionate number of shares of Voting Stock beneficially owned by such Person so that such Person would
otherwise become an “Acquiring Person;” provided, however, that if any such Person shall thereafter become the Beneficial Owner of additional shares of Voting Stock representing one quarter of one percent (0.25%) of the then
outstanding Voting Stock (other than pursuant to a dividend or distribution paid or made by the Corporation on the outstanding Voting Stock or pursuant to a split or subdivision of the outstanding Voting Stock), then such Person shall be deemed to
be an “Acquiring Person” unless upon becoming the Beneficial Owner of such additional shares of Voting Stock such Person does not beneficially own fifteen percent (15%) or more of the shares of Voting Stock then outstanding. For all
purposes of this Agreement, any calculation of the number of shares of Voting Stock outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Voting 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, as in effect on the date hereof. 

  
 2 

 (b) “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2
of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement. 
 (c)
“Associate” of a Person shall mean (i) with respect to a corporation, any officer or director thereof or any Associate of any Subsidiary thereof, or any Beneficial Owner of ten percent (10%) or more of any class of equity
security thereof, (ii) with respect to an association, any officer or director thereof or any Associate of a Subsidiary thereof, (iii) with respect to a partnership, any general partner thereof or any limited partner thereof who is,
directly or indirectly, the Beneficial Owner of ten percent (10%) or more ownership interest therein, and any Associate of any Subsidiary thereof, (iv) with respect to a limited liability company, any manager or managing member thereof and
any Beneficial Owner of ten percent (10%) or more of any class of membership interest therein or other equity security thereof, and any Associate of any Subsidiary thereof, (v) with respect to a business trust, any officer or trustee
thereof or any Associate of any Subsidiary thereof, (vi) with respect to any other trust or an estate, any trustee, executor or similar fiduciary and any Person who has a ten percent (10%) or more interest as a beneficiary in the income
from or principal of such trust or estate, (vii) with respect to a natural person, the parents and children thereof and any spouse or relative thereof, or any relative of such spouse, who has the same home as such person, and (viii) any
Affiliate of such Person. 
 (d) A person shall be deemed the “Beneficial Owner” of, to “Beneficially
Own” or have “Beneficial Ownership” of any securities (and correlative terms shall have correlative meanings): 
 (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 Regulations 13D and 13G
thereunder, in each case, as in effect on the date of this Agreement; 
 (ii) which such Person or any of such
Person’s Affiliates or Associates has (A) the right to acquire (whether such right is exercisable immediately or only after the passage of time or the fulfillment of a condition or both) pursuant to any agreement, arrangement or
understanding (whether or not in writing), or upon the exercise of conversion rights, exchange rights, other rights (other than the Rights), warrants or options, or otherwise; provided, however, that a Person shall not be deemed the
Beneficial Owner of, to Beneficially Own or have Beneficial Ownership of, securities tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until such tendered securities are
accepted for purchase or exchange or (B) the right to vote, alone or in concert with others, 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, to Beneficially Own or have Beneficial Ownership of, any securities if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given in response to a proxy
or consent solicitation made pursuant to, and in accordance with, the 

  
 3 

 
applicable rules and regulations under the Exchange Act and (2) is not at the time reportable by such Person on a Schedule 13D report under the Exchange Act (or any comparable or successor
report), other than by reference to a proxy or consent solicitation being conducted by such Person; 
 (iii)
which are beneficially owned, directly or indirectly, by any other Person with 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 as described in clause (B) of subparagraph (ii) of this paragraph (d)) or disposing of any securities of the Corporation; provided, however, that for purposes of determining Beneficial
Ownership of securities under this Agreement, officers and directors of the Corporation, solely by reason of their status as such, shall not constitute a group (notwithstanding that they may be Associates of one another or may be deemed to
constitute a group for purposes of Section 13(d) the Exchange Act) and shall not be deemed to own securities owned by another officer or director of the Corporation; or 

(iv) which are the subject of, or the reference securities for, or that underlie any derivative transaction entered into
by such Person, or derivative security (including options) acquired by such Person, which gives such Person the economic equivalent of ownership of an amount of such securities due to the fact that the value of the derivative is directly or
indirectly determined by reference to the price or value of such securities, without regard to whether (a) such derivative conveys any voting rights in such securities to such Person, (b) the derivative is required to be, or capable of
being, settled through delivery of such securities, or (c) such Person may have entered into other transactions that hedge the economic effect of such derivative. In determining the number of shares of Voting Stock deemed Beneficially Owned by
virtue of the operation of this Section 1(d)(iv), the subject Person shall be deemed to Beneficially Own (without duplication) the number of shares of Voting Stock that are synthetically owned pursuant to such derivative transactions or such
derivative securities. The number of shares of Voting Stock that are synthetically owned shall be the notional or other number of shares of Voting Stock in respect of such derivative transactions or securities that is specified in a filing by such
Person or any of such Person’s Affiliates or Associates with the SEC or in the documentation evidencing such derivative transactions or securities, and in any case (or if no such number of shares of Voting Stock is specified in any filing or
documentation), as determined by the Board of Directors in good faith to be the number of shares of Voting Stock that are synthetically owned pursuant to such derivative transactions or securities. Such shares of Voting Stock that are deemed so
Beneficially Owned pursuant to the operation of this Section 1(d)(iv) shall be referred to herein as “Derivative Shares”. 
 Notwithstanding anything in this paragraph (d) to the contrary, a Person engaged in the business of underwriting securities in the ordinary course of its business shall not be deemed the Beneficial
Owner of, to Beneficially Own or to have Beneficial Ownership of, any securities acquired or otherwise beneficially owned in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of the sale of
securities to the public pursuant to such firm commitment underwriting. 

  
 4 

 (e) “Business Day” shall mean any day other than a Saturday, Sunday, or a
day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 

(f) “Close of Business” on any given date shall mean 5:00 p.m., New York City time, on such date; provided,
however, that if such date is not a Business Day it shall mean 5:00 p.m., New York City time, on the next succeeding Business Day. 
 (g) “Common Stock” when used with reference to the Corporation shall collectively mean the Common Stock of the Corporation as defined in the first recital hereof and any other common
stock of the Corporation into or for which it is changed, converted or exchanged. “Common Stock” when used with reference to any Person other than the Corporation which shall be organized in corporate form shall mean the capital
stock or other equity security having the greatest aggregate voting power in the election of directors of all classes of capital stock or equity securities of such corporation. “Common Stock” when used with reference to any Person
which shall not be organized in corporate form shall mean units of beneficial interest in the profits or losses of such Person or other equity security of such Person having the greatest aggregate voting power in the election of the directors,
trustees, managers or other Persons performing like governance functions for such Person of all classes of equity securities of such Person. 
 (h) “Corporation” shall have the meaning provided in the preamble hereof; provided, however, that “Corporation” shall also include any successors to the
Corporation as provided by Section 28 hereof and shall mean a Principal Party as provided by Sections 13(a) and 13(b) hereof. 
 (i) “Distribution Date” shall have the meaning set forth in Section 3(b) hereof. 
 (j) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (k) “Exchange Ratio” shall have the meaning set forth in Section 27 hereof. 
 (l) “Exempt Person” shall mean (i) the Corporation, (ii) any Subsidiary of the Corporation or (iii) any employee benefit plan or employee stock plan of the Corporation or
any Subsidiary of the Corporation, or any trust or other entity organized, appointed, established or holding Voting Stock for or pursuant to the terms of any such plan. 

  
 5 

 (m) “Exercise Price” shall have the meaning set forth in Section 4
hereof. 
 (n) “Existing Holder” shall mean any Person who, together with its Affiliates and Associates, as of
5:00 p.m. New York City time on May 24, 2013, is the Beneficial Owner of fifteen percent (15%) or more of the Voting Stock then outstanding. 
 (o) “Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 
 (p) “Fair Market Value” of any property shall mean the fair market value of such property as determined in accordance with Section 11(b) hereof. 

(q) “Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 

(r) “Person” shall mean any individual, company, firm, corporation, joint venture, partnership, trust association,
limited liability company, limited liability partnership, governmental entity, unincorporated organizations or other entity, and any successor of any such entity. 
 (s) “Principal Party” shall have the meaning set forth in Section 13(b) hereof. 
 (t) “Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 
 (u) “Right Certificate” shall have the meaning set forth in Section 3(d) hereof. 
 (v) “Securities Act” shall mean the Securities Act of 1933, as amended. 
 (w) “Stock Acquisition Date” shall mean the first date on which there shall be a public announcement by the Corporation or an Acquiring Person that an Acquiring Person has become such
(which, for purposes of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) of the Exchange Act) or such earlier date as a majority of the Board of Directors shall become aware of the existence of an
Acquiring Person as confirmed by action of the Board of Directors taken by the affirmative vote of a majority of the Board of Directors. 
 (x) “Stockholder Approval” shall mean the approval of this Agreement by the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Common Stock
entitled to vote at the Corporation’s 2014 annual meeting of stockholders and that are present, or represented by proxy, and are voted on the proposal to approve this Agreement, at such meeting duly held in accordance with the
Corporation’s Restated Certificate of Incorporation, as amended, or Amended and Restated Bylaws or applicable law. 

  
 6 

 (y) “Subsidiary” of a Person shall mean any corporation or other entity of
which securities or other ownership interests having ordinary voting power sufficient to elect a majority of the board of directors of such corporation or other entity or other persons performing similar functions are beneficially owned, directly or
indirectly, by such Person or by any corporation or other entity that is otherwise controlled by such Person. 
 (z)
“Summary of Rights” shall have the meaning set forth in Section 3(a) hereof. 
 (aa) “Trading
Day” shall have the meaning set forth in Section 11(b) hereof. 
 (bb) “Transfer Tax” shall mean
any tax or charge, including any documentary stamp tax, imposed or collected by any governmental or regulatory authority in respect of any transfer of any security, instrument or right, including the Rights, shares of the Common Stock and shares of
the Preferred Stock. 
 (cc) “Voting Stock” shall mean (i) the 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 generally to vote together with the Common Stock in respect of a merger, consolidation, sale of all or substantially
all of the Corporation’s assets, liquidation, dissolution or winding up. For purposes of this Agreement, a stated percentage of the Voting Stock shall mean a number of shares of Voting Stock as shall equal in voting power that stated percentage
of the total voting power of the then outstanding Voting Stock in the election of a majority of the Board of Directors or in respect of a merger, consolidation, sale of all or substantially all of the Corporation’s assets, liquidation,
dissolution or winding up. 
 Any determination required to be made by the Board of Directors for purposes of applying the
definitions contained in this Section 1 shall be made by a majority of the Board of Directors in its good faith judgment, which determination shall be binding on the Rights Agent and the holders of the Rights. 

Section 2. Appointment of Rights Agent. The Corporation hereby appoints the Rights Agent to act as agent for 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 appoint such co-rights agents as it may deem necessary or desirable, upon ten (10) days prior
written notice to the Rights Agent. If the Corporation appoints one or more co-rights agents, the respective duties of the Rights Agent and any co-rights agents shall be as the Corporation shall determine, and the Corporation will notify, in
writing, the Rights Agent and any co-rights agents of any such respective duties. 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. 

  
 7 

 Section 3. Issuance of Right Certificates. 

(a) On the Record Date (or as soon as practicable thereafter), the Corporation shall or shall direct the Rights Agent to send a copy of a
Summary of Rights, in substantially the form attached hereto as Exhibit B (the “Summary of Rights”), by first class mail, postage prepaid, to each record holder of the Common Stock as of the Record Date, at the address of
such holder shown on the records of the Corporation or the transfer agent or registrar for Common Stock. 
 (b) Until the Close
of Business on the day which is the earlier of (i) the tenth (10th) Business Day after the Stock Acquisition Date or (ii) the tenth (10th) Business Day (or such later date as may be determined by action of the Board of Directors
prior to such time as any Person becomes an Acquiring Person) after the date of the commencement by any Person (other than an Exempt Person) of a tender or exchange offer upon the successful consummation of which such Person, or any Affiliate or
Associate of such Person, would be an Acquiring Person (including any such date which is after the date of this Agreement and prior to the issuance of the Rights, the earlier of such dates being herein referred to as the “Distribution
Date”), (A) the Rights shall be evidenced by the certificates for Common Stock (or in the case of uncertificated shares of Common Stock, by the book-entry account that evidences record ownership for such shares) registered in the names
of the holders of Common Stock (together with, in the case of certificates for Common Stock outstanding as of the Record Date, the Summary of Rights) and not by separate Right certificates, and the record holders of such certificates (or such
book-entry accounts) for Common Stock shall be the record holders of the Rights represented thereby and (B) each Right shall only be transferable simultaneously and together with the transfer of a share of Common Stock (subject to adjustment as
hereinafter provided). Until the Distribution Date (or, if earlier, the Expiration Date or Final Expiration Date), the surrender for transfer of any certificate for Common Stock (or the effectuation of a book-entry transfer of shares of Common
Stock) shall constitute the surrender for transfer of the Right or Rights associated with the Common Stock evidenced thereby, whether or not accompanied by a copy of the Summary of Rights. 

(c) Rights shall be issued in respect of all shares of Common Stock that become outstanding after the Record Date, but prior to the
earliest of the Distribution Date, the Expiration Date or the Final Expiration Date. Certificates that become outstanding for Common Stock (including, without limitation, certificates issued upon original issuance, disposition from the
Corporation’s treasury or transfer or exchange of Common Stock) after the Record Date but prior to the earliest of the Distribution Date, the Expiration Date, or the Final Expiration Date shall have impressed, printed, written or stamped
thereon or otherwise affixed thereto the following legend: 

  
 8 

 This certificate also evidences and entitles the holder hereof to the same
number of Rights (subject to adjustment) equal to the number of shares of common stock represented by this certificate, such Rights being on the terms set forth in the Rights Agreement by and between Health Management Associates, Inc. (the
“Corporation”) and American Stock Transfer & Trust Company, LLC (the “Rights Agent”), dated as of May 24, 2013, as it may be amended from time to time (the “Agreement”), the terms of which are 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 Agreement, such Rights may be redeemed, may become exercisable for securities or assets of the
Corporation, or securities of another entity, may be exchanged for shares of Common Stock or other securities or assets of the Corporation or may expire. Under certain circumstances, as set forth in the Agreement, such Rights shall be evidenced by
separate certificates and shall no longer be evidenced by this certificate. The Corporation shall mail to the registered holder of this certificate a copy of the Agreement without charge within five (5) days after receipt of a written request
therefor. As provided in Section 7(e) of the Agreement, Rights issued to or Beneficially Owned by Acquiring Persons or their Affiliates or Associates (as such terms are defined in the Agreement) or any subsequent holder of such Rights shall
be null and void and may not be exercised by or transferred to any Person. 
 With respect to any book-entry shares of
Common Stock, such legend shall be included in a notice to the record holder of such shares in accordance with applicable law. With respect to such certificates containing the foregoing legend, or any notice of the foregoing legend delivered to
holders of book-entry shares, until the Distribution Date, the Rights associated with the Common Stock represented by such certificates or registered in book-entry form shall be evidenced by such certificates alone or such registration in book-entry
form, and the surrender for transfer of any such certificate or book-entry shares, except as otherwise provided herein, shall also constitute the transfer of the Rights associated with the Common Stock. In the event that the Corporation purchases or
otherwise acquires any shares of Common Stock after the Record Date but prior to the Distribution Date, any Rights associated with such shares of Common Stock shall be deemed canceled and retired so that the Corporation shall not be entitled to
exercise any Rights associated with the shares of Common Stock that are no longer outstanding. Notwithstanding this paragraph (c), neither the omission of a legend, nor the failure to provide notice thereof, shall affect the enforceability of any
part of this Agreement or the rights of any holder of the Rights. 

  
 9 

 (d) As soon as practicable after the Distribution Date, the Corporation will prepare and
execute, the Rights Agent will countersign, and the Corporation will send or cause to be sent (and the Rights Agent will, if requested by the Corporation and provided with a shareholder list and all necessary or relevant information and documents,
at the Corporation’s expense, send), by first class mail, postage prepaid, to each record holder of the Common Stock as of the Close of Business on the Distribution Date, as shown by the records of the Corporation or the transfer agent or
registrar for Common Stock, at the address of such holder shown on such records, a certificate substantially in the form provided by Section 4 hereof (a “Right Certificate”), evidencing one Right (subject to adjustment as
provided herein) for each share of Common Stock so held. As of and after the Distribution Date, the Rights shall be evidenced solely by Right Certificates and may be transferred by the transfer of the Right Certificate as permitted hereby,
separately and apart from any transfer of one or more shares of Common Stock. 
 Section 4. Form of Right
Certificates. The Right Certificates (and the forms of election to purchase shares, certificate and assignment to be printed on the reverse thereof), when, as and if issued, shall be substantially in the form set forth in Exhibit C hereto
and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as may be required to comply with any law or any applicable rule or regulation made pursuant thereto or with any rule or regulation
of any stock exchange on which the Common Stock or the Rights may from time to time be listed or as the Corporation may deem appropriate to conform to usage or otherwise and as are not inconsistent with the provisions of this Agreement. Subject to
the provisions of Section 22 hereof, Right Certificates evidencing Rights whenever issued, (a) shall be dated as of the date of issuance of the Rights they represent and (b) subject to adjustment from time to time as provided herein,
on their face shall entitle the holders thereof to purchase such number of one one-thousandths (1/1000) of a share (including fractional shares which are integral multiples of one one-thousandth (1/1000) of a share) of Preferred Stock as
shall be set forth thereon at the price per one one-thousandth (1/1000) of a share of Preferred Stock payable upon exercise of a Right provided by Section 7(b) hereof, as the same may from time to time be adjusted as provided herein (the
“Exercise Price”). 
 Section 5. Countersignature and Registration. 

(a) Each Right Certificate shall be executed on behalf of the Corporation by its Chief Executive Officer, President or any Executive Vice
President, either manually or by facsimile signature, and have affixed thereto the Corporation’s seal or a facsimile thereof which shall be attested to by the Secretary or an Assistant Secretary of the Corporation, either manually or by
facsimile signature. Each Right Certificate shall be countersigned by the Rights Agent either manually or by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Corporation who shall have
signed any Right Certificate shall cease to be such officer of the Corporation before countersignature by the Rights Agent and issuance and delivery of the Right Certificate by the Corporation, such Right Certificate, nevertheless, may be

  
 10 

 
countersigned by the Rights Agent and issued and delivered 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. Any Right Certificate may be signed on behalf of the Corporation by any person who, on the 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 Agreement any such person was not such an officer. 
 (b) Following the Distribution Date, the
Rights Agent shall keep or cause to be kept, at the office of the Rights Agent designated for such purpose, books for registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the
respective holders of the Right Certificates, the number of Rights evidenced on the face of each of the Right Certificates and the date of each of the Right Certificates. 
 Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. 

(a) Subject to the provisions of Sections 7(e), 7(f) 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 earlier of the Expiration Date or the Final Expiration Date, any Right Certificate (other than Right Certificates representing Rights that have become null and void pursuant to Section 11 hereof or
that have been exchanged pursuant to Section 27 hereof), may be (i) transferred or (ii) split up, combined or exchanged for one or more other Right Certificates, entitling the registered holder to purchase a like number of one
one-thousandths (1/000) of a share of Preferred Stock as the Right Certificate surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate shall surrender
the Right Certificate at the office of the Rights Agent designated for such purpose with the form of certificate and assignment on the reverse side thereof duly endorsed (or enclose with such Right Certificate a written instrument of transfer in
form satisfactory to the Corporation and the Rights Agent), duly executed by the registered holder thereof or his attorney duly authorized in writing, and with such signature duly guaranteed and such other and further documentation as the Rights
Agent or the Corporation may require. The Right Certificates are transferable only on the registry books of the Rights Agent. 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 until the registered holder shall have (i) properly completed and duly executed the certificate contained in the form of assignment set forth on the reverse side of such Right Certificate,
(ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) from whom the Rights evidenced by such Right Certificate are to be transferred (or the Beneficial Owner to whom such Rights are to be
transferred) or Affiliates thereof as the Corporation or the Rights Agent shall reasonably request, and (iii) paid a sum sufficient to cover any Transfer Tax that may be imposed in connection with any transfer, split up combination or exchange
of Rights Certificates. Thereupon, subject to Sections 5, 7(f) and 14 hereof, the Corporation shall execute and the Rights Agent shall countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case may
be, as so requested, registered in such name or names as may be designated by the 

  
 11 

 
surrendering registered holder. The Rights Agent shall forward any such sum collected by it to the Corporation or to such Persons as the Corporation shall specify by written notice. The Rights
Agent shall have no duty or obligation under any Section of this Agreement that requires the payment of Transfer Taxes unless and until it is satisfied that all such Transfer Taxes have been paid in full. 

(b) Subject to the provisions of Sections 7(e), 7(f) and 14 hereof, at any time after the Distribution Date and prior to the Close of
Business on earlier of the Expiration Date and the Final Expiration Date, upon receipt by the Corporation and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in
case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them and, if requested by the Corporation, reimbursement to the Corporation and the Rights Agent of all reasonable expenses incidental thereto, or upon surrender
to the Rights Agent and cancellation of the Right Certificate if mutilated, the Corporation shall cause a new Right Certificate of like tenor to be issued and delivered to the registered owner in lieu of the Right Certificate so lost, stolen,
destroyed or mutilated. 
 Section 7. Exercise of Rights; Exercise Price; Expiration Date of Rights; Invalidation of
Certain Rights. 
 (a) The Rights shall not be exercisable until, and shall become exercisable on, the Distribution Date
(unless otherwise provided herein, including, without limitation, the restrictions on exercisability set forth in Section 7(e), 23(a) and 27(b) hereof). Except as otherwise provided herein, the Rights may be exercised, in whole or in part, at
any time commencing with 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 (with signatures duly guaranteed), to the Rights Agent at the
designated office of the Rights Agent, together with payment of the Exercise Price (which payment shall include any additional amount payable by such Person in accordance with Section 11 hereof) for each Right exercised (as the same may have
been adjusted as hereinafter provided), at or prior to the Close of Business on the earliest to occur of (i) May 24, 2014 (the “Final Expiration Date”), (ii) the date on which the Rights are redeemed as provided in
Section 23 hereof or the date on which the Rights are exchanged as provided in Section 27 hereof, or (iii) the date of the Corporation’s 2014 annual meeting of stockholders if Stockholder Approval has not been obtained at such
meeting (such earliest date being herein referred to as the “Expiration Date”). 
 (b) The Exercise Price shall
initially be $45.00 for each one one-thousandth (1/1000) of a share of Preferred Stock issued pursuant to the exercise of a Right. The Exercise Price and the number of one one-thousandths (1/1000) of a share of Preferred Stock or other
securities or property to be acquired upon exercise of a Right shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof. The Exercise Price shall be payable in lawful money of the United States of America, in
accordance with paragraph (c) below. 

  
 12 

 (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 by certified check, cashier’s check, bank draft or money order payable to the Corporation or the Rights Agent of the aggregate
Exercise Price for the number of one one-thousandths (1/1000) of a share of Preferred Stock to be purchased and an amount equal to any applicable Transfer Tax required to be paid by the holder of the Right Certificate in accordance with
Section 9(e) hereof, the Rights Agent shall thereupon promptly (i) request from any transfer agent of the Preferred Stock of the Corporation (or from the Corporation, if there shall be no such transfer agent, or make available if the
Rights Agent is such transfer agent) one or more certificates representing the number of shares of Preferred Stock to be so purchased, and the Corporation hereby authorizes and directs such transfer agent to comply with all such requests,
(ii) as provided in Section 14(b) hereof, at the election of the Corporation, cause depositary receipts to be issued in lieu of fractional shares of Preferred Stock, and the Corporation hereby directs such depositary agent to comply with
all such requests, (iii) if the election provided for in the immediately preceding clause (ii) has not been made, request from the Corporation the amount of cash to be paid in lieu of the issuance of fractional shares (other than fractions
that are integral multiples of one one-thousandth (1/1000) of a share) in accordance with Section 14(b) hereof, (iv) after receipt of such Preferred Stock certificates and, if applicable, 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 to or upon the order of
the registered holder of such Right Certificate; provided, however, that in the case of a purchase of securities other than Preferred Stock, pursuant to Section 13 hereof, the Rights Agent shall promptly take the appropriate
actions corresponding in such case to that referred to in the foregoing clauses (i) through (v) of this Section 7(c). Notwithstanding the foregoing provisions of this Section 7(c), the Corporation may suspend (with prompt written
notice thereof to the Rights Agent) the issuance of shares of Preferred Stock and other securities upon exercise of a Right for a reasonable period, not in excess of ninety (90) days, during which the Corporation seeks to register under the
Securities Act, and any applicable securities law of any other jurisdiction, the shares of Preferred Stock or other securities to be issued pursuant to the Rights; provided, however, that nothing contained in this Section 7(c)
shall relieve the Corporation of its obligations under Section 9(d) hereof. Upon any such suspension, the Corporation shall issue a public announcement (with prompt written notice thereof to the Rights Agent) stating that the exercisability of
the Rights has been temporarily suspended, as well as a public announcement (with prompt written notice thereof to the Rights Agent) at such time as the suspension is no longer in effect. 

(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 and delivered by the Corporation to the Rights Agent and countersigned and delivered by the Rights Agent to the registered holder of such Right Certificate
or his duly authorized assign, subject to the provisions of Section 14(b) hereof. 

  
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 (e) Notwithstanding any provision of this Agreement to the contrary, from and after the time
(the “invalidation time”) when any Person first becomes an Acquiring Person, any Rights that are Beneficially Owned by (i) such Acquiring Person (or any Associate or Affiliate of such Acquiring Person), (ii) a transferee
of such Acquiring Person (or any such Associate or Affiliate) who becomes a transferee after the invalidation time or (iii) a transferee of such Acquiring Person (or any such Associate or Affiliate) who becomes a transferee prior to or
concurrently with the invalidation time pursuant to either (A) a transfer from the Acquiring Person (or any such Associate or Affiliate) to holders of its equity securities or to any Person with whom it has any continuing agreement, arrangement
or understanding regarding the transferred Rights or (B) a transfer which the Board of Directors has determined is part of a plan, arrangement or understanding which has the purpose or effect of avoiding the provisions of this
Section 7(e), and subsequent transferees of such Persons referred to in clauses (ii) and (iii) above, shall be null and void without any further action and any holder of such Rights shall thereafter have no rights whatsoever with
respect to such Rights under any provision of this Agreement. No Right Certificate shall be issued pursuant to Section 3 hereof that represents Rights beneficially owned by an Acquiring Person or any Affiliate or Associate thereof whose Rights
would be null and void pursuant to the provisions of this Section 7(e), no Right Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person (or an Affiliate or Associate of such Acquiring Person) whose Rights
would be null and void pursuant to the provisions of this Section 7(e) or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate, and any Right Certificate delivered to the Rights Agent for
transfer to an Acquiring Person (or an Associate or Affiliate of such Acquiring Person) whose Rights would be void pursuant to the provisions of this Section 7(e) shall be cancelled. The Corporation shall use all reasonable efforts to ensure
that the provisions of this Section 7(e) are complied with, but it shall have no liability to any holder of Right Certificates or any other Person as a result of its failure to make any determination with respect to an Acquiring Person or 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 upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall have
(i) completed and signed the certificate following the form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof and such other information as the Corporation or the Rights Agent shall reasonably request. 

  
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 Section 8. Cancellation and Destruction of Right Certificates. All Right
Certificates surrendered for the purpose of and accepted for exercise, transfer, split up, combination or exchange shall, if surrendered to the Corporation or to any of its agents (other than the Rights Agent), be delivered to the Rights Agent for
cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled 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 cancel and retire, any Right Certificate purchased or acquired by the Corporation other than in connection with the exercise thereof. The Rights Agent
shall deliver all cancelled Right Certificates to the Corporation, or shall, at the written request of the Corporation, destroy such cancelled Right Certificates, and in such case shall deliver a certificate of destruction thereof to the
Corporation. 
 Section 9. Reservation and Availability of Shares of Preferred Stock. 

(a) The Corporation covenants and agrees that it will cause to be reserved and kept available out of the authorized and unissued shares
of Preferred Stock or out of authorized and issued shares of Preferred Stock held in its treasury, such number of shares of Preferred Stock as will from time to time be sufficient to permit the exercise in full of all outstanding Rights. 

(b) The Corporation shall use its reasonable best efforts to cause, from and after such time as the Rights become exercisable, all shares
of Preferred Stock issued or reserved for issuance in accordance with this Agreement to be listed, upon official notice of issuance, upon the principal national securities exchange, if any, upon which the Common Stock is listed or, if the principal
market for the Common Stock is not on any national securities exchange, to be eligible for or admitted to trading on any quotation or other system then in use. 
 (c) The Corporation covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred Stock delivered upon exercise of Rights shall, at the time of delivery
of the certificates for such shares (subject to payment of the full Exercise Price in respect thereof), be duly and validly authorized and issued and fully paid and nonassessable shares. 

(d) The Corporation shall use its reasonable best efforts to (i) file, as soon as practicable following the occurrence of the event
described in Section 11(a)(ii), or as soon as is required by law following the Distribution Date, as the case may be, a registration statement under the Securities Act and the Exchange Act on an appropriate form, with respect to the shares of
Preferred Stock purchasable upon exercise of the Rights, (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 Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for Preferred Stock and (B) the earlier of the Expiration Date and the Final
Expiration Date. The Corporation may temporarily suspend (with prompt written notice thereof to the Rights Agent), for a period of time not to exceed ninety (90) days, the issuance of shares of Preferred Stock upon exercise of a Right in order
to prepare and file a registration statement under the 

  
 15 

 
Securities Act and permit it to become effective. The Corporation shall 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. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction unless the requisite qualification in such
jurisdiction shall have been obtained and until a registration statement under the Securities Act (if required) shall have been declared effective. 
 (e) The Corporation covenants and agrees that it will pay when due and payable any and all United States federal and state Transfer Taxes which may be payable in respect of the issuance or delivery of the
Right Certificates or of any shares of Preferred Stock issued or delivered 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 a Right
Certificate to a Person other than, or the issuance or delivery of certificates for Preferred Stock upon exercise of Rights in a name other than that of, the registered holder of the Right Certificate, and the Corporation shall not be required to
issue or deliver a Right Certificate or certificate for Preferred Stock to a Person other than such registered holder until any such Transfer Tax shall have been paid (any such Transfer 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 Transfer Tax is due. 
 (f) The requirements of this Section 9 shall apply to shares of Common Stock of the Corporation if the Corporation has elected in accordance with Section 11(a)(iii) hereof to substitute shares
of Common Stock for shares of Preferred Stock that otherwise may be purchased upon the exercise of Rights. 
 Section 10.
Preferred Stock Record Date. Each Person in whose name any certificate for shares of Preferred Stock is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the Preferred Stock represented
thereby on, and such certificate shall be dated as of, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the full Exercise Price (and any applicable Transfer Taxes) was made; provided,
however, that, if the date of such surrender and payment is a date upon which the relevant Preferred Stock transfer books of the Corporation are closed, such Person shall be deemed to have become the record holder of such shares on, and such
certificate shall be dated as of, the next succeeding Business Day on which such Preferred Stock transfer books are open. 

Section 11. Adjustment of Exercise Price or Number of Shares. 

(a) The Exercise Price and the number of shares of Preferred Stock which may be purchased upon exercise of a Right are subject to
adjustment from time to time as provided in this Section 11. 

  
 16 

 (i) In the event the Corporation shall at any time after the date of this Agreement
(A) declare or pay any dividend on Common Stock payable in shares of Common Stock, (B) subdivide or split the outstanding shares of Common Stock into a greater number of shares or (C) combine or consolidate the outstanding shares of
Common Stock into a smaller number of shares or effect a reverse split of the outstanding shares of Common Stock, then and in each such event the number of one one-thousandths (1/1000) of a share of Preferred Stock issuable upon the exercise of
a Right after the record date for such event (if one shall have been established or, if not, after the date of such event) shall be the number of one one-thousandths (1/1000) of a share of Preferred Stock issuable immediately prior to such
event multiplied by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately prior to such event and the denominator of which is the number of shares of Common Stock outstanding immediately after such event,
and the Exercise Price to be in effect after the record date for such event (if one shall have been established or, if not, after the date of such event) shall be determined by multiplying the Exercise Price in effect immediately prior to such event
by such fraction. If an event occurs which would require an adjustment under both this 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). 
 (ii) Subject to Section 27 hereof, in the event
that any Person shall become an Acquiring Person, then, subject to the last sentence of Section 23(a) hereof and except as otherwise provided in this Section 11, each holder of a Right, except as provided in Section 7(e) hereof, shall
thereafter have the right to receive upon exercise of such Right in accordance with the terms of this Agreement and payment of the Exercise Price, such number of one one-thousandths (1/1000) of a share of Preferred Stock as shall equal the
result obtained by (A) multiplying the then current Exercise Price by the number of one one-thousandths (1/1000) of a share of Preferred Stock for which a Right would, absent adjustment pursuant to this Section 11(a)(ii), be then
exercisable and dividing the product by (B) fifty percent (50%) of the proportionate Fair Market Value of one one-thousandth (1/1000) of a share of Preferred Stock (determined pursuant to Section 11(b) hereof) on the Stock
Acquisition Date in respect of such event; provided, however, if the transaction that would otherwise give rise to the foregoing adjustment is also subject to the provisions of Section 13 hereof, then only the provisions of
Section 13 hereof shall apply and no adjustment shall be made pursuant to this Section 11(a)(ii). 
 (iii) In the
event that the Corporation does not have available sufficient authorized but unissued shares of Preferred Stock to permit the exercise in full of the Rights in accordance with the foregoing subparagraph (ii), the Corporation shall take all such
action as may be necessary to authorize and reserve for issuance such number of additional shares of Preferred Stock as may from time to time be required to be issued upon the exercise in full of all Rights from time to time outstanding and, if
necessary, shall use its reasonable best efforts to obtain stockholder approval thereof. In lieu of issuing shares of Preferred Stock in accordance with the foregoing subparagraph (ii), the Corporation may, if the Board of Directors determines that
such action is necessary or appropriate, elect to issue or pay, upon the exercise of the Rights, cash, property, shares of Preferred Stock or Common Stock, or any combination thereof, 

  
 17 

 
having an aggregate Fair Market Value equal to the Fair Market Value of the shares of Preferred Stock which otherwise would have been issuable pursuant to Section 11(a)(ii) hereof as of the
date the Board of Directors makes such election (which Fair Market Value shall be determined as provided by Section 11(b) hereof). Subject to Section 23 hereof, any such election by the Board of Directors must be made and publicly
announced within thirty (30) days after the date on which the event described in Section 11(a)(ii) occurs and shall be applicable with respect to all Rights exercised after such public announcement. Notice of such election shall promptly
be given to the Rights Agent. 
 (b) For the purpose of this Agreement, the “Fair Market Value” of any share of
Preferred Stock, Common Stock or any other stock or any Right or other security or any other property on any date shall be determined as provided in this Section 11(b). In the case of a publicly traded (as such term is hereinafter defined)
stock or other security, the Fair Market Value thereof on any date shall be deemed to be the average of the daily closing prices per share of such stock or per unit of such other security for the thirty (30) consecutive Trading Days (as such
term is hereinafter defined) immediately prior to but not including such date; provided, however, that in the event that the Fair Market Value of any share of Common Stock is to be determined as of a date that is within thirty
(30) Trading Days after but not including (i) the ex-dividend date for a dividend or distribution on the Common Stock payable in shares of Common Stock or securities convertible into shares of Common Stock or (ii) the effective date
of any subdivision, split, combination, consolidation, reverse stock split or reclassification of the Common Stock, then, and in each such case, the Fair Market Value shall be appropriately adjusted by the Board of Directors to take into account
such dividend, distribution, subdivision, split, combination, consolidation, reverse stock split or reclassification. The closing price 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 applicable transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange), or, if the securities are
not listed or admitted to trading on the New York Stock Exchange, as reported in the applicable transaction reporting system with respect to securities listed on the principal national securities exchange (which, if approved by the Board of
Directors, may be a securities exchange of a country other than the United States of America) on which such security is listed or admitted to trading, or, if not listed or admitted to trading on any such 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 New York Stock Exchange or such other quotation reporting system then in use in the United States of America, or, if no
bids for such security are so quoted, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such security selected by the Board of Directors. The term “Trading Day” shall mean
a day on which the principal national securities exchange on which such security is listed or admitted to trading is open for the transaction of business or, if such security is not listed or admitted to trading on any national securities exchange,
a Business Day. For purposes of this Section 11(b), a stock or other security shall be 

  
 18 

 
considered “publicly traded” only (i) if registered under Section 12 of the Exchange Act or exempt from such registration pursuant to Section 12(g)(2)(B),
(C) or (G) of the Exchange Act, (ii) if traded on a national securities exchange of a country other than the United States of America approved by the Board of Directors or (iii) if, in the judgment of the Board of Directors,
there is sufficient active trading in such stock or other security that reported trading transactions therein fairly reflect the fair market value thereof. If a security is not publicly traded, “Fair Market Value” shall mean the fair value
per share of stock or per other unit of such other security, as determined by an independent investment banking firm experienced in the valuation of securities selected in good faith by the Board of Directors, or, if no such investment banking firm
is, in the good faith judgment of the Board of Directors, available to make such determination, as determined in good faith by the Board of Directors; provided, however, that for purposes of making the adjustment provided for by
Section 11(a)(ii) hereof, the Fair Market Value of a share of Preferred Stock, unless the Preferred Stock shall at the time be publicly traded (in which case its Fair Market Value shall be determined pursuant to the foregoing provisions of this
Section 11(b)), shall be 100% of the product of the Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend Multiple or Vote Multiple applicable to the Preferred Stock (as defined in the certificate of
designations of the Corporation relating to the Preferred Stock); provided, further, however, that the Board of Directors may, by resolution, determine that the Fair Market Value of a share of Preferred Stock shall be more than
such amount but not more than 110% of the product of the then Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend Multiple or Vote Multiple applicable to the Preferred Stock. In the case of property other than
securities, the Fair Market Value thereof shall be determined in good faith by the Board of Directors based upon such appraisals or valuation reports of such independent experts as the Board of Directors shall in good faith determine to be
appropriate in accordance with good business practices and fair to the interests of the holders of Rights. Any determination made by the Board of Directors as provided for by this Section 11(b) shall be described in a statement filed by the
Corporation with the Rights Agent, shall be effective thereupon and only thereupon and shall be binding upon the Rights Agent and, as provided by Section 34 hereof, all holders of Rights. 

(c) In case the Corporation shall fix a record date for the issuance of rights, options or warrants to all holders of Common Stock
entitling them (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Common Stock or securities convertible into Common Stock at a price per share (or having a conversion price per
share, if a security convertible into Common Stock) less than the then current per share Fair Market Value of the Common Stock on such record date, the Exercise Price to be in effect after such record date shall be determined by multiplying the
Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such record date plus the number of shares of Common Stock which the aggregate offering
price of the total number of shares of Common Stock so to be offered (and/or the aggregate initial conversion price of the convertible securities so to 

  
 19 

 
be offered) would purchase at such current Fair Market Value and the denominator of which shall be the number of shares of Common Stock outstanding on such record date plus the number of
additional shares of Common Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible). In case such subscription price may be paid in a consideration part or all of which
shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent. Shares of Common Stock owned by or
held for the account of the Corporation shall not be deemed outstanding for the purpose of any such computation. 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 Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed. 
 (d) In case the Corporation shall fix a record date for the making of a distribution to all holders of the Common 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 of the Corporation or any of its Subsidiaries, cash (other than a regular quarterly cash dividend not in excess of one hundred fifty percent
(150%) of the previous regular quarterly cash dividend), other assets (other than a dividend payable in shares of Common Stock) or options, rights or warrants to subscribe for shares of the Corporation or any Subsidiary (excluding those
referred to in Section 11(c) hereof), the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be
the Fair Market Value of the shares of Common Stock on such record date, less the fair market value (as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent) of the
portion of the assets or evidences of indebtedness or options, rights or warrants so to be distributed in respect of one share of Common Stock, and the denominator of which shall be such current Fair Market Value of the shares of Common Stock. Such
adjustment shall be made successively whenever such a record date is fixed, and, in the event that such distribution is not so made notwithstanding the setting of a record date therefor, the Exercise Price shall again be adjusted to be the Exercise
Price which would then be in effect if such record date had not been fixed. 
 (e) Unless the Corporation shall have exercised
its election as provided in Section 11(f), upon each adjustment of the Exercise Price as a result of the calculations made in Section 11(c) or (d), each Right outstanding immediately prior to the making of such adjustment shall thereafter
evidence the right to purchase, at the adjusted Exercise Price, that number of one one-thousandths (1/1000) of a share of Preferred Stock obtained by (i) multiplying (A) the number of one one-thousandths (1/1000) of a share of
Preferred Stock that could be purchased upon exercise of a Right immediately prior to the adjustment pursuant to this Section 11(e) by (B) the Exercise Price in effect immediately prior to such adjustment of the Exercise Price and
(ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price. 

  
 20 

 (f) The Corporation may elect, on or after the date of any adjustment of the Exercise Price
pursuant to Section 11(c) or 11(d), to adjust the number of Rights in substitution for any adjustment pursuant to Section 11(e) in the number of one one-thousandths (1/1000) 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 (1/1000) 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 obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise
Price in effect immediately after adjustment of the Exercise Price. The Corporation shall make a public announcement (with prompt notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the
adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise Price is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least ten
(10) days later than the date of the public announcement. If the Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(f), 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, if any, 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 shall be registered in the names of the holders of record of Right Certificates on the record date specified in the public announcement. 
 (g) All calculations under this Section 11 shall be made to the nearest cent or to the nearest one one-thousandth (1/1000) of a share, as the case may be. 

(h) Irrespective of any adjustment or change in the Exercise Price or the number of shares of Preferred Stock issuable upon the exercise
of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Exercise Price and the number of shares to be issued upon exercise of the Rights as in the initial Right Certificates issued hereunder but,
nevertheless, shall represent the Rights as so adjusted. 

  
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 (i) Before taking any action that would cause an adjustment reducing the purchase price per
whole share of Preferred Stock upon exercise of the Rights below the then par value, if any, of the shares of Preferred Stock, the Corporation shall use its reasonable best efforts to 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 non-assessable shares of such Preferred Stock at such adjusted purchase price per share. 

(j) Anything in this Section 11 to the contrary notwithstanding, in the event of any reclassification of stock of the Corporation or
any recapitalization, reorganization or partial liquidation of the Corporation or similar transaction, the Corporation shall be entitled to make such further adjustments in the number of shares of Preferred Stock which may be acquired upon exercise
of the Rights, and such adjustments in the Exercise Price therefor, in addition to those adjustments expressly required by the other paragraphs of this Section 11, as the Board of Directors shall determine to be necessary or appropriate in
order for the holders of the Rights in such event to be treated equitably and in accordance with the purpose and intent of this Agreement or in order that any such event shall not, but for such adjustment, in the opinion of counsel to the
Corporation, result in the stockholders of the Corporation being subject to any United States federal income tax liability by reason thereof. 
 (k) If as a result of an adjustment made pursuant to Section 11(a) hereof, the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock of the Corporation
other than the Preferred Stock, thereafter the Exercise Price and the number of such other shares so receivable upon exercise of a 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), 11(c), 11(d), 11(e), 11(f) and 11(j) hereof, as applicable, and the provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on
like terms to any such other shares. 
 Section 12. Certification of Adjusted Exercise Price or Number of Shares.
Whenever an adjustment is made as provided in Section 11, 13, 23(c) or 27 hereof, the Corporation shall (a) promptly prepare a certificate setting forth such adjustment, and a brief statement of the facts giving rise to such adjustment,
(b) promptly file with the Rights Agent and with each transfer agent for the Preferred Stock a copy of such certificate and (c) mail a brief summary thereof to each holder of a Right Certificate in accordance with Section 25.
Notwithstanding the foregoing, the failure of the Corporation to make such certification or give such notice shall not affect the validity of or the force or effect of the requirement for such adjustment. Any adjustment to be made pursuant to
Section 11, 13, 23(c) or 27 hereof shall be effective as of the date of the event giving rise to such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment therein contained and shall not
be deemed to have knowledge of any adjustment unless and until it shall have received such certificate. 

  
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 Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning
Power. 
 (a) In the event that, at any time after the time that any Person becomes an Acquiring Person, (i) the
Corporation shall, directly or indirectly, consolidate with, or merge with and into, any other Person or Persons and the Corporation shall not be the surviving or continuing corporation of such consolidation or merger, (ii) any Person or
Persons shall, directly or indirectly, consolidate with, or merge with and into, the Corporation, and the Corporation shall be the continuing or surviving corporation of such consolidation or merger and, in connection with such consolidation or
merger, all or part of the outstanding shares of Common Stock shall be changed or converted into or exchanged for stock or other securities of any other Person or of the Corporation or cash or any other property or (iii) the Corporation or one
or more of its Subsidiaries shall, directly or indirectly, sell or otherwise transfer to any other Person in one or more transactions, assets or earning power aggregating more than fifty percent (50%) of the assets or earning power of the
Corporation and its Subsidiaries (taken as a whole), then, on the first occurrence of any such event, proper provision shall be made so that (A) each holder of record of a Right, except as provided in Section 7(e) hereof, shall thereafter
have the right to receive, upon the exercise thereof at a price equal to the then current Exercise Price multiplied by the number of one one-thousandths (1/1000) of a share of Preferred Stock for which a Right is then exercisable, in accordance
with the terms of this Agreement and in lieu of shares of Preferred Stock, such number of shares of validly issued, fully paid, non-assessable and freely tradeable Common Stock of the Principal Party (as such term is hereinafter defined), not
subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall equal the result obtained by (1) multiplying the then current Exercise Price by the number of one one-thousandths (1/1000) of a share of
Preferred Stock for which a Right is then exercisable and dividing that product by (2) fifty percent (50%) of the then per share Fair Market Value of the Common Stock of the Principal Party on the date of the consummation of such
consolidation, merger, sale or transfer; provided, however, that the Exercise Price (as adjusted) and the number of shares of Common Stock of such Principal Party so receivable upon exercise of a Right shall be subject to further
adjustment as appropriate in accordance with Section 11 hereof to reflect any events occurring in respect of the Common Stock of such Principal Party after the occurrence of such consolidation, merger, sale or transfer, (B) such Principal
Party shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Corporation pursuant to this Agreement, (C) the term “Corporation” for all
purposes of this Agreement shall thereafter be deemed to refer to such Principal Party, (D) 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 the provisions of Section 9 hereof applicable to the reservation of Preferred Stock) in connection with such consummation as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as
reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the exercise of the Rights; provided, however, that, upon the subsequent occurrence of any merger, consolidation, sale of all or

  
 23 

 
substantially all of the assets, recapitalization, reclassification of shares, reorganization or other extraordinary transaction in respect of such Principal Party, each holder of a Right shall
thereupon be entitled to receive, upon exercise of a Right and payment of the Exercise Price, such cash, shares, rights, warrants and other property which such holder would have been entitled to receive had it, at the time of such transaction, owned
the shares of Common Stock of the Principal Party purchasable upon the exercise of a Right, and such Principal Party shall take such steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the subsequent
exercise of the Rights in accordance with the terms hereof for such cash, shares, rights, warrants and other property and (E) the provisions of Section 11(a)(ii) hereof shall be of no effect following the occurrence of any event described
in clause (i), (ii) or (iii) above of this Section 13(a). 
 (b) “Principal Party” shall mean:

 (i) in the case of any transaction described in clause (i) or (ii) of the first sentence of
Section 13(a) hereof (A) the Person that is the issuer of the securities into which shares of Common Stock of the Corporation are changed or otherwise exchanged or converted in such merger or consolidation, or, if there is more than one
such issuer, the issuer of the Common Stock of which has the greatest market value or (B) if no securities are so issued, (1) the Person that is the other party to the merger or consolidation and that survives such merger or consolidation,
or, if there is more than one such Person, the Person the Common Stock of which has the greatest market value or (2) if the Person that is the other party to the merger or consolidation does not survive the merger or consolidation, the Person
that does survive the merger or consolidation (including the Corporation if it survives); and 
 (ii) in the case
of any transaction described in clause (iii) of the first sentence in Section 13(a), the Person that is the party receiving the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or,
if each Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever
of such Persons as is the issuer of Common Stock having the greatest market value of shares outstanding; 
 provided,
however, that in any such case, if the Common Stock of such Person is not at such time and has not been continuously over the preceding twelve (12) month period registered under Section 12 of the Exchange Act, then (A) if
such Person is a direct or indirect Subsidiary of another Person the Common Stock of which is and has been so registered, the term “Principal Party” shall refer to such other Person, (B) if such Person is a Subsidiary, directly
or indirectly, of more than one Person, the Common Stock of all of which are and have been so registered, the term “Principal Party” shall refer to whichever of such Persons is the issuer of the Common Stock having the
greatest market value of shares outstanding, or (C) 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
(A) and (B) 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. 

  
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 (c) The Corporation shall not consummate any consolidation, merger or sale or transfer of
assets or earning power referred to in Section 13(a) unless the Principal Party shall have a sufficient number of authorized shares of its Common Stock that have not been issued or reserved for issuance to permit exercise in full of all Rights
in accordance with this Section 13 and unless prior thereto the Corporation and the Principal Party involved therein shall have executed and delivered to the Rights Agent an agreement confirming that the Principal Party shall, upon consummation
of such consolidation, merger or sale or transfer of assets or earning power, assume this Agreement in accordance with Section 13(a) hereof and that all rights of first refusal or preemptive rights in respect of the issuance of shares of Common
Stock of the Principal Party upon exercise of outstanding Rights have been waived and that such transaction shall not result in a default by the Principal Party under this Agreement, and further providing that, as soon as practicable after the date
of any consolidation, merger or sale or transfer of assets or earning power referred to in Section 13(a) hereof, the Principal Party will: 
 (i) prepare and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon exercise of the Rights on an appropriate form, use its reasonable best
efforts to cause such registration statement to become effective as soon as practicable after such filing and use its best efforts to cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of
the Securities Act) until the date of expiration of the Rights, and similarly comply with applicable state securities laws; 
 (ii) use its reasonable best efforts to list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange in the United States;

 (iii) deliver to holders of the Rights historical financial statements for the Principal Party which comply
in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act. In the event that any of the transactions described in Section 13(a) hereof shall occur at any time after the occurrence of a
transaction described in Section 11(a)(ii) hereof, the Rights which have not theretofore been exercised shall, subject to the provisions of Section 7(e) hereof, thereafter be exercisable in the manner described in Section 13(a); and

 (iv) obtain waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the
Principal Party subject to purchase upon exercise of outstanding Rights. 

  
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 (d) In case the Principal Party which is to be a party to a transaction referred to in this
Section 13 has a provision in any of its authorized securities or in its Certificate of Incorporation or Bylaws or other instrument governing its affairs, which provision would have the effect of (i) causing such Principal Party to issue,
in connection with, or as a consequence of, the consummation of a transaction referred to in this Section 13, shares of Common Stock of such Principal Party at less than the then Fair Market Value per share (determined pursuant to
Section 11(b) hereof) or securities exercisable for, or convertible into, Common Stock of such Principal Party at less than such then Fair Market Value (other than to holders of Rights pursuant to this Section 13) or (ii) providing
for any special tax or similar payment in connection with the issuance to any holder of a Right of Common Stock of such Principal Party pursuant to the provisions of this Section 13, then, in such event, the Corporation shall not consummate any
such transaction unless prior thereto the Corporation and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled,
waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection with, or as a consequence of, the consummation of the proposed transaction. 

(e) The Corporation covenants and agrees that it shall not, at any time after any Person becomes an Acquiring Person, enter into any
transaction of the type described in clauses (i) through (iii) of the first sentence of Section 13(a) hereof if (i) at the time of or immediately after such consolidation, merger, sale, transfer or other transaction 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, (ii) prior to, simultaneously with or
immediately after such consolidation, merger, sale, transfer or other transaction, 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 or Associates or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability of 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 (i.e., Rights to acquire less than one one-thousandth (1/1000) of a share of Preferred Stock), unless such fractional Rights result from a transaction referred to in Section 11(a)(i) or 11(f) hereof. If the Corporation shall
determine not to issue such fractional Rights, then, in lieu of such fractional Rights, there shall be paid to the holders of record of the Right Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash
equal to the same fraction of the Fair Market Value of a whole Right. 
 (b) The Corporation shall not be required to issue
fractions of shares of Preferred Stock (other than fractions that are integral multiples of one one-thousandth (1/1000) of a share) upon exercise of the Rights or to distribute certificates which evidence fractional shares (other than fractions
that are integral multiples of one 

  
 26 

 
one-thousandth (1/1000) of a share). In lieu of issuing fractions of shares of Preferred Stock, the Corporation may, at its election, issue depositary receipts evidencing fractions of
shares pursuant to an appropriate agreement between the Corporation and a depositary selected by it, provided that such agreement shall provide that the holders of such depositary receipts shall have all of the rights, privileges and preferences to
which they would be entitled as owners of the Preferred Stock. With respect to fractional shares that are not integral multiples of one one-thousandth (1/1000) of a share, if the Corporation does not issue such fractional shares or depositary
receipts in lieu thereof, there shall be paid to the holders of record 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 Fair Market Value of a share of
Preferred Stock. 
 (c) The holder of a Right by the acceptance of a Right expressly waives his right to receive any fractional
Right or any fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth (1/1000) of a share) upon exercise of a Right. 
 Section 15. Rights of Action. All rights of action in respect of this Agreement, except the rights of action given to the Rights Agent in Section 18 hereof, are vested in the respective
registered holders of the Right Certificates (and, prior to the Distribution Date, the holders of record of the Common Stock), and any holder of record of any Right Certificate (or, prior to the Distribution Date, of the Common Stock), without the
consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Stock), may, on 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 under, and injunctive relief against actual or threatened violations of, the obligations of any Person subject to this Agreement. 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, judgment, decree or ruling
(whether interlocutory or final) issued by a court of competent jurisdiction or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any
governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however, that the Corporation shall use its reasonable best efforts to have any such injunction, order, judgment, decree or ruling lifted or
otherwise overturned as soon as possible. 

  
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 Section 16. Agreement of Right Holders. Each holder of a Right, by accepting the
same, consents and agrees with the Corporation and the Rights Agent and with every other holder of a Right that: 
 (a) prior to
the Distribution Date, the Rights shall be evidenced by the certificates for Common Stock (or in the case of uncertificated shares of Common Stock, by the book-entry account that evidences record ownership of such shares) registered in the name of
the holders of Common Stock (together, as applicable, with the Summary of Rights), which certificates for Common Stock (or book-entry account) shall also constitute certificates for Rights, and not by separate Right Certificates, and each Right
shall be transferable only simultaneously and together with the transfer of shares of Common Stock; 
 (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;
and 
 (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 certificate or, in the case of uncertificated shares of Common Stock, the book-entry account evidencing record ownership of such shares) is registered as the absolute owner thereof and of the Rights
evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated 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. 
 Section 17. Right Certificate
Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of Preferred Stock or any other securities 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 Certificate, as such, any of the rights of a stockholder or other securityholder of
the Corporation or of a securityholder of any other Person 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
securityholder action, or to receive notice of meetings or other actions affecting stockholders or securityholders (except as provided in Section 24 hereof), or to receive dividends or subscription rights, or otherwise, except in any such case
the rights, if any, in respect thereof provided by this Agreement, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with the provisions hereof for such stock or other security. 

  
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 Section 18. Concerning the Rights Agent. 

(a) The Corporation agrees to pay to the Rights Agent reasonable compensation 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 reasonable and documented out-of-pocket expense, incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent
(which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction), for any action taken of failed to be taken by the Rights Agent in connection with the acceptance,
administration, exercise and performance of its duties under this Agreement, including reasonable and documented out-of-pocket expenses of defending against any claim of liability relating to the Rights or this Agreement. 

(b) Subject to Section 20(c) hereof, the Rights Agent shall be protected against, and shall incur no liability for or in respect of,
any action taken, suffered or omitted by it in connection with its acceptance and administration of this Agreement and the exercise and performance of its duties hereunder, in reliance upon any Right Certificate or certificate for Preferred Stock or
for other securities of the Corporation, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, 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, Consolidation or Change of Name of the Rights Agent. 
 (a) Any Person into which the Rights Agent or any
successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person 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 that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement any
of the Rights 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. 

  
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 (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, 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 (who may be an employee of or outside legal counsel for the Corporation or the Rights
Agent), and the opinion of such counsel shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent shall incur no liability for, or in respect of any action taken, suffered, or to be taken omitted by it in good
faith and in accordance with such advice or 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 be proved or established by the Corporation prior to taking, suffering any or omitting to take 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 President or any Vice President and by the Treasurer or any Assistant Treasurer or the Secretary or
any Assistant Secretary of the Corporation and delivered to the Rights Agent. Any such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in
reliance upon such certificate. 
 (c) The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith
or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction). 
 (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. 

  
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 (e) The Rights Agent shall (i) 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), (ii) not be
responsible for any breach by the Corporation of any covenant or condition contained in this Agreement or in any Right Certificate, (iii) not be responsible for any adjustment required under the provisions of Section 11 or 13 hereof or
responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of
a certificate describing any such adjustment) and (iv) not by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Preferred Stock or other security to be delivered pursuant
to the exercise of any Right or as to whether any shares of Preferred Stock or other security 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 the 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 President or any Vice President or 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 or for any delay in acting while waiting for those instructions. Any application by the Rights Agent for written instructions from the
Corporation may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on and/or after which such action shall be taken or such omission shall be
effective. The Rights Agent shall not be liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application (which date shall not be less
than three (3) Business Days after the date any officer of the Corporation actually receives such application unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective
date in the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action to be taken or omitted. 
 (h) The Rights Agent and any 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 the 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. 

  
 31 

 (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, default, neglect or misconduct of any such attorneys or agents or for any loss to the
Corporation or any other Person resulting from any such act, default, neglect or misconduct, absent gross negligence or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a
court of competent jurisdiction) provided reasonable care was exercised in the selection and continued employment thereof. 

(j) If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained in the
form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been completed to certify the holder is not an Acquiring Person (or an Affiliate or Associate thereof), a 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 thirty (30) days’ notice in writing mailed to the Corporation and to each transfer agent of the Common Stock and the Preferred Stock by registered or certified mail. The Corporation may remove the Rights
Agent or any successor Rights Agent (with or without cause) upon thirty (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 and the
Preferred Stock by registered or certified 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 thirty (30) days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who shall,
with such notice, submit his Right Certificate for inspection by the Corporation), then the Corporation shall become the Rights Agent or the holder of record 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) a corporation organized and doing business under the laws of the United States or of any state thereof, in good
standing, which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to supervision or examination in the conduct of its corporate trust or stock transfer business by federal or state authorities and
which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50,000,000 or (b) an Affiliate controlled by or under common control with one or more Persons described in clause (a) of this sentence.
After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed, but the predecessor Rights Agent shall deliver
and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and 

  
 32 

 
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 the 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. Notwithstanding the foregoing
provisions, in the event of resignation, removal or incapacity of the Rights Agent, the Corporation shall have the authority to act as the Rights Agent until a successor Rights Agent shall have assumed the duties of the Rights Agent hereunder.

 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 the Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number
or kind or class of shares of stock or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of Voting Stock following the
Distribution Date and prior to the Expiration Date, the Corporation may, with respect to Voting Stock so issued or sold pursuant to (a) the exercise of stock options, (b) under any employee plan or arrangement, (c) upon the exercise,
conversion or exchange of securities, notes or debentures issued by the Corporation or (d) a contractual obligation of the Corporation, in each case existing prior to the Distribution Date, issue Rights Certificates representing the appropriate
number of Rights in connection with such issuance or sale. 
 Section 23. Redemption. 

(a) The Board of Directors may, at its option, at any time prior to such time as any Person becomes an Acquiring Person, redeem all, but
not less than all, of the then outstanding Rights at a redemption price of $0.01 per Right, subject to adjustment as provided in Section 23(c) hereof (the “Redemption Price”). The redemption of the Rights by the Board of
Directors may be made effective at such time after the Board of Directors’ action to redeem the Rights on such basis and subject to such conditions, as the Board of Directors, in its sole and absolute discretion, may establish. Notwithstanding
anything contained in this Agreement to the contrary, the Rights shall not be exercisable prior to the expiration of the Corporation’s right of redemption. 
 (b) Without any further action and without any notice, the right to exercise the Rights will terminate effective at the time so designated by action of the Board of Directors ordering the redemption of
the Rights and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. Within ten (10) days after the effective time of the action of the Board of Directors ordering the redemption of the Rights, the
Corporation shall give notice (with prompt notice thereof to the Rights Agent) of such redemption to the holders of the then outstanding Rights by mailing such notice 

  
 33 

 
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; provided, however, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Any notice which is mailed in the manner herein provided shall be deemed given, whether or
not the holder receives the notice. Each notice of redemption will state the method by which the payment of the Redemption Price will be made. At the option of the Board of Directors, the Redemption Price may be paid in cash to each Rights holder or
by the issuance of shares (and, at the Corporation’s election pursuant to Section 14(b) hereof, cash or depositary receipts in lieu of fractions of shares other than fractions which are integral multiples of one one-thousandth
(1/1000) of a share) of Preferred Stock or Common Stock having a Fair Market Value equal to such cash payment. 
 (c) In
the event the Corporation shall at any time after the date of this Agreement, but before such time as any Person becomes an Acquiring Person, (i) pay any dividend on Common Stock in shares of Common Stock, (ii) subdivide or split the
outstanding shares of Common Stock into a greater number of shares or (iii) combine or consolidate the outstanding shares of Common Stock into a smaller number of shares or effect a reverse split of the outstanding shares of Common Stock and as
a consequence thereof the number of Rights outstanding shall change, then, and in each such event, the Redemption Price may, by action of the Board of Directors in its discretion, be appropriately adjusted in respect of such transaction so as to
maintain the aggregate Redemption Price of all Rights after such transaction at the same amount, insofar as practicable, as before the transaction. 
 Section 24. Notice of Proposed Actions. 
 (a) In case the Corporation,
after the Distribution Date, shall propose (i) to effect any of the transactions referred to in Section 11(a)(i) hereof or to pay any dividend to the holders of record of its shares of Common Stock payable in shares of capital stock of any
class or to make any other distribution to the holders of record of its Common Stock (other than a regular periodic cash dividend at a rate not in excess of one hundred fifty percent (150%) of the rate of the last cash dividend theretofore
paid), (ii) to offer to the holders of record of its Common Stock options, warrants, or other rights to subscribe for or to purchase shares of Common Stock (including any security convertible into or exchangeable for Common Stock) or shares of
stock of any class or any other securities, options, warrants, convertible or exchangeable securities or other rights, (iii) to effect any reclassification of its Preferred Stock or Common Stock or any recapitalization or reorganization of the
Corporation, (iv) to effect any consolidation or merger with or into, 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 fifty
percent (50%) of the assets or earning power of the Corporation and its Subsidiaries (taken as a whole) to, any other Person or Persons, 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 record of a Right Certificate, in accordance with Section 25 hereof, notice of such proposed action, which shall specify the record date for the purposes of such

  
 34 

 
transaction referred to in Section 11(a)(i) or such dividend or distribution, or the date on which such reclassification, recapitalization, reorganization, consolidation, merger, sale or
transfer of assets, liquidation, dissolution, or winding up is to take place and the record date for determining participation therein by the holders of record of Common Stock 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 ten (10) days prior to the record date for determining holders of record of the Preferred Stock for purposes of such action, and in the case of
any such other action, at least ten (10) days prior to the date of the taking of such proposed action or the date of participation therein by the holders of record of Common Stock or Preferred Stock, whichever shall be the earlier. The failure
to give notice required by this Section 24 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 the event referred to in Section 11(a)(ii) hereof shall occur, then the Corporation shall as soon as practicable
thereafter, in accordance with Section 25 hereof, give to each holder of a Right notice of the occurrence of such event, which notice shall describe the event and the consequences of the event to holders of Rights under Section 11(a)(ii)
hereof. 
 Section 25. Notices. Notices or demands authorized by this Agreement to be given or made by the Rights
Agent or by the holder of record of any Right Certificate or Right to or on the Corporation shall be in writing and shall be considered given upon receipt or seven (7) Business Days after being sent by first-class mail, postage prepaid, in any
case addressed (until another address is filed in writing with the Rights Agent) or by facsimile as follows: 
 Health
Management Associates, Inc. 
 5811 Pelican Bay Boulevard, Suite 500 

Naples, Florida 34108-2710 
 Attn: Office of the General Counsel 
 Facsimile No.: 

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 record of any Right Certificate or Right to or on the Rights Agent shall be in writing and shall be considered given upon receipt or seven (7) Business Days after being sent by first-class mail, postage prepaid, in any case addressed (until
another address is filed in writing with the Corporation) or by facsimile as follows: 
 American Stock Transfer &
Trust Company, LLC 
 6201 15th Avenue 
 Brooklyn, NY 11219 
 Attn: Corporate Trust Department 

Facsimile No.: 718-765-8742 

  
 35 

 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 shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Corporation. 

Section 26. Supplements and Amendments. For as long as the Rights are then redeemable, the Corporation (at the direction of
the Board of Directors in its sole and absolute discretion) may, and the Rights Agent shall if the Corporation so directs, supplement or amend any provision of this Agreement in any manner without the approval of any holders of the Rights. At any
time when the Rights are not then redeemable, the Corporation (at the direction of the Board of Directors) may, and the Rights Agent shall if the Corporation so directs, supplement or amend this Agreement without the approval of any holders of
Rights (a) in order to cure any ambiguity, (b) to correct or supplement any provision contained herein that may be inconsistent with any other provisions herein or otherwise defective, including without limitation, any change in order to
satisfy any applicable law, rule or regulation, (c) shorten or lengthen any time period herein, or (d) in any way that will not materially adversely affect the interests of the holders of Rights as such (other than an Acquiring Person or
any other Person in whose hands Rights are null and void under the provisions of Section 7(e) hereof). Notwithstanding anything contained in this Agreement to the contrary, no supplement or amendment shall (A) be made which changes the
Redemption Price, (B) cause this Agreement again to become amendable other than in accordance with this Section 26 or (C) cause the Rights again to become redeemable. 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 26, the Rights Agent shall execute such supplement or amendment and, subject to the last sentence hereof. Any and all
supplements and amendments to this Agreement shall be evidenced in writing, signed by the Corporation, whether or not also executed by the Rights Agent. Notwithstanding anything contained in this Agreement to the contrary, the Rights Agent may, but
shall not be obligated to, enter into any supplement or amendment that affects the Rights Agent’s own rights, liabilities, duties, obligations or immunities under this Agreement. 

Section 27. Exchange. 
 (a) The Board of Directors may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding Rights (which shall not include Rights that have
become null and void pursuant to the provisions of Section 7(e) hereof) by exchanging for each such Right one share of Common Stock of the Corporation, appropriately adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date hereof (such number of shares of Common Stock per Right being hereinafter referred to as the “Exchange Ratio”). The exchange of the Rights by the Board of Directors may be made effective at such time, on
such basis and with such conditions as the Board of Directors in its sole discretion may establish. Prior to effecting an exchange pursuant to this Section 27, the Board of Directors may direct the Corporation to enter into a Trust Agreement in
such form and with such terms as the Board of Directors shall then approve (the “Trust Agreement”). If the Board of 

  
 36 

 
Directors so directs, the Corporation shall enter into the Trust Agreement and shall issue to the trust created by such agreement (the “Trust”) all of the shares of Common Stock
issuable pursuant to the exchange, and all Persons entitled to receive shares pursuant to the exchange shall be entitled to receive such shares (and any dividends or distributions made thereon after the date on which such shares are deposited in the
Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement. Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect such exchange at any time after any Person
(other than an Exempt Person), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of fifty percent (50%) or more of the Voting Stock then outstanding. From and after the occurrence of an event specified in
Section 13(a) hereof, any Rights that theretofore have not been exchanged pursuant to this Section 27(a) shall thereafter be exercisable only in accordance with Section 13 and may not be exchanged pursuant to this Section 27(a).

 (b) Immediately upon the action of the Board of Directors ordering the exchange of any Rights pursuant to Section 27(a)
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 (and the Rights Agent shall be given prompt 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
null and void pursuant to the provisions of Section 7(e) hereof) held by each holder of Rights. 
 (c) In the event that
there shall not be sufficient shares of Common Stock issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with this Section 27, the Corporation shall substitute to the extent of
such insufficiency, for each share of Common Stock that would otherwise be issuable upon exchange of a Right, a number of shares of Preferred Stock or fractions thereof having an aggregate Fair Market Value equal to the Fair Market Value of one
share of Common Stock as of the date any Person becomes an Acquiring Person. 
 (d) The Corporation shall not be required to
issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares. 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 of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the current market 

  
 37 

 
value of a whole share of Common Stock. For the purposes of this Section 27(d), the current market value of a whole share of Common Stock shall be the closing price of a share of Common
Stock for the Trading Day immediately prior to the date of exchange pursuant to this Section 27. 
 Section 28.
Successors. All of 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. Benefits of this Agreement. This Agreement shall be for the sole and exclusive benefit of the Corporation, the
Rights Agent and the holders of record of the Right Certificates (and, prior to the Distribution Date, the holders of Common Stock in their capacity as holders of the Rights). 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, the holders of Common Stock in their capacity as holders of the Rights) any legal or equitable right, remedy or claim
under this Agreement. 
 Section 30. 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 and enforced in accordance with the laws of such state applicable to contracts to be made and performed entirely within
such state. 
 Section 31. 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 32. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof. 
 Section 33. 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. 
 Section 34. Determinations and Actions by the Board of Directors.
The Board of Directors shall have the exclusive power and authority to administer, interpret and apply this Agreement and to exercise the rights and powers specifically granted to the Board of Directors or to the Corporation by this Agreement or by
law and may take such action as may be necessary or advisable in the administration of this Agreement or to amend or supplement this Agreement in accordance with its terms, including, without limitation, the right and power (a) to make all
determinations deemed necessary or 

  
 38 

 
advisable for the administration of this Agreement, (b) to decide to redeem the Rights and (c) to decide to amend or supplement this Agreement. All such actions, calculations,
interpretations and determinations (including any decision not to take any action) done or made by the Board of Directors in good faith shall (i) be final, conclusive and binding on the Corporation, the Rights Agent, the holders of the Rights,
as such, and all other Persons and (ii) not subject any member of the Board of Directors to any liability to the holders of Rights. Notwithstanding anything contained herein to the contrary, the Rights Agent is entitled always to assume that
the Board of Directors acted in good faith and shall be fully protected and incur no liability in reliance thereon. 
 [THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 39 

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

			
	HEALTH MANAGEMENT ASSOCIATES, INC.
		
	By:	 	/s/ Steven E. Clifton
	Name:	 	Steven E. Clifton
	Title:	 	Senior Vice President, General Counsel

 [Signature Page to Rights Agreement] 

 
			
	 AMERICAN STOCK TRANSFER & TRUST
 COMPANY, LLC, as Rights Agent

		
	By:	 	/s/ Michael A. Nespoli
	Name:	 	Michael A. Nespoli
	Title:	 	Executive Director

 [Signature Page to Rights Agreement] 

 EXHIBIT A 
 CERTIFICATE OF DESIGNATIONS 
 OF 

SERIES A JUNIOR PARTICIPATING PREFERRED STOCK 
 OF 
 HEALTH MANAGEMENT ASSOCIATES, INC. 

The undersigned duly authorized officer of Health Management Associates, Inc., a Delaware corporation (the
“Corporation”), in accordance with the provisions of Section 151 of the General Corporation Law of the State of Delaware, hereby certifies that, pursuant to the authority conferred upon the board of directors of the Corporation
(the “Board of Directors”) by the Certificate of Incorporation of the Corporation, the Board of Directors on May 24, 2013 adopted a resolution which creates a series of preferred stock of the Corporation designated as Series A
Junior Participating Preferred Stock (the “Preferred Stock”) as follows: 
 RESOLVED, that pursuant to
Section 151(g) of the General Corporation Law of the State of Delaware and the authority vested in the Board of Directors of the Corporation in accordance with the provisions of the Certificate of Incorporation of the Corporation, a series of
preferred stock of the Corporation be, and hereby is, created and the powers, designations, preferences and relative, participating, optional or other special rights of the shares of such series, and the qualifications, limitations or restrictions
thereof, be, and hereby are, as follows: 
 Section 1. Designation and Amount. The shares of such series shall be
designated as “Series A Junior Participating Preferred Stock” (the “Series A Preferred Stock”), par value $0.01 per share, and the number of shares constituting such series shall be 3,000,000. 

Section 2. Dividends and Distributions. 
 (a) Subject to the rights of the holders of any shares of any series of preferred stock of the Corporation ranking prior and superior to the Series A Preferred Stock with respect to dividends, the holders
of shares of Series A Preferred Stock shall be entitled to receive, when, as and if declared by the board of directors of the Corporation (the “Board of Directors”) out of funds legally available for that purpose, quarterly
dividends payable in cash on the fifteenth day of January, April, July and October of each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment
Date after the first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount per share (except in the case of the first Quarterly Dividend Payment Date if the date of the first issuance of Series A Preferred Stock is a
date other than a Quarterly Dividend Payment Date, in which case such payment shall be a prorated portion of such amount) (rounded to the nearest cent) equal to the greater of (i) $1.00 and (ii) subject to the provisions for adjustment
hereinafter set forth, one thousand (1,000) times the aggregate per share amount of all cash dividends declared or paid on the common stock, $0.01 par value per 

 
share, of the Corporation (the “Common Stock”). In the event the Corporation shall, at any time after the issuance of any share or fraction of a share of Series A Preferred
Stock, make any distribution on the shares of Common Stock, whether by way of a dividend or a reclassification of stock, a recapitalization, reorganization or partial liquidation of the Corporation or otherwise, which is payable in cash or any debt
security, debt instrument, real or personal property or any other property (other than cash dividends subject to the immediately preceding sentence, a distribution of shares of Common Stock or other capital stock of the Corporation or a distribution
of options, rights or warrants to acquire any such share, including any debt security convertible into or exchangeable for any such share, at a price less than the Fair Market Value (as hereinafter defined) of such share of Common Stock), then, and
in each such event, the Corporation shall simultaneously pay on each then outstanding share of Series A Preferred Stock a distribution, in like kind, of one thousand (1,000) times such distribution paid on a share of Common Stock (subject to
the provisions for adjustment hereinafter set forth). The dividends and distributions on the Series A Preferred Stock to which holders thereof are entitled pursuant to the first sentence of this paragraph and pursuant to the second sentence of this
paragraph are hereinafter referred to as “Dividends” and the multiple of such cash and non-cash dividends on the Common Stock applicable to the determination of the Dividends, which shall initially be one thousand (1,000) but
shall be adjusted from time to time as hereinafter provided, is hereinafter referred to as the “Dividend Multiple.” In the event the Corporation shall at any time after May 24, 2013 (the “Effective Date”)
declare or pay any dividend or make any distribution on Common Stock payable in shares of Common Stock, or effect a subdivision or split or a combination, consolidation or reverse split of the outstanding shares of Common Stock into a greater or
lesser number of shares of Common Stock, then in each such case the Dividend Multiple thereafter applicable to the determination of the amount of Dividends which holders of shares of Series A Preferred Stock shall be entitled to receive shall be the
Dividend Multiple applicable immediately prior to such event multiplied by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of
Common Stock that were outstanding immediately prior to such event. 
 (b) The Corporation shall declare each Dividend at the
same time it declares any cash or non-cash dividend or distribution on the Common Stock in respect of which a Dividend is required to be paid; provided, however, that if no dividend or distribution shall have been declared on the
Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date (or, with respect to the first Quarterly Dividend Payment Date, the period between the first issuance of any share or
fraction of a share of Series A Preferred Stock and such first Quarterly Dividend Payment Date), a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. No cash
or non-cash dividend or distribution on the Common Stock in respect of which a Dividend is required to be paid shall be paid or set aside for payment on the Common Stock unless a Dividend in respect of such dividend or distribution on the Common
Stock shall be simultaneously paid or set aside for payment (as the case may be), on the Series A Preferred Stock. 

 (c) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A
Preferred Stock from the first Quarterly Dividend Payment Date following the date of issuance of any shares of Series A Preferred Stock, unless the date of issue of such shares is on or before the record date for the first Quarterly Dividend Payment
Date, in which case Dividends shall begin to accrue and be cumulative from the date of issue of such shares, or unless the date of issue is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled
to receive Dividends and on or before such Quarterly Dividend Payment Date, in which case dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends
paid on the shares of Series A Preferred Stock in an amount less than the 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 Dividend declared thereon, which record date shall not be more than sixty (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 hereinafter set forth, each share
of Series A Preferred Stock shall entitle the holder thereof to one thousand (1,000) votes on all matters submitted to a vote of the holders of Common Stock. The number of votes which a holder of Series A Preferred Stock is entitled to cast, as
the same may be adjusted from time to time as hereinafter provided, is hereinafter referred to as the “Vote Multiple.” In the event the Corporation shall at any time after the Effective Date declare or pay any dividend on Common
Stock payable in shares of Common Stock, or effect a subdivision or split or a combination, consolidation or reverse split of the outstanding shares of Common Stock into a greater or lesser number of shares of Common Stock, then in each such case
the Vote Multiple thereafter applicable to the determination of the number of votes per share to which holders of shares of Series A Preferred Stock shall be entitled after such event shall be the Vote Multiple immediately prior to such event
multiplied by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such
event. 
 (b) Except as otherwise provided herein, in the By-laws of the Corporation or by law, the holders of shares of Series
A Preferred Stock and the holders of shares of Common Stock shall vote together as a single class on all matters submitted to a vote of stockholders of the Corporation. 
 (c) In the event that the Dividends accrued on the Series A Preferred Stock for four (4) or more quarterly dividend periods, whether consecutive or not, shall not have been declared and paid or
irrevocably set aside for payment, the holders of record of preferred stock of the Corporation of all series (including the Series A Preferred Stock), other than any series in respect of which such right is expressly withheld by the

 
By-laws of the Corporation or the authorizing resolutions included in any certificate of designations therefor, shall have the right, at the next meeting of stockholders called for the election
of directors, to elect two (2) members to the Board of Directors, which directors shall be in addition to the number required prior to such event (and to the extent that this shall require an increase in the maximum number of directors, the
Board of Directors shall by resolution increase that number accordingly), to serve until the next annual meeting and until their successors are elected and qualified or their earlier resignation, removal or incapacity. The holders of shares of
Series A Preferred Stock shall continue to have the right to elect directors as provided by the immediately preceding sentence until all accrued and unpaid Dividends upon the outstanding shares of Series A Preferred Stock shall have been paid (or
set aside for payment) in full. Such directors may be removed for cause and replaced by such stockholders, and casual vacancies in such directorships may be filled only by such stockholders (or by the remaining director elected by such stockholders,
if there be one) in the manner permitted by law; provided, however, that any such action by stockholders shall be taken at a meeting of stockholders and shall not be taken by written consent thereto. 

(d) Except as otherwise required by the By-laws of the Corporation, by law or as set forth herein, holders of Series A Preferred Stock
shall have no other special voting rights and their consent shall not be required for the taking of any corporate action. 

Section 4. Certain Restrictions. 
 (a) Whenever Dividends are in arrears or the Corporation shall be in default of payment thereof, thereafter and until all accrued and unpaid Dividends, whether or not declared, on shares of Series A
Preferred Stock outstanding shall have been paid or set irrevocably aside for payment in full, and in addition to any and all other rights which any holder of shares of Series A Preferred Stock may have in such circumstances, the Corporation shall
not: 
 (i) declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise
acquire for consideration, any shares of capital 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 on or make any other distributions on any shares of capital stock ranking on a parity as to
dividends with the Series A Preferred Stock, unless dividends are 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 if the full dividends accrued thereon were to be paid; 
 (iii) except as permitted by
subparagraph (iv) of this Section 4(a), redeem or purchase or otherwise acquire for consideration shares of any capital stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A
Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any capital stock of the Corporation ranking junior (both as to dividends and upon
liquidation, dissolution 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 capital stock ranking on a parity with the Series A Preferred Stock (either as to dividends or upon liquidation, dissolution or winding up), except in accordance with a purchase offer made 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 (as
hereinafter defined) of the Corporation to purchase or otherwise acquire for consideration any shares of capital stock of the Corporation unless the Corporation could, under Section 4(a), purchase or otherwise acquire such shares at such time
and in such manner. A “Subsidiary” of the Corporation shall mean any corporation or other entity of which securities or other ownership interests having ordinary voting power sufficient to elect a majority of the board of directors
of such corporation or other entity or other persons performing similar functions are beneficially owned, directly or indirectly, by the Corporation or by any corporation or other entity that is otherwise controlled by the Corporation. 

(c) The Corporation shall not issue any shares of Series A Preferred Stock except upon exercise of Rights issued pursuant to that certain
Rights Agreement dated as of May 24, 2013, by and between the Corporation and American Stock Transfer & Trust Company, as Rights Agent, as it may be amended from time to time, a copy of which is (i) on file with the Secretary of
the Corporation at its principal executive office and shall be made available to stockholders of record without charge upon written request therefor addressed to said Secretary and (ii) available from the Securities and Exchange Commission at
www.sec.gov, or upon the exchange of Rights in accordance with the agreement. Notwithstanding the foregoing sentence, nothing contained in the provisions of this Certificate of Designations shall prohibit or restrict the Corporation from issuing for
any purpose any series of preferred shares with rights and privileges similar to, different from, or greater than, those of the Series A Preferred Stock. 
 Section 5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and cancelled promptly after the
acquisition thereof. All such shares upon their retirement and cancellation shall become authorized but unissued shares of preferred stock, without designation as to series, and such shares may be reissued as part of a new series of preferred stock
to be created by resolution or resolutions of the Board of Directors. 

 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 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 for each share of Series A Preferred Stock, subject to adjustment as hereinafter provided, (i) $1,000 plus an amount equal to accrued and unpaid dividends and
distributions thereon, whether or not declared, to the date of such payment or, (ii) if greater than the amount specified in clause (a)(i) of this sentence, an amount equal to one thousand (1,000) times the aggregate amount to be
distributed per share to holders of Common Stock, as the same may be adjusted as hereinafter provided and, (b) to the holders of shares ranking on a parity upon liquidation, dissolution or winding up with the Series A Preferred Stock, unless
simultaneously therewith distributions are made ratably on the Series A Preferred Stock and all other shares of such parity stock in proportion to the total amounts to which the holders of shares of Series A Preferred Stock are entitled under clause
(a)(i) of this sentence and to which the holders of such parity shares are entitled, in each case upon such liquidation, dissolution or winding up. The amount to which holders of Series A Preferred Stock may be entitled upon liquidation, dissolution
or winding up of the Corporation pursuant to clause (a)(i) of the foregoing sentence is hereinafter referred to as the “Participating Liquidation Amount” and the multiple of the amount to be distributed to holders of shares of
Common Stock upon the liquidation, dissolution or winding up of the Corporation applicable pursuant to said clause to the determination of the Participating Liquidation Amount, as said multiple may be adjusted from time to time as hereinafter
provided, is hereinafter referred to as the “Liquidation Multiple.” In the event the Corporation shall at any time after the Effective Date declare or pay any dividend on Common Stock payable in shares of Common Stock, or effect a
subdivision or split or a combination, consolidation or reverse split of the outstanding shares of Common Stock into a greater or lesser number of shares of Common Stock, then, in each such case, the Liquidation Multiple thereafter applicable to the
determination of the Participating Liquidation Amount to which holders of Series A Preferred Stock shall be entitled after such event shall be the Liquidation Multiple applicable immediately prior to such event multiplied by a fraction the numerator
of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

Section 7. Certain Reclassifications and Other Events. 
 (a) In the event that holders of shares of Common Stock receive after the Effective Date in respect of their shares of Common Stock any share of capital stock of the Corporation (other than any share of
Common Stock), whether by way of reclassification, recapitalization, reorganization, dividend or other distribution or otherwise (a “Transaction”), then, and in each such event, the dividend rights, voting rights and rights upon the
liquidation, dissolution or winding up of the Corporation of the shares of Series A Preferred Stock shall be adjusted so that after such event the holders of Series A Preferred Stock shall be entitled, in respect of each share of Series A Preferred
Stock held, in addition to such rights in respect thereof to which such holder was entitled immediately prior to such adjustment, to (i) such additional dividends as equal to the Dividend Multiple in effect immediately prior to such Transaction
multiplied by the additional dividends which the holder of a share of Common Stock shall be entitled to 

 
receive by virtue of the receipt in the Transaction of such capital stock, (ii) such additional voting rights as equal to the Vote Multiple in effect immediately prior to such Transaction
multiplied by the additional voting rights which the holder of a share of Common Stock shall be entitled to receive by virtue of the receipt in the Transaction of such capital stock and (iii) such additional distributions upon liquidation,
dissolution or winding up of the Corporation as equal to the Liquidation Multiple in effect immediately prior to such Transaction multiplied by the additional amount which the holder of a share of Common Stock shall be entitled to receive upon
liquidation, dissolution or winding up of the Corporation by virtue of the receipt in the Transaction of such capital stock, as the case may be, all as provided by the terms of such capital stock. 

(b) In the event that holders of shares of Common Stock receive after the Effective Date in respect of their shares of Common Stock any
right or warrant to purchase Common Stock (including as such a right, for all purposes of this paragraph, any security convertible into or exchangeable for Common Stock) at a purchase price per share less than the Fair Market Value of a share of
Common Stock on the date of issuance of such right or warrant, then and in each such event the dividend rights, voting rights and rights upon the liquidation, dissolution or winding up of the Corporation of the shares of Series A Preferred Stock
shall each be adjusted so that after such event the Dividend Multiple, the Vote Multiple and the Liquidation Multiple shall each be the product of the Dividend Multiple, the Vote Multiple and the Liquidation Multiple, as the case may be, in effect
immediately prior to such event multiplied by a fraction the numerator of which shall be the number of shares of Common Stock outstanding immediately before such issuance of rights or warrants plus the maximum number of shares of Common Stock which
could be acquired upon exercise in full of all such rights or warrants and the denominator of which shall be the number of shares of Common Stock outstanding immediately before such issuance of rights or warrants plus the number of shares of Common
Stock which could be purchased, at the Fair Market Value of the Common Stock at the time of such issuance, by the maximum aggregate consideration payable upon exercise in full of all such rights or warrants. 

(c) In the event that holders of shares of Common Stock receive after the Effective Date in respect of their shares of Common Stock any
right or warrant to purchase capital stock of the Corporation (other than shares of Common Stock), including as such a right, for all purposes of this paragraph, any security convertible into or exchangeable for capital stock of the Corporation
(other than Common Stock), at a purchase price per share less than the Fair Market Value of such shares of capital stock on the date of issuance of such right or warrant, then and in each such event the dividend rights, voting rights and rights upon
liquidation, dissolution or winding up of the Corporation of the shares of Series A Preferred Stock shall each be adjusted so that after such event each holder of a share of Series A Preferred Stock shall be entitled, in respect of each share of
Series A Preferred Stock held, in addition to such rights in respect thereof to which such holder was entitled immediately prior to such event, to receive (i) such additional dividends as equal to the Dividend Multiple in effect immediately
prior to such event multiplied by the additional dividends to which the holder of a share of Common Stock shall be entitled upon exercise of such right or warrant by virtue of the capital stock which could be acquired upon such exercise and
multiplied again by the 

 
Discount Fraction (as hereinafter defined), (ii) such additional voting rights as equal to the Vote Multiple in effect immediately prior to such event multiplied by the additional voting
rights to which the holder of a share of Common Stock shall be entitled upon exercise of such right or warrant by virtue of the capital stock which could be acquired upon such exercise and multiplied again by the Discount Fraction and
(iii) such additional distributions upon liquidation, dissolution or winding up of the Corporation as equal to the Liquidation Multiple in effect immediately prior to such event multiplied by the additional amount which the holder of a share of
Common Stock shall be entitled to receive upon liquidation, dissolution or winding up of the Corporation upon exercise of such right or warrant by virtue of the capital stock which could be acquired upon such exercise and multiplied again by the
Discount Fraction. For purposes of this paragraph, the “Discount Fraction” shall be a fraction the numerator of which shall be the difference between the Fair Market Value of a share of the capital stock subject to a right or
warrant distributed to holders of shares of Common Stock as contemplated by this paragraph immediately after the distribution thereof and the purchase price per share for such share of capital stock pursuant to such right or warrant and the
denominator of which shall be the Fair Market Value of a share of such capital stock immediately after the distribution of such right or warrant. 
 (d) For purposes of this Certificate of Designations, the “Fair Market Value” of a share of capital stock of the Corporation (including a share of Common Stock) on any date shall be
deemed to be the average of the daily closing prices per share thereof of such stock over the thirty (30) consecutive Trading Days (as hereinafter defined) immediately prior to such date; provided, however, that, in the event that
the Fair Market Value of any such share of capital stock is to be determined as of a date that is within thirty (30) Trading Days after (i) the ex-dividend date for a dividend or distribution on stock payable in shares of such stock or
securities convertible into shares of such stock, or (ii) the effective date of any subdivision, split, combination, consolidation, reverse stock split or reclassification of such stock, then, and in each such case, the Fair Market Value shall
be appropriately adjusted by the Board of Directors to take into account such dividend, distribution, subdivision, split, combination, consolidation, reverse stock split or reclassification. The closing price 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 applicable transaction reporting system with respect to securities listed or
admitted to trading on the New York Stock Exchange); or, if the shares are not listed or admitted to trading on the New York Stock Exchange, as reported in the applicable transaction reporting system with respect to securities listed on the
principal national securities exchange on which the shares are listed or admitted to trading; or, if the shares 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, Inc. Automated Quotation System or such other quotation reporting system then in use; or if no bids for such shares are
so quoted, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the shares selected by the Board of Directors. The term “Trading Day” shall mean a day on which the principal
national securities exchange on which the shares are listed or admitted to trading is open 

 
for the transaction of business or, if the shares are not listed or admitted to trading on any national securities exchange, on which the New York Stock Exchange or such other national securities
exchange as may be selected by the Board of Directors. If the shares are not publicly held or not so listed or traded on any day within the period of thirty (30) Trading Days applicable to the determination of Fair Market Value thereof as
aforesaid, “Fair Market Value” shall mean the fair market value thereof per share as determined in good faith by the Board of Directors. In either case referred to in the foregoing sentence, the determination of Fair Market Value
shall be described in a statement filed with the Secretary of the Corporation. 
 Section 8. Consolidation, Merger,
Combination or Other Transaction In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or
any other property, then in any such case each outstanding share of Series A Preferred Stock shall at the same time be similarly exchanged for or changed into the aggregate amount of stock, securities, cash and/or other property (payable in like
kind), as the case may be, for which or into which each share of Common Stock is changed or exchanged multiplied by the highest of the Vote Multiple, the Dividend Multiple or the Liquidation Multiple in effect immediately prior to such event.

 Section 9. Effective Time of Adjustments. 
 (a) Adjustments to the Series A Preferred Stock required by the provisions hereof shall be effective as of the time at which the event requiring such adjustments occurs. 

(b) The Corporation shall give prompt written notice to each holder of a share of Series A Preferred Stock of the effect of any
adjustment to the voting rights, dividend rights or rights upon liquidation, dissolution or winding up of the Corporation of such shares required by the provisions of this Certificate of Designations. Notwithstanding the foregoing sentence, the
failure of the Corporation to give such notice shall not affect the validity of or the force or effect of or the requirement for such adjustment. 
 Section 10. No Redemption. The shares of Series A Preferred Stock shall not be redeemable at the option of the Corporation or any holder thereof. Notwithstanding the foregoing sentence, the
Corporation may acquire shares of Series A Preferred Stock in any other manner permitted by law, the provisions hereof and the By-laws of the Corporation. 
 Section 11. Ranking. Unless otherwise provided in the By-laws of the Corporation, or a certificate of designations 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 12. Amendment. The provisions hereof, the Certificate of Incorporation of the
Corporation and the By-laws of the Corporation shall not be amended in any manner which would adversely affect the rights, privileges or powers of the Series A Preferred Stock without, in addition to any other vote of stockholders required by law,
the affirmative vote of the holders of two-thirds of the outstanding shares of Series A Preferred Stock, voting separately as a single class. 
 Section 13. Fractional Shares. Shares representing Series A Preferred Stock may, but are not required to, be issued in fractions of a share which shall entitle the holder, in proportion to such
holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and have the benefit of all other rights of holders of shares of Series A Preferred Stock. Any reference in this Certificate of Designations
to shares of Series A Preferred Stock shall be deemed also to refer to fractions of shares of Series A Preferred Stock. 
 [THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Designations and
affirmed the foregoing as true under the penalties of perjury this 24th day of May, 2013. 
  

			
	By:	 	/s/ Steven E. Clifton
	Name:	 	Steven E. Clifton
	Title:	 	Senior Vice President, General Counsel

  
 [Signature
Page to the Certificate of Designation] 

 EXHIBIT B 
 AS PROVIDED IN THE RIGHTS AGREEMENT REFERRED 
 TO BELOW, RIGHTS ISSUED TO OR
BENEFICIALLY OWNED 
 BY ACQUIRING PERSONS OR THEIR AFFILIATES OR 

ASSOCIATES (AS SUCH TERMS ARE DEFINED IN THE 
 RIGHTS AGREEMENT) OR ANY SUBSEQUENT HOLDER OF 
 SUCH RIGHTS SHALL BE NULL AND VOID
AND MAY NOT 
 BE EXERCISED OR TRANSFERRED TO ANY PERSON. 

 
  

HEALTH MANAGEMENT ASSOCIATES, INC. 
 SUMMARY OF RIGHTS 
 TO PURCHASE SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

 On May 24, 2013, the Board of Directors of Health Management Associates, Inc., a Delaware corporation (referred to as
the “Company,” “we,” or “us”), authorized the issuance of one Preferred Share Purchase Right (a “Right” and collectively, the “Rights”) for each outstanding share
of the Company’s common stock, par value $0.01 per share (the “Common Stock”). Each Right, once exercisable, entitles the registered holder to purchase one one-thousandth (1/1000) of a share of preferred stock designated
as Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Stock”), at a price of $45.00 per one one-thousandth (1/1000) of a share (“Exercise Price”), subject to certain
adjustments. The issuance was made effective as of May 24, 2013 to our stockholders of record on that date (the “Record Date”). 
 The description and terms of the Rights are set forth in a Rights Agreement (the “Rights Agreement”), dated as of May 24, 2013, by and between the Company and American Stock
Transfer & Trust Company, LLC a New York limited liability trust company, as Rights Agent (the “Rights Agent”). For those interested in the specific terms of the Rights Agreement, we provide the following summary
description. Please note, however, that this description is only a summary, and is not complete, and should be read together with the entire Rights Agreement, which has been filed with the Securities and Exchange Commission as an exhibit to a
Registration Statement on Form 8-A dated May 24, 2013. A copy of the agreement is available free of charge from the Company. 
 As discussed below, initially the Rights will not be exercisable, certificates representing the Rights will not be sent to our stockholders and the Rights will automatically trade with our Common Stock.

 Holder of a Right Is Not Deemed a Stockholder. Until a Right becomes exercisable and is exercised or exchanged
pursuant to the terms of the Rights Agreement, the holder of a Right, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends. 

 Exercisability. Prior to the Distribution Date (as defined in this paragraph),
the Rights will not be exercisable and will not be transferable apart from our Common Stock. Unless earlier redeemed by our Board of Directors, the Rights will become exercisable upon the close of business on the day (the “Distribution
Date”) which is the earlier of: 
  

	 	•	 	 the tenth day following a public announcement that a person or group of affiliated or associated persons, with certain exceptions as described below,
has acquired beneficial ownership of 15% or more of our outstanding voting shares (an “Acquiring Person”); and 

  

	 	•	 	 the tenth business day after the date of the commencement by any person (other than an Exempt Person, as defined in the Rights Agreement) of a tender
or exchange offer, the consummation of which would result in such person or group of affiliated or associated persons becoming an Acquiring Person prior, subject to the ability of our Board of Directors to establish a later date.

 Acquiring Person. An Acquiring Person does not include: 

 

	 	•	 	 the Company or any of our subsidiaries; 

  

	 	•	 	 any employee benefit plan or employee stock plan of the Company or of any or our subsidiaries or any trust or other entity organized, appointed,
established or holding voting shares for or pursuant to the terms of any such plan; 

  

	 	•	 	 any person or group of affiliated or associated persons who, as of 5:00 p.m. New York City time on May 24, 2013, is the beneficial owner of 15% or more
of our shares of voting stock then outstanding (provided that any such person or group shall become an Acquiring Person upon acquisition of an additional 0.25% or more of our voting shares, unless such acquisition of additional voting shares is
pursuant to a dividend or distribution paid or made by the Company on our outstanding voting stock or pursuant to a split or subdivision of our outstanding voting stock); or 

 

	 	•	 	 any person or group of affiliated or associated persons whose ownership of 15% or more of our shares of voting stock then outstanding results solely
from (i) any action or transaction or transactions approved by our Board of Directors before such person or group became an Acquiring Person or (ii) a reduction in the number of our issued and outstanding voting shares pursuant to a
transaction or transactions approved by our Board of Directors (provided that any such person or group shall become an Acquiring Person upon acquisition of an additional 0.25% or more of our voting shares, unless such acquisition of additional
voting shares is pursuant to a dividend or distribution paid or made by the Company on our outstanding voting stock or pursuant to a split or subdivision of our outstanding voting stock). 

  
 2 

 In addition, if our Board of Directors determines in good faith that a person became an
Acquiring Person inadvertently and without any intention of changing or influencing control over our Company, then such person will not be deemed to become an Acquiring Person unless and until such person have failed to divest itself, as soon as
practicable, of sufficient number of voting shares so that such person would no longer otherwise qualify as an Acquiring Person. 
 Evidence of Ownership of Rights. The Rights will be evidenced by certificates for Common Stock together with this summary of rights or, in the case of uncertificated shares of Common Stock,
by the book-entry account that evidences record ownership for such shares, each as registered in the names of holders of our Common Stock outstanding as of the Record Date, and not by separate Right certificates. Until the Distribution Date (or
earlier redemption, exchange or expiration of the Rights), new Common Stock certificates issued after the Record Date will contain a legend incorporating the Rights Agreement by reference. With respect to any book-entry shares of Common Stock, such
legend shall be included in a notice to the record holder of such shares. Until the Distribution Date (or earlier redemption, exchange or expiration of the Rights), the surrender for transfer of any such certificate or book-entry shares, except as
otherwise provided in the Rights Agreement, shall also constitute the transfer of the Rights associated with the Common Stock. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights (“Right
Certificates”) will be mailed to holders of record of our Common Stock as of the close of business on the Distribution Date, and such separate certificates alone will evidence the Rights from and after the Distribution Date. 

Expiration. The Rights will expire upon the close of business on the earliest to occur of: (i) May 24, 2014,
(ii) the date on which the Rights are redeemed or exchanged by the Company in accordance with the Rights Agreement and (iii) the date of the Company’s 2014 annual meeting of stockholders if requisite stockholder approval of the Rights
Agreement is not obtained at such meeting. 
 Preferred Stock Material Provisions. Each one one-thousandth
(1/1,000) share of our Preferred Stock issuable upon exercise of the Rights: 
  

	 	•	 	 will be non-redeemable; 

  

	 	•	 	 unless otherwise provided in connection with the creation of a subsequent series of preferred shares, will be subordinate to any other series of our
preferred shares; 

  

	 	•	 	 will be entitled to receive when, as and if declared, a quarterly dividend in an amount equal to the greater of $0.001 per share or the cash dividends
declared on one share of our Common Stock, and an amount equal to any non-cash dividends (other than dividends payable in equity securities) declared on one share of our Common Stock, in like kind; 

 

	 	•	 	 will be entitled to receive upon liquidation of the Company, a payment in an amount equal to the greater of $1.00 or the payment made per share of our
Common Stock; 

  

	 	•	 	 will have one vote, voting together with the Common Stock; and 

 

	 	•	 	 will be entitled to receive in the event of any merger, consolidation or other transaction in which Common Stock is exchanged, the same amount received
per share of our Common Stock. 

  
 3 

 The rights of our Preferred Stock as to dividends, liquidation and voting are protected by
anti-dilution provisions. 
 Exercise Price Adjustments. The Exercise Price of the Rights and the number of shares
of Preferred Stock issuable upon exercise of the Rights are subject to certain adjustments from time to time in the event of a stock dividend on, or a subdivision or combination of, our Common Stock. The Exercise Price for the Rights also is subject
to adjustment in the event of extraordinary distributions of cash or other property to holders of Common Stock. 
 Flip
In. Unless the Rights are earlier redeemed, in the event that a person or group becomes an Acquiring Person, the Rights Agreement provides that proper provisions will be made so that each holder of record of a Right (other than Rights
beneficially owned by an Acquiring Person and certain affiliates, associates and transferees thereof, whose Rights will thereupon become null and void) will thereafter have the right to receive, upon payment of the Exercise Price, that number of
shares of the Preferred Stock having a fair market value determined in accordance with the Rights Agreement at the time of the transaction equal to approximately two times the Exercise Price (such value to be determined with reference to the fair
market value of our Common Stock as provided in the Rights Agreement). 
 Flip Over. Unless the Rights are earlier
redeemed or exchanged, in the event that, after the time that a person or group becomes an Acquiring Person, we were to be acquired in a merger or other business combination (in which any shares of Common Stock are changed into or exchanged for
other securities or assets) or more than 50% of the assets or earning power of the Company and its subsidiaries (taken as a whole) were to be sold or transferred in one or a series of related transactions, the Rights Agreement provides that proper
provision will be made so that each holder of record of a Right (other than Rights beneficially owned by an Acquiring Person and certain affiliates, associates and transferees thereof, whose Rights will thereupon become null and void) will from and
after such date have the right to receive, upon payment of the Exercise Price, that number of shares of common stock of the acquiring company having a fair market value at the time of such transaction determined in accordance with the Rights
Agreement equal to approximately two times the Exercise Price. 
 Exchange. At any time after any person or group
becomes an Acquiring Person and prior to the acquisition by such person or group of 50% or more of the outstanding voting shares, our Board of Directors may exchange the Rights (other than Rights owned by such person or group which will have become
null and void), in whole or in part, for shares of our Common Stock in accordance with the Rights Agreement. 
 Fractional
Shares. Fractions of shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share) may, at our election, be evidenced by depositary receipts. We may also issue cash in lieu of fractional
shares which are not integral multiples of one one-thousandth of a share. 

  
 4 

 Redemption. At any time prior to such time as any person or group becomes an
Acquiring Person, we may (at the direction of our Board of Directors) redeem the Rights in whole, but not in part, at a price of $0.01 per Right, subject to adjustment (the “Redemption Price”). The redemption of the Rights by our
Board of Directors may be made effective at such time and subject to such conditions, as our Board of Directors in its sole and absolute discretion may establish. Notwithstanding anything contained in the Rights Agreement to the contrary, the Rights
shall not be exercisable prior to the expiration of our right of redemption. Immediately upon the effective time of the action of our Board of Directors authorizing redemption of the Rights, and without any further action and notice, the right to
exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. At the option of our Board of Directors, the Redemption Price may be paid in cash to each Rights holder or by the issuance of
shares of Preferred Stock or Common Stock having a fair market value, determined in accordance with the Rights Agreement, equal to such cash payment. 
 Amendments. For as long as the Rights are then redeemable, we (at the direction of our Board of Directors) may amend the Rights in any manner without the approval of any holders of the
Rights. At any time when the Rights are not then redeemable, we (at the direction of our Board of Directors) may amend the Rights without the approval of any holders of Rights (i) to cure any ambiguity, (ii) to correct or supplement any
provision contained in the Rights Agreement which may be defective or inconsistent with any other provisions in the Rights Agreement, (iii) to shorten or lengthen any time period in the Rights Agreement or (iv) to change or supplement the
provisions in the Rights Agreement in any manner which we may deem necessary or desirable, provided that no such supplement or amendment pursuant to this clause (iv) shall adversely affect the interest of the holders of Right Certificates
(other than an Acquiring Person or any other person in whose hands Rights are null and void under the provisions of Section 7(e) of the Rights Agreement). 

  
 5 

 EXHIBIT C 
 [Form of Right Certificate] 
  

			
	Certificate No. W-[—]	  	[—] Rights

 NOT EXERCISABLE AFTER THE CLOSE OF BUSINESS ON THE EARLIEST TO OCCUR OF (X) MAY 24, 2014,
(Y) THE DATE ON WHICH THE RIGHTS ARE REDEEMED OR EXCHANGED BY THE CORPORATION (AS DEFINED BELOW) IN ACCORDANCE WITH THE RIGHTS AGREEMENT (AS DEFINED BELOW) AND (Z) THE CORPORATION’S 2014 ANNUAL MEETING OF STOCKHOLDERS IF REQUISITE
STOCKHOLDER APPROVAL OF THE RIGHTS AGREEMENT IS NOT OBTAINED AT SUCH MEETING. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION AND UNDER CERTAIN OTHER CIRCUMSTANCES, AT $0.01 PER RIGHT (SUBJECT TO ADJUSTMENT), AND ARE SUBJECT
TO EXCHANGE, IN EACH CASE, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT REFERRED TO BELOW. AS PROVIDED IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO OR BENEFICIALLY OWNED BY ACQUIRING PERSONS OR THEIR “AFFILIATES” OR “ASSOCIATES”
(AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS SHALL BE NULL AND VOID AND MAY NOT BE EXERCISED OR TRANSFERRED TO ANY PERSON. 
 RIGHT CERTIFICATE 
 This certifies that [•], or its 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 (the “Rights Agreement”), dated as of May 24, 2013,
as may be amended from time to time, by and between Health Management Associates, Inc., a Delaware corporation (the “Corporation”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust
company, as rights agent (or its successor in interest as rights agent, the “Rights Agent”), to purchase from the Corporation at any time after the Distribution Date (as defined in the Rights Agreement) and prior to 5:00 p.m. (New
York City time) on [•], at the office of the Rights Agent designated in the Rights Agreement for such purpose, one one-thousandth (1/1000) of a fully paid and nonassessable share of the Series A Junior Participating Preferred Stock (the
“Preferred Stock”) of the Corporation, or other securities or property in lieu thereof as provided by the Rights Agreement, at a purchase price of $45.00, as the same may from time to time be adjusted in accordance with the Rights
Agreement (the “Exercise Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase attached hereto duly executed. 

As provided in the Rights Agreement, the Exercise Price and the number of shares of Preferred Stock which may be purchased upon the
exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the occurrence of certain events and, upon the occurrence of certain events, securities other than shares of Preferred Stock, or other
property, may be acquired upon exercise of the Rights evidenced by this Right Certificate, as provided in the Rights Agreement. 

 This Right Certificate is subject to all of the terms, provisions and conditions of the
Rights Agreement, which terms, provisions and conditions are 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 of the Rights Agent, the Corporation and the holders of record of Right Certificates. A copy of the Rights Agreement is on file at the principal executive office of the Corporation and is available from the Securities and
Exchange Commission at www.sec.gov. 
 This Right Certificate, with or without other Right Certificates, upon surrender at the
office of the Rights Agent designated in the Rights Agreement for such purpose; accompanied by a signature guarantee and such other documents as the Rights Agent may require, may be exchanged for another Right Certificate or Right Certificates of
like tenor and date evidencing Rights entitling the holder of record to purchase a like aggregate number of shares 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 Certificate (a) may be redeemed by the Corporation
at its option or under certain other circumstances at a redemption price of $0.01 per Right or (b) may be exchanged in whole or in part for shares of common stock of the Corporation (“Common Stock”) or shares of Preferred Stock
or fractions thereof having an aggregate fair market value equal to the fair market value of the Common Stock. 
 No fractional
shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth (1/1000) of a share) are required to be issued upon the exercise of any Right or Rights evidenced hereby, and in lieu thereof the Corporation may
cause depositary receipts to be issued and/or a cash payment may be made, as provided in the Rights Agreement. 
 No holder of
this Right Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of 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 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 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. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 2 

 WITNESS the facsimile signature of the proper officers of the Corporation. Dated as of [—]. 
  

									
	ATTEST:	 		 	 HEALTH MANAGEMENT 

ASSOCIATES, INC.

					
	By:	 	 	 		 	By:	 	 
		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

 Countersigned: 
  

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
		
	By:	 	 
		 	Name:
		 	Title:

  
 3 

 [Form of Reverse Side of Right Certificate] 

FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such 
 holder desires to transfer the
Right Certificates.) 
 FOR VALUE
RECEIVED                                       
                                         
                   

hereby sells, assigns and transfers unto              
                                         
                                         
                                         
                                         
      
  
  

(Please print name and address of transferee) 
  

 
 the Rights evidenced by this Right Certificate,
together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                                         
                    Attorney to transfer the within Rights on the books of the within-named Corporation, with full power of substitution. 

Dated:                 
        ,              
  

	
	 
	Signature

 Signature Guaranteed: 
 Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Corporation’s Rights Agent. 

The undersigned hereby certifies that the Rights evidenced by this Right Certificate are not, and never have been, beneficially owned by
an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 
  

	
	 
	Signature

  
 4 

 Certificate 
 The undersigned hereby certifies by checking the appropriate boxes that: 
 (1)
this Right Certificate [ ] is / [ ] is not being sold, assigned or transferred by or on behalf of a Person who is or was an Acquiring Person or an Associate or an Affiliate thereof (as such terms are 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 (as such terms are defined in the Rights Agreement). 

 

					
	Dated:                          ,
            	 		 	  
		 		 	Signature

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

  
 5 

 FORM OF ELECTION TO PURCHASE 

(To be executed if registered holder 
 desires to exercise the Right Certificate.) 
 TO: HEALTH MANAGEMENT ASSOCIATES, 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 and requests that certificates for such share(s) be issued in the following name: 

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:
                ,                      

  

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

 Signature Guaranteed: 
 Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Corporation’s Rights Agent. 

  
 6 

 The undersigned hereby certifies that the Rights evidenced by this Right Certificate are not, and never have
been, beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 
  

	
	  
	Signature

  
 7

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