Document:

EX-4.3

 Exhibit 4.3 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of April 30, 2021, by and among
Portman Ridge Finance Corporation, a Delaware corporation (the “Company”), and the several purchasers of the Notes identified on the signature pages hereto (each a “Purchaser” and collectively, the
“Purchasers”). 
 This Agreement is made pursuant to the Note Purchase Agreement, dated as of April 27, 2021
(the “Purchase Agreement”), among the Company and the Purchasers. In order to induce the Purchasers to purchase the Notes, the Company has agreed to provide the registration rights set forth in this Agreement. The parties
hereby agree as follows: 
 SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the
following meanings: 
 Additional Interest: As defined in Section 5 hereof. 

Advice: As defined in the last paragraph of Section 6 hereof. 

Agreement: As defined in the preamble hereto. 

Broker-Dealer: Any broker or dealer registered under the Exchange
Act. 
 Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking
institutions or trust companies located in New York, New York are authorized or obligated to be closed. 
 Commission:
The U.S. Securities and Exchange Commission. 
 Company: As defined in the preamble hereto. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the
occurrence of (i) the filing with the Commission of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer and its becoming or being declared effective under the Securities Act, (ii) the
maintenance of the continuous effectiveness of such Registration Statement, and the keeping of the Exchange Offer open, for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the
Company to the Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal amount of Notes that were tendered by Holders thereof pursuant to the Exchange Offer. 

Controlling Person: As defined in Section 8(a) hereof.  

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

Exchange Offer: The registration by the Company under the Securities Act of the Exchange Notes pursuant to a Registration
Statement pursuant to which the Company offers the Holders of all outstanding Registrable Notes the opportunity to exchange all such outstanding Registrable Notes held by such Holders for Exchange Notes in an aggregate principal amount equal to the
aggregate principal amount of the Registrable Notes tendered in such exchange offer by such Holders. 

 Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus. 
 Exchange Notes: The 4.875% Notes due 2026 of the
same series under the Indenture as the Notes, to be issued to Holders in exchange for Registrable Notes pursuant to this Agreement. 

FINRA: Financial Industry Regulatory Authority, Inc. 

Holder: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Base Indenture, dated as of October 3, 2012, as supplemented by the Third Supplemental Indenture, to
be dated as of April 30, 2021, by and between the Company and the Trustee, pursuant to which the Notes are to be issued, as such Indenture may be amended or supplemented from time to time in accordance with the terms thereof. 

Initial Placement: The issuance and sale by the Company of the Notes to the Purchasers pursuant to the Purchase
Agreement. 
 Interest Payment Date: As defined in the Indenture and the Notes. 

Issue Date: The date of this Agreement, April 30, 2021. 

Note or Notes: The 4.875% Notes due 2026 issued under the Indenture in connection with the transaction contemplated by the
Purchase Agreement. 
 Person: Any individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement
and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Purchase Agreement: As defined in the preamble hereto. 

Purchaser(s): As defined in the preamble hereto. 

Registrable Notes: Each Note, until the earliest to occur of (a) the date on which such Note is exchanged in the
Exchange Offer for an Exchange Note entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Note has been effectively registered
under the Securities Act and disposed of in accordance with a Shelf Registration Statement, (c) the date on which such Note is distributed by a Broker-Dealer pursuant to the “Plan of
Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein), (d) the date on which such Note does not bear a restricted CUSIP number and can be sold pursuant to
Rule 144 under the Securities Act under circumstances in which any legend borne by such Note relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture and
(e) the date on which such Note ceases to be outstanding. 

 Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Notes
pursuant to an Exchange Offer or (b) the registration for resale of Registrable Notes pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included
therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

Shelf Filing Deadline: As defined in Section 4(a)(x) hereof. 

Shelf Registration Statement: As defined in Section 4(a)(x) hereof. 

Suspension Period: As defined in the final paragraph of Section 4(a) hereof. 

Trustee: U.S. Bank National Association. 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended, and the rules and regulations promulgated thereunder.

 Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an
underwriter for reoffering to the public. 
 SECTION 2. Notes Subject to this Agreement. 

(a) Registrable Notes. The securities entitled to the benefits of this Agreement are the Registrable Notes. 

(b) Holders of Registrable Notes. A Person is deemed to be a holder of Registrable Notes (each, a “Holder”)
whenever such Person owns Registrable Notes. 
 SECTION 3. Registered Exchange Offer. 

(a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy, the Company shall (i) no later than
180th day after the Issue Date (or if such 180th day is not a Business Day, the next succeeding Business Day) file the Exchange Offer Registration Statement with the Commission, (ii) use its commercially reasonable efforts to cause the Exchange
Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become or been declared effective, but in no event later than 270 days after the Issue Date (or if such 270th day is not a Business Day, the
next succeeding Business Day) and (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration
Statement to become or be declared effective, (B) if applicable, file a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all
necessary filings in connection with the registration and qualification of the Exchange Notes to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer. The Exchange
Offer Registration Statement shall be on the 

 
appropriate form permitting registration of the Exchange Notes to be offered in exchange for the Registrable Notes and to permit resales of Notes held by
Broker-Dealers as contemplated by Section 3(c) hereof. The Company shall use its commercially reasonable efforts to cause all Exchange Notes to have the same CUSIP number. 

(b) The Company shall use its commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously
and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be
less than 20 Business Days after the commencement of the Exchange Offer. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Notes shall be included in the
Exchange Offer Registration Statement. 
 (c) The Company shall indicate in a “Plan of Distribution” section contained in the
Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Notes that are Registrable Notes and that were acquired for its own account as a result of market-making activities or other trading activities (other than Registrable Notes acquired directly from the Company) may exchange such Notes pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any
resales of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such
Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such
Broker-Dealer or disclose the amount of Notes held by any such Broker-Dealer except to the extent required by the Commission. 

The Company shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective,
supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Notes acquired by Broker-Dealers for their own accounts
as a result of market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement becomes or is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 

The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers
promptly upon request at any time during such 180-day (or shorter as provided in the foregoing paragraph) period in order to facilitate such resales. 

SECTION 4. Shelf Registration. 

(a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration Statement or to consummate the
Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any reason the Exchange Offer is not Consummated within 270 days after the Issue Date (or if such 270th day is not a Business Day, the
next succeeding Business Day), or (iii) with respect to any Holder of Registrable Notes (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the
Exchange Notes acquired by it in the Exchange Offer to the public without 

 
delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder or (C) such Holder is a Broker-Dealer and holds Notes acquired directly from the Company or one of its affiliates, then, upon such Holder’s request, the Company shall: 

(x) cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment
to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”), as soon as practicable, but in no event later than the earliest to occur of (1) the 60th day after the date on which the
Company determines that it is not required to file the Exchange Offer Registration Statement, (2) the 60th day after the date on which the Company receives notice from a Holder of Registrable Notes as contemplated by clause (iii) above and
(3) the 270th day after the Issue Date (or if such 270th day is not a Business Day, the next succeeding Business Day) (the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all
Registrable Notes the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 

(y) use its commercially reasonable efforts to cause such Shelf Registration Statement to become or be declared effective by
the Commission at the earliest possible time, but in no event later that the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the next succeeding Business Day). 

The Company shall use its commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as
required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Registrable Notes entitled to the benefit of this Section 4(a), and to ensure that it conforms with the
requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of at least one year following the effective date of such Shelf Registration Statement (or
shorter period that will terminate when all the Notes covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement or are otherwise no longer Registrable Notes). 

Notwithstanding the foregoing, the Company may suspend the offering and sale under the Shelf Registration Statement (the
“Suspension Period”) for a period or periods if (i) the board of directors reasonably determines that the continued use of such Shelf Registration Statement would (A) require the Company to make a public disclosure
of material non-public information, which disclosure in the good faith judgment of the board of directors of the Company (1) would be required to be made in such Shelf Registration Statement so that such
Shelf Registration Statement would not be materially misleading and (2) would not be required to be made at such time but for the continued use of such Shelf Registration Statement or (B) would in the good faith and judgment of the board
of directors of the Company be expected to have a material adverse effect on the Company or its business or on the Company’s ability to effect a planned or proposed acquisition, disposition, financing, reorganization, recapitalization or
similar transaction and (ii) the Company notifies the underwriters, if any, and the Holders of Registrable Notes within five days after the board of directors makes the relevant determination set forth in clause (i); provided that the
period or periods of suspension under clause (i) above shall not exceed, in the aggregate, 60 days in any twelve-month period during which the Shelf Registration Statement is required to be effective.

 (b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Registrable
Notes may include any of its Registrable Notes in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 10 Business Days after receipt of a request therefor, such
information as the Company 

 
may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein or amendment or supplement thereto. Each Holder as to
which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially
misleading. 
 SECTION 5. Additional Interest. If (i) unless the Exchange Offer shall not be permissible under applicable
law or Commission policy, the Exchange Offer Registration Statement has not been Consummated on or prior to the 270th day after the Issue Date (or if such 270th day is not a Business Day, the next succeeding Business Day), (ii) in the event the
Company is required to file a Shelf Registration Statement pursuant to Section 4(a) hereof, (A) the Shelf Registration Statement is not filed by the Shelf Filing Deadline or (B) the Shelf Registration Statement has not become or been
declared effective by the Commission on or prior to the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the next succeeding Business Day) or (iii) any Registration Statement required by this Agreement is
filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without being immediately succeeded by a post-effective amendment to such Registration
Statement that cures such failure and that is itself immediately declared effective (each such event referred to in clauses (i) through (iii), a “Registration Default”) then, with respect to the first 90-day period immediately following the occurrence of such Registration Default, the interest rate on the Registrable Notes will be increased by 0.25% per annum and will increase by an additional 0.25% per annum on
the principal amount of Notes with respect to each subsequent 90-day period, up to a maximum of additional interest of 0.50% per annum (“Additional Interest”). Any amounts of Additional
Interest due pursuant to this Section 5 will be paid in cash on the relevant Interest Payment Date to Holders of record on the relevant regular record dates. Following the cure of all Registration Defaults relating to any particular Registrable
Notes, the interest rate borne by the relevant Registrable Notes will be reduced to the original interest rate borne by such Registrable Notes; provided, however, that, if after any such reduction in interest rate, a different
Registration Default occurs, the interest rate borne by the relevant Registrable Notes shall again be increased pursuant to the foregoing provisions. 

The Company shall promptly notify the Trustee of any of its obligations under this Section 5 and all obligations of the Company set forth
in the preceding paragraph that are outstanding with respect to any Registrable Note at the time such security ceases to be a Registrable Note shall survive until such time as all such obligations with respect to such security shall have been
satisfied in full. 
 Notwithstanding the foregoing, (i) the amount of Additional Interest payable shall not increase because more than
one Registration Default has occurred and is pending at any given time and (ii) a Holder of Registrable Notes that has not provided the information required pursuant to Section 4(b) hereof within the time period set forth therein shall not
be entitled to Additional Interest with respect to a Registration Default that pertains to the relevant Shelf Registration Statement. 

SECTION 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of the applicable
provisions of Section 6(c) hereof, shall use commercially reasonable efforts to effect such exchange to permit the sale of Registrable Notes being sold in accordance with the intended method or methods of distribution thereof, and shall comply
with all of the following provision: 
 (i) As a condition to its participation in the Exchange Offer pursuant to the terms
of this Agreement, each Holder of Registrable Notes shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be 

 
contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in,
and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer, (C) it is acquiring the Exchange Notes in its ordinary course
of business, (D) if it is a Broker-Dealer that holds Notes that were acquired for its own account as a result of market-making activities or other trading
activities (other than Notes acquired directly from the Company or any of its affiliates), it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes received by it in the
Exchange Offer, and (E) if it is a Broker-Dealer, that it did not purchase the Notes to be exchanged in the Exchange Offer from the Company or any of its affiliates. In addition, all such Holders of
Registrable Notes shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange
Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan
Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by
Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Notes obtained by such Holder in exchange for Notes acquired by such Holder directly from the Company. 

(b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall comply with all the provisions
of Section 6(c) hereof and shall use commercially reasonable efforts to effect such registration to permit the sale of the Registrable Notes being sold in accordance with the intended method or methods of distribution thereof, and pursuant
thereto the Company will as expeditiously as is commercially reasonable prepare and file with the Commission a Shelf Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available
for the sale of the Registrable Notes in accordance with the intended method or methods of distribution thereof. 
 (c) General
Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Registrable Notes (including, without limitation, any Registration Statement and the related Prospectus
required to permit resales of Notes by Broker-Dealers), the Company shall: 
 (i) use
its commercially reasonable efforts to keep such Registration Statement continuously effective during the period required by this Agreement and provide all requisite financial statements; 

(ii) upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein
(A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Registrable Notes during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such
Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its commercially reasonable efforts to cause such amendment to become or be declared effective
and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

 (iii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable,
or such shorter period as will terminate when all Registrable Notes covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to
Rules 424 or 497 under the Securities Act, and to comply fully with the applicable provisions of Rules 424, 430A and 497 under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the
Prospectus; 
 (iv) advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to
confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become or been declared effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the
Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities
commission of the qualification of the Registrable Notes for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes
any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the
Registration Statement or the Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission
or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Registrable Notes under state securities or blue sky laws, the Company shall use its commercially reasonable efforts to obtain the
withdrawal or lifting of such order at the earliest possible time; 
 (v) furnish without charge to each selling Holder named
in any Registration Statement that has requested such copies, if any, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements
to any such Registration Statement or Prospectus (other than any documents that will be incorporated by reference in such Registration Statement or Prospectus), which documents will be subject to the review and comment of such requesting Holders and
underwriter(s) in connection with such sale, if any, for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or
Prospectus to the underwriter(s), if any, shall reasonably object in writing within five Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of facsimile transmission within such period). The objection
of the underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 

(vi) make available at reasonable times for inspection by any Holder, the managing underwriter(s), if any, participating in any
disposition pursuant to such Registration Statement and any attorney or accountant retained by the Holder or any of the underwriter(s), in each case subject to confidentiality agreements in form and substance customarily entered into by the

 
underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to
its effectiveness and to participate in meetings with investors to the extent reasonably requested by the managing underwriter(s), if any; 

(vii) if requested by any selling Holders listed as selling securityholders in any Registration Statement or the
underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and
underwriter(s), if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Registrable Notes, information with respect to the principal amount of
Registrable Notes being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Registrable Notes to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(viii) furnish to each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the
Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, if requested, all documents incorporated by reference therein and all exhibits (including exhibits incorporated
therein by reference), unless, in each case, publicly available; 
 (ix) deliver to each selling Holder and each of the
underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company hereby consent to the use of the Prospectus
and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Notes covered by the Prospectus or any amendment or supplement thereto;

 (x) in connection with an underwritten offering pursuant to a Shelf Registration Statement, enter into such agreements
(including an underwriting agreement), and make such representations and warranties, and take all such other commercially reasonable actions in connection therewith in order to expedite or facilitate the disposition of the Registrable Notes. In
furtherance of the foregoing, the Company shall: 
 (A) furnish to each selling Holder and each underwriter in such substance
and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement: 

(1) a certificate, dated the effectiveness of the Shelf Registration Statement, signed by (y) the Chief Executive Officer
and (z) a principal financial or accounting officer of the Company, confirming customary matters; 
 (2) if requested
by a majority of selling Holders, an opinion, dated the date of effectiveness of the Shelf Registration Statement, of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings; 

 (3) a customary comfort letter, dated the date of effectiveness of the
Shelf Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten
offerings; 
 (B) set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification
provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with
Section 6(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this Section 6(c)(xi), if any. 

If at any time the representations and warranties of the Company contemplated in Section 6(c)(xi)(A)(1) hereof cease to be
true and correct, the Company shall so advise the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 

(xi) prior to any public offering of Registrable Notes, cooperate with the selling Holders, the underwriter(s), if any, and
their respective counsel in connection with the registration and qualification of the Registrable Notes under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and
all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Notes covered by the Shelf Registration Statement; provided, however, that the Company shall not be required to register or
qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in
any jurisdiction where it is not then so subject; 
 (xii) in the case of a Shelf Registration Statement, shall issue, upon
the request of any Holder of Notes covered by the Shelf Registration Statement and only in connection with any valid sale of Notes by such Holder pursuant to such registration statement (and provided that such Holder delivers such certificates or
opinions reasonably requested by the Company in connection with such sale), Exchange Notes having an aggregate principal amount equal to the aggregate principal amount of Notes surrendered to the Company by such Holder in exchange therefor or being
sold by such Holder; such Exchange Notes to be registered in the name of such Holder or in the name of the purchaser(s) of such Exchange Notes, as the case may be; in return, the Notes held by such Holder shall be surrendered to the Company for
cancellation; 
 (xiii) in the case of a Shelf Registration Statement, and subject to the forms of the Indenture, cooperate
with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates or book-entry receipts, as applicable, representing Registrable Notes to be sold and
not bearing any restrictive legends; and enable such Registrable Notes or such book-entry receipts, as applicable, to be in such denominations and registered in such names as the Holders or the underwriter(s),
if any, may request at least two Business Days prior to any sale of Registrable Notes made by such Holders or underwriter(s); 

 (xiv) use its commercially reasonable efforts to cause the Registrable Notes
covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of
such Registrable Notes, subject to the proviso contained in Section 6(c)(xi) hereof; 
 (xv) if any fact or event
contemplated by Section 6(c)(iv)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Registrable Notes, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements therein not misleading; 
 (xvi) not later than the effective date of the Registration Statement
covering such Exchange Notes, provide that the CUSIP and ISIN numbers for all Exchange Notes shall be the same unrestricted CUSIP and ISIN numbers as borne by the Existing Notes and provide the Trustee under the Indenture with printed certificates
for such Exchange Notes which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such Exchange Notes are eligible for deposit with the Depository Trust Company; 

(xvii) cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence
investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of the FINRA; 

(xviii) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or commercially reasonable efforts Underwritten Offering or
(B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; and 

(xix) cause the Indenture to continue to be qualified under the Trust Indenture Act as of, and not later than the effective
date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Exchange Notes to effect such changes to the Indenture as may be required for such Indenture to remain
so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and
documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. 
 Each Holder agrees by
acquisition of a Registrable Note that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iv)(D) hereof or any Suspension Period, such Holder will forthwith discontinue disposition of
Registrable Notes pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof, or until it is advised in writing (the
“Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company,
each Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Notes that was current at the time of receipt of
such notice. In the event the Company shall give any such 

 
notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the
period from and including the date of the giving of such notice pursuant to Section 6(c)(iv)(D) hereof or notice of any Suspension Period to and including the date when each selling Holder covered by such Registration Statement shall have
received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether
Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a
Registration Default for purposes of Section 5 hereof. 
 SECTION 7. Registration Expenses. All expenses incident to the
Company’s performance of or compliance with this Agreement will be borne by the Company regardless of whether a Registration Statement becomes or is declared effective, including, without limitation: (i) all registration and filing fees
and expenses (including filings made by the Holder with the FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of the FINRA)); (ii)
all fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of
Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company and Holder(s); (v) application and filing fees in connection with listing the Notes on a securities exchange or automated
quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to
such performance). 
 The Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 

SECTION 8. Indemnification. 

(a) The Company agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”) and (iii) the
respective officers, directors, partners, employees, representatives and agents of any Holder or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified
Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of
investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable and documented fees and
expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any
Prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission
that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any
liability which the Company may otherwise have. 

 In case any action or proceeding (including any governmental or regulatory investigation or
proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the Indemnified Holder controlled by such Controlling Person) shall
promptly notify the Company in writing; provided, however, that the failure to give such notice shall not relieve any of the Company of its obligations pursuant to this Agreement unless and to the extent the Company did not otherwise learn of
such action and such failure results in the forfeiture by the Company of substantial rights and defenses. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the reasonable and documented fees and expenses
of such counsel shall be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder). The Company shall not, in connection with any one such action or
proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable and documented fees and expenses of more than one
separate firm of attorneys (in addition to one local counsel for all indemnified parties taken as a whole in each jurisdiction reasonably required and, in the event of an actual conflict, one additional counsel in each relevant jurisdiction for the
affected indemnified parties similarly situated taken as a whole) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with
the Company’s prior written consent, which consent shall not be unreasonably withheld or delayed, and the Company agree to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by
reason of any settlement of any action effected with the written consent of the Company. The Company shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise
seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement,
compromise, consent or termination (i) includes a complete and unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding and (ii) does not include a statement as to or
an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Holder. 
 (b) Each Holder of Registrable Notes
agrees, severally and not jointly, to indemnify and hold harmless the Company and its directors and officers who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) the Company and its officers, directors, partners, employees, representatives and agents, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect
to claims and actions based on information relating to such Holder furnished in writing by or on behalf of such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against the Company or its
directors or officers or any such Controlling Person in respect of which indemnity may be sought against a Holder of Registrable Notes, such Holder shall have the rights and duties given to the Company, and the Company and its directors and officers
and such Controlling Person shall have the rights and duties given to each Holder by the preceding paragraph. This indemnity agreement shall be in addition to any liability which Holders may otherwise have. 

(c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or
(b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities, 

 
judgments, actions or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from the Initial
Placement (which in the case of the Company shall be deemed to be equal to the total gross proceeds to the Company from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the
Registration Statement resulting in such losses, claims, damages, liabilities, judgments, actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company, on the one
hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the
Company, on the one hand, and of the Indemnified Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of
Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

The Company and each Holder of Registrable Notes agrees that it would not be just and equitable if contribution pursuant to this
Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders
(and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Notes exceeds the amount of any damages which such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Notes
held by each of the Holders hereunder and not joint. 
 SECTION 9. Rule 144A. The Company hereby agrees with each Holder, for so
long as any Registrable Notes remain outstanding, to make available to any Holder or beneficial owner of Registrable Notes in connection with any sale thereof and any prospective purchaser of such Registrable Notes from such Holder or beneficial
owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Notes pursuant to Rule 144A under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the
Exchange Act. 
 SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten
Registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting
arrangements. 

 SECTION 11. Selection of Underwriters. If requested by the Holders of a majority
in aggregate principal amount of the Registrable Notes covered by the Shelf Registration Statement, the Holders of Registrable Notes covered by the Shelf Registration Statement who desire to do so may sell such Registrable Notes in an Underwritten
Offering. In such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Registrable Notes included in such
offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company. 

SECTION 12. Miscellaneous. 

(a) Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to
its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof. 
 (c) Adjustments
Affecting the Notes. The Company will not take any action, or permit any change to occur, with respect to the Registrable Notes that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 

(d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 13(d)(i), obtained the written consent of Holders of all outstanding Registrable Notes and
(ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Registrable Notes (excluding any Registrable Notes held by the Company or its Affiliates).
Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or
indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Registrable Notes being tendered or registered. 

(e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), facsimile, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; 
 if to the Company: 

Portman Ridge Finance Corporation 

650 Madison Avenue, 23rd Floor 

New York, NY 10022 

Attention: Chief Executive Officers 

 
With a copy to: 
 Dechert LLP 

1900 K Street, NW 
 Washington,
DC 20006 
 Facsimile: (202) 261-3333 

Attention: Harry S. Pangas 
 All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by
facsimile; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 

(f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Registrable Notes; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign
of a Holder unless and to the extent such successor or assign acquired Registrable Notes from such Holder. 
 (g) Counterparts. This
Agreement may be executed in any number of counterparts (including by facsimile or other method of electronic transmission) and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all
of which taken together shall constitute one and the same agreement. 
 (h) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 

(j) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

(k) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Company with respect to the Registrable Notes. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

 (l) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the
agreements made hereunder between the Company, on the one hand, and the Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights
or the rights of other Holders hereunder. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	PORTMAN RIDGE FINANCE CORPORATION
		
	By:	 	/s/ Ted Goldthorpe
		 	Name: Ted Goldthorpe
		 	Title: Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
 EP DIF Delaware I LLC 
 By: Eagle Point
Credit management LLC, its investment advisor 
  

			
	By:	 	/s/ Taylor Pine
		 	Name: Taylor Pine
		 	Title: Director

 Wilton Reassurance Company 
 By:
Eagle Point Credit management LLC, its investment advisor 
  

			
	By:	 	/s/ Taylor Pine
		 	Name: Taylor Pine
		 	Title: Director

 Wilcac Life Insurance Company 

By: Eagle Point Credit management LLC, its investment advisor 
  

			
	By:	 	/s/ Taylor Pine
		 	Name: Taylor Pine
		 	Title: Director

 Bluecross Blueshield Of Tennessee Inc. 

By: Eagle Point Credit management LLC, its investment advisor 
  

			
	By:	 	/s/ Taylor Pine
		 	Name: Taylor Pine
		 	Title: Director

 PCT Partners LLC 
 By: Eagle
Point Credit management LLC, its investment advisor 
  

			
	By:	 	/s/ Taylor Pine
		 	Name: Taylor Pine
		 	Title: Director

 Arch Mortgage Insurance Company 

By: Eagle Point Credit management LLC, its investment advisor 
  

			
	By:	 	/s/ Taylor Pine
		 	Name: Taylor Pine
		 	Title: Director

 United Guaranty Residential Insurance Company 

By: Eagle Point Credit management LLC, its investment advisor 
  

			
	By:	 	/s/ Taylor Pine
		 	Name: Taylor Pine
		 	Title: Director

  

			
	GUARANTY INCOME LIFE INSURANCE COMPANY

			
		
	By:	 	/s/ Erik Braun
		 	Name: Erik Braun
		 	Title: VP and Officer

  

			
	LINCOLN BENEFIT LIFE COMPANY
		
	By:	 	/s/ Erik Braun
		 	Name: Erik Braun
		 	Title: VP and OfficerWestwood
Holdings Group, Inc. 8-A12B

Exhibit
4.1

 

 

STOCKHOLDER
RIGHTS AGREEMENT

Westwood
Holdings Group, Inc.

and

American
Stock Transfer & Trust Company, LLC,

as
Rights Agent

 

Dated
as of May 2, 2021

 

 

    	 

    	 

    

Table
of Contents

Page

	Section 1.   Certain
    Definitions	1
	Section 2.   Appointment
    of Rights Agent	9
	Section 3.   Issuance
    of Rights Certificates	10
	Section 4.   Form
    of Rights Certificates	12
	Section 5.   Countersignature
    and Registration	13
	Section 6.   Transfer,
    Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates	13
	Section 7.   Exercise
    of Rights; Exercise Price; Expiration Time of Rights	14
	Section 8.   Cancellation
    and Destruction of Rights Certificates	16
	Section 9.   Reservation
    and Availability of Capital Stock	16
	Section 10.   Preferred
    Stock Record Date	18
	Section 11.   Adjustment
    of Exercise Price, Number and Kind of Shares or Number of Rights	18
	Section 12.   Certificate
    of Adjusted Exercise Price or Number of Shares	25
	Section 13.   Consolidation,
    Merger or Sale or Transfer of Assets, Cash Flow or Earning Power	26
	Section 14.   Fractional
    Rights and Fractional Shares	29
	Section 15.   Rights
    of Action	30
	Section 16.   Agreement
    of Rights Holders	31
	Section 17.   Rights
    Certificate Holder Not Deemed a Stockholder	31
	Section 18.   Concerning
    the Rights Agent	32
	Section 19.   Merger
    or Consolidation or Change of Name of Rights Agent	33
	Section 20.   Duties
    of Rights Agent	33
	Section 21.   Change
    of Rights Agent	35
	Section 22.   Issuance
    of New Rights Certificates	36
	Section 23.   Redemption
    and Termination	36
	Section 24.   Exchange	37
	Section 25.   Notice
    of Certain Events	39
	Section 26.   Notices	40
	Section 27.   Supplements
    and Amendments	41
	Section 28.   Successors	42

    	 	i	 

    	 

    

	Section 29.   Determination
    and Action by the Board	42
	Section 30.   Benefits
    of this Agreement	42
	Section 31.   Tax
    Compliance and Withholding	42
	Section 32.   Severability	43
	Section 33.   Governing
    Law; Submission to Jurisdiction	43
	Section 34.   Counterparts	43
	Section 35.   Descriptive
    Headings; Interpretation	43
	Section 36.   Force
    Majeure	44

 

Exhibit
A-Form of Certificate of Designation

Exhibit
B-Form of Rights Certificate

Exhibit
C-Summary of Rights to Purchase Preferred Stock

 

    	 	ii	 

    	 

    

STOCKHOLDER
RIGHTS AGREEMENT

This
STOCKHOLDER RIGHTS AGREEMENT, dated as of May 2, 2021 (this “Agreement”), is by and between Westwood Holdings
Group, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC,
as rights agent (the “Rights Agent”).

W
I T N E S S E T H:

WHEREAS,
on May 2, 2021 (the “Rights Dividend Declaration Date”), the board of directors of the Company (the “Board”)
authorized and declared a dividend distribution of one Right (as defined below) for each share of common stock of the Company, par value
$0.01 per share (“Common Stock”), outstanding at the Close of Business (as defined below) on May 12, 2021 (the
“Record Date”), and has further authorized the issuance of one Right (as such number may hereinafter be adjusted
pursuant to Section 11) for each share of Common Stock that shall become outstanding between the Record Date (whether originally
issued or delivered from the Company’s treasury) and the earlier of the Distribution Time and the Expiration Time (as such terms
are defined below) or, in certain circumstances provided in Section 22, after the Distribution Time.

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

Section 1.              
Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

“Acquiring
Person” shall mean any Person which, together with all of its Related Persons, is the Beneficial Owner of the
Specified Percentage or more of the shares of Common Stock then outstanding, but shall exclude (x) Exempt Persons and
(y) Grandfathered Persons. Notwithstanding anything in this Agreement to the contrary, no Person shall become an
“Acquiring Person:”

(i)       as
the result of an acquisition of shares of Common Stock by the Company which, by reducing the number of shares of Common Stock outstanding,
increases the percentage of the shares of Common Stock Beneficially Owned by such Person, together with all of its Related Persons, to
the Specified Percentage or more of the shares of Common Stock then outstanding; provided, however, that if a Person, together
with all of its Related Persons, becomes the Beneficial Owner of the Specified Percentage or more of the shares of Common Stock then
outstanding by reason of share acquisitions by the Company and, after such share acquisitions by the Company, becomes the Beneficial
Owner of any additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the
outstanding Common Stock or pursuant to a split or subdivision of the outstanding Common Stock), then such Person shall be deemed to
be an “Acquiring Person” unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person,
together with all of its Related Persons, does not Beneficially Own the Specified Percentage or more of the shares of Common Stock then
outstanding;

    	 

    	 

    

(ii)       if
(A) the Board determines in good faith that such Person has become an “Acquiring Person” inadvertently (including because
(1) such Person was unaware that it Beneficially Owned a percentage of the then outstanding shares of Common Stock that would otherwise
cause such Person to be an “Acquiring Person” or (2) such Person was aware of the extent of its Beneficial Ownership
of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement) and (B) such
Person divests as promptly as practicable (as determined by the Board) a sufficient number of shares of Common Stock so that such Person
would no longer be an “Acquiring Person;”

(iii)       solely
as a result of any unilateral grant of any security by the Company, or through the exercise of any options, warrants, rights or similar
interests (including restricted stock) granted by the Company to its directors, officers or employees; provided, however,
that if a Person, together with all of its Related Persons, becomes the Beneficial Owner of the Specified Percentage or more of the shares
of Common Stock then outstanding by reason of a unilateral grant of a security by the Company, or through the exercise of any options,
warrants, rights or similar interests (including restricted stock) granted by the Company to its directors, officers and employees, then
such Person shall nevertheless be deemed to be an “Acquiring Person” if, subject to clause (ii) above, such Person, together
with all of its Related Persons, thereafter becomes the Beneficial Owner of any additional shares of Common Stock (unless upon becoming
the Beneficial Owner of additional shares of Common Stock, such Person, together with all of its Related Persons, does not Beneficially
Own the Specified Percentage or more of the Common Stock then outstanding), except as a result of (A) a dividend or distribution
paid or made by the Company on the outstanding Common Stock or a split or subdivision of the outstanding Common Stock; or (B) the
unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights or similar interest (including
restricted stock) granted by the Company to its directors, officers or employees;

(iv)       by
means of share purchases or issuances (including debt to equity exchanges), directly from the Company or indirectly through an underwritten
offering of the Company, in a transaction approved by the Board; provided, however, that a Person shall be deemed to be
an “Acquiring Person” if such Person (A) is or becomes the Beneficial Owner of the Specified Percentage or more of the
shares of Common Stock then outstanding following such transaction and (B) following such transaction, becomes the Beneficial Owner
of any additional shares of Common Stock without the prior written consent of the Company and then Beneficially Owns the Specified Percentage
or more of the shares of Common Stock then outstanding; or

(v)       if
such Person is a bona fide swaps dealer who has become an “Acquiring Person” as a result of its actions in the ordinary
course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of evading or assisting
any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence the management or policies
of the Company.

“Act”
shall mean the Securities Act of 1933, as amended.

    	 	2	 

    	 

    

“Adjustment
Shares” shall have the meaning set forth in Section 11(a)(ii).

“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act Regulations as in effect on the date of this Agreement.

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

“Associate”
shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act Regulations as in effect on the date of this Agreement.

A
Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own”
and have “Beneficial Ownership” of any securities (that are as such, “Beneficially Owned”):

(i)       that
such Person or any of such Person’s Related Persons beneficially owns, directly or indirectly, as determined pursuant to Rule 13d-3
of the Exchange Act Regulations as in effect on the date of this Agreement;

(ii)       that
such Person or any of such Person’s Related Persons, directly or indirectly, has the right or obligation to acquire (whether such
right is exercisable, or such obligation is required to be performed, immediately or only after the passage of time or the satisfaction
of other conditions) pursuant to any agreement, arrangement or understanding (whether or not in writing and other than customary agreements
with and between underwriters and selling group members with respect to a bona fide public offering of securities) or upon the exercise
of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided, however,
that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” (A) securities tendered
pursuant to a tender or exchange offer made in accordance with the Exchange Act Regulations by or on behalf of such Person or any of
such Person’s Related Persons until such tendered securities are accepted for purchase or exchange, (B) securities issuable
upon exercise of Rights at any time prior to the occurrence of a Triggering Event, (C) securities issuable upon exercise of Rights
from and after the occurrence of a Triggering Event which Rights were acquired by such Person or any such Person’s Related Persons
prior to the Distribution Time or pursuant to Section 22 (the “Original Rights”) or pursuant to
Section 11(i) in connection with an adjustment made with respect to any Original Rights or (D) securities which such Person
or any of such Person’s Related Persons may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant
to any merger or other acquisition agreement between the Company and such Person (or one or more of such Person’s Related Persons),
if such agreement has been approved by the Board prior to such Person’s becoming an Acquiring Person;

(iii)       that
are Beneficially Owned, directly or indirectly, by any other Person (or any Related Person of such Person) with which such Person (or
any of such Person’s Related Persons) has any agreement, arrangement or understanding (whether or not in writing and other than
customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities);
provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,”
any

    	 	3	 

    	 

    

security
if such agreement, arrangement or understanding (A) arises solely from a revocable proxy or consent given in response to a public
proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the Exchange Act Regulations and
(B) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report);
or

(iv)       that
are Beneficially Owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Related Persons) under any Derivatives
Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person or any
of such Person’s Related Persons is a Receiving Party; provided, however, that the number of shares of Common Stock
that a Person is deemed to Beneficially Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall
not exceed the number of Notional Common Shares with respect to such Derivatives Contract; provided, further, that the
number of securities Beneficially Owned by each Counterparty (including its Related Persons) under a Derivatives Contract shall, for
purposes of this clause (iv) include all securities that are Beneficially Owned, directly or indirectly, by any other Counterparty
(or any of such other Counterparty’s Related Persons) under any Derivatives Contract to which such first Counterparty (or any of
such first Counterparty’s Related Persons) is a Receiving Party, with this proviso being applied to successive Counterparties as
appropriate;

provided,
however, that (x) nothing in this definition shall cause a Person engaged in business as an underwriter of securities to be the
“Beneficial Owner” of, or to “beneficially own,” any securities acquired through such Person’s participation
in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of such acquisition and (y)
no officer or director of the Company shall be deemed to Beneficially Own any securities of any other Person solely by virtue of any
actions that such officer or director takes in such capacity.

With
respect to any Person, for all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding at any
particular time, including for purposes of determining the particular percentage of the outstanding shares of Common Stock of which such
Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding at the time of such calculation that
such Person is otherwise deemed to Beneficially Own for purposes of this Agreement; provided, however, that the number
of shares of Common Stock not outstanding that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement shall
not be included for the purpose of computing the percentage of the outstanding shares of Common Stock Beneficially Owned by any other
Person (unless such other Person is also deemed to Beneficially Own, for purposes of this Agreement, such shares of Common Stock not
outstanding).

“Board”
shall have the meaning set forth in the recitals to this Agreement.

“Business
Day” shall mean any day other than a Saturday, a 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.

    	 	4	 

    	 

    

“Charter”
shall mean the Company’s Amended and Restated Certificate of Incorporation, as amended from time to time.

“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, “Close of Business” shall mean 5:00 P.M., New York City time, on the next succeeding
Business Day.

“Closing
Price” in respect of any security for any day shall mean the last sale price, regular way, or, in case no such sale takes
place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to trading on the Nasdaq or the NYSE or, if such shares of
common stock (or other security) are not listed or admitted to trading on the Nasdaq or the NYSE, as reported in the principal consolidated
transaction reporting system with respect to securities listed on the principal national securities exchange on which such shares of
common stock (or other security) are listed or admitted to trading or, if such shares of common stock (or other security) 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 OTC Bulletin Board service or such other quotation system then in
use, or, if on any such date such shares of common stock (or other security) are not quoted by any such organization, the average of
the closing bid and asked prices as furnished by a professional market maker making a market in such common stock (or other security)
selected by the Board. If on any such date no such market maker is making a market in such common stock (or other security), the fair
value of such common stock (or other security) on such date as determined in good faith by the Board shall be used.

“Common
Stock” shall have the meaning set forth in the recitals to this Agreement.

“Common
Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii).

“Company”
shall have the meaning set forth in the preamble to this Agreement.

“Counterparty”
shall have the meaning set forth in the definition of “Derivatives Contract.”

“Current
Market Price” shall have the meaning set forth in Section 11(d).

“Current
Value” shall have the meaning set forth in Section 11(a)(iii).

“Derivatives
Contract” shall mean a contract, including all related documentation, between two parties (the “Receiving Party”
and the “Counterparty”) that is designed to produce economic benefits and risks to the Receiving Party that
correspond substantially to the ownership by the Receiving Party of a number of shares of Common Stock specified or referenced in such
contract (the number corresponding to such economic benefits and risks, the “Notional Common Shares”), regardless
of whether obligations under such contract are required or permitted to be settled through the delivery of cash, shares of Common Stock
or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance of doubt,
interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for
trading by the appropriate federal governmental authority shall not be deemed “Derivatives Contracts.”

    	 	5	 

    	 

    

“Distribution
Time” shall mean the earlier of (i) the Close of Business on the tenth (10th) day after the Stock Acquisition
Date (or, if the tenth (10th) day after the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record
Date) or (ii) the Close of Business on the tenth (10th) Business Day (or, if such tenth (10th) Business Day occurs before
the Record Date, the Close of Business on the Record Date), or such later date as may be determined by action of the Board prior to such
time as any Person becomes an Acquiring Person, after the date that a tender or exchange offer by any Person (other than any Exempt Person)
is first published or sent or given within the meaning of Rule 14d-2(a) of the Exchange Act Regulations, if upon consummation thereof,
such Person would become an Acquiring Person.

“Equivalent
Preferred Stock” shall have the meaning set forth in Section 11(b).

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

“Exchange
Act Regulations” shall mean the general rules and regulations promulgated under the Exchange Act.

“Exchange
Ratio” shall have the meaning set forth in Section 24(a).

“Exempt
Person” shall mean (i) the Company or any Subsidiary of the Company, (ii) any officer, director or employee of
the Company or of any Subsidiary of the Company solely in respect of such Person’s status or authority as such (including any fiduciary
capacity) or (iii) any employee benefit plan of the Company or of any Subsidiary of the Company or any entity or trustee holding
(or acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or pursuant to the terms of any such plan
or for the purpose of funding other employee benefits for employees of the Company or any Subsidiary of the Company.

“Exercise
Price” shall have the meaning set forth in Section 4(a).

“Expiration
Time” shall have the meaning set forth in Section 7(a).

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

“Flip-in
Event” shall have the meaning set forth in Section 11(a)(ii).

“Flip-in
Trigger Date” shall have the meaning set forth in Section 11(a)(iii).

“Flip-over
Event” shall have the meaning set forth in Section 13(a).

“Flip-over
Party” shall have the meaning set forth in Section 13(b).

“Flip-over
Stock” shall mean the capital stock (or similar equity interest) with the greatest voting power in respect of the election
of directors (or other Persons similarly responsible for the direction of the business and affairs) of the Flip-over Party.

“Grandfathered
Person” shall mean (x) any Person who or which, together with all of such Person’s Related Persons, is, as of immediately
prior to the first public announcement of the

    	 	6	 

    	 

    

adoption
of this Agreement, the Beneficial Owner of the Specified Percentage or more of the shares of Common Stock then outstanding and (y) any
Person who or which becomes the Beneficial Owner of the Specified Percentage or more of the shares of Common Stock then outstanding as
the result of the acquisition of Beneficial Ownership of shares of Common Stock from an individual described in the preceding clause
(x) if such acquisition occurs upon such individual’s death pursuant to such individual’s will or pursuant to a charitable
trust created by such individual for estate planning purposes. A Person ceases to be a “Grandfathered Person” if and when
(i) such Person becomes the Beneficial Owner of less than the Specified Percentage of the shares of Common Stock then outstanding;
or (ii) such Person increases such Person’s Beneficial Ownership of shares of Common Stock to an amount equal to or greater
than the greater of (A) the Specified Percentage of the shares of Common Stock then outstanding and (B) the sum of (1) the
lowest Beneficial Ownership of such Person as a percentage of the shares of Common Stock outstanding as of any time from and after the
first public announcement of the adoption of this Agreement (other than as a result of an acquisition of shares of Common Stock by the
Company) plus (2)  one share of Common Stock. The foregoing definition shall grandfather the security or instrument underlying such
Beneficial Ownership only in the type and form as of the date of this Agreement and shall not grandfather any subsequent change, modification,
swap or exchange of such security or instrument underlying such Beneficial Ownership into a different type or form of security or instrument
(unless such change, modification, swap or exchange is contemplated explicitly by the terms of such security or instrument (e.g.,
as would be the case for options to purchase shares of Common Stock, in which case the shares of Common Stock purchased upon the exercise
of such options would be grandfathered)). For the avoidance of doubt, cash-settled swap or exchange contracts for differences in the
price of shares of Common Stock or other equity securities of the Company shall not be grandfathered under this Agreement.

“Nasdaq”
shall mean the Nasdaq Stock Market.

“Notional
Common Shares” shall have the meaning set forth in the definition of “Derivatives Contract.”

“NYSE”
shall mean the New York Stock Exchange.

“Passive
Investor” shall mean a Person which (i) is the Beneficial Owner of shares of Common Stock and (ii) is entitled to file,
and files, a statement on Schedule 13G pursuant to Rule 13d-1(b) or Rule 13d-1(c) of the Exchange Act Regulations with respect to such
shares of Common Stock but only so long as (A) such Person is eligible to report such Person’s Beneficial Ownership of shares of
Common Stock on Schedule 13G under the Exchange Act and (B) such Person does not hold shares of Common Stock on behalf of any other Person
who is not (or if such other Person Beneficially Owned at least 5% (five percent) of the shares of Common Stock then outstanding, would
not be) entitled to report Beneficial Ownership of shares of Common Stock on a statement on Schedule 13G pursuant to Rule 13d-1(b) or
Rule 13d-1(c) of the Exchange Act Regulations. For the avoidance of doubt, a Person ceases to be a Passive Investor at the time such
Person is no longer entitled to file a statement on Schedule 13G with respect to the shares of Common Stock Beneficially Owned by such
Person regardless of the deadline for the filing of a statement on Schedule 13D with respect to such shares.

    	 	7	 

    	 

    

“Person”
shall mean any individual, partnership, firm, corporation, limited liability company, association, trust, limited liability partnership,
joint venture, unincorporated organization or other entity, including (i) any syndicate or group deemed to be a “person”
under Section 13(d)(3) of the Exchange Act and any group under Rule 13d-5(b) of the Exchange Act Regulations and (ii) any successor
(by merger or otherwise) of such entity.

“Preferred
Stock” shall mean the Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company having
the designations, preferences and rights set forth in the form of certificate of designation attached to this Agreement as Exhibit
A, and, to the extent that there is not a sufficient number of shares of Series A Junior Participating Preferred Stock authorized
to permit the full exercise of the Rights, any other series of preferred stock, par value $0.01 per share, of the Company designated
for such purpose containing terms substantially similar to the terms of the Series A Junior Participating Preferred Stock.

“Receiving
Party” shall have the meaning set forth in the definition of “Derivatives Contract.”

“Record
Date” shall have the meaning set forth in the recitals to this Agreement.

“Redemption
Period” shall have the meaning set forth in Section 23(a).

“Redemption
Price” shall have the meaning set forth in Section 23(a).

“Related
Person” shall mean, as to any Person, any Affiliate or Associate of such Person.

“Right”
shall mean a right initially representing the right to purchase one one-thousandth of one share of Series A Junior Participating Preferred
Stock of the Company having the rights, powers and preferences set forth in the form of certificate of designation attached hereto as
Exhibit A, upon the terms and subject to the conditions set forth in this Agreement.

“Rights
Agent” shall have the meaning set forth in the preamble to this Agreement.

“Rights
Certificates” shall have the meaning set forth in Section 3(b).

“Rights
Dividend Declaration Date” shall have the meaning set forth in the recitals to this Agreement.

“Specified
Percentage” shall mean (i) 20% (twenty percent) when referring to the Beneficial Ownership of any Person that is
a Passive Investor but only for so long as such Person is a Passive Investor and (ii) 10% (ten percent) when referring to the
Beneficial Ownership of any Person that is not a Passive Investor (including, for the avoidance of doubt, the Beneficial Ownership
of any Person that is not a Passive Investor from such time that such Person ceases to be a Passive Investor); provided, however,
that when referring to the Beneficial Ownership of any Person that ceases to be a Passive Investor, "Specified Percentage" shall
mean 20% (twenty percent) if, prior to the Close of Business on the day that such Person ceases to be a Passive Investor, such
Person notifies the Company of such Person's intent to reduce, as promptly as practicable, such Person's Beneficial Ownership
such that such Person, together with all of its Related Persons, Beneficially Owns less than 10% (ten percent) of the shares of
Common Stock then outstanding. Notwithstanding the foregoing proviso, if (a)

    	 	8	 

    	 

    

such Person does not reduce its Beneficial Ownership such that such Person, together with all of its Related Persons, Beneficially Owns less than 10% (ten percent) of the shares of Common Stock then outstanding within ten (10) Business Days after the date on which such Person ceased to be a Passive Investor or (b) at any time during such ten (10) Business Day period, such Person or any of its Related Persons increases (or makes any offer or takes any other action that, if consummated, would result in an increase) such Person's Beneficial Ownership of shares of Common Stock equal to or above the greater of (x) 10% (ten percent) and (y) the sum of (a) lowest percentage of then outstanding shares of Common Stock Beneficially Owned by such Person and its Related Persons at any time during such ten (10) Business Day period (other than as a result of an acquisition of shares of Common Stock by the Company) plus (b) one share of Common Stock, "Specified Percentage" shall mean 10% (ten percent) when referring to the Beneficial Ownership of such Person.

“Spread”
shall have the meaning set forth in Section 11(a)(iii).

“Stock
Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition, shall include
a report filed pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring
Person has become such, or such other date, as determined by the Board, on which a Person has become an Acquiring Person.

“Subsidiary”
shall mean, with reference to any Person, any other Person of which (i) a majority of the voting power of the voting securities
or equity interests is Beneficially Owned, directly or indirectly, by such first-mentioned Person or otherwise controlled by such first-mentioned
Person or (ii) an amount of voting securities or equity interests sufficient to elect at least a majority of the directors (or other
Persons similarly responsible for the direction of the business and affairs of such other Person) of such other Person is Beneficially
Owned, directly or indirectly, by such first-mentioned Person, or otherwise controlled by such first-mentioned Person.

“Substitution
Period” shall have the meaning set forth in Section 11(a)(iii).

“Summary
of Rights” shall have the meaning set forth in Section 3(c).

“Trading
Day” shall mean a day on which the principal national securities exchange on which shares of an issuer’s common stock
(or other security) are listed or admitted to trading is open for the transaction of business or, if such shares of common stock (or
other security) are not listed or admitted to trading on any national securities exchange, a Business Day.

“Triggering
Event” shall mean a Flip-in Event or a Flip-over Event.

“Trust”
shall have the meaning set forth in Section 24(a).

“Trust
Agreement” shall have the meaning set forth in Section 24(a).

Section 2.              
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with
the terms and conditions of this Agreement, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint
such co-Rights Agents as it may deem necessary or desirable (the term “Rights

    	 	9	 

    	 

    

Agent”
being used herein to refer, collectively, to the Rights Agent together with any such co-Rights Agents), upon ten (10) days’ prior
written notice to the Rights Agent. In the event the Company appoints one or more co-Rights Agents, the respective duties of the Rights
Agent and any co-Rights Agents shall be as the Company reasonably determines, provided that such duties are consistent with the
terms and conditions of this Agreement and that contemporaneously with such appointment the Company shall notify, in writing, the Rights
Agent and any co-Rights Agents of any such 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 Agents.

Section 3.              
Issuance of Rights Certificates.

(a)              
Until the earlier of the Distribution Time and the Expiration Time, (i) with respect to shares of Common Stock outstanding as of the
Record Date, or which become outstanding subsequent to the Record Date, the Rights shall be evidenced by the certificates for shares
of Common Stock registered in the names of the holders of shares of Common Stock (or, in the case of uncertificated shares of Common
Stock, by the book-entry account that evidences record ownership of such shares) (which certificates or book entries for Common Stock
shall be deemed also to be certificates or book entries for Rights), and not by separate certificates (or book entries), (ii) the surrender
for transfer of any certificate representing shares of Common Stock (or, in the case of uncertificated shares of Common Stock, the effectuation
of a book-entry transfer of such shares of Common Stock) in respect of which Rights have been issued shall also constitute the transfer
of the Rights associated with such shares of Common Stock and (iii) the Rights shall be transferable only in connection with the transfer
of the underlying shares of Common Stock. As of and after the Distribution Time, the Rights shall be evidenced solely by such Rights
Certificates, and the Rights Certificates and the Rights shall be transferable separately from the Common Stock.

(b)              
The Company shall promptly notify the Rights Agent of a Distribution Time and request its transfer agent (if its transfer agent is not
the Rights Agent) to give the Rights Agent a stockholder list together with all other relevant information. As soon as practicable after
the Rights Agent is notified of the Distribution Time and receives such information, the Rights Agent shall send by first-class, insured,
postage prepaid mail, to each record holder of the Common Stock as of the Close of Business on the Distribution Time, at the address
of such holder shown on the records of the Company, one or more Rights certificates, in substantially the form of Exhibit B (the
“Rights Certificates”), evidencing one Right for each share of Common Stock so held, subject to adjustment
as provided herein. To the extent that a Flip-in Event has also occurred, the Company may implement such procedures, as it deems appropriate
in its sole discretion (but which do not affect the rights, duties, liabilities or responsibilities of the Rights Agent), to minimize
the possibility that Rights Certificates are received by Persons whose Rights would be null and void under Section 7(e) and
provide reasonably prompt written notice thereof to the Rights Agent. In the event that any adjustment in the number of Rights per share
of Common Stock has been made pursuant to Section 11, at the time of distribution of the Rights Certificates, the Company
shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a)) so that Rights Certificates
representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights.

    	 	10	 

    	 

    

(c)              
 The Company shall make available, as promptly as practicable, a copy of a Summary of Rights, in substantially the form attached as Exhibit C (the “Summary of Rights”), to any holder of Rights who may so request from time to time prior to the Expiration
Time.

(d)              
Rights shall be issued in respect of all shares of Common Stock that are issued (whether originally issued or from the Company’s
treasury) after the Record Date but prior to the earlier of the Distribution Time or the Expiration Time or, in certain circumstances
provided in Section 22, after the Distribution Time. Certificates representing such shares of Common Stock shall also be
deemed to be certificates for Rights and shall bear a legend substantially in the following form:

This
certificate also evidences and entitles the holder hereof to certain rights (the “Rights”) as set forth in
the Stockholder Rights Agreement, dated as of May 2, 2021 (as the same may be amended from time to time, the “Rights Agreement”),
by and between Westwood Holdings Group, Inc., a Delaware corporation (the “Company”), and American Stock Transfer
& Trust Company, LLC, the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal
executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, the Rights shall be evidenced by
separate certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a
copy of the Rights Agreement, as in effect on the date of mailing, without charge, promptly after receipt of a written request therefor.

Under
certain circumstances set forth in the Rights Agreement, any Rights that are Beneficially Owned by any Person who is or was an Acquiring
Person or a Related Person of an Acquiring Person (as such terms are defined in the Rights Agreement) or certain transferees of an Acquiring
Person or of any such Related Person will become null and void and will no longer be transferable.

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 to the
extent required by applicable law. With respect to certificated shares of Common Stock containing the foregoing legend, or any notice
of the foregoing legend delivered to record holders of book-entry shares, until the earlier of (i) the Distribution Time or (ii) the
Expiration Time, the Rights associated with such shares of Common Stock represented by certificates or registered in book-entry form
shall be evidenced by such certificates alone, or such registration in book-entry form alone, and registered holders of such shares of
Common Stock shall also be the registered holders of the associated Rights, and the transfer of any of such shares of Common Stock represented
by such certificates or book-entries shall also constitute the transfer of the Rights associated with the shares of Common Stock represented
by such certificates or book entries. In the event the Company purchases or acquires any shares of Common Stock after the Record Date
but prior to the Distribution Time, any Rights associated with such shares shall be deemed cancelled and retired so that the Company
shall not be entitled to exercise any Rights associated with shares of Common Stock that are no longer outstanding. The omission of any
legend described in this Section 3 shall not affect the status, validity or enforceability of any part of this Agreement
or the rights of any holder of the Rights.

    	 	11	 

    	 

    

(e)              
 Notwithstanding any other provision hereof, the Company and the Rights Agent may amend this Agreement to provide for uncertificated
Rights in addition to or in lieu of Rights evidenced by Rights Certificates, to the extent permitted by applicable law.

Section 4.              
Form of Rights Certificates.

(a)              
The Rights Certificates (and the forms of election to purchase and of assignment to be printed on the reverse thereof), when and if issued,
shall each be substantially in the form set forth in Exhibit B and may have such marks of identification or designation and
such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties,
liabilities or responsibilities of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any
stock exchange on which the Rights may from time to time be listed, or to conform to customary usage. Subject to Section 11 and
Section 22, the Rights Certificates, whenever distributed, shall be dated as of the Record Date or, in the case of Rights
with respect to shares of Common Stock issued or becoming outstanding after the Record Date, the same date as the date of the stock certificate
evidencing such shares (or, with respect to uncertificated shares of Common Stock, the date of the issuance of such shares of Common
Stock indicated in the books of the registrar and transfer agent), and on their face shall entitle the holders thereof to purchase such
number of one one-thousandths of a share of Preferred Stock as shall be set forth therein at the price set forth therein (such exercise
price per one one-thousandth of a share, the “Exercise Price”), but the amount and type of securities purchasable
upon the exercise of each Right and the Exercise Price thereof shall be subject to adjustment from time to time as provided in Section 11 and Section 13(a).

(b)              
Any Rights Certificate issued pursuant to Section 3(a), Section 11(a)(ii) or Section 22 that represents
Rights Beneficially Owned by any Person known to be (i) an Acquiring Person or any Related Person of an Acquiring Person, (ii) a
transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee after the Acquiring Person becomes such or
(iii) a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee prior to or concurrently with
the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration)
from the Acquiring Person (or any Related Person thereof) to holders of equity interests in such Acquiring Person (or any Related Person
thereof) or to any Person with whom such Acquiring Person (or any Related Person thereof) has any continuing agreement, arrangement or
understanding, whether or not in writing, regarding the transferred Rights or (B) a transfer which the Board has determined is part
of a plan, agreement, arrangement or understanding which has as a primary purpose or effect of avoidance of Section 7(e),
and any Rights Certificate issued pursuant to Section 6 or Section 11 upon transfer, exchange, replacement or
adjustment of any other Rights Certificate referred to in this sentence, shall contain (to the extent feasible) the following legend:

The
Rights represented by this Rights Certificate are or were Beneficially Owned by an Acquiring Person or a Related Person of an Acquiring
Person (as such terms are defined in the Rights Agreement, dated as of May 2, 2021 (as the same may be amended from time to time, the
“Rights Agreement”), by and between Westwood Holdings Group, Inc. and American Stock Transfer & Trust Company,
LLC) or a certain transferee of an Acquiring

    	 	12	 

    	 

    

Person
or of any such Related Person. Accordingly, this Rights Certificate and the Rights represented hereby will become null and void in the
circumstances specified in Section 7(e) of such Rights Agreement.

The
absence of the foregoing legend on any Rights Certificate shall in no way affect any of the other provisions of this Agreement, including
the provisions of Section 7(e).

Section 5.              
Countersignature and Registration.

(a)              
The Rights Certificates shall be executed on behalf of the Company by its Chairman of the Board or the President or a Vice President
and by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile or other electronic signature. The Rights
Certificates shall be countersigned manually or by facsimile or other electronic signature by the Rights Agent and shall not be valid
for any purpose unless so countersigned. In case any officer of the Company who shall have signed or attested any of the Rights Certificates
shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such
Rights Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Company with the same force
and effect as though the person who signed or attested such Rights Certificates had not ceased to be such officer of the Company; and
any Rights Certificates may be signed or attested on behalf of the Company by any person who, at the actual date of the execution of
such Rights Certificate, shall be a proper officer of the Company to sign or attest such Rights Certificate, although at the date of
the execution of this Agreement any such person was not such an officer.

(b)              
Following the Distribution Time, the Rights Agent shall keep or cause to be kept, at its principal office or offices designated as the
appropriate place for surrender of Rights Certificates upon exercise or transfer, books for registration and transfer of the Rights Certificates
issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number of Rights
evidenced on its face by each of the Rights Certificates and the certificate number and the date of each of the Rights Certificates.

Section 6.              
Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

(a)              
Subject to Section 4(b), Section 7(e) and Section 14, at any time after the Close of Business on
the Distribution Time, and at or prior to the Close of Business on the Expiration Time, any Rights Certificate (other than Rights Certificates
representing Rights that have become null and void pursuant to Section 7(e), that have been redeemed pursuant to Section 23 or that have been exchanged pursuant to Section 24) may be transferred, split up, combined or exchanged for another Rights
Certificate, entitling the registered holder to purchase a like number of one one-thousandths of a share of Preferred Stock (or, following
a Triggering Event, Common Stock, other securities, cash or other assets, as the case may be) as the Rights Certificate surrendered then
entitled such holder (or former holder in the case of a transfer) to purchase. Any registered holder desiring to transfer, split up,
combine or exchange any Rights Certificate shall make such request in writing delivered to the Rights Agent and shall surrender the Rights
Certificate to be transferred, split up, combined or exchanged at the offices of the Rights Agent designated for such purpose. Neither
the Rights Agent nor the Company shall be obligated to take any action whatsoever with

    	 	13	 

    	 

    

respect
to the transfer, split up, combination or exchange of any such surrendered Rights Certificate until the registered holder has properly
completed and duly executed the certificate contained in the form of assignment on the reverse side of such Rights Certificate and has
provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as
the Company or the Rights Agent reasonably requests. Thereupon the Rights Agent shall, subject to Section 4(b), Section 7(e),
Section 14 and Section 24, countersign and deliver to the Person entitled thereto a Rights Certificate or Rights
Certificates, as the case may be, as so requested. The Company may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates. If and to the extent
the Company does require payment of any such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof
and the Rights Agent shall not deliver any Rights Certificate unless and until it is satisfied that all such payments have been made,
and the Rights Agent shall forward any such sum collected by it to the Company or to such Persons as the Company specifies by written
notice. The Rights Agent shall have no duty or obligation to take any action with respect to a Rights holder under this Agreement that
requires the payment by such Rights holder of any tax or governmental charge unless and until the Rights Agent is satisfied that all
such taxes and charges have been paid.

(b)              
Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation
of a valid Rights Certificate, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and reimbursement
to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation
of the Rights Certificates if mutilated, the Company shall prepare, execute and deliver a new Rights Certificate of like tenor to the
Rights Agent for countersignature and delivery to the registered owner in lieu of the Rights Certificate so lost, stolen, destroyed or
mutilated.

Section 7.              
Exercise of Rights; Exercise Price; Expiration Time of Rights.

(a)              
Subject to Section 7(e), the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except
as otherwise provided herein including the restrictions on exercisability set forth in Section 7(c), Section 9(c),
Section 11(a)(iii) and Section 23(a)) in whole or in part at any time after the Distribution Time upon surrender
of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof properly completed and
duly executed, to the Rights Agent at the principal office or offices of the Rights Agent designated for such purpose, accompanied by
a signature guarantee and such other documentation as the Rights Agent may reasonably request together with payment of the aggregate
Exercise Price with respect to the total number of one one-thousandths of a share of Preferred Stock (or Common Stock, other securities,
cash or other assets, as the case may be) as to which such surrendered Rights are then exercisable, at or prior to the earliest of (i) the
Close of Business on May 1, 2022 (the “Final Expiration Time”), (ii) the time at which the Rights
are redeemed as provided in Section 23, (iii) the time at which such Rights are exchanged pursuant to Section 24,
or (iv) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described
in Section 13(f), at which time, the Rights are terminated (the earliest of (i), (ii), (iii), and (iv) being herein
referred to as the “Expiration Time”).

    	 	14	 

    	 

    

(b)              
 The Exercise Price for each one one-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall initially be
$108.00, and shall be subject to adjustment from time to time as provided in Section 11 and Section 13(a) and
shall be payable in accordance with Section 7(c).

(c)              
Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate properly
completed and duly executed, accompanied by payment, with respect to each Right so exercised, of the Exercise Price per one one-thousandth
of a share of Preferred Stock (or other securities, cash or other assets, as the case may be) to be purchased as set forth below and
an amount equal to any applicable transfer tax or charge required to be paid by the holder of the Rights Certificate in accordance with
Section 9(e), the Rights Agent shall, subject to Section 20(k), thereupon promptly (i) (A) requisition
from any transfer agent of the shares of Preferred Stock (or make available, if the Rights Agent is the transfer agent for such shares)
certificates for the total number of one one-thousandths of a share of Preferred Stock (or fractions of shares that are integral multiples
of one one-thousandth of a share of Preferred Stock) to be purchased and the Company hereby irrevocably authorizes its transfer agent
to comply with all such requests or (B) if the Company has elected to deposit the total number of shares of Preferred Stock issuable
upon exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing
such number of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of
Preferred Stock represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company shall
direct the depositary agent to comply with such request, (ii) requisition from the Company the amount of cash, if any, to be paid
in lieu of fractional shares in accordance with Section 14, (iii) after receipt of such certificates or depositary receipts,
cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names
as may be designated by such holder and (iv) after receipt thereof, deliver such cash, if any, to or upon the order of the registered
holder of such Rights Certificate. The payment of the Exercise Price (as such amount may be reduced pursuant to Section 11(a)(iii))
shall be made in cash or by certified bank check or bank draft payable to the order of the Company. In the event that the Company is
obligated to issue other securities (including Common Stock) of the Company, pay cash and/or distribute other property pursuant to Section 11(a),
the Company shall make all arrangements necessary so that such other securities, cash and/or other property are available for distribution
by the Rights Agent, if and when necessary to comply with the terms of this Agreement, and until so received, the Rights Agent shall
have no duties or obligations with respect to such securities, cash and/or other property. The Company reserves the right to require
prior to the occurrence of a Triggering Event that, upon any exercise of Rights, a number of Rights be exercised so that only whole shares
of Preferred Stock would be issued.

(d)              
In case the registered holder of any Rights Certificate exercises less than all the Rights evidenced thereby, a new Rights Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order
of, the registered holder of such Rights Certificate, registered in such name or names as may be designated by such holder, subject to
Section 14.

(e)              
Notwithstanding anything in this Agreement to the contrary, from and after the first occurrence of a Flip-in Event, any Rights Beneficially
Owned by (i) an Acquiring Person or any

    	 	15	 

    	 

    

Related
Person of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee
after the Acquiring Person becomes such or (iii) a transferee of an Acquiring Person (or of any such Related Person) who becomes
a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a
transfer (whether or not for consideration) from the Acquiring Person (or any Related Person thereof) to holders of equity interests
in such Acquiring Person (or any Related Person thereof) or to any Person with whom such Acquiring Person (or any Related Person thereof)
has any continuing agreement, arrangement or understanding, whether or not in writing, regarding the transferred Rights or (B) a
transfer which the Board has determined is part of an agreement, arrangement or understanding which has as a primary purpose or effect
the avoidance of this Section 7(e), shall become null and void without any further action and no holder of such Rights shall
have any rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company shall
notify the Rights Agent in writing when this Section 7(e) applies and shall use commercially reasonable efforts to ensure
that the provisions of this Section 7(e) and Section 4(b) are complied with, but neither the Company nor the
Rights Agent shall have any liability to any holder of Rights or other Person (without limiting the rights of the Rights Agent under
Section 18) as a result of the Company’s failure to make any determinations with respect to an Acquiring Person or
any of its Related Persons or transferees hereunder.

(f)               
Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake
any action with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7
unless such registered holder has (i) properly completed and duly executed the certificate contained in the form of election to
purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise and (ii) provided such additional
evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as the Company or the Rights
Agent reasonably requests.

Section 8.              
Cancellation and Destruction of Rights Certificates. All Rights Certificates surrendered for the purpose of exercise, transfer,
split up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered to the Rights Agent for cancellation
or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights Certificates shall be issued in
lieu thereof, except as expressly permitted by this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement,
and the Rights Agent shall so cancel and retire, any other Rights Certificates purchased or acquired by the Company otherwise than upon
the exercise thereof. At the expense of the Company, the Rights Agent shall deliver all cancelled Rights Certificates to the Company,
or shall, at the written request of the Company, destroy or cause to be destroyed such cancelled Rights Certificates, and in such case
shall deliver a certificate of destruction thereof, executed by the Rights Agent, to the Company.

Section 9.              
Reservation and Availability of Capital Stock.

(a)              
The Company shall cause to be reserved and kept available out of its authorized and unissued shares of Preferred Stock (and, following
the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or other securities, or out of its

    	 	16	 

    	 

    

authorized
and issued shares held in its treasury), the number of shares of Preferred Stock (and, following the occurrence of a Triggering Event,
Common Stock and/or other securities, if any) that, as provided in this Agreement, including Section 11(a)(iii), shall be
sufficient to permit the exercise in full of all outstanding Rights.

(b)              
So long as the shares of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities,
if any) issuable and deliverable upon the exercise of the Rights may be listed on any national securities exchange, the Company shall
use commercially reasonable efforts to cause, from and after such time as the Rights become exercisable, all shares (and other securities,
if any) reserved for such issuance to be listed on such exchange, upon official notice of issuance upon such exercise.

(c)              
If the Company is required to file a registration statement pursuant to the Act with respect to the securities purchasable upon exercise
of the Rights, the Company shall use commercially reasonable efforts to (i) prepare and file, as soon as practicable following the
earliest date after the first occurrence of a Flip-in Event on which the consideration to be delivered by the Company upon exercise of
the Rights has been determined in accordance with Section 11(a)(iii), or as soon as is required by applicable law following
the Distribution Time, as the case may be, a registration statement under the Act with respect to the securities purchasable upon exercise
of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable after such
filing and (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements
of the Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities and (B) the
Expiration Time. The Company 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. The Company may temporarily suspend
(with prompt written notice to the Rights Agent), for a period of time not to exceed ninety (90) days after the date set forth in
clause (i) of the first sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file
such registration statement and permit it to become effective. Upon any such suspension, the Company 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. In addition, if the Company determines that a registration statement is required following the Distribution Time, and a Flip-in
Event has not occurred, the Company may temporarily suspend (with prompt written notice thereof to the Rights Agent) the exercisability
of Rights until such time as a registration statement has been declared effective. Notwithstanding any provision of this Agreement to
the contrary, the Rights shall not be exercisable in any jurisdiction if the requisite qualification or exemption in such jurisdiction
shall not have been obtained, the exercise thereof shall not be permitted under applicable law or a registration statement shall not
have been declared effective.

(d)              
The Company shall take all such actions as may be necessary to ensure that all one one-thousandths of a share of Preferred Stock (and,
following the occurrence of a Triggering Event, shares of Common Stock and/or other securities, if any) delivered upon exercise of Rights
shall, at the time of delivery of the certificates for such shares and/or other securities (subject to payment of the Exercise Price),
be duly and validly authorized and issued and fully paid and non-assessable.

    	 	17	 

    	 

    

(e)              
 The Company shall be responsible for the payment of any and all transfer taxes and governmental charges that may be payable in respect
of the issuance or delivery of the Rights Certificates and of any certificates for a number of one one-thousandths of a share of Preferred
Stock (or Common Stock and/or other securities) upon the exercise of Rights. The Company shall not, however, be required to pay any tax
or charge that may be payable in respect of any transfer or delivery of Rights Certificates to a Person other than, or the issuance or
delivery of a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities) in respect of a name
other than that of, the registered holder of the Rights Certificates evidencing Rights surrendered for exercise or to issue or deliver
any certificates for a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities) in a name
other than that of the registered holder upon the exercise of any Rights until such tax has been paid (any such tax being payable by
the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company’s satisfaction
that no such tax or charge is due.

Section 10.          
Preferred Stock Record Date. Each Person in whose name any certificate for shares of Preferred Stock (or Common Stock and/or
other securities) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of such
shares of Preferred Stock (or Common Stock and/or other securities) represented thereby on, and such certificate shall be dated, the
date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price (and all applicable
transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the applicable
transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such securities (fractional
or otherwise) on, and such certificate shall be dated, the next succeeding Business Day on which the applicable transfer books of the
Company are open; provided, further, that if delivery of a number of one one-thousandths of a share of Preferred Stock
(or Common Stock and/or other securities) is delayed pursuant to Section 9(c), such Persons shall be deemed to have become
the record holders of such number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities) only
when such shares of Preferred Stock (or Common Stock and/or other securities) first become deliverable. Prior to the exercise of the
Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any rights of a stockholder of the Company with
respect to shares or other securities for which the Rights are exercisable, including the right to vote, to receive dividends or other
distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company,
except as provided herein.

Section 11.          
Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights. The Exercise Price, the number and kind of shares
covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.

(a)              
(i)In the event the Company at any time after the date of this Agreement (A) declares a dividend on any outstanding shares
of Preferred Stock payable in shares of Preferred Stock, (B) subdivides any outstanding shares of Preferred Stock, (C) combines
any outstanding shares of Preferred Stock into a smaller number of shares or (D) issues any shares of its capital stock in a reclassification
of the Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the
continuing or surviving entity), except as otherwise provided in this Section 11(a) and Section 7(e), the Exercise
Price in effect at the time

    	 	18	 

    	 

    

of
the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind
of shares (or fractions thereof) of Preferred Stock or capital stock, as the case may be, issuable on such date, shall be proportionately
adjusted so that the holder of any Right exercised after such time shall be entitled to receive, upon payment of the Exercise Price then
in effect, the aggregate number and kind of shares (or fractions thereof) of Preferred Stock or capital stock, as the case may be, which,
if such Right had been exercised immediately prior to such date and at a time when the applicable transfer books of the Company were
open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination
or reclassification. If an event occurs that would require an adjustment under both this Section 11(a)(i) and Section 11(a)(ii),
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 24, in the event any Person (other than any Exempt Person) becomes an Acquiring Person (such event, a
“Flip-in Event”), unless the event causing such Person to become an Acquiring Person is a Flip-over Event,
then proper provision shall be made so that promptly following the Redemption Period, each holder of a Right (except as provided below
and in Section 7(e)) thereafter has the right to receive, upon exercise thereof at a price equal to the then-current Exercise
Price in accordance with the terms of this Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, such
number of shares of Common Stock as shall be equal to the result obtained by (A) multiplying the then-current Exercise Price by
the number of one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence
of a Flip-in Event and (B) dividing that product (which, following such first occurrence shall thereafter be referred to as the
“Exercise Price” for each Right and for all purposes of this Agreement) by fifty percent (50%) of the Current Market Price
per share of Common Stock on the date of such first occurrence (such number of shares, the “Adjustment Shares”).

(iii)           
In the event that the number of shares of Common Stock authorized by the Charter, but not outstanding or reserved for issuance for purposes
other than upon exercise of the Rights, is not sufficient to permit the exercise in full of the Rights in accordance with Section 11(a)(ii),
the Board shall, to the extent permitted by applicable law and by any agreements or instruments then in effect to which the Company is
a party, (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise of a Right (the “Current
Value”) over (2) the Exercise Price (such excess being the “Spread”) and (B) with respect
to each Right (subject to Section 7(e)), make adequate provision to substitute for some or all of the Adjustment Shares,
upon the exercise of a Right and payment of the applicable Exercise Price, (1) cash, (2) a reduction in the Exercise Price,
(3) shares or fractions of a share of preferred stock or other equity securities of the Company (including shares, or units of shares,
of preferred stock, such as the Preferred Stock, which the Board has determined to have substantially the same value or economic rights
as shares of Common Stock) (such shares of equity securities being herein called “Common Stock Equivalents”),
(4) debt securities of the Company, (5) other assets or (6) any combination of the foregoing, having an aggregate value
equal to the Current Value (less the amount of any reduction in the Exercise Price), where such aggregate value has been determined by
the Board based upon the advice of a financial advisor selected by the

    	 	19	 

    	 

    

Board;
provided, however, that if the Company has not made adequate provision to deliver value pursuant to clause (B) above
within thirty (30) days following the later of (x) the first occurrence of a Flip-in Event and (y) the date on which the
Redemption Period expires (the later of (x) and (y) being referred to herein as the “Flip-in Trigger Date”),
then the Company shall be obligated to deliver, to the extent permitted by applicable law, upon the surrender for exercise of a Right
and without requiring payment of the Exercise Price, shares of Common Stock (to the extent available), and then, if necessary, such number
or fractions of shares of Preferred Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate
value equal to the Spread. If, upon the occurrence of a Flip-in Event, the Board determines in good faith that it is likely that sufficient
additional shares of Common Stock could be authorized for issuance upon exercise in full of the Rights, the thirty (30)-day period set
forth above may be extended to the extent necessary, but not more than ninety (90) days after the Flip-in Trigger Date, in order
that the Company may seek stockholder approval for the authorization of such additional shares (such thirty (30)-day period, as it may
be extended, the “Substitution Period”). To the extent the Company determines that action should be taken pursuant
to the first sentence or third sentence of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e),
that such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the
expiration of the Substitution Period in order to seek such stockholder approval for authorization of additional shares and/or to decide
the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any
such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended,
as well as a public announcement at such time as the suspension is no longer in effect (with prompt written notice of such announcements
to the Rights Agent). For purposes of this Section 11(a)(iii), the value of each Adjustment Share shall be the Current Market
Price per share of Common Stock on the Flip-in Trigger Date, and the value of any Common Stock Equivalent shall be deemed to equal the
Current Market Price per share of the Common Stock on such date. The Board may establish procedures to allocate the right to receive
shares of Common Stock upon the exercise of the Rights among holders of Rights pursuant to this Section 11(a)(iii).

(b)              
In case the Company fixes a record date for the issuance of rights (other than the Rights), options or warrants to all holders of Preferred
Stock entitling them to subscribe for or purchase (for a period expiring within forty-five (45) days after such record date) Preferred
Stock (or shares having the same rights, privileges and preferences as the shares of Preferred Stock (“Equivalent Preferred
Stock”)) or securities convertible into Preferred Stock or Equivalent Preferred Stock at a price per share of Preferred
Stock or per share of Equivalent Preferred Stock (or having a conversion price per share, if a security convertible into Preferred Stock
or Equivalent Preferred Stock) less than the Current Market Price per share of Preferred Stock on such record date, the Exercise Price
to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record
date by a fraction, the numerator of which shall be the number of shares of Preferred Stock and/or Equivalent Preferred Stock outstanding
on such record date, plus the number of shares of Preferred Stock and/or Equivalent Preferred Stock which the aggregate offering price
of the total number of shares of Preferred Stock and/or Equivalent Preferred Stock so to be offered (and/or the aggregate initial conversion
price of the convertible securities so to be offered) would purchase at such Current Market Price, and

    	 	20	 

    	 

    

the
denominator of which shall be the number of shares of Preferred Stock and/or Equivalent Preferred Stock outstanding on such record date,
plus the number of additional shares of Preferred Stock and/or Equivalent Preferred 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 by
delivery of consideration part or all of which may be in a form other than cash, the value of such consideration shall be as determined
in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on
the Rights Agent and the holders of the Rights. Shares of Preferred Stock and Equivalent Preferred Stock owned by or held for the account
of the Company shall not be deemed outstanding for the purpose of any such computation. Such 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.

(c)              
In case the Company fixes a record date for a distribution to all holders of Preferred Stock (including any such distribution made in
connection with a consolidation or merger in which the Company is the continuing or surviving entity) of evidences of indebtedness, cash
(other than a regular periodic cash dividend out of the earnings or retained earnings of the Company), assets (other than a dividend
payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or subscription rights, options or
warrants (excluding those referred to in Section 11(b)), 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 Current Market Price per share of Preferred Stock on such record date, less the fair market value (as determined in good
faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights
Agent and the holders of the Rights) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such
subscription rights or warrants applicable to a share of Preferred Stock and the denominator of which shall be such Current Market Price
per share of Preferred Stock. Such adjustments shall be made successively whenever such a record date is fixed, and in the event that
such distribution is not so made, the Exercise Price shall be adjusted to be the Exercise Price that would have been in effect if such
record date had not been fixed.

(d)              
(i)For the purpose of any computation hereunder, other than computations made pursuant to Section 11(a)(iii), the “Current
Market Price” per share of common stock (or similar equity interest) of an issuer on any date shall be deemed to be the
average of the daily Closing Prices per share of such common stock (or other security) for the thirty (30) consecutive Trading Days immediately
prior to but not including such date, and for purposes of computations made pursuant to Section 11(a)(iii), the “Current
Market Price” per share of Common Stock on any date shall be deemed to be the average of the daily Closing Prices per share
of such Common Stock for the ten (10) consecutive Trading Days immediately following but not including such date; provided, however,
that in the event that the Current Market Price per share of common stock (or other security) of an issuer is determined during a period
following the announcement by the issuer of such common stock (or other security) of (A) a dividend or distribution on such common
stock (or other security) payable in shares of such common stock (or other security) or securities convertible into shares of such common
stock (or other security) (other than the Rights) or (B) any subdivision, combination or reclassification of such common stock (or
other security), and the ex-dividend date for such dividend or distribution, or the record date for such subdivision,

    	 	21	 

    	 

    

combination
or reclassification shall not have occurred prior to the commencement of the requisite thirty (30) Trading Day or ten (10) Trading Day
period, as set forth above, then, and in each such case, the “Current Market Price” shall be properly adjusted,
as determined in good faith by the Board, to take into account any trading during the period prior to such ex-dividend date or record
date. If an issuer’s shares of common stock (or other security) are not publicly held or not so listed or traded, “Current
Market Price” per share shall mean the fair value per share as determined in good faith by the Board, whose determination
shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.

(ii)             
For the purpose of any computation hereunder, the “Current Market Price” per share of Preferred Stock shall
be determined in the same manner as set forth above for the Common Stock in Section 11(d)(i) (other than the last sentence
thereof). If the Current Market Price per share of Preferred Stock cannot be determined in the manner provided above, or if the Preferred
Stock is not publicly held or listed or traded in a manner described in Section 11(d)(i), the “Current Market
Price” per share of Preferred Stock shall be conclusively deemed to be an amount equal to 1,000 (as such number may be
appropriately adjusted for such events as stock splits, reverse stock splits, stock dividends and recapitalizations with respect to the
Common Stock occurring after the date of this Agreement) multiplied by the Current Market Price per share of the Common Stock. If neither
the Common Stock nor the Preferred Stock is publicly held or so listed or traded, “Current Market Price” per
share of the Preferred Stock shall mean the fair value per share as determined in good faith by the Board, whose determination shall
be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. For all
purposes of this Agreement, the “Current Market Price” of one one-thousandth of a share of Preferred Stock
shall be equal to the Current Market Price of one share of Preferred Stock divided by 1,000.

(e)              
Notwithstanding anything in this Agreement to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment
would require an increase or decrease of at least one percent (1%) in the Exercise Price; provided, however, that
any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the
nearest one ten-thousandth of a share of Common Stock or one one-millionth of a share of Preferred Stock or one ten-thousandth of any
other share or security, as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required
by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction
which mandates such adjustment or (ii) the Expiration Time.

(f)               
If as a result of an adjustment made pursuant to Section 11(a)(ii) or Section 13(a), the holder of any Right
thereafter exercised becomes entitled to receive any shares of capital stock other than Preferred Stock, thereafter the number of such
other shares so receivable upon exercise of any Right and the Exercise Price thereof 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 Section 11(a),
(b), (c), (e), (g), (h), (i), (j), (k) and (m), and the provisions of
Section 7, 9, 10, 13 and 14 with respect to the Preferred Stock shall apply on like terms to
any such other shares.

    	 	22	 

    	 

    

(g)              
 All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right
to purchase, at the adjusted Exercise Price, the number of one one-thousandths of a share of Preferred Stock (or other securities, other
assets or amount of cash or combination thereof) purchasable from time to time hereunder upon exercise of the Rights, all subject to
further adjustment as provided herein.

(h)              
Unless the Company has exercised its election as provided in Section 11(i), upon each adjustment of the Exercise Price as
a result of the calculations made in Section 11(b) and Section 11(c), each Right outstanding immediately prior
to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of one-thousandths
of a share of Preferred Stock (calculated to the nearest one-millionth) obtained by (i) multiplying (A) the number of one one-thousandths
of a share covered by a Right immediately prior to this adjustment, 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.

(i)                
The Company may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in lieu of any adjustment
in the number of one one-thousandths of a share of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding
after the adjustment in the number of Rights shall be exercisable for the number of one one-thousandths of a share of Preferred Stock
for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number
of Rights shall become that number of Rights (calculated to the nearest one ten-thousandth) obtained by dividing the Exercise Price in
effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise
Price. The Company shall make a public announcement (with prompt written 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 Rights Certificates have
been issued, shall be at least ten (10) days later than the date of the public announcement. If Rights Certificates have been issued,
upon each adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable,
cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to Section 14,
the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall
cause to be distributed to such holders of record in substitution and replacement for the Rights Certificates held by such holders prior
to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights
to which such holders shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued, executed and
countersigned in the manner provided for herein (and may bear, at the option of the Company, the adjusted Exercise Price) and shall be
registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement.

(j)                
Irrespective of any adjustment or change in the Exercise Price or the number of one one-thousandths of a share of Preferred Stock issuable
upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price
per one

    	 	23	 

    	 

    

one-thousandth
of a share and the number of one one-thousandths of a share which were expressed in the initial Rights Certificates issued hereunder.

(k)              
Before taking any action that would cause an adjustment reducing the Exercise Price below the then stated value, if any, of the number
of one one-thousandths of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate action
which may, upon advice of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable
shares of Preferred Stock at such adjusted Exercise Price.

(l)                
In any case in which this Section 11 requires that an adjustment in the Exercise Price be made effective as of a record date
for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of
such event the issuance to the holder of any Right exercised after such record date the number of one one-thousandths of a share of Preferred
Stock and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandths
of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis
of the Exercise Price in effect prior to such adjustment (and shall provide the Rights Agent prompt written notice of such election);
provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing
such holder’s right to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event
requiring such adjustment.

(m)            
Notwithstanding anything in this Section 11 to the contrary, the Company shall be entitled (but not obligated) to make such
reductions in the Exercise Price, in addition to those adjustments expressly required by this Section 11, as and to the extent
that the Board, in its good faith judgment, shall determine to be advisable in order that any (i) consolidation or subdivision of
the Preferred Stock, (ii) issuance wholly for cash of any shares of Preferred Stock at less than the Current Market Price, (iii) issuance
wholly for cash of shares of Preferred Stock or securities that by their terms are convertible into or exchangeable for shares of Preferred
Stock, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter
made by the Company to holders of Preferred Stock shall not be taxable to such stockholders.

(n)              
The Company shall not, at any time after the Distribution Time, (i) consolidate with any other Person (other than a direct or indirect,
wholly-owned Subsidiary of the Company in a transaction that complies with Section 11(o)), (ii) merge with or into any
other Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a transaction that complies with Section 11(o))
or (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction, or a series of related transactions,
assets, cash flow or earning power aggregating to fifty percent (50%) or more of the assets, cash flow or earning power of the Company
and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or any of its Subsidiaries in one or more
transactions each of which complies with Section 11(o)), if (A) at the time of or immediately after such consolidation,
merger, sale or transfer there are any rights, warrants or other instruments or securities outstanding or agreements in effect that would
substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights or (B) prior to, simultaneously
with or immediately after such consolidation, merger, sale or transfer, the stockholders of the Person who constitutes, or would constitute,
the “Flip-over Party” for

    	 	24	 

    	 

    

purposes
of Section 13(a) shall have received a distribution of Rights previously owned by such Person or any of its Related Persons;
provided, however, that this Section 11(n) shall not affect the ability of any Subsidiary of the Company to
consolidate with, merge with or into, or sell or transfer assets of earning power to, any other Subsidiary of the Company.

(o)              
After the Distribution Time and as long as any Rights are outstanding (other than Rights that have become null and void pursuant to Section 7(e)),
the Company shall not, except as permitted by Section 23, Section 24 or Section 27, take (or permit
any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially
or otherwise eliminate the benefits intended to be afforded by the Rights.

(p)              
Notwithstanding anything in this Agreement to the contrary, in the event that the Company at any time after the Rights Dividend Declaration
Date and prior to the Distribution Time (i) declares a dividend on the outstanding shares of Common Stock payable in shares of Common
Stock, (ii) subdivides any outstanding shares of Common Stock, (iii) combines any of the outstanding shares of Common Stock
into a smaller number of shares or (iv) issues any shares of its capital stock in a reclassification of the Common Stock (including
any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving entity), then
the number of Rights associated with each share of Common Stock then outstanding, or issued or delivered thereafter but prior to the
Distribution Time, shall be proportionately adjusted so that the number of Rights thereafter associated with each share of Common Stock
following any such event equals the result obtained by multiplying the number of Rights associated with each share of Common Stock immediately
prior to such event by a fraction the numerator of which shall be the total number of shares of Common Stock outstanding immediately
prior to the occurrence of the event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately
following the occurrence of such event. The adjustments provided for in this Section 11(p) shall be made successively whenever
such a dividend is declared or paid or such a subdivision, combination or reclassification is effected. If an event occurs that would
require an adjustment under Section 11(a)(ii) and this Section 11(p), the adjustments provided for in this Section 11(p) shall be in addition and prior to any adjustment required pursuant to Section 11(a)(ii).

Section 12.          
Certificate of Adjusted Exercise Price or Number of Shares. Whenever an adjustment is made as provided in Section 11
or Section 13, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief, reasonably detailed
statement of the facts and computations accounting for such adjustment, (b) promptly file with the Rights Agent, and with each transfer
agent for the Preferred Stock and the Common Stock, a copy of such certificate and (c) if a Distribution Time has occurred, mail
a brief summary thereof to each holder of a Rights Certificate in accordance with Section 26. Notwithstanding the foregoing sentence,
the failure of the Company to make such certification, give such notice or mail such summary 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 or Section 13 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 have no duty or liability with respect to, and shall not be deemed
to have knowledge of, such adjustment unless and until it shall have received such certificate.

    	 	25	 

    	 

    

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

(a)              
In the event that, following the Stock Acquisition Date, directly or indirectly, (i) the Company shall consolidate with, or merge
with and into, any other Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a transaction that complies
with Section 11(o)), and the Company is not the continuing or surviving entity of such consolidation or merger, (ii) any
Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a transaction that complies with Section 11(o))
shall engage in a share exchange with or shall consolidate with, or merge with or into, the Company, and the Company is the continuing
or surviving entity of such consolidation or merger and, in connection with such share exchange, consolidation or merger, all or part
of the outstanding shares of Common Stock is converted into or exchanged for stock or other securities of any other Person or cash or
any other property or (iii) the Company sells or otherwise transfers (or one or more of its direct or indirect, wholly-owned Subsidiaries
sells or otherwise transfers) in one transaction or a series of related transactions, assets, cash flow or earning power aggregating
to fifty percent (50%) or more of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any
Person or Persons (other than the Company or any of its direct or indirect, wholly-owned Subsidiaries in one or more transactions each
of which complies with Section 11(o)) (any event described in clause (i), (ii) or (iii) of this Section 13(a)
following the Stock Acquisition Date, a “Flip-over Event”), then, and in each such case, proper provision
shall be made so that: (A) each holder of a Right, except as provided in Section 7(e), shall have the right to receive
upon the exercise thereof at the then-current Exercise Price in accordance with the terms of this Agreement, in lieu of a number of one
one-thousandths of a share of Preferred Stock, such number of validly authorized and issued, fully paid, non-assessable and freely tradeable
shares of Flip-over Stock, not subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal
to the result obtained by (1) multiplying the then-current Exercise Price by the number of one one-thousandths of a share of Preferred
Stock for which a Right is exercisable immediately prior to the first occurrence of a Flip-over Event (or, if a Flip-in Event has occurred
prior to the first occurrence of a Flip-over Event, multiplying the number of such one one-thousandths of a share of Preferred Stock
for which a Right was exercisable immediately prior to the first occurrence of a Flip-in Event by the Exercise Price in effect immediately
prior to such first occurrence) and (2) dividing that product (which, following the first occurrence of a Flip-over Event, shall
be referred to as the “Exercise Price” for each Right and for all purposes of this Agreement) by fifty percent (50%) of the
Current Market Price (determined pursuant to Section 11(d)(i)) per share of the Flip-over Stock on the date of consummation
of such Flip-over Event; (B) such Flip-over Party shall thereafter be liable for, and shall assume, by virtue of such Flip-over
Event, all the obligations and duties of the Company pursuant to this Agreement; (C) the term “Company” shall thereafter
be deemed to refer to such Flip-over Party, it being specifically intended that the provisions of Section 11 shall apply
only to such Flip-over Party following the first occurrence of a Flip-over Event; (D) such Flip-over Party shall take such steps
(including the reservation of a sufficient number of shares of Flip-over Stock) in connection with the consummation of any such transaction
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; and (E) the provisions of Section 11(a)(ii)
shall be of no effect following the first occurrence of any Flip-over Event.

    	 	26	 

    	 

    

(b)              
 “Flip-over Party” shall mean:

(i)                
in the case of any transaction described in Section 13(a)(i) or (ii), (A) the Person (including the Company as
successor thereto or as the surviving entity) that is the issuer of any securities into which shares of Common Stock are converted or
exchanged in such share exchange, consolidation or merger, or, if there is more than one such issuer, the issuer whose common stock (or
similar equity interest) has the highest aggregate market value; and (B) if no securities are so issued, (1) the Person that
is the other party to such merger, if such Person survives the merger, or, if there is more than one such Person, the Person whose common
stock (or similar equity interest) has the highest aggregate market value, (2) if the Person that is the other party to such share
exchange, consolidation or merger does not survive the merger, the Person that does survive the merger (including the Company, if it
survives) or (3) the Person resulting from the consolidation; and

(ii)             
in the case of any transaction described in Section 13(a)(iii), the Person that is the party receiving the greatest portion
of the assets, cash flow or earning power transferred pursuant to such transaction or transactions, or, if each Person that is a party
to such transaction or transactions receives the same portion of the assets, cash flow or earning power transferred pursuant to such
transaction or transactions or if the Person receiving the greatest portion of the assets, cash flow or earning power cannot be determined,
whichever such Person the common stock (or similar equity interest) of which has the highest aggregate market value;

provided,
however, that in any such case described in the foregoing clause (i) or (ii) of this Section 13(b), (x) if
the common stock (or similar equity interest) 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, and such Person is a direct or indirect Subsidiary of another
Person, the common stock (or similar equity interest) of which is and has been so registered, “Flip-over Party” shall refer
to such other Person; (y) in case such Person is a Subsidiary, directly or indirectly, of more than one Person, the common stock
(or similar equity interest) of two or more of which are and have been so registered, “Flip-over Party” shall refer to whichever
of such Persons is the issuer of the common stock (or similar equity interest) having the greatest aggregate market value; and (z) if
the common stock (or similar equity interest) of such Person is not at such time and has not been so registered and 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 the foregoing clauses (x) and (y) will apply to each of the chains of ownership having an interest in
such joint venture as if such Person were a Subsidiary of both or all of such joint ventures, and the Flip-over Parties in each such
chain shall bear the obligations set forth in this Section 13 in the same ratio as their direct or indirect interests in
such Person bear to the total of such interests.

(c)              
The Company shall not consummate any Flip-over Event unless the Flip-over Party has a sufficient number of authorized shares of Flip-over
Stock (or similar equity interest) which have not been issued or reserved for issuance to permit the exercise in full of the Rights in
accordance with this Section 13 and unless prior thereto the Company and such Flip-over Party shall have executed and delivered
to the Rights Agent a supplemental agreement providing for the terms set forth in Section 13(a) and Section 13(b)
and further providing that, as soon as practicable

    	 	27	 

    	 

    

after
the date of any exchange, consolidation, merger, sale or transfer of assets mentioned in Section 13(a), the Flip-over Party,
at its own expense, shall:

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

(ii)             
qualify or register the Rights and take such action as may be required to ensure that any such acquisition of such securities purchasable
upon exercise of the Rights under blue sky laws of each jurisdiction, as may be necessary or appropriate;

(iii)           
deliver to holders of the Rights historical financial statements for the Flip-over Party and each of its Affiliates that comply in all
respects with the requirements for registration on Form 10 under the Exchange Act;

(iv)            
use its best efforts to obtain any and all necessary regulatory approvals as may be required with respect to the securities purchasable
upon exercise of the Rights;

(v)              
use its best efforts, if the common stock of the Flip-over Party is listed or admitted to trading on the Nasdaq, the NYSE or on another
national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities purchasable upon
exercise of the Rights on the Nasdaq, the NYSE or on such securities exchange, or if the securities of the Flip-over Party that may be
acquired upon exercise of the Rights are not listed or admitted to trading on the Nasdaq, the NYSE or on another national securities
exchange, to cause the Rights and the securities purchasable upon exercise of the Rights to be authorized for quotation on any other
system then in use; and

(vi)            
obtain waivers of any rights of first refusal or preemptive rights in respect of the common stock of the Flip-over Party subject to purchase
upon exercise of outstanding Rights.

(d)              
In case the Flip-over Party has, at any relevant time (including the time of the Flip-over Event or immediately thereafter), a provision
in any of its authorized securities or in its certificate or articles of incorporation, bylaws or other instrument governing its affairs,
or any other agreements or arrangements, which provision would have the effect of (i) causing such Flip-over Party to issue (other
than to holders of Rights pursuant to this Section 13), in connection with, or as a consequence of, the consummation of a
Flip-over Event, shares of common stock (or similar equity interests) of such Flip-over Party at less than the then Current Market Price
or securities exercisable for, or convertible into, common stock of such Flip-over Party at less than such then Current Market Price;
(ii) providing for any special payment, tax or similar provision in connection with the issuance of common stock of such Flip-over
Party pursuant to this Section 13 or (iii) otherwise eliminating or substantially diminishing the benefits intended
to be afforded by the Rights in connection with, or as a consequence of, a Flip-over Event, then in each such case, the Company may not
consummate any such Flip-over Event unless prior thereto, the Company and

    	 	28	 

    	 

    

such
Flip-over Party have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of
such Flip-over Party has been cancelled, waived or amended, or that the authorized securities have been redeemed, so that the applicable
provision will have no effect in connection with, or as a consequence of, the consummation of such Flip-over Event.

(e)              
The Company covenants and agrees that it shall not, at any time after a Flip-in Event, enter into any transaction of the type described
in Section 13(a)(i) through Section 13(a)(iii) if (i) at the time of or immediately after such 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
transaction, the stockholders of the Person who constitutes, or would constitute, the Flip-over Party for purposes of Section 13(b) have received a distribution of Rights previously owned by such Person or any Related Person thereof or (iii) the form or nature
of organization of the Flip-over Party would preclude or limit the exercisability of the Rights.

(f)               
Notwithstanding anything herein to the contrary, in the event of any merger or acquisition transaction involving the Company pursuant
to a merger or other acquisition agreement between the Company and any Person (or one or more of such Person’s Related Persons),
which agreement has been approved by the Board prior to any Person becoming an Acquiring Person, this Agreement and the rights of holders
of Rights hereunder shall be terminated in accordance with Section 7(a).

(g)              
The provisions of this Section 13 shall similarly apply to successive exchanges, consolidations, mergers, sales or other
transfers. In the event that a Flip-over Event occurs at any time after the occurrence of a Flip-in Event, the Rights that have not theretofore
been exercised shall thereafter become exercisable in the manner described in Section 13(a).

Section 14.          
Fractional Rights and Fractional Shares.

(a)              
The Company shall not be required to issue fractions of Rights, except prior to the Distribution Time as provided in Section 11,
or to distribute Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the
registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash
equal to the same fraction of the current market value of a whole Right. For purposes of this Section 14(a), the current
market value of a whole Right shall be the Closing Price of the Rights for the Trading Day immediately prior to the date on which such
fractional Rights would have been otherwise issuable.

(b)              
The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions that are integral multiples of
one one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional
shares of Preferred Stock (other than fractions that are integral multiples of one one-thousandth of a share of Preferred Stock). Fractions
of shares of Preferred Stock in integral multiples of one one-thousandth of a share may, at the election of the Company, be evidenced
by depositary receipts pursuant to an appropriate agreement between the Company and a depositary selected by it;

    	 	29	 

    	 

    

provided,
however, that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges
and preferences to which they are entitled as Beneficial Owners of the shares represented by such depositary receipts. In lieu of fractional
shares of Preferred Stock that are not integral multiples of one one-thousandth of a share of Preferred Stock, the Company shall pay
to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to
the same fraction of the current market value of one one-thousandth of a share of Preferred Stock. For purposes of this Section 14(b),
the current market value of one one-thousandth of a share of Preferred Stock shall be one one-thousandth of the Closing Price of a share
of Preferred Stock for the Trading Day immediately prior to the date of such exercise.

(c)              
Following the occurrence of a Triggering Event, the Company shall not be required to issue fractions of shares of Common Stock, Common
Stock Equivalents or other securities upon exercise of the Rights or to distribute certificates which evidence fractional shares of Common
Stock, Common Stock Equivalents or other securities. In lieu of fractional shares of Common Stock, Common Stock Equivalents or other
securities, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided
an amount in cash equal to the same fraction of the current market value of one share of Common Stock, Common Stock Equivalents or such
other securities. For purposes of this Section 14(c), the current market value of one share of Common Stock or other security
(other than a Common Stock Equivalent) shall be the Closing Price of one share of Common Stock or such other security, as applicable,
for the Trading Day immediately prior to the date of such exercise, and the current market value of a Common Stock Equivalent shall be
deemed to equal the Closing Price of one share of Common Stock for the Trading Day immediately prior to the date of such exercise.

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

(e)              
Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company shall
(i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such
payment and the prices or formulas utilized in calculating such payments and (ii) provide sufficient monies to the Rights Agent
in the form of fully collected funds to make such payments. The Rights Agent may rely upon such a certificate and has no duty with respect
to, and will not be deemed to have knowledge of, any payment for fractional Rights or fractional shares under any Section of this Agreement
relating to the payment of fractional Rights or fractional shares unless and until the Rights Agent has received such a certificate and
sufficient monies.

Section 15.          
Rights of Action. All rights of action in respect of this Agreement, other than rights of action vested in the Rights Agent
pursuant to the terms of this Agreement, are vested in the respective registered holders of the Rights Certificates (and, prior to the
Distribution Time, the registered holders of the Common Stock); and any registered holder of any Rights Certificate (or, prior to the
Distribution Time, any registered holder of shares of Common Stock), without the consent of the Rights Agent or of the holder of any
other Rights Certificate (or, prior to the Distribution Time, of the Common Stock), may, in such holder’s own behalf and for such
holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the

    	 	30	 

    	 

    

Company
or any other Person to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights evidenced by such Rights
Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available
to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any
breach of this Agreement and shall be entitled to specific performance of the obligations hereunder and injunctive relief against actual
or threatened violations of the obligations of any Person subject to this Agreement.

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

(a)              
prior to the Distribution Time, the Rights shall be transferable only in connection with the transfer of Common Stock;

(b)              
after the Distribution Time, the Rights Certificates shall be transferable only on the registry books of the Rights Agent if surrendered
at the offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and
with the appropriate forms and certificates properly completed and duly executed, accompanied by a signature guarantee and such other
documentation as the Rights Agent may reasonably request;

(c)              
subject to Section 6(a) and Section 7(f), the Company and the Rights Agent may deem and treat the Person in whose
name a Rights Certificate (or, prior to the Distribution Time, any associated Common Stock certificate) is registered as the absolute
owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates or
any associated Common Stock certificates made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and
neither the Company nor the Rights Agent, subject to the last sentence of Section 7(e), shall be required to be affected
by any notice to the contrary; and

(d)              
notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any
holder of a Right or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any
preliminary or permanent injunction or other order, decree, judgment 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, the Company shall use commercially reasonable efforts to have any such injunction,
order, decree, judgment or ruling lifted or otherwise overturned as promptly as practicable.

Section 17.          
Rights Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Rights Certificate shall be entitled to vote,
receive dividends or be deemed for any purpose to be the holder of the number of one one-thousandths of a share of Preferred Stock or
any other securities of the Company that may at any time be issuable upon the exercise of the Rights represented thereby, nor shall anything
contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights
of a

    	 	31	 

    	 

    

stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except
as provided in Section 25), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced
by such Rights Certificate shall have been exercised in accordance with the provisions hereof.

Section 18.          
Concerning the Rights Agent.

(a)              
The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance with a
fee schedule to be mutually agreed upon and, from time to time, on demand of the Rights Agent, its reasonable and documented expenses
and counsel fees and disbursements and other disbursements incurred in the preparation, negotiation, execution, delivery and amendment
of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for,
and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense incurred
without gross negligence, bad faith or willful misconduct on the part of the Rights Agent for any action taken, suffered or omitted by
the Rights Agent in connection with the execution, acceptance, administration, exercise and performance of its duties under this Agreement,
including the reasonable costs and expenses of defending against any claim of liability.

(b)              
The Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted
to be taken by it in connection with its acceptance and administration of this Agreement in reliance upon any Rights Certificate or certificate
for Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit,
letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be duly signed,
executed and, where necessary, guaranteed, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of
counsel as set forth in Section 20. Unless the Rights Agent receives notice thereof, the Rights Agent shall not be deemed to have knowledge
of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur
no liability for failing to take action in connection with any event unless and until it has received notice of such event in writing.

(c)              
Notwithstanding anything in this Agreement to the contrary, in no case shall the Company be liable with respect to any action, proceeding,
suit or claim against the Rights Agent unless, to the extent the Company is not also a party to such action, proceeding, suit or claim,
the Rights Agent has notified the Company in accordance with Section 26 of the assertion of such action, proceeding, suit or claim against
the Rights Agent, promptly after the Rights Agent has actual notice of such assertion of an action, proceeding, suit or claim or has
been served with the summons or other first legal process giving information as to the nature and basis of the action, proceeding, suit
or claim; provided that the failure to provide such notice promptly shall not affect the rights of the Rights Agent hereunder, except
to the extent such failure actually prejudiced the Company. The Company shall be entitled to participate, at its own expense, in the
defense of any such action, proceeding, suit or claim, and, if the Company so elects, the Company shall assume the defense of any such
action, proceeding, suit or claim. In the event the Company assumes such

    	 	32	 

    	 

    

defense,
the Company shall not thereafter be liable for the fees and expenses of any counsel retained by the Rights Agent, so long as the Company
retains counsel satisfactory to the Rights Agent, in the exercise of its reasonable judgment, to defend such action, proceeding, suit
or claim, and provided that the Rights Agent does not have defenses that are adverse to any defenses of the Company. The Rights Agent
agrees not to settle any litigation in connection with any action, proceeding, suit or claim with respect to which it may seek indemnification
from the Company without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed.

(d)              
The provisions of this Section 18 and Section 20 shall survive the termination of this Agreement, the resignation,
replacement or removal of the Rights Agent and the exercise, termination and expiration of the Rights.

Section 19.          
Merger or Consolidation or Change of Name of 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 stock transfer business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this
Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided,
however, that such Person would be eligible for appointment as a successor Rights Agent under Section 21. In case
at the time such successor Rights Agent succeeds to the agency created by this Agreement, any of the Rights Certificates has been countersigned
but not delivered, any such successor Rights Agent may adopt the countersignature of a predecessor Rights Agent and deliver such Rights
Certificates so countersigned; and in case at the time any of the Rights Certificates has not been countersigned, any successor Rights
Agent may countersign such Rights Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and
in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement.

(b)              
In case at any time the name of the Rights Agent is changed, and at such time any of the Rights Certificates has been countersigned but
not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned;
and in case, at that time, any of the Rights Certificates has not been countersigned, the Rights Agent may countersign such Rights Certificates
either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in
the Rights Certificates and in this Agreement.

Section 20.          
Duties of Rights Agent. The Rights Agent undertakes only the duties and obligations expressly imposed by this Agreement, upon
the following terms and conditions, by all of which the Company and the holders of Rights, by their acceptance thereof, shall be bound:

(a)              
The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Rights Agent or the Company or an employee
of the Rights Agent), and the opinion of such counsel shall be full authorization and protection to the Rights Agent as to any action
taken or omitted by it in good faith and in accordance with such advice or opinion.

    	 	33	 

    	 

    

(b)              
 Whenever in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter
(including the identity of any Acquiring Person and the determination of the Current Market Price) be proved or established by the Company
prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be
herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chairman of the
Board, the Vice Chairman of the Board, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary, or an Assistant
Secretary of the Company, and delivered to the Rights Agent; and such certificate shall be full 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 omitted to be taken by it 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 and its employee’s, directors’, officers’ and agents’
gross negligence, bad faith or willful misconduct.

(d)              
The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in
the Rights Certificates or be required to verify the same (except as to its countersignature on such Rights Certificates), but all such
statements and recitals are and shall be deemed to have been made by the Company only.

(e)              
The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except its
countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement
or in any Rights Certificate; nor shall it be responsible for any adjustment or calculation required under Section 11, Section 13,
Section 14 or Section 24 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 or calculation (except with respect to the exercise of Rights evidenced
by Rights Certificates subject to the terms and conditions hereof after actual notice of any such adjustment); nor shall it by any act
hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock or Preferred
Stock to be issued pursuant to this Agreement or any Rights Certificate or as to whether any shares of Common Stock or Preferred Stock
will, when so issued, be validly authorized and issued, fully paid and non-assessable.

(f)               
The Company 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 or requested by the Rights Agent for the carrying
out or performing by the Rights Agent of the provisions of this Agreement.

(g)              
The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from
the Chairman of the Board, the President, any Vice President, the Treasurer, the Secretary or Assistant Secretary of the Company, or
any other authorized officer of the Company, and to apply to such officers for advice or instructions in connection with its duties,
and it shall incur no liability for or in respect of any action taken, suffered or omitted by it in good faith in accordance with instructions
of any such officer. Any application by the Rights Agent for written instructions from the Company may, at the option of

    	 	34	 

    	 

    

the
Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the Rights Agent under this Agreement
and the date on or after which such action shall be taken or such omission shall be effective. The Rights Agent shall be fully authorized
and protected in relying upon the most recent instructions received from any such officer and shall not be liable for any action taken,
suffered or omitted to be taken by 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 five Business Days after the date any such officer of the Company actually
receives such application, unless any such officer has 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 has received written instructions in response to such application
specifying the action to be taken or omitted.

(h)              
The Rights Agent and any stockholder, director, Affiliate, officer or employee of the Rights Agent may buy, sell or deal in any of the
Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement.
Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person.

(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 Company resulting from any such act, default, neglect or misconduct;
provided, however, that reasonable care was exercised in the selection and continued employment thereof.

(j)                
No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights if there are reasonable grounds for believing that
repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

(k)              
If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the
form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an affirmative response
to clause 1 or 2 thereof, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without
first consulting with the Company.

Section 21.          
Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under
this Agreement upon thirty (30) days’ notice to the Company and, if such resignation or discharge occurs after the Distribution
Time, to the holders of the Rights Certificates by first-class mail. In the event any transfer agency relationship in effect between
the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its
duties under this Agreement as of the effective date of such termination. The Company may remove the Rights Agent or any successor Rights
Agent upon no less than thirty (30) days’ notice 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

    	 	35	 

    	 

    

Stock,
by registered or certified mail, and, if such removal occurs after the Distribution Time, to the holders of the Rights Certificates by
first-class mail. If the Rights Agent resigns or is removed or otherwise becomes incapable of acting, the Company shall appoint a successor
to the Rights Agent. If the Company fails to make such appointment within a period of thirty (30) days after giving notice of such
removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or
by any registered holder of a Rights Certificate (who shall, with such notice, submit such holder’s Rights Certificate for inspection
by the Company), then any registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment
of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person organized
and doing business under the laws of the United States or of any state of the United States (so long as such Person is authorized to
do business as a banking institution in such state), in good standing, which is authorized under such laws to exercise corporate trust,
stock transfer or stockholder services powers and is subject to supervision or examination by federal or state authority and which has
at the time of its appointment as Rights Agent a combined capital and surplus of at least $50,000,000 or (b) an Affiliate of such
Person. 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 under this Agreement without further act or deed; but the predecessor Rights Agent shall
deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further
reasonable assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the
Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred
Stock, and, if such appointment occurs after the Distribution Time, mail a notice thereof in writing to the registered holders of the
Rights Certificates. Failure to give any notice provided for in this Section 21 or any defect therein shall not affect the
legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case
may be.

Section 22.          
Issuance of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary,
the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board to reflect
any adjustment or change in the Exercise Price and the number or kind or class of shares or other securities or property purchasable
under the Rights Certificates made in accordance with this Agreement. In addition, in connection with the issuance or sale of shares
of Common Stock following the Distribution Time and prior to the redemption or expiration of the Rights, the Company (a) shall,
with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement,
granted or awarded prior to the Distribution Time, or upon the exercise, conversion or exchange of securities hereinafter issued by the
Company, and (b) may, in any other case, if deemed necessary or appropriate by the Board, issue Rights Certificates representing
an appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no such Rights
Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant
risk of material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued, and (ii) no
such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of
the issuance thereof.

    	 	36	 

    	 

    

Section 23.          
Redemption and Termination.

(a)              
 The Board may, at its option, at any time prior to the earlier of (i) the Close of Business on the tenth (10th) day following the
Stock Acquisition Date (or if the Stock Acquisition Date shall have occurred prior to the Record Date, the Close of Business on the tenth
(10th) day following the Record Date) or (ii) the Final Expiration Time (such time being hereinafter referred to as the “Redemption
Period”), cause the Company to redeem all but not less than all of the then outstanding Rights at a redemption price of
$0.001 per Right, as such amount may be appropriately adjusted to reflect any stock split, reverse stock split, stock dividend or similar
transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”).
Notwithstanding anything contained in this Agreement to the contrary, the Rights shall not be exercisable after the first occurrence
of a Flip-in Event until such time as the Company’s right of redemption hereunder has expired. The Company may, at its option,
pay the Redemption Price in cash, shares of Common Stock (based on the Current Market Price of the Common Stock at the time of redemption)
or any other form of consideration deemed appropriate by the Board. The redemption of the Rights by the Board may be made effective at
such time, on such basis and with such conditions as the Board in its sole discretion may establish.

(b)              
Immediately upon the action of the Board ordering the redemption of the Rights pursuant to Section 23(a) or such later time
as the Board may establish for the effectiveness of such redemption, evidence of which shall have been filed with the Rights Agent and
without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the
holders of Rights shall be to receive the Redemption Price for each Right so held. Within ten (10) days after the action of the
Board ordering the redemption of the Rights, the Company shall give notice of such redemption to the Rights Agent and the holders of
the then outstanding Rights by mailing such notice to the Rights Agent and to all such holders at each holder’s last address as
it appears upon the registry books of the Rights Agent or, prior to the Distribution Time, on the registry books of the transfer agent
for the Common Stock; provided, however, that the failure to give, or any defect in, 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 such notice of redemption shall state the method by which the payment of the Redemption Price will be made.

Section 24.          
Exchange.

(a)              
The Board may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding
and exercisable Rights (which shall not include Rights that have become null and void pursuant to Section 7(e)) for shares
of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock split, reverse
stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to
as the “Exchange Ratio”). Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange
at any time after any Acquiring Person, together with all of its Related Persons, becomes the Beneficial Owner of fifty percent (50%)
or more of the Common Stock then outstanding. From and after the occurrence of a Flip-over Event, any rights that theretofore have not
been exchanged pursuant to this Section 24(a) shall thereafter be exercisable only in accordance with Section 13 and may not be exchanged pursuant to this Section 24(a). Before effecting an exchange pursuant to this Section 24,
the Board may direct the Company to enter into a trust agreement in such form and with such terms as the Board shall then approve (the
“Trust Agreement”). If the Board so directs,

    	 	37	 

    	 

    

the
Company shall enter into the Trust Agreement and shall issue to the trust created by such agreement (the “Trust”)
all or some (as designated by the Board) of the shares of Common Stock issuable pursuant to the exchange, and all or some (as designated
by the Board) holders of Rights entitled to receive shares pursuant to the exchange shall be entitled to receive such shares (and any
dividends paid 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.

(b)              
Immediately upon the effectiveness of the action of the Board ordering the exchange of any Rights pursuant to Section 24(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 any 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 Company shall promptly give public notice (with prompt written notice thereof to the Rights
Agent) of any exchange. The Company promptly thereafter 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 shall state the method by which the
exchange of shares of Common Stock for Rights shall 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 Section 7(e)) held by each holder of Rights. Prior to effecting any exchange and registering shares
of Common Stock in any Person’s name, including any nominee or transferee of a Person, the Company may require (or cause the trustee
of the Trust to require), as a condition thereof, that any holder of Rights provide evidence, including the identity of the Beneficial
Owners thereof and their Related Persons (or former Beneficial Owners thereof and their Related Persons) as the Company reasonably requests
in order to determine if such Rights are null and void. If any Person fails to comply with such request, the Company shall be entitled
conclusively to deem the Rights formerly held by such Person to be null and void pursuant to Section 7(e). No failure to
give, or any defect in, any notice provided under this Section 24(b) shall affect the validity of any exchange. Any shares
of Common Stock or other securities issued at the direction of the Board in connection herewith shall be validly issued, fully paid and
non-assessable shares of Common Stock or of such other securities, as the case may be.

(c)              
Upon declaring an exchange pursuant to this Section 24, or as promptly as reasonably practicable thereafter, the Company
may implement such procedures as it deems appropriate, in its sole discretion, for the purpose of ensuring that the Common Stock (or
such other consideration) issuable upon an exchange pursuant to this Section 24 is not received by holders of Rights that
have become null and void pursuant to Section 7(e).

(d)              
In any exchange pursuant to this Section 24, the Company, at its option, may substitute shares of Preferred Stock (or Equivalent
Preferred Stock) for shares of Common Stock exchangeable for Rights, at the initial rate of one one-thousandth of a share of Preferred
Stock (or Equivalent Preferred Stock) for each share of Common Stock, as appropriately adjusted to reflect adjustments in the voting
rights of the Preferred Stock pursuant to the terms thereof, so that the fraction of a share of Preferred Stock delivered in lieu of
each share of Common Stock shall have the same voting rights as one share of Common Stock.

    	 	38	 

    	 

    

(e)              
 In the event that there are not 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 24, the Company shall take all such actions as may be
necessary to authorize additional shares of Common Stock for issuance upon exchange of the Rights. In the event the Company, after good
faith effort, is unable to take all such actions as may be necessary to authorize such additional shares of Common Stock, the Company
shall substitute, for each share of Common Stock that would otherwise be issuable upon exchange of a Right, a number of shares of Preferred
Stock or fraction thereof such that the current per share market price of one share of Preferred Stock multiplied by such number or fraction
is equal to the current per share market price of one share of Common Stock as of the date of issuance of such shares of Preferred Stock
or fraction thereof.

(f)               
The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of such fractional shares of Common Stock, there shall be paid to the registered holders of the Rights
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 value of a whole share of Common Stock. For the purposes of this Section 24(f), 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 24.

Section 25.          
Notice of Certain Events.

(a)              
In the event the Company proposes, at any time after the earlier of the Distribution Time or the Stock Acquisition Date, (i) to
pay any dividend payable in stock of any class or series to the holders of Preferred Stock or to make any other distribution to the holders
of Preferred Stock (other than a regular periodic cash dividend out of earnings or retained earnings of the Company), (ii) to offer
to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares
of stock of any class or any other securities, rights or options, (iii) to effect any reclassification of its Preferred Stock (other
than a reclassification involving only the subdivision of outstanding shares of Preferred Stock), (iv) to effect any consolidation
or merger into or with any other Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a transaction which
complies with Section 11(o)), 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 transaction or a series of related transactions, of fifty percent (50%) or more of the assets, cash
flow or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or
any of its Subsidiaries in one or more transactions each of which complies with Section 11(o)), or (v) to effect the
liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to the Rights Agent and to each
holder of a Rights Certificate, to the extent feasible and in accordance with Section 26, a notice of such proposed action,
which shall specify the record date for the purposes of such stock dividend, distribution of rights or warrants, or the date on which
such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution or winding up is to take place and the date of
participation therein by the holders of the shares of 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 the foregoing clause (i) or (ii) at least twenty (20) days prior to the record date for
determining holders of the shares of Preferred Stock for purposes of such action, and in the case of any such

    	 	39	 

    	 

    

other
action, at least twenty (20) days prior to the date of the taking of such proposed action or the date of participation therein by
the holders of the shares of Preferred Stock, whichever shall be the earlier; provided, however, that no such action shall
be taken pursuant to this Section 25(a) that will or would conflict with any provision of the Charter; provided further that no such notice is required pursuant to this Section 25 if any Subsidiary of the Company effects a consolidation
or merger with or into, or effects a sale or other transfer of assets or earning power to, any other Subsidiary of the Company.

(b)              
In case a Flip-in Event occurs, then, in any such case, (i) the Company shall as soon as practicable thereafter give to each holder
of a Rights Certificate, to the extent feasible and in accordance with Section 26, a notice of the occurrence of such event,
which shall specify the event and the consequences of the event to holders of Rights under Section 11(a)(ii), and (ii) all
references to Preferred Stock in Section 25(a) shall be deemed thereafter to refer to Common Stock and/or, if appropriate,
other securities.

(c)              
In case any Flip-over Event occurs, the Company shall, as soon as practicable thereafter, give to each registered holder of a Rights
Certificate, to the extent feasible, and to the Rights Agent in accordance with Section 26, a written notice of the occurrence
of such event, which notice shall describe such event and the consequences of such event to holders of Rights under Section 13(a).

Section 26.          
Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Rights
Certificate to or on the Company shall be sufficiently given or made if in writing and sent by first-class or express United States mail,
FedEx or United Parcel Service or any other nationally recognized courier service, postage prepaid, (or by facsimile transmission or
email, if receipt is confirmed telephonically) addressed (until another address is filed in writing with the Rights Agent) as follows:

Westwood
Holdings Group, Inc.

200
Crescent Court, Suite 1200

Dallas,
Texas 75201

Attention:         Julie
K. Gerron, Senior Vice President,

General
Counsel, Chief Compliance Officer and Corporate Secretary

Email:              jgerron@westwoodgroup.com

    	 	40	 

    	 

    

 

with
a copy (which shall not constitute notice) to:

 

Sidley
Austin LLP

787
Seventh Avenue

New
York, NY 10019

			

	 	Attention:	Kai
                                            H. Liekefett
	 	 	 
		Telephone:	(212)
                                            839-8744
	 	Facsimile:	(650)
                                            565-7100
	 	Email:	kliekefett@sidley.com

 

Subject
to Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any
Rights Certificate to or on the Rights Agent shall be sufficiently given or made if in writing and sent by first-class or express United
States mail, FedEx or United Parcel Service or any other nationally recognized courier service, postage prepaid, (or by facsimile transmission
or email, if receipt is confirmed telephonically) addressed (until another address is filed in writing with the Company) as follows:

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attention:
Relationship Management

E-mail: admin7@amstock.com

 

Notices
or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate
(or, if prior to the Distribution Time, to the holder of shares of Common Stock) shall be sufficiently given or made if in writing, sent
by first-class or express United States mail, FedEx or United Parcel Service or any other nationally recognized courier service, postage
prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company.

Section 27.          
Supplements and Amendments. Except as otherwise provided in this Section 27, the Company, by action of the Board,
may from time to time and in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, from time to time
supplement or amend this Agreement in any respect without the approval of any holders of Rights (a) prior to the Stock Acquisition
Date, in any respect, and (b) on or after the Stock Acquisition Date, (i) to make any changes that the Company may deem necessary
or desirable that do not materially adversely affect the interests of the holders of Rights (other than the Acquiring Person, any Related
Person thereof or any transferee of any Acquiring Person or any Related Person thereof), (ii) to cure any ambiguity or (iii) to
correct or supplement any provision contained herein that may be inconsistent with any other provision herein, including any change in
order to satisfy any applicable law, rule or regulation. Without limiting the foregoing, the Company, by action of the Board, may, at
any time before any Person becomes an Acquiring Person, amend this Agreement to make this Agreement inapplicable to a particular transaction
by which a Person might otherwise become an Acquiring Person or to otherwise alter the terms and conditions of this Agreement as they
may apply with respect to any such transaction. For the avoidance of doubt, the Company shall be

    	 	41	 

    	 

    

entitled
to adopt and implement such procedures and arrangements (including with third parties) as it may deem necessary or desirable to facilitate
the exercise, exchange, trading, issuance or distribution of the Rights (and the shares of Preferred Stock issuable and deliverable upon
the exercise of the Rights) as contemplated hereby and to ensure that an Acquiring Person and its Related Persons and transferees do
not obtain the benefits thereof, and any amendment in respect of the foregoing shall be deemed not to adversely affect the interests
of the holders of Rights. No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent and
the Company. The Rights Agent shall duly execute and deliver any supplement or amendment hereto requested by the Company in writing,
provided that the Company has delivered to the Rights Agent a certificate from the Chairman of the Board, the President, any Vice
President, the Treasurer, the Secretary or Assistant Secretary of the Company, or any other authorized officer of the Company, that states
that the proposed supplement or amendment complies with the terms of this Agreement. Notwithstanding anything in this Agreement to the
contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that adversely affects the Rights
Agent’s own rights, duties, immunities or obligations under this Agreement. Prior to the Distribution Time, the interests of the
holders of Rights shall be deemed coincident with the interests of holders of shares of Common Stock.

Section 28.          
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall
bind and inure to the benefit of their respective successors and assigns hereunder.

Section 29.          
Determination and Action by the Board. The Board, or a duly authorized committee thereof, shall have the exclusive power and
authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board or to the Company, or
as may be necessary or advisable in the administration of this Agreement, including the right and power to (a) interpret the provisions
of this Agreement and (b) make all determinations deemed necessary or advisable for the administration of this Agreement (including
a determination whether or not to redeem the Rights, to exchange the Rights or to amend this Agreement). Without limiting any of the
rights and immunities of the Rights Agent, all such actions, calculations, interpretations and determinations (including for purposes
of the following clause (ii), all omissions with respect to the foregoing) which are done or made by the Board in good faith shall
(i) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other Persons and (ii) not
subject the Board to any liability to the holders of the Rights.

Section 30.          
Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the
Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Time, registered holders of the Common
Stock) any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit
of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Time, registered
holders of the Common Stock).

Section 31.          
Tax Compliance and Withholding. The Company hereby authorizes the Rights Agent to deduct from all payments disbursed by the
Rights Agent to the holders of the Rights, if applicable, the tax required to be withheld pursuant to the Internal Revenue Code of 1986,
as amended, or by any other applicable federal or state statutes in effect as of the date hereof

    	 	42	 

    	 

    

or
subsequently enacted, and to make the necessary returns and payments of such tax to the relevant taxing authority. The Company will provide
withholding and reporting instructions in writing to the Rights Agent from time to time as relevant, and upon request of the Rights Agent.
The Rights Agent shall have no responsibilities with respect to tax withholding, reporting or payment except as specifically instructed
by the Company.

Section 32.          
Severability. If any term, provision, covenant or restriction of this Agreement or the Rights 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 and the Rights shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided,
however, that notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction
is held by such court or authority to be invalid, void or unenforceable and the Board determines in its good faith judgment that severing
the invalid language from this Agreement or the Rights would adversely affect the purpose or effect of this Agreement, the right of redemption
set forth in Section 23 shall be reinstated and shall not expire until the Close of Business on the tenth (10th) day
following the date of such determination by the Board.

Section 33.          
Governing Law; Submission to Jurisdiction. This Agreement, each Right and each Rights Certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance
with the laws of such State applicable to contracts made and to be performed entirely within such State. The Company and each holder
of Rights hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, or, if such court
lacks subject matter jurisdiction, the United States District Court for the District of Delaware, over any suit, action or proceeding
arising out of or relating to this Agreement. The Company and each holder of Rights acknowledge that the forum designated by this Section 33 has a reasonable relation to this Agreement and to such Persons’ relationship with one another. The Company and each holder
of Rights hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter have to personal
jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in this Section 33.
The Company and each holder of Rights undertake not to commence any action subject to this Agreement in any forum other than the forum
described in this Section 33. The Company and each holder of Rights agree that, to the fullest extent permitted by applicable
law, a final and non-appealable judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding
upon such Persons.

Section 34.          
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. Delivery of an executed
signature page of the Agreement by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall
be as effective as delivery of a manually executed counterpart hereof.

Section 35.          
Descriptive Headings; Interpretation. 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. The words “include,” “includes”
and “including”
shall be deemed to be followed by the phrase “without limitation.” Each reference in this Agreement to a period of time following
or after a specified date or event shall be calculated without including such specified date or the day on which such specified event
occurs.

    	 	43	 

    	 

    

Section 36.          
Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent will not have any liability for
not performing, or a delay in the performance of, any act, duty, obligation or responsibility by reason of any occurrence beyond the
reasonable control of the Rights Agent (including acts of God, terrorist acts, shortage of supply, breakdowns, interruptions or malfunctions
of computer facilities, loss of data due to power failures, mechanical difficulties with information storage or retrieval systems, labor
difficulties, war and civil unrest).

*
* * * * * *

 

    	 	44	 

    	 

    

 

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

	 	WESTWOOD HOLDINGS GROUP, INC.
	 	 
	 	 
	 	 By:	/s/ Julie K. Gerron
	 	 	Name:
    Julie K. Gerron
Title: Senior Vice President, General Counsel, 

          Chief Compliance Officer and Corporate Secretary

 

	 	AMERICAN STOCK TRANSFER & TRUST
    COMPANY, LLC
	 	 
	 	 
	 	 By:	Michael A. Nespoli
	 	 	Name: Michael A. Nespoli
Title: Executive Director

 

    	 	Rights Agreement	 

    	 

    

Exhibit
A

FORM
OF

CERTIFICATE
OF DESIGNATION

OF

SERIES
A JUNIOR PARTICIPATING PREFERRED STOCK

OF

WESTWOOD
HOLDINGS GROUP, INC.

Pursuant
to Section 151 of the

General Corporation Law of the State of Delaware

The
undersigned hereby certifies that the following resolution was duly adopted by the board of directors of Westwood Holdings Group, Inc.,
a Delaware corporation (the “Corporation”), on May 2, 2021:

RESOLVED,
that pursuant to the authority vested in the board of directors of the Corporation (the “Board”) by the Corporation’s
Amended and Restated Certificate of Incorporation, as amended (the “Charter”), the Board hereby creates, authorizes
and provides for the issue of a series of Preferred Stock, par value $0.01 per share, of the Corporation, to be designated “Series A
Junior Participating Preferred Stock” (hereinafter referred to as the “Series A Preferred Stock”),
initially consisting of 25,000 shares, and to the extent that the designations, powers, preferences and relative and other special rights
and the qualifications, limitations or restrictions of the Series A Preferred Stock are not stated and expressed in the Charter,
hereby fixes and herein states and expresses such designations, powers, preferences and relative and other special rights and the qualifications,
limitations and restrictions thereof, as follows:

Section 1.
Designation and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred
Stock,” and the number of shares constituting such series shall be 25,000. Such number of shares may be increased or decreased
by resolution of the Board; provided, however, that no decrease shall reduce the number of shares of Series A Preferred
Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of
outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into
Series A Preferred Stock.

    	 	A-1	 

    	 

    

Section 2.
Dividends and Distributions.

(a)       Subject
to the prior and superior rights of the holders of any shares of any series of Preferred Stock (as defined in the Charter) ranking prior
and superior to the shares of Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred
Stock, in preference to the holders of common stock, par value $0.01 per share, of the Corporation (the “Common Stock”)
shall be entitled to receive, when, as and if declared by the Board out of funds legally available for the purpose, quarterly dividends
payable in cash on the last business day of March, June, September and December in each year (each such date being referred to herein
as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the
first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount per share (rounded to the nearest cent)
equal to the greater of (i) $1,000 or (ii) subject to the provision for adjustment hereinafter set forth, 1,000 times the aggregate
per share amount of all cash dividends, plus 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or
other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock
(by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or,
with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A
Preferred Stock. In the event the Corporation, at any time after May 2, 2021 (the “Rights Declaration Date”),
(x) declares any dividend on Common Stock payable in shares of Common Stock, (y) subdivides the outstanding Common Stock or
(z) combines the outstanding Common Stock into a smaller number of shares, then in each case the amount to which holders of shares
of Series A Preferred Stock were entitled immediately prior to such event under clause (ii) of the preceding sentence shall
be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately
after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such
event.

(b)       The
Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in Section 2(a) above immediately
after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided,
however, that, in the event no dividend or distribution shall have been declared on the Common Stock during the period between
any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, subject to the prior and superior rights
of the holders of any shares of any series of Preferred Stock ranking prior to and superior to the shares of Series A Preferred
Stock with respect to dividends, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be payable on
such subsequent Quarterly Dividend Payment Date.

(c)       Dividends
shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly Dividend Payment Date
next preceding the date of issue of such shares of Series A Preferred Stock, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the
date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for
the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly
Dividend Payment Date, in either of which events such dividends shall begin to

    	 	A-2	 

    	 

    

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 may
fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a dividend
or distribution declared thereon, which record date shall be no 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 provision for adjustment hereinafter set forth, each share of Series A Preferred Stock shall entitle the holder thereof to
1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation at any time after
the Rights Declaration Date (i) declares any dividend on Common Stock payable in shares of Common Stock, (ii) subdivides the
outstanding Common Stock or (iii) combines the outstanding Common Stock into a smaller number of shares, then in each such case
the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event
shall be adjusted by multiplying such number by a fraction the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior
to such event.

(b)       Except
as otherwise provided herein or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock
shall vote collectively as one class on all matters submitted to a vote of stockholders of the Corporation.

(c)(i)If
at any time dividends on any Series A Preferred Stock shall be in arrears in an amount equal to or greater than six (6) quarterly dividends
thereon, the occurrence of such contingency shall mark the beginning of a period (herein called a “default period”)
which shall extend until such time when all accrued and unpaid dividends for all previous quarterly dividend periods and for the current
quarterly dividend period on all shares of Series A Preferred Stock then outstanding shall have been declared and paid or set apart for
payment. During each default period, all holders of Preferred Stock (including holders of the Series A Preferred Stock) with dividends
in arrears in an amount equal to or greater than six (6) quarterly dividends thereon, voting as a class, irrespective of series, shall
have the right to elect two (2) directors.

During
any default period, such voting right of the holders of Series A Preferred Stock may be exercised initially at a special meeting called
pursuant to Section 3(c)(iii) below or at any annual meeting of stockholders, and thereafter at annual meetings of stockholders,
provided that such voting right shall not be exercised unless the holders of ten percent (10%) in number of shares of Preferred
Stock outstanding shall be present in person or by proxy. The absence of a quorum of the holders of Common Stock shall not affect the
exercise by the holders of Preferred Stock of such voting rights. At any meeting at which the holders of Preferred Stock shall exercise
such voting right initially during an existing default period, they shall have the right, voting as a class, to elect directors to fill

    	 	A-3	 

    	 

    

such
vacancies, if any, in the Board as may then exist up to two (2) directors or, if such right is exercised at an annual meeting, to elect
two (2) directors. If the number which may be so elected at any special meeting does not amount to the required number, the holders of
the Preferred Stock shall have the right to make such increase in the number of directors as shall be necessary to permit the election
by them of the required number. After the holders of the Preferred Stock shall have exercised their right to elect directors in any default
period and during the continuance of such period, the number of directors shall not be increased or decreased except by vote of the holders
of Preferred Stock as herein provided or pursuant to the rights of any equity securities ranking senior to or pari passu with
the Series A Preferred Stock.

Unless
the holders of Preferred Stock shall, during an existing default period, have previously exercised their right to elect directors, the
Board may order, or any stockholder or stockholders owning in the aggregate not less than ten percent (10%) of the total number of shares
of Preferred Stock outstanding, irrespective of series, may request, the calling of special meeting of the holders of Preferred Stock,
which meeting shall thereupon be called by the Chairman of the Board, or the Chief Executive Officer of the Corporation, or a majority
of the Board. Notice of such meeting and of any annual meeting at which holders of Preferred Stock are entitled to vote pursuant to this
Section 3(c)(iii) shall be given to each holder of record of Preferred Stock by mailing a copy of such notice to him or her at
his or her last address as the same appears on the books of the Corporation. Such meeting shall be called for a time not earlier than
ten (10) days and not later than fifty (50) days after such order or request, or in default of the calling of such meeting within fifty
(50) days after such order or request, such meeting may be called on similar notice by any stockholder or stockholders owning in the
aggregate not less than ten percent (10%) of the total number of shares of Preferred Stock outstanding. Notwithstanding the provisions
of this Section 3(c)(iii), no such special meeting shall be called during the period within fifty (50) days immediately preceding
the date fixed for the next annual meeting of the stockholders.

(iv)       In
any default period, the holders of Common Stock, and, if applicable, other classes of capital stock of the Corporation, shall continue
to be entitled to elect the whole number of directors until the holders of Preferred Stock shall have exercised their right to elect
two (2) directors voting as a class, after the exercise of which right (A) the directors so elected by the holders of Preferred Stock
shall continue in office until their successors shall have been elected by such holders or until the expiration of the default period
and (B) any vacancy in the Board may (except as provided in Section 3(c)(ii) above) be filled by vote of a majority of the remaining
directors theretofore elected by the holders of the class of capital stock which elected the director whose office shall have become
vacant. References in this Section 3(c)(iv) to directors elected by the holders of a particular class of stock shall include directors
appointed by such directors to fill vacancies as provided in clause (B) of the foregoing sentence.

(v)       Immediately
upon the expiration of a default period, (A) the right of the holders of Preferred Stock as a class to elect directors shall cease, (B)
the term of any directors elected by the holders of Preferred Stock as a class shall terminate and (C) the number of directors shall
be such number as may be provided for in the Charter or the Corporation’s Amended

    	 	A-4	 

    	 

    

and
Restated Bylaws (as the same may be amended from time to time, the “Bylaws”) irrespective of any increase made
pursuant to the provisions of Section 3(c)(ii) above (such number being subject, however, to change thereafter in any manner
provided by law or in the Charter or the Bylaws). Any vacancies in the Board effected by the provisions of clauses (B) and (C) in the
preceding sentence may be filled by a majority of the remaining directors.

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

Section 4.
Certain Restrictions.

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

(i)       declare
or pay dividends on, make any other distributions on, 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 other
than (A) such redemptions or purchases that may be deemed to occur upon the exercise of stock options, warrants or similar rights
or grant, vesting or lapse of restrictions on the grant of any performance shares, restricted stock, restricted stock units or other
equity awards to the extent that such shares represent all or a portion of (x) the exercise or purchase price of such options, warrants
or similar rights or other equity awards or (y) the amount of withholding taxes owed by the holder of such award in respect of such
grant, exercise, vesting or lapse of restrictions; (B) such purchases necessary to satisfy the issuance of any shares upon the exercise
or to satisfy the vesting and settlement of any options, warrants or similar rights or other equity awards pursuant to the terms of the
Corporation’s equity plans maintained for the benefit its employees, directors and other service providers; or (C) the repurchase,
redemption or other acquisition or retirement for value of any such shares from employees, directors, former directors, consultants or
former consultants of the Corporation or their respective estate, spouse, former spouse or family member, pursuant to the terms of the
agreement pursuant to which such shares were acquired;

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

(iii)       redeem
or purchase or otherwise acquire for consideration shares of any 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

    	 	A-5	 

    	 

    

redeem,
purchase or otherwise acquire shares of any such parity stock in exchange for shares of any capital stock of the Corporation ranking
junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Stock; or

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

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

Section 5.
Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become
authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution
or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein.

Section 6.
Liquidation, Dissolution or Winding Up.

(a)       Upon
any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders
of shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A
Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock shall have received $1,000 per share, plus
an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the
“Series A Liquidation Preference”). Following the payment of the full amount of the Series A Liquidation
Preference, no additional distributions shall be made to the holders of shares of Series A Preferred Stock unless, prior thereto,
the holders of shares of Common Stock have received an amount per share (the “Common Adjustment”) equal to
the quotient obtained by dividing (i) the Series A Liquidation Preference by (ii) 1,000 (as appropriately adjusted as
set forth in Section 6(c) below to reflect such events as stock splits, reverse stock splits, stock dividends and recapitalizations
with respect to the Common Stock) (such number in clause (ii), the “Adjustment Number”). Following the
payment of the full amount of the Series A Liquidation Preference and the Common Adjustment in respect of all outstanding shares
of Series A Preferred Stock and Common Stock, respectively, and the payment of liquidation preferences of all other shares of capital
stock which rank prior to or on a parity with Series A Preferred Stock, holders of Series A Preferred Stock and holders of
shares of Common Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of
the Adjustment Number to 1 with respect to such Preferred Stock and Common Stock, on a per share basis, respectively.

    	 	A-6	 

    	 

    

(b)       In
the event, however, that there are not sufficient assets available to permit payment in full of the Series A Liquidation Preference
and the liquidation preferences of all other series of Preferred Stock, if any, which rank on a parity with the Series A Preferred
Stock, then such remaining assets shall be distributed ratably to the holders of such parity shares in proportion to their respective
liquidation preferences. In the event, however, that there are not sufficient assets available to permit payment in full of the Common
Adjustment, then such remaining assets shall be distributed ratably to the holders of Common Stock.

(c)       In
the event the Corporation at any time after the Rights Declaration Date (i) declares any dividend on Common Stock payable in shares
of Common Stock, (ii) subdivides the outstanding Common Stock or (iii) combines the outstanding Common Stock into a smaller
number of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying
such Adjustment Number by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

Section 7.
Consolidation, Merger, Etc. In case the Corporation enters 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 share of Series A Preferred Stock shall at the same time be similarly exchanged or changed into an amount
per share (subject to the provision for adjustment hereinafter set forth) equal to 1,000 times the aggregate amount of stock, securities,
cash and/or any other property (payable in kind), as the case may be, for which or into which each share of Common Stock is exchanged
or changed. In the event the Corporation at any time after the Rights Declaration Date (a) declares any dividend on Common Stock
payable in shares of Common Stock, (b) subdivides the outstanding Common Stock or (c) combines the outstanding Common Stock
into a smaller number of shares, then in each such case the amount set forth in the preceding sentence with respect to the exchange or
change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction the numerator of which is
the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of
Common Stock that were outstanding immediately prior to such event.

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

Section 9.
Ranking. 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, whether or not upon the dissolution, liquidation or winding up of the Corporation,
unless the terms of any such series provides otherwise.

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

    	 	A-7	 

    	 

    

Section 11.
Fractional Shares. Series A Preferred Stock may be issued in fractions of a share that 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 Series A Preferred Stock.

*
* * * * * *

 

    	 	A-8	 

    	 

    

IN
WITNESS WHEREOF, the Corporation has executed this Certificate of Designation as of May 2, 2021.

WESTWOOD
HOLDINGS GROUP, INC.

By:/s/ Brian O. Casey

Name: Brian O. Casey

Title: President & Chief Executive Officer

 

    	 	Certificate of Designation	 

    	 

    

Exhibit
B

[Form
of Rights Certificate]

Certificate
No. R-__________ Rights

NOT
EXERCISABLE AFTER MAY 1, 2022 OR EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY OR AN EARLIER “EXPIRATION TIME” (AS
DEFINED IN THE RIGHTS AGREEMENT) OCCURS. AS SET FORTH IN THE RIGHTS AGREEMENT, THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF
THE COMPANY, AT $0.001 PER RIGHT, AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS
BENEFICIALLY OWNED BY AN “ACQUIRING PERSON” OR ANY “RELATED PERSON” OF AN “ACQUIRING PERSON” (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS SHALL BECOME NULL AND VOID.

[THE
RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN “ACQUIRING PERSON”
OR A “RELATED PERSON” OF AN “ACQUIRING PERSON” (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY,
THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY SHALL BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF SUCH AGREEMENT.][*]

[*]       The
portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence.

 

    	 	B-1	 

    	 

    

 

Rights
Certificate

WESTWOOD
HOLDINGS GROUP, INC.

This
certifies that __________, or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles
the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of May 2, 2021 (as amended from
time to time in accordance with its terms, the “Rights Agreement”), by and between Westwood Holdings Group,
Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, the rights
agent (and any successor rights agent, the “Rights Agent”), to purchase from the Company at any time prior
to 5:00 P.M. (New York City time) on May 2, 2021 at the office or offices of the Rights Agent designated for such purpose,
or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of Series A Junior Participating Preferred
Stock, par value $0.01 per share (the “Preferred Stock”), of the Company, at an exercise price of $108.00 per
one one-thousandth of a share (the “Exercise Price”), upon presentation and surrender of this Rights Certificate
with the Form of Election to Purchase and related Certificate properly completed and duly executed. The number of Rights evidenced by
this Rights Certificate (and the number of shares which may be purchased upon exercise thereof) set forth above, and the Exercise Price
per share set forth above, are the number and Exercise Price as of May 2, 2021, based on the Preferred Stock as constituted at such
date. The Company reserves the right to require prior to the occurrence of a Triggering Event (as such term is defined in the Rights
Agreement) that, upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Preferred Stock will be issued.
Capitalized terms used but not defined herein shall having the meanings specified in the Rights Agreement.

Upon
the occurrence of a Flip-in Event, if the Rights evidenced by this Rights Certificate are Beneficially Owned by (i) an Acquiring
Person or a Related Person of an Acquiring Person, (ii) a transferee of any such Acquiring Person or Related Person or (iii) under
certain circumstances specified in the Rights Agreement, a transferee of a Person who, after such transfer, became an Acquiring Person
or a Related Person of such Acquiring Person, such Rights shall become null and void and no holder hereof shall have any right with respect
to such Rights from and after the occurrence of such Flip-in Event.

As
provided in the Rights Agreement, the Exercise Price and the number and kind of shares of Preferred Stock or other securities which may
be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the
happening of certain events, including Triggering Events.

This
Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions
are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full
description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the
holders of the Rights Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights
under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the office of the Company
and are also available upon written request to the Company.

    	 	B-2	 

    	 

    

This
Rights Certificate, with or without other Rights Certificates, upon surrender at the principal office or offices of the Rights Agent
designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing
Rights entitling the holder to purchase a like aggregate number of one one-thousandths of a share of Preferred Stock as the Rights evidenced
by the Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in
part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number
of whole Rights not exercised.

Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may, in each case at the option of the Company,
be (i) redeemed by the Company at a redemption price of $0.001 per Right or (ii) exchanged in whole or in part for shares of
common stock, par value $0.01 per share, of the Company. Immediately upon the action of the Board of Directors of the Company authorizing
redemption, the Rights shall terminate and the only right of the holders of Rights shall be to receive the redemption price.

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

No
holder of this Rights Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of shares of
Preferred Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything
contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except
as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced
by this Rights Certificate shall have been exercised as provided in the Rights Agreement.

This
Rights Certificate shall not be valid or obligatory for any purpose until it has been countersigned manually or by facsimile signature
by the Rights Agent.

*
* * * * * *

    	 	B-3	 

    	 

    

 

WITNESS
the facsimile signature of the proper officer of the Company.

Dated
as of _______ __, 20__

WESTWOOD
HOLDINGS GROUP, INC.

By:____________________________

Name:

Title:

Countersigned:

AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC

 

By:____________________________

Name:

Title:

 

    	 	B-4	 

    	 

    

[Form
of Reverse Side of Rights Certificate]

FORM
OF ASSIGNMENT

(To
be executed by the registered holder if such

holder
desires to transfer the Rights Certificate.)

FOR
VALUE RECEIVED ________________________________________ hereby sells, assigns and transfers unto _____________________________________________________________

________________________________________________________________________

(Please print name and address of transferee)

this
Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ____________
as attorney in fact, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution.

Dated: ________________, _______

_____________________________

Signature

Signature
Guaranteed:

    	 	B-5	 

    	 

    

 

CERTIFICATE

The
undersigned hereby certifies by checking the appropriate boxes that:

(1)
this Rights Certificate [ ] is [ ] is not being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring
Person or a Related Person of an Acquiring Person (as such terms are defined pursuant to 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 Rights Certificate
from any Person who or which is, was or subsequently became an Acquiring Person or a Related Person of an Acquiring Person.

Dated: ________________, _______

_____________________________

Signature

Signature
Guaranteed:

    	 	B-6	 

    	 

    

 

NOTICE

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

In
the event the certification set forth above is not completed, the Company shall deem the Beneficial Owner of the Rights evidenced by
this Rights Certificate to be an Acquiring Person or a Related Person thereof (as such terms are defined in the Rights Agreement) and,
in the case of an Assignment, shall affix a legend to that effect on any Rights Certificates issued in exchange for this Rights Certificate.

    	 	B-7	 

    	 

    

 

FORM
OF ELECTION TO PURCHASE

(To
be executed if holder desires to exercise Rights represented by the Rights Certificate.)

TO:
WESTWOOD HOLDINGS GROUP, INC.

The
undersigned hereby irrevocably elects to exercise ______ Rights represented by this Rights Certificate to purchase the shares of Preferred
Stock issuable upon the exercise of the Rights (or such other securities of the Company or of any other person which may be issuable
upon the exercise of the Rights) and requests that certificates for such shares (or other securities) be issued in the name of and delivered
to:

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 Rights Certificate, a new Rights Certificate for the balance 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
Guaranteed:

    	 	B-8	 

    	 

    

 

CERTIFICATE

The
undersigned hereby certifies by checking the appropriate boxes that:

(1)
the Rights evidenced by this Rights Certificate [ ] are [ ] are not being exercised by or on behalf of a Person who is or was an Acquiring
Person or a Related Person of an Acquiring Person (as such terms are defined pursuant to 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 Rights Certificate
from any Person who or which is, was or became an Acquiring Person or a Related Person of an Acquiring Person.

Dated: ________________, _______

_____________________________

Signature

Signature
Guaranteed:

 

    	 	B-9	 

    	 

    

 

NOTICE

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

In
the event the certification set forth above is not completed, the Company shall deem the Beneficial Owner of the Rights evidenced by
this Rights Certificate to be an Acquiring Person or a Related Person thereof (as such terms are defined in the Rights Agreement), and
the Election to Purchase will not be honored.

 

    	 	B-10	 

    	 

    

Exhibit
C

SUMMARY
OF RIGHTS TO PURCHASE PREFERRED STOCK

On
May 2, 2021, the board of directors (the “Board”) of Westwood Holdings Group, Inc., a Delaware corporation
(the “Company”), adopted a stockholder rights agreement and declared a dividend of one right (a “Right”)
for each outstanding share of common stock of the Company, par value $0.01 per share (“Common Stock”), to stockholders
of record at the close of business on May 12, 2021 (the “Record Date”). Each Right entitles its holder, subject
to the terms of the Rights Agreement (as defined below), to purchase from the Company one one-thousandth of a share of Series A
Junior Participating Preferred Stock, par value $0.01 per share (“Preferred Stock”), of the Company at an exercise
price of $108.00 per Right, subject to adjustment. The description and terms of the Rights are set forth in a stockholder rights agreement,
dated as of May 2, 2021 (the “Rights Agreement”), between the Company and American Stock Transfer &
Trust Company, LLC, as rights agent (and any successor rights agent, the “Rights Agent”).

The
Rights Agreement should not interfere with any merger or other business combination approved by the Board.

The
Rights. The Rights will attach to any shares of Common Stock that become outstanding after the Record Date and prior to the earlier
of the Distribution Time (as defined below) and the Expiration Time (as defined below), and in certain other circumstances described
in the Rights Agreement.

Until
the Distribution Time, the Rights are associated with Common Stock and evidenced by Common Stock certificates or, in the case of uncertificated
shares of Common Stock, the book-entry account that evidences record ownership of such shares, which will contain a notation incorporating
the Rights Agreement by reference, and the Rights are transferable with and only with the underlying shares of Common Stock.

Until
the Distribution Time, the surrender for transfer of any shares of Common Stock will also constitute the transfer of the Rights associated
with those shares. As soon as practicable after the Distribution Time, separate rights certificates will be mailed to holders of record
of Common Stock as of the Distribution Time. From and after the Distribution Time, the separate rights certificates alone will represent
the Rights.

The
Rights are not exercisable until the Distribution Time. Until a Right is exercised, its holder will have no rights as a stockholder of
the Company, including the right to vote or to receive dividends.

Separation
and Distribution of Rights; Exercisability. Subject to certain exceptions, the Rights become exercisable and trade separately
from Common Stock only upon the “Distribution Time,” which occurs upon the earlier of:

		•	the close of business on the tenth (10th) day after the “Stock
Acquisition Date” (which is defined as (a) the first date of public announcement that any person or group has become
an “Acquiring Person,” which is defined as a person or group that, together with its affiliates and associates,
beneficially owns

    	 	C-1	 

    	 

    

the Specified Percentage (as defined below) or more of the outstanding
shares of Common Stock (with certain exceptions, including those described below) or (b) such other date, as determined by the
Board, on which a person or group has become an Acquiring Person) or

		•	the close of business on the tenth (10th) business day (or such
later date as may be determined by the Board prior to such time as any person or group becomes an Acquiring Person) after the commencement
of a tender offer or exchange offer that, if consummated, would result in a person or group becoming an Acquiring Person.

		•	“Specified Percentage” means 20% (twenty percent) when referring to the beneficial ownership of any person that is a passive investor but only for so long as such person is a passive investor and (ii) 10% (ten percent) when referring to the beneficial ownership of any person that is not a passive investor.

An
Acquiring Person does not include:

		•	the Company or any subsidiary of the Company;

		•	any officer, director or employee of the Company or any subsidiary
of the Company in his or her capacity as such;

		•	any employee benefit plan of the Company or of any subsidiary of
the Company or any entity or trustee holding (or acting in a fiduciary capacity in respect of) shares of capital stock of the Company
for or pursuant to the terms of any such plan or for the purpose of funding other employee benefits for employees of the Company
or any subsidiary of the Company; or

		•	any person or group that, together with its affiliates and associates,
as of immediately prior to the first public announcement of the adoption of the Rights Agreement, beneficially owns the Specified
Percentage or more of the outstanding shares of Common Stock so long as such person or group continues to beneficially own at least
the Specified Percentage of the outstanding shares of Common Stock and does not acquire shares of Common Stock to beneficially
own an amount equal to or greater than the greater of the Specified Percentage and the sum of the lowest beneficial ownership of
such person or group since the public announcement of the adoption of the Rights Agreement plus one share of Common Stock.

In
addition, the Rights Agreement provides that no person or group will become an Acquiring Person as a result of share purchases or issuances
directly from the Company or through an underwritten offering approved by the Board. Also, a person or group will not be an Acquiring
Person if the Board determines that such person or group has become an Acquiring Person inadvertently and such person or group as promptly
as practicable divests a sufficient number of shares so that such person or group would no longer be an Acquiring Person.

    	 	C-2	 

    	 

    

Certain
synthetic interests in securities created by derivative positions, whether or not such interests are considered to be ownership of the
underlying Common Stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended, are treated
as beneficial ownership of the number of shares of Common Stock equivalent to the economic exposure created by the derivative position,
to the extent actual shares of Common Stock are directly or indirectly held by counterparties to the derivatives contracts.

Expiration
Time. The Rights will expire on the earliest to occur of (a) the close of business on May 1, 2022 (the “Final
Expiration Time”), (b) the time at which the Rights are redeemed or exchanged by the Company (as described below) or (c)
upon the closing of any merger or other acquisition transaction involving the Company pursuant to a merger or other acquisition agreement
that has been approved by the Board before any person or group becomes an Acquiring Person (the earliest of (a), (b), and (c) being herein
referred to as the “Expiration Time”).

Flip-in
Event. In the event that any person or group (other than certain exempt persons) becomes an Acquiring Person (a “Flip-in
Event”), each holder of a Right (other than such Acquiring Person, any of its affiliates or associates or certain transferees
of such Acquiring Person or of any such affiliate or associate, whose Rights automatically become null and void) will have the right
to receive, upon exercise, Common Stock having a value equal to two times the exercise price of the Right.

For
example, at an exercise price of $108.00 per Right, each Right not owned by an Acquiring Person (or by certain related parties) following
a Flip-in Event would entitle its holder to purchase $216.00 worth of Common Stock for $108.00. Assuming that Common Stock had a per
share value of $18.00 at that time, the holder of each valid Right would be entitled to purchase 12 shares of Common Stock for $9.00.

Flip-over
Event. In the event that, at any time following the Stock Acquisition Date, any of the following occurs (each, a “Flip-over
Event”):

		•	the Company consolidates with, or merges with and into, any other
entity, and the Company is not the continuing or surviving entity;

		•	any entity engages in a share exchange with or consolidates with,
or merges with or into, the Company, and the Company is the continuing or surviving entity and, in connection with such share exchange,
consolidation or merger, all or part of the outstanding shares of Common Stock are changed into or exchanged for stock or other
securities of any other entity or cash or any other property; or

		•	the Company sells or otherwise transfers, in one transaction or
a series of related transactions, fifty percent (50%) or more of the Company’s assets, cash flow or earning power,

each
holder of a Right (except Rights which previously have been voided as described above) will have the right to receive, upon exercise,
common stock of the acquiring company having a value equal to two times the exercise price of the Right.

    	 	C-3	 

    	 

    

Preferred
Stock Provisions. Each share of Preferred Stock, if issued: will not be redeemable, will entitle the holder thereof, when,
as and if declared, to quarterly dividend payments equal to the greater of $1,000 per share and 1,000 times the amount of all cash dividends
plus 1,000 times the amount of non-cash dividends or other distributions paid on one share of Common Stock, will entitle the holder thereof
to receive $1,000 plus accrued and unpaid dividends per share upon liquidation, will have the same voting power as 1,000 shares of Common
Stock and, if shares of Common Stock are exchanged via merger, consolidation or a similar transaction, will entitle the holder thereof
to a per share payment equal to the payment made on 1,000 shares of Common Stock.

Anti-dilution
Adjustments. The exercise price payable, and the number of shares of Preferred Stock or other securities or property issuable,
upon exercise of the Rights are subject to adjustment from time to time to prevent dilution:

		•	in the event of a stock dividend on, or a subdivision, combination
or reclassification of, the Preferred Stock,

		•	if holders of the Preferred Stock are granted certain rights, options
or warrants to subscribe for Preferred Stock or convertible securities at less than the current market price of the Preferred Stock
or

		•	upon the distribution to holders of the Preferred Stock of evidences
of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those
referred to above).

With
certain exceptions, no adjustment in the exercise price will be required until cumulative adjustments amount to at least one percent
(1%) of the exercise price. No fractional shares of Preferred Stock will be issued and, in lieu thereof, an adjustment in cash will be
made based on the market price of the Preferred Stock on the last trading day prior to the date of exercise.

Redemption;
Exchange. At any time prior to the earlier of (i) the tenth (10th) day following the Stock Acquisition Date or (ii) the Final
Expiration Time, the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (subject to adjustment and
payable in cash, Common Stock or other consideration deemed appropriate by the Board). Immediately upon the action of the Board authorizing
any redemption or at a later time as the Board may establish for the effectiveness of the redemption, the Rights will terminate and the
only right of the holders of Rights will be to receive the redemption price.

At
any time after any Acquiring Person, together with all of its affiliates and associates, becomes the beneficial owner of fifty percent
(50%) or more of the outstanding shares of Common Stock, the Company may exchange the Rights (other than Rights owned by the Acquiring
Person, any of its affiliates or associates or certain transferees of Acquiring Person or of any such affiliate or associate, whose Rights
will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock, or one one-thousandth of a share
of Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences and
privileges), per Right (subject to adjustment).

    	 	C-4	 

    	 

    

Amendment
of the Rights Agreement. The Company and the Rights Agent may from time to time amend or supplement the Rights Agreement without
the consent of the holders of the Rights. However, on or after the Stock Acquisition Date, no amendment can materially adversely affect
the interests of the holders of the Rights (other than the Acquiring Person, any of its affiliates or associates or certain transferees
of Acquiring Person or of any such affiliate or associate ).

Miscellaneous.
While the distribution of the Rights will not be taxable to stockholders or to the Company, stockholders may, depending upon the circumstances,
recognize taxable income in the event that the Rights become exercisable for Common Stock (or other consideration) or for common stock
of the acquiring company or in the event of the redemption of the Rights as described above.

Additional
Information. A copy of the Rights Agreement has been filed with the Securities and Exchange Commission as an exhibit to a registration
statement on Form 8-A and a current report on Form 8-K. A copy of the Rights Agreement is also available free of charge from the Company.

*
* * * *

This
description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, which
is incorporated herein by reference.

    	 	C-5

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