Document:

Exhibit 4.1 

 

TAX BENEFITS PRESERVATION PLAN

 

dated as of November 9, 2020

 

between

 

BONANZA
CREEK ENERGY, INC.,

 

as the Company,

 

and

 

Broadridge
Corporate Issuer Solutions, Inc.,

 

as Rights Agent

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Section 1.	Certain Definitions	1
	Section 2.	Appointment of Rights Agent	10
	Section 3.	Issue of Rights Certificates	10
	Section 4.	Form of Rights Certificate	13
	Section 5.	Countersignature and Registration	14
	Section 6.	Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates	1t
	Section 7.	Exercise of Rights; Exercise Price; Expiration Date of Rights	16
	Section 8.	Cancellation and Destruction of Rights Certificates	18
	Section 9.	Reservation and Availability of Capital Stock	18
	Section 10.	Preferred Stock Record Date	20
	Section 11.	Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights	20
	Section 12.	Certificate of Adjusted Exercise Price or Number of Shares	27
	Section 13.	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	27
	Section 14.	Fractional Rights; Fractional Shares; Waiver	31
	Section 15.	Rights of Action	32
	Section 16.	Agreement of Rights Holders	33
	Section 17.	Rights Certificate Holder Not Deemed a Stockholder	34
	Section 18.	Duties of Rights Agent	34
	Section 19.	Concerning the Rights Agent	37
	Section 20.	Merger or Consolidation or Change of Name of Rights Agent	38
	Section 21.	Change of Rights Agent	39
	Section 22.	Issuance of New Rights Certificates	40
	Section 23.	Redemption	40
	Section 24.	Exchange	41
	Section 25.	Process to Seek Exemption	43
	Section 26.	Notice of Certain Events	44
	Section 27.	Notices	45
	Section 28.	Supplements and Amendments	46
	Section 29.	Successors	47
	Section 30.	Determinations and Actions by the Board	47

 

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	Section 31.	Benefits of this Agreement	47
	Section 32.	Tax Compliance and Withholding	47
	Section 33.	Severability	48
	Section 34.	Governing Law	48
	Section 35.	Counterparts	48
	Section 36.	Interpretation	48
	Section 37.	Force Majeure	49

 

	Exhibit A	Certificate of Designations
	 	 
	Exhibit B	Summary of Rights
	 	 
	Exhibit C	Form of Rights Certificate

 

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TAX BENEFITS PRESERVATION PLAN

 

This TAX BENEFITS PRESERVATION
PLAN, dated as of November 9, 2020, (this “Agreement”), is made and entered into by and between
Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”), and Broadridge Corporate Issuer
Solutions, Inc. as rights agent (the “Rights Agent”).

 

WHEREAS, (a) the
Company has certain Tax Benefits (as defined below) for U.S. federal and state income tax purposes, (b) the Company desires
to avoid an “ownership change” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended
(the “Code”), and thereby preserve the Company’s ability to utilize such Tax Benefits, (c) the
Company views its Tax Benefits as a valuable asset of the Company, (d) the Company believes it is in the best interests of
the Company and its stockholders that the Company provide for the protection of the Tax Benefits on the terms and conditions set
forth in this Agreement and (e) in furtherance of such objective, the Company desires to enter into this Agreement;

 

WHEREAS, the
board of directors of the Company (the “Board”) authorized and declared a dividend of one preferred share
purchase right (a “Right”) for each share of Common Stock of the Company outstanding at the Close of
Business on the Record Date, each Right initially representing the right to purchase one one-thousandth (subject to adjustment)
of one share of Preferred Stock, upon the terms and subject to the conditions herein set forth, and further authorized and directed
the issuance of one Right (subject to adjustment) with respect to each share of Common Stock of the Company that will become outstanding
between the Record Date and the earlier of the Distribution Date and the Expiration Date; provided, however, that
Rights may be issued with respect to shares of Common Stock that will become outstanding after the Distribution Date and prior
to the Expiration Date in accordance with Section 22 hereof.

 

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

 

Section 1.Certain
Definitions.

 

For purposes of this
Agreement, the following terms have the meanings indicated:

 

(a)            “Acquiring
Person” shall mean any Person that, together with all of its Related Persons, is the Beneficial Owner of 4.95% or
more of the shares of Common Stock of the Company then-outstanding, but shall exclude (i) the Excluded Persons, (ii) any
Exempt Persons and (iii) any Grandfathered Persons.

 

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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 4.95% or more of the shares of Common Stock of the Company then-outstanding; provided, however, that if
a Person, together with all of its Related Persons, becomes the Beneficial Owner of 4.95% or more of the shares of Common Stock
of the Company 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 of the Company (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
or pursuant to a grant or exercise described in Section 1(a)(ii) below), 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 4.95% or more of the Common Stock then-outstanding;

 

(ii)            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 and employees; provided,
however, that if a Person, together with all of its Related Persons, becomes the Beneficial Owner of 4.95% or more of the
shares of Common Stock of the Company 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 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 4.95% 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) a
grant or exercise described in this Section 1(a)(ii);

 

(iii)            by
means of share purchases directly from or issuances (including debt for equity exchanges) directly by the Company, or in either
case indirectly through an underwritten offering by 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 4.95% or more of the shares of Common Stock then-outstanding following such transaction and (B) subsequently 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 or pursuant to a
grant or exercise described in Section 1(a)(ii) above) without the prior written consent of the Company and then Beneficially
Owns 4.95% or more of the shares of Common Stock then-outstanding;

 

(iv)            if
(A) the Board determines in good faith that such Person has become an “Acquiring Person” inadvertently (including,
without limitation, because (1) such Person was unaware that it Beneficially Owned a percentage of the then-outstanding Common
Stock of the Company that would otherwise cause such Person to be an “Acquiring Person” or become an “Acquiring
Person” in a manner described in Section 1(a)(i), Section 1(a)(ii) or Section 1(a)(iii) and, in
each case, inadvertently became a Beneficial Owner of additional shares of Common Stock of the Company; or (2) such Person
was aware of the extent of its Beneficial Ownership of Common Stock of the Company 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
in good faith by the Board) a sufficient number of shares of Common Stock of the Company so that such Person would no longer be
an “Acquiring Person”;

 

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(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; or

 

(vi)            solely
as a result of the Merger and the other transactions contemplated by the HighPoint Merger Agreement, including, without limitation,
the Exchange Offer and, to the extent applicable, the issuance of Common Stock of the Company pursuant to the Prepackaged Plan
(collectively, the “HighPoint Transactions”); provided, however, that a Person shall be
deemed to be an “Acquiring Person” if such Person, together with all of its Related Persons, (A) is or becomes
the Beneficial Owner of 4.95% or more of the shares of Common Stock of the Company then-outstanding by reason of the HighPoint
Transactions and (B) subsequently 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 or pursuant to a grant or exercise described in Section 1(a)(ii) above) without the prior
written consent of the Company and then Beneficially Owns 4.95% or more of the shares of Common Stock then-outstanding.

 

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

 

(c)            “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the Exchange
Act Regulations, as in effect on the date of this Agreement, and, to the extent not included within the foregoing, shall also include
with respect to any Person, any other Person whose shares of Common Stock would be deemed to be constructively owned by such first
Person, owned by a “single entity” with respect to such first Person as defined in Section 1.382-3(a)(1) of
the Treasury Regulations, or otherwise aggregated with shares owned by such first Person, pursuant to the provisions of Section 382
of the Code and the Treasury Regulations promulgated thereunder.

 

(d)            “Agreement”
shall have the meaning set forth in the Preamble hereof.

 

(e)            A
Person is the “Beneficial Owner” of (and “Beneficially Owns” and has “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;

 

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(ii)            that
such Person or any of such Person’s Related Persons, directly or indirectly, has (A) the right to acquire (whether such
right is exercisable immediately or only after the passage of time or satisfaction of other conditions) pursuant to any agreement,
arrangement or understanding (whether or not in writing), but only if the effect of such agreement, arrangement or understanding
is to treat such Persons as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations, or upon
the exercise of conversion rights, exchange rights (other than the Rights), rights, warrants or options, or otherwise; provided,
however, that a Person shall not be deemed the “Beneficial Owner” of (1) securities (including rights,
options or warrants) that are convertible or exchangeable into or exercisable for Common Stock until such time as such securities
are converted or exchanged into or exercised for Common Stock except to the extent the acquisition or transfer of such rights,
options or warrants would be treated as exercised on the date of its acquisition or transfer under Section 1.382-4(d) of
the Treasury Regulations; or (2) 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; or (B) the right to vote or dispose of, pursuant to any agreement, arrangement or understanding
(whether or not in writing), but only if the effect of such agreement, arrangement or understanding is to treat such Persons as
an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations; or

 

(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), for
the purpose of acquiring, holding, voting or disposing of any such securities, but only if the effect of such agreement, arrangement
or understanding is to treat such Persons as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations.

 

Notwithstanding anything
in this definition of “Beneficial Ownership” to the contrary, no Person engaged in business as an underwriter of securities
shall be the “Beneficial Owner” to the extent Section 1.382-3(j)(7) of the Treasury Regulations would not
treat such Person as a Beneficial Owner.

 

Notwithstanding anything
in this definition of “Beneficial Ownership” to the contrary, to the extent not within the foregoing provisions, a
Person shall be deemed the Beneficial Owner of, and shall be deemed to beneficially own or have Beneficial Ownership of, securities
which such Person would be deemed to constructively own or which otherwise would be aggregated with shares owned by such Person
pursuant to Section 382 of the Code, or any successor provision or replacement provision and the Treasury Regulations thereunder.

 

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, without limitation, for purposes of determining the particular percentage of the outstanding shares of Common
Stock of which any such Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding at the
time of such calculation that are issuable through the exercise of any options, warrants, rights or similar interests (including
restricted stock) which such Person is deemed to Beneficially Own, but shall not include the number of shares of Common Stock not
outstanding that are issuable through the exercise of any options, warrants, rights or similar interests (including restricted
stock) which that Person is not deemed to Beneficially Own.

 

(f)            “Board”
shall have the meaning set forth in the recitals of this Agreement.

 

(g)            “Book
Entry” shall mean an uncertificated book entry for the Common Stock.

 

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(h)            “Business
Day” shall mean any day other than a Saturday, a Sunday or a day on which banking or trust institutions in the State
of New York are authorized or obligated by law or executive order to close; provided, however, that banks shall not
be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential employee”
  or similar closure of physical branch locations at the direction of any governmental authority if such banks’ electronic
funds transfer systems (including for wire transfers) are open for use by customers on such day.

 

(i)            “Certificate
of Designations” shall have the meaning set forth in Section 1(j) hereof.

 

(j)            “Certificate
of Incorporation” shall mean the Third Amended and Restated Certificate of Incorporation of the Company, as may be
amended or restated from time to time, as filed with the Office of the Secretary of State of the State of Delaware, and together
with the Certificate of Designations of the Preferred Stock of the Company adopted contemporaneously with the approval of this
Agreement and attached hereto as Exhibit A (the “Certificate of Designations”), as the same
may hereafter be amended or restated.

 

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

 

(l)            “Closing
Price” shall mean, in respect of any security for any day, the last sale price, regular way, reported at or prior
to 4:00 P.M. New York City time or, in case no such sale takes place on such day, the average of the bid and asked prices,
regular way, reported at or prior to 4:00 P.M. New York City time, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to trading on NASDAQ or the NYSE or, if the security
is not listed or admitted to trading on 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 the security is listed or admitted to
trading or, if the security is not listed or admitted to trading on any national securities exchange, the last quoted price reported
at or prior to 4:00 P.M. New York City time or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by any system then in use reported as of 4:00 P.M. New York City time or, if not so quoted,
the average of the closing bid and asked price furnished by a professional market maker making a market in the security, which
professional market maker is selected by the Board.

 

(m)            “Code”
shall have the meaning set forth in the recitals to this Agreement.

 

(n)            “Common
Stock” shall mean (i) when used with reference to the Company, the Common Stock, par value $0.01 per share,
of the Company; and (ii) when used with reference to any Person other than the Company, the class or series of capital stock
or equity interest with the greatest voting power (in relation to any other classes or series of capital stock or equity interest)
of such other Person or if such other Person is a Subsidiary of another Person, the Person who ultimately controls such first mentioned
Person.

 

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

 

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(p)            “Company”
shall have the meaning set forth in the Preamble hereof.

 

(q)            “Current
Market Price” of any security on any date shall mean the average of the daily closing prices per share of such security
for the thirty (30) consecutive Trading Days immediately prior to, but not including, such date; provided, however,
that in the event that the “Current Market Price” of such security is determined during a period following the announcement
by the issuer of such security of (i) a dividend or distribution on such security payable in shares of such security or securities
convertible into such shares (other than the Rights); or (ii) any subdivision, combination or reclassification of such security,
and prior to the expiration of the requisite thirty (30) Trading Day period after but not including the ex-dividend date for such
dividend or distribution or the record date for such subdivision, combination or reclassification, then, in each such case, the
 “Current Market Price” shall be appropriately adjusted to take into account ex-dividend trading, as determined in good
faith by the Board, whose determination shall be described in a statement delivered to the Rights Agent and shall be conclusive
for all purposes. If on any such date no market maker is making a market in such security or such security is not publicly held
or not listed or traded, the “Current Market Price” shall mean the fair value per share as determined in good faith
by the Board, whose determination shall be described in a written statement filed with the Rights Agent and shall be conclusive
for all purposes.

 

Except as provided in this paragraph, the
 “Current Market Price” of the Preferred Stock shall be determined in accordance with the method set forth above. If
the Preferred Stock is not publicly traded, the “Current Market Price” of the Preferred Stock shall be conclusively
deemed to be the Current Market Price of the Common Stock as determined pursuant to the paragraph above (appropriately adjusted
to reflect any stock split, stock dividend or similar transaction occurring after the date hereof), multiplied by one thousand.
If neither the Common Stock nor the Preferred Stock is publicly held or so listed or traded, the “Current Market Price”
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 written statement filed with the Rights Agent and shall be conclusive for all purposes. For all purposes of this
Agreement, the “Current Market Price” of one one-thousandth of a share of Preferred Stock shall be equal to the “Current
Market Price” of one share of Preferred Stock divided by 1,000.

 

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

 

(s)            “Distribution
Date” shall mean the earlier of (i) the Close of Business on the tenth Business Day after the Stock Acquisition
Date (or, if the tenth Business Day after the Stock Acquisition Date occurs before the Record Date, the Close of Business on the
Record Date) and (ii) the Close of Business on the tenth Business Day (or, if such tenth Business Day occurs before the Record
Date, the Close of Business on the Record Date), or such later date as may be determined by the Board prior to such time any Person
becomes an Acquiring Person, after the date of the commencement by any Person of, or of the first public announcement of the intention
of any Person to commence, a tender or exchange offer the consummation of which would result in such Person becoming an Acquiring
Person.

 

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

 

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

 

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

 

(w)            “Exchange
Act Regulations” shall mean the General Rules and Regulations under the Exchange Act.

 

(x)            “Exchange
Offer” shall have the meaning set forth in the HighPoint Merger Agreement.

 

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

 

(z)            “Excluded
Person” shall mean (i) the Company or any of its Subsidiaries; (ii) any officers, directors and employees
of the Company or any of its Subsidiaries solely in respect of such Person’s status or authority as such (including, without
limitation, 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.

 

(aa)        “Exempt
Person” shall mean (i) any Person determined by the Board to be an “Exempt Person” in accordance
with the requirements set forth in Section 25 hereof for so long as such Person complies with any limitations or conditions
required by the Board in making such determination and (ii) any Person that, together with all of its Related Persons, is
the Beneficial Owner of 4.95% or more of the shares of Common Stock of the Company then-outstanding and such Beneficial Ownership
will not, as determined by the Board in its sole discretion, jeopardize or endanger the value or availability to the Company of
the Tax Benefits or otherwise be contrary to the best interests of the Company; provided, however, that any Person
deemed to be an “Exempt Person” will cease to be an “Exempt Person” if the Board, in its sole discretion,
makes a determination that such Person’s Beneficial Ownership would, notwithstanding any prior determination to the contrary,
jeopardize or endanger the value or availability to the Company of the Tax Benefits or otherwise be contrary to the best interests
of the Company.

 

(bb)        “Exemption
Request” shall have the meaning set forth in Section 25 hereof.

 

(cc)        “Exercise
Price” shall have the meaning set forth in Section 4(a), Section 11(a)(ii) and Section 13(a)(i) hereof.

 

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

 

(ee)        “Flip-In
Event” shall mean any event described in Section 11(a)(ii) hereof.

 

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

 

(gg)        “Flip-Over
Event” shall mean any event described in clause (x), (y) or (z) of Section 13(a) hereof.

 

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(hh)         “Flip-Over
Stock” shall mean the class or series of capital stock or equity interest with the greatest voting power (in relation
to any other classes or series of capital stock or equity interest) in respect of the election of directors (or other Persons
similarly responsible for the direction of the business and affairs) of the Principal Party or if the Principal Party is a Subsidiary
of another Person, the Person who ultimately controls such Principal Party.

 

(ii)           “Grandfathered
Person” shall mean any Person that, together with all of its Related Persons, is, as of the date of this Agreement
or, if later, immediately prior to the public announcement of the adoption of this Agreement, the Beneficial Owner of 4.95% or
more of the shares of Common Stock of the Company then-outstanding. A Person ceases to be a “Grandfathered Person”
if and when (i) such Person becomes the Beneficial Owner of less than 4.95% of the shares of Common Stock of the Company then-outstanding;
or (ii) such Person increases its Beneficial Ownership of shares of Common Stock of the Company to an amount equal to or greater
than the greater of (A) 4.95% of the shares of Common Stock of the Company then-outstanding and (B) the sum of (1) the
lowest Beneficial Ownership of such Person as a percentage of the shares of Common Stock of the Company outstanding as of any time
from and after the public announcement of this Agreement (other than as a result of an acquisition of shares of Common Stock of
the Company) plus (2) one share of Common Stock of the Company then-outstanding.

 

(jj)          “HighPoint
Merger Agreement” shall mean the Agreement and Plan of Merger, dated as of November 9, 2020, by and among the
Company, Boron Merger Sub, Inc. and HighPoint Resources Corporation.

 

(kk)        “HighPoint
Transactions” shall have the meaning set forth in Section 1(a)(vi) hereof.

 

(ll)          “Merger”
shall have the meaning set forth in the HighPoint Merger Agreement.

 

(mm)      “NASDAQ”
shall mean The NASDAQ Stock Market LLC.

 

(nn)        “NYSE”
shall mean the New York Stock Exchange, Inc.

 

(oo)        “Person”
shall mean any individual, firm, corporation, partnership (general or limited), limited liability company, limited liability partnership,
association, unincorporated organization, trust or other legal entity, or group of persons making a “coordinated acquisition”
of Common Stock or otherwise treated as an “entity” within the meaning of Section 1.382-3(a)(1) of the Treasury
Regulations, including (i) any syndicate or group deemed to be a Person under Section 13(d)(3) of the Exchange Act
and Rule 13d-5(b) thereunder and (ii) any successor (by merger or otherwise) of any such firm, corporation, partnership
(general or limited), limited liability company, limited liability partnership, association, unincorporated organization, trust
or other group or entity.

 

(pp)        “Preferred
Stock” shall mean the Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company,
having the voting rights, powers, designations, preferences and relative, participating, optional or other special rights and
qualifications, limitations and restrictions set forth in the Certificate of Designations.

 

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(qq)        “Prepackaged
Plan” shall have the meaning set forth in the HighPoint Merger Agreement.

 

(rr)          “Principal
Party” shall have the meaning set forth in Section 13(b) hereof.

 

(ss)         “Record
Date” shall mean the Close of Business on November 19, 2020.

 

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

 

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

 

(vv)        “Related
Person” shall mean, as to any Person, any Affiliates or Associates of such Person.

 

(ww)       “Requesting
Person” shall have the meaning set forth in Section 25 hereof.

 

(xx)         “Rights”
shall have the meaning set forth in the recitals of this Agreement.

 

(yy)        “Rights
Agent” shall have the meaning set forth in the Preamble hereof.

 

(zz)         “Rights
Certificate” shall have the meaning set forth in Section 3(d) hereof.

 

(aaa)      “Schedule
13D” shall mean a statement on Schedule 13D pursuant to Rule 13d-1(a), 13d-1(e), 13d-1(f) or 13d-1(g) of
the General Rules and Regulations under the Exchange Act as in effect at the time of the public announcement of the declaration
of the Rights dividend with respect to the shares of Common Stock Beneficially Owned by the Person filing such statement.

 

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

 

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

 

(ddd)     “Stock
Acquisition Date” shall mean the first date of public announcement (including, without limitation, the filing of
any report pursuant to Section 13(d) of the Exchange Act) by the Company or by an Acquiring Person that a Person has
become an Acquiring Person or that discloses information which reveals the existence of an Acquiring Person, or such other date,
as determined by the Board, on which a Person has become an Acquiring Person.

 

(eee)      “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 equivalent governing body of such other Person is Beneficially Owned, directly or indirectly, by such first-mentioned
Person, or otherwise controlled by such first-mentioned Person.

 

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

 

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

 

    - 9 -

     

    

 

(hhh)       “Tax
Benefits” shall mean the net operating loss carryovers, capital loss carryovers, general business credit carryovers,
disallowed business interest expense carryforwards and foreign tax credit carryovers, as well as any loss or deduction attributable
to a “net unrealized built-in loss” within the meaning of Section 382 of the Code and the Treasury Regulations
promulgated thereunder, of the Company or any of its Subsidiaries.

 

 

(iii)          “Trading
Day” shall mean, in respect to any security, (i) if such security is listed or admitted to trading on any national
securities exchange, a day on which the principal national securities exchange on which such security is listed or admitted to
trading is open for the transaction of business; provided that any national securities exchange shall be deemed to be open
for the transaction of business if electronic auctions are open on such day regardless of the closure of physical locations; and
(ii) if such security is not so listed or admitted, a Business Day.

 

(jjj)         “Treasury
Regulations” shall mean the U.S. Treasury Regulations promulgated under the Code, as may be amended from time to
time.

 

(kkk)       “Triggering
Event” shall mean any Flip-In Event or any Flip-Over Event.

 

(lll)         “Trust”
shall have the meaning set forth in Section 24(d) hereof.

 

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

 

Section 2.  Appointment
of Rights Agent.

 

The Company hereby
appoints the Rights Agent to act as rights agent for the Company and the holders of the Rights (who, in accordance with Section 3
hereof, shall be, prior to the Distribution Date, the holders of Common Stock of the Company) and in accordance with the express
terms and conditions hereof (and no implied terms or conditions), 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; provided that the Company shall notify
the Rights Agent in writing ten (10) Business Days prior to such appointment. In the event the Company appoints one or more
co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents under the provisions of this Agreement shall
be as the Company reasonably determines, and the Company shall notify, in writing, the Rights Agent and any co-Rights Agents of
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.  Issue
of Rights Certificates.

 

(a)           On
the Record Date, or as soon as practicable thereafter, the Company will make available (directly or, at the expense of the Company,
through the Rights Agent or its transfer agent if the Rights Agent or transfer agent is directed by the Company and provided with
all necessary information and documents) a copy of a Summary of Rights to Purchase Preferred Stock, in substantially the form attached
hereto as Exhibit B and which may be appended to certificates that represent shares of Common Stock (the “Summary
of Rights”), to each record holder of Common Stock as of the Close of Business on the Record Date (other than any
Acquiring Person or any Related Person of any Acquiring Person), at the address of such holder shown on the records of the Company
or transfer agent or register for Common Stock. With respect to certificates representing shares of Common Stock (or Book Entry
shares of Common Stock) outstanding as of the Record Date, until the Distribution Date, the Rights shall be evidenced by such shares
of Common Stock registered in the names of the holders thereof together with the Summary of Rights, and not by separate Rights
Certificates. With respect to Book Entry shares of Common Stock outstanding as of the Record Date, until the Distribution Date,
the Rights shall be evidenced by the balances indicated in the Book Entry account system of the transfer agent for the Common Stock
together with the Summary of Rights. Until the earlier of the Distribution Date and the Expiration Date, the transfer of any shares
of Common Stock outstanding on the Record Date (whether represented by certificates or evidenced by the balances indicated in the
Book Entry account system of the transfer agent for the Common Stock, and, in either case, regardless of whether a copy of the
Summary of Rights is submitted with the surrender or request for transfer), shall also constitute the transfer of the Rights associated
with such shares of Common Stock.

 

    - 10 -

     

    

 

(b)          Rights
shall be issued, without any further action, in respect of all shares of Common Stock that become outstanding (whether originally
issued or delivered from the Company’s treasury) after the Record Date but prior to the earlier of the Distribution Date
and the Expiration Date; provided, however, that Rights also shall be issued to the extent provided in Section 22
hereof. Confirmation and account statements sent to holders of Common Stock for Book Entry form or, in the case of certificated
shares, certificates, representing such shares of Common Stock, issued after the Record Date shall bear a legend substantially
in the following form:

 

“[This certificate] [These
shares] also evidence[s] and entitle[s] the holder hereof to certain Rights as set forth in a Tax Benefits Preservation Plan by
and between Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”), and Broadridge Corporate
Issuer Solutions, Inc., or any successor Rights Agent (the “Rights Agent”) dated as of November 9,
2020, as the same may be amended or supplemented from time to time (the “Rights Agreement”), the terms
of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company.
Under certain circumstances, as set forth in the Rights Agreement, such Rights shall be evidenced by separate certificates and
will no longer be evidenced by [this certificate] [these shares]. The Company will mail to the holder of [this certificate] [these
shares] a copy of the Rights Agreement as in effect on the date of mailing without charge after receipt of a written request therefor.

 

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

 

With respect to all
certificates representing shares of Common Stock containing the foregoing legend in substantially similar form, until the earlier
of the Distribution Date and the Expiration Date, the Rights associated with the Common Stock represented by such certificates
shall be evidenced by such certificates alone and registered holders of Common Stock shall also be the registered holders of the
associated Rights, and the transfer of any such certificate shall also constitute the transfer of the Rights associated with the
shares of Common Stock represented by such certificates.

 

    - 11 -

     

    

 

With respect to Common Stock
in Book Entry form for which there has been sent a confirmation or account statement containing the foregoing legend in substantially
similar form, until the earlier of the Distribution Date and the Expiration Date, the Rights associated with the Common Stock shall
be evidenced by such Common Stock alone and registered holders of Common Stock shall also be the registered holders of the associated
Rights, and the transfer of any such Common Stock shall also constitute the transfer of the Rights associated with such shares
of Common Stock.

 

Notwithstanding this
paragraph (b), the omission of the legend or the failure to send, deliver or provide the registered owner of shares of Common Stock
a copy of the Summary of Rights shall not affect the enforceability of any part of this Agreement or the rights of any holder of
the Rights.

 

In the event that the
Company purchases or otherwise acquires any shares of Common Stock after the Record Date but prior to the Distribution Date, any
Rights associated with such shares of Common Stock shall be cancelled and retired so that the Company is not entitled to exercise
any Rights associated with the shares of Common Stock that are no longer outstanding.

 

(c)           Until
the Distribution Date, the Rights shall be transferable only in connection with the transfer of the underlying shares of Common
Stock (including a transfer to the Company).

 

(d)          As
soon as practicable after the Distribution Date, the Company will prepare and execute, and upon written request of the Company,
the Rights Agent will countersign and the Company will send or cause to be sent (and the Rights Agent will, if so requested by
the Company in writing and provided with all necessary information and documents, at the expense of the Company, send) by first-class,
insured, postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the Distribution
Date (other than any Acquiring Person or any Related Person of an Acquiring Person), at the address of such holder shown on the
records of the Company, one or more rights certificates, in substantially the form of Exhibit C hereto (the “Rights
Certificate”), evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein.
In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section 11 hereof,
at the time of distribution of the Rights Certificates, the Company may make the necessary and appropriate rounding adjustments
(in accordance with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of Rights are distributed
and, if such adjustments are made, the Company may pay cash in lieu of any fractional Rights (in accordance with Section 14(a) hereof).
As of and after the Distribution Date, the Rights shall be evidenced solely by such Rights Certificates, and the Rights Certificates
and the Rights shall be transferable separately from the transfer of Common Stock. The Company shall promptly notify the Rights
Agent in writing upon the occurrence of the Distribution Date and, if such notification is given orally, the Company shall confirm
the same in writing on or prior to the Business Day next following. Until such written notice is received by the Rights Agent,
the Rights Agent may presume conclusively for all purposes that the Distribution Date has not occurred.

 

    - 12 -

     

    

 

Section 4.  Form of
Rights Certificate.

 

(a)           The
Rights Certificates (including the forms of election to purchase and of assignment and applicable certificate) shall be substantially
in the form set forth in Exhibit C hereto and may have such changes or 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, protections 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 any rule or regulation thereunder or with any applicable rule or
regulation of any stock exchange upon which the Rights may from time to time be listed or the Financial Industry Regulatory Authority,
or to conform to customary usage. Subject to the provisions of this Agreement, the Rights Certificates, whenever distributed, shall
be dated as of the Distribution Date 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 price, the “Exercise
Price”), but the amount and type of securities, cash, or other assets that may be acquired upon the exercise of each
Right and the Exercise Price thereof shall be subject to adjustment as provided herein.

 

(b)           Any
Rights Certificate issued pursuant hereto that represents Rights Beneficially Owned by (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) that becomes a transferee
after the Acquiring Person becomes an Acquiring Person; or (iii) a transferee of an Acquiring Person (or of any such Related
Person) that becomes a transferee prior to or concurrently with the Acquiring Person becoming an Acquiring Person and that receives
such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or any such Related
Person) to holders of equity interests in such Acquiring Person (or any such Related Person) or to any Person with whom such Acquiring
Person (or any such Related Person) has any continuing written or oral plan, agreement, arrangement or understanding regarding
the transferred Rights, shares of Common Stock, or the Company; or (B) a transfer that the Board has determined in good faith
to be part of a plan, agreement, arrangement or understanding that has as a primary purpose or effect the avoidance of Section 7(e) hereof
(and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or
adjustment of any other Rights Certificate referred to in this sentence), shall contain upon the direction of the Board a legend
(to the extent feasible, and only if the Company has provided specific written instructions to the Rights Agent) substantially
in the following form:

 

“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 Tax Benefits Preservation Plan dated as of November 9, 2020 by and
between Bonanza Creek Energy, Inc. and Broadridge Corporate Issuer Solutions, Inc. (the “Rights Agreement”)).
Accordingly, this Rights Certificate and the Rights represented hereby may become null and void in the circumstances specified
in Section 7(e) of the Rights Agreement.”

 

The Company shall give
written notice to the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring Person or any
Related Person thereof. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively without independent
verification thereof for all purposes that no Person has become an Acquiring Person or a Related Person of an Acquiring Person.
The Company shall instruct the Rights Agent in writing of the Rights which should be so legended.

 

    - 13 -

     

    

 

Section 5.  Countersignature
and Registration.

 

(a)           The
Rights Certificates shall be executed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Chief Accounting
Officer, General Counsel, Corporate Secretary or any Executive Vice President of the Company, shall have affixed thereto the Company’s
corporate seal (or a facsimile thereof), and shall be attested by the Company’s General Counsel, Corporate Secretary or one
of its Assistant Corporate Secretaries. The signature of any of these officers on the Rights Certificates may be manual or by facsimile
or other customary means of electronic transmission (e.g., “pdf”). Rights Certificates bearing the manual or facsimile
signatures of the individuals who were at the time of execution the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the countersigning of such Rights Certificates by
the Rights Agent or did not hold such offices at the date of such Rights Certificates. No Rights Certificate shall be entitled
to any benefit under this Agreement or shall be valid for any purpose unless there appears on such Rights Certificate a countersignature
duly executed by an authorized signatory of the Rights Agent by manual or facsimile or other customary means of electronic transmission
(e.g., “pdf”) of an authorized officer, and such countersignature upon any Rights Certificate shall be conclusive evidence,
and the only evidence, that such Rights Certificate has been duly countersigned as required hereunder. In case any authorized signatory
of the Rights Agent who has countersigned any Rights Certificate ceases to be an authorized signatory of the Rights Agent before
issuance and delivery by the Company, such Rights Certificate, nevertheless, may be issued and delivered by the Company with the
same force and effect as though the person who countersigned such Rights Certificate had not ceased to be an authorized signatory
of the Rights Agent; and any Rights Certificate may be countersigned on behalf of the Rights Agent by any person who, at the actual
date of the countersignature of such Rights Certificate, is properly authorized to countersign such Rights Certificate, although
at the date of the execution of this Agreement any such person was not so authorized.

 

(b)          Following
the Distribution Date, and receipt by the Rights Agent of written notice to that effect and all other relevant and necessary information
and documentation referred to in Section 3(d) hereof, the Rights Agent shall keep or cause to be kept, at its office
designated for such purpose, books for registration and transfer of the Rights Certificates issued hereunder. Such books shall
show the name and address of each holder of the Rights Certificates, the number of Rights evidenced on its face by each Rights
Certificate and the date of each Rights Certificate.

 

    - 14 -

     

    

 

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

 

(a)           Subject
to the provisions of Sections 4(b), 7(e) and 14 hereof, at any time after the Close of Business on the Distribution Date and
at or prior to the Close of Business on the Expiration Date, any Rights Certificate (other than Rights Certificates representing
Rights that have become null and void pursuant to Section 7(e) hereof, that have been redeemed pursuant to Section 23
hereof, or that have been exchanged pursuant to Section 24 hereof) 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 or Certificates surrendered then entitled such holder 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,
together with any required form of assignment duly executed and properly completed, the Rights Certificates to be transferred,
split up, combined or exchanged at the office of the Rights Agent designated for such purpose, along with a signature guarantee
(if required) and such other and further documentation as the Company or the Rights Agent may reasonably request. The Rights Certificates
are transferable only on the books and records of the Rights Agent. Neither the Rights Agent nor the Company shall be obligated
to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate until the registered holder
has properly completed and duly executed the certificate set forth 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) of the
Rights represented by such Rights Certificate or Related Person thereof as the Company or the Rights Agent may reasonably request,
whereupon the Rights Agent shall, subject to the provisions of Sections 4(b), 7(e) and 14 hereof, countersign and deliver
to the Person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The Company or
the Rights Agent may require payment by the holder of the Rights 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 governmental 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 any Section of this Agreement which requires the payment by such Rights holder of applicable taxes and/or governmental
charges unless and until it is satisfied that all such taxes and/or governmental charges have been paid.

 

(b)           If
a Rights Certificate is mutilated, lost, stolen or destroyed, upon written request by the registered holder of the Rights represented
thereby and upon payment to the Company and the Rights Agent of all reasonable expenses incident thereto, there shall be issued,
in exchange for and upon cancellation of the mutilated Rights Certificate, or in substitution for the lost, stolen or destroyed
Rights Certificate, a new Rights Certificate, in substantially the form of the prior Rights Certificate, of like tenor and representing
the equivalent number of Rights, but, in the case of loss, theft, or destruction, only upon receipt of evidence satisfactory to
the Company and the Rights Agent of such loss, theft or destruction of such Rights Certificate and 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
requests, and, if requested by the Company or the Rights Agent, indemnity or security also satisfactory to the Company and/or the
Rights Agent.

 

(c)           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.

 

    - 15 -

     

    

 

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

 

(a)           Subject
to Section 7(e) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except
as otherwise provided herein, including, without limitation, in the restrictions on exercisability set forth in Sections 9(c),
11(a)(iii) and 23(a) hereof) in whole or in part at any time after the Distribution Date upon surrender of the Rights
Certificate, with the form of election to purchase and the certificate on the reverse side thereof properly completed and duly
executed (with such signature duly guaranteed, if required), to the Rights Agent at the office of the Rights Agent designated for
such purpose, together with payment of the Exercise Price for each one one-thousandth of a share of Preferred Stock (or Common
Stock, other securities, cash or other assets, as the case may be) as to which the Rights are exercised and an amount equal to
any tax or charge required to be paid under Section 9(e) hereof, at or prior to the earliest of (i) the Close of
Business on November 9, 2023; (ii) the time at which the Rights are redeemed pursuant to Section 23 hereof; (iii) the
time at which the Rights are exchanged pursuant to Section 24 hereof; (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; and (v) the Close of Business on the date set by the Board following a determination by the Board that (x) this
Agreement is no longer necessary or desirable for the preservation of Tax Benefits or (y) no Tax Benefits are available to
be carried forward or are otherwise available (the earliest of (i) – (v) being herein referred to as the “Expiration
Date”).

 

(b)           Each
Right shall entitle the registered holder thereof to purchase one one-thousandth of a share of Preferred Stock. The Exercise Price
for each one one-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall be initially $100.00, and shall
be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and payable in lawful money of the United States
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 Common Stock, other securities, cash or other assets, as the case may be) to be purchased and
an amount equal to any applicable tax or governmental charge, then the Rights Agent shall, subject to Section 18(j) hereof,
promptly (i) (A) requisition from any transfer agent of the Preferred Stock certificates representing such 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) as are to be purchased and the Company shall direct 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 all such requests; (ii) if necessary to comply with this Agreement, requisition from the Company the
amount of cash, if any, to be paid in lieu of fractional shares in accordance with Section 14 hereof and, after receipt
thereof, deliver such cash to or upon the order of the registered holder of such Rights Certificate and (iii) after receipt
of such certificates or such 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. In the event that the Company
is obligated to issue Common Stock or other securities of the Company, pay cash and/or distribute other assets pursuant to Section 11(a) hereof,
the Company shall make all arrangements necessary so that such Common Stock, other securities, cash and/or other assets are available
for distribution by the Rights Agent, if and when necessary to comply with this Agreement, and until so received, the Rights Agent
shall have no duties or obligations with respect to such securities, cash and/or other assets. The payment of the Exercise Price
(as such amount may be reduced pursuant to Section 11(a)(iii) hereof) may be made in cash, by certified or bank check,
wire transfer, electronic transfer or money order payable to the order of the Company.

 

    - 16 -

     

    

 

(d)           In
the event a registered holder of any Rights Certificate exercises less than all the Rights evidenced thereby, a new Rights Certificate
evidencing the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order of, such holder,
registered in such name or names as designated by such holder, subject to the provisions of Sections 6 and 14 hereof.

 

(e)           Notwithstanding
anything in this Agreement to the contrary, from and after the Flip-In Event, any Rights Beneficially Owned by (i) an Acquiring
Person or a Related Person of an Acquiring Person; (ii) a transferee of an Acquiring Person (or of any such Related Person)
that becomes a transferee after the Acquiring Person becomes such; or (iii) a transferee of an Acquiring Person (or of any
such Related Person) that becomes a transferee prior to or concurrently with the Acquiring Person becoming such and that receives
such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or any such Related
Person) to holders of equity interests in such Acquiring Person (or any such Related Person) or to any Person with whom the Acquiring
Person (or any such Related Person) has any continuing written or oral plan, agreement, arrangement or understanding regarding
the transferred Rights, shares of Common Stock or the Company; or (B) a transfer that the Board has determined in good faith
to be part of a plan, agreement, arrangement or understanding that has as a primary purpose or effect the avoidance of this Section 7(e),
shall be null and void without any further action, and any holder of such Rights thereafter shall have no voting rights, powers,
designations, preferences or any other relative, participating, optional or other special rights whatsoever with respect to such
Rights, whether under any provision of this Agreement, the Rights Certificates or otherwise (including, without limitation, the
rights and preferences pursuant to Sections 7, 11, 13, 23 and 24 hereof). The Company shall use commercially reasonable efforts
to ensure compliance with the provisions of this Section 7(e) and Section 4(b) hereof, but neither the Company
nor the Rights Agent has or shall have any liability to any holder of Rights or any other Person as a result of the Company’s
failure to make any determination with respect to an Acquiring Person or its Related Persons or transferees hereunder.

 

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

 

    - 17 -

     

    

 

(g)          Except
for those provisions herein that expressly survive the termination of this Agreement, this Agreement shall terminate upon the earlier
of the Expiration Date and such time as all outstanding Rights have been exercised, redeemed or exchanged hereunder.

 

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 to
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 Rights Certificates acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall, at
the written request of the Company, destroy or cause to be destroyed such cancelled Rights Certificates. Subject to applicable
law and regulation, the Rights Agent shall maintain in a retrievable database, electronic records of all cancelled or destroyed
stock certificates that have been cancelled or destroyed by the Rights Agent. The Rights Agent shall maintain such electronic records
or physical records for the time period required by applicable law and regulation. Upon written request of the Company (and at
the expense of the Company), the Rights Agent shall provide to the Company or its designee copies of such electronic records or
physical records relating to Rights Certificates cancelled or destroyed by the Rights Agent.

 

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 authorized and issued shares held in its treasury), a number of shares of Preferred Stock (and, following the occurrence
of a Triggering Event, shares of Common Stock and/or other securities) that, except as otherwise provided in this Agreement, including
Section 11(a)(iii) hereof, will be sufficient to permit the exercise in full of all outstanding Rights. Upon the occurrence
of any events resulting in an increase in the aggregate number of shares of Preferred Stock (or Common Stock and/or other equity
securities of the Company) issuable upon exercise of all outstanding Rights above the number then reserved, the Company shall make
appropriate increases in the number of shares so reserved.

 

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

 

    - 18 -

     

    

 

(c)           If
the Company is required to file a registration statement pursuant to the Securities Act with respect to the securities purchasable
upon exercise of the Rights, the Company shall use its commercially reasonable efforts to (i) file, as soon as practicable
following the earliest date after the Flip-In Event on which the consideration to be delivered by the Company upon exercise of
the Rights has been determined in accordance with this Agreement, or as soon as is required by law following the Distribution Date,
as the case may be, such registration statement; (ii) cause such registration statement to become effective as soon as practicable
after such filing; and (iii) cause such registration statement to remain effective (and to include a prospectus at all times
complying with the requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer
exercisable for the securities covered by such registration statement, and (B) the Expiration Date. 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
thereof 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 stating that the exercisability
of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect,
in each case with prompt written notice to the Rights Agent; and until such written notice is received by the Rights Agent, the
Rights Agent may presume conclusively that such suspension has not been implemented or has not been rescinded, as the case may
be. In addition, if the Company shall determine that a registration statement is required following the Distribution Date, the
Company may temporarily suspend (with prompt written notice thereof to the Rights Agent) the exercisability of the 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 in such jurisdiction shall not have been
obtained, the exercise thereof shall not be permitted under applicable law, or an effective registration statement is required
and shall not have been declared effective or has been suspended.

 

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

 

(e)           The
Company shall pay when due and payable any and all documentary, stamp or transfer tax, or other tax or governmental charge, that
is payable in respect of the issuance and delivery of the Rights Certificates or the issuance and delivery of any certificates
or depository receipts or entries in the Book Entry account system of the transfer agent for the Preferred Stock for a number of
one one-thousandths of a share of Preferred Stock (or Common Stock and/or other equity securities of the Company that may be delivered
upon exercise of the Rights) upon the exercise of Rights; provided, however, the Company shall not be required to
pay any such tax or governmental charge that may be payable in connection with the issuance or delivery of any of any certificates
or depositary receipts or entries in the Book Entry account system of the transfer agent for the Preferred Stock for a number of
one one-thousandths of a share of Preferred Stock (or Common Stock and/or other equity securities of the Company as the case may
be) to any Person other than the registered holder of the Rights Certificates evidencing the Rights surrendered for exercise. The
Company shall not be required to issue or deliver any certificates or depositary receipts or entries in the Book Entry account
system of the transfer agent for the Preferred Stock (or Common Stock and/or other equity securities of the Company as the case
may be) to, or in a name other than that of, the registered holder upon the exercise of any Rights until any such tax or governmental
charge has been paid (any such tax or governmental charge being payable by the holder of such Rights Certificate at the time of
surrender) or until it has been established to the Company’s or Rights Agent’s satisfaction that no such tax or governmental
charge is due.

 

    - 19 -

     

    

 

Section 10.  Preferred
Stock Record Date.

 

Each Person in whose
name any certificate or entry in the Book Entry account system of the transfer agent for the Preferred Stock for a number of one
one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) is issued upon the
exercise of Rights shall be for all purposes the holder of record of such fractional shares of Preferred Stock (or Common Stock
and/or other securities, as the case may be) represented thereby on, and such certificate or entry shall be dated the date upon
which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price (and any applicable
transfer taxes and governmental charges) 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 or entry 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 is delayed pursuant to Section 9(c) hereof, such Persons shall be
deemed to have become the record holders of such number of one one-thousandths of a share of Preferred Stock only when such Preferred
Stock 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 the securities for which the Rights are exercisable,
including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights,
and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.

 

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

 

The Exercise Price,
the number and kind of securities 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 hereof (A) declares a dividend on the Preferred Stock payable in shares of
Preferred Stock; (B) subdivides the outstanding Preferred Stock; (C) combines the outstanding Preferred Stock into a
smaller number of shares; or (D) issues any shares of its capital stock in a reclassification of 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), then the Exercise Price in effect at the time of the record date for such
dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares (or fractions
thereof) of Preferred Stock or capital stock, as the case may be, issuable on such date upon exercise of the Rights, shall be proportionately
adjusted so that the holder of any Right exercised after such time becomes 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, such holder would have owned upon such exercise
and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided, however,
that in no event may the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares
(or fractions thereof) of capital stock of the Company issuable upon exercise of one Right. If an event occurs that would require
an adjustment under both this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in
this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

 

    - 20 -

     

    

 

(ii)            Subject
to Section 23 and Section 24 hereof, in the event that any Person, alone or together with its Related Persons, becomes
an Acquiring Person (the first occurrence of such event, the “Flip-In Event”), unless the event causing
such Person to become an Acquiring Person is a transaction set forth in Section 13(a) hereof, 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) hereof)
shall thereafter have the right to receive, upon exercise thereof and payment of an amount 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,
a number of shares of Common Stock of the Company 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 or would have been exercisable immediately
prior to the Flip-In Event, whether or not such Right was then exercisable; and (B) dividing that product (which, following
such Flip-In Event, shall be referred to as the “Exercise Price” for each Right and for all purposes
of this Agreement except to the extent set forth in Section 13 hereof) by 50% of the Current Market Price of Common Stock
on the date of such Flip-In Event (such number of shares, the “Adjustment Shares”); provided,
however, that in connection with any exercise effected pursuant to this Section 11(a)(ii), no holder of Rights shall
be entitled to receive Common Stock (or other shares of capital stock of the Company) that would result in such holder, together
with such holder’s Related Persons, becoming the Beneficial Owner of more than 4.95% of the then-outstanding Common Stock
(or, in the case of a Grandfathered Person, becoming the Beneficial Owner of an additional share of Common Stock (or other shares
of capital stock of the Company)). If (x) a holder would, but for the proviso in the immediately preceding sentence, be entitled
to receive upon exercise of a Right a number of shares that would otherwise result in such holder, together with such holder’s
Related Persons, becoming the Beneficial Owner of in excess of 4.95% of the then-outstanding Common Stock (or, in the case of a
Grandfathered Person, becoming the Beneficial Owner of an additional share of Common Stock (or other shares of capital stock of
the Company)) (such shares, the “Excess Shares”) and (y) the Board, in its sole discretion, makes
a determination that such holder’s receipt of Excess Shares would jeopardize or endanger the value or availability to the
Company of the Tax Benefits or the Board otherwise determines, in its sole discretion, that such holder’s receipt of Excess
Shares is not in the best interests of the Company, then in lieu of receiving such Excess Shares and to the extent permitted by
law or orders applicable to the Company, such holder will only be entitled to receive an amount in cash or, at the election of
the Company, a note or other evidence of indebtedness maturing within nine months with a principal amount, equal to the Current
Market Price of a share of Common Stock at the Close of Business on the Trading Day following the date of exercise multiplied by
the number of Excess Shares that would otherwise have been issuable to such holder. The Company shall provide the Rights Agent
with prompt written notice of the identity of any such Acquiring Person, Related Person or the nominee or transferee of any of
the foregoing, and the Rights Agent may rely on such notice in carrying out its duties under this Agreement and shall be deemed
not to have any knowledge of the identity of any such Acquiring Person, Related Person or the nominee or transferee of any of the
foregoing, unless and until it has received such notice.

 

    - 21 -

     

    

 

(iii)          In
the event that the number of shares of Common Stock authorized by the Certificate of Incorporation, but not outstanding, or reserved
for issuance for purposes other than upon exercise of the Rights, is not sufficient to permit the exercise in full of the Rights
in accordance with the foregoing clause (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) hereof),
make adequate provision to substitute for some or all of the Adjustment Shares, upon 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, without limitation, shares, or units of shares, of Preferred Stock
which the Board has determined to have the same value 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, in each case having an aggregate value equal to the Current Value, as determined by
the Board based upon the advice of a financial advisor selected by the Board; provided, however, 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
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 deliver, 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 the 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, then if the Board so elects, the thirty-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 period, as it may be extended, the “Substitution
Period”). To the extent that action is to be taken pursuant to the preceding provisions of this Section 11(a)(iii),
the Company (aa) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding
Rights; and (bb) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to
seek an authorization of additional shares and/or to decide the appropriate form of distribution to be made pursuant to the second
sentence of this Section 11(a)(iii) and to determine the value thereof. In the event of 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. For purposes of this Section 11(a)(iii), the value of the Common Stock
shall be the Current Market Price of the Common Stock on the Flip-In Trigger Date and the value of any Common Stock Equivalents
shall have the same value as 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).

 

    - 22 -

     

    

 

(b)           In
case the Company fixes a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling
them (for a period expiring within forty-five (45) days after such record date) to subscribe for or purchase Preferred Stock (or
shares having the same voting rights, powers, designations, preferences and relative, participating, optional or other special
rights 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 of the 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 or Equivalent Preferred Stock outstanding on such record date, plus the
number of shares of Preferred Stock 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 the denominator of which shall be the number of shares
of Preferred Stock 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); provided, however, that in no event may the consideration to be paid upon
the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise
of one Right. In case such subscription price may be paid by delivery of consideration all or part of which may be in a form other
than cash, the value of such consideration shall be determined 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 or
Equivalent Preferred Stock owned by or held for the account of the Company or any Subsidiary will not be deemed outstanding for
the purpose of 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 that would
have been 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 shares 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), evidences of indebtedness,
cash (other than a regular quarterly cash dividend out of the earnings or retained earnings of the Company), assets (other than
a dividend payable in shares of 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) hereof), then, in each case, 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 of the Preferred Stock on such record date
minus 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 and conclusive for all purposes 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 distributable
in respect of a share of Preferred Stock, and the denominator of which shall be the Current Market Price of the Preferred Stock
on such record date; provided, however, that in no event shall the consideration to be paid upon the exercise of
one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right.
Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such distribution is not
so made, the Exercise Price shall be adjusted to be the Exercise Price that would have been in effect if such record date had not
been fixed.

 

    - 23 -

     

    

 

(d)          Notwithstanding
anything herein to the contrary, no adjustment in the Exercise Price is 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 that by reason
of this Section 11(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common
Stock or other share or one-millionth of a share of Preferred Stock, as the case may be. Notwithstanding the first sentence of
this Section 11(d), no adjustment required by this Section 11 may be made after the earlier of (i) three years from
the date of the transaction that requires such adjustment and (ii) the Expiration Date.

 

(e)          If,
as a result of an adjustment made pursuant to Sections 11(a)(ii) or 13(a) hereof, the holder of any Right thereafter
exercised becomes entitled to receive any shares of capital stock other than Preferred Stock, the number of such other shares shall
be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with
respect to the Preferred Stock contained in Sections 11(a), (b), (c), (d), (f), (g), (h), (i), (j), (k) and (l) hereof,
and the provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to any
such other shares.

 

(f)           All
Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder will 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
or amount of cash or combination thereof) that may be acquired from time to time hereunder upon exercise of the Rights, all subject
to further adjustment as provided herein.

 

(g)          Unless
the Company has exercised its election pursuant to Section 11(h), upon each adjustment of the Exercise Price as a result of
the calculations made in Sections 11(b) and (c) hereof, each Right outstanding immediately prior to the making of such
adjustment will thereafter evidence the right to purchase, at the adjusted Exercise Price, a number of one one-thousandths of a
share of Preferred Stock (calculated to the nearest one-millionth of a share) 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.

 

    - 24 -

     

    

 

(h)          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 that may be acquired 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 a number of Rights (calculated to the nearest one
ten-thousandth of a Right) 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. Such 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 such public announcement. If Rights Certificates have been issued, upon each adjustment
of the number of Rights pursuant to this Section 11(h), the Company may, as promptly as practicable, at the option of the
Company, either (A) cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates
evidencing, subject to Section 14 hereof, the additional Rights to which such holders are entitled as a result of such adjustment,
or (B) 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 become entitled after such adjustment. Rights Certificates so to be distributed
shall be issued, executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided
for herein (and may bear, at the option of the Company, the adjusted Exercise Price) and shall be registered in the names of the
holders of record of Rights Certificates on the record date specified in the public announcement.

 

(i)            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 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.

 

(j)            Before
taking any action that would cause an adjustment reducing the Exercise Price below the then par 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
that may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue, such number of fully
paid and non-assessable one one-thousandths of a share of Preferred Stock at such adjusted Exercise Price.

 

(k)           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; and until such written
notice is received by the Rights Agent, the Rights Agent may presume conclusively that no such election has occurred) until the
occurrence of such event the issuance to the holder of any Right exercised after such record date of that number of one one-thousandths
of a share of Preferred Stock and shares of 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 shares of other capital stock or securities
of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided,
however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s
right to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event requiring such
adjustment.

 

    - 25 -

     

    

 

(l)            Notwithstanding
anything in this Section 11 to the contrary, prior to the Distribution Date, the Company is entitled to make such adjustments
in the Exercise Price, in addition to those adjustments expressly required by this Section 11, to the extent that the Board
determines 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 its Preferred Stock,
is taxable to such holders or reduces the taxes payable by such holders.

 

(m)          The
Company may not, at any time after the Distribution Date, (i) consolidate with any other Person (other than a direct or indirect,
wholly owned Subsidiary of the Company in a transaction that is not prohibited by Section 11(n) hereof); (ii) merge
with or into any other Person (other than a direct or indirect, wholly owned Subsidiary of the Company in a transaction that is
not prohibited by Section 11(n) hereof); or (iii) sell or transfer (or permit any Subsidiary to sell or transfer),
in one transaction, or a series of transactions, assets or earning power aggregating more than 50% of the assets or earning power
of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company and/or any of its
direct or indirect, wholly owned Subsidiaries in one or more transactions, none of which is prohibited by Section 11(n) hereof),
if (A) at the time of or immediately after such consolidation, merger or sale there are any rights, warrants or other instruments
or securities outstanding or agreements in effect 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 or sale,
the stockholders or other Persons holding an equity interest in such Person that constitutes, or would constitute, the “Principal
Party” for purposes of Section 13(a) hereof shall have received a distribution of, or otherwise have transferred
to them, the Rights previously owned by such Person or any of its Related Persons; provided, however, this Section 11(m) shall
not affect the ability of any Subsidiary of the Company to consolidate with, merge with or into, or sell or transfer assets or
earning power to, any other Subsidiary of the Company.

 

(n)           After
the earlier of the Distribution Date and the Stock Acquisition Date and as long as any Rights are outstanding (other than Rights
that have become null and void pursuant to Section 7(e) hereof), the Company may not, except as permitted by Sections
23, 24 and 28 hereof, take (or permit any Subsidiary of the Company 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.

 

    - 26 - 

     

    

 

(o)           Notwithstanding
anything in this Agreement to the contrary, in the event that the Company, at any time after the date hereof and prior to the
Distribution Date, (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 Date
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(o) 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) hereof and this Section 11(o), the
adjustments provided for in this Section 11(o) shall be in addition and prior to any adjustment required pursuant to
Section 11(a)(ii) hereof.

 

Section 12.   Certificate
of Adjusted Exercise Price or Number of Shares.

 

Whenever an adjustment
is made or any event affecting the Rights or their exercisability (including without limitation an event that causes Rights to
become null and void) occurs as provided in Section 11 or Section 13 hereof, the Company shall (a) promptly prepare
a certificate setting forth such adjustment or describing such event, and a brief reasonably detailed statement of the facts, computations
and methodology 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) make available a brief summary thereof to each
holder of a Rights Certificate (or, if prior to the Distribution Date, each registered holder of shares of Common Stock) in accordance
with Section 27 hereof. Notwithstanding the foregoing sentence, the failure of the Company to make such certification or give
such notice shall not affect the validity of or the force or effect of the requirement for such adjustment. Any adjustment to be
made pursuant to Section 11 or Section 13 hereof shall be effective as of the date of the event giving rise to such adjustment.
The Rights Agent shall be entitled to rely on any such certificate and on any adjustment or statement therein contained and shall
have no duty or liability with respect thereto, and shall not be deemed to have knowledge of any such adjustment or any such event
unless and until it shall have received such certificate.

 

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

 

(a)            At
any time after a Person has become an Acquiring Person, in the event that, directly or indirectly,

 

(x) the Company consolidates
with, or merges with and into, any other Person (other than a direct or indirect, wholly owned Subsidiary of the Company in a transaction
that is not prohibited by Section 11(n) hereof), and the Company is not the continuing or surviving entity of such consolidation
or merger;

 

    - 27 - 

     

    

 

(y) any Person (other than
a direct or indirect, wholly owned Subsidiary of the Company in a transaction that is not prohibited by Section 11(n) hereof)
consolidates with, or merges with or into, the Company, and the Company is the continuing or surviving entity of such consolidation
or merger and, in connection with such 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 the Company) or cash or any other property; or

 

(z) the Company sells or
otherwise transfers (or one or more of its Subsidiaries sells or otherwise transfers) to any Person or Persons (other than the
Company or any of its direct or indirect, wholly owned Subsidiaries in one or more transactions, none of which is prohibited by
Section 11(m) hereof), in one or more transactions, assets or earning power aggregating 50% or more of the assets or
earning power of the Company and its Subsidiaries, taken as a whole;

 

(any such event described in (x), (y) or
(z), a “Flip-Over Event”), then, in each such case, proper provision shall be made so that:

 

(i)            each
holder of a Right, except as provided in Section 7(e) hereof, upon the expiration of the Redemption Period, will have
the right to receive, upon the exercise of the Right at the then current Exercise Price in accordance with the terms of this Agreement,
and in lieu of a number of one one-thousandth shares of Preferred Stock, a number of validly authorized and issued, fully paid,
non-assessable and freely tradable shares of Flip-Over Stock of the Principal Party, free of any liens, encumbrances, rights of
first refusal, transfer restrictions or other adverse claims, equal to the result obtained by:

 

(A)            multiplying
such then current Exercise Price by the number of one one-thousandths of a share of Preferred Stock for which such Right is exercisable
immediately prior to the first occurrence of a Flip-Over Event (or, if the Flip-In Event has occurred prior to the first occurrence
of a Flip-Over Event, multiplying the number of one one-thousandths of a share of Preferred Stock for which a Right would be exercisable
hereunder but for such Flip-In Event by the Exercise Price that would be in effect hereunder but for such Flip-In Event) (following
the first occurrence of a Flip-Over Event, references to the “Exercise Price” shall thereafter mean such
product for each Right and for all purposes of this Agreement), and

 

(B)            dividing
that product by 50% of the then Current Market Price of the shares of Flip-Over Stock of such Principal Party on the date of consummation
of such Flip-Over Event (or the fair market value on such date of other securities or property of the Principal Party, as provided
for herein);

 

(ii)           such
Principal Party shall 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;

 

(iii)          the
term “Company” will thereafter be deemed to refer to such Principal Party, it being specifically intended that the
provisions of Section 11 hereof shall apply only to such Principal Party following the first occurrence of a Flip-Over Event;

 

    - 28 - 

     

    

 

(iv)         such
Principal Party will take such steps (including, but not limited to, the reservation of a sufficient number of shares of its Flip-Over
Stock) in connection with the consummation of any such transaction as may be necessary to ensure that the provisions hereof shall
be applicable, as nearly as reasonably may be possible, to its shares of Flip-Over Stock thereafter deliverable upon the exercise
of the Rights; and

 

(v)          the
provisions of Section 11(a)(ii) hereof shall be of no further effect following the first occurrence of any Flip-Over
Event, and the Rights that have not theretofore been exercised shall thereafter become exercisable in the manner described in this
Section 13.

 

(b)           “Principal
Party” shall mean

 

(i)            in
the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a) hereof, (A) the
Person (including the Company as successor thereto or as the surviving entity) that is the issuer of any securities or other equity
interests into which shares of Common Stock of the Company are converted in such merger or consolidation, or, if there is more
than one such issuer, the issuer of Common Stock that has the highest aggregate Current Market Price; and (B) if no securities
or other equity interests are so issued, (1) the Person that is the other constituent party to such merger, if such Person
survives the merger, or, if there is more than one such Person, the Person, the Common Stock of which has the highest aggregate
Current Market Price or (2) if the Person that is the other party to the merger does not survive the merger, the Person that
does survive the merger (including the Company if it survives) or (3) the Person resulting from the consolidation; and

 

(ii)            in
the case of any transaction described in clause (z) of the first sentence of Section 13(a) hereof, the Person that
is the party receiving the largest portion of the assets or earning power transferred pursuant to such transaction or transactions,
or, if each Person that is a party to such transaction or transactions receives the same portion of the assets or earning power
transferred pursuant to such transaction or transactions or if the Person receiving the largest portion of the assets or earning
power cannot be determined, whichever Person that has received assets or earning power pursuant to such transaction or transactions,
the Common Stock of which has the highest aggregate Current Market Price; provided, however, that in any such case:
(1) if the Common Stock of such Person is not at such time and has not been continuously over the preceding 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 of which is and has been so registered, “Principal Party” will refer to such other Person; (2) if
the Common Stock of such Person is not and has not been so registered and such Person is a Subsidiary, directly or indirectly,
of more than one Person, the common stocks (or similar equity interests) of two or more of which are and have been so registered,
 “Principal Party” will refer to whichever of such Persons is the issuer of the Common Stock having the highest aggregate
market value; and (3) if the Common Stock of such Person is not 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 (1) and (2) above will apply to each of the chains of ownership having an interest
in such joint venture as if such party were a Subsidiary of both or all of such joint venturers, and the Principal 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.

 

    - 29 - 

     

    

 

(c)           The
Company may not consummate any Flip-Over Event unless the Principal Party has a sufficient number of authorized shares of its Flip-Over
Stock that have not been issued (or reserved for issuance) or that are held in its treasury to permit the exercise in full of the
Rights in accordance with this Section 13 and unless prior thereto the Company and such Principal Party have executed and
delivered to the Rights Agent a supplemental agreement providing for the terms set forth in paragraphs (a) and (b) of
this Section 13 and further providing that, as soon as practicable after the date of any such Flip-Over Event, the Principal
Party, at its own expense, shall:

 

(i)            if
the Principal Party is required to file a registration statement pursuant to the Securities Act with respect to the Rights and
the securities purchasable upon exercise of the Rights, (A) prepare and file such registration statement; (B) use its
best efforts to cause such registration statement to become effective as soon as practicable after such filing and remain effective
(and to include a prospectus at all times complying with the requirements of the Securities Act) until the Expiration Date; and
(C) take such action as may be required to ensure that any acquisition of such securities that may be acquired upon exercise
of the Rights complies with any applicable state security or “blue sky” laws as soon as practicable following the execution
of such agreement;

 

(ii)           deliver
to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates that comply in all
respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act;

 

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

 

(iv)          use
its best efforts, if such Flip-Over Stock of the Principal Party is listed or admitted to trading on 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 that may be
acquired upon exercise of the Rights on NASDAQ, the NYSE or on such securities exchange, or if the securities of the Principal
Party that may be acquired upon exercise of the Rights are not listed or admitted to trading on NASDAQ, the NYSE or a national
securities exchange, to cause the Rights and the securities that may be acquired upon exercise of the Rights to be authorized for
quotation on any other system then in use; and

 

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

 

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(d)           In
case the Principal Party that is to be a party to a transaction referred to in this Section 13 has at the time of such transaction,
or immediately following such transaction has a provision in any of its authorized securities or in its certificate or articles
of incorporation or by-laws or other instrument governing its affairs, or any other agreements or arrangements, which provision
would have the effect of (i) causing such Principal Party to issue, in connection with, or as a consequence of, the consummation
of a transaction referred to in this Section 13, shares of Flip-Over Stock of such Principal Party at less than the then Current
Market Price or securities exercisable for, or convertible into, Flip-Over Stock of such Principal Party at less than such then
Current Market Price (other than to holders of Rights pursuant to this Section 13); (ii) providing for any special payment,
tax or similar provisions in connection with the issuance of the Flip-Over Stock of such Principal Party pursuant to the provisions
of 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, the consummation of a transaction referred to in this Section 13,
then, in each such case, the Company may not consummate any such transaction unless prior thereto the Company and such Principal
Party have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such
Principal 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 transaction.

 

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

 

(f)            Notwithstanding
anything contained herein to the contrary, in the event of any merger or other 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); provided, however, that
this Section 13(f) shall not apply to the HighPoint Merger Agreement and the HighPoint Transactions.

 

Section 14.  Fractional
Rights; Fractional Shares; Waiver.

 

(a)           The
Company is not required to issue fractions of Rights except prior to the Distribution Date as provided in Section 11(o) hereof,
or to distribute Rights Certificates that evidence fractional Rights. In lieu of such fractional Rights, the Company may pay to
the Persons to which such fractional Rights would otherwise be issuable an amount in cash equal to such fraction of the market
value of a whole Right. For purposes of this Section 14(a), the market value of a whole Right is the Closing Price of the
Rights for the Trading Day immediately prior to the date that such fractional Rights would have been otherwise issuable.

 

(b)           The
Company is not required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of one
one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional
shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock).
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 may 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 Price of one one-thousandth of a share of Preferred Stock. For
purposes of this Section 14(b), the Current Market Price of one one-thousandth of a share of Preferred Stock is 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.

 

    - 31 - 

     

    

 

(c)           Following
the occurrence of one of the events specified in Section 11 hereof giving rise to the right to receive Common Stock, Common
Stock Equivalents or other securities upon the exercise of a Right, the Company will 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 may 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 Price of one share
of Common Stock, Common Stock Equivalents or other securities. For purposes of this Section 14(c), the Current Market Price
of one share of Common Stock is 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 Right, 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 payments and the prices and 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 shall be fully protected in relying 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 the rights of action vested in the Rights Agent hereunder, are vested in the respective
registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of shares of the Common
Stock); and any registered holder of a Rights Certificate (or, prior to the Distribution Date, any registered holder of shares
of the Common Stock), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the
Distribution Date, any registered holder of shares of the Common Stock), may, on 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 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 by the Company and shall be entitled to specific performance of the obligations hereunder, and injunctive
relief against actual or threatened violations by the Company of the obligations hereunder of any Person (including, without limitation,
the Company) subject to this Agreement.

 

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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 other holder of a Right that:

 

(a)           prior
to the Distribution Date, the Rights shall be evidenced by the balances indicated in the Book Entry account system of the transfer
agent for the Common Stock registered in the names of the holders of Common Stock (which Common Stock shall also be deemed to represent
certificates for Rights) or, in the case of certificated shares, the certificates for the Common Stock registered in the names
of the holders of the Common Stock (which certificates for shares of Common Stock also constitute certificates for Rights) and
each Right is transferable only in connection with the transfer of the Common Stock;

 

(b)           after
the Distribution Date, the Rights Certificates shall be transferable only on the registry books of the Rights Agent if surrendered
at the office 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, as determined in the sole discretion of the
Rights Agent;

 

(c)           subject
to Section 6(a) and Section 7(e) hereof, the Company and the Rights Agent may deem and treat the Person in
whose name a Rights Certificate (or, prior to the Distribution Date, the associated balance indicated in the Book Entry account
system of the transfer agent for the Common Stock, or in the case of certificated shares, by the 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 the associated balance indicated in the Book Entry account system of the transfer agent for
the Common Stock, or in the case of certificated shares, by the associated Common Stock certificate 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) hereof, shall be affected by any notice to the contrary; and

 

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

 

    - 33 - 

     

    

 

Section 17.  Rights
Certificate Holder Not Deemed a Stockholder. 

 

No holder, as such,
of any Rights Certificate is entitled to vote, receive dividends or be deemed for any purpose the holder of the shares of Preferred
Stock or any other securities of the Company that may at any time be issuable on 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 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, except as provided
in Section 26 hereof, to receive notice of meetings or other actions affecting stockholders, or to receive dividends or subscription
rights, or otherwise, until the Right evidenced by such Rights Certificate have been exercised in accordance with the provisions
hereof.

 

Section 18.  Duties
of Rights Agent.

 

The Rights Agent undertakes
to perform only the duties and obligations expressly imposed by this Agreement (and no implied duties or obligations) upon the
following terms and conditions, by all of which the Company and the holders of Rights Certificates, or, prior to the Distribution
Date, Common Stock, 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 advice or opinion of such counsel shall be full and complete authorization and protection
to the Rights Agent, and the Rights Agent will have no liability for or in respect of, any action taken, suffered or omitted to
be taken by it in accordance with such advice or opinion.

 

(b)           Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
(including, without limitation, the identity of any Acquiring Person and the determination of 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 Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, General Counsel, Corporate Secretary
or any Executive Vice President of the Company and delivered to the Rights Agent in accordance with Section 27 hereof; and
such certificate shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent shall incur
no liability for or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Agreement
in reliance upon such certificate. The Rights Agent shall have no duty to act without such a certificate from an officer of the
Company as set forth in the preceding sentence.

 

(c)           The
Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence or willful misconduct
(which gross negligence or willful misconduct must be determined by a court of competent jurisdiction in a final non-appealable
order, judgment, decree or ruling). Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable for
special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost
profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of the
action; and the Company agrees to indemnify the Rights Agent and its affiliates, directors, employees, representatives and advisors
and to hold them harmless to the fullest extent permitted by law against any loss, liability or expense incurred as a result of
claims for special, punitive, incidental, indirect or consequential loss or damage of any kind whatsoever. Any liability of the
Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent during the
twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought.

 

    - 34 - 

     

    

 

(d)           The
Rights Agent will 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 thereof), but all such statements
and recitals are deemed to have been made by the Company only.

 

(e)           The
Rights Agent shall not have any liability for nor be under any responsibility in respect of the validity of this Agreement or the
execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent) or for the validity or execution
of any Rights Certificate (except its countersignature thereon), or any modification or order of any court, tribunal or governmental
authority in connection with the foregoing; nor will it be liable or responsible for any breach by the Company of any covenant
or failure by the Company to satisfy any condition contained in this Agreement or in any Rights Certificate; nor will it be liable
or responsible for any change in the exercisability of the Rights (including, but not limited to, the Rights becoming null and
void pursuant to Section 7(e) hereof) or any change or adjustment in the terms of the Rights including, but not limited,
to any adjustment required under the provisions of Sections 11, 13, 23 or 24 hereof or for the manner, method or amount of any
such change or adjustment or the ascertaining of the existence of facts that would require any such change or adjustment (except
with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of the certificate describing
any such adjustment contemplated by Section 12 hereof, upon which the Rights Agent may rely); nor will it by any act hereunder
be deemed to make any representation or warranty as to the authorization or reservation of any shares of the Common Stock, the
Preferred Stock or any other securities to be issued pursuant to this Agreement or any Rights Certificate or as to whether any
shares of Common Stock, Preferred Stock or any other securities will, when so issued, be validly authorized and issued, fully paid
and non-assessable.

 

(f)            The
Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
further acts, instruments and assurances as may reasonably be required by the Rights Agent for the performance by the Rights Agent
of its duties under this Agreement.

 

    - 35 - 

     

    

 

(g)           The
Rights Agent is hereby authorized and directed to accept verbal or written instructions with respect to the performance of its
duties hereunder and certificates delivered pursuant to any provision hereof from the Chief Executive Officer, Chief Financial
Officer, Chief Accounting Officer, General Counsel, Corporate Secretary or any Executive Vice President of the Company, and to
apply to such officers for advice or instructions in connection with its duties hereunder, and such advice or instruction shall
be full authorization and protection to the Rights Agent and the Rights Agent shall have no duty to independently verify the accuracy
or completeness of such advice or such instructions and shall incur no liability for or in respect of any action taken or suffered
or omitted to be taken by it in accordance with such advice or instructions of any such officer or for any delay in acting while
waiting for such advice or instructions. The Rights Agent will not be held to have notice of any change of authority of any person
until its receipt of written notice thereof from the Company in accordance with Section 27 hereof. Any application by the
Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action
proposed to be taken or omitted to be taken by the Rights Agent under this Agreement and the date on and/or after which such action
shall be taken or such omission shall be effective. The Rights Agent shall be fully authorized and protected in relying upon the
most recent verbal or written 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 (5) Business Days after the date any officer of the
Company actually receives such application unless any such officer shall have consented in writing to an earlier date) unless,
prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received written
instructions in response to such application specifying the action to be taken, suffered or omitted to be taken. 

 

(h)           The
Rights Agent and any stockholder, affiliate, director, officer, employee, agent or representative 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 (or its stockholders, affiliates, directors,
officers, employees, agents or representatives) 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
(through its directors, officers and/or employees) or by or through its attorneys or agents, and the Rights Agent shall not be
liable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company, any
holder of Rights or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence
or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment,
decree or ruling of a court of competent jurisdiction) 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 any of its rights or powers 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, either (i) the certificate
attached to the form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates
an affirmative response to clause 1 and/or 2 thereof, or (ii) any other actual or suspected irregularity exists, the Rights
Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company.

 

    - 36 - 

     

    

 

Section 19.  Concerning
the Rights Agent.

 

(a)           The
Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and from time to time,
on demand of the Rights Agent, to reimburse the Rights Agent for all of its reasonable and documented expenses and counsel fees
and other disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this Agreement
and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent and its affiliates,
employees, officers, directors, representatives and advisors for, and to hold it harmless against, any loss, liability, damage,
demand, judgment, fine, penalty, claim, settlement, cost or expense (including the reasonable and documented fees and expenses
of legal counsel) for any action taken, suffered or omitted to be taken by the Rights Agent pursuant to or arising from this Agreement
or in connection with the acceptance, administration, exercise and performance of its duties under this Agreement, including the
reasonable and documented costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly.
The costs and expenses incurred in enforcing this right of indemnification and defending against any claim of liability shall be
paid by the Company.

 

(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 and the exercise and performance
of its duties hereunder in reliance upon any Rights Certificate or Book Entry for Common Stock or other securities of the Company,
instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate,
statements or other paper or document believed by it to be genuine and to be signed, executed and shall not be obligated to verify
the accuracy or completeness of such instrument, power of attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statements or other paper or document and, where necessary, guaranteed, verified or acknowledged, by the proper Person
or Persons, or upon any written instructions or statements from the Company with respect to any matter relating to its acting as
Rights Agent hereunder without further inquiry or examination on its part, or otherwise upon the advice or opinion of counsel as
set forth in Section 18(a) hereof. 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 therewith unless and until it has received such notice in writing.

 

(c)           The
Rights Agent shall notify the Company in accordance with Section 27 hereof of the assertion of such action, proceeding, suit
or claim against the Rights Agent, promptly after the Rights Agent shall have notice of such assertion of an action, proceeding,
suit or claim or have 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 and shall not relieve the Company of any liability to the Rights Agent, except to the extent that such
failure actually materially prejudices 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, unless such action, proceeding, suit or claim is (a) brought by the Rights Agent or (b) the
Rights Agent reasonably determines that there may be a conflict of interest between the Company and the Rights Agent in the defense
of an action and the Rights Agent does in fact assume the defense. In the event that the Company assumes such 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 shall
retain 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 or different from 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 shall not
be unreasonably withheld.

 

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(d)           The
provisions of Section 18 and this Section 19 hereof shall survive the termination or expiration of this Agreement, the
resignation, replacement or removal of the Rights Agent and the exercise, termination or expiration of the Rights. Notwithstanding
anything in this Agreement to the contrary, in no event shall the Rights Agent be liable for special, punitive, incidental, indirect
or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has
been advised of the likelihood of such loss or damage and regardless of the form of the action; and the Company agrees to indemnify
the Rights Agent and its affiliates, directors, employees, representatives and advisors and hold them harmless to the fullest extent
permitted by law against any loss, liability or expense incurred as a result of claims for special, punitive, incidental, indirect
or consequential loss or damages of any kind whatsoever. Any liability of the Rights Agent under this Agreement shall be limited
to the amount of annual fees paid by the Company to the Rights Agent during the 12 months immediately preceding the event for which
recovery from the Rights Agent is being sought.

 

Section 20.  Merger
or Consolidation or Change of Name of Rights Agent.

 

(a)           Any
Person into which the Rights Agent or any successor Rights Agent is merged or with which the Rights Agent or any successor Rights
Agent is consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights
Agent is a party, or any Person succeeding to the corporate trust, stock transfer or other stockholder services business of the
Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution
or filing of any paper or any further act on the part of any of the parties hereto; but only if such Person would be eligible
for appointment as a successor Rights Agent under the provisions of Section 21 hereof. The purchase of all or substantially
all of the Rights Agent’s assets employed in the performance of transfer agent activities shall be deemed a merger or consolidation
for purposes of this Section 20. In case at the time such successor Rights Agent shall succeed to the agency created by this
Agreement, any of the Rights Certificates have 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 that time
any of the Rights Certificates have 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 shall be changed and at such time any of the Rights Certificates shall have 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 shall not have 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.

 

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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 at least thirty (30) days’
notice in writing to the Company in accordance with Section 27 hereof, and, in the event that the Rights Agent or one of its
Affiliates is not also the transfer agent for the Company, to each transfer agent of the Preferred Stock and the Common Stock,
by first class mail, postage prepaid, or by nationally recognized overnight delivery in which case the Company will give or cause
to be given written notice to the registered holders of the Rights Certificates by first-class mail. In the event the 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, and the Company
shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor Rights Agent upon
at least thirty (30) days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and
to each transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and, if such removal occurs after
the Distribution Date, 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 the holder of a Rights Certificate (such
holder shall, with such notice, submit its Rights Certificate for inspection by the Company), then the incumbent Rights Agent or
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 any State thereof, in good standing, which is authorized under such laws
to exercise corporate trust, stock transfer or stockholder services powers and which at the time of its appointment as Rights Agent
has, along with its Affiliates, a combined capital and surplus of at least $50,000,000 or (b) an affiliate of a Person described
in clause (a) of this sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights,
duties and responsibilities as if it had been originally named as Rights Agent 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 assurance, conveyance, act or deed necessary for the purpose in each case at the sole expense
of the Company. 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 Date, 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.

 

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Section 22.  Issuance
of New Rights Certificates.

 

Notwithstanding any
of the provisions of this Agreement or the Rights Certificates to the contrary, the Company may, at its option, issue new Rights
Certificates evidencing Rights in such form as may be approved by the Board to reflect any adjustment or change made in accordance
with the provisions of this Agreement in the Exercise Price or the number or kind or class of shares or other securities or property
that may be acquired under the Rights Certificates. In addition, in connection with the issuance or sale of shares of Common Stock
following the Distribution Date (other than upon exercise of a Right) and prior to the redemption or the Expiration Date, 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, 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 the appropriate
number of Rights in connection with such issuance or sale; provided, however, that (i) no such Rights Certificate
may be issued if, and to the extent that, the Company, in its sole discretion, determines that such issuance would jeopardize or
endanger the value or availability to the Company of the Tax Benefits or otherwise 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
may be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof.

 

Section 23.  Redemption.

 

(a)           The
Board may, within its sole discretion, at any time before the Distribution Date (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, as adjusted, the “Redemption Price”). Any such
redemption will be effective immediately upon the action of the Board authorizing the same, unless such action of the Board expressly
provides that such redemption will be effective at a subsequent time or upon the occurrence or nonoccurrence of one or more specified
events (in which case such redemption will be effective in accordance with the provisions of such action of the Board). Notwithstanding
anything contained in this Agreement to the contrary, the Rights will not be exercisable after the Flip-In Event or the first occurrence
of a Flip-Over Event until such time as the Company’s right of redemption hereunder has expired. The redemption of the Rights
by the Board pursuant to this Section 23(a) may be made effective at such time, on such basis and with such conditions
as the Board may establish, in its sole discretion. The Company may, at its option, pay the Redemption Price in cash, shares of
Common Stock based on the Current Market Price or any other form of consideration deemed appropriate by the Board.

 

(b)           Immediately
upon the action of the Board ordering the redemption of the Rights pursuant to paragraph (a) of this Section 23 (or such
later time as the Board may establish for the effectiveness of such redemption), 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 held. The Company shall promptly give (i) written notice to the Rights Agent of any such
redemption (and until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively that no such
redemptions have occurred); and (ii) public notice of any such redemption; provided, however, that the failure
to give, or any defect in, any such notice will not affect the validity of such redemption. Within ten (10) days after such
action of the Board ordering the redemption of the Rights, the Company shall mail a notice of redemption to all the holders of
the then-outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the
Distribution Date, on the registry books of the transfer agent for the Common Stock. Any notice that is mailed in the manner herein
provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method
by which the payment of the Redemption Price shall be made. Neither the Company nor any of its Related Persons may redeem, acquire
or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in
Section 24 hereof, or other than in connection with the purchase of shares of Common Stock or the conversion or redemption
of shares of Common Stock in accordance with the applicable provisions of the Certificate of Incorporation prior to the Distribution
Date.

 

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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 the provisions of Section 7(e) hereof)
for shares of Common Stock at an exchange ratio of one share of Common Stock per each outstanding Right, as 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
is not empowered to effect such exchange at any time after any Acquiring Person, together with all of its Related Persons, becomes
the Beneficial Owner of 50% or more of the shares of Common Stock then-outstanding. The exchange 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. From
and after the occurrence of a Flip-Over Event, any Rights that theretofore have not been exchanged pursuant to this Section 24(a) will
thereafter be exercisable only in accordance with Section 13 hereof and may not be exchanged pursuant to this Section 24(a).

 

(b)            Immediately
upon the action of the Board ordering the exchange of any Rights pursuant to paragraph (a) of this Section 24 and without
any further action or notice, the right to exercise such Rights will terminate and the only right thereafter of a holder of such
Rights shall be to receive a number of shares of Common Stock equal to the number of such Rights held by such holder multiplied
by the Exchange Ratio; provided, however, that in connection with any exchange effected pursuant to this Section 24(b),
no holder of Rights shall be entitled to receive Common Stock (or other shares of capital stock of the Company) that would result
in such holder, together with such holder’s Related Persons, becoming the Beneficial Owner of more than 4.95% of the then-outstanding
Common Stock. If (x) a holder would, but for the proviso in the immediately preceding sentence, be entitled to receive Excess
Shares upon the exchange of any Rights and (y) the Board, in its sole discretion, makes a determination that such holder’s
receipt of Excess Shares would jeopardize or endanger the value or availability to the Company of the Tax Benefits or the Board
otherwise determines, in its sole discretion, that such holder’s receipt of Excess Shares is not in the best interests of
the Company, then in lieu of receiving such Excess Shares and to the extent permitted by law or orders applicable to the Company,
such holder will only be entitled to receive an amount in cash or, at the election of the Company, a note or other evidence of
indebtedness maturing within nine months with a principal amount, equal to the current per share Current Market Price of a share
of Common Stock at the Close of Business on the Trading Day following the date the Board effects the forgoing exchange multiplied
by the number of Excess Shares that would otherwise have been issuable to such holder. The exchange 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. The
Company shall promptly give (i) written notice to the Rights Agent of any such exchange; and (ii) public notice of any
such exchange; provided, however, that the failure to give, or any defect in, such notice will not affect the validity
of such exchange (and until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively that
no such exchange has occurred). The Company promptly shall mail a notice of any such exchange to all of the holders of such Rights
at their last addresses as they appear upon the registry books of the Rights Agent. Any notice that is mailed in the manner herein
provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method
by which the exchange of the shares of Common Stock for Rights shall be effected and, in the event of any partial exchange, the
number of Rights that shall be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights
(other than Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) held by each holder
of Rights.

 

    - 41 -

     

    

 

(c)            The
Company may at its option substitute, and, in the event that there shall not be sufficient shares of Common Stock issued but not
outstanding or authorized but unissued to permit an exchange of Rights for Common Stock as contemplated in accordance with this
Section 24, the Company shall substitute to the extent of such insufficiency, for each share of Common Stock that would otherwise
be issuable upon exchange of a Right, a number of shares of Preferred Stock or fraction thereof (or Equivalent Preferred Stock,
as such term is defined in Section 11(b)) such that the Current Market Price of one share of Preferred Stock (or Equivalent
Preferred Share) multiplied by such number or fraction is equal to the Current Market Price of one share of Common Stock as of
the date of such exchange.

 

(d)            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) hereof. 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, the Company shall enter into the Trust Agreement and the Company shall issue
to the trust created by the Trust Agreement (the “Trust”) all or a portion (as designated by the Board)
of the shares of Common Stock and other securities, if any, distributable pursuant to the Exchange, and all stockholders entitled
to distribution of such shares or other securities (and any dividends or distributions made thereon after the date on which such
shares or other securities are deposited in the Trust) shall be entitled to receive a distribution of such shares or other securities
(and any dividends or distributions made thereon after the date on which such shares or other securities are deposited in the Trust)
only from the Trust and solely upon compliance with all relevant terms and provisions of the Trust Agreement. Prior to effecting
an exchange and registering shares of Common Stock (or other such securities) 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, without limitation, 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) hereof and not transferable
or exercisable or exchangeable in connection herewith. 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 nonassessable shares of Common Stock or of such other
securities (as the case may be), and the Company shall be deemed to have received as consideration for such issuance a benefit
having a value that is at least equal to the aggregate par value of the shares so issued.

 

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Section
25.  Process to Seek Exemption

 

Any Person who desires
to effect any acquisition of Common Stock that might, if consummated, result in such Person beneficially owning 4.95% or more of
the then-outstanding Common Stock (or, in the case of a Grandfathered Person, an additional share of Common Stock) (a “Requesting
Person”) may request that the Board grant an exemption with respect to such acquisition under this Agreement so that
such Person would be deemed to be an “Exempt Person” for purposes of this Agreement (an “Exemption Request”).
An Exemption Request shall be in proper form and shall be delivered by registered mail, return receipt requested, to the Corporate
Secretary of the Company at the principal executive office of the Company. The Exemption Request shall be deemed made upon receipt
by the Corporate Secretary of the Company. To be in proper form, an Exemption Request shall set forth (i) the name and address
of the Requesting Person, (ii) the number and percentage of shares of Common Stock then Beneficially Owned by the Requesting
Person, together with all Related Persons of the Requesting Person, and (iii) a reasonably detailed description of the transaction
or transactions by which the Requesting Person would propose to acquire Beneficial Ownership of Common Stock aggregating 4.95%
or more of the then-outstanding Common Stock and the maximum number and percentage of shares of Common Stock that the Requesting
Person proposes to acquire. The Board shall endeavor to respond to an Exemption Request within twenty (20) Business Days after
receipt of such Exemption Request; provided, that the failure of the Board to make a determination within such period shall
be deemed to constitute the denial by the Board of the Exemption Request. The Requesting Person shall respond promptly to reasonable
and appropriate requests for additional information from the Company or the Board and its advisors to assist the Board in making
its determination. The Board shall only grant an exemption in response to an Exemption Request if the Board, in its sole discretion,
determines that the acquisition of Beneficial Ownership of Common Stock by the Requesting Person will not jeopardize or endanger
the value or availability to the Company of the Tax Benefits or the Board otherwise determines, in its sole discretion, that the
exemption is in the best interests of the Company. Any exemption granted hereunder may be granted in whole or in part, and may
be subject to limitations or conditions (including a requirement that the Requesting Person agree that it will not acquire Beneficial
Ownership of shares of Common Stock in excess of the maximum number and percentage of shares approved by the Board), in each case
as and to the extent the Board shall determine necessary or desirable to provide for the protection of the Tax Benefits. Any Exemption
Request may be submitted on a confidential basis and, except to the extent required by applicable law, the Company shall maintain
the confidentiality of such Exemption Request and determination of the Board with respect thereto, unless the information contained
in the Exemption Request or the determination of the Board with respect thereto otherwise becomes publicly available. The Exemption
Request shall be considered and evaluated by the Board.

 

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 Section 26.   Notice of Certain Events.

 

(a)            In
case the Company proposes, at any time after the earlier of the Distribution Date 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 quarterly 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 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 Subsidiary of the Company in a transaction which
is not prohibited by Section 11(n) hereof) or to effect any sale or other transfer (or to permit one or more of its Subsidiaries
to effect any sale or other transfer), in one or more transactions, of more than 50% of the assets or earning power of the Company
and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company and/or any of its Subsidiaries in
one or more transactions none of which is prohibited by Section 11(n) hereof); or (v) to effect the liquidation,
dissolution or winding up of the Company, then, in each such case, the Company shall give the Rights Agent and to each registered
holder of a Rights Certificate in accordance with Section 27 hereof, a written 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 clause (i) or (ii) above at least ten (10) days prior to the record
date for determining holders of the shares of Preferred Stock for purposes of such action and, in the case of any such other action,
at least ten (10) 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 is earlier; provided, however, that no such action shall be taken
pursuant to this Section 26(a) that will or would conflict with any provision of the Certificate of Incorporation; provided,
further, that no such notice is required pursuant to this Section 26 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 any Flip-In Event occurs, (i) 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 27 hereof, 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 11(a)(ii) hereof; and (ii) all references in paragraph (a) of this Section 26 to Preferred
Stock shall be deemed thereafter to refer to Common Stock and/or, if appropriate, to any other securities that may be acquired
upon exercise of a Right.

 

(c)            In
case any Flip-Over Event occurs, then 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 27 hereof, 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) hereof.

 

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 Section 27.   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 (a) if sent in writing by first-class or express United States mail, FedEx or UPS, postage
prepaid and properly addressed or (b) if transmitted by electronic mail, but only if confirmation of receipt of such electronic
mail is requested and received. In each case, until another address is filed in writing by the Company with the Rights Agent, as
follows:

 

Bonanza Creek Energy, Inc.

410 17th Street

Denver, Colorado 80202

Attention: Skip Marter, General
Counsel

Email: SMarter@bonanzacrk.com

 

with a copy to:

 

Vinson & Elkins L.L.P.

1114 Avenue of the Americas, 32nd Floor

New York, New York 10036

Attention: Shelley Barber and Lawrence S. Elbaum

 

Subject to the provisions
of Section 21 hereof, 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 (a) if sent in writing by first-class
or express United States mail, FedEx or UPS, postage prepaid and properly addressed or (b) if transmitted by electronic mail,
but only if confirmation of receipt of such electronic mail is requested and received. In each case, until another address is filed
in writing by the Rights Agent with the Company, as follows:

 

Broadridge Corporate Issuer
Solutions, Inc.

51 Mercedes Way

Edgewood, New York 11717

Attention:Corporate
Actions Department

Facsimile: (215) 553-5402

Phone: (631) 254-7400

Email: legalnotices@broadridge.com

 

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

 

Broadridge Financial
Solutions, Inc.

2 Gateway Center

Newark, New Jersey 07102

Attention:General
Counsel

Email to legalnotices@broadridge.com

 

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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 Date, to the holder of shares of Common Stock) shall be sufficiently given or made if sent in writing
by first-class or express United States mail, FedEx or UPS, postage prepaid or overnight delivery service and properly addressed,
to such holder at the address of such holder as shown on the registry books of the Company.

 

 Section 28.   Supplements and Amendments.

 

Except as otherwise
provided in this Section 28, 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, supplement or amend this Agreement in any respect without the approval of
any holders of Rights, including, without limitation, in order to (a) cure any ambiguity; (b) correct or supplement any
provision contained herein that may be defective or inconsistent with any other provisions herein; (c) shorten or lengthen
any time period hereunder, including, without limitation, the Expiration Date; (d) otherwise change, amend, or supplement
any provisions hereunder in any manner that the Company may deem necessary or desirable; provided, however, that
from and after the time that any Person becomes an Acquiring Person, this Agreement may not be supplemented or amended in
any manner that would (a) adversely affect the interests of the holders of Rights (other than holders of Rights that have
become null and void pursuant to Section 7(e) hereof) as such, (b) cause the Rights again to become redeemable or
(c) cause this Agreement to become amendable other than in accordance with this Section 28. 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
the provisions of 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.
Any such supplement or amendment shall be evidenced in writing signed by the Company and the Rights Agent. Upon the delivery of
a certificate from an appropriate officer of the Company that states that the proposed supplement or amendment is in compliance
with the terms of this Section 28, the Rights Agent shall execute such supplement or amendment; provided, however,
that any supplement or amendment that does not amend Sections 18, 19, 20, 21 or this Section 28 in a manner adverse to the
Rights Agent shall become effective immediately upon execution by the Company, whether or not also executed by the Rights Agent.
The Company shall provide within three (3) Business Days of the adoption of an amendment to the Agreement written notification
of such amendment to the Rights Agent. Notwithstanding anything contained in this Agreement to the contrary, the Rights Agent may
enter into any supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under
this Agreement. The Rights Agent acknowledges that time is of the essence in connection with its execution of any such proposed
supplement or amendment. Any failure to execute such proposed supplement or amendment shall not affect the validity of the actions
taken by the Board pursuant to this Section 28.

 

Prior to the Distribution
Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock.

 

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 Section 29.   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 30.   Determinations and Actions by the Board.

 

(a)            For
all purposes of this Agreement, any calculation of the number of shares of Common Stock or any other class of capital stock outstanding
at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Common Stock
of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of
the General Rules and Regulations under the Exchange Act or Section 382 of the Code and the Treasury Regulations promulgated
thereunder, as applicable. Except as otherwise specifically provided herein, the Board, or any committee thereof, has 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 hereunder, or as may be necessary or advisable in the administration of this Agreement, including, without limitation,
the right and power (a) to interpret the provisions of this Agreement, and (b) to make all determinations deemed necessary
or advisable for the administration of this Agreement (including, without limitation, a determination to redeem or not redeem the
Rights in accordance with Section 23 hereof, to exchange or not exchange the rights in accordance with Section 24 hereof,
to amend or not amend this Agreement in accordance with Section 28 hereof; provided that such supplement or amendment does
not adversely affect the rights, duties, obligations or immunities of the Rights Agent under this Agreement). All such actions,
calculations, interpretations and determinations (including, for purposes of clause (ii) below, all omissions with respect
to the foregoing) that are done or made by the Board, or any committee thereof, shall be (i) be final, conclusive, and binding
on the Company, the Rights Agent (except with respect to the Rights Agent’s rights, duties, obligations or immunities under
this Agreement), the holders of the Rights and all other parties; and (ii) not subject the Board or any member thereof to
any liability to the holders of the Rights. The Rights Agent is entitled to always assume that the Board, or any committee thereof,
acted in good faith and shall be fully protected and incur no liability in reliance thereon.

 

 Section 31.   Benefits of this Agreement.

 

Nothing in this Agreement
may 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 Date, the registered holders of shares of the Common Stock of the Company) any legal or equitable
right, remedy or claim under this Agreement; rather, this Agreement is 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 Date, the registered holders of shares
of Common Stock of the Company).

 

Section
32.  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 Sections 1441, 1442, 1445, 1471 through 1474, and 3406 of the Code or by any federal
or state statutes 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 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.

 

    - 47 -

     

    

 

 Section 33.   Severability.

 

If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, null and
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full
force and effect and will 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, null and void or unenforceable and the Board determines in good faith judgment that severing the invalid language
from this Agreement would materially and adversely affect the purpose or effect of this Agreement, the right of redemption set
forth in Section 23 hereof shall be reinstated and will not expire until the Close of Business on the tenth (10th) Business
Day following the date of such determination by the Board; provided, further, that if any such severed term, provision, covenant
or restriction shall adversely affect the rights, immunities, duties or obligations of the Rights Agent, then the Rights Agent
shall be entitled to resign immediately.

 

 Section 34.   Governing Law.

 

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 to be
made, without reference to its conflicts of law principles, and performed entirely within such State.

 

 Section 35.   Counterparts.

 

This Agreement may
be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument. Delivery of an
executed signature page of this Agreement by facsimile or other customary means of electronic transmission (e.g., “pdf”)
shall be effective as delivery of a manually executed counterpart hereof.

 

 Section 36.   Interpretation.

 

The headings contained
in this Agreement are for descriptive purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
For purposes of this Agreement, whenever a specific provision of the Code or a specific Treasury Regulation is referenced, such
reference shall also apply to any successor or replacement provision or Treasury Regulation, as applicable.

 

    - 48 -

     

    

 

 Section 37.   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,
without limitation, any act or provision of any present or future law or regulation or governmental authority, any act of God,
war, civil or military disobedience or disorder, riot, rebellion, terrorism, pandemic, insurrection, fire, earthquake, storm, flood,
strike, work stoppage, interruptions or malfunctions of computer facilities, loss of data due to power failures or mechanical difficulties
with information, labor dispute, accident or failure or malfunction of any utilities, communication or computer (software or hardware)
services or similar occurrence).

 

(Signature Page To Follow On Next
Page)

 

    - 49 -

     

    

 

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

 

	 	bonanza creek energy, Inc.,
    as the Company

 

	 	By:	/s/ Cyrus D. Marter IV
	 	Name:	Cyrus D. Marter IV 
	 	Title:	Executive Vice President, General Counsel and Secretary

 

	 	Broadridge Corporate Issuer
    Solutions, Inc., as Rights Agent

 

	 	By:	/s/ John P. Dunn
	 	Name:	John P. Dunn
	 	Title:	SVP - Sales

 

Signature
Page to Tax Benefits Preservation Plan

 

    

     

    

 

Exhibit A

CERTIFICATE OF DESIGNATIONS

OF

Series A
JUNIOR PARTICIPATING PREFERRED STOCK

OF

BONANZA CREEK ENERGY, INC.

 

(Pursuant to Section 151 of the Delaware
General Corporation Law)

 

In accordance with
Section 151 of the Delaware General Corporation Law, the undersigned corporation hereby certifies that the following resolution
was adopted by the Board of Directors (the “Board”) of Bonanza Creek Energy, Inc., a Delaware corporation
(the “Company”), at a meeting duly called and held:

 

RESOLVED, that
pursuant to the authority granted to and vested in the Board in accordance with the provisions of the Third Amended and Restated
Certificate of Incorporation of the Company (as may be amended from time to time, the “Certificate of Incorporation”),
the Board hereby creates a series of Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”),
and hereby states the designation and number of shares, and fixes the relative rights, preferences, and limitations thereof as
follows:

 

Series A
Junior Participating Preferred Stock:

 

(1) Designation
and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred Stock”
(the “Series A Preferred Stock”) and the number of shares constituting the Series A Preferred
Stock shall be 42,000. Such number of shares may be increased or decreased by resolution of the Board; provided, 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 Company convertible into Series A Preferred Stock.

 

(2) Dividends
and Distributions.

 

(a) Subject
to the rights of the holders of any shares of any series of Preferred Stock (or any similar stock) ranking prior and superior to
the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference
to the holders of the common stock, par value $0.01 per share (the “Common Stock”), of the Company, and
of any other junior 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 first day of March, June, September and December in each year
(each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first
Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock, in
an amount per share (rounded to the nearest cent) equal to the greater of (1) $1.00 or (2) subject to the provision for
adjustment hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends, and 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 Company shall
at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination
or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares
of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders
of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (2) 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.

 

    - A-1 -

     

    

 

(b) The
Company shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (a) of
this subsection immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in
shares of Common Stock); provided, that in the event no dividend or distribution shall have been declared on the Common
Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a
dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend
Payment Date.

 

(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, 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 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 not more than sixty (60) days prior to the date fixed for the payment thereof.

 

(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 Company. In the event the Company shall at any time
declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock)
into a greater or lesser number of shares of Common Stock, then in each such case the 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.

 

    - A-2 -

     

    

 

(b) Except
as otherwise provided herein, in any other certificate of designations creating a series of Preferred Stock or any similar stock,
or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital
stock of the Company having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders
of the Company.

 

(c) 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.

 

(4) Certain
Restrictions.

 

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

 

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

 

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

 

(3) redeem
or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series A Preferred Stock 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 other 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 and (y) the amount of withholding taxes owed by the recipient of such award in respect of such grant, exercise, vesting
or lapse of restrictions; (B) the repurchase, redemption, or other acquisition or retirement for value of any such shares
from employees, former employees, directors, former directors, consultants or former consultants of the Company or their respective
estate, spouse, former spouse or family member, pursuant to the terms of the agreements pursuant to which such shares were acquired,
provided that the Company may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for
shares of any stock of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the
Series A Preferred Stock; or

 

    - A-3 -

     

    

 

(4) redeem
or purchase or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of 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
Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of
the Company unless the Company could, under paragraph (a) of this Section (4), purchase or otherwise acquire such
shares at such time and in such manner.

 

(5) Reacquired
Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Company 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 subject to the conditions
and restrictions on issuance set forth herein, in the Certificate of Incorporation, or in any other certificate of designations
creating a series of Preferred Stock or any similar stock or as otherwise required by law.

 

(6) Liquidation,
Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Company, voluntary or otherwise, no distribution
shall be made (1) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution
or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock
shall have received the greater of (A) $1.00 per share, plus an amount equal to accrued and unpaid dividends and distributions
thereon, whether or not declared, to the date of such payment, and (B) an amount, subject to the provision for adjustment
hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock,
or (2) to the holders of 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 distributions made ratably on the Series A Preferred Stock and all such
parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution
or winding up. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares of
Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock,
then in each such case the aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately
prior to such event under the proviso in clause (1) 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.

 

    - A-4 -

     

    

 

(7) Consolidation,
Merger, Etc. In case the Company shall enter into any consolidation, merger, combination or other transaction in which the
shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any
such case each 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, into which or for which each share of Common Stock is changed
or exchanged. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the 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.

 

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

 

(9) Rank.
The Series A Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets, junior to
all series of any other class of the Company’s Preferred Stock, and shall rank senior to the Common Stock as to such matters.

 

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

 

(11) Fractional
Shares. The Series A Preferred Stock may be issued in fractions of a share, which fractions shall entitle the holder,
in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions,
and to have the benefit of all other rights of holders of Series A Preferred Stock.

 

    - A-5 -

     

    

 

Exhibit B

SUMMARY OF RIGHTS

TO PURCHASE SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

 

The Board of Directors
(the “Board”) of Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”),
declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share
of common stock, par value $0.01 per share, of the Company (the “Common Stock”). The dividend is payable
on November 19, 2020 (the “Record Date”) to the stockholders of record on that date. Each Right
entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating
Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a price of $100.00
per one one-thousandth of a share of Preferred Stock (the “Purchase Price”), subject to adjustment.
The description and terms of the Rights are set forth in a Tax Benefits Preservation Plan dated as of November 9, 2020, as
the same may be amended from time to time (the “Rights Agreement”), by and between the Company and Broadridge
Corporate Issuer Solutions, Inc. (the “Rights Agent”).

 

Until the earlier to
occur of (i) the close of business on the tenth business day after a public announcement that a person or group of affiliated
or associated persons (with certain exceptions, an “Acquiring Person”) has acquired beneficial ownership
of 4.95% or more of the outstanding shares of Common Stock and (ii) the close of business on the tenth business day after
the commencement by any person of, or of the first public announcement of the intention of any person to commence, a tender or
exchange offer the consummation of which would result in such person becoming the beneficial owner of 4.95% or more of the outstanding
shares of Common Stock (the earlier of such dates being called the “Distribution Date”), the Rights will
be evidenced, with respect to any of the Common Stock certificates (or book entry shares) outstanding as of the Record Date, by
such Common Stock certificate (or book entry shares) together with this Summary of Rights.

 

The Rights Agreement
provides that, until the Distribution Date (or earlier expiration or redemption of the Rights), the Rights will be transferred
with and only with the Common Stock. Until the Distribution Date (or earlier expiration or redemption of the Rights), new Common
Stock certificates issued after the Record Date upon transfer or new issuances of Common Stock will contain a legend incorporating
the Rights Agreement by reference, and notice of such legend will be furnished to holders of book entry shares. Until the Distribution
Date (or earlier expiration or redemption of the Rights), the surrender for transfer of any certificates for shares of Common Stock
(or book entry shares of Common Stock) outstanding as of the Record Date, even without such legend or a copy of this Summary of
Rights, will also constitute the transfer of the Rights associated with the shares of Common Stock represented by such certificate
or registered in book entry form. As soon as practicable following the Distribution Date, separate certificates evidencing the
Rights (“Rights Certificates”) will be mailed to holders of record of the Common Stock as of the Close
of Business on the Distribution Date and such separate Rights Certificates alone will evidence the Rights.

 

    - B-1 -

     

    

 

The Rights are not
exercisable until the Distribution Date. The Rights will expire at the earliest of (i) the close of business on November 9,
2023, (ii) the time at which the Rights are redeemed or exchanged by the Company, in each case as described below, (iii) upon
the occurrence of certain mergers or other transactions approved in advance by the Board and (iv) the close of business on
the date set by the Board following a determination by the Board that (x) the Rights Agreement is no longer necessary or desirable
for the preservation of Tax Benefits (as defined in the Rights Agreement) or (y) no Tax Benefits are available to be carried
forward or are otherwise available.

 

With respect to the
Agreement and Plan of Merger, dated as of November 9, 2020, by and among the Company, Boron Merger Sub, Inc. and HighPoint
Resources Corporation (the “HighPoint Merger Agreement”), no person or group of affiliated or associated
persons will become an “Acquiring Person” solely as a result of the transactions contemplated by the HighPoint Merger
Agreement (the “HighPoint Transactions”). However, if a person or group of affiliated or associated persons
beneficially owns, as a result of the HighPoint Transactions, 4.95% or more of the shares of Common Stock then-outstanding, such
person will be deemed to be an “Acquiring Person” if such person subsequently becomes the beneficial owner of any additional
shares of Common Stock without the prior written consent of the Company.

 

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

 

The number of outstanding
Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of Common Stock or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.

 

With certain exceptions,
no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such
Purchase Price. No fractional shares of Preferred Stock or Common Stock will be issued (other than fractions of shares of Preferred
Stock which 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), and in lieu thereof an adjustment in cash will be made based on the current market price
of the Preferred Stock or the Common Stock.

 

Shares of Preferred
Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred Stock will be entitled, when, as
and if declared, to a minimum preferential quarterly dividend payment of the greater of (a) $1.00 per share, and (b) an
amount equal to 1,000 times the dividend declared per share of Common Stock. In the event of liquidation, dissolution or winding
up of the Company, the holders of the Preferred Stock will be entitled to a minimum preferential payment of the greater of (i) $1.00
per share (plus any accrued but unpaid dividends), and (ii) an amount equal to 1,000 times the payment made per share of Common
Stock. Each share of Preferred Stock will have 1,000 votes, voting together with the Common Stock. Finally, in the event of any
merger, consolidation or other transaction in which outstanding shares of Common Stock are converted or exchanged, each share of
Preferred Stock will be entitled to receive 1,000 times the amount received per share of Common Stock. These rights are protected
by customary anti-dilution provisions.

 

    - B-2 -

     

    

 

Because of the nature
of the Preferred Stock’s dividend, liquidation and voting rights, the value of the one one-thousandth interest in a share
of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.

 

In the event that any
person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right (other than Rights beneficially
owned by the Acquiring Person and affiliates and associates of the Acquiring Person which will thereupon become null and void)
will, following the Distribution Date, have the right to receive upon exercise of a Right that number of shares of Common Stock
having a market value of two times the exercise price of the Right, unless the Rights were earlier redeemed or exchanged.

 

In connection with
any exercise or exchange of the Rights, no holder of a Right will be entitled to receive shares of Common Stock if receipt of such
shares would result in such holder, together with such holder’s affiliates and associates, beneficially owning more than
4.95% of the then-outstanding Common Stock (such shares, the “Excess Shares”) and the Board determines
that such holder’s receipt of Excess Shares would jeopardize or endanger the value or availability of the Tax Benefits or
the Board otherwise determines that such holder’s receipt of Excess Shares is not in the best interests of the Company. In
lieu of such Excess Shares, such holder will only be entitled to receive cash or a note or other evidence of indebtedness with
a principal amount equal to the then-current market price of the Common Stock multiplied by the number of Excess Shares that would
otherwise have been issuable.

 

In the event that,
after a person or group has become an Acquiring Person, the Company is acquired in a merger or other business combination transaction
or 50% or more of its consolidated assets or earning power are sold, proper provisions will be made so that each holder of a Right
(other than Rights beneficially owned by an Acquiring Person and affiliates and associates of the Acquiring Person which will have
become null and void) will thereafter have the right to receive upon the exercise of a Right that number of shares of common stock
of the person with whom the Company has engaged in the foregoing transaction (or its parent) that at the time of such transaction
have a market value of two times the exercise price of the Right.

 

At any time after any
person or group becomes an Acquiring Person and prior to the earlier of one of the events described in the previous paragraph or
the acquisition by such Acquiring Person of 50% or more of the outstanding shares of Common Stock, the Board may exchange the Rights
(other than Rights beneficially owned by such Acquiring Person and affiliates and associates of such Acquiring Person which will
have become null and void), in whole or in part, for shares of Common Stock or Preferred Stock (or a series of the Company’s
preferred stock having equivalent rights, preferences and privileges), at an exchange ratio of one share of Common Stock, or a
fractional share of Preferred Stock (or other preferred stock) equivalent in value thereto, per Right.

 

At any time before
the Distribution Date, the Board may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (the “Redemption
Price”) payable, at the option of the Company, in cash, shares of Common Stock or such other form of consideration
as the Board shall determine. The redemption of the Rights may be made effective at such time, on such basis and with such conditions
as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights
will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

 

    - B-3 -

     

    

 

The Company may amend
or supplement the Rights Agreement without the approval of any holders of Rights, including, without limitation, in order to (i) cure
any ambiguity, (ii) correct or supplement any provision of the Rights Agreement that may be defective or inconsistent with
any other provisions of the Rights Agreement, (iii) shorten or lengthen any time period in the Rights Agreement or (iv) otherwise
change, amend or supplement any provision that the Company may deem necessary or desirable. However, from and after the time when
any person or group of persons becomes an Acquiring Person, the Rights Agreement may not be amended or supplemented in any manner
that would, among other things, adversely affect the interests of the holders of Rights (other than holders of Rights that have
become null and void).

 

Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation,
the right to vote or to receive dividends.

 

A copy of the Rights
Agreement has been filed with the Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K filed on
November 9, 2020.

 

A copy of the Rights
Agreement is available free of charge from the Company. This summary description of the Rights does not purport to be complete
and is qualified in its entirety by reference to the Rights Agreement, as the same may be amended from time to time, which is hereby
incorporated herein by reference.

 

    - B-4 -

     

    

 

Exhibit C

FORM OF RIGHTS CERTIFICATE

 

	 	
        Certificate No. R-________
	________ Rights

 

NOT EXERCISABLE AFTER
NOVEMBER 9, 2023 OR EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY OR SUCH OTHER EARLIER EXPIRATION DATE (AS SUCH TERM IS DEFINED
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
A RELATED PERSON OF ANY SUCH PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS
MAY BECOME NULL AND VOID. THE RIGHTS SHALL NOT BE EXERCISABLE, AND SHALL BE NULL AND VOID, AS LONG AS HELD BY A HOLDER IN
ANY JURISDICTION WHERE THE REQUISITE QUALIFICATION TO THE ISSUANCE TO SUCH HOLDER, OR THE EXERCISE BY SUCH HOLDER, OF THE RIGHTS
IN SUCH JURISDICTION SHALL NOT HAVE BEEN OBTAINED OR BE OBTAINABLE.

 

[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 may become null and void in the circumstances specified in Section 7(e) of
the Rights Agreement.]*

 

 

 

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

 

    - C-1 -

     

    

 

Rights Certificate

 

This certifies that
_________________, or its registered assigns, is the registered holder of the number of Rights set forth above, each of which entitles
the holder thereof, subject to the terms, provisions and conditions of the Tax Benefits Preservation Plan dated as of November 9,
2020, as amended from time to time (the “Rights Agreement”), by and between Bonanza Creek Energy, Inc.,
a Delaware corporation (the “Company”), and Broadridge Corporate Issuer Solutions, Inc., as Rights
Agent (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date and
prior to 5:00 p.m., New York City time, on November 9, 2023, 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 a purchase price
of $100.00 per one one-thousandth share of Preferred Stock (the “Exercise Price”), upon presentation
and surrender of this Rights Certificate with the Election to Purchase and related Certificate duly executed. The number of Rights
evidenced by this Rights Certificate (and the number of shares that may be purchased upon exercise thereof) set forth above, and
the Exercise Price per share as set forth above, are the number and Exercise Price as of November 9, 2020, based on the Preferred
Stock as constituted at such date, and are subject to adjustment upon the happening of certain events as provided in the Rights
Agreement. Capitalized terms used and not defined herein shall have the meanings specified in the Rights Agreement.

 

From and after the
occurrence of the Flip-In Event or a Flip-Over Event, the Rights evidenced by this Rights Certificate beneficially owned by (i) an
Acquiring Person or a Related Person of any such Acquiring Person, (ii) a transferee of any such Acquiring Person, Related
Person, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of a person who, concurrently
with or after such transfer, became an Acquiring Person or a Related Person of an Acquiring Person 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 or Flip-Over
Event.

 

The Rights evidenced
by this Rights Certificate shall not be exercisable, and shall be null and void as long as held, by a holder in any jurisdiction
where the requisite qualification to the issuance to such holder, or the exercise by such holder, of the Rights in such jurisdiction
shall not have been obtained or be obtainable.

 

As provided in the
Rights Agreement, the Exercise Price and the number and kind of shares of Preferred Stock or other securities which may be acquired
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 above-mentioned
office of the Rights Agent and are also available upon written request to the Rights Agent.

 

    - C-2 -

     

    

 

This Rights Certificate,
with or without other Rights Certificates, upon surrender at the office or offices of the Rights Agent designated for such purpose,
may be exchanged for another Rights Certificate 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 Certificate or 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 Certificate may be redeemed by the Company under certain circumstances at
its option at a redemption price of $0.001 per Right at any time prior to the Distribution Date.

 

At any time after a
person becomes an Acquiring Person and prior to the acquisition by such person of 50% or more of the outstanding Common Stock,
the Board may exchange the Rights (other than Rights owned by such Acquiring Person which have become null and void), in whole
or in part, at an exchange ratio of one share of Common Stock per each outstanding Right or, in certain circumstances, other equity
securities of the Company which are deemed by the Board to have the same value as shares of Common Stock, subject to adjustment.

 

In connection with
any exercise or exchange of the Rights, no holder of a Right will be entitled to receive shares of Common Stock if receipt of such
shares would result in such holder, together with such holder’s affiliates and associates, beneficially owning more than
4.95% of the then-outstanding Common Stock (such shares, the “Excess Shares”) and the Board determines
that such holder’s receipt of Excess Shares would jeopardize or endanger the value or availability of the Tax Benefits (as
such term is defined in the Rights Agreement) or the Board otherwise determines that such holder’s receipt of Excess Shares
is not in the best interests of the Company. In lieu of such Excess Shares, such holder will only be entitled to receive cash or
a note or other evidence of indebtedness with a principal amount equal to the then-current market price of the Common Stock multiplied
by the number of Excess Shares that would otherwise have been issuable.

 

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

 

    - C-3 -

     

    

 

No holder of this Rights
Certificate, as such, 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 shall have been countersigned by an authorized signatory of the Rights
Agent.

 

    - C-4 -

     

    

 

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

 

Dated as of _____________, ______.

 

	 	BONANZA CREEK ENERGY, Inc.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Countersigned:

 

Dated as of _____________, ______.

 

Broadridge
Corporate Issuer Solutions, Inc.

as Rights Agent

 

	By:	 	 
	 	Authorized Signatory

 

    - C-5 -

     

    

 

[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 Attorney, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution.

 

Dated _____________, ______.

 

	 	 
	 	Signature

 

Signature Medallion Guaranteed:

 

    - C-6 -

     

    

 

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 any such 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 is, was or subsequently became an Acquiring Person or a Related Person of any such
Person.

 

Dated _____________, ______.

 

	 	 
	 	Signature

 

Signature Medallion Guaranteed:

 

    - C-7 -

     

    

 

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.

 

Signatures must be
guaranteed by a participant in a Medallion Signature Guarantee Program at a level acceptable to the Rights Agent.

 

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

 

    - C-8 -

     

    

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if the registered holder

desires to exercise Rights represented

by the Rights Certificate.)

 

To:______________________

 

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 or such other property which may
be issuable upon the exercise of the Rights) and requests that certificates for such shares (or such other securities of the Company
or of any other person or such other property as may be issuable upon the exercise of the Rights) be issued in the name of and
delivered to:

 

	 
	(Please print name and address)

 

	 
	 
	Please insert social security
	or other identifying number:	 

 

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 print name and address)

 

	 
	 
	Please insert social security
	or other identifying number:	 

 

Dated _____________, ______.

 

	 	 
	 	Signature

 

Signature Medallion Guaranteed:

 

    - C-9 -

     

    

 

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 any such Person (as such terms are defined in the Rights Agreement);
and

 

(2)            after
due inquiry and to the best knowledge of the undersigned, the undersigned

[ ] did [ ] did not acquire the Rights evidenced by this Rights Certificate from any Person who is,
was or became an Acquiring Person or a Related Person of any such Person.

 

Dated _____________, ______.

 

	 	 
	 	Signature

 

Signature Medallion Guaranteed:

 

    - C-10 -

     

    

 

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.

 

Signatures must be
guaranteed by a participant in a Medallion Signature Guarantee Program at a level acceptable to the Rights Agent.

 

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

 

    - C-11 -TherapeuticsMD, Inc. 10-Q

Exhibit
4.2

 

AMENDMENT TO COMPANY WARRANT

This AMENDMENT TO
THE COMPANY WARRANT (this “Amendment”), dated as of November 8, 2020, is by and among TherapeuticsMD, Inc.,
a Nevada corporation (the “Company”), Tao Finance 1, LLC, a Delaware limited liability company (“Tao
Finance”), Redwood IV Finance 1, LLC, a Delaware limited liability company (“Redwood IV”) and Sixth
Street Specialty Lending, Inc., a Delaware corporation (“Sixth Street” and together with Tao Finance and Redwood
IV, collectively the “Holders”).

WHEREAS, the Company
issued Warrant No. 1 to Sixth Street on August 5, 2020 convertible into 712,817 shares of Company Common Stock (the “Sixth
Street Warrant”);

WHEREAS, the Company
issued Warrant No. 2 to Redwood IV on August 5, 2020 convertible into 1,188,029 shares of Company Common Stock (the “Redwood
IV Warrant”);

WHEREAS, the Company
issued Warrant No. 3 to Tao Finance on August 5, 2020 convertible into 2,851,270 shares of Company Common Stock (the “Tao
Finance Warrant” and together with the Sixth Street Warrant and Redwood IV Warrant collectively, the “Warrants”);
and

WHEREAS, the Company
and the Holders wish to amend the Warrants on the terms set forth herein.

NOW, THEREFORE,
in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Holders agree as follows:

1.     
Amendment to Warrant: Adjustment to Exercise Price For Subsequent Issuances. Section 3 of each Warrant is
hereby amended and restated in its entirety to read as follows:

3. Adjustment to Exercise Price
For Subsequent Issuances. In order to prevent dilution of the purchase rights granted under this Warrant, the Exercise Price
and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time as provided
in this Section 3 (in each case, after taking into consideration any prior adjustments pursuant to this Section 3 or otherwise),
with any such adjustment automatically becoming effective without further action of any person required; provided, that
there shall be no adjustment to the number of Warrant Shares acquirable upon exercise of the Warrant, as provided in this Section
3 (an “Adjustment”), unless and until such Adjustment, together with any previous Adjustments to the number
of Warrant Shares so acquirable which would otherwise have resulted in an Adjustment were it not for this proviso, would require
an increase or decrease of at least 5% of the total number of Warrant Shares so acquirable at the time of such Adjustment, in which
event such Adjustment and all such previous Adjustments shall immediately occur.

(a)              
Definitions. For the purposes of this Section 3, the following terms shall have the following meanings:

    	 

     

    

 

“Excluded Issuances” means any issuance
or sale (or deemed issuance or sale in accordance with Section 3(d)) by the Company after the Adjustment Date of: (a) shares of
Common Stock issued upon the exercise of the Warrants; (b) shares of Common Stock issued upon the conversion or exercise of options
or convertible securities issued prior to the Adjustment Date, provided that such securities are not amended after the Adjustment
Date to increase the number of shares of Common Stock issuable thereunder or to lower the exercise or conversion price thereof;
or (c) shares of Common Stock under the Company’s 2019 Stock Incentive Plan.

“Independent Financial Expert” shall
mean a nationally recognized accounting, investment banking or consultant firm, which firm does not have a material financial interest
or other material economic relationship with either the Company or any of its Affiliates or the Holder or any of its Affiliates
that is, in the good faith judgment of the Company’s board of directors (the “Board”), qualified to perform
the task for which it has been engaged.

“Trading Day” shall mean a day on
which trading in the shares of Common Stock (or other applicable security) generally occurs on the principal exchange or market
on which the shares of Common Stock (or other applicable security) are then listed or traded; provided that if the shares of Common
Stock (or other applicable security) are not so listed or traded, “Trading Day” means a Business Day.

“VWAP” shall mean, as of any date
of determination, the average per share volume-weighted average price as displayed under the heading “Bloomberg VWAP”
on Bloomberg page “TXMD<equity> AQR” (or its equivalent successor if such Bloomberg page is not available) in
respect of the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or if
such volume-weighted average price is unavailable, the market value of one share of Common Stock on such Trading Day reasonably
determined, using a volume-weighted average method, by an Independent Financial Expert appointed (and compensated by the Company)
for such purpose). The VWAP will be determined without regard to after-hours trading or any other trading outside of the regular
trading session trading hours.

(b)              
Adjustment to Exercise Price. If the Company shall, at any time or from time to time after November 8, 2020 (the
“Adjustment Date”) and on or prior to December 31, 2020, issue or sell, or in accordance with Section 3(e) is
deemed to have issued or sold, any shares of Common Stock for consideration per share less than the Exercise Price in effect immediately
prior to such issuance or sale (or deemed issuance or sale) (“Adjustment Trigger Shares”), then immediately
upon such issuance or sale (or deemed issuance or sale), the Exercise Price shall be reduced to the weighted average per share
consideration received by the Company for all Adjustment Trigger Shares so issued or sold (or deemed issued or sold) from and after
the Adjustment Date and on or prior to December 31, 2020, as determined in good faith by the Board. If the Company does not issue
or sell, or in accordance with Section 3(e) is not deemed to have issued or sold, any Adjustment Trigger Shares from and after
the Amendment Date and on or prior to December 31, 2020, then on December 31, 2020 the Exercise Price shall be reduced to the average
of the VWAP for 15 consecutive Trading Days ending on December 31, 2020 (if and only if such average VWAP is lower than the Exercise
Price otherwise in effect on December 31, 2020). Notwithstanding the forgoing, if the Company receives aggregate consideration
equal to or less than $10,000,000 in exchange for all Adjustment Trigger Shares issued or sold (or deemed issued or sold in accordance
with Section 3(e)) after the Adjustment Date and on or prior to December 31, 2020, then the Holder may, at its option delivered
in writing to the Company within five (5) Business Days of December 31, 2020, elect to adjust the Exercise Price based on the VWAP
calculation provided in the second sentence of this Section 3(b) as if no Adjustment Trigger Shares were issued.

    	 

     

    

 

(c)              
Exceptions to Adjustment Upon Issuance of Common Stock. Anything herein to the contrary notwithstanding, there shall
be no adjustment to the Exercise Price or the number of Warrant Shares issuable upon exercise of this Warrant with respect to any
Excluded Issuance.

(d)              
Effect of Certain Events on Adjustment to Exercise Price. For purposes of determining the adjusted Exercise Price
under Section 1(a) hereof, the following shall be applicable:

(i)                
Issuance of Options. If the Company shall, at any time or from time to time after the Adjustment Date, grant or sell
any options, whether or not such options or the right to convert or exchange any convertible securities issuable upon the exercise
of such options are immediately exercisable, and the price per share (determined as provided in this paragraph and in Section 1(d)(iii))
for which Common Stock is issuable upon the exercise of such options or upon the conversion or exchange of convertible securities
issuable upon the exercise of such options is less than the Exercise Price in effect immediately prior to the time of the granting
or sale of such options, then the total maximum number of shares of Common Stock issuable upon the exercise of such options or
upon conversion or exchange of the total maximum amount of convertible securities issuable upon the exercise of such options shall
be deemed to have been issued as of the date of granting or sale of such options at a price per share equal to the quotient obtained
by dividing of (A) the total amount, if any, received or receivable by the Company as consideration for the granting, sale, or
exercise of all such options (which sum shall constitute the applicable consideration received for purposes of Section 1(a)), by
(B) the total maximum number of shares of Common Stock issuable upon the exercise of all such options or upon the conversion or
exchange of all convertible securities issuable upon the exercise of all such options. No further adjustment of the Exercise Price
of Warrant Shares shall be made upon the actual issuance of Common Stock or of convertible securities upon exercise of such options
or upon the actual issuance of Common Stock upon conversion or exchange of convertible securities issuable upon exercise of such
options.

(ii)             
Issuance of Convertible Securities. If the Company shall, at any time or from time to time after the Adjustment Date,
grant or sell any convertible securities, whether or not the right to convert or exchange any such convertible securities is immediately
exercisable, and the price per share (determined as provided in this paragraph and in Section 1(d)(iii)) for which Common Stock
is issuable upon the conversion or exchange of such convertible securities is less than the Exercise Price in effect immediately
prior to the time of the granting or sale of such convertible securities, then the total maximum number of shares of Common Stock
issuable upon conversion or exchange of the total maximum amount of such convertible securities shall be deemed to have been issued
as of the date of granting or sale of such convertible securities at a price per share equal to the quotient obtained by dividing
(A) the total amount, if any, received or receivable by the Company as consideration for the granting, sale, or exercise of such
convertible securities (which sum shall constitute the applicable consideration received for purposes of Section 1(a)), by (B)
the total maximum number of shares of Common Stock issuable upon the conversion or exchange of all such convertible securities.
No further adjustment of the Exercise Price shall be made upon the actual issuance of Common Stock upon conversion or exchange
of such convertible securities or by reason of the issue or sale of convertible securities upon exercise of any options to purchase
any such convertible securities for which adjustments of the Exercise Price have been made pursuant to the other provisions of
this Section 1(d).

    	 

     

    

 

(iii)           
Calculation of Consideration Received. If the Company shall, at any time or from time to time after the Adjustment
Date, issue or sell, or is deemed to have issued or sold in accordance with Section 1(d), any shares of Common Stock, options or
convertible securities: (A) for cash, the consideration received therefor shall be deemed to be the net amount received or receivable
by the Company therefor; (B) for consideration other than cash, the amount of the consideration other than cash received or receivable
by the Company shall be the fair market value of such consideration, except where such consideration consists of marketable securities,
in which case the amount of consideration received or receivable by the Company shall be the market price (as reflected on any
securities exchange, quotation system or association or similar pricing system covering such security) for such securities as of
the end of business on the date of receipt of such securities; or (C) for no specifically allocated consideration in connection
with an issuance or sale of other securities of the Company, together comprising one integrated transaction, the amount of the
consideration therefor shall be deemed to be the fair market value of such portion of the aggregate consideration received or receivable
by the Company in such transaction as is attributable to such shares of Common Stock, options or convertible securities, as the
case may be, issued in such transaction. The net amount of any cash consideration and the fair market value of any consideration
other than cash or marketable securities shall be determined in good faith by the Board.

(e)              
Certificate as to Adjustment.

(i)                
As promptly as reasonably practicable following any adjustment of the Exercise Price, but in any event not later than 15
Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth in reasonable
detail such adjustment and the facts upon which it is based and certifying the calculation thereof. All calculations under this
Section 3 shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be.

    	 

     

    

 

(ii)             
As promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any
event not later than 15 Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer
certifying the Exercise Price then in effect and the number of Warrant Shares or the amount, if any, of other shares of stock,
securities or assets then issuable upon exercise of the Warrant.

2.     
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State
of New York, without regard to principles of conflict of laws.

3.     
No Other Amendments. Except as expressly amended herein, each of the Warrants remains in full force and effect
in accordance with its terms.

4.     
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be an original,
but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment
by telefacsimile or other electronic means (including email with a “pdf”) shall have the same force and effect as the
delivery of an original executed counterpart of this Amendment.

[Signature Page to Follow]

 

    	 

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has duly executed this Amendment as of the day and year first above written.

 

COMPANY:

TherapeuticsMD, Inc.

By: /s/ James D’Arecca

Name: James D’Arecca

Title: Chief Financial Officer

HOLDERS:

Tao Finance 1, LLC

By: /s/ Joshua Peck

Name: Joshua Peck

Title: Vice President

Redwood IV Finance 1, LLC

By: /s/ Joshua Peck

Name: Joshua Peck

Title: Vice President

Sixth Street Specialty Lending, Inc.

By: /s/ Joshua Easterly

Name: Joshua Easterly

Title: Chief Executive Officer

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