Document:

FORM OF PREFERRED SECURITIES GUARANTEE

 Exhibit 4.8 
  

 PREFERRED SECURITIES GUARANTEE AGREEMENT 
 by and between 
 SUNTRUST BANKS, INC., 
 as Guarantor 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as
Guarantee Trustee 
 relating to 
 SUNTRUST CAPITAL • 
  

 Dated as of • 
  

  

 CROSS-REFERENCE TABLE* 
  

			
	 Section of
 Trust Indenture
Act
 of 1939, as amended
	  	 Section of
 Guarantee Agreement

	 310(a).
	  	        4.1(a)
	 310(b).
	  	        4.1(c), 2.8
	 310(c).
	  	        Inapplicable
	 311(a).
	  	        2.2(b)
	 311(b).
	  	        2.2(b)
	 311(c).
	  	        Inapplicable
	 312(a).
	  	        2.2(a)
	 312(b).
	  	        2.2(b)
	 313.
	  	        2.3
	 314(a).
	  	        2.4
	 314(b).
	  	        Inapplicable
	 314(c).
	  	        2.5
	 314(d).
	  	        Inapplicable
	 314(e).
	  	        1.1, 2.5, 3.2
	 314(f).
	  	        2.1, 3.2
	 315(a).
	  	        3.1(d)
	 315(b).
	  	        2.7
	 315(c).
	  	        3.1
	 315(d).
	  	        3.1(d)
	 316(a).
	  	        1.1, 2.6, 5.4
	 316(b).
	  	        5.3
	 316(c).
	  	        8.2
	 317(a).
	  	        Inapplicable
	 317(b).
	  	        Inapplicable
	 318(a).
	  	        2.1
	 318(b).
	  	        2.1
	 318(c).
	  	        2.1

	*	This Cross-Reference Table does not constitute part of the Guarantee Agreement and shall not affect the interpretation of any of its terms or provisions. 

 

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 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	
		
	DEFINITIONS	  	
			
	 Section 1.1.
	  	 Definitions.
	  	1
		
	ARTICLE II	  	
		
	TRUST INDENTURE ACT	  	
			
	 Section 2.1.
	  	 Trust Indenture Act; Application.
	  	4
	 Section 2.2.
	  	 List of Holders.
	  	4
	 Section 2.3.
	  	 Reports by the Guarantee Trustee.
	  	5
	 Section 2.4.
	  	 Periodic Reports to the Guarantee Trustee.
	  	5
	 Section 2.5.
	  	 Evidence of Compliance with Conditions Precedent.
	  	5
	 Section 2.6.
	  	 Events of Default; Waiver.
	  	5
	 Section 2.7.
	  	 Event of Default; Notice.
	  	5
	 Section 2.8.
	  	 Conflicting Interests.
	  	6
		
	ARTICLE III	  	
		
	POWERS, DUTIES AND RIGHTS OF THE GUARANTEE
TRUSTEE	  	
			
	 Section 3.1.
	  	 Powers and Duties of the Guarantee Trustee.
	  	6
	 Section 3.2.
	  	 Certain Rights of Guarantee Trustee.
	  	7
	 Section 3.3.
	  	 Compensation; Indemnity; Fees.
	  	8
		
	ARTICLE IV	  	
		
	GUARANTEE TRUSTEE	  	
			
	 Section 4.1.
	  	 Guarantee Trustee; Eligibility.
	  	9
	 Section 4.2.
	  	 Appointment, Removal and Resignation of the Guarantee Trustee.
	  	10
		
	ARTICLE V	  	
		
	GUARANTEE	  	
			
	 Section 5.1.
	  	 Guarantee.
	  	10
	 Section 5.2.
	  	 Waiver of Notice and Demand.
	  	10
	 Section 5.3.
	  	 Obligations Not Affected.
	  	11
	 Section 5.4.
	  	 Rights of Holders.
	  	11
	 Section 5.5.
	  	 Guarantee of Payment.
	  	12
	 Section 5.6.
	  	 Subrogation.
	  	12
	 Section 5.7.
	  	 Independent Obligations.
	  	12

					
	ARTICLE VI	  	
		
	COVENANTS AND SUBORDINATION	  	
			
	 Section 6.1.
	  	 Subordination.
	  	12
	 Section 6.2.
	  	 Pari Passu Guarantees.
	  	13
		
	ARTICLE VII	  	
		
	TERMINATION	  	
			
	 Section 7.1.
	  	 Termination.
	  	13
		
	ARTICLE VIII	  	
		
	MISCELLANEOUS	  	
			
	 Section 8.1.
	  	 Successors and Assigns.
	  	13
	 Section 8.2.
	  	 Amendments.
	  	13
	 Section 8.3.
	  	 Notices.
	  	14
	 Section 8.4.
	  	 Benefit.
	  	14
	 Section 8.5.
	  	 Governing Law.
	  	14
	 Section 8.6.
	  	 Counterparts.
	  	15

 GUARANTEE AGREEMENT, dated as of •, between SUNTRUST BANKS, INC., a Georgia corporation (the
“Guarantor”), having its principal office at 303 Peachtree Street, N.E., Atlanta, Georgia 30308 and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined
herein) from time to time of the Preferred Securities (as defined herein) of SUNTRUST CAPITAL •, a Delaware statutory trust (the ”Issuer Trust”). 
 RECITALS OF THE GUARANTOR AND THE ISSUER TRUST 
 WHEREAS, pursuant to an Amended and Restated Declaration of Trust, dated as of • (the “Declaration of Trust”), among
SunTrust Banks, Inc., as Depositor, U.S. Bank National Association, as Property Trustee, U.S. Bank Trust National Association, as Delaware Trustee, and the Administrative Trustees named therein, the Issuer Trust is issuing up to $• aggregate
Liquidation Amount (as defined in the Declaration of Trust) of its •% Preferred Securities (liquidation amount $• per Preferred Security) (the “Preferred Securities”), representing preferred undivided beneficial interests
in the assets of the Issuer Trust and having the terms set forth in the Declaration of Trust; and 
 WHEREAS, the Preferred
Securities will be issued by the Issuer Trust and the proceeds thereof, together with the proceeds from the issuance of the Issuer Trust’s Common Securities (as defined herein), will be used to purchase the Debentures (as defined in the
Declaration of Trust) of the Guarantor, which Debentures will be deposited with U.S. Bank National Association, as Property Trustee under the Declaration of Trust, as trust assets; and 
 WHEREAS, as an incentive for the Holders to purchase Preferred Securities, the Guarantor desires irrevocably and unconditionally to agree,
to the extent set forth herein, to pay to the Holders of the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase of Preferred Securities by each Holder, which purchase the Guarantor
hereby acknowledges shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time. 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1. Definitions. 
 For
all purposes of this Guarantee Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) The terms
defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (b) All other
terms used herein that are defined in the Trust Indenture Act (as defined herein), either directly or by reference therein, have the meanings assigned to them therein; 
 (c) The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 

 (d) All accounting terms used but not defined herein have the meanings assigned to them in accordance
with United States generally accepted accounting principles; 
 (e) Unless the context otherwise requires, any reference to an
“Article” or a “Section” refers to an Article or a Section, as the case may be, of this Guarantee Agreement; and 
 (f) The words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar import refer to this Guarantee Agreement as a whole and not to any particular Article, Section or other
subdivision. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified Person, means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Common Securities” means the securities representing common undivided beneficial interests in the assets of the Issuer Trust.

 “Declaration of Trust” means the Amended and Restated Declaration of Trust of the Issuer Trust referred to in the
recitals to this Guarantee Agreement, as modified, amended or supplemented from time to time. 
 Event of Default” means
(i) a default by the Guarantor in any of its payment obligations under this Guarantee Agreement or (ii) a default by the Guarantor in any other obligation hereunder that remains unremedied for 30 days. 
 “Guarantee Agreement” means this Guarantee Agreement, as modified, amended or supplemented from time to time. 
 “Guarantee Payments” means the following payments or distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by or on behalf of the Issuer Trust: (i) any accumulated and unpaid Distributions (as defined in the Declaration of Trust) required to be paid on the Preferred Securities, to the extent the Issuer Trust shall have
funds on hand available therefor at such time; (ii) the Redemption Price (as defined in the Declaration of Trust) with respect to any Preferred Securities called for redemption by the Issuer Trust, to the extent the Issuer Trust shall have
funds on hand available therefor at such time; and (iii) upon a voluntary or involuntary termination, winding-up or liquidation of the Issuer Trust, unless Debentures are distributed to the Holders, the lesser of (a) the Liquidation
Distribution (as defined in the Declaration of Trust) with respect to the Preferred Securities, to the extent that the Issuer Trust shall have funds on hand available therefor at such time, and (b) the amount of assets of the Issuer Trust
remaining available for distribution to Holders on liquidation of the Issuer. 
 “Guarantee Trustee” means U.S. Bank
National Association, solely in its capacity as Guarantee Trustee and not in its individual capacity, until a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and
thereafter means each such Successor Guarantee Trustee. 
  

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 “Guarantor” has the meaning specified in the preamble to this Guarantee Agreement.

 “Holder” means any Holder (as defined in the Declaration of Trust) of any Preferred Securities; provided, however,
that in determining whether the holders of the requisite percentage of Preferred Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee Trustee, or any
Affiliate of the Guarantor or the Guarantee Trustee. 
 “Indenture” means the Junior Subordinated Indenture, dated as of
•, between SunTrust Banks, Inc. and U.S. Bank National Association, as trustee, as the same may be modified, amended or supplemented from time to time. 
 “Issuer Trust” has the meaning specified in the preamble to this Guarantee Agreement. 
 “List of Holders” has the meaning specified in Section 2.2(a). 
 “Majority in Liquidation Amount of
the Preferred Securities” means, except as provided by the Trust Indenture Act, Preferred Securities representing more than 50% of the aggregate Liquidation Amount (as defined in the Declaration of Trust) of all Preferred Securities then
Outstanding (as defined in the Declaration of Trust). 
 “Officers’ Certificate” means a certificate signed by the Chairman of
the Board of Directors, a Vice Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President or a Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the
Guarantor, and delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement shall include: 
 (a) a statement by each officer signing the Officers’ Certificate that such officer has read the covenant or condition and the definitions relating
thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by such officer in rendering the
Officers’ Certificate; 
 (c) a statement that such officer has made such examination or investigation as, in such officer’s
opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of such officer, such condition or covenant has been complied with. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock company, company, limited liability company, trust, business trust, statutory trust,
unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
  

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 “Preferred Securities” has the meaning specified in the recitals to this Guarantee
Agreement. 
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as
Guarantee Trustee under Section 4.1. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the
date as of which this Guarantee Agreement was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended. 
 “Vice President,” when used with respect to the Guarantor,
means any duly appointed vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
 ARTICLE II 
 TRUST INDENTURE ACT 
 Section 2.1. Trust Indenture Act; Application. 
 (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Guarantee Agreement and shall, to the extent applicable, be governed by such provisions.

 (b) If and to the extent that any provision of this Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections
310 to 317, inclusive, of the Trust Indenture Act through operation of Section 318(c) thereof, such imposed duties shall control. If any provision of this Guarantee Agreement modifies or excludes any provision of the Trust Indenture Act which
may be so modified or excluded, the latter provision shall be deemed to apply to this Guarantee Agreement as so modified or to be excluded, as the case may be. 
 Section 2.2. List of Holders. 
 (a) The Guarantor shall furnish or cause to be furnished to the
Guarantee Trustee (a) semiannually, on or before • and • of each year, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (a “List of Holders”) as of a date
not more than 15 days prior to the delivery thereof, and (b) at such other times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the Guarantor of any such request, a List of Holders as of a date not more
than 15 days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of the Guarantor and has not otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee
Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Guarantee Trustee shall comply
with the requirements of Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act. 
  

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 Section 2.3. Reports by the Guarantee Trustee. 
 Not later than • of each year, commencing •, •, the Guarantee Trustee shall provide to the Holders such reports as are required by
Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture
Act. 
 Section 2.4. Periodic Reports to the Guarantee Trustee. 
 The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission and the Holders such documents, reports and information, if
any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust Indenture
Act. 
 Section 2.5. Evidence of Compliance with Conditions Precedent. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee
Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer of the Guarantor pursuant to Section 314(c)(1) may be given in the form of an
Officers’ Certificate. 
 Section 2.6. Events of Default; Waiver. 
 The Holders of at least a Majority in Liquidation Amount of the Preferred Securities may, by vote, on behalf of the Holders of all the Preferred
Securities, waive any past default or Event of Default and its consequences. Upon such waiver, any such default or Event of Default shall cease to exist, and any default or Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
 Section 2.7. Event of Default; Notice. 
 (a) The Guarantee Trustee shall, within 90 days after
the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notice of any such Event of Default known to the Guarantee Trustee, unless such Event of Default has been cured before the giving of such notice,
provided that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee
of directors of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 
 (b)
The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or an officer of the Guarantee Trustee charged with the administration of this Guarantee Agreement
shall have obtained actual knowledge, of such Event of Default. 
  

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 Section 2.8. Conflicting Interests. 
 The Declaration of Trust and the Indenture shall be deemed to be specifically described in this Guarantee Agreement for the purposes of clause (i) of
the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 ARTICLE III 
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE
TRUSTEE 
 Section 3.1. Powers and Duties of the Guarantee Trustee. 
 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee Agreement to any Person except to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Guarantee Trustee hereunder. The right, title and interest of the Guarantee Trustee, as such,
hereunder shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting of title shall be effective whether or not conveyancing documents have been
executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 
 (b) If an Event of Default has occurred and is
continuing of which the Guarantee Trustee is deemed to have knowledge pursuant to Section 2.7(b) hereof, the Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the Holders. 
 (c) The Guarantee Trustee, before the occurrence of any Event of Default, and after the curing of all Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. The Guarantee Trustee shall, during the existence of
any Event of Default of which the Guarantee Trustee is deemed to have knowledge pursuant to Section 2.7(b) hereof and which has not been cured, exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same
degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that: 
 (i) Prior to the occurrence of any Event of Default and after the curing or waiving of all such Events of Default
that may have occurred: 
 (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express
provisions of this Guarantee Agreement (including pursuant to Section 2.1), and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee Agreement; and

 (B) in the absence of bad faith on the part of the Guarantee Trustee, the 
  

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 Guarantee Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in the case of any such certificates or opinions that by any provision hereof or of
the Trust Indenture Act are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee Agreement.

 (ii) The Guarantee Trustee shall not be liable for any error of judgment made in good faith by an officer of the Guarantee
Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made. 
 (iii) The Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in Liquidation
Amount of the Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee
Agreement. 
 (iv) No provision of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own
funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section 3.2. Certain Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 
 (i) The Guarantee Trustee may rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented
by the proper party or parties. 
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement shall
be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein. 
 (iii) Whenever, in the
administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is
herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor.

 (iv) The Guarantee Trustee may consult with legal counsel, and the written advice or opinion of such legal counsel with
respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such legal counsel may be
legal counsel to the Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of
competent jurisdiction. 
  

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 (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Guarantee Agreement at the request or direction of any Holder unless such Holder shall have provided to the Guarantee Trustee such adequate security and indemnity as would satisfy a reasonable person in the position of
the Guarantee Trustee against the costs, expenses (including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the
Guarantee Trustee; provided that nothing contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by
this Guarantee Agreement. 
 (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (vii) The
Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the
part of any such agent or attorney appointed by it with due care hereunder. 
 (viii) Whenever in the administration of this
Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders,
(B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be protected in acting in accordance with such instructions. 
 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such
act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority. 
 Section 3.3. Compensation; Indemnity; Fees. 
 The Guarantor agrees: 
 (a) to pay to the Guarantee Trustee from time to time such reasonable compensation
for all services rendered by it hereunder as may be agreed by the Guarantor and the Guarantee Trustee from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 (b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon 

  

 -8- 

 
request for all reasonable expenses, disbursements and advances incurred or made by the Guarantee Trustee in accordance with any provision of this Guarantee
Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct; and 
 (c) to indemnify the Guarantee Trustee and its directors, officers, employees and agents (collectively with the Guarantee Trustee, the
“Indemnitees”) for, and to hold them harmless against, any loss, liability or expense, including without limitation, damages, fines, suits, actions, demands, penalties, costs, out-of-pocket or incidental expenses, reasonable legal
fees and expenses and the costs and expenses of defending or preparing to defend against any claim (collectively, “Losses”), that may be imposed on or incurred by any Indemnitee for or in respect of the Guarantee Trustee’s
(i) execution and delivery of this Guarantee Agreement, (ii) compliance or attempted compliance with or reliance upon any instruction or other direction upon which the Guarantee Trustee is authorized to rely pursuant to the terms of this
Guarantee Agreement and (iii) performance under this Guarantee Agreement, except in each case to the extent that the Loss resulted from the Guarantee Trustee’s or such Indemnitee’s negligence or willful misconduct. The provisions of
this Section shall survive the termination of the Guarantee Agreement and the resignation or removal of the Guarantee Trustee for any reason. The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as a result of
any amount due to it under this Guarantee Agreement. As security for the performance of the obligations of the Guarantor under this paragraph (c), the Guarantee Trustee shall have a lien prior to the Preferred Securities upon all the property and
funds held or collected by the Guarantee Trustee as such, except funds held in trust for the payment of principal of, and premium (if any) or interest on, particular obligations of the Guarantor under this Guarantee Agreement. 
 ARTICLE IV 
 GUARANTEE
TRUSTEE 
 Section 4.1. Guarantee Trustee; Eligibility. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor; and 
 (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least
$50,000,000, and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or
examining authority, then, for the purposes of this Section 4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. 
 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2. 
 (c) If
the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act. 
  

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 Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor. 
 (b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The Guarantee Trustee appointed hereunder
shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed
by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee
Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of
competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
 ARTICLE V 
 GUARANTEE

 Section 5.1. Guarantee. 
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (subject to the limitations contained in the definition of that term) (without duplication of amounts theretofore paid by or on behalf
of the Issuer Trust), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer Trust may have or assert, except the defense of payment. The Guarantor’s obligation to make a Guarantee Payment may be satisfied
by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer Trust to pay such amounts to the Holders. 
 Section 5.2. Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of this Guarantee Agreement
and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer Trust or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
  

 -10- 

 Section 5.3. Obligations Not Affected. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by reason of the
happening from time to time of any of the following: 
 (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer Trust of any express or implied agreement, covenant, term or condition relating to the Preferred Securities to be performed or observed by the Issuer Trust; 
 (b) the extension of time for the payment by the Issuer Trust of all or any portion of the Distributions (other than an extension of time
for payment of Distributions that results from the extension of any interest payment period on the Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred
Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Preferred Securities; 
 (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Preferred
Securities, or any action on the part of the Issuer Trust granting indulgence or extension of any kind; 
 (d) the voluntary
or involuntary liquidation, dissolution, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer Trust or
any of the assets of the Issuer Trust; 
 (e) any invalidity of, or defect or deficiency in, the Preferred Securities;

 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than
payment of the underlying obligation), it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 

Section 5.4. Rights of Holders. 
 The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee
Agreement on behalf of the Holders; (iii) the Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting any 

  

 -11- 

 
proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the
Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement without first instituting a legal proceeding against the
Guarantee Trustee, the Issuer Trust or any other Person. 
 Section 5.5. Guarantee of Payment. 
 This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment of the
Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer Trust) or upon the distribution of Debentures to Holders as provided in the Declaration of Trust. 
 Section 5.6. Subrogation. 
 The
Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer Trust in respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement; provided, however, that the Guarantor shall not
(except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under
this Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such
amount in trust for the Holders and to pay over such amount to the Holders. 
 Section 5.7. Independent Obligations. 

The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer Trust with respect to the Preferred
Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof. 
 ARTICLE VI 
 COVENANTS AND SUBORDINATION 
 Section 6.1. Subordination. 
 The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured
obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor to the extent and in the manner set forth in the Indenture with respect to the Debentures, and
the provisions of Article XIII of the Indenture will apply, mutatis mutandis, to the obligations of the Guarantor hereunder. The obligations of the Guarantor hereunder do not constitute Senior Debt of the Guarantor. 
  

 -12- 

 Section 6.2. Pari Passu Guarantees. 
 The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the obligations of the Guarantor under (i) any
similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or Preferred Securities issued by any SunTrust Trust (as defined in the Indenture), (ii) the Indenture and the Securities (as defined therein) issued
thereunder; (iii) the Expense Agreement (as defined in the Declaration of Trust) and any similar expense agreements entered into by the Guarantor in connection with the offering of Preferred Securities (as defined in the Indenture) by any
SunTrust Trust Trust, and (iv) any other security, guarantee or other agreement or obligation that is expressly stated to rank pari passu with the obligations of the Guarantor under this Guarantee Agreement or with any obligation that
ranks pari passu with the obligations of the Guarantor under this Guarantee Agreement. 
 ARTICLE VII 
 TERMINATION 
 Section 7.1.
Termination. 
 This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full payment of the
Redemption Price (as defined in the Declaration of Trust) of all Preferred Securities, (ii) the distribution of Debentures to the Holders in exchange for all of the Preferred Securities or (iii) full payment of the amounts payable in
accordance with Article IX of the Declaration of Trust upon liquidation of the Issuer Trust. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder
is required to repay any sums paid with respect to Preferred Securities or this Guarantee Agreement. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1. Successors and Assigns. 
 All guarantees and agreements contained in this Guarantee Agreement shall bind
the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Preferred Securities then outstanding. Except in connection with a consolidation, merger or sale involving the
Guarantor that is permitted under Article VIII of the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder, and
any purported assignment other than in accordance with this provision shall be void. 
 Section 8.2. Amendments. 
 Except with respect to any changes that do not adversely affect the rights of the Holders in any material respect (in which case no consent of the Holders
will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Preferred Securities. The provisions of Article VI of the Declaration of Trust concerning
meetings of the Holders shall apply to the giving of such approval. 
  

 -13- 

 Section 8.3. Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice,
and delivered, telecopied or mailed by first class mail as follows: 
 (a) if given to the Guarantor, to the address or facsimile number set
forth below or such other address or facsimile number as the Guarantor may give notice to the Guarantee Trustee and the Holders: 
 SunTrust
Banks, Inc. 
 303 Peachtree Street, N.E. 
 Atlanta, GA 30308 
 Facsimile No.: (404) 724-3749 
 Attention: Treasurer 
 (b) if given to the Guarantee Trustee, at the address or facsimile number set forth
below or such other address or facsimile number as the Guarantee Trustee may give notice to the Guarantor and the Holders: 
 U.S. Bank
National Association 
 One Federal Street 
 3rd Floor 
 Boston, MA 02110 
 Facsimile No.: (617) 603-6667 
 Attention: Corporate Trust Department 
 (c) if given to any Holder, at the address set forth on the books and records of the Issuer Trust. 
 All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver. 
 Section 8.4. Benefit. 
 This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Preferred Securities. 
 Section 8.5. Governing Law. 
 THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

 -14- 

 Section 8.6. Counterparts. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
  

 -15- 

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

			
	 SunTrust Banks, Inc.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 U.S. Bank National Association,
as Guarantee Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:Rights Agreement

 Exhibit 4.1 
 Hanesbrands Inc. 
 and 
 Computershare Trust Company, N.A., 
 Rights Agent 
 Rights Agreement 
 Dated as of
September 1, 2006 

 Table of Contents 
  

					
			
	 	  	 	  	Page
			
	Section 1.	  	Certain Definitions	  	1
			
	Section 2.	  	Appointment of Rights Agent	  	8
			
	Section 3.	  	Issuance of Rights Certificates	  	8
			
	Section 4.	  	Form of Rights Certificates	  	10
			
	Section 5.	  	Execution, Countersignature and Registration	  	10
			
	Section 6.	  	Transfer, Division, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates	  	11
			
	Section 7.	  	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	11
			
	Section 8.	  	Cancellation and Destruction of Rights Certificates	  	13
			
	Section 9.	  	Reservation and Availability of Preferred Stock	  	14
			
	Section 10.	  	Preferred Stock Record Date	  	15
			
	Section 11.	  	Adjustments to Purchase Price, Number of Shares or Number of Rights	  	15
			
	Section 12.	  	Certification of Adjustments	  	26
			
	Section 13.	  	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	27
			
	Section 14.	  	Fractional Rights and Fractional Shares	  	29
			
	Section 15.	  	Rights of Action	  	30
			
	Section 16.	  	Agreement of Rights Holders Concerning Transfer and Ownership of Rights	  	30
			
	Section 17.	  	Rights Holder Not Deemed a Stockholder	  	31
			
	Section 18.	  	Concerning the Rights Agent	  	31
			
	Section 19.	  	Merger or Consolidation or Change of Name of Rights Agent	  	32
			
	Section 20.	  	Duties of Rights Agent	  	32

					
	Section 21.	  	Change of Rights Agent	  	34
			
	Section 22.	  	Issuance of New Rights Certificates	  	35
			
	Section 23.	  	Redemption and Termination	  	35
			
	Section 24.	  	Notice of Certain Events	  	36
			
	Section 25.	  	Notices	  	37
			
	Section 26.	  	Supplements and Amendments	  	38
			
	Section 27.	  	[RESERVED.]	  	39
			
	Section 28.	  	Successors	  	39
			
	Section 29.	  	Benefits of this Agreement	  	39
			
	Section 30.	  	Severability	  	39
			
	Section 31.	  	Governing Law	  	39
			
	Section 32.	  	Counterparts	  	39
			
	Section 33.	  	Descriptive Headings	  	39
			
	Section 34.	  	Grammatical Construction	  	39

 Exhibit A—Articles Supplementary for the Junior Participating Preferred Stock, Series A 
 Exhibit B—Form of Rights Certificate 

 RIGHTS AGREEMENT 
 THIS RIGHTS AGREEMENT (this “Agreement”), dated as of September 1, 2006, is made between Hanesbrands Inc., a Maryland corporation (the “Company”), and Computershare Trust
Company, N.A., a federally chartered company (the “Rights Agent”). 
 RECITALS 
 The Board of Directors of the Company has authorized and declared the payment of a dividend of one preferred share purchase right (a
“Right”) for each share of Common Stock (as defined in Section 1) outstanding at the close of business on September 1, 2006 (the “Record Date”). It is expected that Sara Lee Corporation will distribute all of the
outstanding shares of Common Stock and the accompanying Rights to Sara Lee Corporation stockholders on September 5, 2006, in order to accomplish a spin-off of the Company (the “Spin-Off”). The Board of Directors of the Company has
further authorized the issuance of one Right for each share of Common Stock issued after the Record Date and before the earliest of the Distribution Date, the Redemption Date, the Exchange Date and the Expiration Date (as such terms are defined in
Section 1) and in certain cases following the Distribution Date. Each Right will represent, as of the Record Date, the right to purchase one one-thousandth of one share of Preferred Stock (as defined in Section 1) upon the terms and subject to the
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in this Agreement,
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” means any Person who or which, together with all Affiliates and Associates of
such Person, is (or has previously been, at any time after the date of this Agreement, whether or not such Person(s) continues to be) the Beneficial Owner of 15% or more of the Common Stock then outstanding (determined without taking into account
any securities exercisable or exchangeable for, or convertible into, Common Stock, other than any such securities beneficially owned by the Acquiring Person and Affiliates and Associates of such Person). However, “Acquiring Person” shall
not include any Exempt Person. 
 Notwithstanding the foregoing, a Person shall not become an “Acquiring Person” solely as the
result of an acquisition of Common Stock by the Company or any Subsidiary which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 15% or more of the Common Stock then
outstanding as determined above; provided, however, that if a Person becomes the Beneficial Owner of 15% or more of the Common Stock then outstanding as determined above solely by reason of such a share acquisition by the Company and
such Person shall, after becoming the Beneficial Owner of such Common Stock, become the Beneficial Owner of any additional shares of Common Stock by any means whatsoever (other than as a result of the subsequent occurrence of a stock dividend or a
subdivision of the Common Stock into a larger number of shares or a similar transaction), then such Person shall be deemed to be an “Acquiring Person.” 
  

 Notwithstanding the foregoing, if a majority of the Board of Directors of the Company determines in good
faith that a Person who would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this Section 1(a), has become such inadvertently, and such Person divests as promptly as practicable a sufficient number
of Common Shares so that such Person would no longer be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this Section 1(a), then such Person shall not be deemed to be an “Acquiring Person” for any
purposes of this Agreement. The determination of whether such Person’s becoming an Acquiring Person shall have been inadvertent and the determination of whether the divestment of sufficient shares shall have been made as promptly as practicable
shall be made by a majority of the Board of Directors of the Company. 
 (b) “Adjustment Number” has the meaning set forth
in, and shall be calculated in accordance with, the Articles Supplementary for the Junior Participating Preferred Stock, Series A, attached as Exhibit A hereto. 
 (c) “Affiliate” has the meaning given to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement; provided that, for purposes of
this Agreement, the term “Affiliate” shall not include any Person that is an Exempt Person. 
 (d) “Associate” has
the meaning given to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement; provided that, for purposes of this Agreement, the term “Associate” shall not include any
Person that is an Exempt Person. 
 (e) “Available Common Stock” has the meaning set forth in Section 11(c)(2) of this
Agreement. 
 (f) Except as provided below, a Person shall be deemed to be the “Beneficial Owner” of, and shall be deemed to
“beneficially own,” any securities: 
 (i) which such Person or any Affiliate or Associate of such Person
beneficially owns, directly or indirectly; 
 (ii) which such Person or any Affiliate or Associate of such Person has,
directly or indirectly, the right or obligation (whether or not then exercisable or effective) to acquire pursuant to any agreement, arrangement or understanding (whether or not in writing), or upon the exercise of conversion rights, exchange
rights, rights (other than these Rights), warrants or options, or otherwise; provided, however, that a Person will not be deemed the Beneficial Owner of, or to beneficially own, securities tendered pursuant to a tender or exchange
offer made by or on behalf of such Person or any Affiliate or Associate of such Person until such tendered securities are accepted for purchase or exchange; 
  

 2 

 (iii) which such Person or any Affiliate or Associate of such Person has, directly or
indirectly, the right (whether or not then exercisable) to vote, or to direct the voting of, pursuant to any agreement, arrangement or understanding (whether or not in writing); provided, however, that a Person shall not be deemed the
Beneficial Owner of, or to beneficially own, any security pursuant to this clause (iii) if the agreement, arrangement or understanding to vote, or to direct the voting of, such security (A) arises solely from a revocable proxy or consent given in
response to a public proxy or consent solicitation made pursuant to, and in accordance with, the Exchange Act and applicable rules and regulations thereunder and (B) is not also then reportable under Item 6 (or any comparable or successor item) of
Schedule 13D under the Exchange Act (or any comparable or successor schedule or report); 
 (iv) which such Person or any
Affiliate or Associate of such Person has “beneficial ownership” of as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange Act or any successor provision; or 
 (v) which are beneficially owned, directly or indirectly, by any other Person or any Affiliate or Associate of such other Person with whom
such Person or any Affiliate or Associate of such Person has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described in clause (iii) of
this Section 1(d)) or disposing of any securities of the Company; provided, however, that for purposes of determining “beneficial ownership” of securities under this Agreement, officers and directors of the Company solely by
reason of their status as such shall not constitute a group (notwithstanding that they may be Associates of one another or may be deemed to constitute a group for purposes of Section 13(d) of the Exchange Act or any successor provision) and shall
not be deemed to own shares owned by another officer or director of the Company. 
 Nothing in the preceding sentence shall cause a Person
engaged in business as an underwriter of securities to be the “Beneficial Owner” of, or to “beneficially own,” any securities acquired through such Person’s participation in good faith in a firm commitment underwriting until
the expiration of 40 days after the date of such acquisition. 
 Notwithstanding anything in this Agreement to the contrary, for purposes of
this Agreement, no Person shall be treated as the “Beneficial Owner” of, or be deemed to “beneficially own,” any securities solely by reason of the ownership of those securities by any other Person that is an Exempt Person.

 Notwithstanding anything in this definition of Beneficial Ownership to the contrary, the phrase “then outstanding,” when used
with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding together with the number of such securities not then actually issued and outstanding which such
Person would be deemed to own beneficially under the preceding provisions in this definition. 
  

 3 

 (g) “Business Combination” has the meaning set forth in Section 13 of this Agreement.

 (h) “Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New
York or North Carolina are authorized or obligated by law or executive order to close. 
 (i) “Close of Business” on any
given date means 5:00 p.m., New York, New York time, on such date; provided, however, that if such date is not a Business Day it shall mean 5:00 p.m. New York, New York time, on the next succeeding Business Day. 
 (j) “Common Equivalent Share” has the meaning set forth in Section 11(c)(2)(C) of this Agreement. 
 (k) “Common Share” has the meaning set forth in Section 11(c)(2)(C) of this Agreement. 
 (l) “Common Stock” when used with reference to the Company means the Common Stock, par value $.01 per share, of the Company (as the same
may be changed by reason of any combination, subdivision or reclassification of the Common Stock). “Common Stock” when used with reference to any Person (other than the Company prior to a Business Combination) means shares of
capital stock of such Person (if such Person is a corporation) of any class or series, or units of equity interests in such Person (if such Person is not a corporation) of any class or series, the terms of which shares or units do not limit (as a
fixed amount and not merely in proportional terms) the amount of dividends or income payable or distributable on such shares or units or the amount of assets distributable on such shares or units upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person and do not provide that such shares or units are subject to redemption at the option of such Person, or any shares of capital stock or units of equity interests into which the foregoing shall be reclassified
or changed; provided, however, that if at any time there are more than one such class or series of capital stock of or equity interests in such Person, “Common Stock” of such Person will include all such classes and series
substantially in the proportion of the total number of shares or other units of each such class or series outstanding at such time. 
 (m)
“Current Market Price” per share of Common Stock, Common Equivalent Share or any other security on any date is the average of the daily closing prices per share of such Common Stock, Common Equivalent Share or any other security for
the 30 consecutive Trading Days (as such term is hereinafter defined) immediately prior to such date for the purpose of any computation under this Agreement; provided, however, that in the event that the Current Market Price per share
of Common Stock, Common Equivalent Share or any other security is determined during a period following the announcement by the issuer of such Common Stock, Common Equivalent Share or any other security of (i) a dividend or distribution on such
Common Stock, Common Equivalent Share or any other security other than a regular quarterly cash dividend, or (ii) any subdivision, combination or reclassification of such Common Stock, Common Equivalent Share or any other security, and prior to the
expiration of 30 Trading Days after the “ex-dividend” date for such dividend or distribution or the record date for such subdivision, combination or reclassification, then, and in each such case, the “Current Market 
  

 4 

 Price” must be appropriately adjusted to take into account such dividend, distribution, subdivision, combination or
reclassification. The closing price for each Trading Day shall be the last sale price, regular way, on such day, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day, in either
case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange (“NYSE”) or, if the Common Stock, Common Equivalent Share or any other
security is not listed or admitted to trading on the NYSE, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal United States national securities exchange on which the Common
Stock, Common Equivalent Share or such other security is listed or admitted to trading or, if the Common Stock, Common Equivalent Share or any other security is not listed or admitted to trading on any national securities exchange, the last quoted
price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System (“NASDAQ”) or such other system
then in use, or, if on any such date the Common Stock, Common Equivalent Share or such other security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market
in the security selected by a majority of the Board of Directors of the Company. If no such market maker is making a market, the fair market value of such shares on such day shall be determined in good faith by a majority of the Board of Directors
of the Company, which determination shall be described in a statement filed with the Rights Agent and shall be binding and conclusive for all purposes. The term “Trading Day” means a day on which the principal United States national
securities exchange on which the Common Stock, Common Equivalent Share or such other security is listed or admitted to trading is open for the transaction of business or, if the Common Stock, Common Equivalent Share or such other security is not
listed or admitted to trading on any United States national securities exchange, but is traded in the over-the-counter market, then any day for which the high bid and low asked prices in the over-the-counter market are reported, or if the Common
Stock, Common Equivalent Share or such other security is not traded in the over-the-counter market, then a Business Day. 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 Shares as determined pursuant to this paragraph of Section 1 (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof), multiplied
by the Adjustment Number. Each Common Equivalent Share consisting of preferred stock other than Preferred Stock shall be conclusively deemed to have the same “Current Market Price” as a Common Equivalent Share consisting of Preferred
Stock. 
 (n) “Distribution Date” means the earlier of (i) the tenth day after the Stock Acquisition Date and (ii) the tenth
Business Day after commencement of or public disclosure of an intention to commence (including, without limitation, any such commencement or public disclosure which occurs before or after the date of this Agreement and prior to the issuance of the
Rights) a tender offer or exchange offer by a Person if, after acquiring the maximum number of securities sought pursuant to such offer, such Person, or any Affiliate or Associate of such Person, would be an Acquiring Person. A majority of the Board
of Directors of the Company may defer the date set forth in clause (ii) of the preceding sentence to a specified later date or to an unspecified later date to be determined by a subsequent action or event. 
  

 5 

 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any
successor statute. 
 (p) “Exchange Date” means the time at which Rights are exchanged pursuant to Section 11(c)(3).

 (q) “Exchange Option Exercise Deadline” has the meaning set forth in Section 11(c)(3)(A)of this Agreement. 
 (r) “Exchange Ratio” has the meaning set forth in Section 11(c)(3)(A) of this Agreement. 
 (s) “Exempt Person” means (i) the Company, (ii) any Subsidiary of the Company, (iii) any employee benefit plan of the Company or of any
Subsidiary of the Company, (iv) any Person holding Common Stock for any such employee benefit plan or for employees of the Company or of any Subsidiary of the Company pursuant to the terms of any such employee benefit plan and (v) until the
completion of the Spin-Off, Sara Lee Corporation. 
 (t) “Exercise Amount” means the amount payable by the holder as a condition to the exercise of one Right. Until and unless it shall be
adjusted in accordance with this Agreement, the Exercise Amount shall be $75.00. 
 (u) “Expiration Date” means the Close of
Business on the date ten years from the Record Date. 
 (v) “Person” means any individual, firm, corporation, limited
liability company, partnership, joint venture, association, trust, unincorporated organization or other entity, and shall include any “group” as that term is used in Rule 13d-5(b) under the Exchange Act (or any successor provision).

 (w) “Preferred Stock” means the Company’s Junior Participating Preferred Stock, Series A, par value $.01 per share,
having the rights and preferences set forth in the Articles Supplementary for the Junior Participating Preferred Stock, Series A, attached hereto as Exhibit A. 
 (x) “Principal Party” means (i) in the case of any Business Combination described in clause (i), (ii) or (iii) of the first sentence of Section 13(a), (A) the Person that is the issuer of any
securities into which shares of Common Stock of the Company are converted or for which they are exchanged in such Business Combination or, if there is more than one such issuer, the issuer of the Common Stock which has the greatest aggregate market
value or (B) if no securities are so issued, the Person that survives or results from the Business Combination or, if there is more than one such Person, the Person the Common Stock of which has the greatest aggregate market value, and (ii) in the
case of any Business Combination described in clause (iv) of the first sentence in Section 13(a), the Person that receives the greatest portion of the assets or earning power transferred pursuant to such Business Combination or, if each Person that
is a party to such Business Combination receives the same portion of the assets or earning power so transferred or if the Person receiving the greatest portion of the assets or earning power cannot reasonably be determined, whichever of such Persons
is the issuer of the Common Stock which 
  

 6 

 has the greatest aggregate market value; provided, however, that in any such case, if the Common Stock of such Person is
not at such time and has not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act and such Person is a direct or indirect Subsidiary of one or more other Persons, then (x) “Principal Party”
refers to whichever of such other Persons has Common Stock that is and has been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act; (y) if the Common Stocks of two or more of such other Persons are and
have been so registered, “Principal Party” refers to whichever of such other Persons is the issuer of the Common Stock which has the greatest aggregate market value; or (z) if the Common Stock of none of such other Persons has been so
registered, “Principal Party” refers to whichever of such other Persons (other than an individual) is the Person which has the equity securities with the greatest aggregate market value. In case 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 above apply to each of the chains of ownership having an interest in such joint venture as if such
Person were a Subsidiary of both or all of such joint venturers and the Principal Parties in each such chain shall bear the obligations set forth in Section 13 in the same ratio as their direct or indirect interests in such Person bear to the total
of such interests. 
 (y) “Purchase Price:” Until the Stock Acquisition Date, the term Purchase Price means the price at
which one-one thousandth of a share of Preferred Stock shall be purchasable with the Rights. The Purchase Price shall be $75.00 per one one-thousandth of a share of Preferred Stock until and unless it shall be adjusted pursuant to this Agreement.
Immediately after the Stock Acquisition Date, the term “Purchase Price” shall mean the price per Common Share for which Common Shares shall be purchasable with the Rights. Thereafter the term “Purchase Price” as applied with
respect to each kind of stock or other property purchasable with the Rights as a result of adjustments prescribed by this Agreement shall mean the price at which each share of such stock or the smallest available unit of such other property is
purchasable with the Rights. 
 (z) “Record Date” has the meaning given to such term in the Recitals to this Agreement.

 (aa) “Redemption Date” means the time at which the Rights are scheduled to be redeemed as provided in Section 23.

 (bb) “Redemption Price” has the meaning given to such term in Section 23. 
 (cc) “Reduction Amount” has the meaning set forth in Section 11(c)(1) of this Agreement. 
 (dd) “Rights Agent” has the meaning set forth in the preamble hereof. 
 (ee) “Rights Certificates” has the meaning set forth in Section 3(b) of this Agreement. 
 (ff) “Securities Act” means the Securities Act of 1933, as amended, and any successor statute. 
  

 7 

 (gg) “Stock Acquisition Date” means the first date of public disclosure by the Company
that an Acquiring Person has become such. 
 (hh) “Subsidiary” has the meaning given to such term in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement. 
 (ii) “Trigger Date”
means the first date upon which a Person becomes an Acquiring Person. 
 (jj) “Triggering Event” shall mean a Person
becoming an Acquiring Person. 
 (kk) “Unallocated Shares” has the meaning set forth in Section 11(c)(2)(B) of this
Agreement. 
 Section 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in
accordance with the terms and conditions hereof, 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, upon ten (10) days’ prior written
notice to the Rights Agent. The Rights Agent shall have no duty to supervise, and in no event be liable for, the acts or omissions of any such co-Rights Agent. 
 Section 3. Issuance of Rights Certificates. 
 (a) As soon as practical after the Distribution Date,
the Company or the Rights Agent shall mail, by first class, insured, postage prepaid mail, to each record holder of the Common Stock on the Close of Business on the Distribution Date, as shown by the records of the Company, at the address of such
holder as shown on such records, a summary of the Rights in such form as the Company may determine (and not inconsistent with the terms of this Agreement). 
 (b) Until the Distribution Date: (i) the Rights shall be issued in respect of the shares of Common Stock issued and outstanding on the Record Date and shares of Common Stock issued or which become outstanding after
the Record Date and prior to the earliest of the Distribution Date, the Redemption Date, the Exchange Date and the Expiration Date, (ii) if the shares of Common Stock are evidenced by certificates, then the certificates for the Common Stock shall be
deemed to also represent the Rights until the earliest of the Distribution Date, the Redemption Date, the Exchange Date and the Expiration Date, (iii) the registered holders of such shares of Common Stock shall also be the registered holders of the
Rights associated with such shares; and (iv) the Rights shall be transferable only in connection with the transfer of shares of Common Stock, and the transfer of any shares of Common Stock shall also constitute the transfer of the Rights associated
with such shares. As soon as practicable after the Company has notified the Rights Agent of the occurrence of the Distribution Date, the Rights Agent shall (except as otherwise provided in Section 7(e)) mail, by first-class, insured, postage prepaid
mail, to each record holder of the Common Stock as of the Close of Business on the Distribution Date, as shown by the records of the Company, at the address of such holder shown on such records, one or more certificates evidencing the Rights
(“Rights Certificates”), in substantially the form of Exhibit B hereto, evidencing one Right (as adjusted from time to time pursuant to this Agreement) for each share of Common Stock so held (and from and after the Distribution
Date, the Rights will be evidenced solely by such Rights Certificates). 
  

 8 

 (c) Rights shall be issued in respect of all shares of Common Stock which are issued or sold by the
Company after the Record Date but prior to the earliest of the Distribution Date, the Redemption Date, the Exchange Date and the Expiration Date. In addition, in connection with the issuance or sale of Common Stock by the Company following the
Distribution Date and prior to the earliest of the Redemption Date, the Exchange Date and the Expiration Date, the Company shall, with respect to Common Stock so issued or sold (i) pursuant to the exercise of stock options issued prior to the
Distribution Date or under any employee plan or arrangement created prior to the Distribution Date, or (ii) upon the exercise, conversion or exchange of securities issued by the Company prior to the Distribution Date, issue Rights and Rights
Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (x) no such Rights and Rights Certificate shall be issued if, and to the extent that, the Company shall be
advised by counsel that such issuance would create a significant risk of material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued and (y) no such Rights and Rights Certificates shall be issued
if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. Rights Certificates issued after the Record Date representing shares of Common Stock outstanding on the Record Date and shares of
Common Stock (to the extent such shares are represented by certificates) issued after the Record Date but prior to the earliest of the Distribution Date, the Redemption Date, the Exchange Date and the Expiration Date shall have impressed, printed,
or written on, or otherwise affixed to them a legend substantially in the following form: 
 This certificate also evidences and entitles the
holder hereof to certain Rights as set forth in a Rights Agreement between Hanesbrands Inc. and Computershare Trust Company, N.A., as Rights Agent, dated as of September 1, 2006 (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 Hanesbrands Inc. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates
and will no longer be evidenced by this certificate. Hanesbrands Inc. will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances, Rights that
were, are or become beneficially owned by Acquiring Persons or their Associates or Affiliates (as such terms are defined in the Rights Agreement) may become null and void and the holder of any of such Rights (including any subsequent holder) shall
not have any right to exercise such Rights. 
 (d) Notwithstanding any other provision of this Agreement, neither the Company, the Rights
Agent nor anyone else shall have any obligation to issue any Rights Certificate to an Acquiring Person or to anyone else in whose hands the Rights nominally represented by such Certificate would be null and void– either initially or in
connection with a request to register a 
  

 9 

 transfer of Rights represented by a certificate previously issued. Furthermore, neither the Company, the Rights Agent nor
anyone else shall be obligated to issue Rights Certificates to any person making a tender offer which if consummated could render such person an Acquiring Person or to any Affiliate or Associate of such person until and unless the tender offer is
withdrawn and the person shall have established to the Company’s reasonable satisfaction that such person does not intend to become an Acquiring Person. The Company shall be entitled to require any person claiming the right to receive a Rights
Certificate to present such evidence as the Company shall require in good faith to establish to the Company’s satisfaction that the Rights represented by that Certificate have not become null and void under the provisions in Section 7(e) or
that the Company is not entitled to withhold such Certificate under the provisions of the preceding sentence. 
 Section 4. Form of Rights
Certificates. The Rights Certificates (and the form of election to purchase shares and form of assignment to be printed on the reverse thereof) shall be in substantially the form of Exhibit B hereto and may have such marks of identification or
designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (and as are not inconsistent with the provisions of this Agreement), or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. Subject to the provisions of this Agreement, the Rights Certificates, whenever issued,
shall be dated as of the Distribution Date, and on their face shall entitle the holders thereof to purchase such number of shares of Preferred Stock as shall be set forth therein at the Purchase Price set forth therein, but the number and kind of
such securities and the Purchase Price shall be subject to adjustment as provided in this Agreement. 
 Section 5. Execution,
Countersignature and Registration. 
 (a) Each Rights Certificate shall be executed on behalf of the Company by the Company’s Chief
Executive Officer, President, Chief Financial Officer, Treasurer or any Vice President, either manually or by facsimile signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which shall be attested by the
Company’s Secretary or an Assistant Secretary, either manually or by facsimile signature. Each Rights Certificate shall be countersigned by the Rights Agent either manually or, if permitted by the Company, by facsimile signature and shall not
be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed a Rights Certificate shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by
the Company, such Rights Certificate nevertheless may be countersigned by the Rights Agent and issued and delivered with the same force and effect as though the Person who signed such Rights Certificate had not ceased to be such officer of the
Company; and any Rights Certificate may be signed on behalf of the Company by any Person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the
date of the execution of this Agreement any such Person was not such an officer. 
 (b) Following the Distribution Date, the Rights Agent
shall keep or cause to be kept, at its principal stock transfer office, books for registration and transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights
Certificates, the number of Rights evidenced by each Rights Certificate, and the certificate number and the date of issuance of each Rights Certificate. 
  

 10 

 Section 6. Transfer, Division, Combination and Exchange of Rights Certificates; Mutilated, Destroyed,
Lost or Stolen Rights Certificates. 
 (a) Subject to the provisions of Section 3(d) and Section 14, at any time after the Close of
Business on the Distribution Date and at or prior to the Close of Business on the earliest of the Redemption Date, the Exchange Date and the Expiration Date, any Rights Certificate or Rights Certificates may be transferred, divided, combined or
exchanged for another Rights Certificate or Rights Certificates, entitling the registered holder to purchase a like number of shares of Preferred Stock (or following the Stock Acquisition Date or a Business Combination, other securities, cash or
other property, as the case may be) as the Rights Certificate or Rights Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, divide, combine or exchange any Rights Certificate shall make such
request in writing delivered to the Rights Agent, and shall surrender the Rights Certificate or Rights Certificates to be transferred, divided, combined or exchanged at the principal corporate office of the Rights Agent. Thereupon the Rights Agent
shall countersign and deliver to the Person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. As a condition to such transfer, division, combination or exchange, the Company may require payment by the
surrendering holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection therewith. 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 shall have duly completed and executed the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the
Beneficial Owner (or such former or proposed Beneficial Owner) thereof or such Beneficial Owner’s Affiliates or Associates as the Company shall reasonably request. 
 (b) Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate, and, in case of loss, theft or destruction, of
indemnity or security reasonably satisfactory to them, and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if
mutilated, the Company will make and deliver a new Rights Certificate of like tenor to the Rights Agent for delivery to the registered owner in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated. 
 Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. 
 (a) Each Right shall entitle (except as otherwise provided in this Agreement) the registered holder thereof, upon the exercise thereof as provided in this
Agreement, to purchase, for the Purchase Price, at any time after the Distribution Date and prior to the earliest of the Expiration Date, the Exchange Date and the Redemption Date, one one-thousandth (1/1000) of a share of Preferred Stock, subject
to adjustment from time to time as provided in Sections 11 and 13. 
  

 11 

 (b) The registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as
otherwise provided in this Agreement) in whole or in part (except that no fraction of a Right may be exercised) at any time after the Distribution Date and prior to the earliest of the Expiration Date, the Exchange Date and the Redemption Date, by
surrendering the Rights Certificate, with the form of election to purchase on the reverse side thereof duly executed, to the Rights Agent at the principal stock transfer office of the Rights Agent, together with payment of the Exercise Amount for
each Right exercised. 
 (c) Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase duly
executed, accompanied by payment of the Exercise Amount for each Right exercised and an amount equal to any applicable transfer tax required to be paid by the surrendering holder pursuant to Section 9(d), the Rights Agent shall, subject to the
provisions of this Agreement, thereupon promptly (i)(A) requisition from any transfer agent for the Preferred Stock (or make available, if the Rights Agent is the transfer agent for such shares) certificates for the Preferred Stock (or other
securities, as the case may be) to be purchased (and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests), or (B) if the Company shall have elected to deposit the total number of shares of Preferred Stock
(or other securities, as the case may be) issuable upon exercise of the Rights with a depositary agent, requisition from the depositary agent depositary receipts representing such Preferred Stock (or other securities, as the case may be) as are to
be purchased (in which case certificates for the Preferred Stock (or other securities, as the case may be) represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company shall direct the depositary
agent to comply with such request; (ii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be
designated by such holder; and (iii) if appropriate, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14 of this Agreement and, promptly after receipt thereof, cause the
same to be delivered to or upon the order of the registered holder of such Rights Certificate. In the event that the Company is obligated to issue other securities (including shares of Common Stock) of the Company, pay cash and/or distribute other
property pursuant to this Agreement, the Company will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when appropriate. 
 (d) In case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced thereby, a new Rights Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to the registered holder of such Rights Certificate or to his duly authorized assigns, subject to the provisions of Section 3(c) and
Section 14. 
 (e) Notwithstanding anything in this Agreement to the contrary, any Rights that are or were formerly beneficially owned on or
after the earlier of the Distribution Date and the Trigger Date by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a direct or indirect transferee of an Acquiring Person (or of an Associate or Affiliate of such
Acquiring Person) who becomes a transferee after the Acquiring Person becomes such, or (iii) a direct or indirect transferee of an Acquiring Person (or of an Associate or Affiliate of such Acquiring Person) who becomes a transferee prior to or
concurrently with the Acquiring Person 
  

 12 

 becoming such and receives such Rights pursuant to either (A) a direct or indirect transfer (whether or not for
consideration) from the Acquiring Person (or from an Associate or Affiliate of such Acquiring Person) to holders of equity interests in such Acquiring Person (or to holders of equity interests in any Associate or Affiliate of such Acquiring Person)
or to any Person with whom the Acquiring Person (or an Associate or Affiliate of such Acquiring Person) has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a direct or indirect transfer which a majority
of the Board of Directors of the Company determines is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of this Section 7(e), shall, immediately upon the occurrence of a Triggering Event and without
any further action, be null and void and no holder of such Rights shall have any rights whatsoever with respect to such Rights whether under this Agreement or otherwise; provided, however, that, in the case of transferees under clause
(ii) or clause (iii) above, any Rights beneficially owned by such transferee shall be null and void only if and to the extent such Rights were formerly beneficially owned by a Person who was, at the time such Person beneficially owned such Rights,
or who later became, an Acquiring Person or an Affiliate or Associate of such Acquiring Person. The Company shall use all reasonable efforts to ensure that the provisions of this Section 7(e) are complied with, but shall have no liability to any
holder of a Rights Certificate or to any other Person as a result of the Company’s failure to make, or any delay in making (including any such failure or delay by the Board of Directors of the Company) any determinations with respect to an
Acquiring Person or its Affiliates, Associates or transferees hereunder. 
 (f) Notwithstanding anything in this Agreement to the contrary,
neither the Rights Agent nor the Company shall be obligated to undertake any action with respect to the registered holder of a Rights Certificate upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered
holder shall have (i) completed and signed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity
of the Beneficial Owner (or former or proposed Beneficial Owner) thereof or the Affiliates or Associates of such Beneficial Owner (or former or proposed Beneficial Owner) as the Company shall reasonably request. 
 Section 8. Cancellation and Destruction of Rights Certificates. All Rights Certificates surrendered for the purpose of exercise, transfer,
division, 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 canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights
Certificates shall be issued in lieu thereof except as expressly permitted by the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other
Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Rights Certificates to the Company, or shall, at the written request of the Company, destroy such canceled
Rights Certificates, and in such case shall deliver a certificate of destruction thereof to the Company. 
  

 13 

 Section 9. Reservation and Availability of Preferred Stock. 
 (a) The Company covenants and agrees that it will cause to be reserved and kept available at all times out of its authorized and unissued shares of
Preferred Stock or its authorized and issued shares of Preferred Stock held in its treasury (and, following the Stock Acquisition Date or the occurrence of a Business Combination, out of its authorized and unissued shares of Common Stock and/or
other securities or out of its authorized and issued shares of Common Stock and/or other securities held in its treasury) free from preemptive rights or any right of first refusal, a sufficient number of shares of Preferred Stock (and, following the
Stock Acquisition Date, shares of Common Stock and/or other securities) to permit the exercise in full of all Rights from time to time outstanding. 
 (b) The Company further covenants and agrees, so long as the Preferred Stock (and, following the Stock Acquisition Date or the occurrence of a Business Combination, shares of Common Stock and/or other securities) issuable upon the exercise
of Rights may be listed on any United States national securities exchange or quoted on any automated quotation system, to use its best efforts to cause, from and after the time that the Rights become exercisable, all such shares and/or other
securities reserved for such issuance to be listed on such exchange or quoted on such automated quotation system upon official notice of issuance upon such exercise. 
 (c) The Company further covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred Stock (and, following the Stock Acquisition Date or the occurrence of a
Business Combination, shares of Common Stock and/or other securities) delivered upon the exercise of Rights shall, at the time of delivery of the certificates for such shares and/or such other securities (subject to payment of the Purchase Price),
be duly and validly authorized and issued, fully paid, nonassessable, freely tradeable, not subject to liens or encumbrances, and free of preemptive rights, rights of first refusal or any other restrictions or limitations on the transfer or
ownership thereof, of any kind or nature whatsoever. 
 (d) The Company further covenants and agrees that it will pay when due and payable
any and all federal and state transfer taxes and charges which may be payable in respect of the original issuance or delivery of the Rights Certificates or of any certificates for shares of Preferred Stock (or Common Stock and/or other securities,
as the case may be) upon the exercise of Rights. The Company shall not, however, be required to (i) pay any transfer tax which may be payable in respect of any transfer involved in the issuance or delivery of any Rights Certificates or the issuance
or delivery of any certificates for shares of Preferred Stock (or Common Stock and/or other securities as the case may be) to a Person other than, or in a name other than that of, the registered holder of the Rights Certificate evidencing Rights
surrendered for exercise or (ii) transfer or deliver any Rights Certificate or issue or deliver any certificates for shares of Preferred Stock (or Common Stock and/or other securities as the case may be) upon the exercise of any Rights until any
such tax shall have been paid (any such tax being payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company’s satisfaction that no such tax is due. 
 (e) The Company shall (i) as soon as practicable following the Stock Acquisition Date (or such earlier time following the Distribution Date as may be
required by law), prepare and file a registration statement on an appropriate form under the Securities Act with respect to the securities purchasable upon exercise of the Rights, (ii) cause such registration statement to become effective as soon as
practicable after such filing, and (iii) cause such registration 
  

 14 

 statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the
earlier of (A) the date as of which Rights are no longer exercisable for such securities and (B) the Expiration Date. The Company shall also take such action as may be necessary or appropriate under, or to ensure compliance with, the securities or
“blue sky” laws of the various states in connection with the exercise of the Rights. The Company may temporarily suspend, for a period of time not to exceed 90 days after the Stock Acquisition Date, 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 make 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. 
 Section 10. Preferred Stock Record Date. Each Person
in whose name any certificate for shares of Preferred Stock (or Common Stock and/or other securities, as the case may be) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the Preferred
Stock (or Common Stock and/or other securities, as the case may be) represented thereby on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price
(and any applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of
the Company are closed, such Person shall be deemed to have become the record holder of such shares (and/or such other securities, as the case may be) on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred
Stock (or Common Stock and/or other securities, as the case may be) transfer books of the Company are open. 
 Section 11. Adjustments to
Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number and kind of securities, cash and other property obtainable upon exercise of each Right and the number of Rights outstanding shall be subject to adjustment from
time to time as provided in this Section 11. 
 (a) Adjustments Prior to the Stock Acquisition Date: 
  

	 	(1)	In the event the Company shall at any time after the date of this Agreement and prior to the Stock Acquisition Date (i) pay a dividend or make a distribution on the Common Stock
payable in shares of Common Stock, (ii) subdivide (by a stock split or otherwise) the outstanding Common Stock into a larger number of shares, (iii) combine (by a reverse stock split or otherwise) the outstanding Common Stock into a smaller number
of shares (and any of the actions described in clauses (i), (ii) or (iii) are herein called a “stock split”) then: 

  

	 	(A)	The number of Rights outstanding shall be adjusted so that after giving effect to such stock split the number of Rights outstanding shall be exactly equal to the number of shares of
Common Stock outstanding (and so that prior to the Distribution Date one Right shall be associated with every share of Common Stock outstanding after such stock split); 

  

 15 

	 	(B)	The Exercise Amount shall be adjusted by multiplying the Exercise Amount in effect immediately prior to such stock split by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to such stock split and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such stock split; 

  

	 	(C)	The Purchase Price for each one one-thousandth of a share of Preferred Stock shall not change; and 

  

	 	(D)	The fraction of a share of Preferred Stock purchasable with each Right immediately after such stock split shall be equal to the product derived by multiplying the fraction of a
share of Preferred Stock purchasable with each Right immediately prior to such stock split times the fraction cited in clause (B) above. 

 The following example illustrates the intended operation of the preceding provisions. Assume that initially, each Right would (when and if it became exercisable) entitle its holder to purchase one one-thousandth of a
share of Preferred Stock for $75.00 (and accordingly the initial Exercise Amount and the initial Purchase Price per one one-thousandth of a share of Preferred Stock are each $75.00). Assume further that prior to the Distribution Date, the Company
splits its Common Stock two for one (thereby doubling the number of shares of Common Stock outstanding). The intended operation of the preceding adjustment provisions is that: (i) the number of Rights outstanding would also double; (ii) one Right
would be associated with each share of Common Stock outstanding after the stock split; (iii) each Right would have an Exercise Amount equal to $37.50; (iv) each Right will entitle its holder (when and if the Right becomes exercisable) to purchase
one two-thousandth of one share of Preferred Stock; and (v) the Purchase Price for each one one-thousandth of a share of Preferred Stock would remain $75.00 so that the price for each one two-thousandth of a share of Preferred Stock purchasable with
each Right would be $37.50. 
  

	 	(2)	Adjustment in Rights Certificates: In the event the Distribution Date shall occur and the Company shall issue separate certificates to represent the Rights, the following provisions
shall thereafter apply: 

  

	 	(A)	In the event the number of Rights outstanding are increased pursuant to Section 11(a)(1), the Company shall as 

  

 16 

 promptly as reasonably possible distribute to the record holders of the Rights on the record date for
the stock split giving rise to the increase in the number of Rights certificates representing the additional Rights issuable by reason of such stock split. 
  

	 	(B)	In the event the number of Rights outstanding are reduced pursuant to Section 11(a) by reason of the occurrence of a reverse stock split or its functional equivalent, then each
Rights certificate outstanding prior to such reverse stock split shall thereafter represent the reduced number of Rights into which the Rights represented by such certificate immediately prior to such reverse stock split shall have been converted by
reason of the occurrence of that reverse stock split. 

 (b) Basic Stock Acquisition Date Adjustments: On the Stock Acquisition
Date (except as otherwise provided in this Agreement), each Right shall be changed so that on the Stock Acquisition Date: 
  

	 	(1)	it shall no longer be exercisable for Preferred Stock but rather shall be exercisable for Common Stock (subject to adjustment as provided in Section 11(c) and Section 11(d));

  

	 	(2)	the number of shares of Common Stock which may be acquired upon exercise of each Right and payment of the Exercise Price shall be equal to the result obtained by dividing (x) 50% of
the Current Market Price per share of Common Stock on the date of the occurrence of the Triggering Event into (y) the Exercise Amount in effect immediately prior to the Triggering Event; and 

  

	 	(3)	the Purchase Price per Common Share purchasable with each Right shall be equal to 50% of the Current Market Price per share of Common Stock on the date of the occurrence of the
Triggering Event. 

 (c) Other Post Stock Acquisition Date Adjustments. 
  

	 	(1)	Reduction of Exercise Amount: At any time after the Stock Acquisition Date, the Board of Directors of the Company shall have the right to reduce the Exercise Amount by such amount
as it shall desire provided that (i) the reduction shall not result in a Purchase Price lower than the par value per share of the shares purchasable with the Rights, and (ii) the Board of Directors of the Company shall determine that such reduction
is not contrary to the interests of holders of Rights (other than any Acquiring Person or any other Person in whose hands the Rights are void) and, without 

  

 17 

 limiting the foregoing, that the value of the Rights (to holders other than any Acquiring Person or any
other Person in whose hands the Rights are void) immediately after such reduction will be at least equal to or greater than the value of the Rights immediately prior to the public announcement of such reduction. The term “Reduction Amount”
means the amount of the reduction in the Exercise Amount which shall be made in accordance with the preceding sentence. In the event any reduction shall actually be made in accordance with this paragraph, then the number of Common Shares purchasable
with each Right shall be reduced to an amount having a Current Value equal to the remainder derived by subtracting the Reduction Amount from the Current Value as of the date of such adjustment of the number of Common Shares purchasable with each
Right immediately prior to such adjustment. For purposes of the preceding sentence, (i) the “Current Value” of a particular number of Common Shares shall be equal to the product derived by multiplying that particular number times the
greater of (x) the Current Market Price (calculated as prescribed in Section 1) or (y) the closing price per share (calculated as prescribed in Section 1) for the Common Shares on the Trading Day immediately prior to the day on which the adjustment
shall be made and (ii) “the number of Common Shares purchasable with each Right immediately prior to such adjustment” shall be the number after giving effect to the adjustment to be made on the Stock Acquisition Date pursuant to Section
11(b) and any other adjustments which shall have been prescribed by this Agreement for the period from the Stock Acquisition Date to the date upon which the adjustment shall be made under this Section 11(c)(1). Upon making each adjustment under this
Section 11(c)(1), the Purchase Price for each of the Common Shares purchasable after making such adjustment shall be reduced to the quotient derived by dividing the Exercise Amount in effect after such reduction by the number of Common Shares
purchasable with each Right after giving effect to the reduction prescribed by this Section 11(c)(1). 
  

	 	(2)	Use of Common Equivalent Shares: In the event that (x) the number of shares of Common Stock which are authorized by the Company’s articles of incorporation, but which are not
outstanding or reserved for issuance for purposes other than upon exercise of the Rights (“Available Common Stock”) is not sufficient to permit the exercise in full of the Rights after the adjustment made in accordance with Section
11(b) and (y) the Board of Directors does not exercise its power to increase the number of authorized shares, then: 

  

	 	(A)	The Company shall first reduce the Exercise Amount pursuant to Section 11(c)(1) by a Reduction Amount equal 

  

 18 

 to the lesser of (i) the amount which shall be sufficient to reduce the amount of Common Stock
purchasable with the Rights (after giving effect to the adjustment prescribed by Section 11(c)(1)) to a number of shares not in excess of the Available Common Stock or (ii) the maximum amount permitted by Section 11(c)(1). 
  

	 	(B)	If the amount of the adjustment required by the preceding sentence shall not be sufficient to reduce the amount of Common Stock purchasable with the Rights to a number of shares not
in excess of the Available Common Stock, then (i) first, the Available Common Stock shall be allocated among all of the then outstanding and exercisable Rights so that each Right shall entitle its holder to receive (upon exercise of the Right and
payment of the Exercise Amount) the same quantity of Available Common Stock and (ii) second, each Right shall additionally entitle its holder to (x) purchase a fraction of a share of Preferred Stock which when multiplied times the Adjustment Number
then in effect under the terms of the Preferred Stock produces a product equal to the remainder derived by subtracting the number of shares of Common Stock purchasable with each Right after the allocation specified above in clause (i) from the
number of shares of Common Stock which would have been purchasable with such Right if the Corporation had a sufficient number of shares of Common Stock to permit the Right to be exercisable entirely for Common Stock (such remainder being referred to
herein as the “Unallocated Shares”). 

  

	 	(C)	The fraction of a share of Preferred Stock equal to the reciprocal of the Adjustment Number in effect at the time the term shall be applied shall be deemed to be a “Common
Equivalent Share” for purposes of this Agreement. The Company shall take all actions reasonably necessary so that as nearly as possible each Common Equivalent Share represents substantially the same interest in the Company, has the same
dividend rate, and has other characteristics as similar as possible to one share of Common Stock. The term “Common Share” whenever it is used in this Agreement means both a share of Common Stock and a Common Equivalent Share.

  

	 	(D)	If circumstances after the Stock Acquisition Date require the use of Common Equivalent Shares, the Company shall use its best efforts to obtain authorization to issue (i) a
sufficient quantity of Common Stock to permit Common 

  

 19 

 Stock to be issued upon exercise of the Rights and/or any exercise of the exchange right under the
following Section and (ii) a sufficient quantity of Common Equivalent Shares as may be necessary or appropriate to permit Common Equivalent Shares to be issued upon exercise of the Rights and/or any exercise of the exchange right under the following
Section. Each time the Company’s authorized Common Stock shall be increased, the adjustment required under the preceding paragraphs shall be redone to maximize the amount of Common Stock issuable upon exercise of the Rights. To the extent
excess authorized Common Stock remains after the readjustment required by the preceding sentence, the holder of any outstanding Common Equivalent Share shall have the right at any time to require the Company to exchange that share for a share of
Common Stock. 
  

	 	(E)	In no event, however, shall the Company be obligated to reserve any Common Stock for issuance under the Rights until the Stock Acquisition Date. 

  

	 	(F)	In no event shall the Company issue any Preferred Stock except for issuances caused by exercise of the Rights and except for issuances required by this Section 11(c)(2), Section
11(c)(3) or Section 11(d)(6). 

  

	 	(3)	Exchange Option: 

  

	 	(A)	At any time after the occurrence of a Triggering Event and prior to the earlier of (i) the time any Person (other than an Exempt Person), together with all Affiliates and Associates
of such Person, becomes the Beneficial Owner of 50% or more of the Common Stock then outstanding and (ii) the occurrence of a Business Combination (the earlier of such time and occurrence being referred to herein as the “Exchange Option
Exercise Deadline”), the Board of Directors of the Company may, at its option, cause the Company to exchange for all or part of the then-outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to
the provisions of Section 7(e) hereof), Common Shares at an exchange ratio of one Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date of this Agreement (such
exchange ratio being referred to herein as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors of the Company may exercise its option to effect an exchange 

  

 20 

 pursuant to this Section 11(c)(3) prior to the Trigger Date effective upon the Trigger Date, even if the
Trigger Date coincides with the Exchange Option Exercise Deadline. Any partial exchange shall be effected on a pro rata basis based on the number of Rights (other than Rights which have become void pursuant to the provisions of Section 7(e) hereof)
held by each holder of Rights. 
  

	 	(B)	Immediately upon the action of the Board of Directors of the Company ordering the exchange of any particular Rights pursuant to this Section 11(c)(3) and without any further action
and without any notice, the right to exercise those particular Rights shall terminate and the only right a holder shall have thereafter with respect to any of those particular Rights shall be to receive the number of Common Shares equal to the
number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange and in addition, the Company shall promptly mail a notice of any such exchange to all of the holders of
such Rights in accordance with Section 25 of this Agreement; provided, however, that the failure to give, any delay in giving or any defect in, such notice shall not affect the validity of such exchange. Each such notice of exchange will state the
method by which the exchange of the Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. The Company shall not be required to issue fractions of Common Shares or to
distribute certificates which evidence fractional Common Shares. In lieu of such fractional Common Shares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional Common Shares would otherwise
be issuable an amount in cash equal to the product derived by multiplying (x) the subject fraction, by (y) the last sale price of the Company’s Common Stock on the fifth Trading Day following the public announcement of the exchange by the
Company, or, in case no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case on a when issued basis (taking into account the exchange), as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the NYSE (or, if the Company’s Common Stock is not so listed or traded, then as determined in the manner provided under the definition of “Current Market
Price,” adjusted to take into account the exchange). In determining whether any 

  

 21 

 particular holder shall be obligated to receive cash in lieu of a fractional share, the holder shall be
entitled to have all Rights beneficially owned by such holder aggregated so that only one fractional share shall be attributable to all the Rights so beneficially owned. 
 (d) Antidilution Adjustments After the Stock Acquisition Date: 
  

	 	(1)	In the event the Company shall at any time after the Stock Acquisition Date effect any stock split with respect to its Common Stock, then the Purchase Price to be in effect after
such stock split shall be determined by multiplying the Purchase Price in effect immediately prior to such action by a fraction, the numerator of which shall be the number of Common Shares outstanding immediately prior to such stock split and the
denominator of which shall be the number of Common Shares outstanding immediately after such stock split. 

  

	 	(2)	In case the Company shall at any time after the Stock Acquisition Date fix a record date for the making of a distribution to holders of Common Stock (including any such distribution
made in connection with a reclassification of the Common Stock or a consolidation or merger in which the Company is the surviving corporation) of securities (other than Common Stock and rights, options or warrants referred to in Section 11(d)(3)),
cash (other than a regular periodic cash dividend at an annual rate not in excess of (x) 125% of the annual rate of the regular cash dividend paid on the Common Stock during the immediately preceding fiscal year or (y) in the event that a regular
cash dividend was not paid on the Common Stock during such preceding fiscal year, 5% of the Current Market Price of the Common Stock on the date such regular cash dividend was first declared), property, evidences of indebtedness or assets, the
Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current Market Price per share of Common
Stock on such record date, less the fair market value (as determined in good faith by a majority of the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent) of such securities, cash,
property, evidences of indebtedness or assets to be so distributed in respect of one share of Common Stock, and the denominator of which shall be such Current Market Price per share of Common Stock on such record date. Such adjustments shall be made
successively whenever such a record date is fixed; and in the event that such distribution is not made following such adjustment, the Purchase Price shall be readjusted to be the Purchase Price which would have been in effect if such record date had
not been fixed. 

  

 22 

	 	(3)	If the Company shall at any time after the Stock Acquisition Date fix a record date for the issuance of rights, options or warrants to holders of Common Shares entitling them to
subscribe for or purchase Common Shares (or securities convertible into Common Shares) at a price per Common Share (or, in the case of a convertible security, having a conversion price per Common Share) less than the Current Market Price per share
of Common Stock on such record date and requiring that the conversion or purchase right be exercised within 45 calendar days after such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the
Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Common Shares outstanding on such record date, plus the number of Common Shares which the aggregate exercise and/or
conversion price for the total number of Common Shares which are obtainable upon exercise and/or conversion of such rights, options, warrants or convertible securities would purchase at such Current Market Price, and the denominator of which shall
be the number of shares of Common Shares outstanding on such record date, plus the number of additional Common Shares which may be obtained upon exercise and/or conversion of such rights, options, warrants or convertible securities. In case such
subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by a majority of the Board of Directors of the Company, whose
determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent. Common Shares owned by or held for the account of the Company or any Subsidiary of the Company shall not be deemed outstanding for
the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that such rights, options or warrants are not issued following such adjustment, the Purchase Price shall be
readjusted to be the Purchase Price which would have been in effect if such record date had not been fixed. 

  

	 	(4)	Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly
required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any combination or subdivision of the Common Stock, issuance wholly for cash of any Common Stock at less than the Current
Market Price, issuance 

  

 23 

 wholly for cash of Common Stock or securities which by their terms are convertible into or exchangeable
or exercisable for Common Shares, stock dividends or issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Common Shares, shall not be taxable to such stockholders. 
  

	 	(5)	After each adjustment of the Purchase Price pursuant to any of subsections (1) - (4) immediately above, the number of Common Shares purchasable with each Right shall be adjusted to
the quotient derived by dividing the Purchase Price as constituted after giving effect to such adjustment into the Exercise Amount. 

  

	 	(6)	The Company shall not take any of the actions described in any of subsections (1) - (3) above at a time when any Common Equivalent Shares are outstanding unless the Company shall
take substantively identical actions with respect to the outstanding Common Stock and outstanding Common Equivalent Shares. Conversely, the Company shall not take any actions with respect to outstanding Common Equivalent Shares analogous to those
described in any of subsections (1) - (3) above unless the Company shall take substantively identical actions with respect to the outstanding Common Stock and outstanding Common Equivalent Shares. 

 (e) Recapitalizations. 
  

	 	(1)	In the event that after the Stock Acquisition Date, the Company shall issue any securities in a reclassification of the Common Stock or in any other recapitalization (including any
such reclassification in connection with a consolidation or merger in which the Company is the surviving corporation), then in each such event: 

  

	 	(A)	the property purchasable with each Right shall be adjusted to be whatever the owner of that Right would have owned by reason of both (i) the exercise of that Right immediately prior
to such recapitalization or reclassification and (ii) the effect of that recapitalization or reclassification on the property assumed to have been received in such exercise. 

  

	 	(B)	The Exercise Amount shall be allocated among the shares of stock and/or other units of property for which the Right shall be exercisable after giving effect to the adjustment cited
in clause (A) based on the fair market value of such property to determine the Purchase Price for each such share and/or unit. 

  

 24 

	 	(2)	To illustrate the intended operation of this provision, assume that: (i) immediately prior to a reclassification, each Right were exercisable for 10 Common Shares and the Exercise
Amount were $75.00 (resulting in a purchase price of $7.50 per Common Share); (ii) as a result of the Reclassification, each outstanding Common Share is reclassified into two New Common Shares and one Series B Share; and (iii) immediately after the
reclassification, the market value of each New Common Share was $15.00 and the market value of each Series B share was $7.50. Immediately after the assumed reclassification, each Right would be exercisable for 20 New Common Shares at a purchase
price of $3.00 per share and ten Series B Shares at a purchase price of $1.50 per share. 

 (f) After the Stock Acquisition
Date, or in the event there shall be a recapitalization or reclassification pursuant to Section 11(e), or in the event there shall be any merger or other action which shall cause a change in the property purchasable with the Rights under Section 13,
or in the event there shall be any other occurrence or development which shall cause the property purchasable with the Rights to consist in whole or in part of anything other than Preferred Stock, then and in any such event: 
  

	 	(1)	The certificates representing the Rights shall automatically be deemed to represent the adjusted terms of the Rights without the need to replace such certificates. The Company shall
thereafter make arrangements for the production of certificates representing the revised terms of the Rights resulting from such adjustment and shall use such certificates to represent Rights for which new certificates shall be issuable by reason of
a transfer of record ownership or by reason of a request by the existing record owner for a replacement certificate representing the revised terms of the Rights. 

  

	 	(2)	The principles underlying the adjustment provisions in this Section 11 and elsewhere in this Agreement shall be applied to fairly and proportionately adjust the shares or other
property purchasable with the Rights and the purchase price for each share or other property unit purchasable with the Rights after giving effect to the adjustments required by reason of such event to reflect any subsequent capital changes or other
events. Without limiting by implication the generality of the preceding sentence, the provisions of Sections 7, 9, 10, 12, 13, 14 and 24 of this Agreement which relate to the Preferred Stock shall after the occurrence of any such event apply in a
substantively identical manner to the shares or other property purchasable with the Rights after giving effect to such event. 

 (g) Before taking any action that would cause an adjustment reducing the Purchase Price per share at which shares are purchasable with the Rights below the par value of 
  

 25 

 those shares, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order
that the Company may validly and legally issue fully paid and nonassessable shares at such adjusted Purchase Price. 
 (h) In any case in
which this Section 11 shall require that an adjustment be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuance to the holder of any Right exercised after such record
date the shares of Common Stock and other securities, cash or property of the Company, if any, issuable upon such exercise over and above the shares of Common Stock and other securities, cash or property of the Company, if any, issuable upon such
exercise on the basis of the Purchase 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 other securities, cash or property upon the occurrence of the event requiring such adjustment. 
 (i) The Company covenants and agrees that on and after the Stock Acquisition Date neither it nor any combination of it and its subsidiaries shall (i) consolidate with any other Person, or (ii) merge with or into any other Person or (iii)
directly or indirectly sell, lease, or otherwise transfer or dispose of (in one transaction or a series of related 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 if (A) at the time of or immediately after such consolidation, merger, sale, lease, transfer, or disposition there are any rights, warrants, securities or other instruments outstanding or agreements in effect
which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights, (B) prior to, simultaneously with or immediately after such consolidation, merger, sale, lease, transfer, or disposition the stockholders
(or equity holders) of the Person who constitutes, or would constitute, the Principal Party in such transaction shall have received a distribution of Rights previously owned by such Person or any of its Affiliates or Associates or (C) the form or
nature of organization of the Principal Party would preclude or limit the exercisability of the Rights. The Company shall not consummate any such consolidation, merger, sale, lease, transfer, or disposition unless prior thereto the Company and such
other Person shall have executed and delivered to the Rights Agent a supplemental agreement evidencing compliance with this Section 11(i). 
 (j) The Company covenants and agrees that, after the Stock Acquisition Date it will not, except as permitted by Section 11(c)(3) of this Agreement, take (or permit any Subsidiary to take) any action if at the time such action is taken it is
reasonably foreseeable that such action will, directly or indirectly, diminish or otherwise eliminate the benefits intended to be afforded by the Rights. 
 Section 12. Certification of Adjustments. Whenever an adjustment is made as provided in Sections 11 and 13, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief
statement of the facts accounting for such adjustment, (b) promptly file with the Rights Agent and with each transfer agent for the stock then purchasable with the Rights a copy of such certificate and (c) mail a brief summary thereof to each holder
of a Rights Certificate (or, if no Rights Certificates have been issued, to each holder of a certificate representing shares of Common Stock) in accordance with Section 25. Notwithstanding the 
  

 26 

 foregoing sentence, the failure of the Company to give such notice shall not affect the validity of or the force or
effect of or the requirement for such adjustment. Any adjustment to be made pursuant to Sections 11 and 13 of this Agreement shall be effective as of the date of the event giving rise to such adjustment. The Rights Agent shall be fully protected in
relying on any such certificate and on any adjustment therein contained and shall not be obligated or responsible for calculating any adjustment nor shall it be deemed to have knowledge of such adjustment unless and until it shall have received such
certificate. 
 Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. 
 (a) A “Business Combination” shall be deemed to occur in the event that, in or following a Triggering Event, (i) the Company shall, directly or
indirectly, consolidate with, or merge with and into, any other Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(i) and Section 11(j) of this Agreement) in a transaction in which the Company is not the
continuing, resulting or surviving corporation of such merger or consolidation, (ii) any Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(i) and Section 11(j) of this Agreement) shall, directly or
indirectly, consolidate with the Company, or shall merge with and into the Company, in a transaction in which the Company is the continuing, resulting or surviving corporation of such merger or consolidation and, in connection with such merger or
consolidation, all or part of the Common Stock shall be changed (including, without limitation, any conversion into or exchange for securities of the Company or of any other Person, cash or any other property), (iii) the Company shall, directly or
indirectly, effect a share exchange in which all or part of the Common Stock shall be changed (including, without limitation, any conversion into or exchange for securities of any other Person, cash or any other property) or (iv) the Company shall,
directly or indirectly, sell, lease, exchange, mortgage, pledge or otherwise transfer or dispose of (or one or more of its Subsidiaries shall directly or indirectly sell, lease, exchange, mortgage, pledge or otherwise transfer or dispose of), in one
transaction or a series of related 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 (other than the Company or any of its
Subsidiaries in one or more transactions each and all of which comply with Section 11(i) and Section 11(j) of this Agreement). 
 In the
event of a Business Combination, proper provision shall be made so that each holder of a Right (except as otherwise provided in this Agreement) shall thereafter have the right to receive, upon the exercise of each Right, such number of shares of
Common Stock of the Principal Party as shall be equal to the result obtained by dividing the Exercise Amount in effect prior to the Business Combination by 50% of the Current Market Price per share of the Common Stock of such Principal Party
immediately prior to the consummation of such Business Combination. All shares of Common Stock of any Person for which any Right may be exercised after consummation of a Business Combination as provided in this Section 13(a) shall, when issued upon
exercise thereof in accordance with this Agreement, be duly and validly authorized and issued, fully paid, nonassessable, freely tradeable, not subject to liens or encumbrances, and free of preemptive rights, rights of first refusal or any other
restrictions or limitations on the transfer or ownership thereof of any kind or nature whatsoever. The Purchase Price per share for such Common Stock immediately after such Business Combination shall be equal to 50% of the Current Market Price per
share of the Common Stock of such Principal Party immediately prior to the consummation of such Business Combination. 
  

 27 

 (b) After consummation of any Business Combination, (i) the Principal Party shall be liable for, and
shall assume, by virtue of such Business Combination and without the necessity of any further act, all the obligations and duties of the Company pursuant to this Agreement, (ii) the term “Company” as used in this Agreement shall thereafter
be deemed to refer to such Principal Party and (iii) such Principal Party shall take all steps (including, but not limited to, the reservation of a sufficient number of shares of its Common Stock in accordance with Section 9) in connection with such
Business Combination as necessary to ensure that the provisions of this Agreement shall thereafter be applicable, as nearly as reasonably may be, in relation to the shares of its Common Stock thereafter deliverable upon the exercise of the Rights.

 (c) The Company shall not consummate any Business Combination unless prior thereto (i) the Principal Party shall have a sufficient number
of authorized shares of its Common Stock which have not been issued or reserved for issuance (other than shares reserved for issuance pursuant to this Agreement to the holders of Rights) to permit the exercise in full of the Rights in accordance
with this Section 13, (ii) the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing for the fulfillment of the Principal Party’s obligations and the terms as set forth in
paragraphs (a) and (b) of this Section 13 and further providing that, as soon as practicable on or after the date of such Business Combination, the Principal Party, at its own expense, shall (A) prepare and file, if necessary, a registration
statement on an appropriate form under the Securities Act with respect to the Rights and the securities purchasable upon exercise of the Rights, (B) use its best efforts to cause such registration statement to become effective as soon as practicable
after such filing and remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date, (C) deliver to holders of the Rights historical financial statements for the Principal Party and each
of its Affiliates which comply in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act, (D) use its best efforts to qualify or register the Rights and the securities purchasable upon exercise
of the Rights under the state securities or “blue sky” laws of such jurisdictions as may be necessary or appropriate, (E) use its best efforts to list the Rights and the securities purchasable upon exercise of the Rights on a United States
national securities exchange and (F) obtain waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party subject to purchase upon exercise of outstanding Rights, (iii) the Company and the
Principal Party shall have furnished to the Rights Agent an opinion of independent counsel stating that such supplemental agreement is a legal, valid and binding agreement of the Principal Party enforceable against the Principal Party in accordance
with its terms, and (iv) the Company and the Principal Party shall have filed with the Rights Agent a certificate of a nationally recognized firm of independent accountants setting forth the number of shares of Common Stock of such issuer which may
be purchased upon the exercise of each Right after the consummation of such Business Combination. 
 (d) The provisions of this Section 13
shall similarly apply to successive Business Combinations. In the event a Business Combination shall be consummated at any time after the occurrence of a Triggering Event, the Rights which have not theretofore been exercised shall thereafter be
exercisable for the consideration and in the manner described in Section 13(a). The provisions of Section 11(b) of this Agreement shall be applicable to events which occur after a Business Combination. 
  

 28 

 (e) Notwithstanding any other provision of this Agreement, no adjustment to the number or kind of shares
(or fractions of a share), cash or other property for which a Right is exercisable or the number of Rights outstanding or associated with each share of Common Stock or any similar or other adjustment shall be made or be effective if such adjustment
would have the effect of reducing or limiting the benefits the holders of the Rights would have had absent such adjustment, including, without limitation, the benefits under Sections 11 and 13, unless the terms of this Agreement are amended so as to
preserve such benefits, provided that this paragraph shall not prevent any change prior to the Stock Acquisition Date permitted by Section 26(a) and provided that this Section 13(e) shall not be deemed to limit or impair the right to engage in an
exchange pursuant to Section 11(c)(3). 
 (f) The Company covenants and agrees that it shall not effect any Business Combination if at the
time of, or immediately after such Business Combination, there are any rights, options, warrants or other instruments outstanding which would diminish or otherwise eliminate the benefits intended to be afforded by the Rights. 
 (g) Without limiting the generality of this Section 13, in the event the nature of the organization of any Principal Party shall preclude or limit the
acquisition of Common Stock of such Principal Party upon exercise of the Rights as required by Section 13(a) as a result of a Business Combination, it shall be a condition to such Business Combination that such Principal Party shall take such steps
(including, but not limited to, a reorganization) as may be necessary to ensure that the benefits intended to be derived under this Section 13 upon the exercise of the Rights are assured to the holders thereof. 
 Section 14. Fractional Rights and Fractional Shares. 
 (a) The Company shall not be required to issue fractional Rights or to distribute Rights Certificates which evidence fractional Rights. 
 (b) The Company shall permit the issuance and trading of Preferred Stock in fractional shares such that the smallest fractional share tradeable at any particular time shall equal the reciprocal of the Adjustment
Number in effect at that particular time. The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of the reciprocal of the Adjustment Number) upon exercise of the Rights or
to distribute certificates which evidence fractional shares of Preferred Stock (other than fractions which are integral multiples of the reciprocal of the Adjustment Number). Fractions of shares of Preferred Stock may, at the election of the
Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it, provided that such agreement shall provide that the holders of such depositary receipts shall have all the
rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Stock. In lieu of fractional shares of Preferred Stock that are not integral multiples of the reciprocal of the Adjustment Number, the Company may at
its option (i) issue scrip or warrants in registered form (either represented by a certificate or uncertificated) or in bearer form (represented by a certificate) which shall entitle the holder to receive the reciprocal of the 
  

 29 

 Adjustment Number of one share of Preferred Stock upon the surrender of such scrip or warrants aggregating the reciprocal
of the Adjustment Number of one share of Preferred Stock, or (ii) pay to the registered holders of Rights Certificates at the time such Rights Certificates are exercised as provided in this Agreement an amount in cash equal to the same fraction of
the relevant closing price of a share of Preferred Stock. For purposes of this Section 14(b), the relevant closing price of a share of Preferred Stock shall be the closing price of a share of Preferred Stock (as determined pursuant to the second
sentence of the definition of “Current Market Price” in Section 1) for the Trading Day immediately prior to the date of such exercise. 
 (c) The Company shall not be required to issue fractions of shares of Common Stock or Common Equivalent Shares or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common
Stock, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal to the product derived by multiplying (x) the subject
fraction, by (y) the closing price of a share of Common Stock (as determined pursuant to the second sentence of the definition of “Current Market Price” in Section 1) for the Trading Day immediately prior to the date of such exercise.

 (d) The holder of a Right by his acceptance thereof expressly waives any right to receive any fractional Rights or any fractional shares
upon exercise of a Right (except as otherwise provided in this Agreement). 
 Section 15. Rights of Action. Except as otherwise
provided, all rights of action in respect of this Agreement are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, any registered holders of associated Common Stock); and any registered
holder of any Rights Certificate (or, prior to the Distribution Date, any share of associated Common Stock), without the consent of the Rights Agent or of the holder of any other Right, may, on its own behalf and for its own benefit, enforce, and
may institute and maintain any suit, action or proceeding against the Company to enforce or otherwise act in respect of its rights pursuant to this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is
specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened
violations of the obligations of any Person subject to, this Agreement. 
 Section 16. Agreement of Rights Holders Concerning Transfer and
Ownership of Rights. Every holder of a Right by accepting the same 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 will be transferable only in connection with the transfer of Common Stock; 
 (b) after the Distribution Date, the Rights Certificates will be transferable on the registry books of the Rights Agent only if surrendered at the
principal stock transfer office of the Rights Agent, duly endorsed or accompanied by a proper instrument of transfer; and 
  

 30 

 (c) 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 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 Certificate or the
associated Common Stock certificate made by anyone other than the Company, the transfer agent for the stock purchasable with such Right or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected
by any notice to the contrary. 
 Section 17. Rights Holder Not Deemed a Stockholder. No holder, as such, of any Rights Certificate
shall be entitled to vote or to receive dividends or distributions or shall be deemed for any purpose the holder of Preferred Stock or any other securities, cash or other property which may at any time be issuable on the exercise of the Rights
represented thereby, nor shall anything contained in this Agreement 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, including, without
limitation, any right (i) to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, (ii) to give or withhold consent to any corporate action, (iii) to receive notice of meetings or other actions
affecting stockholders (except as provided in Section 24), (iv) to receive dividends, distributions or subscription rights, (v) to institute, as a holder of Preferred Stock or other securities issuable on exercise of the Rights represented by any
Rights Certificate, any derivative action on behalf of the Company, or otherwise, until and only to the extent that the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions of this
Agreement. 
 Section 18. Concerning the Rights Agent. 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, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance
of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability or expense, incurred without gross negligence, bad faith, willful misconduct or breach of this Agreement on the
part of the Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim of liability in the premises. The
costs and expenses of enforcing this right of indemnification shall also be paid by the Company. The indemnification provided for hereunder shall survive the expiration of the Rights and the termination of this Agreement. 
 The Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its
administration of this Agreement in reliance upon any Rights Certificate or certificate for Preferred Stock or Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit,
letter, notice, direction, consent, certificate, statement or other paper or document reasonably believed by it to be genuine and to be signed, executed and, when necessary, verified or acknowledged, by the proper Person or Persons. 
 Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent be liable for special, indirect, punitive, incidental 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. 
  

 31 

 Section 19. Merger or Consolidation or Change of Name of Rights Agent. Any corporation into which
the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any
corporation succeeding to the corporate trust or stock transfer business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any document or any
further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section 21. In case at the time such successor Rights Agent shall succeed to
the agency created by this Agreement any of the Rights Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificate
so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, any successor Rights Agent may countersign such Rights Certificate either in the name of the predecessor Rights Agent 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. 
 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. 
 Section
20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance
thereof, shall be bound: 
 (a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of
such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 
 (b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
(including, without limitation, the identity of any Acquiring Person or any Affiliate or Associate of an Acquiring Person or the determination of Current Market Price) be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be specifically prescribed in this Agreement) may be deemed to be conclusively proved and established by a certificate signed by the Chairman, the Executive Chairman, the Chief
Executive Officer, the President, the Chief Financial Officer, the General Counsel, the Treasurer, any Vice President or the Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full authorization to the Rights
Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 
  

 32 

 (c) The Rights Agent shall be liable hereunder only for the gross negligence, bad faith, willful
misconduct or breach of this Agreement by it or its attorneys or agent. 
 (d) The Rights Agent shall not be liable for or by reason of any
of the statements of fact or recitals contained in this Agreement or in the Rights Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made
by the Company only. 
 (e) The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the
execution and delivery of this Agreement (except the due execution and delivery of this Agreement by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be
responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Rights Certificate; nor shall it be responsible for any change or adjustment in the terms of the Rights (including the manner, method or
amount thereof) provided for in Sections 3, 11, 13 or 23 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 actual
notice of any change or adjustment is required); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Preferred Stock, Common Stock or other securities to be
issued pursuant to this Agreement or any Rights Certificate or as to whether any shares of Preferred Stock, Common Stock or other securities will, when issued, be validly authorized and issued, fully paid and nonassessable. 
 (f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performance by the Rights Agent of the provisions of this Agreement. 
 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from the Chairman,
the Executive Chairman, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel, the Treasurer, any Vice President or the Secretary of the Company, and to apply to such officers for advice or instructions in
connection with its duties, and it shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer. 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 by the Rights Agent under this Agreement and the date on or after which such action shall be taken or such action shall be omitted shall
be effective. Provided that the Rights Agent has confirmed receipt of such proposal by the Company, the Rights Agent shall not be liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such
application on or after the date specified in such application (which date shall not be less than ten 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 
  

 33 

 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 subject to the proposed action or omission and/or specifying the action to be taken or omitted. 
 (h) The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the 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 the Rights Agent were not serving as such under this Agreement. Nothing in this Agreement shall preclude the Rights Agent from
acting in any other capacity for the Company or for any other legal entity. 
 (i) The Rights Agent may execute and exercise any of the
rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents. 
 (j) If, with
respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an
affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company. 
 Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this
Agreement upon notice of 30 days in writing mailed to the Company and to each transfer agent of the Common Stock or Preferred Stock by registered or certified mail and to the holders of the Rights Certificates by either (i) first-class mail or (ii)
by disclosure in a periodic report of the Company required to be filed under the Exchange Act, any permitted report under the Exchange Act, a press release of the Company or in any proxy or other communication of the Company with its stockholders.
In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to resign automatically on the effective date of such termination; and any required notice will be sent by
the Company. The Company may remove the Rights Agent or any successor Rights Agent upon notice of 30 days 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 or
Preferred Stock by registered or certified mail, and to the holders of the Rights Certificates by either (i) first-class mail or (ii) by disclosure in a periodic report of the Company required to be filed under the Exchange Act, any permitted report
under the Exchange Act, a press release of the Company or in any proxy or other communication of the Company with its stockholders. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Rights Agent. Notwithstanding any other provision of this Agreement, in no event shall the resignation or removal of a Rights Agent be effective until a successor Rights Agent shall have been appointed and have accepted
such appointment. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by any
holder of a Rights Certificate (who shall, with such notice, submit his Rights Certificate for inspection by the Company), then the incumbent Rights Agent or the registered holder of any Rights 
  

 34 

 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 (i) a corporation organized and doing business under the laws of the United States or of the State of New York (or of any other state of the United States so long as such
corporation is authorized to conduct a banking, corporate trust or stock transfer business in the State of New York) in good standing, which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to
supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50,000,000 or (ii) a subsidiary of a corporation described in clause (i) of this
sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall
deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for such purpose. Not later than the effective date of any such
appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock or Preferred Stock; the Company shall also either (i) mail a notice thereof in writing to the registered
holders of the Rights Certificates or (ii) make a disclosure with respect thereto in a periodic report of the Company required to be filed under the Exchange Act, any permitted report under the Exchange Act, a press release of the Company or in any
proxy or other communication of the Company with its stockholders. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights
Agent or the appointment of the successor Rights Agent, as the case may be. 
 Section 22. Issuance of New Rights Certificates.
Notwithstanding any of the provisions of this Agreement or of 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 a majority of the Board of
Directors of the Company to reflect any adjustment or change in the Purchase Price per share and the number or kind or class of securities, cash or other property purchasable under the Rights Certificates made in accordance with the provisions of
this Agreement. 
 Section 23. Redemption and Termination. 
 (a) The Board of Directors of the Company may, at its option, at any time prior to the earlier of (i) the Stock Acquisition Date and (ii) the Expiration
Date, redeem all but not less than all of the then-outstanding Rights at a redemption price of $.001 per Right (the “Redemption Price”) appropriately adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date of this Agreement. The Company may, at its option, pay the Redemption Price in cash, shares (including fractional shares) of Common Stock (based on the Current Market Price of the Common Stock at the time of redemption) or
any other form of consideration deemed appropriate by the Board of Directors. The redemption of the Rights by the Board of Directors of the Company may be made effective at such time, on such basis and with such conditions as the Board of Directors
of the Company in its sole discretion may establish. 
  

 35 

 (b) At the time and date of effectiveness set forth in any resolution of the Board of Directors of the
Company ordering the redemption of the Rights, without any further action and without any further 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; provided, however, that such resolution of the Board of Directors of the Company may be revoked, rescinded or otherwise modified at any time prior to the time and date of effectiveness set forth in such resolution, in which
event the right to exercise will not terminate at the time and date originally set for such termination by the Board of Directors of the Company. The Company shall promptly give public notice of any such redemption; provided, however, that the
failure to give, or any defect in, any such notice shall not affect the validity of such redemption. The Company shall also give notice of such redemption to the Rights Agent. The Company may elect to give notice of such redemption to the holders of
the then-outstanding Rights by mailing such notice to all such holders at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the issuance of Rights Certificates, on the registry books of the transfer agent
for the Common Stock. Any notice which is mailed in the manner provided in this Agreement shall be deemed given, whether or not the holder receives the notice. In connection with any redemption permitted under this Section 23, the Company may, at
its option, discharge all of its obligations with respect to the Rights by (i) issuing a press release announcing the manner of redemption of the Rights and (ii) mailing payment of the Redemption Price to the registered holders of the Rights at
their last addresses as they appear on the registry books of the Rights Agent or, prior to the issuance of the Rights Certificates, on the registry books of the transfer agent for the Common Stock, and upon such action, all outstanding Rights
Certificates shall be null and void without any further action by the Company. Neither the Company nor any of its Affiliates or Associates 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, and other than in connection with the purchase of shares of Common Stock prior to the earlier of the Stock Acquisition Date and the Expiration Date. 
 Section 24. Notice of Certain Events. In case the Company, on or after the Distribution Date, shall propose to (a) pay any dividend payable in
stock of any class to the holders of its Common Shares or to make any other distribution to the holders of its Common Shares (other than a regular periodic cash dividend at an annual rate not in excess of 125% of the annualized rate of the cash
dividend paid on the Common Shares during the immediately preceding fiscal year), or (b) offer to the holders of its Common Shares rights, options or warrants to subscribe for or to purchase any additional shares of Common Shares or shares of stock
of any class or any other securities, rights or options, or (c) effect any reclassification of the Common Shares (other than a reclassification involving only the subdivision of outstanding shares of Common Shares, a change in the par value of such
Common Shares or a change from par value to no par value), or (d) directly or indirectly effect any consolidation or merger into or with, or effect any sale, lease, exchange, or other transfer or disposition (or to permit one or more of its
Subsidiaries to effect any sale, lease, exchange or other transfer or disposition), in one transaction or a series of related 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 (e) effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to each holder of a Right, in accordance with Section 25, a notice of such proposed action, which shall
specify any record date for the purposes of such stock dividend or distribution of rights, or the date on which such reclassification, consolidation, merger, sale, 
  

 36 

 lease, exchange, transfer, disposition, liquidation, dissolution or winding up is to take place and if such holders will
or may participate therein, the date of participation therein by the holders of Common Shares, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (a) or (b) above at least 20 days prior to
the record date for determining holders of the Common Shares for purposes of such action, and in the case of any such other action, at least 20 days prior to the date of the taking of such proposed action or the date of participation therein, if
any, by the holders of Common Shares, whichever shall be the earlier. The failure to give notice as required by this Section 24 or any defect therein shall not affect the legality or validity of the action taken by the Company or the vote upon any
such action. 
 In case any Triggering Event or Business Combination shall occur, then, in any such case, the Company shall as soon as
practicable thereafter give to each holder of a Rights Certificate, in accordance with Section 25, notice of the occurrence of such Triggering Event or Business Combination, which shall specify the Triggering Event or Business Combination and
include a description of the consequences of such event to holders of Rights under Section 11 or 13. 
 Section 25. Notices. Notices
or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Rights Certificate to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until
another address is filed in writing with the Rights Agent) as follows: 
 Hanesbrands Inc. 
 1000 East Hanes Mill Road 
 Winston Salem, North Carolina 27105 
 Attn: General Counsel 
 Subject to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Rights Certificate
to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows: 
 Computershare Trust Company, N.A. 
 2 N. Lasalle Street 
 Chicago, Illinois 60602 
 Attn: Relationship Management 
 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 shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the
address of such holder as shown on the registry books of the Company; provided that if no Rights Certificates have been issued, if sent by first-class mail, postage prepaid, addressed to each holder of a certificate representing shares of Common
Stock at the address of such holder as shown on the Company’s Common Stock registry books (or, if the Company has issued shares of Common Stock without certificates, in such manner as determined by the Company). 
  

 37 

 Section 26. Supplements and Amendments. 
 (a) At any time prior to the Stock Acquisition Date, a majority of the Board of Directors of the Company may, and the Rights Agent shall, if so directed,
supplement or amend any provision of this Agreement, including, without limitation, the Beneficial Ownership percent as set forth in Section 1 at which a Person becomes an Acquiring Person, the definition of Exempt Person as set forth in Section 1
to include any Person in addition to the Persons described therein, and, to the extent permitted by applicable law, the number, designation, preferences and rights of shares of the Preferred Stock as set forth in Exhibit A without the approval of
any holders of Rights. 
 (b) Except as otherwise provided in Section 26(c): 
  

	 	(1)	The Board of Directors of the Company shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the
Board of Directors or the Company, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations
deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or not redeem the Rights, to exchange or not exchange the Rights for Common Stock, or to amend or supplement this Agreement).

  

	 	(2)	All such actions, calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made
by the Board of Directors of the Company in good faith shall (x) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other Persons and (y) not subject the Board of Directors of the Company to any
liability to the holders of the Rights. 

 (c) From and after the Stock Acquisition Date: 
  

	 	(1)	No amendment or other change shall be made in this Agreement or the terms of the Rights which is inconsistent with the provisions set forth in Section 11(j) or Section 13(e) or
which would otherwise adversely affect the interests of the holders of Rights Certificates (other than an Acquiring Person or any other Person in whose hands the Rights are void under the provisions of Section 7(e)). Notwithstanding the foregoing, a
majority of the Board of Directors may, and the Rights Agent shall, if so directed, amend this Agreement prior to the Stock Acquisition Date effective upon the Stock Acquisition Date. 

  

	 	(2)	The Board of Directors of the Company shall not be entitled to exercise the powers specified in Section 26(b) after the Stock 

  

 38 

	 	 	Acquisition Date unless the Board of Directors can establish by clear and convincing evidence that its action satisfies the requirement in Section 26(c)(1).

 Section 27. [RESERVED.] 
 Section 28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns
hereunder. 
 Section 29. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than
the Company, the Rights Agent and the registered holders of Rights any legal or equitable right, remedy or claim under this Agreement; and this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered
holders of the Rights. 
 Section 30. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
manner as to be valid and enforceable under applicable law, but if any provision of this Agreement shall be held to be prohibited by or unenforceable under applicable law, (i) such provision shall be applied to accomplish the objectives of the
provision as originally written to the fullest extent permitted by law and (ii) all other provisions of this Agreement shall remain in full force and effect. No rule of strict construction, rule resolving ambiguities against the person who drafted
the provision giving rise to such ambiguities, or other such rule of interpretation shall be applied against any party with respect to this Agreement. 
 Section 31. Governing Law. This Agreement and each Rights Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Maryland and for all purposes shall be governed by and
construed in accordance with the internal laws of Maryland applicable to contracts to be made and performed entirely within Maryland; provided, however, that the agency relationship between the parties hereto shall be governed by and construed in
accordance with the laws of the State of Delaware. 
 Section 32. Counterparts. This Agreement may be executed in counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and both such counterparts shall together constitute but one and the same instrument. 
 Section 33. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the
provisions of this Agreement. 
 Section 34. Grammatical Construction. Throughout this Agreement, where such meanings would be
appropriate, (a) any pronouns used herein shall include the corresponding masculine, feminine or neuter forms (e.g., references to “he” shall also include “she” and “it” and references to “who” and
“whom” shall also include “which”) and (b) the plural form of nouns and pronouns shall include the singular and vice-versa. 
 Section 35. Force Majeure. Neither party shall be liable to the other, or held in breach of this Agreement, if prevented, hindered, or delayed in performance or observance of any 
  

 39 

 provision contained herein by reason of act of God, riots, acts of war, epidemics, governmental action or judicial order,
earthquakes, or any other similar cause (including, but not limited to, mechanical, electronic or communications interruptions, disruptions or failures). Performance times under this Agreement shall be extended for a period of time equivalent to the
time lost because of any delay that is excusable under this Section. 
 * * * * * 
  

 40 

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

			
	Hanesbrands Inc.
		
	By	 	 /s/ Richard A. Noll

	Name:	 	Richard A. Noll
	Title:	 	Chief Executive Officer and President
	
	 Computershare Trust Company, N.A.,
 as Rights Agent

		
	By	 	 /s/ Neda Sheridan

	Name:	 	Neda Sheridan
	Title:	 	 Vice President & Assistant
 General
Manager

  

 41 

 Exhibit A 
 ARTICLES SUPPLEMENTARY 
 (Junior Participating Preferred Stock, Series A) 
 Hanesbrands Inc., a corporation organized and existing under the Maryland General Corporation Law (the “Corporation”), in accordance with the
provisions of Section 2-208 thereof, DOES HEREBY CERTIFY: 
 FIRST: That pursuant to the authority conferred upon the
Board of Directors by the charter of the Corporation (the “Charter”), the Board of Directors on September 1, 2006, by duly adopted resolution, classified and designated 500,000 shares of authorized and unissued Preferred Stock
designated as Junior Participating Preferred Stock, Series A with the following preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of
redemption, which, upon any restatement of the Charter, shall become part of Article VI of the Charter, with any necessary or appropriate renumbering or relettering of the sections or subsections hereof. 
 Section 1. Designation and Amount. The shares of such series shall be designated as “Junior Participating Preferred Stock, Series
A” (the “Series A Preferred Stock”) and the number of shares constituting such series shall be 500,000. Such number of shares may be increased or decreased by resolution of the Board of Directors in accordance with the Charter;
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 Corporation convertible into Series A Preferred Stock. 
 Section 2. Dividends and Distributions. 
 (A) Subject to the prior and superior rights of the holders of any outstanding
shares of any series of Preferred Stock ranking prior and superior to the shares of Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of Common Stock and of any other
junior stock, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the fifteenth 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 (a) $25.00 or (b) the Adjustment Number (as defined below) times the aggregate per share amount of all cash dividends, plus the Adjustment Number 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. The “Adjustment Number” shall initially be 1,000. In
the event the Corporation shall at any time after September 1, 2006 (i) declare or pay any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock into a greater number of shares or
(iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction, the
numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 (B) The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (A) of this Section 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 $25.00 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 immediately preceding the date of issue of such shares of Series A Preferred Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall
begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a
quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest.
Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time
outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to 

  

 2 

 
receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment
thereof. 
 Section 3. Voting Rights. The holders of shares of Series A Preferred Stock shall have the following voting rights:

 (A) Each share of Series A Preferred Stock shall entitle the holder thereof to a number of votes equal to the Adjustment Number (as
adjusted from time to time pursuant to Section 2(A) hereof) on all matters submitted to a vote of the stockholders of the Corporation. 
 (B) Except as otherwise provided herein, by law or in the Charter or Bylaws of the Corporation, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation
having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the Corporation. 
 (i) If at any time dividends on any Series A Preferred Stock shall be in arrears in an amount equal to six quarterly dividends thereon, the occurrence of such contingency shall mark the beginning of a period (herein called a “default
period”) that shall extend until such time when all accrued and unpaid dividends for all previous quarterly dividend periods and for the current quarterly period on all shares of Series A Preferred Stock then outstanding shall have been
declared and paid or set apart for payment. During each default period, (1) the number of directors shall be increased by two, effective as of the time of election of such directors as herein provided, and (2) the holders of Series A
Preferred Stock and the holders of other Preferred Stock upon which these or like voting rights have been conferred and are exercisable (the “Voting Preferred Stock”) with dividends in arrears equal to six quarterly dividends thereon,
voting as a class, irrespective of series, shall have the right to elect such two directors. 
 (ii) During any default
period, such voting right of the holders of Series A Preferred Stock may be exercised initially at a special meeting called pursuant to subparagraph (iii) of this Section 3(B) or at any annual meeting of stockholders, and thereafter at
annual meetings of stockholders, provided that such voting right shall not be exercised unless the holders of at least one-third in number of the shares of Voting Preferred Stock outstanding shall be present in person or by proxy. The absence of a
quorum of the holders of Common Stock shall not affect the exercise by the holders of Voting Preferred Stock of such voting right. 
 (iii) Unless the holders of Voting Preferred Stock shall, during an existing default period, have previously exercised their right to elect directors, the Board of Directors may order, or any stockholder or stockholders owning in the
aggregate not less than 10% of the total number of shares of Voting Preferred Stock outstanding, irrespective of series, may request, the calling of a special meeting of the holders of Voting Preferred Stock, which meeting shall thereupon 

  

 3 

 
be called by the Secretary of the Corporation. Notice of such meeting and of any annual meeting at which holders of Voting Preferred Stock are entitled to
vote pursuant to this paragraph (B)(iii) shall be given to each holder of record of Voting Preferred Stock by mailing a copy of such notice to him at his last address as the same appears on the books of the Corporation. Such meeting shall be called
for a time not earlier than 10 days and not later than 60 days after such order or request or, in default of the calling of such meeting within 60 days after such order or request, such meeting may be called on similar notice by any stockholder or
stockholders owning in the aggregate not less than 10% of the total number of shares of Voting Preferred Stock outstanding. Notwithstanding the provisions of this paragraph (B)(iii), no such special meeting shall be called during the period within
60 days immediately preceding the date fixed for the next annual meeting of the stockholders. 
 (iv) In any default period,
after the holders of Voting Preferred Stock shall have exercised their right to elect Directors voting as a class, (x) the directors so elected by the holders of Voting Preferred Stock shall continue in office until their successors shall have
been elected by such holders or until the expiration of the default period, and (y) any vacancy in the Board of Directors may be filled by vote of a majority of the remaining directors theretofore elected by the holders of the class or classes
of stock which elected the director whose office shall have become vacant. References in this paragraph (B) to directors elected by the holders of a particular class or classes of stock shall include directors elected by such directors to fill
vacancies as provided in clause (y) of the foregoing sentence. 
 (v) Immediately upon the expiration of a default
period, (x) the right of the holders of Voting Preferred Stock as a class to elect directors shall cease, (y) the term of any directors elected by the holders of Voting Preferred Stock as a class shall terminate and (z) the number of
directors shall be such number as may be provided for in the Charter or Bylaws irrespective of any increase made pursuant to the provisions of paragraph (B) of this Section 3 (such number being subject, however, to change thereafter in any
manner provided by law or in the Charter or Bylaws). Any vacancies in the Board of Directors effected by the provisions of clauses (y) and (z) in the preceding sentence may be filled by a majority of the remaining directors. 
 (C) Except as set forth herein, holders of Series A Preferred Stock shall have no special voting rights and their consent shall not be required (except to
the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 
 Section 4.
Certain Restrictions. 
 (A) Whenever quarterly dividends or other dividends or distributions payable on the Series A
Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or 

  

 4 

 
not declared, on shares of Series A Preferred Stock outstanding shall have been paid in full, the Corporation shall not: 
 (i) declare or pay dividends on, 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; 
 (ii) declare or pay dividends on, or make any
other distributions on, any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such
parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; 
 (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock, provided that
the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to
the Series A Preferred Stock; or 
 (iv) 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 of Directors) to all holders of such shares upon
such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable
treatment among the respective series or classes. 
 (B) The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 
 Section 5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock
to be created by resolution or resolutions of the Board of Directors, subject to the conditions and restrictions on issuance set forth herein, in the Charter or Bylaws or otherwise required by law. 
 Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation, no distribution shall
be made (A) to the holders of Common Stock and of shares of stock ranking junior (either as to dividends or upon liquidation, 

  

 5 

 
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 (i) $100.00 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 (ii) an aggregate amount per share, equal to the Adjustment Number
(as adjusted from time to time pursuant to Section 2(A) hereof) times the aggregate amount to be distributed per share to holders of Common Stock, or (B) to the holders of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all other such parity stock in proportion to the total amounts to which the holders of all such shares
are entitled upon such liquidation, dissolution or winding up. 
 Section 7. Consolidation, Merger, etc. In case the Corporation
shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series
A Preferred Stock then outstanding shall at the same time be similarly exchanged or changed in an amount per share equal to the Adjustment Number (as adjusted from time to time pursuant to Section 2(A) hereof) 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. 
 Section 8. No Redemption. The shares of Series A Preferred Stock shall not be redeemable. 
 Section 9. Amendment. The Charter of the Corporation shall not be amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A Preferred Stock so as to affect them
adversely without the affirmative vote of the holders of two-thirds or more of the outstanding shares of Series A Preferred Stock, if any, voting together as a single class. At any time, when no shares of Series A Preferred Stock are outstanding,
the Board of Directors may amend the number, preferences, conversion or other rights, vesting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption of the Series A Preferred
Stock as set forth in these Articles Supplementary in the manner provided in the Charter. 
 SECOND: The Series A Preferred Stock has been
classified and designated by the Board of Directors under the authority contained in the Charter. 
 THIRD: These Articles Supplementary have
been approved by the Board of Directors in the manner and by the vote required by law. 
 FOURTH: The undersigned officer of the Corporation
acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these
matters and facts are true in all material respects and that this statement is made under the penalties of perjury. 
  

 6 

 IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and
on its behalf by its President and attested to by its Secretary on this 1st day of September, 2006. 
  

									
	 ATTEST:
	 		 	 HANESBRANDS INC.

					
	By:	 	                                       
                              
	 		 	 By:
	 	                                       
                              (SEAL)

		 	 Catherine A. Meeker
	 		 		 	 Richard A. Noll

		 	 Secretary
	 		 		 	 Chief Executive Officer and President

  

 7 

 Exhibit B 
 Form of Rights Certificate 
  

			
	 Certificate No. R-
	  	                 Rights

 NOT EXERCISABLE AFTER SEPTEMBER 1, 2016 OR EARLIER IF NOTICE OF REDEMPTION OR EXCHANGE IS GIVEN.
THE RIGHTS ARE SUBJECT TO REDEMPTION OR EXCHANGE, AT THE OPTION OF THE COMPANY, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. 
 Rights Certificate 
 HANESBRANDS INC. 
 This certifies that
                                , or its registered assigns, is the registered
owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement dated as of September 1, 2006 (the “Rights Agreement”) between
Hanesbrands Inc., a Maryland corporation (the “Company”), and Computershare Investor Services, LLC (the “Rights Agent”), unless notice of redemption or exchange shall have been previously given by the Company, to purchase from
the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M. New York, New York time) on September 1, 2016, at the principal corporate trust office of the Rights Agent, or at the
office of its successor as Rights Agent, one one-thousandth of a fully paid nonassessable share of the Junior Participating Preferred Stock, Series A, $0.01 par value, of the Company (the “Preferred Stock”), at a purchase price (the
“Purchase Price”) of $75.00 per one one-thousandth share, upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase duly executed. The Purchase Price may be paid in cash or by certified bank check or
bank draft payable to the order of the Company. 
 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. Capitalized terms used but not defined in this Rights Certificate that are defined in the Rights Agreement shall have the same
meanings ascribed to them in the Rights Agreement. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the above-mentioned office of the Rights Agent. 
 As provided in the Rights Agreement, the Purchase Price and the number of shares of Preferred Stock or other securities, cash or other property which may
be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of certain events. 
 If the Rights evidenced by this Rights Certificate are or were formerly beneficially owned on or after the earlier of the Distribution Date and the Trigger Date by (i) an Acquiring Person or an Associate or
Affiliate of such Acquiring Person, (ii) a direct or indirect transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person) who 

  

 8 

 
becomes a transferee after the Acquiring Person becomes such, or (iii) a direct or indirect transferee of an Acquiring Person (or of an Associate or
Affiliate of such Acquiring Person) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a direct or indirect transfer (whether or not for consideration) from
the Acquiring Person (or from an Associate or Affiliate of such Acquiring Person) to holders of equity interests in such Acquiring Person (or to holders of equity interests in any Associate or Affiliate of such Acquiring Person) or to any Person
with whom the Acquiring Person (or an Associate or Affiliate of such Acquiring Person) has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a direct or indirect transfer which a majority of the
Board of Directors of the Company determines is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of Section 7(e) of the Rights Agreement, such Rights shall, immediately upon the occurrence of a
Triggering Event and without any further action, be null and void and no holder of such Rights shall have any rights whatsoever with respect to such Rights whether under the Rights Agreement or otherwise, provided, however, that, in the case of
transferees under clause (ii) or clause (iii) above, any Rights beneficially owned by such transferee shall be null and void only if and to the extent such Rights were formerly beneficially owned by a Person who was, at the time such
Person beneficially owned such Rights, or who later became, an Acquiring Person or an Affiliate or Associate of such Acquiring Person. 
 This Rights Certificate, with or without other Rights Certificates, upon surrender at the principal corporate trust office of the Rights Agent, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date
evidencing Rights entitling the holder to purchase a like aggregate number of shares of Preferred Stock or other property as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered 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 (a) may be redeemed by the Board of Directors of the
Company at its option at a redemption price of $0.001 per Right, subject to adjustment, payable, at the election of the Company, in cash or shares (including fractional shares) of Common Stock or such other consideration as the Board of Directors of
the Company may determine, at any time prior to the earlier of (i) the Stock Acquisition Date and (ii) the Expiration Date, or (b) may be exchanged by the Board of Directors of the Company, at its option, in whole or in part, for
shares of the Company’s Common Stock on a one-for-one basis, at any time after the Stock Acquisition Date and prior to (i) any Person (other than an Exempt Person), together with all Affiliates and Associates of such Person, becoming the
Beneficial Owner of 50% or more of the Common Stock then outstanding and (ii) the occurrence of a Business Combination. 
 No fractional
shares of Preferred Stock (other than fractions that are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depository receipts) are required to be issued upon the
exercise of any Right or Rights evidenced hereby, but in lieu thereof the Company may elect to (i) evidence fractional shares by depositary receipts, (ii) issue scrip or warrants in registered form (either represented by a certificate or
uncertificated) or in bearer form (represented by a certificate) 

  

 9 

 
which shall entitle the holder to receive a full share upon the surrender of such scrip or warrants aggregating a full share, or (iii) make a cash
payment, as provided in the Rights Agreement. 
 No holder of this Rights Certificate, as such, shall be entitled to vote or to receive
dividends on, or shall be deemed for any purpose the holder of, Preferred Stock or any other securities, cash or property which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or this
Certificate be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company, including, without limitation, 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 to
institute, as a holder of Preferred Stock or other securities issuable on the exercise of the Rights represented by this Certificate, any derivative action on behalf of the Company, or otherwise, until and only to the extent 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 the Rights Agent. 
 * * * * * 
  

 10 

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

			
	HANESBRANDS INC.
		
	By:	 	  
	Title	 	

			
	 Countersigned:
  
 COMPUTERSHARE INVESTOR
 SERVICES, LLC

		
	By:	 	  
		 	Authorized Officer

  

 11 

 [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 the undersigned
                                        
                                        
                                     
 hereby sells, assigns and transfers unto
                                        
                                        
                                        
                     
  
 ___________________________________________________________________________________________________________ 
 (Please print name and address of transferee) 
                      Rights evidenced by this Rights Certificate, together with all right, title and interest therein, and does
hereby irrevocably constitute and appoint
                                        
                         with a power of Attorney to transfer the said Rights and a Rights Certificate evidencing such Rights
on the books of                             , with full power of substitution. 
 A new Rights Certificate evidencing the remaining balance, if any, of such Rights not hereby sold, assigned and transferred shall be mailed to and
registered in the name of the undersigned unless such person requests that such Rights Certificate be registered in the name of and mailed to (complete only if a Rights Certificate evidencing any remaining balance of Rights is to be registered in a
name other than the undersigned): 
 Please insert Social Security or 
 other identifying number of transferee:
                                        
             
  
 _________________________________________________________________________________________________________ 
 (Please print name and
address) 
 _________________________________________________________________________________________________________ 
  

 12 

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

 2. after due inquiry and to the best knowledge of the undersigned, the undersigned  ̈ did  ̈ did not acquire any of the Rights evidenced by this Rights Certificate
from any Person who is or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person. 
  

							
				
	Dated:	 	  	 	                        	 	  
		 		 		 	 Signature

 Signature Guaranteed: 
 Signatures must be guaranteed by an eligible guarantor institution with membership in a recognized signature guarantee medallion program as approved by the Securities
Transfer Association. 
 NOTICE 
 The signature on the foregoing Form of Assignment must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever. 
 In the event the certification set forth above in the Form of Assignment is not completed, the Company will deem the beneficial owner of the Rights
evidenced by this Right Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and, in the case of an assignment or other transfer of this Rights Certificate or any Rights evidenced hereby,
will affix a legend to that effect on any Rights Certificate issued in whole or partial exchange for this Rights Certificate. 
  

 13 

 FORM OF ELECTION TO PURCHASE 
 (To be executed if holder desires to exercise 
 the Rights
represented by this Rights Certificate) 
 To: Hanesbrands Inc. 
 The undersigned hereby irrevocably elects to exercise
                             Rights represented by this Rights Certificate to purchase the shares of
Preferred Stock or other securities, cash or other property issuable upon the exercise of such Rights and requests that certificates for such shares or other securities be issued in the name of, and such cash or other property be paid to:

 Please insert social security 
 or other identifying number:
                                     
  

 (Please print name and address)

  
  

 A new Rights Certificate evidencing the remaining balance, if any, of such Rights not hereby exercised shall be mailed to and registered in the name of
the undersigned unless such person requests that such Rights Certificate be registered in the name of and mailed to (complete only if Rights Certificate evidencing any remaining balance of Rights is to be registered in a name other than the
undersigned): 
 Please insert social security 
 or other identifying number:
                                     
  

 (Please print name and address)

  
  

  

 14 

 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 an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement); 
 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 or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person. 
  

							
	Dated:	 	  	 		 	  
		 		 		 	 Signature

 Signature Guaranteed: 
 Signatures must be guaranteed by an eligible guarantor institution with membership in a recognized signature guarantee medallion program as approved by
the Securities Transfer Association. 
 NOTICE 
 The signature on the foregoing Form of Election to Purchase must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change
whatsoever. 
 In the event the certification set forth above in the Form of Election to Purchase is not completed, the Company will deem the
beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and, in the case of an assignment or other transfer of this Rights Certificate or
any Rights evidenced hereby, will affix a legend to that effect on any Rights Certificate issued in whole or partial exchange for this Rights Certificate. 
  

 15

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