Common use of Exchange of the Rights Clause in Contracts

Exchange of the Rights. At any time after the acquisition by a person or group of affiliated or associated persons of beneficial ownership of 15% or more of the outstanding shares of Common Stock and prior to the acquisition by such person or group of 50% or more of the outstanding shares of Common Stock, the Board of Directors may exchange the Rights (other than Rights owned by such person or group which have become void), in whole or in part, at an exchange ratio of one share of Common Stock per Right (subject to adjustment).

Exchange of the Rights. At any time after the acquisition by a person or group of affiliated or associated persons of beneficial ownership of 15% or more of the outstanding shares of Common Stock becomes an Acquiring Person and prior to the acquisition by such person or group of 50% or more of the Company's outstanding shares of Common Stock, the Board of Directors board may exchange the Rights (other than Rights owned by such person or group which have become void)Rights, in whole or in part, for Common Stock of the Company at an exchange ratio of one share of Common Stock per Right (Right, subject to adjustment).

Exchange of the Rights. At any time after the acquisition by a person or group of affiliated or associated persons of beneficial ownership of 15% or more of the outstanding shares of Common Stock becomes an Acquiring Person and prior to the acquisition by such a person or group of 50% or more of the outstanding shares of Common StockStock then outstanding, the Board may, without payment of Directors may the purchase price by the holder, exchange the Rights (other than Rights owned by such person or group which have become void)Rights, in whole or in part, at an exchange ratio of as follows: · one Right (other than the Rights owned by the Acquiring Person or group, which will become void) for one share of Common Stock per Right (subject to adjustment).