Common use of Exchange Option Clause in Contracts

Exchange Option. (A) At any time after the occurrence of a Triggering Event and prior to the earlier of (i) the time any Person, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) Event, the Board may, at its option, cause the Company to exchange mandatorily all or part of the then outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting of one half of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange Consideration"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of the Board ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii) 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 Exchange Consideration. 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 Exchange Consideration for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, 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 last sale price of the 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 Nasdaq National Market (or, if the Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness 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 mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting ), Common Shares at an exchange ratio of one half 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 securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at such time upon the Company may exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right its option to effect an exchange pursuant to this Section 11(c)(ii)(A11(c)(3) being prior to the "Trigger Date effective upon the Trigger Date, even if the Trigger Date coincides with the Exchange Consideration")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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (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)(ii11(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 ConsiderationRatio. The Company shall promptly give public notice of any such exchange (and shall send a copy of such public notice to the Rights Agent) 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 Exchange Consideration Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of Common Shares or, if such shares of Common Stock or are certificated, to distribute certificates which evidence represent fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock Shares would otherwise be issuable an amount in cash equal to the product derived by multiplying (x) the subject fraction, 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, 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 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 Nasdaq National Market NYSE (or, if the Company’s Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market priceunder the definition of “Current Market Price," ” adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination, a majority of the Continuing Directors or, if there are then no Continuing Directors, a majority of the Board of Directors of the Company may, at its their option, cause the Company to exchange mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting ), shares of Common Stock at an exchange ratio of one half share of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the securities that would be issuable, or cash or other assets with one half the value date of the cash or other assets that would be issuable, at this Agreement (such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), exchange ratio being referred to herein as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationRatio"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of a majority of the Continuing Directors or, if there are then no Continuing Directors, a majority of the Board of Directors of the Company ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii11(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 shares of Common Stock equal to the number of such Rights held by such holder multiplied by the Exchange ConsiderationRatio. 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 Exchange Consideration Common Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, 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 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 Nasdaq National Market NYSE (or, if the Company's Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness 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 mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting ), Common Shares at an exchange ratio of one half 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 securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at such time upon the Company may exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right its option to effect an exchange pursuant to this Section 11(c)(ii)(A11(c)(3) being prior to the "Trigger Date effective upon the Trigger Date, even if the Trigger Date coincides with the Exchange Consideration")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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (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)(ii11(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 ConsiderationRatio. 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 Exchange Consideration Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Nasdaq National Market NYSE (or, if the Company’s Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market priceunder the definition of “Current Market Price," ” adjusted to take into account the exchange). In determining whether any 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.

Exchange Option. (A) At any time after the occurrence of a Triggering Event and prior to the earlier of (i) the time any Person, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the shares of Common Stock Shares then outstanding and (ii) the occurrence of a Section 13(a) Event, the Board may, at its option, cause the Company to exchange mandatorily all or part of the then outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting of one half of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, issuable at such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationEXCHANGE CONSIDERATION"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Rights Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of the Board ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii) 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 Exchange Consideration. 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; providedPROVIDED, howeverHOWEVER, 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 Exchange Consideration for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common StockShares, the Company shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Common Stock Shares 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 Nasdaq National Market (or, if the Common Stock is Shares are not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination (the earlier of such time and occurrence begin 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 mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting ), shares of Common Stock at an exchange ratio of one half share of Common Stock 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 securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at such time upon the Company may exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right its option to effect an exchange pursuant to this Section 11(c)(ii)(A11(c)(2) being prior to the "Trigger Date effective upon the Trigger Date, even if the Trigger Date coincides with the Exchange Consideration")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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (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)(ii11(c)(2) 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 shares of Common Stock equal to the number of such Rights held by such holder multiplied by the Exchange ConsiderationRatio. 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 Exchange Consideration shares of Common Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, 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 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 Nasdaq National Market NYSE (or, if the Company's Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination, a majority of the Continuing Directors or, if there are then no Continuing Directors, a majority of the Board of Directors of the Company may, at its their option, cause the Company to exchange mandatorily for all or part of the then then- outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting ), Common Shares at an exchange ratio of one half Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at this Agreement (such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), exchange ratio being referred to herein as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationRatio"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of a majority of the Continuing Directors or, if there are then no Continuing Directors, a majority of the Board of Directors of the Company ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii11(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 ConsiderationRatio. 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 Exchange Consideration Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Nasdaq National Market NYSE (or, if the Company's Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.

Exchange Option. (A) At any time after the occurrence of a Triggering Event and prior to the earlier of (i) the time any Person, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the shares of Common Stock Shares then outstanding and (ii) the occurrence of a Section 13(a) Event, the Board may, at its option, cause the Company to exchange mandatorily all or part of the then outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting of one half of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, issuable at such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange Consideration"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Rights Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of the Board ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii) 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 Exchange Consideration. 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; providedPROVIDED, howeverHOWEVER, 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 Exchange Consideration for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common StockShares, the Company shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Common Stock Shares 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 Nasdaq National Market (or, if the Common Stock is Shares are not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination, the Board of Directors of the Company may, at its option, cause the Company to exchange mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting Rights, Common Shares at an exchange ratio of one half Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at this Agreement (such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), exchange ratio being referred to herein as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "“Exchange Consideration"Ratio”). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (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)(ii11(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 ConsiderationRatio. 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 Exchange Consideration Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Common Stock Shares 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 Nasdaq National Market NYSE (or, if the Common Stock is Shares are not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market priceunder the definition of “Current Market Price," ” adjusted to take into account the exchange). In determining whether any 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.

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 fifty percent (50% %) or more of the shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination, the Board of Directors of the Company may, at its option, cause the Company to exchange mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting Rights, Common Shares at an exchange ratio of one half Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at this Agreement (such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), exchange ratio being referred to herein as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationRatio"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (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)(ii11(c)(2) 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 ConsiderationRatio. The Company shall promptly give public notice of any such exchange (as well as prompt written notice thereof to the Rights Agent) 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 Exchange Consideration Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Common Stock Shares 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 Nasdaq National Market AMEX (or, if the Common Stock is Shares are not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.

Exchange Option. (Aa) At any time after the occurrence The Board of a Triggering Event and prior to the earlier of (i) the time any Person, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more Directors of the shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) Event, the Board Corporation may, at its option, cause and without seeking the Company approval of the holders of Common Shares or Rights (provided that there are then Independent Directors in office and a majority of the Independent Directors concur), at any time and from time to time on or after a Flip-in Event has occurred, exchange mandatorily all or part of the then outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof3.1) for consideration per Right consisting Common Shares at an exchange ratio of one half 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 hereinafter referred to as the "EXCHANGE RATIO"). (b) Immediately upon the action of the securities that would be issuable, or cash or other assets with one half the value Board of Directors of the cash Corporation ordering the exchange of any Rights pursuant to Subsection 3.2(a) and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common Shares equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Corporation shall promptly give public notice along with simultaneous written notice to the Rights Agent, of any such exchange, provided however that the failure to give or other assets that would be issuable, any defect in such notice shall not affect the validity of such exchange. The Corporation shall promptly mail a notice of any such exchange to all of the holders of such Rights at such time their last addresses as they appear upon the exercise register books of one Right the Rights Agent. Any notice which is mailed in accordance with Section 11(b) the manner herein provided shall be deemed given, whether or 11(c)(i), as not the case may holder receives the notice. Each such notice of exchange will state the method by which the exchange will be (affected and in the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being event of any partial exchange the "Exchange Consideration")number of Rights which will be exchanged. 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) hereofSubsection 3.1(b)) held by each holder of Rights. If the Board elects to . (c) In an exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A3.2, the Corporation, at its option, may substitute for Common Shares exchangeable for a Right (i) prior "common share equivalents", (ii) cash, (iii) debt or equity securities of the Corporation, (iv) other assets, or (v) any combination of the foregoing, having an aggregate value which a majority of the Independent Directors and the Board of Directors of the Corporation shall have determined in good faith to be equal to the physical distribution current Market Price of one Common Share (determined pursuant to Subsection 1.1(ac)) on the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on Trading Date immediately preceding the date of such distribution. (B) Immediately upon the action of the Board ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii3.2. (d) and If the Board of Directors authorizes the exchange of debt or equity securities or other assets (or a combination thereof) for Rights pursuant to Subsections 3.2(a) to (c), then, without any further action and without any or notice, the right to exercise those particular the Rights shall will terminate and the only right thereafter of a holder shall have thereafter with respect to any of those particular Rights shall be to receive such debt or equity securities or other assets (or a combination thereof) in accordance with the Exchange Considerationexchange formula authorized by the Board of Directors. The Company Within 10 Business Days after the Board of Directors has authorized the exchange of debt or equity securities or other assets (or a combination thereof) for Rights pursuant to Subsections 3.2 (a) to (c), the Corporation 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 exchangeRights. Each such notice of exchange will state the method by which the exchange of the Exchange Consideration debt or equity securities or other assets (or a combination thereof) for Rights will be effected and, in affected and shall state that Rights Certificates must be surrendered to the event Rights Agent as a condition precedent to the receipt of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the Company such debt or equity securities or other assets. (e) The Corporation shall not be required to issue fractions of shares of Common Stock securities or to distribute certificates which evidence evidencing fractional shares of Common Stocksecurities. In lieu of issuing such fractional shares of Common Stocksecurities, the Company there shall pay be paid to the registered holders of the Rights Certificates with regard to which whom such fractional shares of Common Stock securities would otherwise be issuable issuable, an amount in cash equal to the product derived by multiplying (x) the subject fraction, by (y) the last sale price same fraction of the 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 Nasdaq National Market (or, if the Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market price," adjusted to take into account the exchange). In determining whether any particular holder shall be obligated to receive cash in lieu Price 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 ownedwhole security.

Exchange Option. (A) At any time after the occurrence of Except as otherwise provided in Section 11(a)(iv)(B), a Triggering Event and prior to the earlier of (i) the time any Person, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more majority of the shares Board of Common Stock then outstanding and (ii) Directors of the occurrence of a Section 13(a) Event, the Board Company may, at its their option, at any time and from time to time cause the Company to exchange mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting of one half of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange Consideration"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution.of (B) Immediately upon the action of a majority of the Board of Directors of the Company ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii11(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 Exchange Considerationnumber of shares of Common Stock issuable in exchange under the terms of the preceding paragraph. 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 Exchange Consideration Common Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, 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 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 Nasdaq National Market NYSE (or, if the Company's Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.

Exchange Option. (A) At any time after the occurrence of a Triggering Event and prior to the earlier of (i) the time any Person, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) Event, the Board may, at its option, cause the Company to exchange mandatorily all or part of the then outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting of one half of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationEXCHANGE CONSIDERATION"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of the Board ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii) 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 Exchange Consideration. 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; providedPROVIDED, howeverHOWEVER, 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 Exchange Consideration for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, 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 last sale price of the 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 Nasdaq National Market (or, if the Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining "current per share market price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock Shares then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination, a majority of the Continuing Trustees or, if there are then no Continuing Trustees, a majority of the Board of Trustees of the Trust may, at its their option, cause the Company Trust to exchange mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting ), Common Shares at an exchange ratio of one half Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at this Agreement (such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), exchange ratio being referred to herein as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationEXCHANGE RATIO"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of a majority of the Continuing Trustees or, if there are then no Continuing Trustees, a majority of the Board of Trustees of the Trust ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii11(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 ConsiderationRatio. The Company Trust shall promptly give public notice of any such exchange and in addition, the Company Trust 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; providedPROVIDED, howeverHOWEVER, 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 Exchange Consideration Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the Company The Trust shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company Trust shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Common Stock Shares on the fifth Trading Day following the public announcement of the exchange by the CompanyTrust, 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 Nasdaq National Market NYSE (or, if the Common Stock is Shares are not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination, the Board of Directors may, at its option, cause the Company to exchange mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) ), shares of Common Stock. The number of shares of Common Stock issuable for consideration per Right consisting of one half of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at such time upon the exercise of one each Right in accordance with Section 11(b) or 11(c)(i), as the case may be any such exchange (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationShares")) shall be at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof. 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (B) Immediately upon the action of a majority of the Board Continuing Directors ordering the exchange of any particular Rights pursuant to this Section 11(c)(ii11(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 Exchange Considerationnumber of shares of Common Stock issuable in exchange under the terms of the preceding paragraph. 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 Exchange Consideration Common Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, 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 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 Nasdaq National Market NYSE (or, if the Company's Common Stock is not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.

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 shares of Common Stock then outstanding and (ii) the occurrence of a Section 13(a) EventBusiness Combination, the Board of Directors of the Company may, at its option, cause the Company to exchange mandatorily for all or part of the then then-outstanding and exercisable Rights (which shall not include Rights that shall have become null and void pursuant to the provisions of Section 7(e) hereof) for consideration per Right consisting Rights, Common Shares at an exchange ratio of one half Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date of the securities that would be issuable, or cash or other assets with one half the value of the cash or other assets that would be issuable, at this Agreement (such time upon the exercise of one Right in accordance with Section 11(b) or 11(c)(i), exchange ratio being referred to herein as the case may be (the consideration issuable per Right pursuant to this Section 11(c)(ii)(A) being the "Exchange ConsiderationRatio"). 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. If the Board elects to exchange all the Rights for Exchange Consideration pursuant to this Section 11(c)(ii)(A) prior to the physical distribution of the Rights Certificates, the Company may distribute the Exchange Consideration in lieu of distributing Rights Certificates, in which case for purposes of this Agreement holders of Rights shall be deemed to have simultaneously received and surrendered for exchange Rights Certificates on the date of such distribution. (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)(ii11(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 ConsiderationRatio. 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 Exchange Consideration Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. In the event the Exchange Consideration consists of Common Stock, the The Company shall not be required to issue fractions of shares of Common Stock Shares or to distribute certificates which evidence fractional shares of Common StockShares. In lieu of such fractional shares of Common StockShares, the Company shall pay to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock 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 Common Stock Shares 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 Nasdaq National Market NYSE (or, if the Common Stock is Shares are not so listed or traded, then as determined in the manner provided in Section 11(d)(i) for determining under the definition of "current per share market priceCurrent Market Price," adjusted to take into account the exchange). In determining whether any 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.