Form 8-K

8-K — International Seaways, Inc.

Accession: 0001104659-26-041552

Filed: 2026-04-09

Period: 2026-04-09

CIK: 0001679049

SIC: 4400 (WATER TRANSPORTATION)

Item: Entry into a Material Definitive Agreement

Item: Material Modifications to Rights of Security Holders

Item: Financial Statements and Exhibits

Documents

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EX-4.1 — EXHIBIT 4.1 (tm2611306d1_ex4-1.htm)

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant to Section 13 or 15(d) of The Securities

Exchange Act of 1934

Date

of Report (Date of earliest event reported): April 9, 2026

International

Seaways, Inc.

(Exact Name of Registrant as Specified in Charter)

Marshall Islands

1-37836-1

98-0467117

(State or other jurisdiction of

incorporation or organization)

Commission File

Number

(I.R.S. Employer

Identification Number)

600 Third Avenue,

39th Floor

New

York, New

York 10016

(Address

of Principal Executive Offices) (Zip Code)

(212)

578-1600

Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

¨ Written communications pursuant to Rule 425 under the

Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the

Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b)

under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c)

under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b)

of the Act:

Title

of each class

Symbol

Name

of each exchange on which registered

Common Stock (no par value)

INSW

New York Stock Exchange

Rights to Purchase Common Stock

N/A true

New York Stock Exchange

Item 1.01 Entry into a Material Definitive Agreement

On April 9, 2026, International

Seaways, Inc. (the “Company”) amended and restated the Amended and Restated Rights Agreement, dated as of April 11, 2023,

by and between the Company and Computershare Trust Company, N.A., as rights agent, to extend the “Final Expiration Date” to

April 8, 2029 and increase the “Purchase Price” from $50 to $95.

The description of the Second

A&R Rights Agreement (as defined in Item 3.03 below) set forth in Item 3.03 below is incorporated herein by reference. A copy of the

Second A&R Rights Agreement is filed as Exhibit 4.1 hereto and incorporated herein by reference.

Item 3.03 Material Modification of Rights of Security Holders

On May 8, 2022, the Company

entered into a shareholder rights plan in the form of a Rights Agreement (the “Original Rights Agreement”), between the Company

and Computershare Trust Company, N.A., as rights agent. The Original Rights Agreement was approved by the board of directors (the “Board”)

of the Company on May 6, 2022. In connection with the Original Rights Agreement, the Board authorized and declared a dividend distribution

of one right (a “Right”) for each outstanding share of common stock, no par value, of the Company (the “Common Stock”).

The dividend was payable on May 19, 2022 to stockholders of record at the close of business on such date (the “Record Date”).

On April 11, 2023, the Board

approved the Amended and Restated Rights Agreement (the “A&R Rights Agreement”) with Computershare Trust Company, N.A.,

as rights agent, which amended and restated the Original Rights Agreement in its entirety.

On April 6, 2026, the Board

approved and authorized management to enter into, on April 9, 2026, the Second Amended and Restated Rights Agreement (the “Second

A&R Rights Agreement”) between the Company and Computershare Trust Company, N.A., as rights agent, which amended and restated

the A&R Rights Agreement in its entirety. Each Right entitles the registered holder to purchase from the Company one share of Common

Stock at a purchase price of $95 per share, subject to adjustment as described in the Second A&R Rights Agreement (the “Purchase

Price”). The Company expects to seek stockholder ratification of the adoption of the Second A&R Rights

Agreement at its 2026 annual meeting of stockholders.

In general terms, the Second

A&R Rights Agreement implements the same features and protective measures of the A&R Rights Agreement (except as noted below)

and includes the following revised provisions:

· extends the “Final Expiration Date” from April 10, 2026 to April 8, 2029; and

· increases the Purchase Price from $50 to $95.

The Second A&R Rights

Agreement otherwise preserves the terms of the prior A&R Rights Agreement. In particular, the Second A&R Rights Agreement does

not change:

· the existing 20% beneficial ownership threshold at which a person becomes an “Acquiring Person”;

· the existing qualifying offer provision and the related stockholder redemption feature.

The Second A&R

Rights Agreement is designed to make it more difficult for any individual stockholder or group of stockholders to gain control of

the Company through open market accumulation without paying a control premium to all stockholders or by otherwise disadvantaging

other stockholders. The Board adopted the Original Rights Agreement in response to a rapid and significant accumulation of Company

Common Stock by Famatown Finance Limited (“Famatown”), an affiliate of a Company competitor, and its affiliates.

Famatown’s initial Schedule 13D filed with the SEC on April 27, 2022 reported beneficial ownership by various Famatown

affiliates of approximately 16.2% of the Company’s outstanding Common Stock. As of the date of this Form 8-K, Famatown and its

affiliates own approximately 15.8% of the Company’s Common Stock.

-2-

The Second A&R Rights

Agreement includes an exception for certain “qualifying offers” that would not cause the Rights to become exercisable, such

as fully financed tender offers or exchange offers meeting certain terms and conditions further described below (as well as any combination

of cash and stock meeting the conditions set forth in the Second A&R Rights Agreement for both types of offers), in any case with

such offer being made in respect of all outstanding shares of the Common Stock and held open for at least ninety (90) business days. This

qualifying offer exception is designed to allow for bona fide offers of cash and/or stock while still ensuring that all of the Company’s

shareholders receive fair and equal treatment in the event of any proposed takeover of the Company and guarding against abusive tactics

to gain control of the Company without paying all shareholders a premium for that control.

The Rights are issued pursuant

to the Second A&R Rights Agreement. The following is a summary of the principal terms of the Second A&R Rights Agreement. The

following summary is a general description only and is qualified in its entirety by the full text of the Second A&R Rights Agreement,

which has been filed as an exhibit to this Form 8-K. A copy of the Second A&R Rights Agreement is available free of charge from the

Company upon request.

The Rights

Currently, the Rights trade

with, and are inseparable from, the Common Stock. The Rights are evidenced by the same stock certificates as the Common Stock (or the

balances in the book-entry account system of the transfer agent for the Common Stock registered in the names of the holders of the Common

Stock) and not by separate certificates (any such certificates, the “Rights Certificates”). The Rights will accompany all

new shares of Common Stock the Company may issue in the future, as long as the Second A&R Rights Agreement remains in effect.

Each Right will allow its

holder to purchase Common Stock from the Company having a value (as determined pursuant to the Second A&R Rights Agreement) equal

to two times the exercise price of the Right, once the Rights become exercisable. Prior to exercise, the Right does not give its holder

any dividend, voting, or liquidation rights.

Exercisability

The Rights will not be exercisable

until ten (10) business days after (i) the public announcement that a person or group has become an Acquiring Person by obtaining beneficial

ownership of 20% or more of the Company’s outstanding Common Stock, (ii) the Board becomes aware of the existence of an Acquiring

Person (the “Stock Acquisition Date”) or (iii) the commencement of, or announcement of an intention to make, a tender offer

or exchange offer that would result in a person becoming an Acquiring Person. For purposes of the Second A&R Rights Agreement, beneficial

ownership is defined to include the ownership of derivative securities.

The date when the Rights become

exercisable is the “Distribution Date.” Until that date, (i) the Rights will be evidenced by the Common Stock certificates

or the balances in the book-entry account system of the transfer agent for the Common Stock registered in the names of the holders of

the Common Stock, as applicable, (ii) any confirmation or written notices sent to holders of Common Stock in book-entry form and any new

Common Stock certificates issued after the Rights Record Date will contain a notation incorporating the Second A&R Rights Agreement

by reference and (iii) the transfer of Common Stock outstanding will also constitute the transfer of the Rights associated with such shares

of Common Stock. The Company reserves the right to require prior to the occurrence of a Flip In or Flip Over (as discussed below) that,

upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Common Stock will be issued.

Consequences of a Person

or Group Becoming an Acquiring Person

Flip In. In the event

that a person becomes an Acquiring Person, (i) each holder of a Right, other than Rights that are or were beneficially owned by an Acquiring

Person (or an Affiliate or Associate thereof (as such terms are defined in the Second A&R Rights Agreement)), will thereafter have

the right to receive, upon exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having

a value (as determined pursuant to the Second A&R Rights Agreement) equal to two times the exercise price of the Right and (ii) all

Rights that are, or (under certain circumstances specified in the Second A&R Rights Agreement) were, beneficially owned by any Acquiring

Person or Affiliates or Associates thereof will be null and void.

-3-

Flip Over. In the event

that a person becomes an Acquiring Person and (i) the Company engages in a merger or other business combination transaction in which the

Company is not the surviving corporation, (ii) the Company engages in a merger or other business combination transaction in which the

Company is the surviving corporation and the Common Stock of the Company is changed or exchanged or (iii) 50% or more of the Company’s

assets (measured by book value), cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously

been voided as set forth above) shall thereafter have the right to receive, upon exercise, Common Stock of the acquiring company having

a value equal to two times the exercise price of the Right.

Exchange. After a person

or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the Common Stock, our Board of Directors may

exchange all or part of the Rights (other than Rights owned by such person or group which have become null and void), in whole or in part,

for Common Stock at an exchange ratio of one share of Common Stock per Right (subject to adjustment).

Expiration

The Rights will expire no

later than April 8, 2029, unless the Second A&R Rights Agreement is earlier terminated in accordance with its terms or such date is

extended or the Rights are earlier redeemed or exchanged by the Company.

Redemption

At any time prior to the earlier

of (i) the Stock Acquisition Date (or, if the Stock Acquisition Date has occurred prior to the Rights Record Date, the Rights Record Date)

and (ii) the expiration date of the Second A&R Rights Agreement, the Company may redeem the Rights in whole, but not in part, at a

price of $0.001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board) or amend the Second A&R

Rights Agreement to change the expiration date to another date, including without limitation an earlier date. Immediately upon the action

of the Board ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive

the $0.001 redemption price.

Qualifying Offer

The Rights would also not

interfere with any fully financed tender offer, exchange offer of common stock of the offeror meeting certain terms and conditions further

described below, or a combination thereof, in each case for all outstanding shares of our Common Stock at the same per share consideration,

remaining open for a minimum of ninety (90) business days, subject to a minimum condition of acceptance by a majority of the outstanding

shares of our Common Stock and providing for a twenty (20)-business day “subsequent offering period” after consummation (such

offers, as determined by a majority of independent directors, are referred to as “qualifying offers”).

If an offer includes shares

of common stock of the offeror, the Rights would not interfere with such offer if:

· any non-cash consideration consists solely of freely-tradeable common stock of a publicly traded corporation;

· such common stock is listed or admitted to trading on the New York Stock Exchange, Nasdaq Global Select

Market or Nasdaq Global Market;

· the offeror has already received stockholder approval to issue such common stock prior to the commencement

of such offer or no such approval is or will be required;

· the offeror has no other class of voting stock outstanding at the time of the commencement, during the

term or upon completion of such offer; and

· the offeror meets the registrant eligibility requirements for use of a registration statement on Form

S-3 (or its equivalent for foreign private issuers) for registering securities under the Securities Act of 1933, as amended, including

the filing of all reports required to be filed pursuant to the Exchange Act in a timely manner during the twelve (12) calendar months

prior to the date of commencement, and throughout the term, of such offer.

-4-

In the event the Company receives

a qualifying offer and the Board has not redeemed the Rights prior to the consummation of such offer, or called a special meeting for

stockholders to vote on whether to exempt the qualifying offer from the terms of the Second A&R Rights Agreement within ninety (90)

business days following the commencement of such offer, and if, within ninety (90) to one hundred and twenty (120) business days following

commencement of such qualifying offer, the Company receives a notice in compliance with the Second A&R Rights Agreement from holders

of record (or their duly authorized proxy) of at least 10% of the Common Stock (excluding shares beneficially owned by the offeror and

its affiliates and associates) requesting a special meeting to vote on a resolution to exempt the qualifying offer (the “Qualifying

Offer Resolution”) from the terms of the Second A&R Rights Agreement, then the Board must call and hold such a special meeting

by the ninetieth (90th) business day following receipt of the stockholder notice (the “Outside Meeting Date”).

If prior to holding a vote on the Qualifying Offer Resolution at the special meeting, the Company enters into an agreement conditioned

on the approval by holders of a majority of the outstanding Common Stock with respect to a share exchange, one-step merger, tender offer

and back-end merger, consolidation, recapitalization, reorganization, business combination or a similar transaction involving the Company

or the direct or indirect acquisition of more than 50% of the Company’s consolidated total assets or earning power, the Outside

Meeting Date may be extended by the Board so that stockholders vote on whether to exempt the qualifying offer at the same time as they

vote on such agreement.

If the Board does not hold

the special meeting of stockholders by the Outside Meeting Date to vote on the exemption of the qualifying offer, the qualifying offer

will be deemed exempt from the Second A&R Rights Agreement 10 business days after the Outside Meeting Date. If the Board does hold

a special meeting and stockholders vote at such meeting in favor of exempting the qualifying offer from the terms of the Second A&R

Rights Agreement, the qualifying offer will be deemed exempt from the Second A&R Rights Agreement ten (10) business days after the

votes are certified as official by the inspector of elections. Subject to the terms of the Second A&R Rights Agreement, the consummation

of the qualifying offer will not cause the offeror or its affiliates or associates to become an Acquiring Person, and the Rights will

immediately expire upon consummation of the qualifying offer.

Anti-Dilution

The Purchase Price payable,

and the number of shares of Common Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment

from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the

Common Stock, (ii) if holders of the Common Stock are granted certain rights or warrants to subscribe for Common Stock or convertible

securities at less than the current market price of the Common Stock, or (iii) upon the distribution to holders of the Common Stock of

evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those

referred to above).

Amendments

Any of the provisions of the

Second A&R Rights Agreement may be amended by the Board prior to the Stock Acquisition Date. After the Stock Acquisition Date, the

provisions of the Second A&R Rights Agreement may only be amended by the Board in order to cure any ambiguity, to correct any defect

or inconsistency or to make changes which do not adversely affect the interests of holders of Rights.

The Second A&R Rights

Agreement is attached hereto as Exhibit 4.1 and is incorporated herein by reference. The foregoing description of the Rights is qualified

in its entirety by reference to such exhibit.

-5-

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

4.1

Second Amended and Restated Rights Agreement, dated as of April 9, 2026, between International Seaways, Inc. and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent, which includes the Form of Right Certificate as Exhibit A and the Summary of Rights to Purchase Common Stock as Exhibit B.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

-6-

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INTERNATIONAL SEAWAYS, INC.

(Registrant)

Date: April 9, 2026

By:

/s/

James D. Small III

Name:

James D. Small III

Title:

Chief Administrative Officer, Senior Vice President,

Secretary and General Counsel

EX-4.1 — EXHIBIT 4.1

EX-4.1

Filename: tm2611306d1_ex4-1.htm · Sequence: 2

Exhibit 4.1

International Seaways, Inc.

and

Computershare Trust Company, N.A.,

as Rights Agent

Second Amended and Restated Rights Agreement

Dated as of April 9, 2026

TABLE OF CONTENTS

Page

Section 1.

Certain Definitions

Section 2.

Appointment of Rights Agent

Section 3.

Issuance of Rights Certificates

Section 4.

Form of Rights Certificates

Section 5.

Countersignature and Registration

Section 6.

Transfer, Split-Up, Combination

and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates

Section 7.

Exercise of Rights; Purchase Price; Expiration

Date of Rights

Section 8.

Cancellation and Destruction

of Rights Certificates

Section 9.

Reservation and Availability

of Capital Stock

Section 10.

Common Stock Record Date

Section 11.

Adjustment of Purchase Price,

Number and Kind of Shares or Number of Rights

Section 12.

Certificate of Adjusted Purchase Price or Number

of Shares

Section 13.

Consolidation, Merger or Sale

or Transfer of Assets, Cash Flow or Earning Power

Section 14.

Fractional Rights and Fractional

Section 15.

Rights of Action

Section 16.

Agreement of Rights Holders

Section 17.

Rights Certificate Holder Not

Deemed a Stockholder

Section 18.

Concerning the Rights Agent

Section 19.

Merger or Consolidation or Change

of Name of Rights Agent

Section 20.

Duties of Rights Agent

Section 21.

Change of Rights Agent

Section 22.

Issuance of New Rights Certificates

Section 23.

Redemption and Termination

Section 24.

Exchange

Section 25.

Notice of Certain Events

Section 26.

Notices

Section 27.

Supplements and Amendments

Section 28.

Successors

TABLE OF CONTENTS

(continued)

Page

Section 29.

Determinations and Actions by

the Board of Directors, etc.

Section 30.

Benefits of this Agreement

Section 31.

Severability

Section 32.

Governing Law

Section 33.

Counterparts

Section 34.

Interpretation

Section 35.

Force Majeure

Section 36.

Entire Agreement

EXHIBIT A

Form of Rights Certificate

A-1

EXHIBIT B

Summary of Rights to Purchase

Common Stock

B-1

SECOND AMENDED AND RESTATED RIGHTS AGREEMENT

This SECOND AMENDED AND RESTATED RIGHTS AGREEMENT,

dated as of April 9, 2026 (the “Agreement”), between International Seaways, Inc., a Marshall Islands corporation

(the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the “Rights

Agent”), amends and restates that certain Amended and Restated Rights Agreement, dated as of April 11, 2023 between the Company

and the Rights Agent (the “A&R Rights Agreement”).

W I T N E S S E T H

WHEREAS, on May 8, 2022, the Board of Directors of

the Company (the “Board”) adopted a shareholder rights agreement (the “Original Rights Agreement”),

between the Company and Computershare Trust Company, N.A., as rights agent;

WHEREAS, in connection with the adoption of the Original

Rights Agreement, the Board authorized and declared a dividend distribution of one right (a “Right”) for each share

of common stock, no par value, of the Company (the “Common Stock”) outstanding (it being understood that treasury shares

and shares held by direct or indirect wholly owned Subsidiaries of the Company would not, for purposes of the Original Rights Agreement,

be considered as outstanding) at the Close of Business on May 19, 2022 (the “Record Date”), and authorized the issuance

of one Right (as such number may hereinafter be adjusted pursuant to the provisions of Section 11(i) or Section 11(p) hereof)

for each share of Common Stock that shall become outstanding between the Record Date (whether originally issued or delivered from the

Company’s treasury or transferred by a direct or indirect wholly owned Subsidiary of the Company) and the earlier to occur of the

Close of Business on the Distribution Date, the Redemption Date and the Close of Business on the Final Expiration Date (as hereinafter

defined), and certain additional shares of Common Stock that shall become outstanding after the Distribution Date as provided in Section

22 of this Agreement, each Right initially representing the right to purchase one share of Common Stock upon the terms and subject

to the conditions hereinafter set forth;

WHEREAS, the Original Rights Agreement would have

expired on the close of business on May 7, 2023 and, pursuant to Section 27 of the Original Rights Agreement, the Company and the Rights

Agent were authorized from time to time to supplement or amend any provision of the Original Rights Agreement in accordance with the provisions

of Section 27 thereof;

WHEREAS, on April 11, 2023, the Board approved the

A&R Rights Agreement, which amended and restated the Original Rights Agreement;

WHEREAS, the A&R Rights Agreement would have

expired on the close of business on April 10, 2026 and, pursuant to Section 27 of the A&R Rights Agreement, the Company and the Rights

Agent may from time to time supplement or amend any provision of the A&R Rights Agreement in accordance with the provisions of Section

27 thereof;

WHEREAS, the Board has determined that it is in the

best interests of the Company and the holders of the Rights to amend the A&R Rights Agreement as provided herein; and

WHEREAS, this Agreement amends and restates in its

entirety the A&R Rights Agreement, which A&R Rights Agreement is replaced and superseded by this Agreement.

NOW, THEREFORE, in consideration of the promises

and the mutual agreements herein set forth, the parties hereby agree as follows:

Section 1.

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

(a)

“Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person,

shall be the Beneficial Owner of 20% or more of the Common Stock then outstanding, but shall not include:

(i)

the Company;

(ii)

any Subsidiary of the Company;

(iii)

any employee benefit plan of the Company, or of any Subsidiary of the Company, or any Person or entity organized, appointed or

established by the Company for or pursuant to the terms of any such plan;

(iv)

any Exempt Person; or

(v)

any Person who, alone or together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 20% or more

of the Common Stock then outstanding as a result of a reduction in the number of shares of Common Stock outstanding due to the repurchase

of shares of Common Stock by the Company unless and until such Person, after becoming aware that such Person has become the Beneficial

Owner of 20% or more of the then outstanding Common Stock, acquires beneficial ownership of any additional shares of Common Stock;

provided, however, that if the Board

determines in good faith that a Person who would otherwise be an “Acquiring Person” as defined pursuant to the foregoing provisions

of this subsection (a) has become such inadvertently, and such Person promptly (and in any event within five Business Days after

being so requested by the Company) divests or enters into an irrevocable commitment satisfactory to the Board promptly (and in any event

within five Business Days or such shorter period as shall be determined by the Board) to divest, and thereafter divests as required by

such commitment, a sufficient number of shares of Common Stock so that such Person would no longer be an “Acquiring Person,”

as defined pursuant to the foregoing provisions of this subsection (a), then such Person shall not be deemed to be an “Acquiring

Person” for any purposes of this Agreement.

(b)

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

(c)

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

(d)

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

(e)

Subject to subsection (x) of this Section 1, “Affiliate” and “Associate” shall

have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act (as defined

below).

(f)

A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “beneficially own,”

any securities:

(i)

that such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right or obligation to

acquire (whether such right is exercisable or such obligation is required to be performed immediately or only after the passage of time

or upon the satisfaction of one or more conditions (whether or not within the control of such Person) or both) pursuant to any agreement,

arrangement or understanding (whether or not in writing) or upon the exercise of conversion rights, exchange rights, other rights, warrants

or options, or otherwise, and including any securities of the Company represented by “when-issued” trading thereof; provided,

however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” (A) securities

tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates or Associates

until such tendered securities are accepted for purchase or exchange or cease to be subject to withdrawal by the tendering security holder

or (B) securities issuable or issued upon the exercise of Rights after the occurrence of a Triggering Event, which Rights were acquired

by such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date (as hereinafter defined) or pursuant

to Section 3(a) or Section 22 hereof (the “Original Rights”) or pursuant to Section 11(i)

hereof in connection with an adjustment made with respect to any Original Rights;

(ii)

that such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or dispose

of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange

Act), including 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 under this clause (ii)

as a result of an agreement, arrangement or understanding to vote such security if such agreement, arrangement or understanding: (A) arises

solely from a revocable proxy or consent given in response to a public proxy or consent solicitation made pursuant to, and in accordance

with, the applicable provisions of the General Rules and Regulations under the Exchange Act, and (B) is not reportable by such Person

on Schedule 13D or Schedule 13G under the Exchange Act (or any comparable or successor report);

(iii)

that are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof), with which such

Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding (whether or not in writing),

for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in the proviso to clause

(ii) of this subsection (f)) or disposing of any voting securities of the Company; or

(iv)

that are the subject of, or the reference securities for, or that underlie, any Derivative Contract of such Person or any of such

Person’s Affiliates or Associates, with the number of shares of Common Stock deemed beneficially owned being the notional or other

number of shares of Common Stock in respect of such Derivative Position (without regard to any short or similar position) that is specified

in (i) one or more filings with the Securities and Exchange Commission by such Person or any of such Person’s Affiliates or Associates

or (ii) the documentation evidencing such Derivative Position as the basis upon which the value or settlement amount of such Derivative

Position, or the opportunity of the holder of such Derivative Position to profit or share in any profit, is to be calculated in whole

or in part (whichever of (i) or (ii) is greater), or if no such number of Common Stock is specified in such filings or documentation (or

such documentation is not available to the Board), as determined by the Board in its reasonable discretion.

provided, however, that nothing in this subsection

(f) shall cause (x) a Person engaged in business as an underwriter of securities to be the “Beneficial Owner” of, or to

“beneficially own,” any securities acquired through such Person’s participation in good faith in a firm commitment underwriting

until the expiration of forty days after the date of such acquisition, and then only if such securities continue to be owned by such Person

at such expiration of forty days, or (y) a Person to be deemed to be the “Beneficial Owner” or “beneficially own”

any security on account of such Person’s status as a “clearing agency,” as defined in Section 3(a)(23) of the Exchange

Act.

Notwithstanding anything in this definition of Beneficial

Ownership to the contrary, except as otherwise expressly provided herein, 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 Beneficially Own hereunder.

(g)

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

(h)

“Book-Entry” shall mean an uncertificated book-entry in the account system of the transfer agent for the Common

Stock.

(i)

“Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in the

State of New York are authorized or obligated by law or executive order to close.

(j)

“Close of Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided,

however, that if such date is not a Business Day, it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day.

(k)

“Common Stock” shall mean the common stock, no par value, of the Company at the date hereof or any other stock

resulting from successive changes or reclassifications of the common stock, except that “Common Stock” when used with reference

to any Person other than the Company shall mean the capital stock (or equivalent equity interest) of such Person with the greatest voting

power, or the equity securities or other equity interests having power to control or direct the management, of such Person or, if such

other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first mentioned Person.

(l)

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

(m)

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

(n)

“Current Market Price” shall have the meaning determined in accordance with Section 11(d) hereof.

(o)

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

(p)

A “Derivative Contract” is a contract between a party (the “Receiving Party”) and a counterparty

that is designed to produce economic benefits and risks to the Receiving Party that correspond substantially to the ownership by the Receiving

Party of an amount of Common Stock specified or referenced in such contract, regardless of whether the obligations under such contract

are required or permitted to be settled through the delivery of cash, Common Stock or other securities conveying voting rights in the

Company, without regard to any short position under the same or any other Derivative Contract. For avoidance of doubt, interests in broad-based

index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate federal governmental authority

shall not be deemed to be Derivatives Contracts.

(q)

“Distribution Date” shall have the meaning set forth in Section 3(a) hereof.

(r)

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

(s)

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

(t)

“Exempt Person” shall mean each Person that at the time of the first public announcement of the execution of

this Agreement Beneficially Owns 20% or more of the Common Stock then outstanding; provided, that each such Person shall be considered

an Exempt Person only if and so long as the shares of Common Stock Beneficially Owned by such Person do not exceed the number of shares

which are Beneficially Owned by such Person as of the time of the first public announcement of the declaration of the Rights dividend;

provided, further, that such Person shall cease to be an Exempt Person immediately at such time as such Person ceases to

be the Beneficial Owner of 20% or more of the Common Stock then outstanding.

(u)

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

(v)

“Person” shall mean any individual, firm, corporation, limited liability company, partnership, trust or other

entity, and shall include any successor (by merger or otherwise) thereof or thereto.

(w)

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

(x)

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

(y)

“Qualifying Offer” shall mean an offer as determined by a majority of independent directors of the Company,

as having, to the extent required for the type of offer specified, each of the following characteristics:

(i)

a fully financed tender offer or an exchange offer offering Common Stock of the offeror, or a combination thereof, in each case

for all of the Company’s outstanding Common Stock at the same per-share consideration;

(ii)

an offer that shall remain open for not less than ninety (90) Business Days after the offer has commenced within the meaning of

Rule 14d-2(a) under the Exchange Act, and, if a Special Meeting is duly requested in accordance with Section 23(c), for at least

ten (10) Business Days after the date of the Special Meeting or, if no Special Meeting is held within ninety (90) Business Days following

receipt of the Special Meeting Demand for at least ten (10) Business Days following such ninety (90) Business Day period; provided,

however, that such offer need not remain open beyond (A) the time for which any other offer satisfying the criteria for a Qualifying

Offer is then required to be kept open, or (B) the Final Expiration Date, as such date may be extended by public announcement (with prompt

written notice to the Rights Agent) in compliance with Rule 14e-1 of the Exchange Act, of any other tender offer for the Company’s

Common Stock with respect to which the Board has agreed to redeem the Rights immediately prior to acceptance for payment of Common Stock

thereunder (unless such other offer is terminated prior to its expiration without any Common Stock having been purchased thereunder);

(iii)

an offer that is conditioned on a minimum number of the Company’s Common Stock being tendered and not withdrawn as of the

expiration date as would provide the bidder, upon consummation of the offer, with beneficial ownership of at least a majority of the Company’s

outstanding Common Stock, which condition shall not be waivable;

(iv)

an offer pursuant to which the offeror has made an irrevocable written commitment to provide a “subsequent offering period”

in accordance with Rule 14d-11 of the Exchange Act of 20 Business Days following the consummation of the offer; and

(v)

if the offer includes common stock of the offeror, (A) the offeror is a publicly traded corporation, and its common stock are freely

tradable and are listed or admitted to trading on the New York Stock Exchange, the Nasdaq Global Market or the Nasdaq Global Select Market,

(B) no approval by the shareholders of the offeror is required to issue such common stock or, if required, such approval has already been

obtained prior to the commencement of such offer, (C) no other class of voting stock of the offeror is outstanding at the time of the

commencement, during the term or upon completion of such offer and (D) the offeror meets the registrant eligibility requirements for use

of Form S-3 (or its equivalent for foreign private issuers) for registering securities under the Securities Act of 1933, as amended, including,

without limitation, the filing of all required Exchange Act reports in a timely manner during the twelve calendar months prior to the

date of commencement, and throughout the term, of the offer within the meaning of Rule 14d-2(a) under the Exchange Act.

For the purposes of the definition of Qualifying Offer, “fully

financed” shall mean that the offeror has sufficient funds for the offer and related expenses which shall be evidenced by (i) firm,

binding written commitments from responsible financial institutions having the necessary financial capacity, accepted by the offeror,

to provide funds for such offer subject only to customary terms and conditions, (ii) cash or cash equivalents then available to the offeror,

set apart and maintained solely for the purpose of funding the offer with an irrevocable written commitment being provided by the offeror

to the Board to maintain such availability until the offer is consummated or withdrawn, or (iii) a combination of the foregoing;

which evidence has been provided to the Company prior to, or upon, commencement of the offer. If an offer becomes a Qualifying Offer in

accordance with this definition but subsequently ceases to be a Qualifying Offer as a result of the failure at a later date to continue

to satisfy any of the requirements of this definition, such offer shall cease to be a Qualifying Offer and the provisions of Section

23(c) shall no longer be applicable to such offer.

(z)

“Record Date” shall have the meaning set forth in the preamble of this Agreement.

(aa)

“Redemption Date” shall have the meaning set forth in ‎Section 23(b) hereof.

(bb)

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

(cc)

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

(dd)

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

(ee)

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

(ff)

[Reserved]

(gg)

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

(hh)

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

(ii)

“Section 13 Event” shall mean any event described in clauses (x), (y) or (z) of Section

13(a) hereof.

(jj)

“Signature Guarantee” shall have the meaning set forth in Section 6(a).

(kk)

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

(ll)

“Stock Acquisition Date” shall mean the earliest of the date of (i) the public announcement (which, for purposes

of this definition, shall include a report filed or amended pursuant to Section 13(d) or Section 13(g) under the Exchange Act) by the

Company or an Acquiring Person that an Acquiring Person has become such, or (ii) the Board becoming aware of the existence of an Acquiring

Person.

(mm)

“Subsidiary” shall mean, with reference to any Person, any other Person of which an amount of voting securities

(or comparable ownership interests) sufficient to elect at least a majority of the directors (or persons performing equivalent functions)

of such other Person is beneficially owned, directly or indirectly, by such Person, or otherwise controlled by such Person.

(nn)

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

(oo)

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

(pp)

“Trading Day” shall have the meaning set forth in Section 11(d) hereof.

(qq)

“Triggering Event” shall mean any Section 11(a)(ii) Event or any Section 13 Event.

(rr)

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

(ss)

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

Section 2.

Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance

with the express terms and conditions hereof (and no implied terms and conditions), and the Rights Agent hereby accepts such appointment.

The Company may from time to time appoint one or more such co-Rights Agents as it may deem necessary or desirable (the term “Rights

Agent” being used herein to refer, collectively, to the Rights Agent together with any such co-Rights Agents), upon 10 days’

prior written notice to the Rights Agent setting forth the respective duties of the Rights Agent and any co-Rights Agents. The Rights

Agent shall have no duty to supervise, and in no event shall be liable for, the acts or omissions of any such co-Rights Agent. If the

Company appoints one or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents shall be as the Company

reasonably determines, provided that such duties are consistent with the terms and conditions of this Agreement.

Section 3.

Issuance of Rights Certificates.

(a)

Until the earlier of (i) the Close of Business on the 10th Business Day after the Stock Acquisition Date (or, if the

10th Business Day after the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date)

(or, in the event the Board determines before the Close of Business on such day to effect an exchange in accordance with Section 24

and determines in accordance with Section 24 that a later date is advisable, such later date), and (ii) the Close of Business on

the 10th Business Day (or such later date as the Board shall determine prior to such time as any Person becomes an Acquiring

Person) after the date of the commencement by any Person (other than the Company, any Subsidiary of the Company, any employee benefit

plan of the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or established by the Company or

any Subsidiary of the Company for or pursuant to the terms of any such plan) of, or the first public announcement of the intention of

any Person (other than any of the Persons referred to in the precedent parenthetical) to commence, a tender or exchange offer the consummation

of which would result in such Person becoming an Acquiring Person (or, if the 10th Business Day (or such later date as the

Board shall so determine) after the date that such tender or exchange offer is first published or sent or given occurs before the Record

Date, the Close of Business on the Record Date) (the earlier of (i) and (ii) being herein referred to as the “Distribution Date”)

(provided that if such tender or exchange offer is terminated prior to the occurrence of a Distribution Date, then no Distribution

Date shall occur as a result of such tender or exchange offer), (x) the Rights will be evidenced by the certificates (or other evidence

of Book-Entries or other uncertificated ownership) for Common Stock registered in the names of the holders thereof (which shall also be

deemed to be certificates for the associated Rights) and not by separate certificates, or, in the case of uncertificated shares of Common

Stock, by the Book Entries for such Common Stock (which Book-Entries shall also be deemed to be book-entries for the associated Rights)

and not by separate book-entries or Rights Certificates (as defined below) (provided, that each certificate (or other evidence

of Book-Entry or other uncertificated ownership) representing Common Stock outstanding as of the Close of Business on the Record Date

evidencing the Rights shall be deemed to incorporate by reference the terms of this Agreement, as amended from time to time), and (y)

the Rights will be transferable only in connection with the transfer of the underlying shares of Common Stock (including a transfer to

the Company or a Subsidiary of the Company). As soon as practicable after the Distribution Date, the Company will prepare and execute

(either by manual, facsimile or portable document format signature), the Rights Agent will countersign (either by manual, facsimile or

portable document format signature), and the Company will send or cause to be sent (and the Rights Agent will, if requested and provided

with all necessary information, send) by first-class, postage-prepaid mail, to each record holder of the Common Stock as of the Close

of Business on the Distribution Date, at the address of such holder shown on the records of the Company or the transfer agent or registrar

for the shares of Common Stock, one or more Rights certificates, in substantially the form of Exhibit B hereto (the “Rights

Certificates”), evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein; provided,

that the Rights may instead be recorded in book-entry or other uncertificated form, in which case such book-entries or other evidence

of ownership shall be deemed to be Rights Certificates for all purposes of this Agreement; provided, further, that all procedures

relating to actions to be taken or information to be provided with respect to such Rights recorded in book-entry or other uncertificated

forms, and all requirements with respect to the form of any Rights Certificate set forth in this Agreement, may be modified as necessary

or appropriate to reflect book-entry or other uncertificated ownership. To the extent that a ‎Section 11(a)(ii) Event has also occurred,

the Company may implement such procedures, as it deems appropriate, in its sole discretion, to minimize the possibility that Rights are

received by Persons for whom Rights would be null and void under Section 7(e). In the event that an adjustment in the number of

Rights per share of Common Stock has been made pursuant to Section 11(a)(i) or Section 11(p) hereof, at the time of distribution

of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a)

hereof) so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional

Rights. As of and after the Distribution Date, the Rights will be evidenced solely by such Rights Certificates, and the Rights will be

transferable separately from the transfer of shares of Common Stock. The Company shall promptly notify the Rights Agent in writing upon

the occurrence of the Distribution Date and, if such notification is given orally, the Company shall confirm the occurrence of the Distribution

Date in writing on or prior to the next Business Day. Until such notice is received by the Rights Agent, the Rights Agent may presume

conclusively for all purposes that the Distribution Date has not occurred. Notwithstanding anything to the contrary set forth in this

Agreement, upon the effectiveness of a redemption pursuant to Section 23, the Company shall not thereafter issue any additional

Rights and, for the avoidance of doubt, no Rights shall be attached to or shall be issued with any shares of Common Stock (including any

shares of Common Stock issued pursuant to an exchange) at any time thereafter.

(b)

The Company will make available, as promptly as practicable following the Record Date, a copy of a Summary of Rights, in substantially

the form attached hereto as Exhibit B (the “Summary of Rights”) to any record holder of Rights upon request

from such record holder time to time prior to the Final Expiration Date (or, if earlier, the Redemption Date). With respect to shares

of Common Stock outstanding as of the Record Date, or that become outstanding subsequent to the Record Date, unless and until the Distribution

Date shall occur, the Rights associated with such shares will be evidenced by the certificates for the Common Stock or the balances in

the Book-Entries registered in the names of the holders of such shares, as applicable, and not by separate book-entries or Rights Certificates,

and the registered holders of such shares represented by such certificates of Book Entries shall also be deemed to be the registered holders

of the associated Rights. Until the earlier of the Close of Business on the Distribution Date, the Redemption Date and the Close of Business

on the Final Expiration Date, the transfer of any shares of Common Stock in respect of which Rights have been issued shall also constitute

the transfer of the Rights associated with such shares of Common Stock.

(c)

Rights shall be issued in respect of all shares of Common Stock which are issued (whether originally issued or from the Company’s

treasury or transferred to third parties by direct or indirect wholly owned Subsidiaries of the Company) after the Record Date but prior

to the earlier of the Close of Business on the Distribution Date, the Redemption Date, and the Close of Business on the Final Expiration

Date, or, in certain circumstances provided in Section 22, after the Distribution Date. Certificates evidencing such shares of

Common Stock or any confirmations or written notices to holders of shares of Common Stock in Book-Entry form (including any such certificates,

confirmations or notices issued or sent upon transfer of outstanding Common Stock, disposition of Common Stock out of treasury stock or

issuance of Common Stock out of authorized but unissued shares) issued or sent after the Record Date but prior to the earlier of the Close

of Business on the Distribution Date, the Redemption Date and the Close of Business on the Final Expiration Date (or, in the circumstances

described in Section 22, after the Distribution Date) shall have impressed on, printed on, written on or otherwise affixed to them

a legend in substantially the following form (but the failure to have such legend so impressed, printed, written or affixed shall not

affect the status or validity of the Rights evidenced by such shares of Common Stock):

The shares to which this certificate or written notice

relates also evidences and entitles the holder hereof to certain Rights as set forth in the Second Amended and Restated Rights Agreement

between International Seaways, Inc. (the “Company”) and Computershare Trust Company, N.A. (or any successor Rights

Agent) as Rights Agent (the “Rights Agent”), dated as of April 9, 2026, as it may be amended from time to time (the

“Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file

at the office of the Rights Agent. 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 the shares to which this certificate or notice relates. The Company will mail

to the holder of shares to which this certificate or notice relates a copy of the Rights Agreement, as in effect on the date of mailing,

without charge, promptly after receipt of a written request therefor. Under certain circumstances set forth in the Rights Agreement, Rights

issued to, or held by, any Person who is, was or becomes an Acquiring Person or any Affiliate or Associate thereof (as such terms are

defined in the Rights Agreement), whether currently held by or on behalf of such Person or by any subsequent holder, may become null and

void.

With respect to the certificates and Book-Entries

(in either case, whether or not containing the foregoing legend) described in this Section 3(c), until the earlier of (i) the Close

of Business on the Distribution Date, (ii) the Redemption Date and (iii) the Close of Business on the Final Expiration Date, the Rights

associated with the shares of Common Stock represented by such certificates and Book-Entries shall be evidenced by such certificates or

Book-Entries alone, and holders of such shares of Common Stock shall also be holders of the associated Rights, and the transfer of any

of such shares of Common Stock shall also constitute the transfer of the Rights associated with such shares of Common Stock. Notwithstanding

this Section 3 or Section 4 hereof, neither the omission of a legend nor the failure to deliver notice required hereby shall

affect the enforceability of any part of this Agreement or the rights of any holder of the Rights. In the event that the Company or any

direct or indirect wholly owned Subsidiary of the Company purchases or acquires any Common Stock after the Record Date but prior to the

Close of Business on the Distribution Date, any Rights associated with such Common Stock shall be deemed canceled and retired so that

the Company or such direct or indirect wholly owned Subsidiary shall not be entitled to exercise any Rights associated with such Common

Stock.

Section 4.

Form of Rights Certificates.

(a)

The Rights Certificates (and the forms of election to purchase and of assignment to be printed on the reverse thereof) shall each

be substantially in the form set forth in Exhibit A hereto and may have such marks of identification or designation and such legends,

summaries or endorsements printed thereon as the Company may deem appropriate (but which shall not, in any case, affect the rights, duties,

liabilities, protections or responsibilities of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or

as may be required to comply with any applicable law or with any applicable rule or regulation made pursuant thereto or with any applicable

rule or regulation of any stock exchange or interdealer quotation system on which the Rights may from time to time be listed or quoted,

or to conform to usage. Subject to the provisions of this Agreement (including Section 11 and Section 22 hereof), the

Rights Certificates, whenever distributed, shall be dated as of the Record Date and on their face shall entitle the holders thereof to

purchase such number of shares of Common Stock as shall be set forth therein at the price set forth therein (such exercise price per share,

the “Purchase Price”), but the amount and type of securities purchasable upon the exercise of each Right and the Purchase

Price thereof shall be subject to adjustment as provided herein. The Company shall give written notice to the Rights Agent promptly after

it becomes aware of the existence of any Acquiring Person, and until such written notice is received by the Rights Agent, the Rights Agent

may presume for all purposes that no such Acquiring Person exists.

(b)

Any Rights Certificate issued pursuant to Section 3(a), Section 11(i) or Section 22 hereof that represents

Rights that are or were beneficially owned by: (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a transferee

of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such, or (iii)

a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the

Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the

Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing

agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer that the Board has determined is part of a

plan, arrangement or understanding that has as a primary purpose or effect the avoidance of Section 7(e) hereof, and any Rights

Certificate issued pursuant to Section 6, Section 11 or Section 22 hereof upon transfer, exchange, replacement

or adjustment of any other Rights Certificate referred to in this sentence, shall contain (to the extent feasible, and only if the Company

has provided specific written instructions to the Rights Agent) a legend in substantially the following form:

The Rights represented by this Rights Certificate

are or were beneficially owned by a Person who was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as

such terms are defined in the Rights Agreement). Accordingly, this Rights Certificate and the Rights represented hereby may become null

and void in the circumstances specified in Section 7(e) of the Rights Agreement.

Notwithstanding this Section 4(b) or anything

to the contrary that may be contained elsewhere in this Agreement, the omission of the foregoing legend or any legend substantially similar

thereto shall not affect the enforceability of any part of this Agreement or the rights of any registered holder of Rights Certificates.

Section 5.

Countersignature and Registration.

(a)

The Rights Certificates shall be executed on behalf of the Company by its Chairperson of the Board, Chief Executive Officer, President,

Chief Financial Officer, any Vice President, either manually or by facsimile or other electronic signature, shall have affixed thereto

the Company’s seal (if any) or a facsimile or other electronic copy thereof, and shall be attested by the Secretary or an Assistant

Secretary of the Company, either manually or by facsimile or other electronic signature. The Rights Certificates shall be countersigned

by the Rights Agent, either manually or by facsimile or other electronic signature and shall not be valid for any purpose unless so countersigned.

In case any authorized officer of the Company who shall have signed any of the Rights Certificates shall cease to be an authorized officer

of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless,

may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the person who

signed such Rights Certificates had not ceased to be such authorized officer of the Company; and any Rights Certificates 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 an authorized 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

authorized officer. In case any authorized signatory of the Rights Agent who has countersigned any of the Rights Certificates ceases to

be an authorized signatory of the Rights Agent before its issuance and delivery by the Company, such Rights Certificates, nevertheless,

may be issued and delivered by the Company with the same force and effect as though the person who countersigned such Rights Certificates

had not ceased to be an authorized signatory of the Rights Agent.

(b)

Following the Distribution Date, upon receipt by the Rights Agent of notice to that effect and all other relevant information referred

to in Section 3(a), the Rights Agent will keep, or cause to be kept, at its office designated for such purpose, books for registration

and transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the

Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates and the date of each of the Rights

Certificates.

Section 6.

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

(a)

Subject to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at any time after the Close

of Business on the Distribution Date, and at or prior to the earlier of the Redemption Date and the Close of Business on the Final Expiration

Date, any Rights Certificate or Rights Certificates (other than Rights Certificates representing Rights that have become null and void

pursuant to Section 7(e) hereof or that have been redeemed pursuant to ‎Section

23 or exchanged pursuant to Section 24 hereof) may be transferred, split up, combined or exchanged for another Rights Certificate

or Rights Certificates, entitling the registered holder to purchase a like number of shares of Common Stock (or, following a Triggering

Event, other securities, cash or other assets, as the case may be) as the Rights Certificate or Rights Certificates surrendered then entitles

such holder (or former holder in the case of a transfer) to purchase. Any registered holder desiring to transfer, split up, combine or

exchange any Rights Certificate or Rights Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender

the Rights Certificate or Rights Certificates to be transferred, split up, combined or exchanged, with the form of assignment and certificate

contained therein properly completed and duly executed and with all signatures guaranteed from an eligible guarantor institution participating

in a signature guarantee program approved by the Securities Transfer Association (a “Signature Guarantee”), at the

office of the Rights Agent designated for such purpose, along such other and further documentation as the Company or the Rights Agent

may reasonably request. 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 properly completed and duly executed the certificate

contained in the form of assignment on the reverse side of such Rights Certificate accompanied by a Signature Guarantee and such other

documentation, as the Company or the Rights Agent may reasonably request, of the identity of the Beneficial Owner (or former Beneficial

Owner) thereof and of the Rights represented by such Rights Certificate(s), any Affiliates and Associates of such Beneficial Owner or

of any other Person with which such Beneficial Owner or any of such Beneficial Owner’s Affiliates or Associates has any agreement,

arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding, voting or disposing of securities of the

Company. Pursuant to Section 9(e), the Company or the Rights Agent may require payment of a sum sufficient to cover any tax or

charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates. The Rights Agent

shall not be obligated to deliver any Rights Certificates, unless and until it is satisfied that all such payments have been made, and

the Rights Agent shall promptly forward any such sum collected by it to the Company or to such Persons as the Company may specify by written

notice. Thereupon the Rights Agent shall, subject to ‎Section 4(b), Section 7(e),

‎Section 14, ‎Section 20(m), ‎Section

23 and ‎Section 24, countersign and deliver to the Person entitled thereto, a Rights

Certificate or Rights Certificates, as the case may be, as so requested. The Rights Agent shall have no duty or obligation under any Section

of this Agreement that requires the payment of taxes or charges unless and until it is satisfied that all such taxes and/or charges have

been paid.

(b)

Subject to the provisions of this Agreement, at any time after the Distribution Date and prior to the earlier of the Redemption

Date and the Close of Business on the Final Expiration Date, upon receipt by the Company and the Rights Agent of evidence satisfactory

to them of the loss, theft, destruction or mutilation (in the case of mutilation, such evidence shall be the surrender of such mutilated

certificate) of a Rights Certificate (other than Rights Certificates representing Rights that have become null and void pursuant to Section

7(e) or that have been redeemed pursuant to ‎Section 23 or exchanged pursuant to ‎Section 24), and, in case

of loss, theft or destruction, of indemnity or security satisfactory to them, along with a Signature Guarantee and such other and further

documentation as the Company or the Rights Agent may reasonably request, and reimbursement to the Company and the Rights Agent of all

reasonable expenses incidental thereto, such Rights Certificate shall be cancelled, and the Company shall execute and deliver a new Rights

Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of the Rights Certificate

so lost, stolen, destroyed or mutilated.

Section 7.

Exercise of Rights; Purchase Price; Expiration Date of Rights.

(a)

Subject to ‎Section 9(e) hereof, at any time after the Distribution Date

the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein including

the restrictions on exercisability set forth in ‎Section 7(e), ‎Section

9(c), ‎Section 11(a)(iii), ‎Section

23(b) and ‎Section 24(b) hereof) in whole or in part upon surrender of the

Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof properly completed and duly

executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, accompanied by a Signature Guarantee and

such other documentation as the Rights Agent may reasonably request, together with payment of the aggregate Purchase Price with respect

to the total number of shares of Common Stock (or other securities, cash or other assets, as the case may be) as to which such surrendered

Rights are exercised, and an amount equal to any tax or charge required to be paid under Section 9(e), at or prior to the earlier

of (i) 5:00 P.M., New York City time, on April 8, 2029, or such later date as may be established by the Board prior to the expiration

of the Rights (such date, as it may be extended by the Board, the “Final Expiration Date”), (ii) the Redemption Date,

(iii) the time at which the right to exercise the Rights terminates as provided in Section 24 hereof or (iv) the time at which

the Rights expire in connection with the consummation of a Qualifying Offer as provided in Section 23(d) hereof. Except for those

provisions herein which expressly survive the termination of this Agreement, this Agreement shall terminate upon the earlier of the Close

of Business on the Final Expiration Date, the Redemption Date and such time as all outstanding Rights have been exercised hereunder (other

than Rights which have become null and void pursuant to the provisions of ‎Section

7(e) hereof).

(b)

The Purchase Price for each share of Common Stock pursuant to the exercise of a Right initially shall be $95, and shall be subject

to adjustment from time to time as provided in Section 11 and Section 13(a) hereof and shall be payable in lawful money

of the United States in accordance with subsection (c) below.

(c)

Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate

properly completed and duly executed, accompanied by payment, with respect to each Right so exercised, of the Purchase Price per share

of Common Stock (or other shares, securities, cash or other assets, as the case may be) to be purchased as set forth below and an amount

equal to any applicable tax or charge required to be paid under Section 9(e), the Rights Agent shall, subject to Section 20(m)

hereof, thereupon promptly (i) (A) requisition from any transfer agent of the shares of Common Stock (or make available, if the Rights

Agent is the transfer agent for such shares) certificates (or make entries in the book-entry account system of the transfer agent) for

the total number of shares of Common Stock to be purchased and the Company hereby irrevocably authorizes each such transfer agent to comply

with all such requests, or (B) if the Company shall have elected to deposit the total number of shares of Common Stock issuable upon exercise

of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing such number of

shares of Common Stock as are to be purchased (in which case certificates for the shares of Common Stock represented by such receipts

shall be deposited by the transfer agent with the depositary agent) and the Company hereby directs each such depositary agent to comply

with such request, (ii) when necessary to comply with this Agreement, requisition from the Company the amount of cash to be paid in lieu

of issuance of fractional shares in accordance with Section 14 hereof, (iii) after receipt of such certificates or depositary receipts

(or confirmation or written notice that an entry has been made in the book-entry account system of the transfer agent), cause the same

to be delivered to or, upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be

designated by such holder, and (iv) when necessary to comply with this Agreement, after receipt thereof, deliver such cash to or upon

the order of the registered holder of such Rights Certificate. The payment of the Purchase Price (as such amount may be reduced pursuant

to Section 11(a)(iii) hereof) and any taxes or charges required to be paid under Section 9(e) hereof, shall be made in cash

or by certified check, cashier’s check, bank draft or money order payable to the order of the Company. In the event that the Company

is obligated to issue other securities of the Company, pay cash and/or distribute other property pursuant to Section 11(a) hereof,

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 necessary to comply with this Agreement. The Company reserves the right to require prior to the occurrence

of a Triggering Event that, upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Common Stock would

be issued.

(d)

In case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced thereby, a new Rights

Certificate evidencing the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate,

registered in such name or names as may be designated by such holder, subject to the provisions of Section 14 hereof.

(e)

Notwithstanding anything in this Agreement to the contrary, from and after the first occurrence of a Triggering Event, any Rights

beneficially owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a direct or indirect transferee

of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such, or (iii)

a direct or indirect transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently

with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration)

from the Acquiring Person (or from such Associate or Affiliate) to holders of equity interests in such Acquiring Person (or in such Associate

or Affiliate) or to any Person with whom the Acquiring Person (or any such Associate or Affiliate) has any continuing agreement, arrangement

or understanding regarding the transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement or understanding

that has as a primary purpose or effect the avoidance of this Section 7(e), shall become null and void without any further action

and no holder of such Rights shall have any rights whatsoever with respect to such Rights, whether under any provision of this Agreement

or otherwise. The Company shall use all reasonable efforts to insure that the provisions of this Section 7(e) and Section 4(b)

hereof are complied with, but shall have no liability to any holder of Rights Certificates or any other Person as a result of its failure

to make any determinations with respect to an Acquiring Person or any of 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 a registered holder of Rights or other securities upon the occurrence of any purported exercise pursuant to

Section 7 hereof or as set forth in this Section 7 unless such registered holder shall have (i) properly completed and duly

executed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered

for such exercise, (ii) tendered the Purchase Price (and an amount equal to any applicable transfer tax required to be paid by the holder

of such Right Certificate to the Company in the manner set forth in this Agreement, and (iii) provided such additional evidence of the

identity of the Beneficial Owner (or any former Beneficial Owner) or of any other Person with which such holder or any of such holder’s

Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding,

voting or disposing of any securities of the Company thereof and of the Rights evidenced thereby and of the Affiliates and Associates

of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request.

Section 8.

Cancellation and Destruction of Rights Certificates.

All Rights Certificates surrendered for the purpose

of exercise, transfer, split-up, combination, redemption or exchange shall, if surrendered to the Company or any of its agents, be delivered

to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights

Certificates shall be issued in lieu thereof except as expressly permitted by any of 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. At the expense of the Company, the Rights Agent shall deliver

all cancelled Rights Certificates to the Company, or shall, at the written request of the Company, destroy such cancelled Rights Certificates,

and in such case shall deliver a certificate of destruction thereof to the Company.

Section 9.

Reservation and Availability of Capital Stock.

(a)

The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Common Stock delivered

upon exercise of Rights shall, as of the time of delivery of the certificates (or creation of Book-Entries) for such Common Stock (subject

to payment of the Purchase Price and compliance with all other applicable provisions of this Agreement), be duly and validly authorized

and issued and fully paid and non-assessable shares.

(b)

So long as the shares of Common Stock (and, following the occurrence of a Triggering Event, other securities) issuable and deliverable

upon the exercise of the Rights may be listed on any national securities exchange or quoted on a quotation system, the Company shall use

its best efforts to cause, from and after such time as the Rights become exercisable (but only to the extent that it is reasonably likely

that the Rights will be exercised), all shares reserved for such issuance to be listed on such exchange or quoted on such quotation system,

as the case may be, upon official notice of issuance upon such exercise.

(c)

The Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the first occurrence

of a Section 11(a)(ii) Event on which the consideration to be delivered by the Company upon exercise of the Rights has been determined

in accordance with Section 11(a)(iii) hereof, a registration statement under the Act, with respect to the securities purchasable

upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable

after such filing, and (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements

of the Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities, and (B) the Redemption

Date and (C) the Final Expiration Date. The Company will also take such action as may be appropriate under, or to ensure compliance with,

the securities or “blue sky” laws of the various states in connection with the exercisability of the Rights. The Company may

temporarily suspend, for a period of time not to exceed 90 days after the date set forth in clause (i) of the first sentence of

this Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become

effective. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been

temporarily suspended, as well as a public announcement at such time as the suspension has been rescinded. The Company shall notify the

Rights Agent whenever it makes a public announcement pursuant to this Section 9(c) and give the Rights Agent a copy of such announcement.

In addition, if the Company shall determine that a registration statement is required following the Distribution Date, the Company may

temporarily suspend the exercisability of the Rights until such time as a registration statement has been declared effective. Notwithstanding

any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction if the requisite qualification

in such jurisdiction shall not have been obtained, the exercise thereof shall not be permitted under applicable law, or any required registration

statement in such jurisdiction shall not have been declared effective.

(d)

The Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Common Stock

(and, following the occurrence of a Triggering Event, other securities) delivered upon exercise of Rights shall, at the time of delivery

of the certificates (or creation of Book Entries) for such shares (subject to payment of the Purchase Price and compliance with all other

applicable provisions of this Agreement), be duly and validly authorized and issued and fully paid and nonassessable.

(e)

The Company further covenants and agrees that it will pay when due and payable any and all taxes and charges which may be payable

in respect of the issuance or delivery of the Rights Certificates and of any certificates (or creation of Book Entries) for a number of

shares of Common Stock (and/or other securities, as the case may be) upon the exercise of Rights. The Company shall not, however, be required

(i) to pay any transfer tax or charge that may be payable in respect of any transfer or delivery of Rights Certificates to a Person other

than, or the issuance or delivery of a number of shares of Common Stock (and/or other securities, as the case may be) in respect of a

name other than that of the registered holder of the Rights Certificates evidencing Rights surrendered for exchange or exercise or (ii)

to issue or deliver any certificates (or create a Book Entry) for a number of shares of Common Stock (and/or other securities, as the

case may be) or depositary receipts in a name other than that of the registered holder upon the exercise of any Rights until any such

tax or charge shall have been paid (any such tax or charge being payable by the holder of such Rights Certificates at the time of surrender)

or until it has been established to the Company’s and the Rights Agent’s satisfaction that no such tax or charge is due.

Section 10.

Common Stock Record Date. Each Person in whose name any certificate (or Book Entry) for a number of shares of Common Stock

(and/or other securities, as the case may be) is issued or created upon the exercise of Rights shall for all purposes be deemed to have

become the holder of record of such shares of Common Stock (and/or other securities, as the case may be) represented thereby on, and such

certificate or book-entry shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment

of the Purchase Price (and all applicable taxes or charges) was duly made; provided, however, that if the date of such surrender

and payment is a date upon which the 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 (fractional or otherwise) on, and such certificate or Book-Entry

shall be dated, the next succeeding Business Day on which the Common Stock (and/or other securities, as the case may be) transfer books

of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled

to any rights of a stockholder of the Company with respect to shares for which the Rights shall be exercisable, including the right to

vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice

of any proceedings of the Company, except as provided herein.

Section 11.

Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights. The Purchase Price, the number and kind of

shares covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section

11.

(a)

(i)         In the event that the Company shall at any time after the date of this Agreement (A) declare a dividend on the Common

Stock payable in shares of Common Stock, (B) subdivide the outstanding Common Stock, (C) combine the outstanding Common Stock into a smaller

number of shares, or (D) issue any shares of its capital stock in a reclassification of the Common Stock (including any such reclassification

in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), except as otherwise provided

in this Section 11(a) and Section 7(e) hereof, the Purchase Price in effect at the time of the record date for such dividend

or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of Common Stock or capital

stock, as the case may be, issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after such

time shall be entitled to receive, upon payment of the Purchase Price then in effect, the aggregate number and kind of shares of Common

Stock or capital stock, as the case may be, which, if such Right had been exercised immediately prior to such date and at a time when

the Common Stock transfer books of the Company were open, such holder would have owned upon such exercise and been entitled to receive

by virtue of such dividend, subdivision, combination or reclassification. If an event occurs that would require an adjustment under both

this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i) shall be

in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

(ii)

In the event any Person shall, at any time after the first public announcement of the declaration of the Rights dividend, become

an Acquiring Person, unless the event causing such Person to become an Acquiring Person is a transaction set forth in Section 13(a)

hereof, then, promptly following the later of the occurrence of such event and the Record Date, proper provision shall be made so that

each holder of a Right (except as provided below and in Section 7(e) hereof) shall thereafter have the right to receive, upon exercise

thereof at the then current Purchase Price in accordance with the terms of this Agreement such number of shares of Common Stock of the

Company as shall equal the result obtained by (x) multiplying the then current Purchase Price by the then number of shares of Common

Stock for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event, and (y) dividing

that product (which, following such first occurrence, shall thereafter be referred to as the “Purchase Price” for each

such Right and for all purposes of this Agreement) by 50% of the Current Market Price (determined pursuant to Section 11(d) hereof)

per share of Common Stock on the date of such first occurrence (such number of shares, the “Adjustment Shares”); provided

that, for the avoidance of doubt, the Purchase Price and the number of Adjustment Shares shall be further adjusted as provided in this

Agreement to reflect any events occurring after the date of such first occurrence. The Company shall give the Rights Agent written notice

of the identity of any such Acquiring Person or any of its Affiliates, Associates, or the nominee of any of the foregoing, and the Rights

Agent may rely on such notice in carrying out its duties under this Agreement and shall be deemed not to have any knowledge of the identity

of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, unless and until it shall have received

such notice.

(iii)

In the event that the number of treasury shares plus the number of shares of Common Stock that are authorized by the Company’s

Amended and Restated Articles of Incorporation, as amended, but not outstanding, subscribed for, or reserved or otherwise committed for

issuance for purposes other than upon exercise of the Rights, is not sufficient to permit the exercise in full of the Rights in accordance

with the foregoing clause (ii) of this Section 11(a) or if the Board shall so elect, the Company shall (A) determine

the value of the Adjustment Shares issuable upon the exercise of a Right (the “Current Value”), and (B) with respect

to each Right (subject to Section 7(e) hereof), make adequate provision to substitute for the Adjustment Shares, upon the exercise

of a Right and payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase Price, (3) other equity securities

of the Company that the Board has deemed to have essentially the same value or economic rights as shares of Common Stock (such securities

being referred to as “Common Stock Equivalents”), (4) debt securities of the Company, (5) other assets, or (6) any

combination of the foregoing, having an aggregate value equal to the Current Value (less the amount of any reduction in the Purchase Price),

where such aggregate value has been determined by the Board based upon the advice of a nationally recognized investment banking firm selected

by the Board; provided, however, that if the Company shall not have made adequate provision to deliver value pursuant to

clause (B) above within 30 days following the later of (x) the first occurrence of a Section 11(a)(ii) Event and (y) the

date on which the Company’s right of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred

to herein as the “Section 11(a)(ii) Trigger Date”), then the Company shall be obligated to deliver, upon the surrender

for exercise of a Right and without requiring payment of the Purchase Price, shares of Common Stock (to the extent available) and then,

if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. For purposes of the preceding sentence, the

term “Spread” shall mean the excess of (i) the Current Value over (ii) the Purchase Price. If the Board determines

in good faith that it is likely that sufficient additional shares of Common Stock could be authorized for issuance upon exercise in full

of the Rights, the 30-day period set forth above may be extended to the extent necessary, but not more than 90 days after the Section

11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval, if necessary, for the authorization and/or of such additional

shares (such 30-day period, as it may be extended, is herein called the “Substitution Period”). To the extent that

the Company determines that action should be taken pursuant to the first and/or third sentences of this Section 11(a)(iii), the

Company (1) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding Rights, and

(2) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek such stockholder approval

for such authorization of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence

and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the

exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer

in effect. The Company shall notify the Rights Agent whenever it makes a public announcement pursuant to this Section 11(a)(iii)

and give the Rights Agent a copy of such announcement. For purposes of this Section 11(a)(iii), the value of each Adjustment Share

shall be the Current Market Price per share of the Common Stock on the Section 11(a)(ii) Trigger Date and the per share or per unit value

of any Common Stock Equivalent shall be deemed to equal the Current Market Price per share of the Common Stock on such date.

(b)

In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Common Stock entitling

them to subscribe for or purchase (for a period expiring within 45 calendar days after such record date) Common Stock or securities convertible

into Common Stock at a price per share of Common Stock (or having a conversion price per share, if a security convertible into Common

Stock) less than the Current Market Price (as determined pursuant to Section 11(d) hereof) per share of Common Stock on 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 Stock outstanding on such record

date, plus the number of shares of Common Stock that the aggregate offering price of the total number of shares of Common Stock so to

be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Current

Market Price, and the denominator of which shall be the number of shares of Common Stock outstanding on such record date, plus the number

of additional shares of Common Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered

are initially convertible). In case such subscription price may be paid by delivery of consideration, part or all of which may be in a

form other than cash, the value of such consideration shall be as determined in good faith by the Board, whose determination shall be

described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Shares of

Common Stock owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation.

Such adjustment shall be made successively whenever such a record date is fixed, and in the event that such rights, options or warrants

are not so issued, the Purchase Price shall be adjusted to be the Purchase Price that would then be in effect if such record date had

not been fixed.

(c)

In case the Company shall fix a record date for the making of a distribution to all holders of Common Stock (including without

limitation any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving

corporation), cash (other than a regular quarterly cash dividend out of the earnings or retained earnings of the Company), assets (other

than a dividend payable in Common Stock, but including any dividend payable in stock other than Common Stock) or evidences of indebtedness,

or of subscription rights or warrants (excluding those referred to in Section 11(b) hereof), 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 (as determined pursuant to Section 11(d) hereof) per share of Common Stock

on such record date, less the fair market value (as determined in good faith by the Board, whose determination shall be described in a

statement filed with the Rights Agent and shall be binding on the Rights Agent and holders of the Rights) of the portion of the cash,

assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a share of Common Stock,

and the denominator of which shall be such Current Market Price (as determined pursuant to Section 11(d) hereof) per share of Common

Stock. Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is not

so made, the Purchase Price shall be adjusted to be the Purchase Price that would have been in effect if such record date had not been

fixed.

(d)

The Current Market Price per share of Common Stock on any date shall be deemed to be (1) for the purpose of any computation hereunder,

other than computations made pursuant to Section 11(a)(iii) hereof, the average of the daily closing prices per share of such Common

Stock for the 30 consecutive Trading Days immediately prior to, but not including, such date, and (2) for purposes of computations made

pursuant to Section 11(a)(iii) hereof, the average of the daily closing prices per share of such Common Stock for the 10 consecutive

Trading Days immediately following, but not including, such date; provided, however, that in the event that the Current

Market Price per share of the Common Stock is determined during a period following the announcement by the issuer of such Common Stock

of (A) a dividend or distribution on such Common Stock payable in shares of such Common Stock or securities convertible into shares of

such Common Stock (other than the Rights), or (B) any subdivision, combination or reclassification of such Common Stock, and the ex-dividend

date for such dividend or distribution, or the record date for such subdivision, combination or reclassification shall not have occurred

prior to, but not including, the commencement of the requisite 30 Trading Day or 10 Trading Day period, as set forth above, then, and

in each such case, the Current Market Price shall be properly adjusted to take into account ex-dividend trading. The closing price for

each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and

asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities

listed or admitted to trading on the New York Stock Exchange or, if the shares of Common Stock are not listed or admitted to trading on

the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed

on the principal national securities exchange on which the shares of Common Stock are listed or admitted to trading or, if the shares

of Common Stock are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted,

the average of the high bid and low asked prices in the over-the-counter market, as reported by OTC Bulletin Board service or such other

system then in use, or, if on any such date the shares of Common Stock are not quoted by any such organization, the average of the closing

bid and asked prices as furnished by a professional market maker making a market in the Common Stock selected by the Board. If on any

such date no market maker is making a market in the Common Stock, the fair value of such shares on such date as determined in good faith

by the Board shall be used. The term “Trading Day” shall mean a day on which the principal national securities exchange

on which the shares of Common Stock are listed or admitted to trading is open for the transaction of business or, if the shares of Common

Stock are not listed or admitted to trading on any national securities exchange, a Business Day. If the Common Stock is not publicly held

or not so listed or traded, Current Market Price per share shall mean the fair value per share as determined in good faith by the Board,

whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.

(e)

Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required unless such adjustment would

require an increase or decrease of at least 1% in the Purchase Price; provided, however, that any adjustments that by reason

of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.

All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common

Stock or other share, as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required by

this Section 11 shall be made no later than the earlier of (i) 3 years from the date of the transaction that mandates such adjustment,

and (ii) the Final Expiration Date.

(f)

If as a result of an adjustment made pursuant to Section 11(a)(ii) or Section 13(a) hereof, the holder of any Right

thereafter exercised shall become entitled to receive any shares of capital stock other than Common Stock, thereafter the number of such

other shares so receivable upon exercise of any Right and the Purchase Price thereof shall be subject to adjustment from time to time

in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Stock contained in Sections

11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), and the provisions

of Sections 7, 9, 10, 13 and 14 hereof with respect to the Common Stock shall apply on like terms to

any such other shares.

(g)

All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the

right to purchase, at the adjusted Purchase Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise

of the Rights, all subject to further adjustment as provided herein.

(h)

Unless the Company shall have exercised its election as provided in Section 11(i), upon each adjustment of the Purchase

Price as a result of the calculations made in Section 11(b) and (c), each Right outstanding immediately prior to the making

of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of shares of Common Stock

(calculated to the nearest one-ten-thousandth) obtained by (i) multiplying (x) the number of shares of Common Stock covered by a Right

immediately prior to such adjustment, by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price,

and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

(i)

The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights, in lieu of any

adjustment in the number of shares of Common Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after the

adjustment in the number of Rights shall be exercisable for the number of shares of Common Stock for which a Right was exercisable immediately

prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights

(calculated to the nearest tenth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price

by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a public announcement (with

prompt written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the

adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Purchase

Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least 10 days later than the date

of the public announcement. If Rights Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section

11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such

record date Rights Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be

entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in

substitution and replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof,

if required by the Company, new Rights Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment.

Rights Certificates so to be distributed shall be issued, executed and delivered by the Company, and countersigned and delivered by the

Rights Agent, in the manner provided for herein (and may bear, at the option of the Company, the adjusted Purchase Price) and shall be

registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement.

(j)

Irrespective of any adjustment or change in the Purchase Price or the number of shares of Common Stock issuable upon the exercise

of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Purchase Price per share and the

number of shares of Common Stock that were expressed in the initial Rights Certificates issued hereunder.

(k)

Before taking any action that would cause an adjustment reducing the Purchase Price below the then stated value, if any, of the

number of shares of Common Stock issuable upon exercise of the Rights, the Company shall take any corporate action that may, in the opinion

of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable such number of shares

of Common Stock at such adjusted Purchase Price.

(l)

In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record

date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence

of such event the issuance to the holder of any Right exercised after such record date the number of shares of Common Stock and other

capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of shares of Common Stock and

other capital stock or securities 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 securities upon the occurrence of

the event requiring such adjustment.

(m)

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 in their good

faith judgment the Board shall determine to be advisable in order that any (i) consolidation or subdivision of the Common Stock, (ii)

issuance wholly for cash of any shares of Common Stock at less than the Current Market Price, (iii) issuance wholly for cash of shares

of Common Stock or securities that by their terms are convertible into or exchangeable for shares of Common Stock, (iv) stock dividends,

or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its

Common Stock shall not be taxable to such stockholders.

(n)

The Company covenants and agrees that it shall not, at any time after the Distribution Date, (i) consolidate with any other Person

(other than a wholly owned Subsidiary of the Company in a transaction that complies with Section 11(o) hereof), (ii) merge

with or into any other Person (other than a wholly owned Subsidiary of the Company in a transaction that complies with Section 11(o)

hereof) or (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction, or a series of related transactions,

assets, cash flow or earning power aggregating more than 50% of the assets (measured by book value), cash flow or earning power of the

Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company and/or any of its Subsidiaries

in one or more transactions each of which complies with Section 11(o) hereof), if (x) at the time of or immediately after such

consolidation, merger or sale there are any rights, warrants or other instruments or securities outstanding or agreements in effect that

would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights or (y) prior to, simultaneously

with or immediately after such consolidation, merger or sale, the stockholders of the Person that constitutes, or would constitute, the

“Principal Party” for purposes of Section 13(a) hereof shall have received a distribution of Rights previously owned

by such Person or any of its Affiliates and Associates.

(o)

The Company covenants and agrees that, after the Stock Acquisition Date, it will not, except as permitted by Section 24

hereof, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such

action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights.

(p)

Anything in this Agreement to the contrary notwithstanding, in the event that the Company shall at any time after the date of this

Agreement and prior to the Distribution Date (i) declare a dividend on the outstanding shares of Common Stock payable in shares of Common

Stock, (ii) subdivide the outstanding shares of Common Stock or (iii) combine the outstanding shares of Common Stock into a smaller number

of shares, the number of Rights associated with each share of Common Stock then outstanding, or issued or delivered thereafter but prior

to the Distribution Date (and certain shall become outstanding after the Distribution Date as provided in Section 22 of this Agreement),

shall be proportionately adjusted so that the number of Rights thereafter associated with each share of Common Stock following any such

event shall equal the result obtained by multiplying the number of Rights associated with each share of Common Stock immediately prior

to such event by a fraction the numerator which shall be the total number of shares of Common Stock outstanding immediately prior to the

occurrence of the event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately following

the occurrence of such event. The adjustments provided for in this Section 11(p) shall ‎be made successively whenever such

a dividend is declared or paid or such a subdivision, combination or consolidation is effected.

Section 12.

Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made or an event affecting the Rights

or their exercisability (including without limitation an event which causes Rights to become null and void) occurs as provided in Section

11 or Section 13 hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment or describing such

event, and a brief, reasonably detailed statement of the facts, computations and methodology accounting for such adjustment, (b) promptly

file with the Rights Agent, and with each transfer agent for the Common Stock, a copy of such certificate and (c) if a Distribution

Date has occurred, mail a brief summary thereof to each holder of a Rights Certificate (or, if prior to the Distribution Date, to each

holder of shares of Common Stock) in accordance with Section 25 and Section 26 hereof; provided that the failure to prepare,

file or mail such certificate shall not affect the validity of any such adjustment. The Rights Agent shall be fully protected in relying

on any such certificate and on any adjustment or statement therein contained and shall have no duty or liability with respect to, and

shall not be deemed to have knowledge of, any adjustment or any such event unless and until it shall have received such a certificate.

Section 13.

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

(a)

In the event that any Person shall become an Acquiring Person and, directly or indirectly, (x) the Company shall consolidate with,

or merge with and into, any other Person (other than a wholly owned Subsidiary of the Company in a transaction that complies with Section

11(o) hereof), and the Company shall not be the continuing or surviving corporation of such consolidation or merger, (y) any Person

(other than a wholly owned Subsidiary of the Company in a transaction that complies with Section 11(o) hereof) shall consolidate

with, or merge with or into, the Company, and the Company shall be the continuing or surviving corporation of such consolidation or merger

and, in connection with such consolidation or merger, all or part of the outstanding shares of Common Stock shall be changed into or exchanged

for stock or other securities of any other Person (or the Company) or cash or any other property, or (z) the Company shall sell or otherwise

transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one transaction or a series of related transactions,

assets, cash flow or earning power aggregating more than 50% of the assets (measured by book value), cash flow or earning power of the

Company and its Subsidiaries (taken as a whole) to any Person or Persons (other than the Company or any wholly owned Subsidiary of the

Company in one or more transactions each of which complies with Section 11(o) hereof), then, and in each such case, proper provision

shall be made so that: (i) each holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to

receive, upon the exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, such number of validly

authorized and issued, fully paid, non-assessable and freely tradeable shares of Common Stock of the Principal Party (as such term is

hereinafter defined), not subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the

result obtained by (1) multiplying the then current Purchase Price by the number of shares of Common Stock for which a Right is exercisable

immediately prior to the first occurrence of a Section 13 Event (or, if a Section 11(a)(ii) Event has occurred prior to the first

occurrence of a Section 13 Event, multiplying the number of such shares for which a Right was exercisable immediately prior to the first

occurrence of a Section 11(a)(ii) Event by the Purchase Price in effect immediately prior to such first occurrence of a Section 11(a)(ii)

Event), and (2) dividing that product (which, following the first occurrence of a Section 13 Event, shall be referred to as the “Purchase

Price” for each Right and for all purposes of this Agreement) by 50% of the Current Market Price (determined pursuant to Section

11(d) hereof) per share of the Common Stock of such Principal Party on the date of consummation of such Section 13 Event; (ii) such

Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of

the Company pursuant to this Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such Principal Party,

it being specifically intended that the provisions of Section 11 hereof shall apply only to such Principal Party following the

first occurrence of a Section 13 Event; (iv) such Principal Party shall take such steps (including, but not limited to, the reservation

of a sufficient number of shares of its Common Stock) in connection with the consummation of any such transaction as may be necessary

to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares of Common

Stock thereafter deliverable upon the exercise of the Rights; and (v) the provisions of Section 11(a)(ii) hereof shall be of no

effect following the first occurrence of any Section 13 Event.

(b)

“Principal Party” shall mean:

(i)

in the case of any transaction described in clause (x) or (y) of the first sentence of ‎Section 13(a)

hereof: (A) the Person that is the issuer of any securities into which shares of Common Stock of the Company are converted in such merger

or consolidation, or, if there is more than one such issuer, the issuer whose shares of Common Stock have the greatest aggregate market

value of shares outstanding, and (B) if no securities are so issued, (1) the Person that is the other party to such merger, if such Person

survives said merger, or, if there is more than one such Person, the Person the shares of Common Stock of which have the greatest aggregate

market value of shares outstanding or (2) if the Person that is the other party to the merger does not survive the merger, the Person

that does survive the merger (including the Company if it survives) or (3) the Person resulting from the consolidation; and

(ii)

in the case of any transaction described in clause (z) of the first sentence of ‎Section 13(a) hereof, the Person

that is the party receiving the greatest portion of the assets, cash flow or earning power transferred pursuant to such transaction or

transactions, or, if each Person that is a party to such transaction or transactions receives the same portion of the assets, cash flow

or earning power so transferred or if the Person receiving the greatest portion of the assets, cash flow or earning power cannot be determined,

whichever of such Persons is the issuer of Common Stock having the greatest aggregate market value of shares outstanding;

provided, however, that in any such

case described in the foregoing clause (b) (i) or (b) (ii), if the Common Stock of such Person is not at such time or has

not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then (1) if such Person

is a direct or indirect Subsidiary of another Person the Common Stock of which is and has been so registered, the term “Principal

Party” shall refer to such other Person, or (2) if such Person is a Subsidiary, directly or indirectly, of more than one Person,

the Common Stock of all of which is and has been so registered, the term “Principal Party” shall refer to whichever of such

Persons is the issuer of Common Stock having the greatest aggregate market value of shares outstanding, or (3) if such Person is owned,

directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly, by the same Person,

the rules set forth in clauses (1) and (2) above shall apply to each of the owners having an interest in the venture as

if the Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such

case shall bear the obligations set forth in this ‎Section 13 in the same ratio as its interest in such Person bears to the

total of such interests.

(c)

The Company shall not consummate any Section 13 Event unless the Principal Party shall have a sufficient number of shares of its

Common Stock that are authorized by its certificate of incorporation (or equivalent governing document), but not outstanding, subscribed

for, reserved or otherwise committed for issuance for purposes other than upon exercise of the Rights, in accordance with this ‎Section

13 and unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent an agreement

confirming that the requirements of Section 13(a) and (b) shall promptly be performed in accordance with their terms and

that any such ‎Section 13 Event shall not result in a default by the Principal Party under this Agreement as the same shall

have been assumed by the Principal Party pursuant to Section 13(a) and (b) and providing that, as soon as practicable after

executing such agreement pursuant to this ‎Section 13, the Principal Party will:

(i)

prepare and file a registration statement under the Act, with respect to the Rights and the securities purchasable upon exercise

of the Rights on an appropriate form, and will use its best efforts to cause such registration statement to (A) become effective as soon

as practicable after such filing and (B) remain effective (with a prospectus at all times meeting the requirements of the Act) until the

Final Expiration Date and similarly comply with applicable state securities laws;

(ii)

use its best efforts, if the Common Stock of the Principal Party shall be listed or admitted to trading on the New York Stock Exchange,

NASDAQ or on another national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities

purchasable upon exercise of the Rights on the New York Stock Exchange, NASDAQ or such securities exchange, or, if the Common Stock of

the Principal Party shall not be listed or admitted to trading on the New York Stock Exchange, NASDAQ or a national securities exchange,

to cause the Rights and the securities receivable upon exercise of the Rights to be authorized for quotation on any other system then

in use;

(iii)

take all such other action as may be necessary to enable the Principal Party to issue the securities purchasable upon exercise

of the Rights, including but not limited to the registration or qualification of such securities under all requisite securities laws of

jurisdictions of the various states and the listing of such securities on such exchanges and trading markets as may be necessary or appropriate;

(iv)

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; and

(v)

deliver to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates that comply

in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act.

(d)

In case the Principal Party which is to be a party to a transaction referred to in this Section 13 has provision in any

of its authorized securities or in its certificate of incorporation or by-laws or other instrument governing its corporate affairs, which

provision would have the effect of (i) causing such Principal Party to issue, in connection with, or as a consequence of, the consummation

of a transaction referred to in this Section 13, shares of Common Stock of such Principal Party at less than the then Current Market

Price per share (determined pursuant to Section 11(d) hereof) or securities exercisable for, or convertible into, Common Stock

of such Principal Party at less than such then Current Market Price (other than to holders of Rights pursuant to this Section 13)

or (ii) providing for any special payment, tax or similar provisions in connection with the issuance of the Common Stock of such

Principal Party pursuant to the provisions of Section 13; then, in such event, the Company shall not consummate any such transaction

unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement

providing that the provision in question of such Principal Party shall have been cancelled, waived or amended, or that the authorized

securities shall be redeemed, so that the applicable provision will have no effect in connection with, or as a consequence of, the consummation

of the proposed transaction.

Section 14.

Fractional Rights and Fractional Shares.

(a)

The Company shall not be required to issue fractions of Rights, except prior to the Distribution Date as provided in Section

11(p) hereof, or to distribute Rights Certificates or authorize Book Entries that evidence fractional Rights. In lieu of such fractional

Rights, the Company shall pay (or cause to be paid) to the registered holders of the Rights Certificates with regard to which such fractional

Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For purposes

of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately

prior to the date on which such fractional Rights would have been otherwise issuable. The closing price of the Rights for any day shall

be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices,

regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or

admitted to trading on the New York Stock Exchange or, if the Rights are not listed or admitted to trading on the New York Stock Exchange,

as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities

exchange on which the Rights are listed or admitted to trading, or if the Rights are not listed or admitted to trading on any national

securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter

market, as reported by OTC Bulletin Board service or such other system then in use or, if on any such date the Rights are not quoted by

any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in

the Rights, selected by the Board. If on any such date no such market maker is making a market in the Rights, the fair value of the Rights

on such date as determined in good faith by the Board shall be used, whose determination shall be described in a statement filed with

the Rights Agent and shall be conclusive for all purposes and shall be binding on the Rights Agent and the holders of the Rights.

(b)

The Company shall not be required to issue fractions of shares of Common Stock upon exercise of the Rights, to authorize Book-Entries

which evidence fractional shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu

of fractional shares of Common Stock, the Company may pay to the registered holders of Rights Certificates at the time such Rights are

exercised as herein provided an amount in cash equal to the same fraction of the current market value of a share of Common Stock. For

purposes of this Section 14(b), the current market value of a share of Common Stock shall be the closing price of a share of Common

Stock (as determined pursuant to Section 11(d)(2) hereof) for the Trading Day immediately prior to the date of such exercise

(c)

Following the occurrence of a Triggering Event, the Company shall not be required to issue fractions of shares of Common Stock

upon exercise of the Rights, to authorize Book-Entries that represent fractional shares of Common Stock or to distribute certificates

that evidence fractional shares of Common Stock. In lieu of fractional shares of Common Stock, the Company may pay to the registered

holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction

of the current market value of one share of Common Stock. For purposes of this Section 14(b), the current market value of one

share of Common Stock shall be the closing price per share of Common Stock (as determined pursuant to Section 11(d) hereof) on

the Trading Day immediately prior to the date of such exercise.

(d)

The holder of a Right by the acceptance of the Rights expressly waives its right to receive any fractional Rights or any fractional

shares upon exercise of a Right, except as permitted by this Section 14.

(e)

Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company

shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such

payments and the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent

in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate

and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment of cash for fractional Rights or fractional

shares under any Section of this Agreement relating to the payment of cash for fractional Rights or fractional shares unless and until

the Rights Agent shall have received such a certificate and sufficient monies.

Section 15.

Rights of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights

Agent hereunder, including under Section 18 and Section 20, are vested in the respective registered holders of the Rights

Certificates (and, prior to the Distribution Date, the registered holders of the Common Stock); and any registered holder of any Rights

Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent of the Rights Agent or of the holder of any

other Rights Certificate (or, prior to the Distribution Date, of the Common Stock), may, in 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 right

to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement.

Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of

Rights would not have an adequate remedy at law for any breach of this Agreement by the Company and shall be entitled to specific performance

of the obligations hereunder and injunctive relief against actual or threatened violations of the obligations hereunder of the Company.

Section 16.

Agreement of Rights Holders. 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 evidenced by the certificates for the Common Stock registered in the names

of the holders of the Common Stock (which certificates for Common Stock shall be deemed also to be certificates for Rights) or the balances

in the Book-Entries registered in the names of the holders of Common Stock (which Book-Entries shall also be deemed to be book-entries

for Rights), as applicable, and not by separate book entries or Rights Certificates will be transferable only in connection with the

transfer of Common Stock;

(b)

after the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered

at the office of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer and with

the appropriate forms and certificates properly completed and duly executed, along with a Signature Guarantee and such other and further

documentation as the Company or the Rights Agent may reasonably request;

(c)

subject to Section 6(a) and Section 7(f) hereof, the Company and the Rights Agent may deem and treat the Person

in whose name a Rights Certificate (or, prior to the Distribution Date, the associated Common Stock) is registered as the absolute owner

thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates (or the

associated Common Stock certificate or notices provided to holders of Book Entry shares of Common Stock) made by anyone other than the

Company 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; and

(d)

notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent, nor any of their respective

directors, officers, employees or agents shall have any liability to any holder of a Right or other Person as a result of its inability

to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, judgment,

decree or ruling (whether interlocutory or final) issued by a court of competent jurisdiction or by a governmental, regulatory, self-regulatory

or administrative agency or commission, or by reason of any statute, rule, regulation or executive order promulgated or enacted by any

governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however, the Company must use

its best efforts to have any such injunction, order, judgment, decree or ruling lifted or otherwise overturned as soon as possible.

Section 17.

Rights Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Rights Certificate shall be entitled to

vote, receive dividends or be deemed for any purpose the holder of the number of shares of Common Stock or any other securities of the

Company that may at any time be issuable on the exercise or exchange of the Rights represented thereby, nor shall anything contained

herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a

stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting

thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders

(except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights

evidenced by such Rights Certificate shall have been exercised or exchanged in accordance with the provisions hereof.

Section 18.

Concerning the Rights Agent.

(a)

The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance

with a fee schedule to be mutually agreed upon and to reimburse, from time to time, on demand of the Rights Agent, its reasonable and

documented expenses, counsel fees and disbursements and other disbursements incurred in the preparation, negotiation, delivery, amendment,

administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and

agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, judgment, fine, penalty, claim, demand, settlement,

damage, cost, liability or expense, including the reasonable fees and expenses of legal counsel, that may be paid, incurred or suffered

by it, or to which it may become subject, without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which

gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction),

for any action taken, suffered or omitted to be taken by the Rights Agent pursuant to this Agreement or in connection with the acceptance,

execution, administration, exercise and performance of its duties under this Agreement, including the reasonable and documented costs

and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or of enforcing its rights under

this Agreement. The reasonable and documented costs and expenses incurred in enforcing this right of indemnification shall be paid by

the Company. Notwithstanding anything to the contrary herein, any liability of the Rights Agent under this Agreement will be limited

to the amount of fees (but not including any reimbursed costs) paid by the Company to the Rights Agent under this Agreement during the

twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought. Notwithstanding anything

in this Agreement to the contrary, in no event shall the Rights Agent be liable for special, punitive, incidental, indirect or consequential

loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood

of such loss or damage and regardless of the form of the action. The provisions of this ‎Section

18 and ‎Section 20 below shall survive the termination of this Agreement,

the exercise, termination or expiration of the Rights, and the resignation, replacement or removal of the Rights Agent.

(b)

The Rights Agent shall be fully protected and authorized and shall incur no liability for or in respect of any action taken, suffered

or omitted to be taken by it in connection with its acceptance and administration of this Agreement and the exercise and performance

of its duties hereunder, in reliance upon any Rights Certificate or certificate or Book-Entry for Common Stock or for other securities

of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, direction,

consent, certificate, statement, or other paper or document believed by it to be genuine and to be duly signed, executed and, where necessary,

guaranteed, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section

20. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder,

and the Rights Agent shall be fully protected and shall incur no liability for failing to take any action in connection therewith, unless

and until it has received such notice in writing.

(c)

To the extent the Company is not also a party to any action, proceeding, suit or claim against the Rights Agent concerning this

Agreement or the performance by the Rights Agent of its duties hereunder, the Rights Agent shall notify the Company in accordance with

‎Section 26 of the assertion of such action, proceeding, suit or claim against the Rights Agent as promptly as practicable

after the Rights Agent has actual notice of such assertion of an action, proceeding, suit or claim or have been served with the summons

or other first legal process giving information as to the nature and basis of the action, proceeding, suit or claim; provided that the

failure to provide such notice promptly shall not affect the rights of the Rights Agent hereunder, except to the extent a court of competent

jurisdiction determines that such failure actually prejudiced the Company. The Company shall be entitled to participate at its own expense

in the defense of any such action, proceeding, suit or claim. The Rights Agent agrees not to settle any litigation in connection with

any action, proceeding, suit or claim with respect to which it may seek indemnification from the Company without the prior written consent

of the Company, which shall not be unreasonably withheld, conditioned or delayed.

Section 19.

Merger or Consolidation or Change of Name of Rights Agent.

(a)

Any Person into which the Rights Agent or any successor Rights Agent may be merged or converted or with which it may be consolidated,

or any Person resulting from any merger, conversion or consolidation to which the Rights Agent or any successor Rights Agent shall be

a party, or any Person succeeding to the corporate trust, stock transfer or other stockholder services business of the Rights Agent or

any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper

or any further act on the part of any of the parties hereto; but only if such Person would be eligible for appointment as a successor

Rights Agent under the provisions of Section 21 hereof. The purchase of all or substantially all of the Rights Agent’s assets

employed in the performance of the transfer agent activities shall be deemed a merger or consolidation for purposes of this Section 19.

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 a predecessor Rights

Agent and deliver such Rights Certificates 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 Certificates 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.

(b)

In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been

countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates

so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign

such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the

full force provided in the Rights Certificates and in this Agreement.

Section 20.

Duties of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this

Agreement, and no implied duties or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent shall perform

such duties and obligations, by all of which the Company and the holders of Rights, or shares of Common Stock or preferred stock, by

their acceptance thereof, shall be bound:

(a)

The Rights Agent may consult with legal counsel selected by it (who may be, without limitation, legal counsel for the Company

or an employee of the Rights Agent), and the written advice or opinion of such counsel shall be full and complete authorization and protection

to the Rights Agent, and the Rights Agent shall incur no liability for or in respect of any action taken or omitted by it in the absence

of bad faith and in accordance with such advice or opinion.

(b)

Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any

fact or matter (including, without limitation, the identity of any Acquiring Person and the determination of Current Market Price) be

proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless

other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate

signed by the Chairperson of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President,

the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company, or any other authorized officer of the

Company and delivered to the Rights Agent; and such certificate shall be full and complete authorization and protection to the Rights

Agent, and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under

the provisions of this Agreement in reliance upon such certificate. The Rights Agent shall have no duty to act without such certificate

as set forth in this Section 20(b).

(c)

The Rights Agent shall be liable hereunder to the Company and any other Persons only for its own gross negligence, bad faith or

willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment,

decree or ruling of a court of competent jurisdiction); provided, however, that the Rights Agent shall under no circumstances be liable

for special, indirect, punitive, incidental or consequential losses or damages of any kind whatsoever (including but not limited to lost

profits), even if the Rights Agent has been advised of the possibility or likelihood of such losses or damages.

(d)

The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement

or in the Rights Certificates or be required to verify the same (except as to its countersignature on such Rights Certificates), but

all such statements and recitals are and shall be deemed to have been made by the Company only.

(e)

The Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement

or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the legality or validity

or execution of any Rights Certificate (except its countersignature thereof); nor shall it be liable or 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 liable or responsible

for any change in the exercisability of the Rights (including the Rights becoming null and void pursuant to Section 11(a)(ii)

hereof) or any change or adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in Section

3, 11, 13, 23 or 24, or the ascertaining of the existence of facts that would require any such change

or adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt of the certificate described

in Section 12, upon which the Rights Agent may conclusively rely); nor shall it by any act hereunder be deemed to make any representation

or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Rights

Certificate or as to whether any shares of Common Stock will, when so issued, be validly authorized and issued, fully paid and nonassessable.

(f)

The Rights Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating

to any registration statement filed with the Securities and Exchange Commission or this Agreement, including obligations under applicable

regulation or law.

(g)

The Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of

Rights with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or

responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.

(h)

The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and

delivered all such further and other acts, instruments and assurances as may reasonably be required or requested by the Rights Agent

for the carrying out or performing by the Rights Agent of the provisions of this Agreement.

(i)

The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder

and certificates delivered pursuant to any provision hereof from any person reasonably believed by the Rights Agent to be the Chairperson

of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Secretary, any Assistant

Secretary, the Treasurer or any Assistant Treasurer of the Company, and to apply to such officers for advice or instructions in connection

with its duties, and such instructions shall provide full authorization and protection to the Rights Agent and the Rights Agent shall

not be liable for and it shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in accordance

with instructions of any such officer or for any delay in acting while waiting for those instructions. The Rights Agent shall be fully

authorized and protected in relying upon the most recent instructions received from any such officers. 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, suffered or omitted by the Rights Agent under this Agreement and the date on and/or after which such action shall be taken or

suffered or such omission shall be effective. The Rights Agent shall not be liable for any action taken, suffered or omitted to be taken

by the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application

(which date shall not be less than five Business Days after the date any officer of the Company actually receives such application, unless

any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in

the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action

to be taken, suffered or omitted.

(j)

The Rights Agent and any stockholder, affiliate, 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 Rights Agent under

this Agreement. Nothing herein shall preclude the Rights Agent or any such stockholder, affiliate, director, officer or employee of the

Rights Agent from acting in any other capacity for the Company or for any other Person.

(k)

The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either

itself (through its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not be answerable,

liable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company

or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence, bad faith or willful

misconduct in the selection and continued employment thereof (which gross negligence, bad faith or willful misconduct must be determined

by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction).

(l)

No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial

liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if the Rights Agent has

reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably

assured to it.

(m)

If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, either (i) the certificate

attached to the form of assignment or form of election to purchase, as the case may be, has either not been properly completed or indicates

an affirmative response to clause 1 and/or 2 thereof, or (ii) any other actual or suspected irregularity exists, the Rights Agent shall

not take any further action with respect to such requested exercise or transfer without first consulting with the Company; provided,

however that Rights Agent shall not be liable for any delays arising from the duties under this Section 20(m).

(n)

The Rights Agent shall have no responsibility to the Company, any holders of Rights or any other Person for interest or earnings

on any moneys held by the Rights Agent pursuant to this Agreement.

(o)

The Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including

any event or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified in writing

of such event or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Rights

Agent must, in order to be effective, be received by the Rights Agent as specified in Section 26 hereof, and in the absence of such notice

so delivered, the Rights Agent may conclusively assume no such event or condition exists.

(p)

The Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature

by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program

or other comparable “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing;

or (b) any law, act, regulation or any interpretation of the same.

(q)

In the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction,

request or other communication, paper or document received by the Rights Agent hereunder, the Rights Agent, may (upon notice to the Company

of such ambiguity or uncertainty), in its sole discretion, refrain from taking any action, and shall be fully protected and shall not

be liable in any way to Company, the holder of any Rights Certificate or any other Person for refraining from taking such action, unless

the Rights Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction

of Rights Agent.

Section 21.

Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under

this Agreement upon at least 30 days’ notice in writing mailed to the Company, and, in the event that the Rights Agent or one of

its Affiliates is not also the transfer agent for the Common Stock, to each transfer agent of the Common Stock, by first class, registered

or certified mail, and, if such resignation occurs after the Distribution Date, to the registered holders of the Rights Certificates

by first-class mail. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the

Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective

date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent

or any successor Rights Agent upon at least 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as

the case may be, and to each transfer agent of the Common Stock, by registered or certified mail, and, if such removal occurs after the

Distribution Date, to the holders of the Rights Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall

otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such

appointment within a period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation

or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit

his Rights Certificate for inspection by the Company), then any registered holder of any Rights Certificate may apply to any court of

competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by

such a court, shall be (a) a Person organized and doing business under the laws of the United States or any State thereof, in good standing,

which is authorized under such laws to exercise corporate trust, stock transfer or stockholder services powers and is subject to supervision

or examination by federal or state authority and which at the time of its appointment as Rights Agent has, or with its parent has, a

combined capital and surplus of at least $50,000,000 or (b) an affiliate of a Person described in clause (a) of this sentence.

After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had

been originally named as Rights Agent under this Agreement without further act or deed; but the predecessor Rights Agent shall deliver

and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further reasonable

assurance, conveyance, act or deed necessary for the purpose, but such predecessor Rights Agent shall not be required to make any additional

expenditure or assume any additional liability in connection with the foregoing. Not later than the effective date of any such appointment,

the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock, and,

if such appointment occurs after the Distribution Date, mail a notice thereof in writing to the registered holders of the Rights Certificates.

Failure to give any notice provided for in this Section 21, 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 to the contrary,

the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the Board to reflect

any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or property purchasable

under the Rights Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance

or sale of shares of Common Stock following the Distribution Date and prior to the earlier of the Redemption Date and the Close of Business

on the Final Expiration Date, the Company may, with respect to shares of Common Stock so issued or sold (i) pursuant to the exercise

of stock options, (ii) under any employee plan or arrangement, (iii) upon the exercise, conversion or exchange of securities, notes or

debentures issued by the Company, or (iv) pursuant to a contractual obligation of the Company, in each of clauses (i), (ii),

(iii) and (iv), existing prior to the Distribution Date, issue Rights Certificates representing the appropriate number

of Rights in connection with such issuance or sale; provided, however, that (x) no such Rights Certificate shall be issued if, and to

the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences

to the Company or the Person to whom such Rights Certificate would be issued, and (y) no such Rights Certificate shall be issued if,

and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof.

Section 23.

Redemption and Termination.

(a)

The Board may, at its option, at any time prior to the earlier of (i) the Stock Acquisition Date (or, if the Stock Acquisition

Date shall have occurred prior to the Record Date, the Record Date), and (ii) the Close of Business on the Final Expiration Date, (x)

redeem all but not less than all of the then outstanding Rights at a redemption price of $0.001 per Right (rounded up to the nearest

whole $0.01 in the case of any holder whose holdings are not in a multiple of ten), as such amount may be appropriately adjusted to reflect

any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred

to as the “Redemption Price”) or (y) amend this Agreement to change the Final Expiration Date to another date, including

an earlier date. The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board

in its sole discretion establish. The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on

the Current Market Price, as defined in ‎‎Section 11(d) hereof, of the Common Stock at the time of redemption) or any

other form of consideration deemed appropriate by the Board. 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

or in ‎Section 24 hereof, other than in connection with the purchase of Common Stock prior to the Distribution Date.

(b)

Immediately upon the action of the Board ordering the redemption of the Rights (or at such later times as the Board may establish

for the effectiveness of such redemption) (the effectiveness of such redemption, the “Redemption Date”), written evidence

of which shall promptly have been delivered to the Rights Agent, and without any further action and without any notice, the right to

exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price for

each Right so held. Promptly after the action of the Board ordering the redemption of the Rights, the Company shall give notice of such

redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice to all such holders at each holder’s

last address as it appears upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the

transfer agent for the Common Stock; provided, however, that the failure to give, or any defect in, such notice shall not

affect the validity of such redemption. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not

the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will

be made.

(c)

(i)

In the event the Company receives a Qualifying Offer and, by the end of the 90 Business Days following the commencement (or, if

later, the first existence) of a Qualifying Offer, the Board has not redeemed the outstanding Rights or exempted such offer from the

terms of the Agreement or called a special meeting of stockholders by the end of the ninetieth (90th) Business Day following the commencement

of such Qualifying Offer, for the purpose of voting on whether to exempt such Qualifying Offer from the terms of this Agreement, provided,

that such Qualifying Offer has not been terminated and continues to be a Qualifying Offer, holders of record (or their duly authorized

proxy) of at least ten percent (10%) of the Common Stock then outstanding (excluding Common Stock Beneficially Owned by the offeror and

the offeror’s Affiliates and Associates) may submit to the Board, not earlier than ninety (90) Business Days nor later than one

hundred twenty (120) Business Days following the commencement of such Qualifying Offer within the meaning of Rule 14d-2(a) under the

Exchange Act, a written demand complying with the terms of this Section 23(c) (the “Special Meeting Demand”)

directing the Board to submit to a vote of stockholders at a special meeting of the stockholders of the Company (a “Special

Meeting”) a resolution authorizing the exemption of such Qualifying Offer from the provisions of this Agreement (the “Qualifying

Offer Resolution”).

(ii)

A Special Meeting Demand shall be delivered to the Secretary of the Company at the principal executive offices of the Company

and must set forth as to the stockholders of record executing the request (x) the names and addresses of such stockholders, as they appear

on the Company’s books and records, (y) the number of shares of Common Stock which are owned of record by each of such stockholders,

and (z) in the case of any shares of Common Stock that are Beneficially Owned by another Person, an executed certification by the holder

of record that such holder has executed such Special Meeting Demand only after obtaining instructions to do so from such Beneficial Owner

and attaching evidence thereof. For purposes of a Special Meeting Demand, the record date for determining holders of record eligible

to make a Special Meeting Demand shall be the ninetieth (90th) Business Day following commencement, within the meaning of Rule 14d-2(a)

under the Exchange Act, of a Qualifying Offer.

(iii)

In the event that the Board receives a Special Meeting Demand complying with the provisions of this Section 23(c), the

Board shall take such actions as are necessary or desirable to cause the Qualifying Offer Resolution to be submitted to a vote of stockholders

at a Special Meeting by including a proposal relating to the adoption of the Qualifying Offer Resolution in the proxy materials of the

Company for the Special Meeting. Such Special Meeting shall be convened within ninety (90) Business Days following the Special Meeting

Demand (the “Special Meeting Period”); provided, however, that if the Company at any time during the Special

Meeting Period and prior to a vote on the Qualifying Offer Resolution enters into a Definitive Acquisition Agreement conditioned on the

approval by holders of a majority of the outstanding Common Stock, the Special Meeting Period may be extended by the Board (and any Special

Meeting called in connection therewith may be cancelled) if the Qualifying Offer Resolution will be separately submitted to a vote at

the same meeting as the Definitive Acquisition Agreement.

(iv)

The Board shall set a date for determining the stockholders of record that are entitled to notice of and to vote at the Special

Meeting in accordance with the Company’s certificate of incorporation, bylaws and applicable law.

(v)

Subject to the requirements of applicable law, the Board may take a position in favor of or opposed to the adoption of the Qualifying

Offer Resolution, or no position with respect to the Qualifying Offer Resolution, as it determines to be appropriate in the exercise

of its duties. Notwithstanding anything to the contrary contained in this Agreement, if the Board determines that it is in the best interests

of the stockholders of the Company to seek an alternative transaction so as to obtain greater value for such stockholders than is being

provided by any Qualifying Offer, then the Company shall be entitled to include information relating to such alternative transaction

in the proxy soliciting material(s) prepared by the Company in connection with the Special Meeting.

(vi)

In the event that the Qualifying Offer continues to be a Qualifying Offer and either (A) the Special Meeting is not convened on

or prior to the last day of the Special Meeting Period (the “Outside Meeting Date”), or (B) if, at the Special Meeting

at which a quorum is present, a majority of the outstanding Common Stock entitled to vote as of the record date for the Special Meeting

selected by the Board, not giving effect to any affirmative votes cast by the offeror or any of its Affiliates or Associates, shall vote

in favor of the Qualifying Offer Resolution, then the Qualifying Offer shall be deemed exempt from the application of this Agreement

to such Qualifying Offer so long as it remains a Qualifying Offer, such exemption to be effective on the Close of Business on the tenth

(10th) Business Day after either (y) the Outside Meeting Date or (z) the date on which the results of the vote on the Qualifying Offer

Resolution at the Special Meeting are certified as official by the appointed inspectors of election for the Special Meeting, as the case

may be (the “Exemption Date”).

(vii)

The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Exemption Date and, if such notification

is given orally, the Company shall confirm the same in writing on or prior to the next Business Day. Until such notice is received by

the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Exemption Date has not occurred.

(viii)

Notwithstanding anything herein to the contrary, no action or vote by stockholders not in compliance with the provisions of this

Section 23(c) shall serve to exempt any offer from the terms of this Agreement.

(d)

From and after the Close of Business on the Exemption Date, the consummation of the Qualifying Offer shall not cause the offeror

or its affiliates or associates to become an Acquiring Person, and the Rights shall immediately expire and have no further force and

effect upon such consummation.

Section 24.

Exchange.

(a)

The Board may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding

and exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e)

hereof) for Common Stock 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 (such exchange ratio being hereinafter referred to as the “Exchange

Ratio”). Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange at any time after any Person

(other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any Person

holding Common Stock for or pursuant to the terms of any such plan), 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.

(b)

Immediately upon the action of the Board ordering the exchange of any Rights pursuant to subsection (a) of this Section

24 (or at such later times as the Board may establish for the effectiveness of such exchange) 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 shares of Common Stock equal to the number of such Rights held by such holder multiplied by the Exchange

Ratio. The Company shall promptly give public notice of any such exchange (with prompt written notice thereof to the Rights Agent); provided,

however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company promptly

shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry

books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder

receives the notice. Each such notice of exchange will state the method by which the exchange of the Common Stock for Rights will be

effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected

pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions of Section 7(e)

hereof) held by each holder of Rights.

(c)

In the event that there shall not be sufficient shares of Common Stock issued but not outstanding or authorized but unissued to

permit any exchange of Rights as contemplated in accordance with this Section 24, the Company shall take all such action as may

be necessary to authorize additional shares of Common Stock for issuance upon exchange of the Rights.

(d)

The Company shall not be required to issue fractions of shares of Common Stock, to authorize Book-Entries which evidence fractional

shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares

of Common Stock, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional shares

of Common Stock would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole share

of Common Stock. For the purposes of this subsection (d), the current market value of a whole share of Common Stock shall

be the closing price of a share of Common Stock (as determined pursuant to the second sentence of Section 11(d) hereof) for the

Trading Day immediately prior to the date of exchange pursuant to this Section 24.

(e)

Following the action of the Board ordering the exchange of any Rights pursuant to this Section 24, the Company may implement

such procedures as it deems appropriate, in its sole discretion, for the purpose of ensuring that Common Stock (or such other consideration)

issuable upon an exchange pursuant to this ‎Section 24 is not received by holders of Rights that have become null and void

pursuant to ‎Section 7(e). Without limiting the foregoing, prior to effecting an exchange pursuant to this ‎Section

24, the Board may direct the Company to enter into a trust agreement in such form and with such terms as the Board shall then approve

(the “Trust Agreement”). If the Board so directs, the Company shall enter into the Trust Agreement and shall issue

to the trust created by such agreement (the “Trust”) all or a portion (as designated by the Board) of or other securities

or cash, if any, or fractions thereof issuable pursuant to the exchange, and all Persons shall be entitled to receive such shares, other

securities or cash (and any dividends or distributions made thereon after the date on which such shares or other securities are deposited

in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement; provided,

however, that (i) such Trust may not be controlled by the Company or any of its Affiliates or Associates and the trustee or similar fiduciary

of the Trust will attempt to distribute the property thereof to the Persons entitled thereto as promptly as practicable) and (ii) such

Trust may exercise all of the rights that a shareholder of record would possess with respect to any shares deposited in such Trust. Prior

to effecting an exchange and registering or other such securities in any Person’s name, including any nominee or transferee of

a Person, the Company may require (or cause the trustee of the Trust to require), as a condition thereof, that any holder of Rights provide

evidence, including the identity of the Beneficial Owners (or any former Beneficial Owners) thereof and Affiliates or Associates of such

Beneficial Owners (or former Beneficial Owners) as the Company shall reasonably request in order to determine if such Rights are null

and void. If any Person shall fail to comply with such request, the Company shall be entitled conclusively to deem the Rights formerly

held by such Person to be null and void pursuant to ‎Section 7(e) and not transferable or exercisable or exchangeable in connection

herewith. Any or other securities issued at the direction of the Board in connection herewith shall be validly issued, fully paid, and

nonassessable or of such other securities (as the case may be), and the Company shall be deemed to have received as consideration for

such issuance a benefit having a value that is at least equal to the aggregate par value of the shares so issued. Any of the Common Stock

or other securities issued to the Trust that are later determined by the Company to have been placed in trust for the benefit of former

rights holders, for which the applicable rights were determined to be null and void pursuant to ‎Section 7(e), shall be returned

to the Company and the Company shall take all necessary action so that such shares of Common Stock or other securities shall become authorized

but unissued Common Stock or other securities of the Company, as the case may be. In the event the Board determines, before the Distribution

Date, to effect an exchange, the Board may delay the occurrence of the Distribution Date to such time as the Board deems advisable; provided

that the Distribution Date must occur no later than 20 days after the Stock Acquisition Date.

Section 25.

Notice of Certain Events.

(a)

In case the Company shall propose, at any time after the Distribution Date, (i) to pay any dividend payable in stock of any class

to the holders of Common Stock or to make any other distribution to the holders of Common Stock (other than a regular quarterly cash

dividend out of earnings or retained earnings of the Company), (ii) to offer to the holders of Common Stock rights or warrants to subscribe

for or to purchase any additional shares of Common Stock or shares of stock of any class or any other securities, rights or options,

(iii) to effect any reclassification of its Common Stock (other than a reclassification involving only the subdivision or combination

of outstanding shares of Common Stock), (iv) to effect any consolidation or merger into or with any other Person (other than a wholly

owned Subsidiary of the Company in a transaction that complies with Section 11(o) hereof), or to effect any sale or other transfer

(or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one transaction or a series of related transactions,

of more than 50% of the assets (measured by book value), cash flow or earning power of the Company and its Subsidiaries (taken as a whole)

to any other Person or Persons (other than the Company and/or any of its wholly owned Subsidiaries in one or more transactions each of

which complies with Section 11(o) hereof), or (v) to effect the liquidation, dissolution or winding up of the Company, then, in

each such case, the Company shall give to the Rights Agent and to each holder of a Rights Certificate, to the extent feasible and in

accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the purposes of such

stock dividend, distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer,

liquidation, dissolution or winding up is to take place and the date of participation therein by the holders of the shares of Common

Stock, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii)

above at least 10 days prior to the record date for determining holders of the shares of Common Stock for purposes of such action, and

in the case of any such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation

therein by the holders of the shares of Common Stock, whichever shall be the earlier.

(b)

In case any of the events set forth in Section 11(a)(ii) hereof shall occur, then, in any such case, the Company shall

as soon as practicable thereafter give to each holder of a Rights Certificate, to the extent feasible and in accordance with Section

26 hereof, and to the Rights Agent in accordance with Section 26 hereof, a notice of the occurrence of such event, which shall

specify the event and the consequences of the event to holders of Rights under Section 11(a)(ii) hereof.

Section 26.

Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any

Rights Certificate to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until

another address is delivered in writing to the Rights Agent by the Company) as follows:

International Seaways, Inc.

600 Third Avenue, 39th Floor

New York, NY 10016

Attention: 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 delivered in writing

by the Rights Agent to the Company) as follows:

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attn: Client Services

With a copy to:

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attn: Legal Department

Notices or demands authorized by this Agreement

to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate (or, if prior to the Distribution Date,

to the holder of shares of Common Stock) shall be sufficiently given or made if delivered personally by hand or by overnight courier

or 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.

Section 27.

Supplements and Amendments. Prior to the Stock Acquisition Date, the Company and the Rights Agent shall, if the Company

so directs, supplement or amend any provision of this Agreement without the approval of any holders of shares of Common Stock. From and

after the Stock Acquisition Date, the Company and the Rights Agent shall, if the Company so directs, supplement or amend this Agreement

without the approval of any holders of Rights Certificates in order (i) to cure any ambiguity, (ii) to correct or supplement any provision

contained herein which may be defective or inconsistent with any other provisions herein, or (iii) to supplement or amend the provisions

hereunder in any manner which the Company may deem necessary or desirable and which shall not adversely affect the interests of the holders

of Rights Certificates (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person). No supplement or amendment

to this Agreement shall be effective unless duly executed by the Rights Agent and the Company. The Rights Agent shall duly execute and

deliver any supplement or amendment hereto requested by the Company in writing, provided that the Company has delivered a certificate

from an appropriate officer of the Company and, if requested by the Rights Agent, an opinion of counsel, which states that the proposed

supplement or amendment is in compliance with the terms of this Agreement, including this ‎ Section 27. Notwithstanding anything

contained in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment

that affects the Rights Agent’s own rights, duties, obligations or immunities under this Agreement. Prior to the Distribution Date,

the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock.

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.

Determinations and Actions by the Board of Directors, etc. For all purposes of this Agreement, any calculation of the number

of shares of Common Stock or any other class of capital stock outstanding at any particular time, including for purposes of determining

the particular percentage of such outstanding shares of Common Stock of which any Person is the Beneficial Owner, shall be made in accordance

with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act. The Board shall have the exclusive

power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board or to the Company,

or as may be necessary or advisable in the administration of this Agreement, including the right and power to (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 or to amend the Agreement). Without limiting any of the rights and immunities of the

Rights Agent, 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 in good faith, shall (x) be final, conclusive and binding

on the Company, the Rights Agent, the holders of the Rights and all other parties, and (y) not subject the Board, or any of the directors

on the Board to any liability to the holders of the Rights or shareholders. The Rights Agent is entitled always to assume that the Board

acted in good faith and shall be fully protected and incur no liability in reliance thereon. Nothing contained in this Agreement shall

be deemed to be in derogation of the obligation of the Board to exercise its fiduciary duties. Without limiting the foregoing, nothing

contained herein shall be construed to suggest or imply that the Board is not entitled to reject any tender offer or other acquisition

proposal, or to recommend that holders reject any tender offer, or to take any other action (including the commencement, prosecution,

defense or settlement of any litigation and the submission of additional or alternative offers or other proposals) with respect to any

tender offer or other acquisition proposal that the Board believes is necessary or appropriate in the exercise of its fiduciary duties.

Section 30.

Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company,

the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, registered holders of the

Common Stock) any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive

benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date,

registered holders of the Common Stock).

Section 31.

Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction

or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement

shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided, however, that

notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court

or authority to be invalid, void or unenforceable and the Board determines in its good faith judgment that severing the invalid language

from this Agreement would adversely affect the purpose or effect of this Agreement, the right of redemption set forth in Section 23

hereof shall be reinstated and shall not expire until the Close of Business on the 10th Business Day following the date of such determination

by the Board; and provided further, that if any such excluded term, provision, covenant or restriction shall adversely affect

the rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately.

Nothing contained in this ‎Section 31 will affect the ability of the Company under the provisions of ‎Section 27

to supplement or amend this Agreement to replace such invalid, void or unenforceable term, provision, covenant or restriction with a

legal, valid and enforceable term, provision, covenant or restriction.

Section 32.

Governing Law. This Agreement, each Right and each Rights Certificate issued hereunder shall be deemed to be a contract

made under the laws of the State of New York and for all purposes shall be governed by and construed in accordance with the laws of such

State applicable to contracts made and to be performed entirely within such State.

Section 33.

Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all

purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Delivery of

an executed counterpart of this Agreement by facsimile or other electronic transmissions shall be effective as delivery of an original

counterpart hereof.

Section 34.

Interpretation. Descriptive headings of the several sections of this Agreement are inserted for convenience only and shall

not control or affect the meaning or construction of any of the provisions hereof. Whenever the words “include,” “includes”

or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.”

The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated,

be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection,

paragraph and exhibit references are to the articles, sections, subsections, paragraphs and exhibits of this Agreement unless otherwise

specified. The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of

such term, and words denoting any gender shall include all genders. Where a word or phrase is defined herein, each of its other grammatical

forms shall have a corresponding meaning.

Section 35.

Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any

delays or failures in performance resulting from acts beyond its reasonable control including acts of God, terrorist acts, pandemics,

epidemics, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due

to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war or civil unrest.

Section 36.

Entire Agreement. This Agreement contains the entire understanding of the parties hereto with reference to the transactions

and matters contemplated hereby and supersedes all prior agreements, written or oral, between the parties hereto.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused

this Agreement to be duly executed all as of the date first written above.

INTERNATIONAL SEAWAYS, INC.

By:

/s/ James D. Small, III

Name:

James D. Small, III

Title:

Chief Administrative Officer, Senior Vice President, Secretary and

General Counsel

COMPUTERSHARE TRUST COMPANY,

N.A., as Rights Agent

By:

/s/ Shirley Nessralla

Name:

Shirley Nessralla

Title:

Vice President, Manager

Issuer Service

[Signature Page to the Rights Agreement]

EXHIBIT A

Form of Rights Certificate

Certificate No. R- __________ Rights

NOT EXERCISABLE AFTER APRIL 8, 2029 UNLESS EXTENDED PRIOR THERETO

BY THE BOARD OF DIRECTORS OF THE COMPANY, OR EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT

THE OPTION OF THE COMPANY, AT $0.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES,

RIGHTS THAT ARE OR WERE BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN

THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE

ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON

(AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME

NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.]1

Rights Certificate

INTERNATIONAL SEAWAYS, INC.

This certifies that ____________________, or registered

assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms,

provisions and conditions of the Second Amended and Restated Rights Agreement, dated as of April 9, 2026, as it may have been or as it

may be amended from time to time (the “Rights Agreement”), by and between International Seaways, Inc., a Marshall

Islands corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company, as

Rights Agent (the “Rights Agent”), 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 City time) on April 8, 2029 (unless such date is extended prior

thereto by the Board of Directors of the Company (the “Board of Directors”)) at the office or offices of the Rights

Agent designated for such purpose, or its successors as Rights Agent, one fully paid, non-assessable share of common stock, no par value

(the “Common Stock”) of the Company, at a purchase price of $95 per share (the “Purchase Price”),

upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase and related Certificate properly completed

and duly executed (with such signature duly guaranteed), along with a signature guarantee and such other and further documentation as

the Company or the Rights Agent may reasonably request. The number of Rights evidenced by this Rights Certificate (and the number of

shares which may be purchased upon exercise thereof) set forth above, and the Purchase Price per share set forth above, are the number

and Purchase Price as of [●], 20[●], based on the Common Stock as constituted at such date. As provided in the Rights Agreement,

the Purchase Price, the number of shares of Common Stock which may be purchased upon the exercise of the Rights and the number of Rights

evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of certain events

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

A-1

Upon the occurrence of a Section 11(a)(ii) Event

(as such term is defined in the Rights Agreement), if the Rights evidenced by this Rights Certificate are or were beneficially owned

by (i) an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined in the Rights Agreement),

(ii) a transferee of any such Acquiring Person, Associate or Affiliate, or (iii) under certain circumstances specified in the Rights

Agreement, a transferee of a Person (as such term is defined in the Rights Agreement) who, after such transfer, became an Acquiring Person,

or an Affiliate or Associate of an Acquiring Person, such Rights shall become null and void and no holder hereof shall have any right

with respect to such Rights from and after the occurrence of such Section 11(a)(ii) Event.

As provided in the Rights Agreement, the Purchase

Price and the number and kind of shares of Common Stock or other securities which may be purchased upon the exercise of the Rights evidenced

by this Rights Certificate are subject to modification and adjustment upon the happening of certain events, including Triggering Events

(as such term is defined in the Rights Agreement).

This Rights Certificate is subject to all of the

terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference

and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights,

obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Rights Certificates, which limitations

of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights

Agreement. Copies of the Rights Agreement are on file at the office of the Company and are also available upon written request to the

Company.

Subject to the provisions of the Rights Agreement,

this Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such

purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the

holder to purchase a like aggregate number of shares of Common Stock as the Rights evidenced by the Rights Certificate or Rights Certificates

surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in part, the holder shall be entitled

to receive upon surrender hereof, along with a signature guarantee and such other and further documentation as the Company or the Rights

Agent may reasonably request, another Rights Certificate or Rights Certificates for the number of whole Rights not exercised.

Subject to the provisions of the Rights Agreement,

the Rights evidenced by this Certificate may be redeemed by the Company at its option at a redemption price of $0.001 per Right at any

time prior to the earlier of (i) the Stock Acquisition Date (or, if the Stock Acquisition Date shall have occurred prior to the Record

Date, the Record Date) and (ii) the Final Expiration Date (as each such term is defined in the Rights Agreement). In addition, under

certain circumstances, following the time any Person (as such term is defined in the Rights Agreement) becomes an Acquiring Person, the

Rights may be exchanged, in whole or in part, for shares of Common Stock, or other securities of the Company having essentially the same

value or economic rights as such shares. Immediately upon the action of the Board of Directors of the Company authorizing any such exchange,

and without any further action or any notice, the Rights will terminate and the Rights (other than Rights which are not subject to such

exchange) will only enable holders to receive the shares issuable upon such exchange.

A-2

The Company shall not be required to issue fractions

of shares of Common Stock upon exercise of the Rights, to authorize book-entries which evidence fractional shares of Common Stock or

to distribute certificates which evidence fractional shares of Common Stock. In lieu of fractional shares of Common Stock, the Company

may pay to the registered holder of this Rights Certificate at the time such Rights are exercised as herein provided an amount in cash

equal to the same fraction of the current market value of one share of Common Stock. The Company reserves the right to require prior

to the occurrence of a Triggering Event (as such term is defined in the Rights Agreement) that a number of Rights be exercised so that

only whole shares of Common Stock will be issued.

No holder of this Rights Certificate shall be entitled

to vote or receive dividends or be deemed for any purpose the holder of shares of Common Stock or of any other securities of the Company

which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed

to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of

directors or upon any matter submitted to stockholders at any meeting thereof, or to give consent to or withhold consent from any corporate

action, or, to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to

receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been

exercised as provided in the Rights Agreement (in which event the holder hereof shall be entitled to the rights 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.

A-3

WITNESS the facsimile or portable document format

signature of the proper officers of the Company and its corporate seal.

Dated as of ___________, ____

ATTEST:

INTERNATIONAL SEAWAYS, INC.

Secretary

Title:

Countersigned:

COMPUTERSHARE TRUST COMPANY, N.A.

as Rights Agent

Authorized Signature

A-4

[Form of Reverse Side of Rights Certificate]

FORM OF ASSIGNMENT

(To be executed by the registered holder if

such holder desires to transfer the

Rights Certificate.)

FOR VALUE RECEIVED

__________________________________ hereby sells, assigns and transfers unto

_________________________________________________________________________________________________________________________

(Please print name and address

of transferee)

this Rights Certificate, together with all right, title and interest

therein, and does hereby irrevocably constitute and appoint ______________________ Attorney, to transfer the within Rights Certificate

on the books of the within named Company, with full power of substitution.

Dated:__________, ____

Signature

Signature Guaranteed:

Signatures must be guaranteed by a participant

in the Securities Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc. Medallion

Signature Program.

A-5

CERTIFICATE

The undersigned hereby certifies by checking the

appropriate boxes that:

(1)       this

Rights Certificate ¨ is / ¨ is not

being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any

such Acquiring Person (as such terms are defined pursuant to the Rights Agreement); and

(2)       after

due inquiry and to the best knowledge of the undersigned, it ¨ did / ¨ did

not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person

or an Affiliate or Associate of an Acquiring Person.

Dated: _________, ____

Signature

Signature Guaranteed:

Signatures must be guaranteed by a participant

in the Securities Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc. Medallion

Signature Program.

NOTICE

The signature to the foregoing Assignment and Certificate

must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement

or any change whatsoever.

A-6

FORM OF ELECTION TO PURCHASE

(To be executed if holder desires to exercise

Rights

represented by the Rights Certificate.)

To: INTERNATIONAL SEAWAYS, INC.:

The undersigned hereby irrevocably elects to exercise

_____________ Rights represented by this Rights Certificate to purchase the shares of Common Stock issuable upon the exercise of the

Rights (or such other securities of the Company or of any other Person which may be issuable upon the exercise of the Rights) and requests

that certificates for such shares be issued in the name of and delivered to (or entries for such shares be made in the book-entry account

system of the transfer agent in the name of and with written confirmation to):

Please insert social security

or other identifying number

(Please print name and address)

If such number of Rights shall not be all the Rights

evidenced by this Rights Certificate, a new Rights Certificate for the balance of such Rights shall be registered in the name of and

delivered to:

Please insert social security

or other identifying number

(Please print name and address)

Dated: _____________, ____

Signature

Signature Guaranteed:

Signatures must be guaranteed by a participant

in the Securities Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc. Medallion

Signature Program.

A-7

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 any such Acquiring

Person (as such terms are defined pursuant to the Rights Agreement); and

(2)       after

due inquiry and to the best knowledge of the undersigned, it ¨ did / ¨ did

not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or became an Acquiring Person or an Affiliate

or Associate of an Acquiring Person.

Dated: __________, ____

Signature

Signature Guaranteed:

Signatures must be guaranteed by a participant

in the Securities Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc. Medallion

Signature Program.

NOTICE

The signature to the foregoing Election to Purchase

and Certificate must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration

or enlargement or any change whatsoever.

A-8

EXHIBIT B

SUMMARY OF RIGHTS TO PURCHASE

COMMON STOCK

On April 9, 2026, International Seaways, Inc. (the

“Company”) entered into a shareholder rights plan in the form of a Rights Agreement (the “Rights Agreement”),

between the Company and Computershare Trust Company, N.A., as Rights Agent. The Rights Agreement was approved by the board of directors

(the “Board”) of the Company and replaces a rights agreement entered into by the Company and the Rights Agent on April

11, 2023 (the “A&R Rights Agreement”), which itself replaced a rights agreement entered into by the Company and

the Rights Agent on May 8, 2022 (the “Original Rights Agreement”). In connection with the execution of the Original

Rights Agreement, the Board authorized and declared a dividend distribution of one right (a “Right”) for each outstanding

share of common stock, no par value, of the Company (the “Common Stock”) to stockholders of record at the close of

business on May 19, 2022 (the “Record Date”).

Pursuant the Rights Agreement, each Right entitles

the registered holder to purchase from the Company one share of Common Stock, at a purchase price of $95 per share (the “Purchase

Price”), subject to adjustment. The description and terms of the Rights are set forth in the Rights Agreement. Initially, the

Rights will be attached to all shares of Common Stock then outstanding, and no separate certificates evidencing Rights (each, a “Rights

Certificate”) will be distributed. Subject to certain exceptions specified in the Rights Agreement, the Rights will separate

from the Common Stock upon the earliest of the date of (i) 10 business days (or, if such date occurs before the Record Date, the close

of business on the Record Date) following the public announcement (which, for purposes of this section, shall include a report filed

or amended pursuant to Section 13(d) or Section 13(g) under the Exchange Act) by the Company or a person or group of affiliated or associated

persons that such person or group of affiliated or associated persons has become the beneficial owner of 20% or more of the outstanding

shares of Common Stock (an “Acquiring Person”), or (ii) 10 business days (or, if such date occurs before the Record

Date, the close of business on the Record Date) following the Board becoming aware of the existence of an Acquiring Person (the “Stock

Acquisition Date”), other than as a result of repurchases of stock by the Company or acquisitions by wholly owned subsidiaries

of the Company, or (iii) 10 business days (or such later date as the Board shall determine) following the commencement of, or announcement

of an intention to make, a tender offer or exchange offer that would result in a person or group becoming an Acquiring Person (the earliest

of (i), (ii) and (iii) being referred to herein as the “Distribution Date”). An “Acquiring Person” will

not include any person that beneficially owns 20% or more of the outstanding shares of Common Stock as of the time of the first public

announcement of the declaration of the Rights dividend, except that each such person will be excluded from the definition of Acquiring

Person only if and so long as the shares of Common Stock that are beneficially owned by such person do not exceed the number of shares

which are beneficially owned by such person as of the time of the first public announcement of the declaration of the Rights dividend,

and except that a person will cease to be excluded from the definition of an Acquiring Person immediately at such time as such person

ceases to be the beneficial owner of 20% or more of the shares of Common Stock then outstanding.

B-1

Until the Distribution Date, (i) the Rights will

be evidenced by the Common Stock certificates or the balances in the book-entry account system of the transfer agent for the Common Stock

registered in the names of the holders of the Common Stock, as applicable, (ii) any confirmation or written notices sent to holders

of Common Stock in book-entry form and any new Common Stock certificates issued after the Record Date will contain a notation incorporating

the Rights Agreement by reference and (iii) the transfer of Common Stock outstanding will also constitute the transfer of the Rights

associated with such shares of Common Stock. Pursuant to the Rights Agreement, the Company reserves the right to require prior to the

occurrence of a Triggering Event (as defined below) that, upon any exercise of Rights, a number of Rights be exercised so that only whole

shares of Common Stock will be issued.

The Rights are not exercisable until the Distribution

Date and will expire at 5:00 P.M. (New York City time) on April 8, 2029 (the “Final Expiration Date”), unless

the Rights Agreement is earlier terminated or such date is extended or the Rights are earlier redeemed or exchanged by the Company

as described below.

As soon as practicable after the Distribution Date,

Rights Certificates will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date and,

thereafter, the separate Rights Certificates alone will represent the Rights.

In the event that a person becomes an Acquiring

Person, (i) each holder of a Right, other than Rights that are or were beneficially owned by an Acquiring Person (or an Affiliate or

Associate thereof (as such terms are defined in the Rights Agreement)), will thereafter have the right to receive, upon exercise, Common

Stock (or, in certain circumstances, cash, property or other securities of the Company) having a value (as determined pursuant to the

Rights Agreement) equal to two times the exercise price of the Right and (ii) all Rights that are, or (under certain circumstances specified

in the Rights Agreement) were, beneficially owned by any Acquiring Person or Affiliates or Associates thereof will be null and void.

In the event that a person becomes an Acquiring

Person and (i) the Company engages in a merger or other business combination transaction in which the Company is not the surviving corporation,

(ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and

the Common Stock of the Company is changed or exchanged or (iii) 50% or more of the Company’s assets (measured by book value),

cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously been voided as set forth

above) shall thereafter have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times

the exercise price of the Right. The events set forth in this paragraph and in the preceding paragraph are referred to as the “Triggering

Events.”

At any time after a person or group becomes an Acquiring

Person and prior to the acquisition by any person or group of 50% or more of the votes entitled to be cast by all holders of Common Stock,

the Board may exchange all or part of the Rights (other than Rights owned by such person or group which have become null and void), in

whole or in part, for Common Stock at an exchange ratio of one share of Common Stock per Right (subject to adjustment).

B-2

The Rights shall not interfere with any fully financed

tender offer, exchange offer of Common Stock of the offeror meeting certain terms and conditions further described below, or a combination

thereof, in each case for all shares of our Common Stock at the same per share consideration, remaining open for a minimum of ninety

(90) business days, and subject to a minimum condition of acceptance by a majority of the outstanding shares of our Common Stock and

providing for a 20-business day “subsequent offering period” after consummation (such offers as determined by a majority

of independent directors are referred to as “qualifying offers”).

If an offer includes shares of common stock of the

offeror, the Rights would not interfere with such offer if:

· any non-cash consideration

consists solely of freely-tradeable common stock of a publicly-traded United States corporation;

· such common stock

is listed or admitted to trading on the New York Stock Exchange, Nasdaq Global Select Market

or Nasdaq Global Market;

· the offeror has already

received stockholder approval to issue such common stock prior to the commencement of such

offer or no such approval is or will be required;

· no other class of

voting stock of the offeror is outstanding at the time of the commencement, during the term

or upon completion of such offer; and

· the offeror meets

the registrant eligibility requirements for use of a registration statement on Form S-3 (or

its equivalent for foreign private issuers) for registering securities under the Securities

Act of 1933, as amended, including the filing of all reports required to be filed pursuant

to the Exchange Act in a timely manner during the twelve (12) calendar months prior to the

date of commencement, and throughout the term, of such offer.

In the event the Company receives a qualifying offer

and the Board of Directors has not redeemed the Rights prior to the consummation of such offer, or called a special meeting for stockholders

to vote on whether to exempt the qualifying offer from the terms of the Rights Agreement within ninety (90) business days following the

commencement of such offer, and if, within ninety (90) to one hundred twenty (120) business days following commencement of such qualifying

offer, the Company receives a notice in compliance with the Rights Agreement from holders of record (or their duly authorized proxy)

of at least ten percent (10%) of the Common Stock (excluding shares beneficially owned by the offeror and its affiliates and associates)

requesting a special meeting to vote on a resolution to exempt the qualifying offer (the “Qualifying Offer Resolution”) from

the terms of the Rights Agreement, then the Board must call and hold such a special meeting by the ninetieth (90th) business day following

receipt of the stockholder notice (the “Outside Meeting Date”). If prior to holding a vote on the Qualifying Offer Resolution

at the special meeting, the Company enters into an agreement conditioned on the approval by holders of a majority of the outstanding

Common Stock with respect to a share exchange, one-step merger, tender offer and back-end merger, consolidation, recapitalization, reorganization,

business combination or a similar transaction involving the Company or the direct or indirect acquisition of more than fifty percent

(50%) of the Company’s consolidated total assets or earning power, the Outside Meeting Date may be extended by the Board so that

stockholders vote on whether to exempt the qualifying offer at the same time as they vote on such agreement.

B-3

If the Board does not hold the special meeting of

stockholders by the Outside Meeting Date to vote on the exemption of the qualifying offer, the qualifying offer will be deemed exempt

from the Rights Agreement ten (10) business days after the Outside Meeting Date. If the Board does hold a special meeting and stockholders

vote at such meeting in favor of exempting the qualifying offer from the terms of the Rights Agreement, the qualifying offer will be

deemed exempt from the Rights Agreement ten (10) business days after the votes are certified as official by the inspector of elections.

Subject to the terms of the Rights Agreement, the consummation of the qualifying offer will not cause the offeror or its affiliates or

associates to become an Acquiring Person, and the Rights will immediately expire upon consummation of the qualifying offer.

The Purchase Price payable, and the number of shares

of Common Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to

prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Common Stock, (ii)

if holders of the Common Stock are granted certain rights or warrants to subscribe for Common Stock or convertible securities at less

than the current market price of the Common Stock, or (iii) upon the distribution to holders of the Common Stock of evidences of indebtedness

or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above).

With certain exceptions, no adjustment in the Purchase

Price will be required until cumulative adjustments amount to at least 1% of the Purchase Price. No fractional shares will be issued

and, in lieu thereof, an adjustment in cash will be made based on the market price of the Common Stock on the last trading date prior

to the date of exercise.

At any time prior to the earlier of (i) the Stock

Acquisition Date (or, if the Stock Acquisition Date has occurred prior to the Record Date, the Record Date) and (ii) the Final Expiration

Date (as such terms are defined in the Rights Agreement), the Company may redeem the Rights in whole, but not in part, at a price of

$0.001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board) or amend the Rights Agreement

to change the Final Expiration Date to another date, including without limitation an earlier date. Immediately upon the action of the

Board ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the

$0.001 redemption price.

B-4

Until a Right is exercised, the holder thereof,

as such, will have no separate rights as a stockholder of the Company, including, without limitation, the right to vote or to receive

dividends in respect of the Rights. While the distribution of the Rights will not be taxable to stockholders or to the Company, stockholders

may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for Common Stock (or

other consideration) of the Company or for common stock of the acquiring company or in the event of the redemption of the Rights as set

forth above.

Any of the provisions of the Rights Agreement may

be amended by the Board prior to the Stock Acquisition Date. After the Stock Acquisition Date, the provisions of the Rights Agreement

may only be amended by the Board in order to cure any ambiguity, to correct any defect or inconsistency or to make changes which do not

adversely affect the interests of holders of Rights.

A copy of the form of the Rights Agreement has been

or will be filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A of the Company and

as an Exhibit to a Current Report on Form 8-K. A copy of the Rights Agreement is available free of charge from the Company. This description

of the Rights Agreement and the Rights does not purport to be complete and is qualified by reference to the Rights Agreement.

B-5

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