<SEC-DOCUMENT>0001193125-25-214052.txt : 20250924
<SEC-HEADER>0001193125-25-214052.hdr.sgml : 20250924
<ACCEPTANCE-DATETIME>20250924081511
ACCESSION NUMBER:		0001193125-25-214052
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250924
DATE AS OF CHANGE:		20250924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARTERS INC
		CENTRAL INDEX KEY:			0001060822
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				133912933
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0103

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31829
		FILM NUMBER:		251335222

	BUSINESS ADDRESS:	
		STREET 1:		PHIPPS TOWER
		STREET 2:		3438 PEACHTREE ROAD NE SUITE 1800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30326
		BUSINESS PHONE:		678-399-1000

	MAIL ADDRESS:	
		STREET 1:		PHIPPS TOWER
		STREET 2:		3438 PEACHTREE ROAD NE SUITE 1800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARTER HOLDINGS INC
		DATE OF NAME CHANGE:	19980430
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B
<SEQUENCE>1
<FILENAME>d919064d8a12b.htm
<DESCRIPTION>8-A12B
<TEXT>
<HTML><HEAD>
<TITLE>8-A12B</TITLE>
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 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">8-A</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 12(b) OR 12(g) OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CARTER&#8217;S, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-3912933</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction of incorporation or organization)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer Identification No.)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Phipps Tower, 3438 Peachtree Road NE, Suite 1800</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Atlanta, Georgia</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>30326</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities to be registered pursuant to Section&nbsp;12(b) of the Act: </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Title of each class <BR>to be so
registered</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange on which</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>each class is to be registered</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Preferred Stock Purchase Rights</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this form relates to the registration of a class of securities pursuant to Section&nbsp;12(b) of the Exchange Act and is effective pursuant to General
Instruction A.(c) or (e), check the following box.&#8194;&#9745; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this form relates to the registration of a class of securities pursuant to
Section&nbsp;12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d) or (e), check the following box.&#8194;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this form
relates to the registration of a class of securities concurrently with a Regulation A offering, check the following box.&#8194;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities Act
registration statement or Regulation A offering statement file number to which this form relates: <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>N/A</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U> (if applicable) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities to be registered pursuant to Section&nbsp;12(g) of the Act: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>None </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of class)
</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&#8201;1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Description of Registrant&#8217;s Securities To Be Registered. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;22, 2025, the board of directors (the &#8220;<B><I>Board</I></B>&#8221;) of Carter&#8217;s, Inc., a Delaware corporation
(the&nbsp;&#8220;<B><I>Company</I></B>&#8221;), authorized the Company&#8217;s entry into a stockholder rights agreement and declared a dividend of one right (a &#8220;<B><I>Right</I></B>&#8221;) for each outstanding share of common stock of the
Company, par value $0.01 per share (&#8220;<B><I>Common Stock</I></B>&#8221;), to stockholders of record at the close of business on October&nbsp;3, 2025 (the &#8220;<B><I>Record Date</I></B>&#8221;). Each Right entitles its holder, subject to the
terms of the Rights Agreement (as defined below), to purchase from the Company one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (&#8220;<B><I>Preferred
Stock</I></B>&#8221;), of the Company at an exercise price of $160.00 per Right, subject to adjustment. The description and terms of the Rights are set forth in a stockholder rights agreement, dated as of September&nbsp;22, 2025 (the
&#8220;<B><I>Rights Agreement</I></B>&#8221;), between the Company and Equiniti Trust Company, LLC, a New York limited liability trust company, as rights agent (and any successor rights agent, the &#8220;<B><I>Rights Agent</I></B>&#8221;). The
Rights Agreement was adopted to deter the acquisition of actual, <I>de facto</I> or negative control of the Company by any person or group through open market accumulation and to preserve the long-term value for the Company&#8217;s stockholders.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Rights Agreement is not expected to interfere with any merger or other business combination approved by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Rights</I></B>. The Rights will attach to any shares of Common Stock that become outstanding after the Record Date and prior to the
earlier of the Distribution Time (as defined below) and the Expiration Time (as defined below), and in certain other circumstances described in the Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until the Distribution Time, the Rights are associated with Common Stock and evidenced by Common Stock certificates or, in the case of
uncertificated shares of Common Stock, the book-entry account that evidences record ownership of such shares, which will contain a notation incorporating the Rights Agreement by reference, and the Rights are transferable with and only with the
underlying shares of Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until the Distribution Time, the surrender for transfer of any shares of Common Stock will also
constitute the transfer of the Rights associated with those shares. As soon as practicable after the Distribution Time, separate rights certificates will be mailed to holders of record of Common Stock as of the Distribution Time. From and after the
Distribution Time, the separate rights certificates alone will represent the Rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Rights are not exercisable until the
Distribution Time. Until a Right is exercised, its holder will have no rights as a stockholder of the Company, including the right to vote or to receive dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Separation and Distribution of Rights; Exercisability</I></B>. Subject to certain exceptions, the Rights become exercisable and trade
separately from Common Stock only upon the &#8220;<B><I>Distribution Time</I></B>,&#8221; which occurs upon the earlier of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the close of business on the tenth (10th) day after the &#8220;<B><I>Stock Acquisition Date</I></B>&#8221; (which
is defined as (a)&nbsp;the first date of public announcement that any person or group has become an &#8220;<B><I>Acquiring Person</I></B>,&#8221; which is defined as a person or group that, together with its affiliates and associates, beneficially
owns the Specified Percentage (as defined below) or more of the outstanding shares of Common Stock (with certain exceptions, including those described below) or (b)&nbsp;such other date, as determined by the Board, on which a person or group has
become an Acquiring Person) or </P></TD></TR></TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the close of business on the tenth (10th) business day (or such later date as may be determined by the Board
prior to such time as any person or group becomes an Acquiring Person) after the commencement of a tender offer or exchange offer that, if consummated, would result in a person or group becoming an Acquiring Person, unless such tender or exchange
offer is conditioned on the redemption of the Rights or termination of this Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Specified
Percentage</I></B>&#8221; means (a) 20% (twenty percent) when referring to the beneficial ownership of any person that is a passive investor but only for so long as such person is a passive investor and (b) 15% (fifteen percent) when referring to
the beneficial ownership of any person that is not a passive investor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">An Acquiring Person does not include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company or any subsidiary of the Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any officer, director or employee of the Company or any subsidiary of the Company in his or her capacity as such;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any employee benefit plan of the Company or of any subsidiary of the Company or any entity or trustee holding (or
acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or pursuant to the terms of any such plan or for the purpose of funding other employee benefits for employees of the Company or any subsidiary of the Company;
or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any person or group that, together with its affiliates and associates, as of immediately prior to the first
public announcement of the adoption of the Rights Agreement, beneficially owns the Specified Percentage or more of the outstanding shares of Common Stock, so long as such person or group continues to beneficially own at least the Specified
Percentage of the outstanding shares of Common Stock and does not acquire shares of Common Stock to beneficially own an amount equal to or greater than the greater of the Specified Percentage and the sum of the lowest beneficial ownership of such
person or group since the public announcement of the adoption of the Rights Agreement plus one share of Common Stock. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Rights Agreement provides that no person or group will become an Acquiring Person as a result of security purchases or
issuances directly from the Company or through an underwritten offering approved by the Board. Also, a person or group will not be an Acquiring Person if the Board determines that such person or group has become an Acquiring Person inadvertently and
such person or group has already divested or divests as promptly as practicable a sufficient number of shares of Common Stock so that such person or group would no longer be an Acquiring Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain synthetic interests in securities created by derivative positions, whether or not such interests are considered to be ownership of the
underlying Common Stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended, are treated as beneficial ownership of the number of shares of Common Stock equivalent to the economic exposure created by
the derivative position, to the extent actual shares of Common Stock are directly or indirectly held by counterparties to the derivatives contracts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Expiration Time</I></B>. The Rights will expire on the earliest to occur of (a)&nbsp;the close of business on September&nbsp;21, 2026
(the &#8220;<B><I>Final Expiration Time</I></B>&#8221;), unless prior to such date stockholder approval has been obtained to extend the term of the Rights, (b)&nbsp;the time at which the Rights are redeemed or exchanged by the Company (as described
below), or (c)&nbsp;upon the closing of any merger or other acquisition transaction involving the Company pursuant to a merger or other acquisition agreement that has been approved by the Board before any person or group becomes an Acquiring Person
(the earliest of (a), (b) and(c) being herein referred to as the &#8220;<B><I>Expiration Time</I></B>&#8221;). </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Flip-in</FONT> Event</I></B>. In the event that any
person or group (other than certain exempt persons) becomes an Acquiring Person (a &#8220;<B><I><FONT STYLE="white-space:nowrap">Flip-in</FONT> Event</I></B>&#8221;), each holder of a Right (other than such Acquiring Person, any of its affiliates or
associates or certain transferees of such Acquiring Person or of any such affiliate or associate, whose Rights automatically become null and void) will have the right to receive, upon exercise, Common Stock having a value equal to two (2)&nbsp;times
the exercise price of the Right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Flip-over Event</I></B>. In the event that, at any time following the Stock Acquisition Date, any
of the following occurs (each, a &#8220;<B><I>Flip-over Event</I></B>&#8221;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company consolidates with, or merges with and into, any other entity, and the Company is not the continuing
or surviving entity; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any entity engages in a share exchange with or consolidates with, or merges with or into, the Company, and the
Company is the continuing or surviving entity and, in connection with such share exchange, consolidation or merger, all or part of the outstanding shares of Common Stock are changed into or exchanged for stock or other securities of any other entity
or cash or any other property; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company sells or otherwise transfers, in one transaction or a series of related transactions, fifty percent
(50%) or more of the Company&#8217;s assets, cash flow or earning power, </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">each holder of a Right (except Rights which previously have
been voided as described above) will 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Preferred Stock Provisions</I></B><I>. </I>Each share of Preferred Stock, if issued: will not be redeemable, will entitle the holder
thereof, when, as and if declared, to quarterly dividend payments equal to the greater of $1.00 per share and 10,000 times the amount of all cash dividends plus 10,000 times the amount of <FONT STYLE="white-space:nowrap">non-cash</FONT> dividends or
other distributions paid on one share of Common Stock, will entitle the holder thereof to receive $10,000 plus accrued and unpaid dividends per share upon liquidation, will have the same voting power as 10,000 shares of Common Stock and, if shares
of Common Stock are exchanged via merger, consolidation or a similar transaction, will entitle the holder thereof to a per share payment equal to the payment made on 10,000 shares of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Anti-dilution Adjustments</I></B>. The exercise price payable, and the number of shares of Preferred Stock or other securities or
property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if holders of the Preferred Stock are granted certain rights, options or warrants to subscribe for Preferred
Stock or convertible securities at less than the current market price of the Preferred Stock; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">upon the distribution to holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular
quarterly cash dividends) or of subscription rights or warrants (other than those referred to above). </P></TD></TR></TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With certain exceptions, no adjustment in the exercise price will be required until
cumulative adjustments amount to at least one percent (1%) of the exercise price. No fractional shares of Preferred Stock will be issued and, in lieu thereof, an adjustment in cash will be made based on the market price of the Preferred Stock on the
last trading day prior to the date of exercise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Redemption; Exchange</I></B>. At any time prior to the earlier of (i)&nbsp;such
time as any person becomes an Acquiring Person or (ii)&nbsp;the Final Expiration Time, the Company may redeem the Rights in whole, but not in part, at a price of $0.0001 per Right (subject to adjustment and payable in cash, Common Stock or other
consideration deemed appropriate by the Board). Immediately upon the action of the Board authorizing any redemption or at a later time as the Board may establish for the effectiveness of the redemption, the Rights will terminate and the only right
of the holders of Rights will be to receive the redemption price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time after any person or group becomes an Acquiring Person but
before any Acquiring Person, together with all of its affiliates and associates, becomes the beneficial owner of fifty percent (50%) or more of the outstanding shares of Common Stock, the Company may exchange the Rights (other than Rights owned by
the Acquiring Person, any of its affiliates or associates or certain transferees of Acquiring Person or of any such affiliate or associate, whose Rights will have become null and void), in whole or in part, at an exchange ratio of one share of
Common Stock, or one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock (or of a share of a class or series of the Company&#8217;s preferred stock having equivalent rights, preferences and privileges), per Right
(subject to adjustment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Amendment of the Rights Agreement</I></B>. The Company and the Rights Agent may from time to time amend or
supplement the Rights Agreement without the consent of the holders of the Rights. However, on or after the Stock Acquisition Date, no amendment can materially adversely affect the interests of the holders of the Rights (other than the Acquiring
Person, any of its affiliates or associates or certain transferees of Acquiring Person or of any such affiliate or associate). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Miscellaneous</I></B>. 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<B><I> </I></B>in the event that the Rights become exercisable for Common Stock (or other consideration) or for common stock of the acquiring company or in the event of the redemption of the
Rights as described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Rights Agreement and the Rights does not purport to be complete and is qualified in its entirety by reference
to the Rights Agreement, which is filed as Exhibit 4.1 hereto and is incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&#8201;2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits. </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d919064dex31.htm">Certificate of Designation of the Series A Junior Participating Preferred Stock of the Company, dated September&nbsp;24, 2025 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d919064dex41.htm">Stockholder Rights Agreement, dated as of September&nbsp;
22, 2025, by and between the Company and Equiniti Trust Company, LLC, as rights agent (which includes the Form of Rights Certificate as Exhibit B thereto) </A></TD></TR>
</TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Signature </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of Section&nbsp;12 of the Securities Exchange Act of 1934, Carter&#8217;s, Inc. has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="44%"></TD>

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<TD WIDTH="4%"></TD>

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<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">September&nbsp;24, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">CARTER&#8217;S, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Antonio D. Robinson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Antonio D. Robinson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Legal&nbsp;&amp; Compliance Officer and Secretary</TD></TR>
</TABLE>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d919064dex31.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF DESIGNATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES A JUNIOR
PARTICIPATING PREFERRED STOCK </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CARTER&#8217;S, INC. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;151 of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General Corporation Law of the State of Delaware </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies that the following resolution was duly adopted by the Board of Directors of Carter&#8217;s, Inc., a Delaware
corporation (the &#8220;<B><I>Corporation</I></B>&#8221;), on September&nbsp;22, 2025: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that pursuant to the authority
vested in the Board of Directors of the Corporation (the &#8220;<B><I>Board</I></B>&#8221;) by the Corporation&#8217;s Amended and Restated Certificate of Incorporation (the &#8220;<B><I>Charter</I></B>&#8221;), the Board hereby creates, authorizes
and provides for the issue of a series of Preferred Stock, par value $0.01 per share, of the Corporation, to be designated &#8220;Series A Junior Participating Preferred Stock&#8221; (hereinafter referred to as the &#8220;<B><I>Series A Preferred
Stock</I></B>&#8221;), initially consisting of 15,000 shares, and to the extent that the designations, powers, preferences and relative and other special rights and the qualifications, limitations or restrictions of the Series A Preferred Stock are
not stated and expressed in the Charter, hereby fixes and herein states and expresses such designations, powers, preferences and relative and other special rights and the qualifications, limitations and restrictions thereof, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <B><U>Designation and Amount</U></B>. The shares of such series shall be designated as &#8220;Series A Junior Participating
Preferred Stock,&#8221; and the number of shares constituting such series shall be 15,000. Such number of shares may be increased or decreased by resolution of the Board; <U>provided</U>, <U>however</U>, that no decrease shall reduce the number of
shares of Series A Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding
securities issued by the Corporation convertible into Series A Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section<B></B>&nbsp;2. <B><U>Dividends and
Distributions</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the prior and superior rights of the holders of any shares of any series of Preferred Stock (as
defined in the Charter) ranking prior and superior to the shares of Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of common stock, par value $0.01 per share, of
the Corporation (the &#8220;<B><I>Common Stock</I></B>&#8221;) shall be entitled to receive, when, as and if declared by the Board out of funds legally available for the purpose, quarterly dividends payable in cash on the last business day of March,
June, August and November in each year (each such date being referred to herein as a &#8220;<B><I>Quarterly Dividend Payment Date</I></B>&#8221;), commencing on the first Quarterly Dividend Payment Date
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
after the first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (i) $1.00 or (ii)&nbsp;subject
to the provision for adjustment hereinafter set forth, 10,000 times the aggregate per share amount of all cash dividends, plus 10,000 times the aggregate per share amount (payable in kind) of all <FONT STYLE="white-space:nowrap">non-cash</FONT>
dividends or other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding
Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event the Corporation, at any time after
September&nbsp;22, 2025 (the &#8220;<B><I>Rights Declaration Date</I></B>&#8221;), (x) declares any dividend on Common Stock payable in shares of Common Stock, (y)&nbsp;subdivides the outstanding Common Stock or (z)&nbsp;combines the outstanding
Common Stock into a smaller number of shares, then in each case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (ii)&nbsp;of the preceding sentence shall be adjusted by
multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in
<U>Section 2(a)</U> above immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); <U>provided</U>, <U>however</U>, that, in the event no dividend or distribution shall
have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, subject to the prior and superior rights of the holders of any shares of any series of
Preferred Stock ranking prior to and superior to the shares of Series A Preferred Stock with respect to dividends, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend
Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly
Dividend Payment Date next preceding the date of issue of such shares of Series A Preferred Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such
shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled
to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear
interest. Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">share-by-share</FONT></FONT> basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be no more than sixty (60)&nbsp;days prior to the date fixed for the payment thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <B><U>Voting Rights</U></B>. The holders of shares of Series A Preferred
Stock shall have the following voting rights: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the provision for adjustment hereinafter set forth, each share of Series A
Preferred Stock shall entitle the holder thereof to 10,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation at any time after the Rights Declaration Date (i)&nbsp;declares any dividend on
Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivides the outstanding Common Stock or (iii)&nbsp;combines the outstanding Common Stock into a smaller number of shares, then in each such case the number of votes per share to which
holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
Except as otherwise provided herein or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock shall vote collectively as one class on all matters submitted to a vote of stockholders of the Corporation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) (i) If at any time dividends on any Series A Preferred Stock shall be in arrears in an amount equal to or greater than six
(6)&nbsp;quarterly dividends thereon, the occurrence of such contingency shall mark the beginning of a period (herein called a &#8220;<B><I>default period</I></B>&#8221;) which shall extend until such time when all accrued and unpaid dividends for
all previous quarterly dividend periods and for the current quarterly dividend period on all shares of Series A Preferred Stock then outstanding shall have been declared and paid or set apart for payment. During each default period, all holders of
Preferred Stock (including holders of the Series A Preferred Stock) with dividends<SUP STYLE="font-size:75%; vertical-align:top"> </SUP>in arrears in an amount equal to or greater than six (6)&nbsp;quarterly dividends thereon, voting as a class,
irrespective of series, shall have the right to elect two (2)&nbsp;directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) During any default period, such voting
right of the holders of Series A Preferred Stock may be exercised initially at a special meeting called pursuant to <U>Section 3(c)(iii)</U> below or at any annual meeting of stockholders, and thereafter at annual meetings of stockholders,
<U>provided</U> that such voting right shall not be exercised unless the holders of ten percent (10%) in number of shares of Preferred Stock outstanding shall be present in person or by proxy. The absence of a quorum of the holders of Common Stock
shall not affect the exercise by the holders of Preferred Stock of such voting rights. At any meeting at which the holders of Preferred Stock shall exercise such voting right initially during an existing default period, they shall have the right,
voting as a class, to elect directors to fill such vacancies, if any, in the Board as may then exist up to two (2)&nbsp;directors or, if such right is exercised at an annual meeting, to elect two (2)&nbsp;directors. If the number which may be so
elected at any special meeting does not amount to the required number, the holders of the Preferred Stock shall have the right to make such increase in the number of directors as shall be necessary to permit the election by them of the required
number. After the holders of the Preferred Stock shall have exercised their right to elect directors in any default period and during the continuance of such period, the number of directors shall not be increased or decreased except by vote of the
holders of Preferred Stock as herein provided or pursuant to the rights of any equity securities ranking senior to or <I>pari passu </I>with the Series A Preferred Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Unless the holders of Preferred Stock shall, during an existing
default period, have previously exercised their right to elect directors, the Board may order, or any stockholder or stockholders owning in the aggregate not less than ten percent (10%) of the total number of shares of Preferred Stock outstanding,
irrespective of series, may request, the calling of a special meeting of the holders of Preferred Stock, which meeting shall thereupon be called by vote of a majority of the Board of the Corporation. Notice of such meeting and of any annual meeting
at which holders of Preferred Stock are entitled to vote pursuant to this <U>Section 3(c)(iii)</U> shall be given to each holder of record of Preferred Stock by mailing a copy of such notice to him or her at his or her last address as the same
appears on the books of the Corporation. Such meeting shall be called for a time not earlier than ten (10)&nbsp;days and not later than fifty (50)&nbsp;days after such order or request, or in default of the calling of such meeting within fifty
(50)&nbsp;days after such order or request, such meeting may be called on similar notice by any stockholder or stockholders owning in the aggregate not less than ten percent (10%) of the total number of shares of Preferred Stock outstanding.
Notwithstanding the provisions of this <U>Section 3(c)(iii)</U>, no such special meeting shall be called during the period within fifty (50)&nbsp;days immediately preceding the date fixed for the next annual meeting of the stockholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) In any default period, the holders of Common Stock, and, if applicable, other classes of capital stock of the Corporation,
shall continue to be entitled to elect the whole number of directors until the holders of Preferred Stock shall have exercised their right to elect two (2)&nbsp;directors voting as a class, after the exercise of which right (A)&nbsp;the directors so
elected by the holders of Preferred Stock shall continue in office until their successors shall have been elected by such holders or until the expiration of the default period and (B)&nbsp;any vacancy in the Board may (except as provided in
<U>Section 3(c)(ii)</U> above) be filled by vote of a majority of the remaining directors theretofore elected by the holders of the class of capital stock which elected the director whose office shall have become vacant. References in this
<U>Section 3(c)(iv)</U> to directors elected by the holders of a particular class of stock shall include directors appointed by such directors to fill vacancies as provided in clause (B)&nbsp;of the foregoing sentence. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Immediately upon the expiration of a default period, (A)&nbsp;the right of the holders of Preferred Stock as a class to
elect directors shall cease, (B)&nbsp;the term of any directors elected by the holders of Preferred Stock as a class shall terminate and (C)&nbsp;the number of directors shall be such number as may be provided for in the Charter or the
Corporation&#8217;s amended and restated <FONT STYLE="white-space:nowrap">by-laws</FONT> (as the same may be further amended from time to time, the &#8220;<B><I><FONT STYLE="white-space:nowrap">By-Laws</FONT></I></B>&#8221;) irrespective of any
increase made pursuant to the provisions of <U>Section 3(c)(ii)</U> above (such number being subject, however, to change thereafter in any manner provided by law or in the Charter or the <FONT STYLE="white-space:nowrap">By-Laws).</FONT> Any
vacancies in the Board effected by the provisions of clauses (B)&nbsp;and (C) in the preceding sentence may be filled by a majority of the remaining directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Except as set forth herein or as otherwise provided by law, holders of Series A Preferred Stock shall have no special voting rights and
their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <B><U>Certain Restrictions</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Stock as provided in
<U>Section</U><U></U><U>&nbsp;2</U> above are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall have been paid in full, the
Corporation shall not: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) declare or pay dividends on, make any other distributions on, or redeem or purchase or
otherwise acquire for consideration any shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock other than (A)&nbsp;such redemptions or purchases that may be
deemed to occur upon the exercise of stock options, warrants or similar rights or grant, vesting or lapse of restrictions on the grant of any performance shares, restricted stock, restricted stock units or other equity awards to the extent that such
shares represent all or a portion of (x)&nbsp;the exercise or purchase price of such options, warrants or similar rights or other equity awards or (y)&nbsp;the amount of withholding taxes owed by the holder of such award in respect of such grant,
exercise, vesting or lapse of restrictions; (B)&nbsp;such purchases necessary to satisfy the issuance of any shares upon the exercise or to satisfy the vesting and settlement of any options, warrants or similar rights or other equity awards pursuant
to the terms of the Corporation&#8217;s equity plans maintained for the benefit its employees, directors and other service providers; or (C)&nbsp;the repurchase, redemption or other acquisition or retirement for value of any such shares from
employees, directors, former directors, consultants or former consultants of the Corporation or their respective estate, spouse, former spouse or family member, pursuant to the terms of the agreement pursuant to which such shares were acquired; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) declare or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the
total amounts to which the holders of all such shares are then entitled; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) redeem or purchase or otherwise acquire for
consideration shares of any capital stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock; <U>provided</U>, that the Corporation may at any time redeem, purchase or
otherwise acquire shares of any such parity stock in exchange for shares of any capital stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Stock; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) purchase or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of capital stock
ranking on a parity with the Series A Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the
respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under <U>Section 4(a)</U> above, purchase or otherwise acquire such shares at such time and in such manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <B><U>Reacquired Shares</U></B>. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in
any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of
Preferred Stock to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <B><U>Liquidation, Dissolution or Winding Up</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders
of shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock shall have received $10,000
per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the &#8220;<B><I>Series A Liquidation Preference</I></B>&#8221;). Following the payment of the full
amount of the Series A Liquidation Preference, no additional distributions shall be made to the holders of shares of Series A Preferred Stock unless, prior thereto, the holders of shares of Common Stock have received an amount per share (the
&#8220;<B><I>Common Adjustment</I></B>&#8221;) equal to the quotient obtained by dividing (i)&nbsp;the Series A Liquidation Preference by (ii) 10,000 (as appropriately adjusted as set forth in <U>Section 6(c)</U> below to reflect such events as
stock splits, reverse stock splits, stock dividends and recapitalizations with respect to the Common Stock) (such number in clause (ii), the &#8220;<B><I>Adjustment Number</I></B>&#8221;). Following the payment of the full amount of the Series A
Liquidation Preference and the Common Adjustment in respect of all outstanding shares of Series A Preferred Stock and Common Stock, respectively, and the payment of liquidation preferences of all other shares of capital stock which rank prior to or
on a parity with Series A Preferred Stock, holders of Series A Preferred Stock and holders of shares of Common Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment Number
to 1 with respect to such Preferred Stock and Common Stock, on a per share basis, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the event, however, that there are
not sufficient assets available to permit payment in full of the Series A Liquidation Preference and the liquidation preferences of all other series of Preferred Stock, if any, which rank on a parity with the Series A Preferred Stock, then such
remaining assets shall be distributed ratably to the holders of such parity shares in proportion to their respective liquidation preferences. In the event, however, that there are not sufficient assets available to permit payment in full of the
Common Adjustment, then such remaining assets shall be distributed ratably to the holders of Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event the
Corporation at any time after the Rights Declaration Date (i)&nbsp;declares any dividend on Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivides the outstanding Common Stock or (iii)&nbsp;combines the outstanding Common Stock into a
smaller number of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <B><U>Consolidation, Merger, Etc</U></B>. In case the Corporation enters
into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series A Preferred
Stock shall at the same time be similarly exchanged or changed into an amount per share (subject to the provision for adjustment hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities, cash and/or any other property
(payable in kind), as the case may be, for which or into which each share of Common Stock is exchanged or changed. In the event the Corporation at any time after the Rights Declaration Date (a)&nbsp;declares any dividend on Common Stock payable in
shares of Common Stock, (b)&nbsp;subdivides the outstanding Common Stock or (c)&nbsp;combines the outstanding Common Stock into a smaller number of shares, then in each such case the amount set forth in the preceding sentence with respect to the
exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which
is the number of shares of Common Stock that were outstanding immediately prior to such event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section 8. <B><U>No Redemption</U></B>.
The shares of Series A Preferred Stock shall not be redeemable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <B><U>Ranking</U></B>. The Series A Preferred Stock shall
rank junior to all other series of the Corporation&#8217;s Preferred Stock as to the payment of dividends and the distribution of assets, whether or not upon the dissolution, liquidation or winding up of the Corporation, unless the terms of any such
series provides otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <B><U>Amendment</U></B>. The Charter shall not be amended in any manner which would
materially alter or change the powers, preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding
shares of Series A Preferred Stock, voting separately as a class. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <U><B>Fractional Shares</B></U>. Series A Preferred
Stock may be issued in fractions of a share that entitle the holder, in proportion to such holder&#8217;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and have the benefit of all other rights of
holders of Series A Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Corporation has executed this Certificate of Designation as
of September&nbsp;24, 2025. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>CARTER&#8217;S, INC.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/&nbsp;Richard F. Westenberger</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Richard F. Westenberger</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer &amp; Chief Operating Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCKHOLDER RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Carter&#8217;s, Inc. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Equiniti Trust Company, LLC, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Rights Agent </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of
September&nbsp;22, 2025 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Certain Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Appointment of Rights Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Issuance of Rights Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Form of Rights Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Countersignature and Registration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Exercise of Rights; Exercise Price; Expiration Time of Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Cancellation and Destruction of Rights Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reservation and Availability of Capital Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preferred Stock Record Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Certificate of Adjusted Exercise Price or Number of Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Consolidation, Merger or Sale or Transfer of Assets, Cash Flow or Earning Power</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Fractional Rights and Fractional Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rights of Action</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Agreement of Rights Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rights Certificate Holder Not Deemed a Stockholder</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Concerning the Rights Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Merger or Consolidation or Change of Name of Rights Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Duties of Rights Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Change of Rights Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Issuance of New Rights Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Redemption and Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Exchange</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;25.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice of Certain Events</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;26.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;27.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Supplements and Amendments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;28.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Successors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;29.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Determination and Action by the Board</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="8%"></TD>

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<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;30.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Benefits of this Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;31.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Tax Compliance and Withholding</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;32.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;33.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Governing Law; Submission to Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;34.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;35.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Descriptive Headings; Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;36.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Force Majeure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
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<TD WIDTH="91%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Certificate of Designation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Rights Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Summary of Rights to Purchase Preferred Stock</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCKHOLDER RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This STOCKHOLDER RIGHTS AGREEMENT, dated as of September&nbsp;22, 2025 (this &#8220;<B><I>Agreement</I></B>&#8221;), is by and between
Carter&#8217;s, Inc., a Delaware corporation (the &#8220;<B><I>Company</I></B>&#8221;), and Equiniti Trust Company, LLC, a New York limited liability trust company, or its successor, as rights agent (the &#8220;<B><I>Rights Agent</I></B>&#8221;).
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W I T N E S S E T H: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>on September&nbsp;22, 2025 (the &#8220;<B><I>Rights Dividend Declaration Date</I></B>&#8221;), the board of directors of the
Company (the &#8220;<B><I>Board</I></B>&#8221;) authorized and declared a dividend distribution of one Right (as defined below) for each share of Company common stock, par value $0.01 per share (&#8220;<B><I>Common Stock</I></B>&#8221;), outstanding
at the Close of Business (as defined below) on October&nbsp;2, 2025 (the &#8220;<B><I>Record Date</I></B>&#8221;), and has further authorized the issuance of one Right (as such number may hereinafter be adjusted pursuant to
<U>Section</U><U></U><U>&nbsp;11</U>) for each share of Common Stock that shall become outstanding between the Record Date (whether originally issued or delivered from the Company&#8217;s treasury) and the earlier of the Distribution Time and the
Expiration Time (as such terms are defined below) or, in certain circumstances provided in <U>Section</U><U></U><U>&nbsp;22</U>, after the Distribution Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <B><U>Certain Definitions</U></B>. For purposes of this Agreement, the following terms have the meanings indicated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Acquiring Person</I></B>&#8221; shall mean any Person which, together with all of its Related Persons, is the Beneficial Owner of
the Specified Percentage or more of the shares of Common Stock then outstanding, but shall exclude (x)&nbsp;Exempt Persons and (y)&nbsp;Grandfathered Persons. Notwithstanding anything in this Agreement to the contrary, no Person shall become an
&#8220;Acquiring Person:&#8221; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) as the result of an acquisition of shares of Common Stock by the Company which, by
reducing the number of shares of Common Stock outstanding, increases the percentage of the shares of Common Stock Beneficially Owned by such Person, together with all of its Related Persons, to the Specified Percentage or more of the shares of
Common Stock then outstanding; <U>provided</U>, <U>however</U>, that if a Person, together with all of its Related Persons, becomes the Beneficial Owner of the Specified Percentage or more of the shares of Common Stock then outstanding by reason of
share acquisitions by the Company and, after such share acquisitions by the Company, becomes the Beneficial Owner of any additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the
outstanding Common Stock or pursuant to a split or subdivision of the outstanding Common Stock), then such Person shall be deemed to be an &#8220;Acquiring Person&#8221; unless, upon becoming the Beneficial Owner of such additional shares of Common
Stock, such Person, together with all of its Related Persons, does not Beneficially Own the Specified Percentage or more of the shares of Common Stock then outstanding; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if (A)&nbsp;the Board determines in good faith that such Person has
become an &#8220;Acquiring Person&#8221; inadvertently (including because (1)&nbsp;such Person was unaware that it Beneficially Owned a percentage of the then outstanding shares of Common Stock that would otherwise cause such Person to be an
&#8220;Acquiring Person&#8221; or (2)&nbsp;such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement) and (B)&nbsp;such Person
has already divested or divests as promptly as practicable (as determined by the Board) a sufficient number of shares of Common Stock so that such Person would no longer be an &#8220;Acquiring Person;&#8221; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) solely as a result of any unilateral grant of any security by the Company, or through the exercise of any options,
warrants, rights or similar interests (including restricted stock) granted by the Company to its directors, officers or employees; <U>provided</U>, <U>however</U>, that if a Person, together with all of its Related Persons, becomes the Beneficial
Owner of the Specified Percentage or more of the shares of Common Stock then outstanding by reason of a unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights or similar interests (including
restricted stock) granted by the Company to its directors, officers and employees, then such Person shall nevertheless be deemed to be an &#8220;Acquiring Person&#8221; if, subject to clause (ii)&nbsp;above, such Person, together with all of its
Related Persons, thereafter becomes the Beneficial Owner of any additional shares of Common Stock (unless upon becoming the Beneficial Owner of additional shares of Common Stock, such Person, together with all of its Related Persons, does not
Beneficially Own the Specified Percentage or more of the Common Stock then outstanding), except as a result of (A)&nbsp;a dividend or distribution paid or made by the Company on the outstanding Common Stock or a split or subdivision of the
outstanding Common Stock; or (B)&nbsp;the unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights or similar interest (including restricted stock) granted by the Company to its directors, officers or
employees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) by means of security purchases or issuances (including debt to equity exchanges), directly from the
Company or indirectly through an underwritten offering of the Company, in a transaction approved by the Board; <U>provided</U>, <U>however</U>, that a Person shall be deemed to be an &#8220;Acquiring Person&#8221; if such Person (A)&nbsp;is or
becomes the Beneficial Owner of the Specified Percentage or more of the shares of Common Stock then outstanding following such transaction and (B)&nbsp;following such transaction, becomes the Beneficial Owner of any additional shares of Common Stock
without the prior written consent of the Company and then Beneficially Owns the Specified Percentage or more of the shares of Common Stock then outstanding; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) if such Person is a bona fide swaps dealer who has become an &#8220;Acquiring Person&#8221; as a result of its actions in
the ordinary course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to
control or influence the management or policies of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Act</I></B>&#8221; shall mean the Securities Act of 1933, as
amended. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Adjustment Shares</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;11(a)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Affiliate</I></B>&#8221; shall have the meaning ascribed to such term in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act Regulations as in effect on the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Agreement</I></B>&#8221; shall have the meaning set forth in the preamble to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Associate</I></B>&#8221; shall have the meaning ascribed to such term in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of
the Exchange Act Regulations as in effect on the date of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Person shall be deemed the &#8220;<B><I>Beneficial
Owner</I></B>&#8221; of, and shall be deemed to &#8220;<B><I>Beneficially Own</I></B>&#8221; and have &#8220;<B><I>Beneficial Ownership</I></B>&#8221; of any securities (that are as such, &#8220;<B><I>Beneficially Owned</I></B>&#8221;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) that such Person or any of such Person&#8217;s Related Persons beneficially owns, directly or indirectly, as determined
pursuant to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> of the Exchange Act Regulations as in effect on the date of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) that such Person or any of such Person&#8217;s Related Persons, 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 the satisfaction of other conditions) pursuant to any agreement, arrangement or understanding (whether or
not in writing and other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities) or upon the exercise of conversion rights, exchange rights, rights (other than the
Rights), warrants or options, or otherwise; <U>provided</U>, <U>however</U>, that a Person shall not be deemed the &#8220;Beneficial Owner&#8221; of, or to &#8220;Beneficially Own,&#8221; (A) securities tendered pursuant to a tender or exchange
offer made in accordance with the Exchange Act Regulations by or on behalf of such Person or any of such Person&#8217;s Related Persons until such tendered securities are accepted for purchase or exchange, (B)&nbsp;securities issuable upon exercise
of Rights at any time prior to the occurrence of a Triggering Event, (C)&nbsp;securities issuable upon exercise of Rights from and after the occurrence of a Triggering Event which Rights were acquired by such Person or any such Person&#8217;s
Related Persons prior to the Distribution Time or pursuant to <U>Section</U><U></U><U>&nbsp;22</U> (the &#8220;<B><I>Original Rights</I></B>&#8221;) or pursuant to <U>Section</U><U></U><U>&nbsp;11(i)</U> in connection with an adjustment made with
respect to any Original Rights or (D)&nbsp;securities which such Person or any of such Person&#8217;s Related Persons may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant to any merger or other acquisition
agreement between the Company and such Person (or one or more of such Person&#8217;s Related Persons), if such agreement has been approved by the Board prior to such Person&#8217;s becoming an Acquiring Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) that are Beneficially Owned, directly or indirectly, by any other Person with which such first Person (or any of such
first Person&#8217;s Related Persons) has any agreement, arrangement or understanding with respect to acquiring, holding, voting or disposing of securities of the Company (whether or not in writing and other than customary agreements with and
between underwriters and selling group members with respect to a bona fide public offering of securities); <U>provided</U>, <U>however</U>, that a Person shall not be deemed the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
&#8220;Beneficial Owner&#8221; of, or to &#8220;Beneficially Own,&#8221; any security if such agreement, arrangement or understanding (1)&nbsp;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 Exchange Act Regulations and (2)&nbsp;is not also then reportable by such Person on Schedule 13D under the
Exchange Act (or any comparable or successor report); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) that are Beneficially Owned, directly or indirectly, by a
Counterparty (or any of such Counterparty&#8217;s Related Persons) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person or any of such Person&#8217;s
Related Persons is a Receiving Party; <U>provided</U>, <U>however</U>, that the number of shares of Common Stock that a Person is deemed to Beneficially Own pursuant to this clause (iv)&nbsp;in connection with a particular Derivatives Contract shall
not exceed the number of Notional Common Shares with respect to such Derivatives Contract; <U>provided</U>, <U>further</U>, that the number of securities Beneficially Owned by each Counterparty (including its Related Persons) under a Derivatives
Contract shall, for purposes of this clause (iv)&nbsp;include all securities that are Beneficially Owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty&#8217;s Related Persons) under any Derivatives Contract to
which such first Counterparty (or any of such first Counterparty&#8217;s Related Persons) is a Receiving Party, with this proviso being applied to successive Counterparties as appropriate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that (x)&nbsp;nothing in this definition shall cause a Person engaged in business as an underwriter of securities to be the
&#8220;Beneficial Owner&#8221; of, or to &#8220;Beneficially Own,&#8221; any securities acquired through such Person&#8217;s participation in good faith in a firm commitment underwriting until the expiration of forty (40)&nbsp;days after the date of
such acquisition and (y)&nbsp;no officer or director of the Company shall be deemed to Beneficially Own any securities of any other Person solely by virtue of any actions that such officer or director takes in such capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to any Person, for all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time,
including for purposes of determining the particular percentage of the outstanding shares of Common Stock of which such Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding at the time of such
calculation that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement; <U>provided</U>, <U>however</U>, that the number of shares of Common Stock not outstanding that such Person is otherwise deemed to Beneficially Own
for purposes of this Agreement shall not be included for the purpose of computing the percentage of the outstanding shares of Common Stock Beneficially Owned by any other Person (unless such other Person is also deemed to Beneficially Own, for
purposes of this Agreement, such shares of Common Stock not outstanding). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Board</I></B>&#8221; shall have the meaning set
forth in the recitals to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Business Day</I></B>&#8221; shall mean any day other than a Saturday, a 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Charter</I></B>&#8221; shall mean the Company&#8217;s Amended and Restated
Certificate of Incorporation, dated as of May&nbsp;22, 2017, as the same may be further amended or amended and restated from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Close of Business</I></B>&#8221; on any given date shall mean 5:00 P.M., New York City time, on such date; <U>provided</U>,
<U>however</U>, that if such date is not a Business Day, &#8220;Close of Business&#8221; shall mean 5:00 P.M., New York City time, on the next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Closing Price</I></B>&#8221; in respect of any security for any day shall mean 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
Nasdaq or the NYSE or, if such shares of common stock (or other security) are not listed or admitted to trading on the Nasdaq or the NYSE, as reported in the principal consolidated transaction reporting system with respect to securities listed on
the principal national securities exchange on which such shares of common stock (or other security) are listed or admitted to trading or, if such shares of common stock (or other security) 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 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, as reported by the OTC
Bulletin Board service or such other quotation system then in use, or, if on any such date such shares of common stock (or other security) 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 such common stock (or other security) selected by the Board. If on any such date no such market maker is making a market in such common stock (or other security), the fair value of such common stock (or
other security) on such date as determined in good faith by the Board shall be used. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Common Stock</I></B>&#8221; shall have
the meaning set forth in the recitals to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Common Stock Equivalents</I></B>&#8221; shall have the meaning set
forth in <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Company</I></B>&#8221; shall have the meaning set forth in the
preamble to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Counterparty</I></B>&#8221; shall have the meaning set forth in the definition of
&#8220;Derivatives Contract.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Current Market Price</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;11(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Current Value</I></B>&#8221; shall have the meaning set forth in
<U>Section&nbsp;11(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Derivatives Contract</I></B>&#8221; shall mean a contract, including all related
documentation, between two (2)&nbsp;parties (the &#8220;<B><I>Receiving Party</I></B>&#8221; and the &#8220;<B><I>Counterparty</I></B>&#8221;) that is designed to produce economic benefits and risks to the Receiving Party that correspond
substantially to the ownership by the Receiving Party of a number of shares of Common Stock specified or referenced in such contract (the number corresponding to such economic benefits and risks, the &#8220;<B><I>Notional Common
Shares</I></B>&#8221;), regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, shares of Common Stock or other property, without regard to any short position under the same or any
other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, 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 &#8220;Derivatives Contracts.&#8221; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Distribution Time</I></B>&#8221; shall mean the earlier of (i)&nbsp;the Close
of Business on the tenth (10th) day after the Stock Acquisition Date (or, if the tenth (10th) day after the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) or (ii)&nbsp;the Close of Business on the
tenth (10th) Business Day (or, if such tenth (10th) Business Day occurs before the Record Date, the Close of Business on the Record Date), or such later date as may be determined by action of the Board prior to such time as any Person becomes an
Acquiring Person, after the date that a tender or exchange offer by any Person (other than any Exempt Person) is first published or sent or given within the meaning of Rule <FONT STYLE="white-space:nowrap">14d-2(a)</FONT> of the Exchange Act
Regulations, if upon consummation thereof, such Person would become an Acquiring Person, unless such tender or exchange offer is conditioned on the redemption of the Rights or termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Equivalent Preferred Stock</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Exchange Act</I></B>&#8221; shall mean the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Exchange Act Regulations</I></B>&#8221; shall mean the general rules and regulations promulgated under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Exchange Ratio</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;24(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Exempt Person</I></B>&#8221; shall mean (i)&nbsp;the Company or any Subsidiary of the Company, (ii)&nbsp;any officer, director or
employee of the Company or of any Subsidiary of the Company solely in respect of such Person&#8217;s status or authority as such (including any fiduciary capacity) or (iii)&nbsp;any employee benefit plan of the Company or of any Subsidiary of the
Company or any entity or trustee holding (or acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or pursuant to the terms of any such plan or for the purpose of funding other employee benefits for employees of
the Company or any Subsidiary of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Exercise Price</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Expiration Time</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;7(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Final Expiration Time</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;7(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I><FONT STYLE="white-space:nowrap">Flip-in</FONT> Event</I></B>&#8221; shall have the
meaning set forth in <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I><FONT STYLE="white-space:nowrap">Flip-in</FONT> Trigger
Date</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Flip-over
Event</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;13(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Flip-over
Party</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;13(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Flip-over
Stock</I></B>&#8221; shall mean the capital stock (or similar equity interest) with the greatest voting power in respect of the election of directors (or other Persons similarly responsible for the direction of the business and affairs) of the
Flip-over Party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Grandfathered Person</I></B>&#8221; shall mean (x)&nbsp;any Person who or
which, together with all of such Person&#8217;s Related Persons, is, as of immediately prior to the first public announcement of the adoption of this Agreement, the Beneficial Owner of the Specified Percentage or more of the shares of Common Stock
then outstanding and (y)&nbsp;any Person who or which becomes the Beneficial Owner of the Specified Percentage or more of the shares of Common Stock then outstanding as the result of the acquisition of Beneficial Ownership of shares of Common Stock
from an individual described in the preceding clause (x)&nbsp;if such acquisition occurs upon such individual&#8217;s death pursuant to such individual&#8217;s will or pursuant to a charitable trust created by such individual for estate planning
purposes. A Person ceases to be a &#8220;Grandfathered Person&#8221; if and when (i)&nbsp;such Person becomes the Beneficial Owner of less than the Specified Percentage of the shares of Common Stock then outstanding; or (ii)&nbsp;such Person
increases such Person&#8217;s Beneficial Ownership of shares of Common Stock to an amount equal to or greater than the greater of (A)&nbsp;the Specified Percentage of the shares of Common Stock then outstanding and (B)&nbsp;the sum of (1)&nbsp;the
lowest Beneficial Ownership of such Person as a percentage of the shares of Common Stock outstanding as of any time from and after the first public announcement of the adoption of this Agreement (other than as a result of an acquisition of shares of
Common Stock by the Company) plus (2)&nbsp;one share of Common Stock. The foregoing definition shall grandfather the security or instrument underlying such Beneficial Ownership only in the type and form as of the date of this Agreement and shall not
grandfather any subsequent change, modification, swap or exchange of such security or instrument underlying such Beneficial Ownership into a different type or form of security or instrument (unless such change, modification, swap or exchange is
contemplated explicitly by the terms of such security or instrument (<I>e.g.</I>, as would be the case for options to purchase shares of Common Stock, in which case the shares of Common Stock purchased upon the exercise of such options would be
grandfathered)). For the avoidance of doubt, cash-settled swap or exchange contracts for differences in the price of shares of Common Stock or other equity securities of the Company shall not be grandfathered under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Nasdaq</I></B>&#8221; shall mean the Nasdaq Stock Market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Notional Common Shares</I></B>&#8221; shall have the meaning set forth in the definition of &#8220;Derivatives Contract.&#8221;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>NYSE</I></B>&#8221; shall mean the New York Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#8220;Passive Investor&#8221; </I></B>shall mean a Person which (i)&nbsp;is the Beneficial Owner of shares of Common Stock and
(ii)&nbsp;is entitled to file, and files, a statement on Schedule 13G pursuant to Rule <FONT STYLE="white-space:nowrap">13d-1(b)</FONT> or Rule <FONT STYLE="white-space:nowrap">13d-1(c)</FONT> of the Exchange Act Regulations with respect to such
shares of Common Stock but only so long as (A)&nbsp;such Person is eligible to report such Person&#8217;s Beneficial Ownership of shares of Common Stock on Schedule 13G under the Exchange Act and (B)&nbsp;such Person does not hold shares of Common
Stock on behalf of any other Person who is not (or if such other Person Beneficially Owned at least 5% (five percent) of the shares of Common Stock then outstanding, would not be) entitled to report Beneficial Ownership of shares of Common Stock on
a statement on Schedule 13G pursuant to Rule <FONT STYLE="white-space:nowrap">13d-1(b)</FONT> or Rule <FONT STYLE="white-space:nowrap">13d-1(c)</FONT> of the Exchange Act Regulations. For the avoidance of doubt, a Person ceases to be a Passive
Investor at the time such Person is no longer entitled to file a statement on Schedule 13G with respect to the shares of Common Stock Beneficially Owned by such Person regardless of the deadline for the filing of a statement on Schedule 13D with
respect to such shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Person</I></B>&#8221; shall mean any individual, partnership, firm,
corporation, limited liability company, association, trust, limited liability partnership, joint venture, unincorporated organization or other entity, including (i)&nbsp;any syndicate or group deemed to be a &#8220;person&#8221; under
Section&nbsp;13(d)(3) of the Exchange Act and any group under Rule <FONT STYLE="white-space:nowrap">13d-5(b)</FONT> of the Exchange Act Regulations and (ii)&nbsp;any successor (by merger or otherwise) of such entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Preferred Stock</I></B>&#8221; shall mean the Series A Junior Participating Preferred Stock, par value $0.01 per share, of the
Company having the designations, preferences and rights set forth in the form of certificate of designation attached to this Agreement as <U>Exhibit A</U>, and, to the extent that there is not a sufficient number of shares of Series A Junior
Participating Preferred Stock authorized to permit the full exercise of the Rights, any other series of preferred stock, par value $0.01 per share, of the Company designated for such purpose containing terms substantially similar to the terms of the
Series A Junior Participating Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Receiving Party</I></B>&#8221; shall have the meaning set forth in the
definition of &#8220;Derivatives Contract.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Record Date</I></B>&#8221; shall have the meaning set forth in the
recitals to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Redemption Period</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;23(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Redemption Price</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;23(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Related Person</I></B>&#8221; shall mean, as to any Person, any Affiliate or
Associate of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Right</I></B>&#8221; shall mean a right initially representing the right to purchase one <FONT
STYLE="white-space:nowrap">ten-thousandth</FONT> of one share of Series A Junior Participating Preferred Stock of the Company having the rights, powers and preferences set forth in the form of certificate of designation attached hereto as Exhibit A,
upon the terms and subject to the conditions set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Rights Agent</I></B>&#8221; shall have the meaning
set forth in the preamble to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Rights Certificates</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;3(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Rights Dividend Declaration Date</I></B>&#8221; shall have the meaning set forth in
the recitals to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Specified Percentage</I></B>&#8221; shall mean (i) 20% (twenty percent) when referring to
the Beneficial Ownership of any Person that is a Passive Investor but only for so long as such Person is a Passive Investor and (ii) 15% (fifteen percent) when referring to the Beneficial Ownership of any Person that is not a Passive Investor
(including, for the avoidance of doubt, the Beneficial Ownership of any Person that is not a Passive Investor from such time that such Person ceases to be a Passive Investor); <U>provided</U>, <U>however</U>, that when referring to the Beneficial
Ownership of any Person that ceases to be a Passive Investor, &#8220;Specified Percentage&#8221; shall mean 20% (twenty percent) if, prior to the Close of Business on the day that such Person ceases to be a Passive Investor, such Person notifies the
Company of such Person&#8217;s intent to reduce, as promptly as practicable, such Person&#8217;s Beneficial Ownership such that such Person, together with all of its Related Persons, Beneficially Owns less than 15% (fifteen percent) of the shares of
Common Stock </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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then outstanding. Notwithstanding the foregoing proviso, if (a)&nbsp;such Person does not reduce its Beneficial Ownership such that such Person, together with all of its Related Persons,
Beneficially Owns less than 15% (fifteen percent) of the shares of Common Stock then outstanding within ten (10)&nbsp;Business Days after the date on which such Person ceased to be a Passive Investor or (b)&nbsp;at any time during such ten
(10)&nbsp;Business Day period, such Person or any of its Related Persons increases (or makes any offer or takes any other action that, if consummated, would result in an increase) such Person&#8217;s Beneficial Ownership of shares of Common Stock
equal to or above the greater of (x) 15% (fifteen percent) and (y)&nbsp;the sum of (a)&nbsp;lowest percentage of then outstanding shares of Common Stock Beneficially Owned by such Person and its Related Persons at any time during such ten
(10)&nbsp;Business Day period (other than as a result of an acquisition of shares of Common Stock by the Company) plus (b)&nbsp;one share of Common Stock, &#8220;<B><I>Specified Percentage</I></B>&#8221; shall mean 15% (fifteen percent) when
referring to the Beneficial Ownership of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Spread</I></B>&#8221; shall have the meaning set forth in
<U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Stock Acquisition Date</I></B>&#8221; shall mean the first date of public
announcement (which, for purposes of this definition, shall include a report filed pursuant to Section&nbsp;13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such, or such other date, as
determined by the Board, on which a Person has become an Acquiring Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Subsidiary</I></B>&#8221; shall mean, with
reference to any Person, any other Person of which (i)&nbsp;a majority of the voting power of the voting securities or equity interests is Beneficially Owned, directly or indirectly, by such first-mentioned Person or otherwise controlled by such
first-mentioned Person or (ii)&nbsp;an amount of voting securities or equity interests sufficient to elect at least a majority of the directors (or other Persons similarly responsible for the direction of the business and affairs of such other
Person) of such other Person is Beneficially Owned, directly or indirectly, by such first-mentioned Person, or otherwise controlled by such first-mentioned Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Substitution Period</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Summary of Rights</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;3(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Trading Day</I></B>&#8221; shall mean a day on which the principal national securities exchange on which shares of an
issuer&#8217;s common stock (or other security) are listed or admitted to trading is open for the transaction of business or, if such shares of common stock (or other security) are not listed or admitted to trading on any national securities
exchange, a Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Triggering Event</I></B>&#8221; shall mean a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event
or a Flip-over Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Trust</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;24(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Trust Agreement</I></B>&#8221; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;24(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <B><U>Appointment of Rights Agent</U></B>. The Company hereby appoints the
Rights Agent to act as agent for the Company in accordance with the terms and conditions of this Agreement, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such
<FONT STYLE="white-space:nowrap">co-Rights</FONT> Agents as it may deem necessary or desirable (the term &#8220;Rights Agent&#8221; being used herein to refer, collectively, to the Rights Agent together with any such
<FONT STYLE="white-space:nowrap">co-Rights</FONT> Agents), upon ten (10)&nbsp;days&#8217; prior written notice to the Rights Agent. In the event the Company appoints one or more <FONT STYLE="white-space:nowrap">co-Rights</FONT> Agents, the
respective duties of the Rights Agent and any <FONT STYLE="white-space:nowrap">co-Rights</FONT> Agents shall be as the Company reasonably determines, provided that such duties are consistent with the terms and conditions of this Agreement and that
contemporaneously with such appointment the Company shall notify, in writing, the Rights Agent and any <FONT STYLE="white-space:nowrap">co-Rights</FONT> Agents of any such duties. The Rights Agent shall have no duty to supervise, and shall in no
event be liable for, the acts or omissions of any such <FONT STYLE="white-space:nowrap">co-Rights</FONT> Agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.
<B><U>Issuance of Rights Certificates</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Until the earlier of the Distribution Time and the Expiration Time, (i)&nbsp;with
respect to shares of Common Stock outstanding as of the Record Date, or which become outstanding subsequent to the Record Date, the Rights shall be evidenced by the certificates for shares of Common Stock registered in the names of the holders of
shares of Common Stock (or, in the case of uncertificated shares of Common Stock, by the book-entry account that evidences record ownership of such shares) (which certificates or book entries for Common Stock shall be deemed also to be certificates
or book entries for Rights), and not by separate certificates (or book entries), (ii) the surrender for transfer of any certificate representing shares of Common Stock (or, in the case of uncertificated shares of Common Stock, the effectuation of a
book-entry transfer of such 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 and (iii)&nbsp;the Rights shall be transferable only in
connection with the transfer of the underlying shares of Common Stock. As of and after the Distribution Time, the Rights shall be evidenced solely by such Rights Certificates, and the Rights Certificates and the Rights shall be transferable
separately from the Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company shall promptly notify the Rights Agent of a Distribution Time and request its transfer
agent (if its transfer agent is not the Rights Agent) to give the Rights Agent a stockholder list together with all other relevant information. As soon as practicable after the Rights Agent is notified of the Distribution Time and receives such
information, the Rights Agent shall send by first-class, insured, postage prepaid mail, to each record holder of the Common Stock as of the Close of Business on the Distribution Time, at the address of such holder shown on the records of the
Company, one or more Rights certificates, in substantially the form of <U>Exhibit B </U>(the &#8220;<B><I>Rights Certificates</I></B>&#8221;), evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein. To
the extent that a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event has also occurred, the Company may implement such procedures, as it deems appropriate in its sole discretion (but which do not affect the rights, duties, liabilities or
responsibilities of the Rights Agent), to minimize the possibility that Rights Certificates are received by Persons whose Rights would be null and void under <U>Section</U><U></U><U>&nbsp;7(e)</U> and provide reasonably prompt written notice thereof
to the Rights Agent. In the event that any adjustment in the number of Rights per share of Common Stock has been made pursuant to <U>Section</U><U></U><U>&nbsp;11</U>, at the time of distribution of the Rights Certificates, the Company shall make
the necessary and appropriate rounding adjustments (in accordance with <U>Section</U><U></U><U>&nbsp;14(a)</U>) so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall make available, as promptly as practicable, a copy of a Summary of
Rights, in substantially the form attached as <U>Exhibit C</U> (the &#8220;<B><I>Summary of Rights</I></B>&#8221;), to any holder of Rights who may so request from time to time prior to the Expiration Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Rights shall be issued in respect of all shares of Common Stock that are issued (whether originally issued or from the Company&#8217;s
treasury) after the Record Date but prior to the earlier of the Distribution Time or the Expiration Time or, in certain circumstances provided in <U>Section</U><U></U><U>&nbsp;22</U>, after the Distribution Time. Certificates representing such
shares of Common Stock shall also be deemed to be certificates for Rights and shall bear a legend substantially in the following form: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) This certificate also evidences and entitles the holder hereof to certain rights (the &#8220;<B><I>Rights</I></B>&#8221;)
as set forth in the Stockholder Rights Agreement, dated as of September&nbsp;22, 2025 (as the same may be amended from time to time, the &#8220;<B><I>Rights Agreement</I></B>&#8221;), by and between Carter&#8217;s, Inc., a Delaware corporation (the
&#8220;<B><I>Company</I></B>&#8221;), and Equiniti Trust Company, LLC, a New York limited liability trust company (or any successor rights agent), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the
principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, the Rights shall be evidenced by separate certificates and will no longer be evidenced by this certificate. The Company will mail to the
holder of this certificate a copy of the Rights Agreement, as in effect on the date of mailing, without charge, promptly after receipt of a written request therefor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Under certain circumstances set forth in the Rights Agreement, any Rights that are Beneficially Owned by any Person who is
or was an Acquiring Person or a Related Person of an Acquiring Person (as such terms are defined in the Rights Agreement) or certain transferees of an Acquiring Person or of any such Related Person will become null and void and will no longer be
transferable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to any book-entry shares of Common Stock, such legend shall be included in a notice to the record holder of such shares to the
extent required by applicable law. With respect to certificated shares of Common Stock containing the foregoing legend, or any notice of the foregoing legend delivered to record holders of book-entry shares, until the earlier of (i)&nbsp;the
Distribution Time or (ii)&nbsp;the Expiration Time, the Rights associated with such shares of Common Stock represented by certificates or registered in book-entry form shall be evidenced by such certificates alone, or such registration in book-entry
form alone, and registered holders of such shares of Common Stock shall also be the registered holders of the associated Rights, and the transfer of any of such shares of Common Stock represented by such certificates or book-entries shall also
constitute the transfer of the Rights associated with the shares of Common Stock represented by such certificates or book entries. In the event the Company purchases or acquires any shares of Common Stock after the Record Date but prior to the
Distribution Time, any Rights associated with such shares shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with shares of Common Stock that are no longer outstanding. The omission of
any legend described in this <U>Section</U><U></U><U>&nbsp;3</U> shall not affect the status, validity or enforceability of any part of this Agreement or the rights of any holder of the Rights. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding any other provision hereof, the Company and the Rights Agent may amend
this Agreement to provide for uncertificated Rights in addition to or in lieu of Rights evidenced by Rights Certificates, to the extent permitted by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <B><U>Form of Rights Certificates</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Rights Certificates (and the forms of election to purchase and of assignment to be printed on the reverse thereof), when and if
issued, shall each be substantially in the form set forth in <U>Exhibit B</U> 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 do not
affect the rights, duties, liabilities 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 rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to customary usage. Subject to <U>Section</U><U></U><U>&nbsp;11</U> and <U>Section</U><U></U><U>&nbsp;22</U>, the Rights
Certificates, whenever distributed, shall be dated as of the Record Date or, in the case of Rights with respect to shares of Common Stock issued or becoming outstanding after the Record Date, the same date as the date of the stock certificate
evidencing such shares (or, with respect to uncertificated shares of Common Stock, the date of the issuance of such shares of Common Stock indicated in the books of the registrar and transfer agent), and on their face shall entitle the holders
thereof to purchase such number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock as shall be set forth therein at the price set forth therein (such exercise price per one
<FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share, the &#8220;<B><I>Exercise Price</I></B>&#8221;), but the amount and type of securities purchasable upon the exercise of each Right and the Exercise Price thereof shall be subject to
adjustment from time to time as provided in <U>Section&nbsp;11</U> and <U>Section&nbsp;13(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any Rights Certificate issued
pursuant to <U>Section</U><U></U><U>&nbsp;3(a)</U>, <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U> or <U>Section</U><U></U><U>&nbsp;22</U> that represents Rights Beneficially Owned by any Person known to be (i)&nbsp;an Acquiring Person or any Related
Person of an Acquiring Person, (ii)&nbsp;a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee after the Acquiring Person becomes such or (iii)&nbsp;a transferee of an Acquiring Person (or of any such Related
Person) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A)&nbsp;a transfer (whether or not for consideration) from the Acquiring Person (or any Related Person
thereof) to holders of equity interests in such Acquiring Person (or any Related Person thereof) or to any Person with whom such Acquiring Person (or any Related Person thereof) has any continuing agreement, arrangement or understanding, whether or
not in writing, regarding the transferred Rights or (B)&nbsp;a transfer which the Board has determined is part of a plan, agreement, arrangement or understanding which has as a primary purpose or effect of avoidance of
<U>Section</U><U></U><U>&nbsp;7(e)</U>, and any Rights Certificate issued pursuant to <U>Section</U><U></U><U>&nbsp;6</U> or <U>Section</U><U></U><U>&nbsp;11</U> upon transfer, exchange, replacement or adjustment of any other Rights Certificate
referred to in this sentence, shall contain (to the extent feasible) the following legend: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Rights represented by
this Rights Certificate are or were Beneficially Owned by an Acquiring Person or a Related Person of an Acquiring Person (as such terms are defined in the Rights Agreement, dated as of September&nbsp;22, 2025 (as the same may be amended from time to
time, the &#8220;<B><I>Rights Agreement</I></B>&#8221;), by and between Carter&#8217;s, Inc. and Equiniti Trust Company, LLC (or any successor rights agent)) or a certain transferee of an Acquiring Person or of any such Related Person. Accordingly,
this Rights Certificate and the Rights represented hereby will become null and void in the circumstances specified in <U>Section</U><U></U><U>&nbsp;7(e)</U> of such Rights Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The absence of the foregoing legend on any Rights Certificate shall in
no way affect any of the other provisions of this Agreement, including the provisions of <U>Section</U><U></U><U>&nbsp;7(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <B><U>Countersignature and Registration</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Rights Certificates shall be executed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer,
Secretary or Treasurer, or any other authorized officer of the Company, either manually or by facsimile or other electronic signature. The Rights Certificates shall be countersigned manually or by facsimile or other electronic signature by the
Rights Agent and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed or attested any of the Rights Certificates shall cease to be such 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 or
attested such Rights Certificates had not ceased to be such officer of the Company; and any Rights Certificates may be signed or attested on behalf of the Company by any person who, at the actual date of the execution of such Rights Certificate,
shall be a proper officer of the Company to sign or attest such Rights Certificate, although at the date of the execution of this Agreement any such person was not such an officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Following the Distribution Time, the Rights Agent shall keep or cause to be kept at its principal office or offices designated as the
appropriate place for surrender of Rights Certificates upon exercise or transfer, 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 certificate number and the date of each of the Rights Certificates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <B><U>Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights
Certificates</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Section</U><U></U><U>&nbsp;4(b)</U>, <U>Section</U><U></U><U>&nbsp;7(e)</U> and
<U>Section</U><U></U><U>&nbsp;14</U>, at any time after the Close of Business on the Distribution Time, and at or prior to the Close of Business on the Expiration Time, any Rights Certificate (other than Rights Certificates representing Rights that
have become null and void pursuant to <U>Section</U><U></U><U>&nbsp;7(e)</U>, that have been redeemed pursuant to <U>Section</U><U></U><U>&nbsp;23</U> or that have been exchanged pursuant to <U>Section</U><U></U><U>&nbsp;24</U>) may be transferred,
split up, combined or exchanged for another Rights Certificate, entitling the registered holder to purchase a like number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or, following a Triggering Event,
Common Stock, other securities, cash or other assets, as the case may be) as the Rights Certificate surrendered then entitled 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 shall make such request in writing delivered to the Rights Agent and shall surrender the Rights Certificate to be transferred, split up, combined or exchanged at the offices of the Rights Agent designated
for such purpose. </P>
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Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer, split up, combination or exchange of any such surrendered Rights
Certificate until the registered holder has properly completed and duly executed the certificate contained in the form of assignment on the reverse side of such Rights Certificate and has provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as the Company or the Rights Agent reasonably requests. Thereupon the Rights Agent shall, subject to <U>Section</U><U></U><U>&nbsp;4(b)</U>,
<U>Section</U><U></U><U>&nbsp;7(e)</U>, <U>Section</U><U></U><U>&nbsp;14</U> and <U>Section</U><U></U><U>&nbsp;24</U>, countersign and deliver to the Person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so
requested. The Company may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates. If and to the extent the Company
does require payment of any such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not deliver any Rights Certificate unless and until it is satisfied that all such payments have been
made, and the Rights Agent shall forward any such sum collected by it to the Company or to such Persons as the Company specifies by written notice. The Rights Agent shall have no duty or obligation to take any action with respect to a Rights holder
under this Agreement that requires the payment by such Rights holder of any tax or governmental charge unless and until the Rights Agent is satisfied that all such taxes and charges have been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation
of a valid Rights Certificate, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the
Rights Agent and cancellation of the Rights Certificates if mutilated, the Company shall prepare, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <B><U>Exercise of Rights; Exercise Price; Expiration Time of
Rights</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Section</U><U></U><U>&nbsp;7(e)</U>, 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 <U>Section</U><U></U><U>&nbsp;7(c)</U>, <U>Section</U><U></U><U>&nbsp;9(c)</U>, <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U> and
<U>Section</U><U></U><U>&nbsp;23(a)</U>) in whole or in part at any time after the Distribution Time 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 principal office or offices 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 Exercise Price with respect to the total number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or Common Stock, other securities, cash or other assets, as the case may be) as to
which such surrendered Rights are then exercisable, at or prior to the earliest of (i)&nbsp;the Close of Business on September&nbsp;21, 2026 (the &#8220;<B><I>Final Expiration Time</I></B>&#8221;), unless prior to such date stockholder approval has
been obtained to extend the term of the Rights, (ii)&nbsp;the time at which the Rights are redeemed as provided in <U>Section</U><U></U><U>&nbsp;23</U>, (iii) the time at which such Rights are exchanged pursuant to
<U>Section</U><U></U><U>&nbsp;24</U>, or (iv)&nbsp;the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in <U>Section</U><U></U><U>&nbsp;13(f)</U>, at which time, the Rights
are terminated (the earliest of (i), (ii), (iii) and (iv)&nbsp;being herein referred to as the &#8220;<B><I>Expiration Time</I></B>&#8221;). Except for those provisions herein that expressly survive the termination of this Agreement, this Agreement
shall terminate at such time as the Rights are terminated or no longer exercisable hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Exercise Price for each one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT>
of a share of Preferred Stock pursuant to the exercise of a Right shall initially be $160.00, and shall be subject to adjustment from time to time as provided in <U>Section</U><U></U><U>&nbsp;11</U> and <U>Section</U><U></U><U>&nbsp;13(a)</U> and
shall be payable in accordance with <U>Section</U><U></U><U>&nbsp;7(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Upon receipt of a Rights Certificate representing
exercisable Rights, with the form of election to purchase and the certificate properly completed and duly executed, accompanied by payment, with respect to each Right so exercised, of the Exercise Price per one
<FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock (or other securities, cash or other assets, as the case may be) to be purchased as set forth below and an amount equal to any applicable transfer tax or charge
required to be paid by the holder of the Rights Certificate in accordance with <U>Section</U><U></U><U>&nbsp;9(e)</U>, the Rights Agent shall, subject to <U>Section</U><U></U><U>&nbsp;20(k)</U>, thereupon promptly (i)&nbsp;(A) requisition from any
transfer agent of the shares of Preferred Stock (or make available, if the Rights Agent is the transfer agent for such shares) certificates for the total number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred
Stock (or fractions of shares that are integral multiples of one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock) to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with
all such requests or (B)&nbsp;if the Company has elected to deposit the total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts
representing such number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred Stock represented by such receipts shall be
deposited by the transfer agent with the depositary agent) and the Company shall direct the depositary agent to comply with such request, (ii)&nbsp;requisition from the Company the amount of cash, if any, to be paid in lieu of fractional shares in
accordance with <U>Section</U><U></U><U>&nbsp;14</U>, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name
or names as may be designated by such holder and (iv)&nbsp;after receipt thereof, deliver such cash, if any, to or upon the order of the registered holder of such Rights Certificate. The payment of the Exercise Price (as such amount may be reduced
pursuant to <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>) shall be made in cash or by certified bank check or bank draft payable to the order of the Company. In the event that the Company is obligated to issue other securities (including Common
Stock) of the Company, pay cash and/or distribute other property pursuant to <U>Section</U><U></U><U>&nbsp;11(a)</U>, the Company shall 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 the terms of this Agreement, and until so received, the Rights Agent shall have no duties or obligations with respect to such securities, cash and/or other property. 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 Preferred Stock would be issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In case the registered holder of any Rights Certificate exercises less than all the Rights evidenced thereby, a new Rights Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, 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, subject to <U>Section</U><U></U><U>&nbsp;14</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything in this Agreement to the contrary, from and after the first
occurrence of a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event, any Rights Beneficially Owned by (i)&nbsp;an Acquiring Person or any Related Person of an Acquiring Person, (ii)&nbsp;a transferee of an Acquiring Person (or of any such Related
Person) who becomes a transferee after the Acquiring Person becomes such or (iii)&nbsp;a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and
receives such Rights pursuant to either (A)&nbsp;a transfer (whether or not for consideration) from the Acquiring Person (or any Related Person thereof) to holders of equity interests in such Acquiring Person (or any Related Person thereof) or to
any Person with whom such Acquiring Person (or any Related Person thereof) has any continuing agreement, arrangement or understanding, whether or not in writing, regarding the transferred Rights or (B)&nbsp;a transfer which the Board has determined
is part of an agreement, arrangement or understanding which has as a primary purpose or effect the avoidance of this <U>Section</U><U></U><U>&nbsp;7(e)</U>, 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 notify the Rights Agent in writing when this <U>Section</U><U></U><U>&nbsp;7(e)</U> applies and shall use
commercially reasonable efforts to ensure that the provisions of this <U>Section</U><U></U><U>&nbsp;7(e)</U> and <U>Section</U><U></U><U>&nbsp;4(b)</U> are complied with, but neither the Company nor the Rights Agent shall have any liability to any
holder of Rights or other Person (without limiting the rights of the Rights Agent under <U>Section</U><U></U><U>&nbsp;18</U>) as a result of the Company&#8217;s failure to make any determinations with respect to an Acquiring Person or any of its
Related Persons or transferees hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 upon the occurrence of any purported exercise as set forth in this <U>Section</U><U></U><U>&nbsp;7</U> unless such registered holder has (i)&nbsp;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 and (ii)&nbsp;provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as the Company or the Rights Agent reasonably requests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <B><U>Cancellation and Destruction of Rights Certificates</U></B>. All Rights Certificates surrendered for the purpose of
exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it,
and no Rights Certificates shall be issued in lieu thereof, except as expressly permitted by 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 Certificates purchased or acquired by the Company otherwise than upon the exercise thereof. At the expense of the Company, the Rights Agent shall deliver all canceled Rights Certificates to the Company, or shall, at the written request of the
Company, destroy or cause to be destroyed such canceled Rights Certificates, and in such case shall deliver a certificate of destruction thereof, executed by the Rights Agent, to the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <B><U>Reservation and Availability of Capital Stock</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall cause to be reserved and kept available out of its authorized and unissued shares of Preferred Stock (and, following the
occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or other securities, or out of its authorized and issued shares held in its treasury), the number of shares of Preferred Stock (and, following the
occurrence of a Triggering Event, Common Stock and/or other securities, if any) that, as provided in this Agreement, including <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>, shall be sufficient to permit the exercise in full of all outstanding
Rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) So long as the shares of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other
securities, if any) issuable and deliverable upon the exercise of the Rights may be listed on any national securities exchange, the Company shall use commercially reasonable efforts to cause, from and after such time as the Rights become
exercisable, all shares (and other securities, if any) reserved for such issuance to be listed on such exchange, upon official notice of issuance upon such exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the Company is required to file a registration statement pursuant to the Act with respect to the securities purchasable upon exercise
of the Rights, the Company shall use commercially reasonable efforts to (i)&nbsp;prepare and file, as soon as practicable following the earliest date after the first occurrence of a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event on which the
consideration to be delivered by the Company upon exercise of the Rights has been determined in accordance with <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>,<U> </U>or as soon as is required by applicable law following the Distribution Time, as the
case may be, a registration statement under the Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii)&nbsp;cause such registration statement to become effective as soon as practicable after such
filing and (iii)&nbsp;cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Act) until the earlier of (A)&nbsp;the date as of which the Rights are no longer exercisable for such
securities and (B)&nbsp;the Expiration Time. The Company shall also take such action as may be appropriate under, or to ensure compliance with, the securities or &#8220;blue sky&#8221; laws of the various states in connection with the exercisability
of the Rights. The Company may temporarily suspend (with prompt written notice to the Rights Agent), for a period of time not to exceed ninety (90)&nbsp;days after the date set forth in clause (i)&nbsp;of the first sentence of this
<U>Section</U><U></U><U>&nbsp;9(c)</U>, 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 (with prompt
written notice thereof to the Rights Agent) stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement (with prompt written notice thereof to the Rights Agent) at such time as the suspension is no
longer in effect. In addition, if the Company determines that a registration statement is required following the Distribution Time, and a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event has not occurred, the Company may temporarily suspend
(with prompt written notice thereof to the Rights Agent) the exercisability of 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 or exemption in such jurisdiction shall not have been obtained, the exercise thereof shall not be permitted under applicable law or a registration statement shall not have been declared
effective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Company shall take all such actions as may be necessary to ensure that all one
<FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (and, following the occurrence of a Triggering Event, shares of Common Stock and/or other securities, if any) delivered upon exercise of Rights shall, at the time
of delivery of the certificates for such shares and/or other securities (subject to payment of the Exercise Price), be duly and validly authorized and issued and fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Company shall be responsible for the payment of any and all transfer taxes and
governmental charges that may be payable in respect of the issuance or delivery of the Rights Certificates and of any certificates for a number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or Common
Stock and/or other securities) upon the exercise of Rights. The Company shall not, however, be required to pay any 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 one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or Common Stock and/or other securities) in respect of a name other than that of, the registered holder of the Rights
Certificates evidencing Rights surrendered for exercise or to issue or deliver any certificates for a number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or Common Stock and/or other securities) in a
name other than that of the registered holder upon the exercise of any Rights until such tax has been paid (any such tax being payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the
Company&#8217;s satisfaction that no such tax or charge is due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <B><U>Preferred Stock Record Date</U></B>. Each Person
in whose name any certificate for shares of Preferred Stock (or Common Stock and/or other securities) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of such shares of Preferred Stock (or
Common Stock and/or other securities) represented thereby on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price (and all applicable transfer
taxes) was made; <U>provided</U>, <U>however</U>, that if the date of such surrender and payment is a date upon which the applicable transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such
securities (fractional or otherwise) on, and such certificate shall be dated, the next succeeding Business Day on which the applicable transfer books of the Company are open; provided, further, that if delivery of a number of one <FONT
STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or Common Stock and/or other securities) is delayed pursuant to <U>Section</U><U></U><U>&nbsp;9(c)</U>, such Persons shall be deemed to have become the record holders
of such number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or Common Stock and/or other securities) only when such shares of Preferred Stock (or Common Stock and/or other securities) first become
deliverable. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any rights of a stockholder of the Company with respect to shares or other securities for which the Rights are
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <B><U>Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights</U></B>. The Exercise 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 <U>Section</U><U></U><U>&nbsp;11</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) (i) In the event the Company at any time after the date of this Agreement (A)&nbsp;declares a dividend on any outstanding shares of
Preferred Stock payable in shares of Preferred Stock, (B)&nbsp;subdivides any outstanding shares of Preferred Stock, (C)&nbsp;combines any outstanding shares of Preferred Stock into a smaller number of shares or (D)&nbsp;issues any shares of its
capital stock in a reclassification of the Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving entity), except as otherwise provided in this
<U>Section</U><U></U><U>&nbsp;11(a)</U> and <U>Section</U><U></U><U>&nbsp;7(e)</U>, the Exercise Price in effect at the time </P>
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of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares (or fractions thereof) of Preferred Stock or
capital stock, as the case may be, issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive, upon payment of the Exercise Price then in effect, the aggregate
number and kind of shares (or fractions thereof) of Preferred Stock or capital stock, as the case may be, which, if such Right had been exercised immediately prior to such date and at a time when the applicable 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
<U>Section</U><U></U><U>&nbsp;11(a)(i)</U> and <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U>, the adjustment provided for in this <U>Section</U><U></U><U>&nbsp;11(a)(i)</U> shall be in addition to, and shall be made prior to, any adjustment required
pursuant to <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Subject to <U>Section</U><U></U><U>&nbsp;24</U>, in the
event any Person (other than any Exempt Person) becomes an Acquiring Person (such event, a &#8220;<B><I><FONT STYLE="white-space:nowrap">Flip-in</FONT> Event</I></B>&#8221;), unless the event causing such Person to become an Acquiring Person is a
Flip-over Event, then proper provision shall be made so that promptly following the Redemption Period, each holder of a Right (except as provided below and in <U>Section</U><U></U><U>&nbsp;7(e)</U>) thereafter has the right to receive, upon exercise
thereof at a price equal to the then-current Exercise Price in accordance with the terms of this Agreement, in lieu of a number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock, such number of shares of
Common Stock as shall be equal to the result obtained by (A)&nbsp;multiplying the then-current Exercise Price by the number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock for which a Right was
exercisable immediately prior to the first occurrence of a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event and (B)&nbsp;dividing that product (which, following such first occurrence shall thereafter be referred to as the &#8220;Exercise
Price&#8221; for each Right and for all purposes of this Agreement) by fifty percent (50%) of the Current Market Price per share of Common Stock on the date of such first occurrence (such number of shares, the &#8220;<B><I>Adjustment
Shares</I></B>&#8221;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) In the event that the number of shares of Common Stock authorized by the Charter, but not
outstanding or reserved for issuance for purposes other than upon exercise of the Rights, is not sufficient to permit the exercise in full of the Rights in accordance with <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U>, the Board shall, to the extent
permitted by applicable law and by any agreements or instruments then in effect to which the Company is a party, (A)&nbsp;determine the excess of (1)&nbsp;the value of the Adjustment Shares issuable upon the exercise of a Right (the
&#8220;<B><I>Current Value</I></B>&#8221;) over (2)&nbsp;the Exercise Price (such excess being the &#8220;<B><I>Spread</I></B>&#8221;) and (B)&nbsp;with respect to each Right (subject to <U>Section</U><U></U><U>&nbsp;7(e)</U>), make adequate
provision to substitute for some or all of the Adjustment Shares, upon the exercise of a Right and payment of the applicable Exercise Price, (1)&nbsp;cash, (2) a reduction in the Exercise Price, (3)&nbsp;shares or fractions of a share of preferred
stock or other equity securities of the Company (including shares, or units of shares, of preferred stock, such as the Preferred Stock, which the Board has determined to have substantially the same value or economic rights as shares of Common Stock)
(such shares of equity securities being herein called &#8220;<B><I>Common Stock Equivalents</I></B>&#8221;), (4) debt securities of the Company, (5)&nbsp;other assets or (6)&nbsp;any combination of the foregoing, having an aggregate value equal to
the Current Value (less the amount of any reduction in the Exercise Price), where such aggregate value has been determined by the Board based upon the advice of a financial advisor selected by the </P>
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Board; <U>provided</U>, <U>however</U>, that if the Company has not made adequate provision to deliver value pursuant to clause (B)&nbsp;above within thirty (30)&nbsp;days following the later of
(x)&nbsp;the first occurrence of a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event and (y)&nbsp;the date on which the Redemption Period expires (the later of (x)&nbsp;and (y) being referred to herein as the &#8220;<B><I><FONT
STYLE="white-space:nowrap">Flip-in</FONT> Trigger Date</I></B>&#8221;), then the Company shall be obligated to deliver, to the extent permitted by applicable law, upon the surrender for exercise of a Right and without requiring payment of the
Exercise Price, shares of Common Stock (to the extent available), and then, if necessary, such number or fractions of shares of Preferred Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value
equal to the Spread. If, upon the occurrence of a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event, the Board determines in good faith that it is likely that sufficient additional shares of Common Stock could be authorized for issuance upon
exercise in full of the Rights, the thirty <FONT STYLE="white-space:nowrap">(30)-day</FONT> period set forth above may be extended to the extent necessary, but not more than ninety (90)&nbsp;days after the
<FONT STYLE="white-space:nowrap">Flip-in</FONT> Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares (such thirty <FONT STYLE="white-space:nowrap">(30)-day</FONT> period, as it may be
extended, the &#8220;<B><I>Substitution Period</I></B>&#8221;). To the extent the Company determines that action should be taken pursuant to the first sentence or third sentence of this <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>, the Company
(x)&nbsp;shall provide, subject to <U>Section</U><U></U><U>&nbsp;7(e)</U>, that such action shall apply uniformly to all outstanding Rights and (y)&nbsp;may suspend the exercisability of the Rights until the expiration of the Substitution Period in
order to seek such stockholder approval for 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 (with prompt written notice of such
announcements to the Rights Agent). For purposes of this <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>, the value of each Adjustment Share shall be the Current Market Price per share of Common Stock on the
<FONT STYLE="white-space:nowrap">Flip-in</FONT> Trigger Date, and the value of any Common Stock Equivalent shall be deemed to equal the Current Market Price per share of the Common Stock on such date. The Board may establish procedures to allocate
the right to receive shares of Common Stock upon the exercise of the Rights among holders of Rights pursuant to this <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In case the Company fixes a record date for the issuance of rights (other than the Rights), options or warrants to all holders of
Preferred Stock entitling them to subscribe for or purchase (for a period expiring within forty-five (45)&nbsp;days after such record date) Preferred Stock (or shares having the same rights, privileges and preferences as the shares of Preferred
Stock (&#8220;<B><I>Equivalent Preferred Stock</I></B>&#8221;)) or securities convertible into Preferred Stock or Equivalent Preferred Stock at a price per share of Preferred Stock or per share of Equivalent Preferred Stock (or having a conversion
price per share, if a security convertible into Preferred Stock or Equivalent Preferred Stock) less than the Current Market Price per share of Preferred Stock on such record date, the Exercise Price to be in effect after such record date shall be
determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred Stock and/or Equivalent Preferred Stock outstanding on such record date,
plus the number of shares of Preferred Stock and/or Equivalent Preferred Stock which the aggregate offering price of the total number of shares of Preferred Stock and/or Equivalent Preferred Stock so to be offered (and/or the aggregate initial
conversion price of the convertible securities so to be offered) would purchase at such Current Market Price, and </P>
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the denominator of which shall be the number of shares of Preferred Stock and/or Equivalent Preferred Stock outstanding on such record date, plus the number of additional shares of Preferred
Stock and/or Equivalent Preferred Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible). 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 Preferred Stock and Equivalent Preferred 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 Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been
fixed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In case the Company fixes a record date for a distribution to all holders of Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the continuing or surviving entity) of evidences of indebtedness, cash (other than a regular periodic cash dividend out of the earnings or retained earnings of the Company),
assets (other than a dividend payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or subscription rights, options or warrants (excluding those referred to in <U>Section</U><U></U><U>&nbsp;11(b)</U>),
the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current Market Price per share of
Preferred 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 the holders of
the Rights) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a share of Preferred Stock and the denominator of which shall be such Current Market Price per
share of Preferred 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 Exercise Price shall be adjusted to be the Exercise Price that would have been in
effect if such record date had not been fixed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) (i) For the purpose of any computation hereunder, other than computations made
pursuant to <U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>, the &#8220;<B><I>Current Market Price</I></B>&#8221; per share of common stock (or similar equity interest) of an issuer on any date shall be deemed to be the average of the daily Closing
Prices per share of such common stock (or other security) for the thirty (30)&nbsp;consecutive Trading Days immediately prior to but not including such date, and for purposes of computations made pursuant to
<U>Section</U><U></U><U>&nbsp;11(a)(iii)</U>, the &#8220;<B><I>Current Market Price</I></B>&#8221; per share of Common Stock on any date shall be deemed to be the average of the daily Closing Prices per share of such Common Stock for the ten
(10)&nbsp;consecutive Trading Days immediately following but not including such date; <U>provided</U>, <U>however</U>, that in the event that the Current Market Price per share of common stock (or other security) of an issuer is determined during a
period following the announcement by the issuer of such common stock (or other security) of (A)&nbsp;a dividend or distribution on such common stock (or other security) payable in shares of such common stock (or other security) or securities
convertible into shares of such common stock (or other security) (other than the Rights) or (B)&nbsp;any subdivision, combination or reclassification of such common stock (or other security), and the
<FONT STYLE="white-space:nowrap">ex-dividend</FONT> date for such dividend or distribution, or the record date for such subdivision, </P>
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combination or reclassification shall not have occurred prior to the commencement of the requisite thirty (30)&nbsp;Trading Day or ten (10)&nbsp;Trading Day period, as set forth above, then, and
in each such case, the &#8220;<B><I>Current Market Price</I></B>&#8221; shall be properly adjusted, as determined in good faith by the Board, to take into account any trading during the period prior to such
<FONT STYLE="white-space:nowrap">ex-dividend</FONT> date or record date. If an issuer&#8217;s shares of common stock (or other security) are not publicly held or not so listed or traded, &#8220;<B><I>Current Market Price</I></B>&#8221; 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) For the purpose of any computation hereunder, the &#8220;<B><I>Current Market Price</I></B>&#8221; per share of Preferred
Stock shall be determined in the same manner as set forth above for the Common Stock in <U>Section</U><U></U><U>&nbsp;11(d)(i)</U> (other than the last sentence thereof). If the Current Market Price per share of Preferred Stock cannot be determined
in the manner provided above, or if the Preferred Stock is not publicly held or listed or traded in a manner described in <U>Section</U><U></U><U>&nbsp;11(d)(i)</U>, the &#8220;<B><I>Current Market Price</I></B>&#8221; per share of Preferred Stock
shall be conclusively deemed to be an amount equal to 10,000 (as such number may be appropriately adjusted for such events as stock splits, reverse stock splits, stock dividends and recapitalizations with respect to the Common Stock occurring after
the date of this Agreement) multiplied by the Current Market Price per share of the Common Stock. If neither the Common Stock nor the Preferred Stock is publicly held or so listed or traded, &#8220;<B><I>Current Market Price</I></B>&#8221; per share
of the Preferred Stock shall mean the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the
Rights. For all purposes of this Agreement, the &#8220;<B><I>Current Market Price</I></B>&#8221; of one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock shall be equal to the Current Market Price of one share of
Preferred Stock divided by 10,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything in this Agreement to the contrary, no adjustment in the Exercise Price
shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the Exercise Price; <U>provided</U>, <U>however</U>, that any adjustments which by reason of this <U>Section</U><U></U><U>&nbsp;11(e)</U>
are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this <U>Section</U><U></U><U>&nbsp;11</U> shall be made to the nearest cent or to the nearest one <FONT
STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Common Stock or one <FONT STYLE="white-space:nowrap">one-millionth</FONT> of a share of Preferred Stock or one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of any other share
or security, as the case may be. Notwithstanding the first sentence of this <U>Section</U><U></U><U>&nbsp;11(e)</U>, any adjustment required by this <U>Section</U><U></U><U>&nbsp;11</U> shall be made no later than the earlier of (i)&nbsp;three (3)
years from the date of the transaction which mandates such adjustment or (ii)&nbsp;the Expiration Time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If as a result of an
adjustment made pursuant to <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U> or <U>Section</U><U></U><U>&nbsp;13(a)</U>,<U> </U>the holder of any Right thereafter exercised becomes entitled to receive any shares of capital stock other than Preferred
Stock, thereafter the number of such other shares so receivable upon exercise of any Right and the Exercise 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 Preferred Stock contained in <U>Section</U><U></U><U>&nbsp;11(a)</U>, <U>(b)</U>, <U>(c)</U>, <U>(e)</U>, <U>(g)</U>, <U>(h)</U>, <U>(i)</U>, <U>(j)</U>, <U>(k)</U> and <U>(m)</U>, and the provisions of
<U>Section</U><U></U><U>&nbsp;7</U>, <U>9</U>, <U>10</U>, <U>13</U> and <U>14</U> with respect to the Preferred Stock shall apply on like terms to any such other shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) All Rights originally issued by the Company subsequent to any adjustment made to the
Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise Price, the number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock (or other securities, other assets or amount of
cash or combination thereof) purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Unless the Company has exercised its election as provided in <U>Section</U><U></U><U>&nbsp;11(</U><U>i</U><U>)</U>, upon each adjustment
of the Exercise Price as a result of the calculations made in <U>Section</U><U></U><U>&nbsp;11(b)</U> and <U>Section</U><U></U><U>&nbsp;11(c)</U>, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence
the right to purchase, at the adjusted Exercise Price, that number of <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (calculated to the nearest <FONT STYLE="white-space:nowrap">one-millionth)</FONT> obtained by
(i)&nbsp;multiplying (A) the number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share covered by a Right immediately prior to this adjustment, by (B)&nbsp;the Exercise Price in effect immediately prior to such adjustment of
the Exercise Price and (ii)&nbsp;dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Company may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in lieu of any
adjustment in the number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred 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 one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the
number of Rights shall become that number of Rights (calculated to the nearest one <FONT STYLE="white-space:nowrap">ten-thousandth)</FONT> obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the
Exercise Price in effect immediately after adjustment of the Exercise Price. The Company shall make a public announcement (with prompt written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record
date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be
at least ten (10)&nbsp;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 <U>Section</U><U></U><U>&nbsp;11(</U><U>i</U><U>)</U>, 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 <U>Section</U><U></U><U>&nbsp;14</U>, 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 countersigned in the manner provided for herein (and may bear, at the option of the Company, the adjusted Exercise Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date specified in the
public announcement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Irrespective of any adjustment or change in the Exercise Price or the number of one <FONT
STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price per one <FONT
STYLE="white-space:nowrap">ten-thousandth</FONT> of a share and the number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share which were expressed in the initial Rights Certificates issued hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Before taking any action that would cause an adjustment reducing the Exercise Price below the then stated value, if any, of the number of
one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate action which may, upon advice of its counsel, be necessary in order that the Company
may validly and legally issue fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Preferred Stock at such adjusted Exercise Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) In any case in which this <U>Section</U><U></U><U>&nbsp;11</U> requires that an adjustment in the Exercise Price be made effective as of a
record date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of such event the issuance to the holder of any Right exercised after such record date the number of one <FONT
STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one
<FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment
(and shall provide the Rights Agent prompt written notice of such election); <U>provided</U>, <U>however</U>, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder&#8217;s right to receive
such additional shares (fractional or otherwise) or securities upon the occurrence of the event requiring such adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)
Notwithstanding anything in this <U>Section</U><U></U><U>&nbsp;11</U> to the contrary, the Company shall be entitled (but not obligated) to make such reductions in the Exercise Price, in addition to those adjustments expressly required by this
<U>Section</U><U></U><U>&nbsp;11</U>, as and to the extent that the Board, in its good faith judgment, shall determine to be advisable in order that any (i)&nbsp;consolidation or subdivision of the Preferred Stock, (ii)&nbsp;issuance wholly for cash
of any shares of Preferred Stock at less than the Current Market Price, (iii)&nbsp;issuance wholly for cash of shares of Preferred Stock or securities that by their terms are convertible into or exchangeable for shares of Preferred Stock,
(iv)&nbsp;stock dividends or (v)&nbsp;issuance of rights, options or warrants referred to in this <U>Section</U><U></U><U>&nbsp;11</U>, hereafter made by the Company to holders of Preferred Stock shall not be taxable to such stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) The Company shall not, at any time after the Distribution Time, (i)&nbsp;consolidate with any other Person (other than a direct or
indirect, wholly-owned Subsidiary of the Company in a transaction that complies with <U>Section</U><U></U><U>&nbsp;11(o)</U>), (ii) merge with or into any other Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a
transaction that complies with <U>Section</U><U></U><U>&nbsp;11(o)</U>) or (iii)&nbsp;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 to fifty percent (50%) or more of the assets, 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 or any of its Subsidiaries in one or more transactions
each of which complies with <U>Section</U><U></U><U>&nbsp;11(o)</U>), if (A)&nbsp;at the time of or immediately after such consolidation, merger, sale or transfer there are any rights, warrants or other instruments or securities outstanding or
agreements in effect that would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights or (B)&nbsp;prior to, simultaneously with or immediately after such consolidation, merger, sale or transfer, the
stockholders of the Person who constitutes, or would constitute, the &#8220;Flip-over Party&#8221; for purposes of <U>Section</U><U></U><U>&nbsp;13(a)</U> shall have received a distribution of Rights previously owned by such Person or any of its
Related Persons; <U>provided</U>, <U>however</U>, that this <U>Section</U><U></U><U>&nbsp;11(n)</U> shall not affect the ability of any Subsidiary of the Company to consolidate with, merge with or into, or sell or transfer assets of earning power
to, any other Subsidiary of the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) After the Distribution Time and as long as any Rights are outstanding (other than Rights
that have become null and void pursuant to <U>Section</U><U></U><U>&nbsp;7(e)</U>), the Company shall not, except as permitted by <U>Section</U><U></U><U>&nbsp;23</U>, <U>Section</U><U></U><U>&nbsp;24</U> or <U>Section</U><U></U><U>&nbsp;27</U>,
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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Notwithstanding anything in this Agreement to the contrary, in the event that the Company at any time after the Rights Dividend
Declaration Date and prior to the Distribution Time (i)&nbsp;declares a dividend on the outstanding shares of Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivides any outstanding shares of Common Stock, (iii)&nbsp;combines any of the
outstanding shares of Common Stock into a smaller number of shares or (iv)&nbsp;issues any shares of its capital stock in a reclassification of the Common Stock (including any such reclassification in connection with a consolidation or merger in
which the Company is the continuing or surviving entity), then the number of Rights associated with each share of Common Stock then outstanding, or issued or delivered thereafter but prior to the Distribution Time, shall be proportionately adjusted
so that the number of Rights thereafter associated with each share of Common Stock following any such event equals the result obtained by multiplying the number of Rights associated with each share of Common Stock immediately prior to such event by
a fraction the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total number of shares of Common Stock outstanding
immediately following the occurrence of such event. The adjustments provided for in this <U>Section</U><U></U><U>&nbsp;11(p)</U> shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or
reclassification is effected. If an event occurs that would require an adjustment under <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U> and this <U>Section</U><U></U><U>&nbsp;11(p)</U>, the adjustments provided for in this
<U>Section</U><U></U><U>&nbsp;11(p)</U> shall be in addition and prior to any adjustment required pursuant to <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <B><U>Certificate of Adjusted Exercise Price or Number of Shares</U></B>. Whenever an adjustment is made as provided in
Section<U></U><U>&nbsp;11</U> or <U>Section</U><U></U><U>&nbsp;13</U>, the Company shall (a)&nbsp;promptly prepare a certificate setting forth such adjustment and a brief, reasonably detailed statement of the facts and computations accounting for
such adjustment, (b)&nbsp;promptly file with the Rights Agent, and with each transfer agent for the Preferred Stock and the Common Stock, a copy of such certificate and (c)&nbsp;if a Distribution Time has occurred, mail a brief summary thereof to
each holder of a Rights Certificate in accordance with <U>Section</U><U></U><U>&nbsp;26</U>. Notwithstanding the foregoing sentence, the failure of the Company to make such certification, give such notice or mail such summary shall not affect the
validity of or the force or effect of the requirement for such adjustment. Any adjustment to be made pursuant to <U>Section</U><U></U><U>&nbsp;11</U> or <U>Section</U><U></U><U>&nbsp;13</U> shall be effective as of the date of the event giving rise
to such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment therein contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge of, such
adjustment unless and until it shall have received such certificate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13. <B><U>Consolidation, Merger or Sale or Transfer of Assets, Cash Flow or
Earning Power</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In the event that, following the Stock Acquisition Date, directly or indirectly,
<U>(</U><U>i</U><U>)</U>&nbsp;the Company shall consolidate with, or merge with and into, any other Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a transaction that complies with
<U>Section</U><U></U><U>&nbsp;11(o)</U>), and the Company is not the continuing or surviving entity of such consolidation or merger, <U>(ii)</U>&nbsp;any Person (other than a direct or indirect, wholly-owned Subsidiary of the Company in a
transaction that complies with <U>Section</U><U></U><U>&nbsp;11(o)</U>) shall engage in a share exchange with or shall consolidate with, or merge with or into, the Company, and the Company is the continuing or surviving entity of such consolidation
or merger and, in connection with such share exchange, consolidation or merger, all or part of the outstanding shares of Common Stock is converted into or exchanged for stock or other securities of any other Person or cash or any other property or
<U>(iii)</U>&nbsp;the Company sells or otherwise transfers (or one or more of its direct or indirect, wholly-owned Subsidiaries sells or otherwise transfers) in one transaction or a series of related transactions, assets, cash flow or earning power
aggregating to fifty percent (50%) or more of the assets, 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 of its direct or indirect, wholly-owned Subsidiaries
in one or more transactions each of which complies with <U>Section</U><U></U><U>&nbsp;11(o)</U>) (any event described in clause <U>(</U><U>i</U><U>)</U>, <U>(ii)</U> or <U>(iii)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;13(a)</U> following the
Stock Acquisition Date, a &#8220;<B><I>Flip-over Event</I></B>&#8221;), then, and in each such case, proper provision shall be made so that: (A)&nbsp;each holder of a Right, except as provided in <U>Section</U><U></U><U>&nbsp;7(e)</U>, shall have
the right to receive upon the exercise thereof at the then-current Exercise Price in accordance with the terms of this Agreement, in lieu of a number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock, such
number of validly authorized and issued, fully paid, <FONT STYLE="white-space:nowrap">non-assessable</FONT> and freely tradeable shares of Flip-over Stock, not subject to any liens, encumbrances, rights of first refusal or other adverse claims, as
shall be equal to the result obtained by (1)&nbsp;multiplying the then-current Exercise Price by the number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock for which a Right is exercisable immediately
prior to the first occurrence of a Flip-over Event (or, if a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event has occurred prior to the first occurrence of a Flip-over Event, multiplying the number of such one
<FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event by the Exercise Price in
effect immediately prior to such first occurrence) and (2)&nbsp;dividing that product (which, following the first occurrence of a Flip-over Event, shall be referred to as the &#8220;Exercise Price&#8221; for each Right and for all purposes of this
Agreement) by fifty percent (50%) of the Current Market Price (determined pursuant to <U>Section</U><U></U><U>&nbsp;11(d)(</U><U>i</U><U>)</U>) per share of the Flip-over Stock on the date of consummation of such Flip-over Event; (B)&nbsp;such
Flip-over Party shall thereafter be liable for, and shall assume, by virtue of such Flip-over Event, all the obligations and duties of the Company pursuant to this Agreement; (C)&nbsp;the term &#8220;Company&#8221; shall thereafter be deemed to
refer to such Flip-over Party, it being specifically intended that the provisions of <U>Section</U><U></U><U>&nbsp;11</U> shall apply only to such Flip-over Party following the first occurrence of a Flip-over Event; (D)&nbsp;such Flip-over Party
shall take such steps (including the reservation of a sufficient number of shares of Flip-over 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 (E)&nbsp;the provisions of <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U> shall be of no effect following
the first occurrence of any Flip-over Event. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#8220;Flip-over Party&#8221; shall mean: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) in the case of any transaction described in <U>Section&nbsp;13(a)(i)</U> or <U>(ii)</U>, (A) the Person (including the
Company as successor thereto or as the surviving entity) that is the issuer of any securities into which shares of Common Stock are converted or exchanged in such share exchange, consolidation or merger, or, if there is more than one such issuer,
the issuer whose common stock (or similar equity interest) has the highest aggregate market value; and (B)&nbsp;if no securities are so issued, (1)&nbsp;the Person that is the other party to such merger, if such Person survives the merger, or, if
there is more than one such Person, the Person whose common stock (or similar equity interest) has the highest aggregate market value, (2)&nbsp;if the Person that is the other party to such share exchange, consolidation or merger does not survive
the merger, the Person that does survive the merger (including the Company, if it survives) or (3)&nbsp;the Person resulting from the consolidation; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) in the case of any transaction described in <U>Section</U><U></U><U>&nbsp;13(a)(iii)</U>, 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 transferred pursuant to such transaction or transactions or if the Person receiving the greatest portion of the assets, cash flow or earning power cannot be determined, whichever such Person the common stock (or similar equity
interest) of which has the highest aggregate market value; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that in any such case described in the foregoing clause
<U>(i)</U>&nbsp;or <U>(ii)</U> of this <U>Section</U><U></U><U>&nbsp;13(b)</U>, (x) if the common stock (or similar equity interest) of such Person is not at such time and has not been continuously over the preceding twelve (12)&nbsp;month period
registered under Section&nbsp;12 of the Exchange Act, and such Person is a direct or indirect Subsidiary of another Person, the common stock (or similar equity interest) of which is and has been so registered, &#8220;Flip-over Party&#8221; shall
refer to such other Person; (y)&nbsp;in case such Person is a Subsidiary, directly or indirectly, of more than one Person, the common stock (or similar equity interest) of two (2)&nbsp;or more of which are and have been so registered,
&#8220;Flip-over Party&#8221; shall refer to whichever of such Persons is the issuer of the common stock (or similar equity interest) having the greatest aggregate market value; and (z)&nbsp;if the common stock (or similar equity interest) of such
Person is not at such time and has not been so registered and such Person is owned, directly or indirectly, by a joint venture formed by two (2)&nbsp;or more Persons that are not owned, directly or indirectly, by the same Person, the rules set forth
in the foregoing clauses (x)&nbsp;and (y) will apply to each of the chains of ownership having an interest in such joint venture as if such Person were a Subsidiary of both or all of such joint ventures, and the Flip-over Parties in each such chain
shall bear the obligations set forth in this <U>Section</U><U></U><U>&nbsp;13</U> in the same ratio as their direct or indirect interests in such Person bear to the total of such interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall not consummate any Flip-over Event unless the Flip-over Party has a sufficient number of authorized shares of Flip-over
Stock (or similar equity interest) which have not been issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this <U>Section</U><U></U><U>&nbsp;13</U> and unless prior thereto the Company and such Flip-over
Party shall have executed and delivered to the Rights Agent a supplemental agreement providing for the terms set forth in <U>Section</U><U></U><U>&nbsp;13(a)</U> and <U>Section</U><U></U><U>&nbsp;13(b)</U> and further providing that, as soon as
practicable </P>
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after the date of any exchange, consolidation, merger, sale or transfer of assets mentioned in <U>Section</U><U></U><U>&nbsp;13(a)</U>, the Flip-over Party, at its own expense, shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if required to file a registration statement under the Act with respect to the Rights and the securities purchasable upon
exercise of the Rights, (A)&nbsp;prepare and file such registration statement on an appropriate form and (B)&nbsp;use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and remain
effective (with a prospectus at all times meeting the requirements of the Act) until the Expiration Time; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) qualify or
register the Rights and take such action as may be required to ensure that any such acquisition of such securities purchasable upon exercise of the Rights under blue sky laws of each jurisdiction, as may be necessary or appropriate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) deliver to holders of the Rights historical financial statements for the Flip-over Party and each of its Affiliates that
comply in all respects with the requirements for registration on Form 10 under the Exchange Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) use its best efforts
to obtain any and all necessary regulatory approvals as may be required with respect to the securities purchasable upon exercise of the Rights; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) use its best efforts, if the common stock of the Flip-over Party is listed or admitted to trading on the Nasdaq, the NYSE
or on another national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on the Nasdaq, the NYSE or on such securities exchange, or if the securities
of the Flip-over Party that may be acquired upon exercise of the Rights are not listed or admitted to trading on the Nasdaq, the NYSE or on another national securities exchange, to cause the Rights and the securities purchasable upon exercise of the
Rights to be authorized for quotation on any other system then in use; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) obtain waivers of any rights of first
refusal or preemptive rights in respect of the common stock of the Flip-over Party subject to purchase upon exercise of outstanding Rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In case the Flip-over Party has, at any relevant time (including the time of the Flip-over Event or immediately thereafter), a provision
in any of its authorized securities or in its certificate or articles of incorporation, bylaws or other instrument governing its affairs, or any other agreements or arrangements, which provision would have the effect of (i)&nbsp;causing such
Flip-over Party to issue (other than to holders of Rights pursuant to this <U>Section</U><U></U><U>&nbsp;13</U>), in connection with, or as a consequence of, the consummation of a Flip-over Event, shares of common stock (or similar equity interests)
of such Flip-over Party at less than the then Current Market Price or securities exercisable for, or convertible into, common stock of such Flip-over Party at less than such then Current Market Price; (ii)&nbsp;providing for any special payment, tax
or similar provision in connection with the issuance of common stock of such Flip-over Party pursuant to this <U>Section</U><U></U><U>&nbsp;13</U> or (iii)&nbsp;otherwise eliminating or substantially diminishing the benefits intended to be afforded
by the Rights in connection with, or as a consequence of, a Flip-over Event, then in each such case, the Company may not consummate any such Flip-over Event unless prior thereto, the Company and </P>
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such Flip-over Party have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Flip-over Party has been canceled, waived or
amended, or that the authorized securities have been redeemed, so that the applicable provision will have no effect in connection with, or as a consequence of, the consummation of such Flip-over Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Company covenants and agrees that it shall not, at any time after a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event, enter into
any transaction of the type described in <U>Section</U><U></U><U>&nbsp;13(a)(i)</U> through <U>Section</U><U></U><U>&nbsp;13(a)(iii)</U> if (i)&nbsp;at the time of or immediately after such transaction there are any rights, warrants or other
instruments or securities outstanding or agreements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights; (ii)&nbsp;prior to, simultaneously with or immediately after such
transaction, the stockholders of the Person who constitutes, or would constitute, the Flip-over Party for purposes of <U>Section</U><U></U><U>&nbsp;13(b)</U> have received a distribution of Rights previously owned by such Person or any Related
Person thereof or (iii)&nbsp;the form or nature of organization of the Flip-over Party would preclude or limit the exercisability of the Rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything herein to the contrary, in the event of any merger or acquisition transaction involving the Company pursuant to a
merger or other acquisition agreement between the Company and any Person (or one or more of such Person&#8217;s Related Persons), which agreement has been approved by the Board prior to any Person becoming an Acquiring Person, this Agreement and the
rights of holders of Rights hereunder shall be terminated in accordance with <U>Section</U><U></U><U>&nbsp;7(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The provisions
of this <U>Section</U><U></U><U>&nbsp;13</U> shall similarly apply to successive exchanges, consolidations, mergers, sales or other transfers. In the event that a Flip-over Event occurs at any time after the occurrence of a <FONT
STYLE="white-space:nowrap">Flip-in</FONT> Event, the Rights that have not theretofore been exercised shall thereafter become exercisable in the manner described in <U>Section</U><U></U><U>&nbsp;13(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;14. <B><U>Fractional Rights and Fractional Shares</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall not be required to issue fractions of Rights, except prior to the Distribution Time as provided in
<U>Section</U><U></U><U>&nbsp;11</U>, or to distribute Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall 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 <U>Section</U><U></U><U>&nbsp;14(a)</U>, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions that are integral multiples of one
<FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional shares of Preferred Stock (other than fractions that are integral multiples of
one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock). Fractions of shares of Preferred Stock in integral multiples of one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share may, at the election of
the Company, be evidenced by depositary receipts pursuant to an appropriate agreement between the Company and a depositary selected by it; <U>provided</U>, <U>however</U>, </P>
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that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as Beneficial Owners of the shares
represented by such depositary receipts. In lieu of fractional shares of Preferred Stock that are not integral multiples of one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock, the Company shall 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 <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of
Preferred Stock. For purposes of this <U>Section</U><U></U><U>&nbsp;14(b)</U>, the current market value of one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock shall be one
<FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of the Closing Price of a share of Preferred Stock for the Trading Day immediately prior to the date of such exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Following the occurrence of a Triggering Event, the Company shall not be required to issue fractions of shares of Common Stock, Common
Stock Equivalents or other securities upon exercise of the Rights or to distribute certificates which evidence fractional shares of Common Stock, Common Stock Equivalents or other securities. In lieu of fractional shares of Common Stock, Common
Stock Equivalents or other securities, the Company shall 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, Common Stock Equivalents or such other securities. For purposes of this <U>Section</U><U></U><U>&nbsp;14(c)</U>, the current market value of one share of Common Stock or other security (other than a Common Stock Equivalent)
shall be the Closing Price of one share of Common Stock or such other security, as applicable, for the Trading Day immediately prior to the date of such exercise, and the current market value of a Common Stock Equivalent shall be deemed to equal the
Closing Price of one share of Common Stock for the Trading Day immediately prior to the date of such exercise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The holder of a Right
by the acceptance of the Rights expressly waives such holder&#8217;s right to receive any fractional Rights or any fractional shares upon exercise of a Right, except as permitted by this <U>Section</U><U></U><U>&nbsp;14</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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)&nbsp;promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payment and the prices or formulas utilized in calculating such payments and (ii)&nbsp;provide sufficient monies to
the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent may rely upon such a certificate and has no duty with respect to, and will not be deemed to have knowledge of, any payment for fractional Rights or
fractional shares under any Section of this Agreement relating to the payment of fractional Rights or fractional shares unless and until the Rights Agent has received such a certificate and sufficient monies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15. <B><U>Rights of Action</U></B><B></B>.<B></B> All rights of action in respect of this Agreement, other than rights of action
vested in the Rights Agent pursuant to the terms of this Agreement, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Time, the registered holders of the Common Stock); and any registered
holder of any Rights Certificate (or, prior to the Distribution Time, any registered holder of shares of Common Stock), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Time, of
the Common Stock), may, in such holder&#8217;s own behalf and for such holder&#8217;s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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Company or any other Person to enforce, or otherwise act in respect of, such holder&#8217;s right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights
Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this
Agreement and shall be entitled to specific performance of the obligations hereunder and injunctive relief against actual or threatened violations of the obligations of any Person subject to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;16. <B><U>Agreement of Rights Holders</U></B>. Every holder of a Right, by accepting such Right, consents and agrees with the
Company and the Rights Agent and with every holder of a Right that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) prior to the Distribution Time, the Rights shall be transferable
only in connection with the transfer of Common Stock; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) after the Distribution Time, the Rights Certificates shall be transferable only
on the registry books of the Rights Agent if surrendered at the offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and certificates properly
completed and duly executed, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) subject to <U>Section</U><U></U><U>&nbsp;6(a)</U> and <U>Section</U><U></U><U>&nbsp;7(f)</U>, the Company and the Rights Agent may deem
and treat the Person in whose name a Rights Certificate (or, prior to the Distribution Time, any associated Common Stock certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of
ownership or writing on the Rights Certificates or any associated Common Stock certificates made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent, subject to the last
sentence of <U>Section</U><U></U><U>&nbsp;7(e)</U>, shall be required to be affected by any notice to the contrary; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent 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, decree, judgment or ruling (whether interlocutory or final) issued by a court of competent jurisdiction or by a governmental, regulatory, self-regulatory or
administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; <U>provided</U>, <U>however</U>, the
Company shall use commercially reasonable efforts to have any such injunction, order, decree, judgment or ruling lifted or otherwise overturned as promptly as practicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;17. <B><U>Rights Certificate Holder Not Deemed a Stockholder</U></B>. No holder, as such, of any Rights Certificate shall be
entitled to vote, receive dividends or be deemed for any purpose to be the holder of the number of one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock or any other securities of the Company that may at any time
be issuable upon the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a stockholder of
</P>
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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&nbsp;25), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been
exercised in accordance with the provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;18. <B><U>Concerning the Rights Agent</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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, from time to time, on demand of the Rights Agent, its reasonable and documented expenses and counsel fees and disbursements and other disbursements incurred in the preparation, negotiation, execution,
delivery and amendment of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty,
claim, demand, settlement, cost or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (as determined by a court of competent jurisdiction in a final and
<FONT STYLE="white-space:nowrap">non-appealable</FONT> decision) for any action taken, suffered or omitted by the Rights Agent in connection with the execution, acceptance, administration, exercise and performance of its duties under this Agreement,
including the reasonable costs and expenses of defending against any claim of liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Rights Agent shall be authorized and
protected and shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement in reliance upon any Rights Certificate or certificate for
Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document 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 <U>Section</U><U></U><U>&nbsp;20</U>. Unless the Rights Agent
receives notice thereof, the Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take
action in connection with any event unless and until it has received notice of such event in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything in
this Agreement to the contrary, in no case shall the Company be liable with respect to any action, proceeding, suit or claim against the Rights Agent unless, to the extent the Company is not also a party to such action, proceeding, suit or claim,
the Rights Agent has notified the Company in accordance with <U>Section</U><U></U><U>&nbsp;26</U> of the assertion of such action, proceeding, suit or claim against the Rights Agent, promptly after the Rights Agent has actual notice of such
assertion of an action, proceeding, suit or claim or has 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; <U>provided</U> that the failure to provide
such notice promptly shall not affect the rights of the Rights Agent hereunder, except to the extent 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, and, if the Company so elects, the Company shall assume the defense of any such action, proceeding, suit or claim. In the event the Company assumes such defense, the Company shall not thereafter be liable for the fees and
expenses of any counsel </P>
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retained by the Rights Agent, so long as the Company retains counsel satisfactory to the Rights Agent, in the exercise of its reasonable judgment, to defend such action, proceeding, suit or
claim, and provided that the Rights Agent does not have defenses that are adverse to any defenses of the Company. The Rights Agent agrees not to settle any litigation in connection with any action, proceeding, suit or claim with respect to which it
may seek indemnification from the Company without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The provisions of this <U>Section</U><U></U><U>&nbsp;18</U> and <U>Section</U><U></U><U>&nbsp;20</U> shall survive the termination of this
Agreement, the resignation, replacement or removal of the Rights Agent and the exercise, termination and expiration of the Rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;19. <B><U>Merger or Consolidation or Change of Name of Rights Agent</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person
resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer business of the Rights Agent or any successor Rights Agent, shall be the successor to
the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; <U>provided</U>, <U>however,</U> that such Person would be eligible for appointment as a successor Rights
Agent under <U>Section&nbsp;21</U>. In case at the time such successor Rights Agent succeeds to the agency created by this Agreement, any of the Rights Certificates has 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 the time any of the Rights Certificates has not been countersigned, any successor Rights Agent may countersign such Rights
Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In case at any time the name of the Rights Agent is changed, and at such time any of the Rights Certificates has 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 has not 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;20. <B><U>Duties of Rights Agent</U></B>. The Rights Agent undertakes only the duties and obligations expressly imposed by this
Agreement, upon the following terms and conditions, by all of which the Company and the holders of Rights, by their acceptance thereof, shall be bound: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Rights Agent or the Company or an employee
of the Rights Agent), and the opinion of such counsel shall be full authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such advice or opinion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Whenever in the performance of its duties under this Agreement the Rights Agent deems it
necessary or desirable that any fact or matter (including the identity of any Acquiring Person and the determination of the 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 its Chief Executive Officer, President, Chief Financial
Officer, Secretary or Treasurer, or any other authorized officer of the Company, and delivered to the Rights Agent; and such certificate shall be full 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 in good faith by it under the provisions of this Agreement in reliance upon such certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Rights Agent shall be liable hereunder only for its own and its employee&#8217;s, directors&#8217;, officers&#8217; and agents&#8217;
gross negligence, bad faith or willful misconduct (as determined by a court of competent jurisdiction in a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> decision). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Rights Agent shall not 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 validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Rights Certificate; nor shall it be responsible for any adjustment or calculation required under <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;13</U>, <U>Section</U><U></U><U>&nbsp;14</U>
or <U>Section</U><U></U><U>&nbsp;24</U> or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment or calculation (except with respect to the exercise
of Rights evidenced by Rights Certificates subject to the terms and conditions hereof after actual notice of any such adjustment); 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 or Preferred Stock to be issued pursuant to this Agreement or any Rights Certificate or as to whether any shares of Common Stock or Preferred Stock will, when so issued, be validly authorized and issued,
fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Company agrees that it will perform, execute, acknowledge
and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required or requested by the Rights Agent for the carrying out or performing by the Rights
Agent of the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Rights Agent is hereby authorized and directed to accept instructions with respect to
the performance of its duties hereunder from the Chief Executive Officer, President, Chief Financial Officer, Secretary or Treasurer of the Company, or any other authorized officer of the Company, and to apply to such officers for advice or
instructions in connection with its duties, and it shall incur no liability for or in respect of any action taken, suffered or omitted by it in good faith in accordance with instructions of any such officer. Any application by the Rights Agent for
</P>
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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 to be taken by the Rights Agent under this
Agreement and the date on or after which such action shall be taken or such omission shall be effective. The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions received from any such officer and shall
not be liable for any action taken, suffered or omitted to be taken by the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application (which date shall not be less than five
Business Days after the date any such officer of the Company actually receives such application, unless any such officer has 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 has received written instructions in response to such application specifying the action to be taken or omitted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Rights Agent and any stockholder, director, Affiliate, 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 it were not Rights
Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or
by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default or misconduct,
absent gross negligence, bad faith or willful misconduct of such attorney or agent (as determined by a court of competent jurisdiction in a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> decision). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights if there are reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the
form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an affirmative response to clause 1 or 2 thereof, the Rights Agent shall not take any further action with respect to such requested
exercise or transfer without first consulting with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;21. <B><U>Change of Rights Agent</U></B>. The Rights Agent
or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon thirty (30)&nbsp;days&#8217; notice to the Company and, if such resignation or discharge occurs after the Distribution Time, to the holders of the
Rights Certificates by first-class mail. In the event any 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. The Company may remove the Rights Agent or any successor Rights Agent upon no less than thirty (30)&nbsp;days&#8217; notice to the Rights Agent or successor Rights Agent, as the case
may be, and to each transfer agent of the Common Stock and the Preferred </P>
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Stock, by registered or certified mail, and, if such removal occurs after the Distribution Time, to the holders of the Rights Certificates by first-class mail. If the Rights Agent resigns or is
removed or otherwise becomes incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company fails to make such appointment within a period of thirty (30)&nbsp;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 any registered holder of a Rights Certificate (who shall, with such notice, submit such holder&#8217;s 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)&nbsp;a Person organized and doing business under the laws of the United States or of any state of the United States (so long as such Person is authorized to do business as a banking institution in such state), 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 has at the time of its appointment as Rights Agent a combined
capital and surplus of at least $50,000,000 or (b)&nbsp;an Affiliate of such Person. 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. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock
and the Preferred Stock, and, if such appointment occurs after the Distribution Time, mail a notice thereof in writing to the registered holders of the Rights Certificates. Failure to give any notice provided for in this
<U>Section</U><U></U><U>&nbsp;21</U> 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;22. <B><U>Issuance of New Rights Certificates</U></B>. 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 its Board to reflect any adjustment or change in the Exercise Price and the number or kind or class of shares or
other securities or property purchasable under the Rights Certificates made in accordance with this Agreement. In addition, in connection with the issuance or sale of shares of Common Stock following the Distribution Time and prior to the redemption
or expiration of the Rights, the Company (a)&nbsp;shall, with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement, granted or awarded prior to the Distribution Time,
or upon the exercise, conversion or exchange of securities hereinafter issued by the Company, and (b)&nbsp;may, in any other case, if deemed necessary or appropriate by the Board, issue Rights Certificates representing an appropriate number of
Rights in connection with such issuance or sale; <U>provided</U>, <U>however</U>, that (i)&nbsp;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 (ii)&nbsp;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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;23. <B><U>Redemption and Termination</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Board may, at its option, at any time prior to the earlier of (i)&nbsp;such time as any Person becomes an Acquiring Person or
(ii)&nbsp;the Final Expiration Time (such time being hereinafter referred to as the &#8220;<B><I>Redemption Period</I></B>&#8221;), cause the Company to redeem all but not less than all of the then outstanding Rights at a redemption price of $0.0001
per Right, as such amount may be appropriately adjusted to reflect any stock split, reverse stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the
&#8220;<B><I>Redemption Price</I></B>&#8221;). The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on the Current Market Price of the Common Stock at the time of redemption) or any other form of
consideration deemed appropriate by the Board. The redemption of the Rights by the Board may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Immediately upon the action of the Board ordering the redemption of the Rights pursuant to <U>Section</U><U></U><U>&nbsp;23(a)</U> or such
later time as the Board may establish for the effectiveness of such redemption, evidence of which shall have been filed with 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. Within ten (10)&nbsp;days 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 the Rights Agent and to all such holders at each holder&#8217;s last address as it appears upon the registry books of the Rights Agent or, prior
to the Distribution Time, on the registry books of the transfer agent for the Common Stock; <U>provided</U>, <U>however</U>, 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 shall state the method by which the payment of the Redemption Price will be made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;24. <B><U>Exchange</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 <U>Section</U><U></U><U>&nbsp;7(e)</U>) for shares of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to
reflect any stock split, reverse stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as the &#8220;<B><I>Exchange Ratio</I></B>&#8221;). Notwithstanding the foregoing,
the Board shall not be empowered to effect such exchange at any time after any Acquiring Person, together with all of its Related Persons, becomes the Beneficial Owner of fifty percent (50%) or more of the Common Stock then outstanding. From and
after the occurrence of a Flip-over Event, any rights that theretofore have not been exchanged pursuant to this <U>Section</U><U></U><U>&nbsp;24(a)</U> shall thereafter be exercisable only in accordance with <U>Section</U><U></U><U>&nbsp;13</U> and
may not be exchanged pursuant to this <U>Section</U><U></U><U>&nbsp;24(a)</U>. Before effecting an exchange pursuant to this <U>Section</U><U></U><U>&nbsp;24</U>, 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 &#8220;<B><I>Trust Agreement</I></B>&#8221;). If the Board so directs, the Company shall enter into the Trust Agreement and shall issue to the trust created by such agreement (the
&#8220;<B><I>Trust</I></B>&#8221;) all or some (as designated by the Board) of the shares of Common Stock issuable pursuant to the exchange, and all or some (as designated by the Board) holders of Rights entitled to receive shares pursuant to the
exchange shall be entitled to receive such shares (and any dividends paid or distributions made thereon after the date on which such shares are deposited in the Trust) only from the Trust and solely upon compliance with the relevant terms and
provisions of the Trust Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Immediately upon the effectiveness of the action of the Board ordering the exchange of
any Rights pursuant to <U>Section</U><U></U><U>&nbsp;24(a)</U> 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 any 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 (with prompt written notice thereof to the Rights Agent) of any exchange.
The Company promptly thereafter 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 shall state the method by which the exchange of shares of Common Stock for Rights shall 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 <U>Section</U><U></U><U>&nbsp;7(e)</U>) held by each
holder of Rights. Prior to effecting any exchange and registering shares of Common Stock in any Person&#8217;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 thereof and their Related Persons (or former Beneficial Owners thereof and their Related Persons) as the Company reasonably requests in
order to determine if such Rights are null and void. If any Person fails to comply with such request, the Company shall be entitled conclusively to deem the Rights formerly held by such Person to be null and void pursuant to
<U>Section</U><U></U><U>&nbsp;7(e)</U>. No failure to give, or any defect in, any notice provided under this <U>Section</U><U></U><U>&nbsp;24(b)</U> shall affect the validity of any exchange. Any shares of Common Stock or other securities issued at
the direction of the Board in connection herewith shall be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Common Stock or of such other securities, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Upon declaring an exchange pursuant to this <U>Section</U><U></U><U>&nbsp;24</U>, or as promptly as reasonably practicable thereafter, the
Company may implement such procedures as it deems appropriate, in its sole discretion, for the purpose of ensuring that the Common Stock (or such other consideration) issuable upon an exchange pursuant to this <U>Section</U><U></U><U>&nbsp;24</U> is
not received by holders of Rights that have become null and void pursuant to <U>Section</U><U></U><U>&nbsp;7(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In any exchange
pursuant to this <U>Section</U><U></U><U>&nbsp;24</U>, the Company, at its option, may substitute shares of Preferred Stock (or Equivalent Preferred Stock) for shares of Common Stock exchangeable for Rights, at the initial rate of one <FONT
STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock (or Equivalent Preferred Stock) for each share of Common Stock, as appropriately adjusted to reflect adjustments in the voting rights of the Preferred Stock pursuant to
the terms thereof, so that the fraction of a share of Preferred Stock delivered in lieu of each share of Common Stock shall have the same voting rights as one share of Common Stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In the event that there are not 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 <U>Section</U><U></U><U>&nbsp;24</U>, the Company shall take all such actions as may be necessary to authorize additional shares of
Common Stock for issuance upon exchange of the Rights. In the event the Company, after good faith effort, is unable to take all such actions as may be necessary to authorize such additional shares of Common Stock, the Company shall substitute, for
each share of Common Stock that would otherwise be issuable upon exchange of a Right, a number of shares of Preferred Stock or fraction thereof such that the current per share market price of one share of Preferred Stock multiplied by such number or
fraction is equal to the current per share market price of one share of Common Stock as of the date of issuance of such shares of Preferred Stock or fraction thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of such fractional shares of Common Stock, 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 <U>Section</U><U></U><U>&nbsp;24(f)</U>, the current market value of a whole share of Common Stock shall be the Closing Price of a
share of Common Stock for the Trading Day immediately prior to the date of exchange pursuant to this <U>Section</U><U></U><U>&nbsp;24</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;25. <B><U>Notice of Certain Events</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In the event the Company proposes, at any time after the earlier of the Distribution Time or the Stock Acquisition Date, (i)&nbsp;to pay
any dividend payable in stock of any class or series to the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular periodic cash dividend out of earnings or retained earnings of the
Company), (ii) to offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights or options, (iii)&nbsp;to effect
any reclassification of its Preferred Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock), (iv) to effect any consolidation or merger into or with any other Person (other than a direct or
indirect, wholly-owned Subsidiary of the Company in a transaction which complies with <U>Section</U><U></U><U>&nbsp;11(o)</U>), 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 fifty percent (50%) or more of the assets, 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
or any of its Subsidiaries in one or more transactions each of which complies with <U>Section</U><U></U><U>&nbsp;11(o)</U>), or (v)&nbsp;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 <U>Section</U><U></U><U>&nbsp;26</U>, 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 Preferred Stock, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by the foregoing clause (i)&nbsp;or (ii) at least twenty (20)&nbsp;days prior to the record date for determining
holders of the shares of Preferred Stock for purposes of such action, and in the case of any such other action, at least twenty (20)&nbsp;days prior to the date of the taking of such proposed action or the date of participation therein by the
holders of the shares of Preferred Stock, whichever shall be the earlier; <U>provided</U>, <U>however</U>, that no such action shall be taken pursuant to this <U>Section</U><U></U><U>&nbsp;25(a)</U> that will or would conflict with any provision of
the Charter; <U>provided</U> <U>further</U> that no such notice is required pursuant to this <U>Section</U><U></U><U>&nbsp;25</U> if any Subsidiary of the Company effects a consolidation or merger with or into, or effects a sale or other transfer of
assets or earning power to, any other Subsidiary of the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In case a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event occurs, then, in any
such case, (i)&nbsp;the Company shall as soon as practicable thereafter give to each holder of a Rights Certificate, to the extent feasible and in accordance with <U>Section</U><U></U><U>&nbsp;26</U>, a notice of the occurrence of such event, which
shall specify the event and the consequences of the event to holders of Rights under <U>Section</U><U></U><U>&nbsp;11(a)(ii)</U>, and (ii)&nbsp;all references to Preferred Stock in <U>Section</U><U></U><U>&nbsp;25(a)</U> shall be deemed thereafter
to refer to Common Stock and/or, if appropriate, other securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In case any Flip-over Event occurs, the Company shall, as soon as
practicable thereafter, give to each registered holder of a Rights Certificate, to the extent feasible, and to the Rights Agent in accordance with <U>Section</U><U></U><U>&nbsp;26</U>, a written notice of the occurrence of such event, which notice
shall describe such event and the consequences of such event to holders of Rights under <U>Section</U><U></U><U>&nbsp;13(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;26. <U><B>Notices</B></U>. 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 in writing and sent by first-class or express United States mail, FedEx or United Parcel Service or any other nationally recognized courier service, postage
prepaid, (or by email, if receipt is confirmed telephonically) addressed (until another address is filed in writing with the Rights Agent) as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Carter&#8217;s, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Phipps
Tower </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">3438 Peachtree Road NE, Suite 1800 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30326 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Corporate Secretary </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Sidley Austin LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">787 7th Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Kai H. Liekefett and Justin C. Nowell </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Telephone: (212) <FONT STYLE="white-space:nowrap">839-8744</FONT> and (212) <FONT STYLE="white-space:nowrap">839-8542</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: kliekefett@sidley.com and jnowell@sidley.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to <U>Section</U><U></U><U>&nbsp;21</U>, 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 in writing and sent by first-class or express United States mail, FedEx or United Parcel Service or any other nationally recognized courier service, postage prepaid,
(or by facsimile transmission or email, if receipt is confirmed telephonically) addressed (until another address is filed in writing with the Company) as follows: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Equiniti Trust Company, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">48 Wall Street, 22nd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">New
York, NY 10005 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Relationship Management </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: <U>LegalTeamUS@equiniti.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 Time, to the holder of shares of Common Stock) shall be sufficiently given or
made if in writing, sent by first-class or express United States mail, FedEx or United Parcel Service or any other nationally recognized courier service, postage prepaid, addressed to such holder at the address of such holder as shown on the
registry books of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;27. <B><U>Supplements and Amendments</U></B>. Except as otherwise provided in this
<U>Section</U><U></U><U>&nbsp;27</U>, the Company, by action of the Board, may from time to time and in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, from time to time supplement or amend this Agreement in
any respect without the approval of any holders of Rights (a)&nbsp;at any time prior to the Stock Acquisition Date, in any respect, and (b)&nbsp;at or after the Stock Acquisition Date, (i)&nbsp;to make any changes that the Company may deem necessary
or desirable that do not materially adversely affect the interests of the holders of Rights (other than the Acquiring Person, any Related Person thereof or any transferee of any Acquiring Person or any Related Person thereof), (ii) to cure any
ambiguity or (iii)&nbsp;to correct or supplement any provision contained herein that may be inconsistent with any other provision herein, including any change in order to satisfy any applicable law, rule or regulation. Without limiting the
foregoing, the Company, by action of the Board, may, at any time before any Person becomes an Acquiring Person, amend this Agreement to make this Agreement inapplicable to a particular transaction by which a Person might otherwise become an
Acquiring Person or to otherwise alter the terms and conditions of this Agreement as they may apply with respect to any such transaction. For the avoidance of doubt, the Company shall be entitled to adopt and implement such procedures and
arrangements (including with third parties) as it may deem necessary or desirable to facilitate the exercise, exchange, trading, issuance or distribution of the Rights (and the shares of Preferred Stock issuable and deliverable upon the exercise of
the Rights) as contemplated hereby and to ensure that an Acquiring Person and its Related Persons and transferees do not obtain the benefits thereof, and any amendment in respect of the foregoing shall be deemed not to adversely affect the interests
of the holders of Rights. 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 to the Rights Agent a certificate from the Chief Executive Officer, President, Chief Financial Officer, Secretary or Treasurer of the Company, or any other authorized officer of the
Company, that states that the proposed supplement or amendment complies with the terms of this Agreement. Notwithstanding anything in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or
amendment that adversely affects the Rights Agent&#8217;s own rights, duties, immunities or obligations under this Agreement. Prior to the Distribution Time, the interests of the holders of Rights shall be deemed coincident with the interests of
holders of shares of Common Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;28. <B><U>Successors</U></B>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;29. <B><U>Determination and Action by the Board</U></B>. The Board, or a duly authorized committee thereof, 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 (a)&nbsp;interpret the provisions of this Agreement and (b)&nbsp;make all determinations deemed necessary or advisable for the administration of this Agreement (including a determination whether or not to redeem the Rights, to exchange
the Rights or to amend this Agreement). Without limiting any of the rights and immunities of the Rights Agent, all such actions, calculations, interpretations and determinations (including for purposes of the following clause (ii), all omissions
with respect to the foregoing) which are done or made by the Board in good faith shall (i)&nbsp;be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other Persons and (ii)&nbsp;not subject the Board to
any liability to the holders of the Rights (solely in such holders&#8217; capacity as holders of the Rights), in each case, to the fullest extent permitted by applicable law. Nothing in this <U>Section</U><U></U><U>&nbsp;29</U> nor this Agreement
shall modify the fiduciary duties of the directors to the Company and its stockholders, nor eliminate or otherwise limit the liability of the directors for breaches of fiduciary duty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;30. <B><U>Benefits of this Agreement</U></B>. 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 Time, 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 Time, registered holders of the Common Stock). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;31. <B><U>Tax Compliance and Withholding</U></B>. The Company hereby authorizes the Rights Agent to deduct from all payments
disbursed by the Rights Agent to the holders of the Rights, if applicable, the tax required to be withheld pursuant to the Internal Revenue Code of 1986, as amended, or by any other applicable federal or state statutes in effect as of the date
hereof or subsequently enacted, and to make the necessary returns and payments of such tax to the relevant taxing authority. The Company will provide withholding and reporting instructions in writing to the Rights Agent from time to time as
relevant, and upon request of the Rights Agent. The Rights Agent shall have no responsibilities with respect to tax withholding, reporting or payment except as specifically instructed by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;32. <B><U>Severability</U></B>. If any term, provision, covenant or restriction of this Agreement or the Rights 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 and the Rights shall remain in full force and effect and shall in no way be
affected, impaired or invalidated; <U>provided</U>, <U>however</U>, 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 or the Rights would adversely affect the purpose or effect of this Agreement, the right of redemption set forth in
<U>Section</U><U></U><U>&nbsp;23</U> shall be reinstated and shall not expire until the Close of Business on the tenth (10th) day following the date of such determination by the Board. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;33. <B><U>Governing Law; Submission to Jurisdiction</U></B>. This Agreement,
each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to
contracts made and to be performed entirely within such State. The Company and each holder of Rights hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, or, if such court lacks subject matter
jurisdiction, the United States District Court for the District of Delaware, over any suit, action or proceeding arising out of or relating to this Agreement. The Company and each holder of Rights acknowledge that the forum designated by this
<U>Section</U><U></U><U>&nbsp;33</U> has a reasonable relation to this Agreement and to such Persons&#8217; relationship with one another. The Company and each holder of Rights hereby waive, to the fullest extent permitted by applicable law, any
objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in this <U>Section</U><U></U><U>&nbsp;33</U>. The Company and each holder of Rights
undertake not to commence any action subject to this Agreement in any forum other than the forum described in this <U>Section</U><U></U><U>&nbsp;33</U>. The Company and each holder of Rights agree that, to the fullest extent permitted by applicable
law, a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon such Persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;34. <B><U>Counterparts</U></B>. 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 signature page of the Agreement by facsimile or other customary means of electronic
transmission (<I>e.g.</I>, &#8220;pdf&#8221;) shall be as effective as delivery of a manually executed counterpart hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;35. <B><U>Descriptive Headings; Interpretation</U></B>. 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. The words &#8220;include,&#8221; &#8220;includes&#8221; and &#8220;including&#8221; shall be deemed to be followed by the
phrase &#8220;without limitation.&#8221; Each reference in this Agreement to a period of time following or after a specified date or event shall be calculated without including such specified date or the day on which such specified event occurs.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;36. <B><U>Force Majeure</U></B>. Notwithstanding anything to the contrary contained herein, the Rights Agent will not have
any liability for not performing, or a delay in the performance of, any act, duty, obligation or responsibility by reason of any occurrence beyond the reasonable control of the Rights Agent (including acts of God, terrorist acts, shortage of supply,
breakdowns, interruptions or malfunctions of computer facilities, loss of data due to power failures, mechanical difficulties with information storage or retrieval systems, labor difficulties, war and civil unrest). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF, </B>the parties hereto have caused this Agreement to be duly executed
as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="top" COLSPAN="3"><B>CARTER&#8217;S, INC.</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Richard&nbsp;F. Westenberger</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Richard F. Westenberger</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer &amp; Chief Operating Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EQUINITI TRUST COMPANY, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sharon Best-Jhagroo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Sharon Best-Jhagroo</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">SVP, Relationship Director</P></TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit A </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF
DESIGNATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES A JUNIOR PARTICIPATING PREFERRED STOCK </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CARTER&#8217;S, INC.
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;151 of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General Corporation Law of the State of Delaware </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies that the following resolution was duly adopted by the Board of Directors of Carter&#8217;s, Inc., a Delaware
corporation (the &#8220;<B><I>Corporation</I></B>&#8221;), on September&nbsp;22, 2025: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that pursuant to the authority
vested in the Board of Directors of the Corporation (the &#8220;<B><I>Board</I></B>&#8221;) by the Corporation&#8217;s Amended and Restated Certificate of Incorporation (the &#8220;<B><I>Charter</I></B>&#8221;), the Board hereby creates, authorizes
and provides for the issue of a series of Preferred Stock, par value $0.01 per share, of the Corporation, to be designated &#8220;Series A Junior Participating Preferred Stock&#8221; (hereinafter referred to as the &#8220;<B><I>Series A Preferred
Stock</I></B>&#8221;), initially consisting of 15,000 shares, and to the extent that the designations, powers, preferences and relative and other special rights and the qualifications, limitations or restrictions of the Series A Preferred Stock are
not stated and expressed in the Charter, hereby fixes and herein states and expresses such designations, powers, preferences and relative and other special rights and the qualifications, limitations and restrictions thereof, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <B><U>Designation and Amount</U></B>. The shares of such series shall be designated as &#8220;Series A Junior Participating
Preferred Stock,&#8221; and the number of shares constituting such series shall be 15,000. Such number of shares may be increased or decreased by resolution of the Board; <U>provided</U>, <U>however</U>, that no decrease shall reduce the number of
shares of Series A Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding
securities issued by the Corporation convertible into Series A Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <B><U>Dividends and
Distributions</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the prior and superior rights of the holders of any shares of any series of Preferred Stock (as
defined in the Charter) ranking prior and superior to the shares of Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of common stock, par value $0.01 per share, of
the Corporation (the &#8220;<B><I>Common Stock</I></B>&#8221;) shall be entitled to receive, when, as and if declared by the Board out of funds legally available for the purpose, quarterly dividends payable in cash on the last business day of
</P>
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March, June, August and November in each year (each such date being referred to herein as a &#8220;<B><I>Quarterly Dividend Payment Date</I></B>&#8221;), commencing on the first Quarterly
Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (i) $1.00 or (ii)&nbsp;subject to the provision for adjustment
hereinafter set forth, 10,000 times the aggregate per share amount of all cash dividends, plus 10,000 times the aggregate per share amount (payable in kind) of all <FONT STYLE="white-space:nowrap">non-cash</FONT> dividends or other distributions
other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or,
with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event the Corporation, at any time after September&nbsp;22, 2025 (the &#8220;<B><I>Rights
Declaration Date</I></B>&#8221;), (x) declares any dividend on Common Stock payable in shares of Common Stock, (y)&nbsp;subdivides the outstanding Common Stock or (z)&nbsp;combines the outstanding Common Stock into a smaller number of shares, then
in each case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (ii)&nbsp;of the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in <U>Section 2(a)</U> above
immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); <U>provided</U>, <U>however</U>, that, in the event no dividend or distribution shall have been declared on the
Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, subject to the prior and superior rights of the holders of any shares of any series of Preferred Stock ranking prior
to and superior to the shares of Series A Preferred Stock with respect to dividends, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly Dividend Payment
Date next preceding the date of issue of such shares of Series A Preferred Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin
to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a
quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest.
Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">share-by-share</FONT></FONT> basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be no more than sixty (60)&nbsp;days prior to the date fixed for the payment thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <B><U>Voting Rights</U></B>. The holders of shares of Series A Preferred
Stock shall have the following voting rights: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the provision for adjustment hereinafter set forth, each share of Series A
Preferred Stock shall entitle the holder thereof to 10,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation at any time after the Rights Declaration Date (i)&nbsp;declares any dividend on
Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivides the outstanding Common Stock or (iii)&nbsp;combines the outstanding Common Stock into a smaller number of shares, then in each such case the number of votes per share to which
holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
Except as otherwise provided herein or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock shall vote collectively as one class on all matters submitted to a vote of stockholders of the Corporation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) (i) If at any time dividends on any Series A Preferred Stock shall be in arrears in an amount equal to or greater than six
(6)&nbsp;quarterly dividends thereon, the occurrence of such contingency shall mark the beginning of a period (herein called a &#8220;<B><I>default period</I></B>&#8221;) which shall extend until such time when all accrued and unpaid dividends for
all previous quarterly dividend periods and for the current quarterly dividend period on all shares of Series A Preferred Stock then outstanding shall have been declared and paid or set apart for payment. During each default period, all holders of
Preferred Stock (including holders of the Series A Preferred Stock) with dividends<SUP STYLE="font-size:75%; vertical-align:top"> </SUP>in arrears in an amount equal to or greater than six (6)&nbsp;quarterly dividends thereon, voting as a class,
irrespective of series, shall have the right to elect two (2)&nbsp;directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) During any default period, such voting
right of the holders of Series A Preferred Stock may be exercised initially at a special meeting called pursuant to <U>Section 3(c)(iii)</U> below or at any annual meeting of stockholders, and thereafter at annual meetings of stockholders,
<U>provided</U> that such voting right shall not be exercised unless the holders of ten percent (10%) in number of shares of Preferred Stock outstanding shall be present in person or by proxy. The absence of a quorum of the holders of Common Stock
shall not affect the exercise by the holders of Preferred Stock of such voting rights. At any meeting at which the holders of Preferred Stock shall exercise such voting right initially during an existing default period, they shall have the right,
voting as a class, to elect directors to fill such vacancies, if any, in the Board as may then exist up to two (2)&nbsp;directors or, if such right is exercised at an annual meeting, to elect two (2)&nbsp;directors. If the number which may be so
elected at any special meeting does not amount to the required number, the holders of the Preferred Stock shall have the right to make such increase in the number of directors as shall be necessary to permit the election by them of the required
number. After the holders of the Preferred Stock shall have exercised their right to elect directors in any default period and during the continuance of such period, the number of directors shall not be increased or decreased except by vote of the
holders of Preferred Stock as herein provided or pursuant to the rights of any equity securities ranking senior to or <I>pari</I><I> </I><I>passu</I><I> </I>with the Series A Preferred Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Unless the holders of Preferred Stock shall, during an existing
default period, have previously exercised their right to elect directors, the Board may order, or any stockholder or stockholders owning in the aggregate not less than ten percent (10%) of the total number of shares of Preferred Stock outstanding,
irrespective of series, may request, the calling of a special meeting of the holders of Preferred Stock, which meeting shall thereupon be called by vote of a majority of the Board of the Corporation. Notice of such meeting and of any annual meeting
at which holders of Preferred Stock are entitled to vote pursuant to this <U>Section 3(c)(iii)</U> shall be given to each holder of record of Preferred Stock by mailing a copy of such notice to him or her at his or her last address as the same
appears on the books of the Corporation. Such meeting shall be called for a time not earlier than ten (10)&nbsp;days and not later than fifty (50)&nbsp;days after such order or request, or in default of the calling of such meeting within fifty
(50)&nbsp;days after such order or request, such meeting may be called on similar notice by any stockholder or stockholders owning in the aggregate not less than ten percent (10%) of the total number of shares of Preferred Stock outstanding.
Notwithstanding the provisions of this <U>Section 3(c)(iii)</U>, no such special meeting shall be called during the period within fifty (50)&nbsp;days immediately preceding the date fixed for the next annual meeting of the stockholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) In any default period, the holders of Common Stock, and, if applicable, other classes of capital stock of the Corporation,
shall continue to be entitled to elect the whole number of directors until the holders of Preferred Stock shall have exercised their right to elect two (2)&nbsp;directors voting as a class, after the exercise of which right (A)&nbsp;the directors so
elected by the holders of Preferred Stock shall continue in office until their successors shall have been elected by such holders or until the expiration of the default period and (B)&nbsp;any vacancy in the Board may (except as provided in
<U>Section 3(c)(ii)</U> above) be filled by vote of a majority of the remaining directors theretofore elected by the holders of the class of capital stock which elected the director whose office shall have become vacant. References in this
<U>Section 3(c)(iv)</U> to directors elected by the holders of a particular class of stock shall include directors appointed by such directors to fill vacancies as provided in clause (B)&nbsp;of the foregoing sentence. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Immediately upon the expiration of a default period, (A)&nbsp;the right of the holders of Preferred Stock as a class to
elect directors shall cease, (B)&nbsp;the term of any directors elected by the holders of Preferred Stock as a class shall terminate and (C)&nbsp;the number of directors shall be such number as may be provided for in the Charter or the
Corporation&#8217;s amended and restated <FONT STYLE="white-space:nowrap">by-laws</FONT> (as the same may be further amended from time to time, the &#8220;<B><I><FONT STYLE="white-space:nowrap">By-Laws</FONT></I></B>&#8221;) irrespective of any
increase made pursuant to the provisions of <U>Section 3(c)(ii)</U> above (such number being subject, however, to change thereafter in any manner provided by law or in the Charter or the <FONT STYLE="white-space:nowrap">By-Laws).</FONT> Any
vacancies in the Board effected by the provisions of clauses (B)&nbsp;and (C) in the preceding sentence may be filled by a majority of the remaining directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Except as set forth herein or as otherwise provided by law, holders of Series A Preferred Stock shall have no special voting rights and
their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <B><U>Certain Restrictions</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Stock as provided in
<U>Section</U><U></U><U>&nbsp;2</U> above are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall have been paid in full, the
Corporation shall not: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) declare or pay dividends on, make any other distributions on, or redeem or purchase or
otherwise acquire for consideration any shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock other than (A)&nbsp;such redemptions or purchases that may be
deemed to occur upon the exercise of stock options, warrants or similar rights or grant, vesting or lapse of restrictions on the grant of any performance shares, restricted stock, restricted stock units or other equity awards to the extent that such
shares represent all or a portion of (x)&nbsp;the exercise or purchase price of such options, warrants or similar rights or other equity awards or (y)&nbsp;the amount of withholding taxes owed by the holder of such award in respect of such grant,
exercise, vesting or lapse of restrictions; (B)&nbsp;such purchases necessary to satisfy the issuance of any shares upon the exercise or to satisfy the vesting and settlement of any options, warrants or similar rights or other equity awards pursuant
to the terms of the Corporation&#8217;s equity plans maintained for the benefit its employees, directors and other service providers; or (C)&nbsp;the repurchase, redemption or other acquisition or retirement for value of any such shares from
employees, directors, former directors, consultants or former consultants of the Corporation or their respective estate, spouse, former spouse or family member, pursuant to the terms of the agreement pursuant to which such shares were acquired; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) declare or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the
total amounts to which the holders of all such shares are then entitled; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) redeem or purchase or otherwise acquire for
consideration shares of any capital stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock; <U>provided</U>, that the Corporation may at any time redeem, purchase or
otherwise acquire shares of any such parity stock in exchange for shares of any capital stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Stock; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) purchase or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of capital stock
ranking on a parity with the Series A Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the
respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under <U>Section 4(a)</U> above, purchase or otherwise acquire such shares at such time and in such manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <B><U>Reacquired Shares</U></B>. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in
any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of
Preferred Stock to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section<B></B>&nbsp;6. <B><U>Liquidation, Dissolution or Winding Up</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders
of shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock shall have received $10,000
per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the &#8220;<B><I>Series A Liquidation Preference</I></B>&#8221;). Following the payment of the full
amount of the Series A Liquidation Preference, no additional distributions shall be made to the holders of shares of Series A Preferred Stock unless, prior thereto, the holders of shares of Common Stock have received an amount per share (the
&#8220;<B><I>Common Adjustment</I></B>&#8221;) equal to the quotient obtained by dividing (i)&nbsp;the Series A Liquidation Preference by (ii) 10,000 (as appropriately adjusted as set forth in <U>Section 6(c)</U> below to reflect such events as
stock splits, reverse stock splits, stock dividends and recapitalizations with respect to the Common Stock) (such number in clause (ii), the &#8220;<B><I>Adjustment Number</I></B>&#8221;). Following the payment of the full amount of the Series A
Liquidation Preference and the Common Adjustment in respect of all outstanding shares of Series A Preferred Stock and Common Stock, respectively, and the payment of liquidation preferences of all other shares of capital stock which rank prior to or
on a parity with Series A Preferred Stock, holders of Series A Preferred Stock and holders of shares of Common Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment Number
to 1 with respect to such Preferred Stock and Common Stock, on a per share basis, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the event, however, that there are
not sufficient assets available to permit payment in full of the Series A Liquidation Preference and the liquidation preferences of all other series of Preferred Stock, if any, which rank on a parity with the Series A Preferred Stock, then such
remaining assets shall be distributed ratably to the holders of such parity shares in proportion to their respective liquidation preferences. In the event, however, that there are not sufficient assets available to permit payment in full of the
Common Adjustment, then such remaining assets shall be distributed ratably to the holders of Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event the
Corporation at any time after the Rights Declaration Date (i)&nbsp;declares any dividend on Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivides the outstanding Common Stock or (iii)&nbsp;combines the outstanding Common Stock into a
smaller number of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <B><U>Consolidation, Merger, </U></B><B><U>Etc</U></B>. In case the
Corporation enters into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of
Series A Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share (subject to the provision for adjustment hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities, cash and/or
any other property (payable in kind), as the case may be, for which or into which each share of Common Stock is exchanged or changed. In the event the Corporation at any time after the Rights Declaration Date (a)&nbsp;declares any dividend on Common
Stock payable in shares of Common Stock, (b)&nbsp;subdivides the outstanding Common Stock or (c)&nbsp;combines the outstanding Common Stock into a smaller number of shares, then in each such case the amount set forth in the preceding sentence with
respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.
<B><U>No Redemption</U></B>. The shares of Series A Preferred Stock shall not be redeemable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <B><U>Ranking</U></B>. The
Series A Preferred Stock shall rank junior to all other series of the Corporation&#8217;s Preferred Stock as to the payment of dividends and the distribution of assets, whether or not upon the dissolution, liquidation or winding up of the
Corporation, unless the terms of any such series provides otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <B><U>Amendment</U></B>. The Charter shall not be
amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of
<FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding shares of Series A Preferred Stock, voting separately as a class. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <B><U>Fractional Shares</U></B>. Series A Preferred Stock may be issued in fractions of a share that entitle the holder, in
proportion to such holder&#8217;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and have the benefit of all other rights of holders of Series A Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Corporation has executed this Certificate of Designation as
of September&nbsp;24, 2025. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>CARTER&#8217;S, INC.</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Richard F. Westenberger</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer &amp; Chief Operating Officer</P></TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit B </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Form of Rights Certificate] </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certificate
No. <FONT STYLE="white-space:nowrap">R-</FONT> &#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;Rights </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOT EXERCISABLE AFTER SEPTEMBER&nbsp;21, 2026 OR
EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY OR AN EARLIER &#8220;EXPIRATION TIME&#8221; (AS DEFINED IN THE RIGHTS AGREEMENT) OCCURS. AS SET FORTH IN THE RIGHTS AGREEMENT, THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT
$0.0001 PER RIGHT, AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN &#8220;ACQUIRING PERSON&#8221; OR ANY &#8220;RELATED PERSON&#8221; OF AN &#8220;ACQUIRING PERSON&#8221;
(AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS SHALL BECOME NULL AND VOID. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[THE RIGHTS REPRESENTED BY THIS
RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN &#8220;ACQUIRING PERSON&#8221; OR A &#8220;RELATED PERSON&#8221; OF AN &#8220;ACQUIRING PERSON&#8221; (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT).
ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY SHALL BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN <U>SECTION 7(E)</U> OF SUCH AGREEMENT.]* </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding
sentence. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIGHTS CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CARTER&#8217;S, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
certifies that <U></U><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U>, 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 Rights Agreement, dated as of September&nbsp;22, 2026 (as amended from time to time in accordance with its terms, the &#8220;<B><I>Rights Agreement</I></B>&#8221;), by and between Carter&#8217;s, Inc., a Delaware corporation
(the &#8220;<B><I>Company</I></B>&#8221;), and Equiniti Trust Company, LLC, a New York limited liability trust company, the rights agent (and any successor rights agent, the &#8220;<B><I>Rights Agent</I></B>&#8221;), to purchase from the Company at
any time prior to 5:00 P.M. (New York City time) on September&nbsp;22, 2025 at the office or offices of the Rights Agent designated for such purpose, or its successors as Rights Agent, one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a
fully paid, <FONT STYLE="white-space:nowrap">non-assessable</FONT> share of Series A Junior Participating Preferred Stock, par value $0.01 per share (the &#8220;<B><I>Preferred Stock</I></B>&#8221;), of the Company, at an exercise price of $160.00
per one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share (the &#8220;<B><I>Exercise Price</I></B>&#8221;), upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase and related Certificate
properly completed and duly executed. 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 Exercise Price per share set forth above, are the number
and Exercise Price as of September&nbsp;22, 2025, based on the Preferred Stock as constituted at such date. 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, upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Preferred Stock will be issued. Capitalized terms used but not defined herein shall having the meanings specified in the Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of a <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event, if the Rights evidenced by this Rights Certificate are
Beneficially Owned by (i)&nbsp;an Acquiring Person or a Related Person of an Acquiring Person, (ii)&nbsp;a transferee of any such Acquiring Person or Related Person or (iii)&nbsp;under certain circumstances specified in the Rights Agreement, a
transferee of a Person who, after such transfer, became an Acquiring Person or a Related Person of such 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 <FONT STYLE="white-space:nowrap">Flip-in</FONT> Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As provided in the Rights Agreement, the Exercise Price and the
number and kind of shares of Preferred Stock or other securities which may be 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Rights Certificate, with or without other Rights Certificates, upon surrender at the
principal office or offices 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
one <FONT STYLE="white-space:nowrap">ten-thousandths</FONT> of a share of Preferred Stock as the Rights evidenced by the Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in
part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may, in each case at the option of the
Company, be (i)&nbsp;redeemed by the Company at a redemption price of $0.0001 per Right or (ii)&nbsp;exchanged in whole or in part for shares of common stock, par value $0.01 per share, of the Company. Immediately upon the action of the Board of
Directors of the Company authorizing redemption, the Rights shall terminate and the only right of the holders of Rights shall be to receive the redemption price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No fractional shares of Preferred Stock shall be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions that
are integral multiples of one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment shall be made, as
provided in the Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Preferred Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the
holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action,
or to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall
have been exercised as provided in the Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Rights Certificate shall not be valid or obligatory for any purpose until
it has been countersigned manually or by facsimile signature by the Rights Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WITNESS </B>the facsimile signature of the proper officer of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated as of <U>&#8195;&#8195;&#8195;&#8195;</U> <U>&#8195;&#8195;</U>, 20 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>CARTER&#8217;S, INC.</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Countersigned:</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EQUINITI TRUST COMPANY, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Form of Reverse Side of Rights Certificate] </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ASSIGNMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" ALIGN="center">(To be executed by the registered holder if such holder desires to transfer the Rights Certificate.)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FOR VALUE RECEIVED</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">hereby&nbsp;sells,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">assigns and transfers unto</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="5" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">(Please print name and address of transferee)</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
<U>&#8195;&#8195;&#8195;</U> as attorney in fact, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dated: <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U>,
<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature Guaranteed:</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies by checking the appropriate boxes that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) this Rights Certificate [ &#8195;] is [ &#8195;] is not being sold, assigned and transferred by or on behalf of a Person who is or was an
Acquiring Person or a Related Person of an Acquiring Person (as such terms are defined pursuant to the Rights Agreement); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) after
due inquiry and to the best knowledge of the undersigned, it [&#8195; ] did [ &#8195;] did not acquire the Rights evidenced by this Rights Certificate from any Person who or which is, was or subsequently became an Acquiring Person or a Related
Person of an Acquiring Person. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U>, <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature Guaranteed:</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event the certification set forth above is not
completed, the Company shall deem the Beneficial Owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or a Related Person thereof (as such terms are defined in the Rights Agreement) and, in the case of an Assignment,
shall affix a legend to that effect on any Rights Certificates issued in exchange for this Rights Certificate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ELECTION TO PURCHASE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(To be executed if holder desires to exercise Rights represented by the Rights Certificate.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TO: CARTER&#8217;S, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned
hereby irrevocably elects to exercise<U>&#8195;&#8195;</U>Rights represented by this Rights Certificate to purchase the shares of Preferred Stock issuable upon the exercise of the Rights (or such other securities of the Company or of any other
person which may be issuable upon the exercise of the Rights) and requests that certificates for such shares (or other securities) be issued in the name of and delivered to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please insert social security </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or other identifying number:
<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Please print name and address) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please insert social security </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or other identifying number: <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Please print name and address) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dated: <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U>,
<U>&#8195;&#8195;&#8195;&#8195;&#8195;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature Guaranteed:</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-8 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies by checking the appropriate boxes that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Rights evidenced by this Rights Certificate [&#8195; ] are [&#8195; ] are not being exercised by or on behalf of a Person who is or was
an Acquiring Person or a Related Person of an Acquiring Person (as such terms are defined pursuant to the Rights Agreement); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)
after due inquiry and to the best knowledge of the undersigned, it [&#8195; ] did [ &#8195;] did not acquire the Rights evidenced by this Rights Certificate from any Person who or which is, was or became an Acquiring Person or a Related Person of an
Acquiring Person. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="100%"></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dated: <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U>,
<U>&#8195;&#8195;&#8195;&#8195;&#8195;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature Guaranteed:</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-9 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event the certification set forth
above is not completed, the Company shall deem the Beneficial Owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or a Related Person thereof (as such terms are defined in the Rights Agreement), and the Election to
Purchase will not be honored. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-10 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit C </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUMMARY OF RIGHTS TO PURCHASE PREFERRED STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;22, 2025, the board of directors (the &#8220;<B><I>Board</I></B>&#8221;) of Carter&#8217;s, Inc., a Delaware corporation
(the &#8220;<B><I>Company</I></B>&#8221;), authorized the Company&#8217;s entry into a stockholder rights agreement and declared a dividend of one right (a &#8220;<B><I>Right</I></B>&#8221;) for each outstanding share of common stock of the Company,
par value $0.01 per share (&#8220;<B><I>Common Stock</I></B>&#8221;), to stockholders of record at the close of business on October&nbsp;3, 2025 (the &#8220;<B><I>Record Date</I></B>&#8221;). Each Right entitles its holder, subject to the terms of
the Rights Agreement (as defined below), to purchase from the Company one <FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (&#8220;<B><I>Preferred
Stock</I></B>&#8221;), of the Company at an exercise price of $160.00 per Right, subject to adjustment. The description and terms of the Rights are set forth in a stockholder rights agreement, dated as of September&nbsp;22, 2025 (the
&#8220;<B><I>Rights Agreement</I></B>&#8221;), between the Company and Equiniti Trust Company, LLC, a New York limited liability trust company, as rights agent (and any successor rights agent, the &#8220;<B><I>Rights Agent</I></B>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Rights Agreement is not expected to interfere with any merger or other business combination approved by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Rights</I></B>. The Rights will attach to any shares of Common Stock that become outstanding after the Record Date and prior to the
earlier of the Distribution Time (as defined below) and the Expiration Time (as defined below), and in certain other circumstances described in the Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until the Distribution Time, the Rights are associated with Common Stock and evidenced by Common Stock certificates or, in the case of
uncertificated shares of Common Stock, the book-entry account that evidences record ownership of such shares, which will contain a notation incorporating the Rights Agreement by reference, and the Rights are transferable with and only with the
underlying shares of Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until the Distribution Time, the surrender for transfer of any shares of Common Stock will also
constitute the transfer of the Rights associated with those shares. As soon as practicable after the Distribution Time, separate rights certificates will be mailed to holders of record of Common Stock as of the Distribution Time. From and after the
Distribution Time, the separate rights certificates alone will represent the Rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Rights are not exercisable until the
Distribution Time. Until a Right is exercised, its holder will have no rights as a stockholder of the Company, including the right to vote or to receive dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Separation and Distribution of Rights; Exercisability</I></B>. Subject to certain exceptions, the Rights become exercisable and trade
separately from Common Stock only upon the &#8220;<B><I>Distribution Time</I></B>,&#8221; which occurs upon the earlier of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the close of business on the tenth (10th) day after the &#8220;<B><I>Stock Acquisition Date</I></B>&#8221; (which
is defined as (a)&nbsp;the first date of public announcement that any person or group has </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
become an &#8220;<B><I>Acquiring Person</I></B>,&#8221; which is defined as a person or group that, together with its affiliates and associates, beneficially owns the Specified Percentage (as
defined below) or more of the outstanding shares of Common Stock (with certain exceptions, including those described below) or (b)&nbsp;such other date, as determined by the Board, on which a person or group has become an Acquiring Person) or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the close of business on the tenth (10th) business day (or such later date as may be determined by the Board
prior to such time as any person or group becomes an Acquiring Person) after the commencement of a tender offer or exchange offer that, if consummated, would result in a person or group becoming an Acquiring Person, unless such tender or exchange
offer is conditioned on the redemption of the Rights or termination of this Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8220;<B><I>Specified
Percentage</I></B>&#8221; means (a) 20% (twenty percent) when referring to the beneficial ownership of any person that is a passive investor but only for so long as such person is a passive investor and (b) 15% (fifteen percent) when referring to
the beneficial ownership of any person that is not a passive investor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">An Acquiring Person does not include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company or any subsidiary of the Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any officer, director or employee of the Company or any subsidiary of the Company in his or her capacity as such;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any employee benefit plan of the Company or of any subsidiary of the Company or any entity or trustee holding (or
acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or pursuant to the terms of any such plan or for the purpose of funding other employee benefits for employees of the Company or any subsidiary of the Company;
or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any person or group that, together with its affiliates and associates, as of immediately prior to the first
public announcement of the adoption of the Rights Agreement, beneficially owns the Specified Percentage or more of the outstanding shares of Common Stock, so long as such person or group continues to beneficially own at least the Specified
Percentage of the outstanding shares of Common Stock and does not acquire shares of Common Stock to beneficially own an amount equal to or greater than the greater of the Specified Percentage and the sum of the lowest beneficial ownership of such
person or group since the public announcement of the adoption of the Rights Agreement plus one share of Common Stock. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Rights Agreement provides that no person or group will become an Acquiring Person as a result of security purchases or
issuances directly from the Company or through an underwritten offering approved by the Board. Also, a person or group will not be an Acquiring Person if the Board determines that such person or group has become an Acquiring Person inadvertently and
such person or group has already divested or divests as promptly as practicable a sufficient number of shares of Common Stock so that such person or group would no longer be an Acquiring Person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain synthetic interests in securities created by derivative positions, whether or not
such interests are considered to be ownership of the underlying Common Stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended, are treated as beneficial ownership of the number of shares of Common
Stock equivalent to the economic exposure created by the derivative position, to the extent actual shares of Common Stock are directly or indirectly held by counterparties to the derivatives contracts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Expiration Time</I></B>. The Rights will expire on the earliest to occur of (a)&nbsp;the close of business on September&nbsp;21, 2026
(the &#8220;<B><I>Final Expiration Time</I></B>&#8221;), unless prior to such date stockholder approval has been obtained to extend the term of the Rights, (b)&nbsp;the time at which the Rights are redeemed or exchanged by the Company (as described
below) or (c)&nbsp;upon the closing of any merger or other acquisition transaction involving the Company pursuant to a merger or other acquisition agreement that has been approved by the Board before any person or group becomes an Acquiring Person
(the earliest of (a), (b) and (c)&nbsp;being herein referred to as the &#8220;<B><I>Expiration Time</I></B>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><FONT
STYLE="white-space:nowrap">Flip-in</FONT> Event</I></B>. In the event that any person or group (other than certain exempt persons) becomes an Acquiring Person (a &#8220;<B><I><FONT STYLE="white-space:nowrap">Flip-in</FONT> Event</I></B>&#8221;),
each holder of a Right (other than such Acquiring Person, any of its affiliates or associates or certain transferees of such Acquiring Person or of any such affiliate or associate, whose Rights automatically become null and void) will have the right
to receive, upon exercise, Common Stock having a value equal to two (2)&nbsp;times the exercise price of the Right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Flip-over
Event</I></B>. In the event that, at any time following the Stock Acquisition Date, any of the following occurs (each, a &#8220;<B><I>Flip-over Event</I></B>&#8221;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company consolidates with, or merges with and into, any other entity, and the Company is not the continuing
or surviving entity; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any entity engages in a share exchange with or consolidates with, or merges with or into, the Company, and the
Company is the continuing or surviving entity and, in connection with such share exchange, consolidation or merger, all or part of the outstanding shares of Common Stock are changed into or exchanged for stock or other securities of any other entity
or cash or any other property; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company sells or otherwise transfers, in one transaction or a series of related transactions, fifty percent
(50%) or more of the Company&#8217;s assets, cash flow or earning power, </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">each holder of a Right (except Rights which previously have
been voided as described above) will 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Preferred Stock Provisions</I></B><I>. </I>Each share of Preferred Stock, if issued:
will not be redeemable, will entitle the holder thereof, when, as and if declared, to quarterly dividend payments equal to the greater of $1.00 per share and 10,000 times the amount of all cash dividends plus 10,000 times the amount of <FONT
STYLE="white-space:nowrap">non-cash</FONT> dividends or other distributions paid on one share of Common Stock, will entitle the holder thereof to receive $10,000 plus accrued and unpaid dividends per share upon liquidation, will have the same voting
power as 10,000 shares of Common Stock and, if shares of Common Stock are exchanged via merger, consolidation or a similar transaction, will entitle the holder thereof to a per share payment equal to the payment made on 10,000 shares of Common
Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Anti-dilution Adjustments</I></B>. The exercise price payable, and the number of shares of Preferred Stock or other
securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if holders of the Preferred Stock are granted certain rights, options or warrants to subscribe for Preferred
Stock or convertible securities at less than the current market price of the Preferred Stock; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">upon the distribution to holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular
quarterly cash dividends) or of subscription rights or warrants (other than those referred to above). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With certain
exceptions, no adjustment in the exercise price will be required until cumulative adjustments amount to at least one percent (1%) of the exercise price. No fractional shares of Preferred Stock will be issued and, in lieu thereof, an adjustment in
cash will be made based on the market price of the Preferred Stock on the last trading day prior to the date of exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Redemption; Exchange</I></B>. At any time prior to the earlier of (i)&nbsp;such time as any person becomes an Acquiring Person or
(ii)&nbsp;the Final Expiration Time, the Company may redeem the Rights in whole, but not in part, at a price of $0.0001 per Right (subject to adjustment and payable in cash, Common Stock or other consideration deemed appropriate by the Board).
Immediately upon the action of the Board authorizing any redemption or at a later time as the Board may establish for the effectiveness of the redemption, the Rights will terminate and the only right of the holders of Rights will be to receive the
redemption price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time after any person or group becomes an Acquiring Person but before any Acquiring Person, together with all of
its affiliates and associates, becomes the beneficial owner of fifty percent (50%) or more of the outstanding shares of Common Stock, the Company may exchange the Rights (other than Rights owned by the Acquiring Person, any of its affiliates or
associates or certain transferees of Acquiring Person or of any such affiliate or associate, whose Rights will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock, or one
<FONT STYLE="white-space:nowrap">ten-thousandth</FONT> of a share of Preferred Stock (or of a share of a class or series of the Company&#8217;s preferred stock having equivalent rights, preferences and privileges), per Right (subject to adjustment).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Amendment of the Rights Agreement</I></B>. The Company and the Rights Agent may from
time to time amend or supplement the Rights Agreement without the consent of the holders of the Rights. However, on or after the Stock Acquisition Date, no amendment can materially adversely affect the interests of the holders of the Rights (other
than the Acquiring Person, any of its affiliates or associates or certain transferees of Acquiring Person or of any such affiliate or associate). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Miscellaneous</I></B>. 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<B><I> </I></B>in the event that the Rights become exercisable for Common Stock (or other consideration) or for common stock of the acquiring company or in the event of the redemption of the
Rights as described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Additional Information</I></B>. A copy of the Rights Agreement has been filed with the Securities and
Exchange Commission as an exhibit to a registration statement on Form <FONT STYLE="white-space:nowrap">8-A</FONT> and a current report on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> A copy of the Rights Agreement is also available free of
charge from the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, which is
incorporated herein by reference. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-5 </P>

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