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<SEC-DOCUMENT>0001019056-07-000445.txt : 20070509
<SEC-HEADER>0001019056-07-000445.hdr.sgml : 20070509
<ACCEPTANCE-DATETIME>20070508192800
ACCESSION NUMBER:		0001019056-07-000445
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070509
DATE AS OF CHANGE:		20070508
GROUP MEMBERS:		DAVID SANDBERG
GROUP MEMBERS:		RED OAK PARTNERS, LLC
GROUP MEMBERS:		THE RED OAK FUND, LP

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEMALE HEALTH CO
		CENTRAL INDEX KEY:			0000863894
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED RUBBER PRODUCTS, NEC [3060]
		IRS NUMBER:				391144397
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-41498
		FILM NUMBER:		07829759

	BUSINESS ADDRESS:	
		STREET 1:		515 NORTH STATE STREET
		STREET 2:		STE 2225
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60610
		BUSINESS PHONE:		3125959123

	MAIL ADDRESS:	
		STREET 1:		515 NORTH STATE STREET
		STREET 2:		SUITE 2225
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WISCONSIN PHARMACAL COMPANY INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Oak Partners, LLC
		CENTRAL INDEX KEY:			0001325533
		IRS NUMBER:				020673129
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		145 FOURTH AVENUE
		STREET 2:		SUITE 15A
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212-614-8952

	MAIL ADDRESS:	
		STREET 1:		145 FOURTH AVENUE
		STREET 2:		SUITE 15A
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>female_13d.txt
<DESCRIPTION>SCHEDULE 13D
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934

                           (Amendment No. _________)*


                            THE FEMALE HEALTH COMPANY
             -------------------------------------------------------
                                (Name of Issuer)


                     Common Stock, par value $.01 per share
             -------------------------------------------------------
                         (Title of Class of Securities)


                                    314462102
                 ----------------------------------------------
                                 (CUSIP Number)


                              RED OAK PARTNERS, LLC
                          145 Fourth Avenue, Suite 15A
                               New York, NY 10003
                            Attention: David Sandberg
                            Telephone: (212) 614-8952
             -------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)


                                 April 30, 2007
             -------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


         If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].

         Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Section 240.13d-7
for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes.)


                               Page 1 of 19 pages
<PAGE>

CUSIP No.:  314462102
- --------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

     David Sandberg
- --------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (a) [ ]
     (b) [X]
- --------------------------------------------------------------------------------
3    SEC USE ONLY
- --------------------------------------------------------------------------------
4    SOURCE OF FUNDS

     WC
- --------------------------------------------------------------------------------
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
     ITEM 2(d) or 2(e)
                                                                             [ ]
- --------------------------------------------------------------------------------
6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States
- --------------------------------------------------------------------------------
NUMBER OF                        7        SOLE VOTING POWER     0
SHARES                           -----------------------------------------------
BENEFICIALLY                     8        SHARED VOTING POWER   -  1,530,410
OWNED BY                         -----------------------------------------------
EACH                             9        SOLE DISPOSITIVE POWER     0
REPORTING                        -----------------------------------------------
PERSON WITH                      10       SHARED DISPOSITIVE POWER  -  1,530,410
- --------------------------------------------------------------------------------
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,530,410
- --------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                             [ ]
- --------------------------------------------------------------------------------
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     6.2%
- --------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON

     IN
- --------------------------------------------------------------------------------

                               Page 2 of 19 pages
<PAGE>

CUSIP No.:  314462102
- --------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

     Red Oak Partners, LLC
- --------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (a) [ ]
     (b) [X]
- --------------------------------------------------------------------------------
3    SEC USE ONLY
- --------------------------------------------------------------------------------
4    SOURCE OF FUNDS

     WC
- --------------------------------------------------------------------------------
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
     ITEM 2(d) or 2(e)
                                                                             [ ]
- --------------------------------------------------------------------------------
6    CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
- --------------------------------------------------------------------------------
NUMBER OF                        7        SOLE VOTING POWER     0
SHARES                           -----------------------------------------------
BENEFICIALLY                     8        SHARED VOTING POWER   -  1,530,410
OWNED BY                         -----------------------------------------------
EACH                             9        SOLE DISPOSITIVE POWER     0
REPORTING                        -----------------------------------------------
PERSON WITH                      10       SHARED DISPOSITIVE POWER  -  1,530,410
- --------------------------------------------------------------------------------
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,530,410
- --------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                             [ ]
- --------------------------------------------------------------------------------
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     6.2%
- --------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON

     OO
- --------------------------------------------------------------------------------

                               Page 3 of 19 pages
<PAGE>

CUSIP No.:  314462102
- --------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

     The Red Oak Fund, LP
- --------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (a) [ ]
     (b) [X]
- --------------------------------------------------------------------------------
3    SEC USE ONLY
- --------------------------------------------------------------------------------
4    SOURCE OF FUNDS

     WC
- --------------------------------------------------------------------------------
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
     ITEM 2(d) or 2(e)
                                                                             [ ]
- --------------------------------------------------------------------------------
6    CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
- --------------------------------------------------------------------------------
NUMBER OF                        7        SOLE VOTING POWER     0
SHARES                           -----------------------------------------------
BENEFICIALLY                     8        SHARED VOTING POWER   -  1,530,410
OWNED BY                         -----------------------------------------------
EACH                             9        SOLE DISPOSITIVE POWER     0
REPORTING                        -----------------------------------------------
PERSON WITH                      10       SHARED DISPOSITIVE POWER  -  1,530,410
- --------------------------------------------------------------------------------
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,530,410
- --------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                             [ ]
- --------------------------------------------------------------------------------
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     6.2%
- --------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON

     PN
- --------------------------------------------------------------------------------

                               Page 4 of 19 pages
<PAGE>

ITEM 1.  Security and Issuer.

         The class of equity securities to which this Statement on Schedule 13D
(this "Statement") relates is the common stock, par value $0.01 per share (the
"Common Stock" or the "Shares"), of The Female Health Company ("FHCO"), with its
principal executive offices located at 515 North State Street, Suite 2225,
Chicago, Illinois 60610.

ITEM 2.  Identity and Background.

         (a)-(c) and (f) The names of the persons filing this statement on
Schedule 13D (the "Reporting Persons") are:

         The Red Oak Fund, LP, a Delaware limited partnership (the "Fund", "us",
"we" or "our");

         Red Oak Partners, LLC, a Delaware limited liability company ("Red Oak
Partners"); and

         David Sandberg, a United States Citizen.

         Red Oak Partners serves as the general partner of the Fund. Mr.
Sandberg is the managing member of Red Oak Partners. Red Oak Partners and Mr.
Sandberg may each be deemed to have voting and dispositive power with respect to
the shares of Common Stock held by the Fund.

         The principal business of the Fund is that of a private investment
vehicle formed for the purpose of investing in primarily publicly traded equity
securities of small capitalization companies. The principal business of Red Oak
Partners is providing investment management services and serving as the general
partner of the Fund. Mr. Sandberg's principal occupation is serving as the
managing member of Red Oak Partners. The principal office or business address of
each Reporting Person is 145 Fourth Avenue, Suite 15A, New York, NY 10003.

         (d)-(e) During the last five years, none of the Reporting Persons have
been (a) convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (b) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.

ITEM 3.  Source and Amount of Funds or Other Consideration

         On March 30, 2007, the Fund commenced a tender offer (the "Offer") to
acquire up to 1,200,000 shares of Common Stock at a price, net to the seller, of
$2.27 per share. The Offer expired in accordance with its terms on April 30,
2007 at 5:00 p.m. New York time. Approximately 984,706 shares of Common Stock
were tendered, and the depositary has received notices of guaranteed delivery
with respect to an additional 50,541 shares. The Fund is accepting for purchase
all tendered shares, subject to confirmation by the depositary of the proper
delivery of shares validly tendered, and the depositary will promptly pay for
the shares accepted for purchase.

         The source and amount of funds (excluding fees and expenses) used by
the Fund in making its purchase of the shares of Common Stock pursuant to the
Offer is $2,350,011 from cash on hand.

                               Page 5 of 19 pages
<PAGE>

ITEM 4.  Purpose of Transaction.

         The Fund made the Offer for investment purposes with a view towards
making a profit. Our intent was to acquire Shares that we hope might ultimately
increase in value. The Offer represented a more expeditious manner for us to
acquire Shares given the limited liquidity in the trading market for the Shares.
In addition, the Offer allowed us to offer all of the stockholders an
opportunity to sell all or part of their investment if they choose to do so.

         Except as set forth herein, none of the Reporting Persons has any plans
or proposals that relate to or would result in any of the transactions described
in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

         The Fund is satisfied with FHCO's management and policies. Depending on
various factors, we may take such actions as we deem appropriate including,
without limitation, engaging in discussions with management and the Board of
Directors of FHCO, and communicating with other stockholders, but in all cases
subject to the Standstill Agreement described in Item 6 below.

         We may from time to time consider, although we have no current plans to
do so, additional purchases of Shares of FHCO pursuant to one or more
open-market purchase programs, through private transactions or through tender
offers or otherwise, subject to applicable law. Future purchases may be on the
same terms or on terms that are more or less favorable to FHCO's stockholders
than the terms of the Offer. We recognize that if we obtain an ownership
position greater than 10% in FHCO, certain provisions of Wisconsin law may
restrict our rights to engage in such transactions, and may reduce our voting
rights if we acquire more than 20% of the voting shares of FHCO. We have not
requested, and do not intend to request, that the FHCO Board of Directors use
its discretion to render such provisions of Wisconsin law not applicable to us
by approving purchases of more than 10% of the Shares.

         In addition, we may also determine to dispose of the Shares, in whole
or in part, at any time and from time to time, subject to applicable laws. We
may also decide to change our intentions with respect to the purposes and plans
described in this Item 4. Any such decision would be based on our assessment of
a number of different factors, including, without limitation, the business,
prospects and affairs of FHCO, the market for the Shares, the condition of the
securities markets, general economic and industry conditions and other
opportunities available to us, and the terms of the Standstill Agreement.

ITEM 5.  Interest in Securities of the Issuer.

         (a)      The Fund beneficially owns 1,530,410 shares of Common Stock,
representing 6.2% of all of the outstanding shares of Common Stock. Red Oak
Partners, as the general partner of the Fund, and Mr. Sandberg, as the managing
member of Red Oak Partners, each may be deemed to beneficially own the 1,530,410
shares of Common Stock held by the Fund. Each Reporting Person disclaims
beneficial ownership with respect to any shares of Common Stock other than the
shares owned directly and of record by such Reporting Person. The percentage set
forth in this response is based on the 24,513,149 shares of Common Stock
outstanding as of February 12, 2007, as reported by FHCO in its Proxy Statement
dated February 20, 2007.

         (b)      Red Oak Partners, the Fund and Mr. Sandberg have shared power
(with each other, and not with any third party) to vote or direct the vote of
and to dispose or direct the disposition of the 1,530,410 shares of Common Stock
held by the Fund.

                               Page 6 of 19 pages
<PAGE>

         (c)      The Reporting Persons did not effect any transactions in the
Common Stock in the last sixty (60) days, other than the Fund accepting for
purchase 1,035,247 shares of Common Stock for $2.27 per share on April 30, 2007
pursuant to the Offer.

         (d)      Not applicable.

         (e)      Not applicable.

ITEM 6.  Contracts, Arrangements, Understandings or Relationships With Respect
         to Securities of the Issuer.

         A Standstill Agreement by and between FHCO and the Fund was executed as
of March 28, 2007 (the "Standstill Agreement"). The key provisions of the
Standstill Agreement are:

         (i)      The Fund agrees not to acquire more than 15% of the FHCO
                  voting shares until the earlier of one year from March 28,
                  2007 or nine months from the expiration of the Offer (the
                  "Standstill Period").

         (ii)     During the Standstill Period, the Fund will not seek
                  representation on the FHCO board of directors, or propose any
                  merger, sale of assets, other business combination or other
                  extraordinary corporate transaction with FHCO (including
                  recapitalizations, dividends, share repurchases, and
                  liquidations or other transactions which could result in a
                  change of control) or encourage or solicit any other person to
                  do so.

         (iii)    The Fund agrees during the Standstill Period not to solicit
                  any proxies or make any shareholder proposals to FHCO.

         (iv)     The Fund agrees not to enter into any voting trust or voting
                  agreement with other persons with respect to FHCO, or form a
                  "group" with respect to FHCO which must be reported on
                  Schedule 13D or otherwise seek to exercise control or
                  influence over the management, board of directors or policies
                  of FHCO, during the Standstill Period.

         (v)      The Fund also agreed that during the Standstill Period and
                  until the 2008 annual meeting of FHCO it would vote in
                  accordance with the recommendations of the FHCO board of
                  directors with respect to the election of directors and other
                  matters, subject to certain exceptions described below.

         (vi)     FHCO agreed to grant the Fund access to its shareholder list
                  in order to permit the Offer to proceed and agreed to instruct
                  its transfer agent that FHCO has no objection if FHCO's
                  transfer agent serves as depositary with respect to the Offer.

         (vii)    The Fund agreed not to engage in "short sales" of FHCO shares
                  during the Standstill Period.

         The Fund's agreements about actions during the Standstill Period are
suspended if a third party files a Schedule 13D or otherwise makes a public
announcement indicating that it has acquired beneficial ownership of 15% or more
of the voting securities of FHCO which expresses an intention or possible
intention to assume control of FHCO, or if a third party commences a tender
offer seeking to acquire beneficial ownership of 15% or more of the voting power
of FHCO, or if any third party commences a proxy solicitation intended to change
a majority of the members of the board of directors of FHCO. Likewise, if FHCO
signs any agreement providing for a change of control, the restrictions imposed

                               Page 7 of 19 pages
<PAGE>

on the Fund by the Standstill Agreement will be suspended. In addition, the
agreement of the Fund to vote in accordance with the recommendations of the
board of directors of FHCO does not require the Fund to vote in favor of any
merger, sale of assets or similar transaction and does not require the Fund to
vote in favor of a compensation plan if Institutional Shareholder Services or a
similar firm has recommended a "no" vote with respect to such plan. A copy of
the Standstill Agreement is attached hereto as Exhibit B.

ITEM 7.  Material to be Filed as Exhibits.

         Exhibit A - Joint Filing Agreement

         Exhibit B - Standstill Agreement



                               Page 8 of 19 pages
<PAGE>

                                   SIGNATURES

         After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth in this
Statement is true, complete and correct.

Dated:  May 7, 2007


/s/ DAVID SANDBERG
- -----------------------------------
David Sandberg


Red Oak Partners, LLC

By: /s/ DAVID SANDBERG
    -------------------------------
    David Sandberg, Managing Member


The Red Oak Fund, LP
By: Red Oak Partners, LLC, its general partner

By: /s/ DAVID SANDBERG
    -------------------------------
    David Sandberg, Managing Member



                               Page 9 of 19 pages
<PAGE>

                                    EXHIBIT A

                             JOINT FILING AGREEMENT

         The undersigned hereby agree that the statement on Schedule 13D with
respect to the Common Stock, par value $0.01 per share, of The Female Health
Company dated as of May 7, 2007 is, and any amendments thereto signed by each of
the undersigned shall be, filed pursuant to and in accordance with the
provisions of Rule 13(d)-1(k) under the Securities Exchange Act of 1934, as
amended.

Dated:  May 7, 2007


/s/ DAVID SANDBERG
- -----------------------------------
David Sandberg


Red Oak Partners, LLC

By: /s/ DAVID SANDBERG
    -------------------------------
    David Sandberg, Managing Member


The Red Oak Fund, LP
By: Red Oak Partners, LLC, its general partner

By: /s/ DAVID SANDBERG
    -------------------------------
    David Sandberg, Managing Member


                               Page 10 of 19 pages
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>2
<FILENAME>ex99-b.htm
<DESCRIPTION>EXHIBIT 99.B
<TEXT>

<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:right;'><font size=2><b>EXHIBIT B</b></font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>STANDSTILL AGREEMENT</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.55in;text-align:left;'><font size=2>This Standstill Agreement (the "Agreement") is made and entered into as of March 28, 2007, by and between THE FEMALE HEALTH COMPANY, a Wisconsin corporation ("FHC"), and RED OAK FUND, L.P., a Delaware Limited Partnership ("Red Oak").</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>RECITALS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.55in;text-align:left;'><font SIZE=2>A.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Red Oak desires to increase its ownership in FHC and is considering an Offer (as defined in Section 3 below) to acquire a portion of the issued and outstanding shares of common stock, par value $.01 per share (the "Common Stock"), of FHC, as more fully described in this Agreement. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.55in;text-align:left;'><font SIZE=2>B.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In connection with the Offer rather than seeking access to FHC holders under Rule 14d-5 under the Exchange Act (defined below), Red Oak desires to obtain access to certain information regarding FHC and its shareholders from FHC and its transfer agent, including, without limitation, the identities and addresses of FHC's shareholders, and, subject to the terms and conditions of this Agreement, FHC is willing to provide such information to Red Oak.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font SIZE=2>C.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In connection with the Offer and Red Oak's acquisition of shares of Common Stock, FHC and Red Oak wish to agree to certain terms and conditions regarding the Offer and Red Oak's activities relating to FHC, as more fully described in this Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>AGREEMENTS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.55in;text-align:left;'><font size=2>In consideration of the recitals and the mutual agreements set forth below, the parties agree as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Certain Definitions</font></u><font size=2>.  For purposes of this Agreement, certain terms used in this Agreement but not otherwise defined have the meanings set forth below:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"13D Group" means any group of persons formed for the purpose of acquiring, holding, voting or disposing of Voting Securities which would be required under Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder, to file a statement on Schedule 13D pursuant to Rule 13d-1(a) or a Schedule 13G pursuant to Rule 13d-1(c) with the SEC as a "person" within the meaning of Section 13(d)(3) of the Exchange Act.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Affiliate" means a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the first mentioned Person.  "Control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly or as trustee or executor, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of stock or as trustee or executor, by contract or credit arrangement or otherwise.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 11 of 19 pages</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Beneficial owner," "beneficial ownership" and "beneficially owned" (or variations of such terms) shall have the meaning set forth in, and shall be determined in accordance with the provisions of Section&nbsp;13(d) of the Exchange Act and the rules and regulations promulgated thereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Change of Control" means any of the following: (i) a merger, consolidation or other business combination or transaction to which the FHC is a party if the shareholders of FHC immediately prior to the effective date of such merger, consolidation or other business combination or transaction, as a result of such share ownership, have beneficial ownership of voting securities representing less than 60% of the Total Current Voting Power of the surviving or successor entity (or its ultimate parent company) following such merger, consolidation or other business combination or transaction; (ii) an acquisition by any person, entity or 13D&nbsp;Group of direct or
indirect beneficial ownership of Voting Securities representing 40% or more of the Total Current Voting Power of FHC; (iii) a sale of all or substantially all the assets of FHC or (iv) a liquidation or dissolution of FHC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the regulations, rules and forms issued thereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (f)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Person" means an individual, partnership, corporation, limited liability company, trust, unincorporated organization, association, or joint venture or a governmental, agency, political subdivision, or instrumentality thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (g)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"SEC" means the U.S. Securities and Exchange Commission.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (h)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Short Sale" means any sale of a security which the seller does not own, any sale of a security which is consummated by the delivery of a security borrowed by, or for the account of, the seller, or any other hedging, collar or similar transaction relating to a security.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (i)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Standstill Period" means the period commencing on the date of this Agreement and ending on the first anniversary of the date of this Agreement or, if earlier, nine months from the end of the offer period if the Offer is made.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (j)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Total Current Voting Power" means, with respect to any entity, at the time of determination of Total Current Voting Power, the total number of votes which may be cast in the election of members of the board of directors of the entity if all securities entitled to vote in the election of such directors are present or voted (or, in the event the entity is not a corporation, the governing members, board or similar body of such entity).  With respect to Section&nbsp;2(a)(i), the percentage of the Total Current Voting Power represented by Voting Securities beneficially owned in the aggregate by Red Oak and its Affiliates shall assume the conversion or exchange into Common Stock of all options, warrants or other securities beneficially owned by Red Oak or any of its Affiliates that are convertible or exchangeable
for Common Stock but not the conversion or exchange into Common Stock of any such securities that are not beneficially owned by Red Oak or any of its Affiliates.</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 12 of 19 pages</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (k)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>"Voting Securities" means securities of FHC, including the shares of Common Stock, with the power to vote with respect to the election of directors generally, including any securities that are convertible or exchangeable for Voting Securities, it being understood that the number of Voting Securities outstanding as of any time of determination shall be determined as though all such securities, whether or not in the money, had been converted or exchanged, in accordance with their terms, into or for Voting Securities immediately prior to the time of determination.</font></p>

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            <p ><font size=2>2.</font></p> </td>
        <td width="165" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><u><font size=2>Standstill Agreements.</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Standstill by Red Oak</font></u><font size=2>.  Except as provided below in Section 2(b), Red Oak covenants and agrees, during the Standstill Period, without FHC's prior written consent, neither it nor any of its Affiliates will in any manner, directly or indirectly, do any of the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (i) </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>acquire, announce an intention to acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, by purchase or otherwise, beneficial ownership of any Voting Securities, or direct or indirect rights to options to acquire (through purchase, exchange, conversion or otherwise) any Voting Securities, if, immediately after any such acquisition or exercise of all rights to acquire, Red Oak and its Affiliates would beneficially own, in the aggregate, Voting Securities representing more than 15% of the Total Current Voting Power;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (ii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>seek representation on the Board of Directors of FHC or the removal of director of FHC or a change in the composition or size of FHC's Board of Directors;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (iii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>make any statement or proposal, whether written or oral, to the Board of Directors of FHC, or to any director, officer or agent of FHC, or make any public announcement or proposal whatsoever with respect to a merger or other business combination, sale or transfer of assets, recapitalization, dividend, share repurchase, liquidation or other extraordinary corporate transaction with FHC or any other transaction which could result in a change of control, solicit or encourage any other person to make any such statement or proposal, or take any action which might require FHC to make a public announcement regarding the possibility of any transaction referred to in this Section 2(a)(iii) or similar transaction, or advise, assist or encourage any other persons in connection with the foregoing;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (iv)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>make, or in any way participate, directly or indirectly, in any "solicitation" of "proxies" (as such terms are defined in Rule 14a-1 under the Exchange Act) to vote any Voting Securities, seek to advise, encourage or influence any person or entity with respect to the voting of any Voting Securities, initiate or propose any shareholder proposal or induce or attempt to induce any other person to initiate any shareholder proposal, or execute any written consent with respect to FHC;</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 13 of 19 pages</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (v)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>deposit any Voting Securities into a voting trust or subject any Voting Securities to any arrangement or agreement with respect to the voting of any Voting Securities other than this Agreement;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (vi)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>form, join or in any way participate in a 13D Group with respect to any Voting Securities unless all members of the 13D Group agree to be bound by this Agreement;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (vii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>otherwise act, alone or in concert with others, to seek to exercise any control or influence over the management, Board of Directors or policies of FHC (provided that this clause (vii) shall not preclude discussions with the management or the Board of Directors);</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (viii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>request that FHC (or its directors, officers, shareholders, employees or agents) amend or waive any provision of this Section&nbsp;2(a) (including this subsection&nbsp;(viii));</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (ix)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>enter into any agreement, plan or arrangement relating to a Short Sale of any Common Stock, or otherwise effect any Short Sale of any Common Stock; or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (x)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>disclose any intention, plan or arrangement inconsistent with the foregoing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Permitted Exceptions</font></u><font size=2>.  Notwithstanding the terms of Section 2(a) above, the restrictions contained in Section 2(a) of this Agreement shall immediately and automatically be suspended upon the occurrence, and during (but only during) the continuation, of any of the following events: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (i)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the filing with the SEC of a Schedule 13D (or any successor schedule or form) by any Person (other than any current executive officer of FHC, any member of FHC's Board of Directors or Red Oak or any of its Affiliates) or 13D Group (other than any 13D Group that contains among its members any current executive officer of FHC, any member of FHC's Board of Directors or Red Oak or any of its Affiliates) indicating that such Person or 13D Group has acquired beneficial ownership of 15% or more of the outstanding Voting Securities, which Schedule 13D expresses an intention or possible intention of the filing party to assume control of FHC, whether by tender offer, merger, proxy contest or otherwise (provided that the foregoing shall no longer suspend such restrictions if a subsequent filing is made by such Person
or 13D Group with the SEC indicating that such Person or 13D Group ceases to beneficially own at least 15% of the outstanding Voting Securities or such Person or 13D Group subsequently makes a public announcement to the effect that such Person or 13D Group no longer has an intention or possible intention to assume control of FHC, whether by tender offer, merger, proxy contest or otherwise); </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (ii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the commencement of a tender offer by any Person (other than FHC or Red Oak
or any of its Affiliates) or 13D&nbsp;Group (which does not include FHC or Red Oak
</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 14 of 19 pages</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0in;text-align:left;'><font size=2>or any of its Affiliates) to acquire beneficial ownership of 15% or more of the Total Current Voting Power (provided that the foregoing shall no longer suspend such restrictions after a subsequent filing is made by such Person or 13D Group with the SEC indicating that such Person or 13D Group ceases to beneficially own at least 15% of the Total Current Voting Power or such tender offer is terminated without such Person or 13D Group acquiring beneficial ownership of 15% or more of the Total Current Voting Power);</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (iii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the solicitation of proxies by any Person (other than FHC, any current executive officer of FHC, any member of FHC's Board of Directors or Red Oak or any of its Affiliates) or 13D Group (which does not include FHC, any current executive officer of FHC, any member of FHC's Board of Directors or Red Oak or any of its Affiliates) to which Rules 14a-3 to 14a-15 under the Exchange Act (or any successor rules) apply, which proxies are intended to effect a change in the majority of the members of the Board of Directors of FHC (provided that the foregoing shall no longer suspend such restrictions after such solicitation is withdrawn, terminated or otherwise completed); or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (iv)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the entry by FHC into any agreement which provides for a Change of Control of FHC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The expiration or termination of any suspension of restrictions pursuant to subsection 2(b) shall not require Red Oak to divest any Voting Security or rights to acquire Voting Securities obtained during the suspension.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>The Offer</font></u><font size=2>.  During the Standstill Period, Red Oak may in its sole discretion commence (within the meaning of Rule 14d-2 under the Exchange Act and the rules and regulations promulgated thereunder) and, subject to the terms and conditions set forth in this Agreement, close one cash tender offer (within the meaning of Section 14(d) of the Exchange Act) (the "Offer") to purchase up to that number of the issued and outstanding shares of Common Stock (each, a "Share" and, collectively, the "Shares") that may result, upon consummation of the Offer, in Red Oak beneficially owning not more than 15% of the outstanding Total Current Voting Power.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>FHC Obligations</font></u><font size=2>.  Upon Red Oak's request, FHC shall promptly make available to Red Oak FHC's transfer agent and information containing the names and addresses of all record holders of Shares and with security position listings of Shares held in stock depositories, each as of a recent date, together with all other available listings and computer files containing names, addresses and security position listings of record holders and beneficial owners of Shares.  FHC shall furnish Red Oak with such additional information, including updated listings and computer files of shareholders, mailing labels and security position listings, and such other assistance as Red Oak or its agents may reasonably require in communicating the Offer to the record and beneficial holders of Shares.
Subject to the requirements of applicable law, and except for such steps as are necessary to disseminate the offer to purchase, related letter of transmittal and all ancillary documents relating to the Offer and any other documents necessary to consummate the Offer, Red Oak shall hold in confidence the information contained in such documents, labels, listings and files, shall use such information solely in connection with the
</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 15 of 19 pages</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt; text-align:left;'><font size=2>
Offer, and, if the Offer is terminated, shall promptly deliver or cause to be delivered to FHC all copies of such information, documents, labels, listings and files then in its possession or control or in the possession or control of its agents or representatives.  FHC consents to any appointment by Red Oak of FHC's transfer agent to act as depository in connection with the Offer.  Red Oak shall reimburse FHC, within five business days of FHC's written request, for FHC's reasonable costs and expenses associated with FHC's obligations under this
section.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>5.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Voting Agreement</font></u><font size=2>.  During the period from the date of this Agreement until FHC's 2008 annual meeting of shareholders, except for any period of suspension pursuant to Section&nbsp;2(b) and unless the requirements of this section are waived by FHC pursuant to a resolution adopted by FHC's Board of Directors, Red Oak shall, and shall cause its Affiliates to, promptly and timely at any meeting of the shareholders of the Company, however called, and at every adjournment thereof, or in connection with any written consent of the shareholders of the Company, vote all of Voting Securities beneficially owned by Red Oak or such Affiliate (a)&nbsp;in favor of the election as directors of FHC of all persons nominated by FHC's Board of Directors, and against the election as directors of FHC of any
other person not nominated by FHC's Board of Directors, (b)&nbsp;in favor of any other proposal or matter which FHC's Board of Directors recommend that the shareholders of FHC approve and (c)&nbsp;against any other proposal or matter which FHC's Board of Directors do not recommend that the shareholders of FHC approve, except that Red Oak shall not be obligated to vote in favor of any merger, sale of assets or similar transaction involving FHC or of any compensation plan for which Institutional Shareholder Services or a similar firm recommends a &#147;no&#148; vote, provided that Red Oak or its </font></p>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Affiliates shall not make any public statement opposing any such transaction or compensation plan.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>6.</font></p> </td>
        <td width="173" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><u><font size=2>Additional Agreements</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Compliance with Law</font></u><font size=2>.  Red Oak represents and warrants to and covenants with FHC that the execution, delivery and performance by Red Oak of this Agreement, the conduct and consummation of the Offer and the other transactions contemplated by this Agreement will not contravene or conflict with or constitute the violation of any law, regulation, judgment, injunction, order or decree binding upon or applicable to Red Oak, including, without limitation, the provisions of the Exchange Act applicable to the Offer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>(b)</font></p> </td>
        <td width="125" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><u><font size=2>Indemnification</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (i)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Red Oak agrees to indemnify and hold FHC and its representatives, officers, directors, employees, agents, shareholders and Affiliates harmless from and against any and all loss, damage, cost or expense (including reasonable attorneys fees) resulting from or arising out of any breach of this Agreement by Red Oak.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.56in;text-align:left;'><font size=2> (ii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>FHC agrees to indemnify and hold Red Oak and its representatives, officers, directors, employees, agents, shareholders and Affiliates harmless from and against any and all loss, damage, cost or expense (including reasonable attorneys fees) resulting from or arising out of any breach of this Agreement by FHC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
&nbsp;


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            <p  style='line-height:10.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="29" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='line-height:10.0pt; '><font size=2>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 16 of 19 pages</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>


</div>




<div style='width:600;'>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>State Takeover Laws</font></u><font size=2>.  For avoidance of doubt, FHC and Red Oak agree that neither the execution and delivery of this Agreement by FHC nor any action taken by FHC or its Board of Directors in connection with this Agreement or the transactions contemplated by this Agreement shall constitute any approval by the Company or its Board of Directors of any acquisition of Voting Securities by Red Oak or any other transaction by Red Oak for purposes of, or shall create any exemption from, the requirements of any "moratorium," "control share," "fair price," "business combination" or other antitakeover laws of any jurisdiction applicable to FHC, including, but not limited to, Wisconsin Statutes Sections&nbsp;180.1130 to 180.1150.</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>7.</font></p> </td>
        <td width="115" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><u><font size=2>Miscellaneous</font></u><font size=2>. &nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Expenses</font></u><font size=2>.  Except as otherwise provided in this Agreement, all costs and expenses incurred in connection with this Agreement and the Offer shall be paid by the party incurring such cost or expense.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Additional Agreements</font></u><font size=2>.  Subject to the terms and conditions of this Agreement, each of the parties hereto agrees to use all reasonable efforts to take, or cause to be taken, all action and to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable laws and regulations and which may be required under any agreements, contracts, commitments, instruments, understandings, arrangements or restrictions of any kind to which such party or by which such party is governed or bound, to consummate and make effective the transactions contemplated by this Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Notices</font></u><font size=2>.  All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date delivered, mailed or transmitted if delivered personally, mailed by registered or certified mail
(postage prepaid, return receipt requested) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses or sent by electronic transmission to the following facsimile numbers (or at such other address or facsimile number for a party as shall be specified by like notice):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="85" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>If to FHC:</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="208" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>The Female Health Company</font></p> </td> </tr></table>
</div>



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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="239" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>515 North State Street, Suite 2225</font></p> </td> </tr></table>
</div>



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        <td width="144" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="171" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Chicago, Illinois 60610</font></p> </td> </tr></table>
</div>



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    <tr >
        <td width="144" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="187" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Telephone: 312-595-9123</font></p> </td> </tr></table>
</div>



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        <td width="144" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="181" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Facsimile: 312-595-9122</font></p> </td> </tr></table>
</div>



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        <td width="144" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="297" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Attn: O.B. Parrish, Chief Executive Officer</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
&nbsp;


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            <p  style='line-height:10.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="29" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='line-height:10.0pt; '><font size=2>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 17 of 19 pages</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>


</div>




<div style='width:600;'>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="144" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="340" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>With a copy (which shall not constitute notice) to:</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="167" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>James M. Bedore, Esq.</font></p> </td> </tr></table>
</div>



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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="237" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Reinhart Boerner Van Deuren s.c.</font></p> </td> </tr></table>
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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="253" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>1000 North Water Street, Suite 2100</font></p> </td> </tr></table>
</div>



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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="211" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Milwaukee, Wisconsin 53202</font></p> </td> </tr></table>
</div>



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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="187" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Telephone: 414-298-8196</font></p> </td> </tr></table>
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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="181" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Facsimile: 414-298-8097</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.49in;text-align:left;'><font size=2>If to Red Oak:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="195" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>c/o Red Oak Partners, LLC</font></p> </td> </tr></table>
</div>



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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="216" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>145 Fourth Avenue, Suite 15A</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.49in;text-align:left;'><font size=2>New York, New York  10003</font></p>


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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="187" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>Telephone: 212-614-8952</font></p> </td> </tr></table>
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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="181" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>Facsimile: 646-390-6784</font></p> </td> </tr></table>
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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="159" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>Attn: David Sandberg</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="340" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>With a copy (which shall not constitute notice) to:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="169" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Peter J. Tennyson, Esq.</font></p> </td> </tr></table>
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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="277" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Paul, Hastings, Janofsky &amp; Walker LLP</font></p> </td> </tr></table>
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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="296" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>695 Town Center Drive, Seventeenth Floor</font></p> </td> </tr></table>
</div>



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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="211" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Costa Mesa, California 92626</font></p> </td> </tr></table>
</div>



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            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="187" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p  style='page-break-after:avoid'><font size=2>Telephone: 714-668-6237</font></p> </td> </tr></table>
</div>



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        <td width="144" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="181" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>Facsimile: 714-668-6337</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Headings</font></u><font size=2>.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Severability</font></u><font size=2>.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (f)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Amendments</font></u><font size=2>.  This Agreement may not be modified, amended, altered or supplemented, except upon the execution and delivery of a written agreement executed by the parties hereto.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
&nbsp;


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            <p  style='line-height:10.0pt; '><font size=2>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 18 of 19 pages</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (g)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Entire Agreement</font></u><font size=2>.  This Agreement constitutes the entire agreement of the parties, and supersedes all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof and, except as expressly provided herein, are not intended to confer upon any other Person any rights or remedies hereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (h)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Assignment</font></u><font size=2>.  This Agreement shall not be assigned by any party hereto, by operation of law or otherwise. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (i)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Governing Law</font></u><font size=2>.  This Agreement shall be construed in accordance with and governed by the law of Wisconsin without giving effect to the principles of conflicts of laws thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.07in;text-align:left;'><font size=2> (j)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Counterparts; Effectiveness</font></u><font size=2>.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all of the other parties hereto.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.55in;text-align:left;'><font size=2>IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="269" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font SIZE=2>THE FEMALE HEALTH COMPANY</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="260" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font SIZE=2>BY</font><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ O.B. Parrish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr></table>
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            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="236" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>O.B. Parrish, Chairman and Chief</font></p> </td> </tr></table>
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            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="133" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font size=2>Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="164" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font SIZE=2>RED OAK FUND, LP</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.98in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.98in;text-align:left;'><font size=2>BY: Red Oak Partners, LLC</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>  General Partner</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.98in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="256" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p ><font SIZE=2>BY</font><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Sandberg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>David Sandberg</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>Managing Member</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
&nbsp;

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Page 19 of 19 pages</font></p>

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