Exhibit 4
AMENDMENT NO. 1 TO RIGHTS AGREEMENT
AMENDMENT NO. 1 dated as of September 22, 1998 to
the Rights Agreement dated as of February 20, 1998 (the
"Rights Agreement") between MascoTech, Inc., a Delaware
corporation (the "Company"), and The Bank of New York, as
Rights Agent (the "Rights Agent").
W I T N E S S E T H
WHEREAS, the parties hereto desire to amend the
Rights Agreement in certain respects;
NOW, THEREFORE, the parties hereto agree as
follows:
Section 1. Defined Terms; References. (a)
Unless otherwise specifically defined herein, each term
used herein which is defined in the Rights Agreement has
the meaning assigned to such term in the Rights
Agreement. Each reference to "hereof", "hereunder",
"herein" and "hereby" and each other similar reference
and each reference to "this Agreement" and each other
similar reference contained in the Rights Agreement
shall, after this Amendment becomes effective, refer to
the Rights Agreement as amended hereby.
(b) Section 1 of the Rights Agreement is hereby
amended by deleting the definition of "Continuing
Directors" contained therein.
(c) Section 1 of the Rights Agreement is hereby
amended by deleting the word "Continuing" from subsection
(a) of the definition of "Acquiring Person".
(d) Section 1 of the Rights Agreement is hereby
amended by deleting the words ", and in accordance with,
"from subsection (b)(ii)(A) of the definition of
"Beneficial Owner".
(e) Section 1 of the Rights Agreement is hereby
amended by deleting from the definition of "Distribution
Date" both instances of the word "Continuing".
Section 2. Exercise of Rights; Expiration Date of
Rights. Section 7(d) of the Rights Agreement is hereby
amended by deleting the word "Continuing" from the first
sentence thereof.
Section 3. Adjustment of Purchase Price, Number
and Kind of Shares or Number of Rights. Section 11 of
the Rights Agreement is hereby amended by:
(a) replacing the words "a majority of the
Continuing Directors has determined to be@ in the first
sentence of subsection (a)(iii) thereof with the word
"are";
(b) replacing each instance of the words "(as
determined by the Continuing Directors based upon the
advice of a nationally recognized investment banking firm
selected by the Continuing Directors)" in subsection
(a)(iii) thereof with the words "(based upon the advice
of a nationally recognized investment banking firm)";
(c) deleting the second sentence of subsection
(a)(iii) thereof;
(d) replacing the words "first and/or second
sentence of this Section 11(a)(iii)" in the third
sentence of subsection (a)(iii) thereof with the words
"preceding sentence";
(e) replacing the words "Substitution Period in
order to seek any authorization of additional shares
and/or" in the third sentence of subsection (a)(iii)
thereof with the words "30-day period set forth above in
order";
(f) replacing the words "such first and/or
second" in the third sentence of subsection (a)(iii)
thereof with the words "the preceding";
(g) deleting the words ", or, if at the time of
such selection there is an Acquiring Person, by a
majority of the Continuing Directors" from the second
sentence of subsection (d)(i) thereof;
(h) replacing the words "majority of the
Continuing Directors" in the third sentence of subsection
(d)(i) thereof with the words "nationally recognized
investment banking firm";
(i) deleting the words "by a majority of the
Continuing Directors, or, if there are no Continuing
Directors," from the fourth sentence of subsection (d)(i)
thereof;
(j) deleting the words "selected by the Board of
Directors" from the fourth sentence of subsection (d)(i)
thereof;
(k) deleting the words "by a majority of the
Continuing Directors then in office, or, if there are no
Continuing Directors," from subsection (d)(iii) thereof;
and
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(l) deleting the words "selected by the Board of
Directors" from subsection (d)(iii) thereof.
Section 4. Fractional Rights and Fractional Shares.
Section 14(a) of the Rights Agreement is hereby amended
by:
(a) deleting the words ", or, if at the time of
such selection there is an Acquiring Person, by a
majority of the Continuing Directors" from the
penultimate sentence thereof; and
(b) replacing the words "majority of the Continuing
Directors" in the last sentence thereof with
the words "nationally recognized investment banking
firm".
Section 5. Redemption. Section 23(a) of the
Rights Agreement is hereby amended by:
(a) deleting the word "Continuing" in the first
sentence thereof; and
(b) deleting the proviso from the first sentence
thereof and the semicolon immediately preceding such
proviso.
Section 6. Exchange. (a) Section 24(a) of the
Rights Agreement is hereby amended by deleting the word
"Continuing"in the first sentence thereof.
(b) Section 24(b) of the Rights Agreement is hereby
amended by replacing the word "Continuing" in the first
sentence thereof with the words "majority of the".
Section 7. Supplements and Amendments. Section 27
of the Rights Agreement is hereby amended in its entirety
to read in full as follows:
Prior to the Distribution Date, the Company may, and
the Rights Agent shall, if the Company so directs,
supplement or amend any provision of this Agreement in
any respect without the approval of any holders of
certificates representing shares of Common Stock. At any
time when the Rights are no longer redeemable, the
Company may, and the Rights Agent shall if the Company so
directs, supplement or amend this Agreement without the
approval of any holders of Right Certificates in order to
cure any ambiguity or correct or supplement any provision
contained herein which may be defective or inconsistent
with any other provisions herein; provided that no such
supplement or amendment may (a) adversely affect the
interests of the holders of Rights as such (other than an
Acquiring Person or an Affiliate or Associate of an
Acquiring Person), (b) cause
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this Agreement again to become amendable other than in
accordance with this sentence, or (c) cause the Rights
again to become redeemable. Upon the delivery of a
certificate from an appropriate officer of the Company
which states that the proposed supplement or amendment is
in compliance with the terms of this Section, the Rights
Agent shall execute such supplement or amendment. Prior
to the Distribution Date, the interests of the holders of
Rights shall be deemed coincident with the interests of
the holders of Common Stock.
Section 8. Determination and Actions by the Board
of Directors, Etc . Section 29 of the Rights Agreement
is hereby amended by:
(a) deleting the first parenthetical from the
second sentence thereof; and
(b) deleting the second parenthetical clause and the
words "or the Continuing Directors" from the last
sentence thereof.
Section 9. Severability. Section 31 of the
Rights Agreement is hereby amended by deleting the
proviso contained therein and the semicolon that
immediately precedes such proviso.
Section 10. Form of Right Certificate. Exhibit B
to the Rights Agreement is hereby amended by deleting the
word "Continuing" in subparagraph (a) of the seventh
paragraph thereof.
Section 11. Summary of Terms. Exhibit C to the
Rights Agreement is hereby amended by:
(a) deleting the words "Continuing" from the
first footnote thereof;
(b) deleting the second footnote thereof;
(c) deleting the word "Continuing" under the
heading "Exchange";
(d) deleting both instances of the word
"Continuing" under the heading "Redemption".
(e) restating the language under the heading
"Amendments" in its entirety to read in full as follows:
Prior to the Distribution Date, the Rights
Agreement may be amended in any respect.
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After the Distribution Date, the Rights Agreement
may be amended by the Board of Directors in any respect
that does not (i) adversely affect the Rights holders
(other than any Acquiring Person and certain affiliated
persons), (ii) cause the Rights Agreement again to become
amendable other than in accordance with this paragraph or
(iii) cause the Rights again to become redeemable.
Section 12. Governing Law. This Amendment shall be
governed by and construed in accordance with the laws of
the State of Delaware without regard to any applicable
conflicts of law rules, except that the rights and
obligations of the Rights Agent shall be governed by the
laws of the State of New York.
Section 13. Counterparts. This Amendment 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.
Section 14. Effectiveness. This Amendment shall
become effective upon execution by each of the parties
hereto of a counterpart hereof.
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IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed as of the date first
above written.
MASCOTECH, INC.
By: /s/▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Title: Chairman
THE BANK OF NEW YORK
By: /s/▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Name: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title: Vice President
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