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                                                                    EXHIBIT 10.6

                             STOCK PLEDGE AGREEMENT

      THIS STOCK PLEDGE AGREEMENT (this "Agreement") is made as of the [__] day
of [__________], 2004, between FFS HOLDINGS, INC., a Delaware corporation
(hereinafter, together with its successors and assigns, the "Pledgor") and
HILLENBRAND INDUSTRIES, INC., an Indiana corporation (hereinafter, together with
its successors and assigns, the "Pledgee").

      WHEREAS, Pledgor and Pledgee have entered into that certain Promissory
Note dated as of [__________], 2004 (the "Note"); and

      WHEREAS, in order to secure the payment and performance in full of all of
the obligations of the Pledgor under the Note, subject to the terms and
conditions of this Agreement the Pledgor has agreed to pledge to Pledgee and to
grant to Pledgee a security interest in one hundred percent (100%) of all of the
authorized, issued, and outstanding common stock (the "Shares") of [Texas
LifeCo.] ("TLC").

      NOW, THEREFORE, in consideration of the premises and the covenants and
agreements herein contained, the parties agree as follows:

                                    ARTICLE I
                                 INTERPRETATION

      1.01. Provisions Pertaining to Definitions. For all purposes of this
Agreement:

            (a) "Collateral" means, for the purposes of the Agreement
collectively, all of the Pledged Shares, all of the Pledged Share Distributions,
and all other proceeds of any of the Pledged Shares and Pledged Share
Distributions, in, to, under or in respect of which the Pledgee or any of the
nominees, agents or representatives of the Pledgee, by this Agreement or by any
agreement or agreements supplemental hereto, shall acquire any rights or shares.

            (b) "Enforcement Event" means the occurrence of (i) an Event of
Default under Section 6.3 of the Note or (ii) an Event of Default under Section
6.2 of the Note under circumstances (including, without limitation, the
condition that all of the FLAC Holdings Notes having been theretofore repaid or
retired, all obligations to XLCA (as defined herein) arising in connection with
the XLCA Policies having been satisfied and the XLCA Policies having terminated
in accordance with their terms) that permit the holder of the Note then to
declare all or any portion of the Unpaid Amount to be due and payable and any or
all other obligations thereunder to be due and payable; provided that (at any
time of determination) an "Enforcement Event" shall be deemed not to have
occurred if the relevant Event of Default has been cured prior to the holder of
the Note declaring the Unpaid Amount and all other obligations thereunder to be
due and payable.

            (c) "Initial Pledged Shares" means the Shares in TLC identified on
Exhibit A attached hereto and made a part hereof, all of which Pledgor warrants
are legally owned, of record, and beneficially, by the Pledgor on the date of
this Agreement.

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            (d) "Pledged Shares" means, collectively: (i) the Initial Pledged
Shares; (ii) all other shares or interests into which Pledged Shares may be
converted, exchanged or reclassified; (iii) shares or interests which otherwise
may be issued, transferred or distributed on or in respect of all or any of the
Initial Pledged Shares or other Pledged Shares and/or (iv) any additional shares
of capital stock of any class of TLC hereafter issued to Pledgor.

            (e) "Pledged Share Distributions" means, collectively, (i) all
distributions and dividends of every kind whatsoever which shall become and be
due and payable or distributable, whether or not actually distributed, on or in
respect of all or any of the Pledged Shares, (ii) all payments of every kind
whatsoever which shall become and be due and payable or distributable, whether
or not actually distributed, on account of the purchase, redemption, repurchase
or other retirement by TLC of all or any of the Pledged Shares, and (iii) all
other distributions of every kind whatsoever (including, without limitation, all
liquidating distributions) which shall become and be due and payable or
distributable on or in respect of all or any of the Pledged Shares; and "Pledged
Share Distribution" means any one of the Pledged Share Distributions.

            (f) "Pledgor's Obligations" means, collectively, all of the
indebtedness, obligations and liabilities existing on the date of this Agreement
or arising from time to time thereafter of the Pledgor to the Pledgee under or
in respect of the Note and this Agreement, and "Pledgor's Obligation" means any
one of the Pledgor's Obligations.

            Capitalized terms used by not defined herein shall have the same
meaning as ascribed to such terms in the Note.

                                   ARTICLE II
                      PLEDGE AND ASSIGNMENT BY THE PLEDGOR

      2.01. Pledge and Assignment. In order to secure the payment and
performance in full of all of the Pledgor's Obligations, the Pledgor, as record
and beneficial owner of the Pledged Shares, hereby pledges, hypothecates and
assigns to the Pledgee, and hereby grants to the Pledgee a continuing security
interest in, the following: (a) each of the Initial Pledged Shares and all of
the certificates representing the Initial Pledged Shares; (b) all of the Pledged
Shares which shall be issued, distributed or transferred to the Pledgor at any
time or times after the date of this Agreement and all of the certificates
representing such Pledged Shares; (c) all of the Pledged Share Distributions;
and (d) all of the Pledgor's rights, title, shares, claims and remedies and all
other benefits whatsoever now existing or hereafter arising in, to, under or in
respect of all of the Initial Pledged Shares, all of the other Pledged Shares,
all of the Pledged Share Distributions and all of the proceeds of any thereof.

            TO HAVE AND TO HOLD all of the foregoing (collectively, the
"Collateral") unto the Pledgee, subject, however, to: (i) limitations imposed by
applicable law (including, without limitation, regulatory requirements of
general application to the insurance industry to which TLC and/or Pledgor are
subject); and (ii) the terms and conditions set forth in this Agreement.

      2.02. Delivery of Certificates Representing Pledged Shares.

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            (a) All of the certificates representing the Initial Pledged Shares
have been delivered by the Pledgor to the Pledgee in pledge on the date of this
Agreement. Each of such certificates names the Pledgor as the owner of record of
the Initial Pledged Shares represented thereby. Each of the Initial Pledged
Shares is accompanied by a duly executed stock power in blank and delivered to
the Pledgee by the Pledgor.

            (b) If any additional Pledged Shares shall, at any time after the
date of this Agreement, be issued, distributed or otherwise transferred to the
Pledgor, the Pledgor will forthwith (i) cause all of the certificates
representing such Pledged Shares to be delivered to the Pledgee, and (ii)
execute in blank and deliver to the Pledgee stock powers or equivalent
instruments of transfer, reasonably satisfactory to the Pledgee in form and
substance, by which each of such Pledged Shares may be duly transferred by the
Pledgor to the Pledgee. Each of such certificates will name the Pledgor as the
owner of record of such Pledged Shares represented thereby.

      2.03. Voting Power.

            (a) Until such time as an Enforcement Event shall have occurred and
the Pledgor shall have received notice from the Pledgee that Pledgor's rights
under this Section 2.03 have been suspended, Pledgor will be permitted to
exercise all voting powers pertaining to Pledged Shares for any purpose not
inconsistent with the terms of this Agreement or the Note.

            (b) The Pledgor acknowledges and agrees with the Pledgee that,
unless the Pledgee otherwise consents, to the maximum extent permitted by
applicable law (including, without limitation, regulatory requirements of
general application to the insurance industry to which TLC and/or Pledgor are
subject) the Pledgor shall have no rights whatsoever to exercise any voting
powers pertaining to any Pledged Shares at any time on or after the occurrence
of such Enforcement Event and receipt by Pledgor of notice as aforesaid.

      2.04. Cash Distributions and Dividends.

            (a) Until such time as an Enforcement Event shall have occurred and
the Pledgor shall have received notice from the Pledgee that Pledgor's rights
under this Section 2.04 have been suspended, the Pledgor will be permitted to
receive, collect, recover and retain (and the Collateral shall not include)
ordinary cash dividends and distributions payable in respect of the Pledged
Shares.

            (b) The Pledgor acknowledges and agrees with the Pledgee that the
Pledgor shall have no rights whatsoever at any time (whether before or after the
occurrence of an Enforcement Event) to receive, collect or recover any Pledged
Share Distributions payable (i) in shares of any class of the capital stock or
in shares of any subsidiary or affiliate of the Pledgor or of the capital of any
other entity, (ii) in securities convertible into or exchangeable for or
carrying any rights to acquire any shares of any class in the capital of any
subsidiary or affiliate of Pledgor or the capital of any other entity, (iii) in
options or any other rights to acquire any shares of any class in the capital of
any subsidiary or affiliate of the Pledgor or of the capital of any other
entity, or (iv) in any other property of any kind other than cash.

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            (c) The Pledgor acknowledges and agrees with the Pledgee that,
except as expressly set forth in Section 2.04(a), the Pledgor shall have no
rights whatsoever to receive, collect or recover any Pledged Share Distributions
of any kind at any time after the occurrence of an Enforcement Event and receipt
by Pledgor of notice as aforesaid.

            (d) The Pledgor hereby covenants with the Pledgee that, if (and on
each occasion that) the Pledgor shall receive, collect or recover any Pledged
Share Distributions in violation or contravention of the provisions of this
Agreement, then the Pledgor will hold the distributions and/or dividends so
received, collected or recovered in trust for the Pledgee without commingling
the same with any other property or funds of the Pledgor, and, promptly after
any such distributions and/or dividends shall be received, collected or
recovered by the Pledgor, the Pledgor will pay or deliver the same directly to
the Pledgee for credit to the Pledgor's Obligations in accordance with the terms
of this Agreement.

                                   ARTICLE III
                                 REPRESENTATIONS

      The Pledgor hereby represents and warrants to the Pledgee as follows:

      3.01. Beneficial Ownership of Initial Pledged Shares. The Pledgor is the
sole legal, record, and beneficial owner of each of the Initial Pledged Shares.
None of the Initial Pledged Shares is subject to any pledge, hypothecation,
assignment, mortgage, lien, security interest, charge or other encumbrance of
any kind except that created by this Agreement and any non-consensual lien which
is junior in priority to Pledgee's security interest hereunder. None of the
Initial Pledged Shares is subject to any voting agreements, voting trusts, trust
deeds, irrevocable proxies or any other similar agreements or instruments,
except this Agreement.

      3.02. Security Interest. The security interest granted to the Pledgee
pursuant to this Agreement constitutes and creates a valid and continuing and
first, prior and perfected security interest in the Pledged Shares in favor of
the Pledgee.

      3.03. Binding Effect of Agreement. This Agreement has been duly
authorized, executed and delivered by the Pledgor and is in full force and
effect. All of the agreements and obligations of the Pledgor contained in this
Agreement constitute legal, valid and binding obligations of the Pledgor
enforceable against the Pledgor in accordance with their respective terms,
subject to applicable bankruptcy, insolvency, moratorium, reorganization or
other laws affecting creditors' rights generally and subject to general
principles of equity.

      3.04. Approvals. No authorization, approval or other action by, and no
notice to or filing with any governmental authority which has not been received
is required for (i) the pledge by the Pledgor of the Pledged Shares pursuant to
this Agreement; (ii) the execution, delivery or performance of this Agreement by
the Pledgor; or (iii) except as may be required in connection with such
disposition by laws affecting the offering and sale of securities generally and
any other regulatory requirements which have general application to the
insurance industry, the exercise by the Pledgee of the rights provided for in
this Agreement or the remedies in respect of the Pledged Shares pursuant to this
Agreement.

                                   ARTICLE IV

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                                    COVENANTS

      4.01. Defense of Pledgee's Title and Rights. The Pledgor hereby covenants
with the Pledgee that the Pledgor will defend the Pledgee's right, title and
property interest in and to all of the Initial Pledged Shares and all of the
other Pledged Shares. The Pledgor will not sell, assign or otherwise transfer or
dispose of any of the Pledged Shares, and it will not create, assume, incur or
permit to exist any mortgage, lien, pledge, charge, security interest or other
encumbrance of any kind in respect of any of the Pledged Shares, other than the
lien, pledge, and security interest created under this Agreement and any
non-consensual lien which is junior in priority to Pledgee's security interest
hereunder.

      4.02. Limitation on Voting Powers. The Pledgor hereby covenants with the
Pledgee that the Pledgor will not at any time or times cast any vote in respect
of any of the Pledged Shares or give any consents, waivers or ratifications in
respect of any of the Pledged Shares which would be inconsistent with or violate
any provision of this Agreement, or impair the security interests hereunder.

      4.03. Shareholder Agreements. The Pledgor hereby covenants with the
Pledgee that the Pledgor will not, with respect to any of the Pledged Shares,
make or enter into any revision of the bylaws, certificate of incorporation,
agreements, voting agreements, voting trusts, trust deeds, irrevocable proxies
or any other similar agreements or instruments, except this Agreement, which
would restrain, prohibit or adversely affect the creation, protection,
preservation and enforcement of Pledgee's security interest under this
Agreement. The Pledgor will not authorize, or permit the authorization of, the
issuance of any additional shares of capital stock of TLC or any convertible
securities, warrants or options giving the holder thereof any rights or
interests with respect to any shares of capital stock of TLC; nor will the
Pledgor redeem, or permit the redemption, of any of the Pledged Shares, or sell
or permit the sale or other transfer of any of the Pledged Shares.

                                    ARTICLE V
                                POWER OF ATTORNEY

      The Pledgor hereby absolutely and irrevocably constitutes and appoints the
Pledgee the Pledgor's true and lawful agent and attorney-in-fact, with full
power of substitution, in the name of the Pledgor or in the name of the Pledgee
or in the name of any of the Pledgee's substitute agents or attorneys: (a) to
execute, deliver, and file such documents, certificates, and instruments and do
all such acts and things which the Pledgor ought to do under the covenants and
provisions contained in this Agreement; (b) to take any and all such action as
the Pledgee or any of its substitute agents or attorneys may, in its or their
sole and absolute discretion, determine to be necessary or advisable for the
purpose of maintaining, preserving or protecting the security constituted by
this Agreement or any of the rights, remedies, powers or privileges of the
Pledgee under this Agreement; and (c) generally, in the name of the Pledgor or
in the name of the Pledgee or in the name of any of the Pledgee's substitute
agents or attorneys, to exercise all or any of the powers, authorities and
discretions conferred on or reserved to the Pledgee by or pursuant to this
Agreement, including the power to sell any or all of the Collateral at any time
or times after the occurrence of an Enforcement Event, and (without prejudice to
the generality of any of the foregoing) to seal and deliver or otherwise perfect
any deed, assurance, agreement,

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instrument or act which the Pledgee or any of the Pledgee's substitute agents or
attorneys may deem proper in or for the purpose of exercising any of such
powers, authorities or discretions. The Pledgor hereby ratifies and confirms,
and hereby agrees to ratify and confirm, whatsoever the Pledgee or any of the
Pledgee's substitute agents or attorneys shall do or purport to do in the lawful
exercise of the power of attorney granted to the Pledgee in accordance with this
Article V, which power of attorney, being given for security, is irrevocable.
Although fully vested hereby as Pledgor's attorney-in-fact, Pledgee shall
refrain from exercising such powers unless and until an Enforcement Event under
the Note has occurred.

                                   ARTICLE VI
               TERMS OF THE SECURITY HELD AND RELEASE OF SECURITY

      6.01. Continuing Security. The security created by this Agreement shall be
held by the Pledgee as a continuing security for the payment and performance of
all of the Pledgor's Obligations (whether existing on the date of this Agreement
or arising from time to time thereafter). This Agreement, all of the rights,
remedies, powers and privileges of the Pledgee hereunder and the security
created hereby shall be in addition to, and shall not in any way be prejudiced
or affected by, any other collateral or any other security now or at any time or
times hereafter held by the Pledgee for all or any part of the Pledgor's
Obligations. Each and every right, remedy, power and privilege conferred on or
reserved to the Pledgee shall be cumulative and in addition to, and not in
limitation of, each and every other right, remedy, power or privilege conferred
on or reserved to the Pledgee under this Agreement or otherwise existing or
arising. All of the rights, remedies, powers and privileges vested in the
Pledgee may be exercised at such time or times and in such order and manner as
the Pledgee may deem reasonably necessary. At any time and from time to time,
upon the request of the Pledgee and at the expense of the Pledgor, the Pledgor
will promptly execute and deliver any and all such further instruments and
documents and will take such further action as may be deemed necessary or
desirable in the reasonable discretion of the Pledgee to obtain, maintain,
protect and perfect the security interest granted or purported to be granted
hereby, including, without limitation, the provision of all instruments and
documents reasonably necessary to perfect the security interest granted hereby
under Article 9 of the Uniform Commercial Code as in effect in New York (the "NY
UCC"), and execute and deliver one or more proxies, powers of attorney, orders,
notices, statements, agreements or other writings.

      6.02. Waivers of Notice; Assent. The agreements and obligations of the
Pledgor to the Pledgee hereunder and the security constituted hereby shall not
be, to any extent or in any way or manner whatsoever, satisfied, discharged,
impaired, diminished, released or otherwise affected by any of the following,
whether or not the Pledgor shall have had any notice or knowledge of any
thereof: (a) the absorption, consolidation, merger or amalgamation of, or the
effectuation of any other change whatsoever in the name, shareholders,
constitution or place of formation of, the Pledgor, any subsidiaries or
affiliates, or the Pledgee; (b) any extension or postponement of the time for
the payment or performance of all or any part of the Pledgor's Obligations, the
acceptance of any partial payment on all or any part of the Pledgor's
Obligations, any and all other indulgences whatsoever by the Pledgee in respect
of all or any part of the Pledgor's Obligations, the taking, addition,
substitution or release, in whole or in part, of any security for all or any
part of the Pledgor's Obligations, or the addition, substitution or release, in
whole or in part, of any person or persons primarily or secondarily liable in
respect of all or any part of the

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Pledgor's Obligations; (c) any action or delay in acting or failure to act on
the part of the Pledgee under this Agreement or the Note or in respect of all or
any part of the Pledgor's Obligations; (d) any modification or amendment of, or
any supplement or addition to, the Note, except to the extent of any such
modification, amendment, supplement or addition; (e) any waiver, consent or
other action or acquiescence by the Pledgee at any time in respect of any
default by the Pledgor in the performance or observance of or the compliance
with any term, covenant, condition, agreement or obligation contained in the
Note; or (f) the Note or any provisions thereof shall at any time and for any
reason whatsoever cease to be in full force and effect or shall be declared null
and void or illegal, invalid, unenforceable or inadmissible in evidence. The
Pledgor hereby absolutely and irrevocably assents to and waives notice of any
and all events, conditions, matters and things hereinbefore specified in clauses
(a) to (f), inclusive of this Section 6.02.

      6.03. No Implied Waivers. No course of dealing between the Pledgor and the
Pledgee, and no delay on the part of the Pledgee in exercising any right,
remedy, power or privilege hereunder or provided by statute or by law or in
equity or otherwise, shall impair, prejudice or constitute a waiver of any such
right, remedy, power or privilege or be construed as a waiver of any default or
as an acquiescence therein; and any single or partial exercise of any such
right, remedy, power or privilege shall not preclude any other or further
exercise thereof or the exercise of any other rights, remedies, powers or
privileges.

      6.04. Release of Collateral. Upon the payment and satisfaction in full of
all of the Pledgor's Obligations to Pledgee, the Pledgee will, at the cost and
expense of the Pledgor, (a) release the security constituted by this Agreement
and reassign to the Pledgor any property or rights assigned by the Pledgor to
the Pledgee by this Agreement or by any agreement or agreements supplemental
hereto, and (b) do and execute all such acts, things and instruments as in the
reasonable opinion of the Pledgor are necessary to effect such release or
reassignment including the return to the Pledgor of the certificates evidencing
the Pledged Shares and all other Collateral delivered to the Pledgee.

                                   ARTICLE VII
                           ENFORCEMENT OF THE SECURITY

      7.01. Conditions of Enforceability of the Security. If any Enforcement
Event shall occur, the security interest and pledge created by this Agreement
shall become immediately enforceable by the Pledgee, without any presentment,
demand, protest or other notice of any kind, all of which are hereby expressly
and irrevocably waived by the Pledgor.

      7.02. Manner of Enforcement of Security. At any time after the security
constituted by this Agreement shall have become enforceable, the Pledgee shall
have, in any jurisdiction where enforcement is sought, all of the rights,
remedies, powers and privileges conferred on the Pledgee, as secured party,
under the NY UCC, and, without limiting the generality of the foregoing, to the
maximum extent permitted by applicable law (including, without limitation,
regulatory requirements of general application to the insurance industry to
which TLC and/or Pledgor are subject) the Pledgee shall have the full right and
power in respect of the Collateral or any part thereof in the Pledgee's sole and
complete discretion to do all and any of the following things:

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            (a) to take possession of the Collateral or any part thereof,
wherever the same may be, without legal process and without compliance with any
other condition precedent imposed by statute, rule of law or otherwise (all of
which to the extent permitted by applicable law the Pledgor hereby expressly and
irrevocably waives), and to call in, collect, convert into money or otherwise
deal with the Collateral or any part thereof with full power to sell (including
the power to postpone such sale) the Collateral or any part thereof, either
together or in lots, and either by public auction or private contract, and
either for a lump sum or for a sum payable by installments or for a sum on
account and a mortgage or charge for the balance, and with full power upon every
sale to make any special or other stipulation as to title or evidence thereof or
otherwise which the Pledgee shall deem proper, and with full power to buy in or
rescind or vary any contract for sale of the Collateral or any part thereof and
to resell the same without being responsible for any loss which may be
occasioned thereby, and with full power to compromise and effect compositions,
and, for the purposes aforesaid or any of them, to execute and do all such
assurances and things as the Pledgee may think fit;

            (b) to cause all or any of the Pledged Shares and all or any other
Collateral to be sold, assigned or transferred to the Pledgee or to any other
person or persons and to be registered in the name of the Pledgee or any other
person or persons and to exercise or permit the exercise of any powers or rights
incident to all or any part of the Collateral in such manner as the Pledgee
shall think fit, and, in respect of all or any of the Pledged Shares, to
exercise or permit the exercise of all rights and powers conferred by statute or
otherwise upon a registered holder or owner of record thereof, including,
without limitation, the calling or causing to be called of meetings, and
proposing or causing to be proposed resolutions (whether ordinary or special
resolutions), including resolutions for winding up and voting at meetings;

            (c) to execute and do all such contracts, agreements, deeds,
documents and things, and to bring, defend and abandon all such actions, suits
and proceedings in relation to all or any part of the Collateral as the Pledgee
shall think expedient; and

            (d) generally, to do all such other acts and things as may be
considered incidental or conducive to any of the matters or powers mentioned in
this Section 7.02 and which the Pledgee may or can do lawfully and to use the
name of the Pledgor for the purposes aforesaid and in any proceedings arising
therefrom.

            Without limiting the foregoing, at any bona fide public sale, and to
the extent permitted by law, at any private sale, the Pledgee shall be free to
purchase all or any part of the Collateral, free of any right or equity of
redemption after such sale is consummated in the Pledgor, which right or equity
is hereby waived and released. Any such sale may be for cash or credit. The
Pledgee shall be authorized at any such sale (if it deems it advisable to do so)
to restrict the prospective bidders or purchasers to persons who will represent
and agree that they are purchasing the Collateral for their own account in
compliance with Section 4(1) or 4(2) of Regulation D of the Securities Act of
1933, as amended (the "Act") or any other applicable exemption available under
such Act. The Pledgee will not be obligated to make any sale if it determines
not to do so, regardless of the fact that notice of the sale may have been
given. The Pledgee may adjourn any sale and sell at the time and place to which
the sale is adjourned. If the Collateral is customarily sold on a recognized
market or threatens to decline speedily in value, the Pledgee may sell such
Collateral at any time without giving prior notice to the Pledgor.

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Whenever notice is otherwise required by law to be sent by the Pledgee to the
Pledgor of any sale or other disposition of the Collateral, five (5) days
written notice sent to the Pledgor at its address specified above will be deemed
reasonable.

            The Pledgor recognizes that the Pledgee may be unable to effect or
cause to be effected a public sale of the Collateral by reason of certain
prohibitions contained in the Act, so that the Pledgee may be compelled to
resort to one or more private sales to a restricted group of purchasers who will
be obligated to agree, among other things, to acquire the Collateral for their
own account, for investment and without a view to the distribution or resale
thereof. The Pledgor understands that private sales so made may be at prices and
on other terms less favorable to the seller than if the Collateral were sold at
public sales, and agrees that the Pledgee has no obligation to delay or agree to
delay the sale of any of the Collateral for the period of time necessary to
permit the issuer of the securities which are part of the Collateral (even if
the issuer would agree) to register such securities for sale under the Act. The
Pledgor agrees that private sales made under the foregoing circumstances shall
not, solely by reason of being conducted as a private sale, be deemed to have
been made in a commercially unreasonable manner.

      7.03. Consent and Cooperation of Pledgor.

            (a) The Pledgor recognizes that the Pledged Shares are not readily
marketable and may not be marketable at all if any Enforcement Event shall
occur. In order, therefore, to enable the Pledgee to use such means as the
Pledgee may determine necessary or advisable to realize upon the Collateral from
time to time, and in order to induce the Pledgee to enter into this Agreement in
reliance upon the Collateral, the Pledgor hereby absolutely and irrevocably
consents that the Pledgee may use whatever means the Pledgee may reasonably
consider necessary or advisable to sell any or all of the Collateral at any time
or times after the security constituted by this Agreement shall have become
enforceable, including, without limitation, the giving of options to purchase
any or all of the Collateral and the giving of credit to any purchaser of the
Collateral.

            (b) The Pledgor agrees with the Pledgee that it will cooperate fully
with the Pledgee in obtaining any regulatory approvals which Pledgor deems
necessary or appropriate to enable the Pledgee to accept transfer of the
Collateral from the Pledgor and/or to enable the Pledgee to sell, assign, convey
or otherwise transfer any or all of the Collateral to a third party at any time
or times after the occurrence of an Enforcement Event.

      7.04. Protection of Persons Dealing with Pledgee. No purchaser, mortgagor,
mortgagee, lender, debtor or other person dealing with the Pledgee or with any
attorney or agent of the Pledgee shall be concerned to inquire (a) whether the
security constituted by this Agreement has become enforceable, (b) whether any
power exercised or purported to be exercised hereunder has become exercisable,
(c) whether any moneys remain due upon the security of this Agreement, (d) as to
the propriety, regularity or purpose of the exercise of any power hereunder, or
(e) as to the application of any moneys paid to the Pledgee or to any such
attorney or agent.

      7.05 Pledged Shares; Limitation on Actions. The parties hereto acknowledge
that (1) FLAC Holdings, LLC, a Delaware limited liability company ("FLAC
Holdings"), a direct

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subsidiary of TLC, has issued one or more notes or other similar obligations in
connection with the FLAC Securitization (the "FLAC Holdings Obligations")
secured, in part, by the capital stock, securities or other interests in
Forethought Life Assurance Company, an Indiana stock insurance company ("FLAC"),
and a wholly-owned direct subsidiary of FLAC Holdings, and (2) XL Capital
Assurance Inc., a New York insurance company ("XLCA"), has issued and may
hereafter issue one or more financial guaranty insurance policies with respect
to or otherwise in connection with the FLAC Holdings Obligations (the "XLCA
Policies"). As used in this Section 7.05, (i) "FLAC Documents" means any of the
agreements, documents, or instruments governing, relating to or otherwise
executed or delivered in connection with the FLAC Holdings Obligations or the
XLCA Policies, whether executed or delivered by FLAC Holdings, FLAC or any other
Person, and (ii) "FLAC Holdings Obligations Termination Date" means the date on
which the FLAC Holdings Obligations have been indefeasibly paid in full in
accordance with their respective terms, all obligations owing to XLCA arising in
connection with the XLCA Policies have been indefeasibly paid and satisfied in
full and the XLCA Policies shall have terminated in accordance with their terms.
To induce XLCA to issue the XLCA Policies, the parties hereto have agreed to the
provisions of this Section 7.05.

      (a) Notwithstanding any other provision contained in this Agreement, the
Note or any other agreement, document or instrument executed and delivered in
connection herewith or therewith and which (in each case) is binding on the
Pledgee, the Pledgee agrees as follows:

            (i) the Pledgee has no interest in or claim against either FLAC
      Holdings or FLAC, whether in the form of an equity interest, debt claim or
      otherwise, and agrees that it shall not acquire any such interest or claim
      prior to the FLAC Holdings Obligations Termination Date (other than by
      reason of beneficial ownership of the Pledged Shares in the event that
      Pledgee becomes the owner thereof in accordance with the terms of this
      Agreement);

            (ii) until the FLAC Holdings Obligations Termination Date, the
      Pledgee agrees that (A) upon exercising its rights with respect to all or
      any portion of the Collateral, it will not exercise any rights to vote any
      of the Pledged Shares or control the actions and operations of TLC with
      respect to any matters relating to FLAC Holdings or FLAC, except that
      Pledgee shall not be prevented from causing (provided that the Pledgee
      shall have no obligation to cause) (1) the prepayment or termination of
      the FLAC Holdings Obligations in accordance with the terms thereof or (2)
      the payment of a dividend or other distribution by FLAC to FLAC Holdings
      for application in accordance with the terms of the FLAC Documents, and
      (B) the Pledgee's rights with respect to FLAC Holdings and FLAC shall be
      limited to receiving, as part of the Collateral, proceeds of any dividends
      and other distributions which may be paid by FLAC Holdings to its equity
      holders in accordance with the terms of the FLAC Documents. Without
      limiting the foregoing, the Pledgee shall not exercise voting or other
      rights with respect to the Pledged Shares or otherwise cause FLAC Holdings
      or FLAC (provided that the Pledgee shall not have any obligation to
      prevent any of the following): (w) to violate or breach any term or
      provision in any of the FLAC Documents, (x) to pay dividends or make other
      distributions except as described above, (y) to amend or alter any of the
      organizational documents of FLAC Holdings or FLAC, or (z) to incur any
      debt other than as expressly permitted under the FLAC Documents;

                                       10
<PAGE>

            (iii) the Pledgee will not interfere with, hinder or delay, in any
      manner, whether by judicial proceedings or otherwise, the exercise by
      XLCA, any holder of the FLAC Holdings Obligations or any trustee therefor
      of any of their respective rights under the FLAC Documents, including any
      collection of, or any sale, transfer or other disposition of, any
      collateral or other security for any of the FLAC Holdings Obligations or
      obligations owing to XLCA arising in connection with the XLCA Policies;

            (iv) in the event that the Pledgee receives any payments or funds
      directly or indirectly from FLAC Holdings or FLAC prior to the FLAC
      Holdings Obligations Termination Date which, under the terms of the FLAC
      Documents, should not have been paid to the holders of FLAC Holdings'
      equity, the Pledgee shall hold such payments or funds in trust for the
      benefit of XLCA and the holders of the FLAC Holdings Obligations, and
      shall promptly transfer such payments or funds as XLCA may direct;

            (v) prior to the FLAC Holdings Obligations Termination Date, neither
      the Pledgee nor any of its affiliates shall object to or contest in any
      administrative, legal or equitable action or proceeding (including,
      without limitation, any insolvency, bankruptcy, receivership, liquidation,
      reorganization, winding up, readjustment, composition or other similar
      proceeding relating to FLAC Holdings or FLAC or their respective property)
      or object to or contest in any other manner (A) the validity or
      enforceability of the FLAC Holdings Obligations or any FLAC Documents
      and/or (B) the interests of XLCA or any other holders of any FLAC Holdings
      Obligations in the collateral pledged to secure the FLAC Holdings
      Obligations under the FLAC Documents. The Pledgee shall not object to or
      contest in any manner the receipt of any payment by XLCA, any holder of
      FLAC Holdings Obligations or any trustee therefor from FLAC Holdings or
      FLAC for the satisfaction of all or any portion of the FLAC Holdings
      Obligations or obligations owing to XLCA arising in connection with the
      XLCA Policies;

            (vi) prior to the date which is one (1) year and one (1) day
      following the FLAC Holdings Obligations Termination Date (the "Ending
      Date"), the Pledgee will not vote any of the Pledged Shares in favor of
      the institution of, institute against, or join any other Person in
      instituting against, FLAC Holdings or FLAC, any bankruptcy,
      reorganization, arrangement, receivership, insolvency or liquidation
      proceedings or similar proceeding under the laws of the United States of
      America (including all states and political subdivisions thereof), or seek
      to have a trustee, receiver, liquidator or similar official appointed for
      or over FLAC Holdings, FLAC or any of their respective properties; and

            (vii) subject to subsection (e) below, each of the provisions of
      this Section 7.05 shall be deemed terminated and shall have no further
      force and effect from and after the Ending Date.

      (b) As a condition precedent to any transfer of an interest in any of the
Pledged Shares (whether hereunder or otherwise), the transferee of such interest
(and any subsequent transferee thereof) shall agree in writing (such writing to
be delivered to XLCA) to comply with the terms of this Section 7.05 to the same
extent as set forth herein and for so long as such transferee holds such
interest, and any transfer of any such interest without such written agreement
delivered to XLCA shall be void ab initio.

                                       11
<PAGE>

      (c) Notwithstanding any other provision herein or elsewhere to the
contrary, XLCA shall be an express third-party beneficiary with respect to this
Section 7.05, entitled to enforce the provisions hereof in its own name as if a
party hereto.

      (d) Until the FLAC Holdings Obligations Termination Date, this Section
7.05 shall not be amended, modified or supplemented without the prior written
consent of XLCA, which consent shall be at the sole discretion of XLCA, and the
provisions of this Section 7.05 shall be contained in any agreement that amends
and restates this Agreement. The Pledgee agrees that it shall not enter into any
additional agreement that would adversely affect the rights of XLCA as provided
hereunder.

      (e) The provisions of this Section 7.05 shall continue to be effective or
be reinstated, as the case may be, if at any time any payment of the FLAC
Holdings Obligations or any other amounts owed under the FLAC Documents is
rescinded or must otherwise be returned by XLCA, any holder of FLAC Holdings
Obligations or any trustee therefor upon the insolvency, bankruptcy or
reorganization of FLAC, FLAC Holdings or otherwise, all as though such payment
had not been made.

                                  ARTICLE VIII
                       APPLICATION OF MONEYS IN COLLATERAL

      All moneys realized by the Pledgee after the security constituted by this
Agreement shall have become enforceable as well as all moneys then held or at
any time or times thereafter received by the Pledgee as realizations of all or
any part of the Collateral shall be held by the Pledgee to apply in accordance
with the terms of the Note.

      If after exhausting all of the Collateral there is a deficiency, the
Pledgor will be liable therefor to the Pledgee; provided, however, that nothing
contained herein will obligate the Pledgee to proceed against the Pledgor or any
other party obligated under the Pledgor's Obligations or against any other
collateral for the Pledgor's Obligations prior to proceeding against the
Collateral.

      All surplus Collateral and proceeds thereof following satisfaction in full
of the Pledgor's Obligations shall be promptly paid and delivered to the
Pledgor.

                                   ARTICLE IX
                        PROVISIONS OF GENERAL APPLICATION

      9.01. Notices. Any and all notices or other communications required or
permitted to be given under any of the provisions of this Agreement shall be in
writing and shall be deemed to have been duly "delivered" (i) when personally
delivered, (ii) when delivered via telex, telefax,

                                       12
<PAGE>

facsimile copier or telegraph and confirmation of transmission is received, or
(iii) five (5) business days after having been mailed by certified mail, return
receipt requested, addressed to the parties at the address for notices for such
party set forth in the Note or to such other address as any party shall have
specified by notice to the other in accordance with this Section 9.01.

      9.02. Indemnification. Without prejudice to any of the other provisions of
this Agreement, the Pledgor will pay to the Pledgee, on demand by the Pledgee at
any time and as often as the occasion therefor may require, any and all
reasonable costs, charges, expenses and other sums expended, paid or debited in
account by the Pledgee, whether by itself or through any receiver, attorney,
substitute or agent, for any of the purposes permitted by this Agreement in
relation to the creation, protection, preservation and enforcement of the
security over the Collateral or any part thereof created by this Agreement,
including (without prejudice to the generality of the foregoing) the reasonable
remuneration of any such receivers, attorneys, substitutes or agents employed by
the Pledgee for any such purposes and any and all other reasonable costs,
charges and expenses (whether in respect of litigation or not) incurred in the
maintenance, preservation, protection, realization or enforcement of, or the
collection and recovery of any moneys from time to time arising under, such
security (or any security collateral or supplemental thereto), or in realizing
or exercising any other power, authority or discretion in relation to the
Collateral or any part thereof, or otherwise incurred under any provision of
this Agreement, to the intent that the Pledgee shall be afforded a full and
unlimited indemnity in respect thereof, and, until so repaid, such costs,
charges, expenses and other sums shall be charged on the Collateral (but without
prejudice to any other remedy, lien or security available to the Pledgee).

      9.03. Further Assurances. The Pledgor hereby further agrees with the
Pledgee to execute, acknowledge and deliver any and all such further assurances
and other deeds, agreements or instruments, and to take or cause to be taken all
such other action, as shall be reasonably requested by the Pledgee from time to
time in order to give full effect to this Agreement and to maintain, preserve,
safeguard and continue at all times all or any of the rights, remedies, powers
and privileges of the Pledgee under this Agreement, all without any cost or
expense to the Pledgee. Without limiting the foregoing, if the Collateral
includes securities or any other financial or other assets maintained in a
securities account, then the Pledgor agrees to cause the financial or securities
intermediary on whose books and records the ownership interest of the Pledgor in
the Collateral appears to execute and deliver a notification and control
agreement in form and substance reasonably satisfactory to the Pledgee in order
to perfect and protect the Pledgee's security interest in the Collateral. The
Pledgor shall defend the Pledged Shares against all claims and demands of all
persons (other than the Pledgee) at any time claiming the same or any interest
therein.

      9.04. Binding Effect. This Agreement shall be binding upon the Pledgor and
its successors in title, assigns, and other legal representatives and shall
inure to the benefit of the Pledgee and its respective successors in title and
assigns.

      9.05. Severability. In the event that any one or more of the provisions
contained in this Agreement shall be invalid, illegal or unenforceable in any
respect under any law applicable thereto, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way
be affected or impaired thereby, and the Pledgor hereby agrees with the

                                       13
<PAGE>

Pledgee to execute any new agreement, deed or other instrument necessary to
remedy such invalidity, illegality or unenforceability or in order to preserve
the security constituted by the Collateral.

      9.07. Governing Law; Consent to Jurisdiction. This Agreement is intended
to take effect as a sealed instrument. This Agreement shall be governed by, and
construed in accordance with the laws of the State of New York, regardless of
the laws that might otherwise govern under applicable principles of conflicts of
laws thereof. The Pledgor hereby irrevocably and unconditionally submits, for
itself and its property, to the exclusive jurisdiction of any New York State
court or Federal court of the United States of America sitting in New York City
in any action or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby and the Pledgor hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State court or, to the
extent permitted by law, in such Federal court. The Pledgor agrees that a final
judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. The Pledgor further waives, and agrees not to assert, by way of
motion as a defense, or otherwise, in any such suit, action or proceeding, any
claim that it is not personally subject to the jurisdiction of the aforesaid
courts or is otherwise immune from legal proceedings, or that the suit, action
or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper, or that the subject matter hereof may not be
enforced by any such court.

      9.08. Effect of Headings. The headings of the Articles and Sections of
this Agreement have been inserted for convenience of reference only and shall
not be construed as a part of this Agreement.

      9.09. Waivers, Amendments. None of the terms or provisions of this
Agreement may be waived, altered, modified or amended except by an instrument in
writing, duly executed by the Pledgor and the Pledgee.

      9.10 Security Interest Absolute. All rights of the Pledgee, all
obligations of the Pledgor hereunder and the security interest hereunder shall,
to the extent permitted by applicable law, be absolute and unconditional,
irrespective of:

            (a) any lack of validity or enforceability of the Note;

            (b) any change in the time, manner or place of payment of, or in any
other term of, all or any of the obligations under or any other amendment or
waiver of or any consent to any departure from the Note and the Agreement;

            (c) any exchange, release or nonperfection of any other collateral,
or any release or amendment or waiver of or consent to departure from any
guaranty, for all or any of the obligations of the Note and the Agreement; or

            (d) any other circumstance (other than payment in full of the
obligations of the Loan Documents) which might otherwise constitute a defense
available to, or a discharge of, the Pledgor or any party to any of the Note.

                                       14
<PAGE>

      9.11. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the heirs, executors, administrators, successors and
assigns of the Pledgor and the Pledgee, provided that the Pledgee may not
transfer or assign this Agreement except in connection with an assignment or
transfer of the Note in accordance with its terms. The rights and obligations of
the Pledgor may not be assigned or transferred by the Pledgor without the prior
written consent of the Pledgee.

      9.12. Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties.

     [Remainder of Page Intentionally Left Blank - Signature Pages Follows]

                                       15
<PAGE>

IN WITNESS WHEREOF, this Agreement has been duly executed by or on behalf of
each of the parties hereto as of the day and in the year first above written in
the State of New York.

                                     Pledgor

                                     FFS HOLDINGS, Inc.

                                     By:________________________________________
                                     Name:
                                     Title:

                                     Pledgee

                                     HILLENBRAND Industries, Inc.

                                     By:________________________________________
                                     Name:
                                     Title:

<PAGE>

                                    EXHIBIT A

                                     Shares

TLC, Inc.                                         ______________________________