Document:

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                                                                     EXHIBIT 4.7

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                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                                 BY AND BETWEEN

                            OLD SECOND BANCORP, INC.

                                       AND

                            WILMINGTON TRUST COMPANY

                       Dated as of ________________, 2003

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                                TABLE OF CONTENTS

<Table>
<Caption>
SECTION                                 HEADING                                                      PAGE
<S>                                                                                                    <C>
ARTICLE I           DEFINITIONS AND INTERPRETATION......................................................1

    Section 1.1.    Definitions and Interpretation......................................................1

ARTICLE II          TRUST INDENTURE ACT.................................................................5

    Section 2.1.    Trust Indenture Act; Application....................................................5
    Section 2.2.    The List of Holders of the Securities...............................................5
    Section 2.3.    Reports by the Preferred Guarantee Trustee..........................................5
    Section 2.4.    Periodic Reports to the Preferred Guarantee Trustee.................................6
    Section 2.5.    Evidence of Compliance with Conditions Precedent....................................6
    Section 2.6.    Events of Default; Waiver...........................................................6
    Section 2.7.    Event of Default; Notice............................................................6
    Section 2.8.    Conflicting Interests...............................................................6

ARTICLE III         POWERS, DUTIES AND RIGHTS OF THE PREFERRED
                    GUARANTEE TRUSTEE...................................................................7

    Section 3.1.    Powers and Duties of the Preferred Guarantee Trustee................................7
    Section 3.2.    Certain Rights of the Preferred Guarantee Trustee...................................8
    Section 3.3.    Not Responsible for Recitals or Issuance of Guarantee..............................10

ARTICLE IV          THE PREFERRED GUARANTEE TRUSTEE....................................................10

    Section 4.1.    The Preferred Guarantee Trustee; Eligibility.......................................10
    Section 4.2.    Appointment, Removal and Resignation of the Preferred
                       Guarantee Trustee...............................................................11

ARTICLE V           GUARANTEE..........................................................................12

    Section 5.1.    Guarantee..........................................................................12
    Section 5.2.    Waiver of Notice and Demand........................................................12
    Section 5.3.    Obligations not Affected...........................................................12
    Section 5.4.    Rights of the Holders..............................................................13
    Section 5.5.    Guarantee of Payment...............................................................13
    Section 5.6.    Subrogation........................................................................13
    Section 5.7.    Independent Obligations............................................................14

ARTICLE VI          LIMITATION OF TRANSACTIONS; SUBORDINATION..........................................14

    Section 6.1.    Limitation on Transactions.........................................................14
    Section 6.2.    Ranking............................................................................14

ARTICLE VII         TERMINATION .......................................................................14

    Section 7.1.    Termination........................................................................14
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<Table>
<S>                                                                                                    <C>
ARTICLE VIII        INDEMNIFICATION....................................................................15

    Section 8.1.    Exculpation........................................................................15
    Section 8.2.    Indemnification....................................................................15

ARTICLE IX          MISCELLANEOUS......................................................................15

    Section 9.1.    Successors and Assigns.............................................................15
    Section 9.2.    Amendments.........................................................................16
    Section 9.3.    Notices............................................................................16
    Section 9.4.    Benefit............................................................................16
    Section 9.5.    Governing Law......................................................................16
</Table>

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                              CROSS-REFERENCE TABLE

<Table>
<Caption>
SECTION OF                                                            SECTION OF
TRUST INDENTURE ACT                                                    GUARANTEE
OF 1939, AS AMENDED                                                    AGREEMENT
<S>                                                               <C>
310(a)....................................................................4.1(a)
310(b)...............................................................4.1(c), 2.8
310(c)............................................................Not Applicable
311(a)....................................................................2.2(b)
311(b)....................................................................2.2(b)
311(c)............................................................Not Applicable
312(a)................................................................... 2.2(a)
312(b)................................................................... 2.2(b)
313......................................................................... 2.3
314(a).......................................................................2.4
314(b)............................................................Not Applicable
314(c).......................................................................2.5
314(d)............................................................Not Applicable
314(e)..............................................................1.1, 2.5,3.2
314(f)..................................................................2.1, 3.2
315(a)....................................................................3.1(d)
315(b).......................................................................2.7
315(c).......................................................................3.1
315(d)....................................................................3.1(d)
316(a).............................................................1.1, 2.6, 5.4
316(b).......................................................................5.3
317(a).......................................................................3.1
317(b)............................................................Not Applicable
318(a)....................................................................2.1(a)
318(b).......................................................................2.1
318(c)....................................................................2.1(b)
</Table>

Note: This Cross-Reference Table does not constitute part of this Agreement and
shall not affect the interpretation of any of its terms or provisions.

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                    PREFERRED SECURITIES GUARANTEE AGREEMENT

     THIS PREFERRED SECURITIES GUARANTEE AGREEMENT (this "PREFERRED SECURITIES
GUARANTEE"), dated as of __________, 2003, is executed and delivered by OLD
SECOND BANCORP, INC., a Delaware corporation (the "GUARANTOR"), and WILMINGTON
TRUST COMPANY, a trust company organized and existing under the laws of
Delaware, as trustee (the "PREFERRED GUARANTEE TRUSTEE"), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Securities (as
defined herein) of OLD SECOND CAPITAL TRUST I, a Delaware statutory trust
(the "TRUST").

                                    RECITALS

     WHEREAS, pursuant to an Amended and Restated Trust Agreement (the "TRUST
AGREEMENT"), dated as of ____________, 2003, among the trustees of the Trust
named therein, the Guarantor, as depositor, and the holders from time to time of
undivided beneficial interests in the assets of the Trust, the Trust is issuing
on the date hereof up to 2,500,000 preferred securities, having an aggregate
liquidation amount of $25,000,000 designated the _____% Cumulative Trust
Preferred Securities (the "PREFERRED SECURITIES");

     WHEREAS, as incentive for the Holders to purchase the Preferred Securities,
the Guarantor desires irrevocably and unconditionally to agree, to the extent
set forth in this Preferred Securities Guarantee, to pay to the Holders of the
Preferred Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Preferred Securities
Guarantee for the benefit of the Holders.

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

   SECTION 1.1.   DEFINITIONS AND INTERPRETATION. In this Preferred Securities
Guarantee, unless the context otherwise requires:

          (a)  capitalized terms used in this Preferred Securities Guarantee but
     not defined in the preamble above have the respective meanings assigned to
     them in this Section 1.1;

          (b)  terms defined in the Trust Agreement as at the date of execution
     of this Preferred Securities Guarantee have the same meaning when used in
     this Preferred Securities Guarantee, unless otherwise defined in this
     Preferred Securities Guarantee;

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          (c)  a term defined anywhere in this Preferred Securities Guarantee
     has the same meaning throughout;

          (d)  all references to "the Preferred Securities Guarantee" or "this
     Preferred Securities Guarantee" are to this Preferred Securities Guarantee
     as modified, supplemented or amended from time to time;

          (e)  all references in this Preferred Securities Guarantee to Articles
     and Sections are to Articles and Sections of this Preferred Securities
     Guarantee, unless otherwise specified;

          (f)  a term defined in the Trust Indenture Act has the same meaning
     when used in this Preferred Securities Guarantee, unless otherwise defined
     in this Preferred Securities Guarantee or unless the context otherwise
     requires; and

          (g)  a reference to the singular includes the plural and vice versa.

     "AFFILIATE" has the same meaning as given to that term in Rule 405 of the
Securities Act of 1933, as amended, or any successor rule thereunder.

     "BUSINESS DAY" means any day other than a Saturday, Sunday, a day on which
federal or state banking institutions in the Borough of Manhattan, The City of
New York are authorized or required by law, executive order or regulation to
close or a day on which the Corporate Trust Office of the Preferred Guarantee
Trustee is closed for business.

     "CORPORATE TRUST OFFICE" means the office of the Preferred Guarantee
Trustee at which the corporate trust business of the Preferred Guarantee Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Preferred Securities Guarantee is located at Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Administration.

     "COVERED PERSON" means any Holder or beneficial owner of Preferred
Securities.

     "DEBENTURES" means the ____% Subordinated Debentures due _____________,
2033, of the Debenture Issuer held by the Property Trustee of the Trust.

     "DEBENTURE ISSUER" means Old Second Bancorp, Inc. issuer of the Debentures
under the Indenture.

     "EVENT OF DEFAULT" means a default by the Guarantor on any of its payment
or other obligations under this Preferred Securities Guarantee.

     "GUARANTEE PAYMENTS" means the following payments or distributions, without
duplication, with respect to the Preferred Securities, to the extent not paid or
made by the Trust: (i) any accrued and unpaid Distributions that are required to
be paid on such Preferred Securities, to the extent the Trust shall have funds
available therefor, (ii) the redemption price, including all

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accrued and unpaid Distributions to the date of redemption (the "REDEMPTION
PRICE"), to the extent the Trust has funds available therefor, with respect to
any Preferred Securities called for redemption by the Trust, and (iii) upon a
voluntary or involuntary dissolution, winding-up or termination of the Trust
(other than in connection with the distribution of the Debentures to the Holders
in exchange for the Preferred Securities as provided in the Trust Agreement),
the lesser of (A) the aggregate of the Liquidation Amount and all accrued and
unpaid Distributions on the Preferred Securities to the date of payment, to the
extent the Trust shall have funds available therefor (the "LIQUIDATION
DISTRIBUTION"), and (B) the amount of assets of the Trust remaining available
for distribution to Holders in liquidation of the Trust.

     "GUARANTOR" means Old Second Bancorp, Inc., a Delaware corporation.

     "HOLDER" means a Person in whose name a Preferred Security is or Preferred
Securities are registered in the Securities Register; PROVIDED, HOWEVER, that,
in determining whether the holders of the requisite percentage of the Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor, the Preferred Guarantee Trustee or any of their
respective Affiliates.

     "INDEMNIFIED PERSON" means the Preferred Guarantee Trustee, any Affiliate
of the Preferred Guarantee Trustee, or any officers, directors, shareholders,
members, partners, employees, representatives, nominees, custodians or agents of
the Preferred Guarantee Trustee.

     "INDENTURE" means the Indenture, dated as of ____________, 2003, among the
Debenture Issuer and Wilmington Trust Company, as trustee, and any indenture
supplemental thereto pursuant to which the Debentures are to be issued to the
Property Trustee of the Trust.

     "LIQUIDATION AMOUNT" means the stated value of $10 per Preferred Security.

     "LIQUIDATION DISTRIBUTION" has the meaning provided therefor in the
definition of Guarantee Payments.

     "LIST OF HOLDERS" has the meaning set forth in Section 2.2 of this
Preferred Securities Guarantee.

     "MAJORITY IN LIQUIDATION AMOUNT OF THE PREFERRED SECURITIES" means the
holders of more than 50% of the Liquidation Amount (including the stated value
that would be paid on redemption, liquidation or otherwise, plus accrued and
unpaid Distributions to the date upon which the voting percentages are
determined) of all of the Preferred Securities.

     "OFFICERS' CERTIFICATE" means, with respect to any Person, a certificate
signed by two authorized officers of such Person, at least one of whom shall be
the principal executive officer, principal financial officer, principal
accounting officer, treasurer or any vice president of such Person. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Preferred Securities Guarantee shall include:

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          (a)  a statement that each officer signing the Officers' Certificate
     has read the covenant or condition and the definition relating thereto;

          (b)  a brief statement of the nature and scope of the examination or
     investigation undertaken by each officer in rendering the Officers'
     Certificate;

          (c)  a statement that each such officer has made such examination or
     investigation as, in such officer's opinion, is necessary to enable such
     officer to express an informed opinion as to whether or not such covenant
     or condition has been complied with; and

          (d)  a statement as to whether, in the opinion of each such officer,
     such condition or covenant has been complied with.

     "PERSON" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

     "PREFERRED GUARANTEE TRUSTEE" means Wilmington Trust Company, until a
Successor Preferred Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Guarantee Trustee.

     "PREFERRED SECURITIES" means the ____% Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank PARI PASSU with Common Securities issued by the Trust;
PROVIDED, HOWEVER, that upon the occurrence of an Event of Default, the rights
of holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of Preferred Securities.

     "REDEMPTION PRICE" has the meaning provided therefor in the definition of
Guarantee Payments.

     "RESPONSIBLE OFFICER" means, with respect to the Preferred Guarantee
Trustee, any officer within the Corporate Trust Office of the Preferred
Guarantee Trustee with direct responsibility for the administration of this
Preferred Securities Guarantee, including any vice-president, any assistant
vice-president, any assistant secretary, the treasurer, any assistant treasurer
or other officer of the Corporate Trust Office of the Preferred Guarantee
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of that officer's knowledge of and familiarity with the particular
subject.

     "SECURITIES REGISTER" and "SECURITIES REGISTRAR" have the meanings assigned
to such terms as in the Trust Agreement (as defined in the Indenture).

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     "SUCCESSOR PREFERRED GUARANTEE TRUSTEE" means a successor Preferred
Guarantee Trustee possessing the qualifications to act as Preferred Guarantee
Trustee under Section 4.1.

     "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as amended, as
in force at the date of which this instrument was executed; PROVIDED, HOWEVER,
that in the event the Trust Indenture Act of 1939, as amended, is amended after
such date, "Trust Indenture Act" means, to the extent required by any such
amendment, the Trust Indenture Act of 1939, as so amended.

                                   ARTICLE II

                               TRUST INDENTURE ACT

   SECTION 2.1.   TRUST INDENTURE ACT; APPLICATION. (a) This Preferred
Securities Guarantee is subject to the provisions of the Trust Indenture Act
that are required to be part of this Preferred Securities Guarantee and shall,
to the extent applicable, be governed by such provisions.

     (b)  If and to the extent that any provision of this Preferred Securities
Guarantee limits, qualifies or conflicts with the duties imposed by Section 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control.

   SECTION 2.2.   THE LIST OF HOLDERS OF THE SECURITIES. (a) In the event the
Preferred Guarantee Trustee is not also the Securities Registrar, the Guarantor
shall provide the Preferred Guarantee Trustee with a list, in such form as the
Preferred Guarantee Trustee may reasonably require, of the names and addresses
of the Holders of the Preferred Securities (the "LIST OF HOLDERS") (i) within
three Business Days after March 15, June 15, September 15 and December 15 in
each year, and (ii) at any other time within 30 days of receipt by the Guarantor
of a written request for a List of Holders as of a date no more than 15 days
before such List of Holders is given to the Preferred Guarantee Trustee;
PROVIDED, that the Guarantor shall not be obligated to provide such List of
Holders at any time the List of Holders does not differ from the most recent
List of Holders given to the Preferred Guarantee Trustee by the Guarantor. The
Preferred Guarantee Trustee may destroy any List of Holders previously given to
it on receipt of a new List of Holders.

     (b)  The Preferred Guarantee Trustee shall comply with its obligations
under Sections 311(a), 311(b) and Section 312(b) of the Trust Indenture Act.

   SECTION 2.3.   REPORTS BY THE PREFERRED GUARANTEE TRUSTEE. On or before
August 15 of each year, commencing August 15, 2003, the Preferred Guarantee
Trustee shall provide to the Holders of the Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Preferred
Guarantee Trustee shall also comply with the requirements of Section 313(d) of
the Trust Indenture Act.

   SECTION 2.4.   PERIODIC REPORTS TO THE PREFERRED GUARANTEE TRUSTEE. The
Guarantor shall provide to the Preferred Guarantee Trustee such documents,
reports and information as required by Section 314 (if any) and the compliance
certificate required by Section 314 of the Trust

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Indenture Act in the form, in the manner and at the times required by Section
314 of the Trust Indenture Act.

   SECTION 2.5.   EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT. The
Guarantor shall provide to the Preferred Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Preferred
Securities Guarantee that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officers' Certificate.

   SECTION 2.6.   EVENTS OF DEFAULT; WAIVER. The Holders of a Majority in
Liquidation Amount of the Preferred Securities may, by vote, on behalf of the
Holders of all of the Preferred Securities, waive any past Event of Default and
its consequences. Upon such waiver, any such Event of Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Preferred Securities Guarantee, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

   SECTION 2.7.   EVENT OF DEFAULT; NOTICE. (a) The Preferred Guarantee Trustee
shall, within 90 days after the occurrence of an Event of Default, transmit by
mail, first class postage prepaid, to the Holders of the Preferred Securities,
notices of all Events of Default actually known to a Responsible Officer of the
Preferred Guarantee Trustee, unless such defaults have been cured before the
giving of such notice; PROVIDED, that, except in the case of a default by
Guarantor under the terms of this Preferred Securities Guarantee on any of its
payment obligations, the Preferred Guarantee Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Preferred
Guarantee Trustee in good faith determines that the withholding of such notice
is in the interests of the Holders of the Preferred Securities.

     (b)  The Preferred Guarantee Trustee shall not be deemed to have knowledge
of any Event of Default unless the Preferred Guarantee Trustee shall have
received written notice, or of which a Responsible Officer of the Preferred
Guarantee Trustee charged with the administration of the Trust Agreement shall
have obtained actual knowledge of such Event of Default.

   SECTION 2.8.   CONFLICTING INTERESTS. The Trust Agreement shall be deemed to
be specifically described in this Preferred Securities Guarantee for the
purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.

                                   ARTICLE III

          POWERS, DUTIES AND RIGHTS OF THE PREFERRED GUARANTEE TRUSTEE

   SECTION 3.1.   POWERS AND DUTIES OF THE PREFERRED GUARANTEE TRUSTEE. (a) This
Preferred Securities Guarantee shall be held by the Preferred Guarantee Trustee
for the benefit of the Holders of the Preferred Securities, and the Preferred
Guarantee Trustee shall not transfer this Preferred Securities Guarantee to any
Person except a Holder of Preferred Securities exercising his or her rights
pursuant to Section 5.4(b) or to a Successor Preferred Guarantee Trustee on

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acceptance by such Successor Preferred Guarantee Trustee of its appointment to
act as Successor Preferred Guarantee Trustee. The right, title and interest of
the Preferred Guarantee Trustee shall automatically vest in any Successor
Preferred Guarantee Trustee, and such vesting and cessation of title shall be
effective whether or not conveyancing documents have been executed and delivered
pursuant to the appointment of such Successor Preferred Guarantee Trustee.

     (b)  If an Event of Default actually known to a Responsible Officer of the
Preferred Guarantee Trustee has occurred and is continuing, the Preferred
Guarantee Trustee shall enforce this Preferred Securities Guarantee for the
benefit of the Holders of the Preferred Securities.

     (c)  The Preferred Guarantee Trustee, before the occurrence of any Event of
Default and after the curing of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Preferred Securities Guarantee, and no implied covenants shall be read into
this Preferred Securities Guarantee against the Preferred Guarantee Trustee. In
case an Event of Default has occurred (that has not been cured or waived
pursuant to Section 2.6) and is actually known to a Responsible Officer of the
Preferred Guarantee Trustee, the Preferred Guarantee Trustee shall exercise such
of the rights and powers vested in it by this Preferred Securities Guarantee,
and use the same degree of care and skill in its exercise thereof, as a prudent
person would exercise or use under the circumstances in the conduct of his or
her own affairs.

     (d)  No provision of this Preferred Securities Guarantee shall be construed
to relieve the Preferred Guarantee Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except
that:

          (i)     prior to the occurrence of any Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

                  (A)  the duties and obligations of the Preferred Guarantee
          Trustee shall be determined solely by the express provisions of this
          Preferred Securities Guarantee, and the Preferred Guarantee Trustee
          shall not be liable except for the performance of such duties and
          obligations as are specifically set forth in this Preferred Securities
          Guarantee, and no implied covenants or obligations shall be read into
          this Preferred Securities Guarantee against the Preferred Guarantee
          Trustee; and

                  (B)  in the absence of bad faith on the part of the Preferred
          Guarantee Trustee, the Preferred Guarantee Trustee may conclusively
          rely, as to the truth of the statements and the correctness of the
          opinions expressed therein, upon any certificates or opinions
          furnished to the Preferred Guarantee Trustee and conforming to the
          requirements of this Preferred Securities Guarantee; but in the case
          of any such certificates or opinions that by any provision hereof are
          specifically required to be furnished to the Preferred Guarantee
          Trustee, the Preferred Guarantee Trustee shall be under a duty to
          examine the same to determine whether or not they conform to the
          requirements of this Preferred Securities Guarantee;

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           (ii)   the Preferred Guarantee Trustee shall not be liable for any
     error of judgment made in good faith by a Responsible Officer of the
     Preferred Guarantee Trustee, unless it shall be proved that the Preferred
     Guarantee Trustee was negligent in ascertaining the pertinent facts upon
     which such judgment was made;

          (iii)   the Preferred Guarantee Trustee shall not be liable with
     respect to any action taken or omitted to be taken by it in good faith in
     accordance with the direction of the Holders of not less than a Majority in
     Liquidation Amount of the Preferred Securities relating to the time, method
     and place of conducting any proceeding for any remedy available to the
     Preferred Guarantee Trustee, or exercising any trust or power conferred
     upon the Preferred Guarantee Trustee under this Preferred Securities
     Guarantee; and

           (iv)   no provision of this Preferred Securities Guarantee shall
     require the Preferred Guarantee Trustee to expend or risk its own funds or
     otherwise incur personal financial liability in the performance of any of
     its duties or in the exercise of any of its rights or powers, if the
     Preferred Guarantee Trustee shall have reasonable grounds for believing
     that the repayment of such funds or liability is not reasonably assured to
     it under the terms of this Preferred Securities Guarantee or indemnity,
     reasonably satisfactory to the Preferred Guarantee Trustee, against such
     risk or liability is not reasonably assured to it.

   SECTION 3.2.   CERTAIN RIGHTS OF THE PREFERRED GUARANTEE TRUSTEE. (a) Subject
to the provisions of Section 3.1:

            (i)   the Preferred Guarantee Trustee may conclusively rely, and
     shall be fully protected in acting or refraining from acting upon, any
     resolution, certificate, statement, instrument, opinion, report, notice,
     request, direction, consent, order, bond, debenture, note, other evidence
     of indebtedness or other paper or document believed by it to be genuine and
     to have been signed, sent or presented by the proper party or parties;

           (ii)   any direction or act of the Guarantor contemplated by this
     Preferred Securities Guarantee shall be sufficiently evidenced by an
     Officers' Certificate;

          (iii)   whenever, in the administration of this Preferred Securities
     Guarantee, the Preferred Guarantee Trustee shall deem it desirable that a
     matter be proved or established before taking, suffering or omitting any
     action hereunder, the Preferred Guarantee Trustee (unless other evidence is
     herein specifically prescribed) may, in the absence of bad faith on its
     part, request and conclusively rely upon an Officers' Certificate which,
     upon receipt of such request, shall be promptly delivered by the Guarantor;

           (iv)   the Preferred Guarantee Trustee shall have no duty to see to
     any recording, filing or registration of any instrument (or any
     rerecording, refiling or reregistration thereof);

            (v)   the Preferred Guarantee Trustee may consult with counsel, and
     the written advice or opinion of such counsel with respect to legal matters
     shall be full and complete

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     authorization and protection in respect of any action taken, suffered or
     omitted by it hereunder in good faith and in accordance with such advice or
     opinion. Such counsel may be counsel to the Guarantor or any of its
     Affiliates and may include any of its employees. The Preferred Guarantee
     Trustee shall have the right at any time to seek instructions concerning
     the administration of this Preferred Securities Guarantee from any court of
     competent jurisdiction;

           (vi)   the Preferred Guarantee Trustee shall be under no obligation
     to exercise any of the rights or powers vested in it by this Preferred
     Securities Guarantee at the request or direction of any Holder, unless such
     Holder shall have provided to the Preferred Guarantee Trustee such security
     and indemnity, reasonably satisfactory to the Preferred Guarantee Trustee,
     against the costs, expenses (including reasonable attorneys' fees and
     expenses and the expenses of the Preferred Guarantee Trustee's agents,
     nominees or custodians) and liabilities that might be incurred by it in
     complying with such request or direction, including such reasonable
     advances as may be requested by the Preferred Guarantee Trustee; PROVIDED
     that, nothing contained in this Section 3.2(a)(vi) shall be taken to
     relieve the Preferred Guarantee Trustee, upon the occurrence and during the
     continuance of an Event of Default, of its obligation to exercise the
     rights and powers vested in it by this Preferred Securities Guarantee;

          (vii)   the Preferred Guarantee Trustee shall not be bound to make any
     investigation into the facts or matters stated in any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     direction, consent, order, bond, debenture, note, other evidence of
     indebtedness or other paper or document, but the Preferred Guarantee
     Trustee, in its discretion, may make such further inquiry or investigation
     into such facts or matters as it may see fit;

         (viii)   the Preferred Guarantee Trustee may execute any of the trusts
     or powers hereunder or perform any duties hereunder either directly or by
     or through agents, nominees, custodians or attorneys, and the Preferred
     Guarantee Trustee shall not be responsible for any misconduct or negligence
     on the part of any agent or attorney appointed with due care by it
     hereunder;

           (ix)   no third party shall be required to inquire as to the
     authority of the Preferred Guarantee Trustee to so act or as to its
     compliance with any of the terms and provisions of this Preferred
     Securities Guarantee, both of which shall be conclusively evidenced by the
     Preferred Guarantee Trustee's or its agent's taking such action;

            (x)   whenever in the administration of this Preferred Securities
     Guarantee the Preferred Guarantee Trustee shall deem it desirable to
     receive instructions with respect to enforcing any remedy or right or
     taking any other action hereunder, the Preferred Guarantee Trustee (A) may
     request instructions from the Holders of a Majority in Liquidation Amount
     of the Preferred Securities, (B) may refrain from enforcing such remedy or
     right or taking such other action until such instructions are received, and
     (C) shall be protected in conclusively relying on or acting in accordance
     with such instructions.

                                       -9-
<Page>

     (b)  No provision of this Preferred Securities Guarantee shall be deemed to
impose any duty or obligation on the Preferred Guarantee Trustee to perform any
act or acts or exercise any right, power, duty or obligation conferred or
imposed on it in any jurisdiction in which it shall be illegal, or in which the
Preferred Guarantee Trustee shall be unqualified or incompetent in accordance
with applicable law, to perform any such act or acts or to exercise any such
right, power, duty or obligation. No permissive power or authority available to
the Preferred Guarantee Trustee shall be construed to be a duty.

   SECTION 3.3.   NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF GUARANTEE. The
Recitals contained in this Guarantee shall be taken as the statements of the
Guarantor, and the Preferred Guarantee Trustee does not assume any
responsibility for their correctness. The Preferred Guarantee Trustee makes no
representation as to the validity or sufficiency of this Preferred Securities
Guarantee.

                                   ARTICLE IV

                         THE PREFERRED GUARANTEE TRUSTEE

   SECTION 4.1.   THE PREFERRED GUARANTEE TRUSTEE; ELIGIBILITY. (a) There shall
at all times be a Preferred Guarantee Trustee which shall:

            (i)   not be an Affiliate of the Guarantor; and

           (ii)   be a Person permitted by the Securities and Exchange
     Commission to act as an institutional trustee under the Trust Indenture
     Act, authorized under such laws to exercise corporate trust powers, having
     a combined capital and surplus of at least $50,000,000, and subject to
     supervision or examination by federal, state, territorial or District of
     Columbia authority. If such Person publishes reports of condition at least
     annually, pursuant to law or to the requirements of its supervising or
     examining authority referred to above, then, for the purposes of this
     Section 4.1(a)(ii), the combined capital and surplus of such Person shall
     be deemed to be its combined capital and surplus as set forth in its most
     recent report of condition so published.

     (b)  If at any time the Preferred Guarantee Trustee shall cease to be
eligible to so act under Section 4.1(a), the Preferred Guarantee Trustee shall
immediately resign in the manner and with the effect set out in Section 4.2(c).

     (c)  If the Preferred Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Preferred Guarantee Trustee and the Guarantor shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

   SECTION 4.2.   APPOINTMENT, REMOVAL AND RESIGNATION OF THE PREFERRED
GUARANTEE TRUSTEE. (a) Subject to Section 4.2(b), the Preferred Guarantee
Trustee may be appointed or removed without cause at any time by the Guarantor.

                                      -10-
<Page>

     (b)  The Preferred Guarantee Trustee shall not be removed in accordance
with Section 4.2(a) until a Successor Preferred Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by
such Successor Preferred Guarantee Trustee and delivered to the Guarantor.

     (c)  The Preferred Guarantee Trustee appointed to office shall hold office
until a Successor Preferred Guarantee Trustee shall have been appointed or until
its removal or resignation. The Preferred Guarantee Trustee may resign from
office (without need for prior or subsequent accounting) by an instrument in
writing executed by the Preferred Guarantee Trustee and delivered to the
Guarantor, which resignation shall not take effect until a Successor Preferred
Guarantee Trustee has been appointed and has accepted such appointment by
instrument in writing executed by such Successor Preferred Guarantee Trustee and
delivered to the Guarantor and the resigning Preferred Guarantee Trustee.

     (d)  If no Successor Preferred Guarantee Trustee shall have been appointed
and accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of an instrument of resignation, the resigning
Preferred Guarantee Trustee may petition any court of competent jurisdiction for
appointment of a Successor Preferred Guarantee Trustee. Such court may
thereupon, after prescribing such notice, if any, as it may deem proper, appoint
a Successor Preferred Guarantee Trustee.

     (e)  No Preferred Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor Preferred Guarantee Trustee.

     (f)  Upon termination of this Preferred Securities Guarantee or removal or
resignation of the Preferred Guarantee Trustee pursuant to this Section 4.2, the
Guarantor shall pay to the Preferred Guarantee Trustee all fees and expenses
accrued to the date of such termination, removal or resignation.

                                    ARTICLE V

                                    GUARANTEE

   SECTION 5.1.   GUARANTEE. The Guarantor irrevocably and unconditionally
agrees to pay in full to the Holders the Guarantee Payments (without duplication
of amounts theretofore paid by the Trust), as and when due, regardless of any
defense, right of set-off or counterclaim that the Trust may have or assert. The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
the Trust to pay such amounts to the Holders.

   SECTION 5.2.   WAIVER OF NOTICE AND DEMAND. The Guarantor hereby waives
notice of acceptance of this Preferred Securities Guarantee and of any liability
to which it applies or may apply, presentment, demand for payment, any right to
require a proceeding first against the Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

                                      -11-
<Page>

   SECTION 5.3.   OBLIGATIONS NOT AFFECTED. The obligations, covenants,
agreements and duties of the Guarantor under this Preferred Securities Guarantee
shall in no way be affected or impaired by reason of the happening from time to
time of any of the following:

          (a)     the release or waiver, by operation of law or otherwise, of
     the performance or observance by the Trust of any express or implied
     agreement, covenant, term or condition relating to the Preferred Securities
     to be performed or observed by the Trust;

          (b)     the extension of time for the payment by the Trust of all or
     any portion of the Distributions, Redemption Price, Liquidation
     Distribution or any other sums payable under the terms of the Preferred
     Securities or the extension of time for the performance of any other
     obligation under, arising out of, or in connection with, the Preferred
     Securities (other than an extension of time for payment of Distributions,
     Redemption Price, Liquidation Distribution or other sum payable that
     results from the extension of any interest payment period on the Debentures
     or any extension of the maturity date of the Debentures permitted by the
     Indenture);

          (c)     any failure, omission, delay or lack of diligence on the part
     of the Holders to enforce, assert or exercise any right, privilege, power
     or remedy conferred on the Holders pursuant to the terms of the Preferred
     Securities, or any action on the part of the Trust granting indulgence or
     extension of any kind;

          (d)     the voluntary or involuntary liquidation, dissolution, sale of
     any collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Trust
     or any of the assets of the Trust;

          (e)     any invalidity of, or defect or deficiency in, the Preferred
     Securities;

          (f)     any failure or omission to receive any regulatory approval or
     consent required in connection with the Preferred Securities (or the common
     equity securities issued by the Trust), including the failure to receive
     any approval of the Board of Governors of the Federal Reserve System
     required for the redemption of the Preferred Securities;

          (g)     the settlement or compromise of any obligation guaranteed
     hereby or hereby incurred; or

          (h)     any other circumstance whatsoever that might otherwise
     constitute a legal or equitable discharge or defense of a guarantor, it
     being the intent of this Section 5.3 that the obligations of the Guarantor
     hereunder shall be absolute and unconditional under any and all
     circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain
consent of, the Guarantor with respect to the happening of any of the foregoing.

                                      -12-
<Page>

   SECTION 5.4.   RIGHTS OF THE HOLDERS. (a) The Holders of a Majority in
Liquidation Amount of the Preferred Securities have the right to direct the
time, method and place of conducting of any proceeding for any remedy available
to the Preferred Guarantee Trustee in respect of this Preferred Securities
Guarantee or exercising any trust or power conferred upon the Preferred
Guarantee Trustee under this Preferred Securities Guarantee.

     (b)  Any Holder of Preferred Securities may institute and prosecute a legal
proceeding directly against the Guarantor to enforce its rights under this
Preferred Securities Guarantee, without first instituting and prosecuting a
legal proceeding against the Trust, the Preferred Guarantee Trustee or any other
Person.

   SECTION 5.5.   GUARANTEE OF PAYMENT. This Preferred Securities Guarantee
creates a guarantee of payment and not of collection.

   SECTION 5.6.   SUBROGATION. The Guarantor shall be subrogated to all (if any)
rights of the Holders of the Preferred Securities against the Trust in respect
of any amounts paid to such Holders by the Guarantor under this Preferred
Securities Guarantee; PROVIDED, HOWEVER, that the Guarantor shall not (except to
the extent required by mandatory provisions of law) be entitled to enforce or
exercise any right that it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this
Preferred Securities Guarantee, if, at the time of any such payment, any amounts
are due and unpaid under this Preferred Securities Guarantee. If any amount
shall be paid to the Guarantor in violation of the preceding sentence, the
Guarantor agrees to hold such amount in trust for the Holders and to pay over
such amount to the Holders.

   SECTION 5.7.   INDEPENDENT OBLIGATIONS. The Guarantor acknowledges that its
obligations hereunder are independent of the obligations of the Trust with
respect to the Preferred Securities, and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Preferred Securities Guarantee notwithstanding the occurrence of
any event referred to in subsections (a) through (h), inclusive, of Section 5.3
hereof.

                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

   SECTION 6.1.   LIMITATION ON TRANSACTIONS. So long as any of the Preferred
Securities remain outstanding, if there shall have occurred and Event of Default
under this Preferred Securities Guarantee Agreement, an event of default under
the Trust Agreement or during an Extension Period (as defined in the Indenture),
then (a) neither the Guarantor nor any of its Subsidiaries (as defined in the
Indenture) shall declare or pay any dividend on, make any distributions with
respect to, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of its capital stock except as permitted in such circumstances
by the Indenture, (b) the Guarantor shall not make any payment of principal or
interest on or repay, repurchase or redeem any debt securities issued by the
Guarantor which rank PARI PASSU with or junior to the Debentures other than
payments under this Preferred Securities Guarantee, and (c) the Guarantor

                                      -13-
<Page>

shall not redeem, purchase or acquire less than all of the Outstanding
Debentures or any of the Preferred Securities.

   SECTION 6.2.   RANKING. This Preferred Securities Guarantee will constitute
an unsecured obligation of the Guarantor and will rank (a) subordinate and
junior in right of payment to all Senior Debt, Subordinated Debt and Additional
Senior Obligations (as defined in the Indenture) of the Guarantor, (b) PARI
PASSU with the most senior preferred securities now or hereafter issued by the
Guarantor and with any guarantee now or hereafter entered into by the Guarantor
in respect of any preferred securities of any Affiliate of the Guarantor, and
(c) senior to the Guarantor's common stock.

                                   ARTICLE VII

                                   TERMINATION

   SECTION 7.1.   TERMINATION. This Preferred Securities Guarantee shall
terminate upon (a) full payment of the Redemption Price of all the Preferred
Securities, (b) full payment of the amounts payable in accordance with the Trust
Agreement upon liquidation of the Trust, or (c) distribution of the Debentures
to the Holders of the Preferred Securities. Notwithstanding the foregoing, this
Preferred Securities Guarantee shall continue to be effective or shall be
reinstated, as the case may be, if at any time any Holder of Preferred
Securities must restore payment of any sums paid under the Preferred Securities
or under this Preferred Securities Guarantee.

                                  ARTICLE VIII

                                 INDEMNIFICATION

   SECTION 8.1.   EXCULPATION. (a) No Indemnified Person shall be liable,
responsible or accountable in damages or otherwise to the Guarantor or any
Covered Person for any loss, damage or claim incurred by reason of any act or
omission performed or omitted by such Indemnified Person in good faith in
accordance with this Preferred Securities Guarantee and in a manner that such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Preferred Securities Guarantee or
by law, except that an Indemnified Person shall be liable for any such loss,
damage or claim incurred by reason of such Indemnified Person's negligence or
willful misconduct with respect to such acts or omissions.

     (b)  An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which Distributions to the Holders of the Preferred Securities might properly be
paid.

                                      -14-
<Page>

   SECTION 8.2.   INDEMNIFICATION. The Guarantor agrees to indemnify each
Indemnified Person for, and to hold each Indemnified Person harmless against,
any loss, liability or expense incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against, or
investigating, any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The obligation to
indemnify as set forth in this Section 8.2 shall survive the termination of this
Preferred Securities Guarantee.

                                   ARTICLE IX

                                  MISCELLANEOUS

   SECTION 9.1.   SUCCESSORS AND ASSIGNS. All guarantees and agreements
contained in this Preferred Securities Guarantee shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall
inure to the benefit of the Holders of the Preferred Securities then
outstanding.

   SECTION 9.2.   AMENDMENTS. Except with respect to any changes that do not
adversely affect the rights of the Holders (in which case no consent of the
Holders will be required), this Preferred Securities Guarantee may only be
amended with the prior approval of the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities. The provisions of Article VI of
the Trust Agreement with respect to meetings of the Holders of the Preferred
Securities apply to the giving of such approval.

   SECTION 9.3.   NOTICES. All notices provided for in this Preferred Securities
Guarantee shall be in writing, duly signed by the party giving such notice, and
shall be delivered, telecopied or mailed by registered or certified mail, as
follows:

          (a)       If given to the Preferred Guarantee Trustee, at the
     Preferred Guarantee Trustee's mailing address set forth below (or such
     other address as the Preferred Guarantee Trustee may give notice of to the
     Holders of the Preferred Securities):

                    Wilmington Trust Company
                    Rodney Square North
                    1100 North Market Street
                    Wilmington, Delaware 19890-0001
                    Attention: Corporate Trust Administration

          (b)       If given to the Guarantor, at the Guarantor's mailing
     address set forth below (or such other address as the Guarantor may give
     notice of to the Holders of the Preferred Securities):

                                      -15-
<Page>

                    Old Second Bancorp, Inc.
                    37 River Street
                    Aurora, Illinois  60506-4172
                    Attention: Chief Executive Officer

          (c)       If given to any Holder of Preferred Securities, at the
     address set forth on the books and records of the Trust.

     All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

   SECTION 9.4.   BENEFIT. This Preferred Securities Guarantee is solely for the
benefit of the Holders of the Preferred Securities and, subject to Section
3.1(a), is not separately transferable from the Preferred Securities.

   SECTION 9.5.   GOVERNING LAW. This Preferred Securities Guarantee shall be
governed by, and construed and interpreted in accordance with, the laws of the
State of Illinois.

                                       This Preferred Securities Guarantee is
                                          executed as of the day and year first
                                          above written.

                                       OLD SECOND BANCORP, INC., as Guarantor

                                       By: -------------------------------------
                                           William B. Skoglund
                                           President and Chief Executive Officer

                                       WILMINGTON TRUST COMPANY, as Preferred
                                         Guarantee Trustee

                                       By: -------------------------------------
                                           Name:
                                                 -------------------------------
                                           Title:
                                                  ------------------------------

                                      -16-QuickLinks
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Exhibit 4.1    
    

AVAILENT FINANCIAL, INC.  

 2003 EQUITY INCENTIVE PLAN  

        The Availent Financial, Inc. 2003 Equity Incentive Plan (the "Plan") was adopted by the Board of Directors of Availent Financial, Inc., Delaware
corporation (the "Company"), effective as of January 1, 2003, subject to approval by the Company's stockholders. 

ARTICLE 1

PURPOSE  

        The purpose of the Plan is to foster and promote the long-term financial success of the Company and its Subsidiaries and materially increase the value
of the Company and its Subsidiaries by (a) encouraging the long-term commitment of the Employees, Consultants, and Outside Directors of the Company and its Subsidiaries,
(b) motivating performance of the Employees, Consultants, and Outside Directors of the Company and its Subsidiaries by means of long-term performance related incentives,
(c) encouraging and providing Employees, Consultants, and Outside Directors of the Company and its Subsidiaries with an opportunity to obtain an ownership interest in the Company,
(d) attracting and retaining outstanding Employees, Consultants, and Outside Directors by providing incentive compensation opportunities, and (e) enabling participation by Employees,
Consultants, and Outside Directors in the long-term growth and financial success of the Company and its Subsidiaries. 

        With
respect to Reporting Participants, the Plan and all transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 promulgated
under the Securities Exchange Act of 1934 (the "1934 Act"). To the extent any provision of the Plan or action by the
Committee fails to so comply, it shall be deemed null and void ab initio, to the extent permitted by law and deemed advisable by the Committee. 

ARTICLE 2

DEFINITIONS  

        For the purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated: 

        2.1     "Award"
means the grant of any Incentive Stock Option, Nonqualified Stock Option, or Restricted Stock whether granted singly or in combination (each
individually referred to herein as an "Incentive"). 

        2.2     "Award
Agreement" means a written agreement between a Participant and the Company which sets out the terms of the grant of an Award. 

        2.3     "Award
Period" means the period set forth in the Award Agreement with respect to a Stock Option during which the Stock Option may be exercised, which shall
commence on the Date of Grant and expire at the time set forth in the Award Agreement. 

        2.4     "Board"
means the board of directors of the Company. 

        2.5     "Change
in Control" shall mean any of the following: (i) any consolidation, merger or share exchange of the Company in which the Company is not the
continuing or surviving corporation or pursuant to which shares of the Company's Common Stock would be converted into cash, securities or other property, other than a consolidation, merger or share
exchange of the Company in which the holders of the Company's Common Stock immediately prior to such transaction have the same proportionate ownership of Common Stock of the surviving corporation
immediately after such transaction; (ii) any sale, lease, exchange or other transfer (excluding 

1

 

transfer
by way of pledge or hypothecation) in one transaction or a series of related transactions, of all or substantially all of the assets of the Company; (iii) the stockholders of the
Company approve any plan or proposal for the liquidation or dissolution of the Company; (iv) the cessation of control (by virtue of their not constituting a majority of directors) of the Board
by the individuals (the "Continuing Directors") who (x) at the date of this Plan were directors or (y) become directors after the date of this Plan and whose election or nomination for
election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then in office who were directors at the date of this Plan or whose election or
nomination for election was previously so approved; (v) the acquisition of beneficial ownership (within the meaning of Rule 13d-3 under the 1934 Act) of an aggregate of 50%
or more of the voting power of the Company's outstanding voting securities by any person or group (as such term is used in Rule 13d-5 under the 1934 Act) who beneficially owned less
than 50% of the voting power of the Company's outstanding voting securities on the date of this Plan; provided, however, that notwithstanding the
foregoing, an acquisition shall not constitute a Change in Control hereunder if the acquiror is (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company
and acting in such capacity, (y) a Subsidiary of the Company or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of voting securities of the Company or (z) any other person whose acquisition of shares of voting securities is approved in advance by a majority of the Continuing Directors; or
(vi) in a Title 11 bankruptcy proceeding, the appointment of a trustee or the conversion of a case involving the Company to a case under Chapter 7. 

        2.6     "Code"
means the Internal Revenue Code of 1986, as amended. 

        2.7     "Committee"
means the committee appointed or designated by the Board to administer the Plan in accordance with Article 3 of this Plan. 

        2.8     "Common
Stock" means the common stock, par value $0.01 per share, which the Company is currently authorized to issue or may in the future be authorized to
issue, or any securities into which or for which the common stock of the Company may be converted or exchanged, as the case may be, pursuant to the terms of this Plan. 

        2.9     "Company"
means Availent Financial, Inc., Delaware corporation, and any successor entity. 

        2.10   "Consultant"
means any person performing advisory or consulting services for the Company or a Subsidiary, with or without compensation, to whom the
Company chooses to grant an Award in accordance with the Plan, provided that bona fide services must be rendered by such person and such services shall
not be rendered in connection with the offer or sale of securities in a capital raising transaction. 

        2.11   "Corporation"
means any entity that (i) is defined as a corporation under Code Section 7701 and (ii) is the Company or is in an
unbroken chain of corporations (other than the Company) beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority
of the total combined voting power of all classes of stock in one of the other corporations in the chain. For purposes of clause (ii) hereof, an entity shall be treated as a "corporation" if it
satisfies the definition of a corporation under Section 7701 of the Code. 

        2.12   "Date
of Grant" means the effective date on which an Award is made to a Participant as set forth in the applicable Award Agreement; provided, however,
that solely for purposes of Section 16 of the 1934 Act and the rules and regulations promulgated thereunder, the Date of Grant of an Award shall be the date of stockholder approval of the Plan
if such date is later than the effective date of such Award as set forth in the Award Agreement. 

2

 

        2.13   "Employee"
means common law employee (as defined in accordance with the Regulations and Revenue Rulings then applicable under Section 3401(c) of
the Code) of the Company or any Subsidiary of the Company. 

        2.14   "Fair
Market Value" means, as of a particular date, (a) if the shares of Common Stock are listed on a national securities exchange, the closing
sales price per share of Common Stock on the consolidated transaction reporting system for the principal securities exchange for the Common Stock on that date, or, if there shall have been no such
sale so reported on that date, on the last preceding date on which such a sale was so reported, (b) if the shares of Common Stock are not so listed but are quoted on the Nasdaq National Market
System, the closing sales price per share of Common Stock on the Nasdaq National Market System on that date, or, if there shall have been no such sale so reported on that date, on the last preceding
date on which such a sale was so reported, (c) if the Common Stock is not so listed or quoted, the mean between the closing bid and asked price on that date, or, if there are no quotations
available for such date, on the last preceding date on which such quotations shall be available, as reported by Nasdaq, or, if not reported by Nasdaq, by the National Quotation Bureau, Inc., or
(d) if none of the above is applicable, such amount as may be determined by the Board (acting on the advice of an Independent Third Party, should the Board elect in its sole discretion to
utilize an Independent Third Party for this purpose), in good faith, to be the fair market value per share of Common Stock. 

        "Independent
Third Party" means an individual or entity independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with
expertise generally in the valuation of securities or other property for purposes of this Plan. The Board may utilize one or more Independent Third Parties. 

        2.15   "Incentive
"is defined in Section 2.1 hereof. 

        2.16   "Incentive
Stock Option" means an incentive stock option within the meaning of Section 422 of the Code, granted pursuant to this Plan. 

        2.17   "Nonpublicly
Traded" means not listed on a national securities exchange registered with the Securities and Exchange Commission or designated for trading
on the Nasdaq National Market. 

        2.18   "Nonqualified
Stock Option" means a nonqualified stock option, granted pursuant to this Plan, to which Section 421 of the Code does not apply. 

        2.19   "Option
Price" means the price which must be paid by a Participant upon exercise of a Stock Option to purchase a share of Common Stock. 

        2.20   "Outside
Director" means a director of the Company who is not an Employee. 

        2.21   "Participant"
means an Employee, Consultant, or Outside Director of the Company or a Subsidiary to whom an Award is granted under this Plan. 

        2.22   "Plan"
means this Availent Financial, Inc. 2003 Equity Incentive Plan, as amended from time to time. 

        2.23   "Reporting
Participant" means a Participant who is subject to the reporting requirements of Section 16 of the 1934 Act. 

        2.24   "Restricted
Stock" means shares of Common Stock issued or transferred to a Participant pursuant to Section 6.5 of this Plan which are subject to
restrictions or limitations set forth in this Plan and in the related Award Agreement. 

3

 

        2.25   "Retirement"
means any Termination of Service solely due to retirement upon or after attainment of age sixty-five (65), or permitted early
retirement as determined by the Committee. 

        2.26   "Stock
Option" means a Nonqualified Stock Option or an Incentive Stock Option. 

        2.27   "Subsidiary"
means (i) any corporation in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the
last corporation in the unbroken chain owns stock possessing a majority of the total combined voting power of all classes of stock in one of the other corporations in the chain, (ii) any
limited partnership, if the Company or any corporation described in item (i) above owns a majority of the general partnership interest and a majority of the limited partnership interests
entitled to vote on the removal and replacement of the general partner, and (iii) any partnership or limited liability company, if the partners or members thereof are composed only of the
Company, any corporation listed in item (i) above or any limited partnership listed in item (ii) above. "Subsidiaries" means more than one of any such corporations, limited partnerships,
partnerships or limited liability companies. 

        2.28   "Termination
of Service" occurs when a Participant who is an Employee or a Consultant of the Company or any Subsidiary shall cease to serve as an Employee
or Consultant of the Company and its Subsidiaries, for any reason; or, when a Participant who is an Outside Director of the Company or a Subsidiary shall cease to serve as a director of the Company
and its Subsidiaries for any reason. Except as may be necessary or desirable to comply with applicable federal or state law, a "Termination of Service" shall not be deemed to have occurred when a
Participant who is an Employee becomes a Consultant or an Outside Director or vice versa. If, however, a Participant who is an Employee and who has an Incentive Stock Option ceases to be an Employee
but does not suffer a Termination of Service, and if that Participant does not exercise the Incentive Stock Option within the time required under Code section 422 upon ceasing to be an
Employee, the Incentive Stock Option shall thereafter become a Nonqualified Stock Option. 

        2.29   "Total
and Permanent Disability" means a Participant is qualified for long-term disability benefits under the Company's or Subsidiary's
disability plan or insurance policy; or, if no such plan or policy is then in existence or if the Participant is not eligible to participate in such plan or policy, that the Participant, because of a
physical or mental condition resulting from bodily injury, disease, or mental disorder which prevents the Participant from performing his or her duties of employment for a period of six
(6) continuous months, as determined in good faith by the Committee, based upon medical reports or other evidence satisfactory to the Committee; provided
that, with respect
to any Incentive Stock Option, Total and Permanent Disability shall have the meaning given it under the rules governing Incentive Stock Options under the Code. 

ARTICLE 3

ADMINISTRATION  

        3.1    General Administration; Establishment of Committee.    Subject to the terms of this Article 3, the Plan
shall be administered by the Board or such committee of the Board as is designated by the Board to administer the Plan (the "Committee"). The Committee shall consist of not fewer than two persons. Any
member of the Committee may be removed at any time, with or without cause, by resolution of the Board. Any vacancy occurring in the membership of the Committee may be filled by appointment by the
Board. At any time there is no Committee to administer the Plan, any references in this Plan to the Committee shall be deemed to refer to the Board. 

        Membership
on the Committee shall be limited to those members of the Board who are "outside directors" under Section 162(m) of the Code and "non-employee directors" as
defined in Rule 16b-3 promulgated under the 1934 Act. The Committee shall select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum,
and the act of a majority of the 

4

 

members
of the Committee present at a meeting at which a quorum is present shall be the act of the Committee. 

        3.2    Designation of Participants and Awards.    

        (a)   The
Committee or the Board shall determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth in each related Award
Agreement, where applicable, the Award Period, the Date of Grant, and such other terms, provisions, limitations, and performance requirements, as are approved by the Committee, but not inconsistent
with the Plan. The Committee shall determine whether an Award shall include one type of Incentive or two or more Incentives granted in combination or two or more Incentives granted in tandem (that is,
a joint grant where exercise of one Incentive results in cancellation of all or a portion of the other Incentive). Although the members of the Committee shall be eligible to receive Awards, no member
of the Committee shall participate in any decisions regarding any Award granted hereunder to such member. All decisions with respect to any Award, and the terms and conditions thereof, to be granted
under the Plan to any member of the Committee shall be made solely and exclusively by the other members of the Committee, or if such member is the only member of the Committee, by the Board. 

        (b)   Notwithstanding
Subsection 3.2(a), the Board may, in its discretion and by a resolution adopted by the Board, authorize one or more officers of the Company (an
"Authorized Officer") to (i) designate one or more Employees as eligible persons to whom Awards will be granted under the Plan and (ii) determine the number of shares of Common Stock
that will be subject to such Awards; provided, however, that the resolution of the Board granting such authority shall (x) specify the total number of shares of Common Stock that may be made
subject to the Awards, (y) set forth the price or prices (or a formula by which such price or prices may be determined) to be paid for the purchase of the Common Stock subject to such Awards,
and (z) not authorize an officer to designate himself as a recipient of any Award. The Authorized Officer shall notify the Committee in writing of the persons designated to receive such Awards,
the type of Award or the type of Incentives subject to the Award, the Date of Grant, the number of shares of Common Stock that will be subject to such Awards, and the purchase price to be paid for
such shares. If authorized to do so in the Board's written resolution, the Authorized Officer shall cause the Company to execute an Award Agreement with the Participant, subject to the Committee's
ratification of such terms of an Award as required by law. 

        Within
an administratively reasonable time after receipt of the Authorized Officer's written notice of one or more Awards, the Committee shall authorize or ratify the grant of such
Awards and shall prescribe all other terms of such Awards pursuant to its authority set forth in Subsection 3(a). 

        3.3    Authority of the Committee.    The Committee, in its discretion, shall (i) interpret the Plan,
(ii) prescribe, amend, and rescind any rules and regulations necessary or appropriate for the administration of the Plan, (iii) establish performance goals for an Award and certify the
extent of their achievement, and (iv) make such other determinations or certifications and take such other action as it deems necessary or advisable in the administration of the Plan. Any
interpretation, determination, or other action made or taken by the Committee shall be final, binding, and conclusive on all interested parties. The Committee's discretion set forth herein shall not
be limited by any provision of the Plan, including any provision which by its terms is applicable notwithstanding any other provision of the Plan to the contrary. 

        The
Committee may delegate to officers of the Company, pursuant to a written delegation, the authority to perform specified functions under the Plan. Any actions taken by any officers of
the Company pursuant to such written delegation of authority shall be deemed to have been taken by the Committee. 

        With
respect to restrictions in the Plan that are based on the requirements of Rule 16b-3 promulgated under the 1934 Act, Section 422 of the Code,
Section 162(m) of the Code, the rules of 

5

 

any
exchange or inter-dealer quotation system upon which the Company's securities are listed or quoted, or any other applicable law, rule or restriction (collectively, "applicable law"), to the extent
that any such restrictions are no longer required by applicable law, the Committee shall have the sole discretion and authority to grant Awards that are not subject to such mandated restrictions
and/or to waive any such mandated restrictions with respect to outstanding Awards. 

ARTICLE 4

ELIGIBILITY  

        Any Employee (including an Employee who is also a director or an officer), Outside Director, or Consultant of the Company whose judgment, initiative, and efforts
contributed or may be expected to contribute to the successful performance of the Company is eligible to participate in the Plan; provided that only Employees of a Corporation shall be eligible to
receive Incentive Stock Options. The Committee, upon its own action, may grant, but shall not be required to grant, an Award to any Employee, Outside Director, or Consultant of the Company or any
Subsidiary. Awards may be granted by the Committee at any time and from time to time to new Participants, or to then Participants, or to a greater or lesser number of Participants, and may include or
exclude previous Participants, as the Committee shall determine. Except as required by this Plan, Awards granted at different times need not contain similar provisions. The Committee's determinations
under the Plan (including without limitation determinations of which Employees, Outside Directors, or Consultants, if any, are to receive Awards, the form, amount and timing of such Awards, the terms
and provisions of such Awards and the agreements evidencing same) need not be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under the
Plan. 

ARTICLE 5

SHARES SUBJECT TO PLAN  

        5.1    Number Available for Awards.    Subject to adjustment as provided in Articles 11 and 12, the maximum number of
shares of Common Stock that may be delivered pursuant to Awards granted under the Plan is 5,000,000 shares. Shares to be issued may be made available from authorized but unissued Common Stock, Common
Stock held by the Company in its treasury, or Common Stock purchased by the Company on the open market or otherwise. During the term of this Plan, the Company will at all times reserve and keep
available the number of shares of Common Stock that shall be sufficient to satisfy the requirements of this Plan. 

        5.2    Reuse of Shares.    Subject to Section 5.2(c), if, and to the extent: 

        (a)   A
Stock Option shall expire or terminate for any reason without having been exercised in full, or in the event that a Stock Option is exercised or settled in a manner
such that some or all of the shares of Common Stock relating to the Stock Option are not issued to the Participant (or beneficiary) (including as the result of the use of shares for withholding
taxes), the shares of Common Stock subject thereto which have not become outstanding shall (unless the Plan shall have sooner terminated) become available for issuance under the Plan; in addition,
with respect to any share-for-share exercise or cashless exercise pursuant to Section 8.3 or otherwise, only the "net" shares issued shall be deemed to have become
outstanding for purposes of the Plan as a result thereof. 

        (b)   If
shares of Restricted Stock under the Plan are forfeited for any reason, such shares of Restricted Stock shall (unless the Plan shall have sooner terminated) become
available for issuance under the Plan; provided, however, that if any dividends paid with respect to shares of Restricted Stock were paid to the Participant prior to the forfeiture thereof, such
shares shall not be reused for grants or awards. 

6

 

        (c)   In
no event shall the number of shares of Common Stock subject to Incentive Stock Options exceed, in the aggregate, 5,000,000 shares of Common Stock plus shares subject
to Incentive Stock Options which are forfeited or terminated, or expire unexercised. 

ARTICLE 6

GRANT OF AWARDS  

        6.1    In General.    The Company shall execute an Award Agreement with a Participant after the Committee approves the
issuance of an Award. Any Award granted pursuant to this Plan must be granted within ten (10) years after the date of adoption of this Plan. The Plan shall be submitted to the Company's
stockholders for approval; however, the Committee may grant Awards under the Plan prior to the time of stockholder approval. Any such Award granted prior to such stockholder approval shall be made
subject to such stockholder approval. The grant of an Award to a Participant shall not be deemed either to entitle the Participant to, or to disqualify the Participant from, receipt of any other Award
under the Plan. 

        6.2    Stock Options.    The grant of an Award of Stock Options shall be authorized by the Committee and shall be
evidenced by an Award Agreement setting forth: (i) the Incentive or Incentives being granted, (ii) the total number of shares of Common Stock subject to the Incentive(s),
(iii) the Option Price, (iv) the Award Period, (v) the Date of Grant, and (vi) such other terms, provisions, limitations, and performance objectives, as are approved by the
Committee, but not inconsistent with the Plan. 

        6.3    Option Price.    The Option Price for any share of Common Stock which may be purchased under a Nonqualified
Stock Option for any share of Common Stock may be less than, equal to, or greater than the Fair Market Value of the share on the Date of Grant. The Option Price for any share of Common Stock which may
be purchased under an Incentive Stock Option must be at least equal to the Fair Market Value of the share on the Date of Grant; if an Incentive Stock Option is granted to an Employee who owns or is
deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company (or any parent
or Subsidiary), the Option Price shall be at least 110% of the Fair Market Value of the Common Stock on the Date of Grant. 

        6.4    Maximum ISO Grants.    The Committee may not grant Incentive Stock Options under the Plan to any Employee which
would permit the aggregate Fair Market Value (determined on the Date of Grant) of the Common Stock with respect to which Incentive Stock Options (under this and any other plan of the Company and its
Subsidiaries) are exercisable for the first time by such Employee during any calendar year to exceed $100,000. To the extent any Stock Option granted under this Plan which is designated as an
Incentive Stock Option exceeds this limit or otherwise fails to qualify as an Incentive Stock Option, such Stock Option (or any such portion thereof) shall be a Nonqualified Stock Option. In such
case, the Committee shall designate which stock will be treated as Incentive Stock Option stock by causing the issuance of a separate stock certificate and identifying such stock as Incentive Stock
Option stock on the Company's stock transfer records. 

        6.5    Restricted Stock.    If Restricted Stock is granted to or received by a Participant under an Award (including a
Stock Option), the Committee shall set forth in the related Award Agreement: (i) the number of shares of Common Stock awarded, (ii) the price, if any, to be paid by the Participant for
such Restricted Stock and the method of payment of the price, (iii) the time or times within which such Award may be subject to forfeiture, (iv) specified performance goals of the
Company, a Subsidiary, any division thereof or any group of Employees of the Company, or other criteria, which the Committee determines must be met in order to remove any restrictions (including
vesting) on such Award, and (v) all other terms, limitations, restrictions, and conditions of the Restricted Stock, which shall be consistent with this Plan. The provisions of Restricted Stock
need not be the same with respect 

7

 

to
each Participant. If the Committee establishes a purchase price for an Award of Restricted Stock, the Participant must accept such Award within a period of thirty (30) days (or such shorter
period as the Committee may specify) after the Date of Grant by executing the applicable Award Agreement and paying such purchase price. 

        (a)   Legend on Shares.    Each Participant who is awarded or receives Restricted Stock shall be issued a stock
certificate or certificates in respect of such shares of Common Stock. Such certificate(s) shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Stock, substantially as provided in Section 15.11 of the Plan. 

        (b)   Restrictions and Conditions.    Shares of Restricted Stock shall be subject to the following restrictions and
conditions: 

          (i)  Subject
to the other provisions of this Plan and the terms of the particular Award Agreements, during such period as may be determined by the Committee commencing on
the Date of Grant or the date of exercise of an Award (the "Restriction Period"), the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Stock. Except for
these limitations, the Committee may in its sole discretion, remove any or all of the restrictions on such Restricted Stock whenever it may determine that, by reason of changes in applicable laws or
other changes in circumstances arising after the date of the Award, such action is appropriate. 

         (ii)  Except
as provided in sub-paragraph (i) above or in the applicable Award Agreement, the Participant shall have, with respect to his or her Restricted
Stock, all of the rights of a stockholder of the Company, including the right to vote the shares, and the right to receive any dividends thereon. Certificates for shares of Common Stock free of
restriction under this Plan shall be delivered to the Participant promptly after, and only after, the Restriction Period shall expire without forfeiture in respect of such shares of Common Stock or
after any other restrictions imposed in such shares of Common Stock by the applicable Award Agreement or other agreement have expired. Certificates for the shares of Common Stock forfeited under the
provisions of the Plan and the applicable Award Agreement shall be promptly returned to the Company by the forfeiting Participant. Each Award Agreement shall require each Participant, in connection
with the issuance of a certificate for Restricted Stock, shall endorse such certificate in blank or execute a stock power in form satisfactory to the Company in blank and deliver such certificate and
executed stock power to the Company. 

        (iii)  The
Restriction Period of Restricted Stock shall commence on the Date of Grant or the date of exercise of an Award, as specified in the Award Agreement, and, subject
to Article 12 of the Plan, unless otherwise established by the Committee in the Award Agreement setting forth the terms of the Restricted Stock, shall expire upon satisfaction of the conditions
set forth in the Award Agreement; such conditions may provide for vesting based on (i) length of continuous service, (ii) achievement of specific business objectives,
(iii) increases in specified indices, (iv) attainment of specified growth rates, or (v) other comparable measurements of Company performance, as may be determined by the Committee
in its sole discretion. 

        (iv)  Except
as otherwise provided in the particular Award Agreement, upon Termination of Service for any reason during the Restriction Period, the nonvested shares of
Restricted Stock shall be forfeited by the Participant. In the event a Participant has paid any consideration to the Company for such forfeited Restricted Stock, the Committee shall specify in the
Award Agreement that either (i) the Company shall be obligated to, or (ii) the Company may, in its sole discretion, elect to, pay to the Participant, as soon as practicable after the
event causing forfeiture, in cash, an amount equal to the lesser of the total 

8

 

consideration
paid by the Participant for such forfeited shares or the Fair Market Value of such forfeited shares as of the date of Termination of Service, as the Committee, in its sole discretion
shall select. Upon any forfeiture, all rights of a Participant with respect to the forfeited shares of the Restricted Stock shall cease and terminate, without any further obligation on the part of the
Company. 

        6.6    Maximum Individual Grants.    No Participant may receive during any fiscal year of the Company Awards covering
an aggregate of more than 500,000 shares of Common Stock. 

ARTICLE 7

AWARD PERIOD; VESTING  

        7.1    Award Period.    

        (a)   Subject
to the other provisions of this Plan, the Committee shall specify in the Award Agreement the Award Period for a Stock Option. No Stock Option granted under the
Plan may be exercised at any time after the end of its Award Period. The Award Period for any Stock Option shall be no more than ten (10) years from the Date of Grant of the Stock Option.
However, if an Employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of
stock of the Company (or any parent or Subsidiary) and an Incentive Stock Option is granted to such Employee, the Award Period of such Incentive Stock Option (to the extent required by the Code at the
time of grant) shall be no more than five (5) years from the Date of Grant. 

        (b)   In
the event of a Termination of Service of a Participant, the Award Period for a Stock Option shall be reduced or terminated in accordance with the Award Agreement. 

        7.2    Vesting.    The Committee, in its sole discretion, may determine that an Incentive will be immediately vested
in whole or in part, or that all or any portion may not be vested until a date, or dates,
subsequent to its Date of Grant, or until the occurrence of one or more specified events, subject in any case to the terms of the Plan. If the Committee imposes conditions upon vesting, then,
subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the Incentive may be vested. 

ARTICLE 8

EXERCISE OF INCENTIVE  

        8.1    In General.    The Committee, in its sole discretion, may determine that a Stock Option will be immediately
exercisable, in whole or in part, or that all or any portion may not be exercised until a date, or dates, subsequent to its Date of Grant, or until the occurrence of one or more specified events,
subject in any case to the terms of the Plan. If a Stock Option is exercisable prior to the time it is vested, the Common Stock obtained on the exercise of the Stock Option shall be Restricted Stock
which is subject to the applicable provisions of the Plan and the Award Agreement. If the Committee imposes conditions upon exercise, then subsequent to the Date of Grant, the Committee may, in its
sole discretion, accelerate the date on which all or any portion of the Stock Option may be exercised. No Stock Option may be exercised for a fractional share of Common Stock. The granting of a Stock
Option shall impose no obligation upon the Participant to exercise that Stock Option. 

        8.2    Securities Law and Exchange Restrictions.    In no event may an Incentive be exercised or shares of Common
Stock be issued pursuant to an Award if a necessary listing or quotation of the shares of Common Stock on a stock exchange or inter-dealer quotation system or any registration under state or federal
securities laws required under the circumstances has not been accomplished. 

9

   
        8.3    Exercise of Stock Option.    

        (a)    Notice and Payment.    Subject to such administrative regulations as the Committee may from time to time adopt,
a Stock Option may be exercised by the delivery of written notice to the Committee setting forth the number of shares of Common Stock with respect to which the Stock Option is to be exercised and the
date of exercise thereof (the "Exercise Date") which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon. On the Exercise Date,
the Participant shall deliver to the Company consideration with a value equal to the total Option Price of the shares to be purchased, payable as provided in the Award Agreement, which may provide for
payment in any one or more of the following ways: (a) cash or check, bank draft, or money order payable to the order of the Company, (b) Common Stock (including Restricted Stock) owned
by the Participant on the Exercise Date, valued at its Fair Market Value on the Exercise Date, and which the Participant has not acquired from the Company within six (6) months prior to the
Exercise Date, (c) if the Common Stock is no longer Nonpublicly Traded, by delivery (including by FAX) to the Company or its designated agent of an executed irrevocable option exercise form
together with irrevocable instructions from the Participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the shares of Common Stock purchased upon exercise of the
Stock Option or to pledge such shares as collateral for a loan and promptly deliver to the Company the amount of sale or loan proceeds necessary to pay such purchase price, and/or (d) in any
other form of valid consideration that is acceptable to the Committee in its sole discretion. In the event that shares of Restricted Stock are tendered as consideration for the exercise of a Stock
Option, a number of shares of Common Stock issued upon the exercise of the Stock Option with an Option Price equal to the value of Restricted Stock used as consideration therefor shall be subject to
the same restrictions and provisions as the Restricted Stock so tendered. 

        (b)    Issuance of Certificate.    Except as otherwise provided in Section 6.5 hereof (with respect to shares
of Restricted Stock) or in the applicable Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause certificates for the Common Stock then being purchased to be
delivered as directed by the Participant (or the person exercising the Participant's Stock Option in the event of his death) at its principal business office promptly after the Exercise Date; provided
that if the Participant has exercised an Incentive Stock Option, the Company may at its option retain physical possession of the certificate evidencing the shares acquired upon exercise until the
expiration of the holding periods described in Section 422(a)(1) of the Code. The obligation of the Company to deliver shares of Common Stock shall, however, be subject to the condition that,
if at any time the Committee shall determine in its discretion that the listing, registration, or qualification of the Stock Option or the Common Stock upon any securities exchange or inter-dealer
quotation system or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with, the Stock Option or the
issuance or purchase of shares of Common Stock thereunder, the Stock Option may not be exercised in whole or in part unless such listing, registration, qualification, consent, or approval shall have
been effected or obtained free of any conditions not reasonably acceptable to the Committee. 

        (c)    Failure to Pay.    Except as may otherwise be provided in an Award Agreement, if the Participant fails to pay
for any of the Common Stock specified in such notice or fails to accept delivery thereof, that portion of the Participant's Stock Option and right to purchase such Common Stock may be forfeited by the
Company. 

        8.4    Disqualifying Disposition of Incentive Stock Option.    If shares of Common Stock acquired upon exercise of an
Incentive Stock Option are disposed of by a Participant prior to the expiration of either two (2) years from the Date of Grant of such Stock Option or one (1) year from the transfer of
shares of Common Stock to the Participant pursuant to the exercise of such Stock Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such
Participant shall notify the Company in writing of the date and terms of such disposition. A disqualifying disposition by 

10

 

a
Participant shall not affect the status of any other Stock Option granted under the Plan as an Incentive Stock Option within the meaning of Section 422 of the Code. 

ARTICLE 9

AMENDMENT OR DISCONTINUANCE  

        Subject to the limitations set forth in this Article 9, the Board may at any time and from time to time, without the consent of the Participants, alter,
amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment which requires stockholder approval in order for the Plan and Incentives awarded under the
Plan to continue to comply with Sections 162(m), 421, and 422 of the Code, including any successors to such Sections, shall be effective unless such amendment shall be approved by the requisite vote
of the stockholders of the Company entitled to vote thereon. Any such amendment shall, to the extent deemed necessary or advisable by the Committee, be applicable to any outstanding Incentives
theretofore granted under the Plan, notwithstanding any contrary provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the holder of any Incentive outstanding
under the Plan shall, upon request of the Committee and as a condition to the exercisability thereof, execute a conforming amendment in the form prescribed by the Committee to any Award Agreement
relating thereto. Notwithstanding anything contained in this Plan to the contrary, unless required by law, no action contemplated or permitted by this Article 9 shall adversely affect any
rights of Participants or obligations of the Company to Participants with respect to any Incentive theretofore granted under the Plan without the consent of the affected Participant. 

ARTICLE 10

TERM  

        The Plan shall be effective from the date that this Plan is approved by the Board. Unless sooner terminated by action of the Board, the Plan will terminate on
December 31, 2012, but Incentives granted before that date will continue to be effective in accordance with their terms and conditions. 

ARTICLE 11

CAPITAL ADJUSTMENTS  

        In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other
property), recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation, split-up, spin-off, split-off, combination,
subdivision, repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other
similar corporate transaction or event affects the Common Stock such that an adjustment is determined by the Committee to be appropriate to prevent the dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of the (i) the number of shares and type of
Common Stock (or the securities or property) which thereafter may be made the subject of Awards, (ii) the number of shares and type of Common Stock (or other securities or property) subject to
outstanding Awards, (iii) the number of shares and type of Common Stock (or other securities or property) specified as the annual per-participant limitation under Section 6.6
of the Plan, (iv) the Option Price of each outstanding Award, and (v) the amount, if any, the Company pays for forfeited shares of Common Stock in accordance with Section 6.5;  provided
however, that the number of shares of Common Stock (or other securities or property) subject to any Award shall always be a whole number. In
lieu of the foregoing, if deemed appropriate, the Committee may make provision for a cash payment to the holder of an outstanding Award. Notwithstanding the foregoing, no such adjustment or cash
payment shall be made or authorized to the extent that such adjustment or cash payment would cause the Plan or any Stock Option to violate Code Section 422. Such adjustments shall be made in 

11

 

accordance
with the rules of any securities exchange, stock market, or stock quotation system to which the Company is subject. 

        Upon
the occurrence of any such adjustment or cash payment, the Company shall provide notice to each affected Participant of its computation of such adjustment or cash payment which
shall be conclusive and shall be binding upon each such Participant. 

ARTICLE 12

RECAPITALIZATION, MERGER AND CONSOLIDATION  

        12.1    No Effect on Company's Authority.    The existence of this Plan and Incentives granted hereunder shall not
affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital
structure and its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting the Common Stock
or the rights thereof (or any rights, options, or warrants to purchase same), or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or
any other corporate act or proceeding, whether of a similar character or otherwise. 

        12.2    Conversion of Incentives Where Company Survives.    Subject to any required action by the stockholders, if the
Company shall be the surviving or resulting corporation in any merger, consolidation or share exchange, any Incentive granted hereunder shall pertain to and apply to the securities or rights
(including cash, property, or assets) to which a holder of the number of shares of Common Stock subject to the Incentive would have been entitled. 

        12.3    Exchange or Cancellation of Incentives Where Company Does Not Survive.    In the event of any merger,
consolidation or share exchange pursuant to which the Company is not the surviving or resulting corporation, there shall be substituted for each share of Common Stock subject to the unexercised
portions of outstanding Stock Options, that number of shares of each class of stock or other securities or that amount of cash, property, or assets of the surviving, resulting or consolidated company
which were distributed or distributable to the stockholders of the Company in respect to each share of Common Stock held by them, such outstanding Stock Options to be thereafter exercisable for such
stock, securities, cash, or property in accordance with their terms. 

        Notwithstanding
the foregoing, however, all Stock Options may be canceled by the Company, in its sole discretion, as of the effective date of any such reorganization, merger,
consolidation, or share exchange, or of any proposed sale of all or substantially all of the assets of the Company, or of any dissolution or liquidation of the Company, by either: 

        (a)   giving
notice to each holder thereof or his personal representative of its intention to cancel such Stock Options and permitting the purchase during the thirty
(30) day period next preceding such effective date of any or all of the shares subject to such outstanding Stock Options, including in the Board's discretion some or all of the shares as to
which such Stock Options would not otherwise be vested and exercisable; or 

        (b)   paying
the holder thereof an amount equal to a reasonable estimate of the difference between the net amount per share payable in such transaction or as a result of such
transaction, and the exercise price per share of such Stock Option (hereinafter the "Spread"), multiplied by the number of shares subject to the Stock Option. In cases where the shares constitute, or
would after exercise, constitute Restricted Stock, the Company, in its discretion may include some or all of those shares in the calculation of the amount payable hereunder. In estimating the Spread,
appropriate adjustments to give effect to the existence of the Stock Options shall be made, such as deeming the Stock Options to have been exercised, with the Company receiving the exercise price
payable thereunder, and treating the shares receivable upon exercise of the Options as being 

12

 

outstanding
in determining the net amount per share. In cases where the proposed transaction consists of the acquisition of assets of the Company, the net amount per share shall be calculated on the
basis of the net amount receivable with respect to shares of Common Stock upon a distribution and liquidation by the Company after giving effect to expenses and charges, including but not limited to
taxes, payable by the Company before such liquidation could be completed. 

        (c)   An
Award that by its terms would be fully vested or exercisable upon such a reorganization, merger, consolidation, share exchange, proposed sale of all or substantially
all of the assets of the Company or dissolution or liquidation of the Company will be considered vested or exercisable for purposes of Section 12.3(a) hereof. 

ARTICLE 13

LIQUIDATION OR DISSOLUTION  

        Subject to Section 12.3 hereof, in case the Company shall, at any time while any Incentive under this Plan shall be in force and remain unexpired,
(i) sell all or substantially all of its property, or (ii) dissolve, liquidate, or wind up its affairs, then each Participant shall be entitled to receive, in lieu of each share of
Common Stock of the Company which such Participant would have been entitled to receive under the Incentive, the same kind and amount of any securities or assets as may be issuable, distributable, or
payable upon any such sale, dissolution, liquidation, or winding up with respect to each share of Common Stock of the Company. If the Company shall, at any time prior to the expiration of any
Incentive, make any partial distribution of its assets, in the nature of a partial liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of
earned surplus and designated as such) then in such event the Option Prices then in effect with respect to each Stock Option shall be reduced, on the payment date of such distribution, in proportion
to the percentage reduction in the tangible book value of the shares of the Company's Common Stock (determined in accordance with generally accepted accounting principles) resulting by reason of such
distribution. 

ARTICLE 14

INCENTIVES IN SUBSTITUTION FOR

INCENTIVES GRANTED BY OTHER ENTITIES  

        Incentives may be granted under the Plan from time to time in substitution for similar instruments held by employees or directors of a corporation, partnership,
or limited liability company who become or are about to become Employees or Outside Directors of the Company or any Subsidiary as a result of a merger or consolidation of the employing corporation
with the Company, the acquisition by the Company of equity of the employing entity, or any other similar transaction pursuant to which the Company becomes the successor employer. The terms and
conditions of the substitute Incentives so granted may vary from the terms and conditions set forth in this Plan to such extent as the Committee at the time of grant may deem appropriate to conform,
in whole or in part, to the provisions of the Incentives in substitution for which they are granted. 

ARTICLE 15

MISCELLANEOUS PROVISIONS  

        15.1    Investment Intent.    The Company may require that there be presented to and filed with it by any Participant
under the Plan, such evidence as it may deem necessary to establish that the Incentives granted or the shares of Common Stock to be purchased or transferred are being acquired for investment and not
with a view to their distribution. 

        15.2    Nonpublicly Traded Common Stock.    In the event a Participant receives, as Restricted Stock or pursuant to
the exercise of a Stock Option, shares of Common Stock that are Nonpublicly Traded 

13

 

(as
defined herein), the Committee may impose restrictions and conditions on the transfer or other disposition of those shares. The restrictions and conditions may be reflected in the Award Agreement
or in a separate stockholders' agreement. 

        15.3    No Right to Continued Employment.    Neither the Plan nor any Incentive granted under the Plan shall confer
upon any Participant any right with respect to continuance of employment by the Company or any Subsidiary. 

        15.4    Indemnification of Board and Committee.    No member of the Board or the Committee, nor any officer or
Employee of the Company acting on behalf of the Board or the Committee, shall be
personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board and the Committee, each officer of the Company,
and each Employee of the Company acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action,
determination, or interpretation. 

        15.5    Effect of the Plan.    Neither the adoption of this Plan nor any action of the Board or the Committee shall be
deemed to give any person any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment thereto, duly authorized by the Committee and executed
on behalf of the Company, and then only to the extent and upon the terms and conditions expressly set forth therein. 

        15.6    Compliance With Other Laws and Regulations.    Notwithstanding anything contained herein to the contrary, the
Company shall not be required to sell or issue shares of Common Stock under any Incentive if the issuance thereof would constitute a violation by the Participant or the Company of any provisions of
any law or regulation of any governmental authority or any national securities exchange or inter-dealer quotation system or other forum in which shares of Common Stock are quoted or traded (including
without limitation Section 16 of the 1934 Act and Section 162(m) of the Code); and, as a condition of any sale or issuance of shares of Common Stock under an Incentive, the Committee may
require such agreements or undertakings, if any, as the Committee may deem necessary or advisable to assure compliance with any such law or regulation. The Plan, the grant and exercise of Incentives
hereunder, and the obligation of the Company to sell and deliver shares of Common Stock, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any
government or regulatory agency as may be required. 

        15.7    Lock-up Agreement.    The Company may require that an Award Agreement include a provision
requiring a Participant to agree that in connection with an underwritten public offering of Common Stock, upon the request of the Company or the principal underwriter managing such public offering, no
shares of Common Stock received by the Participant under such Award Agreement may be sold, offered for sale or otherwise disposed of without the prior written consent of the Company or such
underwriter, as the case may be, for at least sixty (60) days after the effectiveness of the registration statement filed in connection with such offering, or such longer period of time as the
Board may determine, if all of the Company's directors and officers agree to be similarly bound. The obligations contained in such an Award Agreement, if applicable, shall remain effective for all
underwritten public offerings with respect to which the Company has filed a registration statement on or before the date five (5) years after the closing of the Company's initial public
offering, provided, however, that this Section 15.7 shall cease to apply to any such shares of Common Stock sold to the public pursuant to an effective registration statement or an exemption
from the registration requirements of the Securities Act in a transaction that complied with the terms of the applicable Award Agreement. 

        15.8    Tax Requirements.    The Company or, if applicable, any Subsidiary (for purposes of this Section 15.8,
the term "Company" shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in
connection with the Plan, any Federal, 

14

 

state,
local, or other taxes required by law to be withheld in connection with an Award granted under this Plan. The Company may, in its sole discretion, also require the Participant receiving shares
of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant's income arising with respect to the Award.
Such payments shall be required to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock. Such payment may
be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding
obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the exercising Participant to the Company of shares of Common Stock that
the Participant has not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to
avoid the issuance of fractional shares under (iii) below) the required tax withholding payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company's
withholding of a number of shares to be delivered upon the exercise of the Stock Option, which shares so withheld have an aggregate fair market value that equals (but does not exceed) the required tax
withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the
Company to the Participant. The Committee may in the Award Agreement impose any additional tax requirements or provisions that the Committee deems necessary or desirable. 

        15.9    Stock Option Assignability.    Incentive Stock Options may not be transferred, assigned, pledged, hypothecated
or otherwise conveyed or encumbered other than by will or the laws of descent and distribution and may be exercised during the lifetime of the Participant only by the Participant or the Participant's
legally authorized representative, and each Award Agreement in respect of an Incentive Stock Option shall so provide. The designation by a Participant of a beneficiary will not constitute a transfer
of the Stock Option. The Committee may waive or modify any limitation contained in the preceding sentences of this Section 15.9 that is not required for compliance with Section 422 of
the Code. 

        Except
as otherwise provided herein, Nonqualified Stock Options may not be transferred, assigned, pledged, hypothecated or otherwise conveyed or encumbered other than by will or the laws
of descent and distribution. The Committee may, in its discretion, authorize all or a portion of a Nonqualified Stock Option granted to a Participant to be on terms which permit transfer by such
Participant to (i) the spouse (or former spouse), children or grandchildren of the Participant ("Immediate Family Members"), (ii) a trust or trusts for the exclusive benefit of such
Immediate Family Members, (iii) a partnership in which the only partners are (1) such Immediate Family Members and/or (2) entities which are controlled by Immediate Family
Members, (iv) an entity exempt from federal income tax pursuant to Section 501(c)(3) of the Code or any successor provision, or (v) a split interest trust or pooled income fund
described in Section 2522(c)(2) of the Code or any successor provision, provided that (x) there shall be no consideration for any such
transfer, (y) the Award Agreement pursuant to which such Nonqualified Stock Option is granted must be approved by the Committee and must expressly provide for transferability in a manner
consistent with this Section, and (z) subsequent transfers of transferred
Nonqualified Stock Options shall be prohibited except those by will or the laws of descent and distribution. 

        Following
any transfer, any such Nonqualified Stock Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that
for purposes of Articles 8, 9, 11, 13 and 15 hereof the term "Participant" shall be deemed to include the transferee. The events of Termination of Service shall continue to be applied with respect to
the original Participant, following which the Nonqualified Stock Options shall be exercisable by the transferee only to the extent and for the periods specified in the Award Agreement. The Committee
and the Company shall have no obligation to inform any transferee of a Nonqualified Stock Option of any expiration, 

15

 

termination,
lapse or acceleration of such Stock Option. The Company shall have no obligation to register with any federal or state securities commission or agency any Common Stock issuable or issued
under a Nonqualified Stock Option that has been transferred by a Participant under this Section 15.9. 

        15.10    Use of Proceeds.    Proceeds from the sale of shares of Common Stock pursuant to Incentives granted under
this Plan shall constitute general funds of the Company. 

        15.11    Legend.    Each certificate representing shares of Restricted Stock issued to a Participant shall bear the
following legend, or a similar legend deemed by the Company to constitute an appropriate notice of the provisions hereof (any such certificate not having such legend shall be surrendered upon demand
by the Company and so endorsed): 

        On
the face of the certificate: 

"Transfer
of this stock is restricted in accordance with conditions printed on the reverse of this certificate." 

        On
the reverse: 

"The
shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain Availent Financial, Inc. 2003 Equity Incentive Plan, a copy of which is
on file at the principal office of the Company in Dallas, Texas. No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan.
By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan." 

        The
following legend shall be inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued in a transaction registered under the applicable
federal and state securities laws: 

"Shares
of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the
registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in
transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel
satisfactory to the Company." 

        A
copy of this Plan shall be kept on file in the principal office of the Company in Dallas, Texas. 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be executed as of January 1, 2003, by its Chief Executive Officer and Secretary pursuant to prior action taken by the
Board. 

	 	 	 	AVAILENT FINANCIAL, INC.,
 a Delaware corporation
	

 	

 	
 	

By:	

/s/  PATRICK A. MCGEENEY      

	 	 	 	Name:	Patrick A. McGeeney
	 	 	 	Title:	Chief Executive Officer
	

Attest:	
 	

 	

 
	

    	

 	
 	

 	

 
	/s/  WOODY CONRADT      
	 	 	 
	Name:	Woody Conradt	 	 	 
	Title:	Secretary	 	 	 

16

QuickLinks

Exhibit 4.1

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