Document:

MATRIX BANCORP, INC.

                      Executive Deferred Compensation Plan

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Section 1 - Purpose

1.01  Purpose.  Matrix Bancorp,  Inc. and its  subsidiaries  ("Subsidiaries"),
      together the Company  ("Company"),  by action of its Board of Directors,
      hereby   establishes  the  Matrix  Bancorp,   Inc.   Executive  Deferred
      Compensation  Plan  ("Plan").  The Plan is  intended to help the Company
      attract and retain key  employees  and  directors  by  allowing  them to
      defer a portion of their compensation.

      The Plan is to be construed as a plan maintained to provide deferred
      compensation to a "select group of management or highly compensated
      employees" within the meaning of Section 201(2) of the Employee Retirement
      Income Security Act of 1974 ("ERISA"), as amended from time to time. The
      Plan is intended to be exempt from the participation, vesting, funding and
      fiduciary requirements of Title I of ERISA, to the fullest extent
      permitted under the law. The Plan shall at all times be "unfunded" within
      the meaning of ERISA and the Internal Revenue Code of 1986, as amended
      from time to time.

1.02  Gender and Number. Where the context permits, words in any gender shall
      include any other gender, words in the singular shall include the plural,
      and the plural shall include the singular.

Section 2 - Definitions. As used herein, the following terms shall have the
      meaning indicated:

2.01  Account shall mean the account established to record the interest of a
      Participant under the Plan. A Participant's Account shall consist of the
      value of any Compensation amounts the Participant elects to defer, any
      Matching Contributions made by the Company, and any income credited or
      debited thereto.

2.02  Beneficiary shall mean the person or persons entitled to receive a
      distribution under the Plan in the event of a Participant's death.

2.03  Board shall mean the Board of Directors of the Company.

2.04  Change of Control event shall mean any of the following (other than as a
      result of a public offering of shares of the Company):

      (a)   Any  transaction  (which  shall  include a series of  transactions
            occurring  within  60 days or  occurring  pursuant to a plan) that
            has  the  result  that  shareholders  of the  Company  immediately
            before  such  transaction  cease  to own at least  51% of  (x) the
            voting  stock of the Company or (y) any entity that  results  from
            the   participation   of   the   Company   in  a   reorganization,
            consolidation,  merger, liquidation or any other form of corporate
            transaction;

      (b)   A   merger,   consolidation,    reorganization,   liquidation   or
            dissolution in which the Company does not survive;

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      (c)   A sale, lease, exchange or other disposition of all or substantially
            all of the property and assets of the Company.

2.05  Code shall mean the Internal Revenue Code of 1986, as amended from time to
      time, all successor laws thereto, and any regulations or guidance
      promulgated thereunder. Where the Plan refers to a particular section of
      the Code, the reference shall also apply to any successor to that section.

2.06  Compensation shall mean the actual cash remuneration paid to an Employee
      or Director by the Employer in consideration of services rendered.
      Compensation may include base salary, bonus, commission, incentive,
      directors' fees, etc. Compensation may not include relocation allowances
      or any reimbursement paid to Employee or Director in connection with his
      employment or service.

2.07 Deferral Election shall mean an election made under Section 5.01.

2.08  Director  shall mean a member of the Board or an  advisory  director  of
      the Board.

2.09  Disability shall mean the Total Disability of a Participant,  as defined
      in the Matrix Bancorp, Inc. Long Term Disability Insurance Plan.

2.10  Eligible Person shall mean (a) an Employee of the Employer earning annual
      Compensation of at least $120,000, (b) a member of the Board of Directors,
      including advisory directors, of the Company, or (c) such others selected
      by the Board in its sole and absolute discretion, to make Compensation
      Deferral Elections under the Plan pursuant to Section 5.01 (a) and (b).
      However, an otherwise Eligible Person shall not be eligible to make such
      Deferral Elections and any prior Deferral Elections shall become invalid
      following any distribution of benefits under the Plan pursuant to Section
      7.

2.11  Employee  shall mean any person who is an employee of the Company or who
      is an employee of any Subsidiary.

2.12  Employer shall mean Matrix Bancorp,  Inc. or any Subsidiary to which the
      Employee provides services in exchange for Compensation.

2.13 Entry Date shall mean January 1st and July 1st of any Plan Year.

2.14  Matching Contribution shall mean a contribution, as described in Section
      5.03 which is determined annually by the Board.

2.15  Participant shall mean an Eligible Person who has filed a completed and
      executed Deferral Election Agreement and Deferral Enrollment Agreement
      with the Administrator and is participating in the Plan in accordance with
      the provisions of Section 5.

2.16  Payout Date shall mean the date on which the Participant elected pursuant
      to his completed and executed Enrollment Election Agreement, to commence
      receiving

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      deferred monies but in no event later than Termination. The date
      the Participant elects for distribution shall be at least five (5) years
      from the date of original deferral.

2.17  Penalty shall mean twenty-five percent (25%) of the Participant's vested
      balance in any Matching Contributions and any income credited or debited
      thereto.

2.18  Plan  Administrator  shall mean the  administrator  described in Section
      3.01.

2.19 Plan Year shall mean the calendar year (January I - December 31).

2.20  Retirement shall mean a Participant ceasing to be an Employee or Director
      of the Company on or after attainment of any combination of age and Years
      of Service equal to sixty-five (65).

2.21  Subsidiary shall mean any corporation in any unbroken chain of
      corporations beginning with the Company, if, at the time of reference,
      each of the corporations other than the last corporation in the unbroken
      chain owns stock possessing 50% or more of the total combined voting power
      of all classes of stock in one of the other corporations in such chain.

2.22  Termination shall mean termination of employment, termination of a
      Director's service on the Board, or Retirement other than by reason of
      death.

2.23  Years of Service means the total number of full years in which a
      Participant has been employed by the Company or has served on the Board.
      For purposes of this definition, a year of service commences on the
      Employee's date of hire or date Board membership begins and commences on
      an anniversary of that hire date or Board membership. Any partial year of
      employment or Board membership shall not be counted.

Section 3 - Administration of the Plan

3.01  Administration.  This Plan shall be  administered  by the  Board,  which
      may appoint a Plan Administrator.

      The Plan Administrator shall have all powers necessary or appropriate to
      carry out the provisions of the Plan. The Plan Administrator may, from
      time to time, establish rules for the administration of the Plan and the
      transaction of the Plan's business.

      The Plan Administrator shall have the exclusive right to make any finding
      of fact necessary or appropriate for any purpose under the Plan,
      including, but not limited to, the determination of eligibility for and
      amount of any benefit.

      The Plan Administrator shall have the exclusive right to interpret the
      terms and provisions of the Plan and to determine any and all questions
      arising under the Plan or in connection with its administration,
      including, without limitation, the right to remedy or resolve possible
      ambiguities, inconsistencies, or omissions by general rule or particular
      decision, all in its sole and absolute discretion.

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      All findings of fact, determinations, interpretations and decisions of the
      Plan Administrator shall be conclusive and binding upon all person(s)
      having or claiming to have any interest or right under the Plan and shall
      be given the maximum deference allowed by law.

3.02  Tax Withholding. The Company or the appropriate Employer may withhold from
      any payment under this Plan any and all withholdings under all
      jurisdictions including federal, state, local or foreign taxes required by
      law to be withheld with respect to the payment and any sum the Company or
      the appropriate Employer may reasonably estimate as necessary to cover any
      taxes for which they may be liable and that may be assessed with regard to
      the payment.

Section 4 - Eligibility

4.01  Participation shall be limited to a "select group of management of highly
      compensated employees" within the meaning of ERISA Section 201(2).

4.02  The Plan Administrator may permit any person who first becomes an Eligible
      Person on or after the first day of a Plan Year to enroll in the Plan
      within 30 days following his eligibility. The Deferral Election shall be
      effective only for Compensation earned after the 30-day period.

4.03  The Plan Administrator may permit an Eligible Person to enroll in the Plan
      and commence participation in the Plan on any Entry Date during a Plan
      Year.

4.04  Once a Participant makes a Deferral Election of Compensation, this
      percentage cannot be increased but may be decreased during any Entry Date
      during a Plan Year.

4.05  The Plan Administrator may permit any person, who through job transfer or
      demotion no longer meets the "Eligible Person" definition of Section 2, to
      cease his Deferral Election immediately. If a Participant no longer
      satisfies the definition of "Eligible Person" or, in the Plan
      Administrator's discretion, no longer satisfies the requirements of
      Section 4.01, the Participant's Deferral Election automatically and
      immediately terminates. At such time, the Participant will be deemed to
      have reached a Payout Date as defined in Section 2.16 and will be eligible
      for a benefit as explained in Section 7.

4.06  Participation in or eligibility for the Plan shall not constitute a
      guarantee or contract of employment and shall not give any Employee the
      right to be retained in the employment of the Company. Nor shall
      participation in or eligibility for constitute any right to claim any
      benefit under the terms of the Plan, unless this right or claim has
      specifically vested under the terms of the Plan.

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Section 5 - Deferral Elections and Matching Contributions

5.01  Deferral Elections. A Participant may elect to defer a specified amount or
      percentage of his Compensation. The maximum deferral allowed is one
      hundred percent (100%), less any required withholding under Section 5.02,
      of the Participant's Compensation.

      A Participant who wishes to defer receipt of all or a portion of any
      Compensation to be earned during the Plan Year shall provide the Plan
      Administrator with a completed and executed Deferral Election Agreement
      and Deferral Enrollment Agreement according to the rules established by
      the Board in its sole and absolute discretion. A Participant's election to
      defer any Compensation shall be received by the Plan Administrator no
      later than the next Entry Date to which the election will take effect.

5.02  Rules Regarding Withholdings. No Participant shall be allowed to defer
      Compensation to the extent the Company determines that such Compensation
      should be withheld to pay the Participant's portion of taxes under the
      Federal Insurance Contributions Act ("FICA"), and federal, state or local
      income taxes, payments required to maintain coverage for the Participant
      or the Participant's dependents under any welfare plan or program of the
      Company, or any similar payment.

5.03  Matching  Contributions.  The  Company,  in  its  discretion,  may  make
      matching  contributions  for  each  Participant  who  elects  to defer a
      portion of his Compensation.

      (a)   The amount of the matching contribution, if any, shall be determined
            by the Board and may be tied to Company and/or individual
            performance.

      (b)   The matching contribution may be made in cash, or, if approved by
            the shareholders of the Company, in common stock of the Company.

      (c)   In no event will the matching contribution exceed $50,000 per
            Participant on an annual basis.

      (d)   A Participant will be eligible to receive a matching contribution if
            employed or if serving as a Director on December 31st of the year in
            which the Matching Contribution relates.

5.04  Investment Equivalents. Except to the extent other arrangements are
      established by the Plan Administrator, amounts in the Participant's
      Account under the Plan shall be credited (or debited) with investment
      gains (or losses) corresponding to investment equivalents established by
      the Plan Administrator and selected by the Participant. The Participant's
      election of the investment equivalent or equivalents upon which such
      crediting and debiting will be based, including the right to change such
      election with respect to his future contributions and his existing account
      balance, shall be handled in the manner prescribed by the Plan
      Administrator. Neither the Company, nor any Subsidiary, nor the Trustee of
      the Rabbi Trust, shall be required to invest amounts corresponding to the
      investment equivalents. The Participant may choose from the following
      investment

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      choices. The Plan Administrator shall have the right to change
      the investment choices as long as a diversified selection is maintained:

                  Fund or Investment Name
                  Aim Limited Maturity Treasury
                  Aim Charter
                  Aim Value
                  Aim Constellation
                  Aim Aggressive Growth

Section 6 - Vesting; Employment Taxes

6.01  General. Each Participant shall be 100% vested in any Compensation
      deferred. Except as provided in Section 6.03, each Participant shall have
      a nonforfeitable right or vested interest in his Matching Contribution
      based on the following vesting schedule:

                Years of Service                Vested Percentage
                ----------------                -----------------
                        1                              20%
                        2                              40%
                        3                              60%
                        4                              80%
                        5                             100%

6.02  Forfeitures. If any amount of Matching Contribution is forfeited upon
      Termination, such forfeiture shall be placed in a suspense account which
      win used to offset future Company Matching Contributions. The suspense
      account may continue to accrue earnings until such funds are used to
      offset Company Matching Contributions.

6.03  Special. Notwithstanding Section 6.01 above, a Participant shall have a
      nonforfeitable right or vested interest in his Account (including Matching
      Contributions) upon the Participant's Retirement, death, or Disability.

6.04  FICA and Other Taxes. For each Plan Year during which a Participant vests
      in a new portion of his Account, the Company shall remit the Participant's
      share of FICA and other employment taxes, if any, that are attributable to
      such vesting.

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Section 7 - Benefits Distribution

7.01  Benefit. A Participant is eligible for a benefit under the Plan when he
      has reached a Payout Date (as defined in Section 2). The benefit will be
      based on the total vested value of the Account of the Participant.

7.02  Benefit  Upon   Termination.   Termination   shall  create  a  lump  sum
      distribution   notwithstanding  the  Participant's  Deferral  Enrollment
      Agreement.

7.03  Benefit   Upon   Disability.   Disability   shall   create  a  lump  sum
      distribution   notwithstanding  the  Participant's  Deferral  Enrollment
      Agreement.

7.04  Benefit Upon Change of Control. A Change of Control, as defined in Section
      2.04, shall create a lump sum distribution notwithstanding the
      Participant's Deferral Enrollment Agreement. However, the Participant's
      Deferral Enrollment Agreement shall remain in effect if the surviving
      corporation assumes this Plan.

7.05  Benefit Amount.  Any amount to be distributed  shall be determined as of
      the date coincident with or immediately preceding the Payout Date.

7.06  Time and Form. Distributions shall be made in the form, and as soon as
      practicable, after the dates specified in the Participant's Deferral
      Enrollment Agreement, unless distribution is due to Termination.

      The Deferral Enrollment Agreement shall state:

      (a)   the Payout Date with respect to the Participant's Account, and

      (b)   the form of payment, whether in one lump sum or annual installments
            over 5 or 10 years.

      If distribution is due to Termination (other than Retirement), payment
      shall be made within 60 days of the calendar year following the date of
      Termination. If distribution is due to Termination caused by Retirement,
      payment may be made in one lump sum or over a five (5) or ten (10) year
      period in annual installments.

7.07  Rules   Regarding   Modification   of  Deferral   Enrollment   Agreement
      ("Modified Enrollment Agreement").

      (a)   The form and timing of payment may be modified by the Participant if
            communicated to the Plan Administrator prior to the end of the Plan
            Year preceding: (i) the scheduled lump sum payment or installment
            payment, or (ii) Termination, provided however that such
            modifications must be made at least one year prior to the scheduled
            payment date.

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7.08  Participant's Death.

      (a)   If a Participant dies after payments of Benefits under the Plan have
            commenced, payments shall continue to be made in the same form and
            for the same duration as elected by the Participant. However, such
            payments of Benefits shall be made to his Beneficiary. The
            Beneficiary may elect to receive a lump sum payment of the Benefit
            with the approval of the Plan Administrator or the Board of
            Directors.

      (b)   If a Participant dies prior to the commencement of a payment of his
            Benefits under the Plan, distributions of his Account shall be made
            to his Beneficiary. The payment shall be made in one lump sum.

      (c)   Each Participant  shall submit a written,  signed,  and dated list
            of his designated  Beneficiary to the Plan Administrator on a form
            approved   by  the   Plan   Administrator   ("Matrix   Beneficiary
            Designation  Form").  The  Participant  may change the Beneficiary
            at any time  without the consent of any prior  Beneficiary.  If no
            Beneficiary  survives the  Participant or if no valid  Beneficiary
            designation is in effect,  the Participant's  Beneficiary shall be
            his estate.  A married  participant's  designation  of Beneficiary
            other  than  his or her  spouse  as  primary  Beneficiary  must be
            consented to by the spouse.

7.09  Emergency Benefit. In the event that the Plan Administrator, on written
      petition of the Participant, determines, in its sole discretion, that the
      Participant has suffered an unforeseeable financial emergency, the Company
      shall pay to the Participant, as soon as practicable following such
      determination, an amount up to the balance of his deferrals as necessary
      to meet the emergency (the "Emergency Benefit"). For purposes of the Plan,
      an unforeseeable financial emergency is an unexpected need for cash
      arising from an illness, casualty loss, sudden financial reversal, or
      other such unforeseeable occurrence. The amount of the benefits otherwise
      payable under the Plan shall thereafter be adjusted to reflect the payment
      of the Emergency Benefit. Applications for Emergency Benefits and the
      determinations thereon by the Plan Administrator shall be in writing, and
      a Participant may be required to furnish written proof of the financial
      emergency. Any Participant who receives an Emergency Benefit will be
      precluded from electing to make new deferrals under the Plan until the
      next enrollment period that occurs at least twelve (12) months following
      payment of the Emergency Benefit. No payment shall be made under this
      Section if the Plan Administrator determines that such payment would leave
      any other amounts deferred hereunder to be deemed constructively received
      under the Code.

7.10  Early Distribution. Notwithstanding a Participant's election under Section
      5, a Participant may elect to receive his entire vested Account in a
      single lump sum payment less an immediate Penalty as defined in Section
      2.17. Such Participant will cease to become an Eligible Person for the
      24-month period commencing on the Early Distribution.

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7.11  Small Benefit. In the event the Plan Administrator determines that the
      vested balance of a Participant's Account is less than $25,000 at the time
      of commencement of payment of his Benefit, or that the portion of the
      balance of the Participant's Account payable to any Beneficiary is less
      than $25,000 at the time of commencement of payment of a survivor Benefit
      to such Beneficiary, the Plan Administrator may pay the Benefit in the
      form of a lump sum payment, notwithstanding any provision of this Section
      7 to the contrary. Such lump sum payment shall be equal to the vested
      balance of the Participant's Account or the portion thereof payable to a
      Beneficiary.

7.12  Tax Withholdings. To the extent required by law in effect at the time
      payments of deferred amounts are made, the Company shall withhold from
      payments made hereunder the taxes required to be withheld by the federal
      or any state or local governments.

Section 8 - Rabbi Trust

8.01  Rabbi  Trust.  The Company  shall  maintain a single Rabbi Trust as part
      of the Plan to implement the provisions of the Plan.

8.02  Contributions. The Employer shall make contributions to the Rabbi Trust
      from time to time. Contributions shall be made equal to the amounts
      deferred pursuant to each respective Participant's Deferral Election
      Agreement.

8.03  Investments of the Rabbi Trust. The Company shall vest in itself or the
      trustee of the Rabbi Trust, responsibility for the management and control
      of the assets of the Rabbi Trust.

      No Participant or Beneficiary shall have any interest whatsoever in any
      specific asset of the Company, Subsidiaries or Rabbi Trust. To the extent
      that any person acquires a right to receive payments under the Plan, such
      right shall be no greater than the rights of any unsecured general
      creditor of the appropriate Employer.

8.04  No Reversion. Except as specified below and in the Rabbi Trust agreement,
      the Company and the Subsidiaries shall not have any right, title, or
      interest in the Contributions made to (or earnings under) the Rabbi Trust.
      No part of the Rabbi Trust shall revert to any Employer except upon
      complete termination of the Plan after the satisfaction of all fixed and
      contingent liabilities of the Plan.

Section 9 - Amendment and Termination of the Plan

9.01  Amendment and Termination. While the Company expects and intends to
      continue the Plan, the Company must reserve and hereby reserves the right
      to amend or to terminate the Plan in any way, at any time, for any reason;
      except that no amendment shall reduce a Participant's Benefits to less
      than the amount the Participant would have been entitled to receive if the
      Participant had resigned from the employment or Board service of the
      Company or its Subsidiaries on the effective date of amendment or
      termination.

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      In the event of a Change of Control solely with respect to one or more
      Subsidiaries, such Subsidiaries may elect to stop participating in the
      Plan by giving reasonable notice to the Board. The Board shall coordinate
      in good faith with the Subsidiaries to effectively cause the Plan to
      terminate solely with respect to the employees of that former Subsidiary.

9.02  Distribution Upon Termination of the Plan. If the Plan is terminated after
      the payment of Benefits under the Plan have commenced, distributions shall
      be made pursuant to the elections made on the participant election form.
      However, the Board may, in its sole and absolute discretion, direct that
      distribution be made in any form at any time selected by the Board,
      regardless of whether payments of Benefits under the Plan have commenced.

Section 10 - General Provisions

10.01 Applicable Laws. The Plan shall be construed and administered under the
      laws of the State of Colorado, without regard to conflict of laws
      provisions, to the extent that such laws are not pre-empted by the laws of
      the United States of America.

10.02 Benefits Payable from General Assets. Amounts payable hereunder shall be
      paid exclusively from the general assets of the Employer, and no person
      entitled to payment hereunder shall have any claim, right, security
      interest, or other interest in any fund, trust, account, insurance
      contract, or asset of the Employer which may be looked to for such
      payment, other than the right of an unsecured general creditor against the
      Employer, in respect of the Account of such Participant established
      hereunder. There shall be no ability to obtain the general assets of the
      Employer except in the case of bankruptcy or insolvency.

10.03 Cost of the Plan. All costs of the Plan, including the administration
      thereof, shall be borne by the Company and no contributions from
      Participants shall be required or permitted.

10.04 Severability. If any provision of the Plan is held illegal or invalid, the
      illegality or invalidity shall not affect its remaining parts. The Plan
      shall be construed and enforced as if it did not contain the illegal or
      invalid provision.

10.05 No Assignment of Rights. No interest, right, or claim in or to any payment
      hereunder shall be assignable, transferable, or subject to sale, mortgage,
      pledge, hypothecation, commutation, anticipation, garnishment, attachment,
      execution, or levy of any kind. The Company and Subsidiaries shall not
      recognize any attempt to assign, transfer, sell, mortgage, pledge,
      hypothecate, commute or anticipate the same, except to the extent required
      by law.

10.06 Successors to Company. The Plan shall inure to the benefit of, and shall
      be binding upon, the Company and the Participants and their successors or
      assigns.

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10.07 Legal Fees to Enforce Rights After Change of Control. The Company is aware
      that upon the occurrence of a Change of Control, the Board (which might
      then be composed of new members) or a shareholder of the Company, or of
      any successor corporation might then cause or attempt to cause the Company
      or such successor to refuse to comply with its obligations under the Plan
      and might cause or attempt to cause the Company to institute, or may
      institute, litigation seeking to deny Participants the benefits intended
      under the Plan.

      In these circumstances, the purpose of the Plan could be frustrated.
      Accordingly, if, following a Change of Control, it should appear to any
      Participant that the Company has failed to comply with any of its
      obligations under the Plan or any agreement thereunder or, if the Company
      or any other person takes any action to declare the Plan void or
      unenforceable or institutes any litigation or other legal action designed
      to deny, diminish or to recover from any Participant the benefits intended
      to be provided, then the Company irrevocably authorizes such Participant
      to retain counsel of his or her choice at the expense of the Company to
      represent such Participant in connection with the initiation or defense of
      any litigation or other legal action, whether by or against the Company or
      any director, officer, shareholder or other person affiliated with the
      Company or any successor thereto in any jurisdiction.

Section 11 - Claims Procedures

11.01 Presentation of Claim. Any Participant or Beneficiary of a deceased
      Participant (such Participant or Beneficiary being referred to below as a
      "Claimant") may deliver to the Plan Administrator a written claim for a
      determination with respect to the amounts distributable to such Claimant
      from the Plan. If such a claim relates to the contents of a notice
      received by the Claimant, the claim must be made within 60 days after such
      notice was received by the Claimant. The claim must state with
      particularity the determination desired by the Claimant. All other claims
      must be made within 180 days of the date on which the event that caused
      the claim to arise occurred. The claim must state with particularity the
      determination desired by the Claimant.

11.02 Notification of Decision. The Plan Administrator shall consider a
      Claimant's claim within a reasonable time, and shall notify the Claimant
      in writing:

      (i)   that the  Claimant's  requested  determination  has been made, and
            that the claim has been allowed in full; or

      (ii)  that the Plan Administrator has reached a conclusion contrary, in
            whole or in part, to the Claimant's requested determination, and
            such notice must set forth in a manner calculated to be understood
            by the Claimant:

            (1)   the specific  reason(s) for the denial of the claim,  or any
                  part of it;

            (2)   specific  reference(s)  to pertinent  provisions of the Plan
                  upon which such denial was based;

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            (3)   a description of any additional material or information
                  necessary for the Claimant to perfect the claim, and an
                  explanation of why such material or information is necessary;
                  and

            (4)   an  explanation  of the claim review  procedure set forth in
                  Section 11.03 below.

11.03 Review of a Denied Claim. Within 60 days after receiving a notice from the
      Plan Administrator that a claim has been denied, in whole or in part, a
      Claimant (or the Claimant's duly authorized representative) may file with
      the Plan Administrator a written request for a review of the denial of the
      claim. Thereafter, but not later than 30 days after the review procedure
      began, the Claimant (or the Claimant's duly authorized representative):

      (i)   may review pertinent documents;

      (ii)  may submit written comments or other documents; and/or

      (iii) may request a hearing,  which the Plan Administrator,  in its sole
            discretion, may grant.

11.04 Decision on Review. The Plan Administrator shall render its decision on
      review promptly, and not later than 60 days after the filing of a written
      request for review of the denial, unless a hearing is held or other
      special circumstances require additional time, in which case the Plan
      Administrator's decision must be rendered within 120 days after such date.
      Such decision must be written in a manner calculated to be understood by
      the Claimant, and it must contain:

      (i)   specific reasons for the decision;

      (ii)  specific  reference(s) to the pertinent Plan provisions upon which
            the decision was based; and

      (iii) such other matters as the Plan Administrator deems relevant.

11.05 Legal Action. A Claimant's compliance with the foregoing provisions of
      this Article 11 is a mandatory prerequisite to a Claimant's right to
      commence any legal action with respect to any claim for Benefits under the
      Plan.MATRIX BANCORP, INC.

                                 Trust Under the

                      Executive Deferred Compensation Plan

                                  (Rabbi Trust)

<PAGE>

           TRUST UNDER THE EXECUTIVE DEFERRED COMPENSATION PLAN OF

                              MATRIX BANCORP, INC.

      This  Agreement  made  by and  between  Matrix  Bancorp,  Inc.  and  any
appointed Subsidiary ("Company") and Matrix Bancorp, Inc. ("Trustee");

      WHEREAS,  Company has adopted the Executive  Deferred  Compensation Plan
("Plan") as listed in Appendix A;

      WHEREAS, Company has incurred or expects to incur liability under the
terms of such Plan with respect to the individuals participating in such Plan;

      WHEREAS, Company wishes to establish a trust (hereinafter called "Trust")
and to contribute to the Trust assets that shall be held therein, subject to the
claims of Company's creditors in the event of Company's Insolvency, as herein
defined, until paid to Plan participants and their beneficiaries in such manner
and at such times as specified in the Plan;

      WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement for ERISA and shall not affect the status of
the Plan as a funded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974;

      WHEREAS, it is the intention of Company to make contributions to the Trust
equal to the amounts deferred pursuant to each respective Participant's deferral
elections to provide itself with a source of funds to assist it in the meeting
of its liabilities under the Plan;

      NOW, THEREFORE, the parties do hereby establish the Trust and agree that
the Trust shall be comprised, held and disposed of as follows:

Section 1.  Establishment of Trust

      (a) Company hereby deposits with Trustee in trust a sum certain in dollars
to be determined at the time of deposit, which shall become the principal of the
Trust to be held, administered and disposed of by Trustee as provided in this
Trust Agreement.

      (b) The Trust hereby established is revocable by Company; it shall become
irrevocable upon a Change of Control, as defined herein.

      (c) The Trust is intended to be a grantor trust, of which Company is the
grantor, within the meaning of subpart E, part 1, subchapter J, chapter 1,
subtitle A of the Internal Revenue Code of 1986, as amended, and shall be
construed accordingly.

      (d) The principal of the Trust, and any earnings thereon, shall be held
separate and apart from other funds of Company and shall be used exclusively for
the uses and purposes of Plan participants and general creditors as herein set
forth. Plan participants and their

                                       2
<PAGE>

beneficiaries shall have no preferred claim on, or any beneficial ownership
interest in, any assets of the Trust. Any rights created under the Plan and this
Trust Agreement shall be mere unsecured contractual rights of Plan participants
and their beneficiaries against Company. Any assets held by the Trust will be
subject to the claims of Company's general creditors under federal and state law
in the event of Insolvency, as defined in Section 3(a) herein.

      (e) Company, in its sole discretion, may at any time, or from time to
time, make additional deposits of cash or other property in trust with Trustee
to augment the principal to be held, administered and disposed of by Trustee as
provided in this Trust Agreement. Neither Trustee nor any Plan participant or
beneficiary shall have any right to compel such additional deposits.

Section 2.  Payments to Plan Participants and Their Beneficiaries.

      (a) Company shall deliver to Trustee a schedule (the "Payment Schedule")
that indicates the amounts payable in respect of each Plan participant (and his
or her beneficiaries), that provides a formula or other instructions acceptable
to Trustee for determining the amounts so payable, the form in which such amount
is to be paid (as provided for or available under the Plan), and the time of
commencement for payment of such amounts. Except as otherwise provided herein,
Trustee shall make payments to the Plan Participants and their beneficiaries in
accordance with such Payment Schedule or other instructions as provided. The
Trustee shall make provision for the reporting and withholding of any federal,
state or local taxes that may be required to be withheld with respect to the
payment of benefits pursuant to the terms of the Plan and shall pay amounts
withheld to the appropriate taxing authorities or determine that such amounts
have been reported, withheld and paid by Company.

      (b) The entitlement of a Plan participant or his or her beneficiaries to
benefits under the Plan shall be determined by Company or such party as it shall
designate under the Plan, and any claim for such benefits shall be considered
and reviewed under the procedures set out in the Plan.

      (c) Company may make payment of benefits directly to Plan participants or
their beneficiaries as they become due under the terms of the Plan. Company
shall notify Trustee of its decision to make payment of benefits directly prior
to the time amounts are payable to participants or their beneficiaries. In
addition, if the principal of the Trust, and any earnings thereon, are not
sufficient to make payments of benefits in accordance with the terms of the
Plan, Company shall make the balance of each such payment as it falls due.
Trustee shall notify Company where principal and earnings are not sufficient.

                                       3
<PAGE>

Section 3.  Trustee  Responsibility  Regarding  Payments to Trust  Beneficiary
When Company Is Insolvent.

      (a) Trustee shall cease payment of benefits to Plan participants and their
beneficiaries if the Company is Insolvent. Company shall be considered
"Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay
its debts as they become due, (ii) Company is subject to a pending proceeding as
a debtor under the United States Bankruptcy Code, or (iii) Company is determined
to be insolvent by a Federal or State Regulatory Banking Agency.

      (b) At all times during the continuance of this Trust, as provided in
Section l(d) hereof, the principal and income of the Trust shall be subject to
claims of general creditors of Company under federal and state law as set forth
below.

            (1) The Board of Directors and the Chief Executive Officer of
      Company shall have the duty to inform Trustee in writing of Company's
      Insolvency. If a person claiming to be a creditor of Company alleges in
      writing to Trustee that Company has become Insolvent, Trustee shall
      determine whether Company is Insolvent and, pending such determination,
      Trustee shall discontinue payment of benefits to Plan participants or
      their beneficiaries.

            (2) Unless Trustee has actual knowledge of Company's Insolvency, or
      has received notice from Company (notice shall be made pursuant to
      paragraph 1 above) or a person claiming to be a creditor alleging that
      Company is Insolvent, Trustee shall have no duty to inquire whether
      Company is Insolvent. Trustee may in all events rely on such evidence
      concerning Company's solvency as may be furnished to Trustee and that
      provides Trustee with a reasonable basis for making a determination
      concerning Company's solvency.

            (3) If at any time Trustee has determined that Company is Insolvent,
      Trustee shall discontinue payments to Plan participants or their
      beneficiaries and shall hold the assets of the Trust for the benefit of
      Company's general creditors. Nothing in this Trust Agreement shall in any
      way diminish any rights of Plan participants or their beneficiaries to
      pursue their rights as general creditors of Company with respect to
      benefits due under the Plan or otherwise.

            (4) Trustee shall resume the payment of benefits to Plan
      participants or their beneficiaries in accordance with Section 2 of this
      Trust Agreement only after Trustee has determined that Company is not
      Insolvent (or is no longer Insolvent).

      (c) Provided that there are sufficient assets, if Trustee discontinues the
payment of benefits from the Trust pursuant to Section 3(b) hereof and
subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to Plan
participants or their beneficiaries under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payments made to Plan
participants or their beneficiaries by Company in lieu of the payments provided
for hereunder during any such period of discontinuance.

                                       4
<PAGE>

Section 4.  Payments to Company.

      Except as provided in Section 3 hereof, after the Trust has become
irrevocable, Company shall have no right or power to direct Trustee to return to
Company or to divert to others any of the Trust assets before all payment of
benefits have been made to Plan participants and their beneficiaries pursuant to
the terms of the Plan.

Section 5.  Investment Authority.

      Trustee may invest in securities (including stock or rights to acquire
stock) or obligations issued by Company. All rights associated with assets of
the Trust shall be exercised by Trustee or the person designated by Trustee, and
shall in no event be exercisable by or rest with Plan participants. The Company
shall retain authority and instruct Trustee regarding investments.

Section 6.  Disposition of Income.

      During the term of this Trust, all income received by the Trust, net of
reasonable expenses and allocable taxes, shall be accumulated and reinvested.

Section 7.  Accounting by Trustee.

      Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be made,
including such specific records as shall be agreed upon in writing between
Company and Trustee. Thirty (30) days following the close of each fiscal year
and within seven (7) days after the removal or resignation of Trustee, Trustee
shall deliver to Company a written account of its administration of the Trust
during such year or during the period from the close of the last preceding year
to the date of such removal or resignation, setting forth all investments,
receipts, disbursements and other transactions effected by it, including a
description of all securities and investments purchased and sold with the cost
or net proceeds of such purchases or sales (accrued interest paid or receivable
being shown separately), and showing all cash, securities and other property
held in the Trust at the end of such year or as of the date of such removal or
resignation, as the case may be. Upon the request of the Company, on a no more
than semi-annual basis, the trustee shall furnish the participant or the Company
an audit statement of the trust assets from an independent third party auditor.

Section 8.  Responsibility of Trustee.

      (a) Trustee shall act with the care, skill, prudence and diligence under
the circumstances then prevailing that a prudent person acting in like capacity
and familiar with such matters would use in the conduct of an enterprise of a
like character and with like aims, provided, however, that Trustee shall incur
no liability to any person for any action taken pursuant to a direction, request
or approval given by Company which is contemplated by, and in conformity with,
the terms of the Plan or this Trust and is given in writing by Company. In the
event of a dispute between Company and a party, Trustee may apply to a court of
competent jurisdiction to resolve the dispute.

                                       5
<PAGE>

      (b) If Trustee undertakes or defends any litigation arising in connection
with this Trust, Company agrees to indemnify Trustee against Trustee's costs,
expenses and liabilities (including, without limitation, attorneys' fees and
expenses) relating thereto and to be primarily liable for such payments. If
Company does not pay such costs, expenses and liabilities in a reasonably timely
manner, Trustee may obtain payment from the Trust.

      (c) Trustee may consult with legal counsel (who may also be counsel for
Company generally) with respect to any of its duties or obligations hereunder.

      (d) Trustee may hire agents, accountants, actuaries, investment advisors,
financial consultants or other professionals to assist it in performing any of
its duties or obligations hereunder, provided only that such action shall be
approved by Company in advance.

      (e) Trustee shall have, without exclusion, all powers conferred on
Trustees by applicable law, unless expressly provided otherwise herein,
provided, however, that if an insurance policy is held as an asset of the Trust,
Trustee shall have no power to name a beneficiary of the policy other than the
Trust, to assign the policy (as distinct from conversion of the policy to a
different form) other than to a successor Trustee, or to loan to any person the
proceeds of any borrowing against such policy.

      (f) Notwithstanding any powers granted to Trustee pursuant to this Trust
Agreement or to applicable law, Trustee shall not have any power that could give
this Trust the objective of carrying on a business and dividing the gains
therefrom, within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.

Section 9.  Compensation and Expenses of Trustee.

      Company shall pay all administrative and Trustee's fees and expenses. If
not so paid, the fees and expenses shall be paid from the Trust.

Section 10.  Resignation and Removal of Trustee.

      (a) Trustee may resign at any time by written notice to Company, which
shall be effective as agreed to by Trustee and Company but no later than thirty
(30) days after receipt of such notice.

      (b) Trustee may be removed by Company on three (3) days' notice or upon
shorter notice accepted by Trustee.

      (c) Upon resignation or removal of Trustee and appointment of a successor
Trustee, all assets shall subsequently be transferred to the successor Trustee.
The transfer shall be completed within fourteen (14) days after receipt of
notice of resignation, removal or transfer, unless Company extends the time
limit.

                                       6
<PAGE>

      (d) If Trustee resigns or is removed, a successor shall be appointed, in
accordance with Section 11 hereof, by the effective date of resignation or
removal under paragraph(s) (a) or (b) of this section. If no such appointment
has been made, Trustee may apply to a court of competent jurisdiction for
appointment of a successor or for instructions. All expenses of Trustee in
connection with the proceeding shall be allowed as administrative expenses of
the Trust.

Section 11.  Appointment of Successor.

      (a) If Trustee resigns or is removed in accordance with Section 10(a) or
(b) hereof, Company may appoint any third party, such as a bank trust department
or other party that may be granted corporate trustee powers under state law, as
a successor to replace Trustee upon resignation or removal. The appointment
shall be effective when accepted in writing by the new Trustee, who shall have
all of the rights and powers of the former Trustee. The former Trustee shall
execute any instrument necessary or reasonably requested by Company or the
successor Trustee to evidence the transfer.

      (b) The successor Trustee need not examine the records and acts of any
prior Trustee and may retain or dispose of existing Trust assets, subject to
Sections 7 and 8 hereof. The successor Trustee shall not be responsible for and
Company shall indemnify and defend the successor Trustee from any claim or
liability resulting from any action or inaction of any prior Trustee or from any
other past event, or any condition existing at the time it becomes successor
Trustee.

Section 12.  Amendment or Termination.

      (a) This Trust Agreement may be amended by a written instrument executed
by Trustee and Company. Notwithstanding the foregoing, no such amendment shall
conflict with the terms of the Plan or shall make the Trust revocable after it
has become irrevocable in accordance with Section l(b) hereof.

      (b) The Trust shall not terminate until the date on which Plan
participants and their beneficiaries are no longer entitled to benefits pursuant
to the terms of the Plan unless sooner revoked in accordance with Section 1(b)
hereof. Upon termination of the Trust any assets remaining in the Trust shall be
returned to Company.

      (c) Upon written approval of participants or beneficiaries entitled to
payment of benefits pursuant to the terms of the Plan, Company may terminate
this Trust prior to the time all benefit payments under the Plan have been made.
All assets in the Trust at termination shall be returned to Company.

      (d) Sections 1 through 14 of this Trust Agreement may not be amended by
Company for two (2) years following a Change of Control, as defined herein.

                                       7
<PAGE>

Section 13.  Miscellaneous.

      (a) Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof

      (b) Benefits payable to Plan participants and their beneficiaries under
this Trust agreement may not be anticipated, assigned (either at law or in
equity), alienated, pledged, encumbered or subjected to attachment, garnishment,
levy, execution or other legal or equitable process.

      (c) This Trust Agreement shall be governed by and construed in accordance
with the laws of Arizona.

      (d) For purposes of this Trust, Change of Control event shall mean any of
the following (other than as a result of a public offering of shares of the
Company):

            (a) Any transaction (which shall include a series of transactions
      occurring within sixty (60) days or occurring pursuant to a plan) that has
      the result that shareholders of the Company immediately before such
      transaction cease to own at least 51% of (x) the voting stock of the
      Company or (y) any entity that results from the participation of the
      Company in a reorganization, consolidation, merger, liquidation or any
      other form of corporate transaction;

            (b)   A  merger,  consolidation,  reorganization,  liquidation  or
      dissolution in which the Company does not survive;

            (c)         A sale,  lease,  exchange or other  disposition of all
      or substantially all of the property and assets of the Company.

Section 14.  Effective Date.

      The effective date of this Trust Agreement shall be January 1, 2001.

      IN WITNESS WHEREOF, the undersigned have executed this Trust Agreement by
written consent this 7th day of December, 2000.

/s/ Guy A. Gibson                         /s/ Julie A. Seale
___________________________________       ___________________________________
For Matrix Bancorp, Inc.                  For Matrix Bancorp, Inc.

CEO/President                             Vice President
Title                                     Title

                                       8
<PAGE>

                               Appendix A

      The following nonqualified deferred compensation plan maintained by Matrix
Bancorp, Inc. is the object of the Trust Agreement to which this Appendix A is
attached:

o     The Matrix Bancorp, Inc. Executive Deferred Compensation Plan

                                       9

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