Document:

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                                                                  EXECUTION COPY

                              SERIES C AND SERIES D
                                  $158,500,000
                      9% SENIOR SUBORDINATED NOTES DUE 2009

                          REGISTRATION RIGHTS AGREEMENT

                            DATED AS OF JUNE 22, 2001

                                  BY AND AMONG

                              DURA OPERATING CORP.
                          DURA AUTOMOTIVE SYSTEMS, INC.
                 DURA AUTOMOTIVE SYSTEMS CABLE OPERATIONS, INC.
                     UNIVERSAL TOOL & STAMPING COMPANY INC.
                            ADWEST ELECTRONICS, INC.
                    DURA AUTOMOTIVE SYSTEMS OF INDIANA, INC.
                             ATWOOD AUTOMOTIVE INC.
                    MARK I MOLDED PLASTICS OF TENNESSEE, INC.
                          ATWOOD MOBILE PRODUCTS, INC.

                                       AND

                         BANC OF AMERICA SECURITIES LLC

                     CREDIT SUISSE FIRST BOSTON CORPORATION

                           J.P. MORGAN SECURITIES INC.

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          This Registration Rights Agreement (this "AGREEMENT") is made and
entered into as of June 22, 2001, by and among Dura Operating Corp., a Delaware
corporation (the "COMPANY"), Dura Automotive Systems, Inc., Dura Automotive
Systems Cable Operations, Inc., Universal Tool & Stamping Company Inc., Adwest
Electronics, Inc., Dura Automotive Systems of Indiana, Inc., Atwood Automotive
Inc., Mark I Molded Plastics of Tennessee, Inc. and Atwood Mobile Products, Inc.
(each a "GUARANTOR" and, collectively, the "GUARANTORS"), Banc of America
Securities LLC, Credit Suisse First Boston Corporation and J.P. Morgan
Securities Inc. (each an "INITIAL PURCHASER" and, collectively, the "INITIAL
PURCHASERS"), each of whom has agreed to purchase the Company's Series C 9%
Senior Subordinated Notes due 2009 (the "SERIES C NOTES") pursuant to the
Purchase Agreement (as defined below).

          This Agreement is made pursuant to the Purchase Agreement, dated June
8, 2001 (the "PURCHASE Agreement"), by and among the Company, the Guarantors and
the Initial Purchasers. In order to induce the Initial Purchasers to purchase
the Series C Notes, the Company has agreed to provide the registration rights
set forth in this Agreement. The execution and delivery of this Agreement is a
condition to the obligations of the Initial Purchasers set forth in Section 5 of
the Purchase Agreement. Capitalized terms used herein and not otherwise defined
shall have the meaning assigned to them in the Indenture, dated June 22, 2001,
between the Company and U.S. Bank Trust National Association, as Trustee,
relating to the Series C Notes and the Series D Notes (the "INDENTURE").

          The parties hereby agree as follows:

SECTION 1. DEFINITIONS

          As used in this Agreement, the following capitalized terms shall have
the following meanings:

          ACT: The Securities Act of 1933, as amended.

          AFFILIATE: As defined in Rule 144 of the Act.

          BROKER-DEALER: Any broker or dealer registered under the Exchange Act.

          BUSINESS DAY: Any day except a Saturday, Sunday or other day in the
City of New York on which banks are authorized or ordered to close.

          CERTIFICATED SECURITIES: Definitive Notes, as defined in the
Indenture.

          CLOSING DATE: The date hereof.

          COMMISSION: The Securities and Exchange Commission.

          CONSUMMATE: An Exchange Offer shall be deemed "Consummated" for
purposes of this Agreement upon the occurrence of (a) the filing and
effectiveness under the Act of the Exchange Offer Registration Statement
relating to the Series D Notes to be issued in the Exchange Offer, (b) the
maintenance of such Exchange Offer Registration Statement continuously effective
and the keeping of the Exchange Offer open for a period not less than the period
required pursuant to

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Section 3(b) hereof and (c) the delivery by the Company to the Registrar under
the Indenture of Series D Notes in the same aggregate principal amount as the
aggregate principal amount of Series C Notes and Existing Notes that were
tendered by Holders thereof pursuant to the Exchange Offer.

          CONSUMMATION DEADLINE: As defined in Section 3(b) hereof.

          EFFECTIVENESS DEADLINE: As defined in Section 3(a) and 4(a) hereof.

          EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

          EXCHANGE OFFER: The exchange and issuance by the Company of a
principal amount of Series D Notes (which shall be registered pursuant to the
Exchange Offer Registration Statement) equal to the outstanding principal amount
of Series C Notes and Existing Notes that are tendered by such Holders in
connection with such exchange and issuance.

          EXCHANGE OFFER REGISTRATION STATEMENT: The Registration Statement
relating to the Exchange Offer, including the related Prospectus.

          EXEMPT RESALES: The transactions in which the Initial Purchasers
propose to sell the Series C Notes to certain "qualified institutional buyers,"
as such term is defined in Rule 144A under the Act, and pursuant to Regulation S
under the Act.

          EXISTING NOTES: The Company's 9% Series B Senior Subordinated Notes
due 2009, issued pursuant to that certain indenture dated April 22, 1999.

          FILING DEADLINE: As defined in Sections 3(a) and 4(a) hereof.

          HOLDERS: As defined in Section 2 hereof.

          NEW NOTES: The Series C Notes and Series D Notes.

          NOTES: The New Notes and the Existing Notes.

          PROSPECTUS: The prospectus included in a Registration Statement at the
time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated by reference
into such Prospectus.

          RECOMMENCEMENT DATE: As defined in Section 6(d) hereof.

          REGISTRATION DEFAULT: As defined in Section 5 hereof.

          REGISTRATION STATEMENT: Any registration statement of the Company and
the Guarantors relating to (a) an offering of Series D Notes pursuant to an
Exchange Offer or (b) the registration for resale of Transfer Restricted
Securities pursuant to the Shelf Registration Statement, in each case (i) that
is filed pursuant to the provisions of this Agreement and (ii) including the
Prospectus

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included therein, all amendments and supplements thereto (including
post-effective amendments) and all exhibits and material incorporated by
reference therein.

          REGULATION S: Regulation S promulgated under the Act.

          RULE 144: Rule 144 promulgated under the Act.

          SERIES D NOTES: The Company's Series D 9% Senior Subordinated Notes
due 2009 to be issued pursuant to the Indenture: (i) in the Exchange Offer or
(ii) as contemplated by Section 4 hereof.

          SHELF REGISTRATION STATEMENT: As defined in Section 4 hereof.

          SUSPENSION NOTICE: As defined in Section 6(d) hereof.

          TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb)
as in effect on the date of the Indenture.

          TRANSFER RESTRICTED SECURITIES: Each Series C Note, until the earliest
to occur of (i) the date on which such Series C Note is exchanged in the
Exchange Offer for a Series D Note which is entitled to be resold to the public
by the Holder thereof without complying with the prospectus delivery
requirements of the Act, (ii) the date on which such Series C Note has been
disposed of in accordance with a Shelf Registration Statement (and the
purchasers thereof have been issued without restriction Series D Notes), or
(iii) the date on which such Series C Note is eligible for distribution without
restriction to the public pursuant to Rule 144 under the Act.

SECTION 2. HOLDERS

          A Person is deemed to be a holder of Transfer Restricted Securities
(each, a "HOLDER") whenever such Person owns Transfer Restricted Securities.

SECTION 3. REGISTERED EXCHANGE OFFER

          (a)  Unless the Exchange Offer shall not be permitted by applicable
federal law (after the procedures set forth in Section 6(a)(i) below have been
complied with), the Company and the Guarantors shall (i) cause the Exchange
Offer Registration Statement to be filed with the Commission as soon as
practicable after the Closing Date, but in no event later than 60 days after the
Closing Date (such 60th day being the "FILING DEADLINE"), (ii) use their
respective reasonable best efforts to cause such Exchange Offer Registration
Statement to become effective at the earliest possible time, but in no event
later than 150 days after the Closing Date (such 150th day being the
"EFFECTIVENESS DEADLINE"), (iii) in connection with the foregoing, (A) file all
pre-effective amendments to such Exchange Offer Registration Statement as may be
necessary in order to cause it to become effective, (B) file, if applicable, a
post-effective amendment to such Exchange Offer Registration Statement pursuant
to Rule 430A under the Act and (C) cause all necessary filings, if any, in
connection with the registration and qualification of the Series D Notes to be
made under the Blue Sky laws of such jurisdictions as are necessary to permit
Consummation of the Exchange Offer and (iv) upon the effectiveness of such
Exchange Offer Registration Statement, commence and Consummate the Exchange
Offer. The Exchange Offer shall be on the appropriate form

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permitting (i) registration of the Series D Notes to be offered in exchange for
the Transfer Restricted Securities and the Existing Notes and (ii) resales of
Series D Notes by Broker-Dealers that tendered into the Exchange Offer Notes
that such Broker-Dealer acquired for its own account as a result of market
making activities or other trading activities (other than Notes acquired
directly from the Company or any of its Affiliates) ("Participating
Broker-Dealers") as contemplated by Section 3(c) below.

          (b)  The Company and the Guarantors shall use their respective
reasonable best efforts to cause the Exchange Offer Registration Statement to be
effective continuously, and shall keep the Exchange Offer open for a period of
not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 20 Business Days. The Company and the
Guarantors shall cause the Exchange Offer to comply with all applicable federal
and state securities laws. No securities other than the Transfer Restricted
Securities and the Existing Notes shall be included in the Exchange Offer
Registration Statement. The Company and the Guarantors shall use their
respective best efforts to cause the Exchange Offer to be Consummated on the
earliest practicable date after the Exchange Offer Registration Statement has
become effective, but in no event later than 30 Business Days thereafter (such
30th day being the "CONSUMMATION DEADLINE").

          (c)  The Company shall include a "Plan of Distribution" section in the
Prospectus contained in the Exchange Offer Registration Statement and indicate
therein that any Participating Broker-Dealer may exchange such Transfer
Restricted Securities or Existing Notes pursuant to the Exchange Offer. Such
"Plan of Distribution" section shall also contain all other information with
respect to such sales by such Participating Broker-Dealers that the Commission
may require in order to permit such sales pursuant thereto, but such "Plan of
Distribution" shall not name any such Participating Broker-Dealer or disclose
the amount of Notes held by any such Participating Broker-Dealer, except to the
extent required by the Commission as a result of a change in policy, rules or
regulations after the date of this Agreement. See the Shearman & Sterling
no-action letter (available July 2, 1993).

          Because such Participating Broker-Dealer may be deemed to be an
"underwriter" within the meaning of the Act and must, therefore, deliver a
prospectus meeting the requirements of the Act in connection with its initial
sale of any Series D Notes received by such Participating Broker-Dealer in the
Exchange Offer, the Company and the Guarantors shall permit the use of the
Prospectus contained in the Exchange Offer Registration Statement by such
Participating Broker-Dealer to satisfy such prospectus delivery requirement. To
the extent necessary to ensure that the prospectus contained in the Exchange
Offer Registration Statement is available for sales of Series D Notes by
Participating Broker-Dealers, the Company and the Guarantors agree to use their
respective reasonable best efforts to keep the Exchange Offer Registration
Statement continuously effective, supplemented, amended and current as required
by and subject to the provisions of Section 6(a) and (c) hereof and in
conformity with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, for a
period of 180 days from the Consummation Deadline or such shorter period as will
terminate when all Transfer Restricted Securities covered by such Registration
Statement have been sold pursuant thereto (the "Applicable Period"). The Company
and the Guarantors shall provide sufficient copies of the latest

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version of such Prospectus to such Participating Broker-Dealers, promptly upon
request, and in no event later than one Business Day after such request, at any
time during such period.

SECTION 4. SHELF REGISTRATION

          (a)  Shelf Registration. If (i) the Exchange Offer is not permitted by
applicable law (after the Company and the Guarantors have complied with the
procedures set forth in Section 6(a)(i) below) or (ii) if any Holder of Transfer
Restricted Securities shall notify the Company in writing within 20 Business
Days following the Consummation Deadline that (A) such Holder was prohibited by
law or Commission policy from participating in the Exchange Offer or (B) such
Holder may not resell the Series D Notes acquired by it in the Exchange Offer to
the public without delivering a prospectus and the Prospectus contained in the
Exchange Offer Registration Statement is not appropriate or available for such
resales by such Holder or (C) such Holder is a Broker-Dealer and holds Series C
Notes acquired directly from the Company or any of its Affiliates, then the
Company and the Guarantors shall:

     (x)  use their respective reasonable best efforts to cause to be filed, on
or prior to 30 days after the earlier of (i) the date on which the Company
determines that the Exchange Offer Registration Statement cannot be filed as a
result of clause (a)(i) above and (ii) the date on which the Company receives
the notice specified in clause (a)(ii) above (such earlier date, the "FILING
DEADLINE"), a shelf registration statement pursuant to Rule 415 under the Act
(which may be an amendment to the Exchange Offer Registration Statement (the
"SHELF REGISTRATION STATEMENT")), relating to all Transfer Restricted Securities
(provided, however, nothing in this Section 4(a)(x) shall require the filing of
the Shelf Registration Statement prior to the Filing Deadline for the Exchange
Offer Registration Statement), and

     (y)  shall use their respective reasonable best efforts to cause such Shelf
Registration Statement to become effective on or prior to 90 days after the
Filing Deadline for the Shelf Registration Statement (such 90th day the
"EFFECTIVENESS DEADLINE").

          If, after the Company has filed an Exchange Offer Registration
Statement that satisfies the requirements of Section 3(a) above, the Company is
required to file and make effective a Shelf Registration Statement solely
because the Exchange Offer is not permitted under applicable federal law (i.e.,
clause (a)(i) above), then the filing of the Exchange Offer Registration
Statement shall be deemed to satisfy the requirements of clause (x) above;
provided that, in such event, the Company shall remain obligated to meet the
Effectiveness Deadline set forth in clause (y).

          To the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other
securities required to be registered therein pursuant to Section 6(b)(ii)
hereof, the Company and the Guarantors shall use their respective best efforts
to keep any Shelf Registration Statement required by this Section 4(a)
continuously effective, supplemented, amended and current as required by and
subject to the provisions of Sections 6(b) and (c) hereof and in conformity with
the requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of at
least two years (as extended pursuant to Section 6(c)(i)) following the Closing
Date, or such shorter period as will terminate

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when all Transfer Restricted Securities covered by such Shelf Registration
Statement have been sold pursuant thereto.

          (b)  Provision by Holders of Certain Information in Connection with
the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 10 days after receipt of a request therefor, the
information specified in Item 507 or 508 of Regulation S-K, as applicable, of
the Act for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. No Holder of Transfer
Restricted Securities shall be entitled to liquidated damages pursuant to
Section 5 hereof unless and until such Holder shall have provided all such
information. Each selling Holder agrees to promptly furnish additional
information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading. The Company
shall not be obligated to supplement such Shelf Registration Statement after it
has been declared effective by the Commission more than one time per quarterly
period to reflect additional Holders.

SECTION 5. LIQUIDATED DAMAGES

          If (i) any Registration Statement required by this Agreement is not
filed with the Commission on or prior to the applicable Filing Deadline, (ii)
any such Registration Statement has not been declared effective by the
Commission on or prior to the applicable Effectiveness Deadline, (iii) the
Exchange Offer has not been Consummated on or prior to the Consummation Deadline
or (iv) any Registration Statement required by this Agreement is filed and
declared effective but shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded within 5 Business Days
by a post-effective amendment to such Registration Statement that cures such
failure and that is itself declared effective immediately (each such event
referred to in clauses (i) through (iv), a "REGISTRATION DEFAULT"), then the
Company and the Guarantors hereby jointly and severally agree to pay to each
Holder of Transfer Restricted Securities affected thereby (subject to Section
4(b)) liquidated damages in an amount equal to .50% per annum over the stated
rate for the Transfer Restricted Securities held by such Holder for each week or
portion thereof that the Registration Default continues for the first 90-day
period immediately following the occurrence of such Registration Default. The
amount of the liquidated damages shall increase by an additional .50% per annum
over the stated rate for the Transfer Restricted Securities at the beginning of
each subsequent 90-day period until all Registration Defaults have been cured,
up to a maximum amount of liquidated damages of 1.0% per annum over the stated
rate for the Transfer Restricted Securities; provided that the Company and the
Guarantors shall in no event be required to pay liquidated damages for more than
one Registration Default at any given time. Notwithstanding anything to the
contrary set forth herein, (1) upon filing of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement), in the case
of (i) above, (2) upon the effectiveness of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement), in the case
of (ii) above, (3) upon Consummation of the Exchange Offer, in the case of (iii)
above, or (4) upon the filing of a post-effective amendment to the Registration
Statement or an additional Registration Statement that causes the Exchange Offer
Registration Statement (and/or, if applicable, the Shelf Registration Statement)
to again be declared effective or made usable in the

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case of (iv) above, the liquidated damages payable with respect to the Transfer
Restricted Securities as a result of such clause (i), (ii), (iii) or (iv), as
applicable, shall cease.

          All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the Indenture, on
each Interest Payment Date, as more fully set forth in the Indenture and the
Series C Notes. Notwithstanding the fact that any securities for which
liquidated damages are due cease to be Transfer Restricted Securities, all
obligations of the Company and the Guarantors to pay liquidated damages with
respect to securities shall survive until such time as such obligations with
respect to such securities shall have been satisfied in full.

SECTION 6. REGISTRATION PROCEDURES

          (a)  Exchange Offer Registration Statement. In connection with the
Exchange Offer, the Company and the Guarantors shall (x) comply with all
applicable provisions of Section 6(c) below, (y) use their respective reasonable
best efforts to effect such exchange and to permit the resale of Series D Notes
by Broker-Dealers that tendered in the Exchange Offer, Notes that such
Broker-Dealer acquired for its own account as a result of its market making
activities or other trading activities (other than Notes acquired directly from
the Company or any of its Affiliates) being sold in accordance with the intended
method or methods of distribution thereof, and (z) comply with all of the
following provisions:

               (i) If, following the date hereof there has been announced a
          change in Commission policy with respect to exchange offers such as
          the Exchange Offer, that in the reasonable opinion of counsel to the
          Company raises a substantial question as to whether the Exchange Offer
          is permitted by applicable federal law, the Company and the Guarantors
          hereby agree to seek a no-action letter or other favorable decision
          from the Commission allowing the Company and the Guarantors to
          Consummate an Exchange Offer for such Transfer Restricted Securities.
          The Company and the Guarantors hereby agree to pursue the issuance of
          such a decision to the Commission staff level. In connection with the
          foregoing, the Company and the Guarantors hereby agree to take all
          such other actions as may be requested by the Commission or otherwise
          required in connection with the issuance of such decision, including
          without limitation (A) participating in telephonic conferences with
          the Commission, (B) delivering to the Commission staff an analysis
          prepared by counsel to the Company setting forth the legal bases, if
          any, upon which such counsel has concluded that such an Exchange Offer
          should be permitted and (C) diligently pursuing a resolution (which
          need not be favorable) by the Commission staff.

               (ii) As a condition to its participation in the Exchange Offer,
          each Holder of Transfer Restricted Securities and Existing Notes
          (including, without limitation, any Holder who is a Broker-Dealer)
          shall furnish, upon the request of the Company, prior to the
          Consummation of the Exchange Offer, a written representation to the
          Company and the Guarantors (which may be contained in the letter of
          transmittal contemplated by the Exchange Offer Registration Statement)
          to the effect that (A) it is not an Affiliate of the Company, (B) it
          is not engaged in, and does not intend to engage in, and has no
          arrangement or understanding with any person to participate in, a
          distribution of the Series D Notes to be issued in the Exchange Offer
          and (C) it is acquiring the Series D Notes in its ordinary course of
          business. As a condition to its participation in the Exchange Offer
          each

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          Holder using the Exchange Offer to participate in a distribution of
          the Series D Notes shall acknowledge and agree that, if the resales
          are of Series D Notes obtained by such Holder in exchange for Notes
          acquired directly from the Company or an Affiliate thereof, it (1)
          could not, under Commission policy as in effect on the date of this
          Agreement, rely on the position of the Commission enunciated in Morgan
          Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital
          Holdings Corporation (available May 13, 1988), as interpreted in the
          Commission's letter to Shearman & Sterling dated July 2, 1993, and
          similar no-action letters (including, if applicable, any no-action
          letter obtained pursuant to clause (i) above), and (2) must comply
          with the registration and prospectus delivery requirements of the Act
          in connection with a secondary resale transaction and that such a
          secondary resale transaction must be covered by an effective
          registration statement containing the selling security holder
          information required by Item 507 or 508, as applicable, of Regulation
          S-K.

               (iii) Prior to effectiveness of the Exchange Offer Registration
          Statement, the Company and the Guarantors shall provide a supplemental
          letter to the Commission (A) stating that the Company and the
          Guarantors are registering the Exchange Offer in reliance on the
          position of the Commission enunciated in Exxon Capital Holdings
          Corporation (available May 13, 1988), Morgan Stanley and Co., Inc.
          (available June 5, 1991) as interpreted in the Commission's letter to
          Shearman & Sterling dated July 2, 1993, and, if applicable, any
          no-action letter obtained pursuant to clause (i) above, (B) including
          a representation that neither the Company nor any Guarantor has
          entered into any arrangement or understanding with any Person to
          distribute the Series D Notes to be received in the Exchange Offer and
          that, to the Company's and each Guarantor's information and belief,
          each Holder participating in the Exchange Offer is acquiring the
          Series D Notes in its ordinary course of business and has no
          arrangement or understanding with any Person to participate in the
          distribution of the Series D Notes received in the Exchange Offer and
          (C) any other undertaking or representation required by the Commission
          as set forth in any no-action letter obtained pursuant to clause (i)
          above, if applicable.

          (b)  Shelf Registration Statement. In connection with the Shelf
Registration Statement, the Company and the Guarantors shall (i) comply with all
the provisions of Section 6(c) below and use their respective reasonable best
efforts to effect such registration to permit the sale of the Transfer
Restricted Securities being sold in accordance with the intended method or
methods of distribution thereof (as indicated in the information furnished to
the Company pursuant to Section 4(b) hereof), and pursuant thereto the Company
and the Guarantors will prepare and file with the Commission a Registration
Statement relating to the registration on any appropriate form under the Act,
which form shall be available for the sale of the Transfer Restricted Securities
in accordance with the intended method or methods of distribution thereof within
the time periods and otherwise in accordance with the provisions hereof, and

               (ii) issue, upon the request of any Holder providing satisfactory
evidence to the Company of its sale of Series C Notes or purchase of Series C
Notes covered by any Shelf Registration Statement contemplated by this
Agreement, Series D Notes having an aggregate principal amount equal to the
aggregate principal amount of Series C Notes sold pursuant to the Shelf
Registration Statement and surrendered to the Company for cancellation; the
Company shall

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register Series D Notes on the Shelf Registration Statement for this purpose and
issue the Series D Notes to the purchaser(s) of securities subject to the Shelf
Registration Statement in the names as such purchaser(s) shall designate.

          (c)  General Provisions. In connection with any Registration Statement
and any related Prospectus required by this Agreement, the Company and the
Guarantors shall:

               (i) use their respective reasonable best efforts to keep such
          Registration Statement continuously effective and provide all
          requisite financial statements for the period specified in Section 3
          or 4 of this Agreement, as applicable. Upon the occurrence of any
          event that would cause any such Registration Statement or the
          Prospectus contained therein (A) to contain an untrue statement of
          material fact or omit to state any material fact necessary to make the
          statements therein not misleading or (B) not to be effective and
          usable for resale of Transfer Restricted Securities or Existing Notes
          during the period required by this Agreement, the Company and the
          Guarantors shall file promptly an appropriate amendment to such
          Registration Statement curing such defect, and, if Commission review
          is required, use their respective reasonable best efforts to cause
          such amendment to be declared effective as soon as practicable.

               (ii) prepare and file with the Commission such amendments and
          post-effective amendments to the applicable Registration Statement as
          may be necessary to keep such Registration Statement effective for the
          applicable period set forth in Section 3 or 4 hereof, as the case may
          be; cause the Prospectus to be supplemented by any required Prospectus
          supplement, and as so supplemented to be filed pursuant to Rule 424
          under the Act, and to comply fully with Rules 424, 430A and 462, as
          applicable, under the Act in a timely manner; and comply with the
          provisions of the Act with respect to the disposition of all
          securities covered by such Registration Statement during the
          applicable period in accordance with the intended method or methods of
          distribution by the sellers thereof set forth in such Registration
          Statement or supplement to the Prospectus;

               (iii) with respect to a Shelf Registration Statement, advise the
          selling Holders promptly and, if requested by such Persons, confirm
          such advice in writing, (A) when the Prospectus or any Prospectus
          supplement or post-effective amendment has been filed, and, with
          respect to any applicable Registration Statement or any post-effective
          amendment thereto, when the same has become effective, (B) of any
          request by the Commission for amendments to the Registration Statement
          or amendments or supplements to the Prospectus or for additional
          information relating thereto, (C) of the issuance by the Commission of
          any stop order suspending the effectiveness of the Registration
          Statement under the Act or of the suspension by any state securities
          commission of the qualification of the Transfer Restricted Securities
          for offering or sale in any jurisdiction, or the initiation of any
          proceeding for any of the preceding purposes, (D) of the existence of
          any fact or the happening of any event that makes any statement of a
          material fact made in the Registration Statement, the Prospectus, any
          amendment or supplement thereto or any document incorporated by
          reference therein untrue, or that requires the making of any additions
          to or changes in the Registration Statement in order to make the
          statements therein not misleading, or that requires the making of any
          additions to or changes in the Prospectus in

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          order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading. If at any
          time the Commission shall issue any stop order suspending the
          effectiveness of the Registration Statement, or any state securities
          commission or other regulatory authority shall issue an order
          suspending the qualification or exemption from qualification of the
          Transfer Restricted Securities under state securities or Blue Sky
          laws, the Company and the Guarantors shall use their respective
          reasonable efforts to obtain the withdrawal or lifting of such order
          at the earliest possible time;

               (iv) subject to Section 6(c)(i), if any fact or event
          contemplated by Section 6(c)(iii)(D) above shall exist or have
          occurred, prepare a supplement or post-effective amendment to the
          Registration Statement or related Prospectus or any document
          incorporated therein by reference or file any other required document
          so that, as thereafter delivered to the purchasers of Transfer
          Restricted Securities, the Prospectus will not contain an untrue
          statement of a material fact or omit to state any material fact
          necessary to make the statements therein, in the light of the
          circumstances under which they were made, not misleading;

               (v) furnish to the Initial Purchasers and with respect to a Shelf
          Registration Statement, each selling Holder named in any Registration
          Statement or Prospectus in connection with such sale, if any, before
          filing with the Commission, copies of any Registration Statement or
          any Prospectus included therein or any amendments or supplements to
          any such Registration Statement or Prospectus (including all documents
          incorporated by reference after the initial filing of such
          Registration Statement), which documents will be subject to the review
          and comment of such Holders in connection with such sale, if any, for
          a period of at least five Business Days, and the Company will not file
          any such Registration Statement or Prospectus or any amendment or
          supplement to any such Registration Statement or Prospectus (including
          all such documents incorporated by reference) to which the selling
          Holders of the Transfer Restricted Securities covered by such
          Registration Statement in connection with such sale, if any, shall
          reasonably object within five Business Days after the receipt thereof.
          A selling Holder shall be deemed to have reasonably objected to such
          filing if such Registration Statement, amendment, Prospectus or
          supplement, as applicable, as proposed to be filed, contains a
          material misstatement or omission or fails to comply with the
          applicable requirements of the Act;

               (vi) with respect to a Shelf Registration Statement, provide
          copies of any document that is incorporated by reference into a
          Registration Statement or Prospectus to the selling Holders in
          connection with such sale, if any;

               (vii) with respect to a Shelf Registration Statement, make
          available at reasonable times for inspection by the selling Holders
          participating in any disposition pursuant to such Registration
          Statement and any attorney or accountant retained by such selling
          Holders, all financial and other records, pertinent corporate
          documents of the Company and cause the Company's officers, directors
          and employees to supply all information reasonably requested under the
          circumstances by any such selling Holder, attorney or accountant in
          connection with such Registration Statement or any post-effective
          amendment thereto subsequent to the filing thereof and prior to its
          effectiveness;

                                       10
<PAGE>   12

               (viii) with respect to a Shelf Registration Statement, if
          requested by any selling Holders in connection with such sale, if any,
          promptly include in any Registration Statement or Prospectus, pursuant
          to a supplement or post-effective amendment if necessary, such
          information as such selling Holders may reasonably request to have
          included therein, including, without limitation, information relating
          to the "Plan of Distribution" of the Transfer Restricted Securities;
          and make all required filings of such Prospectus supplement or
          post-effective amendment as soon as practicable after the Company is
          notified of the matters to be included in such Prospectus supplement
          or post-effective amendment;

               (ix) with respect to a Shelf Registration Statement, furnish to
          each selling Holder in connection with such sale, if any, without
          charge, at least one copy of the Registration Statement, as first
          filed with the Commission, and of each amendment thereto, including
          all documents incorporated by reference therein and all exhibits
          (including exhibits incorporated therein by reference);

               (x) with respect to a Shelf Registration Statement, deliver to
          each selling Holder without charge, as many copies of the Prospectus
          (including each preliminary prospectus) and any amendment or
          supplement thereto as such Persons reasonably may request; the Company
          and the Guarantors hereby consent to the use (in accordance with law)
          of the Prospectus and any amendment or supplement thereto by each
          selling Holder in connection with the offering and the sale of the
          Transfer Restricted Securities covered by the Prospectus or any
          amendment or supplement thereto;

               (xi) upon the request of any Holders who collectively hold an
          aggregate principal amount of Transfer Restricted Securities in excess
          of 10% of the aggregate principal amount of the outstanding Transfer
          Restricted Securities (the "REQUESTING HOLDERS"), enter into an
          underwriting agreement on one occasion and make such representations
          and warranties and take all such other actions as are reasonably
          customary in underwritten offerings in order to expedite or facilitate
          the disposition of the Transfer Restricted Securities pursuant to any
          applicable Registration Statement contemplated by this Agreement as
          may be reasonably requested by the Requesting Holders in connection
          with any sale or resale pursuant to any applicable Registration
          Statement. In such connection, the Company and the Guarantors shall:

               (A)  upon request of the Requesting Holders, furnish (or in the
            case of paragraphs (2) and (3), use their reasonable best efforts to
            cause to be furnished) to each Requesting Holder, upon Consummation
            of the Exchange Offer or upon the effectiveness of the Shelf
            Registration Statement, as the case may be:

                (1) a certificate, dated such date, signed on behalf of the
               Company and each Guarantor by (x) the President or any Vice
               President and (y) a principal financial or accounting officer of
               the Company and such Guarantor, confirming, as of the date
               thereof, the matters set forth in Sections 1(k), 5(a)(ii) and
               5(a)(v) of the Purchase Agreement and such other similar matters
               as such Holders may reasonably request;

                                       11
<PAGE>   13

                (2) an opinion, dated the date of Consummation of the Exchange
               Offer or the date of effectiveness of the Shelf Registration
               Statement, as the case may be, of counsel for the Company and the
               Guarantors covering matters similar to those covered by the
               opinion delivered pursuant to paragraph (a)(iii) of Section 5 of
               the Purchase Agreement and such other matters as such Holder may
               reasonably request, and in any event including a statement to the
               effect that such counsel has participated in conferences with
               officers and other representatives of the Company and the
               Guarantors, representatives of the independent public accountants
               for the Company and the Guarantors and have considered the
               matters required to be stated therein and the statements
               contained therein, although such counsel has not independently
               verified the accuracy, completeness or fairness of such
               statements; and that such counsel advises that, on the basis of
               the foregoing (relying as to materiality to the extent such
               counsel deems appropriate upon the statements of officers and
               other representatives of the Company and the Guarantors and
               without independent check or verification), no facts came to such
               counsel's attention that caused such counsel to believe that the
               applicable Registration Statement, at the time such Registration
               Statement or any post-effective amendment thereto became
               effective and, in the case of the Exchange Offer Registration
               Statement, as of the date of Consummation of the Exchange Offer,
               contained an untrue statement of a material fact or omitted to
               state a material fact required to be stated therein or necessary
               to make the statements therein not misleading, or that the
               Prospectus contained in such Registration Statement as of its
               date and, in the case of the opinion dated the date of
               Consummation of the Exchange Offer, as of the date of
               Consummation, contained an untrue statement of a material fact or
               omitted to state a material fact necessary in order to make the
               statements therein, in the light of the circumstances under which
               they were made, not misleading. Without limiting the foregoing,
               such counsel may state further that such counsel assumes no
               responsibility for, and has not independently verified, the
               accuracy, completeness or fairness of the financial statements,
               notes and schedules and other financial data included in any
               Registration Statement contemplated by this Agreement or the
               related Prospectus; and

                (3) a customary comfort letter, dated the date of Consummation
               of the Exchange Offer, or as of the date of effectiveness of the
               Shelf Registration Statement, as the case may be, from the
               Company's independent accountants, in the customary form and
               covering matters of the type customarily covered in comfort
               letters to underwriters in connection with underwritten
               offerings, and affirming the matters set forth in the comfort
               letters delivered pursuant to Section 5(a)(i) of the Purchase
               Agreement; and

               (B)  deliver such other documents and certificates as may be
            reasonably requested by the selling Holders to evidence compliance
            with the matters covered in clause (A) above and with any customary
            conditions contained in any agreement entered into by the Company
            and the Guarantors pursuant to this clause (xi);

                                       12
<PAGE>   14

               (v) prior to any public offering of Transfer Restricted
          Securities, cooperate with the selling Holders and their counsel in
          connection with the registration and qualification of the Transfer
          Restricted Securities under the securities or Blue Sky laws of such
          jurisdictions as the selling Holders may request and do any and all
          other acts or things necessary or advisable to enable the disposition
          in such jurisdictions of the Transfer Restricted Securities covered by
          the applicable Registration Statement; provided, however, that neither
          the Company nor any Guarantor shall be required to register or qualify
          as a foreign corporation where it is not now so qualified or to take
          any action that would subject it to the service of process in suits or
          to taxation, other than as to matters and transactions relating to the
          Registration Statement, in any jurisdiction where it is not now so
          subject;

               (vi) in connection with any sale of Transfer Restricted
          Securities that will result in such securities no longer being
          Transfer Restricted Securities, cooperate with the Holders to
          facilitate the timely preparation and delivery of certificates
          representing Transfer Restricted Securities to be sold and not bearing
          any restrictive legends; and to register such Transfer Restricted
          Securities in such denominations and such names as the selling Holders
          may request at least two Business Days prior to such sale of Transfer
          Restricted Securities;

               (vii) use their respective best efforts to cause the disposition
          of the Transfer Restricted Securities and Existing Notes covered by
          the Registration Statement to be registered with or approved by such
          other governmental agencies or authorities as may be necessary to
          enable the seller or sellers thereof to consummate the disposition of
          such Transfer Restricted Securities and Existing Notes, subject to the
          proviso contained in clause (v) above;

               (viii) provide CUSIP numbers, as applicable, for all Transfer
          Restricted Securities not later than the effective date of a
          Registration Statement covering such Transfer Restricted Securities
          and provide the Trustee under the Indenture with printed certificates
          for the Transfer Restricted Securities which are in a form eligible
          for deposit with the Depository Trust Company;

               (ix) otherwise use their respective best efforts to comply with
          all applicable rules and regulations of the Commission, and make
          generally available to its security holders with regard to any
          applicable Registration Statement, as soon as practicable, a
          consolidated earnings statement meeting the requirements of Rule 158
          (which need not be audited) covering a twelve-month period beginning
          after the effective date of the Registration Statement (as such term
          is defined in paragraph (c) of Rule 158 under the Act);

               (x) cause the Indenture to be qualified under the TIA not later
          than the effective date of the first Registration Statement required
          by this Agreement and, in connection therewith, cooperate with the
          Trustee and the Holders to effect such changes to the Indenture as may
          be required for such Indenture to be so qualified in accordance with
          the terms of the TIA; and execute and use its best efforts to cause
          the Trustee to execute, all documents that may be required to effect
          such changes and all other forms and documents required to be filed
          with the Commission to enable such Indenture to be so qualified in a
          timely manner; and

                                       13
<PAGE>   15

               (xi) provide promptly to each Holder, upon request, each document
          filed with the Commission pursuant to the requirements of Section 13
          or Section 15(d) of the Exchange Act.

          (d)  Restrictions on Holders. Each Holder of Transfer Restricted
Securities and Participating Broker-Dealer agrees by acquisition of a Transfer
Restricted Security or Series D Note, as the case may be, that, upon receipt of
the notice referred to in Section 6(c)(iii)(C) or any notice from the Company of
the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof
(in each case, a "SUSPENSION NOTICE"), such Holder of Transfer Restricted
Securities or Participating Broker-Dealers will forthwith discontinue
disposition of Transfer Restricted Securities or Series D Notes, as the case may
be, pursuant to the applicable Registration Statement until (i) such Holder has
received copies of the supplemented or amended Prospectus contemplated by
Section 6(c)(iv) hereof, or (ii) such Holder of Transfer Restricted Securities
or Participating Broker-Dealer is advised in writing by the Company that the use
of the Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus (in
each case, the "RECOMMENCEMENT DATE"). Each Holder of Transfer Restricted
Securities or Participating Broker-Dealer receiving a Suspension Notice hereby
agrees that it will either (i) destroy any Prospectuses, other than permanent
file copies, then in such Holder's or Participating Broker-Dealer's possession
which have been replaced by the Company with more recently dated Prospectuses or
(ii) deliver to the Company (at the Company's expense) all copies, other than
permanent file copies, then in such Holder's or Participating Broker-Dealer's
possession of the Prospectus covering such Transfer Restricted Securities or
Series D Notes that was current at the time of receipt of the Suspension Notice.
The time period regarding the effectiveness of such Registration Statement set
forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of
days equal to the number of days in the period from and including the date of
delivery of the Suspension Notice to the date of delivery of the Recommencement
Date.

SECTION 7. REGISTRATION EXPENSES

          (a)  All expenses incident to the Company's and the Guarantors'
performance of or compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement becomes effective, including
without limitation: (i) all registration and filing fees and expenses; (ii) all
fees and expenses of compliance with federal securities and state Blue Sky or
securities laws; (iii) all expenses of printing (including printing certificates
for the Series D Notes to be issued in the Exchange Offer and printing of
Prospectuses), messenger and delivery services and telephone; (iv) (A) all fees
and disbursements of counsel for the Company and the Guarantors and (B) one
counsel for the Holders of Transfer Restricted Securities in connection with an
underwritten offering; (v) all application and filing fees in connection with
listing the Series D Notes on a national securities exchange or automated
quotation system pursuant to the requirements hereof; and (vi) all fees and
disbursements of independent certified public accountants of the Company and the
Guarantors (including the expenses of any special audit and comfort letters
required by or incident to such performance).

          The Company will, in any event, bear its and the Guarantors' internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or

                                       14
<PAGE>   16

accounting duties), the expenses of any annual audit and the fees and expenses
of any Person, including special experts, retained by the Company or the
Guarantors.

          (b)  In connection with any Shelf Registration Statement required by
this Agreement, the Company and the Guarantors will reimburse the Initial
Purchasers and the Holders of Transfer Restricted Securities being tendered in
the Exchange Offer and/or resold pursuant to the "Plan of Distribution"
contained in the Exchange Offer Registration Statement or the Shelf Registration
Statement, as applicable, for the reasonable fees and disbursements of not more
than one counsel, who shall be either Latham & Watkins or Gardner, Carton &
Douglas, who shall be chosen by the Initial Purchasers or, if the Initial
Purchasers are not Holders of Transfer Restricted Securities such other firm as
shall be chosen by the Requesting Holders for whose benefit such Shelf
Registration Statement is being prepared.

SECTION 8. INDEMNIFICATION

          (a)  The Company and the Guarantors agree, jointly and severally, to
indemnify and hold harmless each Holder of Transfer Restricted Securities and
each Participating Broker-Dealer selling Series D Notes during the Applicable
Period, its directors, officers and each Person, if any, who controls such
Holder or Participating Broker-Dealer (within the meaning of Section 15 of the
Act or Section 20 of the Exchange Act) (each a "Participant"), from and against
any and all losses, claims, damages, liabilities, judgments (including without
limitation, any legal or other expenses incurred in connection with
investigating or defending any matter, including any action that could give rise
to any such losses, claims, damages, liabilities or judgments) caused by any
untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement, preliminary prospectus or Prospectus (or any amendment
or supplement thereto) provided by the Company to any Participant for use in
connection with the resale of Series D Notes or registered Series C Notes, or
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages, liabilities or
judgments are caused by an untrue statement or omission or alleged untrue
statement or omission that is based upon information relating to any of the
Participants furnished in writing to the Company by any of the Participants.

          (b)  Each Participant will be required to agree, severally and not
jointly, to indemnify and hold harmless the Company and the Guarantors, and
their respective directors and officers, and each person, if any, who controls
(within the meaning of Section 15 of the Act or Section 20 of the Exchange Act)
the Company, or the Guarantors to the same extent as the foregoing indemnity
from the Company and the Guarantors set forth in Section (a) above, but only
with reference to information relating to such Participant furnished in writing
to the Company by such Participant expressly for use in any Registration
Statement. In no event shall any Participant, its directors, officers or any
Person who controls such Participant be liable or responsible for any amount in
excess of the amount by which the total amount received by such Participant with
respect to its sale of Transfer Restricted Securities or Series D Notes, as the
case may be, pursuant to a Registration Statement exceeds (i) the amount paid by
such Participant for such Transfer Restricted Securities or Series D Notes, as
the case may be, and (ii) the amount of any damages that such Participant, its
directors, officers or any Person who controls such Participant has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.

                                       15
<PAGE>   17

          (c)  In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"INDEMNIFIED PARTY"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "INDEMNIFYING PERSON") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all reasonable fees and expenses of such counsel, as incurred
(except that in the case of any action in respect of which indemnity may be
sought pursuant to both Sections 8(a) and 8(b), a Participant shall not be
required to assume the defense of such action pursuant to this Section 8(c), but
may employ separate counsel and participate in the defense thereof, but the fees
and expenses of such counsel, except as provided below, shall be at the expense
of the Participant). Any indemnified party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of the indemnified
party unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party
shall have failed to assume the defense of such action or employ counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to
any such action (including any impleaded parties) include both the indemnified
party and the indemnifying party, and the indemnified party shall have been
advised by such counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to the
indemnifying party (in which case the indemnifying party shall not have the
right to assume the defense of such action on behalf of the indemnified party).
In any such case, the indemnifying party shall not, in connection with any one
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for all indemnified parties and all such fees and
expenses shall be reimbursed as they are incurred. Such firm shall be designated
in writing by Participants who sold a majority of the Transfer Restricted
Securities and Series D Notes sold by all such Participants, in the case of the
parties indemnified pursuant to Section 8(a), and by the Company and Guarantors,
in the case of parties indemnified pursuant to Section 8(b). The indemnifying
party shall indemnify and hold harmless the indemnified party from and against
any and all losses, claims, damages, liabilities and judgments by reason of any
settlement of any action (i) effected with its written consent or (ii) effected
without its written consent if the settlement is entered into more than 20
Business Days after the indemnifying party shall have received a request from
the indemnified party for reimbursement for the fees and expenses of counsel (in
any case where such fees and expenses are at the expense of the indemnifying
party) and, prior to the date of such settlement, the indemnifying party shall
have failed to comply with such reimbursement request or given its good faith
objection to such indemnification request. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement or
compromise of, or consent to the entry of judgment with respect to, any pending
or threatened action in respect of which the indemnified party is or could have
been a party and indemnity or contribution may be or could have been sought
hereunder by the indemnified party, unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all
liability on claims that are or could have been the subject matter of such
action and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of the indemnified party.

                                       16
<PAGE>   18

          (d)  To the extent that the indemnification provided for in this
Section 8 is unavailable to an indemnified party in respect of any losses,
claims, damages, liabilities or judgments referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or judgments (i) in such proportion
as is appropriate to reflect the relative benefits received by the Company and
the Guarantors, on the one hand, and the Participants, on the other hand, from
their sale of Transfer Restricted Securities or Series D Notes or (ii) if the
allocation provided by clause 8(d)(i) is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause 8(d)(i) above but also the relative fault of the Company
and the Guarantors, on the one hand, and of the Participants, on the other hand,
in connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities or judgments, as well as any other relevant
equitable considerations. The relative fault of the Company and the Guarantors,
on the one hand, and of the Participants, on the other hand, shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or such Guarantor,
on the one hand, or by the Participants, on the other hand, and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and judgments referred to
above shall be deemed to include, subject to the limitations set forth in
Section 8(a), any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any action or claim.

          The Company, the Guarantors and each Participant agree that it would
not be just and equitable if contribution pursuant to this Section 8(d) were
determined by pro rata allocation (even if the Participants were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages, liabilities or judgments referred to in
the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any matter,
including any action that could have given rise to such losses, claims, damages,
liabilities or judgments. Notwithstanding the provisions of this Section 8, no
Participant shall be required to contribute, in the aggregate, any amount in
excess of the amount by which the total received by such Participant with
respect to the sale of Transfer Restricted Securities or Series D Notes pursuant
to a Registration Statement exceeds (i) the amount paid by such Participant for
such Transfer Restricted Securities or Series D Notes and (ii) the amount of any
damages which such Participant has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Participants' obligations to
contribute pursuant to this Section 8(d) are several in proportion to the
respective principal amount of Transfer Restricted Securities or Series D Notes
held by each Holder hereunder and not joint.

                                       17
<PAGE>   19

SECTION 9.  RULE 144A AND RULE 144

          The Company and each Guarantor agrees with each Holder, for so long as
any Transfer Restricted Securities remain outstanding and during any period in
which the Company or such Guarantor (i) is not subject to Section 13 or 15(d) of
the Exchange Act, to make available, upon request of any Holder, to such Holder
or beneficial owner of Transfer Restricted Securities in connection with any
sale thereof and any prospective purchaser of such Transfer Restricted
Securities designated by such Holder or beneficial owner, the information
required by Rule 144A(d)(4) under the Act in order to permit resales of such
Transfer Restricted Securities pursuant to Rule 144A, and (ii) is subject to
Section 13 or 15 (d) of the Exchange Act, to make all filings required thereby
in a timely manner in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144.

SECTION 10. MISCELLANEOUS

          (a)  Remedies. The Company and the Guarantors acknowledge and agree
that any failure by the Company and/or the Guarantors to comply with their
respective obligations under Sections 3 and 4 hereof may result in material
irreparable injury to the Initial Purchasers or the Holders for which there is
no adequate remedy at law, that it will not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, the Initial
Purchasers or any Holder may obtain such relief as may be required to
specifically enforce the Company's and the Guarantors' obligations under
Sections 3 and 4 hereof. The Company and the Guarantors further agree to waive
the defense in any action for specific performance that a remedy at law would be
adequate.

          (b)  No Inconsistent Agreements. Neither the Company nor any Guarantor
will, on or after the date of this Agreement, enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions hereof. The
rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of the Company's and the
Guarantors' securities under any agreement in effect on the date hereof.

          (c)  Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of Section 5
hereof and this Section 10(c)(i), the Company has obtained the written consent
of Holders of all outstanding Transfer Restricted Securities and (ii) in the
case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer, and that does not affect directly or indirectly the rights
of other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer, may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities subject to
such Exchange Offer.

          (d)  Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company and the
Guarantors, on the one hand, and the

                                       18
<PAGE>   20

Initial Purchasers, on the other hand, and shall have the right to enforce such
agreements directly to the extent they may deem such enforcement necessary or
advisable to protect its rights or the rights of Holders hereunder.

          (e)  Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

               (i)  if to a Holder, at the address set forth on the records of
          the Registrar under the Indenture, with a copy to the Registrar under
          the Indenture; and

               (ii) if to the Company or the Guarantors:

                      Dura Operating Corp.
                      4508 IDS Center
                      Minneapolis, MN   55402
                      Telecopier No.:  (612) 332-2012
                      Attention:  Scott D. Rued

                      With a copy to:

                      Kirkland & Ellis
                      200 E. Randolph Drive
                      Chicago, IL  60601
                      Telecopier No.:  (312) 861-2200
                      Attention:  Dennis M. Myers

          All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and on the next business day, if timely delivered
to an air courier guaranteeing overnight delivery.

          Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

          Upon the date of filing of the Exchange Offer or a Shelf Registration
Statement, as the case may be, notice shall be delivered to the Initial
Purchasers in the form attached hereto as Exhibit A.

          (f)  Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties,
including without limitation and without the need for an express assignment,
subsequent Holders; provided, that nothing herein shall be deemed to permit any
assignment, transfer or other disposition of Transfer Restricted Securities in
violation of the terms hereof or of the Purchase Agreement or the Indenture. If
any transferee of any Holder shall acquire Transfer Restricted Securities in any
manner, whether by operation of law or otherwise, such Transfer Restricted
Securities shall be held subject to all of the terms of this Agreement, and by
taking and holding such Transfer Restricted Securities such Person shall be
conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions

                                       19
<PAGE>   21

of this Agreement, including the restrictions on resale set forth in this
Agreement and, if applicable, the Purchase Agreement, and such Person shall be
entitled to receive the benefits hereof.

          (g)  Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          (h)  Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          (i)  Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

          (j)  Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

          (k)  Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                                       20
<PAGE>   22

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                DURA OPERATING CORP.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    Vice President, Chief Financial Officer and
                                    Assistant Secretary

                                DURA AUTOMOTIVE SYSTEMS, INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    Vice President, Chief Financial Officer and
                                    Assistant Secretary

                                DURA AUTOMOTIVE SYSTEMS CABLE OPERATIONS, INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    President, Chief Financial Officer and
                                    Treasurer

                                UNIVERSAL TOOL & STAMPING COMPANY INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    President, Chief Financial Officer and
                                    Treasurer

                                ADWEST ELECTRONICS, INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    President, Chief Financial Officer and
                                    Treasurer

                                       21
<PAGE>   23

                                DURA AUTOMOTIVE SYSTEMS OF INDIANA, INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    President, Chief Financial Officer and
                                    Treasurer

                                ATWOOD AUTOMOTIVE INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    President, Chief Financial Officer and
                                    Treasurer

                                MARK I MOLDED PLASTICS OF TENNESSEE, INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------
                                    David R. Bovee
                                    President, Chief Financial Officer and
                                    Treasurer

                                ATWOOD MOBILE PRODUCTS, INC.

                                By: /s/ David R. Bovee
                                    --------------------------------------------

BANC OF AMERICA SECURITIES LLC
CREDIT SUISSE FIRST BOSTON CORPORATION
J.P. MORGAN SECURITIES INC.

BY: BANC OF AMERICA SECURITIES LLC

    By:  /s/ Stephan Jaeger
         -------------------------------------------
    Its: Vice President

                                       22
<PAGE>   24

                                    EXHIBIT A

                               NOTICE OF FILING OF
                    A/B EXCHANGE OFFER REGISTRATION STATEMENT

To: Banc of America Securities LLC
    [Address]

From: Dura Operating Corp.
      Series C 9% Senior Subordinated Notes due 2009

Date: ___, 2001

      For your information only (NO ACTION REQUIRED):

      Today, ______, 2001, we filed [an Exchange Registration Statement/a
Shelf Registration Statement] with the Securities and Exchange Commission. We
currently expect this registration statement to be declared effective within
_____ business days of the date hereof.

                                       23<PAGE>   1
                                                                    EXHIBIT 10.4

                              EMPLOYMENT AGREEMENT
                                 BY AND BETWEEN
                                  MADISON BANK
                                       AND
                                 JUDITH GAFFNEY

        THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into this day of
October 1999, by and between MADISON BANK, a Florida chartered commercial bank
(the "Employer" or the "Bank") and Judith Gaffney ("Employee"). Employer and
Employee are collectively referred to herein as the "Parties."

                                    RECITALS

        WHEREAS, the Bank wishes to retain Employee as its Senior Vice
President/Retail Banking to perform the duties and responsibilities as are
described in this Agreement and as the Bank's Board of Directors ("Board") may
assign to Employee from time to time; and

        WHEREAS, Employee desires to become employed by the Bank and to serve as
the Bank's Senior Vice President/Retail Banking in accordance with the terms and
provisions of this Agreement.

        NOW, THEREFORE, in consideration of the mutual agreements contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereto represent, warrant, undertake,
covenant and agree as follows:

                                 OPERATIVE TERMS

        1. EMPLOYMENT AND TERM. The Bank shall employ Employee and Employee
shall be employed pursuant to the terms of this Agreement to perform the
services specified in Section 2 herein. The initial term of employment shall be
for a period of twelve (12) months, commencing on October 18, 1999, (the
"Effective Date"). Upon each new day of the twelve (12) month period of
employment from the Effective Date until the employee's 65 birthday, the term of
this Agreement shall be automatically extended for one (1) additional day, to be
added to the end of the then-existing twelve (12) month term. Accordingly, at
all times prior to (i) the employee's attaining age 65 and (ii) a notice of
employment termination (or an actual termination), the term of this Agreement
shall be 12 full months. However, either Party may terminate this Agreement by
giving the other Party written notice of intent not to renew.

        The Board of Directors of the Bank shall, on an annual basis, review
Employee's performance and this Agreement. The automatic extensions of the term
of this Agreement shall immediately be suspended upon an employment termination
by reason of death or disability or retirement, or an employment termination
made voluntarily by the employee (other than for Good Reason as defined in
Section 9[d], or involuntarily for Cause as defined in Section 9[b]).

        In the event the Employee gives notice of employment termination, the
Bank may elect, at its sole option, to have the term of this Agreement expire
immediately or upon the 30th day following the delivery to the Employer of such
notice of employment termination. Except as otherwise provided in the following
paragraph with respect to a voluntary termination for Good Reason, a voluntary
employment

                                        1

<PAGE>   2

termination by the employee shall result in the termination of the rights and
obligations of the Parties under this Agreement; provided, however, that the
terms and provisions of Section 12 shall continue to apply.

         In the event the Bank desires to involuntarily terminate the employment
of Employment (for purposes of this Agreement, a voluntary employment
termination by the employee for Good Reason shall be treated as an involuntary
termination of the employee's employment without Cause), the Bank shall deliver
to the employee a notice of employment termination, and the following provisions
shall apply:

               (a) In the event the involuntary termination is for Cause, this
               Agreement shall terminate immediately upon delivery to the
               Employee of such notice of termination. Such termination for
               Cause shall result in the termination of all rights and
               obligations of the parties under this Agreement.

               (b) In the event the involuntary termination is without Cause,
               the Employee shall be entitled to receive the severance benefits
               set forth in Section 9(f) herein 9(g) herein.

        2. POSITION, RESPONSIBILITIES AND DUTIES. During the term of this
Agreement, Employee shall serve in the following capacities and shall fulfill
the following responsibilities and duties:

           (a) SPECIFIC DUTIES: Employee shall serve as the Bank's Senior Vice
           President/Retail Banking, through election by the Board. In such
           capacity, Employee shall have the same powers, duties and
           responsibilities of supervision and management of the Bank usually
           accorded to a Senior Vice President/Retail Banking of similar
           financial institutions. In addition, Employee shall use her best
           efforts to perform the duties and responsibilities enumerated in this
           Agreement and any other duties assigned to Employee by the Board and
           to utilize and develop contacts and customers to enhance the business
           of the Bank. Specifically, Employee shall devote her full business
           time and attention and use her best efforts to accomplish and fulfill
           the following duties and responsibilities, as well as other duties
           assigned to Employee from time to time by the Board:

                (i)     managing Bank retail banking personnel;

                (ii)    serve on such committees as appointed by the Board from
                        time to time;

                (iii)   keeping the President of the Bank and the Board informed
                        of important developments concerning the Bank's retail
                        banking activities, industry developments and regulatory
                        initiatives affecting the Bank;

                (iv)    maintaining adequate expense records relating to
                        Employee's activities on behalf of the Bank;

                (v)     recommend marketing efforts to increase the retail
                        banking business of the Bank;

                (vi)    supervising all retail banking activities, including
                        branches, branch personnel, marketing and compliance;

                                        2

<PAGE>   3

                (vii)   coordinating with the Bank's President to the extent
                        necessary to further the business of the Bank, keeping
                        in compliance with government laws and regulations and
                        otherwise keeping the Bank in as good a financial and
                        legal posture as possible; and

                (viii)  conduct and undertake all other activities,
                        responsibilities, and duties normally expected to be
                        undertaken and accomplished by a Senior Vice
                        President/Retail Banking of a financial institution
                        similar in scope and operation to the Bank's business.

           (b) GENERAL DUTIES: During the term of this Agreement, and except for
           illness, vacation periods and leaves of absences, Employee shall
           devote all of her working time, attention, skill and best efforts to
           accomplish and faithfully perform all of the duties assigned to
           Employee on a full-time basis. Employee shall, at all times, conduct
           herself in a manner that will reflect positively upon the Bank.
           Employee shall obtain such licenses, certificates, accreditations and
           professional memberships and designations as the Bank may reasonably
           require. Employee shall join and maintain membership in such social
           and civic organizations as Employee or the Board deems appropriate to
           foster the Bank's contacts and business network in the community.

        3. COMPENSATION. During the term of this Agreement, Employee shall be
compensated as follows:

           (a) BASE SALARY: Employee shall receive an annual salary of $85,000
           (the "Base Salary") in equal installments, in accordance with the
           Bank's standard payroll practices, reduced appropriately by
           deductions required by applicable laws. Employer may adjust the Base
           Salary from time to time based upon the Board's evaluation of
           Employee's performance. In no event, however, will the Base Salary be
           reduced without Employee's written concurrence.

           (b) INCENTIVE COMPENSATION AND BONUS: Employee shall be entitled to
           participate in any incentive compensation plans adopted by the Bank.
           In addition, Employee may be paid an annual bonus of up to 12% of the
           Base Salary upon Employee achieving certain performance goals. Such
           performance goals are to be mutually agreed upon by the Bank and
           Employee by December 31, 1999.

           (c) RELOCATION EXPENSES: The Bank shall advance to Employee packing,
           moving and out-of-pocket expenses for up to $6,000 ("Moving
           Expenses"). In the event Employee leaves the employ of the Bank
           within six months of the Effective Date, Employee shall refund the
           advanced Moving Expenses to the Bank within 30 days of termination.
           For each month thereafter that Employee remains employed by the Bank,
           the amount of required repayment shall be reduced by $1,000 per
           month.

           (d) STOCK AND OTHER BENEFIT PLANS: During the term of this Agreement,
           the Employee will be entitled to participate in and receive the
           benefits of any stock option plans, stock ownership plans,
           profit-sharing plans, 401(k) plans, deferred compensation plans, or
           other plans, benefits and privileges given to employees and
           executives of the Bank which are currently in effect at the execution
           of this Agreement or which may come into existence thereafter, to the
           extent the Employee is otherwise eligible and qualifies to so
           participate in and receive such benefits or privileges. The Bank
           shall not make any changes in such plans,

                                       3

<PAGE>   4

           benefits or privileges which would adversely affect the Employee's
           rights or benefits thereunder, unless such change occurs pursuant to
           a program applicable to all executive officers (Vice President or
           above) of the Bank and does not result in a proportionately greater
           adverse change in the rights of or benefits to the Employee as
           compared with any other executive officer of the Bank. Nothing paid
           to the Employee under any plan or arrangement presently in effect or
           made available in the future shall be deemed to be in lieu of the
           Base Salary payable to the Employee pursuant to Section 3 herein.

           (e) STOCK OPTIONS: Notwithstanding Section 3(c) above, Employee shall
           be entitled under this Agreement, and Employer hereby agrees to grant
           Employee non-qualified stock options to acquire 5,000 shares of
           Employer's common stock as follows:

                (i)     Options shall be vested in five equal installments of
                        1,000 shares each. The first such vesting shall occur on
                        October 1, 2000, and annually on October 1 of each year
                        thereafter, through August 31, 2004.

                (ii)    Each installment may be exercised in full or in part at
                        anytime following the vesting date for a period of five
                        years from such date at which time any unexercised
                        options shall expire.

                (iii)   The stock option exercise price shall be the fair market
                        value of a share of Bank stock on the date of grant to
                        be determined based upon the last recorded trade of Bank
                        stock prior to the Effective Date.

                (iv)    In the event of a Change-in-Control, as defined in
                        Section 9(e) herein, any options not yet vested pursuant
                        to subsection (i) of this Section shall be automatically
                        vested on the day immediately preceding the effective
                        date of the Change-in-Control occurrence.

                (v)     Vested options may be exercised by Employee by
                        presenting an Option Exercise Purchase Form to Employer
                        indicating the number of shares to be acquired and
                        accompanied by a check in the proper amount.

        4. PAYMENT OF BUSINESS EXPENSES. Employee is authorized to incur
reasonable expenses in performing her duties. Employer will reimburse Employee
for authorized expenses, according to the Bank's established policies, promptly
after Employee's presentation of an itemized account of such expenditures.

        5. VACATION. Employee is entitled to three (3) weeks paid vacation time
per year on a non-cumulative basis. Employee must be employed with the Bank for
six months before being eligible to take any vacation time. All vacation time
must be scheduled with advance notice to and coordination with the President of
the Bank.

        6. FRINGE BENEFITS.

           (a) MEDICAL BENEFITS: Employee is entitled to participate in all
           medical and health care benefit plans through health insurance,
           corporate funds, medical reimbursement plans or other plans, if any,
           provided by the Bank for its employees.

                                       4

<PAGE>   5

           (b) CLUB MEMBERSHIPS AND EDUCATION: Employer will reimburse Employee
           for membership dues for joining service organizations such as the
           Rotary Club or Kiwanis Club. Employer will also reimburse Employee
           for admission or attendance fees for educational meetings or seminars
           offered by such organizations as BAI or FBA.

        7. DISABILITY/ILLNESS.

           (a) ILLNESS: Employee shall be paid her full Base Salary for any
           period of her illness or incapacity provided that such illness or
           incapacity does not render Employee unable to perform her duties
           under this Agreement for a period longer than three consecutive
           months. At the end of such three-month period, Employer may terminate
           Employee's employment and this Agreement.

           (b) DISABILITY: If Employer terminates this Agreement pursuant to
           Employee's disability as determined under Section 7(a) herein,
           Employer shall pay to Employee, as a disability payment, an amount
           equal to Employee's month Base Salary, payable in accordance with
           Employer's standard payroll practices, commencing on the effective
           date of Employee's termination and ending on the earlier of:

                (i)     the date Employee returns to full time employment in her
                        capacity as the Bank's Senior Vice President/Retail
                        Banking;

                (ii)    Employee's full-time employment by another employer;

                (iii)   three (3) months after the date of such termination,
                        after which Employee will be entitled to receive
                        benefits under any disability insurance plan provided by
                        the Bank; or

                (iv)    the date of Employee's death.

           Employer may satisfy its obligations under this Section of this
           Agreement, at its option, through the purchase of disability
           insurance. The provisions of such policy will control the amounts
           paid to Employee. Such disability insurance will be coordinated with
           any disability plans made available to Employee pursuant to Section 6
           of this Agreement.

           (c) CONTINUATION OF COVERAGES: During any period of illness or
           disability, Employer will continue any other life, health and
           disability coverages for Employee substantially identical to the
           coverages maintained prior to Employee's termination for disability
           coverages maintained prior to Employee's termination for disability.
           Such coverages shall cease upon the earlier of:

                (i)     Employee's full-time employment by another employer;

                (ii)    one (1) year after the date of such termination (with
                        the exception of disability insurance coverage); or

                (iii)   the date of Employee's death.

                                       5

<PAGE>   6

           (d) NO REDUCTION IN BASE SALARY: During the period in which Employee
           is disabled or subject to illness or incapacity, other than as
           described in Section 7(b) herein, there shall be no reduction in
           Employee's Base Salary.

        8. DEATH DURING EMPLOYMENT. In the event of Employee's death during the
term of this Agreement, Employer's obligation to Employee shall be limited to
the portion of Employee's compensation which would be payable up to the first
working day of the first month after Employee's death, except that any
compensation payable to Employee under any benefit plan maintained by Employer
will be paid pursuant to its terms.

        9. TERMINATION.

           (a) ILLNESS, INCAPACITY OR DEATH: This Agreement shall terminate upon
           Employee's illness, incapacity or death in accordance with the
           provisions of Sections 7 and 8 herein.

           (b) TERMINATION FOR CAUSE: The Employer shall have the right, at any
           time, upon prior written notice of termination satisfying the
           requirements of Section 11 herein, to terminate the Employee's
           employment hereunder, including termination for Cause. For the
           purpose of this Agreement, termination for just cause shall mean
           termination for personal dishonesty, incompetence, willful
           misconduct, material breach of fiduciary duty, intentional failure to
           perform the duties stated in the Agreement, wilful violation of any
           law, rule or regulation (other than traffic violations or similar
           offenses), willful violation of a final cease-and-desist order,
           willful or intentional breach or negligence or misconduct in the
           performance of such duties or material breach of any provision of
           this Agreement as determined by a court of competent jurisdiction or
           in final agency action by a federal or state regulatory agency having
           jurisdiction over the Bank. For purposes of this Section, no act, or
           failure to act, on the Employee's part shall be considered "willful"
           unless done, or omitted to act by the Employee in reasonable reliance
           upon an opinion of counsel to Employer shall not be deemed to be
           willful. In the event Employee is terminated for just cause, Employee
           shall have no right to compensation or other benefits for any period
           after such date of termination.

           (c) INVOLUNTARY TERMINATION: If the Employee is terminated by
           Employer other than for just cause or in connection with a
           change-in-control of the Bank (as defined in Section 9[e] herein),
           Employee's right to compensation and other benefits under this
           Agreement shall be as set forth in Section 9(f)(i) herein. In the
           event the Employee is terminated by Employer in connection with a
           change-in-control of the Bank, Employee's right to compensation and
           other benefits under this Agreement shall be as set forth in Section
           9(f)(ii) and 9(h) herein.

           (d) TERMINATION FOR GOOD REASON: Employee may terminate her
           employment hereunder for Good Reason. For purposes of this Agreement,
           good reason" shall mean (i) a failure by the Bank to comply with any
           material provision of this Agreement, which failure has not been
           cured within ten (10) days after a notice of such noncompliance has
           been given by the Employee to the Bank; or (ii) subsequent to a
           change-in-control as defined in Section 9(e) herein and without the
           Employee's express written consent, any of the following shall occur:
           the assignment to the Employee of any duties inconsistent with the
           Employee's position, duties, responsibilities and status with the
           Bank immediately prior to a change-in-control of the Bank; a change
           in the Employee's reporting responsibilities, titles or offices as in
           effect immediately prior to a change in control of the Bank; any
           removal of the Employee from, or any failure to re-elect the Employee
           to, any of such positions, except in connection with a

                                       6

<PAGE>   7

           termination of employment for just cause, disability, death, or
           removal pursuant to Sections 9(a) or 9(b) herein; a reduction by the
           Bank in the Employee's annual salary as in effect immediately prior
           to a change in control; the failure of the Bank to continue in effect
           any bonus, benefit or compensation plan, life insurance plan, health
           and accident plan or disability plan in which the Employee is
           participating at the time of a change in control of the Bank, or the
           taking of any action by the Bank which would adversely affect the
           Employee's participation in or materially reduce the Employee's
           benefits under any of such plans, or the transfer of the Employee to
           any location outside of Pinellas County, Florida or the assignment of
           substantial duties to the Employee to be completed outside Pinellas
           County, Florida.

           (e) CHANGE-IN-CONTROL: "Change in control" is defined herein to mean
           an event where a person: (i) directly or indirectly, or acting
           through one or more other persons, owns, controls or has power to
           vote more than 50% of any class of the then outstanding voting
           securities of the Bank; or (ii) controls in any manner the election
           of the directors of the Bank. For purposes of this Agreement, a
           change-in-control" shall be deemed not to have occurred in connection
           with a reorganization, consolidation, or merger of the Bank where the
           stockholders of the Bank, immediately before the consummation of the
           transaction, will own over 50% of the total combined voting power of
           all classes of stock entitled to vote of the surviving entity
           immediately after the transaction.

           (f) SEVERANCE PAYMENT:

                (i)     If the Employee shall terminate her employment for Good
                        Reason as defined in of Section 9(d) herein, or if the
                        Employee is terminated by the Bank for other than just
                        cause pursuant to Section 9(c) herein, then in lieu of
                        any further salary payments to the Employee for periods
                        subsequent to the date of termination, the Employee
                        shall be paid, as severance, twelve (12) months Base
                        Salary plus any bonus which the Employee would have been
                        entitled to hereunder;

                (ii)    In the event Employee's employment is terminated as a
                        result of a change in control or a change in control of
                        the Bank occurs within twelve (12) months of the
                        Employees' involuntary termination or termination for
                        good reason, Employee shall be entitled to a severance
                        payment equal to her current Base Salary plus any
                        incentive compensation or bonus which the Employee would
                        have been entitled to hereunder. Any payment under
                        Section 9(f)(i) and 9(f)(ii) shall be made in
                        substantially equal semi-monthly installments on the
                        fifteenth and last days of each month until paid in
                        full.

                        Any payment under Section 9(f)(i) and 9(f)(ii) shall be
                made in substantially equal semi-monthly installments on the
                15th and last days of each month until paid in full.

        10. REQUIRED PROVISIONS BY REGULATION. Employer and Employee acknowledge
that the laws and regulations governing the Parties require that certain
provisions be provided in each employment agreement with officers and employees
of the Bank. The Parties agree to be bound by the following provisions:

                                       7

<PAGE>   8

           (a) SUSPENSION/TEMPORARY PROHIBITION: If the Employee is suspended
           and/or temporarily prohibited from participating in the conduct of
           the Bank's affairs by a notice served under Section 655.037 Florida
           Statutes or under Section 8(e) or (g)(1) of the Federal Deposit
           Insurance Act [12 U.S.C. ss.1818(e)(3) and (g)(1)] the Bank's
           obligations under this Agreement shall be suspended as of the date of
           such service unless stayed by appropriate proceedings. If the charges
           and the notice are dismissed, the Bank may in its discretion:

                (i)     pay the Employee all or part of her compensation
                        withheld while the obligations under this Agreement are
                        suspended; and

                (ii)    reinstate (in whole or part) any of the Bank's
                        obligations which were suspended.

           (b) PERMANENT PROHIBITION: If the Employee is removed and/or
           permanently prohibited from participating in the conduct of the
           Bank's affairs by an order issued under Section 655.037 Florida
           Statutes or Section 8(e)(4) or (g)(1) of the Federal Deposit
           Insurance Act [12 U.S.C. ss.1818(e)(4) or (g)(1)], all of the Bank's
           obligations under this Agreement shall terminate as of the effective
           date of the order, but the Employee's vested rights, if any shall not
           be affected.

           (c) DEFAULT UNDER FDIA: If the Bank is in default [as defined in
           Section 3(x)(1) of the Federal Deposit Insurance Act], all
           obligations under this Agreement shall terminate as of the date of
           default, but this subsection of this Agreement shall not affect the
           Employee's vested rights if any.

           (d) REGULATORY TERMINATION: All obligations under this Agreement
           shall be terminated, except to the extent that a determination has
           been made that continuation of this Agreement is necessary for
           continued operation of the Bank:

                (i)     by the Director or his or her designee, at the time the
                        Federal Deposit Insurance Corporation ("FDIC") enters
                        into an agreement to provide assistance to or on behalf
                        of the Bank under the authority contained in Section
                        13(c) of the Federal Deposit Insurance Act; or

                (ii)    by the Department or the Director or his or her
                        designee, at the time the Department or the Director or
                        his or her designee approves a supervisory merger to
                        resolve problems related to operation of the Bank or
                        when the Bank's determined by the Director to be in
                        unsafe or unsound condition.

                        Any of the Employee's rights that have already vested,
                however, shall not be affected by such action. For purposes of
                this subsection of this Agreement, the term "Director" shall
                mean the Director of the FDIC.

                                       8

<PAGE>   9
        11. NOTICE OF TERMINATION.

            (a) EMPLOYEE'S NOTICE: Employee shall have the right, upon prior
            written notice of termination of not less than 30 days, to terminate
            her employment hereunder. In such event, Employee shall have no
            right after the date of termination to compensation or other
            benefits as provided in this Agreement, unless such termination is
            for "Good Reason", as defined in Section 9(d) herein. If the
            Employee provides a notice of termination for Good Reason, the date
            of termination shall be the date on which the notice of termination
            is given.

            (b) SPECIFICITY: Any termination of the Employee's employment by the
            Bank or by Employee shall be communicated by written notice of
            termination to the other Party hereto. For purposes of this
            Agreement, a "notice of termination" shall mean a dated notice which
            shall: (i) indicate the specific termination provision in the
            Agreement relied upon; (ii) set forth in reasonable detail the facts
            and circumstances claimed to provide a basis for termination of the
            Employee's employment under the provision so indicated; and (iii)
            set forth the date of termination, which shall be not less than 30
            days nor more than 45 days after such notice of termination is
            given, except in the case of the Bank's termination of the
            Employee's employment for Cause, in which case date of termination
            shall be the date such notice of termination is given.

            (c) DELIVERY OF NOTICES: All notices given or required to be given
            herein shall be in writing, sent by United States first-class
            certified or registered mail, postage prepaid, by way of overnight
            carrier or by hand delivery. If to the Employee (or to the
            Employee's spouse or estate upon the Employee's death) notice shall
            be sent to Employee's last-known address, and if to Employer, notice
            shall be sent to the corporate headquarters. All such notices shall
            be effective five days after having been deposited in the mail if
            sent via first-class certified or registered mail, or upon delivery
            if by hand delivery or sent via overnight carrier. Either Party, by
            notice in writing, may change or designate the place for receipt of
            all such notices.

        12. POST-TERMINATION OBLIGATIONS. Employer shall pay to Employee such
compensation as is required pursuant to this Agreement; provided, however, any
such payment shall be subject to Employee's post-termination cooperation. Such
cooperation shall include the following:

                (i)     Employee shall furnish such information and assistance
                        as may be reasonably required by Employer in connection
                        with any litigation or settlement of any dispute between
                        Employer, a customer and/or any other third parties
                        (including without limitation serving as a witness in
                        court or other proceedings);

                (ii)    Employee shall provide such information or assistance to
                        Employer in connection with any regulatory examination
                        by any state or federal regulatory agency;

                (iii)   Employee shall keep the Bank's trade secrets and other
                        proprietary or confidential information secret to the
                        fullest extent practicable, subject to compliance with
                        all applicable laws.

                                       9

<PAGE>   10

        Upon submission of proper receipts, Employer shall promptly reimburse
Employee for any reasonable expenses in current by Employee in complying with
the provisions of this Section.

        13.

        14. INDEBTEDNESS. If during the term of this Agreement, Employee becomes
indebted to the Bank for any reason, the Bank may, at its election, set off and
collect any sums due Employee out of any amounts which the Bank may owe Employee
from her Base Salary or other compensation. Furthermore, upon the termination of
this Agreement, all sums owed by Employee shall become immediately due and
payable. Employee shall pay all expenses and attorney's fees actually or
necessarily incurred by the Bank in connection with any collection proceeding
for Employee's indebtedness to us. Notwithstanding any of the foregoing, any
indebtedness to us secured by a mortgage on Employee's residence shall not be
subject to the foregoing provisions, and shall be governed by the loan documents
evidencing such indebtedness.

        15. MAINTENANCE OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. Employee
shall use her best efforts and utmost diligence to guard and protect all of the
Bank's trade secrets and confidential information. Employee shall not, either
during the term or after termination of this Agreement, for whatever reason,
use, in any capacity, or divulge or disclose in any manner, to any Person, the
identity of the Bank's customers, or its customer lists, methods of operation,
marketing and promotional methods, processes, techniques, systems, formulas,
programs or other trade secrets or confidential information relating to the
Bank's business. Upon termination of this Agreement or Employee's employment,
for any reason, Employee shall immediately return and deliver to the Bank all
records and papers and all matters of whatever nature which bear trade secrets
or confidential information relating to the Bank.

        16. COMPETITIVE ACTIVITIES.

            (a) LIMITATION ON OUTSIDE ACTIVITIES: Employee agrees that during
            the term of this Agreement, except with the express consent of the
            Board, Employee will not, directly or indirectly, engage or
            participate in, become a director of, or render advisory or other
            services for, or in connection with, or become interested in, or
            make any financial investment in any firm, corporation, business
            entity or business enterprise competitive with or to any business of
            the Bank; provided, however, that Employee shall not be precluded or
            prohibited from owning passive investments, including investments in
            the securities of other financial institutions, so long as such
            ownership does not require Employee to devote substantial time to
            management or control of the business or activities in which
            Employee has invested.

            (b) AGREEMENT NOT TO COMPETE: Employee acknowledges that by virtue
            of her employment with the Bank, Employee will acquire an intimate
            knowledge of the activities and affairs of the Bank, including trade
            secrets and other confidential matters. Employee, therefore, agrees
            that during the term of this Agreement, and for a period of six
            months (in the event Employee does not receive severance
            compensation) or 12 months (in the event Employee does receive
            severance compensation) following the

                                       10

<PAGE>   11

            termination of Employee's employment hereunder, Employee shall not
            become employed, directly or indirectly, whether as an Employee,
            independent contractor, consultant, or otherwise, with a
            federally-insured financial institution located in, or with any
            business enterprise, business entity or Person whose intent is to
            organize another financial institution in Pinellas County, Florida.

            Employee further agrees that for a period of 12 months following the
            termination of Employee's employment hereunder for any reason,
            Employee shall not directly or indirectly solicit the business of
            any then current customer of the Bank, regardless of whether or not
            Employee was responsible for generating such customer's business for
            the Bank. This restriction shall apply to both loan customers and
            depositors of the Bank.

            Employee hereby agrees that the duration of the anticompetitive
            covenant set forth herein is reasonable, and its geographic scope is
            not unduly restrictive.

        17. REMEDIES FOR BREACH.

            (a) ARBITRATION: The Parties agree that, except for the specific
            remedies for Injunctive Relief as contained in Section 16(b) and
            other equitable relief, any controversy or claim arising out of or
            relating to this Agreement, or any breach thereof, including,
            without limitation, any claim that this Agreement or any portion
            thereof is invalid, illegal or otherwise voidable, shall be
            submitted to binding arbitration before and in accordance with the
            Rules of the American Arbitration Association and judgment upon the
            determination and/or award of such arbitrator may be entered in any
            court having jurisdiction thereof; provided, however, that this
            clause shall not be construed to permit the award of punitive
            damages to either Party. The prevailing Party to said arbitration
            shall be entitled to an award of reasonable attorneys' fees. The
            venue for arbitration shall be in Pinellas County, Florida.

            (b) INJUNCTIVE RELIEF: The Parties acknowledge and agree that the
            services to be performed by Employee are special and unique and that
            money damages cannot fully compensate Employer in the event of
            Employee's violation of the provisions of Section 15 of this
            Agreement. Thus, in the event of a breach of any of the provisions
            of such Section, Employee agrees that Employer, upon application to
            a court of competent jurisdiction, shall be entitled to an
            injunction restraining Employee from any further breach of the terms
            and provision of such Section. Should Employer prevail in an action
            seeking an injunction restraining Employee, Employee shall pay all
            costs and reasonable attorneys fees incurred by Employer in and
            relating to obtaining such injunction. Such injunctive relief may be
            obtained without bond and Employee's sole remedy, in the event of
            the entry of such injunction, shall be the dissolution of such
            injunction. Employee hereby waives any and all claims for damages by
            reason of the wrongful issuance of any such injunction.

            (c) CUMULATIVE REMEDIES: Notwithstanding any other provision of this
            Agreement, the injunctive relief described in Section 16(b) herein
            and all other remedies provided for in this Agreement which are
            available to Employer as a result of Employee's breach of

                                       11

<PAGE>   12

            this Agreement, are in addition to and shall not limit any and all
            remedies existing at or in equity which may also be available to
            Employer.

        18. ASSIGNMENT. This Agreement shall inure to the benefit of and be
binding upon the Employee, and to the extent applicable, her heirs, assigns,
executors, and personal representatives, and to the Bank, and to the extent
applicable, its successors, and assigns, including, without limitation, any
person, partnership, or corporation which may acquire all or substantially all
of the Bank's assets and business, or with or into which the Bank may be
consolidated or merged, and this provision shall apply in the event of any
subsequent merger, consolidation, or transfer, unless such merger or
consolidation or subsequent merger or consolidation is a transaction of the type
which would result in termination under Sections 10(c) and 10(d) herein.

        19. MISCELLANEOUS.

            (a) AMENDMENT OF AGREEMENT: Unless as otherwise provided herein,
            this Agreement may not be modified or amended except in writing
            signed by the Parties.

            (b) CERTAIN DEFINITIONS: For purposes of this Agreement, the
            following terms whenever capitalized herein shall have the following
            meanings:

                (i)     "Person" shall mean any natural person, corporation,
                        partnership (general or limited), trust, association or
                        any other business entity.

                (ii)    "Attorneys' Fees" shall include the legal fees and
                        disbursements charged by attorneys and their related
                        travel and lodging expenses, court costs, paralegal
                        fees, etc. incurred in settlement, trial, appeal or in
                        bankruptcy proceedings.

            (c) HEADINGS FOR REFERENCE ONLY: The headings of the Sections and
            the Subsections herein are included solely for convenient reference
            and shall not control the meaning of the interpretation of any of
            the provisions of this Agreement.

            (d) GOVERNING LAW/JURISDICTION: This Agreement shall be construed in
            accordance with and governed by the laws of the State of Florida.
            Any litigation involving the Parties and their rights and
            obligations hereunder shall be brought in the appropriate court in
            Pinellas County, Florida.

            (e) SEVERABILITY: If any of the provisions of this Agreement shall
            be held invalid for any reason, the remainder of this Agreement
            shall not be affected thereby and shall remain in full force and
            effect in accordance with the remainder of its terms.

            (f) ENTIRE AGREEMENT: This Agreement and all other documents
            incorporated or referred to herein, contain the entire agreement of
            the Parties and there are no representations, inducements or other
            provisions other than those expressed in writing

                                       12

<PAGE>   13
            herein. This Agreement amends, supplants and supersedes any and all
            prior agreements between the Parties. No modification, waiver or
            discharge of any provision or any breach of this Agreement shall be
            effective unless it is in writing signed by both Parties. A Party's
            waiver of the other Party's breach of any provision of this
            Agreement, shall not operate, or be construed, as a waiver of any
            subsequent breach of that provision or of any other provision of
            this Agreement.

            (g) WAIVER: No course of conduct by Employer or Employee and no
            delay or omission of Employer or Employee to exercise any right or
            power given under this Agreement shall: (i) impair the subsequent
            exercise of any right or power, or (ii) be construed to be a waiver
            of any default or any acquiescence in or consent to the curing of
            any default while any other default shall continue to exist, or be
            construed to be a waiver of such continuing default or of any other
            right or power that shall theretofore have arisen. Any power and/or
            remedy granted by law and by this Agreement to any Party hereto may
            be exercised from time to time, and as often as may be deemed
            expedient. All such rights and powers shall be cumulative to the
            fullest extent permitted by law.

            (h) PRONOUNS: As used herein, words in the singular include the
            plural, and the masculine include the feminine and neuter gender, as
            appropriate.

            (i) RECITALS: The Recitals set forth at the beginning of this
            Agreement shall be deemed to be incorporated into this Agreement by
            this reference as if fully set forth herein, and this Agreement
            shall be interpreted with reference to and in light of such
            Recitals.

        IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as
of the day and year first written above.

EMPLOYEE                                     MADISON BANK

                                             BY:
------------------------------------             -------------------------------
Judith Gaffney                                   Robert B. McGivney
                                                 President and Chief Executive
                                                 Officer

------------------------------------          ----------------------------------
Witness                                       Witness

                                       13

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