Document:

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                                                                    EXHIBIT 10.3

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                                    FORM OF

                              AMENDED AND RESTATED

                          REGISTRATION RIGHTS AGREEMENT

                                      AMONG

                         ASSET ACCEPTANCE CAPITAL CORP.,

                            AAC QUAD-C INVESTORS, LLC

                               AAC INVESTORS, INC.

                         ASSET ACCEPTANCE HOLDINGS, LLC

                                RBR HOLDING CORP.

                                       AND

        CERTAIN OTHER HOLDERS OF SHARES OF ASSET ACCEPTANCE CAPITAL CORP.

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                          Dated as of January __, 2004

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                                TABLE OF CONTENTS

                                                                        Page

1.  DEFINITIONS...........................................................2

2.  REGISTRATION UNDER SECURITIES ACT.....................................3

    (a)      REGISTRATION ON REQUEST......................................3
             (i)  REQUEST.................................................3
             (ii)     EFFECTIVE REGISTRATION STATEMENT....................4
             (iii)    REGISTRATION STATEMENT FORM.........................4
             (iv)     EXPENSES............................................4
             (v)      SELECTION OF UNDERWRITERS...........................4
             (vi)     PRIORITY IN REQUESTED REGISTRATIONS.................4
    (b)      INCIDENTAL REGISTRATION......................................5
             (i)  RIGHT TO INCLUDE REGISTRABLE SECURITIES.................5
             (ii)     EXPENSES............................................5
             (iii)    PRIORITY IN INCIDENTAL REGISTRATIONS................5
    (c)      REGISTRATION PROCEDURES......................................6
    (d)      UNDERWRITTEN OFFERINGS.......................................9
             (i)  REQUESTED UNDERWRITTEN OFFERINGS........................9
             (ii)     INCIDENTAL UNDERWRITTEN OFFERINGS...................9
             (iii)    HOLDBACK AGREEMENTS................................10
    (e)      INDEMNIFICATION.............................................10
             (i)  INDEMNIFICATION BY THE COMPANY.........................10
             (ii)     INDEMNIFICATION BY THE SELLERS.....................12
             (iii)    NOTICES OF CLAIMS, ETC.............................12
             (iv)     OTHER INDEMNIFICATION..............................13
             (v)      INDEMNIFICATION PAYMENTS...........................13
             (vi)     CONTRIBUTION.......................................13
             (vii)    CONTROLING PROVISIONS..............................14
    (f)      PARTICIPATION IN UNDERWRITTEN REGISTRATIONS.................14
    (g)      TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS...............14
    (h)      TERMINATION OF REGISTRATION RIGHTS..........................14

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3.  RULE 144; RULE 144A..................................................14

4.  OTHER REGISTRATION RIGHTS............................................15

5.  AMENDMENTS AND WAIVERS...............................................15

6.  NOTICES..............................................................15

7.  BINDING AGREEMENT....................................................17

8.  NOMINEES FOR BENEFICIAL OWNERS.......................................17

9.  DESCRIPTIVE HEADINGS.................................................17

10. SPECIFIC PERFORMANCE.................................................17

11. COUNTERPARTS.........................................................17

12. SEVERABILITY.........................................................18

13. ENTIRE AGREEMENT.....................................................18

14. SUBMISSION TO JURISDICTION; VENUE....................................18

15. WAIVER OF JURY TRIAL.................................................19

16. GOVERNING LAWS.......................................................19

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                                    FORM OF

                              AMENDED AND RESTATED

                          REGISTRATION RIGHTS AGREEMENT

                  This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the
"Agreement") is made as of January __, 2004, among ASSET ACCEPTANCE CAPITAL
CORP., a Delaware corporation (the "Company"), ASSET ACCEPTANCE HOLDINGS, LLC, a
Delaware limited liability company ("Asset Acceptance Holdings"), AAC QUAD-C
INVESTORS, LLC a Virginia limited liability company ("Investors"), AAC
INVESTORS, INC., a Virginia corporation ("AAC Investors"), RBR HOLDING CORP., a
Nevada corporation ("RBR Holding"), RUFUS H. REITZEL, JR., HEATHER K. REITZEL,
NATHANIEL F. BRADLEY IV, and MARK A. REDMAN (the "Executives") and the TRUSTS
listed on the signature pages hereto. The parties hereof, other than the
Company, Asset Acceptance Holdings, AAC Investors, and RBR Holding are
collectively referred to as the "Shareholders" and individually as a
"Shareholder."

                  WHEREAS, Asset Acceptance Holdings, AAC Investors, RBR Holding
(formerly known as AAC Holding Corp.), Consumer Credit Corp., a Michigan
corporation that was merged into RBR Holding, the Executives and the TRUSTS
listed on the signature pages hereto, entered into that certain Registration
Rights Agreement, dated September 30, 2002 (the "Registration Rights
Agreement");

                  WHEREAS, the Company was formed in August 2003 for the
purposes of consummating an initial public offering of the Company's common
stock;

                  WHEREAS, in connection with the initial public offering of the
Company, all the shares of capital stock of RBR Holding and AAC Investors, which
hold sixty percent (60%) and forty percent (40%), respectively, of the equity
membership interests in Asset Acceptance Holdings, will be contributed to the
Company in exchange for shares of common stock of the Company (the
"Reorganization");

                  WHEREAS, as a result of this Reorganization, Asset Acceptance
Holdings and its subsidiaries will become indirect wholly-owned subsidiaries of
the Company; and

                  WHEREAS, as of the date hereof, all of the shares of AAC
Investors are held by Investors; and

                  WHEREAS, to reflect the changed relationship between the
parties, they wish to replace the Registration Rights Agreement with this
Amended and Restated Registration Rights Agreement.

                  In consideration of the parties entering into the agreements
and carrying out the transactions herein described, and for other good and
valuable consideration, the parties agree to amend and restate the Registration
Rights Agreements in its entirety as follows, with this Agreement to be
effective as of the closing of the initial public offering described in the
Registration Statement on Form S-1 (Registration No. 333-109987), as amended,
filed with the Securities Exchange Commission by the Company (the "Initial
Public Offering"):

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                  1. DEFINITIONS. As used herein, unless the context otherwise
requires, the following terms have the following respective meanings:

                  "Commission" means the Securities and Exchange Commission or
any other United States agency at the time administering the Securities Act.

                  "Common Shares" means the common stock, $.01 par value, of
Asset Acceptance Capital Corp.

                  "Exchange Act" means the Securities Exchange Act of 1934, or
any similar United States statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

                  "Executive Holders" means the Executives, the TRUSTS listed on
the signature pages hereto, and any Person who is the transferee of the
Executives or such TRUSTS of Registerable Securities other than in a Public
Sale.

                  "Long-Form Registration" means registration under the
Securities Act (hereinafter defined) on Form S-1 or similar long form adopted by
the Commission for registration of securities under the Securities Act.

                  "Person" means an individual, a partnership, a joint venture,
a corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

                  "Public Offering" means any primary or secondary public
offering of Common Shares pursuant to an effective registration statement under
the Securities Act other than a registration statement on a form registering the
types of transactions generally eligible for registration on Form S-4 or S-8 or
any successor or similar form.

                  "Public Sale" means any Public Offering or any sale of Common
Shares to the public pursuant to Rule 144 (or any successor provision) effected
through a broker or dealer.

                  "Quad-C Holders" means Investors and any Person who is the
transferee of Investors of Registrable Securities other than in a Public Sale.

                  "Registrable Securities" means (i) any outstanding Common
Shares issued to any Shareholder and (ii) any securities issued or issuable with
respect to any such Common Shares by way of stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization or otherwise. As to any particular Registrable
Securities, once issued such securities shall cease to be Registrable Securities
when (i) they shall have been distributed in a Public Sale, (ii) they shall have
been otherwise transferred and subsequent disposition of them shall not require
registration or qualification of them under the Securities Act or any similar
state law then in force or (iii) they shall have ceased to be outstanding.

                  "Registration Expenses" means all expenses incident to the
Company's performance of or compliance with Section 2, including, without
limitation, (i) all registration,

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filing and NASD fees, (ii) all fees and expenses of complying with securities or
blue sky laws, (iii) all word processing, duplicating and printing expenses,
(iv) messenger and delivery expenses, (v) the fees and disbursements of counsel
for the Company and of its independent public accountants, including the
expenses of any special audits or "cold comfort" letters required by or incident
to such performance and compliance, (vi) the reasonable fees and expenses of one
counsel, who may be counsel for the Company, chosen by the holders of a majority
of the Registrable Securities included in such Public Offering, (vii) premiums
and other costs of policies of insurance against liabilities arising out of the
public offering of the Registrable Securities being registered (if the Company
elects to obtain any such insurance), and (viii) any fees and disbursements of
underwriters customarily paid by issuers or sellers of securities, but excluding
underwriting discounts and commissions and transfer taxes, if any.

                  "Requesting Holder" means, in respect of any registration
pursuant to Section 2 hereof, any holder of Registrable Securities who gives
notice to the Company of its request to include Registrable Securities in such
registration.

                  "Rule 144" means Rule 144 promulgated by the Commission under
the Securities Act as such rule may be amended from time to time, or any similar
rule then in force.

                  "Securities Act" means the Securities Act of 1933, or any
similar United States statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

                  2. REGISTRATION UNDER SECURITIES ACT. (a) REGISTRATION ON
REQUEST. (i) REQUEST. If at any time the Quad-C Holders who hold in excess of
five (5%) percent of the outstanding Common Shares, or if at any time the
Executive Holders who hold in excess of five (5%) percent of the outstanding
Common Shares, request in writing that the Company effect the registration under
the Securities Act of a specified number of the Registrable Securities held by
them and specifying the intended method of disposition thereof, the Company will
promptly give written notice of such requested registration to all registered
holders of Registrable Securities, and thereupon the Company, in accordance with
the provisions of Section 2(c) hereof, will use its reasonable efforts to effect
the registration under the Securities Act of:

                           (A) the Registrable Securities which the Company has
                  been so requested to register for disposition in accordance
                  with the intended method or methods of disposition stated in
                  such request, and

                           (B) all other Registrable Securities which the
                  Company has been requested to register by the holders thereof
                  by written request given to the Company within 20 days after
                  the giving of such written notice by the Company,

all to the extent requisite to permit the disposition (in accordance with the
intended methods thereof as aforesaid) of Registrable Securities so to be
registered; provided that the Company shall not be required (i) to effect a
registration under this Section 2(a) unless the anticipated gross proceeds of
the offering of all Registrable Securities to be included therein is at least
$5,000,000, (ii) to effect more than two Long-Form Registrations each at the
request of the Quad-C Holders or at the request of the Executive Holders, as the
case may be, or (iii) to effect a registration

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under this Section 2(a) prior to the date that is twelve months after the
effective date of the Company's most recent registration statement; provided
that the Initial Public Offering shall not be counted as a request for
registration pursuant to this Section 2(a)(i) by any Shareholder.

                  (ii) EFFECTIVE REGISTRATION STATEMENT. A registration
requested pursuant to this Section 2(a) shall not be deemed to be effected (A)
if a registration statement with respect thereto shall not have become
effective, (B) if, after it has become effective, such registration is
interfered with for any reason by any stop order, injunction or other order or
requirement of the Commission or any other governmental agency or any court, and
the result of such interference is to prevent the holders of Registrable
Securities to be sold thereunder from disposing thereof in accordance with the
intended methods of disposition, or (C) if the conditions to closing specified
in the purchase agreement or underwriting agreement entered into in connection
with any underwritten registration shall not be satisfied or waived with the
consent of the holders of Registrable Securities that were to have been sold
thereunder, other than as a result of any breach by any holder of its
obligations thereunder or hereunder.

                  (iii) REGISTRATION STATEMENT FORM. Registrations under this
Section 2(a) shall be on such appropriate registration form of the Commission as
shall be selected by the Company and as shall permit the disposition of the
Registrable Securities so to be registered in accordance with the intended
method or methods of disposition specified in the request of the holders of
Registrable Securities being registered for such registration. The Company
agrees to include in any such registration statement all information which the
holders of Registrable Securities being registered shall reasonably request in
writing. All Long-Form Registrations shall be underwritten registrations and
shall not be "shelf-registrations."

                  (iv) EXPENSES. The Company will pay all Registration Expenses
in connection with any registration requested pursuant to this Section 2(a). To
the extent expenses of the registration are not required to be paid by the
Company, each holder of securities included in the registration will pay those
expenses allocable to the registration of such holder's securities, and any
expenses not so allocable will be borne by all sellers of securities included in
the registration in proportion to the aggregate selling price of the securities
to be so registered.

                  (v) SELECTION OF UNDERWRITERS. If a requested registration
pursuant to this Section 2(a) involves an underwritten offering, the managing
underwriter or underwriters shall be selected by the Company's Board of
Directors.

                  (vi) PRIORITY IN REQUESTED REGISTRATIONS. If a requested
registration pursuant to this Section 2(a) involves an underwritten offering,
and the managing underwriter shall advise the Company in writing (with a copy to
each Person requesting registration of Registrable Securities) that, in its
opinion, the number of securities requested to be included in such registration
exceeds the number which can be sold in such offering within a price range
acceptable to the Company and holders of Registrable Securities who initiated
the registration, the Company will include in such registration to the extent of
the number which the Company is so advised can be sold in such offering (A)
first, Registrable Securities requested to be included in such registration by
the Quad-C Holders and the Executive Holders, pro rata among such holders in
proportion to the number of Registrable Securities held by them, and (B) second,
Registrable Securities requested to be included in such registration by all
other holders thereof;

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pro rata among such holders on the basis of the number of Registrable Securities
requested to be so registered.

                  (b) INCIDENTAL REGISTRATION. (i) RIGHT TO INCLUDE REGISTRABLE
SECURITIES. If the Company at any time proposes to register any of its
securities under the Securities Act (other than the Company's Initial Public
Offering and other than by a registration on Form S-4 or S-8 or any successor or
similar forms or filed in connection with an exchange offer, or any offering of
securities solely to the Company's existing security holders, and other than
pursuant to Section 2(a)), whether or not for sale for its own account, the
Company will at each such time give prompt confidential written notice to all
holders of Registrable Securities of its intention to do so and of such holders'
rights under this Section 2(b). Upon the written request of any holder of
Registrable Securities made within 20 days after the receipt of any such notice
(which request shall specify the Registrable Securities intended to be disposed
of by such holder and the intended method of disposition thereof), the Company
will, subject to the provisions of paragraph (iii) of this Section 2(b), use its
reasonable efforts to effect the registration under the Securities Act of all
Registrable Securities which the Company has been so requested to register by
the holders thereof, to the extent requisite to permit the disposition (in
accordance with the intended methods thereof as aforesaid) of the Registrable
Securities so to be registered; provided, that if, at any time after giving
written notice of its intention to register any securities and prior to the
effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason not to register or to
delay registration of such securities, the Company may, at its election, give
written notice of such determination to each Requesting Holder and, thereupon,
(A) in the case of a determination not to register, shall be relieved of its
obligation to register any Registrable Securities in connection with such
registration and (B) in the case of a determination to delay registering, shall
be permitted to delay registering any Registrable Securities, for the same
period as the delay in registering such other securities.

                  (ii) EXPENSES. The Company will pay all Registration Expenses
in connection with each registration of Registrable Securities requested
pursuant to this Section 2(b) including, without limitation, any such
registration not effected by the Company. To the extent expenses of the
registration are not required to be paid by the Company, each holder of
securities included in the registration will pay those expenses allocable to the
registration of such holder's securities, and any expenses not so allocable will
be borne by all sellers of securities included in the registration in proportion
to the aggregate selling price of the securities to be so registered.

                  (iii) PRIORITY IN INCIDENTAL REGISTRATIONS. If a registration
pursuant to this Section 2(b) involves an underwritten offering, and the
managing underwriter shall advise the Company in writing, that, in its opinion,
the number of securities requested and otherwise proposed to be included in such
registration exceeds the number which can be sold in such offering within a
price range acceptable to the Company, or that the kind of securities requested
or otherwise proposed to be included in such registration statement would
materially and adversely affect the success of such offering, the Company will
include in such registration, to the extent of the number which the Company is
so advised can be sold in such offering, (A) if the registration is a primary
registration on behalf of the Company, (1) first, the securities proposed to be
registered by the Company, (2) second, Registrable Securities requested to be
included in such registration by the Quad-C Holders and the Executive Holders,
pro rata among such holders in proportion to the number of Registrable
Securities held by them, and (3) third, securities of

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other Persons, if any, requested to be included in such registration pro rata in
accordance with the numbers of other securities proposed to be registered by the
other Persons or otherwise allocated among such other Persons in such proportion
as such holders and the Company shall agree, and (B) if the registration is a
secondary registration on behalf of other Persons, the Registrable Securities
and securities of other Persons included in such registration pro rata in
accordance with the numbers of Registrable Securities requested to be included
by the Requesting Holders and the numbers of other securities proposed to be
registered by the other Persons; provided in each such case that if the
registration involves an underwritten offering and the managing underwriter(s)
shall advise the Company in writing (with a copy to each Shareholder requesting
registration of Registrable Securities) that, in its opinion, the number of
securities requested to be included in such registration by Executive Holders or
other holders of Registrable Shares exceeds the number which can be sold in such
offering within a price range acceptable to the Company, or that the kind of
securities requested or otherwise proposed to be included in such registration
by Executive Holders or other holders of Registrable Securities would materially
and adversely affect the success of such offering, the number of securities
permitted to be included in such registration by each Executive Holder or other
holder Registrable Shares under clause (A)(2) or (A)(3) above, as applicable,
shall be ratably reduced by the amount of such excess. In the event a
contemplated distribution does not involve an underwritten public offering, the
determinations contemplated by this Section 2(b) shall be made by the Board of
Directors.

                  (c) REGISTRATION PROCEDURES. If and whenever the Company is
required to use its reasonable efforts to effect the registration of any
Registrable Securities under the Securities Act as provided in Sections 2(a) and
(b) the Company will as expeditiously as possible:

                  (i) prepare and file with the Commission the requisite
registration statement to effect such registration and thereafter use its
reasonable efforts to cause such registration statement to become effective;
provided that before filing such registration statement or any amendments
thereto, the Company will furnish to the Requesting Holders copies of all such
documents proposed to be filed; provided further that the Company may postpone
the filing or effectiveness of a registration if the Company reasonably believes
that such registration might reasonably be expected to have an adverse effect on
any proposal or plan to engage in any acquisition of assets or capital stock or
any merger, consolidation, tender offer or similar transaction; or would
otherwise require disclosure of information which the Board of Directors of the
Company determines should not be disclosed;

                  (ii) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement continuously
effective for a period of either (A) not more than 180 days or, if such
registration statement relates to an underwritten offering, such longer period
as in the opinion of counsel for the underwriters a prospectus is required by
law to be delivered in connection with sales of Registrable Securities by an
underwriter or dealer or (B) such shorter period as will terminate when all of
the securities covered by such

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registration statement have been disposed of in accordance with the intended
methods of disposition by the seller or sellers thereof set forth in such
registration statement (but in any event not before the expiration of any longer
period required under the Securities Act), and to comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by
such registration statement until such time as all of such securities have been
disposed of in accordance with the intended methods of disposition by the seller
or sellers thereof set forth in such registration statement; provided that the
Company may terminate the effectiveness of a registration if the Company
reasonably believes that such registration might reasonably be expected to have
an adverse effect on any proposal or plan to engage in any acquisition of assets
or capital stock or any merger, consolidation, tender offer or similar
transaction or would otherwise require disclosure of information which the Board
of Directors of the Company determines should not be disclosed, in which event,
such registration will not count as a registration pursuant to Section 2(a) with
respect to Requesting Holders who have not sold thereunder at least 75% of the
Registrable Securities included in such registration;

                  (iii) furnish to each Requesting Holder such number of
conformed copies of such registration statement and of each such amendment and
supplement thereto (in each case including all exhibits, but only one copy
thereof to each such Requesting Holder), such number of copies of the prospectus
contained in such registration statement (including each preliminary prospectus
and any summary prospectus) and any other prospectus filed under Rule 424 under
the Securities Act, in conformity with the requirements of the Securities Act,
and such other documents in order to facilitate the disposition of the
Registrable Securities owned by such Requesting Holder, as such Requesting
Holder may reasonably request;

                  (iv) use its reasonable efforts to register or qualify such
Registrable Securities and other securities covered by such registration
statement under such other securities or blue sky laws of such jurisdictions as
each seller thereof shall reasonably request, to keep such registration or
qualification in effect for so long as such registration statement remains in
effect, and to take any other action which may be reasonably necessary or
advisable to enable such seller to consummate the disposition in such
jurisdictions of the securities owned by such seller; provided that the Company
shall not for any such purpose be required to (A) qualify generally to do
business as a foreign corporation in any jurisdiction where it would not
otherwise be required to qualify but for the requirements of this clause (iv),
(B) consent to general service of process in any such jurisdiction or (C)
subject itself to taxation in such jurisdiction;

                  (v) use its reasonable efforts to cause all Registrable
Securities covered by such registration statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary
by virtue of the business and operations of the Company to enable the seller or
sellers thereof to consummate the disposition of such Registrable Securities;

                  (vi) promptly notify each seller of Registrable Securities, at
any time when a prospectus relating thereto is required to be delivered under
the Securities Act, upon discovery that, or upon the discovery of the happening
of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances under
which they were made, and at the request of any such seller promptly prepare and
furnish to such seller a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact
required to be stated

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therein or necessary to make the statements therein not misleading in light of
the circumstances under which they were made;

                  (vii) otherwise use its reasonable efforts to comply with all
applicable rules and regulations of the Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement
covering a period of at least twelve months, but not more than eighteen months,
beginning with the first full calendar month after the effective date of such
registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act;

                  (viii) provide and cause to be maintained a transfer agent and
registrar for all Registrable Securities covered by such registration statement
from and after a date not later than the effective date of such registration
statement;

                  (ix) use its reasonable efforts (A) to cause all such
Registrable Securities covered by such registration statement to be listed on
any national securities exchange (if such Registrable Securities are not already
so listed), and on each other securities exchange, on which similar securities
issued by the Company are then listed, if the listing of such Registrable
Securities is then permitted under the rules of such exchange or (B) to secure
the designation of all such Registrable Securities covered by such registration
statement as a "national market security" in the Nasdaq Stock Market within the
meaning of Rule 11Aa2-1 of the Commission or, failing that, to secure Nasdaq
Stock Market authorization for such Registrable Securities, in each case if the
Registrable Securities so qualify, and, without limiting the generality of the
foregoing, to arrange for at least two market makers to register as such with
respect to such Registrable Securities with the National Association of
Securities Dealers, in the case of each action referred to in this clause (B) if
requested by a majority of holders covered by such registration statement or by
the managing underwriter;

                  (x) obtain one or more comfort letters, dated the effective
date of such registration statement (and, if such registration includes an
underwritten public offering, dated the date of the closing under the
underwriting), signed by the Company's independent public accountants in
customary form and covering such matters as are customarily covered by comfort
letters as the holders of a majority of the Registrable Securities being sold
reasonably request (provided that such Registrable Securities constitute at
least ten percent (10%) of the securities covered by such registration
statement); and

                  (xi) as required by the Securities Act or by the underwriters,
if any, obtain a legal opinion of the Company's counsel, dated the effective
date of such registration statement (or, if such registration includes an
underwritten public offering, dated the date of the closing under the
underwriting agreement) customary in transactions of this type.

                  The Company may require each seller of Registrable Securities
as to which any registration is being effected to furnish the Company such
information regarding such seller and the distribution of such securities as the
Company may from time to time reasonably request in writing and to furnish a
legal opinion of each seller's counsel customary in transactions of this type.

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                  Each holder of Registrable Securities agrees that upon receipt
of any notice from the Company of the happening of any event of the kind
described in clause (vi) of this Section 2(c), such holder will forthwith
discontinue such holder's disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until such
holder's receipt of the copies of the supplemented or amended prospectus
contemplated by clause (vi) of this Section 2(c) and, if so directed by the
Company, such holder will use its reasonable efforts to deliver to the Company
all copies, other than permanent file copies then in such holder's possession,
of the prospectus relating to such Registrable Securities current at the time of
receipt of such notice.

                  (d) UNDERWRITTEN OFFERINGS. (i) REQUESTED UNDERWRITTEN
OFFERINGS. If requested by the underwriters for any underwritten offering of
Registrable Securities pursuant to a registration requested under Section 2(a),
the Company will enter into an underwriting agreement with such underwriters for
such offering. Such agreement shall be reasonably satisfactory in substance and
form to the holders of a majority of the Registrable Securities requesting such
registration and the underwriters and shall contain such representations and
warranties by the Company and by the selling shareholders and such other terms
as are generally prevailing in agreements of this type, including, without
limitation, indemnities to the effect and to the extent provided in Section
2(e). The holders of Registrable Securities to be distributed by such
underwriters shall be parties to such underwriting agreement and may, at their
option, require that any or all of the representations and warranties by, and
the other agreements on the part of, the Company to and for the benefit of such
underwriters shall also be made to and for the benefit of such holders and that
any or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement be conditions precedent to the obligations of
such holders of Registrable Securities. In addition, the Company may, at its
option, require that any or all of the representations and warranties by, and
the other agreements on the part of holders of Registrable Securities to and for
the benefit of such underwriters shall also be made and for the benefit of the
Company.

                  (ii) INCIDENTAL UNDERWRITTEN OFFERINGS. If the Company at any
time proposes to register any of its securities under the Securities Act as
contemplated by Section 2(b) and such securities are to be distributed by or
through one or more underwriters, (i) the managing underwriter or underwriters
shall be selected by the Company, and (ii) the Company will, if requested by any
holder of Registrable Securities as provided in Section 2(b), and subject to the
provisions of Section 2(b)(ii), use its reasonable efforts to arrange for such
underwriters to include all the Registrable Securities to be offered and sold by
such holder among the securities to be distributed by such underwriters. The
holders of Registrable Securities to be distributed by such underwriters shall
be parties to the underwriting agreement between the Company and such
underwriters and may, at their option, require that any or all of the
representations and warranties by, and the other agreements on the part of, the
Company to and for the benefit of such underwriters shall also be made to and
for the benefit of such holders and that any or all of the conditions precedent
to the obligations of such underwriters under such underwriting agreement be
conditions precedent to the obligations of such holders of Registrable
Securities. In addition, the Company may, at its option, require that any or all
of the representations and warranties by, and the other agreements on the part
of holders of Registrable Securities to and for the benefit of such underwriters
shall also be made and for the benefit of the Company.

                                       9
<PAGE>

                  (iii)    HOLDBACK AGREEMENTS.

                  (A) Each holder of Registrable Securities agrees for the
benefit of the Company not to effect any sale or distribution of any equity
securities of the Company, or any securities convertible into or exchangeable or
exercisable for such securities, including a sale pursuant to Rule 144 under the
Securities Act (or any similar provision then in force), during the ten days
before and the 180 days after any underwritten registration pursuant to Section
2(a) or 2(b) has become effective, except as part of such underwritten
registration.

                  (B) The Company agrees (X) without the consent of the managing
underwriter not to effect any public sale or distribution of its equity
securities or securities convertible into or exchangeable or exercisable for any
of such securities during the ten days before and the 180 days after any
underwritten registration pursuant to Section 2(a) or (b) has become effective,
except as part of such underwritten registration and except pursuant to
registrations on Form S-4 or S-8, or any successor or similar forms thereto or
pursuant to an unregistered offering to employees of the Company or its
Subsidiaries pursuant to an employee benefit plan as defined in Rule 405 of
Regulation C under the Securities Act, and (Y) to use its reasonable efforts to
cause each holder of its equity securities or any securities convertible into or
exchangeable or exercisable for any of such securities, whether outstanding on
the date of this Agreement or issued at any time after the date of this
Agreement (other than any such securities acquired in a public offering
including any distribution to the public pursuant to Rule 144), to agree not to
effect any such public sale or distribution of such securities during such
period, except as part of any such registration if permitted; provided that the
provisions of this clause (B) shall not prevent the conversion or exchange of
any securities pursuant to their terms into or for other securities.

                  (e) INDEMNIFICATION.

                  (i) INDEMNIFICATION BY THE COMPANY. In the event of any
registration of any securities of the Company under the Securities Act pursuant
to this Section 2, the Company will, and hereby does, indemnify and hold
harmless, the seller of any Registrable Securities covered by such registration
statement, its directors, officers, agents and employees, each other Person who
participates as an underwriter in the offering or sale of such securities and
each other Person, if any, who controls such seller or any such underwriter
within the meaning of the Securities Act, against any losses, claims, damages,
liabilities or expenses, joint or several, to which such seller or any such
director, officer, agent, employee, underwriter or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon (A) any untrue
statement or alleged untrue statement of any material fact contained (x) in any
registration statement under which such securities were registered under the
Securities Act, any preliminary prospectus, final prospectus or summary
prospectus contained therein or used in connection with the offering of
securities covered thereby, or any amendment or supplement thereto or any
document included by reference therein, or (y) in any application or other
document or communication (in this Section 2(f) collectively called an
"application") executed by or on behalf of the Company or based upon written
information furnished by or on behalf of the Company filed in any jurisdiction
in order to qualify any securities covered by such registration statement under
the

                                       10
<PAGE>

"blue sky" or securities laws thereof, or (B) 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, and, in connection with any of the
foregoing in this clause (i), the Company will reimburse such seller and each
such director, officer, agent, employee, underwriter and controlling person for
any legal or any other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, liability, action or
proceeding; provided that the Company shall not be liable in any such case to
the extent that any such loss, claim, damage, liability (or action or proceeding
in respect thereof) or expense arises out of or is based upon an untrue
statement or alleged untrue statement, or omission or alleged omission, made in
such registration statement, any such preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement, or in any application, in reliance
upon and in conformity with written information prepared and furnished to the
Company by such seller specifically for use in the preparation thereof which
information contained any untrue statement of any material fact or omitted to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading; and provided further, that the Company
shall not be liable to any Person who participates as an underwriter in any such
registration or any other Person who controls such underwriter within the
meaning of the Securities Act, in any such case to the extent that any such
loss, claim, damage, liability (or action or proceeding in respect thereof) or
expense arises out of such Person's failure to send or give a copy of the final
prospectus, as the same may be then supplemented or amended (provided it has
been made available to such Person in accordance with the terms hereof), to the
Person asserting an untrue statement or alleged untrue statement or omission or
alleged omission at or prior to the written confirmation of the sale of the
securities to such Person if such statement or omission was corrected in such
final prospectus. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such seller or any such
director, officer, agent, employee, underwriter or controlling Person and shall
survive the transfer of such securities by such seller. The Company shall not be
obligated to pay the fees and expenses of more than one counsel or firm of
counsel for all parties indemnified in respect of a claim for each jurisdiction
in which such counsel is required unless in the reasonable judgment of such
counsel a conflict of interest may exist between such indemnified party and any
other indemnified party in respect of such claim. It is agreed that the
indemnity agreement contained in this clause (i) shall not apply to amounts paid
in settlement of any loss, claim, damage, liability or expense if such
settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld).

                  (ii) INDEMNIFICATION BY THE SELLERS. The Company may require,
as a condition to including any Registrable Securities in any registration
statement filed pursuant to this Section 2, that the Company shall have received
an undertaking satisfactory to it from the prospective seller of such
securities, to indemnify and hold harmless (in the same manner and to the same
extent as set forth in clause (i) of this Section 2(e)) the Company, each
director of the Company, each officer of the Company and each other Person, if
any, who controls the Company within the meaning of the Securities Act, with
respect to any statement or alleged statement in or omission or alleged omission
from such registration statement, any preliminary prospectus, final prospectus
or summary prospectus contained therein, or any amendment or supplement thereto,
or any application, if such statement or alleged statement or omission or
alleged omission was made in reliance upon and in conformity with written
information prepared and furnished to the

                                       11
<PAGE>

Company by such seller specifically for use in the preparation of such
registration statement, preliminary prospectus, final prospectus, summary
prospectus, amendment or supplement, or such application, which information
contained any untrue statement of any material fact or omitted to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading. Such indemnity shall remain in full force and
effect, regardless of any investigation made by or on behalf of the Company or
any such director, officer or controlling Person and shall survive the transfer
of such securities by such seller. The indemnity provided by each seller of
securities under this Section 2(e)(ii) shall be provided severally, and not
jointly or jointly and severally with any other seller or prospective seller of
securities, and shall be limited in amount to the lesser of (A) such seller's
allocable portion (based upon the number of Registrable Securities included in
the registration statement) of the liability for indemnification and (B) the net
amount of proceeds received by such seller from the sale of Registrable
Securities pursuant to such registration statement. It is agreed that the
indemnity agreement contained in this clause (ii) shall not apply to amounts
paid in settlement of any loss, claim, damage, liability or expense if such
settlement is effected without the consent of such seller of such securities
(which consent shall not be unreasonably withheld).

                  (iii) NOTICES OF CLAIMS, ETC. Promptly after receipt by an
indemnified party of notice of the commencement of any action or proceeding
involving a claim referred to in the preceding subdivisions of this Section
2(e), such indemnified party will, if a claim in respect thereof is to be made
against an indemnifying party, give written notice to the latter of the
commencement of such action; provided that the failure of any indemnified party
to give notice as provided herein shall not relieve the indemnifying party of
its obligations under the preceding subdivisions of this Section 2(e), except to
the extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any such action is brought against an indemnified party,
unless in such indemnified party's reasonable judgment a conflict of interest
between such indemnified and indemnifying parties may exist in respect of such
claim, the indemnifying party shall be entitled to participate in and to assume
the defense thereof, jointly with any other indemnifying party similarly
notified to the extent that it may wish, with counsel reasonably satisfactory to
such indemnified party. No indemnifying party shall, without the consent of the
indemnified party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation. Each indemnified party shall furnish
such information regarding itself or the claim in question as the indemnifying
party may request and as shall be reasonably required in connection with the
defense of such claim and litigation resulting therefrom.

                  (iv) OTHER INDEMNIFICATION. Indemnification similar to that
specified in the preceding subdivisions of this Section 2(e) (with appropriate
and reasonable modifications) shall be given by the Company and each seller of
Registrable Securities with respect to any required registration or other
qualification of securities under any federal, state or provincial law or
regulation of any governmental authority, other than the Securities Act.

                  (v) INDEMNIFICATION PAYMENTS. The indemnification required by
this Section 2(e) shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are
received or expense, loss, damage or liability is

                                       12
<PAGE>
incurred, subject to refund if the party receiving such payments is subsequently
found not to have been entitled thereto hereunder.

         (vi) CONTRIBUTION. In order to provide for just and equitable
contribution in circumstances under which the indemnity contemplated by this
Section 2(e) is for any reason not available, the parties required to indemnify
by the terms hereof shall contribute to the aggregate losses, liabilities,
claims, damages and expenses of the nature contemplated by such indemnity
agreement incurred by the Company, any seller of Registrable Securities and one
or more of the underwriters, except to the extent that contribution is not
permitted under Section 11(f) of the Securities Act. In determining the amounts
which the respective parties shall contribute, there shall be considered the
relative benefits received by each party from the offering of the Registrable
Securities (taking into account the portion of the proceeds of the offering
realized by each), the parties' relative knowledge and access to information
concerning the matter with respect to which the claim was asserted, the
opportunity to correct and prevent any statement or omission and any other
equitable considerations appropriate under the circumstances. The Company and
each Person selling securities agree with each other that no seller of
Registrable Securities shall be required to contribute any amount in excess of
the amount such seller would have been required to pay to an indemnified party
if the indemnities under clauses (i) and (ii) above of this Section 2(e) were
available. The Company and each such seller agree with each other and the
underwriters of the Registrable Securities, if requested by such underwriters,
that it would not be equitable if the amount of such contribution were
determined by pro rata or per capita allocation (even if the underwriters were
treated as one entity for such purpose) or for the underwriters' portion of such
contribution to exceed the percentage that the underwriting discount bears to
the initial public offering price of the Registrable Securities. For purposes of
this clause (vi), each Person, if any, who controls an underwriter within the
meaning of Section 15 of the Securities Act shall have the same rights to
contribution as such underwriter, and each director and each officer of the
Company who signed the registration statement, and each Person, if any, who
controls the Company or a seller of Registrable Securities within the meaning of
Section 15 of the Securities Act shall have the same rights to contribution as
the Company or a seller of Registrable Securities, as the case may be.

         (vii) CONTROLLING PROVISIONS. Notwithstanding the foregoing, to the
extent that the provisions on indemnification and contribution contained in any
underwriting agreement entered into in connection with any underwritten Public
Offering are in conflict with the foregoing provisions, the provisions in any
such underwriting agreement shall control.

         (f) PARTICIPATION IN UNDERWRITTEN REGISTRATIONS. No Person may
participate in any underwritten registration hereunder unless such Person agrees
to sell such Person's securities on the basis provided in any underwriting
arrangements reasonably approved by the Company.

         (g) TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause
the Company to register securities granted to a Shareholder by the Company
hereunder may be transferred or assigned by a Shareholder only to a transferee
or assignee of not less than five percent (5%) of the then outstanding Common
Shares; provided that the Company is given written notice at the time or within
a reasonable time after such transfer or assignment, stating

                                       13
<PAGE>

the name and address of the transferee or assignee and identifying the
securities with respect to which such registration rights are being transferred
or assigned; provided further that the transferee or assignee of such rights
assumes in writing the obligations of such Shareholder under this Agreement.

                  (h) TERMINATION OF REGISTRATION RIGHTS. The right of any
Shareholder to request registration or inclusion in any registration pursuant to
this Section 2 shall terminate three (3) years after the closing of the
Company's Initial Public Offering, provided that the foregoing shall not apply
to any Shareholder who owns more than one percent (1%) of the then outstanding
Common Shares until the earlier of (i) such time as the Shareholder owns less
than one percent (1%) of the then outstanding Common Shares, or (ii) the
expiration of seven (7) years after the closing of the Company's Initial Public
Offering.

                  3. RULE 144; RULE 144A.

                  (a) If the Company shall have filed a registration statement
which has become effective pursuant to Section 12 of the Exchange Act or a
registration statement which has become effective pursuant to the Securities
Act, the Company will use its reasonable best efforts to file the reports
required to be filed by it under the Exchange Act and the rules and regulations
adopted by the Commission thereunder (or, if the Company is not required to file
such reports, will, upon the request of the Quad-C Holders or any other holder
of more than five percent of the Registrable Securities make publicly available
other information) and will take such further action as the Quad-C Holders or
such other holders may reasonably request, all to the extent required from time
to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions
provided by (i) Rule 144 under the Securities Act, as such Rule may be amended
from time to time, or (ii) any similar rule or regulation hereafter adopted by
the Commission.

                  (b) Except at such times as the Company is a reporting company
under Section 13 or 15(d) of the Exchange Act, the Company shall, upon the
written request of any holder of Registrable Securities, provide to any such
holder and to any prospective institutional transferee of Registrable Securities
designated by such holder, such financial and other information as is available
to the Company or can be obtained by the Company without material expense and as
such holder may reasonably determine is required to permit a transfer of such
Registrable Securities to comply with the requirements of Rule 144A promulgated
under the Securities Act.

                  4. OTHER REGISTRATION RIGHTS. Notwithstanding anything to the
contrary in this Agreement the Company shall be permitted to grant to any Person
the right to request the Company to register any equity securities of the
Company, or any securities convertible or exchangeable into or exercisable for
such securities, without the consent of holders of any Registrable Securities
and nothing in this Agreement shall restrict the Company's ability to give any
other persons registration rights which are senior to the registration rights
granted hereunder.

                  5. AMENDMENTS AND WAIVERS. This Agreement may be amended and
the Company may take any action herein prohibited, or omit to perform any act
herein required to be performed by it, only if the Company shall have obtained
the written consent to such

                                       14
<PAGE>

amendment, action or omission to act of the holders of at least a majority of
all Registrable Securities at the time outstanding; provided that any amendment
to this Agreement that materially adversely affects the rights of any Holder of
Registrable Securities differently than such amendment affects the rights of
other Holders of Registrable securities shall also require the approval of the
affected Holder; and provided further that, without limiting the generality of
the foregoing, the written consent of any of Asset Acceptance Holdings, AAC
Investors, and RBR Holding shall not be required with respect to any amendment
to, modification of or waiver related to this Agreement.

                  6. NOTICES. All notices required to be given hereunder shall
be in writing and shall be deemed to have been given if (i) delivered personally
or by nationally recognized overnight delivery service, (ii) transmitted by
facsimile or (iii) mailed by registered or certified mail (return receipt
requested and postage prepaid) to the following listed persons at the addresses
and facsimile numbers specified below, or to such other persons, addresses or
facsimile numbers as a party entitled to notice shall give, in the manner
hereinabove described, to the others entitled to notice:

                  If to the Company, to:

                                    Asset Acceptance Capital Corp.
                                    6985 Miller Road
                                    Warren, Michigan 48902
                                    Attention: Nathaniel F. Bradley IV
                                    Facsimile No.: 586-446-7832

                           with a copy to:

                                    c/o Quad-C Management, Inc.
                                    230 East High Street
                                    Charlottesville, Virginia 22902
                                    Attention:  Anthony R. Ignaczak
                                    Facsimile No.:   434-979-1145

                           and to:

                                    McGuireWoods LLP
                                    One James Center
                                    Richmond, Virginia 23219
                                    Attention:  Leslie A. Grandis
                                    Facsimile No.:   804-775-1061

                                       15
<PAGE>

                           and to:

                                    Dykema Gossett PLLC
                                    400 Renaissance Center
                                    Detroit, Michigan 48243
                                    Attention: J. Michael Bernard, Esq.
                                    Facsimile No.: 313-568-6832

                  If to the Executive Holders, to:

                                    Rufus H. Reitzel, Jr.
                                    83 Shadow Lane
                                    Lakeland, Florida 33813
                                    Facsimile No.: 863-648-0166

                           and to:

                                    Nathaniel F. Bradley IV
                                    6985 Miller Road
                                    Warren, Michigan 48902
                                    Facsimile No.: 586-446-7832

                  If to the Quad-C Holders, to:

                                    AAC Quad-C Investors, Inc.
                                    c/o Quad-C Management, Inc.
                                    230 East High Street
                                    Charlottesville, Virginia 22902
                                    Attention:  Anthony R. Ignaczak
                                    Facsimile No.:   434-979-1145

                           with a copy to:

                                    McGuireWoods LLP
                                    One James Center
                                    Richmond, Virginia 23219
                                    Attention:  Leslie A. Grandis
                                    Facsimile No.:   804-775-1061

                  Notice pursuant hereto shall be deemed given (i) if delivered
personally, when so delivered, (ii) if given by nationally recognized overnight
delivery, one business day after delivery to the delivery service for next
business day delivery, (iii) if given by facsimile, when transmitted to the
facsimile number set forth above, when so transmitted if transmitted during
normal business hours at the location to which it is transmitted or upon the
opening of business on the next Business Day if transmitted other than during
normal business hours at the location

                                       16
<PAGE>

to which it is transmitted and (iv) if given by mail, on the third business day
following the day on which it was posted.

                  7. BINDING AGREEMENT. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors and assigns. In addition, and whether or not any express
assignment shall have been made, the provisions of this Agreement which are for
the benefit of the holders of Registrable Securities as such shall be for the
benefit of and enforceable by any subsequent holder of any Registrable
Securities who acquires such shares in compliance with the applicable provisions
of the Shareholders Agreement, subject to the provisions respecting the minimum
numbers or percentages of shares of Registrable Securities required in order to
be entitled to certain rights, or take certain actions, contained herein.

                  8. NOMINEES FOR BENEFICIAL OWNERS. In the event that
Registrable Securities are held by a nominee for the beneficial owner thereof,
the beneficial owner thereof may, at its option and by written notice to the
Company, be treated as the holder of such Registrable Securities for purposes of
any request or other action by any holder or holders of Registrable Securities
pursuant to this Agreement (or any determination of any percentage of
Registrable Securities held by any holder or holders of Registrable Securities
contemplated by this Agreement).

                  9. DESCRIPTIVE HEADINGS. The descriptive headings of the
several sections and paragraphs of this Agreement are inserted for reference
only and shall not limit or otherwise affect the meaning hereof.

                  10. SPECIFIC PERFORMANCE. The parties hereto recognize and
agree that money damages may be insufficient to compensate the holders of any
Registrable Securities for breaches by the Company of the terms hereof and,
consequently, that the equitable remedy of specific performance of the terms
hereof will be available in the event of any such breach.

                  11. COUNTERPARTS. This Agreement may be executed
simultaneously in any number of counterparts, each of which shall be deemed an
original, but all such counterparts shall together constitute one and the same
instrument.

                  12. SEVERABILITY. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be in any way
impaired thereby, it being intended that all of the rights and privileges of the
holders of Registrable Securities shall be enforceable to the fullest extent
permitted by law.

                  13. ENTIRE AGREEMENT. This Agreement is intended by the
parties hereto as a final expression of their agreement and intended to be a
complete and exclusive statement of their agreement and understanding in respect
to the subject matter contained herein. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

                                       17
<PAGE>

                  14. SUBMISSION TO JURISDICTION; VENUE.

                  (a) Any legal action or proceeding with respect to this
Agreement or any transactions contemplated hereby shall be brought in the courts
of the Commonwealth of Virginia or the State of Michigan or in the United States
District Court for the Eastern District of Virginia sitting in Richmond,
Virginia, or the United States District Court for the Eastern District of
Michigan sitting in Detroit, Michigan, and, by execution and delivery of this
Agreement, each party hereto hereby accepts for himself, herself or itself and
in respect of his, her or its property generally and unconditionally, the
non-exclusive jurisdiction of the aforesaid courts. Each party irrevocably
consents to the service of process out of any of the aforementioned courts in
any such action or proceeding by mailing copies thereof by registered or
certified mail, postage prepaid, to such Shareholder at his, her or its address
as provided in Section 6 hereof. Nothing in this paragraph (a) shall affect the
right of any party to serve process in any other manner permitted by law or to
commence legal proceedings in any other jurisdiction.

                  (b) Each party hereby irrevocably waives any objections which
he, she or it may now or hereafter have to the laying of venue of any of the
aforesaid actions or proceedings arising out of or in connection with this
Agreement brought in the courts referred to in paragraph (a) of this Section 14
and hereby further irrevocably waives and agrees not to plead or claim in any
such court that any action or proceeding brought in any such court has been
brought in an inconvenient forum.

                  (c) Without limiting the generality of the foregoing, each of
the parties to this Agreement agrees that, at the time of any such action or
proceeding with respect to this Agreement or any transactions contemplated
hereby, each of the parties will execute such instruments and other documents as
may be necessary to consent to and waive any objection to venue and jurisdiction
in the Courts identified in subsections (a) and (b) above.

                  15. WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

                  16. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the domestic laws of the State of Michigan, without
giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Michigan or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Michigan.

                                       18
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and delivered as of the date first above written.

                           ASSET ACCEPTANCE CAPITAL CORP.

                           By:
                               -------------------------------------------------
                                    Nathaniel F. Bradley IV,
                                    President and Chief Executive Officer

                           ASSET ACCEPTANCE HOLDINGS, LLC

                           By:
                               -------------------------------------------------
                                    Nathaniel F. Bradley IV, President

                           AAC QUAD-C INVESTORS LLC

                           By:
                               -------------------------------------------------

                           Name:
                                 -----------------------------------------------

                           Title:
                                  ----------------------------------------------

                           AAC INVESTORS, INC.

                           By:
                               -------------------------------------------------

                           Name:
                                 -----------------------------------------------

                           Title:
                                  ----------------------------------------------

                           RBR HOLDING CORP.

                           By:
                               -------------------------------------------------
                                    Nathaniel F. Bradley IV, President

                                       19
<PAGE>

                           -----------------------------------------------------
                           RUFUS H. REITZEL, JR.

                           -----------------------------------------------------
                           HEATHER K. REITZEL

                           -----------------------------------------------------
                           NATHANIEL F. BRADLEY IV

                           -----------------------------------------------------
                           MARK A. REDMAN

                           NATHANIEL F. BRADLEY IV REVOCABLE
                           LIVING TRUST, AS AMENDED

                           By:
                               -------------------------------------------------
                                  Nathaniel F. Bradley IV, Trustee

                           RUFUS H. REITZEL, JR., REVOCABLE
                           LIVING TRUST, AS AMENDED

                           By:
                               -------------------------------------------------
                                  Rufus H. Reitzel, Jr., Trustee

                           HEATHER REITZEL REVOCABLE LIVING TRUST, AS AMENDED

                           By:
                               -------------------------------------------------
                                  Heather Reitzel, Trustee

                                       20
<PAGE>

                           THE LISA R. BRADLEY TRUST -- 1999

                           By:
                               -------------------------------------------------
                                    Rufus H. Reitzel, Jr., Co-Trustee

                           By:
                               -------------------------------------------------
                                    Heather Reitzel, Co-Trustee

                           THE JAMES R. REITZEL TRUST -- 1999

                           By:
                               -------------------------------------------------
                                    Rufus H. Reitzel, Jr., Co-Trustee

                           By:
                               -------------------------------------------------
                                    Heather Reitzel, Co-Trustee

                           THE STACY REITZEL JAMES TRUST -- 1999

                           By:
                               -------------------------------------------------
                                    Rufus H. Reitzel, Jr., Co-Trustee

                           By:
                               -------------------------------------------------
                                    Heather Reitzel, Co-Trustee

                           THE TRACEY MERLE REITZEL TRUST -- 1999

                           By:
                               -------------------------------------------------
                                    Rufus H. Reitzel, Jr., Co-Trustee

                           By:
                               -------------------------------------------------
                                    Heather Reitzel, Co-Trustee

                                       21<PAGE>
                                                                    EXHIBIT 10.6

                                     FORM OF

                         ASSET ACCEPTANCE CAPITAL CORP.

                            2004 STOCK INCENTIVE PLAN

                              I. GENERAL PROVISIONS

         1.1 ESTABLISHMENT. On _____________________,2004, the Board of
Directors ("Board") of Asset Acceptance Capital Corp., a Delaware corporation
("Corporation"), adopted the 2004 Stock Incentive Plan ("Plan").

         1.2 PURPOSE. The purpose of the Plan is (i) to promote the best
interests of the Corporation and its shareholders by encouraging Employees,
consultants and non-employee directors of the Corporation and its Subsidiaries
to acquire an ownership interest in the Corporation through Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Share
Awards and Annual Incentive Awards, thus identifying their interests with those
of shareholders, and (ii) to enhance the ability of the Corporation to attract
and retain qualified Employees, consultants and non-employee directors. It is
the further purpose of the Plan to permit the granting of Nonqualified Stock
Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units,
Performance Share Awards and Annual Incentive Awards that will constitute
performance based compensation, as described in Section 162(m) of the Code, and
regulations promulgated thereunder.

         1.3 DEFINITIONS. As used in this Plan, the following terms have the
meaning described below:

                  (a) "Agreement" means the written agreement that sets forth
the terms of a Participant's Option, Stock Appreciation Right, Restricted Stock
grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award.

                  (b) "Annual Incentive Award" means an award that is granted in
accordance with Article VI of the Plan.

                  (c) "Board" means the Board of Directors of the Corporation.

                  (d) "Change in Control" means the occurrence at any time after
the Initial Public Offering of any of the following events: (i) the acquisition
of ownership by a person, corporation or other entity, or a group acting in
concert, of fifty-one percent, or more, of the outstanding Common Stock of the
Corporation in a single transaction or a series of related transactions within a
one-year period; (ii) a sale of all or substantially all of the assets of the
Corporation to any person, corporation or other entity; or (iii) a merger or
similar transaction between the Corporation and another entity if shareholders
of the Corporation do not own a majority of the voting stock of the surviving
entity or any parent thereof and a majority in value of the total outstanding
stock of such surviving entity or any parent thereof. Provided, however,

<PAGE>

that there shall not be included within the meaning of "Change in Control," any
such event involving: (iv) any employee benefit plan (or related trust)
sponsored or maintained by the Corporation; or (v) any of the current
shareholders of the Corporation as of the date of adoption of this Plan by the
Board (or any entity at any time controlled by any such shareholder or
shareholders)

                  (e) "Change in Position" means, as determined by the Committee
in its discretion with respect to any Participant, a significant change in such
Participant's employment relationship with the Company, including but not
limited to any or all of the following: (i) such Participant's involuntary
termination of employment or services; (ii) a significant reduction in such
Participant's duties, responsibilities, compensation and/or fringe benefits, or
the assignment to such Participant of duties inconsistent with his or her
position (all as in effect immediately prior to a Change in Control), whether or
not such Participant voluntarily terminates employment or services as a result
thereof; or (iii) a significant change in the geographic location of the
Participant's primary workplace.

                  (f) "Code" means the Internal Revenue Code of 1986, as
amended.

                  (g) "Committee" means the Compensation Committee of the
Corporation, which shall be comprised of two or more members of the Board.

                  (h) "Common Stock" means shares of the Corporation's
authorized common stock.

                  (i) "Corporation" means Asset Acceptance Capital Corp. a
Delaware corporation.

                  (j) "Disability" means total and permanent disability, as
defined in Code Section 22(e).

                  (k) "Employee" means an individual who has an "employment
relationship" with the Corporation or a Subsidiary, as defined in Treasury
Regulation 1.421-7(h), and the term "employment" means employment with the
Corporation, or a Subsidiary of the Corporation.

                  (l) "Exchange Act" means the Securities Exchange Act of 1934,
as amended from time to time and any successor thereto.

                  (m) "Fair Market Value" means for purposes of determining the
value of Common Stock on the Grant Date:

                           (i) If the Grant Date is the same as the date upon
         which an Initial Public Offering of the Corporation's Common Stock
         becomes effective, the initial public offering price; or

                           (ii) If the Grant Date occurs after an Initial Public
         Offering of the Corporation's Common Stock becomes effective, the Stock
         Exchange closing price of the Corporation's Common Stock as reported in
         The Wall Street Journal (or as otherwise reported by such Stock
         Exchange) for the Grant Date. In the event that there were no

                                       2
<PAGE>
         Common Stock transactions on such date, the Fair Market Value shall be
         determined as of the immediately preceding date on which there were
         Common Stock transactions.

Unless otherwise specified in the Plan, "Fair Market Value" for purposes of
determining the value of Common Stock on the date of exercise means, as
applicable under (i) or (ii) above (substituting the date of exercise for the
Grant Date): the initial public offering price; or the Stock Exchange closing
price of the Corporation's Common Stock on the last date preceding the exercise
on which there were Common Stock transactions.

                  (n) "Grant Date" means the date on which the Committee
authorizes an individual Option, Stock Appreciation Right, Restricted Stock
grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award, or such later date as shall be designated by the Committee.

                  (o) "Incentive Stock Option" means an Option that is intended
to meet the requirements of Section 422 of the Code.

                  (p) "Initial Public Offering" means a firm commitment
underwritten initial public offering of the Corporation's Common Stock
registered under the Securities Act of 1933, as amended.

                  (q) "Nonqualified Stock Option" means an Option that is not
intended to constitute an Incentive Stock Option.

                  (r) "Option" means either an Incentive Stock Option or a
Nonqualified Stock Option.

                  (s) "Participant" means an Employee or non-employee director
or consultant designated by the Committee to participate in the Plan.

                  (t) "Performance Share Award" means a performance share award
that is granted in accordance with Article V of the plan.

                  (u) "Plan" means the Asset Acceptance Capital Corp. 2004 Stock
Incentive Plan, the terms of which are set forth herein, and amendments thereto.

                  (v) "Restriction Period" means the period of time during which
a Participant's Restricted Stock or Restricted Stock Unit grant is subject to
restrictions and is nontransferable.

                  (w) "Restricted Stock" means Common Stock that is subject to
restrictions.

                  (x) "Restricted Stock Unit" means a right granted pursuant to
Article IV to receive Restricted Stock or an equivalent value in cash pursuant
to the terms of the Plan and the related Agreement.

                  (y) "Retirement" means termination of employment on or after
the attainment of age 65 and completion of three (3) years of service with the
Corporation.

                                       3
<PAGE>

                  (z) "Stock Appreciation Right" means the right to receive a
cash or Common Stock payment from the Corporation, in accordance with Article
III of the Plan.

                  (aa) "Stock Exchange" means the principal national securities
exchange on which the Common Stock is listed for trading or, if the Common Stock
is not listed for trading on a national securities exchange, such other
recognized trading market or quotation system upon which the largest number of
shares of Common Stock has been traded in the aggregate during the last 20 days
before a Grant Date or date on which an Option is exercised, whichever is
applicable.

                  (bb) "Subsidiary" means a corporation or other entity defined
in Code Section 424(f).

                  (cc) "Vested" means the extent to which an Option or Stock
Appreciation Right granted hereunder has become exercisable in accordance with
this Plan and the terms of the respective Agreement pursuant to which such
Option or Stock Appreciation Right was granted.

         1.4 ADMINISTRATION.

                  (a) The Plan shall be administered by the Committee. At all
times it is intended that the directors appointed to serve on the Committee
shall be "disinterested persons" (within the meaning of Rule 16b-3 promulgated
under the Exchange Act) and "outside directors" (within the meaning of Code
Section 162(m)); however, the mere fact that a Committee member shall fail to
qualify under either of these requirements shall not invalidate any award made
by the Committee if the award is otherwise validly made under the Plan. The
members of the Committee shall be appointed by, and may be changed at any time
and from time to time, at the discretion of the Board.

                  (b) The Committee shall interpret the Plan, prescribe, amend,
and rescind rules and regulations relating to the Plan, and make all other
determinations necessary or advisable for its administration. The decision of
the Committee on any question concerning the interpretation of the Plan or its
administration with respect to any Option, Stock Appreciation Right, Restricted
Stock grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award granted under the Plan shall be final and binding upon all Participants.
No member of the Committee shall be liable for any action or determination made
in good faith with respect to the Plan or any grant or award hereunder.

         1.5 PARTICIPANTS. Participants in the Plan shall be such Employees
(including Employees who are directors), non-employee directors of, or
consultants to, the Corporation and its Subsidiaries as the Committee in its
sole discretion may select from time to time. The Committee may grant Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance
Share Awards and Annual Incentive Awards to an individual upon the condition
that the individual become an Employee of the Corporation or of a Subsidiary,
provided that the Option, Stock Appreciation Right, Restricted Stock, Restricted
Stock Units, Performance Share Award or Annual Incentive Award shall be deemed
to be granted only on the date that the individual becomes an Employee.

                                       4
<PAGE>

                                                                    EXHIBIT 10.6

                   1.6 STOCK. The Corporation has reserved 3,700,000 shares of
the Corporation's Common Stock for issuance in conjunction with all Options and
other stock-based awards to be granted under the Plan. Shares subject to any
unexercised portion of a terminated, cancelled or expired Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Units, or
Performance Share Award granted hereunder, and pursuant to which a Participant
never acquired benefits of ownership, including payment of a stock dividend (but
excluding voting rights), may again be subjected to grants and awards under the
Plan, but shares surrendered pursuant to the exercise of a Stock Appreciation
Right shall not be available for future grants and awards. All provisions in
this Section 1.6 shall be adjusted, as applicable, in accordance with Article
VIII.

                                II. STOCK OPTIONS

         2.1 GRANT OF OPTIONS. The Committee, at any time and from time to time,
subject to the terms and conditions of the Plan, may grant Options to such
Participants and for such number of shares of Common Stock (whole or fractional)
as it shall designate; provided, however, that no Participant may be granted
Options and Stock Appreciation Rights during any one fiscal year to purchase
more than ___________ shares of Common Stock. Any Participant may hold more than
one Option under the Plan and any other Plan of the Corporation or Subsidiary.
The Committee shall determine the general terms and conditions of exercise,
including any applicable vesting requirements, which shall be set forth in a
Participant's Option Agreement. No Option granted hereunder may be exercised
after the tenth anniversary of the Grant Date. The Committee may designate any
Option granted as either an Incentive Stock Option or a Nonqualified Stock
Option, or the Committee may designate a portion of an Option as an Incentive
Stock Option or a Nonqualified Stock Option. An Incentive Stock Option may only
be granted to an Employee. At the discretion of the Committee, an Option may be
granted in tandem with a Stock Appreciation Right. Nonqualified Stock Options
are intended to satisfy the requirements of Code Section 162(m) and the
regulations promulgated thereunder, to the extent applicable.

         2.2 INCENTIVE STOCK OPTIONS. Any Option intended to constitute an
Incentive Stock Option shall comply with the requirements of this Section 2.2.
No Incentive Stock Option shall be granted with an exercise price below the Fair
Market Value of Common Stock on the Grant Date nor with an exercise term that
extends beyond 10 years from the Grant Date. An Incentive Stock Option shall not
be granted to any Participant who owns (within the meaning of Code Section
424(d)) stock of the Corporation or any Subsidiary possessing more than 10% of
the total combined voting power of all classes of stock of the Corporation or a
Subsidiary unless, at the Grant Date, the exercise price for the Option is at
least 110% of the Fair Market Value of the shares subject to the Option and the
Option, by its terms, is not exercisable more than 5 years after the Grant Date.
The aggregate Fair Market Value of the underlying Common Stock (determined at
the Grant Date) as to which Incentive Stock Options granted under the Plan
(including a plan of a Subsidiary) may first be exercised by a Participant in
any one calendar year shall not exceed $100,000. To the extent that an Option
intended to constitute an Incentive Stock Option shall violate the foregoing
$100,000 limitation (or any other limitation set forth in Code Section 422), the
portion of the Option that exceeds the $100,000 limitation (or violates

                                       5
<PAGE>

any other Code Section 422 limitation) shall be deemed to constitute a
Nonqualified Stock Option.

         2.3 OPTION PRICE. The Committee shall determine the per share exercise
price for each Option granted under the Plan. The Committee, at its discretion,
may grant Nonqualified Stock Options with an exercise price below 100% of the
Fair Market Value of Common Stock on the Grant Date. The foregoing
notwithstanding, no Incentive Stock Option shall be granted with an exercise
price below the Fair Market Value of Common Stock on the Grant Date.

         2.4 PAYMENT FOR OPTION SHARES.

                  (a) The purchase price for shares of Common Stock to be
acquired upon exercise of an Option granted hereunder shall be paid in full in
cash or by personal check, bank draft or money order at the time of exercise;
provided, however, that in lieu of such form of payment a Participant may pay
such purchase price in whole or in part by tendering shares of Common Stock,
which have been held by the Participant for at least six (6) months and which
are freely owned and held by the Participant independent of any restrictions,
hypothecations or other encumbrances, duly endorsed for transfer (or with duly
executed stock powers attached), or in any combination of the above. Shares of
Common Stock surrendered upon exercise shall be valued at the Stock Exchange
closing price for the Corporation's Common Stock on the day prior to exercise,
as reported in The Wall Street Journal (or as otherwise reported by such Stock
Exchange), and the certificate(s) for such shares, duly endorsed for transfer or
accompanied by appropriate stock powers, shall be surrendered to the
Corporation. Participants who are subject to short swing profit restrictions
under the Exchange Act and who exercise an Option by tendering
previously-acquired shares shall do so only in accordance with the provisions of
Rule 16b-3 of the Exchange Act.

                  (b) At the discretion of the Committee, as set forth in a
Participant's Option Agreement, any Option granted hereunder may be deemed
exercised by delivery to the Corporation of a properly executed exercise notice,
acceptable to the Corporation, together with irrevocable instructions to the
Participant's broker to deliver to the Corporation sufficient cash to pay the
exercise price and any applicable income and employment withholding taxes, in
accordance with a written agreement between the Corporation and the brokerage
firm ("cashless exercise procedure").

                         III. STOCK APPRECIATION RIGHTS

         3.1 GRANT OF STOCK APPRECIATION RIGHTS. Stock Appreciation Rights may
be granted, held and exercised in such form and upon such general terms and
conditions as determined by the Committee on an individual basis. A Stock
Appreciation Right may be granted to a Participant with respect to such number
of shares of Common Stock of the Corporation as the Committee may determine. A
Stock Appreciation Right may be granted on a stand-alone basis or in tandem with
an Option. If granted in tandem with an Option, the number of shares covered by
the Stock Appreciation Right shall not exceed the number of shares of stock
which the Participant could purchase upon the exercise of the related Option.
Stock Appreciation Rights are intended to satisfy the requirements of Code
Section 162(m) and the regulations promulgated thereunder, to the extent
applicable.

                                       6
<PAGE>

         3.2 EXERCISE OF STOCK APPRECIATION RIGHTS. A Stock Appreciation Right
shall be deemed exercised upon receipt by the Corporation of written notice of
exercise from the Participant. Except as permitted under Rule 16b-3, notice of
exercise of a Stock Appreciation Right by a Participant subject to the insider
trading restrictions of Section 16(b) of the Securities Exchange Act of 1934,
shall be limited to the period beginning on the third day following the release
of the Corporation's quarterly or annual summary of earnings and ending on the
12th business day after such release. The exercise term of each Stock
Appreciation Right shall be limited to 10 years from its Grant Date or such
earlier period as set by the Committee or in a related Option. If granted in
tandem with an Option, a Stock Appreciation Right shall be exercisable only at
such times and in such amounts as the related Option may be exercised. A Stock
Appreciation Right granted to a Participant subject to the insider trading
restrictions shall not be exercisable in whole or part during the first six
months of its term, unless the Participant dies or becomes disabled during such
six-month period.

         3.3 STOCK APPRECIATION RIGHT ENTITLEMENT.

                  (a) Upon exercise of a Stock Appreciation Right, a Participant
shall be entitled to payment from the Corporation, in cash, shares, or partly in
each (as determined by the Committee in accordance with any applicable terms of
the Agreement), of an amount equal to the difference between the aggregate Fair
Market Value on the date of exercise for the specified number of shares being
exercised and the aggregate exercise price of the Stock Appreciation Right being
exercised. If the Stock Appreciation Right is granted in tandem with an Option,
the payment shall be equal to the difference between:

                           (i) the Fair Market Value of the number of shares
         subject to the Stock Appreciation Right on the exercise date; and

                           (ii) the Option price of the associated Option
         multiplied by the number of shares available under the Option.

                  (b) Notwithstanding Section 3.3(a), upon exercise of a Stock
Appreciation Right the Participant shall be required to surrender the associated
Option.

         3.4 MAXIMUM STOCK APPRECIATION RIGHT AMOUNT PER SHARE. The Committee
may, at its sole discretion, establish (at the time of grant) a maximum amount
per share which shall be payable upon the exercise of a Stock Appreciation
Right, expressed as a dollar amount or as a percentage or multiple of the Option
price of a related Option.

                      IV. RESTRICTED STOCK GRANTS AND UNITS

         4.1 GRANT OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS. Subject to
the terms and conditions of the Plan, the Committee, at any time and from time
to time, may grant shares of Restricted Stock and Restricted Stock Units under
this Plan to such Participants and in such amounts as it shall determine.

         4.2 RESTRICTED STOCK AGREEMENT. Each grant of Restricted Stock or
Restricted Stock Units shall be evidenced by an Agreement that shall specify the
terms of the restrictions,

                                       7
<PAGE>

including the Restriction Period, or periods, the number of Common Stock shares
subject to the grant or units, and such other general terms and conditions,
including performance goals, as the Committee shall determine.

         4.3 TRANSFERABILITY. Except as provided in this Article IV or Section
9.4 of the Plan, the shares of Common Stock subject to a Restricted Stock grant
or Restricted Stock Unit hereunder may not be transferred, pledged, assigned, or
otherwise alienated or hypothecated until the termination of the applicable
Restriction Period or for such period of time as shall be established by the
Committee and as shall be specified in the applicable Agreement, or upon the
earlier satisfaction of other conditions as specified by the Committee in its
sole discretion and as set forth in the applicable Agreement.

         4.4 OTHER RESTRICTIONS. The Committee shall impose such other
restrictions on any shares of Common Stock subject to a Restricted Stock grant
or Restricted Stock Unit under the Plan as it may deem advisable including,
without limitation, restrictions under applicable Federal or State securities
laws, and may legend the certificates representing such shares to give
appropriate notice of such restrictions.

         4.5 CERTIFICATE LEGEND. In addition to any legends placed on
certificates pursuant to Sections 4.3 and 4.4, each certificate representing
shares of Common Stock subject to a Restricted Stock grant or Restricted Stock
Unit shall bear the following legend:

                  The sale or other transfer of the shares of stock represented
         by this certificate, whether voluntary, involuntary or by operation of
         law, is subject to certain restrictions on transfer set forth in the
         Asset Acceptance Capital Corp. 2004 Stock Incentive Plan ("Plan"),
         rules and administrative guidelines adopted pursuant to such Plan and
         an Agreement dated _______________. A copy of the Plan, such rules and
         such Agreement may be obtained from the Secretary of Asset Acceptance
         Capital Corp.

         4.6 REMOVAL OF RESTRICTIONS. Except as otherwise provided in this
Article IV of the Plan, and subject to applicable federal and state securities
laws, shares of Common Stock subject to a Restricted Stock grant or Restricted
Stock Unit under the Plan shall become freely transferable by the Participant
after the last day of the Restriction Period. Once the shares are released from
the restrictions, the Participant shall be entitled to have the legend required
by Section 4.5 of the Plan removed from the applicable Common Stock certificate.
Provided further, the Committee shall have the discretion to waive the
applicable Restriction Period with respect to all or any part of the Common
Stock subject to a Restricted Stock grant or Restricted Stock Unit.

         4.7 VOTING RIGHTS. During the Restriction Period, Participants holding
shares of Common Stock subject to a Restricted Stock grant or Restricted Stock
Unit hereunder may exercise full voting rights with respect to the Restricted
Stock or Restricted Stock Unit.

         4.8 DIVIDENDS AND OTHER DISTRIBUTIONS. During the Restriction Period, a
Participant shall be entitled to receive all dividends and other distributions
paid with respect to shares of Common Stock subject to a Restricted Stock grant
or Restricted Stock Unit. If any dividends or

                                       8
<PAGE>

distributions are paid in shares of Common Stock during the Restriction Period,
the dividend or other distribution shares shall be subject to the same
restrictions on transferability as the shares of Common Stock with respect to
which they were paid.

         4.9 RESTRICTED STOCK GRANTS AND UNITS UNDER CODE SECTION 162(M). The
Committee, at its discretion, may designate certain Restricted Stock grants or
Restricted Stock Units as being granted pursuant to Code Section 162(m). Such
Restricted Stock and Restricted Stock Units must comply with the following
additional requirements, which override any other provision set forth in this
Article IV:

                  (a) Each Code Section 162(m) Restricted Stock Award or
Restricted Stock Unit shall be based upon pre-established, objective performance
goals that are intended to satisfy the performance-based compensation
requirements of Code Section 162(m) and the regulations promulgated thereunder.
Further, at the discretion of the Committee, a Restricted Stock Award or
Restricted Stock Unit also may be subject to goals and restrictions in addition
to the performance requirements.

                  (b) Each Code Section 162(m) Restricted Stock Award or
Restricted Stock Unit shall be based upon the attainment of specified levels of
Corporation or Subsidiary performance during a specified performance period, as
measured by any or all of the following: earnings (as measured by net income,
net income per share, operating income, operating income per share, or earnings
before interest, taxes, depreciation and amortization ["EBITDA"]), revenue
growth, market capitalization, and price per share.

                  (c) For each designated performance period, the Committee
shall (i) select those Employees who shall be eligible to receive a Restricted
Stock Award or Restricted Stock Unit, (ii) determine the performance period,
which may be a one to five fiscal year period, (iii) determine the target levels
of Corporation or Subsidiary performance, and (iv) determine the number of
shares subject to a Restricted Stock Award or Restricted Stock Unit to be paid
to each selected Employee. The Committee shall make the foregoing determinations
prior to the commencement of services to which a Restricted Stock Award or
Restricted Stock Unit relates (or within the permissible time-period established
under Code Section 162(m)) and while the outcome of the performance goals and
targets is uncertain.

                  (d) For each performance period, the Committee shall certify,
in writing: (i) if the Corporation has attained the performance targets, and
(ii) the number of shares pursuant to the Restricted Stock Award or Restricted
Stock Unit that are to become freely transferable. The Committee shall have no
discretion to waive all or part of the conditions, goals and restrictions
applicable to the receipt of full or partial payment of a Restricted Stock Award
or Restricted Stock Unit.

                  (e) Any dividends paid during the Restriction Period
automatically shall be reinvested on behalf of the Employee in additional shares
of Common Stock under the Plan, and such additional shares shall be subject to
the same performance goals and restrictions as the other shares under the
Restricted Stock Award or Restricted Stock Unit. No shares under a Code Section
162(m) Restricted Stock Award or Restricted Stock Unit shall become transferable
until the Committee certifies in writing that the performance goals and
restrictions have been satisfied.

                                       9
<PAGE>

                  (f) No Employee, in any one fiscal year of the Company, shall
be granted a Code Section 162(m) Restricted Stock Award or Restricted Stock Unit
for more than ________ shares of Common Stock.

                  (g) Except as otherwise provided in this Article IV or Section
9.4 of the Plan, and subject to applicable federal and state securities laws,
shares covered by each Restricted Stock Award or Restricted Stock Unit made
under the Plan may not be transferred, pledged, assigned, or otherwise alienated
or hypothecated until the applicable performance targets and other restrictions
are satisfied, as shall be certified in writing by the Committee. At such time,
shares covered by the Restricted Stock Award or Restricted Stock Unit shall
become freely transferable by the Employee. Once the shares are released from
the restrictions, the Employee shall be entitled to have the legend required by
Section 4.5 of the Plan removed from the applicable Common Stock certificate.

                           V. PERFORMANCE SHARE AWARDS

         5.1 GRANT OF PERFORMANCE SHARE AWARDS. The Committee, at its
discretion, may grant Performance Share Awards to Participants and may
determine, on an individual or group basis, the performance goals to be attained
pursuant to each Performance Share Award.

         5.2 TERMS OF PERFORMANCE SHARE AWARDS. In general, Performance Share
Awards shall consist of rights to receive cash, Common Stock or a combination of
each, if designated performance goals are achieved. The terms of a Participant's
Performance Share Award shall be set forth in his individual Performance Share
Agreement. Each Agreement shall specify the performance goals applicable to a
particular Participant or group of Participants, the period over which the
targeted goals are to be attained, the payment schedule if the goals are
attained, and any other general terms and conditions applicable to an individual
Performance Share Award as the Committee shall determine. The Committee, at its
discretion, may waive all or part of the conditions, goals and restrictions
applicable to the receipt of full or partial payment of a Performance Share
Award.

         5.3 PERFORMANCE SHARE AWARDS GRANTED UNDER CODE SECTION 162(M). The
Committee, at its discretion, may designate certain Performance Share Awards as
granted pursuant to Code Section 162(m). Such Performance Share Awards must
comply with the following additional requirements, which override any other
provision set forth in this Article V:

                  (a) The Committee, at its discretion, may grant Code Section
162(m) Performance Share Awards based upon pre-established, objective
performance goals that are intended to satisfy the performance-based
compensation requirements of Code Section 162(m) and the regulations promulgated
thereunder. Further, at the discretion of the Committee, a Performance Share
Award also may be subject to goals and restrictions in addition to the
performance requirements.

                  (b) Each Code Section 162(m) Performance Share Award shall be
based upon the attainment of specified levels of Corporation or Subsidiary
performance during a specified performance period, as measured by any or all of
the following: earnings (as measured by net income, net income per share,
operating income, operating income per share, or earnings before

                                       10
<PAGE>

interest, taxes, depreciation and amortization ["EBITDA"]), revenue growth,
market capitalization, and price per share.

                  (c) For each designated performance period, the Committee
shall (i) select those Employees who shall be eligible to receive a Code Section
162(m) Performance Share Award, (ii) determine the performance period, which may
be a one to five fiscal year period, (iii) determine the target levels of
Corporation or Subsidiary performance, and (iv) determine the Performance Share
Award to be paid to each selected Employee. The Committee shall make the
foregoing determinations prior to the commencement of services to which a
Performance Share Award relates (or within the permissible time-period
established under Code Section 162(m)) and while the outcome of the performance
goals and targets is uncertain.

                  (d) For each performance period, the Committee shall certify,
in writing: (i) if the Corporation has attained the performance targets; and
(ii) the cash or number of shares (or combination thereof) pursuant to the
Performance Share Award that shall be paid to each selected Employee (or the
number of shares that are to become freely transferable, if a Performance Share
Award is granted subject to attainment of the designated performance goals). The
Committee, may not waive all or part of the conditions, goals and restrictions
applicable to the receipt of full or partial payment of a Performance Share
Award.

                  (e) Code Section 162(m) Performance Share Awards may be
granted in two different forms, at the discretion of the Committee. Under one
form, the Employee shall receive a Performance Share Award that consists of a
legended certificate of Common Stock, restricted from transfer prior to the
satisfaction of the designated performance goals and restrictions, as determined
by the Committee and specified in the Employee's Performance Share Agreement.
Prior to satisfaction of the performance goals and restrictions, the Employee
shall be entitled to vote the Performance Shares. Further, any dividends paid on
such shares during the performance/restriction period automatically shall be
reinvested on behalf of the Employee in additional Performance Shares under the
Plan, and such additional shares shall be subject to the same performance goals
and restrictions as the other shares under the Performance Share Award. No
shares under a Performance Share Award shall become transferable until the
Committee certifies in writing that the performance goals and restrictions have
been satisfied.

                  (f) Under the second form, the Employee shall receive a
Performance Share Agreement from the Committee that specifies the performance
goals and restrictions that must be satisfied before the Company shall issue the
payment, which may be cash, a designated number of shares of Common Stock or a
combination of the two. Any certificate for shares under such form of
Performance Share Award shall be issued only after the Committee certifies in
writing that the performance goals and restrictions have been satisfied.

                  (g) No Employee, in any one fiscal year of the Company, shall
be granted a Performance Share Award to receive more than ________ shares of
Common Stock.

                  (h) In addition to any legends placed on certificates pursuant
to Section 5.3(e), each certificate representing shares under a Performance
Share Award shall bear the following legend:

                                       11
<PAGE>

                  The sale or other transfer of the shares of stock represented
         by this certificate, whether voluntary, involuntary or by operation of
         law, is subject to certain restrictions on transfer set forth in the
         Asset Acceptance Capital Corp. 2004 Stock Incentive Plan ("Plan"),
         rules and administrative guidelines adopted pursuant to such Plan and a
         Performance Share Agreement dated     . A copy of the Plan, such rules
         and such Performance Share Agreement may be obtained from the Secretary
         of Asset Acceptance Capital Corp.

                  (i) Except as otherwise provided in this Article V or Section
9.4 of the Plan, and subject to applicable federal and state securities laws,
shares covered by each Performance Share Award made under the Plan may not be
transferred, pledged, assigned, or otherwise alienated or hypothecated until the
applicable performance targets and other restrictions are satisfied, as shall be
certified in writing by the Committee. At such time, shares covered by the
Performance Share Award shall become freely transferable by the Employee. Once
the shares are released from the restrictions, the Employee shall be entitled to
have the legend required by Section 5.3(h) removed from the applicable Common
Stock certificate.

                           VI. ANNUAL INCENTIVE AWARDS

         6.1 GRANT OF ANNUAL INCENTIVE AWARDS.

                  (a) The Committee, at its discretion, may grant Annual
Incentive Awards to such Participants as it may designate from time to time. The
terms of a Participant's Annual Incentive Award shall be set forth in his
individual Annual Incentive Award Agreement. Each Agreement shall specify such
general terms and conditions as the Committee shall determine, as well as the
Participant's pre-established, objective performance goals, including those that
are intended to satisfy the performance-based compensation requirements of Code
Section 162(m) and the regulations promulgated thereunder, to the extent
applicable.

                  (b) The determination of Annual Incentive Awards for a given
year shall be based upon the attainment of specified levels of Corporation or
Subsidiary performance as measured by such performance criteria as are
determined at the discretion of the Committee, including any or all of the
following: earnings (as measured by net income, net income per share, operating
income, operating income per share, or earnings before interest, taxes,
depreciation and amortization ["EBITDA"]), revenue growth, market
capitalization, and price per share.

                  (c) For each fiscal year of the Corporation, the Committee
shall (i) select those Participants who shall be eligible to receive an Annual
Incentive Award, (ii) determine the performance period, which may be a one to
five fiscal year period, (iii) determine target levels of Corporation
performance, and (iv) determine the level of Annual Incentive Award to be paid
to each selected Participant upon the achievement of each performance level as
provided below. The Committee shall generally make the foregoing determinations
prior to the commencement of services to which an Annual Incentive Award relates
(or within the permissible time-period established under Code Section 162(m), to
the extent applicable) and while the outcome of the performance goals and
targets is uncertain.

                                       12
<PAGE>

         6.2 ATTAINMENT OF PERFORMANCE TARGETS.

                  (a) For each fiscal year, the Committee shall certify, in
writing: (i) the degree to which the Corporation has attained the performance
targets, and (ii) the amount of the Annual Incentive Award to be paid to each
selected Participant.

                  (b) Notwithstanding anything to the contrary herein, the
Committee may, in its discretion, reduce any Annual Incentive Award based on
such factors as may be determined by the Committee, including, without
limitation, a determination by the Committee that such a reduction is
appropriate: (i) in light of pay practices of competitors; or (ii) in light of
the Corporation's, a subsidiary's, or a selected Employee's performance relative
to competitors and/or performance with respect to the Corporation's strategic
business goals.

         6.3 PAYMENT OF ANNUAL INCENTIVE AWARDS. An Annual Incentive Award shall
be paid only if (i) the Corporation achieves at least the threshold performance
level; and (ii) the Committee makes the certification described in Section 6.2.

         6.4 ANNUAL INCENTIVE AWARD PAYMENT FORMS.

                  (a) Annual Incentive Awards shall be paid in cash and/or
shares of Common Stock of the Corporation, at the discretion of the Committee.
Payments shall be made within 30 days following (i) a certification by the
Committee that the performance targets were attained, and (ii) a determination
by the Committee that the amount of an Annual Incentive Award shall not be
decreased in accordance with Section 6.2. The aggregate maximum Annual Incentive
Award that may be earned by any Participant on behalf of any one fiscal year
(calculated as of the last day of the fiscal year for which the Annual Incentive
Award is earned) may not exceed the lesser of _____ (___) times the
Participant's base salary for the fiscal year or $____________.

                  (b) The amount of an Annual Incentive Award to be paid upon
the attainment of each targeted level of performance shall equal a percentage of
each Participant's base salary for the fiscal year or a fixed dollar amount, as
determined by the Committee.

                   VII. TERMINATION OF EMPLOYMENT OR SERVICES

         7.1. OPTIONS AND STOCK APPRECIATION RIGHTS.

                  (a) If, prior to the date that an Option or Stock Appreciation
Right first becomes Vested, a Participant terminates employment or services for
any reason (other than as provided in Section 8.2, after a Change in Control),
the Participant's right to exercise the Option or Stock Appreciation Right shall
terminate and all rights thereunder shall cease.

                  (b) If, on or after the date that an Option or Stock
Appreciation Right first becomes Vested, a Participant terminates employment or
services for any reason other than death or Disability, the Participant shall
have the right, within the earlier of (i) the expiration of the Option or Stock
Appreciation Right, and (ii) three months after termination of
employment/services, to exercise the Option or Stock Appreciation Right to the
extent that it was

                                       13
<PAGE>

exercisable and unexercised on the date of the Participant's termination of
employment or services, subject to any other limitation on the exercise of the
Option or Stock Appreciation Right in effect on the date of exercise. The
Committee may designate in a Participant's Agreement that an Option or Stock
Appreciation Right shall terminate at an earlier or later time than set forth
above.

                  (c) If, on or after the date that an Option or Stock
Appreciation Right first becomes Vested, a Participant terminates employment or
services due to death while an Option or Stock Appreciation Right is still
exercisable, the person or persons to whom the Option or Stock Appreciation
Right shall have been transferred by will or by the laws of descent and
distribution, shall have the right within the exercise period specified in the
Participant's Agreement to exercise the Option or Stock Appreciation Right to
the extent that it was exercisable and unexercised on the Participant's date of
death, subject to any other limitation on exercise in effect on the date of
exercise; provided, however, that the beneficial tax treatment of an Incentive
Stock Option may be forfeited if the Option is exercised more than one year
after a Participant's date of death.

                  (d) If, on or after the date that an Option or Stock
Appreciation Right first becomes Vested, a Participant terminates employment or
services due to Disability, the Participant shall have the right, within the
exercise period specified in the Participant's Agreement to exercise the Option
or Stock Appreciation Right to the extent that it was exercisable and
unexercised on the date of the Participant's termination of employment or
services, subject to any other limitation on the exercise of the Option or Stock
Appreciation Right in effect on the date of exercise. If the Participant dies
after termination of employment/services while the Option or Stock Appreciation
Right is still exercisable, the Option or Stock Appreciation Right shall be
exercisable in accordance with the terms of paragraph (c) above.

                  (e) The Committee, at the time of a Participant's termination
of employment or services, may accelerate a Participant's right to exercise an
Option or extend the exercise period of an Option or Stock Appreciation Right
(but in no event past the tenth anniversary of the Grant Date of such Option);
provided, however that the extension of the exercise period for an Incentive
Stock Option may cause such Option to forfeit its preferential tax treatment.

                  (f) Shares subject to Options and Stock Appreciation Rights
that are not exercised in accordance with the provisions of (a) through (e)
above shall expire and be forfeited by the Participant as of their expiration
date and shall become available for new grants and awards under the Plan as of
such date.

         7.2 RESTRICTED STOCK GRANTS AND UNITS. If a Participant terminates
employment or services for any reason (other than as provided in Section 8.2,
after a Change in Control), the Participant's rights to shares of Common Stock
subject to a Restricted Stock grant or Restricted Stock Unit that are still
subject to the Restriction Period automatically shall terminate and be forfeited
by the Participant and, subject to Section 1.6, shall be available for new
grants and awards under the Plan as of such termination date; provided, however,
that the Committee, in its sole discretion, may waive or change the remaining
restrictions or add additional restrictions with respect to any Restricted Stock
grant or Restricted Stock Unit that would otherwise be

                                       14
<PAGE>

forfeited, as it deems appropriate. Notwithstanding the foregoing, the Committee
shall not waive any restrictions on a Code Section 162(m) Restricted Stock Award
or Restricted Stock Unit, but the Committee may include a provision in an
Employee's Code Section 162(m) Restricted Stock or Restricted Stock Unit
Agreement stating that upon the Employee's termination of employment due to (i)
death, (ii) Disability, or (iii) involuntary termination by the Company without
cause (as defined in such agreement) prior to the attainment of the associated
performance goals and the termination of the Restriction Period, that the
performance goals and restrictions shall be deemed to have been satisfied on a
pro rata basis, so that the number of shares that become freely transferable
shall be based on the Employee's full number of months of employment during the
Restriction Period, and the Employee shall forfeit the remaining shares and his
rights to such forfeited shares shall terminate in full.

         7.3 PERFORMANCE SHARES. Performance Share Awards shall expire and be
forfeited by a Participant upon the Participant's termination of employment or
services for any reason (other than as provided in Section 8.2, after a Change
in Control), and such shares shall be available for new grants and awards under
the Plan as of such termination date; provided, however, that the Committee, in
its discretion, may waive all or part of the conditions, goals and restrictions
applicable to the receipt of full or partial payment of a Performance Share
Award. Notwithstanding the foregoing, the Committee shall not waive any
restrictions on a Code Section 162(m) Performance Share Award, but the Committee
may include a provision in an Employee's Code Section 162(m) Performance Share
Agreement stating that upon the Employee's termination of employment due to (i)
death, (ii) Disability, or (iii) involuntary termination by the Company without
cause (as defined in such agreement) prior to the attainment of the associated
performance goals and restrictions, that the performance goals and restrictions
shall be deemed to have been satisfied on a pro rata basis, so that the number
of shares that become freely transferable shall be based on the Employee's full
number of months of employment during the employment period, and the Employee
shall forfeit the remaining shares and his rights to such forfeited shares shall
terminate in full.

         7.4 ANNUAL INCENTIVE AWARDS.

                  (a) A Participant who has been granted an Annual Incentive
Award and terminates employment or services due to Retirement, Disability or
death prior to the end of the Corporation's fiscal year shall be entitled to a
prorated payment of the Annual Incentive Award, based on the number of full
months during the fiscal year in which the Participant was employed or provided
services. Any such prorated Annual Incentive Award shall be paid at the same
time as regular Annual Incentive Awards or, in the event of the Participant's
death, to the beneficiary designated by the Participant.

                  (b) Except as otherwise determined by the Committee in its
discretion, a Participant who has been granted an Annual Incentive Award and
resigns or is terminated for any reason (other than Retirement, Disability or
death), before the end of the Corporation's fiscal year for which the Annual
Incentive Award is to be paid, shall forfeit the right to an Annual Incentive
Award payment for that fiscal year.

         7.5 OTHER PROVISIONS. The transfer of an Employee from one corporation
to another among the Corporation and any of its Subsidiaries, or a leave of
absence under the leave policy

                                       15
<PAGE>

of the Corporation or any of its Subsidiaries shall not be a termination of
employment for purposes of the Plan, unless a provision to the contrary is
expressly stated by the Committee in a Participant's Agreement issued under the
Plan.

                     VIII. ADJUSTMENTS AND CHANGE IN CONTROL

         8.1 ADJUSTMENTS.

                  (a) The total amount of Common Stock for which Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Share
Awards and Annual Incentive Awards may be issued under the Plan, and the number
of shares subject to any such grants or awards (both as to the number of shares
of Common Stock and the Option price), shall be adjusted pro rata for any
increase or decrease in the number of outstanding shares of Common Stock
resulting from payment of a stock dividend on Common Stock, a subdivision or
combination of shares of Common Stock, or a reclassification of Common Stock.
Such adjustment shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive.

                  (b) In the event of a proposed dissolution or liquidation of
the Corporation, the Committee shall notify each Participant as soon as
practicable prior to the effective date of such proposed transaction. The
Committee in its discretion may provide for a Participant to have the right to
exercise his or her Option, Stock Appreciation Right, Restricted Stock grant,
Restricted Stock Units, Performance Share Award or Annual Incentive Award in
full until ten (10) days prior to such transaction as to all of the shares of
Common Stock covered thereby, including shares as to which the Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Units, Performance
Share Award or Annual Incentive Award would not otherwise be exercisable. In
addition, the Committee may provide that any re-purchase option of the
Corporation applicable to the shares purchased upon exercise of an Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Units, Performance
Share Award or Annual Incentive Award shall lapse as to all such shares,
provided that the proposed dissolution or liquidation takes place at the time
and in the manner contemplated. To the extent it has not been previously
exercised, an Option, Stock Appreciation Right, Restricted Stock grant,
Restricted Stock Units, Performance Share Award or Annual Incentive Award shall
terminate immediately prior to the consummation of the proposed dissolution or
liquidation.

                  (c) In the event of a merger of the Corporation with or into
another corporation, the sale of substantially all of the assets of the
Corporation, or the reorganization or consolidation of the Corporation, it is
intended that each outstanding Option, Stock Appreciation Right, Restricted
Stock grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award shall be assumed or an equivalent option or right substituted by the
successor corporation or the parent or a subsidiary of the successor
corporation. In the event that such successor corporation (or the parent or a
subsidiary thereof) refuses to assume or substitute for the Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Units, Performance
Share Award or Annual Incentive Award, the Participant shall fully vest in and
have the right to exercise the Option, Stock Appreciation Right, Restricted
Stock grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award in full, including

                                       16
<PAGE>

shares which would not otherwise be vested or exercisable. If an Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Units, Performance
Share Award or Annual Incentive Award becomes fully vested and exercisable in
lieu of assumption or substitution in the event of a merger or sale of assets,
the Committee shall notify the Participant in writing or electronically that the
Option, Stock Appreciation Right, Restricted Stock grant, Restricted Stock
Units, Performance Share Award or Annual Incentive Award shall be fully vested
and exercisable for a period of fifteen (15) days from the date of such notice,
and the Option, Stock Appreciation Right, Restricted Stock grant, Restricted
Stock Units, Performance Share Award or Annual Incentive Award shall terminate
upon the expiration of such period. For the purposes of this paragraph, the
Option, Stock Appreciation Right, Restricted Stock grant, Restricted Stock
Units, Performance Share Award or Annual Incentive Award shall be considered
assumed if, following the merger, sale of assets, reorganization or
consolidation, the option or right confers the right to purchase or receive, for
each share covered by the Participant's Option, Stock Appreciation Right,
Restricted Stock grant, Restricted Stock Units, Performance Share Award or
Annual Incentive Award, immediately prior to such transaction, the consideration
(whether stock, cash, or other securities or property) received in the merger,
sale of assets, reorganization or consolidation by holders of Common Stock for
each share held on the effective date of the transaction (and if holders were
offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding shares); provided, however, that if
such consideration received in the merger, sale of assets, reorganization or
consolidation is not solely common stock of the successor corporation (or the
parent or a subsidiary thereof), the Committee may, with the consent of the
successor corporation, provide for the consideration to be received upon the
exercise of the Option, Stock Appreciation Right, Restricted Stock grant,
Restricted Stock Units, Performance Share Award or Annual Incentive Award, for
each share of Stock subject to the Option, Stock Appreciation Right, Restricted
Stock grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award to be solely Common Stock of the successor corporation (or the parent or a
subsidiary thereof) equal in Fair Market Value to the per share consideration
received by holders of Common Stock in the merger or sale of assets.

                  (d) The foregoing adjustments shall be made by the Committee.
Any such adjustment may provide for the elimination of any fractional share
which might otherwise become subject to an Option, Stock Appreciation Right,
Restricted Stock grant, Restricted Stock Units, Performance Share Award or
Annual Incentive Award.

         8.2 CHANGE IN CONTROL. The Committee in its discretion may provide in a
Participant's Agreement, notwithstanding anything contained herein to the
contrary, that in the event of a Participant's Change in Position subsequent to
a Change in Control, any or all of the following will occur: (i) any outstanding
Option or Stock Appreciation Right granted to such Participant hereunder
immediately shall become fully Vested and exercisable in full, regardless of any
installment provision applicable to such Option or Stock Appreciation Right;
(ii) the remaining Restriction Period on any shares of Common Stock subject to a
Restricted Stock grant or Restricted Stock Unit hereunder immediately shall
lapse and the shares shall become fully transferable, subject to any applicable
federal or state securities laws; (iii) all performance goals and conditions
shall be deemed to have been satisfied and all restrictions shall lapse on any
outstanding Performance Share Awards granted to such Participant hereunder, and
such Awards shall become payable in full; and (iv) for purposes of any Annual
Incentive Awards granted to

                                       17
<PAGE>

such Participant hereunder, the determination of whether the performance targets
have been achieved shall be made as of the date of the Change in Control and
payments due should become immediately payable.

                                IX. MISCELLANEOUS

         9.1 PARTIAL EXERCISE/FRACTIONAL SHARES. The Committee may permit, and
shall establish procedures for, the partial exercise of Options and Stock
Appreciation Rights granted under the Plan. No fractional shares shall be issued
in connection with the exercise of a Stock Appreciation Right or payment of a
Performance Share Award or Annual Incentive Award; instead, the Fair Market
Value of the fractional shares shall be paid in cash, or at the discretion of
the Committee, the number of shares shall be rounded down to the nearest whole
number of shares and any fractional shares shall be disregarded.

         9.2 RULE 16B-3 REQUIREMENTS. Notwithstanding any other provision of the
Plan, the Committee may impose such conditions on the exercise of an Option or
Stock Appreciation Right (including, without limitation, the right of the
Committee to limit the time of exercise to specified periods), or the grant of
Restricted Stock or Restricted Stock Unit or the payment of a Performance Share
Award or Annual Incentive Award, as may be required to satisfy the requirements
of Rule 16b-3 of the Exchange Act.

         9.3 RIGHTS PRIOR TO ISSUANCE OF SHARES. No Participant shall have any
rights as a shareholder with respect to shares covered by an Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Units, Performance
Share Award or Annual Incentive Award until the issuance of a stock certificate
for such shares. No adjustment shall be made for dividends or other rights with
respect to such shares for which the record date is prior to the date the
certificate is issued.

         9.4 NON-ASSIGNABILITY. Except as otherwise determined by the Committee
in its discretion, the following restrictions on assignability of any award
under the Plan shall apply to all Participants: (i) no Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Units, Performance
Share Award or Annual Incentive Award shall be transferable by a Participant
except by will or the laws of descent and distribution; (ii) during the lifetime
of a Participant, an Option, Stock Appreciation Right, Restricted Stock grant,
or Restricted Stock Unit shall be exercised only by the Participant, except in
the event of the Participant's Disability, in which case the Participant's legal
guardian or the individual designated in the Participant's durable power of
attorney may exercise the Option, Stock Appreciation Right, Restricted Stock
grant, Restricted Stock Unit; and (iii) any transferee of the Option, Stock
Appreciation Right, Restricted Stock grant, Restricted Stock Unit, Performance
Share Award or Annual Incentive Award shall take the same subject to the terms
and conditions of this Plan. No transfer of an Option, Stock Appreciation Right,
Restricted Stock grant, Restricted Stock Units, Performance Share Award or
Annual Incentive Award by will or the laws of descent and distribution, or as
otherwise permitted by the Committee, shall be effective to bind the Corporation
unless the Corporation shall have been furnished with written notice thereof and
a copy of the will and/or such evidence as the Corporation may deem necessary to
establish the validity of the transfer and the acceptance by the transferee or
transferees of the terms and conditions of the Option, Stock

                                       18
<PAGE>

Appreciation Right, Restricted Stock grant, Restricted Stock Units, Performance
Share Award or Annual Incentive Award.

         9.5. SECURITIES LAWS.

                  (a) Anything to the contrary herein notwithstanding, the
Corporation's obligation to sell and deliver Common Stock pursuant to the
exercise of an Option or Stock Appreciation Right or deliver Common Stock
pursuant to a Restricted Stock grant, Restricted Stock Units, Performance Share
Award or Annual Incentive Award is subject to such compliance with federal and
state laws, rules and regulations applying to the authorization, issuance or
sale of securities as the Corporation deems necessary or advisable. The
Corporation shall not be required to sell and deliver or issue Common Stock
unless and until it receives satisfactory assurance that the issuance or
transfer of such shares shall not violate any of the provisions of the
Securities Act of 1933 or the Securities Exchange Act of 1934, or the rules and
regulations of the Securities Exchange Commission promulgated thereunder or
those of the Stock Exchange or any stock exchange on which the Common Stock may
be listed, the provisions of any state laws governing the sale of securities, or
that there has been compliance with the provisions of such acts, rules,
regulations and laws.

                  (b) The Committee may impose such restrictions on any shares
of Common Stock acquired pursuant to the exercise of an Option or Stock
Appreciation Right or the grant of Restricted Stock or Restricted Stock Units or
the payment of a Performance Share Award or Annual Incentive Award under the
Plan as it may deem advisable, including, without limitation, restrictions (i)
under applicable federal securities laws, (ii) under the requirements of the
Stock Exchange or any other securities exchange, recognized trading market or
quotation system upon which such shares of Common Stock are then listed or
traded, and (iii) under any blue sky or state securities laws applicable to such
shares. No shares shall be issued until counsel for the Corporation has
determined that the Corporation has complied with all requirements under
appropriate securities laws.

         9.6 WITHHOLDING TAXES.

                  (a) The Corporation shall have the right to withhold from a
Participant's compensation or require a Participant to remit sufficient funds to
satisfy applicable withholding for income and employment taxes upon the exercise
of an Option or Stock Appreciation Right or the lapse of the Restriction Period
on shares of Common Stock subject to a Restricted Stock grant or Restricted
Stock Unit or the payment of a Performance Share Award or Annual Incentive
Award. A Participant may make a written election to tender previously-acquired
shares of Common Stock or have shares of stock withheld from the exercise,
provided that the shares have an aggregate Fair Market Value sufficient to
satisfy in whole or in part the applicable withholding taxes. The cashless
exercise procedure of Section 2.4 may be utilized to satisfy the withholding
requirements related to the exercise of an Option. At no point shall the
Corporation withhold from the exercise of an Option more shares than are
necessary to meet the established tax withholding requirements of federal, state
and local obligations.

                  (b) A Participant subject to the insider trading restrictions
of Section 16(b) of the Exchange Act may use Common Stock to satisfy the
applicable withholding requirements

                                       19
<PAGE>

only if such disposition is approved in accordance with Rule 16b-3 of the
Exchange Act. Any election by a Participant to utilize Common Stock for
withholding purposes is further subject to the discretion of the Committee.

         9.7 TERMINATION AND AMENDMENT.

                  (a) The Board may terminate the Plan, or the granting of
Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units,
Performance Share Awards or Annual Incentive Awards under the Plan, at any time.
No new grants or awards shall be made under the Plan after the tenth anniversary
of the adoption of this Plan by the Board, or approval by the shareholders,
whichever is earlier, as noted in Section 1.1.

                  (b) The Board may amend or modify the Plan at any time and
from time to time, but no amendment or modification, without the approval of the
shareholders of the Corporation, shall (i) materially increase the benefits
accruing to Participants under the Plan; (ii) increase the amount of Common
Stock for which grants and awards may be made under the Plan, except as
permitted under Sections 1.6 and 8.1; or (iii) change the provisions relating to
the eligibility of individuals to whom grants and awards may be made under the
Plan.

                  (c) No amendment, modification, or termination of the Plan
shall in any manner affect any Option, Stock Appreciation Right, Restricted
Stock grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award granted under the Plan without the consent of the Participant holding the
Option, Stock Appreciation Right, Restricted Stock grant, Restricted Stock
Units, Performance Share Award or Annual Incentive Award, except as set forth in
any Agreement relating to such Option, Stock Appreciation Right, Restricted
Stock grant, Restricted Stock Units, Performance Share Award or Annual Incentive
Award granted under the Plan.

         9.8 EFFECT ON EMPLOYMENT. Neither the adoption of the Plan nor the
granting of any Option, Stock Appreciation Right, Restricted Stock, Restricted
Stock Units, Performance Share Award or Annual Incentive Award pursuant to the
Plan shall be deemed to create any right in any individual to be retained or
continued in the employment, or as a non-employee director or consultant, of the
Corporation or a Subsidiary.

         9.9 USE OF PROCEEDS. The proceeds received from the sale of Common
Stock pursuant to the Plan will be used for general corporate purposes of the
Corporation.

         9.10 APPROVAL OF PLAN. Unless this Plan has been approved by the
shareholders of the Corporation within 12 months after adoption of the Plan by
the Board, as required by Section 422 of the Code, this Plan, and any grants or
awards made hereunder, shall be of no further force or effect.

         IN WITNESS WHEREOF, this 2004 Stock Incentive Plan has been executed on
behalf of the Corporation on the ____ day of_____________, 2004.

                                       20
<PAGE>

                                       ASSET ACCEPTANCE CAPITAL CORP.

                                       By:
                                          ------------------------------------
                                            Nathaniel F. Bradley IV,
                                            President and Chief Executive
                                            Officer

                                       21

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