Document:

bcaex105.htm

    
      

      

    

    Exhibit
10.5

    
      CONSULTING
AGREEMENT

       

       

       

      This
Agreement ("Agreement")
is made and effective as of July 1, 2008 ("Effective
Date") by and between SONOMAWEST HOLDINGS, INC. a Delaware corporation
("Client")
and BUGATTO INVESTMENT COMPANY ("Consultant").

       

      1.    Services and
Deliverables. Consultant will perform (i) any strategic services related
to the Client’s current and future portfolio of real estate assets, including
possible acquisitions of additional real estate, (ii) services that Client
reasonably requests relating to the Client’s properties, including without
limitation assisting Client concerning interactions with Sonoma County zoning
and land use authorities, and (iii) such other services as Client and Consultant
may agree upon (collectively, the "Services").
During the term of this Agreement, Consultant will make David J. Bugatto
available to perform the Services. Consultant will determine the method, details
and means of performing the Services. 

       

      2.    Fees and
Payment. 

       

      a.    Hourly Fee. In consideration for the
Services to be performed by Consultant, Client will pay to Consultant an hourly
fee of $250.00 per hour for all hours rendered on behalf of Client. Client and
Consultant agree that only the Chief Executive Officer of Client (the “CEO”) is
authorized to request or authorize Services, and Consultant shall not undertake
Services at the request of any other employee of Client without the prior
written approval of the CEO. Client will pay Consultant for its services within
fifteen (15) days of delivery of a monthly invoice. Any amounts that Client may
pay to Consultant for time spent in connection with litigation-related
activities (such as in connection with testimony, depositions or expert witness
activity) will be subject to a separate arrangement and rates mutually agreed
upon between Client and Consultant. 

       

      b.    No Additional
Payments. No
additional amounts shall be payable in connection with performance of the
Services or in connection with any transaction involving a sale of any of
Client’s properties, a sale of Client’s business (whether by merger, sale of
assets or other transaction) or a transaction that results in Client no longer
being a public company. 

       

      c.    Deductions and
Withholdings. All amounts payable or
which become payable under any provision of this Agreement will be subject to
any deductions and withholdings that Client reasonably determines are necessary
or required by law. 

       

      3.    Independent Consultant
Status. It is the express intention of the parties that Consultant is an
independent consultant and not an employee, agent, joint venturer or partner of
Client. Nothing in this Agreement will be interpreted or construed as creating
or establishing the relationship of employer and employee between Client and
Consultant, or any employee or agent of Consultant. 

       

      
        
          
          

        

        
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      4.    Additional
Obligations of Consultant. 

       

      a.    Equipment. Consultant will supply
all tools and instrumentalities required to perform the Services under this
Agreement. Consultant is not required to purchase or rent any tools, equipment
or services from Client.

       

      b.    Costs and
Expenses. Consultant is
responsible for all costs and expenses incident to performing services
hereunder, including but not limited to costs of equipment provided by
Consultant, fees, fines, licenses, bonds, or taxes required of or imposed
against Consultant and its assistants, if any, as costs of doing business.
Client is not responsible for any expenses incurred by Consultant in performing
services for Client, except for those reasonable out-of-pocket travel expenses
and miscellaneous expenses incurred by Consultant in performing the Services
under this Agreement.

       

      c.    Assistants;
Indemnification. Consultant may, at its
option and at its own expense, employ such assistants as Consultant deems
necessary to perform the Services. Consultant assumes full and sole
responsibility for the payment of all compensation and expenses of these
assistants and for any state and federal income tax, unemployment insurance,
Social Security, disability insurance and other applicable withholdings of such
assistants. Consultant will provide workers' compensation insurance coverage for
its employees and agents, and agrees to hold harmless and indemnify Client for
any and all claims arising out of any injury, disability, or death of any of
Consultant's employees or agents. Consultant will indemnify and hold Client
harmless against any and all liability imposed or claimed, including attorneys'
fees and other legal expenses, arising directly or indirectly from any act or
failure to act of Consultant or Consultant's assistants, employees or agents,
including all claims relating to injury or death of any person or damage to
property.

       

      d.    Compliance With Client
Policies. Consultant specifically
agrees to abide by Client's standards and rules of conduct and general operating
procedures while on Client's premises or otherwise while performing services
pursuant to this Agreement. 

       

      e.    No Assignment By
Consultants. Consultant may not
assign any duties or obligations under this Agreement without Client's express
written consent.

       

      f.    Independent
Contractor. Consultant acknowledges
that, as he is an independent consultant and not an employee, he is responsible
for paying all required state and federal taxes. In particular, Client will not:
(i) withhold FICA (Social Security) from Consultant's payments; (ii) make state
or federal unemployment insurance contributions on Consultant's behalf; (iii)
withhold state or federal income tax from payment to Consultant; (iv) make
disability insurance contributions on behalf of Consultant; (v) obtain workers'
compensation insurance on behalf of Consultant.

       

      g.    No Participation in Employee
Benefit Plans. Consultant further
acknowledges that he is not eligible for participation in any benefit plan or
program available to Consultant's employees, and that the fee for services has
been established in recognition of Consultant being responsible for maintaining
such benefit coverage as it deems appropriate.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      5.    Term and
Termination.

       

      a.    Terms. This Agreement begins on
the Effective Date and continues until the earlier to occur of (i) the mutual
written agreement of Consultant and Client to terminate the Agreement; (ii)
termination in accordance with the provisions set forth below; or (iii) June 30,
2009. 

       

      b.    Bankruptcy,
Insolvency. Either party may
terminate this Agreement upon notice to the other party if a court having
jurisdiction shall enter a decree or order for relief in respect of the other
party in an involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereinafter in effect, or appoint a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) for
that other party or for any substantial part of that party’s property, or order
the winding up or liquidation of its affairs, and such decree or order shall
remain unstayed and in effect for a period of sixty (60) consecutive business
days; or if the other party shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or
consent to the entry of an order for relief in any involuntary case under any
such law, or consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or similar official) for
any substantial part of that other party’s property, or make any general
assignment for the benefit of creditors, or shall take any action in furtherance
of any of the foregoing. 

       

      c.    Personnel. Client may terminate
this Agreement upon notice to Consultant if David J. Bugatto becomes no longer
available to perform the Services. 

       

      d.    Material
Default. If
Consultant materially defaults in the performance of the Agreement or materially
breaches any of the provisions and does not cure the default or breach within
ten (10) days of delivery of a notice thereof from Client to Consultant, Client
at its sole option may terminate the Agreement by delivering a notice to
Consultant. For purposes of this section, material default or breach includes,
but is not limited to: (i) failure or refusal to perform in any material respect
the Services when and as contemplated; (ii) repeated failure to provide timely
invoices with appropriate descriptions and approved expenses as provided herein;
and (iii) negligence, misconduct, an act of dishonesty, or taking an action or
conducting itself in a manner contrary or inimical to Client's best business
interests or reputation.

       

      e.    Payment
Defaults. If
Client fails to pay Consultant fees or payment as provided herein and fails to
make any required payment within ten (10) days after delivery by Consultant to
Client of a late payment notice, Consultant at its option may terminate the
Agreement by delivering a notice to Client.

       

      f.    Return of
Materials. Upon termination of this
Agreement for any reason, Consultant shall return to Client all materials of any
kind in Client’s possession relating to the Services or Client.

       

      
        
          
          

        

        
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      g.    Survival. The provisions of
Sections 2(b), 2(c), 3, 4, 5(f), 6 and 7 shall survive expiration or termination
of the Agreement for any reason.

       

      6.    Confidentiality, Trade Secrets,
Work for Hire and Non-Competition.

       

      a.    Nondisclosure. Consultant recognizes
that during the term of this Agreement, and in preparation therefore, he will be
privy to Client's trade secrets or proprietary or other confidential or
privileged information (“Confidential
Information”). Consultant agrees to keep all Confidential Information in
strictest confidence and not to disclose it except for legitimate purposes of
Client and with Client's express written consent, either during the term of this
Agreement or at any time thereafter.

       

      b.    Delivery of Materials on
Termination. On termination of this
Agreement, Consultant will promptly deliver to Client all equipment belonging to
Client, all code and computer programs of whatever nature, as well as all
manuals, letters, reports, price lists, customer lists, sales information,
analyses, recommendations, and all copies thereof, and all other materials of a
confidential nature regarding Client's business that are in its possession or
control. Consultant agrees that the remedy at law for any breach of the
foregoing will be inadequate, and that Client is entitled to seek appropriate
injunctive relief in addition to any remedy at law in case of any such
breach.

       

      c.    Work For Hire; Assignment of
Rights. Consultant agrees that
all work Consultant performs pursuant to this Agreement, and all work which
relates at the time of conception or reduction to Client's business, and all
work which results from work Consultant performs for Client, whenever performed
during the term of this Agreement, and whether or not utilizing Client's
equipment, supplies, facilities or trade secret information, is considered work
made for hire for Client as such term is defined in section 101 of the Copyright
Act of 1976 and belongs to Client. Consultant further agrees that in the event
that this Agreement is determined not to be a work for hire agreement,
Consultant will assign to Client any and all rights retained by Consultant. All
Inventions (as defined below) conceived of or made by Consultant or Agent,
either alone or with others, during the term of this Agreement, which (i) are
developed, in whole or part, in reliance upon or any of the Client equipment,
supplies, facilities or Confidential Information, or (ii) relate to the business
of the Client or the Client actual or demonstrably anticipated research or
development, or (iii) result from any work performed by Consultant for the
Client pursuant to this Agreement, are and shall be the sole property of the
Client, whether as “works for hire” or otherwise. Consultant hereby irrevocably
assigns and transfers to the Client all of its right, title and interest in and
to all such Inventions, and Consultant agrees not to disclose any such
Inventions to others without the express written consent of Client. Consultant
agrees to execute such documents as Client may reasonably request reflecting
such assignment and transfer. For the purpose of this Agreement, an Invention is
deemed to have been made during the term of the Agreement if, during such
period, the Invention was conceived or first actually reduced to practice.
Notwithstanding anything to the contrary contained herein, this Section shall
not apply to any Invention which fully qualifies under Section 2870 of the
California Labor Code, to the extent that such section applies to the activities
of Consultant. For the purposes of this Section, “Invention”
means any new formulae, know-how, techniques, applications, combinations,
machines, methods, processes, algorithms, routines, subroutines, apparatuses,
compositions of matter, compounds, designs, uses, plans or configurations of any
kind, discovered, conceived, developed, made or produced, or any improvements of
them, and shall not be limited to the definition of an invention contained in
the United States patent laws.

       

      
        
          
          

        

        
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      7.    General
Provisions.

       

      a.    Notices. Any notices given by
either party may be effected by personal delivery in writing or by mail,
registered or certified, postage prepaid, or by facsimile transmission or by
electronic submission, if receipt is confirmed in a commercially acceptable
manner. Mailed notices are to be addressed to the parties at the addresses
below:

       

       

      
        	
                If
      to Client: 

              	
                SonomaWest
      Holdings, Inc. 

                2064
      Highway 116, North 

                Sebastopol,
      CA 95472-2662 

              	 
      	 
      
	 
      	
                Attn:
      Chief Executive Officer 

              	 
      	 
      
	 
      	 
      	 
      	 
      
	
                If
      to Consultant: 

              	
                Bugatto
      Investment Company 

              	 
      	 
      
	 
      	
                c/o
      David J. Bugatto 

              	 
      	 
      
	 
      	
                4425
      I Street 

              	 
      	 
      
	 
      	
                Sacramento,
      CA 95819 

              	 
      	 
      

      

       

      Notices
will be deemed delivered: (a) upon receipt if hand delivered; (b) three (3) days
after mailing if sent by mail; and (c) one (l) business day after transmission
if sent by telecopier (with electronic acknowledgment of successful
transmission) or express courier, to the addresses set forth above, or such
other addresses as any party may notify the other parties in accordance with
this Section.

       

      b.    Entire
Agreement. This Agreement
supersedes any and all agreements, oral or written, between the parties with
respect to rendering services by Consultant for Client, and contains all
agreements between the parties. This Agreement supersedes the consulting
agreements dated August 10, 2005, July 1, 2006 and July 1, 2007, between Client
and Consultant, and is intended by the parties to govern all services provided
and to be provided by Consultant to Client on and after July 1, 2008. Without
limiting the foregoing, Consultant agrees that neither Consultant nor any of its
officers, directors or owners shall have any claim for payment of any amounts
described in the Consulting Agreements dated as of August 10, 2005, July 1, 2006
and July 1, 2007, by and between Consultant and the Company for payment of any
amounts contemplated therein, including upon the occurrence of a transaction
involving the sale of any of the Company’s properties or as a result of which
the Company is no longer a public company. Any modification of this Agreement is
effective only if in writing signed by the party to be charged.

       

      c.    Governing Law; Consent to
Jurisdiction. The provision of this
Agreement shall be governed by and interpreted in accordance with the laws of
the State of California, notwithstanding any application of any doctrine of
conflicts of laws. Each party irrevocably consents to the exclusive jurisdiction
and venue of the state and federal courts located in Sacramento, California, in
connection with any action to enforce the provisions of this Agreement, to
recover damages or other relief for breach or default of this Agreement, or
otherwise arising under or by reason of this Agreement, and agrees that service
of process in any such action may be effected by the means provided in this
Agreement for delivery of notices. 

       

      
        
          
          

        

        
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      d.    Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall constitute an original
but all of which taken together shall constitute one and the same
agreement.

       

      e.    Successors and
Assigns. This Agreement shall be
binding upon the heirs, successors and assigns of the parties. 

       

      f.    Severability. If any provision
contained in this Agreement is determined to be void, invalid or unenforceable
in whole or in part for any reason whatsoever, it shall be enforced and given
effect to the extent possible, such determination shall not affect or impair the
validity of any other provision herein, nor the validity of this Agreement as a
whole, and the remaining provisions will continue in full force provided that
the essential purposes of the Agreement can be achieved without the invalid
provision

       

      g.    Amendment. The provisions of this
Agreement may be modified at any time by agreement of the parties. Any such
agreement hereafter made shall be ineffective to modify this Agreement in any
respect unless in writing and signed by the parties against whom enforcement of
the modification or discharge is sought. Any of the terms or conditions of this
Agreement may be waived in writing at any time by the party entitled to the
benefit thereof, but no such waiver shall affect or impair the right of the
waiving party to require observance, performance or satisfaction either of that
term or condition as it applies on a subsequent occasion or of any other term or
condition.

       

      IN
WITNESS WHEREOF, this Consulting Agreement has been entered into as of the date
and year first above written.

       

      
        	 
      	 
      	 
      
	 
      	
                Consultant:

              
	 
      	 
      	 
      
	 
      	
                  

              	
                BUGATTO
      INVESTMENT COMPANY

              
	 
      	 
      
	 
      	
                By:  /s/ David
      Bugatto                           
      

              
	 
      	
                David
      J. Bugatto, President 

              

      

      

       

      
        	 
      	 
      	 
      
	 
      	
                Client:

              
	 
      	 
      	 
      
	
                Date:  July 29,
      2008       

              	 
      	
                SONOMAWEST
      HOLDINGS, INC.

              
	 
      	 
      
	 
      	
                By:   /s/ Walker R.
      Stapleton              
      

              
	 	
                Walker
      R Stapleton,
CEOForm 8-K Dated September 29, 2008 -- Exhibit 10.1: Purchase Agreement dated as of September 24, 2008

Exhibit 10.1

_______________________________________________________________________________________________________________________

_______________________________________________________________________________________________________________________

STIFEL FINANCIAL CORP.

(a Delaware corporation)

1,700,000 Shares of Common Stock

PURCHASE AGREEMENT

Dated:  September 24, 2008

_______________________________________________________________________________________________________________________

_______________________________________________________________________________________________________________________

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STIFEL FINANCIAL CORP.

(a Delaware corporation)

1,700,000 Shares of Common Stock

(Par Value $0.15 Per Share)

PURCHASE AGREEMENT

September 24, 2008

Stifel, Nicolaus & Company, Incorporated

MERRILL LYNCH
& CO.

Merrill
Lynch, Pierce, Fenner & Smith

   
Incorporated

Keefe,
Bruyette & Woods, Inc.

    as Representatives of the several Underwriters

c/o  Merrill
Lynch & Co.
Merrill
Lynch, Pierce, Fenner & Smith

   
Incorporated

4 World Financial Center

New York, New York 10080Ladies and Gentlemen:

Stifel Financial Corp., a Delaware corporation (the "Company"),
and The Western and Southern Life Insurance Company, an Ohio stock life
insurance company (the "Selling Stockholder"), confirm their respective
agreements with Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("Merrill Lynch") and each of the other
Underwriters named in Schedule A hereto (collectively, the "Underwriters,"
which term shall also include any underwriter substituted as hereinafter
provided in Section 10 hereof), for whom Merrill Lynch, Stifel, Nicolaus
& Company, Incorporated and Keefe, Bruyette & Woods, Inc. are acting as
representatives (in such capacity, the "Representatives"), with respect to (i)
the sale by the Company and the Selling Stockholder, acting severally and not
jointly, and the purchase by the Underwriters, acting severally and not jointly,
of the respective numbers of shares of Common Stock, par value $0.15 per share,
of the Company ("Common Stock") set forth in Schedules A and B hereto and
(ii) the grant by the Company and the Selling Stockholder to the
Underwriters, acting severally and not jointly, of the option described in
Section 2(b) hereof to purchase all or any part of 255,000 additional
shares of Common Stock to cover overallotments, if any.  The aforesaid 1,700,000
shares of Common Stock (the "Initial Securities") to be purchased by the
Underwriters and all or any part of the 255,000 shares of Common Stock subject
to the option described in Section 2(b) hereof (the "Option Securities") are
hereinafter called, collectively, the "Securities."

        The Company and the Selling Stockholder understand that
the Underwriters propose to make a public offering of the Securities as soon as
the Representatives deem advisable after this Agreement has been executed and
delivered.

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        The Company has filed with
the Securities and Exchange Commission (the "Commission") an
automatic shelf registration statement on Form S‐3 (No. 333-147515),
including the related preliminary prospectus or prospectuses, which
registration statement became effective upon filing under Rule 462(e) of the rules and regulations of the
Commission (the "1933 Act
Regulations") under the Securities Act of 1933, as
amended (the "1933 Act").  Such registration statement covers the registration of the Securities under the 1933 Act. Promptly after
execution and delivery of this Agreement, the Company will prepare and file a
prospectus in accordance with the provisions of Rule 430B ("Rule
430B") of the 1933 Act Regulations and paragraph (b) of Rule 424 ("Rule 424(b)") of the 1933
Act Regulations.  Any information
included in such prospectus that was omitted from such registration statement
at the time it became effective but that is deemed to be part of and included in such registration
statement pursuant to Rule 430B is referred to as "Rule 430B Information." Each prospectus used in connection with the offering of the Securities that omitted Rule 430B Information is herein called a "preliminary prospectus."
Such registration statement, at any given time, including the amendments thereto to such
time, the exhibits and any schedules thereto at such time,
the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at such time and
the documents otherwise deemed to be a part thereof or
included therein by 1933 Act Regulations, is herein
called the "Registration Statement." The Registration
Statement at the time it originally became effective is herein called the "Original
Registration Statement." The final prospectus in the form first furnished
to the Underwriters for use in connection with the offering of the Securities,
including the documents incorporated by reference therein pursuant to Item 12
of Form S-3 under the 1933 Act at
the time of the execution of this Agreement and any
preliminary prospectuses that form a part thereof, is herein called the "Prospectus." For purposes of this
Agreement, all references to the Registration Statement, any preliminary
prospectus, the Prospectus or any amendment or
supplement to any of the foregoing shall be deemed to include the copy filed
with the Commission pursuant to its Electronic Data Gathering, Analysis and
Retrieval system ("EDGAR").

        All references in this Agreement to financial
statements and schedules and other information which is "contained," "included"
or "stated" in the Registration Statement, any preliminary prospectus or the
Prospectus (or other references of like import) shall be deemed to mean and
include all such financial statements and schedules and other information which
is incorporated by reference in or otherwise deemed by 1933 Act Regulations to
be a part of or included in the Registration Statement, any preliminary
prospectus or the Prospectus, as the case may be; and all references in this
Agreement to amendments or supplements to the Registration Statement, any
preliminary prospectus or the Prospectus shall be deemed to mean and include
the filing of any document under the Securities Exchange Act of 1934, as
amended (the "1934 Act"), which is incorporated by reference in or otherwise
deemed by 1933 Act Regulations to be a part of or included in the Registration
Statement, such preliminary prospectus or the Prospectus, as the case may be.

        SECTION 1.  Representations
and Warranties.        (a)               
Representations and Warranties by the Company.  The Company
represents and warrants to each Underwriter as of the date hereof, the Applicable Time referred to in Section 1(a)(i) hereof and
as of the Closing Time referred to in Section 2(c) hereof, and as of each Date
of Delivery (if any) referred to in Section 2(b) hereof, and agrees with each
Underwriter, as follows:

             

(i)                    
Status as a Well-Known Seasoned Issuer. (A) At the time of filing
the Original Registration Statement, (B) at the time of the most recent
amendment thereto for the purposes of complying with Section 10(a)(3) of the
1933 Act (whether such amendment was by post-effective amendment, incorporated
report filed pursuant to Section 13 or 15(d) of the 1934 Act or form of
prospectus), (C) at the time the Company or any person acting on its behalf
(within the meaning, for this clause only, of Rule 163(c) of the 1933 Act Regulations)
made any offer relating to the Securities in reliance on the exemption of Rule
163 of the 1933 Act Regulations and (D) at the date hereof, the Company was and
is a "well-known seasoned issuer" as defined in Rule 405 of the 1933 Act
Regulations ("Rule 405"), including not having been and not being an "ineligible
issuer" as defined in Rule 405.  The Registration Statement is an "automatic
shelf registration statement," as defined in Rule 405, and the Securities,
since their registration on the Registration Statement, have been and remain
eligible for registration by the Company on a Rule 405 "automatic shelf
registration statement".  The Company has not received from
the Commission any notice pursuant to Rule 401(g)(2) of the 1933 Act
Regulations objecting to the use of the automatic shelf registration statement
form.2

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At the time of filing the Original
Registration Statement, at the earliest time thereafter that the Company or
another offering participant made a bona fide offer (within the meaning of Rule
164(h)(2) of the 1933 Act Regulations) of the Securities and at the date
hereof, the Company was not and is not an "ineligible issuer," as defined in
Rule 405.

            (ii)                  
Registration Statement, Prospectus and Disclosure at Time of Sale.  The Original Registration Statement became effective upon filing under Rule
462(e) of the 1933 Act Regulations ("Rule 462(e)") on November
19, 2007, and any post-effective amendment
thereto also became effective upon filing under Rule 462(e).  No stop order
suspending the effectiveness of the Registration Statement has been issued
under the 1933 Act and no proceedings for that purpose have been instituted or
are pending or, to the knowledge of the Company, are contemplated by the
Commission, and any request on the part of the Commission for additional
information has been complied with.Any offer that is a written communication relating to the
Securities made prior to the filing of the Original Registration Statement by
the Company or any person acting on its behalf (within the meaning, for this
paragraph only, of Rule 163(c) of the 1933 Act Regulations) has been filed with
the Commission in accordance with the exemption provided by Rule 163 of the
1933 Act Regulations ("Rule 163") and otherwise complied with the requirements
of Rule 163, including without limitation the legending requirement, to qualify
such offer for the exemption from Section 5(c) of the 1933 Act provided by Rule
163. 

            At the respective times the Original Registration
Statement and each amendment thereto became effective, at each deemed effective
date with respect to the Underwriters pursuant to Rule 430B(f)(2) of the 1933
Act Regulations and at the Closing Time (and, if any Option Securities are
purchased, at the Date of Delivery), the Registration Statement complied and
will comply in all material respects with the requirements of the 1933 Act and
the 1933 Act Regulations and did not and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading.  

            Neither the Prospectus nor any amendments or
supplements thereto, at the time the Prospectus or any such amendment or
supplement was issued and at the Closing Time (and, if any Option Securities
are purchased, at the Date of Delivery), included or will include an untrue
statement of a material fact or omitted or will omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.  

            Each preliminary prospectus (including the prospectus or
prospectuses filed as part of the Original Registration Statement or any
amendment thereto)  complied when so filed in all material respects with the
1933 Act Regulations and each preliminary prospectus and the Prospectus
delivered to the Underwriters for use in connection with this offering was
identical to the electronically transmitted copies thereof filed with the
Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

            As of the Applicable Time, neither (x) the Issuer
General Use Free Writing Prospectus(es) (as defined below) issued at or prior
to the Applicable Time (as defined below), the Statutory Prospectus (as defined
below) and the information included on Schedule C hereto,
all considered together (collectively, the "General Disclosure Package"), nor
(y) any individual Issuer Limited Use Free Writing Prospectus, when considered
together with the General Disclosure Package, included any untrue statement of
a material fact or omitted to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

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            As used in this subsection and
elsewhere in this Agreement:

            "Applicable Time"
means 7:00 am (Eastern Time) on September 25, 2008
or such other time as agreed by the Company and Merrill Lynch.  

            "Issuer Free Writing Prospectus"
means any "issuer free writing prospectus," as defined in Rule 433 of the 1933
Act Regulations ("Rule 433"), relating to the Securities that (i) is required
to be filed with the Commission by the Company, (ii) is a "road show that is a
written communication" within the meaning of Rule 433(d)(8)(i), whether or not
required to be filed with the Commission or (iii) is exempt from filing
pursuant to Rule 433(d)(5)(i) because it contains a description of the
Securities or of the offering that does not reflect the final terms, in each
case in the form filed or required to be filed with the Commission or, if not
required to be filed, in the form retained in the
Company's records pursuant to Rule 433(g).

            "Issuer General Use Free Writing Prospectus"
means any Issuer Free Writing Prospectus that is intended for general
distribution to prospective investors, as evidenced by its being specified in
Schedule E hereto.

            "Issuer Limited Use Free Writing Prospectus"
means any Issuer Free Writing Prospectus that is not an Issuer General Use Free
Writing Prospectus. 

            "Statutory Prospectus" as of any
time means the prospectus relating to the Securities that is included in the
Registration Statement immediately prior to that time, including any document
incorporated by reference therein and any preliminary or other prospectus
deemed to be a part thereof.

            Each Issuer Free Writing
Prospectus, as of its issue date and at all subsequent times through the
completion of the public offer and sale of the Securities or until any earlier
date that the Company notified or notifies Merrill Lynch as described in
Section 3(e), did not, does not and will not include any information that
conflicted, conflicts or will conflict with the information contained in the
Registration Statement or the Prospectus, including any document incorporated
by reference therein and any preliminary or other prospectus deemed to be a
part thereof that has not been superseded or modified.

            The
representations and warranties in this subsection shall not apply to statements
in or omissions from the Registration Statement, the
Prospectus or any Issuer Free Writing Prospectus made in reliance upon and in conformity with
written information furnished to the Company by the Selling Stockholder or any
Underwriter through Merrill Lynch expressly for use therein.

            (iii)                 
Incorporated Documents.  The documents incorporated or deemed to
be incorporated by reference in the Registration Statement and the Prospectus,
at the time they were or hereafter are filed with the Commission, complied and
will comply in all material respects with the requirements of the 1934 Act and
the rules and regulations of the Commission thereunder (the "1934 Act
Regulations"), and, when read together with the other information in the
Prospectus, (a) at the time the Original Registration Statement became
effective, (b) at the earlier of the time the Prospectus was first used and the
date and time of the first contract of sale of Securities in this offering and
(c) at the Closing Time (and, if any Option Securities are purchased, at the
Date of Delivery), did not and will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading.4

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(iv)                
Independent Accountants.  The accountants who certified the
financial statements and supporting schedules included in the Registration
Statement are independent public accountants as required by the 1933 Act and
the 1933 Act Regulations.            (v)                  
Financial Statements.  The financial statements included in the
Registration Statement, the General Disclosure Package and the Prospectus,
together with the related schedules and notes, present fairly, in all material
respects, the financial position of the Company and its consolidated
subsidiaries at the dates indicated and the statement of operations,
stockholders' equity and cash flows of the Company and its consolidated
subsidiaries for the periods specified; said financial statements have been
prepared in conformity with generally accepted accounting principles ("GAAP")
applied on a consistent basis throughout the periods involved.  The supporting
schedules, if any, present fairly, in all material respects, in accordance with
GAAP the information required to be stated therein.  The selected financial
data and the summary financial information included in the General Disclosure
Package and the Prospectus present fairly, in all material respects, the
information shown therein and have been compiled on a basis consistent with
that of the audited financial statements included in the Registration
Statement.  The pro forma financial statements and the related notes thereto
included in the Registration Statement, the General Disclosure Package and the Prospectus
present fairly the information shown therein, have been prepared in accordance
with the Commission's rules and guidelines with respect to pro forma financial
statements and have been properly compiled on the bases described therein, and
the assumptions used in the preparation thereof are reasonable and the
adjustments used therein are appropriate to give effect to the transactions and
circumstances referred to therein. All disclosures contained in the Registration Statement, the
General Disclosure Package or the Prospectus regarding "non-GAAP financial
measures" (as such term is defined by the rules and regulations of the
Commission) comply with Regulation G under the 1934 Act and Item 10 of
Regulation S-K of the 1933 Act Regulations, to the extent applicable.

            (vi)                
No Material Adverse Change in Business.  Since the respective
dates as of which information is given in the Registration Statement, the
General Disclosure Package or the Prospectus, except as otherwise stated
therein, (A) there has been no material adverse change in the condition,
financial or otherwise, or in the earnings, business affairs or business
prospects of the Company and its subsidiaries considered as one enterprise,
whether or not arising in the ordinary course of business (a "Material Adverse
Effect"), (B) there have been no transactions entered into by the Company
or any of its subsidiaries, other than those in the ordinary course of
business, which are material with respect to the Company and its subsidiaries
considered as one enterprise, and (C)  except for dividends on the Common
Stock as described in the Registration Statement, there has been no dividend or
distribution of any kind declared, paid or made by the Company on any class of
its capital stock.            (vii)               
Good Standing of the Company.  The Company has been duly
organized and is validly existing as a corporation in good standing under the
laws of the State of Delaware and has corporate power and authority to own,
lease and operate its properties and to conduct its business as described in
the General Disclosure Package and the Prospectus and to enter into and perform
its obligations under this Agreement; and the Company is duly qualified as a
foreign corporation to transact business and is in good standing in each other
jurisdiction in which such qualification is required, whether by reason of the
ownership or leasing of property or the conduct of business, except where the
failure so to qualify or to be in good standing would not result in a Material
Adverse Effect. 

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(viii)             
Good Standing of Subsidiaries.  Each subsidiary listed on
Schedule G hereto (each a "Subsidiary" and, collectively, the "Subsidiaries")
has been duly organized and is validly existing as a corporation in good
standing under the laws of the jurisdiction of its incorporation, has corporate
power and authority to own, lease and operate its properties and to conduct its
business as described in the General Disclosure Package and the Prospectus and
is duly qualified as a foreign corporation to transact business and is in good
standing in each jurisdiction in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business, except
where the failure so to qualify or to be in good standing would not result in a
Material Adverse Effect; except as otherwise disclosed in the Registration
Statement, all of the issued and outstanding capital stock of each such
Subsidiary has been duly authorized and validly issued, is fully paid and non‐assessable
and is owned by the Company, directly or through subsidiaries, free and clear
of any security interest, mortgage, pledge, lien, encumbrance, claim or equity;
none of the outstanding shares of capital stock of any Subsidiary was issued in
violation of the preemptive or similar rights of any security holder of such
Subsidiary.  The only subsidiaries, direct and indirect, of the Company are the
subsidiaries listed on Schedule G hereto.            (ix)                
Capitalization.  The authorized, issued and outstanding capital
stock of the Company is as set forth in the General Disclosure Package and the Prospectus
in the column entitled "Actual" under the caption "Capitalization" (except for
subsequent issuances, if any, pursuant to this Agreement, pursuant to
reservations, agreements or employee benefit plans referred to in the General
Disclosure Package and the Prospectus or pursuant to the exercise of
convertible securities or options referred to in the General Disclosure Package
and the Prospectus).  The shares of issued and outstanding capital stock,
including the Securities to be purchased by the Underwriters from the Selling
Stockholder, have been duly authorized and validly issued and are fully paid
and non‐assessable; none of the outstanding shares of capital stock,
including the Securities to be purchased by the Underwriters from the Selling
Stockholder, was issued in violation of the preemptive or other similar rights
of any security holder of the Company.

            (x)                  
Authorization of Agreement.  This Agreement has been duly
authorized, executed and delivered by the Company.            (xi)                
Authorization and Description of Securities.  The Securities to
be purchased by the Underwriters from the Company have been duly authorized for
issuance and sale to the Underwriters pursuant to this Agreement and, when
issued and delivered by the Company pursuant to this Agreement against payment
of the consideration set forth herein, will be validly issued and fully paid
and non assessable; the Common Stock conforms to all statements relating
thereto contained in the General Disclosure Package and the Prospectus and such
description conforms to the rights set forth in the instruments defining the
same; no holder of the Securities will be subject to personal liability by
reason of being such a holder; and the issuance of the Securities is not
subject to the preemptive or other similar rights of any security holder of the
Company.

           

(xii)               
Absence of Defaults and Conflicts.  (a) Neither the Company nor
any of its subsidiaries is in violation of its charter or by-laws or in default
in the performance or observance of any obligation, agreement, covenant or
condition contained in any contract, indenture, mortgage, deed of trust, loan
or credit agreement, note, lease or other agreement or instrument to which the
Company or any of its subsidiaries is a party or by which it or any of them may
be bound, or to which any of the property or assets of the Company or any
subsidiary is subject (collectively, "Agreements and Instruments") except for
such defaults that would not result in a Material Adverse Effect; (b)(i) and
the execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated herein and in the Registration Statement
(including the issuance and sale of the Securities and the use of the proceeds
from the sale of the Securities as described in the General Disclosure Package
and the Prospectus under the caption "The Offering--Use of Proceeds") and
compliance by the Company with its obligations hereunder have been duly
authorized by all necessary corporate action and do not and will not, whether
with or without the giving of notice or passage of time or both, conflict with
or constitute a breach of, or default or Repayment Event (as defined below)
under, or result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Company or any subsidiary
pursuant to, the Agreements and Instruments (except for such conflicts,
breaches, defaults or Repayment Events or liens, charges or encumbrances that
would not result in a Material Adverse Effect), (ii) nor will such action
result in

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 any violation of the provisions of the charter or by‐laws of
the Company or any subsidiary, (iii) nor will such action result in any
violation of any applicable law, statute, rule, regulation, judgment, order,
writ or decree of any government, government instrumentality or court, domestic
or foreign, having jurisdiction over the Company or any subsidiary or any of
their assets, properties or operations (except for such violations that would
not result in a Material Adverse Effect).  As used herein, a "Repayment Event" means
any event or condition which gives the holder of any note, debenture or other
evidence of indebtedness (or any person acting on such holder's behalf) the
right to require the repurchase, redemption or repayment of all or a portion of
such indebtedness by the Company or any subsidiary.            (xiii)             
Absence of Labor Dispute.  No labor dispute with the employees of
the Company or any subsidiary exists or, to the knowledge of the Company, is
imminent, and the Company is not aware of any existing or imminent labor
disturbance by the employees of any of its or any subsidiary's principal
suppliers, manufacturers, customers or contractors, which, in either case,
would result in a Material Adverse Effect. 

            (xiv)             
Absence of Proceedings.  There is no action, suit, proceeding,
inquiry or investigation before or brought by any court or governmental agency
or body, domestic or foreign, now pending, or, to the knowledge of the Company,
threatened, against or affecting the Company or any subsidiary, which is
required to be disclosed in the Registration Statement (other than as disclosed
therein), or which would reasonably be expected to result in a Material Adverse
Effect, or which might materially and adversely affect the properties or assets
thereof or the consummation of the transactions contemplated in this Agreement or
the performance by the Company of its obligations hereunder; the aggregate of
all pending legal or governmental proceedings to which the Company or any
subsidiary is a party or of which any of their respective property or assets is
the subject which are not described in the Registration Statement, including
ordinary routine litigation incidental to the business, would not reasonably be
expected to result in a Material Adverse Effect.            (xv)              
Accuracy of Exhibits.  There are no contracts or documents which
are required to be described in the Registration Statement, the General Disclosure
Package, the Prospectus or the documents incorporated by reference therein or
to be filed as exhibits thereto which have not been so described and filed as
required.

            (xvi)             
Possession of Intellectual Property.  Except as disclosed in the
Prospectus, the Company and its subsidiaries own or possess, or can acquire on
reasonable terms, adequate patents, patent rights, licenses, inventions,
copyrights, know‐how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures),
trademarks, service marks, trade names or other intellectual property
(collectively, "Intellectual Property") necessary to carry on the business now
operated by them, and neither the Company nor any of its subsidiaries has
received any notice or is otherwise aware of any infringement of or conflict
with asserted rights of others with respect to any Intellectual Property or of
any facts or circumstances which would render any Intellectual Property invalid
or inadequate to protect the interest of the Company or any of its subsidiaries
therein, and which infringement or conflict (if the subject of any unfavorable
decision, ruling or finding) or invalidity or inadequacy, singly or in the
aggregate, would result in a Material Adverse Effect.            (xvii)           
Absence of Manipulation.  Neither the Company nor any affiliate
of the Company has taken, nor will the Company take, directly or indirectly,
any action which is designed to or which has constituted or which would be
expected to cause or result in stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of the Securities;
the Company will cause its affiliates to refrain from taking, directly or
indirectly, any action which is designed to or which would be expected to cause
or result in stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Securities.

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(xviii)          
Absence of Further Requirements.  No filing with, or
authorization, approval, consent, license, order, registration, qualification
or decree of, any court or governmental authority or agency is necessary or
required for the performance by the Company of its obligations hereunder, in
connection with the offering, issuance or sale of the Securities hereunder or
the consummation of the transactions contemplated by this Agreement, except
such as have been already obtained or as may be required under the 1933 Act or
the 1933 Act Regulations or state securities laws.             (xix)             
Possession of Licenses and Permits.  The Company and its
subsidiaries possess such permits, licenses, approvals, consents and other
authorizations (collectively, "Governmental Licenses") issued by the
appropriate federal, state, local or foreign regulatory agencies or bodies
necessary to conduct the business now operated by them, except where the
failure so to possess would not, singly or in the aggregate, result in a
Material Adverse Effect; the Company and its subsidiaries are in compliance
with the terms and conditions of all such Governmental Licenses, except where
the failure so to comply would not, singly or in the aggregate, result in a
Material Adverse Effect; all of the Governmental Licenses are valid and in full
force and effect, except when the invalidity of such Governmental Licenses or
the failure of such Governmental Licenses to be in full force and effect would
not, singly or in the aggregate, result in a Material Adverse Effect; and
neither the Company nor any of its subsidiaries has received any notice of
proceedings relating to the revocation or modification of any such Governmental
Licenses which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would result in a Material Adverse Effect.

            (xx)              
Title to Property.  The Company and its subsidiaries have good
and marketable title to all real property owned by the Company and its
subsidiaries and good title to all other properties owned by them, in each
case, free and clear of all mortgages, pledges, liens, security interests,
claims, restrictions or encumbrances of any kind except such as (a) are
described in the General Disclosure Package and the Prospectus or (b) do not,
singly or in the aggregate, materially affect the value of such property and do
not interfere with the use made and proposed to be made of such property by the
Company or any of its subsidiaries; and all of the leases and subleases
material to the business of the Company and its subsidiaries, considered as one
enterprise, and under which the Company or any of its subsidiaries holds properties
described in the General Disclosure Package and the Prospectus, are in full
force and effect, and neither the Company nor any subsidiary has any notice of
any material claim of any sort that has been asserted by anyone adverse to the
rights of the Company or any subsidiary under any of the leases or subleases
mentioned above, or affecting or questioning the rights of the Company or such
subsidiary to the continued possession of the leased or subleased premises
under any such lease or sublease.            (xxi)             
Investment Company Act.  The Company is not required, and upon
the issuance and sale of the Securities as herein contemplated and the
application of the net proceeds therefrom as described in the General
Disclosure Package and the Prospectus will not be required, to register as an "investment
company" under the Investment Company Act of 1940, as amended (the "1940 Act").

          

(xxii)        
Environmental Laws.  Except as described in the Registration
Statement and except as would not, singly or in the aggregate, reasonably be
expected to result in a Material Adverse Effect, (A) neither the Company nor
any of its subsidiaries is in violation of any federal, state, local or foreign
statute, law, rule, regulation, ordinance, code, policy or rule of common law
or any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent, decree or judgment, relating to
pollution or protection of human health, the environment (including, without
limitation, ambient air, surface water, groundwater, land surface or subsurface
strata) or wildlife, including, without limitation, laws and regulations
relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or
petroleum products, asbestos-containing materials or mold (collectively, "Hazardous
Materials") or to the manufacture, processing, distribution, use, treatment,
storage, 

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disposal, transport or handling of Hazardous Materials (collectively, "Environmental
Laws"), (B) the Company and its subsidiaries have all permits, authorizations
and approvals required under any applicable Environmental Laws and are each in
compliance with their requirements, (C) there are no pending or threatened
administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, notices of noncompliance or violation, investigation or
proceedings relating to any Environmental Law against the Company or any of its
subsidiaries and (D) there are no events or circumstances that would reasonably
be expected to form the basis of an order for clean-up or remediation, or an
action, suit or proceeding by any private party or governmental body or agency,
against or affecting the Company or any of its subsidiaries relating to Hazardous
Materials or any Environmental Laws.            (xxiii)       
Accounting Controls and Disclosure Controls.  The Company and
each of its subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurances that (1) transactions are executed
in accordance with management's general or specific authorization; (2)
transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain accountability for assets;
(3) access to assets is permitted only in accordance with management's general
or specific authorization; and (4) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.  Except as described in the General
Disclosure Package and the Prospectus, since the end of the Company's most
recent audited fiscal year, there has been (I) no material weakness in the
Company's internal control over financial reporting (whether or not remediated)
and (II) no change in the Company's internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, the
Company's internal control over financial reporting.

            The Company and its consolidated
subsidiaries employ disclosure controls and procedures that are designed to
ensure that information required to be disclosed by the Company in the reports
that it files or submits under the 1934 Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission's rules and
forms, and is accumulated and communicated to the Company's management,
including its principal executive officer or officers and principal financial
officer or officers, as appropriate, to allow timely decisions regarding
disclosure.

            (xxiv)      
Compliance with the Sarbanes-Oxley Act.  There is and has been no
failure on the part of the Company or any of the Company's directors or
officers, in their capacities as such, to comply in all material respects with
any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith (the "Sarbanes-Oxley Act"), including
Section 402 related to loans and Sections 302 and 906 related to
certifications.\           (xxv)        
Pending Proceedings and Examinations.  The Registration Statement
is not the subject of a pending proceeding or examination under Section 8(d) or
8(e) of the 1933 Act, and the Company is not the subject of a pending
proceeding under Section 8A of the 1933 Act in connection with the offering of the
Securities.

           

(xxvi)    Payment of Taxes.  All United
states federal income tax returns of the Company and its subsidiaries required
by law to be filed have been filed and all taxes shown by such returns or
otherwise assessed, which are due and payable, have been paid, except
assessments against which appeals have been or will be promptly taken and as to
which adequate reserves have been provided.  The United States federal income
tax returns of the Company through the fiscal year ended December 31, 2007 have
been settled and no assessment in connection therewith has been made against
the Company.  The Company and its subsidiaries have filed all other tax returns
that are required to have been filed by them pursuant to applicable foreign,
state, local or other law except insofar as the failure to file such returns or
request such extensions would not result in a Material Adverse Effect, and has
paid all taxes due pursuant to such returns or pursuant to any assessment

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 received by the Company and its subsidiaries, except for such taxes, if any, as
are being contested in good faith and as to which adequate reserves have been
provided or where the failure to pay would not reasonably be expected to result
in a Material Adverse Effect.  The charges, accruals and reserves on the books
of the Company in respect of any income and corporation tax liability for any
years not finally determined are adequate to meet any assessments or
re-assessments for additional income tax for any years not finally determined,
except to the extent of any inadequacy that would not result in a Material
Adverse Effect.            (xxvii)   Insurance.  The Company and its
subsidiaries carry or are entitled to the benefits of insurance, with
financially sound and reputable insurers, in such amounts and covering such
risks as is generally maintained by companies of established repute engaged in
the same or similar business, and all such insurance is in full force and
effect.  The Company has no reason to believe that it or any subsidiary will
not be able (A) to renew its existing insurance coverage as and when such
policies expire or (B) to obtain comparable coverage from similar institutions
as may be necessary or appropriate to conduct its business as now conducted and
at a cost that would not result in a Material Adverse Change. Neither of the
Company nor any subsidiary has been denied any insurance coverage which it has
sought or for which it has applied.

            (xxviii)  Statistical and
Market-Related Data.  Any statistical and market-related data included in
the Registration Statement, the General Disclosure Package and the Prospectus
are based on or derived from sources that the Company believes to be reliable
and accurate, and, where required, the Company has obtained the written consent
to the use of such data from such sources.
            (xxix)    Foreign Corrupt
Practices Act.  Neither the Company nor, to the knowledge of the Company,
any director, officer, agent, employee, affiliate or other person acting on
behalf of the Company or any of its subsidiaries is aware of or has taken any
action, directly or indirectly, that would result in a violation by such
persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules
and regulations thereunder (the "FCPA"), including without limitation, making
use of the mails or any means or instrumentality of interstate commerce
corruptly in the furtherance of an offer, payment, promise to pay or
authorization of the payment of any money, or other property, gift, promise to
give, or authorization of the giving of anything of value to any "foreign
official"(as such term is defined in the FCPA) or any foreign political party
or official thereof or any candidate for foreign political office, in
contravention of the FCPA and the Company and to the knowledge of the Company,
its affiliates have conducted their businesses in compliance with the FCPA and
have instituted and maintain policies and procedures designed to ensure and
which are reasonable expected to continue to ensure, continued compliance
therewith. 

            (xxx)    Money Laundering
Laws.  The operations of the Company are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any governmental agency
(collectively, the "Money Laundering Laws" and no action, suit or proceeding by
or before any court or governmental agency, authority or body or any arbitrator
involving the Company with respect to the Money Laundering Laws is pending or,
to the best knowledge of the Company, threatened.
            (xxxi)    OFAC.  Neither the Company nor,
to the knowledge of the Company, any director, officer, agent, employee,
affiliate or person acting on behalf of the Company is currently subject to any
U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasure Department ("OFAC"); and the Company will not directly or indirectly
use the proceeds of the offering, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other
person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC.

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(xxxii)   Registration
Rights.  Except as disclosed in the Registration Statement, General
Disclosure Package and Prospectus, there are no persons with registration rights
or other similar rights to have any securities registered pursuant to the
Registration Statement or otherwise registered by the Company under the 1933
Act.        (b)               
Representations and Warranties by the Selling Stockholder.  The Selling
Stockholder represents and warrants to each Underwriter as of the date hereof,
as of the Closing Time, and, if the Selling Stockholder is selling Option
Securities on a Date of Delivery, as of each such Date of Delivery, and agrees
with each Underwriter, as follows:

            (i)                    
Accurate Disclosure.  The Selling Stockholder has reviewed and is
familiar with the Registration Statement, the General Disclosure Package and
the Prospectus and none of the General Disclosure Package, the Prospectus or
any amendments or supplements thereto includes any untrue statement of a
material fact or omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading; provided that the representation in this paragraph, including
as to information reviewed by the Selling Stockholder, is limited to statements
or omissions made in reliance upon and in conformity with information relating
to the Selling Stockholder furnished to the Company in writing by the Selling
Stockholder expressly for use in the Registration Statement, General Disclosure
Package or Prospectus or any amendments or supplements thereto; and the Selling
Stockholder is not prompted to sell the Securities to be sold by the Selling
Stockholder hereunder by any material non-public information concerning the
Company or any subsidiary of the Company.            (ii)                  
Authorization of this Agreement.  This Agreement has been duly
authorized, executed and delivered by or on behalf of the Selling Stockholder.

            (iii)                 
Noncontravention.  The execution and delivery of this Agreement
and the sale and delivery of the Securities to be sold by the Selling
Stockholder and the consummation of the transactions contemplated herein and
compliance by the Selling Stockholder with its obligations hereunder do not and
will not, whether with or without the giving of notice or passage of time or
both, conflict with or constitute a breach of, or default under, or result in
the creation or imposition of any tax, lien, charge or encumbrance upon the
Securities to be sold by the Selling Stockholder or any property or assets of the
Selling Stockholder pursuant to any contract, indenture, mortgage, deed of
trust, loan or credit agreement, note, license, lease or other agreement or
instrument to which the Selling Stockholder is a party or by which the Selling
Stockholder may be bound, or to which any of the property or assets of the
Selling Stockholder is subject, nor will such action result in any violation of
the provisions of the charter or by-laws or other organizational instrument of the
Selling Stockholder, if applicable, or any applicable treaty, law, statute,
rule, regulation, judgment, order, writ or decree of any government, government
instrumentality or court, domestic or foreign, having jurisdiction over the Selling
Stockholder or any of its properties.            (iv)                
Certificates Suitable for Transfer.  The Securities to be sold by
the Selling Stockholder pursuant to this Agreement are certificated securities
in registered form and are not held in any securities account or by or through
any securities intermediary within the meaning of the Uniform Commercial Code
as in effect in the State of New York (the "UCC").  Certificates for all of the
Securities to be sold by the Selling Stockholder pursuant to this Agreement, in
suitable form for transfer by delivery or accompanied by duly executed
instruments of transfer or assignment in blank with signatures guaranteed, have
been placed in custody with Computershare  with irrevocable conditional
instructions to deliver such Securities to the Underwriters pursuant to this
Agreement. 

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            (v)        Delivery of
Securities.  Upon the Underwriters' acquiring possession of the Securities
to be sold by the Selling Stockholder and paying the purchase price therefore
pursuant to this Agreement, the Underwriters (assuming that no such Underwriter
has notice of any "adverse claim," within the meaning of Section 8-105 of the
New York Uniform Commercial Code, to such Securities) will acquire their
respective interests in such Securities (including, without limitation, all
rights that the Selling Stockholder had or has the power to transfer in such
Securities) free and clear of any adverse claim within the meaning of Section
8-102 of the New York Uniform Commercial Code.
           
            (vi)       Absence of Manipulation.  The Selling
Stockholder has not taken, and will not take, directly or indirectly, any
action which is designed to or which has constituted or which would be expected
to cause or result in stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Securities.

            (vii)      Absence of Further Requirements.  No
filing with, or consent, approval, authorization, order, registration,
qualification or decree of, any court or governmental authority or agency,
domestic or foreign, is necessary or required for the performance by the Selling
Stockholder of its obligations hereunder, or in connection with the sale and
delivery of the Securities hereunder or the consummation of the transactions
contemplated by this Agreement, except such as may have previously been made or
obtained or as may be required under the 1933 Act or the 1933 Act Regulations
or state securities laws.            (viii)      Restriction on Sale of Securities. 
During a period of 120 days from the date of the Prospectus, the Selling
Stockholder will not, without the prior written consent of Merrill Lynch, (i)
offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to
purchase or otherwise transfer or dispose of, directly or indirectly, any share
of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock or file, or cause to be filed, any registration
statement under the 1933 Act with respect to any of the foregoing or (ii) enter
into any swap or any other agreement or any transaction that transfers, in
whole or in part, directly or indirectly, the economic consequence of ownership
of the Common Stock, whether any such swap or transaction described in clause
(i) or (ii) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise.  The foregoing sentence shall not apply to
the Securities to be sold hereunder.  Notwithstanding the foregoing, if (1)
during the last 17 days of the 120-day restricted period the
Company issues an earnings release or material news or a material event
relating to the Company occurs or (2) prior to the expiration of the 120-day
restricted period, the Company announces that it will release earnings results
or becomes aware that material news or a material event will occur during the
16-day period beginning on the last day of the 120-day restricted period, the
restrictions imposed in this clause (ix) shall continue to apply until the
expiration of the 18-day period beginning on the issuance of the earnings
release or the occurrence of the material news or material event.

            (ix)       No Association with FINRA.  Neither the
Selling Stockholder nor any of its affiliates, except, with respect to The Western
and Southern Life Insurance Company, Touchstone Securities, Inc., Capital
Analysts Incorporated, W&S Brokerage Services, Inc. and IFS Fund
Distributors, Inc., directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, or is a person
associated with (within the meaning of Article I (dd) of the By-laws of Financial
Industry Regulatory Authority, Inc. (the "FINRA")), any member firm of FINRA.        (c)               
Officer's Certificates.  Any certificate signed by any officer of
the Company or any of its subsidiaries delivered to the Representatives or to
counsel for the Underwriters shall be deemed a representation and warranty by
the Company to each Underwriter as to the matters covered thereby; and any certificate
signed by or on behalf of the Selling Stockholder as such and delivered to the
Representatives or to counsel for the Underwriters pursuant to the terms of
this Agreement shall be deemed a representation and warranty by the Selling
Stockholder to the Underwriters as to the matters covered thereby.

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SECTION 2.  Sale and Delivery to
Underwriters; Closing.            (a)               
Initial Securities.  On the basis of the representations and
warranties herein contained and subject to the terms and conditions herein set
forth, the Company and the Selling Stockholder, severally and not jointly,
agree to sell to each Underwriter, severally and not jointly, and each
Underwriter, severally and not jointly, agrees to purchase from the Company and
the Selling Stockholder, at the price per share set forth in Schedule D, that
proportion of the number of Initial Securities set forth in Schedule B opposite
the name of the Company or the Selling Stockholder, as the case may be, which
the number of Initial Securities set forth in Schedule A opposite the name of
such Underwriter, plus any additional number of Initial Securities which such
Underwriter may become obligated to purchase pursuant to the provisions of
Section 10 hereof, bears to the total number of Initial Securities, subject, in
each case, to such adjustments among the Underwriters as the Representatives in
their sole discretion shall make to eliminate any sales or purchases of
fractional securities.

            (b)               
Option Securities.  In addition, on the basis of the
representations and warranties herein contained and subject to the terms and
conditions herein set forth, the Company and the Selling Stockholder, acting
severally and not jointly, hereby grant an option to the Underwriters,
severally and not jointly, to purchase up to an additional 255,000 shares of
Common Stock, as set forth in Schedule B, at the price per share set forth in
Schedule D, less an amount per share equal to any dividends or distributions
declared by the Company and payable on the Initial Securities but not payable
on the Option Securities.  The option hereby granted will expire 30 days
after the date hereof and may be exercised in whole or in part from time to
time only for the purpose of covering overallotments which may be made in
connection with the offering and distribution of the Initial Securities upon
notice by Merrill Lynch to the Company and the Selling Stockholder setting
forth the number of Option Securities as to which the several Underwriters are
then exercising the option and the time and date of payment and delivery for
such Option Securities.  Any such time and date of delivery (a "Date of
Delivery") shall be determined by Merrill Lynch, but shall not be later than
seven full business days after the exercise of said option, nor in any event
prior to the Closing Time, as hereinafter defined.  If the option is exercised
as to all or any portion of the Option Securities, each of the Underwriters,
acting severally and not jointly, will purchase that proportion of the total
number of Option Securities then being purchased which the number of Initial
Securities set forth in Schedule A opposite the name of such Underwriter bears
to the total number of Initial Securities, from the Company and the Selling
Stockholder, on a pro rata basis in accordance with the maximum number of Option
Securities of each of them as set forth in Schedule B, subject in each case to
such adjustments as Merrill Lynch in its discretion shall make to eliminate any
sales or purchases of fractional shares.            (c)               
Payment.  Payment of the purchase price for, and delivery of
certificates for, the Initial Securities shall be made at the offices of Skadden,
Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York
10036, or at such other place as shall be agreed upon by the Representatives
and the Company and the Selling Stockholder, at 9:00 A.M. (Eastern time)
on the third (fourth, if the pricing occurs after 4:30 P.M. (Eastern time) on
any given day) business day after the date hereof (unless postponed in
accordance with the provisions of Section 10), or such other time not
later than ten business days after such date as shall be agreed upon by the
Representatives and the Company and the Selling Stockholder (such time and date
of payment and delivery being herein called "Closing Time").

            In addition, in the event that any or all of the Option
Securities are purchased by the Underwriters, payment of the purchase price
for, and delivery of certificates for, such Option Securities shall be made at
the above‐mentioned offices, or at such other place as shall be agreed
upon by the Representatives and the Company and the Selling Stockholder, on
each Date of Delivery as specified in the notice from the Representatives to
the Company and the Selling Stockholder. 

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            Payment shall be made to the Company and the Selling Stockholder
by wire transfer of immediately available funds to bank accounts designated by the
Company and the Selling Stockholder against delivery to the Representatives for
the respective accounts of the Underwriters of certificates for the Securities
to be purchased by them.  It is understood that each Underwriter has authorized
the Representatives, for its account, to accept delivery of, receipt for, and
make payment of the purchase price for, the Initial Securities and the Option
Securities, if any, which it has agreed to purchase.  Merrill Lynch,
individually and not as representative of the Underwriters, may (but shall not
be obligated to) make payment of the purchase price for the Initial Securities
or the Option Securities, if any, to be purchased by any Underwriter whose
funds have not been received by the Closing Time or the relevant Date of
Delivery, as the case may be, but such payment shall not relieve such
Underwriter from its obligations hereunder.

            (d)               
Denominations; Registration.  Certificates for the Initial
Securities and the Option Securities, if any, shall be in such denominations
and registered in such names as the Representatives may request in writing at
least one full business day before the Closing Time or the relevant Date of
Delivery, as the case may be.  The certificates for the Initial Securities and
the Option Securities, if any, will be made available for examination and packaging
by the Representatives in The City of New York not later than 10:00 A.M. (Eastern time) on the business day prior to the Closing Time or the
relevant Date of Delivery, as the case may be.                SECTION 3.  Covenants of the Company and the Selling Stockholder.  The
Company covenants with each Underwriter as set forth in subsections (a) through
(l) below, and the Selling Stockholder covenants with each Underwriter as set
forth in subsection (l) below:

            (a)               
Compliance with Securities Regulations and Commission Requests;
Payment of Filing Fees.  The Company, subject to Section 3(b), will comply
with the requirements of Rule 430B and will notify the Representatives
immediately, and confirm the notice in writing, (i) when any post-effective
amendment to the Registration Statement or new registration statement relating
to the Securities shall become effective, or any supplement to the Prospectus
or any amended Prospectus shall have been filed, (ii) of the receipt of
any comments from the Commission, (iii) of any request by the Commission
for any amendment to the Registration Statement or the filing of a new
registration statement or any amendment or supplement to the Prospectus or any
document incorporated by reference therein or otherwise deemed to be a part
thereof or for additional information, (iv) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or such new registration statement or of any order preventing or
suspending the use of any preliminary prospectus, or of the suspension of the
qualification of the Securities for offering or sale in any jurisdiction, or of
the initiation or threatening of any proceedings for any of such purposes or of
any examination pursuant to Section 8(e) of the 1933 Act concerning the
Registration Statement and (v) if the Company becomes the subject of a
proceeding under Section 8A of the 1933 Act in connection with the offering of
the Securities.  The Company will effect the filings required
under Rule 424(b), in the manner and within the time period required by Rule
424(b) (without reliance on Rule 424(b)(8)), and
will take such steps as it deems necessary to ascertain promptly whether the
form of prospectus transmitted for filing under Rule 424(b) was received for
filing by the Commission and, in the event that it was not, it will promptly
file such prospectus.  The Company will make every reasonable effort to prevent
the issuance of any stop order and, if any stop order is issued, to obtain the
lifting thereof at the earliest possible moment.  The Company shall pay the
required Commission filing fees relating to the Securities within the time
required by Rule 456(b)(1) (i) of the 1933 Act Regulations without regard to
the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of
the 1933 Act Regulations (including, if applicable, by updating the "Calculation
of Registration Fee" table in accordance with Rule 456(b)(1)(ii) either in a
post-effective amendment to the Registration Statement or on the cover page of
a prospectus filed pursuant to Rule 424(b)). 

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(b)               
Filing of Amendments and Exchange Act Documents.  The Company
will give the Representatives notice of its intention to file or prepare any
amendment to the Registration Statement or new registration statement relating
to the Securities or any amendment, supplement or revision to either any
preliminary prospectus (including any prospectus included in the Original Registration
Statement or amendment thereto at the time it became effective) or to the
Prospectus, whether pursuant to the 1933 Act, the 1934 Act or otherwise, and
the Company will furnish the Representatives with copies of any such documents
a reasonable amount of time prior to such proposed filing or use, as the case
may be, and will not file or use any such document to which the Representatives
or counsel for the Underwriters shall reasonably object.  The Company has given
the Representatives notice of any filings made pursuant to the 1934 Act or 1934
Act Regulations within 48 hours prior to the execution of this Agreement; the
Company will give the Representatives notice of its intention to make any such
filing from the execution of this Agreement to the Closing Time and will
furnish the Representatives with copies of any such documents a reasonable
amount of time prior to such proposed filing and will not file or use any such
document to which the Representatives or counsel for the Underwriters shall reasonably
object.            (c)               
Delivery of Registration Statements.  The Company has furnished
or will deliver to the Representatives and counsel for the Underwriters,
without charge, signed copies of the Original Registration Statement and of
each amendment thereto (including exhibits filed therewith or incorporated by
reference therein and documents incorporated or deemed to be incorporated by
reference therein or otherwise deemed to be a part thereof) and signed copies
of all consents and certificates of experts, and will also deliver to the
Representatives, without charge, a conformed copy of the Original Registration
Statement and of each amendment thereto (without exhibits) for each of the
Underwriters.  The copies of the Original Registration Statement and each
amendment thereto furnished to the Underwriters will be identical to the
electronically transmitted copies thereof filed with the Commission pursuant to
EDGAR, except to the extent permitted by Regulation S‐T.

            (d)               
Delivery of Prospectuses.  The Company has delivered to each
Underwriter, without charge, as many copies of each preliminary prospectus as
such Underwriter reasonably requested, and the Company hereby consents to the
use of such copies for purposes permitted by the 1933 Act.  The Company will
furnish to each Underwriter, without charge, during the period when the
Prospectus is required to be delivered under the 1933 Act, such number of
copies of the Prospectus (as amended or supplemented) as such Underwriter may
reasonably request.  The Prospectus and any amendments or supplements thereto
furnished to the Underwriters will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S‐T.           

(e)               
Continued Compliance with Securities Laws.  The Company will
comply with the 1933 Act and the 1933 Act Regulations and the 1934 Act and the
1934 Act Regulations so as to permit the completion of the distribution of the
Securities as contemplated in this Agreement and in the Prospectus.  If at any
time when a prospectus is required by the 1933 Act to be delivered in
connection with sales of the Securities, any event shall occur or condition
shall exist as a result of which it is necessary, in the opinion of counsel for
the Underwriters or for the Company, to amend the Registration Statement or
amend or supplement the Prospectus in order that the Prospectus will not
include any untrue statements of a material fact or omit to state a material
fact necessary in order to make the statements therein not misleading in the
light of the circumstances existing at the time it is delivered to a purchaser,
or if it shall be necessary, in the opinion of such counsel, at any such time
to amend the Registration Statement or to file a new registration statement or amend
or supplement the Prospectus in order to comply with the requirements of the
1933 Act or the 1933 Act Regulations, the Company will promptly prepare and
file with the Commission, subject to Section 3(b), such amendment, supplement or
new registration statement as may be necessary to correct such statement or
omission or to comply with such requirements, the Company
will use its best efforts to have such amendment or new registration statement
declared effective as soon as practicable (if it is not an automatic shelf
registration statement with respect to the Securities) and the Company will
furnish to the Underwriters such number of copies of such amendment, supplement
or new registration statement as the Underwriters may reasonably request.  If
at any time following issuance of an Issuer Free Writing Prospectus there
occurred or occurs an event or development as a result of which such Issuer
Free Writing Prospectus conflicted or would conflict with the information
contained in the Registration Statement (or any other registration statement

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relating to the Securities) or the Statutory Prospectus or any preliminary
prospectus or included or would include an untrue statement of a material fact
or omitted or would omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances prevailing at that
subsequent time, not misleading, the Company will promptly notify Merrill Lynch
and will promptly amend or supplement, at its own expense, such Issuer Free
Writing Prospectus to eliminate or correct such conflict, untrue statement or
omission.            (f)                
Blue Sky Qualifications.  The Company will use its best efforts,
in cooperation with the Underwriters, to qualify the Securities for offering
and sale under the applicable securities laws of such states and other
jurisdictions (domestic or foreign) as the Representatives may designate and to
maintain such qualifications in effect for a period of not less than one year
from the date hereof; provided, however, that the Company shall not be
obligated to file any general consent to service of process or to qualify as a
foreign corporation or as a dealer in securities in any jurisdiction in which
it is not so qualified or to subject itself to taxation in respect of doing
business in any jurisdiction in which it is not otherwise so subject.

            (g)               
Rule 158.  The Company will timely file such reports pursuant to
the 1934 Act as are necessary in order to make generally available to its
security holders as soon as practicable an earnings statement for the purposes
of, and to provide to the Underwriters the benefits contemplated by, the last
paragraph of Section 11(a) of the 1933 Act.            (h)               
Use of Proceeds.  The Company will use the net proceeds received
by it from the sale of the Securities in the manner specified in the Prospectus
under "The Offering--Use of Proceeds".

            (i)                 
Listing.  The Company will use its best efforts to affect the
listing of the Securities on the New York Stock Exchange and the Chicago Stock
Exchange. 
            (j)                 
Restriction on Sale of Securities.  During a period of 90 days
from the date of the Prospectus, the Company will not, without the prior
written consent of Merrill Lynch, (i) directly or indirectly, offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase or
otherwise transfer or dispose of any share of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock or file any
registration statement under the 1933 Act with respect to any of the foregoing
or (ii) enter into any swap or any other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, the economic
consequence of ownership of the Common Stock, whether any such swap or
transaction described in clause (i) or (ii) above is to be settled by delivery
of Common Stock or such other securities, in cash or otherwise.  The foregoing
sentence shall not apply to (A) the Securities to be sold hereunder, (B) any
shares of Common Stock issued by the Company upon the exercise of an option or
warrant or the conversion of a security outstanding on the date hereof and
referred to in the Prospectus, (C) any shares of Common Stock issued, options
to purchase Common Stock or other securities or equity awards granted pursuant
to existing employee benefit plans of the Company referred to or incorporated
by reference in the Prospectus, (D) any shares of Common Stock issued pursuant
to any non-employee director stock plan or dividend reinvestment plan, or (E)
any shares of Common Stock issued in connection with any acquisition, joint
venture or similar transaction.  Notwithstanding the foregoing, if (1) during
the last 17 days of the 90-day restricted
period the Company issues an earnings release or material news or a material
event relating to the Company occurs or (2) prior to the expiration of the 90-day restricted period, the Company
announces that it will release earnings results or becomes aware that material
news or a material event will occur during the 16-day period beginning on the
last day of the 90-day restricted
period, the restrictions imposed in this clause (j) shall continue to apply
until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event. 

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(k)               
Reporting Requirements.  The Company, during the period when the
Prospectus is required to be delivered under the 1933 Act, will file all
documents required to be filed with the Commission pursuant to the 1934 Act
within the time periods required by the 1934 Act and the 1934 Act Regulations.            (l)                 
Issuer Free Writing Prospectuses.  Each of the Company and the Selling
Stockholder represents and agrees that, unless it obtains the prior consent of
the Representative, and each Underwriter represents and agrees that, unless it
obtains the prior consent of the Company and the Representative, it has not
made and will not make any offer relating to the Securities that would
constitute an "issuer free writing prospectus," as defined in Rule 433, or that
would otherwise constitute a "free writing prospectus," as
defined in Rule 405, required to be filed with the Commission or, in the case
of the Selling Stockholder, whether or not required to be filed with the
Commission.  Any such free writing prospectus consented
to by the Representative or by the Company and the Representative, as the case
may be, is hereinafter referred to as a "Permitted Free Writing Prospectus." Each
of the Company and the Selling Stockholder represents that it has treated or
agrees that it will treat each Permitted Free Writing Prospectus as an "issuer
free writing prospectus," as defined in Rule 433, and has complied and will
comply with the requirements of Rule 433 applicable to any Permitted Free
Writing Prospectus, including timely filing with the Commission where required,
legending and record keeping.

                SECTION 4.  Payment of Expenses.            (a)               
Expenses.  The Company will pay or cause to be paid all expenses
incident to the performance of their obligations under this Agreement,
including (i) the preparation, printing and filing of the Registration
Statement (including financial statements and exhibits) as originally filed and
of each amendment thereto, (ii) the preparation, printing and delivery to
the Underwriters of this Agreement, any Agreement among Underwriters and such
other documents as may be required in connection with the offering, purchase,
sale, issuance or delivery of the Securities, (iii) the preparation,
issuance and delivery of the certificates for the Securities to the
Underwriters, including any stock or other transfer taxes and any stamp or
other duties payable upon the sale, issuance or delivery of the Securities to
the Underwriters, (iv) the fees and disbursements of the Company's
counsel, accountants and other advisors, (v) the qualification of the
Securities under securities laws in accordance with the provisions of
Section 3(f) hereof, including filing fees and the reasonable fees and
disbursements of counsel for the Underwriters in connection therewith and in
connection with the preparation of the Blue Sky Survey and any supplement
thereto, (vi) the printing and delivery to the Underwriters of copies of
each preliminary prospectus, any Permitted Free Writing Prospectus and of the
Prospectus and any amendments or supplements thereto and any costs associated
with electronic delivery of any of the foregoing by the Underwriters to
investors, (vii) the preparation, printing and
delivery to the Underwriters of copies of the Blue Sky Survey and any
supplement thereto, (viii) the fees and expenses of any transfer agent or
registrar for the Securities, (ix) the costs and expenses of the Company
relating to investor presentations on any "road show" undertaken in connection
with the marketing of the Securities, including without limitation, expenses
associated with the production of road show slides and graphics, fees and
expenses of any consultants engaged in connection with the road show
presentations, travel and lodging expenses of the representatives and officers
of the Company and any such consultants, and the cost of aircraft and other
transportation chartered in connection with the road show, (x) the filing
fees incident to, and the reasonable fees and disbursements of counsel to the
Underwriters in connection with, the review by FINRA of the terms of the sale
of the Securities, and (xi) the fees and expenses incurred in connection with
the listing of the Securities on the New York Stock Exchange and the Chicago
Stock Exchange.

(b)               
Expenses of the Selling Stockholder.  The Selling Stockholder will
pay all expenses incident to the performance of its obligations under, and the
consummation of the transactions contemplated by this Agreement, including (i)
any stamp duties, capital duties and stock transfer taxes, if any, payable upon
the sale of the Securities to the Underwriters, and their transfer between the
Underwriters pursuant to an agreement between such Underwriters, and (ii) the
reasonable fees and disbursements of its counsel and other advisors.

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            (c)               
Termination of Agreement.  If this Agreement is terminated by the
Representatives in accordance with the provisions of Section 5,
Section 9(a)(i) or Section 11 hereof, the Company shall reimburse the
Underwriters for all of their out‐of‐pocket expenses, including the
reasonable fees and disbursements of counsel for the Underwriters.            (d)               
Allocation of Expenses.  The provisions of this Section shall not
affect any agreement that the Company and the Selling Stockholder may make for
the sharing of such costs and expenses.

                SECTION 5.  Conditions of Underwriters' Obligations.  The
obligations of the several Underwriters hereunder are subject to the accuracy
of the representations and warranties of the Company and the Selling
Stockholder contained in Section 1 hereof or in certificates of any officer of
the Company or any subsidiary of the Company or on behalf of the Selling
Stockholder delivered pursuant to the provisions hereof, to the performance by
the Company of its covenants and other obligations hereunder, and to the
following further conditions:            (a)               
Effectiveness of Registration Statement; Filing of Prospectus;
Payment of Filing Fee.  The Registration Statement has become effective and
at Closing Time no stop order suspending the effectiveness of the Registration
Statement shall have been issued under the 1933 Act or proceedings therefore
initiated or threatened by the Commission, and any request on the part of the
Commission for additional information shall have been complied with to the
reasonable satisfaction of counsel to the Underwriters.  A prospectus
containing the Rule 430B Information shall have been filed with the Commission
in the manner and within the time period required by Rule 424(b) without reliance on Rule
424(b)(8) (or a post-effective amendment providing
such information shall have been filed and become effective in accordance with
the requirements of Rule 430B).  The Company shall have paid the required
Commission filing fees relating to the Securities within the time period
required by Rule 456(1)(i) of the 1933 Act Regulations without regard to the
proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the
1933 Act Regulations and, if applicable, shall have updated the "Calculation of
Registration Fee" table in accordance with Rule 456(b)(1)(ii) either in a
post-effective amendment to the Registration Statement or on the cover page of
a prospectus filed pursuant to Rule 424(b).

            (b)               
Opinion of Counsel for Company.  At Closing Time, the
Representatives shall have received the favorable opinion, dated as of Closing
Time, of Bryan Cave LLP, counsel for the Company, and David M. Minnick, General
Counsel, counsel for the Company, in form and substance reasonably satisfactory
to counsel for the Underwriters, together with signed or reproduced copies of
such letter for each of the other Underwriters to the effect set forth in
Exhibit A-1, Exhibit A-2 and Exhibit A-3 hereto and to such further effect as
counsel to the Underwriters may reasonably request.            (c)               
Opinion of Counsel for the Selling Stockholder.  At Closing Time,
the Representatives shall have received the favorable opinion, dated as of
Closing Time, of Jonathan D. Niemeyer, Associate General Counsel of the Selling
Stockholder, in form and substance reasonably satisfactory to counsel for the
Underwriters, together with signed or reproduced copies of such letter for each
of the other Underwriters to the effect set forth in Exhibit B-1 hereto and to
such further effect as counsel to the Underwriters may reasonably request.

            (d)               
Opinion of Counsel for Underwriters.  At Closing Time, the
Representatives shall have received the favorable opinion, dated as of Closing
Time, of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the
Underwriters, in form and substance reasonably satisfactory to the
Underwriters, together with signed or reproduced copies of such letter for each
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(e)               
Officers' Certificate.  At Closing Time, there shall not have
been, since the date hereof, since the Applicable Time or since the respective
dates as of which information is given in the Prospectus or the General
Disclosure Package, any material adverse change in the condition, financial or
otherwise, or in the earnings, business affairs or business prospects of the
Company and its subsidiaries considered as one enterprise, whether or not
arising in the ordinary course of business, and the Representatives shall have
received a certificate of the President or a Vice President of the Company and
of the chief financial or chief accounting officer of the Company or such other
officer(s) of the Company acceptable to the Representatives, dated as of
Closing Time, to the effect that (i) there has been no such material adverse
change, (ii) the representations and warranties in Section 1(a)
hereof are true and correct with the same force and effect as though expressly
made at and as of Closing Time, (iii) the Company has complied with all
agreements and satisfied all conditions on its part to be performed or
satisfied at or prior to Closing Time, and (iv) no stop order suspending
the effectiveness of the Registration Statement has been issued and no
proceedings for that purpose have been instituted or are pending or, to their
knowledge, contemplated by the Commission.            (f)                
Certificate of Selling Stockholder.  At Closing Time, the
Representatives shall have received a certificate of the Selling Stockholder,
dated as of Closing Time, to the effect that (i) the representations and
warranties of the Selling Stockholder contained in Section 1(b) hereof are true
and correct in all respects with the same force and effect as though expressly
made at and as of Closing Time and (ii) the Selling Stockholder has complied in
all material respects with all agreements and all conditions on its part to be
performed under this Agreement at or prior to Closing Time.

            (g)               
Accountant's Comfort Letter.  At the time of the execution of
this Agreement, the Representatives shall have received from each of Deloitte
& Touche LLP and Ernst & Young LLP a letter dated such date, in form
and substance satisfactory to the Representatives, together with signed or
reproduced copies of such letter for each of the other Underwriters containing
statements and information of the type ordinarily included in accountants' "comfort
letters" to underwriters with respect to the financial statements and certain
financial information contained in the Registration Statement and the
Prospectus.            (h)               
Bring-down Comfort Letter.  At Closing Time, the Representatives
shall have received from each of Deloitte & Touche LLP and Ernst &
Young LLP a letter, dated as of Closing Time, to the effect that they reaffirm
the statements made in the letter furnished pursuant to subsection (g) of this
Section, except that the specified date referred to shall be a date not more
than three business days prior to Closing Time.

            (i)                 
Approval of Listing.  At Closing Time, the Securities shall have
been approved for listing on the New York Stock Exchange and the Chicago Stock
Exchange.            (j)                 
No Objection.  The FINRA has confirmed that it has not raised any
objection with respect to the fairness and reasonableness of the underwriting
terms and arrangements.

            (k)               
Lock-up Agreements.  At the date of this Agreement, the
Representatives shall have received an agreement substantially in the form of
Exhibit C hereto signed by the persons listed on Schedule F hereto.            (l)                 
Maintenance of Rating.  Since the execution of this Agreement,
there shall not have been any decrease in the rating of any of the Company's
securities by any "nationally recognized statistical rating organization"(as
defined for purposes of Rule 436(g) under the 1933 Act) or any notice given of
any intended or potential decrease in any such rating or of a possible change
in any such rating that does not indicate the direction of the possible change.

           

(m)             
Conditions to Purchase of Option Securities.  In the event that
the Underwriters exercise their option provided in Section 2(b) hereof to
purchase all or any portion of the Option Securities, the representations and
warranties of the Company and the Selling Stockholder contained herein and the
statements in any certificates furnished by the Company, any subsidiary of the
Company and the Selling Stockholder hereunder shall be true and correct as of
each Date of Delivery and, at the relevant Date of Delivery, the Representatives
shall have received:

 

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                    (i)         Officers' Certificate.  A
certificate, dated such Date of Delivery, of the President or a Vice President
of the Company and of the chief financial or chief accounting officer of the
Company or such other officer(s) of the Company acceptable to the
Representatives confirming that the certificate delivered at the Closing Time
pursuant to Section 5(e) hereof remains true and correct as of such Date
of Delivery.

                    (ii)        Certificate of Selling Stockholder. 
A certificate, dated such Date of Delivery, of the Selling Stockholder
confirming that the certificate delivered at Closing Time pursuant to Section
5(f) remains true and correct as of such Date of Delivery.

                    (iii)       Opinion of Counsel for Company. 
The favorable opinion of Bryan Cave LLP, counsel for the Company, and David M.
Minnick, General Counsel, counsel for the Company, in form and substance reasonably
satisfactory to counsel for the Underwriters, dated such Date of Delivery,
relating to the Option Securities to be purchased on such Date of Delivery and
otherwise to the same effect as the opinion required by Section 5(b)
hereof.

                    (iv)       Opinion of Counsel for the Selling
Stockholder.  The favorable opinion of Jonathan D. Niemeyer, Associate
General Counsel of the Selling Stockholder, in form and substance reasonably
satisfactory to counsel for the Underwriters, dated such Date of Delivery,
relating to the Option Securities to be purchased on such Date of Delivery and
otherwise to the same effect as the opinion required by Section 5(c) hereof.

                    (v)        Opinion of Counsel for Underwriters. 
The favorable opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel
for the Underwriters, dated such Date of Delivery, relating to the Option
Securities to be purchased on such Date of Delivery and otherwise to the same
effect as the opinion required by Section 5(d) hereof.

                    (vi)       Bring-down Comfort Letter.  A
letter from Deloitte & Touche LLP, in form and substance satisfactory to
the Representatives and dated such Date of Delivery, substantially in the same
form and substance as the letter furnished to the Representatives pursuant to
Section 5(g) hereof, except that the "specified date" in the letter furnished
pursuant to this paragraph shall be a date not more than five days prior to
such Date of Delivery.

            (n)               
Additional Documents.  At Closing Time and at each Date of
Delivery counsel for the Underwriters shall have been furnished with such
documents and opinions as they may reasonably require for the purpose of
enabling them to pass upon the issuance and sale of the Securities as herein
contemplated, or in order to evidence the accuracy of any of the
representations or warranties, or the fulfillment of any of the conditions,
herein contained; and all proceedings taken by the Company and the Selling
Stockholder in connection with the issuance and sale of the Securities as
herein contemplated shall be satisfactory in form and substance to the
Representatives and counsel for the Underwriters.          

(o)               
Termination of Agreement.  If any condition specified in this
Section shall not have been fulfilled when and as required to be fulfilled,
this Agreement, or, in the case of any condition to the purchase of Option
Securities on a Date of Delivery which is after the Closing Time, the
obligations of the several Underwriters to purchase the relevant Option
Securities, may be terminated by the Representatives by notice to the Company
and the Selling Stockholder at any time at or prior to Closing Time or such
Date of Delivery, as the case may be, and such  termination shall be without
liability of any party to any other party except as provided in Section 4 and
except that Sections 1, 6, 7 and 8 shall survive any such termination and
remain in full force and effect.

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                           SECTION 6.  Indemnification.            (a)               
Indemnification of Underwriters.  The Company agrees to indemnify
and hold harmless each Underwriter, its affiliates, as such term is defined in
Rule 501(b) under the 1933 Act (each, an "Affiliate"), its selling agents and
each person, if any, who controls any Underwriter within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

                (i)                    
against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any
amendment thereto), including the Rule 430B Information, or the omission or
alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading or arising out of any
untrue statement or alleged untrue statement of a material fact included in any
preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto), or the omission or alleged omission
therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;                (ii)                  
against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission; provided that (subject to Section 6(e) below) any
such settlement is effected with the written consent of the Company;

                (iii)                 
against any and all expense whatsoever, as incurred (including the
reasonable fees and disbursements of counsel chosen by Merrill Lynch),
reasonably incurred in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under (i) or (ii) above;           
provided, however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to
the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by the Selling Stockholder or any
Underwriter through Merrill Lynch expressly for use in the Registration
Statement (or any amendment thereto), including the Rule 430B Information, or
any preliminary prospectus, any Issuer Free Writing Prospectus or the
Prospectus (or any amendment or supplement thereto).

           

(b)        The Selling Stockholder agrees to indemnify
and hold harmless each Underwriter, its Affiliates and selling agents and each
person, if any, who controls any Underwriter within the meaning of Section 15
of the 1933 Act or Section 20 of the 34 Act to the extent and in the manner set
forth in clauses (a)(i), (ii) and (iii) above; provided, however,
that the aggregate indemnification liability of the Selling Stockholder shall
not exceed the net proceeds received by the Selling Stockholder for the sale of
the Securities sold by the Selling Stockholder in the public offering pursuant
to this Agreement; and provided, further, that the Selling
Stockholder shall be liable only to the extent that such untrue statement or
omission or alleged untrue statement or omission has been made in the
Registration Statement (or any amendment thereto), including the Rule 430A
Information, any preliminary prospectus, the Prospectus (or any amendment or
supplement thereto), any Issuer Free Writing Prospectus, any Non-Prospectus
Road Show, any Blue Sky Application or such amendment or supplement in reliance
upon and in conformity with information furnished by the Selling Stockholder
expressly for use in such document.

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             (c)        Indemnification of Company, Directors and
Officers and Selling Stockholder.  Each Underwriter severally agrees to
indemnify and hold harmless the Company, its directors, each of its officers
who signed the Registration Statement, and each person, if any, who controls
the Company within the meaning of Section 15 of the 1933 Act or Section 20 of
the 1934 Act, and the Selling Stockholder and each person, if any, who controls
the Selling Stockholder within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act against any and all loss, liability, claim, damage
and expense described in the indemnity contained in subsection (a) of this
Section, as incurred, but only with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Registration Statement
(or any amendment thereto), including the Rule 430B Information or any
preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto) in reliance upon and in conformity
with written information furnished to the Company by such Underwriter through
Merrill Lynch expressly for use therein. 

            (d)        Actions against Parties; Notification. 
Each indemnified party shall give notice as promptly as reasonably practicable
to each indemnifying party of any action commenced against it in respect of
which indemnity may be sought hereunder, but failure to so notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have
otherwise than on account of this indemnity agreement.  In the case of parties
indemnified pursuant to Section 6(a) above,
counsel to the indemnified parties shall be selected by Merrill Lynch, and, in
the case of parties indemnified pursuant to Section 6(c) above, counsel to the
indemnified parties shall be selected by the Company.  An indemnifying party
may participate at its own expense in the defense of any such action; provided,
however, that counsel to the indemnifying party shall not (except with
the consent of the indemnified party) also be counsel to the indemnified
party.  In no event shall the indemnifying parties be liable for fees and
expenses of more than one counsel (in addition to any local counsel) separate
from their own counsel for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances.  No indemnifying
party shall, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to
any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 6 or Section
7 hereof (whether or not the indemnified parties are actual or potential
parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party.

            (e)        Settlement without Consent if Failure to
Reimburse.  If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 6(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement
at least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

            (f)        Other Agreements with Respect to
Indemnification.  The provisions of this Section shall not affect any
agreement among the Company and the Selling Stockholder with respect to indemnification.

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SECTION 7.  Contribution.  If the indemnification provided for in
Section 6 hereof is for any reason unavailable to or insufficient to hold
harmless an indemnified party in respect of any losses, liabilities, claims,
damages or expenses referred to therein, then each indemnifying party shall
contribute to the aggregate amount of such losses, liabilities, claims, damages
and expenses incurred by such indemnified party, as incurred,  (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company and the Selling Stockholder on the one hand and the Underwriters on the
other hand from the offering of the Securities pursuant to this Agreement or
(ii) if the allocation provided by clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the
Company and the Selling Stockholder on the one hand and of the Underwriters on
the other hand in connection with the statements or omissions, which resulted
in such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations.           
            The relative benefits received by the Company and the Selling
Stockholder on the one hand and the Underwriters on the other hand in
connection with the offering of the Securities pursuant to this Agreement shall
be deemed to be in the same respective proportions as the total net proceeds
from the offering of the Securities pursuant to this Agreement (before
deducting expenses) received by the Company and the Selling Stockholder and the
total underwriting discount received by the Underwriters, in each case as set
forth on the cover of the Prospectus bear to the aggregate initial public
offering price of the Securities as set forth on the cover of the Prospectus.

            The relative fault of the Company and the Selling
Stockholder on the one hand and the Underwriters on the other hand shall be
determined by reference to, among other things, whether any such untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by the Company or the Selling
Stockholder or by the Underwriters and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.            The Company, the Selling Stockholder and the
Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section 7 were determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable
considerations referred to above in this Section 7.  The aggregate amount of
losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section 7 shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in
investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission.

            Notwithstanding the provisions of this Section 7, no
Underwriter shall be required to contribute any amount in excess of the amount
by which the total price at which the Securities underwritten by it and
distributed to the public were offered to the public exceeds the amount of any damages
which such Underwriter has otherwise been required to pay by reason of any such
untrue or alleged untrue statement or omission or alleged omission.

            No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

            For purposes of this Section 7, each person, if any,
who controls an Underwriter within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act and each Underwriter's Affiliates and selling agents
shall have the same rights to contribution as such Underwriter, and each
director of the Company, each officer of the Company who signed the
Registration Statement, and each person, if any, who controls the Company or the
Selling Stockholder within the meaning of Section 15 of the 1933 Act or Section
20 of the 1934 Act shall have the same rights to contribution as the Company or
the Selling Stockholder, as the case may be.  The Underwriters' respective
obligations to contribute pursuant to this Section 7 are several in proportion
to the number of Initial Securities set forth opposite their respective names
in Schedule A hereto and not joint.

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            The provisions of this Section shall not affect any
agreement among the Company and the Selling Stockholder with respect to
contribution.

                SECTION 8.  Representations, Warranties and Agreements to Survive. 
All representations, warranties and agreements contained in this Agreement or
in certificates of officers of the Company or any of its subsidiaries or the Selling
Stockholder submitted pursuant hereto, shall remain operative and in full force
and effect regardless of (i) any investigation made by or on behalf of any
Underwriter or its Affiliates or selling agents, any person controlling any
Underwriter, its officers or directors or any person controlling the Company or
any person controlling the Selling Stockholder and (ii) delivery of and payment
for the Securities.                SECTION 9.  Termination of Agreement.

            (a)               
Termination; General.  The Representatives may terminate this
Agreement, by notice to the Company and the Selling Stockholder, at any time at
or prior to Closing Time (i) if there has been, since the time of execution of
this Agreement or since the respective dates as of which information is given
in the Prospectus (exclusive of any supplement thereto) or General Disclosure
Package, any material adverse change in the condition, financial or otherwise,
or in the earnings, business affairs or business prospects of the Company and
its subsidiaries considered as one enterprise, whether or not arising in the
ordinary course of business, or (ii) if there has occurred any material
adverse change in the financial markets in the United States or the
international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or
economic conditions, in each case the effect of which is such as to make it, in
the judgment of the Representatives, impracticable or inadvisable to market the
Securities or to enforce contracts for the sale of the Securities, or
(iii) if trading in any securities of the Company has been suspended or
materially limited by the Commission or the New York Stock Exchange or the
Chicago Stock Exchange, or if trading generally on the American Stock Exchange
or the New York Stock Exchange or in the NASDAQ Global Market has been
suspended or materially limited, or minimum or maximum prices for trading have
been fixed, or maximum ranges for prices have been required, by any of said
exchanges or by such system or by order of the Commission, FINRA or any other
governmental authority, or (iv) a material disruption has occurred in
commercial banking or securities settlement or clearance services in the United
States, or (v) if a banking moratorium has been declared by either Federal or
New York authorities.           (b)               
Liabilities.  If this Agreement is terminated pursuant to this
Section, such termination shall be without liability of any party to any other
party except as provided in Section 4 hereof, and provided further that
Sections 1, 6, 7 and 8 shall survive such termination and remain in full force
and effect.

                SECTION 10.  Default by One or More of the Underwriters.  If one or
more of the Underwriters shall fail at Closing Time or a Date of Delivery to
purchase the Securities which it or they are obligated to purchase under this
Agreement (the "Defaulted Securities"), the Representatives shall have the
right, within 24 hours thereafter, to make arrangements for one or more of
the non‐defaulting Underwriters, or any other underwriters, to purchase
all, but not less than all, of the Defaulted Securities in such amounts as may
be agreed upon and upon the terms herein set forth; if, however, the
Representatives shall not have completed such arrangements within such 24‐hour
period, then:           

(i)                    
if the number of Defaulted Securities does not exceed 10% of the number
of Securities to be purchased on such date, each of the non‐defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the
full amount thereof in the proportions that their respective underwriting
obligations hereunder bear to the underwriting obligations of all non‐defaulting
Underwriters, or

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            (ii)                  
if the number of Defaulted Securities exceeds 10% of the number of
Securities to be purchased on such date, this Agreement or, with respect to any
Date of Delivery which occurs after the Closing Time, the obligation of the
Underwriters to purchase and of the Company to sell the Option Securities to be
purchased and sold on such Date of Delivery shall terminate without liability
on the part of any non‐defaulting Underwriter.            No action taken pursuant to this Section shall relieve
any defaulting Underwriter from liability in respect of its default.

            In the event of any such default which does not result
in a termination of this Agreement or, in the case of a Date of Delivery which
is after the Closing Time, which does not result in a termination of the
obligation of the Underwriters to purchase and the Company and the Selling
Stockholder to sell the relevant Option Securities, as the case may be, either
(i) the Representatives or (ii) the Company and the Selling Stockholder shall
have the right to postpone Closing Time or the relevant Date of Delivery, as
the case may be, for a period not exceeding seven days in order to effect any
required changes in the Registration Statement or Prospectus or in any other
documents or arrangements.  As used herein, the term "Underwriter" includes any
person substituted for an Underwriter under this Section 10.

                SECTION 11.  Default by the Selling Stockholder or the Company. (a) If
the Selling Stockholder shall fail at Closing Time or at a Date of Delivery to
sell and deliver the number of Securities which the Selling Stockholder is obligated
to sell hereunder, then the Underwriters may, at the option of the
Representatives, by notice from the Representatives to the Company, either (i)
terminate this Agreement without any liability on the fault of any
non-defaulting party except that the provisions of Sections 1, 4, 6, 7 and 8
shall remain in full force and effect or (ii) elect to purchase the
Securities which the Company has agreed to sell hereunder.  No action taken
pursuant to this Section 11 shall relieve the Selling Stockholder so defaulting
from liability, if any, in respect of such default.           
            In the event of a default by the Selling Stockholder as
referred to in this Section 11, each of the Representatives, and the Company
shall have the right to postpone Closing Time or Date of Delivery for a period
not exceeding seven days in order to effect any required change in the
Registration Statement or Prospectus or in any other documents or arrangements.

            (b) If the Company shall fail at Closing Time or at the
Date of Delivery to sell the number of Securities that it is obligated to sell
hereunder, then this Agreement shall terminate without any liability on the
part of any nondefaulting party; provided, however, that the
provisions of Sections 1, 4, 6, 7 and 8 shall remain in full force and effect. 
No action taken pursuant to this Section shall relieve the Company from
liability, if any, in respect of such default.                SECTION 12.  Tax Disclosure.  Notwithstanding any other provision of
this Agreement, from the commencement of discussions with respect to the
transactions contemplated hereby, the Company (and each employee,
representative or other agent of the Company) may disclose to any and all
persons, without limitation of any kind, the tax treatment and tax structure
(as such terms are used in Sections 6011, 6111 and 6112 of the U.S. Code and
the Treasury Regulations promulgated thereunder) of the transactions
contemplated by this Agreement and all materials of any kind (including
opinions or other tax analyses) that are provided relating to such tax
treatment and tax structure.

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SECTION 13.  Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication.  Notices to
the Underwriters shall be directed to the Representatives at 4 World Financial Center, New York, New York 10080, attention of Origination Counsel Group;
notices to the Company shall be directed to it at 501 N. Broadway, Saint Louis,
Missouri 63102, attention of Ronald J. Kruszewski, Chairman, President and CEO
and Rick E. Maples, Senior Managing Director, Investment Banking; and notices
to the Selling Stockholder shall be directed to it at 400 Broadway, Cincinnati,
Ohio 45202 , attention of Jonathan D. Niemeyer, Vice President and Associate
General Counsel.                SECTION 14.  No Advisory or Fiduciary Relationship. 
Each of the Company and the Selling Stockholder acknowledges and agrees that
(a) the purchase and sale of the Securities pursuant to this Agreement, including
the determination of the public offering price of the Securities and any
related discounts and commissions, is an arm's-length commercial transaction
between the Company and the Selling Stockholder, on the one hand, and the
several Underwriters, on the other hand, (b) in connection with the offering
contemplated hereby and the process leading to such transaction each
Underwriter is and has been acting solely as a principal and is not the agent
or fiduciary of the Company or the Selling Stockholder, or its respective stockholders,
creditors, employees or any other party, (c) no Underwriter has assumed or will
assume an advisory or fiduciary responsibility in favor of the Company or the Selling
Stockholder with respect to the offering contemplated hereby or the process
leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Company or the Selling Stockholder on other matters) and
no Underwriter has any obligation to the Company or the Selling Stockholder with
respect to the offering contemplated hereby except the obligations expressly
set forth in this Agreement, (d) the Underwriters and their respective
affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of each of the Company and the Selling
Stockholder, and (e) the Underwriters have not provided any legal, accounting,
regulatory or tax advice with respect to the offering contemplated hereby and each
of the Company and the Selling Stockholder has consulted its own respective legal,
accounting, regulatory and tax advisors to the extent it deemed appropriate.

                SECTION 15.  Integration.  This Agreement supersedes all prior
agreements and understandings (whether written or oral) between the Company and
the Underwriters, or any of them, with respect to the subject matter hereof.                SECTION 16.  Parties.  This Agreement shall each inure to the
benefit of and be binding upon the Underwriters, the Company and the Selling
Stockholder and their respective successors.  Nothing expressed or mentioned in
this Agreement is intended or shall be construed to give any person, firm or
corporation, other than the Underwriters, the Company and the Selling
Stockholder and their respective successors and the controlling persons and
officers and directors referred to in Sections 6 and 7 and their heirs and
legal representatives, any legal or equitable right, remedy or claim under or
in respect of this Agreement or any provision herein contained.  This Agreement
and all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the Underwriters, the Company and the Selling Stockholder
and their respective successors, and said controlling persons and officers and
directors and their heirs and legal representatives, and for the benefit of no
other person, firm or corporation.  No purchaser of Securities from any
Underwriter shall be deemed to be a successor by reason merely of such
purchase.

                SECTION 17.  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.                SECTION 18.  TIME. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT.
EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

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SECTION 19.  Counterparts.  This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute one and the same Agreement.                SECTION 20.  Effect of Headings.  The Section headings herein are
for convenience only and shall not affect the construction hereof.

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                If the foregoing is in accordance with your
understanding of our agreement, please sign and return to the Company and the Selling
Stockholder a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement among the Underwriters, the Company
and the Selling Stockholder in accordance with its terms.

Very truly yours,

                                                                                    STIFEL
FINANCIAL CORP.

By /s/ Ron J. Kruszewski                                  

Name: Ron J. Kruszewski

Title: President and Chief Executive
Officer

[Purchase Agreement Signature Page]

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The Western and Southern Life
Insurance Company

By /s/ Jonathan D. Niemeyer                              

Name: Jonathan D. Niemeyer

Title: Vice President and Associate
General Counsel

By /s/ James J. Vance                                         

Name: James J. Vance

Title: Vice President and
Treasurer

[Purchase Agreement Signature Page]

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CONFIRMED AND ACCEPTED,

as of the date first above written:

STIFEL, NICOLAUS & COMPANY, INCORPORATED

MERRILL LYNCH & CO.

MERRILL
LYNCH, PIERCE, FENNER & SMITH

   
INCORPORATED

KEEFE,
BRUYETTE & WOODS

By: MERRILL
LYNCH, PIERCE, FENNER & SMITH

INCORPORATED

By  /s/
Irina Anguelova                                                       

Authorized
Signatory

For themselves and as Representatives of the other
Underwriters named in Schedule A hereto.

[Purchase Agreement Signature Page]

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SCHEDULE A

	
  Name
  of Underwriter

  	
  Number of

  Initial

  Securities

  
	

  	

  
	
  Stifel, Nicolaus & Company, Incorporated.............................................................. 

  	
  552,500

  
	
  Merrill
  Lynch, Pierce, Fenner & Smith

  Incorporated...................................................................................... 

  	

  

	

	552,500

  
	
  Keefe, Bruyette & Woods, Inc.............................................................................. 

  	
  382,500

  
	
  Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC.............................................. 

  	
  212,500

  
	

  	

  
	

  	

  
	
  Total     

  	
  
  1,700,000

  

  

Sch A-1

746857.05-New York Server 4A - MSW

SCHEDULE B

	

  	
  Number
  of Initial

  Securities
  to be Sold

  	
  Maximum
  Number of Option

  Securities
  to Be Sold

  
	
  Stifel Financial Corp.

  	
  1,300,000

  	
  195,000

  
	
  The Western and Southern Life Insurance Company

  	
  400,000

  	
  60,000

  
	

  	

  	

  
	
  Total....................................... 

  	
  1,700,000

  	
  255,000

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SCHEDULE C

1.                  
The initial public offering price per share for the Securities is $45.00.

2.                  
The number of shares of the Securities purchased by the Underwriters is 1,700,000.

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SCHEDULE D

STIFEL FINANCIAL CORP.

1,700,000 Shares of Common Stock

(Par Value $0.15 Per Share)

1.         The initial public offering price per share
for the Securities, determined as provided in said Section 2, shall be $45.00.

2.         The purchase price per share for the
Securities to be paid by the several Underwriters shall be $42.75, being an
amount equal to the initial public offering price set forth above less $2.25
per share; provided that the purchase price per share for any Option Securities
purchased upon the exercise of the overallotment option described in Section
2(b) shall be reduced by an amount per share equal to any dividends or
distributions declared by the Company and payable on the Initial Securities but
not payable on the Option Securities.

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SCHEDULE E

ISSUER GENERAL USE FREE WRITING
PROSPECTUSES

None.

Sch E-1

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SCHEDULE F

 

Directors

Ronald
J. Kruszewski

James
M. Zemlyak

Scott
B. McCuaig

Thomas
P. Mulroy

Richard
J. Himelfarb

James
M. Oates

Bruce
A. Beda

Robert
E. Lefton

Charles
A. Dill

Robert
J. Baer

Richard
F. Ford

John P.
Dubinsky

Fredrick
O. Hanser

Officers

Ben A.
Plotkin

David
D. Sliney

David
M. Minnick

Kelvin
R. Westbrook

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SCHEDULE G

List of Subsidiaries

Stifel, Nicolaus & Company,
Incorporated

Stifel Nicolaus Insurance Agency,
Incorporated 

Century Securities Associates, Inc.

Stifel Venture Corp.

Stifel Asset Management Corp.

Stifel CAPCO, L.L.C.

Stifel CAPCO II, L.L.C.

Hanifen, Imhoff Inc.

Stifel Nicolaus Limited

Ryan Beck Holdings, L.L.C.

First Service Financial Company

Stifel Bank & Trust

Choice Financial Partners, Inc.

Broadway Air Corp. 

Stifel Financial Capital Trust II

Stifel Financial Capital
Trust III

Stifel Financial
Capital Trust IV

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Exhibit A-1

FORM OF OPINION OF BRYAN CAVE LLP,
COUNSEL FOR THE COMPANY

TO BE DELIVERED PURSUANT TO SECTION 5(b)

1.         Based solely on a recently dated good
standing certificate from the Secretary of State of the State of Delaware the
Company is validly existing as a corporation, in good standing under the laws
of the State of Delaware, with all requisite corporate power and authority to
own, lease and operate its properties to conduct its business as described in
the Prospectus and to enter into and perform its obligations under the Purchase
Agreement.

2.         Based solely on recently dated good standing
certificates from the Secretaries of State of the applicable jurisdictions, the
Company is duly qualified to transact business and is in good standing as a
foreign corporation in the jurisdictions set forth on Appendix I attached
hereto.

3.         Based solely on recently dated good standing
certificates from the applicable jurisdictions, each subsidiary of the Company
set forth on Appendix II hereto is validly existing as the type of entity set
forth on Appendix II hereto, in good standing under the laws of the
jurisdiction of its incorporation or formation as set forth on Appendix II
hereto, with all applicable entity power and authority to own, lease and
operate its properties and to conduct its business as described in the
Prospectus.

4.         The Purchase Agreement has been duly
authorized, executed and delivered by the Company.

5.         The Securities have been duly authorized for
issuance and sale to the Underwriters pursuant to the Purchase Agreement and,
when issued and delivered by the Company pursuant to the Purchase Agreement
against payment of the consideration set forth in the Purchase Agreement, will
be validly issued and fully paid and non-assessable.

6.         The issuance of the Securities is not
subject to any statutory preemptive right, or any similar contractual
preemptive right of any stockholder of the Company arising under the laws of
the states of Missouri or Delaware, the Company's Restated Certificate of
Incorporation, Amended and Restated By-Laws or any material agreement, contract
or instrument listed as an exhibit to the Registration Statement or the
documents incorporated by reference therein.

7.         We confirm to you that: (a) the Registration
Statement became effective under the Securities Act of 1933, as amended (the "Securities
Act"); and (b) the Prospectus was filed with the Commission pursuant to Rule
424(b)(3) under the Securities Act on September ●, 2008; and, based
solely upon an oral acknowledgment by the staff of the Commission, no stop
order suspending the effectiveness of the Registration Statement has been
issued under the Securities Act, and, to our knowledge, no proceedings therefor
have been initiated or threatened by the Commission.  In addition, based on the
foregoing, we confirm to you that (i) the Prospectus has been filed with the
Commission within the time period required by Rule 424 of the Rules and
Regulations and (ii) any required filing of each Issuer General Use Free
Writing Prospectus pursuant to Rule 433 of the Rules and Regulations have been
filed with the Commission within the time period required by Rule 433(d) of the
Rules and Regulations.

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8.         Each of the Registration Statement and the
Prospectus (other than (i) the documents incorporated by reference in the
Registration Statement and the Prospectus and (ii) the financial statements and
related notes and schedules and the other financial and accounting data
included or incorporated by reference therein, or omitted therefrom, as to
which we express no opinion), as of the Effective Date and as of its date, as
applicable, appears on its face to comply as to form in all material respects
with the requirements of the Securities Act and the rules and regulations of
the Commission promulgated thereunder. 

9.         The documents incorporated by reference in
the Prospectus, as of the date of the Prospectus Supplement (except for the
financial statements and related notes and schedules and other financial and
accounting data included or incorporated by reference therein or omitted
therefrom, as to which we express no opinion), when they were filed with the
Commission, appeared on their face to comply as to form in all material
respects with the requirements of the Exchange Act, and the rules and
regulations of the Commission promulgated thereunder.

10.        The form of certificate attached hereto as
Appendix III evidencing the Shares complies in all material respects with all
applicable statutory requirements, with any applicable requirements of the
Charter and Bylaws and the requirements of the New York Stock Exchange.

11.        The statements in the Prospectus under the
caption "Description of Capital Stock--Common Stock," and "Certain Federal
Income Tax Considerations" and in the Registration Statement under Item 15,
insofar as such statements constitute summaries of the terms and provisions of
the documents or matters of law referred to therein, are accurate in all
material respects (except for the financial statements and related notes and
schedules and other financial and accounting data included or incorporated by
reference therein or omitted therefrom, as to which we express no opinion).

12.        No consent, approval, authorization or other
action by, and no notice to or filing with, any federal or Missouri state or
Delaware state governmental authority or regulatory body (with respect to
Delaware, solely in respect of the General Corporation Law of the State of
Delaware) that we, based on our experience, recognize as applicable to the
Company in a transaction of this type, is required for the due execution,
delivery and the consummation by the Company of its obligations under the
Purchase Agreement (including the offering, issuance, sale and delivery of the Securities
and the use of the proceeds thereof as described in the Prospectus under the
caption "The Offering--Use of Proceeds"), except for the filings and other
actions required pursuant to federal and state securities or blue sky laws, or
the rules of the Financial Industry Regulatory Authority, as to which we
express no opinion.

13.        The execution and delivery by the Company of
the Purchase Agreement and the consummation by the Company of the transactions
contemplated in the Purchase Agreement (including the offering, issuance, sale
and delivery of the Securities and the use of the proceeds thereof as described
in the Prospectus under the caption "The Offering--Use of Proceeds") do not and
will not, whether with or without the giving of notice or lapse of time or
both, result in (a) any violation by the Company of (i) the provisions of the
Charter or Bylaws, (ii) any provision of applicable law that we, based on our
experience, recognize as applicable to the Company in a transaction of this
type, or (iii) to our knowledge, any order, writ, judgment or decree of any
U.S. federal or Missouri state court or governmental authority or regulatory
body having jurisdiction over the Company or any of its subsidiaries or any of
their material properties that names or is specifically directed to the Company
or any such subsidiary, or (b) a breach or default or require the creation or
imposition of any security interest or lien upon any of the Company's
properties pursuant to any material agreement, contract or instrument known to
us to which the Company is a party or by which it is bound.  For purposes of
the foregoing, we have assumed that the only material agreements, contracts or
instruments to which the Company is a party or by which it is bound are those
listed as exhibits to the Registration Statement or the documents incorporated
by reference therein.

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14.        The Company is not, and upon the issuance
and sale of the Securities as contemplated by the Purchase Agreement and the
application of the net proceeds therefrom as described under the caption "The
Offering--Use of Proceeds" in the Prospectus will not be, an "investment
company" under the 1940 Act.

            During the
preparation of the Registration Statement, the General Disclosure Package and
the Prospectus, we have participated in conferences with officers and other
representatives of the Company, representatives of the independent accountants
for the Company and you and your representatives and counsel, at which
conferences the contents of the Registration Statement, the General Disclosure
Package and the Prospectus and related matters were discussed, reviewed and
revised. Although we are not passing upon, and do not assume any responsibility
for, the accuracy, completeness or fairness of such contents (except as
expressly indicated in paragraph 11 above), and have not made any independent
investigation thereof, on the basis of the information which was developed in
the course thereof, considered in light of our understanding of applicable law
and the experience we have gained through our practice thereunder, this is to
advise you that nothing has come to our attention which causes us to believe
that (a)(i) at the time the Registration Statement became effective and as of
the date of the Prospectus Supplement, the Registration Statement, (ii) as of
the Applicable Time, the General Disclosure Package or (iii) the Prospectus or
any supplement thereto as of its date (except in the case of each of clauses
(i), (ii) and (iii), as to the documents incorporated by reference therein and
as to financial statements and related notes and schedules and the other
financial and accounting data derived from such financial statements and
related notes and schedules included or incorporated by reference therein, as
to which we express no belief), contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein (and with respect to the General
Disclosure Package and the Prospectus or any supplement thereto, in the light
of the circumstances under which they were made), not misleading, or (b) at the
date hereof, the Prospectus or any supplement thereto (except as aforesaid)
contains any untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein in
the light of the circumstances under which they were made, not misleading. 

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Exhibit A-2

FORM OF OPINION OF BRYAN CAVE LLP,
England and Wales COUNSEL FOR THE
COMPANY

TO BE DELIVERED PURSUANT TO SECTION 5(b)

1.         The English Subsidiary has been duly
incorporated under the laws of England and Wales.

2.         Based solely upon the good standing
certificate issued by the Registrar of Companies and the enquiry to the Central
Registry of Winding Up Petitions, the English Subsidiary has been in continuous
and unbroken existence since the date of its incorporation, no action is
currently being taken by the Registrar of Companies for striking the English
Subsidiary off the register and dissolving it as defunct, the English
Subsidiary is not in liquidation or subject to an administration order and no
receiver or manager of the English Subsidiary's property has been appointed.

3.         The
English Subsidiary has the corporate power to own, lease and operate its
properties and to conduct its business as described in the General Disclosure
Package and the Prospectus referred to in the Purchase Agreement.
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Exhibit A-3

FORM OF OPINION OF David M. Minnick, general counsel, COUNSEL
FOR THE COMPANY

TO BE DELIVERED PURSUANT TO SECTION 5(b)

1.         The authorized capital stock of the Company
is as set forth in the Prospectus under the caption "Capitalization" and the
shares of issued and outstanding capital stock of the Company, including the
Shares to be purchased by the Underwriters from the Selling Stockholder, have
been duly authorized and validly issued and are fully paid and non-assessable. 
None of the outstanding shares of the Company's capital stock has been issued
in violation of any statutory preemptive right, or any similar contractual
preemptive right of any stockholder of the Company arising under the laws of
the state of Missouri, the Company's Restated Certificate of Incorporation,
Amended and Restated By-Laws or any material agreement, contract or instrument
listed as an exhibit to the Registration Statement or the documents
incorporated by reference therein.

2.         The Securities have been duly authorized for
issuance and sale to the Underwriters pursuant to the Purchase Agreement and,
when issued and delivered by the Company pursuant to the Purchase Agreement
against payment of the consideration set forth in the Purchase Agreement, will
be validly issued and fully paid and non-assessable.

3.         The issuance of the Securities is not
subject to any statutory preemptive right, or any similar contractual
preemptive right of any stockholder of the Company arising under the laws of
the state of Missouri, the Company's Restated Certificate of Incorporation,
Amended and Restated By-Laws or any material agreement, contract or instrument
listed as an exhibit to the Registration Statement or the documents
incorporated by reference therein.

4.         Except as otherwise disclosed in the
Registration Statement, all of the issued and outstanding capital stock of each
subsidiary, to the best of my knowledge, is owned by the Company, directly or
through subsidiaries, free and clear of any security interest, mortgage,
pledge, lien, encumbrance, claim or equity.  Each subsidiary is duly qualified
as a foreign corporation to transact business and is in good standing in each
jurisdiction in which such qualification is required.  The issued and
outstanding capital stock of each subsidiary has been duly authorized and
validly issued, is fully paid and non-assessable; none of the outstanding shares
of capital stock of any subsidiary was issued in violation of the statutory
preemptive or any contractual preemptive or similar rights of any security
holder of such subsidiary arising under the laws of the state of Missouri, or
the certificate of incorporation, certificate of formation, bylaws, operating
agreement or equivalent organizational documents of any such subsidiary or any
material agreement, contract or instrument listed as an exhibit to the
Registration Statement or the documents incorporated by reference therein.

5.         The documents incorporated by reference in
the Registration Statement and the Prospectus and any further amendment or
supplement to any such incorporated documents made by the Company as of the
date hereof (except for the financial statements and related notes and
schedules and other financial and accounting data included or incorporated by
reference therein or omitted therefrom, as to which I express no opinion) when
they were filed with the Commission, appear on their face to comply as to form
in all material respects with the requirements of the Exchange Act, and the
rules and regulations of the Commission promulgated thereunder.

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6.         Except as referred to in Registration
Statement or the Prospectus, I hereby confirm to you that, to the best of my
knowledge, no action or proceeding against and naming the Company or any
subsidiary is pending or overtly threatened to the Company or any subsidiary
before any court, governmental authority or arbitrator, which would reasonably
be expected to materially and adversely affect the properties or assets thereof
or the consummation of the transactions contemplated in the Purchase Agreement
or the performance by the Company of its obligations thereunder.

7.         All descriptions in the Registration Statement
of contracts and other documents to which the Company or its Subsidiaries are a
party are accurate in all material respects; to the best of my knowledge, there
are no franchises, contracts, indentures, mortgages, loan agreements, notes,
leases or other instruments required to be described or referred to in the
Registration Statement or to be filed as exhibits to the Registration Statement
or to the documents incorporated by reference to the Registration Statement
other than those described or referred to therein or filed or incorporated by
reference as exhibits thereto.

8.         The execution and delivery by the Company of
the Purchase Agreement and the consummation of the transactions contemplated in
the Purchase Agreement (including the offering, issuance and delivery of the
Securities and the use of the proceeds thereof as described in the Prospectus
under the caption "The Offering--Use of Proceeds") do not and will not result
in (a) any violation by the Company of (i) the provisions of the Charter or Bylaws,
(ii) the provisions of the Charter or Bylaws of any subsidiary, (iii) any
provision of applicable law that I, based on my experience, recognize as
applicable to the Company in a transaction of this type, or (iv) any order,
writ, judgment or decree of any U.S. federal or Missouri state court or
governmental authority or regulatory body having jurisdiction over the Company
or any of its Subsidiaries or any of their properties, or (b) a breach or
default or require the creation or imposition of any security interest or lien
upon any of the Company's or any subsidiary's properties pursuant to any
material agreement, contract or instrument listed as an exhibit to the
Registration Statement or the documents incorporated by reference therein.

            During the preparation of the Registration Statement,
the General Disclosure Package and the Prospectus, I have participated in
conferences with other officers and other representatives of the Company,
representatives of the independent accountants for the Company and you and your
representatives and counsel, at which conferences the contents of the
Registration Statement, the General Disclosure Package and the Prospectus and
related maters were discussed, reviewed and revised.  Although I am not passing
upon, and do not assume any responsibility for, the accuracy, completeness or
fairness of such contents, and have not made any independent investigation
thereof, on the basis of the information which was developed in the course
thereof, considered in light of my understanding of applicable law and the
experience I have gained through my practice thereunder, this is to advise you
that nothing has come to my attention which causes me to believe that (a)(i) at
the time the Registration Statement became effective and as of the date of the
Prospectus Supplement, the Registration Statement, (ii) as of the Applicable
Time, the General Disclosure Package, or (iii) the Prospectus or any supplement
thereto as of its date (except in the case of each of clauses (i), (ii) and
(iii), as to financial statements and related notes and schedules and the other
financial and accounting data derived from such financial statements and
related notes and schedules included or incorporated by reference therein, as
to which I express no belief), contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein (and with respect to the General
Disclosure Package and the Prospectus or any supplement thereto, in the light
of the circumstances under which they were made), not misleading, or (b) at the
date hereof, the Prospectus or any supplement thereto (except as aforesaid)
contains any untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
in the light of the circumstances under which they were made, not misleading.

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Exhibit B-1

FORM OF OPINION
OF Jonathan D. Niemeyer, Associate
General Counsel OF THE Western and Southern Life Insurance
Company,
TO BE DELIVERED PURSUANT TO SECTION 5(c)

(i)         No filing with, or consent, approval,
authorization, license, order, registration, qualification or decree of, any
court or governmental authority or agency, domestic or foreign known to have
jurisdiction over Western & Southern, (other than the issuance of the order
of the Commission declaring the Registration Statement effective, and such
authorizations, approvals or consents as may be necessary under state
securities laws, as to which no opinion is expressed hereunder) is necessary or
required to be obtained by Western & Southern for the performance by
Western & Southern of its obligations under the Agreement, or in connection
with the offer, sale or delivery of the Securities.

(ii)        The Agreement has been duly authorized,
executed and delivered by Western & Southern and constitutes the valid and
binding agreement of Western & Southern. 

(iii)       The execution, delivery and performance by
Western & Southern of the Agreement and the sale and delivery of the
Securities by Western & Southern, the consummation of the transactions
contemplated in the Agreement and the compliance by Western & Southern with
its obligations under the Agreement have been duly authorized by all necessary
corporate action on the part of Western & Southern and do not and will not,
whether with or without the giving of notice or passage of time or both,
conflict with or constitute a breach of, or default under or result in the
creation or imposition of any tax, lien, charge or encumbrance upon the
Securities or any property or assets of Western & Southern pursuant to, any
contract, indenture, mortgage, deed of trust, loan or credit agreement, note,
license, lease or other instrument or agreement to which Western & Southern
is a party or by which it may be bound, or to which any of the property or
assets of Western & Southern may be subject nor will such action result in
any violation of the provisions of the charter or by-laws of Western &
Southern, if applicable, or, to the best of my knowledge,  any law,
administrative regulation, judgment or order of any governmental agency or body
or any administrative or court decree having jurisdiction over Western &
Southern or any of its properties.

(iv)       Western & Southern has valid title to
the Securities to be sold by Western & Southern free and clear of all
security interests, claims, liens, equities and other encumbrances, and has the
legal right and power to sell, transfer and deliver the Securities to be sold
by Western & Southern pursuant to the Agreement.

(v)        Upon payment of the purchase price for the
Securities to be sold by Western & Southern pursuant to the Agreement,
delivery of such Securities, as directed by the Underwriters, to Cede & Co.
("Cede") or such other nominee as may be designated by DTC, registration of
such Securities in the name of Cede or such other nominee and the crediting of
such Securities on the books of DTC to securities accounts of the Underwriters
(assuming that neither DTC nor any such Underwriter has notice of any "adverse
claim," within the meaning of Section 8-105 of the New York Uniform Commercial
Code (the "UCC"), to such Securities), (A) DTC shall be a "protected purchaser,"
within the meaning of Section 8-303 of the UCC, of such Securities and will acquire
its interest in the Securities (including, without limitation, all rights that
Western & Southern had or has the power to transfer in such Securities)
free and clear of any adverse claim within the meaning of Section 8-102 of the
UCC, (B) under Section 8-501 of the UCC, the Underwriters will acquire a valid
security entitlement in respect of such Securities, and (C) no action based on
an adverse claim to the financial asset consisting of the Securities deposited
in or held by the DTC by Western & Southern, whether

 

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such action is framed
in conversion, replevin, constructive trust, equitable lien, or other theory,
may be asserted successfully against the Underwriters assuming that the
Underwriters acquire security entitlements with respect to such Securities from
DTC, and none of the Underwriters have any notice of any adverse claims with
respect to such financial asset; for purposes of this paragraph, I have assumed
that when such payment, delivery and crediting occur, (x) such Securities will
have been registered in the name of Cede or another nominee designated by DTC,
in each case on the Company's share registry in accordance with its certificate
of incorporation, bylaws and applicable law, (y) DTC will be registered as a "clearing
corporation," within the meaning of Section 8-102 of the UCC, and (z)
appropriate entries to the accounts of the several Underwriters on the records
of DTC will have been made pursuant to the UCC.

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Form of lock-up from directors, officers or other stockholders
pursuant to Section 5(k)

Exhibit C

                                                                                                                                        September
24, 2008

Stifel, Nicolaus
& Company, Incorporated

MERRILL LYNCH
& CO.

Merrill
Lynch, Pierce, Fenner & Smith

   
Incorporated

Keefe, Bruyette & Woods

    as Representatives of the
several

    Underwriters to be named 

    within‐mentioned Purchase
Agreement

c/o  Merrill
Lynch & Co.

Merrill
Lynch, Pierce, Fenner & Smith

   
Incorporated4 World Financial Center

  New York, New York  10080

Re:       Proposed Public Offering
by Stifel Financial Corp.

Dear Sirs:

    The undersigned, a stockholder [and an officer and/or
director] of Stifel Financial Corp., a Delaware corporation (the "Company"),
understands that Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"), Stifel, Nicolaus & Company,
Incorporated and Keefe, Bruyette & Woods propose to enter into a
Purchase Agreement (the "Purchase Agreement") with the Company and the Selling
Stockholder named therein providing for the public offering of shares (the "Securities")
of the Company's common stock, par value $0.15 per share (the "Common Stock"). 
In recognition of the benefit that such an offering will confer upon the
undersigned as a stockholder and an officer and/or director of the Company, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned agrees with each underwriter to be
named in the Purchase Agreement that, during a period of 90 days from the date
of the Purchase Agreement, the undersigned will not, without the prior written
consent of Merrill Lynch, directly or indirectly, (i) offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant for the sale of, or
otherwise dispose of or transfer any shares of the Company's Common Stock or
any securities convertible into or exchangeable or exercisable for Common
Stock, whether now owned or hereafter acquired by the undersigned or with
respect to which the undersigned has or hereafter acquires the power of
disposition, or file, or cause to be filed, any registration statement under
the Securities Act of 1933, as amended, with respect to any of the foregoing
(collectively, the "Lock-Up Securities") or (ii) enter into any swap or any
other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of the Lock-Up
Securities, whether any such swap or transaction is to be settled by delivery
of Common Stock or other securities, in cash or otherwise, provided, however,
that the foregoing restrictions shall not preclude or otherwise limit:

    (i)         the exercise of an option or warrant to
purchase Common Stock of the Company to the extent such option or warrant is
otherwise expiring or terminating; provided, however, that in such case the
shares of Common Stock issued upon such exercise shall remain subject to this
lock-up agreement; or

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    (ii)        entering into a written plan meeting the
requirements of Rule 10b5-1 under the Securities Act, relating to the sale of
securities of the Company, if then permitted by the Company, provided that the
securities subject to such plan may not be sold until after the expiration of
the 90-day lock-up period, and provided further that no filing by any party
(donor, donee, transferor or transferee) with the Securities and Exchange
Commission, or otherwise shall be required or shall be voluntarily made during
the lock-up period in connection with such plan; or 

    (iii)       [the pledge of shares of Common Stock by
the undersigned in connection with a collateralized margin loan transaction,
provided that such loan transaction was made prior to the date hereof.]

    Notwithstanding the foregoing, and
subject to the conditions below, the undersigned may transfer the Lock-Up
Securities without the prior written consent of Merrill Lynch, provided that
(1) Merrill Lynch receives a signed lock-up agreement for the balance of the
lockup period from each donee, trustee, distributee, or transferee, as the case
may be, (2) any such transfer shall not involve a disposition for value, (3)
such transfers are not required to be reported in any public report or filing
with the Securities and Exchange Commission, or otherwise and (4) the
undersigned does not otherwise voluntarily effect any public filing or report
regarding such transfers:

    (i)         as a bona fide gift or gifts; or

    (ii)        to any trust for the direct or indirect
benefit of the undersigned or the immediate family of the undersigned (for
purposes of this lock-up agreement, "immediate family" shall mean any
relationship by blood, marriage or adoption, not more remote than first
cousin); or

    (iii)       as a distribution to limited partners or
stockholders of the undersigned; or

    (iv)       to the undersigned's affiliates or to any
investment fund or other entity controlled or managed by the undersigned.

    Notwithstanding the foregoing, if:

    (1)        during the last 17 days
of the 90-day lock-up period, the Company issues an earnings release or
material news or a material event relating to the Company occurs; or 

    (2)        prior to the expiration
of the 90-day lock-up period, the Company announces that it will release
earnings results or becomes aware that material news or a material event will
occur during the 16-day period beginning on the last day of the 90-day lock-up
period,

the restrictions imposed by this lock-up agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event, as applicable, unless Merrill Lynch waives, in writing, such extension.    The undersigned hereby acknowledges and agrees that
written notice of any extension of the 90-day lock-up period pursuant to the
previous paragraph will be delivered by Merrill Lynch to the Company (in
accordance with Section 12 of the Purchase Agreement) and that any such notice
properly delivered will be deemed to have been given to, and received by, the
undersigned. The undersigned further agrees that, prior to engaging in any
transaction or taking any other action that is subject to the terms of this
lock-up agreement during the period from the date of this lock-up agreement to
and including the 34th day following the expiration of the initial
90-day lock-up period, it will give notice thereof to the Company and will not
consummate such transaction or take any such action unless it has received

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 written confirmation from the Company that the 90-day lock-up period (as may
have been extended pursuant to the previous paragraph) has expired.

    The
undersigned also agrees and consents to the entry of stop transfer instructions
with the Company's transfer agent and registrar against the transfer of the
Lock-Up Securities except in compliance with the foregoing restrictions.

Very truly yours,

Signature:                                                   

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Name:                                                      
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746857.05-New York Server 4A - MSW

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