Document:

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                                                             Executed in 6 Parts
                                                             Counterpart No. ( )

                              NATIONAL EQUITY TRUST

                           TOP TEN PORTFOLIO SERIES 25

                            REFERENCE TRUST AGREEMENT

         This Reference Trust Agreement dated August 23, 2000 among Prudential
Securities Incorporated, as Depositor and The Chase Manhattan Bank, as Trustee,
sets forth certain provisions in full and incorporates other provisions by
reference to the document entitled "National Equity Trust Low Five Portfolio
Series, Trust Indenture and Agreement" (the "Basic Agreement") dated April 25,
1995. Such provisions as are set forth in full herein and such provisions as are
incorporated by reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

         In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                     Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

         Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended in the following
manner:

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                                      -2-

A.       Article I, entitled "Definitions", paragraph 22, shall be amended as
         follows:

         "Trustee shall mean The Chase Manhattan Bank or any successor trustee
         appointed as hereinafter provided."

B.       Article II, entitled "Deposit of Securities; Acceptance of Trust",
         shall be amended as follows:

         The second sentence of Section 2.03 Issue of Units shall be amended by
         deleting the words "on any day on which the Depositor is the only Unit
         Holder."

C.       Article III, entitled "Administration of Trust", shall be amended as
         follows:

         (i)      Section 3.01 Initial Costs shall be amended to substitute the
                  following language:

                           Section 3.01. Initial Cost The costs of organizing
                           the Trust and sale of the Trust Units shall, to the
                           extent of the expenses reimbursable to the Depositor
                           provided below, be borne by the Unit Holders,
                           provided, however, that, to the extent all of such
                           costs are not borne by Unit Holders, the amount of
                           such costs not borne by Unit Holders shall be borne
                           by the Depositor and, provided further, however, that
                           the liability on the part of the Depositor under this
                           section shall not include any fees or other expenses
                           incurred in connection with the administration of the
                           Trust subsequent to the deposit referred to in
                           Section 2.01. Upon notification from the Depositor
                           that the primary offering period is concluded, the
                           Trustee shall withdraw from the Account or Accounts
                           specified in the Prospectus or, if no Account is
                           therein specified, from the Principal Account, and
                           pay to the Depositor the Depositor's reimbursable
                           expenses of organizing the Trust and sale of the
                           Trust Units in an amount certified to the Trustee by
                           the Depositor. If the balance of the Principal
                           Account is insufficient to make such withdrawal, the
                           Trustee shall, as directed by the Depositor, sell
                           Securities identified by the

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                                      -3-

                           Depositor, or distribute to the Depositor Securities
                           having a value, as determined under Section 4.01 as
                           of the date of distribution, sufficient for such
                           reimbursement. The reimbursement provided for in this
                           section shall be for the account of the Unitholders
                           of record at the conclusion of the primary offering
                           period and shall not be reflected in the computation
                           of the Unit Value prior thereto. As used herein, the
                           Depositor's reimbursable expenses of organizing the
                           Trust and sale of the Trust Units shall include the
                           cost of the initial preparation and typesetting of
                           the registration statement, prospectuses (including
                           preliminary prospectuses), the indenture, and other
                           documents relating to the Trust, SEC and state blue
                           sky registration fees, the cost of the initial
                           valuation of the portfolio and audit of the Trust,
                           the initial fees and expenses of the Trustee, and
                           legal and other out- of-pocket expenses related
                           thereto, but not including the expenses incurred in
                           the printing of preliminary prospectuses and
                           prospectuses, expenses incurred in the preparation
                           and printing of brochures and other advertising
                           materials and any other selling expenses. Any cash
                           which the Depositor has identified as to be used for
                           reimbursement of expenses pursuant to this Section
                           shall be reserved by the Trustee for such purpose and
                           shall not be subject to distribution or, unless the
                           Depositor otherwise directs, used for payment of
                           redemptions in excess of the per-Unit amount
                           allocable to Units tendered for redemption. As
                           directed by the Depositor, the Trustee will advance
                           funds to the Trust in an amount necessary to
                           reimburse the Depositor pursuant to this Section and
                           shall recover such advance from the sale or sales of
                           Securities at such time as the Depositor shall
                           direct, but in no event later than the termination of
                           the Trust. Repayment of any such advance shall be
                           secured by a lien on the assets of the Trust prior to
                           the interest of the Unit Holders as provided in
                           Section 6.04.

                  (ii)     The third paragraph of Section 3.05 Distribution
                           shall be amended to add the following sentence at the
                           end thereof:

                           "The Trustee shall make a special distribution of the
                           cash balance in the Income and Principal accounts
                           available for such distribution to Unit

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                                      -4-

                           Holders of record on such dates as the Depositor
                           shall direct."

                  (iii)    The second to the last paragraph of Section 3.08 Sale
                           of Securities shall be amended to replace the word
                           "equal" with the following phrase: "be sufficient to
                           pay."

                  (iv)     Section 3.14 Deferred Sales Charge shall be amended
                           to add the following sentences at the end thereof:

                           "References to Deferred Sales Charge in this Trust
                           Indenture and Agreement shall include any Creation
                           and Development Fee indicated in the prospectus for a
                           Trust. The Creation and Development Fee shall be
                           payable on each date so designated and in an amount
                           determined as specified in the prospectus for a
                           Trust."

         D.       Reference to United States Trust Company of New York in its
                  capacity as Trustee is replaced by the Chase Manhattan Bank
                  throughout the Basic Agreement.

         E.       Section 6.05 shall be amended to delete the clause "if the
                  Depositor shall determine in good faith that there has oc-
                  curred either (1) a material deterioration in the creditwor-
                  thiness of the Trustee or (2) one or more negligent acts on
                  the part of the Trustee having a materially adverse effect,
                  either singly or in the aggregate, on the Trust or on one or
                  more Trusts, such that the replacement of the Trustee is in
                  the best interest of the Unit Holders" and insert in place
                  thereof "upon the determination of the Depositor to remove the
                  Trustee for any reason, either with or without cause,
                  including but not limited to a determination by the Deposi-
                  tor that the Trustee has materially failed to perform its
                  duties under the Indenture and the interest of Unit Holders
                  has been substantially impaired as a result".

                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

                  The following special terms and conditions are hereby agreed
to:

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                                      -5-

                  A. The Trust is denominated National Equity Trust, Top Ten
         Portfolio Series 25.

                  B. The Units of the Trust shall be subject to a deferred sales
         charge.

                  C. The contracts for the purchase of common stock listed in
         Schedule A hereto are those which, subject to the terms of this
         Indenture, have been or are to be deposited in Trust under this
         Indenture as of the date hereof.

                  D. The term "Depositor" shall mean Prudential Securities
         Incorporated.

                  E. The aggregate number of Units referred to in Sections 2.03
         and 9.01 of the Basic Agreement is 125,000 as of the date hereof.

                  F. A Unit of the Trust is hereby declared initially equal to
         1/125,000th of the Trust.

                  G. The term "First Settlement Date" shall mean August 29,
         2000.

                  H. The terms "Computation Day" and "Record Date" shall mean on
         the tenth day of November 2000, February 2001, May 2001,
         and August, 2001.

                  I. The term "Distribution Date" shall mean on the twenty-fifth
         day of November 2000, February 2001, May 2001, and August 2001 or as
         soon thereafter as possible.

                  J. The term "Termination Date" shall mean October 2, 2001.

                  K. The Trustee's Annual Fee shall be $1.16 (per 1,000
         Units) for 100,000,000 and above units outstanding; $1.22 (per
         1,000 Units) for 50,000,000 - 99,999,999 units outstanding;
         $1.26 (per 1,000 Units) for 49,999,999 and below units
         outstanding. In calculating the Trustee's annual fee, the fee
         applicable to the number of units outstanding shall apply to all units
         outstanding.

                  L. The Depositor's Portfolio supervisory service fee shall be
         $0.25 per 1,000 Units.

               [Signatures and acknowledgments on separate pages]

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                                      -6-

         The Schedule of Portfolio Securities in Part A of the prospectus
         included in this Registration Statement for National Equity Trust, Top
         Ten Portfolio Series 25 is hereby incorporated by reference herein as
         Schedule A hereto.ESCROW AGREEMENT
                                     (FUNDS)

     This ESCROW  AGREEMENT  is made as of this 21st day of August,  2000 by and
between  SB Merger  Corp.  with a place of  business  at 305 East  Grand  River,
Brighton Michigan 48116 (the "Company"),  and Continental Stock Transfer & Trust
Company with a principal place of business at 2 Broadway,  19th Floor, New York,
New York 10004, in its capacity as escrow agent only (the "Escrow Agent").

                              W I T N E S S E T H:
                              -------------------

     WHEREAS, the Company intends to consummate the initial public offering (the
"Offering") of an aggregate of 125,000 shares of the Company's common stock, par
value  $.001 per share  (the  "Common  Stock") as more  fully  described  in the
Company's  Registration Statement on Form SB-2 under the Securities Act of 1933,
as amended (File No.  333-39044),  as declared  effective by the  Securities and
Exchange Commission on September _, 2000 (the "Registration Statement");

     WHEREAS,  in accordance  with the terms of the offering as set forth in the
Registration  Statement,  the gross  proceeds  from the sale of the  Shares  are
required to be placed directly in an escrow account; and

     WHEREAS, the Company wishes to appoint the Escrow Agent as the escrow agent
for such account, on the terms and conditions set forth below in order to comply
with the  requirements  of Rule 419 of Regulation C of the Rules and Regulations
established by the Securities and Exchange Commission;

     NOW, THEREFORE, in consideration of the mutual promises and obligations set
forth below, and for other valuable consideration the sufficiency and receipt of
which are hereby acknowledged, the parties hereto hereby agree as follows:

I.  Appointment  of Escrow  Agent and  Creation of Account.  The Company  hereby
appoints the Escrow Agent as escrow agent hereunder and directs it to hold those
assets  described in

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Exhibit A attached  hereto,  together  with any  additional  assets which may be
deposited  with the Escrow  Agent from time to time to be held  pursuant to this
Agreement  and all income  earned from  investment  of the assets  described  in
Exhibit A and any additions thereto  (collectively,  the "Escrow Assets"),  in a
separate  account in the name of "SB Merger Corp. - Escrow Account" (the "Escrow
Account"). The Escrow Account shall be invested, administered and distributed in
accordance with the terms set forth below. Contemporaneously with the closing of
the  Offering,  the Company  shall  deposit  with the Escrow  Agent those assets
listed on Exhibit A.

     1. Initial Funding of Escrow Account. The Escrow Account shall be initially
funded with the proceeds from the sale of Shares by the Company.  All funds from
the initial  sale of Shares by the Company  shall be  deposited  directly in the
Escrow Account by wire transfer, check or money order.

     2.  Investment  of Escrow  Assets.  The Escrow  Assets shall be invested in
accordance with the instructions  set forth in Exhibit C attached  hereto.  Such
instructions  may be  modified  only by a  written  certificate  executed  by an
authorized  officer of the Company and delivered to the Escrow  Agent;  however,
this  Escrow  Agreement  may not be  altered  by the Board of  Directors  of the
Company in terms of the  investment  instructions,  except as may be required by
the Board of  Directors to fulfill  their  fiduciary  obligations.  Escrow Agent
shall  make  monthly  accounting  of  such  investments,   the  income  received
therefrom, and the then existing balance of the Escrow Account to the Company.

     3.  Distribution   from  Escrow  Account.   The  Escrow  Agent  shall  make
distributions  from the Escrow Account in accordance with the  requirements  set
forth in Exhibit D attached hereto.  Such instructions may be modified only by a
written  certificate  executed  by  authorized  officers  of  the  Company,  and
delivered to the Escrow  Agent.  In addition,  this Escrow  Agreement may not be
altered by the Board of  Directors  of the Company in terms of its  distribution
instructions,  except as may be  required by the Board of  Directors  to fulfill
their   fiduciary   obligations.   The  Escrow  Agent  is   authorized  to  make
distributions  in reliance on the  instructions  it receives.  Written notice of
each  disbursement from the Escrow Agent shall be provided to the Company within
ten (10) days of each such  disbursement.  Upon the final distribution of all of
the Escrow  Assets,  this Agreement  shall  terminate and the Escrow Agent shall
have no further obligations or liabilities hereunder.

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     4.  Compensation  of Escrow  Agent.  The Escrow  Agent shall  receive  fees
determined in accordance with, and payable as specified in, the Schedule of Fees
attached hereto as Exhibit E (the "Fee  Schedule").  The Escrow Agent shall have
no duties or liabilities  under this Agreement  unless and until full payment of
the fee set forth in Exhibit  E. The Escrow  Agent  shall be  reimbursed  by the
Company for all  expenses,  disbursements  and advances  incurred or made by the
Escrow Agent in preparation,  administration  and enforcement of this Agreement,
including,  but not limited to, reasonable legal fees and expenses.  The Company
shall be liable for all payments due to the Escrow Agent under this Agreement.

     5.  Responsibilities  and Rights of the Escrow Agent.  To induce the Escrow
Agent to act hereunder, it is further agreed by the undersigned that:

     (a) The  Escrow  Agent  undertakes  to  perform  only  such  duties  as are
expressly set forth herein.  Without  limiting the  generality of the foregoing,
the Escrow  Agent  shall have no duty or  responsibility  as  regards  any:  (i)
security  as to which a default in the  payment of  principal  or  interest  has
occurred,  to give notice of default,  make demand for payment or take any other
action with respect to such  default;  and (ii) loss  occasioned by delay in the
actual  receipt  of  notice  of any  payment,  redemption  or other  transaction
regarding  any item in the Escrow  Assets as to which it is  authorized  to take
action  hereunder.  The Escrow Agent may consult with counsel and shall be fully
protected with respect to any action taken in good faith in accordance with such
advice.  The Escrow  Agent shall have no  liability  or  responsibility  for any
misstatement in, or omission from, the Prospectus.

     (b) The  Escrow  Agent  shall  not be under  any duty to give the  Escrowed
Assets held by it  hereunder  any  greater  degree of care than it gives its own
similar  property  and shall not be required to invest any funds held  hereunder
except as directed pursuant to this Escrow Agreement. In the event that there is
a change in the  investment  instructions  resulting in uninvested  funds,  such
uninvested funds held hereunder shall not earn or accrue interest.

     (c) The Escrow  Agent does not make any  representation  or  warranty  with
regard to the  creation or  perfection,  hereunder or  otherwise,  of a security
interest in the Escrow Assets or regarding the negotiability or  transferability
of, or existence of other interests in the Escrow Assets. The

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Escrow Agent shall have no  responsibility  at any time to ascertain  whether or
not any security  interest exists in the Escrow Assets or any part thereof or to
file any financing statement under the Uniform Commercial Code of any state with
respect to the Escrow Assets or any part thereof.

     (d) The Escrow Agent is hereby authorized to comply with any judicial order
or legal process which stays, enjoins, directs or otherwise affects the transfer
or  delivery  of the  Escrow  Assets or any  party  hereto  and  shall  incur no
liability for any delay or loss which may occur as a result of such compliance.

     (e) The Escrow  Agent shall have no duty or  responsibility  with regard to
any loss resulting from the investment, reinvestment, sale or liquidation of the
Escrow Assets in accordance with the terms of this  Agreement.  The Escrow Agent
need not maintain any insurance with respect to the Escrow Assets.

     (f) The Escrow  Agent  shall in no event be liable in  connection  with its
investment or  reinvestment  of any cash held by it hereunder in good faith,  in
accordance with the terms hereof, including,  without limitation,  any liability
for any delays (not resulting from its gross  negligence or willful  misconduct)
in the  investment  or  reinvestment  of the  Escrowed  Assets,  or any  loss of
interest incident to any such delays.

     (g) Except as  otherwise  expressly  provided  herein,  the Escrow Agent is
authorized  to execute  instructions  and take other  actions  pursuant  to this
Agreement in  accordance  with its  customary  processing  practices for similar
customers  and, in  accordance  with such  practices the Escrow Agent may retain
agents, including its own subsidiaries or affiliates, to perform certain of such
functions. The Escrow Agent shall have no liability under this Agreement for any
loss or  expense  other  than  those  occasioned  by the  Escrow  Agent's  gross
negligence or willful misconduct and in any event its liability shall be limited
to direct  damages and shall not include any special or  consequential  damages.
All  collection  and receipt of funds or securities and all payment and delivery
of funds or securities under this Agreement shall be made by the Escrow Agent as
agent,  at the risk of the other parties hereto with respect to their actions or
omissions and those of any person other than the Escrow Agent. In no event shall
the Escrow Agent be  responsible  or liable for any loss due to force beyond its
control,  including,  but not  limited  to, acts of God,  flood,  fire,  nuclear

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fusion,  fission  or  radiation,   war  (declared  or  undeclared),   terrorism,
insurrection,  revolution,  riot,  strikes  or work  stoppages  for any  reason,
embargo,  government action, including any laws, ordinances,  regulations or the
like which  restrict or prohibit the providing of the services  contemplated  by
this Agreement,  inability to obtain equipment or communications  facilities, or
the failure of equipment or interruption of communications facilities, and other
causes whether or not of the same class or kind as specifically  named above. In
the event that the Escrow  Agent is unable  substantially  to perform for any of
the reasons described in the immediately  preceding sentence, it shall so notify
the other parties hereto as soon as reasonably  practicable following its actual
knowledge of the same.

     (h) This Escrow Agreement expressly sets forth all the duties of the Escrow
Agent with respect to any and all matters pertinent hereto. No implied duties or
obligations  shall  be read  into  this  agreement  against  the  Escrow  Agent.
Notwithstanding  any  provisions of this  Agreement to the contrary,  the Escrow
Agent  shall not be bound by, or have any  responsibility  with  respect to, any
other agreement or contract among the Company and the  Representatives  (whether
or not the Escrow Agent has knowledge thereof).

     (i) It is understood  and agreed that should any dispute arise with respect
to the payment and/or ownership or right of possession of the Escrow Assets,  or
should  the Escrow  Agent in good faith be in doubt as to what  action it should
take  hereunder,  the Escrow Agent is  authorized  and directed to retain in its
possession,  without  liability to anyone,  all or any part of the Escrow Assets
until such  dispute  shall have been settled  either by mutual  agreement by the
parties  concerned  or by the final  order,  decree or  judgment of any court or
other  tribunal of competent  jurisdiction  in the United  States of America and
time for appeal has  expired  and no appeal has been  perfected,  but the Escrow
Agent  shall  be  under no duty  whatsoever  to  institute  or  defend  any such
proceedings.  Any such court order shall be  accompanied  by a legal  opinion by
counsel for the presenting party  satisfactory to the Escrow Agent to the effect
that said court order is final and nonappealable.

     (j) The Escrow  Agent shall be  entitled to rely upon any order,  judgment,
certification,  demand,  notice,  instrument  or other  writing  delivered to it
hereunder   without  being  required  to  determine  the   authenticity  or  the
correctness  of any fact  stated  therein or the  propriety  or  validity of the
service thereof.  Without limiting the foregoing, in the event of

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any  alteration  of investment or  distribution  instructions,  the Escrow Agent
shall have no responsibility  to determine whether the requested  alteration was
required  by the Board of  Directors  of the  Company to fulfill  its  fiduciary
obligations.  The  Escrow  Agent  may act in  reliance  upon any  instrument  or
signature believed by it to be genuine and may assume that any person purporting
to give  receipt or advice or make any  statement  or execute  any  document  in
connection with the provisions hereof has been duly authorized to do so.

     (k) The Company shall hold the Escrow Agent and its agents  harmless  from,
and  indemnify  and  reimburse  the Escrow  Agent and its agents for all claims,
liability,  loss and expense (including reasonable  out-of-pocket and incidental
expenses  and legal fees),  incurred by the Escrow  Agent or them in  connection
with the Escrow Agent or their acting under this  Agreement,  provided  that the
Escrow Agent or they,  as the case may be, have not acted with gross  negligence
or willful  misconduct  with  respect to the events  resulting  in such  claims,
liability, loss, and expense.

     (l) The Company  acknowledges and agree that, except as otherwise  provided
in this Section 6(l), the Escrow Agent shall not be  responsible  for taking any
steps,  including  without  limitation,  the  filing  of  forms or  reports,  or
withholding of any amounts in connection with any tax obligations of the Company
or any other party in connection with the Escrow Assets; provided, however, that
the Escrow Agent shall be entitled to take any action such as withholding,  that
it deems  appropriate  to  ensure  compliance  with its  obligations  under  any
applicable  tax  laws.  In no  event  shall  the  Escrow  Agent be  required  to
distribute  funds from the Escrow  Account  to either  the  shareholders  or the
Company unless the appropriate Internal Revenue Service Form W-8 or Form W-9 are
received.  Notwithstanding  the  foregoing,  the Escrow  Agent shall  supply any
information  or  documents  as may be  reasonably  requested  by the  Company in
connection  with the  Company's  preparation  of its tax  returns for the Escrow
Account.  Upon  any  distribution  of  Escrow  Assets  in  accordance  with  the
instructions  set forth in Exhibit D attached  hereto,  the Escrow  Agent  shall
prepare and deliver to each person  receiving a  distribution  a completed  Form
1099, and shall supply any necessary  information as may reasonably be requested
in writing by such persons.

     (m) The  Escrow  Agent  does not have any  interest  in the  Escrow  Assets
deposited  hereunder  but is  serving  as escrow  holder  only and  having  only
possession  thereof.  The Company

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shall pay or reimburse  the Escrow Agent upon request for any transfer  taxes or
other taxes  relating to the Escrow Assets  incurred in connection  herewith and
shall  indemnify  and hold harmless the Escrow Agent from any amounts that it is
obligated  to  pay in the  way of  such  taxes.  This  paragraph  shall  survive
notwithstanding  any termination of this Escrow  Agreement or the resignation of
the Escrow Agent.

     (n) The Escrow Agent makes no  representation  as to the  validity,  value,
genuineness  or  the  collectability  of  any  security  or  other  document  or
instrument held by or delivered to it.

     (o) The Escrow Agent shall not be called upon to advise any party as to the
wisdom in selling or  retaining  or taking or  refraining  from any action  with
respect to any securities or other property deposited hereunder.

     (p)  No  printed  or  other  matter  in  any  language  (including  without
limitation  prospectuses,  notices,  reports  and  promotional  material)  which
mentions  the Bank's name or the rights,  powers,  or duties of the Escrow Agent
shall be issued by the other parties  hereto or on such  parties,  behalf unless
the Escrow Agent shall first have given its specific  written  consent  thereto.
Notwithstanding  the foregoing  sentence,  the Escrow Agent hereby  specifically
consents to the use of its name as Escrow Agent as necessary to  effectuate  the
Company's public offering and a business combination of the Company.

     (q) The  Company  authorizes  the Escrow  Agent,  for any  securities  held
hereunder,  to  use  the  services  of  any  United  States  central  securities
depository it deems appropriate,  including,  but not limited to, the Depositary
Trust Company and the Federal Reserve Book Entry System.

     6.   Instructions: Fund Transfers.

     (a) The Escrow Agent is  authorized  to rely and act upon all  instructions
given or purported to be given by one or more  officers,  employees or agents of
the Company  (i)  authorized  by or in  accordance  with a corporate  resolution
delivered to the Escrow Agent or (ii)  described as  authorized in a certificate
delivered  to  the  Escrow  Agent  by the  appropriate  Secretary  or  Assistant
Secretary  or  similar  officer  (each  such  officer,   employee  or  agent  or
combination of officers,  employees and agents authorized pursuant to clause (i)
or  described  pursuant  to  clause  (ii) of this  Section  6(a) is  hereinafter

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referred to as an  "Authorized  Officer").  (The term  "instructions"  includes,
without limitation, instructions to sell, assign, transfer, deliver, purchase or
receive for the Escrow Account any and all stocks, bonds and other securities or
to transfer all or any portion of the Escrow  Assets.) The Escrow Agent may also
rely and act upon  instructions when bearing or purporting to bear the signature
or facsimile  signature of any of the  individuals  designated  by an Authorized
Officer regardless of by whom or by what means the actual or purported facsimile
signature or signatures  thereon may have been affixed thereto if such facsimile
signature or signatures  resemble the facsimile  specimen or specimens from time
to time  furnished  to the  Escrow  Agent  by any of such  Authorized  Officers,
Secretary  or an  Assistant  Secretary or similar  officer).  In  addition,  and
subject  to  subsection  6(b)  hereof,  the  Escrow  Agent may rely and act upon
instructions received by telephone, telex, TXW facsimile transmission, bank wire
or other  teleprocess  acceptable to it which the Escrow Agent  believes in good
faith to have been given by an Authorized  Officer or which are transmitted with
proper  testing or  authentication  pursuant to terms and  conditions  which the
Escrow  Agent may  specify.  The Escrow  Agent shall incur no  liability  to the
Company or otherwise for having acted in accordance  with  instructions on which
it is authorized to rely pursuant to the  provisions  hereof.  Any  instructions
delivered  to the  Escrow  Agent  by  telephone  shall  promptly  thereafter  be
confirmed in writing by an  Authorized  Officer but the Escrow Agent shall incur
no liability for a failure to send such confirmation in writing,  the failure of
any such written  confirmation to conform to the telephone  instruction which it
received,  the failure of any such written confirmation to be signed or properly
signed,  or its failure to produce such confirmation at any subsequent time. The
Escrow  Agent  shall  incur no  liability  for  refraining  from acting upon any
instructions, which for any reason it, in good faith, is unable to verify to its
own satisfaction.  Unless otherwise expressly  provided,  all authorizations and
instructions  shall  continue  in  full  force  and  effect  until  canceled  or
superseded by subsequent  authorizations or instructions  received by the Escrow
Agent's safekeeping account  administrator.  The Escrow Agent's authorization to
rely and act upon  instructions  pursuant to this paragraph shall be in addition
to, and shall not limit, any other authorization,  which the Company may give to
it hereunder.

     (b) With respect to written or telephonic instructions or instructions sent
by  facsimile  transmission  to  transfer  funds  from  the  Escrow  Account  in
accordance  herewith  (such  instructions  hereinafter  referred to as "Transfer

                                       8
<PAGE>

Instructions"),   the  security   procedure   agreed  upon  for   verifying  the
authenticity  of Transfer  Instructions is a callback by the Escrow Agent to any
of the persons designated below,  whether or not any such person has issued such
Transfer  Instruction.  (It is recommended that the persons designated below not
be persons who generally issue Transfer  Instructions;  whenever  possible,  the
Escrow Agent will endeavor to call someone other than the issuer of the Transfer
Instructions).

     With respect to Transfer  Instructions given by the Company pursuant to its
authority under this Agreement:

     Name/Title                                  Telephone No.
     ----------                                  -------------

     Judith Haselton, President                  (212) 678-6231
     Richard L. Campbell,Secretary               (810) 220-1220

     Alternatively,  at the Escrow Agent's  option,  the callback may be made to
any person  designated in the certified  resolutions  or other  certificates  or
documentation  furnished to it by a party in connection  with the Escrow Account
as authorized to issue Transfer Instructions or otherwise transact business with
respect to the Escrow  Account for that party.  The Company shall  implement any
other  authentication  method or  procedure or security  device  required by the
Escrow Agent at any time or from time to time.

     7. Stockholder Redemption.  In the event a stockholder exercises his or her
redemption  right upon the Business  Combination  of the  Company,  the funds to
repay said stockholder shall be distributed directly from the Escrow Account. As
soon as practicable  after the Company  receives notice from a stockholder  that
the stockholder is exercising its redemption  rights, the Company shall instruct
the Escrow Agent to  transfer,  and (so long as the Escrow Agent has received an
Internal  Revenue  Service  Form W-8 or Form  W-9)  the  Escrow  Agent  shall so
transfer,  the funds owed to the stockholder;  such  instructions to include the
amount to be transferred and delivery  instructions.  These  instructions  shall
comply with Section 6 of this Escrow Agreement.

     8.   Resignation or Removal of Escrow Agent.

     (a) The Escrow Agent may resign at any time by giving written notice to the
Company.  The Company  may remove the Escrow  Agent upon  written  notice to the
Escrow Agent. Such resignation or removal shall take effect upon delivery of the

                                       9
<PAGE>

Escrow Assets to a successor  escrow agent designated in writing by the Company,
and the Escrow Agent shall thereupon be discharged  from all  obligations  under
this  Agreement,  and  shall  have no  further  duties  or  responsibilities  in
connection herewith.  The obligations of the Company to the Escrow Agent and the
rights of the Escrow Agent under Sections 5, 6(c), and 6(h) hereof shall survive
termination of this Agreement or the resignation or removal of the Escrow Agent.

     (b) In the event that the Escrow Agent submits a notice of resignation, its
only duty,  until a successor  Escrow Agent shall have been  appointed and shall
have  accepted such  appointment,  shall be to safekeep the Escrow  Assets,  and
hold, invest and dispose of the Escrow Assets in accordance with this Agreement,
until  receipt of a  designation  of successor  Escrow Agent or a joint  written
disposition  instrument by the other parties  hereto or a Final Order of a court
of  competent  jurisdiction,  but  without  regard  to  any  notices,  requests,
instructions,  demands or the like received by it from the other parties  hereto
after such notice shall have been given, unless the same is a direction that the
Escrow  Assets be paid or delivered  in its entirety out of the Escrow  Account.
The Escrow Agent,  upon  submission of its  resignation in accordance  with this
subparagraph  (b) may  deposit  the  Escrow  Assets  with a court  of  competent
jurisdiction if the Escrow Agent deems such action advisable. The resignation of
the Escrow  Agent will take  effect on the earlier of (a) the  appointment  of a
successor (including a court of competent  jurisdiction) or (b) the day which is
30 days after the date of delivery of its written  notice of  resignation to the
other  parties  hereto.  If, at the time the  Escrow  Agent has not  received  a
designation of a successor Escrow Agent, the Escrow Agent's sole  responsibility
after  that time shall be to  safe-keep  the Escrow  Assets  until  receipt of a
designation  of  a  successor  Escrow  Agent  or  a  joint  written  disposition
instrument by the other parties  hereto or a final order of a court of competent
jurisdiction.

     9. Notices.  Unless  expressly  provided  herein to the  contrary,  notices
hereunder shall be in writing,  and delivered by telecopier,  overnight  express
mail, first-class postage prepaid,  delivered personally or by receipted courier
service.  All such  notices  which are  mailed  shall be deemed  delivered  upon
receipt if the addressee is the Escrow Agent, but shall be deemed delivered upon
mailing if otherwise, all such notices shall be addressed as follows (or to such
other address as any party hereto may from time to time designate by notice duly
given in accordance with this paragraph):

                                       10
<PAGE>

          (a)  If to the Company, to:

               SB Merger Corp.
               305 East Grand River
               Brighton, Michigan 48116
               Attention: Judith Haselton, President

           If to the Escrow Agent, to:

               Continental Stock Transfer & Trust Co.
               2 Broadway 19th floor
               New York, New York 10004
               Attn: Steve Nelson

     10.  Miscellaneous.

     (a) Choice of Law and Jurisdiction. This Agreement shall be governed by and
construed  in  accordance  with the law of the State of New York  applicable  to
agreements  made and to be performed in New York.  The parties to this Agreement
hereby agree that  jurisdiction over such parties and over the subject matter of
any action or  proceeding  arising  under this  Agreement  may be exercised by a
competent Court of the State of New York sitting in New York City or by a United
States Court  sitting in the  Southern  District of New York,  exclusively.  The
parties  agree that  delivery or mailing of any  process or other  papers in the
manner  provided  herein,  or in such other  manner as may be  permitted by law,
shall be valid and sufficient service thereof.

     (b)  Benefits  and  Assignment.  Nothing in this  Agreement,  expressed  or
implied,  shall give or be  construed to give any person,  firm or  corporation,
other than the parties hereto and their successors and assigns,  any legal claim
under  any  covenant,   condition  or  provision  hereof;   all  the  covenants,
conditions,  and  provisions  contained  in this  Agreement  being  for the sole
benefit of the parties  hereto and their  successors  and assigns.  No party may
assign any of its rights or  obligations  under this  Agreement  without (i) the
written  consent of all the other parties,  which consent may be withheld in the
sole  discretion  of the party  whose  consent  is sought  and (ii) the  written
agreement  of the  transferee  that it will be bound by the  provisions  of this
Agreement.

     (c) Counterparts.  This Agreement may be executed in several  counterparts,
each one of which shall  constitute  an

                                       11
<PAGE>

original, and all collectively shall constitute but one instrument.

     (d) Amendment and Waiver.  This Agreement may be modified only by a written
amendment  signed by all the  parties  hereto,  and no  waiver of any  provision
hereof shall be effective  unless  expressed in a writing signed by the party to
be charged.

     (e)  Headings.  The  headings  of the  sections  hereof  are  included  for
convenience of reference only and do not form part of this Agreement.

     (f) Entire Agreement. This Agreement contains the complete agreement of the
parties  with  respect to its subject  matter and  supersedes  and  replaces any
previously  made  proposals,  representations,  warranties  or  agreements  with
respect thereto by any of the parties hereto.

     (g) Separability.  Any provisions of this Agreement which may be determined
by competent  authority to be prohibited or  unenforceable  in any  jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or enforceability  without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

     11.  Additional  Documentation.  This Agreement shall not become  effective
(and the Escrow Agent shall have not  responsibility  hereunder except to return
the Escrow  Assets to the Company)  until the Escrow  Agent shall have  received
from the Company the following:

          (i) Certified  resolutions of its board of directors  authorizing  the
     making and performance of this Agreement; and

          (ii) A  certificate  as to the names and  specimen  signatures  of its
     officers or  representatives  authorized to sign the Agreement and notices,
     instructions and other communications hereunder.

                                       12
<PAGE>

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

                                              SB Merger Corp.

                                              By:/s/ Richard L. Campbell
                                                 -------------------------------
                                                 Name:   Richard L. Campbell
                                                 Title:  Secretary

Agreed and accepted:

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

as Escrow Agent

By: /s/ Michael J. Nelson
    ------------------------
         Name:  Michael J. Nelson
         Title: President

                                       13

<PAGE>

                          EXHIBIT A to ESCROW AGREEMENT

                                  Escrow Assets

            One Hundred Twenty-five Thousand Dollars U.S. ($125,000)

                                       14

<PAGE>

                          EXHIBIT B to ESCROW AGREEMENT

                              INTENTIONALLY OMITTED

                                       15

<PAGE>

                          EXHIBIT C to ESCROW AGREEMENT

                             Investment Instructions

     The Escrow Agent shall invest the Escrow Assets in short-term United States
government securities,  including treasury bills, cash and cash equivalents. The
Escrow  Agent  shall not  invest  the  Escrow  Assets in the  securities  of any
registered  investment  Company,  irrespective  of the nature of the  underlying
assets of such investment company.

                                       16

<PAGE>

                          EXHIBIT D to ESCROW AGREEMENT

                            Disbursement Instruction

1.     Release of Escrow  Assets to the Company.  The Escrow Agent shall release
       the Escrow Assets to the Company upon receipt by the Escrow Agent of:

        (a)(i)  Written  notice from the Company  that the Company has  complied
                with the  requirements  of Rule 419 under the  Securities Act of
                1933, as amended; and

        (b)     An opinion of counsel of the Company,  reasonably  acceptable to
                the Escrow Agent, that:

           (i)  A Business  Combination  was approved by a vote of a majority of
                the shares of Common  Stock of the  Company,  as required by the
                Registration Statement;

           (ii) Not more than twenty percent of the  shareholders of the Company
                have elected to redeem their  Common  Stock,  as required by the
                Registration Statement;

          (iii) All other  actions  required to be  performed by the Company for
                the release of the Escrow Assets have been met.

2.      Distribution of Escrow Assets as to Stockholders. The Escrow Agent shall
        disburse  the Escrow  Assets to the  holders of record of the  Company's
        Common Stock if:

        (a)     The Company delivers written notice to the Escrow Agent that all
                of the Escrow  Assets  should be  distributed  to the holders of
                record of the  Company's  Common  Stock sold in the  Offering in
                connection with the liquidation of the Company; or

        (b)     The Company  delivers  written  notice to the Escrow  Agent that
                part of the Escrow  Assets should be  distributed  to holders of
                record  of the  Company's  Common  Stock  sold  in the  Offering
                electing to have their shares  redeemed in

                                       17

<PAGE>

                accordance  with  the  terms  set  forth  in  the   Registration
                Statement.

3.      Method of Release of Escrow Assets to the Company.  Upon the  occurrence
        of receipt by the Escrow Agent of the written notice required  paragraph
        1 above,  the Escrow Agent shall wire  transfer the Escrow Assets to the
        Company in accordance with the wire transfer instructions of the Company
        set forth in such notice.

4.      Method of  Distribution  of  Escrow  Assets  to  Stockholders.  Upon the
        occurrence  of either of the events  specified  in Section  2(a) or 2(b)
        above,  the Escrow  Agent  shall  distribute  the  Escrow  Assets to the
        holders of record of the Company  Common  Stock sold in the  offering by
        mail in  accordance  with and to the address  specified in the books and
        records of the Company.  The written notice required by Section 2 (a) or
        2(b),  as the case may be,  shall  include  the name and address of each
        such holder,  together  with the  percentage  of the Escrow Assets to be
        distributed thereto.

                                       18

<PAGE>

                          EXHIBIT E to ESCROW AGREEMENT

                                  Fee Schedule

One Thousand ($1,000.00)Dollars Escrow Agent fee to CONTINENTAL STOCK TRANSFER &
TRUST COMPANY to be paid at Closing.

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