Document:

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                                                                   Exhibit 10.17

   THE MEMBERSHIP INTERESTS OF IRWIN VENTURES CO-INVESTMENT FUND LLC HAVE NOT
 BEEN REGISTERED UNDER ANY FEDERAL OR STATE SECURITIES LAWS AND CANNOT BE SOLD,
      TRANSFERRED, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED UNLESS THEY
 ARE REGISTERED THEREUNDER OR EXEMPTIONS FROM SUCH REGISTRATIONS ARE AVAILABLE,
      AND THE REQUIREMENTS OF THIS LIMITED LIABILITY COMPANY AGREEMENT ARE
                                   SATISFIED

                       LIMITED LIABILITY COMPANY AGREEMENT

                    OF IRWIN VENTURES CO-INVESTMENT FUND LLC

                         EFFECTIVE AS OF APRIL 20, 2001

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         THIS LIMITED LIABILITY COMPANY AGREEMENT (the "Agreement") OF IRWIN
VENTURES CO-INVESTMENT FUND LLC (the "Company") is made as of April 20, 2001 by
and among IRWIN FINANCIAL CORPORATION, an Indiana corporation, as the Class A
member ("IFC" or the "Class A Member") and the other parties designated from
time to time as Class B members on SCHEDULE A hereto (each, a "Class B Member,"
and collectively, the "Class B Members"). The Class A Members and Class B
Members are sometimes referred to herein as the "Members". Certain capitalized
terms used in this Agreement have the meanings ascribed to them in ADDENDUM 1 to
this Agreement.

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

         WHEREAS, the parties hereto wish to form the Company as a limited
liability company among themselves under the terms stated in this Agreement.

         NOW, THEREFORE, the parties hereto, intending to be legally bound,
hereby agree as follows:

                                    ARTICLE 1
                                CREATION AND NAME

         The Members formed the Company on April 20, 2001 as a limited liability
company under the name Irwin Ventures Co-Investment Fund LLC pursuant to the
provisions of the Delaware Limited Liability Company Act, as amended (the
"Act"), and the terms and conditions of this Agreement. The Administrative
Member has caused to be filed with the Secretary of State of Delaware a
certificate of formation for the Company as required by the Act.

                                    ARTICLE 2
                                    LOCATION

         The Company shall maintain its executive office and any additional
offices or places of business of the Company at 500 Washington Street, Box 929,
Columbus, Indiana 47202-0929, or at such other place or places as the
Administrative Member shall determine. The Company's resident agent for service
of process and its registered office in Delaware shall be as set forth in the
Certificate of Formation. The Administrative Member may (a) change the location
of the Company's principal place of business and establish such additional place
or places of business of the Company as it may determine from time to time, (b)
change the Company's registered office in Delaware, and/or (c) change the
Company's resident agent for service of process in Delaware.

                                     ARTICLE 3
                                     PURPOSE

         The purpose of the Company is to facilitate investments by Qualified
Employees in the investments made by Irwin Ventures LLC, a Delaware limited
liability company (the "Venture Fund") and any and all related distributions
therefrom and to engage in any other activities deemed by the Management
Committee in its sole discretion to be incidental or related thereto or which
the Management Committee believes is otherwise appropriate. To effect its
purpose, Qualified Employees shall be entitled to make annual Capital
Contributions to the

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Company in the manner set forth in Section 5.2, which Capital Contributions
shall be contributed by the Company to the Venture Fund at the beginning of each
year in exchange for an interest in investments made by the Venture Fund during
that year.

                                   ARTICLE 4
                                      TERM

         The term of the Company commenced upon the filing of the Certificate of
Formation with the Delaware Secretary of State and shall continue until December
31, 2051, unless earlier terminated in accordance with this Agreement.

                                   ARTICLE 5
                  CONTRIBUTION TO CAPITAL AND STATUS OF MEMBERS

         Section 5.1. MEMBERSHIP INTERESTS. Membership Interests in the Company
initially shall be divided into two classes: (a) the Class A Memberships
Interests, which shall be entitled to vote on certain Company matters, including
the election of the members of the Management Committee, in the manner provided
in this Agreement and the holders of which shall be referred to as the Class A
Members, and (b) the Class B Membership Interests, which shall be non-voting
membership interests and the holders of which shall be referred to as the Class
B Members and who shall have no voting rights but shall be entitled to such
rights as set forth in Section 5.2. Except for voting rights (or as otherwise
expressly set forth in this Agreement), the Class A Membership Interests and
Class B Membership Interests shall be equal in all respects.

         Section 5.2. CAPITAL CONTRIBUTIONS OF CLASS B MEMBERS.

              5.2.1. At the beginning of each calendar year, for such period
as the Management Committee shall determine (the "Annual Investment Window"),
each Qualified Employee may elect to contribute to the Company the sum of (a)
up to Twenty-Five Thousand Dollars ($25,000) (or such greater amount as the
Management Committee may allow from time to time) of his Annual Bonus Award
for the year (the "Deferred Bonus Amount") and (b) an amount equal to the IFC
Loan. The aggregate amount so elected to be contributed by a Participating
Qualified Employee to the Company for any year under this Section 5.2.1 shall
be contributed as of January 1 of the year following the election and is
herein referred to as the "Annual Bonus Contribution." Each Participating
Qualified Employee hereby authorizes IFC to contribute such portion of his or
her Annual Bonus Award directly to the Company on his or her behalf.

              5.2.2. Qualified Employees who elect to make an Annual Bonus
Contribution in subsequent years of the Company will be added from time to
time to the Company pursuant to Section 5.10 and will become members of an
Annual Investment Group owning a separate series of Class B Membership
Interests and will have an interest in Portfolio Investments initially made
in the year designated in the series or Annual Investment Group name. For
example, a Qualified Employee who elected in 2001 to have a portion of his or
her Annual Bonus Award contributed to the Company would have his or her
contribution effected at the beginning of 2002 and would be a member of the
"2002 Annual Investment Group." Such

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Participating Qualified Employee will have an interest as a Class B Member in
all Portfolio Investments initially made the Venture Fund in 2002.

              5.2.3. It is the intention of the Company that the Membership
Interests in investments made by the Company be divided into separate series,
with a separate series for each Deferred Bonus Award Year that the Company is
in effect such that Qualified Employees who elect to contribute their
Deferred Bonus Amount to the Company for a particular year ("Participating
Qualified Employees") shall have one-hundred percent (100%) of the rights in
and to the Profits and Losses earned by the Company from investments
purchased by the Venture Fund in that Deferred Bonus Award Year in accordance
with this Agreement. To reflect this, each Participating Qualified Employee
shall become a Member in the Company and will be grouped together with other
Participating Qualified Employees electing to contribute their Deferred Bonus
Amount to the Company for that same year and such Participating Qualified
Employees shall have interests in the same group of Portfolio Investments for
the same Deferred Bonus Award Year (each such group of Qualified Employees
being herein an "Annual Investment Group"). Each Annual Investment Group will
be designated by the Deferred Bonus Award Year in respect of which funds are
contributed to the Company for investment in the Venture Fund. For example,
the "2001 Annual Investment Group" will be comprised of Qualified Employees
who shall be Class B Members and who shall share the Profits and Losses
allocable to the Company and attributable to investments initially made by
The Venture Fund in 2001.

              5.2.4. Follow-on investments in Portfolio Investments in which
an Annual Investment Group already has an interest shall either, as the
Management Committee shall determine, (i) be funded out of the proceeds of a
sale of a Portfolio Investment in which that Annual Investment Group has an
interest, or (ii) not be funded by the Company. The Percentage Interest of
Members of the Annual Investment Group in the Portfolio Investment receiving
any such follow-on investment from the Company shall not be affected by any
follow-on investment funded in the manner set forth in clause (i) but shall
be diluted if clause (ii) is applicable and the follow-on investment is
funded from other sources.

              5.2.5. The name, address and initial Percentage Interest of
each Member in the 2001 Annual Investment Group is set forth on SCHEDULE A
hereto. In addition to investments made in 2001, the members of the 2001
Annual Investment Group shall have the Percentage Interest set forth on
Schedule A hereto in each of the Portfolio Investments of the Venture Fund
initially made in 2000 (all of which are listed on Annex 1 to Schedule A).
The Percentage Interests of each of the Members of the 2001 Annual Investment
Group in Portfolio Investments made in 2001 shall be determined as of
December 31, 2001 and set forth on an amendment to SCHEDULE A prepared on or
after such date. As of the beginning of each Deferred Bonus Award Year, the
Administrative Member shall amend SCHEDULE A to reflect the new Annual
Investment Group being added and, at the end of such year, shall add to
SCHEDULE A the Percentage Interest of each such Member in Portfolio
Investments initially made in that year. Participating Qualified Employees
shall become Members of the Company as of the first day of each relevant
Deferred Bonus Award Year.

              5.2.6. No Class B Member shall be required to make any other
capital contribution to the Company for any reason at any time. Upon the
creation of each series of

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Membership Interests and each Annual Investment Group, or upon a Class B Member
ceasing to be a Member, the Administrative Member shall revise SCHEDULE A to
reflect such change.

         Section 5.3. CAPITAL CONTRIBUTIONS OF CLASS A MEMBER. The Class A
Member may, but shall not in any event be required to, make any capital
contribution to the Company.

         Section 5.4. IFC LOANS. If, during the Annual Investment Window, a
Qualified Employee elects to contribute his Deferred Bonus Amount to the
Company, then such Qualified Employee shall be eligible to receive a loan from
IFC in an amount equal to the Deferred Bonus Amount contributed by such
Participating Qualified Employee to the Company for that particular year (each,
"an IFC Loan"). An IFC Loan (a) shall be treated as a loan from IFC to the
Participating Qualified Employee, (b) shall bear interest at not more than two
percent (2%) over the Prime Rate as determined by IFC, (c) shall be repayable at
such times and in such amounts as IFC and the Participating Qualified Employee
shall determine; provided, that an IFC Loan shall be repayable from all
distributions to which the Participating Qualified Employee is entitled under
this Agreement (provided, that for all purposes of this Agreement, such
distributions shall be treated as made to the Participating Qualified Employee),
(d) shall direct that IFC remit the proceeds of the IFC Loan directly to the
Company at such time as the Deferred Bonus Award is contributed by a
Participating Qualified Employee to the Company, (e) shall be repayable
immediately if the Participating Qualified Employee should cease to be employed
by IFC or its Affiliates, and (f) shall be secured by a pledge of the Qualified
Employee's Membership Interest in the Annual Investment Group to which the IFC
Loan related, in the form and manner satisfactory to IFC.

         Section 5.5. REGISTRATION. Upon the admission of a person as a Class B
Member, such person shall be registered on the records of the Company as a Class
B Member, together with his Membership Interest, Annual Investment Group and
address. Each person registered as a holder of record of a Membership Interest
shall continue to be the holder of record of such Membership Interest until the
earlier of (i) notification of the transfer permitted pursuant to this Agreement
of any such Membership Interest is given in accordance with the terms of this
Agreement or (ii) the repurchase of such Membership Interest by a member of the
IFC Affiliated Group pursuant to Section 8.4. A Class B Member that is a holder
of record shall be entitled to the distributions and allocations of Profits
which relate to the Membership Interests registered in his name and to all other
rights of a Class B Member set forth in this Agreement until his rights in such
Membership Interests have been transferred in accordance with this Agreement and
the Management Committee has been notified as required herein. The Company shall
not be affected by any notice or knowledge of transfer of any interest in any
Membership Interest except as expressly provided in Article 8 hereof. The
payment to the holder of record of distributions in accordance with Sections 6.2
and 9.2 hereof with respect to such Membership Interests shall discharge the
Company's obligations with respect thereto.

         Section 5.6. CONTINUATION OF CLASS B MEMBER STATUS. Once admitted as a
Class B Member in an Annual Investment Group of the Company, a person shall
continue to be a Class B Member with respect to that Annual Investment Group for
all purposes of this Agreement, until the earliest to occur of (i) a substitute
Class B Member is admitted in place of such person pursuant to the provisions of
Article 8, or (ii) the liquidation or distribution of all investments made by
the Company in which any Annual Investment Group of which such Class B Member is

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a member; PROVIDED THAT such person shall continue as a Class B Member in any
such Annual Investment Group until all of the Company's liabilities and
responsibilities with respect to Portfolio Investments made by such Annual
Investment Group shall have been performed, discharged, or otherwise satisfied.

         Section 5.7. WITHDRAWAL AND RETURN OF CAPITAL. Although the Company may
make distributions to the Class B Members from time to time in accordance with
their Percentage Interests in a particular series of Membership Interests held
by an Annual Investment Group, no Class B Member shall have the right to
withdraw or demand a return of any of his Capital Account, to the extent not
distributed to such Member pursuant to this Agreement, without the consent of
the Management Committee, except after the liquidation or distribution of all
Portfolio Investments made by The Venture Fund in which any Annual Investment
Group of which such Class B Member is a member has an interest. Under
circumstances constituting a withdrawal of a Class B Member, no Class B Member
shall have the right to demand or receive property other than cash in respect of
such Member's Membership Interest in the Company. No Member shall have priority
over any other Member holding the same series of Interests or in the same Annual
Investment Group. Each Member acknowledges that, except as specifically provided
in this Agreement, (i) no specific time has been agreed upon for the payment of
distributions from the Company or The Venture Fund, (ii) no interest shall
accrue on any such distributions, and (iii) no Class B Member shall have the
right to withdraw or to be paid any distribution or to receive any other payment
in respect of his Membership Interest, including without limitation, as a result
of the withdrawal of such Member from the Company.

         Section 5.8. LIMITED LIABILITY. No Member holding an interest in any
particular series of Membership Interests, as evidenced by being a member of an
Annual Investment Group, in his capacity as such, shall be liable for the debts,
liabilities, contracts or any other obligations of any other series of
Membership Interests evidenced by membership in any other Annual Investment
Group. No Class B Member shall be obligated to make contributions to the capital
of the Company or of any Annual Investment Group.

         Section 5.9. CAPITAL ACCOUNTS.

              5.9.1. A separate "Capital Account" shall be established and
maintained for each Member within each Annual Investment Group as provided in
this Section 5.9.

                   (a) The Capital Account of each Member shall be credited
with all income, gain, or Profits of the Company allocated to such Member
pursuant to Article 6 (including for purposes of this Section 5.9 income and
gain exempt from tax).

                   (b) The Capital Account of each Member shall be debited
with the sum of (i) all Losses or deductions of the Company allocated to such
Member pursuant to Article 6, (ii) such Member's distributive share of
expenditures of the Company described in Section 705(a)(2)(B) of the Code,
and (iii) all cash and the fair market value of any property (net of
liabilities assumed by such Member and the liabilities to which such property
is subject) distributed by the Company to such Member pursuant to Article 6.

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              5.9.2. The amount of the Capital Account of a Member shall be
determined in accordance with the rules set forth in Treasury Regulation
1.704-1(b)(2)(iv). Any references in any Section or subsection of this
Agreement to the Capital Account of a Member shall be deemed to refer to such
Capital Account as the same may be credited or debited from time to time as
set forth above.

              5.9.3. Except as may otherwise be provided in this Agreement,
whenever it is necessary to determine the Capital Account of a Member for
purposes of Article 6, the Capital Account of such Member shall be determined
after giving effect to all allocations and distributions for transactions
effected prior to the time as of which such determination is to be made. Any
Member, including any substitute Member, who shall acquire an interest or
whose interest shall be increased by means of a Transfer to him of all or
part of the interest of another Member, shall have a Capital Account which
reflects such Transfer.

         Section 5.10. ROLE OF CLASS B MEMBERS. No Class B Member shall take
part in, or interfere in any manner with, the conduct or control of the business
of the Company nor shall any Class B Member have any right or authority to act
for or bind the Company or any series of the Company.

         Section 5.11. ISSUANCE OF ADDITIONAL INTERESTS AND SECURITIES.

              5.11.1. The Management Committee may, without any further
action or authorization of the Members and from time to time, create and
issue other classes of membership interests having such relative rights,
powers, duties, obligations and designations, (provided such rights, powers
and duties are not senior to existing classes and groups of Members
associated with the classes of Membership Interests) as may be established by
the Management Committee. The Management Committee shall reflect the creation
of any new class or group of Membership Interests in an amendment to this
Agreement indicating the different rights, powers, and duties, and such an
amendment need be executed only by the Management Committee and such
amendment need not be approved or consented to by the Members.

              5.11.2. The Management Committee may issue additional interests
in additional series of Membership Interests and create Annual Investment
Groups for each Deferred Bonus Award Year in the future. Such interests may
be issued from time to time to Qualified Employees and the Management
Committee may admit them to the Company as additional Class B Members, all
without the consent or approval of any Member or any percentage thereof.
There shall be no limit on the number of Membership Interests or series of
Membership Interests or Annual Investment Groups that may be so issued or
created. The Management Committee shall have sole and absolute discretion in
determining the terms and conditions with respect to any future issuance of
Membership Interests or series of Membership Interests or Annual Investment
Groups, including the interest of such Membership Interests or series of
Membership Interests or Annual Investment Groups in the profits of the
Company, provided that no such Interests shall have priority over any other
such Interests except as may result from being part of different Annual
Investment Groups the Portfolio Investments of which result in distribution
to Members at different times.

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              5.11.3. Each Class B Member within the same Annual Investment
Group shall have the same rights, designations, preferences and relative,
participating, optional or other special rights, powers and duties as all
other Class B Members within the same Annual Investment Group, all as shall
be fixed by the Management Committee in the exercise of its sole and absolute
discretion. No Annual Investment Group shall have a preferred status over any
other Annual Investment Group. Without limiting the foregoing, each Class B
member within an Annual Investment Group shall be entitled to a proportionate
share (based on the Class B Member's Percentage Interest) of:

                   (a) the allocation, for federal income and other tax
purposes, to such series of Membership Interests of items of Company income,
gain, loss, deduction and credit attributable to, or otherwise allocable
under the terms of this Agreement to, investments made by the Company with
funds contributed on behalf of such Annual Investment Group;

                   (b) the right of such series of Membership Interests to
share in Company distributions in accordance with Section 6.2 in respect of
Portfolio Investments (other than Excluded Investments) purchased by The
Venture Fund with capital contributions made by the Company from such Annual
Investment Group; and

                   (c) the rights of such series of Membership Interests upon
dissolution and liquidation of the Company.

              5.11.4. Upon the issuance of any series of Membership
Interests, the Administrative Member (pursuant to its powers of attorney from
the Class B Members granted pursuant to this Agreement), without the approval
at the time of any Class B Member, may amend any provision of this Agreement
and execute, swear to, acknowledge, deliver, file and record, if required, an
amended Certificate of Formation and such other documents as may be required
in connection therewith, as shall be necessary or desirable to reflect the
authorization and issuance of such class of Membership Interests and the
relative rights and preferences of such class of Membership Interests as to
the matters set forth in the preceding sentence. Notwithstanding the
foregoing, neither the Management Committee nor the Administrative Member
shall have the authority to amend this Agreement in any manner which treats
one Annual Investment Group differently from another without the consent of
each of the Annual Investment Group treated differently from one another.

                                   ARTICLE 6
                        ALLOCATION OF PROFIT AND LOSS AND
                             DISTRIBUTION TO MEMBERS

         Section 6.1. GENERAL PREMISE. All distributions and allocations shall
be made as if each series of Membership Interests as evidenced by membership in
each Annual Investment Group comprised a separate Company housing only those
Portfolio Investments in which the Annual Investment Group has an interest.

         Section 6.2. DISTRIBUTIONS. Subject to Section 6.1, all distributions
by the Company shall be made in accordance with this Section 6.2 and Section
9.2.

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              6.2.1. TAX DISTRIBUTIONS. Distributable Cash, if any, shall be
distributed after the end of any Fiscal Year to Members of the Annual
Investment Group having an interest in the Portfolio Investment generating
the Distributable Cash, in accordance with their Percentage Interests
therein, as follows:

                   (a) FIRST, the Company shall distribute any mandatory or
discretionary tax distribution made (directly or indirectly) by a Portfolio
Company to the Venture Fund which is distributed to the Company, the Company
to those Members having an interest therein who are allocated Portfolio
Investment Profits pursuant to Section 6.3 hereof to which those tax
distributions relate, such distributions to be made in proportion to such
allocations of Portfolio Investment Profits.

                   (b) SECOND, the Company shall distribute an amount equal
to the difference, if any, between the distribution under clause (a) of this
Section 6.2.1 and an amount equal to forty percent (40%) of the Portfolio
Investment Profits allocated in that Fiscal Year, to the Members having an
interest in the Portfolio Investments generating such Portfolio Investment
Profits in proportion to such allocations of Portfolio Investment Profits.

              6.2.2. DISTRIBUTIONS OF REMAINING DISTRIBUTABLE CASH. With respect
to all Distributable Cash remaining after the distributions contemplated by
Section 6.2.1, the Management Committee shall cause the Company to make
distributions thereof (i) FIRST, to the Class B Members until the Class B
Members shall have been distributed an amount of cash equal to the amount of
Unattributable Expenses allocated to them under Section 6.3.2, in proportion to
such allocation of Unattributable Expenses, and (ii) SECOND, to Class B Members
that are members of the Annual Investment Group that has an interest in the
Portfolio Investment generating the Distributable Cash being distributed, as
soon as practicable after the Company receives such cash from the Venture Fund.
All distributions to Class B Members pursuant to this Section 6.2.2 shall be
made pro rata in accordance with their applicable Percentage Interests in the
Portfolio Investment generating such cash.

              6.2.3. DISTRIBUTIONS FOR REPAYMENT OF IFC LOAN. So long as any IFC
Loan or interest thereon remains unpaid by a Class B Member receiving a
distribution under 6.2.2., the Company shall make all distributions to which
such Member is entitled under Section 6.2.2 to IFC, which distributions shall
first be applied to the payment of any unpaid interest on the IFC Loan and then
to the Repayment of the principal of the IFC Loan.

              6.2.4. PERCENTAGE INTEREST. The Percentage Interest of each
Class B Member in Portfolio Investments in which the Annual Investment Group in
which such Class B Member is a member has an interest, shall be equal to P in
the following formula:

              P  =  [ (A / B) / C ]  x  [  D / A ]

              where

              A = the Annual Bonus Contributions of all members within such
Annual Investment Group.

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               B= the number of Portfolio Investments made in the relevant
         Fiscal Year in which such Annual Investment Group has an interest.

               C= the total amount invested in the particular Portfolio
         Investment for which the Percentage Interest of such Member is being
         determined.

               D =Annual Bonus Contribution of that Member in respect of that
         Annual Investment Group.

         The initial Percentage Interests of the Members in the Portfolio
Investments made in 2000 are set forth in SCHEDULE A hereto. The Percentage
Interests of Class B Members in Portfolio Investments made in 2001 shall be
determined as of December 31, 2001 and set forth on an amendment to SCHEDULE A
prepared at or after such date.

              6.2.5. SHORT TERM INVESTMENT INCOME. Short Term Investment Income
shall not be distributed, but shall be considered an additional contribution by
the Members who contributed the cash on which such Short Term Investment Income
was earned; PROVIDED, HOWEVER, THAT, if the Short Term Investment Income was
earned on proceeds of a disposition of a Portfolio Investment, such Short Term
Investment Income shall be distributed, together with such proceeds, to the
Members having an interest in such Portfolio Investment.

              6.2.6. DISTRIBUTIONS IN KIND. Whenever the Company shall receive
(directly or indirectly) a distribution in kind from the Venture Fund, it shall
distribute same to the Class B Members having an interest therein as if it were
a distribution under Section 6.2.2 hereof. Otherwise, the Company shall not make
distributions in kind.

         Section 6.3. GENERAL ALLOCATIONS OF NET PROFITS AND NET LOSSES. After
giving effect to the special allocations in Sections 6.4 and 6.5 hereof, the
following shall apply:

              6.3.1. In accordance with Section 6.1, with respect to each
Portfolio Investment, Portfolio Investment Profit and Portfolio Investment Loss
shall be allocated among the Class B Members of each Annual Investment Group
having an interest therein, to the Class B Members that are members of the
Annual Investment Group that has an interest in the Portfolio Investment
generating the Portfolio Investment Profit or Portfolio Investment Loss being
allocated. All allocations to such Class B Members shall be made pro rata in
accordance with the Bonus Contribution to the Annual Investment Group that has
an interest in the Portfolio Investment generating Portfolio Investment Profit
or Portfolio Investment Loss.

              6.3.2. All Unattributable Expenses shall be allocated to the
Class B Members in proportion to the aggregate Annual Bonus contributions
contributed by each such Member to the Company without regard to Annual
Investment Group.

         Section 6.4. ALLOCATIONS OF NONRECOURSE DEDUCTIONS AND MINIMUM GAIN.
The Company does not intend to incur any nonrecourse indebtedness and, if it
does, the Management Committee will cause this Agreement to be amended in such
fashion as to provide that, if the Company incurs "nonrecourse deductions" or
"Partner nonrecourse deductions" or if there is a change in the Company's
"minimum gain" as those terms are defined in such Treasury Regulations, the
allocations of Profit, Loss and items thereof to the Members shall be modified

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as deemed reasonably necessary or advisable by the Management Committee to
comply with such regulations.

         Section 6.5. OTHER SPECIAL ALLOCATIONS. Notwithstanding the provisions
of Section 6.3 above, but subject to the provisions of Section 6.4 above, the
following allocations shall be made:

              6.5.1. QUALIFIED INCOME OFFSET. In the event any Member
unexpectedly receives an adjustment, allocation, or distribution described in
clause (4), (5) or (6) of Treasury Regulation Section 1.704-1(b)(2)(ii)(d)
and that adjustment, allocation, or distribution causes or increases a
deficit balance in the Member's Capital Account, then items of Company income
and gain shall be specially allocated to such Members in an amount and manner
sufficient to eliminate the deficit balances in their Capital Accounts
created by such adjustments, allocations, or distributions as quickly as
possible. Any special allocations of items of income or gain pursuant to this
provision shall be taken into account in computing subsequent allocations of
Profit so that the net amount of any items so allocated and the Profit, Loss
and all other items allocated to each Member shall, to the extent possible,
be equal to the net amount that would have been allocated to each such Member
pursuant to the other provisions of this Agreement if such unexpected
adjustments, allocations or distributions had not occurred. If any such
unexpected adjustment, allocation or distribution creates or increases a
deficit balance in the Capital Accounts of more than one Member in any fiscal
year, all items of income and gain of the Company for the fiscal year and all
subsequent fiscal years will be allocated among all such Members in
proportion to their respective deficit balances until such balances have been
eliminated. If any allocation is made pursuant to this paragraph, subsequent
allocations shall be made (in a manner consistent with this paragraph) to
offset the effects of such prior allocation. This provision is intended to
qualify as a "qualified income offset" within the meaning of Treasury
Regulation Section 1.704-1(b)(2)(ii)(d).

              6.5.2. STOP LOSS. Except as required by law, Losses shall not be
allocated to a Member if such allocation would cause or increase a deficit
balance in such Member's Capital Account. Any such items not allocable to
Members by reason of the foregoing limitation shall be allocated in accordance
with Treasury Regulation Section 1.704-1(b)(3).

         Section 6.6. CURATIVE ALLOCATIONS. The allocations set forth in
Sections 6.4 and 6.5 are intended to comply with certain requirements of
Treasury Regulation sections 1.704-1(b) and 1.704-2. Notwithstanding any other
provisions of this Article 6 (other than the Regulatory Allocations), the
Regulatory Allocations shall be taken into account in allocating other items of
income, gain, loss and deduction among the Members so that, to the extent
possible, the net amount of such allocation of other items and the Regulatory
Allocations to each Member should be equal to the net amount that would have
been allocated to each such Member if the Regulatory Allocations had not
occurred. For purposes of applying the foregoing sentence, allocations pursuant
to this Section 6.6 shall be deferred with respect to Regulatory Allocations to
the extent the Management Committee reasonably determines that such Regulatory
Allocations are likely to be offset by subsequent Regulatory Allocations.

         Section 6.7. ALLOCATIONS UPON TRANSFER OR ADMISSION. In the event that
a Member acquires a Membership Interest in a series of the Company either by
transfer from

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another Member or by acquisition from the Company, Profits or Losses (and all
similar items) of that Annual Investment Group for the year in which such
acquisition occurs shall be allocated among the Members of that Annual
Investment Group by (i) closing the books of that Annual Investment Group as of
the end of the day on which such acquisition occurs, (ii) computing the Profits
and Losses (and all similar items) of that Annual Investment Group separately
for the portion of the year ending as of the end of the day on which such
acquisition occurs and for the remaining portion and (iii) allocating the
Profits and Losses (and all similar items) as so computed for such periods among
the Members who were Members in that Annual Investment Group during such
periods; PROVIDED, HOWEVER, THAT if the Management Committee, in its sole
discretion so determines, all of such Profit or Loss shall be allocated between
the transferor and transferee based on the number of days each owned the
Interest during such year as such ownership is reflected in the books and
records of that Annual Investment Group.

         Section 6.8. TAX MATTERS.

              6.8.1. SECTION 704(c) ALLOCATIONS. In the event that the book
value of the Company assets differ from their adjusted tax basis upon
contribution or revaluation, the tax allocations of income, gain, loss and
deduction shall be shared among the Members in a manner that takes into account
the variation between such book value and adjusted tax basis, pursuant to
Section 704(c) of the Code or pursuant to the principles thereof. Allocations
made under this Section 6.8.1 are made solely for federal, state or local income
tax purposes and shall not affect, or in any way be taken into account in
computing any Member's Capital Account or share of Profits, Losses, other items
or distributions pursuant to any provision of this Agreement.

              6.8.2. TAX ELECTION UPON TRANSFER. Upon the transfer of an
interest in the Company, the Company may elect, pursuant to Section 754 of the
Code, to adjust the basis of the Company's property as allowed by Section 734(b)
and 743(c) of the Code. Any election so made will be filed with the Company tax
return for the first taxable year to which the election applies or otherwise in
accordance with Treasury Regulations.

              6.8.3. TAX ALLOCATIONS. Except as otherwise provided herein or as
required by Code Section 704, for tax purposes, all items of income, gain, loss,
deduction or credit shall be allocated to the Members in the same
manner as are Profits and Losses.

         Section 6.9. NEGATIVE CAPITAL ACCOUNTS. Except as may be required by
law, no Member shall be required to reimburse the Company for any negative
balance in such Members' Capital Account.

         Section 6.10. AUTHORITY OF MANAGEMENT COMMITTEE TO VARY ALLOCATIONS TO
PRESERVE AND PROTECT MEMBERS' INTENT.

              6.10.1. It is the intent of the Members that each Member's
distributive share of income, gain, loss, deduction, or credit (or item thereof)
shall be determined and allocated in accordance with Sections 6.1 through 6.8 to
the fullest extent permitted by Section 704(b) of the Code. In order to preserve
and protect the determinations and allocations provided for in Sections 6.1
through 6.8, the Management Committee is authorized to allocate income, gain,
deduction, recapture or credit (or item thereof) arising in any year in a manner
different

                                      -11-
<Page>

from that otherwise provided for in Sections 6.1 through 6.8 if, and to the
extent that, allocating income, gain, deduction, recapture or credit (or item
thereof) in the manner provided for in Sections 6.1 through 6.8, would cause the
determinations and allocations of each Member's distributive share of income,
gain, deduction, recapture or credit (or item thereof) not to be permitted by
Section 704(b) of the Code and any Treasury Regulations promulgated thereunder.
Any allocation made pursuant to this Section 6.10 shall be deemed to be a
complete substitute for any allocation otherwise provided for in Sections 6.1
through 6.8 and no amendment of this Agreement or approval of any Member shall
be required.

              6.10.2. In making any allocation under Section 6.10.1, the
Management Committee is authorized to act only after having been advised in
writing, by either counsel to the Company or by the Company's accountant, that
in their opinion, after examining Section 704(b) of the Code and any current or
future proposed, temporary, or final Treasury Regulations thereunder, (A) the
new allocation is necessary, and (B) the new allocation is the minimum
modification of the allocations otherwise provided for in Sections 6.1 through
6.8 necessary in order to assure that, either in the then current year or in any
preceding year, each Member's distributive share of income, gain, deduction,
recapture or credit (or item thereof) is determined and allocated in accordance
with Sections 6.1 through 6.8 to the fullest extent permitted by Section 704(b)
of the Code and the Treasury Regulations thereunder.

              6.10.3. New allocations made by the Management Committee in
reliance upon the written advice of the attorneys and accountants described
above shall not be deemed to be a breach of any fiduciary obligation of any
Member to the Company, and no such new allocation shall give rise to any claim
or cause of action by any Member.

              6.10.4. If the Management Committee is required to make any new
allocation in a manner less favorable to the Members than is otherwise provided
for in Sections 6.1 through 6.8, the Management Committee shall be, and hereby
is, authorized and directed, insofar as permitted by Section 704(b) of the Code,
to allocate income, gain, deduction, recapture or credit (or item thereof)
arising in later years in a manner so as to bring the proportion of income,
gain, deduction, recapture or credit (or item thereof) allocated to the Members
as nearly as possible to the proportion otherwise contemplated by Sections 6.1
through 6.8.

              6.10.5. The Management Committee has the power as provided in this
Section 6.10, limited as provided in the following sentence, to make such
allocations and to take such actions necessary under the Code or other
applicable law to effect and to maintain the substantial economic effect of
allocations made to the Members under Section 704(b) of the Code. The preceding
sentence does not give the Management Committee any power to make any allocation
or take any other action which affects the rights or preferences of, or
allocations or distributions to, any Member. All allocations made and other
actions taken by the Management Committee under this Section 6.10 will be
consistent to the maximum extent possible with the provisions of this Agreement.

         Section 6.11. TAX CONTROVERSIES. The Administrative Member is
designated as the Company's "TAX MATTERS MEMBER" pursuant to Section 6231(a)(7)
of the Code, and, to the extent authorized or permitted under applicable law,
the Administrative Member is authorized and required to represent the Company
and each Member in connection with all examinations of

                                      -12-
<Page>

the Company's affairs by tax authorities, including resulting administrative and
judicial proceedings, and to expend Company funds for professional services and
costs connected therewith. Each Member agrees to cooperate with the
Administrative Member and to do or refrain from doing any and all such things
reasonably required by the Administrative Member to conduct such proceedings.

         Section 6.12. PROCEEDINGS. The Administrative Member shall keep the
Members informed of all administrative and judicial proceedings with respect to
Company tax returns or the adjustment of Company items. Any Member who enters
into a settlement agreement with respect to Company items must promptly give the
Administrative Member notice of the settlement agreement and terms that relate
to Company items.

         Section 6.13. TAXES WITHHELD. Unless treated as a Tax Payment Loan (as
hereinafter defined), any amount paid by the Company for or with respect to any
Member on account of any withholding tax or other tax payable with respect to
the income, profits or distributions of the Company pursuant to the Code, the
Treasury Regulations, or any state or local statute, regulation or ordinance
requiring such payment (a "Withholding Tax Act") shall be treated as a
distribution to such Member for all purposes of this Agreement, consistent with
the character or source of the income, profits or cash which gave rise to the
payment or withholding obligation. To the extent that the amount required to be
remitted by the Company under the Withholding Tax Act exceeds the amount then
otherwise distributable to such Member, the excess shall constitute a loan from
the Company to such Member (a "Tax Payment Loan") which shall be payable upon
demand and shall bear interest, from the date that the Company makes the payment
to the relevant taxing authority, at the Prime Rate as of the date of such Tax
Payment Loan plus two (2) percentage points, compounded monthly. So long as any
Tax Payment Loan or the interest thereon remains unpaid, the Company shall make
future distributions due to such Member under this Agreement by applying the
amount of any such distribution first to the payment of any unpaid interest on
all Tax Payment Loans of such Member and then to the repayment of the principal
of all Tax Payment Loans of such Member. The Administrative Member shall have
the authority to take all actions necessary to enable the Company to comply with
the provisions of any withholding tax act applicable to the Company and to carry
out the provisions of this Section 6.13. Nothing in this Section 6.13 shall
create any obligation on the Administrative Member to advance funds to the
Company or to borrow funds from third parties in order to make any payments on
account of any liability of the Company under a Withholding Tax Act.

                                   ARTICLE 7
                            MANAGEMENT OF THE COMPANY

         Section 7.1. MANAGEMENT. The Company shall maintain a management
committee (the "Management Committee") which shall serve as the representative
of the Members for all purposes of this Agreement. Accordingly, except for any
matters for which the approval of the Class A Member is required by this
Agreement or by nonwaivable provisions of applicable law, the Management
Committee shall have the authority to direct, manage and control the business
and affairs of the Company, and to make all decisions and take all actions for
the Company; provided, however, that the Management Committee shall act pursuant
to and in accordance with this Agreement or other resolutions duly adopted by
the Management

                                      -13-
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Committee in accordance with the procedures set forth in this Agreement; and,
provided further, that no single member of the Management Committee shall have
the authority to bind the Company unless otherwise expressly authorized by this
Agreement, the Class A Member or the Management Committee.

         Section 7.2. POWERS AND AUTHORITY. Approval by or action taken by the
Management Committee (or, to the extent set forth in Section 7.3 hereof, by a
committee thereof) in accordance with this Agreement shall constitute approval
by or action by the Members, without requiring the consent of the Members, and
shall be binding on the Members unless pursuant to the terms of this Agreement
or a nonwaivable provision of applicable law such action specifically requires
the approval or consent of the Class A Member. Notwithstanding the provisions of
this Section 7.2 or Section 7.1, the Management Committee may not cause the
Company to do any of the following without the prior written consent of the
Class A Member:

                   (a) amend the Certificate of Formation, except for
amendments described in Section 14.1 hereof;

                   (b) amend this Agreement, except as otherwise provided to
reflect admission of new Members in accordance with this Agreement, or in
Sections 5.1 and 5.10 hereof; and

                   (c) except as otherwise provided in Section 7.5, remove a
member from the Management Committee;

         Section 7.3. ACTIONS BY MANAGEMENT COMMITTEE; COMMITTEES. In managing
the business and affairs of the Company and exercising its powers hereunder, the
Management Committee shall act (a) collectively through meetings and written
consents pursuant to Section 7.6 hereof, and (b) through committees pursuant to
this Section 7.3. The Management Committee may, from time to time, by resolution
designate one or more committees, each of which shall be comprised of one or
more members of the Management Committee. Any such committee, to the extent
provided in such resolution or in this Agreement, shall have and may exercise
all of the authority of the Management Committee, subject to the limitations set
forth in such resolution, the Act or this Agreement. At every meeting of a
committee, the presence of a majority of all the members thereof shall
constitute a quorum, and the affirmative vote of a majority of the members of
the committee shall be necessary for the adoption of any resolution. The
Management Committee may dissolve any committee at any time, unless otherwise
provided in this Agreement or the Act.

         Section 7.4. COMPOSITION OF THE MANAGEMENT COMMITTEE.

              7.4.1. The Management Committee shall be comprised of at least
three (3) persons, with the exact number of members to be determined by
resolution of the Management Committee adopted from time to time. All members of
the Management Committee shall be appointed to the Management Committee by the
Class A Member and shall be the same as the members of the management committee
of the Venture Fund unless otherwise determined by written resolution of the
Class A Member in its capacity as a Member of the Company, in its sole
discretion. Each member of the Management Committee shall remain on

                                      -14-
<Page>

the Management Committee for a period of one (1) year or until his earlier
death, retirement, insanity, bankruptcy or removal by the Class A Member. Any
person who is and then ceases to be a member of the management committee of the
Venture Fund, immediately, and without further action by the Company or the
Management Committee, shall cease to be a member of the Management Committee of
the Company.

              7.4.2. The initial members of the Management Committee shall be as
set forth on SCHEDULE B attached hereto. The Class A Member may increase or
decrease the number of members on the Management Committee by notice to the
Company provided in accordance with Section 14.2.

         Section 7.5. REMOVAL, VACANCY ON MANAGEMENT COMMITTEE. Neither the
Members nor the members on the Management Committee shall have the authority to
remove any member of the Management Committee, except that members of Management
Committee may remove a member of the Management Committee for cause with the
affirmative vote of the Class A Member. Members of the Management Committee
seeking to remove a member thereof for cause shall deliver a Notice to the Class
A Member identifying the removal purpose, the member on the Management Committee
proposed to be removed and the reasons for such removal. Any member may resign
from the Management Committee at any time; provided that any resignation shall
be in writing and shall take effect at the time specified therein or, if no time
is specified, at the time the resignation notice is received by the Management
Committee. The acceptance of any resignation shall not be necessary to make it
effective unless expressly so provided in the resignation notice. All vacancies
occurring on the Management Committee (whether as a result of removal or
resignation of a member thereof) shall be filled by the Class A Member.

         Section 7.6. MEETINGS OF THE MANAGEMENT COMMITTEE. Regular meetings of
the Management Committee shall be held at such place and at such time as shall
be determined from time to time by resolution of the Management Committee;
provided that such meetings shall be held no less frequently than quarterly,
upon not less than ten (10) calendar days' prior written notice to each member
of the Management Committee. Special meetings of the Management Committee shall
be held upon the call of any member thereof upon not less than five (5) calendar
days' prior written notice to all members of the Management Committee. Notices
of any meetings shall set forth the purpose of the meeting and the business to
be transacted at such meeting. Attendance at any meeting of the Management
Committee shall constitute waiver of any notice requirement. A majority of the
members of the Management Committee shall constitute a quorum for the
transaction of business at a meeting of the Management Committee.

         Section 7.7. MANNER OF ACTING. Unless otherwise expressly provided in
this Agreement, all decisions, actions, or transactions by the Management
Committee shall require the approval, at a duly convened meeting at which a
quorum is present, of a majority of the members of the Management Committee
present at a meeting. Any action permitted or required by the Act or this
Agreement to be taken at a meeting of the Management Committee or any action of
any committee designated by the Management Committee, may be taken without a
meeting if a written consent setting forth the action so taken is signed by all
of the members of the Management Committee or members of such committee. Such
consent shall have the same force and effect as a unanimous vote at a duly
convened meeting and may be stated as such in

                                      -15-
<Page>

any document or instrument filed with the Secretary of State of Delaware, and
the execution of such consent shall constitute attendance or presence in person
at a meeting of the Management Committee or any such committee, as the case may
be. The Management Committee or any committee thereof may participate in and
hold its meeting by means of a conference telephone or similar communications
equipment, provided that all members thereof are able to simultaneously
participate with the other members with respect to all discussions and votes of
the Management Committee or committee, as applicable, and participation in such
meeting by such means shall constitute attendance and presence in person at such
meeting. Written minutes shall be taken at each meeting of the Management
Committee and any committee thereof and distributed to the Class A Member and
the members of the Management Committee promptly after such meeting and prior
to, and for approval at, the next meeting of the Management Committee; provided,
however, that any action taken or any matter agreed upon by the Management
Committee or a committee thereof at the meeting shall be deemed effective and
final, whether or not written minutes of the meeting have been prepared or
formalized.

         Section 7.8. PROCEDURES. Except as otherwise expressly provided in this
Article 7, the Management Committee and any committee thereof shall conduct its
business in such manner and by such procedures as a majority of its members
deems appropriate.

         Section 7.9. DESIGNATION OF OFFICERS.

              7.9.1. The Members acknowledge that while Company decisions
generally shall be vested in the Management Committee in the manner set forth in
this Article 7, the Management Committee may, from time to time, delegate the
daily operation and certain management functions of the Company to one or more
individuals (who may or may not be Members or members of the Management
Committee ) to serve as officers of the Company ("Officers"). The Company shall
have such Officers as the Management Committee may, from time to time,
determine, which Officers may (but need not) include a Chief Executive Officer,
a President, one or more Vice Presidents (and in case of each of such Vice
Presidents, with such descriptive title, if any, as the Management Committee
shall deem appropriate), a Secretary and a Treasurer. The Management Committee
may, at any time and from time to time, establish, enumerate, designate,
determine, limit or circumvent the duties, services and powers delegated to any
Officer.

              7.9.2. The Management Committee may enter into employment
agreements with any such Officer on behalf of the Company setting forth such
terms and conditions of the employment of such Officer, including compensation
and other benefits, as the Management Committee may determine to be reasonable
and appropriate. Subject to the prior consent of the Class A Member, the
compensation and benefits of all Officers shall be fixed from time to time by
the Management Committee, unless otherwise delegated by the Management Committee
to a particular Officer. Any Officer designated by the Management Committee
shall have the specific power and authority set forth in this Agreement, in an
employment agreement, if any, and as otherwise delegated to such Officer, from
time to time, by the Board of Managers; provided that such Officer shall operate
the Company subject to (i) the basic policy decisions adopted by the Management
Committee, (ii) specific limitations and requirements of this Agreement and any
other agreement executed by and between such Officer and the Company, and (iii)
limitations imposed under the Act. Notwithstanding any provision in this
Agreement or

                                     -16-
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any other agreement to the contrary, no Officer shall have the authority,
either individually or acting in conjunction with other Officers to do any
act, make any decision, or engage in any transaction which requires the
approval of the Management Committee or the Members as set forth in this
Agreement, unless such Officer is specifically authorized in writing executed
by the Management Committee to undertake such act, make such decision or
engage in such transaction.

              7.9.3. Each Officer designated by the Management Committee shall
hold office at the pleasure of the Management Committee until his successor is
chosen and qualified in his stead or until the earlier of his death, disability,
resignation, insanity, retirement or removal from office. Any Officer designated
by the Management Committee may be removed at any time and for any reason (with
or without cause) by the Management Committee, but any such removal shall be
without prejudice to the contract rights, if any, of the Officer so removed.
Designation of an Officer shall not of itself create any employment contracts
rights. The Management Committee may abolish any officer at any time.

              7.9.4. An Officer shall devote time, effort and managerial
resources to the business of the Company as shall be set forth in an employment
agreement between the Company and an Officer or as otherwise required by the
Management Committee.

         Section 7.10. LIABILITY FOR ACTS OR OMISSIONS; INDEMNIFICATION.

              7.10.1. None of the Class A Member, the Class B Members, the
Officers, the members of the Management Committee or a Committee thereof, or any
Affiliate or any partner, director, officer, employee, agent or representative
of any of the foregoing (each, a "Covered Person") shall be liable, responsible
or accountable in damages to any of the Members or the Company for any act or
omission on behalf of the Company performed or omitted in good faith and in a
manner reasonably believed by such Covered Person to be within the scope of the
authority granted to him or it by this Agreement, even if such act or omission
is negligent. No Covered Person shall be liable for omitting to do any act which
such Person is not specifically required to do under this Agreement, and a
Covered Person shall have no obligation or liabilities, express or implied, to
the Company or the Members, except as specifically set forth in this Agreement.

              7.10.2. The Company hereby indemnifies and agrees to save Covered
Person, harmless from and against losses, damages, expenses (including, without
limitation, court costs and attorneys' fees), judgments and amounts paid in
settlement incurred by it in connection with any threatened or contemplated
claim, action, suit or proceeding to which the Covered Person is a party or is
threatened to be made a party by reason of its capacity as a member of the
Company or the Management Committee or a committee thereof or the fact that he
or it was engaged in activities on behalf of the Company, unless the act or
failure to act giving rise to such claim, action, suit or proceeding was not
taken or omitted in good faith. For purposes of this subsection, the
determination of any claim, action, suit or proceeding by judgment, order or
settlement will not of itself create a presumption that the Covered Person did
not act in good faith. The Management Committee shall have the right, but shall
not be required, to cause the Company to obtain and pay the premiums on
liability insurance at Company expense as the Management Committee in its
discretion deems appropriate.

                                      -17-
<Page>

              7.10.3. None of the officers, directors, shareholders, employees,
agents or partners of IFC, the Venture Fund, or any affiliate thereof, and none
of the officers, directors, shareholders, employees, agents or partners of any
other Member which is a corporation, Company, limited liability company or
similar entity, shall have any liability for the obligations or liabilities of
such Member to the Company or the other Members which may arise under any terms
of this Agreement, under applicable law or otherwise, and no recourse shall be
had against the assets of such specified persons on account thereof.

         Section 7.11. NO OBLIGATION TO MAKE ADDITIONAL CAPITAL CONTRIBUTIONS OR
ADVANCES. Neither IFC nor any Class A Member shall have the obligation to make
Capital Contributions to the Company or to loan or otherwise provide funds to
the Company, except as expressly stated herein, even if the failure to do so
could result in a default by the Company, foreclosure upon the properties of the
Company, or any other consequence adverse to the Company.

                                   ARTICLE 8
                      TRANSFERABILITY OF COMPANY INTERESTS

         Section 8.1. CLASS A MEMBER.

              8.1.1. A Class A Member may not sell or otherwise transfer all or
any portion of its interest in the Company or an Annual Investment Group, if
any, except that a Class A Member may sell, transfer or otherwise assign all or
any part of its interest as a Class A Member to an assignee which is an
affiliate of the Class A Member, which assignee shall be admitted to the Company
as an additional or substitute Class A Member in connection with such permitted
assignment, with all the rights and duties of its assignor with respect to the
interest assigned.

              8.1.2. An assignee of the interest of a Class A Member, or any
portion thereof, shall become a substituted Class A Member entitled to all the
rights of a Class A Member, including the right to elect members of the
Management Committee if, and only if:

                   (a) the assignor gives the assignee such right; and

                   (b) the assignee executes and delivers such instruments, in
form and substance satisfactory to the Company, as it may deem necessary or
desirable to effect such substitution and to confirm the agreement of the
assignee to be bound by all of the terms and provisions of this Agreement.

         Section 8.2. TRANSFER OF CLASS B MEMBERS' INTEREST; WITHDRAWAL.

              8.2.1. No Class B Member may, without the prior written consent
of the Management Committee (which written consent may be withheld in its sole
discretion), voluntarily or involuntarily sell, assign, encumber or thereafter
transfer all or any part of his Membership Interest in the Company or an Annual
Investment Group of the Company except as permitted by the terms of this
Agreement.

                                      -18-
<Page>

              8.2.2. Notwithstanding anything herein to the contrary, no
transferee of a Class B Member's interest in the Company or an Annual Investment
Group shall become a substituted Class B Member with respect to the transferred
interest or the Annual Investment Group, unless and until the Management
Committee gives its prior written consent thereto (which written consent may be
withheld by the Management Committee in its sole discretion) and the transferee
shall:

                   (a) assume all the obligations of his predecessor under this
Agreement with respect to the interest transferred accruing from and after the
effective date of the transfer;

                   (b) deliver to the Company a statement, in form and substance
satisfactory to the Management Committee, acknowledging the assumption of such
liability and that the transferee has read the provisions of this Agreement and
intends to be legally bound as a Class B Member by all the terms and conditions
of this Agreement and any amendments or modifications thereof, and execute a
counterpart of the Agreement as then in effect;

                   (c) obtain and furnish to the Company an opinion of counsel
satisfactory to the Management Committee that such transaction may be effected
without registration under the Securities Act of 1933, as amended, or under any
applicable state securities laws, unless the Management Committee shall have
determined that no such opinion is necessary; and

                   (d) pay all reasonable expenses (including, without
limitation, legal and accounting fees) incurred by the Company in connection
with such transfer, including but not limited to the cost of the preparation,
filing and publishing of any amendment to the Company's Certificate of Formation
and any fictitious name or similar registrations necessary or desirable in
connection therewith.

         Once the above conditions of this Section 8.2.2 have been satisfied,
the transferee shall become a Class B Member on the first day of the next
following calendar month or any earlier date as the Management Committee shall
deem reasonable and appropriate in light of all of the facts and circumstances
existing at the time. The Company shall, upon substitution, thereafter make all
further distributions on account of the Membership Interests so assigned to the
assignee with respect to the Annual Investment Group or groups to which such
transfer relates for such time as the Membership Interests are transferred on
its books in accordance with the above provisions. Any person so admitted to the
Company as a Class B Member shall be subject to all provisions of this Agreement
(as amended on or prior to the date of such transfer) as if originally a party
hereto.

              8.2.3. Except as otherwise specifically provided in this
Agreement, a Class B Member may not withdraw from the Company or an Annual
Investment Group or have the right to receive Company distributions, or the fair
value of his interest in the Company, at any time prior to the dissolution and
winding up of the Company or a liquidation of all of the Portfolio Investments
of an Annual Investment Group to which such Class B Member belongs.

                                      -19-
<Page>

         Section 8.3. COMPLIANCE WITH SECURITIES LAWS. The Class B Members
acknowledge and confirm that their Membership Interests constitute securities
which have not been registered under any federal or state securities laws by
virtue of exemptions from the registration provisions thereof and consequently
cannot be sold except pursuant to appropriate registration or exemption from
registration as applicable. Each Class B Member confirms hereby that he, she or
it is acquiring his, her or its Membership Interests herein for investment and
without a view to the distribution thereof. No transfer or assignment of all or
any part of a Membership Interest (except a transfer upon the death, incapacity
or bankruptcy of such Member to his personal representative and beneficiaries),
including, without limitation, any transfer of a right to distributions, profits
and/or losses to a person who does not become a Class B Member, may be made
unless such assignment (a) may be effected without registration under the
Securities Act of 1933, as amended, (b) does not violate any applicable federal
or state securities laws (including any investment suitability standards)
applicable to the Company or the Class A Member and (c) is in compliance with
all provisions of this Agreement.

         Section 8.4. TERMINATION OF EMPLOYMENT.

              8.4.1. If at any time the employment of any Class B Member with
an IFC Group Member is terminated for any reason (other than a termination for
Cause), including without limitation, a termination due to such Member's death,
disability, resignation or termination by an IFC Group Member without Cause,
then, at any such time thereafter as is determined by IFC, the Class A Member
(or its nominee(s)) shall have the right, but not the obligation, to purchase
from such Class B Member, free and clear of all liens, claims or encumbrances,
such Class B Member's Membership Interests in all Annual Investment Groups to
which such terminated Class B Member belongs, and, if so elected by the Class A
Member, the Class B Member shall be required to so sell such Interests. The
Class A Member shall provide notice of its intent to exercise its right and
complete the purchase of the Membership Interests within sixty (60) days after
the date of termination of the Class B Member. In the event that a Class A
Member exercises its right to purchase such Membership Interest, the interest
will be purchased at its fair value as of the date of termination, as determined
by the Management Committee. In determining the fair value of a terminated Class
B Member's Membership Interests, the Management Committee shall take into
account all of the Annual Investment Groups to which such Member belongs and the
valuation principles utilized by the Venture Fund in valuing the Portfolio
Investments of those Annual Investment Groups.

              8.4.2. In the event that such Class B Member's employment with an
IFC Group Member has been terminated for Cause, then his or her Membership
Interests may be repurchased by the Class A Member (or its nominee) at the
option of the Class A Member, for an amount equal to lesser of (i) fifty percent
(50%) of the market value of such Membership Interests as of the date of
termination, such value to be determined by the Management Committee in the
manner set forth in Section 8.4.1, or (ii) the amount of Capital Contributions
made by the terminated Class B Member less the distributions previously made to
such Class B Member (other than distributions to fund tax liabilities
attributable to the Company's Profits) (such lesser amount being herein the "For
Cause Purchase Price"). In the event of such a termination, then at any such
time thereafter as is determined by the Class A Member, such Class B Member
shall be required to sell to the Class A Member (or its nominee(s)) for the For
Cause Purchase Price and the Class A Member shall have the right, but not the
obligation, to purchase

                                      -20-
<Page>

from such Class B Member, free and clear of all liens, claims or encumbrances,
100% of such Class B Member's Interests in all Annual Investment Groups in which
such Class B Member is a member. Any determination that a termination of the
Class B Member's employment is with or without Cause shall be made by the IFC
Group Member for which such Class B Member is employed pursuant to its customary
employment guidelines and policies.

              8.4.3. The closing of any sale pursuant to this Section 8.4 shall
be held at such time and place as is specified by ten (10) days prior written
notice given by the Class A Member or its nominee to the terminated Class B
Member. At the closing, the Class A Member shall deliver check(s) for the amount
of the purchase price and the Class B Member shall deliver a bill of sale for
the Membership Interests being sold and such other documents as shall be
requested by the Class A Member or its nominee in order to vest good and
unencumbered title to the interests being sold to the Class A Member or its
nominee. It shall be a condition to the ability of the Class B Member to receive
any purchase price for the sale of any Membership Interests pursuant to this
Section 8.4 that such Member shall pay any sums and other obligations owed by it
to the Company or to any IFC Group Member, including without limitations, all
amounts outstanding under any IFC Loan.

                                   ARTICLE 9
                           TERMINATION OF THE COMPANY

         Section 9.1. DISSOLUTION.

              9.1.1. An Annual Investment Group of the Company may be dissolved
pursuant to Section 18-801(j) of the Act without causing the dissolution of the
Company, and the Company shall be dissolved upon the happening of any of the
following events:

                   (a) the sale or other disposition of all or substantially all
of the assets of the Company (except under circumstances where (x) all or a
portion of the purchase price is payable after the closing of the sale or other
disposition, or (y) the Company retains a material economic or ownership
interest in the entity to which all or substantially all of its assets are
transferred in either such event, the Company shall be dissolved upon the
unconditional receipt of the full purchase price in the event of the
circumstance set forth in (x) or the release of the Company from any further
liability or responsibility in the event of the circumstance set forth in (y);

                   (b) the bankruptcy of the Company, or an assignment by the
Company for the benefit of creditors;

                   (c) a determination by the Class A Member that the Company
should be dissolved; or

                   (d) within a reasonable period of time (as determined by the
Management Committee) after the dissolution and liquidation of the Venture Fund;
or

                   (e) the expiration of the term set forth in Article 4.

                                      -21-
<Page>

              9.1.2. The dissolution of the Company shall be effective on the
day on which the event occurs giving rise to the dissolution, but the Company
shall not terminate until the Company's Certificate of Cancellation shall have
been filed with the Secretary of State of Delaware as required under the Act and
the assets of the Company shall have been distributed as provided in Section
9.2. Notwithstanding the dissolution of the Company, prior to the termination of
the Company, as aforesaid, the business of the Company and the affairs of the
Members, as such, shall continue to be governed by this Agreement.

              9.1.3. The bankruptcy, insolvency, dissolution, death or
adjudication of incompetency of a Member shall not cause the dissolution of the
Company. In the event of the death or incompetency of a Class B Member, his
executors, administrators or personal representatives shall have the same rights
that such Class B Member would have if he had not died or become incompetent,
and the interest of such Class B Member in the Company shall, until the
dissolution and liquidation of the Company, be subject to the terms, provisions
and conditions of this Agreement as if such Class B Member had not died or
become incompetent. Except as provided in this Agreement, in the event of any
other withdrawal of a Class B Member, the Class B Member shall only be entitled
to Company distributions to which such Class B Member's legal right accrued
prior to the date of withdrawal and which were not actually paid to him prior to
such withdrawal.

         Section 9.2. LIQUIDATION.

              9.2.1. Except as otherwise provided in Section 9.1, upon
dissolution of the Company, the Administrative Member shall take a full account
of the assets and liabilities of the Company or an Annual Investment Group, and
prepare a statement setting forth the assets and liabilities of the Company or
the dissolved Annual Investment Group as the case may be. A copy of such
statement shall be furnished to each of the Members in the case of a dissolution
of the Company and in the event of a dissolved Annual Investment Group, to the
Members having an interest therein, within ninety (90) days after such
dissolution. Thereafter, the assets of the Company or the Annual Investment
Group, as the case may be shall be liquidated as promptly as possible and the
proceeds thereof shall be applied in the following order:

                   (a) the expenses of liquidation and the debts of the Company,
including debts of the Company to any Member, together with interest accrued
thereon, shall be paid or reasonable provisions for the payment therefor be
made. Any reserves shall be established or continued which the Administrative
Member deems reasonably necessary for any contingent or unforeseen liabilities
or obligations of the Company or its liquidation. Such reserves shall be held by
the Company for the payment of any of the aforementioned contingencies until the
expiration of such period as the Administrative Member shall deem advisable;

                   (b) the balance, if any, including without limitation
reserved amounts released from reserves from time to time, shall be paid to the
Members in accordance with Section 6.2 hereof.

              9.2.2. Upon dissolution of the Company or an Annual Investment
Group, each Member shall look solely to the assets of the Company or Annual
Investment Group for the

                                      -22-
<Page>

return of his investment, if any, and if the Company's or Annual Investment
Group' assets remaining after payment and discharge of debts and liabilities of
the Company, including any debts and liabilities owed to any one or more of the
Members (including the IFC Loan), is not sufficient to satisfy the rights of a
Member, he shall have no recourse or further right or claim against IFC or any
other Member and no Class B Member shall have any rights to the income, gain,
distributable operating cash or liquidity event cash generated by an Annual
Investment Group to which he is not a member.

              9.2.3. If any assets of the Company are to be distributed in kind,
such assets shall be distributed on the basis of the fair market value thereof
as determined by the Management Committee and any Member entitled to any
interest in such assets shall receive such interest therein as a
tenant-in-common with all other Members so entitled..

                                   ARTICLE 10
                                  COMPANY FUNDS

         All deposits in and withdrawals from Company bank accounts shall be
made by the Management Committee or such other person or persons employed by the
Company as the Management Committee may from time to time designate. Pending
utilization of funds in the operations of the Company, such funds may be
deposited by the Company in savings or checking accounts or in such investments
as it deems desirable.

                                   ARTICLE 11
                           BOOKS AND RECORDS; REPORTS

         Section 11.1. BOOKS AND RECORDS. The Company shall keep adequate books
and records with respect to each Annual Investment Group at the principal place
of business of the Company or at such other place as the Management Committee
may determine, setting forth a true and accurate account of all business
transactions arising out of and in connection with the conduct of each Annual
Investment Group. A Class B Member, upon reasonable notice to the Company, shall
have the right to inspect the books and records of the Company relating to the
Annual Investment Groups to which he belongs but shall not have the right to
inspect the books and records of the Company relating to any Annual Investment
Groups to which he is not a member.

         Section 11.2. ACCOUNTING METHOD. The accounting basis on which the
books of the Company are kept shall be as determined by the Management
Committee.

         Section 11.3. REPORTS. The Administrative Member shall prepare the
Company's annual income tax return and annual financial statements which shall
include a balance sheet and the related statements of income. Such financial
statements need not be audited. The Administrative Member shall use reasonable
efforts to transmit within ninety (90) days after the end of the Fiscal Year to
each person who was a Member during such Fiscal Year such information with
respect to such person's interest in the profits, losses, tax credits,
deductions, tax preference items and investment credits, if any, of the Company
or a particular Annual Investment Group for such Fiscal Year as such person
shall require for federal income tax purposes.

                                      -23-
<Page>

         Section 11.4. TAX ELECTIONS. All tax elections on behalf of the Company
may be made or rescinded in the discretion of the Management Committee.

                                   ARTICLE 12
                               WAIVER OF PARTITION

         Each Member hereby waives any right of partition or any right to take
any other action which otherwise might be available to him or it for the purpose
of severing his or its relationship with the Company or his or its interest in
assets held by the Company from the interest of the other Members.

                                   ARTICLE 13
                                POWER OF ATTORNEY

         Section 13.1. GRANT OF POWER. 13.1.1. Each Class B Member, including
any additional or substituted Class B Member, by the execution of this Agreement
or any counterpart thereof, does hereby irrevocably constitute and appoint IFC
and each member of the Management Committee, and any of the foregoing acting
alone, in each case with full power of substitution, such Class B Member's true
and lawful agent and attorney-in-fact, with full power and authority in his or
her name, place and stead, for the purpose of

                   (a) executing, delivering and filing such agreements
(including amendments to this Agreement), certificates and other instruments as
said attorney-in-fact shall deem necessary or appropriate in order to issue
interests in the Company and to admit additional persons to the Company as Class
B Members in accordance with the terms of this Agreement,

                   (b) preparing such amendments to Schedule A hereto as may be
necessary or appropriate from time to time to reflect the admission of Class B
Members to the Company,

                   (c) making, executing, acknowledging, swearing to,
delivering, filing and recording such documents and instruments as may be
necessary or appropriate to carry out the provisions of this Agreement,
including, but not limited to, (i) such amendments to this Agreement and the
Company's Certificate of Formation, as amended from time to time, as are
necessary to effectuate the provisions of Section 5.1 and 5.10 of this Agreement
or to admit to the Company a substituted or additional Class B Member pursuant
to Section 5.10 or Article 8 hereof or a substituted Class A Member pursuant to
Section 8.1 hereof, (ii) such documents and instruments as are necessary to
cancel the Company's Certificate of Formation pursuant to Section 9.2 hereof,
(iii) an amended or restated Certificate of Formation reflecting the terms of
this Agreement or any amendment hereto, if required by the Act, (iv) all
certificates and other instruments deemed advisable by the Management Committee
to permit the Company to become or to continue as a limited liability company in
the jurisdictions where the Company may be doing business, (v) all fictitious or
assumed name certificates required or permitted to be filed on behalf of the
Company and (vi) all other instruments which may be required or permitted by law
to be filed on behalf of the Company.

         Section 13.2. SURVIVAL OF POWER. The foregoing power of attorney is
coupled with an interest and shall be irrevocable and survive the death,
dissolution, bankruptcy or

                                      -24-
<Page>

incapacity of any Class B Member. SCHEDULE A, any amendments thereto or any
amendments to this Agreement, as aforesaid, when prepared by said
attorney-in-fact shall be deemed a part of this Agreement and incorporated
herein by reference, as of the effective date of such SCHEDULE A, amendment
thereto or amendment to this Agreement, to the same extent as if attached hereto
and incorporated herein by this reference on the date hereof.

                                   ARTICLE 14
                               GENERAL PROVISIONS

         Section 14.1. AMENDMENTS. Except as contemplated by Article 5 with
respect to the reflection on SCHEDULE A or any additional schedule hereto of
information with respect to Class B Members, series of Interests and Annual
Investment Groups, which Schedules shall be amendable by the Company and the
Management Committee as needed to reflect the Class B Members of each Annual
Investment Group and their interests therein, no amendment of this Agreement
shall be binding unless such amendment is proposed in writing by the
Management Committee, and the written consent of the Class A Member is
obtained with respect thereto; PROVIDED, HOWEVER, THAT no such amendment may
(i) require the Class B Members to make Capital Contributions to the Company
or (ii) make one or more of the Class B Members personally liable for any
obligations of the Company, or (iii) except as necessary to reflect the
admission of new Class B Members pursuant to Section 5.10, modify the
allocation or timing of distributions of cash or Company profits and losses
with respect to the Annual Investment Group to which such Class B Member
belongs, or (iv) modify the method of determining distributions of cash and
allocations of profits and losses with respect to the Annual Investment Group
to which such Class B Member belongs, or (v) modify the provisions of Article
5, in each case without the written agreement of all Members adversely
affected thereby. Subject to the foregoing, amendments may be made to this
Agreement from time to time by the Management Committee or Administrative
Member, without the consent of any of the Class B Members: (i) to add to the
representations, duties or obligations of the Management Committee or
Administrative Member, respectively, or surrender any right or power granted
to the Management Committee or Administrative Member, respectively, herein;
(ii) to cure any ambiguity, correct or supplement any provision herein which
may be inconsistent with any other provision herein or make any other
provisions with respect to matters or questions arising hereunder which will
not be inconsistent with any other provision hereof; (iii) to delete from or
add to any provision hereof required to be so deleted or added by a state
"Blue Sky" commission in order to permit the offer or sale of Company
Interests in any state; and (iv) as otherwise provided in this Agreement.

         Section 14.2. NOTICES.

              14.2.1. Any notice to be given under this Agreement shall be made
in writing and shall be deemed to have been duly given when personally delivered
against written receipt or when mailed by certified or registered mail, return
receipt requested, postage prepaid, or sent by overnight courier (whether or not
a signature is required) or by facsimile (with an original mailed pursuant to
one of the methods above), addressed as set forth below:

                   (a) If to the Class A Member:

                      Irwin Financial Corporation

                                      -25-
<Page>

                      500 Washington Street
                      P.O. Box 929
                      Columbus, IN  47202
                      Phone:  812-376-1909
                      Fax:  812-376-1709

                   (b) If to any Class B Member such notice shall be mailed to
the address of the Class B Member appearing on the records of the Company.

              14.2.2. Any Member may change the address to which notice is to be
sent by giving notice of such change to the Company, and to each Class B Member
in the case of a change by a Class A Member or the Company, in conformity with
the provisions of this Section for the giving of notice.

              14.2.3. Any such notice so given shall be deemed to be effective
as of the date so de livered if delivered personally (which shall include
delivery by overnight carrier or by telecopy or facsimile), or as of the third
day after the date on which the same was deposited in a regularly maintained
receptacle for the deposit of United States mail, addressed and sent as
aforesaid.

         Section 14.3. GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware notwithstanding
any conflict-of-law doctrines of such State or other jurisdiction to the
contrary.

         Section 14.4. BINDING NATURE OF AGREEMENT. Except as otherwise
provided, this Agreement shall be binding upon and inure to the benefit of the
Members and their heirs, personal representatives, successors and assigns.

         Section 14.5. VALIDITY. In the event that all or any portion of any
provision of this Agreement shall be held to be invalid, the same shall not
affect in any respect whatsoever the validity of the remainder of this
Agreement.

         Section 14.6. ENTIRE AGREEMENT. This Agreement constitutes the entire
understanding and agreement among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements and
understanding, inducements or conditions, express or implied, oral or written,
except as herein contained. This Agreement may not be modified or amended other
than by an agreement in writing.

         Section 14.7. INDULGENCES, ETC. Neither the failure nor any delay on
the part of any party hereto to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or any other right, remedy, power or privilege; nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and signed by the party asserted to have granted such waiver.

                                      -26-

<Page>

          Section 14.8. EXECUTION IN COUNTERPARTS. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of such
shall together constitute one and the same instrument. This Agreement shall
become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as
the signatories. Any and all counterparts hereto may be executed by facsimile.

          Section 14.9. PARAGRAPH HEADINGS. The paragraph headings in this
Agreement are for convenience only; they form no part of this Agreement and
shall not effect its interpretation.

          Section 14.10. GENDER, ETC. Words used herein, regardless of the
number and gender specifically used, shall be deemed and construed to include
any other number singular or plural, any other gender, masculine, feminine or
neuter, as the context requires.

          Section 14.11. NUMBER OF DAYS. In computing the number of days for the
purpose of this Agreement, all days shall be counted, including Saturdays,
Sundays and holidays; provided, however, that if the final day of any time
period falls on a Saturday, Sunday or holiday, then the final day shall be
deemed to be the next day which is not a Saturday, Sunday or holiday.

          Section 14.12. INTERPRETATION. No provision of this Agreement is to be
interpreted for or against either party because that party or that party's legal
representative drafted such provision.

          Section 14.13. CORPORATE AND COMPANY AUTHORITY. Any corporation or
company signing this Agreement represents and warrants that the execution,
delivery and performance of this Agreement by such corporation or company has
been duly authorized by all necessary corporate or company action.

          Section 14.14. THIRD PARTY BENEFICIARIES. Notwithstanding anything to
the contrary contained herein, no provision of this Agreement is intended to
benefit any party other than the Members and their successors and assigns in the
Company and the Company, and no such provision shall be enforceable by any other
party.

          Section 14.15. COPIES OF CERTIFICATE OF FORMATION AND AMENDMENTS
THERETO. Neither the Company nor the Management Committee shall be required to
send the Class B Members a copy of the Certificate of Formation or any
amendments thereof or any other certificate or statement required or permitted
to be filed under the Act. Notwithstanding this section 14.15, a Class B Member
shall have the right to inspect the Certificate of Formation and amendments
thereto and any other Company records in accordance with Section 11.1.

          Section 14.16. NOMINAL TITLE HOLDER. The Management Committee may, at
its option, cause any or all of the Company's property to be held in street name
or in the name of a nominal or record title holder.

                                      -27-

<Page>

          IN WITNESS WHEREOF the parties have executed this Limited Liability
Company Agreement of Irwin Ventures Co-Investment Fund LLC as of the day and
year first above written.

                             Class A Member:

                             IRWIN FINANCIAL CORPORATION

                             By:  /s/ Thomas D. Washburn
                                 ------------------------------------
                             Name:    Thomas D. Washburn
                                   ----------------------------------
                             Title:   Executive V.P.
                                    ---------------------------------

                             CLASS B MEMBERS:

                             By:  /s/ David S. Meyercord, as attorney-in-fact
                             for the parties whose names are set forth on
                             Schedule A attached hereto.

                                       David S. Meyercord
                             -----------------------------------------
                             Name

                     SEPARATE COUNTERPART SIGNATURE PAGES OF
                     THE CLASS B MEMBERS ARE ATTACHED HERETO

                                      -28-

<Page>

                       LIMITED LIABILITY COMPANY AGREEMENT
                                       OF
                      IRWIN VENTURES CO-INVESTMENT FUND LLC

                 COUNTERPART SIGNATURE PAGE FOR CLASS B MEMBERS

By executing this counterpart signature page, the undersigned hereby agrees to
become a Class B Member of Irwin Ventures Co-Investment Fund LLC, having such
rights, entitlements and obligations as set forth in the Limited Liability
Company Agreement of Irwin Ventures Co-Investment Fund LLC, effective as of
April 20, 2001 a copy of which the undersigned acknowledges he has received and
has had the opportunity to review and pursuant to which by executing this
signature page the undersigned agrees to be bound thereby.

                                         CLASS B MEMBER

                                                /s/ John Nash
                                         ------------------------------
                                                  (Signature)

                                                   John Nash
                                         ------------------------------
                                                   Print Name

                                      -29-

<Page>

                                   SCHEDULE A

                               NAME AND ADDRESS OF
                                 CLASS A MEMBER

IRWIN FINANCIAL CORPORATION
500 WASHINGTON STREET, BOX 929
COLUMBUS, INDIANA 47202-0929

                 NAMES, ADDRESSES AND ANNUAL INVESTMENT GROUP OF
                                 CLASS B MEMBERS

                   2000 AND 2001 ANNUAL INVESTMENT VINTAGE YEARS

<Table>
<Caption>

YEAR DEFERRED BONUS      NAME AND ADDRESS OF      ANNUAL BONUS     * PORTFOLIO *      PERCENTAGE INTEREST IN
   AWARD EARNED            CLASS B MEMBER         CONTRIBUTION      INVESTMENT         PORTFOLIO INVESTMENT
-------------------      -------------------      ------------     -------------      ----------------------
<S>                      <C>                      <C>               <C>                <C>
      2000               CLAUDE DAVIS                $20,000             IV                     0.46%
                         500 WASHINGTON ST.
                         COLUMBUS, IN 47201

      2000               GREG EHLINGER               $25,000             IV                     0.57%
                         500 WASHINGTON ST
                         COLUMBUS, IN 47201

      2000               JOHN NASH                   $25,000             IV                     0.57%
                         500 WASHINGTON ST
                         COLUMBUS, IN 47201

      2000               MIKE TAFT                   $ 5,000             IV                     0.06%
                         330 120TH AVE NE
                         SUITE 110
                         BELLEVUE, WA 98005

      2000               MATT SOUZA                  $10,000             IV                     0.23%
                         500 WASHINGTON ST
                         COLUMBUS, IN 47201

      2000               BOB GRIFFITH                $25,000             IV                     0.57%
                         9265 COUNSELORS ROW
                         SUITE 200
                         INDIANAPOLIS, IN 46240

</Table>

                                                 A-1

<Page>

                          2002 ANNUAL INVESTMENT VINTAGE YEAR

<Table>
<Caption>

YEAR DEFERRED BONUS      NAME AND ADDRESS OF      ANNUAL BONUS     * PORTFOLIO *      PERCENTAGE INTEREST IN
   AWARD EARNED            CLASS B MEMBER         CONTRIBUTION      INVESTMENT         PORTFOLIO INVESTMENT
-------------------      -------------------      ------------     -------------      ----------------------
<S>                      <C>                      <C>               <C>                <C>
      2001               CLAUDE DAVIS                $20,000
                         500 WASHINGTON ST
                         COLUMBUS, IN 47201

      2001               GREG EHLINGER               $25,000
                         500 WASHINGTON ST
                         COLUMBUS, IN 47201

      2001               BOB GRIFFITH                $25,000
                         9265 COUNSELORS ROW
                         SUITE 200
                         INDIANAPOLIS, IN 46240

      2001               JOHN NASH                   $25,000
                         500 WASHINGTON ST
                         COLUMBUS, IN 47201

      2001               MATT SOUZA                  $10,000
                         500 WASHINGTON ST
                         COLUMBUS, IN 47201

</Table>

                                                 A-2

<Page>

                                    ANNEX 1
                                      TO
                                   SCHEDULE A

PORTFOLIO INVESTMENTS

BREMER (NEWTON, MA)

Bremer Associates, Inc. develops and markets systems integration and data
transformation software modeling products for the financial and B2B markets.
Bremer provides solutions that transform complex architectures, with multiple
databases, system interfaces, message interfaces, APIs, and applications into
a universal workflow and communications methodology. Bremer offers
MetaStreamer(TM), a powerful, universal, data transformation engine providing
a broad range of applications and RECONASSIST(TM) a unique solution that
automates securities reconciliation.

DOCUTOUCH (SEATTLE, WA)

Dent Bay Corporation fka DocuTouch was a Seattle-based application service
provider (ASP) specializing in secure online document management and digital
signature technology. DocuTouch's technology provided a comprehensive
solution for secure, online business-to-business information exchange using
legally binding digital services. The company had a patented authentication
process to absolutely identify anonymous users on the Internet. Using the
DocuTouch system, the parties in the financing transaction could review,
route and sign documents electronically in a matter of minutes. In 2001, the
assets of DocuTouch were sold to NetUpdate.

LIVE CAPITAL (SAN MATEO, CA)

LiveCapital is a leading provider of automated, flexible credit solutions for
enterprises that want to control bad debt and minimize processing costs.

LiveCapital's hosted software solutions automate credit approval by
incorporating customers' decisioning rules and industry-leading credit data
and scoring models.

NETUPDATE (REDMOND, WA)

NetUpdate has created a transaction management platform that enables
businesses to transform tasks that are disconnected, time-consuming,
expensive, and paper-centric into highly efficient seamless digital
transactions. This migration occurs at the business' own pace and can be
integrated with their existing software. By facilitating real-time online
collaboration with any customer or partner, businesses can efficiently manage
all the elements of their transactions - including documents, shared workflow,
customer information, and messaging. NetUpdate provides access to powerful
technology in a

                                        A-3

<Page>

simple, consistent interface. Users are easily able to take advantage of the
technology, allowing them to focus on business and their customers.

PAYCYCLE (MOUNTAIN VIEW, CA)

PayCycle offers an online payroll service for small businesses and household
employers that greatly simplifies the task of doing payroll. PayCycle
provides an easy-to-use, Web interface that collects payroll information in a
timely fashion. This allows employers to produce paychecks or pay employees
through electronic funds transfer. This online payroll service also sends
email reminders when tax filings are due, and produces pre-filled tax forms
and W-2's that can be printed and/or filed electronically. PayCycle's
affordable self-serve, online payroll service saves employers time and
frustration while keeping them in control of their payroll expenses.

ZOOLOGIC (NEW YORK, NY)

Zoologic is a leading provider of sophisticated learning solutions for
financial professionals. Zoologic uses the Internet as a delivery platform
for education and corporate training. This requires Zoologic to make a broad
and long-term commitment to clients. In addition to sophisticated web-based
courseware spanning a wide range of financial topics, Zoologic also assists
clients in developing curriculum strategies, offering technical advice and
assisting in the selection of complementary services and products.

                                       A-4

<Page>

                                   SCHEDULE B

                       MEMBERS OF THE MANAGEMENT COMMITTEE

DAVID MEYERCORD
500 WASHINGTON STREET
P.O. BOX 929
COLUMBUS, INDIANA 47202

WILLIAM MILLER
500 WASHINGTON STREET
P.O. BOX 929
COLUMBUS, INDIANA 47202

THOMAS WASHBURN
500 WASHINGTON STREET
P.O. BOX 929
COLUMBUS, INDIANA 47202

                                       B-1

<Page>

                                   ADDENDUM 1

                               CERTAIN DEFINITIONS

          Capitalized terms used in the Agreement and not defined in the text of
the Agreement shall have the following meanings:

          "Administrative Member" shall mean IFC or such other Member designated
from time to time by the Class A Member.

          "Affiliate" means (i) any Person, directly or indirectly controlling,
controlled by or in common control with a specified person; (ii) any Person
owning or controlling 10% or more of the outstanding voting securities of such
specified Persons; (iii) any officer, director, partner or trustee of such
specified Person; and (iv) if such specified Person is an officer, director,
partner or trustee of a Person, the Person for which such Person acts in such
capacity.

          "Annual Bonus Award" shall mean the annual bonus to which a Qualified
Employee is entitled pursuant to the Management Bonus Plan maintained by the IFC
Affiliated Group.

          "Annual Investment Group" means, for any particular Deferred Bonus
Award Year, the group of Members defined in Section 5.2 of the Agreement who
have the right to receive the Profits attributable to the group of Portfolio
Investments made in that Deferred Bonus Award Year.

          "Capital Account" shall have the meaning given to such term in Section
5.8 of this Agreement.

          "Capital Contribution" means the amount of money and the fair market
value of property, if any, contributed to the Company by a Member for any
particular year.

          "Cause" shall mean (i) a Participant's repeated disregard of lawful
instructions of the Board of Directors of an IFC Group Member for which such
Participant is employed or the senior management of such IFC Group Member, as
determined in the sole discretion of the Board of Directors of such IFC Group
Member, that are consistent with the Participant's position or responsibilities;
(ii) a material breach of a Participant's obligations under his or her
employment arrangement; (iii) alcohol or drug abuse; or (iv) commission of a
felony or an act which, in the good faith determination of the Board of
Directors of the IFC Group Member for which such Participant is employed
constitutes fraud, theft or dishonesty.

          "Certificate of Formation" shall mean the certificate of formation of
the Company that is executed and filed with the Secretary of State of Delaware
pursuant to the Act, as amended from time to time.

          "Class A Member" means IFC or any other Person subsequently admitted
to the Company as a Class A Member pursuant to the terms of this Agreement.

                                       C-1

<Page>

          "Class B Members" means the Persons listed on SCHEDULE A to this
Agreement who have been admitted to the Company as Class B Members and any other
Persons subsequently admitted to the Company as Class B Members pursuant to the
terms of this Agreement.

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

          "Deferred Bonus Amount" shall have the meaning set forth in Section
5.2.1.

          "Deferred Bonus Award Year" shall mean each year in which a Qualified
Employee contributes a Deferred Bonus Amount to the Company.

          "Distributable Cash" means, with respect to any Fiscal Year, the
excess of all cash receipts of the Company from any source whatsoever, over the
sum of the following amounts:

               (a) cash disbursements for accounting and bookkeeping services,
costs of purchases and sales of assets, legal expenses, investment banking fees,
custodial fees, and any and all other items which are actually incurred by the
Company and customarily considered to be "operating expenses";

               (b) payments of interest, principal and premium and points and
other costs of borrowing under any indebtedness of the Company;

               (c) capital expenditures of any type or kind and costs and
expenses incurred in connection with the organization of the Company; and

               (d) any amounts set aside as reserves for working capital,
contingent liabilities, or for any of the expenditures described in clauses (i),
(ii) and (iii) hereof which are deemed by the Management Committee to be
reasonably necessary to meet the current and anticipated future needs of the
Company.

          "Fiscal Year" of the Company means the calendar year.

          "IFC Affiliated Group" shall mean IFC and any of its Affiliates.

          "IFC Group Member" shall mean a member of the IFC Affiliated Group.

          "IFC Loan" shall have the meaning set forth in Section 5.2.1.

          "Loss" is defined in the definition of "Profit" or "Loss."

          "Management Bonus Plan" shall mean the Management Bonus Plan
maintained by the IFC Affiliated Group.

          "Management Committee" shall have the meaning set forth in Section 7.1
of the Agreement.

                                       C-2

<Page>

          "Membership Interest" or "Interest" means a Member's interest in the
Company, including all rights to share in the Profits allocable to any Annual
Investment Group in which such Member is a member, all rights to return of
capital, if any, and all other rights as a Member under this Agreement.

          "Percentage Interest" of a Member, with respect to the Portfolio
Investments in which the Annual Investment Group of which such Member is a
member has an interest, means the percentage interest of that Member in
Portfolio Investment Profits and Portfolio Investment Losses determined in
accordance with Section 6.2.3, and cash distributions relating thereto.

          "Person" means an individual, corporation, Company, association, joint
stock company, trust or unincorporated organization.

          "Portfolio Company" means the issuer of securities acquired by The
Venture Fund, other than issuer of certificate of deposits, shares or other
participation in mutual funds or similar money market type instruments which
give rise to Short Term Investment Income.

          "Portfolio Investment" means an investment in a Portfolio Company by
The Venture Fund in which the Company has an indirect interest by reason of its
interest in The Venture Fund, and any other direct or indirect investments
received as a dividend or distribution thereon, in a reclassification with
respect thereto or in an exchange or otherwise therefor.

          "Portfolio Investment Loss" means Loss of the Company computed with
respect to each Portfolio Investment as if such Portfolio Investment were an
asset and the only asset of the Company and the only expenses of the Company
were the Company's share of expenses of The Venture Fund which are directly
attributable to such Portfolio Investment. Expenses shall be considered directly
attributable to a Portfolio Investment if, but for that Portfolio Investment,
they would not have been incurred by The Venture Fund.

          "Portfolio Investment Profit" means Profit of the Company computed
with respect to each Portfolio Investment as if such Portfolio Investment were
an asset and the only asset of the Company and the only expenses of the Company
were the Company's share of expenses of The Venture Fund which are directly
attributable to such Portfolio Investment. For purposes of the definition of
Portfolio Investment Profit, Short Term Investment Income earned in a Fiscal
Year shall be considered Portfolio Investment Profit and shall be allocable to
each Portfolio Investment in proportion to the capital of the Company invested
in such Portfolio Investment. Expenses shall be considered directly attributable
to a Portfolio Investment if, but for that Portfolio Investment, they would not
have been incurred by The Venture Fund.

          "Prime Rate' shall mean the prime lending rate as announced from time
to time by Irwin Union Bank and Trust Company.

          "Profit" or "Loss" means at all times during the existence of the
Company, the net income or net loss of the Company for federal income tax
purposes with respect to each Fiscal Year determined by the Company's
accountants at the close of the Company's Fiscal Year, including, without
limitation, each item of Company income, gain, loss or deduction, other than
those items specially allocated in Section 6. The terms Profit or Loss include
the Company's distributive share of the Profit or Loss of any Company or joint
venture in which it is a member.

                                       C-3

<Page>

The Profit or Loss of the Company shall be computed with the adjustments
required to comply with the Capital Account maintenance rules of Treasury
Regulation Section 1.704-1(b)(2)(iv), including those applicable to the
revaluation of Company assets under Treasury Regulations Section
1.704-1(b)(2)(iv)(d) and (f).

          "Qualified Employees" means those employees of an IFC Group Member
eligible to participate in the Management Bonus Plan and who are selected in
each year by IFC to participate in the Company.

          "Regulations" means regulations promulgated by the Department of
Treasury of the United States in respect of the Code.

          "Short Term Investment Income" means income earned (by the Company or
The Venture Fund and allocated to the Company) from the investment of capital in
short term investments pending investment by The Venture Fund in a Portfolio
Company or pending distribution following disposition of a Portfolio Company.

          "Transfer" means to sell, assign, transfer, give, donate, pledge,
hypothecate, create a security interest in, place in trust or otherwise
voluntarily or involuntarily dispose of or otherwise encumber. The terms
"Transferred," "Transferor" and "Transferee" have corresponding definitions.

          "Unattributable Expenses" means all expenses of the Company not taken
into account in the definition of Portfolio Investment Loss and Portfolio
Investment Profit.

                                       C-4

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>

                                                                                                               PAGE
<S>                                                                                                            <C>
ARTICLE 1 CREATION AND NAME.......................................................................................1

ARTICLE 2 LOCATION................................................................................................1

ARTICLE 3 PURPOSE.................................................................................................1

ARTICLE 4 TERM....................................................................................................2

ARTICLE 5 CONTRIBUTION TO CAPITAL AND STATUS OF MEMBERS...........................................................2

         Section 5.1. Membership Interests........................................................................2
         Section 5.2. Capital Contribution of Class B Members.....................................................2
         Section 5.3. Capital Contributions of Class A Member.....................................................4
         Section 5.4. IFC Loans...................................................................................4
         Section 5.5. Registration................................................................................4
         Section 5.6. Continuation of Class B Member Status.......................................................4
         Section 5.7. Withdrawal and Return of Capital............................................................5
         Section 5.8. Limited Liability...........................................................................5
         Section 5.9. Capital Accounts............................................................................5
         Section 5.10. Role of Class B Members....................................................................6
         Section 5.11. Issuance of Additional Interests and Securities............................................6

ARTICLE 6 ALLOCATION OF PROFIT AND LOSS AND DISTRIBUTION TO MEMBERS...............................................7

         Section 6.1. General Premise.............................................................................7
         Section 6.2. Distributions...............................................................................7
         Section 6.3. General Allocations of Net Profits and Net Losses...........................................9
         Section 6.4. Allocations of Nonrecourse Deductions and Minimum Gain......................................9
         Section 6.5. Other Special Allocations..................................................................10
         Section 6.6. Curative Allocations.......................................................................10
         Section 6.7. Allocations Upon Transfer or Admission.....................................................10
         Section 6.8. Tax Matters................................................................................11
         Section 6.9. Negative Capital Accounts..................................................................11
         Section 6.10. Authority of Management Committee to Vary Allocations to Preserve and
         Protect Members' Intent.................................................................................11
         Section 6.11. Tax Controversies.........................................................................12
         Section 6.12. Proceedings...............................................................................13
         Section 6.13. Taxes Withheld............................................................................13

ARTICLE 7 MANAGEMENT OF THE COMPANY..............................................................................13

         Section 7.1. Management.................................................................................13
         Section 7.2. Powers and Authority.......................................................................14
         Section 7.3. Actions by Management Committee; Committees................................................14
         Section 7.4. Composition of the Management Committee....................................................14
         Section 7.5. Removal, Vacancy on Management Committee...................................................15
         Section 7.6. Meetings of the Management Committee.......................................................15
         Section 7.7. Manner of Acting...........................................................................15

                                      -i-

<Page>

         Section 7.8. Procedures.................................................................................16
         Section 7.9. Designation of Officers....................................................................16
         Section 7.10. Liability for Acts or Omissions; Indemnification..........................................17
         Section 7.11. No Obligation to Make Additional Capital Contributions or Advances........................18

ARTICLE 8 TRANSFERABILITY OF COMPANY INTERESTS...................................................................18

         Section 8.1. Class A Member.............................................................................18
         Section 8.2. Transfer of Class B Members' Interest; Withdrawal..........................................18
         Section 8.3. Compliance with Securities Laws............................................................20
         Section 8.4. Termination of Employment..................................................................20

ARTICLE 9 TERMINATION OF THE COMPANY.............................................................................21

         Section 9.1. Dissolution................................................................................21
         Section 9.2. Liquidation................................................................................22

ARTICLE 10 COMPANY FUNDS.........................................................................................23

ARTICLE 11 BOOKS AND RECORDS; REPORTS............................................................................23

         Section 11.1. Books and Records.........................................................................23
         Section 11.2. Accounting Method.........................................................................23
         Section 11.3. Reports...................................................................................23
         Section 11.4. Tax Elections.............................................................................24

ARTICLE 12 WAIVER OF PARTITION...................................................................................24

ARTICLE 13 POWER OF ATTORNEY.....................................................................................24

         Section 13.1. Grant of Power............................................................................24
         Section 13.2. Survival of Power.........................................................................24

ARTICLE 14 GENERAL PROVISIONS....................................................................................25

         Section 14.1. Amendments................................................................................25
         Section 14.2. Notices...................................................................................25
         Section 14.3. Governing Law.............................................................................26
         Section 14.4. Binding Nature of Agreement...............................................................26
         Section 14.5. Validity..................................................................................26
         Section 14.6. Entire Agreement..........................................................................26
         Section 14.7. Indulgences, Etc..........................................................................26
         Section 14.8. Execution in Counterparts.................................................................27
         Section 14.9. Paragraph Headings........................................................................27
         Section 14.10. Gender, Etc..............................................................................27
         Section 14.11. Number of Days...........................................................................27
         Section 14.12. Interpretation...........................................................................27
         Section 14.13. Corporate and Company Authority..........................................................27
         Section 14.14. Third Party Beneficiaries................................................................27
         Section 14.15. Copies of Certificate of Formation and Amendments Thereto................................27
         Section 14.16. Nominal Title Holder.....................................................................27
</Table>

                                      -ii-<Page>

                           IRWIN FINANCIAL CORPORATION

                                 2001 STOCK PLAN

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                          Page
                                                                                          ----
<S>                                                                                       <C>
1.1 ESTABLISHMENT...........................................................................5
1.2 PURPOSE.................................................................................5
1.3 EFFECTIVE DATE..........................................................................5
2.1 DEFINITIONS.............................................................................5
2.2 GENDER AND NUMBER.......................................................................7
3.1 ELIGIBILITY AND PARTICIPATION...........................................................7
4.1 ADMINISTRATION..........................................................................7
5.1 AGGREGATE NUMBER........................................................................7
5.2 INDIVIDUAL PARTICIPANT LIMITATIONS......................................................7
5.3 REUSE...................................................................................8
5.4 ADJUSTMENT IN CAPITALIZATION............................................................9
6.1 DURATION OF PLAN........................................................................9
7.1 GRANT OF OPTIONS........................................................................9
7.2 OPTION AGREEMENT........................................................................9
7.3 OPTION PRICE............................................................................9
7.4 EXERCISE OF OPTIONS.....................................................................9
7.5 PAYMENT................................................................................10
7.6 LIMITATIONS ON ISOS....................................................................12
7.7 RESTRICTIONS ON STOCK TRANSFERABILITY..................................................13
7.8 TERMINATION OF EMPLOYMENT OR SERVICE...................................................13
       (a) TERMINATION OF EMPLOYMENT DUE TO DEATH..........................................13
       (b) TERMINATION OF EMPLOYMENT DUE TO DISABILITY, RETIREMENT OR WITHOUT CAUSE........13
       (c) RESIGNATION.....................................................................13
       (d) TERMINATION FOR CAUSE...........................................................14
7.9 EFFECT OF A CHANGE IN CONTROL..........................................................14
7.10 NONTRANSFERABILITY OF OPTIONS.........................................................14
8.1 GRANT OF STOCK APPRECIATION RIGHTS.....................................................15
8.2 PAYMENT OF SAR AMOUNT..................................................................15
8.3 FORM AND TIMING OF PAYMENT.............................................................15
8.4 LIMIT OF APPRECIATION..................................................................16
8.5 TERM OF SAR............................................................................16
8.6 TERMINATION OF EMPLOYMENT OR SERVICE; CHANGE IN CONTROL................................16
8.7 NONTRANSFERABILITY OF SARS.............................................................16
9.1 GRANT OF RESTRICTED STOCK..............................................................16
9.2 TRANSFERABILITY........................................................................16
9.3 OTHER RESTRICTIONS.....................................................................17
9.4 VOTING RIGHTS..........................................................................17
9.5 DIVIDENDS AND OTHER DISTRIBUTIONS......................................................17
9.6 TERMINATION OF EMPLOYMENT OR SERVICE; CHANGE IN CONTROL................................17
       (a) TERMINATION OF EMPLOYMENT DUE TO DEATH..........................................17
       (b) TERMINATION OF EMPLOYMENT FOR REASONS OTHER THAN DEATH..........................17

                                      - 2 -
<Page>

       (c) CHANGE IN CONTROL...............................................................18
9.7 NONTRANSFERABILITY OF RESTRICTED STOCK.................................................18
10.1 GRANT OF PHANTOM STOCK UNITS..........................................................18
10.2 VALUE.................................................................................18
10.3 PAYMENT FOR PHANTOM STOCK UNITS.......................................................18
10.4 FORM AND TIMING OF PAYMENT............................................................19
10.5 TERMINATION OF EMPLOYMENT OR SERVICE; CHANGE IN CONTROL...............................19
10.6 NONTRANSFERABILITY....................................................................19
10.7 NO DIVIDEND PAYMENTS..................................................................19
10.8 EXPIRATION............................................................................19
11.1 BENEFICIARY DESIGNATION...............................................................19
12.1 EMPLOYMENT OR SERVICE.................................................................19
12.2 PARTICIPATION.........................................................................20
13.1 IN GENERAL............................................................................20
13.2 DEFINITION............................................................................20
14.1 AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN......................................22
14.2 INTERPRETATION........................................................................22
15.1 TAX WITHHOLDING.......................................................................22
15.2 SHARE WITHHOLDING.....................................................................22
16.1 INDEMNIFICATION.......................................................................22
17.1 REQUIREMENTS OF LAW...................................................................23
17.2 GOVERNING LAW.........................................................................23
</Table>

                                      - 3 -
<PAGE>

                           IRWIN FINANCIAL CORPORATION

                                 2001 STOCK PLAN

Section 1.  Establishment, Purpose, and Effective Date of Plan

      1.1 ESTABLISHMENT. Irwin Financial Corporation, an Indiana corporation,
hereby establishes the Irwin Financial Corporation 2001 Stock Plan (the "Plan")
for key employees and non-employee directors. The Plan permits the grant of
stock options, stock appreciation rights, restricted stock and phantom stock
units, with common stock or cash as possible payout mediums for payment under
the Plan.

      1.2 PURPOSE. The purpose of the Plan is to advance the interests of the
Company and its stockholders, by encouraging and providing for the acquisition
of an equity interest in the success of the Company by employees of the Company
and its subsidiaries and non-employee directors, by providing additional
incentives and motivation toward superior performance of the Company, and by
enabling the Company to attract and retain the services of employees and
non-employee directors upon whose judgment, interest, and special effort the
successful conduct of its operations is largely dependent.

      1.3 EFFECTIVE DATE. The Plan shall become effective immediately upon its
adoption by the Board of Directors of the Company, subject to ratification by
the stockholders of the Company. Awards may be granted hereunder on or after the
effective date but shall in no event be exercisable or payable to a Participant
prior to such stockholder approval; and, if such approval is not obtained within
twelve (12) months after the effective date, such Awards shall be of no force
and effect.

                            SECTION 2. DEFINITIONS

      2.1 DEFINITIONS. Whenever used herein, the following terms shall have
their respective meanings set forth below:

            "Award" means any Stock Option, Stock Appreciation Right, Restricted
Stock, or Phantom Stock Unit, granted under this Plan.

            "Board" means the Board of Directors of the Company.

            "Cause" is defined in Section 14.2.

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

            "Change in Control" is defined in Section 13.2 herein.

            "Committee" means the Compensation Committee of the Board or such
other committee appointed from time to time by the Board to administer this
Plan. The Committee shall consist of two or more members, each of whom shall
qualify as a "non-employee director," as the term (or similar or successor term)
is defined by Rule 16b-3, and as an "outside director" within the meaning of
Code Section 162(m) and regulations thereunder.

                                     - 5 -
<Page>

            "Company" means Irwin Financial Corporation, an Indiana corporation.

            "Disability" is defined in Section 14.2.

            "Employee" means an employee (including officers and directors who
are also employees) of the Company or its subsidiaries, or any branch or
division thereof.

            "Fair Market Value" means the mean of the closing bid and ask prices
of the Stock as reported by the Nasdaq National Market on a particular date. In
the event that there are no Stock transactions on such date, the Fair Market
Value shall be determined as of the immediately preceding date on which there
were Stock transactions.

            "Named Executive Officer" means a Participant who, as of the date of
vesting and/or payout of an Award, as applicable, is one of the group of covered
employees, as defined in the regulations promulgated under Code Section 162(m),
or any successor statute.

            "Non-Employee Director" means a director of the Company who is not,
and for a period of at least one year, has not been an Employee.

            "Option" means the right to purchase Stock at a stated price for a
specified period of time. For purposes of the Plan an Option may be either (i)
an "Incentive Stock Option," or "ISO" within the meaning of Section 422 of the
Code, (ii) a "Nonstatutory (Nonqualified) Stock Option," or "NSO," or (iii) any
other type of option encompassed by the Code.

            "Participant" means any Non-Employee Director and any Employee
designated by the Committee (or its delegate, if appropriate under Section 3.1)
to participate in the Plan.

            "Performance-Based Exception" means the exception for
performance-based compensation from the tax deductibility limitations of Code
Section 162(m).

            "Period of Restriction" means the period during which the transfer
of shares of Restricted Stock is restricted pursuant to Section 9 of the Plan.

            "Phantom Stock Unit" is described under Section 10.

            "Plan" means the Irwin Financial Corporation 2001 Stock Plan as set
forth herein and any amendments hereto.

            "Restricted Stock" means Stock granted to a Participant pursuant to
Section 9 of the Plan.

            "Retirement" is defined in Section 14.2.

            "Rule 16b-3" means Rule 16b-3 or any successor or comparable rule or
rules applicable to Awards granted under the Plan promulgated by the Securities
and Exchange Commission under Section 16(b) of the Securities Exchange Act of
1934, as amended.

            "Stock" means the Common Stock, without par value, of the Company.

                                     - 6 -
<Page>

            "Stock Appreciation Right" and "SAR" mean the right to receive a
payment from the Company equal to the excess of the Fair Market Value of a share
of stock at the date of exercise over a specified price fixed by the Committee,
which shall not be less than 100% of the Fair Market Value of the Stock on the
date of grant. In the case of a Stock Appreciation Right which is granted in
conjunction with an Option, the specified price shall be the Option exercise
price.

      2.2 GENDER AND NUMBER. Except when otherwise indicated by the context,
words in the masculine gender when used in the Plan shall include the feminine
gender, the singular shall include the plural, and the plural shall include the
singular.

                   SECTION 3. ELIGIBILITY AND PARTICIPATION

      3.1 ELIGIBILITY AND PARTICIPATION. Participants in the Plan shall be
selected by the Committee from among those Employees who, in the opinion of the
Committee, are Employees in a position to contribute materially to the Company's
continued growth and development and to its long-term financial success.
Non-Employee Directors shall also be eligible to participate in the Plan. For
purposes of awards to individuals who are neither Named Executive Officers nor
directors of the Company, the Committee may delegate its authority to select
Participants in the Plan, to select the type of awards to be received by such
Participants, and to allocate Committee-approved block awards, to such
individuals or bodies as the Committee designates in writing. If such delegation
occurs, "Committee" as used herein shall mean such individual or body.

                          SECTION 4. ADMINISTRATION

      4.1 ADMINISTRATION. The Committee shall be responsible for the
administration of the Plan. The Committee, by majority action thereof (whether
taken during a meeting or by written consent), is authorized to interpret the
Plan, to prescribe, amend, and rescind rules and regulations relating to the
Plan, to provide for conditions and assurances deemed necessary or advisable to
protect the interests of the Company, and to make all other determinations
necessary or advisable for the administration of the Plan, but only to the
extent not contrary to the express provisions of the Plan. Determinations,
interpretations, or other actions made or taken by the Committee pursuant to the
provisions of the Plan shall be final and binding and conclusive for all
purposes and upon all persons whomsoever. To the extent deemed necessary or
advisable for purposes of Rule 16b-3 or otherwise, the Board may act as the
Committee hereunder.

             SECTION 5. STOCK SUBJECT TO PLAN AND MAXIMUM AWARDS

      5.1 AGGREGATE NUMBER. The total number of shares of Stock subject to
Awards under the Plan may not exceed 2,000,000 (of this total number, all such
shares may be issued with respect to Incentive Stock Options). Such numbers of
shares shall be subject to adjustment upon occurrence of any of the events
described in Section 5.4. The shares to be delivered under the Plan may consist,
in whole or in part, of authorized but unissued Stock or treasury Stock, not
reserved for any other purpose. In addition, up to an aggregate of 2,000,000
SARs may be granted under the Plan.

      5.2 INDIVIDUAL PARTICIPANT LIMITATIONS. Unless and until the Committee
determines that an Award to a Named Executive Officer shall not be designed to
comply with the

                                     - 7 -
<Page>

Performance-Based Exception, the following rules shall apply to grants of such
Awards under the Plan:

            (a)   Subject to adjustment as provided in Section 5.4, the maximum
                  aggregate number of shares of Stock (including Options,
                  Restricted Stock SARs, and Phantom Stock Units to be paid out
                  in shares) that may be granted under this Plan in any calendar
                  year pursuant to any Award held by any Participant shall be
                  300,000 shares. Such numbers of shares shall be subject to
                  adjustment upon occurrence of any of the events described in
                  Section 5.4.

            (b)   The maximum aggregate cash payout (including SARs and Phantom
                  Stock Units paid out in cash) with respect to Awards granted
                  under this Plan in any calendar year which may be made to any
                  Participant shall be one million dollars ($1,000,000.00).

      5.3 REUSE. If, and to the extent:

            (a)   An Option shall expire or terminate for any reason without
                  having been exercised in full (including, without limitation,
                  cancellation and re-grant), or in the event that an Option is
                  exercised or settled in a manner such that some or all of the
                  shares of Stock related to the Option are not issued to the
                  Participant (or beneficiary) including as the result of the
                  use of shares for withholding taxes, the shares of Stock
                  subject thereto which have not become outstanding shall
                  (unless the Plan shall have terminated) become available for
                  issuance under the Plan; provided, however, that with respect
                  to a share-for-share exercise, only the net shares issued
                  shall be deemed to have become outstanding as a result
                  thereof.

            (b)   Restricted Stock or Phantom Stock Units under the Plan are
                  forfeited for any reason, or settled in cash in lieu of Stock
                  or in a manner such that some or all of the shares of Stock
                  related to the award are not issued to the Participant (or
                  beneficiary), such shares of Stock shall (unless the Plan
                  shall have terminated) become available for issuance under the
                  Plan.

                                     - 8 -
<Page>

            (c)   SARs expire or terminate for any reason without having been
                  earned in full, an equal number of SARs shall (unless the Plan
                  shall have terminated) become available for issuance under the
                  Plan.

      5.4 ADJUSTMENT IN CAPITALIZATION. In the event of any change in the
outstanding shares of Stock that occurs after ratification of the Plan by the
stockholders of the Company by reason of a Stock dividend or split,
recapitalization, merger, consolidation, combination, separation (including a
spin-off), exchange of shares, or other similar corporate change or distribution
of stock or property by the Company, the number and class of and/or price of
shares of Stock subject to each outstanding Award, the number of shares of Stock
available for Awards and the number and class of shares of Stock set forth in
Sections 5.1 and 5.2, shall be adjusted appropriately by the Committee, whose
determination shall be conclusive; provided, however, that fractional shares
shall be rounded to the nearest whole share. In such event, the Committee also
shall have discretion to make appropriate adjustments in the number and type of
shares subject to Awards then outstanding under the Plan pursuant to the terms
of such grants or otherwise.

                         SECTION 6. DURATION OF PLAN

      6.1 DURATION OF PLAN. The Plan shall remain in effect, subject to the
Board's right to earlier terminate the Plan pursuant to Section 15 hereof, until
all Stock subject to it shall have been purchased or acquired pursuant to the
provisions hereof. Notwithstanding the foregoing, no Incentive Stock Option may
be granted under the Plan on or after the tenth anniversary of the Effective
Date.

                           SECTION 7. STOCK OPTIONS

      7.1 GRANT OF OPTIONS. Subject to the provisions of Section 5 and 6,
Options may be granted to Participants at any time and from time to time as
shall be determined by the Committee. The Committee shall have complete
discretion in determining the number of Options granted to each Participant. The
Committee may grant any type of Option to purchase Stock that is permitted by
law at the time of grant.

      7.2 OPTION AGREEMENT. Each Option shall be evidenced by an option
agreement that shall specify the type of Option granted, the Option price, the
duration of the Option, the number of shares of Stock to which the Option
pertains, the vesting schedule for the Options, and such other provisions as the
Committee shall determine.

      7.3 OPTION PRICE. No Option granted pursuant to the Plan shall have an
Option price that is less than the Fair Market Value of the Stock on the date
the Option is granted.

      7.4 EXERCISE OF OPTIONS. Options awarded under the Plan shall be
exercisable at such times and be subject to such restrictions and conditions
as the Committee shall approve, either at the time of grant of such Options
or pursuant to a general determination, and which need not be the same for
all Participants. Each Option which is intended to qualify as an Incentive
Stock Option pursuant to Section 422 of the Code, and each Option which is
intended to qualify as

                                     - 9 -
<Page>

another type of ISO which may subsequently be authorized by law, shall comply
with the applicable provisions of the Code pertaining to such Options.

      7.5 PAYMENT. Options shall be exercised by the delivery of a written
notice of exercise to the Company, setting forth the number of shares of Stock
with respect to which the Option is to be exercised, accompanied by full payment
for the Stock. The Option price upon exercise of any Option shall be payable to
the Company in full, as provided in the option agreement, either:

            (a)   in cash or its equivalent,

            (b)   by tendering previously-acquired Stock (as determined by the
                  Committee) having an aggregate Fair Market Value at the time
                  of exercise equal to the total Option price,

            (c)   if the Committee shall authorize in its sole discretion, by
                  payment of the purchase price in installments or with other
                  borrowed funds; provided, however, that the provisions of each
                  installment purchase agreement: (i) shall provide that the
                  purchaser, at the purchaser's option, may pay any or all such
                  installments at one time, (ii) shall comply with all
                  applicable credit regulations, if any, then in effect and
                  issued or enacted by governmental authority having
                  jurisdiction, including Regulation U of the Board of Governors
                  of the Federal Reserve System if such Regulation is then in
                  effect, (iii) shall be established by the Committee and shall
                  include a specified rate of interest payable on the unpaid
                  balance, and (iv) shall require that the certificate for
                  Shares purchased pursuant to installment arrangement be
                  pledged to the Company.

                  The certificates for stock purchased pursuant to an
                  installment purchase agreement will be delivered to the
                  purchaser, who shall take title to such Stock, and shall be
                  immediately deposited by the purchaser, together with a
                  properly executed stock power, with the Secretary of the
                  Company to be held by the Company as security for the payment
                  of the installments of the purchase price, including interest.
                  The purchaser shall be entitled to all voting rights with
                  respect thereto and all cash dividends paid thereon. In the
                  event of the payment by the Company of a stock dividend on or
                  the declaration

                                     - 10 -
<Page>

                  by the Company of a stock split with respect to any of its
                  Stock held as security pursuant to an installment purchase
                  agreement hereunder, the pledge under such agreement shall
                  extend to the Stock issued in payment of such stock dividend
                  or on account of such stock split. The purchaser shall deliver
                  to the Company the certificates representing the dividend or
                  split Stock upon receipt thereof, together with a properly
                  executed stock power. In the event that the Stock held as
                  security pursuant to an installment purchase agreement shall
                  be changed or reclassified as a result of any charter
                  amendment, recapitalization, reorganization, merger,
                  consolidation, sale of assets or similar transactions, the
                  changed or reclassified Stock or other assets or both received
                  as a result of such transaction shall be substituted for the
                  Stock pledged under such agreement; and the purchaser shall
                  promptly deliver to the Company any certificates issued to
                  represent the Stock so changed or reclassified and any such
                  other assets, together with a properly executed stock power.
                  If rights to subscribe for or purchase Stock or other
                  securities shall be issued to holders of Stock held as
                  security pursuant to an installment purchase agreement, such
                  rights shall belong to the purchaser free from pledge. Upon
                  completion of payment for such Stock, including interest to
                  the date of payment, and subject to any requirements necessary
                  to comply with Regulation U or other applicable credit
                  regulations, the purchaser shall be entitled to the return
                  from the Company of the certificates so pledged; or

            (d)   by any other means which the Committee determines to be
                  consistent with the Plan's purpose and applicable law,

            (e)   by having the notice of exercise direct that the certificate
                  or certificates for such Shares for which the option is
                  exercised be delivered to a licensed broker acceptable to the
                  Company as the agent for the individual exercising the option
                  and, at the time such certificate or certificates are
                  delivered, the broker tenders to the Company cash or cash
                  equivalents acceptable to the Company equal to the purchase
                  price for such Shares purchased pursuant to the exercise of
                  the option plus the amount (if any)

                                     - 11 -
<Page>

                  of federal and other taxes which the Company may, in its sole
                  judgment, be required to withhold with respect to the exercise
                  of the option, or

            (f)   by a combination of (a), (b), (c), (d) and (e).

The exercise of an Option shall cancel any SAR which was specifically granted in
tandem with such Option to the extent of the number of shares as to which the
Option is exercised. As soon as practicable after receipt of each notice and
full payment, the Company shall deliver to the Participant a certificate or
certificates representing acquired shares of Stock.

      7.6 LIMITATIONS ON ISOS. Notwithstanding anything in the Plan to the
contrary, to the extent required from time to time by the Code, the following
additional provisions shall apply to the grant of Options which are intended to
qualify as Incentive Stock Options (as such term is defined in Section 422 of
the Code):

            (a)   The aggregate Fair Market Value (determined as of the date the
                  Option is granted) of the shares of Common Stock with respect
                  to which Incentive Stock Options are exercisable for the first
                  time by any Participant during any calendar year (under all
                  plans of the Company) shall not exceed $100,000 or such other
                  amount as may subsequently be specified by the Code; provided
                  that, to the extent that such limitation is exceeded, any
                  excess Options (as determined under the Code) shall be deemed
                  to be Nonstatutory (Nonqualified) Stock Options.

            (b)   Any Incentive Stock Option authorized under the Plan shall
                  contain such other provisions as the Committee shall deem
                  advisable, but shall in all events be consistent with and
                  contain or be deemed to contain all provisions required in
                  order to qualify the Options as Incentive Stock Options,
                  including, but not limited to, provisions applicable to
                  Incentive Stock Options granted to a 10% shareholder of the
                  Company within the meaning of Code Section 422(b)(6).

            (c)   All Incentive Stock Options must be granted within ten years
                  from the date on which this Plan was adopted by the Board of
                  Directors.

            (d)   Unless exercised, terminated, or canceled sooner, all
                  Incentive Stock Options shall expire no later than ten years
                  after the date of grant (five years in the case of an ISO
                  granted to a 10% shareholder).

                                     - 12 -
<Page>

      7.7 RESTRICTIONS ON STOCK TRANSFERABILITY. The Committee shall impose such
restrictions on any shares of Stock acquired pursuant to the exercise of an
Option under the Plan as it may deem advisable, including, without limitation,
restrictions under the applicable federal securities law, under the requirements
of any stock exchange upon which such shares of Stock are then listed and under
any blue sky or state securities laws applicable to such shares.

      7.8 TERMINATION OF EMPLOYMENT OR SERVICE. Unless otherwise provided in the
option agreement, subsections (a) through (d) shall apply.

            (a)   TERMINATION OF EMPLOYMENT DUE TO DEATH OR DISABILITY. In the
                  event a Participant's employment or service as a Non-Employee
                  Director is terminated by reason of death or disability, any
                  outstanding Options whether or not then exercisable, may be
                  exercised within three (3) years after such date of
                  termination of employment. In no case shall the period for
                  exercise extend beyond the expiration date of such option
                  grant.

            (b)   TERMINATION OF EMPLOYMENT DUE TO RETIREMENT. In the event that
                  a Participant's employment or service as a Non-Employee
                  Director is terminated due to retirement, the Options
                  theretofore granted to such Participant may be exercised to
                  the extent that such Participant was entitled to exercise the
                  Options at the date of such termination, but only within a
                  period of three (3) years beginning on the day following the
                  date of such termination, and provided further that any
                  Incentive Stock Options may be exercised only within a period
                  of three (3) months beginning on the day following the date of
                  such termination. In no case shall the period for exercise
                  extend beyond the expiration date of such Option grant. So
                  long as a Participant shall continue to serve as a
                  Non-Employee Director or continue to be an employee of the
                  Company, the Options granted to the Participant shall not be
                  affected by any change of duties or position. A change of
                  employment from the Company to a subsidiary, from a subsidiary
                  to the Company, from one subsidiary to another, or any
                  combination thereof, shall not be considered to be a
                  termination of employment for purposes of this Plan.

            (c)   RESIGNATION OR TERMINATION WITHOUT CAUSE. In the event that a
                  Participant's employment with the Company or its subsidiaries
                  or the service of a Non-

                                     - 13 -
<Page>

                  Employee Director is terminated due to resignation or
                  termination without cause (other than in circumstances that
                  constitute a Retirement), the options theretofore granted to
                  such Participant may be exercised to the extent that such
                  Participant was entitled to exercise the options at the date
                  of such resignation, but only within a period of three (3)
                  months beginning on the day following the date of such
                  termination. In no case shall the period for exercise extend
                  beyond the expiration date of such option.

            (d)   TERMINATION FOR CAUSE. Notwithstanding anything herein to the
                  contrary, all outstanding options shall immediately terminate
                  without further action on the part of the Company in the event
                  of the termination of a Participant's employment with the
                  Company or its subsidiaries for Cause.

      7.9 EFFECT OF A CHANGE IN CONTROL. Unless otherwise provided in the Stock
Option Agreement, the following shall apply in the event of a Change of Control.
Upon the occurrence of a Change of Control, the Company shall provide written
notice thereof (the "Change in Control Notice") to the Participants. The Company
shall have the right, but not the obligation, to terminate all outstanding
options as of the 30th day immediately following the date of the sending of the
Change in Control Notice by including a statement to such effect in the Change
in Control Notice. Upon delivery of the Change in Control Notice and regardless
of whether the Company elects to terminate the outstanding options, the
Participants shall have the right to immediately exercise all outstanding
options (whether or not immediately exercisable, notwithstanding the Change in
Control) in full during the 30-day period notwithstanding the other terms and
conditions otherwise set forth in the Plan or in any certificate or agreement
representing such option.

      7.10 NONTRANSFERABILITY OF OPTIONS. Except as provided below, no Option
granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, otherwise than by will or by the laws of descent and
distribution. Further, all Options granted to a Participant under the Plan shall
be exercisable during his lifetime only by such Participant. Notwithstanding the
foregoing, the Committee may, in its discretion, authorize all or a portion of
the Options (other than Incentive Stock Options) granted to a Participant to be
on terms which permit transfer by such Participant to:

            (a)   the spouse, children or grandchildren of the Participant
                  ("Immediate Family Members");

            (b)   a trust or trusts for the exclusive benefit of such Immediate
                  Family Members, or;

                                     - 14 -
<Page>

            (c)   a partnership in which such Immediate Family Members are the
                  only partners,

provided that:

                  (i)   there may be no consideration for any such transfer;

                  (ii)  the Award agreement pursuant to which such Options are
                        granted expressly provides for transferability in a
                        manner consistent with this Section 7.10; and

                  (iii) subsequent transfers of transferred Options shall be
                        prohibited except transfers back to the Participant or
                        those in accordance with Section 12.

Following transfer, any such Options shall continue to be subject to the same
terms and conditions as were applicable immediately prior to the transfer,
provided that for purposes of Section 12 hereof, the term "Participant" shall be
deemed to refer to the transferee. The provisions of Section 7 relating to the
period of exercisability and expiration of the Option shall continue to be
applied with respect to the original Participant, and the Option shall be
exercisable by the transferee only to the extent, and for the periods, set forth
in said Section 7.

                     SECTION 8. STOCK APPRECIATION RIGHTS

      8.1 GRANT OF STOCK APPRECIATION RIGHTS. Subject to the provisions of
Sections 5 and 6, Stock Appreciation Rights ("SARs") may be granted to
Participants at any time and from time to time as shall be determined by the
Committee. The Committee shall have complete discretion in determining the
number of SARs granted to each Participant. Each SAR award shall be evidenced by
an Award agreement setting forth the number of shares of Stock to which the SAR
pertains, the vesting schedule for the SARs, and such other provisions as the
Committee shall determine.

      8.2 PAYMENT OF SAR AMOUNT. Upon exercise of the SAR, the Participant shall
be  entitled  to receive  payment of an amount  (subject  to Section  8.5 below)
determined by multiplying:

            (a)   The difference between the Fair Market Value of a share of
                  Stock at the date of exercise over the price fixed by the
                  Committee at the date of grant, by

            (b)   The number of shares with respect to which the Stock
                  Appreciation Right is exercised.

      8.3 FORM AND TIMING OF PAYMENT. At the discretion of the Committee,
payment to the Participant of the SAR amount described in Section 8.2 may be
made in cash or Stock, or in a combination thereof.

                                     - 15 -
<Page>

      8.4 LIMIT OF APPRECIATION. At the time of grant, the Committee may
establish in its sole discretion, a maximum amount per share which will be
payable upon exercise of an SAR.

      8.5 TERM OF SAR. The term of an SAR granted under the Plan shall not
exceed ten years.

      8.6 TERMINATION OF EMPLOYMENT OR SERVICE; CHANGE IN CONTROL. Unless
otherwise provided in the Award Agreement, in the event of (i) termination of
the employment or service of a Participant, or (ii) upon a Change in Control,
any SARs outstanding shall be treated in the same manner as specified for
Options (excluding Incentive Stock Options) under Sections 7.8 and 7.9
respectively.

      8.7 NONTRANSFERABILITY OF SARS. No SAR granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated,
otherwise than by will or by the laws of descent and distribution. Further, all
SARs granted to a Participant under the Plan shall be exercisable during his
lifetime only by such Participant.

                         SECTION 9. RESTRICTED STOCK

      9.1 GRANT OF RESTRICTED STOCK. Subject to the provisions of Sections 5
and 6, the Committee, at any time and from time to time, may grant shares of
Restricted Stock under the Plan to such Participants and in such amounts as
it shall determine. Each grant of Restricted Stock shall be evidenced by an
Award agreement which shall specify the number of shares of stock granted,
the schedule for lapse of the restrictions, and such other provisions as the
Committee shall determine. If such Award agreement specifies a purchase price
to be paid by Participant for the Restricted Stock, such price may be paid in
any of the forms described under Sections 7.5(a)-(e) above.

      The Committee may at any time and from time to time, establish performance
criteria with respect to an Award of Restricted Stock. The performance criteria
or standards shall be determined by the Committee in writing and may be absolute
in their terms or measured against or in relationship to other companies
comparably, similarly or otherwise situated and may be based on or adjusted for
any other objective goals, events, or occurrences established by the Committee,
provided that such criteria or standards relate to one or more of the following:
earnings, earnings growth, revenues, expenses, stock price, market share,
charge-offs, loan loss reserves, reductions in non-performing assets, return on
assets, return on equity, or assets, investment, regulatory compliance,
satisfactory internal or external audits, improvement of financial ratings,
achievement of balance sheet or income statement objectives, extraordinary
charges, losses from discontinued operations, restatements and accounting
changes and other unplanned special charges such as restructuring expenses,
acquisition expenses including goodwill, unplanned stock offerings and strategic
loan loss provisions. Such performance standards may be particular to a line of
business, subsidiary or other unit or may be based on the performance of the
Company generally.

      9.2 TRANSFERABILITY. Except as provided in Sections 9.6 and 9.7 hereof,
the shares of Restricted Stock granted hereunder may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated for such period of
time (the "Period of Restriction") as shall be

                                     - 16 -
<Page>

determined by the Committee and shall be specified in the Restricted Stock
Award agreement, or upon earlier satisfaction of other conditions, as
specified by the Committee in its sole discretion and set forth in the
Restricted Stock Award agreement.

      9.3 OTHER RESTRICTIONS. The Committee shall impose such other restrictions
on any shares of Restricted Stock granted pursuant to the Plan as it may deem
advisable including, without limitation, restrictions under applicable federal
or state securities laws, and may legend the certificates representing
Restricted Stock to give appropriate notice of such restrictions.

      9.4 VOTING RIGHTS. Participants holding shares of Restricted Stock granted
hereunder may exercise full voting rights with respect to those shares during
the Period of Restriction.

      9.5 DIVIDENDS AND OTHER DISTRIBUTIONS. During the Period of Restriction,
Participants holding shares of Restricted Stock granted hereunder shall be
entitled to receive all dividends and other distributions paid with respect to
those shares while they are so held. If any dividends or distributions are paid
in shares of Stock pursuant to Section 5.4, the shares shall be subject to the
same restrictions on transferability as the shares of Restricted Stock with
respect to which they were paid.

      9.6 TERMINATION OF EMPLOYMENT OR SERVICE; CHANGE IN CONTROL. Unless
otherwise provided in the Award agreement, the following shall apply:

            (a)   TERMINATION OF EMPLOYMENT DUE TO DEATH OR DISABILITY. In the
                  event a Participant's employment or service as a Non-Employee
                  Director is terminated due to death or disability, the Period
                  of Restriction applicable to the Restricted Stock pursuant to
                  Subsection 9.2 hereof shall automatically terminate and,
                  except as otherwise provided in Subsection 9.3, the shares of
                  Restricted Stock shall thereby be free of restrictions and
                  freely transferable.

            (b)   TERMINATION OF EMPLOYMENT FOR REASONS OTHER THAN DEATH OR
                  DISABILITY. In the event that a Participant's employment or
                  service as a Non-Employee Director is terminated for any
                  reason other than death or disability during the Period of
                  Restriction, then any shares of Restricted Stock still subject
                  to restrictions at the date of such termination automatically
                  shall be forfeited and returned to the Company; provided,
                  however, that, in the event of retirement or an involuntary
                  termination of the employment of a Participant by the Company
                  other than for cause, the Committee in its sole discretion may
                  waive the automatic forfeiture of any or all such shares
                  and/or

                                     - 17 -
<Page>

                  may add such new restrictions to such shares of Restricted
                  Stock as it deems appropriate.

            (c)   CHANGE IN CONTROL. Unless otherwise provided in the Award
                  Agreement, upon a Change in Control, the Period of Restriction
                  applicable to the Restricted Stock pursuant to Subsection 9.2
                  hereof shall automatically terminate and, except as otherwise
                  provided in Subsection 9.3, the shares of Restricted Stock
                  shall thereby be free of restrictions and freely transferable.

      9.7 NONTRANSFERABILITY OF RESTRICTED STOCK. No shares of Restricted Stock
granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, otherwise than by will or by the laws of descent and
distribution until the termination of the applicable Period of Restriction. All
rights with respect to Restricted Stock granted to a Participant under the Plan
shall be exercisable during his lifetime only by such Participant.

                       SECTION 10. PHANTOM STOCK UNITS

      10.1 GRANT OF PHANTOM STOCK UNITS. Subject to the provisions of Sections 5
and 6, Phantom Stock Units may be granted to Participants at any time and from
time to time as shall be determined by the Committee. Each grant of Phantom
Stock Units shall be evidenced by an Award agreement setting forth the number of
Phantom Stock Units, the applicable vesting schedule and such other provisions
as the Committee shall determine.

      The Committee may at any time and from time to time, establish performance
criteria with respect to an Award of Phantom Stock Units. The performance
criteria or standards shall be determined by the Committee in writing and may be
absolute in their terms or measured against or in relationship to other
companies comparably, similarly or otherwise situated and may be based on or
adjusted for any other objective goals, events, or occurrences established by
the Committee, provided that such criteria or standards relate to one or more of
the following: earnings, earnings growth, revenues, expenses, stock price,
market share, charge-offs, loan loss reserves, reductions in non-performing
assets, return on assets, return on equity, or assets, investment, regulatory
compliance, satisfactory internal or external audits, improvement of financial
ratings, achievement of balance sheet or income statement objectives,
extraordinary charges, losses from discontinued operations, restatements and
accounting changes and other unplanned special charges such as restructuring
expenses, acquisition expenses including goodwill, unplanned stock offerings and
strategic loan loss provisions. Such performance standards may be particular to
a line of business, subsidiary or other unit or may be based on the performance
of the Company generally.

      10.2 VALUE. Each Phantom Stock Unit shall represent one share of Stock.

      10.3 PAYMENT FOR PHANTOM STOCK UNITS. After satisfaction of the vesting
schedule specified in the Award agreement, the holder of a Phantom Stock Unit
shall be entitled to receive

                                     - 18 -
<Page>

the then-current Fair Market Value of a share of Stock multiplied by the number
of Phantom Stock Units he chooses to exercise, less the exercise price to be
paid by Participant (if any) as specified in the Award agreement. If such Award
agreement specifies an exercise price to be paid by Participant for the Phantom
Stock Units, such price may be paid in any of the forms described under Section
7.5(a)-(e) above.

      10.4 FORM AND TIMING OF PAYMENT. Payment to the Participant as described
in Section 10.3 above may be made in cash, Stock, or a combination thereof as
determined by the Committee. Payment may be made in a lump sum or installments
as prescribed by the Committee. If any payment is to be made on a deferred
basis, the Committee may provide for the payment of dividend equivalents or
interest during the deferral period.

      10.5 TERMINATION OF EMPLOYMENT OR SERVICE; CHANGE IN CONTROL. Unless
otherwise provided in the Award Agreement, in the event of (i) termination of
the employment or service of a Participant, or (ii) upon a Change in Control,
any Phantom Stock Units outstanding shall be treated in the same manner as
specified for Options (excluding Incentive Stock Options) under Sections 7.8 and
7.9 respectively.

      10.6 NONTRANSFERABILITY. No Phantom Stock Units granted under the Plan may
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
otherwise than by will or by the laws of descent and distribution. All rights
with respect to Phantom Stock Units granted to a Participant under the Plan
shall be exercisable during his lifetime only by such Participant.

      10.7 NO DIVIDEND PAYMENTS. A Participant granted Phantom Stock Units shall
NOT be credited with any dividends which would be received with respect to an
equivalent number of shares of Stock.

      10.8 EXPIRATION. A Participant's Phantom Stock Units shall in all events
expire on the tenth anniversary of the date on which they were awarded.

                     SECTION 11. BENEFICIARY DESIGNATION

      11.1 BENEFICIARY DESIGNATION. Each Participant under the Plan may name,
from time to time, any beneficiary or beneficiaries (who may be named
contingently or successively) to whom any benefit under the Plan is to be paid
in case of his death before he receives any or all of such benefit. Each
designation will revoke all prior designations by the same Participant, shall be
in a form provided by the Company, and will be effective only when filed by the
Participant in writing with the Committee during his lifetime. In the absence of
any such designation, benefits remaining unpaid at the Participant's death shall
be paid to his estate.

          SECTION 12. RIGHTS OF EMPLOYEES AND NON-EMPLOYEE DIRECTORS

      12.1 EMPLOYMENT OR SERVICE. Nothing in the Plan shall interfere with or
limit in any way the right of the Company to terminate any Participant's
employment or service as a Non-Employee Director at any time, nor confer upon
any Participant any right to continue in the employ of the Company.

                                     - 19 -
<Page>

      12.2 PARTICIPATION. No employee or Non-Employee Director shall have a
right to be selected as a Participant, or, having been so selected, to be
selected again as a Participant.

                        SECTION 13. CHANGE IN CONTROL

      13.1 IN GENERAL. Unless otherwise provided in an Award Agreement, in the
event of a Change in Control of the Company as defined below, all Awards under
the Plan shall vest 100%, whereupon all Options, SARs and Phantom Stock Units
shall become exercisable in full and the restrictions applicable to any
Restricted Stock shall terminate.

      13.2 DEFINITION. Unless otherwise provided in an Award Agreement, a
"Change in Control" shall mean the occurrence of any of the following events:

            (a)   Any "person" (as such term is used in Sections 13(d) and 14(d)
                  of the Securities Exchange Act of 1934, as amended), other
                  than (i) a trustee or other fiduciary holding securities under
                  an employee benefit plan of the Company or any of its
                  subsidiaries, or (ii) a Corporation owned directly or
                  indirectly by the stockholders of the Company in substantially
                  the same proportions as their ownership of stock of the
                  Company, is or becomes the "beneficial owner" (as defined in
                  Rule 13d-3 under said Act), directly or indirectly, of
                  securities of the Company representing 50% or more of the
                  total voting power of the then outstanding shares of capital
                  stock of the Company entitled to vote generally in the
                  election of directors (the "Voting Stock"), provided, however,
                  that the following shall not constitute a change in control:
                  (1) such person becomes a beneficial owner of 50% or more of
                  the Voting Stock as the result of an acquisition of such
                  Voting Stock directly from the Company, or (2) such person
                  becomes a beneficial owner of 30% or more of the Voting Stock
                  as a result of the decrease in the number of outstanding
                  shares of Voting Stock caused by the repurchase of shares by
                  the Company; provided, further, that in the event a person
                  described in clause (1) or (2) shall thereafter increase
                  (other than in circumstances described in clause (1) or (2))
                  beneficial ownership of stock representing more than 1% of the
                  Voting Stock, such person shall be deemed to become a
                  beneficial owner of 30% or more of the Voting Stock for
                  purposes of this paragraph (a), provided such person
                  continues to beneficially own 30% or more of the

                                     - 20 -
<Page>

                  Voting Stock after such subsequent increase in beneficial
                  ownership or

            (b)   During any period of two consecutive years, individuals (the
                  "Incumbent Board"), who at the beginning of such period
                  constitute the board of directors of the Company, and any new
                  director, whose election by the board of directors of the
                  Company or nomination for election by the Company's
                  stockholders was approved by a vote of at least two-thirds
                  (2/3) of the directors then still in office who either were
                  directors at the beginning of the period or whose election or
                  nomination for election was previously so approved, cease for
                  any reason to constitute a majority thereof, or

            (c)   The Company shall become a party to an agreement of a
                  reorganization, merger or consolidation or the sale or other
                  disposition of all or substantially all of the assets of the
                  Company (a "Business Combination"), in each case, unless (1)
                  all or substantially all of the individuals and entities who
                  were the beneficial owners, respectively, of the Voting Stock
                  immediately prior to such Business Combination beneficially
                  own, directly or indirectly, more than 50% of the total voting
                  power represented by the voting securities entitled to vote
                  generally in the election of directors of the corporation
                  resulting from the Business Combination (including, without
                  limitation, a corporation which as a result of the Business
                  Combination owns the Company's or all or substantially all of
                  the Company's assets either directly or through one or more
                  subsidiaries) in substantially the same proportions as their
                  ownership, immediately prior to the Business Combination of
                  the Voting Stock of the Company, and (2) at least a majority
                  of the members of the board of directors of the corporation
                  resulting from the Business Combination were members of the
                  Incumbent Board at the time of the execution of the initial
                  agreement, or action of the Incumbent Board, providing for
                  such Business Combination; or

            (d)   the stockholders of the Company approve a plan of complete
                  liquidation or dissolution of the Company.

                                     - 21 -
<Page>

The Committee has final authority to construe and interpret the provisions of
the foregoing paragraphs (a), (b), (c) and (d) and to determine the exact date
on which a change in control has been deemed to have occurred thereunder.

 SECTION 14. INTERPRETATION, AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN

      14.1 AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN. The Board at any
time may terminate, and from time to time may amend, modify or suspend the Plan
in whole or part subject to any requirement of stockholder approval imposed by
applicable law, rule or regulation. No amendment, modification, or termination
of the Plan shall in any manner adversely affect any Award theretofore granted
under the Plan, without the consent of the Participant.

      14.2 INTERPRETATION. Whether a Participant's employment or service as a
non-employee director is terminated due to "retirement," "disability,"
"resignation" or "for cause" shall be determined pursuant to the award agreement
by the Committee in its sole discretion, which determination shall be final and
conclusive. Whether an authorized leave of absence, or absence on military or
governmental service, or for any other reason, shall constitute a termination of
employment or service for purposes of this Plan shall be determined by the
Committee in its sole discretion, which determination shall be final and
conclusive.

                         SECTION 15. TAX WITHHOLDING

      15.1 TAX WITHHOLDING. The Company shall have the power and the right to
deduct or withhold, or require a Participant to remit to the Company, an amount
sufficient to satisfy federal, state, and local taxes, domestic or foreign,
required by law or regulation to be withheld with respect to any taxable event
arising as a result of the Plan.

      15.2 SHARE WITHHOLDING. With respect to tax withholding required upon the
exercise of Options or Phantom Stock Units, upon the lapse of restrictions on
Restricted Stock, or upon any other taxable event arising as a result of Awards
granted hereunder, Participants may elect to satisfy the payroll tax withholding
requirement, in whole or in part, by having the Company withhold shares of Stock
having a Fair Market Value on the date the tax is to be determined equal to the
minimum statutory total tax withholding which would be imposed on the
transaction (or to such part of the tax so long as the balance above the minimum
required withholding is paid by the Participant in cash). All such elections
shall be irrevocable, made in writing, signed by the Participant, and shall be
subject to any restrictions or limitations that the Committee, in its sole
discretion, deems appropriate.

                         SECTION 16. INDEMNIFICATION

      16.1 INDEMNIFICATION. Each person who is or shall have been a member of
the Committee or of the Board, or to whom a delegation has been made pursuant to
Section 3.1 hereof, shall be indemnified and held harmless by the Company
against and from any loss, cost, liability, or expense that may be imposed upon
or reasonably incurred by him in connection with or resulting from any claim,
action, suit, or proceeding to which he may be a party or in which he may be
involved by reason of any action taken or failure to act under the Plan and
against and from any and all amounts paid by him in settlement thereof, with the
Company's approval, or

                                     - 22 -
<Page>

paid by him in satisfaction of any judgment in any such action, suit, or
proceeding against him, provided he shall give the Company an opportunity, at
its own expense, to handle and defend the same before he undertakes to handle
and defend it on his own behalf. The foregoing right of indemnification shall
not be exclusive of any other rights of indemnification to which such persons
may be entitled under the Company's Certificate of Incorporation or Bylaws, as a
matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless.

                       SECTION 17. REQUIREMENTS OF LAW

      17.1 REQUIREMENTS OF LAW. The granting of Awards and the issuance of
shares of Stock upon the exercise of an Option shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

      17.2  GOVERNING  LAW. The Plan,  and all  agreements  hereunder,  shall be
construed in accordance with and governed by the laws of the State of Indiana.

                                     - 23 -
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                             AMENDMENT NO. 1 TO THE

                           IRWIN FINANCIAL CORPORATION

                                 2001 STOCK PLAN

      This amendment should be read in conjunction with the Irwin Financial
Corporation 2001 Stock Plan (the "Plan"). Effective September 21, 2001, the Plan
is amended as follows:

      All references in the Plan to the Nasdaq National Market now refer to the
New York Stock Exchange.

                                     - 24 -

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