Document:

MANAGEMENT INCENTIVE COMPENSATION PLAN

 Exhibit 10.30 
  
 MANAGEMENT INCENTIVE COMPENSATION PLAN OF 2004 
  
 ARTICLE 1 
 Background, Purpose and Design 
  
 1.1.
Background. UnumProvident Corporation hereby establishes, effective as of January 1, 2004, an annual incentive bonus plan for its officers and employees known as the Management Incentive Compensation Plan of 2004. The Plan was adopted by the
Board of Directors on February 17, 2004, subject to approval of the Company’s stockholders at the 2004 annual meeting. 
  
 1.2. Purpose. The purpose of the Plan is to motivate the Participants to perform in a way that will enable UnumProvident Corporation to reach or
exceed its goals. 
  
 1.3. Subparts of the Plan. The Plan
consists of two subparts: (i) the Executive Officer Incentive Plan, under which Incentive Awards to designated executive officers are based upon the achievement of objectively determinable corporate performance goals measured over a period of up to
twelve months; and (ii) the Employee Incentive Plan, under which Incentive Awards to employees or officers who are not participants in the Executive Officer Incentive Plan are based upon the achievement of corporate and/or individual performance
goals measured over a period of up to twelve months. 
  
 ARTICLE
2 
 Definitions 
  
 2.1. Definitions. Certain terms of the Plan have defined meanings set forth in this Article 2 and which shall govern unless the context in which
they are used clearly indicates that some other meaning is intended. 
  
 Beneficiary. Any person or persons designated by a Participant, in accordance with procedures established under Article 8.1 of the Plan, to receive benefits hereunder in the event of the Participant’s death. 
  
 Board. The Board of Directors of the Company. 
  
 Cause. The term “Cause” with respect to a Participant shall
have the meaning assigned such term in any separate employment or severance agreement between the Participant and the Company or and Subsidiary. In the absence of such other agreement or definition, the term “Cause” as used herein shall
mean the occurrence of one or more of the following with respect to a Participant: 
  
 (1) The continued failure of the Participant to perform substantially his or her duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental
illness), after a written demand for substantial performance is delivered to the Participant by the CEO which specifically identifies the manner in which the CEO believes that the Participant has not substantially performed the Participant’s
duties, or 

 (2) The willful engaging by the Participant in illegal conduct or gross misconduct which is materially
and demonstrably injurious to the Company, or 
  
 (3) Conviction
of a felony or a guilty or nolo contendere plea by the Participant with respect thereto. 
  
 For purposes of this Cause definition, no act or failure to act, on the part of a Participant, shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith or
without reasonable belief that the Participant’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or (with respect to
Participants other than the CEO) upon the instructions of the CEO, or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of
the Company. The cessation of employment of a Participant shall not be deemed to be for Cause unless and until there shall have been delivered to the Participant a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds
of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Participant and the Participant is given an opportunity, together with counsel, to be heard before the
Board) finding that, in the good faith opinion of the Board, the Participant is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 
  
 Change in Control. The occurrence of one or more of the following
events: 
  
 (1) During any period of two consecutive years,
individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director and whose election or
nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for
director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest (as
described in Rule 14a-11 under the Act) (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in Section 3(a)(9) of the Act and as used in
Sections 13(d)(3) and 14(d)(2) of the Act) other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election or Contest or Proxy Contest, shall be deemed an Incumbent Director;

  
 (2) Any person is or becomes a “beneficial owner”
(as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board
(the “Company Voting Securities”); provided, however, that the event described in this paragraph (2) shall not be deemed to be a Change in Control of the Company by virtue of any of the following acquisitions: (A) by the Company or any
Subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (C) by an underwriter temporarily holding securities pursuant to an offering of such securities, (D) pursuant to a
Non-Qualifying Transaction 
  

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(as defined in paragraph (3), or (E) a transaction (other than one described in paragraph (3) below) in which Company Voting Securities are acquired from the
Company, if a majority of the Incumbent Directors approve a resolution providing expressly that the acquisition pursuant to this clause (E) does not constitute a Change in Control of the Company under this paragraph (2); 
  
 (3) The consummation of a merger, consolidation, statutory share exchange or
similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a
“Reorganization”), or sale or other disposition of all or substantially all of the Company’s assets to an entity that is not an affiliate of the Company (a “Sale”), unless immediately following such Reorganization or Sale:
(A) more than 50% of the total voting power of (x) the corporation resulting from such Reorganization or the corporation which has acquired all or substantially all of the assets of the Company (in either case, the “Surviving
Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent
Corporation”), is represented by the Company Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant
to such Reorganization or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Reorganization or Sale,
(B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation) is or becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting
power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board of directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement
providing for such Reorganization or Sale (any Reorganization or Sale which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 
  
 (4) The stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company. 
  
 Notwithstanding the foregoing, a
Change in Control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 20% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which
reduces the number of Company Voting Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding
Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur. 
  

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 CEO. The chief executive officer of the Company. 
  
 Code. The Internal Revenue Code of 1986, as amended from time to time.

  
 Committee. The Compensation Committee of the Board or,
to the extent that the Committee shall have delegated authority to the CEO or the Chair as permitted in Article 3, the term “Committee” shall mean the CEO or the Chair, as the case may be. 
  
 Company. UnumProvident Corporation, a Delaware corporation, and its
corporate successors. 
  
 Disability. Disability of a
Participant means any illness or other physical or mental condition of the Participant that renders the Participant incapable of performing his customary and usual duties for the Company, or any medically determinable illness or other physical or
mental condition resulting from a bodily injury, disease or mental disorder which, in the judgment of the Committee, is permanent and continuous in nature. The Committee may require such medical or other evidence as it deems necessary to judge the
nature and permanency of the Participant’s condition. 
  
 Employee Incentive Plan. The portion of the Plan, set forth in Article 6, pursuant to which employees or officers who are not participants in the Executive Officer Incentive Plan for a given Plan Year may earn Incentive Awards based
on the achievement of goals measured over a period of up to twelve months. 
  
 Executive Compensation. The Executive Compensation division of the Human Resources Department of the Company. 
  
 Executive Officer Incentive Plan. The portion of the Plan, set forth in Article 5, pursuant to which the CEO and other designated executive
officers may earn Incentive Awards based on the achievement of corporate performance goals measured over a period of up to twelve months. 
  
 Incentive Award. An award granted pursuant to Article 5 or 6 of the Plan. 
  
 Participant. An employee of the Company or its Subsidiaries participating in the Plan. 
  
 Plan. The UnumProvident Corporation Management Incentive Compensation
Plan of 2004 as set forth in this document, together with any subsequent amendments hereto. 
  
 Plan Year. January 1 to December 31 of each year. 
  
 Retirement. Retirement of a Participant shall mean voluntary termination of employment after having attained age 55 and 5 years of service with the Company or a Subsidiary. 
  
 Subsidiary. Any corporation, limited liability company, partnership or
other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. 
  

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 ARTICLE 3 
 Administration of the Plan 
  
 3.1. General. The Plan shall be administered by the Committee. 
  
 3.2. Actions and Interpretations by the Committee. For purposes of administering the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions
and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem appropriate. The Committee’s interpretation of the Plan, any awards granted under the Plan, and all decisions and
determinations by the Committee with respect to the Plan are and shall be final, binding, and conclusive on all parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that
member by any officer or other employee of the Company, the Company’s independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company or the Committee to assist in
the administration of the Plan. No member of the Committee, the Board of Directors, or any delegate as the case may be, shall be liable for any act done in good faith. 
  
 3.3. Authority of the Committee. Except as provided below in this Section 3.3, the Committee has the exclusive power,
authority and discretion to: 
  
 (a) Designate
Participants; 
  
 (b) Establish the goals and
target awards under the Executive Officer and Employee Incentive Plans for each Plan Year and determine whether or to what extent performance goals were achieved in a given Plan Year; 
  
 (c) Determine the amount of actual awards under the Executive Officer Incentive Plan for each Plan Year, or
determine amount of actual awards or the methodology for determination and the aggregate amount of awards under the Employee Incentive Plan, subject to the terms of the Plan; 
  
 (d) Increase, reduce or eliminate any Incentive Award payable under the Employee Incentive Plan, regardless
of the achievement of performance goals; 
  
 (e)
Reduce or eliminate any Incentive Award payable under the Executive Officer Incentive Plan, regardless of the achievement of performance goals; 
  
 (f) Decide all other matters that must be determined in connection with an Incentive Award; 
  
 (g) Establish, adopt or revise any rules, regulations,
guidelines or procedures as it may deem necessary or advisable to administer the Plan; 
  
 (h) Make all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to
administer the Plan; 
  
 (i) Amend, modify or
terminate the Plan as provided herein; and 
  

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 (j) Adopt such modifications, procedures, and subplans as may be necessary or desirable
(i) to effectuate the compensation incentive objectives of the Company or (ii) to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any affiliate may operate, in order to assure the viability of the benefits of
awards granted to Participants located in such other jurisdictions and to meet the objectives of the Plan; provided, however, that any such modifications, procedures and subplans shall not apply with respect to participation in the Executive Officer
Incentive Plan if they would cause Incentive Awards thereunder to fail to qualify as “performance-based” compensation as defined in Code Section 162(m). 
  
 To the extent permitted under Delaware law, the Committee may expressly delegate to the CEO or the Chair of the Committee
(the “Chair”) some or all of the Committee’s authority under subsections (a) through (d) above with respect to the Employee Incentive Plan, pursuant to guidelines approved by the Committee. To the extent of such delegated authority,
references herein to “Committee” shall refer to the CEO or the Chair, as the case may be. In addition, the Committee, may, in its discretion, delegate its general administrative duties under the Plan to an officer or employee or committee
composed of officers or employees of the Company, but may not delegate its authority to construe and interpret the Plan. The acts of the CEO, the Chair and any other persons acting under such delegated authority shall be treated hereunder as acts of
the Committee and the delegates shall report to the Committee regarding the delegated duties and responsibilities. 
  
 ARTICLE 4 
 Eligibility and Participation; Change in Control 
  
 4.1. General. Participation in the Plan is limited to such officers or
employees, or categories of employees, of the Company as may be designated by the Committee from time to time. Participation in one Plan Year does not guarantee participation in any subsequent Plan Year. 
  
 4.2. New Hires. If a person is hired on or before September 30 of a
Plan Year and is selected for participation in the Plan, then, unless the Committee provides otherwise, he or she will become a Participant in the Plan as of the date of hire and the Incentive Award will prorated based on the number of days he or
she participated in the Plan during the Plan Year. If the date of hire occurs after September 30 and is selected for participation in the Plan, the person will not be eligible to participate in the Plan until the following Plan Year. 
  
 4.3. Promotions. If a Participant is promoted on or before November 30
of a Plan Year from one level of employment to a higher level, his or her Incentive Award will be prorated based on the levels of his or her employment during each day of the Plan Year (rounded to the nearest pay period to the date of the
promotion). If such promotion occurs after November 30, the Incentive Award for the whole Plan Year will be based on the Participant’s level of employment prior to the promotion. If a person is promoted on or before November 30 of a Plan Year
and is selected to participate in the Plan as a result of such promotion, then, unless the Committee provides otherwise, he or she will become a Participant in the Plan as of the date of the promotion and the Incentive Award will be prorated based
on the number of days (beginning as of the day following the end of the last pay period) he or she participated in the Plan during the Plan Year. If such promotion occurs after November 30 and is selected for participation in the Plan, the person
will not be eligible to participate in the Plan until the following Plan Year. 
  
 4.4. Demotions. If a Participant is demoted during the Plan Year, the Committee may determine whether Plan participation ends at that time, or is continued, perhaps at a reduced level. If participation ends,
his or her Incentive Award for such Plan Year will be prorated based on the number of 
  

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days (beginning as of the day following the end of the last pay period) he or she participated in the Plan during the Plan Year, and such Incentive Award
will be paid only if the Participant is still an employee at the time Incentive Awards are approved for that Plan Year. If a Participant is demoted but remains a Participant in the Plan, the Participant’s Incentive Award will be prorated based
on the levels of his or her employment during each day of the Plan Year. 
  
 4.5. Death, Disability and Retirement. Except as provided in Section 4.8, in the event of a Participant’s termination of employment by reason of death, Disability or Retirement on or after March 1 of a
Plan Year, the Incentive Award will be prorated based on the number of days in the Plan Year preceding the date of termination. Performance criteria will be based on full-year performance. Incentive Awards in these situations will be calculated and
paid after the end of the Plan Year, the same as for other Participants. Amounts paid on behalf of a deceased Participant will be paid to the Participant’s Beneficiary. In the event of a Participant’s termination of employment by reason of
death, Disability or Retirement before March 1 of a Plan Year, the Participant will forfeit any right to an Incentive Award for that Plan Year. 
  
 4.6. Elimination of Position. 
  
 (a) Except as provided in Section 4.8, in the event of a Participant’s termination of employment by the Company due to the elimination of the
Participant’s position on or after March 1 of a Plan Year, the Incentive Award will be prorated based on the number of days in the Plan Year preceding the date of termination, and the Participant will be entitled to one-half of such prorated
amount. Performance criteria will be based on full-year performance. Incentive Awards in these situations will be calculated and paid after the end of the Plan Year, the same as for other Participants. In the event of a Participant’s
termination of employment by reason of elimination of his or her position before March 1 of a Plan Year, the Participant will forfeit any right to an Incentive Award for that Plan Year. 
  
 (b) In the event of a Participant’s termination of employment by the Company due to the elimination of the
Participant’s position after the end of a Plan Year and before the time the Committee has approved the Incentive Awards for such Plan Year just ended), the Participant will be entitled to one-half of any Incentive Award earned for such prior
Plan Year. Incentive Awards in these situations will be calculated and paid after the end of the Plan Year, the same as for other Participants. 
  
 4.7. Other Terminations of Employment. Except as provided in Section 4.8, in the event of a Participant’s termination of employment during a
Plan Year (or after the end of a Plan Year and before the time the Committee has approved the Incentive Awards for such Plan Year) other than by reason of death, Disability or Retirement or elimination of position, the Participant will forfeit any
right to an Incentive Award for that Plan Year. For terminations that occur after the time the Committee approves the Incentive Awards for a Plan Year, but before payout from the Plan for such Plan Year, payout will be made as though the termination
of employment had not occurred. Whether military, government or other service or other leave of absence shall constitute a termination of employment shall be determined in each case by the Committee, at its discretion, and any such determination
shall be final and conclusive. A termination of employment shall not occur in a circumstance in which a Participant transfers employment from the Company to employment with one of its Subsidiaries, transfers employment from a Subsidiary to the
Company, or transfers employment from one Subsidiary to another Subsidiary. 
  
 4.8. Change in Control. In the event of a Change in Control, the Committee will determine the Incentive Awards for each Participant that would have been earned if the Plan Year had ended on the 
  

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date of the Change in Control, based on actual performance through the date of the Change in Control (the “CIC Vested Awards”). Thereafter:

  
 (a) Each Participant who is in active
employment at the end of the Plan Year shall be entitled to the greater of his or her CIC Vested Award or an Incentive Award based on actual performance for the entire Plan Year. 
  
 (b) If the Plan is terminated during a Plan Year after the date a Change in Control occurs, each Participant
who is in active employment at the time of such Plan termination shall be entitled to the greater of his or her CIC Vested Award or an Incentive Award based on actual performance through the date of termination of the Plan. 
  
 (c) If a Participant’s employment is terminated without
Cause by the Company during a Plan Year after a Change in Control occurs, such Participant shall be entitled to the greater of his or her CIC Vested Award or an Incentive Award based on actual performance through the date of termination of
employment. 
  
 ARTICLE 5 
 Executive Officer Incentive Plan 
  
 5.1. Eligibility. Only the CEO and such other executive officers of the Company, if any, as shall be designated by the Committee during the first
quarter of a Plan Year are eligible to participate in the Executive Officer Incentive Plan. The Executive Officer Incentive Plan is designed with the intent that Incentive Awards earned hereunder will be fully deductible by the Company without
regard to the deduction limits of Section 162(m) of the Code. 
  
 5.2. Incentive Awards. Each Participant in the Executive Officer Incentive Plan shall be eligible to receive an Incentive Award in connection with a particular Plan Year if the Company meets or exceeds certain corporate performance
goals set every year by the Committee, as described below. 
  
 5.3. Establishment of Performance Goals. Not later than ninety (90) days after the commencement of any Plan Year (or such other date as may be permitted or required to secure the performance-based compensation exemption from the
deduction limits of Section 162(m) of the Code), the Committee will set in writing performance goals for such Plan Year based upon one or more of the following measures of corporate performance, alone or in combination, which may be expressed in
terms of Company-wide objectives or in terms of objectives that relate to the performance of a division, business unit, region, department or function within the Company or a Subsidiary: (a) return on equity, (b) overall or selected premium or sales
growth, (c) stock performance, (d) expense efficiency ratios (ratio of operating expenses to premium plus fee income), (e) earnings per share, (f) market share, (g) revenue, (h) customer service measures or indices, (i) underwriting efficiency
and/or quality, (j) persistency factors, (k) total shareholder return, (l) earnings before interest and taxes (EBIT), (m) earnings before interest, taxes, depreciation and amortization (EBITDA), (n) net income, (o) return on assets, (p) return on
net assets, (q) economic value added, (r) shareholder value added, (s) embedded value added, (t) net operating profit, (u) net operating profit after tax, (v) combined ratio, (w) expense ratio, (x) loss ratio, (y) earned premium (premiums plus fee
income), (z) return on capital, (aa) return on invested capital, (bb) profit margin, (cc) risk-based capital or (dd) capital formation. 
  

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 All performance measures may be measured on the basis of growth in results or absolute performance
against the annual business plan. Measurement of performance against such performance goals established by the Committee shall be objectively determinable. 
  
 5.4. Establishment of Incentive Award Targets. At the time the Committee sets the performance goals under the Executive Officer Incentive Plan for
a particular Plan Year, it shall also set in writing the amounts that will be awarded to the Participant if the established performance goals are achieved. Target awards under the Executive Officer Incentive Plan may be set by the Committee as
either (i) percentages of base salary, or (ii) a range of dollar amounts based on the achievement of specified performance measures, which targets may differ from Participant to Participant and from year to year. The target awards will be
communicated to each Participant during the first quarter of the performance period. The Committee may, but is not required to, establish the weightings for each Participant for performance within any category of the performance goals. If
established, the weightings would be expressed as a percent of the target award that can be earned by the Participant from performance in each category. 
  
 5.5. Certification of Results and Payout. As soon as possible after the audited results for the Company are available for the Plan Year, the
Committee will certify the performance against the performance goals and calculate the resulting Incentive Awards under the Executive Officer Incentive Plan. The Committee may adjust any performance goals during or after the Plan Year to mitigate
the unbudgeted impact of unusual or non-recurring gains and losses, accounting changes, acquisitions, divestitures or “extraordinary items” within the meaning of generally accepted accounting principles and that were not foreseen at the
time such performance goals were established; provided that such adjustments would not, in the reasonable judgment of the Committee, prevent the award from qualifying from the “performance-based” exemption from Section 162(m) of the Code.
No Incentive Award will be payable under the Executive Officer Incentive Plan to any Executive Officer relative to a performance measure if thresholds established by the Committee for such performance measure are not reached. The Committee shall
have the right for any reason to reduce or eliminate (but not increase) any Incentive Award earned under the Executive Officer Incentive Plan, notwithstanding the achievement of a specified performance goal. Incentive Awards earned by Participants
under the Executive Officer Incentive Plan will be paid in cash within thirty (30) days after the amount has been approved by the Committee. 
  
 5.6. Annual Limit. The maximum dollar value of an Incentive Award that may be granted to a Participant in the Executive Officer Incentive Plan in
any Plan Year is $2,000,000. 
  
 ARTICLE 6 
 Employee Incentive Plan 
  
 6.1. Eligibility. The Committee may designate any officer or employee, or any category of employees, of the Company or its Subsidiaries for
participation in the Employee Incentive Plan for a Plan Year; provided that no person who is a participant in the Executive Officer Incentive Plan for a Plan Year is eligible to participate in the Employee Incentive Plan for that same Plan Year.
Incentive Awards payable under the Employee Incentive Plan will be subject to the deduction limits imposed under Section 162(m) of the Code, to the extent applicable. 
  
 6.2. Incentive Awards. Each Participant in the Employee Incentive Plan shall be eligible to receive an Incentive
Award in connection with a particular Plan Year based on an individual’s contribution to the business of the Company, as determined by the Committee, which contribution may be assessed on nonobjective as well as objective measures. 

 

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 6.3. Establishment of Performance Goals. Within ninety (90) days after the commencement of any
Plan Year (or such later date as the Committee shall determine), the Committee will set performance goals for the Employee Incentive Plan for such Plan Year. Such performance goals may, but need not, be the same as the performance goals under the
Executive Officer Incentive Plan, and may be different for different Participants within the Employee Incentive Plan. For example, the Committee may choose to use corporate performance goals in conjunction with individual performance goals, and may
set different performance goals for different Participants or classes of Participants in the Employee Incentive Plan. 
  
 6.4. Establishment of Incentive Award Targets. Within ninety (90) days after the commencement of any Plan Year (or such later date as the Committee
shall determine), the Committee will establish target awards under the Employee Incentive Plan and limits on payouts in excess of targets, if any. Target awards under the Employee Incentive Plan may be set as either (i) percentages of base salary,
or (ii) a range of dollar amounts based on the achievement of specified performance measures, which targets may differ from Participant to Participant and from year to year. The Committee may, but is not required to, establish the weightings for
each Participant for performance within any category of the performance goals. If established, the weightings would be expressed as a percent of the target award that can be earned by the Participant from performance in each category. 
  
 6.5 Determination of Awards and Payout. As soon as possible after the
completion of the Plan Year, the Committee will determine the amount of Incentive Awards earned under the Employee Incentive Plan. The Committee shall have the right for any reason to increase, reduce or eliminate any Incentive Award earned under
the Employee Incentive Plan, notwithstanding the achievement of (or failure to achieve) a specified performance goal. Incentive Awards earned by Participants under the Employee Incentive Plan will be paid in cash within thirty (30) days after the
amount has been approved by the Committee. 
  
 ARTICLE 7

 Amendment, Modification and Termination 
  

7.1 Amendment, Modification and Termination. The Committee may at any time and from time to time alter, amend, suspend, or terminate the Plan in
whole or in part; provided, however that no amendment that requires stockholder approval in order for the Executive Officer Incentive Plan to continue to comply with the performance-based compensation exemption from Section 162(m) of the Code shall
be effective unless the same shall be approved by the Committee and the requisite vote of the stockholders of the Company. 
  
 ARTICLE 8 
 General Provisions

  
 8.1. Payment Recipient. All amounts payable under
the Plan shall be paid to the appropriate Participant; provided, however, that a Participant may, by written instruction during the Participant’s lifetime on a form prescribed by Executive Compensation, designate one or more primary
Beneficiaries to receive the amount payable hereunder following the Participant’s death, and may designate the proportions in which such Beneficiaries are to receive such payments. A Participant may change such 
  

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designations from time to time, and the last written designation filed with the Committee prior to the Participant’s death shall control. A Beneficiary
designation shall not be considered effective unless made on a form prescribed by Executive Compensation and which is delivered to Executive Compensation. If any Participant shall fail to designate a Beneficiary or shall designate a Beneficiary who
shall fail to survive the Participant, the Beneficiary shall be the Participant’s surviving spouse, or, if none, the Participant’s surviving descendants (who shall take per stirpes) and if there are no surviving descendants, the
Beneficiary shall be the Participant’s estate. 
  
 8.2.
Non-Assignability. None of the rights under the Plan shall be subject to the claim of any creditor of any Participant or Beneficiary, or to any legal process by any creditor of such Participant or Beneficiary, and none of them shall have any
right to alienate, commute, anticipate, pledge, assign or encumber any of the rights under the Plan except to the extent expressly provided herein to the contrary. 
  
 8.3. No Right to Continued Employment. Participation in the Plan shall not give any employee any right to remain in
the employ of the Company. The Plan is not to be construed as a contract of employment for any period and does not alter the at-will status of any Participant. 
  

8.4. Participant’s Rights Unsecured. The benefits payable under the Plan shall be paid by the Company each year out of its general assets.
To the extent a Participant acquires the right to receive a payment under the Plan, such right shall be no greater than that of an unsecured general creditor of the Company. 
  
 8.5. Income Tax Withholding. The Company shall have the authority 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 (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of
the Plan. 
  
 8.6. Governing Law. This Plan, and the rights
and obligations of the parties thereunder, will be governed by and construed in accordance with the laws of the State of Delaware. 
  
 8.7. Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall control. 
  
 8.8. Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the
plural. 
  
 The foregoing is hereby acknowledged as being the
UnumProvident Corporation Management Incentive Compensation Plan of 2004 as adopted by the Board of Directors of the Company on February 17, 2004, to be submitted to the stockholders for approval at the 2004 annual meeting. 
  

			
	 UNUMPROVIDENT CORRPORATION

		
	 By:
	 	  

		
	 Its:
	 	  

  

 - 11 -First Amendment to Third Amended and Restated Credit Agreement

 EXHIBIT 10.04 
  
 [EXECUTION COPY] 
  

FIRST AMENDMENT 
  
 to 
  
 THIRD
AMENDED AND RESTATED CREDIT AGREEMENT 
  
 among 
  
 MBIA INSURANCE CORPORATION, 
  
 THE BANKS SIGNATORY HERETO, 
  
 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 
 “RABOBANK NEDERLAND”, 
 New York
Branch, 
 as Administrative Agent 
  
 and 
  
 DEUTSCHE BANK AG, 
 New York Branch, 
 as Documentation Agent 
  

  
 Dated as of October 31, 2003 
  

 FIRST AMENDMENT 
  
 THIS FIRST AMENDMENT, dated as of October 31, 2003 (this “Amendment”), between MBIA INSURANCE CORPORATION,
a New York stock insurance corporation (“MBIA”), the financial institutions which have executed this Amendment below as Banks (as defined below), COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK
NEDERLAND”, New York Branch (“Rabobank”), as Administrative Agent for the Banks (in such capacity, the “Administrative Agent”) and individually as a Bank, and DEUTSCHE BANK AG, New York Branch, as Documentation
Agent for the Banks (in such capacity, together with the Administrative Agent, the “Agents”) and individually as a Bank; 
  
 WHEREAS, the parties hereto are parties to the Third Amended and Restated Credit Agreement, dated as of October 31, 2002 (the “Credit
Agreement”); and 
  
 WHEREAS, the parties hereto desire,
upon the terms and subject to the conditions hereinafter set forth, to amend the Tranche A Expiration Date definition and to otherwise modify the Credit Agreement in certain respects. 
  
 NOW, THEREFORE, in consideration of the mutual promises contained herein and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 ARTICLE 1 
  
 MODIFICATIONS TO LOAN DOCUMENTS 
  
 Section 1.1. Defined Terms. Except as otherwise specified herein, terms used in this Amendment and defined in Exhibit A of the Credit Agreement shall have the meanings provided in such Exhibit A. 
  
 Section 1.2. Amendment. 
  
 (a) The definition of the term “Tranche A Expiration Date”
contained in Exhibit A to the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
  
 “‘Tranche A Expiration Date’ shall mean October 31, 2010 or, if such day is not a Business Day, on the next
preceding Business Day.” 
  
 (b) The following sentence shall
be inserted prior to the sentence beginning “The provisions of this Article 8...” in Section 8.1: 
  
 “Specifically, the Documentation Agent shall have no right, power, obligation, liability, responsibility or duty under any Loan
Document other than those applicable to it as a Bank.” 
  
 Section 1.3. Commitments. The aggregate Commitments of the Banks are hereby amended so that, from and after October 31, 2003 until the termination or further modification thereof as provided in the Credit Agreement, such Commitments
shall be as set forth on Schedule 1 to this Amendment. 

 Section 1.4. Additional Bank. By its execution and delivery of this Amendment, KeyBank National
Association (the “Additional Bank”), hereby agrees to be bound, and shall have the rights under the Credit Agreement and the Loan Documents as a Bank having a Commitment equal to the amount specified in Schedule 1 to this Amendment,
and the Agents and MBIA each hereby consent to the Additional Bank becoming a Bank. The Additional Bank acknowledges and agrees that the Agents (i) make no representation or warranty and assume no responsibility with respect to any statements,
warranties and representations made in or in connection with the Credit Agreement or any of the Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any of the Loan
Documents or any other instrument or document furnished pursuant thereto; and (ii) make no representation or warranty and assume no responsibility with respect to the financial condition of or the performance or observance by MBIA of any of their
obligations under the Credit Agreement, any of the Loan Documents or any other instrument or document furnished pursuant thereto. The Additional Bank further (i) confirms that it has received a copy of the Credit Agreement, together with copies of
the financial statements and SEC Reports referred to therein, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into the Credit Agreement; (ii) agrees that it will,
independently and without reliance upon the Agents and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii)
agrees to the provisions of Article 8 of the Credit Agreement and appoints and authorizes the Agents on its behalf to exercise such powers under the Credit Agreement and the other Loan Documents, as are delegated to the Agents by the terms thereof
and hereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will be bound by all of the terms and conditions of the Credit Agreement and the other Loan Documents and will perform in accordance with their terms
all of the obligations which by the terms of the Credit Agreement and the other Loan Documents are required to be performed by it as a Bank. 
  
 Section 1.5. Terminating Banks. The parties acknowledge that pursuant to separate instruments, JPMorgan Chase Bank, Bank of America, N.A. and HSH
Nordbank (the “Terminating Banks”), respectively, and each of MBIA and the Agents have agreed that concurrently with the effectiveness of this Amendment, each Terminating Bank’s entire Commitment and role as a Bank under the
Credit Agreement is terminated and that each Terminating Bank shall have no further liabilities, obligations or rights under the Credit Agreement, except for those liabilities, obligations and rights which survive the termination of the Commitment
of a Bank under the Credit Agreement. 
  
 ARTICLE 2 
  
 CONDITIONS PRECEDENT 
  
 Section 2.1. Conditions Precedent to Amendment Effective Date. The
provisions of Article 1 hereof shall become effective as of October 31, 2003 when this Amendment shall have been executed and delivered by MBIA, each Agent and each Bank and when the following conditions have been fulfilled to the reasonable
satisfaction of the Agents. 
  

 - 2 - 

 (a) There shall exist no Default or Event of Default, and all representations and warranties made by MBIA
herein or in any of the Loan Documents shall be true and correct with the same effect as though such representations and warranties had been made at and as of such time. 
  
 (b) The Administrative Agent shall have received each of the following, in form and substance satisfactory to the
Administrative Agent: 
  
 (i) a certificate of
any two of the President, Vice Chairman, Managing Director, any Vice President or the Treasurer of MBIA to the effect that the conditions set forth in Section 2.1(a) hereof have been satisfied and that no governmental filings, consents and approvals
are necessary to be secured by MBIA in order to permit the borrowing under the Credit Agreement, as modified hereby, the grant of the Lien under the Security Agreement and the execution, delivery and performance in accordance with their respective
terms of this Amendment and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby, each of which shall be in full force and effect; 
  
 (ii) copies of the duly adopted resolutions of the Board of Directors of MBIA, or an authorized committee
thereof, authorizing the execution, delivery and performance in accordance with their respective terms of this Amendment and the other documents to be executed and delivered by MBIA described herein (collectively, the “Amendment
Documents”), accompanied by a certificate of the Secretary or an Assistant Secretary of MBIA stating as to (A) the effect that such resolutions are in full force and effect, (B) the incumbency and signatures of the officers signing the
Amendment Documents on behalf of MBIA, and (C) the effect that, from and after December 23, 2002, there has been no amendment, modification or revocation of the articles of incorporation or by-laws of MBIA; 
  
 (iii) opinions of the General Counsel or any Assistant
General Counsel of MBIA and Kutak Rock, MBIA’s counsel, each dated October 31, 2003, which are substantially to the effect set forth in the forms attached hereto as, respectively, Exhibits A and B; and 
  
 (iv) such other documents, instruments, approvals (and, if
reasonably requested by the Administrative Agent or the Majority Banks, duplicates or executed copies thereof certified by an appropriate governmental official or an authorized officer of MBIA) or opinions as the Administrative Agent or the Majority
Banks may reasonably request. 
  
 (c) The Administrative Agent
shall have received reasonably satisfactory evidence that long-term obligations insured by MBIA are publicly assigned a rating of Aaa by Moody’s and AAA by S&P by reason of such insurance. 
  
 (d) Each Bank which is becoming a party to the Credit Agreement or which is
increasing its Commitment shall have received a Note or an additional Note dated as of October 31, 2003, in a principal amount equal to the amount of its Commitment or of the increase in its Commitment, as applicable. 
  

 - 3 - 

 (e) The currently effective Fronting Bank Supplements and related Fronting Bank Notes and fee letters
shall have been modified in a manner satisfactory to MBIA, the Administrative Agent and each Fronting Bank affected by such modifications. 
  
 (f) All corporate and legal proceedings and all instruments in connection with the transactions contemplated by this Amendment and the Loan Documents
shall be satisfactory in form and substance to the Administrative Agent and its counsel. 
  
 Section 2.2. Certificate as to Effective Date. A certificate of the Administrative Agent delivered to MBIA stating that the provisions of Article 1 shall have become effective shall be conclusive evidence
thereof and shall be binding on MBIA, each Agent and each Bank. In delivering such certificate, and without limiting the general application of Section 8.8 or other provisions of Article 8 of the Credit Agreement to the actions of the Administrative
Agent hereunder, the Administrative Agent shall be entitled to rely conclusively on the certificate of officers of MBIA delivered pursuant to Section 2.1(b)(i) as to the satisfaction of the conditions set forth in Section 2.1(a). 
  
 ARTICLE 3 
  
 REPRESENTATIONS AND WARRANTIES 
  
 In order to induce the Agents and the Banks to enter into this Amendment and proceed with the transaction contemplated
hereby, MBIA makes the following representations and warranties to the Agents and the Banks, which shall survive the execution and delivery of this Amendment and the making of any Loans: 
  
 Section 3.1. Due Authorization, Etc. The execution, delivery and performance by MBIA of the Amendment Documents and
the Loan Documents as amended thereby are within its corporate powers, have been duly authorized by all necessary corporate action and do not and will not (i) violate any provision of any law, rule, regulation (including, without limitation, the New
York Insurance Law, the Investment Company Act of 1940, as amended, or Regulations T, U or X of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination or award presently in effect having
applicability to MBIA or of the corporate charter or by-laws of MBIA, (ii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which MBIA is a party or by which
it or its properties may be bound or affected, or (iii) result in, or require, the creation or imposition of any Lien upon or with respect to any of the properties now owned or hereafter acquired by MBIA (other than as contemplated by the Loan
Documents), other than, in the case of clauses (ii) and (iii), breaches, defaults or Liens which could not materially and adversely affect the business, assets, operations or financial condition of MBIA or the ability of MBIA to perform its
obligations under any Loan Document. 
  
 Section 3.2.
Approvals. No consent, approval or other action by, or any notice to or filing with any court or administrative or governmental body is or will be necessary for the valid execution, delivery or performance by MBIA of the Amendment Documents
or the Loan Documents as amended thereby. 
  

 - 4 - 

 Section 3.3. Enforceability. Each Amendment Document and each Loan Document as amended thereby
constitutes a legal, valid and binding obligation of MBIA, enforceable against MBIA in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally and the availability of equitable remedies, whether such matter is heard in a court of law or a court of equity. 
  

Section 3.4. Financial Statements, etc. 
  
 (a) MBIA has heretofore furnished to the Agents (i) the audited consolidated and unaudited consolidating balance sheets of MBIA Inc. and its subsidiaries
at December 31, 2002, the related audited consolidated statements of income, changes in stockholders’ equity and financial position or cash flows, as the case may be, and unaudited consolidating statements of income for the year ended December
31, 2002, and (ii) the unaudited consolidated and consolidating balance sheets of MBIA Inc. and its subsidiaries as of March 31 and June 30, 2003, and the related consolidated statements of income, changes in stockholders’ equity and cash flows
for the three months ended March 31, 2003 and the six months ended June 30, 2003. Such financial statements were prepared in accordance with generally accepted accounting principles consistently applied and present fairly the consolidated financial
position and consolidated results of operations and cash flows of MBIA Inc. and its subsidiaries and the financial position and results of operations and cash flows of MBIA at the dates and for the periods indicated therein. There has been no
material adverse change in the consolidated financial position or consolidated results of operations or cash flows of MBIA Inc. and its subsidiaries taken as a whole or of MBIA since June 30, 2003. 
  
 (b) MBIA has heretofore furnished to the Agents its annual statements and its
financial statements as filed with the Department for the year ended December 31, 2002 and its quarterly statements and financial statements as filed with the Department for the periods ended March 31, 2003 and June 30, 2003. Such annual and
quarterly statements and financial statements were prepared in accordance with the statutory accounting principles set forth in the New York Insurance Law, all of the assets described therein were the absolute property of MBIA at the dates set forth
therein, free and clear of any liens or claims thereon, except as therein stated, and each such annual, quarterly and financial statement is a full and true statement of all the assets and liabilities and of the condition and affairs of MBIA as of
such dates and of its income and deductions therefrom for the year or quarter ended on such dates. 
  
 (c) MBIA has heretofore furnished to the Agents a copy of the annual report on Form 10-K of MBIA Inc. for the fiscal year ended December 31, 2002, the
quarterly reports on Form 10-Q of MBIA Inc. for each of the quarters ended March 31, 2003 and June 30, 2003 and each current report on Form 8-K filed by MBIA Inc. on or after January 1, 2003, each as filed with the Securities and Exchange
Commission. Such annual, quarterly and current reports were prepared in accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
  

 - 5 - 

 Section 3.5. Covered Portfolio. Substantially all of the Insured Obligations in the Covered
Portfolio are insured by MBIA under Insurance Contracts in the form or forms heretofore supplied to the Agents in accordance with MBIA’s underwriting criteria as heretofore disclosed to the Agents, and in MBIA’s reasonable judgment such
Insured Obligations represent an overall risk of loss (based on all factors including without limitation investment quality and geographical and market diversification) which is not materially greater than the risk of loss represented by all of
MBIA’s Insured Obligations as of the date hereof. 
  
 Section
3.6. Confirmation of Representations and Warranties. MBIA hereby confirms that its representations and warranties set forth in the Credit Agreement are true and correct as of the date hereof. 
  
 Section 3.7. Disclosure. There is no fact known to MBIA which
materially adversely affects the business, assets, operations or financial condition of MBIA or the ability of MBIA to perform its obligations under any Amendment Document or any Loan Document as amended thereby which has not been set forth in this
Amendment, in the financial statements or reports required to be delivered pursuant to Section 3.4 hereof. 
  
 ARTICLE 4 
  
 MISCELLANEOUS 
  
 Section 4.1. Credit
Agreement. Except as expressly modified as contemplated hereby, the Credit Agreement and the other Loan Documents are hereby confirmed to be in full force and effect in accordance with their respective terms. This Amendment is intended by the
parties to constitute an amendment and modification to, and otherwise to constitute a continuation of, the Credit Agreement and the Loan Documents, and is not intended by any party and shall not be construed to constitute a novation thereof or of
any Debt of MBIA hereunder. 
  
 Section 4.2. Survival. All
covenants, agreements, representations and warranties made herein or in any Loan Document or in any certificate, document or instrument delivered pursuant hereto or thereto shall survive the effective date hereof, the making of any Loan and the
occurrence of the Tranche A Expiration Date and shall continue in full force and effect so long as principal of or interest on any Loan, Note or Fronting Bank Note remains outstanding or unpaid, any other amount payable by MBIA under the Credit
Agreement as amended hereby, any Note, Fronting Bank Note or any other Loan Document remains unpaid or any other obligation of MBIA to perform any other act hereunder or under the Credit Agreement as amended hereby, any Note, Fronting Bank Note or
any other Loan Document remains unsatisfied or the Banks have any obligation to make a Loan or any other advance of moneys to MBIA under the Credit Agreement as amended hereby. 
  
 Section 4.3. Severability. Any provision of this Amendment which is prohibited, unenforceable or not authorized in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or nonauthorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of
such provision in any other jurisdiction. 
  

 - 6 - 

 Section 4.4. Successors and Assigns. This Amendment is a continuing obligation and binds, and the
benefits hereof shall inure to, the parties hereto and their respective successors and assigns; provided that MBIA may not transfer or assign any or all of its rights or obligations hereunder except as permitted by Section 10.8 of the Credit
Agreement. 
  
 Section 4.5. Amendments. No provision of
this Amendment shall be waived, amended or supplemented except as provided in Section 10.12 of the Credit Agreement. 
  
 Section 4.6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  
 Section 4.7. Headings. Section headings in this Amendment are included
herein for convenience or reference only and shall not constitute a part of this Amendment for any other purpose. 
  
 Section 4.8. Counterparts. This Amendment may be executed in several counterparts, each of which shall be regarded as the original and all of which
shall constitute one and the same Amendment. 
  
 [Remainder of
Page Intentionally Left Blank.] 
  

 - 7 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date first above written. 
  

			
	 MBIA INSURANCE CORPORATION

		
	 By
	 	 /s/     Karen M. Wagner

	 	 	 Name: Karen M. Wagner

	 	 	 Title:   Vice President

  
 [Signature
Pages to MBIA First Amendment] 

			
	 COÖPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK B.A.
 “RABOBANK NEDERLAND,”

	 New York Branch, as Administrative
 Agent and
as a Bank

		
	 By
	 	 /s/    Wing Ng

	 	 	 Name: Wing Ng

	 	 	 Title:   Executive Director

		
	 By
	 	 /s/    Brett Delfino

	 	 	 Name: Brett Delfino

	 	 	 Title:   Executive Director

  
 [Signature
Pages to MBIA First Amendment] 

			
	 DEUTSCHE BANK AG, New York Branch,
 as
Documentation Agent and as a Bank

		
	 By
	 	 /s/    Ruth Leung

	 	 	 Name: Ruth Leung

	 	 	 Title:   Director

		
	 By
	 	 /s/    Clinton Johnson

	 	 	 Name: Clinton Johnson

	 	 	 Title:   Managing Director

  
 [Signature
Pages to MBIA First Amendment] 

			
	 LANDESBANK BADEN-WÜRTTEMBERG,
 New York Branch, as a Bank

		
	 By
	 	 /s/    Robert O’Brien

	 	 	 Name: Robert O’Brien

	 	 	 Title:   Vice President

		
	 By
	 	 /s/    Jennifer L Davis

	 	 	 Name: Jennifer L Davis

	 	 	 Title:   Vice President

  
 [Signature
Pages to MBIA First Amendment] 

			
	 THE BANK OF NEW YORK,
 as a bank

		
	 By
	 	 /s/    Evan Glass

	 	 	 Name: Evan Glass

	 	 	 Title:   Vice President

  
 [Signature
Pages to MBIA First Amendment] 

			
	 BAYERISCHE LANDESBANK,
 New York Branch, as a Bank

		
	 By
	 	 /s/    Scott M. Allison

	 	 	 Name: Scott M. Allison

	 	 	 Title:   First Vice President

		
	 By
	 	 /s/    Robert I. Albano

	 	 	 Name: Robert I. Albano

	 	 	 Title:   Vice President

  
 [Signature
Pages to MBIA First Amendment] 

			
	 LANDESBANK HESSEN- THÜRINGEN GIROZENTRALE,
 New York Branch, as a Bank

		
	 By
	 	 /s/    Bill Dorante

	 	 	 Name:  Bill Dorante

	 	 	 Title:    Senior Vice President

		
	 By
	 	 /s/    Irina Rakhlis

	 	 	 Name:  Irina Rakhlis

	 	 	 Title:    Credit Analyst

  
 [Signature
Pages to MBIA First Amendment] 

			
	 WESTLB AG,
 New York Branch, as a Bank

		
	 By
	 	 /s/    Lillian Tung Lum

	 	 	 Name:  Lillian Tung Lum

	 	 	 Title:    Executive Director

		
	 By
	 	 /s/    David Sellers

	 	 	 Name:  David Sellers

	 	 	 Title:    Executive Director

  
 [Signature
Pages to MBIA First Amendment] 

			
	 DEKABANK DEUTSCHE
 GIROZENTRALE,
 as a Bank

		
	 By
	 	 /s/    Jurgen Schöneberg

	 	 	 Name:  Jurgen Schöneberg

	 	 	 Title:    Credit Manager

		
	 By
	 	 /s/    Stephan Wagner

	 	 	 Name:  Stephan Wagner

	 	 	 Title:    Vice President

  
 [Signature
Pages to MBIA First Amendment] 

			
	 BARCLAYS BANK PLC,
 New York Branch, as a Bank

		
	 By
	 	 /s/    Alison A. McGuigan

	 	 	 Name:  Alison A. McGuigan

	 	 	 Title:    Associate Director

  
 [Signature
Pages to MBIA First Amendment] 

			
	 KBC BANK, N.V.,
 as a Bank

		
	 By
	 	 /s/    Jean-Pierre Diels

	 	 	 Name: Jean-Pierre Diels

	 	 	 Title:   First Vice President

		
	 By
	 	 /s/    Dennis A Graham

	 	 	 Name: Dennis A Graham

	 	 	 Title:   First Vice President

  
 [Signature
Pages to MBIA First Amendment] 

			
	 NORDDEUTSCHE LANDESBANK GIROZENTRALE,
 New York Branch, as a Bank

		
	 By
	 	 /s/    Georg L. Peters

	 	 	 Name: Georg L. Peters

	 	 	 Title:   Vice President

		
	 By
	 	 /s/    Stephen K. Hunter

	 	 	 Name: Stephen K. Hunter

	 	 	 Title:   Senior Vice President

  
 [Signature
Pages to MBIA First Amendment] 

			
	 THE BANK OF NOVA SCOTIA,
 as a Bank

		
	 By
	 	 /s/    John W. Campbell

	 	 	 Name: John W. Campbell

	 	 	 Title:   Managing Director

  
 [Signature
Pages to MBIA First Amendment] 

			
	 FLEET NATIONAL BANK,
 as a Bank

		
	 By
	 	 /s/    Carla Balesano

	 	 	 Name: Carla Balesano

	 	 	 Title:   Director

  
 [Signature
Pages to MBIA First Amendment] 

 SCHEDULE 1 
 TO FIRST AMENDMENT 
  
 BANKS,
ADDRESSES AND TRANCHE A COMMITMENTS 
  

				
	 Name and Notice Address of Bank

	  	Commitment

	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.,
 New York Branch
 245 Park Avenue
 37th Floor
 New York, NY 10167
 Attn: Angela Reilly
	  	$	150,000,000
		
	 Landesbank Baden-Württemberg,
 New York Branch
 280 Park Avenue
 West Building, 31st Floor
 New York, NY
10017
 Attn: Robert O’Brien
	  	$	75,000,000
		
	 Landesbank Hessen-Thüringen Girozentrale,
 New York Branch
 420 Fifth Avenue
 New York, NY 10018
 Attn: John Sarno
	  	$	75,000,000
		
	 Deutsche Bank AG, New York Branch
 31 West 52nd Street
 New York, NY 10019
 Attn: Clinton Johnson / Ruth Leung
	  	$	70,000,000
		
	 The Bank of New York
 One Wall Street
 New York, NY 10286
 Attn: David Trick
	  	$	65,000,000
		
	 Bayerische Landesbank,
 New York Branch
 560 Lexington Avenue
 New York, NY 10022
 Attn: Robert Albano
	  	$	50,000,000

				
	 Name and Notice Address of Bank

	  	Commitment

	 WestLB AG,
 New York Branch
 1211 Avenue of the Americas
 New York, NY 10036
 Attn: Lillian Lum
	  	$	50,000,000
		
	 DekaBank Deutsche Girozentrale
 Taunusanlage 10
 D-60329 Frankfurt am Main
 Frankfurt, Germany
 Attn: Stephan Wagner
	  	$	35,000,000
		
	 KeyBank National Association
 127 Public Square, OH-01-27-0606
 Cleveland, OH 44114
 Attn: Mary K. Young
	  	$	35,000,000
		
	 Barclays Bank PLC,
 New York Branch
 200 Park Avenue
 New York, NY 10166
 Attn: Alison Mcguigan
	  	$	25,000,000
		
	 KBC Bank, N.V.
 125 West 55th Street
 New York, NY 10019
 Attn: Edward Eijlers
	  	$	25,000,000
		
	 Norddeutsche Landesbank Girozentrale,
 New York Branch
 1114 Avenue of the Americas
 37th Floor
 New York, NY 10017
 Attn: Georg Peters
	  	$	18,000,000
		
	 The Bank of Nova Scotia
 One Liberty Plaza
 New York, NY 10006
 Attn: David Schwartzbard
	  	$	17,000,000
		
	 Fleet National Bank
 777 Main Street
 CT MO 0250
 Hartford, CT 06115
 Attn: George Urbans
	  	$	10,000,000
		
	 TOTAL:
	  	$	700,000,000

  

 (ii) 

 EXHIBIT A 
 TO FIRST AMENDMENT 
  
 Form of
Opinion of General Counsel of MBIA 
  
                                 October 31, 2003 
  
 Each of the Banks which are parties to the Credit Agreement referred to herein 
 c/o Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. 
     (“Rabobank Nederland”), New York Branch 
     as Administrative Agent 
 245 Park Avenue 
 New York, New York 10167-0062 
  
 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. 
     (“Rabobank Nederland”), New York Branch, 
     as Administrative Agent 
 245 Park Avenue 
 New York, New York 10167-0062 
  
 Deutsche Bank
AG, New York Branch, 
     as Documentation Agent 
 31 West 52nd Street 
 New York, NY 10019 
  

	 	Re:	First Amendment, dated as of October 31, 2003, to Third Amended and Restated Credit Agreement, dated as of October 31, 2002, with MBIA Insurance Corporation

  
 Ladies and Gentlemen: 
  
 I am [Assistant] General Counsel of MBIA Insurance Corporation, a New York stock insurance
corporation (“MBIA”). This opinion is being given in connection with the First Amendment, dated as of October 31, 2003 (the “Amendment”), to the Third Amended and Restated Credit Agreement dated as of October 31, 2002 (as amended
by the Amendment, the “Credit Agreement”) among MBIA, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch, as Administrative Agent and as a Bank, Deutsche Bank AG, New York Branch, as
Documentation Agent and as a Bank, and the other Banks signatory thereto. All capitalized terms used herein and not otherwise defined shall have the respective meanings assigned thereto in the Credit Agreement. 
  

 A-1 

 As [Assistant] General Counsel to MBIA, I am familiar with its Restated Charter and its By-Laws, as amended to date, and
I have responsibility for supervision of MBIA’s insurance regulatory compliance. I have examined such certificates of public officials, such certificates of officers of MBIA and copies certified to my satisfaction of such corporate documents
and records of MBIA and of such other papers as I have deemed relevant and necessary for the opinions set forth below. In all such examinations, I have assumed the genuineness of all signatures, the authority to sign and the authenticity of all
documents submitted to me as originals. I have also assumed the conformity with the originals of all documents submitted to me as copies. I have relied upon certificates of public officials and of officers of MBIA with respect to the accuracy of
factual matters contained therein which were not independently established. 
  
 Based upon the foregoing, it is my opinion that: 
  
 1. MBIA is a stock insurance corporation duly incorporated and validly existing in good standing under the laws of the State of New York and has the corporate power and all requisite licenses and franchises required
to carry on its insurance and other business, as now being conducted in the State of New York and in each other jurisdiction where the nature of the business transacted by it makes such qualification necessary, except any jurisdiction other than the
State of New York where failure to so qualify would not have a material adverse effect on the business, assets, operations or financial condition of MBIA or the ability of MBIA to perform its obligations under the Amendment, the Credit Agreement and
the additional Notes dated October 31, 2003 being issued to certain parties (the “Transaction Documents”). 
  
 2. The execution, delivery and performance of the Transaction Documents are within the corporate powers of MBIA, have been duly authorized by all
necessary corporate action and do not (i) violate any provision of the Restated Charter or By-Laws of MBIA, (ii) violate any provision of law, rule, regulation (including without limitation, the New York Insurance Law, the Investment Company Act of
1940, as amended, or Regulations T, U or X of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to MBIA the violation of which would
affect the validity or enforceability of any of the Transaction Documents or the ability of MBIA to perform its obligations under the Transaction Documents, (iii) result in a breach of or constitute a default under any indenture or loan or credit
agreement or any other agreement, lease or instrument to which MBIA is a party or by which it or its properties may be bound or affected or (iv) result in, or require, the creation or imposition of any Lien upon or with respect to any of the
properties now owned or hereafter acquired by MBIA (other than as contemplated by the Loan Documents), other than, in the case of clauses (iii) and (iv), breaches, defaults or Liens which could not materially and adversely affect the business,
assets, operations or financial condition of MBIA or the ability of MBIA to perform its obligations under the Transaction Documents. 
  
 3. To the best of my knowledge, no consent, approval or other action by, or any notice to or filing with, any court or administrative or governmental body
is required in connection with the execution, delivery or performance by MBIA of the Transaction Documents. 
  

 A-2 

 4. To the best of my knowledge, there is no action, suit, proceeding or investigation before or by any
court, arbitrator or administrative or governmental body pending or threatened against MBIA, wherein an adverse decision, ruling or finding would materially and adversely affect (i) the business, assets, operations or financial condition of MBIA,
(ii) the transactions contemplated by the Credit Agreement or (iii) the validity or enforceability of the Transaction Documents. 
  
 5. To the best of my knowledge, MBIA is not in violation of any provision of any law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award presently in effect having applicability to MBIA or of the Restated Charter or By-Laws of MBIA, or in default under any material indenture, agreement, lease or instrument to which it is a party or by which it or any of its
properties may be subject or bound, where such violation or default may result in a material adverse effect on the business, assets, operations or financial condition of MBIA or on its ability to perform its obligations under the Transaction
Documents. 
  
 6. To the best of my knowledge, MBIA is in
compliance with the New York Insurance Law and the regulations of the Department thereunder and with all other applicable federal state and other laws, rules and regulations relating to its insurance and other business, except with respect to
failures, if any, to comply which singly or in the aggregate do not have a material adverse effect on the business, assets, operations or financial condition of MBIA or the ability of MBIA to perform its obligations under any of the Transaction
Documents. 
  
 7. All of the issued and outstanding capital stock
of MBIA is owned beneficially and of record by MBIA Inc., subject to no Liens. There are no options or similar rights of any Person to acquire any such capital stock or any other capital stock of MBIA. 
  
 This opinion is being furnished to you and your participants in connection with the execution
of the Credit Agreement, and it is not to be used, circulated, quoted or otherwise referred to for any purpose without my express written consent. 
  
 Very truly yours, 
  
  
 [Assistant] General Counsel 
  

 A-3 

 EXHIBIT B 
 TO FIRST AMENDMENT 
  
 Form of
Opinion of Kutak Rock 
  
                                 October 31, 2003 
  
 Each of the Banks which are 
     parties to the Credit Agreement 
     referred to herein 
 c/o Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. 
     (“Rabobank Nederland”), New York Branch 
     as Administrative Agent 
 245 Park Avenue 
 New York, New York 10167-0062 
  
 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. 
     (“Rabobank Nederland”), New York Branch, 
     as Administrative Agent 
 245 Park Avenue 
 New York, New York 10167-0062 
  
 Deutsche Bank
AG, New York Branch, 
     as Documentation Agent 
 31 West 52nd Street 
 New York, NY 10019 
  

	 	Re:	First Amendment, dated as of October 31, 2003, to Third Amended and Restated Credit Agreement, dated as of October 31, 2002, with MBIA Insurance Corporation

  
 Ladies and Gentlemen: 
  
 This opinion is furnished to you in connection with the First Amendment,
dated as of October 31, 2003 (the “Amendment”), to the Third Amended and Restated Credit Agreement dated as of October 31, 2002 (as amended by the Amendment, the “Credit Agreement”) among MBIA Insurance Corporation, a New York
stock insurance corporation (“MBIA”), Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch, as Administrative Agent and as a Bank, Deutsche Bank AG, New York Branch, as Documentation
Agent and as a Bank, and the other Banks signatory thereto. All capitalized terms used herein and not otherwise defined have the meanings assigned thereto in the Credit Agreement. As used herein, “Transaction Documents” means the
Amendment, the Credit Agreement and the additional Note dated October 31, 2003 being issued to a certain party. 
  

 B-1 

 We have acted as special counsel to MBIA in connection with the execution and delivery of the Transaction
Documents. In this connection, we have examined the Transaction Documents and such certificates of public officials, such certificates of officers of MBIA, and copies certified to our satisfaction of such corporate documents and records of MBIA, and
such other documents as we have deemed necessary or appropriate for the opinions set forth below. We have relied upon such certificates of public officials and of officers of MBIA with respect to the accuracy of factual matters contained therein
which were not independently established. 
  
 We have also assumed
(i) the due execution and delivery, pursuant to due authorization, of each document referred to in the immediately preceding paragraph by all parties other than MBIA to such document, (ii) the authenticity of all such documents submitted to us as
originals, (iii) the genuineness of all signatures and (iv) the conformity to the originals of all such documents submitted to us as copies. 
  
 Based upon the foregoing and upon such investigation as we have deemed necessary, we are of the opinion that: 
  
 1. MBIA is a stock insurance corporation, duly incorporated and validly
existing under the laws of the State of New York, and is licensed and authorized to carry on its business under the laws of the State of New York. 
  
 2. Each Transaction Document has been duly executed and is a valid and binding obligation of MBIA enforceable in accordance with its terms, except that
such enforceability may be limited by laws relating to bankruptcy, insolvency, reorganization, moratorium, receivership and other similar laws affecting creditors’ rights generally and by general principles of equity and the enforceability as
to rights to indemnity thereunder as may be subject to limitations of public policy. 
  
 3. The execution, delivery and performance of the Transaction Documents do not (a) violate any provision of the Restated Charter or Bylaws of MBIA or (b) violate any provision of law (including without limitation the
New York Insurance Law or the Investment Company Act of 1940, as amended) or, to the best of our knowledge, any rule or regulation (including without limitation Regulation T, U or X of the Board of Governors of the Federal Reserve System) presently
in effect having applicability to MBIA the violation of which would (i) affect the validity or enforceability of any Transaction Document or the ability of MBIA to perform its obligations thereunder, (ii) adversely affect the Banks or their rights
under any Transaction Document or (iii) materially adversely affect the business, assets, operations or financial condition of MBIA. 
  
 4. To the best of our knowledge, no consent, approval or other action by or any notice to or filing with any court or administrative or governmental body
is required in connection with the execution, delivery or performance by MBIA of the Transaction Documents. No consent, approval or other action by or any notice to or filing with the Department is required in connection with the execution, delivery
or performance by MBIA of the Transaction Documents. 
  

 B-2 

 5. Except with respect to MBIA’s obligations to pay the principal of and interest on the Loans, the
obligations of MBIA under the Transaction Documents will rank, under the New York Insurance Law, at least pari passu in priority of payment with all other unsecured obligations of MBIA, including without limitation MBIA’s obligation to
pay claims under Insurance Contracts under the New York Insurance Law, subject, however, to statutory priorities granted to certain claims under Sections 7426 and 7435 of the New York Insurance Law. 
  
 6. The effectiveness of the Transaction Documents does not adversely affect
the opinions set forth in paragraphs 6 and 7 of our opinion dated December 23, 2002, delivered in connection with the Third Amended and Restated Credit Agreement, dated as of such date, with respect to the Security Interest (as defined in such
opinion) and the collateral assignment of Collateral referred to therein. No filings under the UCC are required to perfect or to continue the perfection of the Security Interest (except for the financing statements described in our December 23, 2002
opinion and subject to the matters described in the paragraph following paragraph 7 of such opinion) in favor of the Collateral Agent for the benefit of the Banks in all of MBIA’s right, title and interest in and to the Collateral, to the
extent that the Security Interest can be perfected by the filing of financing statements under the UCC. 
  
 In rendering the opinions expressed herein, we express no opinion as to the laws of any jurisdiction other than the State of New York and the federal laws
of the United States of America. 
  
 This opinion is being
furnished to you and your participants solely in connection with the execution of the Amendment, and it is not to be used, circulated, quoted or otherwise referred to for any purpose without our express written consent. 
  
 Very truly yours, 
  

 B-3

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