Document:

exv10w57

Exhibit 10.57

STILWELL VALUE PARTNERS VI, L.P.

A Delaware Limited Partnership

 

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT 

October 1, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	TABLE OF CONTENTS	 	 	A-l	 
	 
	 	 	 	 	 	 
	ARTICLE I Definitions	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE II Organization	 	 	9	 
	2.1
	 	Continuation of the Limited Partnership	 	 	9	 
	2.2
	 	Name of Partnership	 	 	9	 
	2.3
	 	Principal Office; Registered Office	 	 	10	 
	2.4
	 	Term of Partnership	 	 	10	 
	2.5
	 	Purposes and Powers of the Partnership	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE III Admission of Partners; Capital	 	 	11	 
	3.1
	 	Admission of Limited Partners	 	 	11	 
	3.2
	 	Capital Contributions	 	 	11	 
	3.3
	 	Withdrawal;Interest	 	 	12	 
	3.4
	 	Capital Accounts	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE IV Allocations	 	 	12	 
	4.1
	 	Allocation of Net Profit and Net Loss	 	 	12	 
	4.2
	 	Allocation of Certain Expenditures	 	 	13	 
	4.3
	 	Incentive Allocation	 	 	13	 
	4.4
	 	Allocation to Avoid Capital Account Deficits	 	 	13	 
	4.5
	 	Allocations for Income Tax Purposes	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE V Accounting and Valuations	 	 	14	 
	5.1
	 	Books and Records	 	 	14	 
	5.2
	 	Reports	 	 	15	 
	5.3
	 	Filing of Tax Returns	 	 	15	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	5.4
	 	Valuation of Partnership Investments	 	 	15	 
	5.5
	 	Reserves; Adjustments for Certain Future Events	 	 	16	 
	5.6
	 	Tax Accounting	 	 	16	 
	5.7
	 	Determinations by the General Partner	 	 	16	 
	 
	 	 	 	 	 	 
	ARTICLE VI Transfers and Withdrawals	 	 	17	 
	6.1
	 	Transfer of Interests of Limited Partners	 	 	17	 
	6.2
	 	Transfer of the Interest of the General Partner	 	 	19	 
	6.3
	 	Withdrawals	 	 	19	 
	6.4
	 	Withholding or Other Tax Obligations	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE VII Management	 	 	22	 
	7.1
	 	Rights, Duties and Powers of the General Partner	 	 	22	 
	7.2
	 	Expenses	 	 	24	 
	7.3
	 	Right of Limited Partners	 	 	24	 
	7.4
	 	Other Activities of Partners	 	 	25	 
	7.5
	 	Duty of Care; Indemnification	 	 	25	 
	7.6
	 	Exculpation	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE VIII Dissolution and Liquidation	 	 	27	 
	8.1
	 	Dissolution of Partnership	 	 	27	 
	8.2
	 	Liquidation of Assets	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE IX Miscellaneous	 	 	28	 
	9.1
	 	Amendments	 	 	28	 
	9.2
	 	Special Power of Attorney	 	 	29	 
	9.3
	 	Notices	 	 	30	 
	9.4
	 	Agreement Binding Upon Successors and Assigns	 	 	30	 
	9.5
	 	Governing Law	 	 	30	 

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	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	9.6
	 	Not for Benefit of Creditors	 	 	31	 
	9.7
	 	Consents	 	 	31	 
	9.8
	 	Miscellaneous	 	 	31	 

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STILWELL VALUE PARTNERS VI, L.P.

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

     THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT of Stilwell Value Partners VI, L.P. is
made as of this 1st day of October 2008 (the “Effective Date”), by and among Stilwell Value LLC., as
General Partner, and such other Person or Persons who execute or consent in writing to be bound by
the terms of and are admitted to the Partnership under this Agreement as Limited Partners.

ARTICLE I

Definitions

     For purposes of this Agreement:

     “Act” means the Delaware Revised Uniform Limited Partnership Act, as amended from time to
time.

     “Affiliate” means with respect to a specified Person (a) any Person that directly or
indirectly through one or more intermediaries controls, is controlled by, or is under common
control with such Person, (b) any Person that is an officer, director, partner, member, or trustee
of, or serves in a similar capacity with respect to, such Person or of which such Person is an
officer, director, partner, member, or trustee, or with respect to which such Person serves in a
similar capacity, (c) any Person that, directly or indirectly, is the beneficial owner of 10% or
more of any class of equity securities of, or otherwise has a substantial beneficial interest in,
the specified Person or of which the specified Person is directly or indirectly the owner of 10%
or more of any class of equity securities or in which the specified Person has a substantial
beneficial interest, or (d) any spouse, child, or parent of the specified Person.

     “Agreement” means this Limited Partnership Agreement, as amended from time to time.

     “Capital Account” means with respect to each Partner the capital account established and
maintained on behalf of such Partner as described in Section 3.4.

     “Capital Contributions” means with respect to any Partner or Assignee as of any date, the
total amount of money and the fair market value of property that has been contributed to the
Partnership by such Partner (or any predecessor in interest) as of such date, as determined by the
General Partner in its sole discretion.

     “Certificate” means the certificate of limited partnership referred to in Section 2.1.

     “Closing Date” means the first date on or as of which a Limited Partner other than the
Initial Limited Partner is admitted to the Partnership.

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     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
successor thereto.

     “Derivative Interest” means any contract or other right or interest of or relating to any
Security Interest, any group of Security Interests, any index or basket of Security Interests or
interest rate or other differential (basis), including, but not limited to, any put or call option
written by the Partnership or another, any swap contract, notional principal contract, cap, collar,
floor agreement, or other similar agreement, or any option to enter into any of the foregoing,
whether or not traded on an exchange.

     “Disability” means, with respect to a Person, a state or condition of incapacitated legal
disability or, through illness, age, or other cause, an inability to give reasoned consideration
to financial matters, which condition or inability is reasonably expected to last more than six
months.

     “Effective Date” shall have the meaning set forth in the Preamble.

     “Fiscal Period” means each period that starts on the Closing Date (in the case of the initial
Fiscal Period) and thereafter on the day immediately following the last day of the preceding
Fiscal Period, and that ends on the earliest of the following dates:

                    (i) any date as of which any withdrawal or distribution of
capital is made by or to any Partner or as of which this Agreement provides for any amount to be
credited to or debited against the Capital Account of any Partner, other than a withdrawal or
distribution by or to, or an allocation to the Capital Accounts of, all Partners that does not
result in any change of any Partner’s Partnership Percentage;

                    (ii) the date which immediately precedes any day as of which a contribution to capital is
accepted by the General Partner from any new or existing Partner; or

                    (iii) any other date which the General Partner selects in its sole discretion.

     “Fiscal Quarter” means any calendar quarter, unless the General Partner in its sole
discretion shall elect another fiscal quarter.

     “Fiscal Year” means each period commencing on January 1 of each year and ending on December
31 of such year.

     “General Partner” means Stilwell Value LLC, a Delaware limited liability company, any
substitute therefor admitted in accordance with the terms of this Agreement, and any other Person
hereafter admitted as an additional general partner.

     “Incentive Allocation” means, with respect to any Limited Partner for any Performance
Period, twenty percent (20%) of the amount by which (i) such Limited Partner’s Positive
Performance Change for such Performance Period, if any, exceeds (ii) the positive balance in such
Limited Partner’s Loss Account with respect to such Performance Period.

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     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “Investment” means any Security Interest, or Derivative Interest.

     “Limited Partner” means any person who has been admitted to the Partnership as a Limited
Partner and has not made a withdrawal of his entire Capital Account pursuant to Section 6.3 or
assigned his entire limited partnership interest pursuant to Section 6.1.

     “Loss Account” means a memorandum account for each Limited Partner to be recorded in the books
and records of the Partnership with respect to a Performance Period. The balance of the Loss
Account for the initial Performance Period with respect to a Limited Partner’s Capital Account
shall be zero. The balance of such Loss Account for each subsequent Performance Period shall be
calculated as follows:

                    (i) The balance of such Loss Account shall equal the balance of such Limited Partner’s Loss
Account for the immediately preceding Performance Period, increased by the Negative Performance
Change or decreased (but not below zero) by the Positive Performance Change for the immediately
preceding Performance Period.

                    (ii) If such Limited Partner makes a withdrawal as of the close of such prior Performance
Period or during the current Performance Period, any positive balance of the Loss Account shall be
reduced (but not below zero) by an amount determined by multiplying (a) such positive balance by
(b) a fraction, the numerator of which is the amount withdrawn and the denominator of which is the
balance of such Limited Partner’s Capital Account immediately before giving effect to such
withdrawal.

     “Managed Account” means any asset or investment of the General Partner or Affiliate of the
General Partner, or any asset managed by the General Partner or any Affiliate of the General
Partner for the account of any party other than the Partnership, which are invested or available
for investment in investment or trading activities, whether or not of the specific type being
conducted by the Partnership.

     “Net Assets” means, as of any date, the total value of all Investments and other assets of
the Partnership as of such date as determined by the General Partner in accordance with Section
5.4, minus an amount equal to all debts, liabilities and obligations of the Partnership as of such
date (including any reserves for contingencies accrued pursuant to Section 5.5). Except as
otherwise expressly provided herein:

                    (iii) Net Assets as of the first day of any Fiscal Period shall be determined on the basis of
the valuation of assets conducted as of the close of the immediately preceding Fiscal Period
(after giving effect to withdrawals by, or distributions payable to, any Partner which are
effective as of the close of the immediately preceding Fiscal Period), except that Capital
Contributions made by any Partner after the last day of such immediately preceding Fiscal Period
shall be added to such assets; and

                    (iv) Net Assets as of the last day of any Fiscal Period shall not give effect to any of the
following amounts:

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          (A) withdrawals by or distributions payable to any Partner which are
effective as of the date on which such determination is made; and

          (B) withholding taxes, expenses of processing withdrawals, other payables,
and increases or decreases in any reserves or other amounts recorded pursuant to
Section 5.5 during the Fiscal Period ending as of the date on which such
determination is made, to the extent the General Partner in its sole discretion
determines in accordance with this Agreement that such items are not to be charged
ratably to the Capital Accounts of all Partners on the basis of their respective
Partnership Percentages as of the commencement of the Fiscal Period.

     “Net Loss” means, with respect to any Fiscal Period, any amount by which the Net Assets as of
the first day of the Fiscal Period exceed the Net Assets as of the last day of such Fiscal Period.

     “Net Profit” means, with respect to any Fiscal Period, any amount by which the Net Assets as
of the last day of the Fiscal Period exceed the Net Assets as of the first day of such Fiscal
Period.

     “Offering Costs” means all expenditures classified as “syndication expenses” under Section
1.709-2(b) of the Treasury Regulations promulgated under Section 709 of the Code; provided,
however, that neither placement nor solicitation fees may be considered “Offering Costs” for
purposes of this Agreement.

     “Organizational Costs” means any and all expenses (including, without limitation, travel
expenses, printing costs, legal and accounting fees, and other out-of-pocket expenses) incurred in
connection with the organization of the Partnership.

     “Partner” means the General Partner or any of the Limited Partners, except as otherwise
expressly provided herein, and “Partners” means the General Partner and all of the Limited
Partners.

     “Partnership” means the limited partnership formed pursuant to this Agreement.

     “Partnership Percentage” means, with respect to any Partner for any Fiscal Period, a
percentage determined by dividing the amount of the Partner’s Capital Account as of the beginning
of the Fiscal Period (after crediting to such Capital Account the initial Capital Contribution of
the Partner (in the case of a Partner who is admitted to the Partnership as of such date) by the
sum of the Capital Accounts of all of the Partners as of the beginning of the Fiscal Period
(after crediting all Capital Contributions to the Partnership which are effective as of such
date). The sum of the Partnership Percentages of all Partners for each Fiscal Period shall equal
one hundred percent (100%).

     “Performance Change” means, with respect to each Limited Partner for each Performance
Period, the difference between:

                    (v) the sum of (A) the balance of such Limited Partner’s Capital Account as of the close of
the Performance Period (after giving effect to all allocations to

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be made to such Capital Account as of such date, other than any Incentive Allocation to be
debited against such Limited Partner’s Capital Account), plus (B) any debits to such Limited
Partner’s Capital Account to reflect any actual or deemed distributions or withdrawals from such
Capital Account as of the end of the Performance Period, plus (C) any debits to such Limited
Partner’s Capital Account during the Performance Period to reflect any items allocable to such
Limited Partner’s Capital Account pursuant to Section 4.2 or Section 6.4 hereof; and

                    (vi) the balance of such Limited Partner’s Capital Account as of the beginning of the
Performance Period (after giving effect to Capital Contributions that are effective as of such
date).

     If the amount specified in clause (i) exceeds the amount specified in clause (ii), such
difference shall be a “Positive Performance Change,” and if the amount specified in clause (ii)
exceeds the amount specified in clause (i), such difference shall be a “Negative Performance
Change.” If a Limited Partner receives a distribution or makes a withdrawal of less than all of
its Capital Account (an “Interim Withdrawal”) prior to the last day of a Fiscal Year, a separate
computation of the Performance Change shall be made with respect to the distributed or withdrawn
amount as of the date of such withdrawal or distribution. In that case, (A) the amount distributed
or withdrawn shall be deemed to be the amount specified in clause (i) and (B) an amount equal to
the balance in the Capital Account as of the beginning of the Performance Period (determined as
set forth in clause (ii)), multiplied by the ratio of the amount distributed or withdrawn to the
Capital Account balance as of immediately before such withdrawal or distribution (before taking
into account the amount of such withdrawal or distribution), shall be deemed to be the amount in
clause (ii). In determining the amount of the Performance Change with respect to such Limited
Partner for the Performance Period which includes the date of such Interim Withdrawal, the amount
specified in clause (ii) above shall be determined without regard to the portion of the beginning
Capital Account which was taken into account in determining the Incentive Allocation under the
preceding sentence.

     “Performance Period” means, with respect to each Limited Partner, the period commencing as of
the date on which the General Partner has accepted the Capital Contribution of the Limited Partner
and the Limited Partner has been admitted to the Partnership (in the case of the initial
Performance Period), and thereafter commencing as of the day following the last day of the
preceding Performance Period with respect to such Limited Partner, and ending as of the close of
business on the first to occur of the following after the relevant commencement date:

                    (vii) the date the Partnership liquidates a substantial position;

                    (viii) any distribution to or any complete or partial withdrawal by such Limited Partner of his,
her, or its then Capital Account balance (provided that the Performance Period shall end at that
time only with respect to the amount distributed to or withdrawn by the Limited Partner);

                    (ix) the admission as a substitute Limited Partner of a person to whom the entire interest
of such Limited Partner has been Transferred; or

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                    (x) the final distribution to such Limited Partner following the dissolution of the
Partnership.

     “Person” means any natural person, corporation, firm, joint venture, partnership, trust,
unincorporated organization, government or any department, political subdivision or agency of a
government.

     “Plan Asset Regulations” means the U.S. Department of Labor plan asset regulations (as set
forth in Section 2510.3-101 of the U.S. Department of Labor regulations).

     “Positive Basis” means, with respect to any Partner and as of any time of calculation, the
excess of the amount distributed to such Partner upon complete or partial withdrawal from or
liquidation of the Partnership over such Partner’s “adjusted tax basis” in its Partnership
interest at such time (determined without regard to any adjustments made to such adjusted tax
basis by reason of any transfer or assignment of such interest, including by reason of death).

     “Positive Basis Partner” means any Partner who withdraws some or all of his Capital Account
and who has Positive Basis as of the Withdrawal Date of such withdrawal.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Security” means (i) any stock, beneficial interest, partnership interest, investment
contract, cash contract, bond, note, debenture, trust receipt, certificate, loan participation,
investment product, or other security of any kind (including, without limitation, any “security”
as that term is defined in Section 2(a)(1) of the Securities Act, or (ii) any contract for future
or forward delivery of any Security.

     “Transfer” means any sale, exchange, transfer, assignment, pledge, or other disposition by a
Partner of his interest in the Partnership to another party, whether voluntary or involuntary.

     “Withdrawal Date” means the date as of which a withdrawal permitted or required under this
Agreement is effective.

ARTICLE II

Organization

          2.1 Continuation of the Limited Partnership. The parties hereto hereby agree to
continue the Partnership as a limited partnership pursuant to this Agreement and the Act. Any
previous agreement for the governance of the Partnership is hereby superseded in its entirety. The
General Partner has filed the Certificate with the Secretary of State of Delaware and shall do all
other things required to maintain the formation of the Partnership as a limited partnership and to
authorize the conduct of its business in all jurisdictions where the Partnership intends to
conduct business.

          2.2 Name of Partnership. The name of the Partnership shall be “Stilwell Value
Partners I, L.P.” or such other name as the General Partner may hereafter adopt upon (i) filing
an amendment to the Certificate with the Secretary of State of Delaware and (ii) sending

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notice thereof to the Limited Partners. The Partnership shall have the exclusive ownership
and right to use the Partnership name so long as the Partnership continues, but upon the
Partnership’s termination, the Partnership shall assign the name and the goodwill attached
thereto to the General Partner without payment by the General Partner of any consideration
therefor.

          2.3 Principal Office; Registered Office. The Partnership shall have its principal
office at 26 Broadway, 23rd Floor, New York, New York 10004, or at such other location as the
General Partner shall designate from time to time. The Partnership shall have its registered office
in Delaware at 15 East North Street, Dover, Delaware. The Partnership’s registered agent for
service of process in Delaware shall be XL Corporate Services, Inc., 15 East North Street, Dover,
Delaware 19901, unless a different registered office or agent is designated from time to time by
the General Partner.

          2.4 Term of Partnership. The term of the Partnership shall commence on the date on
which the Certificate is filed with the Secretary of State of Delaware and shall continue until
dissolved pursuant to Section 8.1 hereof (unless its term is extended pursuant to Section 8.1).

          2.5 Purposes and Powers of the Partnership. The Partnership is organized for the
purpose of seeking long-term capital appreciation through investing in a few (possibly only one)
undervalued financial institutions. The Partnership shall have the authority to enter into and
perform all contracts and other undertakings, and engage in all other activities and transactions
as the General Partner may deem necessary, advisable, or convenient for carrying out the purposes
of the Partnership, including (but not limited to) the authority to:

               (a) Purchase, hold, sell, exchange, lend, transfer, mortgage, pledge, and otherwise acquire
and dispose of, and exercise all rights, powers, privileges, and other incidents of ownership or
possession with respect to Investments and the proceeds therefrom;

               (b) Purchase and hold for investment Investments which may not be resold in the absence of an
effective registration statement relating thereto under the Securities Act or an exemption from
such registration requirements;

               (c) Organize or participate and invest in one or more joint ventures, partnerships (limited
or general), corporations, limited liability companies, or other entities, whether or not
controlled by the Partnership.

               (d) Borrow or raise moneys and obtain letters of credit, and, from time to time without
limitation as to amount or manner and time of repayment, issue, accept, endorse, and execute
promissory notes, drafts, bills of exchange, bonds, debentures, and other negotiable or
nonnegotiable instruments and evidences of indebtedness, and secure the payment of such or other
obligations of the Partnership by mortgage upon, or hypothecation or pledge of, all or part of the
property of the Partnership whether at the time owned or thereafter acquired;

               (e) Attempt to gain board representation, meet with management of a company to discuss
shareholder concerns, initiate the solicitation of proxies, write to other shareholders about a
company’s inability to achieve shareholder value or to otherwise influence the policies of the
board of a company in which the Partnership invests. The Partnership may

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also publicize its dissatisfaction with a company through various media, including submitting
correspondence between the Partnership and other shareholders to the press, making public
statements about the company’s activities or any other actions as deemed appropriate by the General
Partner in order to gain the board’s attention.

ARTICLE III

Admission of Partners; Capital

          3.1 Admission of Limited Partners.

               (a) The General Partner may, on the Closing Date and at such other times as the General
Partner may determine in its sole discretion, and without advance notice to or consent of the
Limited Partners, admit as a Limited Partner any Person who shall execute a counterpart of this
Agreement or otherwise agree in writing to be bound hereby unless the investment by such Person in
the Partnership would have any of the effects described in clauses (i) through (iv) of Section
6.1(c) herein. Any investor subscribing to the Partnership when the Partnership is holding a
substantial investment position, may be required to contribute an additional amount, to be
determined at the sole discretion of the General Partner, to cover such Partner’s portion of any
organizational costs and any increase in value of the partnership’s assets. Except to the extent
provided in this Agreement, the manner of the offering of limited partnership interests, the terms
and conditions under which subscriptions for such limited partnership interests will be accepted,
the manner of and conditions to the sale of limited partnership interests to subscribers therefor,
and the admission of such subscribers as Limited Partners shall be prescribed by the General
Partner in its sole discretion. The General Partner shall have the absolute discretion to reject
subscriptions for limited partnership interests in the Partnership.

          3.2 Capital Contributions.

               (a) Each Limited Partner shall make an initial Capital Contribution to the Partnership in the
minimum amount of $100,000 subject to the right of the General Partner to accept lesser amounts,
in its sole discretion.

               (b) The General Partner may cause the Partnership to accept additional Capital Contributions
at such times and in such minimum amounts as may be determined by the General Partner in its sole
discretion; provided, however, that no Limited Partner shall be obligated to make any additional
Capital Contribution to the Partnership, subject to the provisions of Sections 5.5 and 6.4 and any
contrary provision of the Act.

               (c) The General Partner in its sole discretion shall have the right at any time to make
Capital Contributions to the Partnership as a Limited Partner or General Partner.

               (d) Except as otherwise permitted by the General Partner in its sole discretion, (i) all
initial or additional Capital Contributions shall be payable in immediately available funds and
in one installment, and (ii) initial Capital Contributions shall be due as of the date of
admission of such person as a Limited Partner.

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          3.3 Withdrawal; Interest. Except as otherwise provided in this Agreement, no Partner
shall have the right to the return of his Capital Contributions, and no Partner shall be entitled
to receive interest on his Capital Contributions or Capital Account. The General Partner shall not
be liable for the return of any portion of the Capital Contributions of any Partner.

          3.4 Capital Accounts.

               (a) The Partnership shall maintain a separate Capital Account for each Partner in accordance
with the provisions of this Section 3.4.

               (b) Each Partner’s Capital Account shall have an initial balance equal to the Partner’s
initial Capital Contribution to the Partnership.

               (c) Each Partner’s Capital Account shall be increased by the sum of (i) the amount of any Net
Profit allocated to such Partner’s Capital Account pursuant to Sections 4.1 and 4.4, (ii) the
amount of any redemption or transfer charge which is required to be credited to the Capital
Accounts of continuing Partners pursuant to Section 6.1(i) or Section 6.3(f), (iii) any decreases
in any reserves recorded by the Partnership pursuant to Section 5.5(a), and any receipt determined
to be applicable to a prior Fiscal Period pursuant to Section 5.5(b), to the extent that such
receipt is not credited to such Partner’s Capital Account in accordance with such Partner’s then
current Partnership Percentage, and (iv) in the case of the General Partner, the amount of any
Incentive Allocation which is required to be credited in accordance with Section 4.3.

               (d) Each Partner’s Capital Account shall be reduced by the sum of (i) the amount of any cash
and the value of any property withdrawn by or distributed to such Partner pursuant to Section 6.3
or 8.2, including any amount deducted from any such withdrawal or distribution pursuant to Section
6.3(f), (ii) the amount of any Net Loss allocated to such Partner’s Capital Account pursuant to
Sections 4.1 and 4.4, (iii) any withholding taxes or other expense items charged to such Partner’s
Capital Account pursuant to Sections 4.2 and 6.4, (iv) any Incentive Allocation charged to such
Partner’s Capital Account pursuant to Section 4.3, (v) any increase in any reserve recorded by the
Partnership pursuant to Section 5.5(a), and (vi) any payment determined to be applicable to a
prior Fiscal Period pursuant to Section 5.5(b), to the extent that such payment is to be charged
to such Partner’s Capital Account on a basis which is not in accordance with the current
respective Partnership Percentages of all Partners.

               (e) In the event that a Limited Partner makes an additional Capital Contribution pursuant to
Section 3.2(b), then such Partner’s Capital Account shall be increased in the amount of such
additional Capital Contribution in accordance with this Section 3.4.

ARTICLE IV

Allocations

          4.1 Allocation of Net Profit and Net Loss. Subject to the special allocation
provisions of this Article IV, as of the last day of each Fiscal Period, any Net Profit or Net
Loss for the Fiscal Period shall be allocated among and credited to or debited against the Capital
Accounts of the Partners in proportion to their Partnership Percentages for the Fiscal Period.

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          4.2 Allocation of Certain Expenditures.

               (a) Except as otherwise provided for in the Agreement, any expenditures payable by
the Partnership, to the extent determined by the General Partner in its sole discretion
to have been paid or withheld on behalf of, or by reason of particular circumstances
applicable to, one or more but fewer than all of the Partners (including, without
limitation, charges imposed on a transferor Partner under Section 6.1(i) and charges
imposed upon a withdrawing Partner under Section 6.3(f)), shall be charged to only those
Partners on whose behalf such payments are made or whose particular circumstances gave
rise to such payments. Such charges shall be charged to the Capital Accounts of such
Partners as of the close of the Fiscal Period during which any such items were accrued by
the Partnership.

               (b) Offering Costs incurred in any Fiscal Year shall be held in suspense until the
Fiscal Period ending on the last day of the Fiscal Year and shall be allocated among the
Limited Partners in accordance with their Partnership Percentages for such Fiscal Period.

          4.3 Incentive Allocation. As of the close of each Performance Period
(generally, when the Partnership disposes of a substantial investment), the General
Partner’s Capital Account will be credited with an Incentive Allocation with respect to
each Limited Parmer, and an Incentive Allocation will be debited from each Limited
Partner’s Capital Account, or, in the case of a complete or partial withdrawal by a
Limited Partner of his, her or its Capital Account balance when the Partnership has not
disposed of a substantial investment, the Incentive Allocation will be debited only from
the Capital Account of such Limited Partner. Once an Incentive Allocation is made, there
is no clawback or reallocation of the amount of the Incentive Allocation in the event of
subsequent losses.

          4.4 Allocation to Avoid Capital Account Deficits. To the extent that any
debits to the Capital Account of any Limited Partner pursuant to any provision of this
Article IV would reduce the balance of the Capital Account of any Limited Partner below
zero, that portion of any such debit shall instead be allocated to the Capital Account of
the General Partner. Any credits in any subsequent Fiscal Period which would otherwise be
allocable pursuant to this Article IV to the Capital Account of any Limited Partner
previously affected by the application of this Section 4.4 shall instead be allocated to
the Capital Account of the General Partner in such amounts as are necessary to offset all
previous debits attributable to such Limited Partner pursuant to this Section 4.4 not
previously recovered.

          4.5 Allocations for Income Tax Purposes.

               (a) Except as otherwise required by section 704(c) of the Code, items of income,
gain, deduction, loss, or credit that are recognized for income tax purposes in each
Fiscal Year shall be allocated among the Partners in such manner as to reflect equitably
amounts credited to or debited against each Partner’s Capital Account, whether in such
Fiscal Year or in prior Fiscal Years. To this end, the Partnership shall establish and
maintain records that shall show the extent to which the Capital Account of each
Partner, as of the last day of each Fiscal Year, includes amounts that have not been
reflected in the taxable income of such Partner. To the extent feasible and equitable
(as determined by the General Partner in its sole discretion), taxable

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income and gains in each Fiscal Year shall be allocated among the Partners who have enjoyed
the related credits to their Capital Accounts, and items of deduction, loss and credit in each
Fiscal Year shall be allocated among the Partners who have borne the burden of the related debits
to their Capital Accounts.

               (b) To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to
Code Section 734(b) or Code Section 743(b) is required under Treasury Regulation §
1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such
adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss
shall be specially allocated to the Partners in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to such provision of the Treasury
Regulations.

               (c) If the Partnership realizes net gains from the sale of Partnership assets for federal
income tax purposes for any Fiscal Year in which one or more Positive Basis Partners withdraws
from the Partnership pursuant to Section 6.3, the General Partner in its sole discretion may
elect: (i) to allocate such net gains among such Positive Basis Partners pro rata
in proportion to the respective Positive Basis of each such Positive Basis Partner, until either
the full amount of such net gains shall have been so allocated or the Positive Basis of each such
Positive Basis Partner shall have been eliminated; and (ii) to allocate any remaining net gains to
the other Partners in accordance with subsection (a); provided, however, that if,
following such Fiscal Year, the Partnership realizes net gains from a sale of a property
investment the proceeds of which are designated on the Partnership’s books and records as being
used to effect payment of all or part of the liquidating share of any Positive Basis Partner, such
net gains shall be allocated to such Positive Basis Partner to the extent of the amount, if any,
by which his or its Positive Basis as of the Withdrawal Date of its withdrawal exceeds the amount
allocated to such Partner pursuant to clause (i) of this sentence.

ARTICLE V

Accounting and Valuations

          5.1 Books and Records.

               (a) The General Partner shall keep books and records pertaining to the Partnership’s affairs
showing all of its assets and liabilities, receipts and disbursements, realized income, gains and
losses, Partners’ Capital Accounts, and all transactions entered into by the Partnership. Such
books and records of the Partnership shall be kept at its principal office.

               (b) The General Partner shall have the right to keep confidential from the Limited Partners,
for such period of time as the General Partner in its sole discretion deems reasonable, (i) any
information which the General Partner in its sole discretion believes to be in the nature of trade
secrets, (ii) any information the disclosure of which the General Partner believes is not in the
best interests of the Partnership or could damage the Partnership or its business, and (iii) any
information which the Partnership is required by law or agreement with a third party to keep
confidential. Except to the extent provided in this Agreement, each Limited

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Partner agrees that the General Partner in its sole discretion shall be entitled to preserve the
confidentiality of the information contained in the books and records of the Partnership to the
maximum extent permitted by law, and each Limited Partner waives and covenants not to assert any
claim or entitlement whatsoever to gain access to any such information, including any information
relating to any other Limited Partner or the Partnership’s trading activity.

          5.2 Reports.

               (a) The Limited Partners may be provided audited reports upon request, at the discretion of
the General Partner.

               (b) The General Partner may at any time and from time to time furnish such other reports or
other information to the Limited Partners in such form and having such content as the General
Partner may determine in its sole discretion.

               (c) As soon as practicable after the end of each taxable year, the General Partner shall
furnish to each Limited Partner such information as may be required to enable the Limited Partner
properly to report for federal and state income tax purposes his distributive share of each
Partnership item of income, gain, loss, deduction or credit for such year.

          5.3 Filing of Tax Returns. The General Partner or its designated agent shall prepare
and file, or cause the accountants of the Partnership to prepare and file, a U.S. federal
information tax return in compliance with Section 6031 of the Code, and any required state and
local income tax and information returns for each taxable year of the Partnership.

          5.4 Valuation of Partnership Investments.

               (a) The General Partner shall value the assets of the Partnership using the tax-basis of
accounting (generally, all investments will be valued at cost until such time as the Partnership
disposes of a substantial investment position). In determining the value of the assets of the
Partnership, no value shall be places on the goodwill or name of the Partnership, or the office
records, files, statistical data or any similar intangible assets of the Partnership not normally
reflected in the Partnership’s accounting records. The General Partner, in valuing investments,
may in its sole discretion select such other methods of valuation as it shall deem appropriate
under the circumstances. Without limiting the generality of the foregoing, the General Partner
may, in its sole discretion, adjust valuations to reflect restrictions on marketability,
illiquidity in certain investments, and any commission or other transaction fees.

               (b) Investment and trading transactions shall be accounted for on the trade date. Accounts
shall be maintained in U.S. dollars.

               (c) The value of each Investment and other asset of the Partnership and the net worth of the
Partnership as a whole determined pursuant to this Section 5.4 shall be conclusive and binding on
all of the Partners and all parties claiming through or under them.

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          5.5 Reserves; Adjustments for Certain Future Events.

               (a) Appropriate reserves for contingent liabilities may be created, accrued and charged
against Net Assets and proportionately against the Capital Accounts in such amounts as the General
Partner in its sole discretion deems necessary or appropriate. The General Partner may increase or
reduce any such reserve from time to time by such amounts as the General Partner in its sole
discretion deems necessary or appropriate. At the sole discretion of the General Partner, the
amount of any such reserve, or any increase or decrease therein, may be charged or credited, as
appropriate, to the Capital Accounts of those Persons who are Partners at the time when such
reserve is created, increased, or decreased, as the case may be, or alternatively may be charged or
credited to those Persons who were Partners at the time of the act or omission giving rise to the
contingent liability for which the reserve was established.

               (b) If the General Partner in its sole discretion determines that it is equitable to treat an
amount to be paid or received as being applicable to one or more prior periods, then such amount
may be proportionately charged or credited, as appropriate, to those parties who were Partners
during such prior period or periods.

               (c) If any amount is to be charged or credited to a Person who is no longer a Partner, such
amount shall be paid by or to such Person, as the case may be, in cash. In the case of a charge,
the former Partner shall be obligated to pay the amount of the charge, as provided above, to the
Partnership on demand; provided that (i) in no event shall a former Partner be obligated to make a
payment exceeding the amount of its Capital Account at the time to which the charge relates, and
(ii) no such demand shall be made to the extent prohibited by applicable law. To the extent the
Partnership fails to collect, in full, any amount required to be charged to such former Partner
pursuant to paragraph (a) or (b) of this Section 5.5, whether due to the expiration of the
applicable limitation period or for any other reason whatsoever, the deficiency may be charged to
the Capital Accounts of all current Partners who were Partners during such period or periods that
the charge or credit was applicable in accordance with their respective Partnership Percentages
for such period or periods.

          5.6 Tax Accounting. The Partnership may adopt for tax accounting purposes any
accounting method that the General Partner in its sole discretion shall decide is in the best
interests of the Partnership and which is permissible for federal income tax purposes. The
Partnership currently utilizes a tax-basis method of accounting.

          5.7 Determinations by the General Partner.

               (a) All matters concerning the determination and allocation among the Partners of the amounts
to be determined and allocated pursuant to this Agreement, including any taxes thereon and
accounting procedures applicable thereto, shall be determined by the General Partner in its sole
discretion unless specifically and expressly otherwise provided for by the provisions of this
Agreement, and such determinations and allocations shall be final and binding on all the Partners.

               (b) The General Partner in its sole discretion may make such adjustments to the computation
of Net Profit or Net Loss, the Performance Change with respect

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to any Limited Partner, or any component items comprising any of the foregoing as it considers
appropriate to reflect fairly and accurately the financial results of the Partnership and the
intended allocation thereof among the Partners.

ARTICLE VI

Transfers and Withdrawals

          6.1 Transfer of Interests of Limited Partners.

               (a) Each Limited Partner hereby agrees that he will not make or attempt to make any Transfer
of his interest in the Partnership that will violate this Section 6.1. In the event of any
attempted Transfer of any Limited Partner’s interest in the Partnership in violation of the
provisions of this Section 6.1, without limiting any other rights of the Partnership, the General
Partner in its sole discretion shall have the right to require the withdrawal of such Limited
Partner from the Partnership as provided by Section 6.3(g).

               (b) No Transfer of any Limited Partner’s interest in the Partnership, whether voluntary or
involuntary, shall be valid or effective, and no transferee shall become a substituted Limited
Partner, unless the prior written consent of the General Partner has been obtained, which consent
may be denied in the General Partner’s sole discretion.

               (c) No Transfer of any Limited Partner’s interest in the Partnership, whether voluntary or
involuntary, shall be valid or effective unless the General Partner in its sole discretion
determines, after consultation with legal counsel acting for the Partnership, that such Transfer
will not:

                    (i) require registration of any interest in the Partnership under any securities laws of the
United States of America, any state thereof, or any other jurisdiction;

                    (ii) subject the Partnership or the General Partner to a requirement to register under any
securities or commodities laws of the United States of America, any state thereof, or any other
jurisdiction;

                    (iii) result in a termination of the Partnership for U.S. federal income tax purposes under
section 708(b)(1)(B) of the Code or cause the Partnership to be treated as a “publicly traded
partnership” for U.S. federal income tax purposes under section 7704(b) of the Code;

                    (iv) violate or be inconsistent with any representation or warranty made by the transferring
Limited Partner at the time the Limited Partner subscribed to purchase an interest in the
Partnership.

               (d) The transferring Limited Partner or his legal representative shall give the General
Partner written notice before making any voluntary Transfer and after any involuntary Transfer
and shall provide sufficient information to allow legal counsel acting for the Partnership to
make the determination that the proposed Transfer will not result in any of the consequences
referred to in clauses (i) through (iv) of Section 6.1(c) above. If an assignment,

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transfer or disposition occurs by reason of the death of a Limited Partner or assignee, the
notice may be given by the duly authorized representative of the estate of the Limited Partner or
assignee. The notice must be supported by proof of legal authority and valid assignment acceptable
to the General Partner in its sole discretion.

               (e) In the event any Transfer permitted by this Section 6.1 shall result in multiple ownership
of any Limited Partner’s interest in the Partnership, the General Partner in its sole discretion
may require one or more trustees or nominees to be designated to represent a portion of or the
entire interest transferred for the purpose of receiving all notices which may be given and all
payments which may be made under this Agreement, and for the purpose of exercising the rights which
the transferor as a Limited Partner had pursuant to the provisions of this Agreement.

               (f) Subsequent to receipt of the consent of the General Partner (which consent may be
withheld by the General Partner in its sole discretion), an authorized transferee shall be
entitled to the allocations and distributions attributable to the interest in the Partnership
transferred to such transferee and to transfer such interest in accordance with the terms of this
Agreement; provided, however, that such transferee shall not be entitled to the other rights of a
Limited Partner as a result of such transfer until he becomes a substituted Limited Partner. No
transferee may become a substituted Limited Partner without the consent of the General Partner
(which consent may be withheld by the General Partner in its sole discretion). A transferring
Limited Partner will remain liable to the Partnership as provided under applicable law and this
Agreement regardless of whether his transferee becomes a substituted Limited Partner.
Notwithstanding the above, the Partnership and the General Partner shall incur no liability for
allocations and distributions made to the transferring Limited Partner until a written instrument
of transfer has been received by the Partnership and recorded on its books and the effective date
of the Transfer has passed.

               (g) Any other provision of this Agreement to the contrary notwithstanding, a transferee shall
be bound by the provisions hereof. Prior to recognizing any Transfer in accordance with this
Section 6.1, the General Partner in its sole discretion may require the transferring Limited
Partner to execute and acknowledge an instrument of transfer in form and substance satisfactory to
the General Partner, and may require the transferee to make certain representations and warranties
to the Partnership and Partners and to accept, adopt and approve in writing all of the terms and
provisions of this Agreement. A transferee shall become a substituted Limited Partner and shall
succeed to the portion of the transferor’s Capital Account relating to the interest transferred
effective upon the satisfaction of all of the conditions for such Transfer contained in this
Section 6.1.

               (h) In the event of a Transfer or in the event of a distribution of assets of the Partnership
to any Partner, the Partnership, in the sole discretion of the General Partner, may, but shall not
be required to, file an election under Section 754 of the Code and in accordance with the
applicable U.S. Treasury regulations, to cause the basis of the Partnership’s assets to be
adjusted for federal income tax purposes as provided by Sections 734 or 743 of the Code.

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                    (i) The General Partner may, in its sole discretion, impose a charge on the transferor
of an interest in the Partnership in an amount equal to the sum of (i) the actual or estimated
costs to the Partnership of processing the Transfer of such interest, plus (ii) in connection with
any Transfer occurring prior to amortization in full of the Partnership’s Organizational Costs, a
ratable portion of the Partnership’s Organizational Costs which have not yet been fully amortized.
The amount of any such charges deducted by the Partnership, net of any actual costs and expenses of
processing the withdrawal, shall be allocated among and credited to the Capital Accounts of the
remaining Partners on the commencement of the Fiscal Period immediately following the effective
date of the Transfer in accordance with their respective Partnership Percentages at such time.

          6.2 Transfer of the Interest of the General Partner. The General Partner may not
Transfer its interest as a General Partner in the Partnership other than (i) pursuant to a
transaction not deemed to involve an assignment of its investment management obligations within
the meaning of the Investment Advisers Act of 1940, as amended, (ii) pursuant to any transaction
involving a Transfer of such interest to an Affiliate of the General Partner, or (iii) with the
approval of Limited Partners whose Partnership Percentages represent more than fifty percent (50%)
of the aggregate Partnership Percentages of all Limited Partners. By executing this Agreement,
each Limited Partner shall be deemed to have consented to any such Transfer permitted by the
preceding sentence. Any successor to the General Partner shall succeed to the portion of the
General Partner’s Capital Account relating to the interest transferred.

          6.3 Withdrawals.

                         (a) Except as provided in this Section 6.3, a Limited Partner may not withdraw all or any
portion of its Capital Account prior to the Partnership’s dissolution.

                         (b) Except as otherwise provided in this Agreement, Limited Partners will not be permitted to
withdraw any investment until the expiration of the second anniversary of the date such investment
was accepted into the Partnership. After the expiration of the two year lock-up, a Limited Partner
will be permitted to make a complete or partial withdrawal of its investment whenever the
Partnership disposes of a substantial investment position, or if no such disposition has been
made, a Limited Partner may be permitted to make a complete or partial withdrawal of its
investment if the General Partner consents, which consent may be given or withheld, and made
subject to such terms and conditions as may be imposed, in the sole discretion of the General
Partner.

                         (c) In making a decision whether to consent to a withdrawal by a Limited Partner in the
absence of a disposition of a substantial investment position, the General Partner will consider
whether the withdrawal would impose any additional tax or regulatory requirements on the
Partnership, the General Partner or the other Limited Partners. In the event the General Partner
permits a Limited Partner to make a complete or partial withdrawal from the Partnership at a time
other than when the Partnership disposes of a substantial investment position, the General Partner
may impose such discount or “haircut” as the General Partner deems appropriate from the estimated
current fair market value of the amount being withdrawn by the Limited Partner.

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                         (d) The General Partner may voluntarily withdraw any portion of its respective Capital Account
at any time without giving notice to the Limited Partners.

                         (e) Except as provided in Section 6.3(f) payment of at least eighty-five percent (85%) of the
amount due to a withdrawing Partner shall be made within thirty (30) days after the Withdrawal Date
(or such earlier date as the General Partner may agree with a Limited Partner), with the remainder
of the proceeds to be sent upon completion of the Partnership’s audit. Any amount so withheld shall
be paid to the withdrawing Limited Partner without interest. The General Partner may, in its sole
discretion, elect to pay withdrawals in cash or in securities or other assets.

         
                (f) The General Partner may, in its sole discretion, deduct from any withdrawal payments or
otherwise charge to the withdrawing Limited Partner a redemption charge reflecting (i) actual or
estimated costs to the Partnership of complying with and processing such withdrawal plus (ii) in
connection with any withdrawal occurring prior to amortization in full of the Partnership’s
Organizational Costs, a ratable portion of the Partnership’s Organizational Costs which have not
yet been fully amortized, plus (iii) the amount of any discount or “haircut” imposed by the General
Partner pursuant to Section 6.3(c).

        
                 (g) The General Partner in its sole discretion may at any time, for any reason, or no reason
at all, require a Limited Partner to withdraw all or any portion of his Capital Account pursuant
to this Section 6.3, effective on any date designated by the General Partner in its sole
discretion. In addition, the General Partner may, in its sole discretion, without notice and
retroactively to the date appropriate to avoid the event described in (i), (ii) or (iii) below,
require a Limited Partner to withdraw all or any portion of its Capital Account in the event that
the General Partner has reason to believe that (i) if such Limited Partner is an Employee Benefit
Plan, such withdrawal is necessary in order to avoid having the assets of the Partnership being
treated as “plan assets” within the meaning of the Plan Asset Regulations; (ii) such Limited
Partner made a misrepresentation to the General Partner in connection with its purchase of an
interest in the Partnership; or (iii) such Limited Partner’s ownership of an Interest would result
in the violation of any applicable law or regulation by the Partnership or a Partner. Such Limited
Partner shall be treated as withdrawn from the Partnership or as having made a partial withdrawal
from its Capital Account, as the case may be, without further action on the part of the Limited
Partner. The amount due to any such Partner required to withdraw from the Partnership shall be
equal to the value of such Partner’s Capital Account as of the Withdrawal Date of the withdrawal,
net of any charges imposed pursuant to Section 6.3(f) hereof.

        
                 (h) The right of any Partner to make a withdrawal from his, her, or its Capital Account
pursuant to the provisions of this Section 6.3 is subject to the provision by the General Partner
for all Partnership liabilities and for reserves for contingencies provided for in Section 5.5
herein.

      
                   (i) The right of any Partner to withdraw from his, her, or its Capital Account pursuant to
this Section 6.3 may be suspended or restricted:

     
                         (i) during any period when any securities exchange or
organized interdealer market on which a significant portion of the Partnership’s portfolio

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securities is regularly traded or quoted is closed (otherwise than for holidays) or trading
thereon has been restricted or suspended;

                              (ii) whenever the General Partner in its sole discretion
determines that disposal of any assets of the Partnership or other transactions involving the sale,
transfer or delivery of funds, Investments, or other assets in the ordinary course of the
Partnership’s business are not reasonably practicable without being detrimental to the interests of
the withdrawing or remaining Partners;

                              (iii) when, for any reason, it is not reasonably practicable to make an accurate and timely
determination of the net value of the Partnership’s assets; or

     
                         (iv) if any event has occurred which calls for termination of the Partnership.

     
               (j) The General Partner will promptly notify each Limited Partner who has submitted a
withdrawal request and to whom payment in full of the amount being withdrawn has not yet been
remitted of any suspension of withdrawal or distribution rights pursuant to Section 6.3(i). The
General Partner in its sole discretion may allow any such Partners to rescind their withdrawal
request to the extent of any portion thereof for which withdrawal proceeds have not yet been
remitted. The General Partner in its sole discretion may complete any withdrawals or distributions
as of a date after the cause of any such suspension has ceased to exist and may specify such date
as the Withdrawal Date thereof for all purposes of this Section 6.3.

                    (k) A withdrawing Partner shall not share in the income, gains and losses of the Partnership
or have any other rights as a Partner after the Withdrawal Date of the withdrawal except as
provided in Section 5.5(c) herein.

          
          (l) Upon the death or incapacity of any Limited Partner, the General Partner may in its sole
discretion completely withdraw the Limited Partner from the Partnership, or may allow the
Partnership Interest to be transferred to such Limited Partner’s estate.

          6.4 Withholding or Other Tax Obligations. If the Partnership incurs a withholding tax
or other tax obligation with respect to the share of Partnership income allocable to any Partner,
then the General Partner, without limitation of any other rights of the Partnership or the General
Partner, shall cause the amount of such obligation to be charged against the Capital Account of
such Partner as of the close of the Fiscal Period during which the Partnership pays such
obligation. If the amount of such taxes is greater than such Capital Account balance, then such
Partner and any successor to such Partner’s interest shall pay to the Partnership as a Capital
Contribution, within 5 business days after notification and demand by the General Partner, the
amount of such excess. The General Partner shall not be obligated to apply for or obtain a
reduction of or exemption from withholding tax on behalf of any Partner that may be eligible for
such reduction or exemption.

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ARTICLE VII

Management

          7.1 Rights, Duties and Powers of the General Partner.

               (a) Subject to the terms and conditions of this Agreement, the General Partner shall have
complete and exclusive responsibility (i) for all investment and investment management decisions
to be undertaken on behalf of the Partnership and (ii) for managing and administering the affairs
of the Partnership and shall have the power and authority to do all things necessary or proper to
carry out its duties hereunder.

               (b) Without limiting the generality of the General Partner’s duties and obligations
hereunder, the General Partner in its sole discretion shall have full power and authority:

                    (i) to purchase, sell, exchange, trade and otherwise deal in and
with Investments and other property of the Partnership;

                    (ii) to make all decisions relating to the manner, method and timing of investment and
trading transactions, to select brokers, dealers or other financial intermediaries for the
execution, clearance and settlement of any transactions on such terms as the General Partner
considers appropriate, and to grant limited discretionary authorization to such persons with
respect to price, time and other terms of investment and trading transactions;

                    (iii) to trade on margin, to borrow from banks or other financial institutions, and to pledge
Partnership assets as collateral therefor;

                    (iv) to arrange for the custody of portfolio securities and other assets acquired or held on
behalf of the Partnership, to direct custodians to deliver funds or securities for the purpose of
effecting transactions, and to instruct custodians to exercise or abstain from exercising any right
or privilege attaching to assets;

                    (v) to solicit investments in the Partnership;

                    (vi) to receive from Partners contributions to the capital of the Partnership;

                    (vii) to conduct meetings of the Partners at the Partnership’s principal office or elsewhere;

                    (viii) to open, maintain and close bank accounts and custodial accounts for the Partnership
and draw checks and other orders for the payment of money;

                    (ix) to disburse payments to Partners in connection with withdrawals from the Partnership;

                    (x) to disburse payments as provided for in this Agreement;

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                    (xi) to pay all Organizational Costs and Offering Costs;

                    (xii) to engage such attorneys, accountants and other professional advisers and consultants as
the General Partner may deem necessary or advisable for the affairs of the Partnership;

                    (xiii) to furnish Partners with the reports described in Section 5.2;

                    (xiv) to furnish Partners with copies of all amendments to this Agreement;

                    (xv) to issue to any Partner, in such form and on such terms as the General Partner may
consider appropriate, an instrument certifying that such Partner is the owner of an interest in
the Partnership;

                    (xvi) to prepare and file, on behalf of the Partnership, any required tax returns and all
other documents relating to the Partnership and to make any elections (required or otherwise) in
connection therewith;

                    (xvii) to commence or defend litigation that pertains to the Partnership or any Partnership
assets;

                    (xviii) to provide office space, office and executive staff and office supplies and equipment
for the Partnership’s principal office;

                    (xix) to cause the Partnership, if and to the extent the General Partner deems such insurance
advisable, to purchase or bear the cost of (A) any insurance covering the potential liabilities of
the Partnership, the General Partner and their officers, members, employees and agents and (B)
fidelity or other insurance relating to the performance by the General Partner of its duties to the
Partnership;

                    (xx) in the normal course of the Partnership’s business and for any Partnership purpose,
including without limitation payment of the Partnership’s operating expenses and the Incentive
Allocation, to cause the Partnership to borrow money and make, issue, accept, endorse and execute
promissory notes, drafts, bills of exchange, guarantees and other instruments and evidences of
indebtedness, and secure the payment thereof by mortgage, pledge or assignment of or security
interest in all or any part of the Investments and other property then owned or thereafter
acquired by the Partnership;

                    (xxi) generally to provide all other executive and administrative undertakings for and on
behalf of the Partnership; and

                    (xxii) subject to the other terms and provisions of this Agreement, to execute, deliver and
perform such contracts, agreements and other undertakings, and to engage in all activities and
transactions, as it may deem necessary or advisable for, or as may be incidental to, the conduct
of the business contemplated by Section 2.5, including, without in any manner limiting the
generality of the foregoing, contracts, agreements, undertakings and

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transactions with any Partner or with any other person, firm or corporation having any
business, financial or other relationship with any Partner or Partners.

               (c) The General Partner shall be the tax matters partner for purposes of section 6231(a)(7) of
the Code and the corresponding provisions of any state or local statute. As such, the General
Partner shall have the exclusive authority and discretion to take such actions as a tax matters
partner is authorized to take under the Code, including, but not limited to: (i) make any elections
required or permitted to be made by the Partnership under any provision of the Code or any other
revenue law; (ii) file a petition as contemplated in section 6226(a) or 6228 of the Code; (iii)
file any request contemplated in section 6227(b) of the Code; and (iv) enter into an agreement
extending the statute of limitations as contemplated by section 6229(b)(1)(B) of the Code. The
Partnership shall reimburse the General Partner for any and all out-of-pocket costs and expenses
(including attorneys’ and other professional fees and expenses) incurred by it in its capacity as
tax matters partner. Each Partner who elects to participate in Partnership administrative tax
proceedings shall be responsible for its own expenses incurred in connection with such
participation. In addition, the cost of any adjustments to a Partner and the cost of any resulting
audits or adjustments of a Partner’s tax return will be borne solely by the affected Partner. The
tax matters partner shall be entitled to rely on the advice of legal counsel as to the nature and
scope of its responsibilities and authority as tax matters partner and positions taken by the
Partnership on its tax return and in audit proceedings, and any act or omission of the tax matters
partner (i) in reliance upon the advice of legal counsel, accounting professionals or other
professionals or experts or (ii) which did not constitute gross negligence or willful misconduct on
the part of the tax matters partner, shall not in any event subject the tax matters partner to
liability to the Partnership or any Limited Partner.

          7.2 Expenses.

               (a) The Partnership will pay to the General Partner or an affiliate designated by the General
Partner no more than 1% per annum of the total capital of the Partnership at the beginning of each
year to cover overhead expenses.

               (b) In addition to the 1% overhead payment to the General Partner, the Partnership will also
be responsible for and will pay for expenses related directly to maximizing the Partnership’s
investments. These expenses include (but are not limited to): legal expenses (which are likely to
be substantial); accounting expenses; organizational expenses; investment expenses such as
commissions, research fees; travel and due diligence expenses related to the analysis, purchase or
sale of investments, whether or not a particular investment is consummated; interest on margin
accounts and other indebtedness; custodial fees; consulting fees; and any other expenses related
to the purchase, sale or transmittal of Partnership assets, including nominee fees and other
expenses incurred in connection with the General Partner’s attempt to influence the policies of
companies in which the Partnership invests.

          7.3 Rights of Limited Partners. The Limited Partners shall not participate in the
management, control, or operation of the Partnership’s business, and shall have no right or
authority to act for the Partnership or to vote on matters other than the matters set forth in
this Agreement or as required by applicable law. Except as otherwise required by law, a Limited
Partner shall have no liability for the debts or obligations of the Partnership.

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          7.4 Other Activities of Partners.

               (a) Neither the General Partner, any of its Affiliates, nor any of its employees shall be
required to devote its full time to the affairs of the Partnership, but shall devote such of its
time to the business and affairs of the Partnership as it shall determine, in its discretion, to
be necessary to conduct the affairs of the Partnership for the benefit of the Partnership and the
Partners.

               (b) Each Partner agrees that any other Partner and any partner, director, officer,
shareholder, Affiliate, member, or employee of any other Partner, may engage in or possess an
interest in other business ventures or commercial dealings of every kind and description,
independently or with others, including, but not limited to, management of other accounts,
investment in, or financing, acquisition and disposition of, securities, investment and management
counseling, brokerage services, serving as directors, officers, advisers or agents of other
companies, partners of any partnership, or trustee of any trust, or entering into any other
commercial arrangements, whether or not any such activities may conflict with any interest of the
parties with respect to the Partnership. Without in any way limiting the foregoing, each Partner
hereby acknowledges that (i) none of the Limited Partners or their respective partners, directors,
officers, shareholders, Affiliates or employees shall have any obligation or responsibility to
disclose or refer any of the investment or other opportunities obtained through activities
contemplated by this subsection (b) to the General Partner or the Limited Partners, but may refer
the same to any other party or keep such opportunities for their own benefit; and (ii) the Limited
Partners and the General Partner and their respective partners, directors, officers, shareholders,
Affiliates and employees are hereby authorized to engage in activities contemplated by this
subsection (b) with, or to purchase, sell or otherwise deal or invest in Securities issued by,
companies in which the General Partner might from time to time invest or be able to invest or
otherwise have any interest on behalf of the Partnership, without the consent or approval of the
Partnership or any other Partner.

               (c) When the General Partner in its sole discretion determines that it would be appropriate
for the Partnership and any Managed Account to participate in an investment opportunity, the
General Partner will seek to execute orders on a basis which is fair, reasonable and equitable to
the Partnership and each such Managed Account. In such situations, the General Partner may place
orders for the Partnership and each such Managed Account simultaneously and if all such orders are
not filled at the same price, the General Partner may cause the Partnership and each such Managed
Account to pay or receive the average of the prices at which the orders were filled for the
Partnership and each such Managed Account. If all such orders cannot be fully executed under
prevailing market conditions, the General Partner in its sole discretion may allocate the
Investments or other assets traded among the Partnership and any Managed Account on a basis which
it considers equitable, taking into account the size of the order placed for the Partnership and
each such Managed Account as well as any other factors which the General Partner in its sole
discretion deems relevant.

          7.5 Duty of Care; Indemnification.

               (a) The General Partner (which terms shall include for this purpose each member, director,
manager, officer, employee or agent of, or any person who controls, the

A-25

 

General Partner, and their respective executors, heirs, assigns, successors or other legal
representatives) shall not be liable to the Partnership or to any of its Limited Partners for any
loss or damage occasioned by any acts or omissions in the performance of its services under this
Agreement, unless such loss or damage is due to the gross negligence, willful misconduct, or bad
faith of such General Partner, or as otherwise required by law.

               (b) The General Partner (which terms shall include each member, director, manager, officer,
employee or agent of, or any person who controls, the General Partner, and their respective
executors, heirs, assigns, successors or other legal representatives) shall be indemnified to the
fullest extent permitted by law by the Partnership (but not the Partners individually) against any
cost, expense (including attorneys’ fees and expenses), judgment, or liability incurred by or
imposed upon it in connection with any action, suit or proceeding (including any proceeding before
any judicial, administrative or legislative body or agency) to which it may be made a party or
otherwise be involved or with which it shall be threatened by reason of being or having been
General Partner; provided, however, that no General Partner shall be so indemnified to the extent
such cost, expense, judgment or liability shall have been finally determined in a decision on the
merits in any such action, suit or proceeding to have been incurred or suffered by the General
Partner by reason of gross negligence, willful misconduct or bad faith of the General Partner. The
right to indemnification granted by this Section 7.6 shall be in addition to any rights to which
the General Partner may otherwise be entitled and shall inure to the benefit of the successors or
assigns of such General Partner. The Partnership shall pay the expenses incurred by the General
Partner in defending a civil or criminal action, suit or proceeding in advance of the final
disposition of such action, suit or proceeding, upon receipt of an undertaking by such General
Partner to repay such payment if there shall be an adjudication or determination that it is not
entitled to indemnification as provided herein. It shall be a defense that (i) in any suit brought
by the General Partner to enforce a right to indemnification hereunder, and (ii) in any suit in the
name of the Partnership to recover expenses advanced pursuant to the terms of an undertaking, the
Partnership shall be entitled to recover such expenses upon a final adjudication that, the General
Partner or other person claiming a right to indemnification hereunder has not met the applicable
standard of conduct set forth in Section 7.6(a). No General Partner may satisfy any right of
indemnity or reimbursement granted in this Section 7.6 or to which it may be otherwise entitled
except out of the assets of the Partnership, and no Partner shall be personally liable with respect
to any such claim for indemnity or reimbursement. The General Partner in its sole discretion may
obtain appropriate insurance on behalf of the Partnership to secure the Partnership’s obligations
hereunder.

          7.6 Exculpation.

               (a) Neither the General Partner nor any Affiliate of the General Partner shall be liable to
any Partner or to the Partnership for any mistakes of judgment or for any acts or omissions
arising out of or in connection with the Partnership, any investment made or held by the
Partnership, or this Agreement unless such mistake, action or omission was performed or omitted
fraudulently or in bad faith or constituted willful misconduct or gross negligence, or for losses
due to such mistakes of judgment or such actions or omissions or to the negligence, dishonesty,
fraud, or bad faith of any broker or agent of the Partnership, provided that such broker or agent
was selected, engaged or retained for the Partnership by the General

A-26

 

Partner or any Affiliate of the General Partner in accordance with the standard of care set
forth above. The General Partner and any Affiliate may consult with counsel and accountants in
respect of the Partnership’s affairs and will be fully protected and justified in any action that
is taken or omitted in accordance with the advice or opinion of such counsel and/or accountants,
provided that they were selected with reasonable care.

               (b) Notwithstanding any of the foregoing to the contrary, the provisions of this Section 7.6
shall not be construed so as to provide for the exculpation of any person for any liability
(including liability under Federal securities laws which, under certain circumstances, impose
liability even on persons that act in good faith) to the extent (but only to the extent) that such
exculpation would be in violation of applicable law, but shall be construed so as to effectuate
the provisions of this Section 7.6 to the fullest extent permitted by law.

ARTICLE VIII

Dissolution and Liquidation

          8.1 Dissolution of Partnership.

               (a) The Partnership shall be dissolved upon the first to occur of the following dates:

                    (i) the decision of the General Partner to dissolve the
Partnership and the giving of written notice of such decision by the General Partner to all
Limited Partners; or

                    (ii) the occurrence of any event of withdrawal, under Section 17-402 of the Act, unless
within 90 days thereafter, all the remaining Partners agree in writing to continue the business of
the Partnership and to the appointment of one or more general partners.

                    (iii) the date on which (A) the General Partner is declared bankrupt by a court with
appropriate jurisdiction, (B) the General Partner files a petition commencing a voluntary case
under any bankruptcy law, (C) the General Partner makes an assignment for the benefit of
creditors, (D) a receiver for the property or affairs of the General Partner is appointed, (E) the
General Partner is dissolved and a winding up thereof commenced, unless (x) at the time there is
at least one other General Partner and that General Partner agrees to continue the Partnership, or
(y) within ninety (90) days after any such event all of the remaining Partners shall agree in
writing to continue the Partnership and shall elect one or more replacement general partners.

               (b) Upon the occurrence of an event of withdrawal under Section 17-402 of the Act with
respect to the General Partner, all remaining Partners are authorized to carry on the business of
the Partnership as permitted by Section 17-801(3) of the Act and to the extent permitted by this
Agreement. Except as provided in Section 8.1(a) or in the Act, the death, mental illness,
dissolution, termination, liquidation, bankruptcy, reorganization, merger, sale of substantially
all of the stock or assets of or other change in the ownership or nature of a Partner, the
admission to the Partnership of a new General or Limited Partner, the withdrawal of a Partner

A-27

 

from the Partnership, or the transfer by a Partner of his interest in the Partnership to a
third party shall not cause the Partnership to dissolve.

          8.2 Liquidation of Assets.

               (a) Upon dissolution of the Partnership, the General Partner shall promptly liquidate the
business and administrative affairs of the Partnership, or shall appoint a liquidator to do so
however, if the General Partner is unable to liquidate the Partnership, or appoint a liquidator, a
Person appointed by the holders of more than 50% of the aggregate Partnership Percentages of all
Limited Partners shall liquidate the business and administrative affairs of the Partnership. Net
Profit and Net Loss during the Fiscal Periods, which include the period of liquidation, shall be
allocated pursuant to Article IV. The proceeds from liquidation shall be divided in the following
manner:

                    (i) the debts, liabilities and obligations of the Partnership, other than debts to the
Partners as Partners, and the expenses of liquidation (including legal and accounting expenses
incurred in connection therewith), up to and including the date that distribution of the
Partnership’s assets to the Partners has been completed, shall first be paid;

                    (ii) such debts as are owing to the Partners as Partners shall next be paid; and

                    (iii) the Partners shall next be paid liquidating distributions (in cash or in securities or
other assets, whether or not readily marketable) pro rata in accordance with, and up to the
positive balances of their respective Capital Accounts, as adjusted pursuant to Article IV to
reflect allocations for the Fiscal Period ending on the date of the distributions under this
Section 8.2(a)(iii).

               (b) Anything in this Section 8.2 to the contrary notwithstanding, the General Partner or
liquidator in its sole discretion may distribute ratably in-kind rather than in cash, upon
dissolution, any assets of the Partnership; provided, however, that if any in-kind distribution is
to be made, (i) the assets distributed in kind shall be valued pursuant to Section 5.4 as of the
actual date of their distribution, and charged as so valued and distributed against amounts to be
paid under Section 8.2(a) above and (ii) any gain or loss (as computed for book purposes)
attributable to property distributed in-kind shall be included in the Net Profit or Net Loss for
the Fiscal Period ending on the date of such distribution.

ARTICLE IX

Miscellaneous

          9.1 Amendments.

               (a) The Partnership Agreement may be amended by the General Partner in its sole discretion
without notification to, or the consent of the Limited Partners, at any time and without any
limitation, so long as such amendment is not materially adverse to the Limited Partners’
interests.

A-28

 

               (b) Notwithstanding subsection (a), any amendment which would (i) increase the obligation
of any Partner to make any Capital Contribution to the Partnership, (ii) reduce the Capital Account
of any Partner other than in accordance with Section 3.4(d), or (iii) alter any Partner’s rights
with respect to allocation of Net Profit or Net Loss or with respect to distributions and
withdrawals may only be made if the prior written consent of each Partner adversely affected
thereby is obtained.

               (c) The General Partner in its sole discretion may at any time without the consent of the
other Partners (i) add to the representations, duties or obligations of the General Partner or
surrender any right or power granted to the General Partner under this Agreement, for the benefit
of the Limited Partners; (ii) cure any ambiguity or correct or supplement any conflicting
provisions of this Agreement; (iii) make any changes required by any governmental body or agency
which is deemed to be for the benefit or protection of the Limited Partners; provided, that no
such amendment referred to in clause (ii) or (iii) may be made unless it is for the benefit of, or
not adverse to, the interests of the Limited Partners, such change does not affect the right of
the General Partner to manage and control the Partnership’s business, does not affect the
allocation of Net Profits or Net Losses among the Partners and does not affect the limited
liability of the Limited Partners; (iv) amend this Agreement to reflect a change in the identity
of the General Partner following a transfer of the General Partner’s partnership interest in
accordance with the terms of this Agreement; (v) amend this Agreement (other than with respect to
the matters set forth in Section 9.1(b)) to effect compliance with any applicable laws or
regulations (including the Investment Advisers Act of 1940, as amended, in the event that the
General Partner in its sole discretion determines to become a registered investment adviser in the
future); and (vi) restate this Agreement together with any amendments hereto which have been duly
adopted in accordance herewith to incorporate such amendments in a single, integrated document.

          9.2 Special Power of Attorney.

               (a) Each Partner hereby irrevocably makes, constitutes and appoints the General Partner (and
each of their successors and permitted assigns), with full power of substitution, the true and
lawful representative and attorney-in-fact of, and in the name, place and stead of, such Partner
with the power from time to time to make, execute, sign, acknowledge, swear to, verify, deliver,
record, file and/or publish:

                    (i) an amendment to this Agreement which complies with the
provisions of this Agreement (including the provisions of Section 9.1);

                    (ii) the Certificate and any amendment thereof required because this Agreement is amended;
and

                    (iii) all such other instruments, documents and certificates which, in the opinion of legal
counsel to the Partnership, may from time to time be required by the laws of the United States of
America, the States of Delaware, New York, or any other jurisdiction in which the Partnership
shall determine to do business, or any political subdivision or agency thereof, or which such
legal counsel may deem necessary or appropriate to effectuate,

A-29

 

implement and continue the valid and subsisting existence and business of the Partnership as a
limited partnership or to effect the dissolution or termination of the Partnership.

               (b) Each Limited Partner is aware that the terms of this Agreement permit certain amendments
to this Agreement to be effected and certain other actions to be taken or omitted by or with
respect to the Partnership without his consent. If an amendment of the Certificate or this
Agreement or any action by or with respect to the Partnership is taken by the General Partner in
the manner contemplated by this Agreement, each Limited Partner agrees that, notwithstanding any
objection which such Limited Partner may assert with respect to such amendment or action, the
General Partner in its sole discretion is authorized and empowered, with full power of
substitution, to exercise the authority granted above in any manner which may be necessary or
appropriate to permit such amendment to be made or action lawfully taken or omitted. Each Partner
is fully aware that each other Partner will rely on the effectiveness of this special
power-of-attorney with a view to the orderly administration of the affairs of the Partnership. This
power-of-attorney is a special power-of-attorney and is coupled with an interest in favor of the
General Partner and as such:

                    (i) shall be irrevocable and continue in full force and effect
notwithstanding the subsequent death or incapacity of any party granting this power-of-attorney,
regardless of whether the Partnership or the General Partner shall have had notice thereof; and

                    (ii) shall survive the delivery of an assignment by a Limited Partner of the whole or any
portion of his interest in the Partnership, except that where the assignee thereof has been
approved by the General Partner for admission to the Partnership as a substituted Limited Partner,
this power-of-attorney given by the assignor shall survive the delivery of such assignment for the
sole purpose of enabling the General Partner to execute, acknowledge and file any instrument
necessary to effect such substitution.

          9.3 Notices. Notices which may or are required to be given under this Agreement by
any party to another shall be given by hand delivery, transmitted by telecopier facsimile or by
registered or certified mail, return receipt requested, and shall be addressed to the respective
parties hereto at their addresses as set forth on the register of Partners maintained by the
General Partner or to such other addresses or facsimile numbers as may be designated by any party
hereto by notice addressed to (i) the General Partner, in the case of notice given by any Limited
Partner, and (ii) each of the Limited Partners, in the case of notice given by the General
Partner. Notices shall be deemed to have been given when delivered by hand or transmitted by
telecopier facsimile or on the date indicated as the date of receipt on the return receipt.

          9.4 Agreement Binding Upon Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors, but the
rights and obligations of the Partners hereunder shall not be assignable, transferable, or
delegable except as provided in Sections 6.1 and 6.2, and any attempted assignment, transfer or
delegation thereof which is not made pursuant to the terms of such sections shall be void.

          9.5 Governing Law. This Agreement, and the rights of the Partners hereunder, shall be
governed by and construed in accordance with the laws of the State of Delaware, without regard to
the conflict of laws rule thereof. The parties hereby consent to

A-30

 

exclusive jurisdiction and venue for any action arising out of this Agreement in the Delaware Court
of Chancery. Each Partner consents to service of process in any action or proceeding involving the
Partnership by the mailing thereof by registered or certified mail, postage prepaid, to such
Partner’s mailing address set forth in the register of Partners maintained by the General Partner.

          9.6 Not for Benefit of Creditors. The provisions of this Agreement are intended only
for the regulation of relations among Partners and between Partners and former or prospective
Partners and the Partnership. This Agreement is not intended for the benefit of non-Partner
creditors and no rights are granted to non-Partner creditors under this Agreement.

          9.7 Consents. Any and all consents, agreements or approvals provided for or permitted
by this Agreement shall be in writing and a signed copy thereof shall be filed and kept with the
books of the Partnership.

          9.8 Miscellaneous.

               (a) The captions and titles preceding the text of each Section hereof shall be disregarded in
the construction of this Agreement.

               (b) This Agreement may be executed in counterparts, each of which shall be deemed to be an
original hereof.

A-31

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 

	 	 	 	 	 
	 	GENERAL PARTNER:

STILWELL VALUE LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ Joseph Stilwell
 	 
	 	 	Managing Member 	 
	 	 	 	 
	 

 A-32

 

SIGNATURE PAGE

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

OF

STILWELL VALUE PARTNERS VI, L.P.

Dated as of October 1, 2008

	 	 	 	 	 
	American Physicians Assurance Corporation

Name of Limited Partner (typed or printed)

 	 	 
	/s/ R. Kevin Clinton
 	 	 
	Signature of, or on behalf of, Limited Partner 	 	 
	 	 	 	 
	President &  CEO 
Title	 	 

1301 N Hagadorn Road

East Lansing, MI 48823

Limited Partner Principal Place of Business Addressexv10w58

Exhibit 10.58

STILWELL ASSOCIATES, L.P.

 

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT 

Effective January 1, 2007

 

 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 1	 	Organization	 	 	1	 
	 
	 	1.1.	 	Formation of Limited Partnership	 	 	1	 
	 
	 	1.2.	 	Name	 	 	1	 
	 
	 	1.3.	 	Character of Business	 	 	1	 
	 
	 	1.4.	 	Principal Place of Business	 	 	1	 
	 
	 	1.5.	 	Fiscal Year	 	 	1	 
	 
	 	1.6.	 	Term	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 2	 	Definitions	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 3	 	Capital Contributions	 	 	5	 
	 
	 	3.1.	 	Capital Contributions	 	 	5	 
	 
	 	3.2.	 	Admission of Partners	 	 	6	 
	 
	 	3.3.	 	No Priorities of Limited Partners	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 4	 	Capital Accounts	 	 	6	 
	 
	 	4.1.	 	Capital Accounts	 	 	6	 
	 
	 	4.2.	 	Valuation Date; Accounting Period	 	 	7	 
	 
	 	4.3.	 	Compliance With Treasury Regulations	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 5	 	Determination and Allocation of Profits and Losses	 	 	7	 
	 
	 	5.1.	 	Determination of Partnership’s Net (Book) Profit or Loss	 	 	7	 
	 
	 	5.2.	 	Allocations to Capital Accounts	 	 	8	 
	 
	 	5.3.	 	Ongoing Expenses	 	 	8	 
	 
	 	5.4.	 	Management Fee	 	 	9	 
	 
	 	5.5.	 	Incentive Allocation	 	 	9	 
	 
	 	5.6.	 	New Issues	 	 	9	 
	 
	 	5.7.	 	Tax Allocation	 	 	10	 
	 
	 	5.8.	 	Accounting Conventions; Elections	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 6	 	Distributions	 	 	11	 
	 
	 	6.1.	 	Withdrawal of Capital	 	 	11	 
	 
	 	6.2.	 	Distributions	 	 	13	 
	 
	 	6.3.	 	Restriction on Distribution	 	 	13	 
	 
	 	6.4.	 	Withholding	 	 	13	 
	 
	 	6.5.	 	Valuation	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 7	 	Duties, Powers and Restrictions Upon the General Partner and the Limited Partners	 	 	13	 
	 
	 	7.1.	 	Investment Objective	 	 	13	 
	 
	 	7.2.	 	Powers of General Partner	 	 	14	 
	 
	 	7.3.	 	Other Business Relationships	 	 	15	 
	 
	 	7.4.	 	Conflicts of Interest	 	 	15	 
	 
	 	7.5.	 	Powers of Limited Partners	 	 	15	 
	 
	 	7.6.	 	Partnership Property	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 8	 	Liability of Partners	 	 	16	 

-i-

 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	8.1.	 	Liability of the General Partner	 	 	16	 
	 
	 	8.2.	 	Liability of the Limited Partners	 	 	16	 
	 
	 	8.3.	 	No Obligation to Replenish Negative Capital Account	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 9	 	Indemnification	 	 	16	 
	 
	 	9.1.	 	In General	 	 	16	 
	 
	 	9.2.	 	Expenses	 	 	17	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 10	 	Books and Records, Reports to Partners	 	 	17	 
	 
	 	10.1.	 	Books and Records	 	 	17	 
	 
	 	10.2.	 	Federal, State, Local and Foreign Income Tax Information	 	 	17	 
	 
	 	10.3.	 	Tax Matters Partner	 	 	17	 
	 
	 	10.4.	 	Reports to Partners	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 11	 	Transfers; Removal	 	 	18	 
	 
	 	11.1.	 	Transfer by the General Partner	 	 	18	 
	 
	 	11.2.	 	Transfer by Limited Partners	 	 	18	 
	 
	 	11.3.	 	Withdrawal of General Partner	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 12	 	Dissolution and Winding Up of the Partnership	 	 	19	 
	 
	 	12.1.	 	Dissolution of the Partnership	 	 	19	 
	 
	 	12.2.	 	Winding Up of the Partnership	 	 	19	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 13	 	Power of Attorney	 	 	20	 
	 
	 	13.1.	 	Appointment of General Partner	 	 	20	 
	 
	 	13.2.	 	Irrevocable	 	 	20	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 14	 	Miscellaneous	 	 	20	 
	 
	 	14.1.	 	Amendments	 	 	20	 
	 
	 	14.2.	 	Determination of Certain Matters	 	 	21	 
	 
	 	14.3.	 	Waiver of Partition	 	 	21	 
	 
	 	14.4.	 	Successors in Interest	 	 	21	 
	 
	 	14.5.	 	Severability	 	 	21	 
	 
	 	14.6.	 	Notice	 	 	21	 
	 
	 	14.7.	 	Delaware Office	 	 	21	 
	 
	 	14.8.	 	Certificate of Limited Partnership	 	 	21	 
	 
	 	14.9.	 	Applicable Law	 	 	21	 
	 
	 	14.10.	 	Miscellaneous	 	 	21	 

-ii-

 

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

OF

STILWELL ASSOCIATES, L.P.

     This LIMITED PARTNERSHIP AGREEMENT dated October 18, 1993, as amended and restated as of
January 1, 2007, is made between Stilwell Value, LLC (the “General Partner”) and the limited
partners (the “Limited Partners”) listed on Exhibit A hereto. Capitalized terms used herein and not
otherwise defined shall have the respective meanings assigned to them in Article 2.

ARTICLE 1

Organization

     1.1. Formation of Limited Partnership. The undersigned General Partner and Limited Partners
(collectively, the “Partners,” which term shall include any Partner hereafter admitted to the
Partnership and exclude any party that ceases to be a Partner) hereby enter into this Limited
Partnership Agreement pursuant to and in accordance with the provisions of the Delaware Revised
Uniform Limited Partnership Act (the “Act”).

     1.2. Name. The name of the Partnership is “STILWELL ASSOCIATES, L.P.”

     1.3. Character of Business. The business of the Partnership shall be making investments in
accordance with the Investment Objective set forth in Section 7.1, managing and supervising such
investments, and engaging in such other activities as are permitted hereby or are incidental or
ancillary hereto, as the General Partner shall deem necessary or advisable, all upon the terms and
conditions set forth in this Agreement

     1.4. Principal Place of Business. The Partnership shall have its principal place of business
at New York, New York or at such other place or places as the General Partner may from time to
time designate by notice to the Limited Partners.

     1.5. Fiscal Year. The fiscal year of the Partnership shall be the calendar year. The
Partnership shall have the same fiscal year for income tax purposes and for accounting purposes.

     1.6. Term. The Partnership commenced upon the filing of its Certificate of Limited
Partnership with the Secretary of State of Delaware and will operate until the General Partner
determines in its sole discretion that the continuing operation of the Partnership is no longer
in the best interests of the Limited Partners or until the occurrence of an Event of Withdrawal
as defined herein.

 

 

ARTICLE 2

Definitions

     As used herein, the following terms shall have the following respective meanings:

     Accounting Period: the period beginning on the day following any Valuation Date and
ending on the next succeeding Valuation Date.

     Act: the Delaware Revised Uniform Limited Partnership Act, 6 Del. Code Section 17-101
et seq., as amended from time to time.

     Additional Limited Partners: as defined in Section 3.1.

     Adjusted Net Asset Value: as defined in Section 5.1.

     Affiliate: with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with, such Person.

     Agreement: this limited partnership agreement.

     Business Day: any day that The New York Stock Exchange is open for business.

     Capital Account: an account established pursuant to Section 4.1.

     Capital Contribution: as to any Partner at any time, the amount of capital actually
contributed by such Partner to the capital of the Partnership.

     Carryforward Account: means a memorandum account to be recorded in the books and
records of the Partnership with respect to each Limited Partner, which shall have an initial
balance of zero and which shall be adjusted as follows:

	 	(1)	 	As of the first day after the close of each Performance Period for such
Limited Partner, the balance of the Carryforward Account (a) shall be increased by the
amount, if any, of such Limited Partner’s Negative Performance Change for such
Performance Period and (b) shall be reduced (but not below zero) by the amount, if
any, of such Limited Partner’s Positive Performance Change for such Performance
Period.
	 
	 	(2)	 	As of the close of each Performance Period for such Limited Partner, any
positive balance of the Carryforward Account shall be further adjusted if the Capital
Account balance of such Limited Partner has been reduced during such Performance
Period as a result of a distribution or a partial withdrawal, by reducing such
positive balance (but not below zero) by an amount determined by multiplying (a) such
positive balance by (b) a fraction, of which (i) the numerator is equal to the amount
so distributed or withdrawn, and (ii) the denominator is equal to the balance of such
Limited Partner’s Capital Account immediately before giving effect to such
distribution or withdrawal.

-2-

 

     Certificate: the certificate of limited partnership, as amended or restated from time
to time and recorded pursuant to the Act.

     Code: the Internal Revenue Code of 1986, as amended.

     Distribution: any distribution of cash, Portfolio Investment or other assets pursuant
to Article 6.

     Event of Withdrawal: shall mean the following:

          (a) The General Partner withdraws from the Partnership as provided in Section 17-602 of the
Act;

          (b) The General Partner (i) makes an assignment for the benefit of creditors; (ii) files a
voluntary petition in bankruptcy; (iii) is adjudged bankrupt or insolvent, or has entered against
it an order for relief in any bankruptcy or insolvency proceeding; (iv) files a petition or answer
seeking for itself any reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under any statute, law or regulation; (v) files an answer or other
pleading, admitting or failing to contest the material allegations of a petition filed against it
in any proceeding of such nature; or (vi) seeks, consents to, or acquiesces in the appointment of
a trustee, receiver or liquidator of the General Partner or of all or a substantial part of its
properties;

          (c) If within 120 days after the commencement of any proceeding against the General Partner
seeking reorganization, dissolution or similar relief under any statute, law or regulation, the
proceeding has not been dismissed, or if within 90 days after the appointment without its consent
or acquiescence of a trustee, receiver, or liquidator of the General
Partner or of all or any
substantial part of its properties, the appointment is not vacated or stayed or if within 90 days
after the expiration of any such stay, the appointment is not vacated; or

          (d) Subject to Article 12, the Partnership dissolves and winds up its affairs.

     Excluded Act: as defined in Section 8.1.

     Fiscal Year: as defined in Section 1.5.

     General Partner: Stilwell Value, LLC and any other Persons admitted as General
Partners pursuant to the provisions of this Agreement, so long as they remain General Partners.

     Incentive Allocation: means twenty percent (20%) of the amount, determined as of the
close of each Performance Period with respect to each Limited Partner, by which (1) such Limited
Partner’s Positive Performance Change for such Performance Period, if any, exceeds (2) any
positive balance in such Limited Partner’s Carryforward Account as of the most recent prior date
as of which any adjustment has been made thereto.

     Indemnified Parties: as defined in Section 8.1.

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     Interest: an interest (subscribed for pursuant to the Private Offering
Memorandum and obtained in consideration of a Capital Contribution) in the profits, losses,
distributions, capital and assets of the Partnership equal to the Percentage Interest of such
contribution.

     Limited Partner: a Partner designated as a Limited Partner on Exhibit A hereto and
any Person admitted as a Limited Partner pursuant to Article 3, other than a Limited Partner which
has ceased to be a Limited Partner of the Partnership.

     Majority-In-Interest: shall mean a vote in which those Partners who are entitled to
vote under the terms of this Agreement and who hold more than fifty percent (50%) of the Aggregate
Percentage Interests of the Partnership, voted together.

     Net Asset Value: as of a specified date, the amount by which the value of the
Partnership’s assets exceeds the amount of its liabilities, as of that date, with all Securities
valued in accordance with the provisions of Section 5.1 and Section 6.5.

     Net Profits or Net Losses: as defined in Section 5.1, determined on the accrual basis
method of accounting in accordance with generally accepted accounting principles, including
unrealized profits and losses.

     Partners: as defined in Section 1.1.

     Partnership: means Stilwell Associates, L.P., the partnership formed under and
pursuant to the Act and this Agreement.

     Percentage Interest: with respect to each Partner, shall mean the ratio of such
Partner’s Capital Account to the total of all Partners’ Capital Accounts.

     Performance Change: means, with respect to each Limited Partner for each Performance
Period, the difference between:

	 	(1)	 	the sum of (a) the balance of such Limited Partner’s Capital Account as of the
close of the Performance Period (after giving effect to all allocations to be made to
such Limited Partner’s Capital Account as of such date other than any Incentive
Allocation to be debited against such Limited Partner’s Capital Account), plus (b) any
debits to such Limited Partner’s Capital Account during the Performance Period to
reflect any actual or deemed distributions or withdrawals with respect to such Limited
Partner’s interest; and
	 
	 	(2)	 	the sum of (a) the balance of such Limited Partner’s Capital Account as of the
commencement of the Performance Period, plus (b) any credits to such Limited Partner’s
Capital Account during the Performance Period to reflect any contributions by such
Limited Partner to the capital of the Partnership.

If the amount specified in clause (1) exceeds the amount specified in clause (2), such difference
shall be a “Positive Performance Change,” and if the amount specified in clause (2) exceeds the
amount specified in clause (1), such difference shall be a “Negative Performance Change.”

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     Performance Period: means, with respect to each Limited Partner, the period commencing
as of the date of admission of such Limited Partner to the Partnership (in the case of the initial
Performance Period) and thereafter each period commencing as of the day following the last day of
the preceding Performance Period with respect to such Limited Partner, and ending as of the close
of business on the first to occur of the following after the relevant commencement date:

	 	(1)	 	the last day of a Fiscal Year;
	 
	 	(2)	 	the withdrawal by such Limited Partner of his entire Interest in the Partnership;
	 
	 	(3)	 	the admission as a Substitute Limited Partner of a Person to whom the entire
interest of such Limited Partner has been transferred; or
	 
	 	(4)	 	the final distribution to such Limited Partner following the dissolution of
the Partnership.

     Person: includes a natural person or corporation, trust, association, partnership,
limited liability company, joint venture and other entity (including a governmental agency and
instrumentality).

     Portfolio Entity: any Person in which funds of the Partnership are invested.

     Portfolio Investment: any investment in a Portfolio Entity.

     Private Offering Memorandum: the Private Offering Memorandum of the Partnership,
effective January 1, 2007, as may be amended or supplemented from time to time, in connection with
the offering of Interests in the Partnership.

     Securities: shares of capital stock, limited partnership interests, warrants,
options, convertible bonds, convertible notes, convertible debentures, guaranties of indebtedness
and other equity or debt interests, or derivatives thereof, of whatever kind of any Person,
whether readily marketable or not.

     Subscription Agreement: an agreement between the Partnership and each Limited
Partner pursuant to which a potential Limited Partner acquires an Interest in the Partnership.

     Substitute Limited Partner: any transferee of Limited Partnership Interests as
permitted under Section 11.2.

     Valuation Date: as defined in Section 4.2.

ARTICLE 3

Capital Contributions

     3.1. Capital Contributions. Each Partner shall make an initial Capital Contribution in an
amount equal to 100% of the amount reflected opposite such Partner’s name on Schedule A

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hereto concurrently with its execution and delivery of this Agreement. Such Capital Contribution
will be accepted on the first day of each quarter, and generally must be paid in cash unless the
General Partner determines in its sole discretion to accept an investment in-kind. The minimum
initial Capital Contributions in the Partnership will be $250,000. The General Partner may in its
sole discretion accept lesser initial Capital Contributions or Capital Contributions other than
in cash.

     Subsequent to the initial closing of the Partnership, each existing Partner may make
additional Capital Contributions and new Partners (“Additional Limited Partners”) may make initial
Capital Contributions as of the first day of each month or such other times as the General Partner
may determine in its sole discretion. Additional Limited Partners must provide the Partnership
with 10 Business Days’ notice, which may be waived in the General Partner’s sole discretion, of an
intention to purchase Interests in the Partnership. The General Partner may refuse or further
condition the admission of any Additional Limited Partner or the acquisition of additional
Interests by any Limited Partner at its sole discretion. Payment in full, together with any
necessary documentation, will be due upon purchase.

     3.2. Admission of Partners. The General Partner may establish eligibility requirements for
the admission of a Person as a Partner and refuse to admit any Person which fails to satisfy such
eligibility requirements. The General Partner shall have the sole responsibility for determining
whether a Person is eligible to be a Partner; provided, however, that the General Partner
shall be entitled to rely, and shall be fully protected in relying upon, representations made or
certificates provided by any such Person (including, without limitation, the Subscription
Agreement) and the General Partner shall have the sole discretion to admit Persons eligible for
admission and/or to permit additions to accounts of existing Partners.

     In connection with the admission of a Partner to the Partnership, such Partner shall, in
advance of such admission and as a condition thereto, sign a copy of this Agreement or a
supplement hereto pursuant to which it agrees to be bound by the terms of this Agreement.

     3.3. No Priorities of Limited Partners. Except as expressly provided in this Agreement, no
Limited Partner shall have the right to demand or receive property other than cash in return for
its Capital Contribution, nor shall any Limited Partner have priority over any other Partner
either as to the return of its Capital Contribution or as to profits, losses or distributions.

ARTICLE 4

Capital Accounts

     4.1. Capital Accounts.

          (a) Capital Account. The Partnership shall establish for each Partner a “Capital
Account.” The initial balance of the Capital Account for each Partner shall be his initial
Capital Contribution to the Partnership. Thereafter, the Capital Account of each Partner shall be
adjusted as provided herein. Except as otherwise provided herein, the Capital Accounts shall be
maintained in accordance with the rules of U.S. Treasury Regulations Section 1.704-1(b)(2)(iv).

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          (b) Adjustments to Capital Accounts. The initial balance of the Capital Account
of each Partner shall be:

          (i) increased by (x) additional Capital Contributions by such Partner to the
Partnership; and (y) the positive adjustments to such Partner’s Capital Account provided
for in Article 5; and

          (ii) decreased by (x) the amount of cash and the fair market value of other property
distributed to such Partner (in redemption or otherwise); and (y) the negative adjustments
to such Partner’s Capital Account provided for in Article 5.

          (c) Capital Accounts of Current Partners. The Capital Account of each Partner as of
the date of this amendment and restatement shall equal such Partner’s Capital Account immediately
prior to such date.

     4.2. Valuation Date; Accounting Period. The Capital Accounts of the Partners shall be
adjusted as of the close of each Fiscal Year of the Partnership, each day on which there is a
distribution by the Partnership to a Partner (or Partners) in redemption or otherwise, the day
preceding any day on which an additional Capital Contribution or a transfer of Partnership
interests is accepted by the Partnership, and any other day determined by the General Partner from
time to time (each, a “Valuation Date”). A period beginning on the day following a Valuation Date
and ending on the next succeeding Valuation Date is referred to below as an “Accounting Period.”

     4.3. Compliance With Treasury Regulations. The provisions of this Article 4 and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Section 1.704-1(b) and other applicable sections of Treasury Regulations promulgated
under the Code, and shall be interpreted and applied in a manner consistent with them. If the
General Partner determines that it is prudent to modify the manner in which the Capital Accounts
are computed in order to comply with Regulations, the General Partner may make such modifications,
provided they are not materially adverse to any Limited Partner.

ARTICLE 5

Determination and Allocation of Profits and Losses

     5.1. Determination of Partnership’s Net (Book) Profit or Loss.

     Upon the close of business on each Valuation Date:

     (a) The Net Asset Value of the Partnership’s assets shall be determined in accordance
with generally accepted accounting principles consistently applied, and, to the extent
inconsistent therewith, in accordance with this Agreement.

     (b) The Net Asset Value shall be adjusted (the “Adjusted Net Asset Value”) by (x)
adding thereto the amount of money or the fair market value of other property

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distributed to the Partners following the prior Valuation Date; and (y) subtracting
therefrom the amount of money contributed to the Partnership since that prior Valuation
Date; and

     (c) The Adjusted Net Asset Value shall be compared to the Net Asset Value at the
immediately preceding Valuation Date; any increase constitutes the “Net Profit” for the
Accounting Period and any decrease constitutes the “Net Loss” for the Accounting Period.

     5.2. Allocations to Capital Accounts.

     (a) The Net Loss of the Partnership for each Accounting Period shall be allocated among
the Partners in proportion to their respective Percentage Interests as of the beginning of
the relevant Accounting Period; provided, however, that a Limited Partner
shall not be allocated Net Loss to the extent that such allocation would reduce such Limited
Partner’s Capital Account balance below zero, and that amount of Net Loss shall instead be
allocated to the General Partner.

     (b) Net Profit shall be allocated as of the close of each Valuation Date, (i) first,
to the General Partner, to the extent of Net Loss allocated to the General Partner pursuant
to the proviso of Section 5.2(a) in excess of prior allocations of Net Profit to the
General Partner and (ii) thereafter, to all the Partners in proportion to their respective
Percentage Interests as of the beginning of the relevant Accounting Period.

     (c) It is expected that each Partner’s Capital Account balance immediately following
the above allocations on any Valuation Date shall equal the value of his Partnership
Interest. If, immediately following the allocation on any Valuation Date, any Partner’s
Capital Account balance is not equal to the value of his interest, the General Partner may,
in its sole discretion, adjust such Partner’s Capital Account so that the balance in his
Capital Account will equal the value of his interest.

     (d) Withholding Taxes. Any taxes, fees or other charges that the Partnership
is required to withhold under applicable law with respect to any Partner shall be withheld
by the Partnership (and paid to the appropriate governmental authorities) and shall be
deducted from the Capital Account of such Partner as of the last day of the Fiscal Year (or
period) with respect to which such amount is required to be withheld.

     5.3. Ongoing Expenses. The General Partner shall pay all reasonable and normal operating,
general, administrative and overhead costs and expenses incurred in the operation of the
Partnership, including, among other things, office expenses, rent, telephone, postage and clerical
costs and all normal recurring expenses for accounting and other professional services. The
Partnership shall pay or reimburse the General Partner for all other costs and expenses incurred
by or on behalf of the Partnership, or for its benefit, including, without limitation, interest on
partnership borrowings, custodial fees and expenses, brokerage commissions and fees, service fees,
legal fees and expenses, proxy solicitation and related costs, securities transaction costs, fees
and taxes, and annual audit and tax return preparation costs, as well as extraordinary or
nonrecurring expenses (such as litigation expenses).

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     5.4. Management Fee. In consideration for providing administrative, management and operational
services to the Partnership, the Partnership shall pay to the General Partner or, if the General
Partner has designated an Administrative Manager, to the Administrative Manager, a management fee
each calendar quarter, in advance, equal to 0.25% (an annualized rate of 1%) of each Limited
Partner’s capital account (the “Management Fee”) at the start of business on the first day
of such calendar quarter. The Management Fee will be prorated for any period that is less than a
full fiscal quarter and will be adjusted for contributions during the quarter. The General Partner
or, if the General Partner has designated an Administrative Manager, the Administrative Manager, in
its sole discretion, may waive or reduce the Management Fee with regard to Limited Partners that
are employees or affiliates of the General Partner or Administrative Manager, relatives of such
persons, and for certain strategic investors.

     5.5. Incentive Allocation. The Incentive Allocation shall be debited against the Capital
Account of each Limited Partner as of the last day of each Performance Period with respect to such
Limited Partner, and the amount so debited shall simultaneously be credited to the Capital Account
of the General Partner. The General Partner, or if the General Partner has designated an
Administrative Manager, the Administrative Manager, in its sole discretion, may waive or reduce
the Incentive Allocation with regard to Limited Partners that are employees or affiliates of the
General Partner, relatives of such persons, and for certain strategic investors.

     5.6. New Issues. In the event the General Partner or any investment adviser or manager
retained by the General Partner decides to invest in securities which are considered to be a “new
issue” as that term is defined in Conduct Rule 2790 of the NASD, such investment shall be made in
accordance with the following provisions:

          (a) any such investment made in a particular Fiscal Period shall be made in a special
account (the “New Issues Account”), which account shall be a separate brokerage account with a
separate brokerage number;

          (b) Partners who do not fall within the proscription of the Conduct Rules (“Unrestricted
Partners”) shall have a beneficial interest in the New Issues Account and Partners who fall
within the proscription of the Conduct Rules (“Restricted Partners”) may, in the sole discretion
of the General Partner, have a beneficial interest in the New Issues Account only to the extent
permitted by the Conduct Rules (i.e. 10% in the aggregate);

          (c) each Unrestricted Partner shall have a beneficial interest in the Unrestricted Partners’
portion of the New Issues Account (which may constitute the entire New Issues Account) for any
Fiscal Period in the proportion which (i) such Unrestricted Partner’s Capital Account as of the
beginning of the Fiscal Period bore to (ii) the sum of the Capital Accounts of all Unrestricted
Partners as of the beginning of such Fiscal Period;

          (d) each Restricted Partner shall have a beneficial interest in the Restricted Partners’
portion of the New Issues Account, if any, for any Fiscal Period in the proportion which (i) such
Restricted Partner’s Capital Account as of the beginning of the Fiscal Period bore to (ii) the
sum of the Capital Accounts of all Restricted Partners as of the beginning of such Fiscal Period;

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          (e) funds required to make a particular investment shall be transferred to the New Issues
Account from the regular account of the Partnership; securities involved in the public
distribution shall be purchased in the New Issues Account, held in the New Issues Account and
either eventually sold from the New Issues Account or, to the extent permissible, transferred to
the regular account at the then fair market value. If sold, the proceeds of the sale shall be
transferred from the New Issues Account to the regular account of the Partnership;

          (f) as of the last day of each Fiscal Period in which a particular investment or investments
are held in the New Issues Account and if the General Partner determines, in its sole discretion,
that it is necessary to ensure the equitable treatment of Partners: (i) interest shall be debited
from the Capital Accounts of the Partners in accordance with their pro rata beneficial interests
in the New Issues Account, at the interest rate being paid by the Partnership from time to time
for borrowed funds during the period in that Fiscal Period that funds from the regular account
have been held in or made available to the New Issues Account or, if no such funds are being
borrowed during such period, the interest rate that the General Partner determines would have been
paid if funds had been borrowed by the Partnership during such period; and such interest shall be
credited to the Capital Accounts of all the Partners, in the proportions which (A) each Partner’s
Capital Account as of the beginning of such Fiscal Period bore to (B) the sum of the Capital
Accounts of all Partners as of the beginning of such Fiscal Period; and (ii) any Net Profits or
Net Losses during such Fiscal Period with respect to the New Issues Account shall be allocated to
the Capital Accounts of the Partners in accordance, with their beneficial interests in the New
Issues Account during such Fiscal Period; and

          (g) the determination of the General partner as to whether a particular Partner falls within
the proscription of Conduct Rule 2790 shall be final.

     5.7. Tax Allocation. All realized items of income, gain, loss and deduction, including items
of income or gain which are not subject to federal income taxation and items of loss or
expenditures which are not deductible for federal income tax purposes shall be allocated among the
Partners in the same manner as Net Profit and Net Loss are allocated to Capital Accounts, unless
the General Partner determines that by reason of differences between tax accounting principles and
the accounting principles utilized in determining the amounts allocated pursuant to Section 5.2, a
different allocation will more accurately reflect the Partners’ interests in the Partnership. In
the event the value of Partnership property (as determined in accordance with Section 5.1 hereof)
varies from the Partnership’s adjusted tax basis at the time of admission of a new Partner,
withdrawal of a Partner, or contribution of additional capital, subsequent tax allocations of
taxable income, loss, and deduction with respect to such asset shall take account of any variation
between the adjusted basis of such asset for federal income tax purposes and such value in the
same manner as under Code Section 704(c) and the Treasury Regulations thereunder. Any elections
or other decisions relating to such allocations shall be made by the General Partner in any manner
that reasonably reflects the purposes and intention of this Agreement. Allocations pursuant to
this Section 5.5 are solely for purposes of federal, state, and local taxes and shall not affect,
or in any way be taken into account in computing, any Partner’s Capital Account.

     5.8. Accounting Conventions; Elections. To determine possible varying interests of Partners
during a taxable year, the Partnership shall use the interim-closing of the books method,

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and all profit, gain or loss (including each item of income or expense) shall be allocated as
realized or accrued by the Partnership. No election under Section 754 of the Internal Revenue Code
of 1986, as amended (the “Code”) shall be filed without the consent of the Tax Matters Partner of
the Partnership. To the extent an adjustment to the adjusted tax basis of any Partnership asset
pursuant to Code Section 734(b) or Code Section 743(b) is required to be taken into account in
determining Capital Accounts, pursuant to Regulations Section 1.704-l(b)(2)(iv)(m), the amount of
such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the
asset) or loss (if the adjustment decreases such basis).

ARTICLE 6

Distributions

     6.1. Withdrawal of Capital

          (a) Notice Period. A Limited Partner will be permitted to withdraw, at the end of the
year in which the withdrawal notice is given, any investment in its Capital Account, beginning
twenty-four (24) months after such Interest was accepted into the Partnership. Notwithstanding the
foregoing, the General Partner may, in its sole discretion, permit a Limited Partner to make
withdrawals at any time, except such consent will only be given in extraordinary circumstances
that would not impose any additional tax or regulatory requirements on the Partnership or the
General Partner.

          (b) Payment of Withdrawal Proceeds. The Partnership normally will pay at least 90% of
the withdrawal proceeds within 10 Business Days of effective date of withdrawal, and will pay the
remaining amount within 10 Business Days after the distribution to the Partners of the
Partnership’s annual financial reports covering the period during which the withdrawal occurred.
Withdrawal proceeds generally will be paid in cash. All or part of the proceeds of any withdrawal
may be paid in-kind if the General Partner determines in its sole discretion that liquidating a
portion of the Partnership’s portfolio to satisfy the withdrawal would adversely affect other
Limited Partners.

     The General Partner of the Partnership may suspend the calculation of the net asset value
and suspend or limit the withdrawal of Interests in the Partnership (i) during any period when
the services and markets relied upon to value the Partnership’s portfolio are closed other than
for ordinary holidays and weekends, or during periods in which dealings are restricted or
suspended, (ii) during the existence of any state of affairs which, in the determination of the
General Partner, constitutes an emergency as a result of which disposal of a substantial amount
of investments by the Partnership would not be reasonably practicable or would be seriously
prejudicial to its investors, (iii) during any breakdown in the means of communication normally
employed in determining the price or value of any of the Partnership’s investments, or where the
current prices or values of any investments owned by the Partnership cannot reasonably be
promptly and accurately ascertained, or (iv) during any period when the transfer of funds
involved in the realization or acquisition of any investments cannot, in the determination of the
General Partner, be effected at normal rates of exchange. In such case, the redemption will be
executed as soon as reasonably practicable. All reasonable steps will be taken to bring any
period of suspension to an end as soon as possible.

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          (c) Mandatory Withdrawal. If it shall come to the notice of the General Partner that
any Interest is held by or on behalf of:

          (i) any Person in breach of any law or requirement of any country or governmental
authority; or

          (ii) any Person in circumstances (whether directly or indirectly affecting such
Person and whether taken alone or in conjunction with any other Person or Persons,
connected or not, or with any other circumstances appearing to the General Partner to be
relevant) which, in the opinion of the General Partner, might result in the Partnership or
the Limited Partners as a whole incurring any liability to taxation or suffering any other
pecuniary or regulatory disadvantage which the Partnership or such Limited Partners might
not otherwise have incurred or suffered; or

          (iii) any Person who in the opinion of the General Partner is deemed to be, for any
reason, an unsuitable investor;

then the General Partner may determine to redeem all of his Interest immediately.

          (d) Suspension of Withdrawals. The General Partner may suspend the right of Limited
Partners to make withdrawals during any period when:

          (i) any stock exchange on which a substantial part of securities owned by the
Partnership are traded is closed, otherwise than for ordinary holidays, or dealings thereon
are restricted or suspended;

          (ii) there exists any state of affairs which constitutes a state of emergency as a
result of which (a) disposal of a substantial part of the investments of the Partnership
would not be reasonably practicable and might seriously prejudice the Limited Partners, or
(b) it is not reasonably practicable for the General Partner fairly to determine net asset
value;

          (iii) none of the requests for withdrawal which have been made may be lawfully
satisfied by the Partnership in U.S. dollars; or

          (iv) there is a breakdown in the means of communication normally employed in
determining the prices of a substantial part of the investments of the Partnership.

          (v) In such case, the withdrawal will be executed as soon as reasonably practicable.
Withdrawal proceeds generally will be paid in cash. All or part of the proceeds of any
withdrawal may be paid in-kind if the General Partner determines in its sole discretion that
liquidating a portion of the Partnership’s portfolio to satisfy the withdrawal would
adversely affect the Limited Partners.

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     6.2. Distributions. Subject to Section 6.5, the General Partner may, in its sole
discretion, retain during the term of the Partnership or distribute to its Partners the assets of
the Partnership. Subject to Section 6.5, Distributions shall be made to the Partners pro rata
according to their positive Capital Accounts as of such date after any allocations have been made
pursuant to Article 5.

     6.3. Restriction on Distribution. No Distribution shall be made pursuant to this Article 6
that would render the Partnership insolvent or that would after giving effect to such Distribution
result in a deficit balance in any Partner’s Capital Account.

     6.4. Withholding

          (a) The Partnership shall at all times be entitled to make payments with respect to any
Partner in amounts required to discharge any obligation of the Partnership to withhold or make
payments to any governmental authority with respect to any federal, state, local or foreign tax
liability of such Partner as a result of such Partner’s interest in the Partnership. Each such
payment shall be treated as a distribution pursuant to this Article 6.

          (b) Any withholding taxes withheld pursuant to this Section 6.4 shall be withheld at the
maximum applicable statutory rate under the applicable tax law unless the General Partner shall
have received an opinion of counsel or other evidence, satisfactory to the General Partner, to the
effect that a lower rate is applicable or that no withholding is applicable.

          (c) Each Limited Partner shall, to the fullest extent permitted by applicable law, indemnify
and hold harmless the Partnership, the General Partner and each Indemnified Party, as defined
below, against all claims, liabilities and expenses of whatever nature relating to the
Partnership’s or such Person’s obligation to withhold and to pay over, or otherwise pay, any
withholding or other taxes payable by the Partnership or such Person with respect to such Limited
Partner or as a result of such Limited Partner’s interest in the Partnership.

     6.5. Valuation. The Net Asset Value of the Partnership shall be determined on each Valuation
Date at the close of business (or such other time as the General Partner may prescribe). The
value of the assets and liabilities shall be determined by reference to the latest prices and
values available and the General Partner may rely upon any reputable system for the determination
of prices, exchange rates or values for the purpose thereof. In the case of any asset for which
no price quotations are available as above provided, the fair value thereof shall be determined
from time to time in such equitable manner as the General Partner shall from time to time
determine.

ARTICLE 7

Duties, Powers and Restrictions

Upon the General Partner and the Limited Partners

     7.1. Investment Objective. The Partnership’s investment objective is to provide capital
appreciation over the long term to its investors.

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     7.2. Powers of General Partner. The management, operation and policies of the Partnership
shall be vested exclusively in the General Partner, which shall have the power by itself and shall
be authorized and empowered on behalf and in the name of the Partnership to carry out any and all
of the objects and purposes of the Partnership and to enter into and perform all contracts and
other undertakings that it may in its discretion deem necessary or advisable in connection
therewith or incidental thereto. The General Partner shall have all the rights and powers and be
subject to all the restrictions and liabilities of a general partner in a partnership without
limited partners.

          Without limiting the foregoing general powers and duties, the General Partner is hereby
authorized and empowered on behalf and in the name of the Partnership, or on its own behalf and
in its own name, as may be appropriate, to:

          (a) direct the formulation of investment policies and strategies for the Partnership, and
select and approve the investment of Partnership funds, in accordance with the Private Offering
Memorandum;

          (b) acquire, hold, sell, transfer, exchange and dispose of Securities, and exercise all
rights, powers, privileges and other incidents of ownership and possession with respect to
Securities, including, without limitation, the voting of Securities, the approval of restructuring
of investments in Portfolio Entities, participation in arrangements with creditors of Portfolio
Entities, the institution and settlement or compromise of suits and administrative proceedings and
other similar matters;

          (c) open, maintain and close bank accounts and draw checks or other orders for the payment of
money and open, maintain and close brokerage, mutual fund and similar accounts;

          (d) engage and terminate consultants, attorneys, accountants and such other agents and
employees for itself and for the Partnership as it may deem necessary or advisable, and authorize
any such agent or employee to act for and on behalf of the Partnership;

          (e) join with other entities which the General Partner may or may not control in an attempt
to influence the management of the companies in which the Partnership invests;

          (f) subject to its ultimate responsibility for the management of the Partnership, delegate
any of its duties hereunder to any other Person, and in furtherance of any such delegation, to
appoint, employ or contract with any Person it may in its sole discretion deem necessary or
desirable for the transaction of the business of the Partnership, which may, under the supervision
of the General Partner, administer the day-to-day operation of the Partnership;

          (g) incur and pay out of the assets of the Partnership, either on a current basis or subject
to amortization over such period as the General Partner may reasonably determine to be
appropriate, any charges, taxes, liabilities, and expenses which are necessary or incidental to,
or in support of, the carrying out of any of the purposes of this Agreement (including, without
limitation, the costs and expenses incurred in connection with the compensation, and fees for
agents of the Partnership, broker commission charges, transfer taxes, and certain other clearing,
settlement, and transaction charges);

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          (h) file or cause to be filed any documents required by the Securities Exchange Commission,
including but not limited to Form 13(d) as required by the Securities Exchange Act of 1934, Form
13(d) in the event that the General Partner or the Partnership acquires ownership of interests of
more than 5% in a publicly traded company; and

          (i) make and perform such other agreement and undertakings, as may be necessary or advisable
to the carrying out of any of the foregoing powers, objects or purposes.

     7.3. Other Business Relationships. The General Partner and/or any of its respective
Affiliates, may engage independently or with others in other investment or business ventures of
any kind, which may be similar to or in competition with the investments or business of the
Partnership. Without limiting the generality of the foregoing, the General Partner may establish,
invest in or otherwise enter into contracts with other limited partnerships or other entities with
the same purposes as the Partnership and in which the General Partner has substantially the same
kinds of responsibilities as in this Agreement.

     7.4. Conflicts of Interest

          (a) Nothing in this Section 7.4 shall be construed to prohibit the General Partner from
serving as an officer, director or agent, providing management assistance, advisory services or
other services to, or having other arrangements with, entities in which the Partnership invests or
in entities which compete with entities in which the Partnership invests.

          (b) In managing the Partnership, the General Partner may utilize the services of Affiliate
companies that offer management and similar services, and shall pay fair, arm’s-length
compensation for such services out of Partnership assets.

          (c) Except as set forth above in this Section 7.4, the General Partner will continue to be
associated with, and render services to, other organizations and is not prohibited by the
Partnership from engaging in any activity whatsoever outside of the Partnership, including the
management of other funds.

     7.5. Powers of Limited Partners. No Limited Partner as such shall take part in or interfere
in any manner with the management, conduct or control of the business or affairs of the
Partnership or have any right or authority to act for or bind the Partnership.

     7.6. Partnership Property. The Partnership’s property shall consist of all its assets and
funds. Title to the Partnership’s property (including insurance policies) may be taken and held
only in the name of the Partnership or in such other name or names as shall be determined by the
General Partner; provided, however, that if title is held other than in the name
of the Partnership, the Person or Persons who hold title shall certify by instrument duly
executed and acknowledged, that title is held as nominee and/or trustee for the benefit of the
Partnership pursuant to the terms of this Agreement and an executed copy of such instrument shall
be delivered to the Partnership; provided, further, that if any Person other
than the Partnership shall be the named beneficiary on any insurance policy obtained by the
Partnership, such Person shall certify by instrument duly executed and acknowledged, that such
interest is held as nominee and/or trustee for the benefit of the Partnership pursuant to the
terms of this Agreement and an executed copy of such instrument shall be delivered to the
Partnership.

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ARTICLE 8

Liability of Partners

     8.1. Liability of the General Partner

          (a) The General Partner and any of its principals, employees, directors, officers,
representatives, Affiliates, agents, advisers and consultants (as used in Articles 8 and 9, the
“Indemnified Parties”) shall not be liable, in damages or otherwise, to the Partnership or to any
Limited Partner, or any of their respective Affiliates for any act or omission by any Indemnified
Party by reason of their activities with respect to the Partnership or General Partner unless such
act or omission results directly from the Indemnified Party’s fraud, gross negligence, gross
professional misconduct, willful illegal acts, breach of fiduciary duty to the Limited Partners of
the Partnership, or a conscious and material breach of the agreements appointing them to carry out
activities on behalf of the Partnership (collectively, the “Excluded Acts”), as the case may be.
Except as otherwise provided in this Section 8.1(a), no Indemnified Party shall be liable to the
Partnership or any Limited Partner for any mistake of fact or judgment by any Indemnified Party in
conducting the affairs of the Partnership or otherwise acting in respect of and within the scope of
this Agreement.

          (b) Except as otherwise expressly provided in Section 6 the General Partner shall not be
liable for the return of all or any portion of any Limited Partner’s Capital Account nor required
to restore any deficit in any Limited Partner’s Capital Account.

     8.2. Liability of the Limited Partners. Except as may be provided by law, the liability of
each Limited Partner is limited to its Capital Contribution, and nothing in this Agreement shall
remove, diminish or affect such limitation.

     8.3. No Obligation to Replenish Negative Capital Account. Except as may be otherwise provided
by law or this Agreement, no Partner shall have any obligation at any time to contribute any funds
to replenish any negative balance in its Capital Account.

ARTICLE 9

Indemnification

     9.1. In General. The Indemnified Parties shall be and hereby are indemnified and held
harmless by the Partnership from and against any and all claims, demands, liabilities, costs,
expenses, damages, losses, suits, proceedings or otherwise, of any nature whatsoever, known or
unknown, or asserted against any Indemnified Party, the Partnership or any of the Limited
Partners, or in which any Indemnified Party may become involved, as a party or otherwise, arising
out of the conduct of the business or affairs of the Partnership by the respective Indemnified
Party or otherwise relating to this Agreement or any agreement made pursuant to this Agreement,
including, but not limited to, serving on the board of directors or participating in the
management of a Portfolio Entity, provided that, an Indemnified Party shall not be entitled to
indemnification hereunder if it shall have been determined by a court of competent jurisdiction

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or as part of a settlement that the Indemnified Party (a) did not act in good faith or in a manner
reasonably believed to be in or not opposed to the best interests of the Partnership, (b)
materially violated this Agreement or any agreement made pursuant to this Agreement or (c) acted
so as to be liable for any Excluded Act. The termination of any proceeding by settlement shall
not, of itself, create a presumption that the Indemnified Party did not act in good faith and in a
manner that Indemnified Party reasonably believed to be in or not opposed to the best interests of
the Partnership, or that the Indemnified Party materially violated this Agreement or any agreement
made pursuant to this Agreement, or that the Indemnified Party acted negligently or fraudulently,
or had reasonable cause to believe that its conduct was unlawful. Notwithstanding anything
contained herein to the contrary, no Limited Partner shall be obligated to contribute any monies
to fund any indemnification obligation of the Partnership.

     9.2. Expenses. Expenses incurred by an Indemnified Party in defense or settlement of any
claim that may be subject to a right of indemnification hereunder may be advanced by the
Partnership prior to the final disposition thereof by a court of competent jurisdiction or as part
of a settlement upon receipt of an undertaking by or on behalf of the Indemnified Party to repay
such amount if it shall be determined ultimately that the Indemnified Party is not entitled to be
indemnified hereunder, provided that, no funds shall be advanced prior to the final disposition
thereof if such claim is brought by Limited Partners holding a Majority-in-Interest (either
directly or derivatively on behalf of the Partnership). The right of any Indemnified Party to the
indemnification provided herein shall be cumulative of, and in addition to, any rights to which
such Indemnified Party may otherwise be entitled by contract or as a matter of law, and shall
extend to such Indemnified Party’s successors, assigns and legal representatives. Any judgments
against the Partnership and the General Parmer in respect of which the General Partner is entitled
to indemnification shall first be satisfied from Partnership assets before the General Partner is
responsible therefor.

ARTICLE 10

Books and Records, Reports to Partners

     10.1. Books and Records. The General Partner shall keep or cause to be kept at the
Partnership’s principal office appropriate records and books of account in accordance with
generally accepted accounting principles, consistently applied. Such books and records shall be
available for inspection and copying by the Partners or their duly authorized representatives
during normal business hours for any purpose reasonably related to their interest in the
Partnership.

     10.2. Federal, State, Local and Foreign Income Tax Information. The General Partner shall
prepare and file, or cause the accountants of the Partnership to prepare and file, a Federal
information tax return in compliance with Section 6031 of the Code, and any required state, local
and foreign income tax and information returns for each tax year of the Partnership.

     10.3. Tax Matters Partner. The General Partner is hereby designated as the “Tax Matters
Partner” in accordance with Section 6231(a)(7) of the Code and similar provisions of any state or
local law and, in connection therewith, shall have all other powers needed to fully perform
hereunder, including, without limitation, the power to retain (at the expense of the

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Partnership) all attorneys and accountants of its choice and the right to settle any audits
without the consent of the Limited Partners. The designation made in this Section 10.3 is hereby
approved by each Partner as an express condition to becoming a Partner. Each Partner agrees to
take any further action as may be required by regulation or otherwise to effectuate such
designation. The Partnership hereby indemnifies, to the full extent permitted by law, the General
Partner from and against any damages or losses (including attorneys’ fees) arising out of or
incurred in connection with any action taken or omitted to be taken by it in carrying out its
responsibilities as tax matters partner, provided such action taken or omitted to be taken does
not constitute fraud, gross negligence or gross professional misconduct.

     10.4. Reports to Partners. Partners in the Partnership will receive such reports and
financial statements as shall be distributed by the General Partner at his discretion.

ARTICLE 11

Transfers; Removal

     11.1. Transfer by the General Partner. The General Partner shall not assign or otherwise
transfer its Interest in the Partnership without the unanimous consent of the Limited Partners
unless such transfer is to an Affiliate of the General Partner.

     11.2. Transfer by Limited Partners. The Interests in the Partnership are transferable with
the prior consent of the General Partner of the Partnership. The General Partner may withhold such
consent for any reason. A transferee who receives an Interest in the Partnership shall become a
Substitute Limited Partner upon execution of this Agreement and compliance with any other
condition imposed by the General Partner.

     11.3. Withdrawal of General Partner

          (a) The General Partner may withdraw from the Partnership upon 90 Business Days written
notice to the Partners. Upon such occurrence or the occurrence of any other Event of Withdrawal,
neither such General Partner nor its successors in interest shall have any of the powers,
obligations or liabilities of a General Partner under this Agreement or under applicable law,
provided that, the General Partner shall retain general partner liability arising out of events
taking place prior to the earlier of dissolution of the Partnership or the admission of a new
general partner.

          (b) The General Partner may admit, with the written consent or ratification of a majority in
interest of the Limited Partners, one or more new general partners; provided, however that
admission of an affiliate of the General Partner as a substituted or additional general partner
shall not require consent of the Limited Partners.

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ARTICLE 12

Dissolution and Winding Up of the Partnership

     12.1. Dissolution of the Partnership. The Partnership shall be dissolved upon the first to
occur of any of the following:

          (a) the decision of the General Partner to dissolve the Partnership and the giving of written
notice of such decision by the General Partner to all Limited Partners; or

          (b) the occurrence of any Event of Withdrawal, unless within 90 days thereafter, all the
remaining Partners agree in writing to continue the business of the Partnership and to the
appointment of one or more general partners.

     12.2. Winding Up of the Partnership. Upon a dissolution of the Partnership, the General
Partner or, if there is no General Partner, a liquidator appointed by Limited Partners holding in
the aggregate a majority in interests of the Partnership, shall wind up the business and affairs
of the Partnership in an orderly manner. During the period of winding up, the General Partner or
such liquidator shall determine which Portfolio Investments and other assets are to be distributed
in kind and which are to be liquidated and then shall proceed with the liquidation of such
Portfolio Investments and other assets so selected as promptly as is consistent with obtaining the
fair value thereof. Partnership assets not previously distributed to the Partners, or the proceeds
therefrom to the extent the General Partner or such liquidator elects to liquidate the same, to
the extent sufficient therefor, shall be applied and distributed in the following order:

          (a) to the payment and discharge of all of the Partnership’s debts and liabilities to Persons
other than Partners, either by the payments thereof or the making of reasonable provision
therefor;

          (b) to provide reserves, in amounts established by the General Partner or such liquidator,
to meet unliquidated claims or other liabilities, including contingent liabilities, of the
Partnership;

          (c) to the payment and discharge of all of the Partnership’s debts and liabilities to
Partners (other than in respect of their Partnership interest); and

          (d) the balance of such assets or proceeds to the Partners in accordance with the balances
in their respective Capital Accounts, any remainder to be distributed among the Partners in
accordance with their Percentage Interests.

The Partners hereby acknowledge that the entire right, title and interest to the Partnership’s
name and the goodwill attached thereto is the property of the General Partner and that the
Partnership’s right to use such name shall terminate upon dissolution of the Partnership.

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ARTICLE 13

Power of Attorney

     13.1. Appointment of General Partner. Each Limited Partner hereby makes, constitutes and
appoints the General Partner, with full power of substitution and resubstitution, its true and
lawful attorney for it and in its name, place and stead and for its use and benefit, to sign,
execute, certify, acknowledge, file and record all instruments amending, restating or canceling the
Certificate, as the same may hereafter be amended or restated, that may be appropriate, and to
sign, execute, certify, acknowledge, file and record such other agreement, instruments or documents
as may be necessary or advisable (a) to reflect the exercise by the General Partner of any of the
powers granted to it under this Agreement, including without limitation the admission of a
Substitute Limited Partner or an Additional Limited Partner in accordance with the Agreement; or
(b) which may be required of the Partnership or of the Partners by the laws of Delaware or any
other jurisdiction. Each Limited Partner authorizes such attorney-in-fact to take any further
action which such attorney-in-fact shall consider necessary or advisable in connection with any of
the foregoing, hereby giving such attorney-in-fact full power and authority to do and perform each
and every act or thing whatsoever requisite or advisable to be done in and about the foregoing as
fully as such Limited Partner might or could do if personally present, and hereby ratifying and
confirming all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof.

     13.2. Irrevocable. The power of attorney granted pursuant to Section 13.1:

          (a) is a special power of attorney coupled with an interest and, except as provided in clause
(c) of this Section 13.2, is irrevocable;

          (b) may be exercised by such attorney-in-fact by listing all of the Limited Partners
executing any agreement, certificate, instrument or document with the single signature of such
attorney-in-fact acting as attorney-in-fact for all of them; and

          (c) shall terminate as to such Limited Partner upon the effectiveness of the admission of a
Substitute Limited Partner except that it shall survive for the sole purpose of enabling such
attorney-in-fact to execute, acknowledge and file any such agreement, certificate, instrument or
document as is necessary to effect such substitution.

ARTICLE 14

Miscellaneous

     14.1. Amendments. The Agreement generally may be amended or supplemented without Limited
Partner approval, provided, however, that such supplement or amendment shall not (i) adversely
affect the status of the Partnership as a partnership for federal income tax purposes; (ii) cause
the Partnership to be treated as a publicly traded partnership for federal income tax purposes;
(iii) adversely affect the limited liability of the Limited Partners; or (iv) have a material
adverse economic impact on the Limited Partners.

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     14.2. Determination of Certain Matters. All matters concerning the valuation of Partnership
assets, the allocation of profits, gains and losses among the Partners including the taxes thereon,
accounting procedures and tax matters, not specifically and expressly provided for by the terms of
this Agreement, shall be determined by the General Partner, whose determination shall be final and
conclusive unless it is arbitrary and capricious.

     14.3. Waiver of Partition. Each of the Partners hereby irrevocably waives any and all rights
that it may have to maintain action for partition of any of the Partnership’s property.

     14.4. Successors in Interest. Subject to the limitations set forth in Article 12, this
Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives and
permitted assigns of the Partners.

     14.5. Severability. If any provision of this Agreement or the application thereof to any
party or circumstance shall be determined by any court of competent jurisdiction to be invalid or
unenforceable to any extent, the remainder of this Agreement or the application of such provision
to such person or circumstances, other than those as to which it is so determined invalid or
unenforceable, shall not be affected thereby, and each provision hereof shall be valid and shall
be enforced to the fullest extent permitted by law. Any default thereunder by a Limited Partner
shall not excuse a default by any other Limited Partner.

     14.6. Notice. Any notice or other communication to be given under this Agreement to the
Partnership or to any Partner shall be in writing and may either be delivered personally, by
facsimile or mailed by pre-paid postage, certified or registered mail, or by overnight courier,
(a) if to the Partnership, addressed to it at its principal office, or (b) to any Partner, at the
address of such Partner as shown on the records of the Partnership. Such notice shall be deemed
to have been given when so delivered, the first business day after the date sent if sent by
facsimile or upon the expiration of seven days after such mailing, as the case may be.

     14.7. Delaware Office. The Partnership shall maintain a registered office in Delaware and a
registered agent for service of process on the Partnership in Delaware, such office and agent to
be selected by the General Partner in its discretion and to be set forth in the Certificate.

     14.8. Certificate of Limited Partnership. The General Partner shall provide a copy of the
Certificate or any amendment relating thereto to each Limited Partner that makes a request
therefor, but shall not otherwise be required to provide such copies.

     14.9. Applicable Law. This Agreement shall be governed by the laws of the State of Delaware.

     14.10. Miscellaneous. The headings in this Agreement are solely for convenience of
reference and shall not affect its interpretation. This Agreement may be executed in more than
one counterpart with the same effect as if the parties executed one counterpart as of the date of
this Agreement. This Agreement sets forth the entire understanding of all the parties hereto with
respect to the subject matter hereof and supersedes any prior agreement or understanding with
respect thereto.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have caused this Partnership Agreement to be
executed as of the day and year first above written.

	 	 	 
	GENERAL PARTNER:

	 	 
	 
	 	 
	Stilwell Value, LLC
	 	 
	 
	 	 
	/s/ Joseph Stilwell
	 	 
	 

By: Joseph Stilwell, Managing Member

	 	 
	 
	 	 
	LIMITED PARTNERS: American Physicians Assurance Corporation
	 
	 	 
	/s/ R. Kevin Clinton
	 	 
	 

By: R. Kevin Clinton, President & CEO

	 	 
	 
	 	 
	 
	 	 
	 

By:

	 	 

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Exhibit A

SCHEDULE OF PARTNERS

	 	 	 
	General Partner

	 	 Capital Commitment
	 
	 	 
	Joseph Stilwell, Managing Member

	 	$                                                             
	 
	 	 
	Limited Partners
	 	 
	 
	 	 
	American Physicians Assurance 

Corporation

	 	$15 Million
	 
	 	 
	                                        
                               

	 	$                                                            
	 
	 	 
	                                        
                               
	 	$                                                            
	 
	 	 
	                                        
                               
	 	$                                                            
	 
	 	 
	                                        
                                
	 	$                                                            

-23-

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