Document:

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                                                                    EXHIBIT 10.4

                             1998 STOCK OPTION PLAN

                         FOR TRINITY CAPITAL CORPORATION

1.    PURPOSE.   The purpose of this Plan is to advance the interests of Trinity
Capital Corporation ("Company") by providing an additional incentive to attract
and retain select qualified and competent employees upon whose efforts and
judgment the success of the Company and its Subsidiaries are largely dependent,
through the encouragement of stock ownership in the Company by such directors
and employees.

2.    DEFINITIONS. As used herein, the following terms

      (a)   "Board" shall mean the Board of Directors of the Company.

      (b)   "Committee" shall mean the Personnel Committee appointed by the
Board pursuant to Section 13 hereof. The Committee shall exercise such authority
and have such responsibility (presently designated as the Board authority and
responsibility under this plan), as the Board shall delegate in writing. Any
authority not so designated shall be retained by the Board.

      (c)   "Director" shall mean a member of the Board.

      (d)   "Incentive Stock Option" shall mean an incentive stock option as
defined in section 422A of the Internal Revenue Code.

      (e)   "Internal Revenue Code" shall mean the Internal Revenue Code of
1954, as amended from time to time.

      (f)   "Non-Statutory Stock Option" shall mean an Option which is not an
Incentive Stock Option and which is not entitled to special tax treatment under
Section 422A of the Internal Revenue Code.

      (g)   "Option" (when capitalized) shall mean any option granted under this
plan.

      (h)   "Optionee" shall mean a person to whom a stock option is granted
under this Plan or any person who succeeds to the rights of such person under
this Plan by reason of the death of such person.

      (i)   "Plan" shall mean this 1998 Stock Option Plan for Trinity Capital
Corporation.

      (j)   "Share(s)" shall mean a share or shares of the common stock, par
value $1.00 per share, of the Company.

                                        1
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      (k)   "Subsidiary" shall mean any corporation (other than the Company) in
any unbroken chain of corporations beginning with the Company if, at the time of
the granting of the Option, each of the corporations other than the last
corporation in the unbroken chain owns stock possessing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations
in such chain.

3.    SHARES AND OPTIONS.

      (a)   The Company may grant to Optionees from time to time Options to
purchase an aggregate of up to 100,000 Shares from Shares held in the Company's
treasury or from authorized and unissued Shares. If any Option granted under the
Plan shall terminate, expire, or be canceled as to any Shares, new Options may
thereafter be granted covering such Shares. Options granted hereunder shall be
Non-Statutory Stock Options and each Option shall clearly state that it is a
Non-Statutory Stock Option.

4.    CONDITIONS FOR GRANT OF OPTIONS.

      (a)   Each Option shall be evidenced by an Option agreement which may
contain any term deemed necessary or desirable by the Committee, provided such
terms are not inconsistent with this Plan or any applicable law. Optionees shall
be those persons selected by the Board from the specific classes of employees of
the Company and of any Subsidiary.

      (b)   In granting Options, the Board shall take into consideration the
contribution the person has made or may make to the success of the Company or
its Subsidiaries and such other factors as the Committee shall determine. The
Board shall also have the authority to consult with and receive recommendations
from officers and other personnel of the Company and its Subsidiaries with
regard to these matters. The Board may from time to time in granting Options
under the Plan prescribe such other terms and conditions concerning such Options
as it deems appropriate, including, without limitation, relating an Option to
achievement of specific goals established by the Board or to continued
employment of the Optionee for a specified period of time, provided that such
terms and conditions are not more favorable to an Optionee than those expressly
permitted herein.

      (c)   The Options granted to employees under this Plan shall be in
addition to regular salaries, pension, life insurance or other benefits related
to their employment with the Company or its Subsidiaries. Neither the Plan nor
any Option granted under the Plan shall confer upon any person any right to
continuance of employment by the Company or it Subsidiaries.

      (d)   The Board in its sole discretion shall determine in each case
whether periods of leaves of absence, military or government service shall
constitute a continuation of employment for the purposes of this Plan or any
Option.

5.    OPTION PRICE. The option price per Share of any Option shall be any price
determined by the Board.

                                        2
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6.    EXERCISE OF OPTION.  An Option shall be deemed exercised when (i) the
Company has received written notice of such exercise in accordance with the
terms of the Option, (ii) full payment of the aggregate option price of the
Shares as to which the Option is exercised has been made, and (iii) arrangements
which are satisfactory to the Board in its sole discretion have been made for
the Optionee's payment to the Company of the amount which the Board determines
to be necessary for the Company or Subsidiary employing the Optionee to withhold
in accordance with applicable income tax withholding requirements, if any.
Unless further limited by the Board in any Option, the option price of any
Shares purchased shall be paid solely in cash, by certified or cashier's check,
by money order, with Shares (but with Shares only if permitted by any Option
agreement or otherwise permitted by the Board in its sole discretion at the time
of exercise) or by a combination of the above; provided, however, that the Board
in its sole discretion may accept a personal check in full or partial payment of
any Shares. The Company in its sole discretion, may lend money to an Optionee,
guarantee a loan to an Optionee, or otherwise assist an Optionee to obtain the
cash necessary to exercise all or a portion of an Option granted hereunder.

7.    EXERCISABILITY OF OPTIONS.  Any Option shall become exercisable in such
amounts, at such intervals and upon such terms as the Board shall provide in
such Option, except as otherwise provided in this Section 7.

      (a)   The expiration date of an Option shall be determined by the Board at
the time of grant, but in no event shall an Option be exercisable after the
expiration of ten (10) years from the date of grant of the Option.

      (b)   The Board may in its sole discretion accelerate the date on which
any Option may be exercised.

      (c)   One-third of the Option will vest annually each year.

      (d)   All Options granted under the Plan shall immediately vest to the
Optionee and may be exercised in accordance to the provisions of this Plan.

8.    TERMINATION OF OPTION PERIOD.

      (a)   Except as otherwise provided in the Plan, the unexercised portion of
any Option shall terminate at such times and upon such conditions as the Board
shall provide in such Option.

      (b)   The Board in its sole discretion may by giving written notice
("cancellation notice") cancel, effective upon the date of the consummation of
any corporate transaction described in Subsection 8(c), any Option which remains
unexercised on such date. Such cancellation notice shall be given a reasonable
period of time prior to the proposed date of such cancellation and may be given
either before or after shareholder approval of such corporation transaction.

      (c)   The consummation of the following corporate transactions or any
other event specified in any Option Agreement shall give the Board power to
cancel any option pursuant to Subsection 8(b):

                                        3
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            (i)   if the Shareholders of the Company shall approve a plan of
merger, consolidation, reorganization, liquidation or dissolution in which The
Company does not survive (unless the approved merger, consolidation,
reorganization, liquidation or dissolution is subsequently abandoned); or

            (ii)  if the shareholders of the company shall approve a plan for
the sale, lease, exchange or other disposition of all or substantially all the
property and assets of the Company (unless such plan is subsequently abandoned).

9.    ADJUSTMENT OF SHARES.

      (a)   If any time while the Plan is in effect or unexercised Option are
outstanding, there shall be any increase or decrease in the number of issued and
outstanding Shares through the declaration of a stock dividend or through any
recapitalization resulting in a stock split-up, combination or exchange of
Shares, then is such event:

            (i)   appropriate adjustment shall be made in the maximum number of
shares then subject to being optioned under the Plan, so that the same
proportion of the Company's issued and outstanding Shares shall continue to be
subject to being optioned; and

            (ii)   appropriate adjustment shall be made in the number of Shares
and the exercise price per Share thereof then subject to any outstanding Option,
so that the same proportion of the Company's issued and outstanding Shares shall
remain subject to purchase at the same aggregate exercise price.

      (b)   The Board may change the terms of Options outstanding under the
Plan, with respect to the option price of the number of Share subject to the
Options, or both, when, in the Board's sole discretion, such adjustments become
appropriate by reason of corporate transaction.

      (c)   Except as otherwise expressly provided herein, the issuance by the
Company of shares of its capital stock of any class, or securities convertible
into shares of capital stock of any class, either in connection with a direct
sale or upon the exercise of rights or warrants to subscribe therefore, or upon
conversion of shares or obligations of the Company convertible in such shares or
other securities, shall not affect, and no adjustment by reason thereof shall be
made with respect to the number of or exercise price of Shares then subject to
outstanding Options granted under the Plan.

      (d)   Without limiting the generality of the foregoing, the existence of
outstanding Options granted under the Plan shall not affect in any manner the
right or power of The Company to make, authorize or consummate (1) any or all
adjustments, recapitalizations, reorganizations or other changes in The
Company's capital structure or its business; (2) any merger of consolidation of
The Company; (3) any issue by The Company of debt securities, or preferred or
preference stock which would rank above the Shares subject to outstanding
Options; (4) the dissolution or liquidation of The Company; (5) any sale,
transfer or assignment of all or any part of the assets or business of The
Company; or (6) any other corporate act or preceding, whether of similar
character or otherwise.

                                        4
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10.   NONTRANSFERABILITY OF OPTIONS.  Each Option shall provide that such Option
shall not be transferable by the Optionee otherwise than by will or the law of
descent and distribution; so long as an Optionee lives, only such Optionee or
his guardian or legal representative shall have the right to exercise the
Option.

11.   ISSUANCE OF SHARES. As a condition of any sale or issuance of Shares under
any Option, the Board may obtain such agreements or undertaking, if any as the
Board may deem necessary or advisable to assure compliance with any such law or
regulation.

12.   NON-STATUTORY STOCK OPTIONS.  Non-Statutory Stock Options shall be subject
to all terms and provisions hereof except that each such Non-Statutory Stock
Option (i) must be clearly designated as a Non-Statutory Stock Option, and (ii)
may require Optionee's payment to the Company of the amount which the Committee
reasonably determines to be necessary for the Company or any Subsidiary
employing the Optionee to withhold in accordance with applicable income tax
withholding requirements, if applicable.

13.   ADMINISTRATION OF THE PLAN.

      (a)   The Plan shall be administered either by the Board, or if authority
be delegated, by the Personnel Committee (herein called the "Committee")
consisting of not less than three (3) members of the Board; provided, however,
that if no Committee is appointed, the Board shall administer the Plan. Except
for the powers set forth in Section 15, the Committee shall have all of the
powers of the Board with respect to the Plan. Any member of the Committee may be
removed at any time, with or without cause, by resolution of the Board and any
vacancy occurring in the membership of the Committee may be filled by
appointment by the Board.

      (b)   The Committee, from time to time, may adopt rules and regulations
for carrying out the purposes of the Plan. The determinations and the
interpretation and construction of any provision of the Plan by the Committee
shall be final and conclusive.

      (c)   Any and all decisions or determinations of the Committee shall be
either (i) by a majority vote of the members of the Committee at a meeting or
(ii) without a meeting by the written approval of a majority of the members of
the Committee.

14.   INTERPRETATION.

      (a)   If any provision of the Plan should be held invalid for any reason,
such holding shall not affect the remaining provisions hereof, but instead the
Plan shall be construed and enforced as if such provision had never been
included in the Plan.

      (b)   This Plan shall be governed by the laws of the State of New Mexico.

      (c)   Headings contained in the Agreement are for convenience only and
shall in no manner be construed as part of the Plan.

      (d)   Any reference to the masculine, feminine, or neuter gender shall be
a reference to such other gender as is appropriate.

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15.   AMENDMENT AND DISCONTINUATION OF THE PLAN. The Committee, subject to the
approval of the Board, may from time to time amend the Plan or any Option;
provided, however, that [except to the extent provided in Section 9] no such
amendment may (a) without approval by the Directors of the Company increase the
number of Shares reserved for Options or change the class of employees eligible
to receive Options [this part (a) shall apply only if the Plan is approved by
the Directors prior to such amendment], (b) permit the granting of Options which
expire beyond the maximum 10-year period described in Section 7{a), or (c)
extend the termination date of the Plan as set forth in Section 17; and
provided, further, that [except to the extent provided in Section 8] no
amendment or suspension of the plan or any Option issued hereunder shall
substantially impair any Option, previously granted to any Optionee without the
consent of such Optionee.

16.   EFFECTIVE DATE AND TERMINATION DATE. The effective date of the Plan is the
date on which the Board adopts this plan, unless otherwise provided by the Board
at the time of such adoption, and the Plan shall terminate on the tenth
anniversary of the effective date.

17.   REPRESENTATION BY OPTIONEE AND STOCK LEGENDS. The Company shall be under
no obligation to issue the Shares covered by this option unless the Optionee:

      (a)   shall warrant to the Company, at the time of such exercise, that he
is acquiring the Shares to be issued to him/her for investment and not with a
view to, or for sale in connection with, the distribution of any such shares;
and such Optionee shall be bound by the provisions of the following legends (or
such other similar legends as the Company deems appropriate) which shall be
endorsed upon the certificate or certificates evidencing the shares issued by
the Company pursuant to such exercise:

      "The shares of stock of the Company represented by this certificate have
      not been registered under the Securities Act of 1933, as amended (the
      "Act") or registered or qualified under the securities law of any state,
      and the holder hereof cannot make any sale or other transfer of any shares
      of such stock except pursuant to an offering of such shares duly
      registered under the Act, and registered or qualified under such
      circumstances as in the opinion of counsel for or satisfactory
      (satisfactory both as to counsel and the opinion) to the Company, at the
      time, shall not require registration under the Act and/or registration or
      qualification under any applicable state securities laws. Also the shares
      represented by this certificate are "restricted securities" within the
      meaning of Rule 144 promulgated by the Securities And Exchange Commission
      under the Act and may be subject to the limitations and reporting
      requirement of said rule upon resale or other disposition thereof."

      (b)   shall make such representations or warranties or be in such
circumstances and bound by such legends endorsed upon the share certificates as
are, in the opinion of the Company, necessary or appropriate to comply with the
provisions of any securities law deemed by the company to be applicable to the
issuance of the Shares;

                                   End of Plan

                                       6<Page>

                                                                    EXHIBIT 10.5

                                 PROMISSORY NOTE

<Table>
<Caption>
     PRINCIPAL     LOAN DATE      MATURITY      LOAN NO.     CALL/COLL     ACCOUNT     OFFICER     INITIALS
 <S>               <C>           <C>            <C>          <C>           <C>           <C>       <C>
 $ 3,300,075.00    07-16-2001    01-20-2009     30356872                   8303568       22
</Table>

  References in the shaded area are for Lender's use only and do not limit the
 applicability of this document to any particular loan or item. Any item above
       containing ***** has been omitted due to text length limitations.

<Table>
<S>                                                         <C>
BORROWER:  LOS ALAMOS NATIONAL BANK EMPLOYEE STOCK          LENDER:   Valley National Bank
           OWNERSHIP PLAN                                             322 Riverside Drive
           P O BOX 60                                                 P O Box 99
           LOS ALAMOS, NM 87544                                       Espanola, NM 87532
</Table>

<Table>
<S>                                            <C>                              <C>
PRINCIPAL AMOUNT: $3,300,075.00                INITIAL RATE: 6.750%             DATE OF NOTE: July 16, 2001
</Table>

PROMISE TO PAY LOS ALAMOS NATIONAL BANK EMPLOYEE STOCK OWNERSHIP PLAN
("Borrower") promises to pay to Valley National Bank ("Lender" for order, in
lawful money of the United States of America, the principal amount to Three
Million Three Hundred Thousand Seventy-five & 90/100 Dollars ($3,300,075.00),
together with interest on the unpaid principal balance from July 16, 2001, until
paid in full.

PAYMENT. Subject to any payment changes resulting from changes in the index,
Borrower will pay this loan in accordance with the following payment schedule:

     SEMI-ANNUAL INTEREST PAYMENTS DUE 1-20-2002 AND EVERY SIX MONTHS
     THEREAFTER. ANNUAL PRINCIPAL PAYMENTS OF $471,439.29 DUE EACH YEAR UNTIL
     PAID IN FULL OR 01-20-2008.

Unless otherwise agreed or required by applicable law, payments will be applied
first to accrued unpaid interest, then to principal, and any remaining amount to
any unpaid collection costs. Interest on this Note is computed on a 365/365
simple interest basis; that is, by applying the ratio of the annual interest
rate over the number of days in a year, multiplied by the outstanding principal
balance, multiplied by the actual number of days the principal balance is
outstanding. Borrower will pay Lender at Lender's address shown above or at such
other place as Lender may designate in writing.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from
time to time based on changes in an independent index which is the CITI BANK
PRIME (the "Index"). The Index is not necessarily the lowest rate charged by
Lender on its loans. If the Index becomes unavailable during the term of this
loan, Lender may designate a substitute index after notice to Borrower. Lender
will tell Borrower the current Index rate upon Borrower's request. The interest
rate change will not occur more often than each DAILY. Borrower understands that
Lender may make loans based on other rates as well. THE INDEX CURRENTLY IS
6.750% PER ANNUM. THE INTEREST RATE TO BE APPLIED TO THE UNPAID PRINCIPAL
BALANCE OF THIS NOTE WILL BE AT THE RATE EQUAL TO THE INDEX, RESULTING IN AN
INITIAL RATE OF 6.750% PER ANNUM. NOTICE. Under no circumstances will the
interest rate on this Note be more than the maximum rate allowed by applicable
law. Whenever increases occur in the interest rate, Lender, at its option, may
do one or more of the following: (A) increase Borrower's payment to ensure
Borrower's loan will pay off by its original final maturity date, (B) increase
Borrower's payments to cover accruing interest, (C) increase the number of
Borrower's payments, and (D) continue Borrower's payments at the same amount and
increase Borrower's final payment.

PREPAYMENT; MINIMUM INTEREST CHARGE. In any event, even upon full prepayment of
this Note, Borrower understands that Lender is entitled TO A MINIMUM INTEREST
CHARGE ON $10.00. Other than Borrower's obligation to pay any minimum interest
charge, Borrower may pay without penalty all or a portion of the amount owed
earlier than its is due. Early payments will not, unless agreed to by Lender in
writing, relieve Borrower or Borrower's obligation to continue to make payments
under the payments schedule. Rather, early payments will reduce the principal
balance due and may result in Borrower's making fewer payments. Borrower agrees
not to send Lender payments marked "paid in full", "without recourse", or
similar language. If Borrower sends such a payment, Lender may accept it without
losing any of Lender's rights under this Note, and Borrower will remain
obligated to pay any further amount owed to Lender. All written communications
concerning disputed amounts, including any check or other payment instrument
that indicates that the payment constitutes "payment in full" of the amount owed
or that is tendered with other conditions or limitations or as full satisfaction
of a disputed amount must be mailed or delivered to: Valley National Bank, 322
Riverside Drive Espanola, NM 87532.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final
maturity, the total sum due under this Note will bear interest from the date of
acceleration or maturity at the variable interest rate on this Note. The
interest rate will not exceed the maximum rate permitted by applicable law.

DEFAULT. Each of the following shall constitute an event of default ("Event of
Default") under this Note:

     PAYMENT DEFAULT. Borrower fails to make any payment when due under this
     Note.

     OTHER DEFAULTS. Borrower fails to comply with or to perform any other term,
     obligation, covenant or condition contained in this Note or in any of the
     related documents or to comply with or to perform any term, obligation,
     covenant or condition contained in any other agreement between Lender and
     Borrower.

     FALSE STATEMENTS. Any warranty, representation or statement made or
     furnished to Lender by Borrower or on Borrower's behalf under this Note or
     the related documents is false or misleading in any material respect,
     either now or at the time made or furnished or becomes false or misleading
     at any time thereafter.

     INSOLVENCY. The dissolution or termination of Borrower's existence as a
     going business, the insolvency of Borrower, the appointment of a receiver
     for any part of Borrower's property, any assignment for the benefit of
     creditors, any type of creditor workout, or the commencement of any
     proceeding under any bankruptcy or insolvency laws by or against Borrower.

     CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or
     forfeiture proceedings, whether by judicial proceeding, self-help,
     repossession of any other method, by any creditor of Borrower or by any
     governmental agency against any collateral securing the loan. This includes
     a garnishment of any of Borrower's accounts, including deposit accounts,
     with Lender. However, this Event of Default shall not apply if there is a
     good faith dispute by Borrower as to the validity or reasonableness of the
     claim which is the basis of the creditor or forfeiture proceeding and if
     Borrower gives Lender written notice of the creditor or forfeiture
     proceeding and deposits with Lender monies or a surety bond for the
     creditor or forfeiture proceeding, in an amount determined by Lender, in
     its sole discretion, as being as adequate reserve or bond for the dispute.

     EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with respect
     to any guarantor, endorser, surety, or accommodation party of any of the
     indebtedness or any guarantor, endorser, surety, or accommodation party
     dies or becomes incompetent, or revokes or disputes the validity of, or
     liability under, any guaranty of the indebtedness evidenced by this Note.
     In the event of a death, Lender, at its option, may, but shall not be
     required to permit the guarantor's estate to assume unconditionally the
     obligations arising under the guaranty in a manner satisfactory to Lender,
     and, in doing so, cure any Event of Default.

     CHANGE IN OWNERSHIP. Any change in ownership of twenty-five percent (25%)
     or more of the common stock of Borrower.

     ADVERSE CHANGE. A material adverse change occurs in Borrower's financial
     condition, or Lender believes the prospect of payment or performance of
     this Note is impaired.

<Page>

                                PROMISSORY NOTE
LOAN NO: 30356872                  (CONTINUED)                            PAGE 2

     Insecurity.  Lender in good faith believes itself insecure.

     Cure Provisions. If any default, other than a default in payment or failure
     to satisfy Lender's requirement in the insufficient Market Value of
     Securities section is curable and if Borrower has not been given a notice
     of a breach of the same provision of this Note within the preceding twelve
     (12) months. it may be cured (and no event of default will have occurred)
     if Borrower, after receiving written notice from Lender demanding cure of
     such default: (1) cures the default within fifteen (15) days; or (2) if the
     cure requires more than fifteen (15) days, immediately initiates steps
     which Lender deems in Lender's sole discretion to be sufficient to cure the
     default and thereafter continues and completes all reasonable and necessary
     steps sufficient to produce compliance as soon as reasonably practical.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount.

ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help collect
this Note if Borrower does not pay. Borrower will pay Lender that amount. This
includes, subject to any limits under applicable law, Lender's attorneys' fees
and Lender's legal expenses, whether or not there is a lawsuit, including
attorneys' fees, expenses for bankruptcy proceedings (including efforts to
modify or vacate any automatic stay or injunction), and appeals. If not
prohibited by applicable law, Borrower also will pay any court costs, in
addition to all other sums provided by law.

GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, CONSTRUED AND ENFORCED IN
ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF NEW MEXICO. THIS NOTE
HAS BEEN ACCEPTED BY LENDER IN THE STATE OF NEW MEXICO.

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $18.00 if Borrower
makes a payment on Borrower's loan and the check or preauthorized charge with
which Borrower pays is later dishonored.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
indebtedness against any and all such accounts.

COLLATERAL. Borrower acknowledges this Note is secured by ASSIGNMENT OF SHARES
OF TRINITY CAPITAL CORP. STOCK CERT. # 04353 @ 62,000 SHARES OF CAPITAL STOCK.
STOCK CERT# 4593 @ 13,020 SHARES OF CAPITAL STOCK. STOCK CERT#4589 @ 48,704
SHARES OF CAPITAL STOCK.

ARBITRATION. BORROWER AND LENDER AGREE THAT ALL DISPUTES, CLAIMS AND
CONTROVERSIES BETWEEN THEM WHETHER INDIVIDUAL, JOINT, OR CLASS IN NATURE,
ARISING FROM THIS NOTE OR OTHERWISE, INCLUDING WITHOUT LIMITATION CONTRACT AND
TORT DISPUTES, SHALL BE ARBITRATED PURSUANT TO THE RULES OF THE AMERICAN
ARBITRATION ASSOCIATION IN EFFECT AT THE TIME THE CLAIM IS FILED, UPON REQUEST
OF EITHER PARTY. NO ACT TO TAKE OR DISPOSE OF ANY COLLATERAL SECURING THIS NOTE
SHALL CONSTITUTE A WAIVER OF THIS ARBITRATION AGREEMENT OR BE PROHIBITED BY THIS
ARBITRATION AGREEMENT. THIS INCLUDES, WITHOUT LIMITATION, OBTAINING INJUNCTIVE
RELIEF OR A TEMPORARY RESTRAINING ORDER; INVOKING A POWER OF SALE UNDER ANY DEED
OF TRUST OR MORTGAGE; OBTAINING A WRIT OF ATTACHMENT OR IMPOSITION OF A
RECEIVER; OR EXERCISING ANY RIGHTS RELATING TO PERSONAL PROPERTY, INCLUDING
TAKING OR DISPOSING OF SUCH PROPERTY WITH OR WITHOUT JUDICIAL PROCESS PURSUANT
TO ARTICLE 9 OF THE UNIFORM COMMERCIAL CODE. ANY DISPUTES, CLAIMS, OR
CONTROVERSIES CONCERNING THE LAWFULNESS OR REASONABLENESS OF ANY ACT, OR
EXERCISE OF ANY RIGHT, CONCERNING ANY COLLATERAL SECURING THIS NOTE, INCLUDING
ANY CLAIM TO RESCIND, REFORM, OR OTHERWISE MODIFY ANY AGREEMENT RELATING TO THE
COLLATERAL SECURING THIS NOTE, SHALL ALSO BE ARBITRATED, PROVIDED HOWEVER THAT
NO ARBITRATOR SHALL HAVE THE RIGHT OR THE POWER TO ENJOIN OR RESTRAIN ANY ACT OF
ANY PARTY. JUDGMENT UPON ANY AWARD RENDERED BY ANY ARBITRATOR MAY BE ENTERED IN
ANY COURT HAVING JURISDICTION. NOTHING IN THIS NOTE SHALL PRECLUDE ANY PARTY
FROM SEEKING EQUITABLE RELIEF FROM A COURT OF COMPETENT JURISDICTION. THE
STATUTE OF LIMITATIONS, ESTOPPEL, WAIVER, LACHES, AND SIMILAR DOCTRINES WHICH
WOULD OTHERWISE BE APPLICABLE IN AN ACTION BROUGHT BY A PARTY SHALL BE
APPLICABLE IN ANY ARBITRATION PROCEEDING, AND THE COMMENCEMENT OF AN ARBITRATION
PROCEEDING SHALL BE DEEMED THE COMMENCEMENT OF AN ACTION FOR THESE PURPOSES. THE
FEDERAL ARBITRATION ACT SHALL APPLY TO THE CONSTRUCTION, INTERPRETATION, AND
ENFORCEMENT OF THIS ARBITRATION PROVISION.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES.
Please notify us if we report any inaccurate information about your account(s)
to a consumer reporting agency. Your written notice describing the specific
inaccuracy(ies) should be sent to us at the following address: Valley National
Bank, 322 Riverside Drive, P O Box 99, Espanola, NM 87532

GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or
remedies under this Note without losing them. Borrower and any other person who
signs, guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length or time) this loan or release
any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender's security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such
parties also agree that Lender may modify this loan without the consent of or
notice to anyone other than the party with whom the modification is made. The
obligations under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO
THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

LOS ALAMOS NATIONAL BANK EMPLOYEE STOCK OWNERSHIP PLAN

By: /s/ Sharon Watson
   -----------------------------------------
   SHARON WATSON, V.P AND TRUST OFFICER of
   LOS ALAMOS NATIONAL BANK EMPLOYEE STOCK
   OWNERSHIP PLAN

<Page>

                                PROMISSORY NOTE
LOAN NO: 30356872                  (CONTINUED)                            PAGE 3

LENDER:

VALLEY NATIONAL BANK

X
 -------------------------------------------
  Authorized Signer

                                   [ILLEGIBLE]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}]]