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Exhibit 4.4    
    

        EXECUTION COPY  

  
 

    PURCHASE AGREEMENT    
    

        THIS PURCHASE AGREEMENT (this "Agreement") is made and entered into as of May 12, 2003, by and between Overland Storage, Inc., a California
corporation (the "Company"), and the purchaser whose name and address is set forth on the signature page hereof (the "Investor"). 

        1.     Authorization and Sale of the Shares. Subject to the terms and conditions of this Agreement and other similar purchase
agreements, the Company has authorized the issuance and sale of approximately $20,000,000 purchase price of shares (the "Shares") of its common stock, no par value (the "Common Stock"). 

        2.     Agreements to Sell and Purchase. On the basis of the representations and warranties contained in this Agreement, and
subject to its terms and conditions, the Company hereby agrees to sell to the Investor, and the Investor agrees to purchase from the Company, the number of Shares of Common Stock set forth on the
signature page hereto at the aggregate purchase price set forth on such signature page (the "Purchase Price"). 

        The
Company proposes to enter into purchase agreements in substantially the form of this Agreement with certain other purchasers (collectively, the "Other Investors") and expects, but is
not obligated, to complete sales of Shares to them. The Investor and the Other Investors are hereinafter collectively referred to as the "Investors," and this Agreement and the purchase agreements
executed by the Other Investors (the "Other Agreements") are hereinafter collectively referred to as the "Agreements." 

        3.     Payment and Delivery. Payment for the Shares purchased by the Investor shall be made to the Company in federal or other
funds immediately available in New York City against delivery of such Shares (such payment and delivery hereinafter referred to as the "Closing") at 10:00 a.m., New York City time, on
May 14, 2003, or at such other time on the same or such other date, not later than May 16, 2003, as shall be agreed in writing by the Company and the Investor. The time and date of such
delivery and payment are hereinafter referred to as the "Closing Date." Payment for such Shares shall be made through an escrow agent on terms and instructions set forth in an Escrow Agreement dated
the date hereof among the Company, the Investor, RBC Dain Rauscher Inc., as placement agent, and Marshall & Ilsley Trust Company N.A., as escrow agent. 

        Certificates
for the Shares purchased by the Investor shall be registered in the name of the Investor or if so indicated on the signature page hereto, in the name of a nominee designated
by the Investor. The certificates evidencing such Shares shall be delivered to the Investor on the Closing Date, with any transfer taxes payable in connection with the transfer of such Shares to the
Investor duly paid by or on behalf of the Company, against payment of the Purchase Price therefor. 

        4.     Conditions to the Company's Obligations. The Company's obligation to issue and sell the Shares to the Investor is subject
to the following conditions, any one or more of which may be waived by the Company: 

        (a)   receipt
by the Company of immediately available U.S. dollar-denominated funds in the full amount of the Purchase Price; and 

        (b)   the
representations and warranties of the Investor contained in this Agreement being true and correct in all material respects on and as of the Closing Date with the
same effect as though such representations and warranties had been made on and as of the Closing Date, and the fulfillment in all material respects of those undertakings of the Investor to be
fulfilled prior to the Closing Date. 

 

        5.     Conditions to the Investor's Obligations. The obligation of the Investor to purchase and pay for the Shares on the Closing
Date is subject to the following conditions, any one or more of which may be waived by the Investor: 

        (a)   delivery
to the Investor on the Closing Date of an opinion of Morrison & Foerster LLP, counsel to the Company, dated the Closing Date, substantially in the form
set forth in Exhibit A; 

        (b)   the
representations and warranties of the Company contained in this Agreement being true and correct in all material respects on and as of the Closing Date with the same
effect as though such representations and warranties had been made on and as of the Closing Date (except with respect to representations and warranties which are made as of a specific date or period,
which shall continue to be true and correct in all material respects as of the respective dates and for the respective periods covered); 

        (c)   absence
of any order, writ, injunction, judgment or decree that could negatively affect the validity of the Agreements or the right of the Company to enter into the
Agreements or to consummate the transactions contemplated hereby and thereby; and 

        (d)   receipt
by the Investor on the Closing Date of a certificate, dated the Closing Date and signed by the Chief Executive Officer and Chief Financial Officer of the
Company, to the effect that the conditions set forth in clauses (b) and (c) of this Section 5 have been fulfilled. 

        6.     Representations, Warranties and Covenants of the Company. The Company represents and warrants to, and covenants with, the
Investor that as of the date of this Agreement and as of the Closing Date: 

        (a)   The
Company has filed with the Securities and Exchange Commission (the "Commission") all documents required to be filed pursuant to the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), during the 12 months preceding the date of this Agreement. The following documents (collectively, the "Exchange Act Documents") complied when filed in all
material respects with the Exchange Act and the applicable rules and regulations of the Commission thereunder, and did not, when so filed, contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading: 

          (i)  Quarterly
Reports on Form 10-Q for the quarters ended September 30, 2002, December 31, 2002 and March 31, 2003; 

         (ii)  Annual
Report on Form 10-K for the year ended June 30, 2002; 

        (iii)  Definitive
Proxy Statement for the Company's 2002 Annual Meeting of Shareholders, filed with the Commission on October 15, 2002; and 

        (iv)  Current
Report on Form 8-K dated April 24, 2003 and filed with the Commission on April 24, 2003. 

        (b)   The
Executive Summary dated April 24, 2003, the Exchange Act Documents, as amended to the date hereof, and the Company's Annual Report to Shareholders for the
year ended June 30, 2002, taken as a whole, do not as of the date hereof contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 

        (c)   The
Company is eligible to register the resale of shares of Common Stock in a secondary offering on a registration statement on Form S-3 under the
Securities Act of 1933, as amended (the "Securities Act"). The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of California,
with corporate power and authority to own or lease its properties and conduct its business as currently conducted and as 

2

 

described
in the Exchange Act Documents. Each of the subsidiaries of the Company is listed on Exhibit 21.1 to the Company's Annual Report on Form 10-K for the year ended
June 30, 2002 (collectively, the "Subsidiaries"), and each of the Subsidiaries has been duly organized and is validly existing and in good standing under the laws of the jurisdiction of its
organization, with the power and authority to own or lease its properties and conduct its business as currently conducted and as described in the Exchange Act Documents. The Subsidiaries are the only
subsidiaries, direct or indirect, of the Company. The Company and the Subsidiaries are duly qualified to transact business and are in good standing in all jurisdictions in which the conduct of their
respective businesses requires such qualification, except in such jurisdictions where the failure to be so qualified or to be in good standing would not have a Material Adverse Effect. For purposes of
this Agreement, the term "Material Adverse Effect" means a material adverse effect on the condition (financial or otherwise), properties, assets, liabilities, rights, operations, earnings, business,
management or prospects of the Company and the Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business. 

        (d)   The
outstanding shares of capital stock of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and are
wholly owned by the Company or another Subsidiary free and clear of all liens, encumbrances and claims. There are no outstanding rights (including, without limitation, preemptive rights), warrants or
options to acquire, or instruments convertible into or exchangeable for, any unissued shares of capital stock or other equity interest in any of the Subsidiaries, or any contract, commitment,
agreement, understanding or arrangement of any kind, in each case to which any Subsidiary is a party and providing for the issuance or sale of any capital stock of that Subsidiary, any such
convertible or exchangeable securities or any such rights, warrants or options. 

        (e)   Each
of the Agreements has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal, and binding obligation of the Company,
enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally, and
subject to general principles of equity. The Company has full power and authority to execute, deliver and perform its obligations under the Agreements. 

        (f)    Neither
the Company nor any of the Subsidiaries is or with the giving of notice or lapse of time or both, will be, in violation of or in default under its charter
documents ("Charter") or By-Laws or under any agreement, lease, contract, indenture or other instrument or obligation to which it is a party or by which it is bound or to which any of its
properties or assets are subject, and which violation or default has had or is reasonably likely to have a Material Adverse Effect. The execution and delivery of the Agreements and the consummation of
the transactions herein and therein contemplated, including without limitation the issuance and sale of the Shares, and the fulfillment of the terms of the Agreements will not conflict with or result
in a breach of any of the terms or provisions of, or constitute a default under, any contract, indenture, mortgage, deed of trust or other agreement or instrument to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the Company's or any Subsidiary's properties or assets are subject, or of the Charter or
By-Laws of the Company or any of the Subsidiaries, or any order, rule or regulation applicable to the Company or any of the Subsidiaries of any court or of any regulatory body or
administrative agency or other governmental body having jurisdiction, except where any such conflict, breach or default would not have a Material Adverse Effect. 

        (g)   Each
approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental body necessary in
connection with the execution and delivery by the Company of the Agreements and the consummation of the transactions herein and therein contemplated (except such as may be required by the securities
or 

3

 

Blue
Sky laws of the various states in connection with the offer and sale of the Shares and by federal and state securities laws with respect to the Company's obligations under Sections 8 and 10 of
the Agreements) has been obtained or made and is in full force and effect. 

        (h)   The
capitalization of the Company as of December 31, 2002 is as described in the Company's Quarterly Report on Form 10-Q for the quarter ended
December 31, 2002. The Company has not issued any capital stock since December 31, 2002, except for issuances of Common Stock upon the exercise of stock options granted under benefit
plans identified in the Exchange Act Documents. The outstanding shares of Common Stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable;
the Shares have been duly authorized and when issued and paid for as contemplated in the Agreements will be validly issued, fully paid and non-assessable. Except as specifically disclosed
in the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2002, there are no outstanding rights (including, without limitation, preemptive rights),
warrants or options to acquire, or instruments convertible into or exchangeable for, any unissued shares of capital stock or other equity interest in the
Company, or any contract, commitment, agreement, understanding or arrangement of any kind, in either case to which the Company is a party and providing for the issuance or sale of any capital stock of
the Company, any such convertible or exchangeable securities or any such rights, warrants or options, except for stock options granted under benefit plans identified in the Exchange Act Documents.
Without limiting the foregoing, no preemptive right, co-sale right, registration right, right of first refusal or other similar right exists with respect to the issuance and sale of the
Shares, the registration for resale of the Shares or any other transactions contemplated by the Agreements, except as provided in the Agreements. There are no stockholders agreements, voting
agreements or other similar agreements with respect to the Common Stock to which the Company is a party. 

        (i)    The
form of certificates for the Shares conforms to the requirements of the corporate law of the State of California. 

        (j)    Other
than as set forth in the Exchange Act Documents, there are no legal, governmental or regulatory actions, suits, claims or proceedings pending to which the Company
or any of the Subsidiaries is a party or of which any property of the Company or any of the Subsidiaries is the subject, which, if determined adversely to the Company or any of the Subsidiaries, might
individually or in the aggregate reasonably be expected to have a Material Adverse Effect or adversely affect the ability of the Company to consummate the transactions contemplated by the Agreements;
to the Company's knowledge, no such action, suit, claim or proceeding is threatened or contemplated by governmental or regulatory authorities or threatened by others. 

        (k)   The
Company and each of the Subsidiaries has all material licenses, certifications, permits, franchises, approvals, clearances and other regulatory authorizations
("Permits") from governmental authorities as are necessary to conduct their respective businesses as currently conducted and to own, lease and operate their respective properties in the manner
described in the Exchange Act Documents, except where the failure to have any such Permit would not have a Material Adverse Effect. There is no claim, proceeding or controversy, pending or, to the
knowledge of the Company, threatened, involving the status of or sanctions under any of the Permits. The Company and each of the Subsidiaries has fulfilled and performed all of its material
obligations with respect to the Permits, and no event has occurred which allows, or after notice or lapse of time would allow, the revocation, termination, modification or other impairment of the
rights of the Company or any of the Subsidiaries under any such Permit. 

        (l)    The
Company, together with the Subsidiaries, owns and possesses all right, title and interest in and to, or has duly licensed from third parties, all patents, patent
rights, trade secrets, inventions, know-how, trademarks, trade names, copyrights, service marks and other proprietary rights ("Intellectual Property"), except where the failure to own or
possess such rights would not 

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have
a Material Adverse Effect. Other than as set forth in the Exchange Act Documents, neither the Company nor any of the Subsidiaries has received any notice of infringement, misappropriation or
conflict from any third party as to such that has not been resolved or disposed of and to the Company's knowledge, neither the Company nor any of the Subsidiaries has infringed, misappropriated or
otherwise conflicted with Intellectual Property of any third parties, which infringement, misappropriation or conflict would individually or in the aggregate have a Material Adverse Effect. 

        (m)  Neither
the Company nor any of the Subsidiaries is in violation of any law, administrative regulation, ordinance or order of any court or governmental agency,
arbitration panel or authority applicable to the Company or that Subsidiary, as the case may be, which violation, individually or in the aggregate, is reasonably likely to have a Material Adverse
Effect. 

        (n)   The
consolidated financial statements of the Company and the Subsidiaries, together with related notes and schedules as set forth in the Exchange Act Documents, present
fairly the financial position and the results of operations and cash flows of the Company and the Subsidiaries, at the indicated dates and for the indicated periods. Such financial statements and
related notes and schedules have been prepared in accordance with U.S. generally accepted accounting principles, consistently applied throughout the periods involved, except as disclosed therein, and
all adjustments necessary for a fair presentation of results for such periods have been made. The selected financial and statistical data included in the Exchange Act Documents present fairly the
information shown therein and such data have been compiled on a basis consistent with the financial statements presented therein and the books and records of the Company and the Subsidiaries. 

        (o)   The
Company maintains a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with
management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting
principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

        (p)   Since
June 30, 2002, there has not been any material adverse change, financial or otherwise, or any development involving a prospective change which has had or is
reasonably likely to have a Material Adverse Effect, whether or not occurring in the ordinary course of business, and there has not been any material transaction entered into or any material
transaction that is probable of being entered into by the Company or any of the Subsidiaries, other than transactions in the ordinary course of business and changes and transactions described in the
Exchange Act Documents. The Company and the
Subsidiaries have no material contingent obligations that are not disclosed in the Exchange Act Documents. 

        (q)   The
Company's Common Stock is registered pursuant to Section 12(g) of the Exchange Act and is listed on the Nasdaq National Market. The Company has taken no
action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of such shares of Common Stock under the Exchange Act or delisting such shares of Common
Stock from the Nasdaq National Market. The issuance of the Shares does not require shareholder approval, including, without limitation, pursuant to the Nasdaq Marketplace Rules. The Company has not in
the two years preceding the date hereof received notice (written or oral) from the NASDAQ, any stock exchange, market or trading facility on which the Common Stock is or has been listed (or on which
it has been quoted) to the effect that the Company is not in compliance with the listing or maintenance requirements of such exchange, market or trading facility. The Company is, and has 

5

 

no
reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. 

        (r)   The
Company shall file on Form D a notice of the sale of Shares pursuant to this Agreement with the Securities and Exchange Commission within the time prescribed
for the filing of such notice under Regulation D of the Securities Act. 

        (s)   Neither
the Company, nor to the Company's knowledge, any of its affiliates, has taken or may take, directly or indirectly, any action designed to cause or result in, or
which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the shares of Common Stock to facilitate the sale or resale of the Shares. 

        (t)    Except
for matters which are specifically disclosed in the Exchange Act Documents, the contracts listed as exhibits to the Exchange Act Documents, other than those
contracts that are substantially performed or expired by their terms, are in full force and effect on the date hereof, and none of the Company, the Subsidiaries and, to the Company's knowledge, any
other party, is in breach of or default under any such contract. Neither the Company nor any of the Subsidiaries has sent or received any notice indicating the termination of or intention to terminate
any such contract, and no such termination has been threatened by the Company, any Subsidiary, or, to the Company's knowledge, any other party. 

        (u)   The
Company and the Subsidiaries have filed all federal, state, local and foreign tax returns which have been required to be filed and have paid all taxes indicated by
said returns and all assessments received by any of them to the extent that such taxes have become due and are not being contested in good faith and for which an adequate reserve for accrual has been
established in accordance with U.S. generally accepted accounting principles. All tax liabilities have been adequately provided for in the
financial statements of the Company, and the Company does not know of any actual or proposed additional material tax assessments. 

        (v)   Neither
the Company nor any of its subsidiaries is, or intends to conduct its business in a manner in which it would become, an "investment company" as defined in
Section 3(a) of the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. 

        (w)  The
Company and the Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as is adequate for the conduct of their respective
businesses and the value of their respective properties and as is customary for companies engaged in similar industries. All policies of insurance insuring the Company or any Subsidiary or any of
their respective businesses, assets, employees, officers or directors are in full force and effect, and the Company and the Subsidiaries are in compliance with the terms of such policies in all
material respects. There are no claims by the Company or any Subsidiary under any such policy or instrument as to which an insurance company is denying liability or defending under a reservation of
rights clause. 

        (x)   Neither
the Company nor any affiliate, as defined in Rule 501(b) of Regulation D under the Securities Act (an "Affiliate"), of the Company has, directly,
or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated
with the sale of the Shares in a manner that would require the registration under the Securities Act of the sale of the Shares pursuant to the Agreements; or (ii) offered, solicited offers to
buy or sold Shares by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering
within the meaning of Section 4(2) of the Securities Act; and, prior to the Effectiveness Deadline Date (as defined in Section 8(b)), neither the Company nor any Affiliate of the Company
will engage in any of the actions described in clauses (i) and (ii) of this paragraph. 

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        (y)   The
Company is in substantial compliance with the applicable provisions of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the rules and regulations
promulgated thereunder, that are effective and intends to comply substantially with other applicable provisions of the Sarbanes-Oxley Act, and the rules and regulations promulgated thereunder, upon
the effectiveness of such provisions. 

        (z)   Except
as described in the Exchange Act Documents, the Company and the Subsidiaries have good and marketable title to all of the properties and assets reflected in the
financial statements hereinabove described, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except those reflected in such financial statements or which are not material in
amount. The Company and the Subsidiaries occupy their leased properties under valid and binding leases, conforming in all material respects to the description thereof set forth in the Exchange Act
Documents. 

       (aa)  Other
than the fee to be paid by the Company to RBC Dain Rauscher Inc., in its capacity as the placement agent for the Shares, the Company has not incurred any
liability for any finder's or broker's fee, or agent's commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 

       (bb)  The
information contained in the Exchange Act Documents regarding the Company's expectations, plans and intentions, and any other information that constitutes
"forward-looking" information within the meaning of the Securities Act and the Exchange Act were made by the Company on a reasonable basis and reflected the Company's good faith belief and/or estimate
of the matters described therein, in each case as of the date of the Exchange Act Document containing such information. 

       (cc)  The
Company agrees not to, directly or indirectly, sell, offer to sell, solicit offers to buy, dispose of, loan, pledge or grant any right with respect to any shares of
Common Stock of the Company, or any securities convertible into or exercisable or exchangeable for, Common Stock of the Company (except for grants of stock options under the Company's current stock
option plans and shares of Common Stock issued upon the exercise of stock options issued under such stock option plans) until the earlier of (1) the date on which the Registration Statement is
declared effective by the Commission and (2) the Effectiveness Deadline Date (as defined below in Section 8(b)), without the prior written consent of RBC Dain Rauscher Inc., as
placement agent. The Company will use reasonable efforts to cause each of its directors and executive officers to enter into similar agreements with RBC Dain Rauscher Inc., as placement agent. 

       (dd)  The
Company agrees, as soon as practicable after the Closing Date, but in no event later than one business day after the Closing Date, to issue a press release and to
file with the Commission a Current Report on Form 8-K disclosing the sale of the Shares to Investors under the Agreements. Upon the issuance of such press release and filing of such
Current Report, to the knowledge of the Company, the Investor will not be in possession of any material, nonpublic information regarding the Company or its Common Stock. The Company agrees that, after
the issuance of such press release and filing of such Current Report, none of the Company's communications to the Investor will include material, nonpublic information, unless otherwise agreed by the
Company and the Investor in accordance with law. 

        7.     Representations, Warranties and Covenants of the Investor. The Investor represents and warrants to, and covenants with,
the Company that: 

        (a)   The
Investor is an "accredited investor" as defined in Regulation D under the Securities Act and has requested, received, reviewed and considered all information
it deems relevant in making an informed decision to purchase Shares. The Investor is experienced in evaluating companies such as the Company, and has such business and financial experience as is
required to 

7

 

give
it the capacity to utilize the information received, to evaluate the risks involved in purchasing Shares, and to protect its own interests in connection with the purchase of Shares and is able to
bear the risks of an investment in Shares. At no time was the Investor presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or, to the Investor's
knowledge, any other form of general advertising or solicitation in connection with the offer, sale and purchase of Shares. 

        (b)   The
Investor understands that the Shares are "restricted securities" and have not been registered under the Securities Act and is acquiring the number of Shares set
forth on the signature page hereto in the ordinary course of its business and for its own account for investment only and with no present intention of distributing any of such Shares or any
arrangement or understanding with any other persons regarding the distribution of such Shares or otherwise. The representation and warranty in the previous sentence shall not limit the Investor's
right to sell Shares pursuant to the Registration Statement (as defined below in Section 8(a)) or the Investor's right to indemnification under Section 11, other than with respect to any
claim arising out of a breach of this representation and warranty. 

        (c)   The
Investor will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit offers to buy, purchase or otherwise acquire or take a
pledge of) any of the Shares, except in compliance with the Securities Act, applicable state securities laws and the respective rules and regulations promulgated thereunder. 

        (d)   The
Investor will have, on or prior to the Closing Date, furnished to the Company a fully completed Selling Stockholder Questionnaire substantially in the form attached
hereto as Exhibit B, for use in preparation of the Registration Statement; and all of the information contained therein will be true and correct
in all material respects as of such date and as of the Closing Date. The Investor will notify the Company promptly of any change in any such information until such time as the Investor has sold all of
its Shares or until the Company is no longer required to keep the Registration Statement effective. 

        (e)   The
Investor has, in connection with its decision to purchase the number of Shares set forth on the signature page hereto, (i) relied only upon the Executive
Summary dated April 24, 2003, the Exchange Act Documents, the Company's Annual Report to Shareholders for the year ended June 30, 2002, the representations and warranties of the Company
contained herein and any other information received pursuant to Section 7(a), and (ii) has not relied on any information or advice furnished by or on behalf of RBC Dain
Rauscher Inc. 

        (f)    The
Investor acknowledges, represents and agrees that no action has been or will be taken in any jurisdiction outside of the United States, Canada and the United Kingdom
by the Company or RBC Dain Rauscher Inc., as placement agent, that would permit an offering of Shares, or possession or distribution of offering materials in connection with the issue of the
Shares, in any jurisdiction outside the United States, Canada and the United Kingdom. If the Investor is located outside the United States, Canada and the United Kingdom, it has or will take all
actions necessary for the sale of Shares to comply with all applicable laws and regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers Shares or has in its
possession or distributes any offering material, in all cases at its own expense. 

        (g)   The
Investor will not make any sale of Shares without complying with the provisions of this Agreement, including Section 10 hereof, and without causing the
prospectus delivery requirement under the Securities Act to be satisfied, and the Investor acknowledges that the 

8

 

certificates
evidencing the Shares will be imprinted with a legend in substantially the following form (and a stop-transfer order may be placed against transfer of the certificates for the
Shares): 

"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY
STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS." 

The
Investor further acknowledges that, upon receipt of a Suspension Notice (as defined below in Section 10(c)), the Investor will refrain from selling any Shares pursuant to the Registration
Statement until the Investor receives from the Company copies of a supplemented or amended Prospectus prepared and filed by the Company with the Commission, or until it is advised in writing by the
Company that the current Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in any such Prospectus. 

        (h)   The
Investor will notify the Company promptly of the sale of any of its Shares, other than (i) sales pursuant to the Registration Statement and (ii) sales
following termination of the transfer restrictions pursuant to Section 12 of this Agreement, and the Investor will furnish any information reasonably requested by the Company, including an
opinion of counsel reasonably satisfactory to the Company, to evidence the exemption from the registration requirements of the Securities Act, the applicable rules and regulations of the Commission
thereunder, and state securities laws, in reliance upon which such sales have been made. 

        (i)    The
Investor further represents and warrants to, and covenants with, the Company that (i) if an entity, the Investor is duly organized and in good standing in the
jurisdiction of its organization, (ii) the Investor has full legal, corporate or other right, power, authority and capacity to enter into this Agreement and to consummate the transactions
contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (iii) this Agreement has been duly authorized, executed and
delivered by, and constitutes a valid and binding agreement of, the Investor, enforceable against the Investor in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting the rights of creditors generally, and subject to general principles of equity. 

        (j)    Except
with the prior written consent of the Company, the Investor will not, prior to the effectiveness of the Registration Statement, directly or indirectly, sell,
offer to sell, solicit offers to buy, dispose of, loan, pledge or grant any right with respect to (collectively, a "Disposition"), shares of Common Stock of the Company, nor will the Investor engage
in any hedging or other transaction which is designed to or could reasonably be expected to lead to or result in a Disposition of shares of Common Stock of the Company by the Investor or any other
person or entity or any other derivative security transaction the purpose or effect of which is to hedge or transfer to a third party all or any part of the risk of loss associated with the ownership
of the Shares by the Investor. Such prohibited hedging or other transactions would include, without limitation, effecting any short sale or equity swap transaction or having in effect any short
position (whether or not such sale or position is against the box and regardless of when such position was entered into) or any purchase, sale or grant of any right (including, without limitation, any
put or call option) with respect to shares of Common Stock of the Company. 

        (k)   The
Investor shall not disclose to any other person any information concerning the Agreements or the placement of Shares under the Agreements or any nonpublic
information 

9

 

disclosed
to the Investor by or on behalf of the Company in connection with the offer and sale of Shares under this Agreement, until the Company shall have made a public announcement of such
information. 

        (l)    The
Investor understands that nothing in this Agreement, or any other materials presented to the Investor in connection with the purchase and sale of Shares constitutes
legal, tax, accounting or investment advice. The Investor has consulted such legal, tax, accounting and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of Shares. 

        (m)  The
Investor represents that based on the Company having 11,282,282 shares of Common Stock outstanding at the Closing Date (before giving effect to the sale and purchase
of Shares pursuant to this Agreement), the Investor, together with its ultimate parent entity and all entities controlled by the same ultimate parent as the Investor (such entities, including the
Investor, hereinafter collectively referred to as the "Investor Affiliates"), will not hold in excess of 10% of the Company's outstanding
voting securities as a result of the sale and purchase of Shares pursuant to this Agreement, and (ii) all voting securities of the Company that the Investor Affiliates will hold, directly or
indirectly, at the Closing Date (after giving effect to the sale and purchase of Shares pursuant to this Agreement), will be held solely for the purpose of investment such that these securities will
be held by the Investor Affiliates with no intention on the part of any of them to participate in the formulation, determination or direction of the basic business decisions of the Company. As a
result of (i) and (ii), the Investor Affiliates are relying on the exemption available to them as passive investors under Section 7A(c)(9) of the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, and regulations promulgated thereunder (including 16 C.F.R. Sec. 802.9) in their determination that the sale and purchase of Shares pursuant to this Agreement
does not require them to submit any Hart-Scott-Rodino Notification and Report Form. 

        (n)   The
Investor acknowledges that the Company and its counsel are entitled to rely on the representations made above. 

        8.     Shelf Registration. The Company shall: 

        (a)   prepare
and file with the Commission, as soon as practicable, but in no event later than the date that is five (5) business days after the Closing Date (such
later date, the "Filing Deadline Date"), a registration statement on Form S-3 (the "Registration Statement") to enable the resale of Shares by the Investor from time to time through
the automated quotation system of the Nasdaq National Market or the facilities of a national security exchange on which the Common Stock is then traded, or in privately negotiated transactions; 

        (b)   use
its best efforts, subject to receipt of necessary information from the Investor, to cause the Registration Statement to be declared effective under the Securities
Act as soon as practicable but in no event later than the date (the "Effectiveness Deadline Date") that is seventy-five (75) days after the Closing Date; 

        (c)   during
the period from the date on which the Registration Statement is declared effective until the earlier of (i) the second anniversary of the Closing Date,
(ii) such time as the Investor may immediately sell all Shares purchased by the Investor under Rule 144(b) (without giving effect to the volume limitations of Rule 144(e)) or
(iii) such time as the Investor has sold all of the Shares that the Investor purchased pursuant to this Agreement (such period, the "Effectiveness Period"), the Company shall: (A) use
its best efforts to prepare and file with the Commission such amendments and supplements to the Registration Statement as may be necessary or appropriate to keep such Registration Statement current
and continuously effective; (B) cause the Prospectus used in connection with such Registration Statement to be supplemented by any required Prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 (or any similar 

10

 

provisions
then in force) under the Securities Act; and (C) use its best efforts to comply with the provisions of the Securities Act applicable to it with respect to the disposition of all
securities covered by such Registration Statement during the Effectiveness Period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration
Statement, as so amended, or such Prospectus, as so supplemented; 

        (d)   as
soon as practicable, but in any event within two business days, give notice to the Investor when any Prospectus, Prospectus supplement, or the Registration Statement
or any post-effective amendment to the Registration Statement has been filed with the Commission and, with respect to a Registration Statement or any post-effective amendment,
when the same has been declared effective; 

        (e)   furnish
to the Investor such number of copies of the Registration Statement, Prospectuses (including supplemental prospectuses) and preliminary versions of the
Prospectus filed with the Commission ("Preliminary Prospectuses") in conformity with the requirements of the Securities Act, and such other documents as the Investor may reasonably request, in order
to facilitate the public sale or other disposition of all or any of the Shares by the Investor; provided, however, that unless waived by the Company in writing, the obligation of the Company to
deliver copies of Prospectuses or Preliminary Prospectuses to the Investor shall be subject to the receipt by the Company of reasonable assurances from the Investor that the Investor will comply with
the applicable provisions of the Securities Act and of such other securities or Blue Sky laws as may be applicable in connection with any use of such Prospectuses or Preliminary Prospectuses; 

        (f)    file
documents required of the Company for normal blue sky clearance in all states requiring blue sky clearance; provided that the Company will not be required to
(i) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for the Agreements or (ii) take any action
that would subject it to general service of process in suits or to taxation in any such jurisdiction where it is not then so subject; 

        (g)   advise
the Investors at the earliest possible moment after it shall receive notice or obtain knowledge of (i) the issuance of any stop order by the Commission
delaying or suspending the effectiveness of the
Registration Statement or (ii) suspension of the qualification (or exemption from qualification) of any of the Shares for sale in any jurisdiction in which they have been qualified for sale,
or, in each case, the initiation of any proceeding for that purpose; and promptly use its best efforts to prevent the issuance of any stop order or suspension or obtain its withdrawal at the earliest
possible moment if such stop order should be issued or suspension levied; and 

        (h)   Bear
all fees and expenses (other than fees and expenses of the Investor's legal counsel or other advisers, and underwriting discounts, brokerage fees and commissions,
if any) incurred in connection with the performance by the Company of its obligations under paragraphs (a) through (g) and the registration of Shares pursuant to the Registration
Statement, whether or not the Registration Statement is declared effective. 

        9.     Delay in Filing or Effectiveness of Registration Statement. If the Registration Statement is not filed by the Company with
the Commission on or prior to the Filing Deadline Date, then for each day following the Filing Deadline Date, until but excluding the date the Registration Statement is filed, or if the Registration
Statement is not declared effective by the Commission by the Effectiveness Deadline Date, then for each day following the Effectiveness Deadline Date, until but excluding the date the Commission
declares the Registration Statement effective, the Company shall, for each such day, pay the Investor, as liquidated damages and not as a penalty, an amount equal to 0.0357% of the Purchase Price with
respect to any such failure; and for any such day, such payment shall be made no later than the first business day of the calendar month next succeeding the month in which such day occurs. 

11

 

        10.   Transfer of Shares After Registration; Suspension. 

        (a)   The
Investor agrees that it will not effect any disposition of the Shares or its right to purchase the Shares that would constitute a sale within the meaning of the
Securities Act except as contemplated in the Registration Statement referred to in Section 8(a) of this Agreement and as described below or as otherwise permitted by law, and that it will
promptly notify the Company of any changes in the information set forth in the Registration Statement regarding the Investor or its plan of distribution. 

        (b)   Except
in the event that paragraph (c) below applies, the Company shall: 

          (i)  if
deemed necessary by the Company, prepare and file from time to time with the Commission a post-effective amendment to the Registration Statement or a
supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other required document so that such Registration Statement will not
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, and so that, as thereafter delivered to purchasers of the Shares being sold thereunder, such Prospectus will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and 

         (ii)  as
soon as practicable provide to the Investor copies of any documents filed pursuant to the preceding Section 10(b)(i). 

        (c)   Subject
to paragraph (d) below, in the event: (i) of any request by the Commission or any other federal or state governmental authority during the
Effectiveness Period for amendments or supplements to the Registration Statement or related Prospectus or for additional information; (ii) of the issuance by the Commission or any other federal
or state governmental authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose; (iii) of the receipt by the
Company of any notification with respect to the suspension of the qualification (or exemption from qualification) of any of the Shares for sale in any jurisdiction in which they have been qualified
for sale or the initiation of any proceeding for such purpose; or (iv) of any event or circumstance which necessitates the making of any changes in the Registration Statement or Prospectus, or
any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or any
omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue
statement of a material fact or any omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; then the Company shall promptly deliver a certificate in writing to the Investor (the "Suspension Notice") to the effect of the foregoing and, upon receipt of such Suspension
Notice, the Investor will refrain from selling any Shares pursuant to the Registration Statement (a "Suspension") until the Investor receives from the Company copies of a supplemented or amended
Prospectus prepared and filed by the Company, or until it is advised in writing by the Company that the current Prospectus may be used, and has received copies of any additional or supplemental
filings that are incorporated or deemed incorporated by reference in any such Prospectus. In the event of any Suspension, the Company will use its best efforts to cause the use of the Prospectus so
suspended to be resumed as soon as reasonably practicable after delivery of a Suspension Notice to the Investor, and the Company shall as soon as reasonably practicable provide the Investor with
copies of any supplemented or amended Prospectus or, as the case may be, advise the Investor in writing that 

12

 

the
current prospectus may be used, and deliver copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in any such Prospectus. 

        (d)   Notwithstanding
the foregoing paragraphs of this Section 10, the Company shall use its best efforts to ensure that the Investor shall not be prohibited from
selling Shares under the Registration Statement as a result of Suspensions on more than two occasions of not more than 45 days in the aggregate for all such occasions in any
12-month period. If a Suspension is in effect for more than 45 days (consecutive or non-consecutive) in any 12-month period, then for each day in excess of
45 days in that 12-month period on which a Suspension is in effect, but
not including any day on which a Suspension is lifted, the Company shall pay the Investor, as liquidated damages and not as a penalty, an amount equal to 0.0357% of the Purchase Price for each such
day, and such payment shall be made no later than the first business day of the calendar month next succeeding the month in which such day occurs. 

        (e)   In
the event of a sale of Shares by the Investor, unless such requirement is waived by the Company in writing, the Investor must also deliver to the Company's transfer
agent, with a copy to the Company, a Certificate of Subsequent Sale substantially in the form attached hereto as Exhibit C, so that the shares
may be properly transferred. 

        11.   Indemnity and Contribution. 

        (a)   For
purposes of this Section 11: 

          (i)  the
term "Selling Stockholder" shall include the Investor and each person, if any, who controls the Investor within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act; and 

         (ii)  the
term "Registration Statement" shall include any final Prospectus, exhibit, supplement or amendment included in or relating to, and any document incorporated by
reference in, the Registration Statement (or deemed to be a part thereof) referred to in Section 9; 

        (b)   The
Company agrees: 

          (i)  to
indemnify and hold harmless each Selling Stockholder against any losses, claims, damages or liabilities to which such Selling Stockholder may become subject under
the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon (A) any untrue statement or
alleged untrue statement of any material fact contained in the Registration Statement, (B) the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, (C) any inaccuracy in the representations and warranties of the Company contained in this Agreement or the failure of the Company to
perform its obligations hereunder or (D) any failure by the Company to fulfill any undertaking included in the Registration Statement; provided, however, that the Company shall not be liable in
any such case to the extent that such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission made in the
Registration Statement in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Selling Stockholder specifically for use in preparation of the
Registration Statement or the failure of such Selling Stockholder to comply with its covenants and agreements contained in Section 7, 10 or 16 hereof. 

         (ii)  to
reimburse each Selling Stockholder upon demand for any legal or other out-of-pocket expenses reasonably incurred by such Selling Stockholder
in connection with investigating or defending any such loss, claim, damage or liability, action or proceeding or in 

13

 

responding
to a subpoena or governmental inquiry related to the offering of the Shares, whether or not such Selling Stockholder is a party to any action or proceeding. In the event that it is finally
judicially determined that a Selling Stockholder was not entitled to receive payments for legal and other expenses pursuant to this subparagraph, such Selling Stockholder will promptly return all sums
that had been advanced pursuant hereto. 

        (c)   The
Investor agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the Registration Statement and each person, if
any, who controls the Company within the meaning of the Securities Act, against any losses, claims, damages or liabilities to which the Company or any such director, officer or controlling person may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon
(i) any failure to comply with the covenants and agreements contained in Section 7, 10 or 16, (ii) any inaccuracy in the representations and warranties of the Investor contained
in this Agreement, or (iii) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and will reimburse any legal or
other expenses reasonably incurred by the Company or any such director, officer or controlling person in connection with investigating or defending any such loss, claim, damage, liability, action or
proceeding; provided, however, that each Selling Stockholder will be liable, in the case of clause (iii) above, to the extent, but only to the
extent, that such untrue statement or alleged untrue statement or omission or alleged omission has been made in the Registration Statement in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such Selling Stockholder specifically for use in preparation of the Registration Statement. The maximum obligation of a Selling Stockholder to indemnify
under this Section 11 shall be limited to the net amount of the proceeds received by the Investor from the sale of Shares pursuant to the Registration Statement to which the loss, claim, damage
or liability relates. 

        (d)   In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to this
Section 11, such person (the "indemnified party") shall promptly notify the person against whom such indemnity may be sought (the "indemnifying party") in writing. No indemnification provided
for in Section 11(b) or (c) shall be available to any party who shall fail to give notice as provided in this subsection if the party to whom notice was not given was unaware of the
proceeding to which such notice would have related and was materially prejudiced by the failure to give such notice, but the failure to give such notice shall not relieve the indemnifying party or
parties from any liability which it or they may have to the indemnified party for contribution or otherwise than on account of the provisions of Section 11(b) or (c). In case any such
proceeding shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and,
to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party and shall pay as
incurred the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel at its own expense.
Notwithstanding the foregoing, the indemnifying party shall pay as incurred (or within 30 days of presentation) the fees and expenses of the counsel retained by the indemnified party in the
event (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them or (iii) the indemnifying 

14

 

party
shall have failed to assume the defense and employ counsel acceptable to the indemnified party within a reasonable period of time after notice of commencement of the action. 

                It
is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees
and expenses of more than one separate firm for all such indemnified parties. Such firm shall be designated in writing by a Selling Stockholder in the case of parties indemnified pursuant to
Section 11(b) and by the Company in the case of parties indemnified pursuant to Section 11(c). The indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any
loss or liability by reason of such settlement or judgment. In addition, the indemnifying party will not, without the prior written consent of the indemnified party, settle or compromise or consent to
the entry of any judgment in any pending or threatened claim, action or proceeding of which indemnification may be sought hereunder (whether or not any indemnified party is an actual or potential
party to such claim, action or proceeding) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action or proceeding. 

        (e)   If
the indemnification provided for in this Section is unavailable to or insufficient to hold harmless an indemnified party under Section 11(b) or
(c) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and the Selling
Stockholder on the other from the offering pursuant to this Agreement of the Shares to which such losses, claims, damages or liabilities relate. If, however, the allocation provided by the immediately
preceding sentence is not permitted by applicable law then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to
reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Selling Stockholder on the other in connection with the statements or omissions or other
matters which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof), as well as any other relevant equitable considerations. The relative benefits
received by the Company shall be deemed to be equal to the total net proceeds from the sale pursuant to this Agreement (before deducting expenses) of the Shares to which such losses, claims, damages
or liabilities relate. The relative benefits received by a Selling Stockholder shall be deemed to be equal to the value of receiving Shares that are registered under the Securities Act. The relative
fault of a Selling Stockholder on the one hand and the Company on the other hand shall be determined by reference to, among other things, whether the untrue statement or the inaccurate or the alleged
inaccurate representation or warranty relates to information supplied by the Selling Stockholder or by the Company and the parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or inaccurate or alleged inaccurate representation or warranty. 

                The
Company and each Selling Stockholder agree that it would not be just and equitable if contributions pursuant to this subsection were determined by pro rata allocation
or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection. The amount paid or payable by an indemnified party as a result of
the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to above in this Subsection shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection, (i) no Selling Stockholder shall be
required to contribute any amount in excess of the amount by which the net amount received by such Selling 

15

 

Stockholder
from the sale of the Shares to which such loss relates exceeds the amount of any damages that such indemnifying party has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission, inaccurate or alleged inaccurate representation or warranty, or other matter, and (ii) no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

        (f)    In
any proceeding relating to the Registration Statement, each party against whom contribution may be sought under this Section 11 hereby consents to the
jurisdiction of any court having jurisdiction over any other contributing party, agrees that process issuing from such court may be served upon him or it by any other contributing party and consents
to the service of such process and agrees that any other contributing party may join him or it as an additional defendant in any such proceeding in which such other contributing party is a party. 

        (g)   Any
losses, claims, damages, liabilities or expenses for which an indemnified party is entitled to indemnification or contribution under this Section 11 shall be
paid by the indemnifying party to the
indemnified party as such losses, claims, damages, liabilities or expenses are incurred. The indemnity and contribution agreements contained in this Section 11 and the representations and
warranties of the Company and the Investor set forth in this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any
Selling Stockholder, the Company, its directors or officers or any persons controlling the Company, (ii) the sale of any Shares hereunder, and (iii) any termination of this Agreement. 

        (h)   The
remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified
party at law or equity. 

        12.   Termination of Conditions and Obligations. The conditions precedent imposed by Sections 7, 8 and 10 upon the
transferability of Shares shall cease and terminate as to any particular number of Shares (and the legend on the Shares will be removed by the Company) at such time as such Shares have been
effectively registered under the Securities Act and sold or otherwise disposed of in accordance with the intended method of disposition set forth in the Registration Statement covering such Shares,
upon the passage of two years from the Closing Date, or at such time as an opinion of counsel satisfactory to the Company shall have been rendered to the effect that such conditions are not necessary
in order to comply with the Securities Act. 

        13.   Information Available. So long as the Registration Statement is effective covering the resale of Shares owned by the
Investor, the Company will furnish (or to the extent such information is available electronically through the Company's filings with the Commission, the Company will make available through its
Internet web site) to the Investor as soon as practicable after it is available (but in the case of the Company's Annual Report to Stockholders, within 90 days of each fiscal year of the
Company), one copy of: 

        (a)   its
Annual Report to Shareholders (which Annual Report shall contain financial statements audited in accordance with generally accepted accounting principles by a
national firm of certified public accountants) and, if not included in substance in the Annual Report to Shareholders, its Annual Report on Form 10-K (the foregoing, in each case,
excluding exhibits); and 

        (b)   upon
the reasonable request of the Investor, all exhibits excluded by the parenthetical to subparagraph (a)(i) of this Section 13 as filed with the
Commission and all other information that is made available to shareholders. 

        14.   Public Statements. The Company will not issue any public statement, press release or any other public disclosure listing
the Investor as a purchaser of Shares, without the Investor's prior written 

16

 

consent,
except as may be required by applicable law or rules of any exchange on which the Company's securities are listed. 

        15.   Placement Agent's Fee. The Investor acknowledges that the Company intends to pay to RBC Dain Rauscher Inc., in its
capacity as the placement agent for the Shares, a fee in respect of the sale of the Shares to the Investor. The Company shall indemnify and hold harmless the Investor from and against all fees,
commissions or other payments owing by the Company to RBC Dain Rauscher Inc. or any other person or firm acting on behalf of the Company hereunder. 

        16.   Brokers. The Investor acknowledges that there are no fees, commissions or other payments owing to any broker, finder or
intermediary acting on behalf of the Investor in connection with the transactions contemplated by this Agreement. 

        17.   Rule 144. (a) The Company covenants that, if at any time before the end of the Effectiveness Period the
Company is not subject to the reporting requirements of the Exchange Act, it will cooperate with the Investor and take such further reasonable action as the Investor may reasonably request in writing
(including, without limitation, making such reasonable representations as the Investor may reasonably request), all to the extent required from time to time to enable the Investor to sell Shares
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 and Rule 144A under the Securities Act (or any successor rule) and customarily
taken in connection with sales pursuant to such exemptions. Upon the written request of the Investor, the Company shall deliver to the Investor a written statement as to whether it has complied with
such reporting requirements, unless such a statement has been included in the Company's most recent report filed pursuant to Section 13 or Section 15(d) of Exchange Act. Notwithstanding
the foregoing, nothing in this Section 17 shall be deemed to require the Company to register any of its securities (other than the Common Stock) under any section of the Exchange Act. 

        (b)   The
Company shall file the reports required to be filed by it under the Exchange Act and shall comply with all other requirements set forth in the instructions to
Form S-3 in order to allow the Company to be eligible to file registration statements on Form S-3. 

        18.   Liquidated Damages. (a) The parties agree that the sole damages payable for a violation of the terms of this
Agreement with respect to which liquidated damages are expressly provided shall be such liquidated damages. Nothing shall preclude the Investor from pursuing or obtaining specific performance or other
equitable relief with respect to this Agreement. 

        (b)   The
parties hereto agree that the liquidated damages provided for in Section 9 and 10 hereof constitute a reasonable estimate of the damages that may be incurred
by the Investor by reason of the failure of the Registration Statement to be filed or declared effective in accordance with the provisions of Section 9 hereof or by Suspensions during the
Effectiveness Period in excess of those permitted by the provisions of Section 10 hereof. 

        19.   Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand
delivery, by telecopier, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (a) when made, if made by hand delivery,
(b) upon confirmation, if made by telecopier, (c) one (1) business day after being deposited with such courier, if made by overnight courier or (d) on the date indicated on
the notice of receipt, if made by first-class mail, to the parties as follows: 

        (a)   if
to the Investor, at its address on the signature page hereto; 

        (b)   if
to the Company, to:  

Overland
Storage, Inc.

4820 Overland Avenue

San Diego, California 92123

17

 

Attn:
Chief Financial Officer

Fax: (858) 503-4342 

With
a copy to: 

Morrison &
Foerster LLP

3811 Valley Centre Drive,

Suite 500

San Diego, California 92130-2332

Carlos D. Heredia, Esq.

Fax: (858) 720-5125 

or
to such other address as such person may have furnished to the other persons identified in this Section 19 in writing in accordance herewith. 

        20.   Modification; Amendment. The provisions of this Agreement may not be amended, modified or supplemented unless pursuant to
an instrument in writing signed by the Company and the Investor. 

        21.   Headings. The headings of the various sections of this Agreement have been inserted for convenience of reference only and
shall not be deemed to be part of this Agreement. 

        22.   Severability. If any term provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated
thereby, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

        23.   Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of
California, without giving effect to the principles of conflicts of law. 

        24.   Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but
all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other
parties. 

        25.   Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is intended to
be a complete and exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter contained herein. Except as provided in this Agreement, there are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to such matters. This Agreement supersedes all prior agreements and undertakings
among the parties with respect to such matters. No party hereto shall have any rights, duties or obligations other than those specifically set forth in this Agreement. 

18

 

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

	 	 	[NAME OF INVESTOR]
	

 	
 	

By:	

 
	 	 	 	

	

 	
 	

Name:	

 
	 	 	 	

	

 	
 	

Title:	

 
	 	 	 	

	

 	
 	

Address:	

 
	 	 	 	

	

 	
 	

Number of Shares:	

 
	 	 	 	

	

 	
 	

Aggregate Purchase Price: $	

 
	 	 	 	

	

 	
 	

Tax ID No.:	

 
	 	 	 	

	

 	
 	

Contact Name:	

 
	 	 	 	

	

 	
 	

Telephone:	

 
	 	 	 	

	

 	
 	

Name in which the Shares should be registered (if different):	

 
	 	 	 	

	

 	
 	

Relationship between the Investor and the person or entity in whose name the Shares should be registered (if different):	

 
	 	 	 	

19

 

Agreed
to and Accepted by: 

	 	 	Overland Storage, Inc.
	

 	
 	

By:	

 
	 	 	 	
 Name: Vernon A. LoForti

Title: Vice President, Chief Financial Officer and Secretary

20

  

 
 

EXHIBIT A    
    

 
 

OPINION OF COUNSEL FOR THE COMPANY    
    

        The opinion of the counsel for the Company, to be delivered pursuant to Section 5(a) of this Agreement shall be substantially to the effect that: 

	1.
	The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of California. The Company has the requisite corporate power and
authority to own its properties and to conduct its business as it is currently being conducted.

	2.
	The
Company has the corporate power and authority to execute and deliver and to perform and observe its obligations under the Agreements. The Agreements have been duly authorized by
all necessary corporate action, executed and delivered by the Company and constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective
terms.

	3.
	The
authorized capital stock of the Company consists of Twenty-Five Million (25,000,000) shares of Common Stock. The Shares to be received by the Investors pursuant to the
Agreements have been duly authorized and, upon issuance and delivery against payment therefor in accordance with the terms of the Agreements, will be validly issued, fully paid and nonassessable.

	4.
	Except
as set forth in the Agreements or the Exchange Act Documents: (i) there are no pre-emptive or similar rights contained in the Articles of Incorporation or the
Bylaws; and (ii) to our knowledge, there are no rights of first offer or first refusal, registration rights, options, warrants, conversion privileges or other rights (or agreements for any such
rights) outstanding to purchase or acquire from the Company any shares of its capital stock. The sale of the Shares pursuant to the Agreements does not violate any such rights.

	5.
	The
execution, delivery and performance of the Agreements by the Company and the issuance of the Shares as contemplated by the Agreements: (i) do not violate any provision of
the Articles of Incorporation or the Bylaws; (ii) do not violate any law, rule or regulation applicable to the Company or its properties; and (iii) to our knowledge, do not violate or
constitute a default under the provisions of any judgment, writ, decree, order or material agreement to which the Company is a party.

	6.
	Assuming
the filing of a Form D in accordance with Regulation D under the Securities Act, the offer and sale of the Shares pursuant to the terms of the Agreement are
exempt from registration under the Securities Act.

	7.
	To
our knowledge, all consents, approvals, orders or authorizations of, and all qualifications, registrations or filings with, any federal or state governmental authority on the part
of the Company required in connection with the execution and delivery of the Agreements and the consummation of the transactions contemplated by the Agreements have been made or obtained, except for:
(i) the filing of a Form D in accordance with Regulation D under the Securities Act; (ii) any consents, approvals, orders, authorizations, qualifications, registrations or
filings required under state securities laws; and (iii) any consents, approvals, orders, authorizations, qualifications, registrations or filings required in connection with the Company's
obligations under Sections 8 and 10 of the Agreements.

	8.
	To
our knowledge, no action, proceeding or investigation is pending or overtly threatened against the Company before any court or administrative agency that questions the validity of
the Agreements or the transactions contemplated thereby or that might result, either individually or in the aggregate, in any material adverse change in the assets, financial condition or operations
of the Company. 

A-1

 
	9.
	The
Company is duly qualified to transact business and is in good standing in the states of Colorado, Florida, New Hampshire, Texas and New York. 

A-2

  

 
 

EXHIBIT B    
    

 
 

OVERLAND STORAGE, INC.
  
  
  SELLING SECURITYHOLDER QUESTIONNAIRE
  FOR INTENDED SALE OF SHARES OF COMMON STOCK
  PURSUANT TO SHELF REGISTRATION STATEMENT    

        This
Questionnaire requests information necessary to prepare a registration statement on Form S-3 (the "Shelf Registration Statement") for the registration and resale
under Rule 415 of the Securities Act of 1933, as amended (the "Securities Act"), of certain shares of common stock of Overland Storage, Inc. (the "Company") to be filed by the Company
with the Securities and Exchange Commission (the "Commission"), in accordance with the terms of the Purchase Agreement dated as of May     , 2003 (the "Purchase Agreement"), between
the Company and the undersigned beneficial owner of shares of common stock of the Company ("Shares") purchased pursuant to such agreement (the "Selling Securityholder"). All capitalized terms not
otherwise defined herein shall have the respective meanings ascribed thereto in the Purchase Agreement. 

        In
order to sell or otherwise dispose of any Shares pursuant to the Shelf Registration Statement, you generally will be required to be named as a selling securityholder in the related
prospectus, deliver a prospectus to purchasers of the Shares and be bound by the provisions of the Purchase Agreement (including certain indemnification provisions, as described below). If you do not
complete this Questionnaire and deliver it to the Company as provided below you will not be named as a selling securityholder in the prospectus and therefore will not be permitted to sell any Shares
pursuant to the Shelf Registration Statement. Please complete and deliver this Questionnaire to Mr. Vernon A. LoForti, the Chief Financial Officer of the Company, as soon as possible and in any
event no later than Closing Date (as defined in the Purchase Agreement). 

        Certain
legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and the related prospectus. Accordingly, holders and beneficial owners
of Shares are advised
to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and the related prospectus. 

        The
Selling Securityholder, by signing and returning this Questionnaire, understands that it will be bound by the terms and conditions of this Questionnaire and the Purchase Agreement. 

        Pursuant
to the Purchase Agreement, the undersigned has agreed to indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the Shelf
Registration Statement and each person, if any, who controls the Company within the meaning of the Securities Act, from and against certain losses arising in connection with statements concerning the
undersigned made in the Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Questionnaire. 

B-1

 

        The
undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate and complete: 

 
 

QUESTIONNAIRE    

	 	 	1.	 	(a) Full Legal Name of Selling Securityholder:1
	

 	
 	

 	
 	

	 	 	 	 	1    If this Questionnaire is being completed by or on behalf of a person other than an individual, the entity on whose behalf the Questionnaire is being completed should be
stated.
	

 	
 	

 	
 	

(b) Except as set forth below in this Item 1(b), the undersigned does not hold any or all of the Shares on behalf of another person or entity.
	

 	
 	

 	
 	

State any exceptions here:
	

 	
 	

 	
 	

	

 	
 	

2.	
 	

Beneficial Ownership:
	

 	
 	

 	
 	

Immediately after the Closing, there will be no equity securities of the Company of which the undersigned will be the "beneficial owner"2, except as set forth below in this Item 2. The disclosure indicates the amount of equity
securities which the undersigned beneficially owns, which it has a right to acquire within 60 days after the Closing Date, and as to which it has sole voting power, shared voting power, sole investment power or shared investment
power.
	 	 	 	 	2    Defined in Appendix A to this questionnaire.
	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

3.	
 	

Except as set forth below in this Item 3, the undersigned wishes that all of the Shares that the undersigned purchased pursuant to the Purchase Agreement be offered for the account of the undersigned in the Shelf Registration Statement.
	

 	
 	

 	
 	

State any exceptions here:
	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

4.	
 	

Relationships with the Company:
	

 	
 	

 	
 	

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Company (or its
predecessors or affiliates) during the past three years.
	

 	
 	

 	
 	

State any exceptions here:
	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

B-2

 

	

 	
 	

5.	
 	

Plan of Distribution:
	

 	
 	

 	
 	

Except as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Shares pursuant to the Shelf Registration Statement only as follows (if at all): Such Shares may be sold from time to time directly by the
undersigned or, alternatively, through underwriters, broker-dealers or agents. If the Shares are sold through underwriters, broker-dealers or agents, the Selling Securityholder will be responsible for underwriting discounts or commissions or agent's
commissions. Such Shares may be sold in one more or transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions
(which may involve block transactions) (a) on any national securities exchange or quotation service on which the Shares may be listed or quoted at the time of sale, (b) in the over-the-counter market, (c) in transactions otherwise than
on such exchanges or services or in the over-the-counter market, or (d) through the writing of options. In connection with sales of Shares or otherwise, the undersigned may enter into hedging transactions with broker-dealers, which may in turn
engage in short sales of the Shares in the course of hedging positions they assume. The undersigned may also sell Shares short and deliver Shares to close out short positions, or loan or pledge Shares to broker-dealers that in turn may sell such
securities. State any exceptions here:
	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

Note: In no event will such method(s) of distribution take the form of an underwritten offering of the Shares without the prior agreement of the Company.
	

 	
 	

6.	
 	

State below whether the undersigned is a "member"3 of the National Association of Securities Dealers, Inc. ("NASD"), "person associated with a member", a direct or indirect "affiliate" of a member or an "underwriter or related person"
with respect to the proposed offering.4 If the undersigned is a general or limited partnership, a "No" reply shall be assumed to confirm that no relationship exists for the undersigned as well as each of its general or limited
partners.5
	 	 	 	 	3    Highlighted terms in this Item are defined in Appendix A.
	 	 	 	 	4    NASD Rule 2710(b)(6)(A)(iii)
	 	 	 	 	5    Item 6 need only be answered if either (a) the Selling Securityholder is an affiliate of the Company, or (b) the sale of Shares under the Shelf Registration Statement requires
clearance from the NASD.
	

 	
 	

 	
 	

Yes ______________No ______________
	

 	
 	

 	
 	

If yes, identify the NASD member and describe the relationship with the NASD member, including in the case of a general or limited partner, the identity of the partner.
	

 	
 	

 	
 	

	

 	
 	

 	
 	

	

 	
 	

 	
 	

        The
undersigned acknowledges that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules thereunder relating to
stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of the Shares pursuant to the Shelf Registration Statement. The
undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

        In
accordance with the undersigned's obligation under the Purchase Agreement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information
provided 

B-3

 

herein
that may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains effective. 

        By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 6 above and the inclusion of such information in the
Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the
Shelf Registration Statement and the related prospectus. 

        IN
WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent. 

        Dated:
May    , 2003 

	 	 	Name of Selling Securityholder:
	

 	
 	

By:	
 	

 
	 	 	 	 	
Name:
Title:

B-4

  

 
 

Appendix A to Exhibit B    
    

Definitions: 

        1.     You
are the "beneficial owner" of a security if you directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, have or share:
(i) voting power which includes the power to vote, or to direct the voting of, such security, or (ii) investment power which includes the power to dispose, or to direct the disposition
of, such security. You are deemed the beneficial owner of a security if you, directly or indirectly, create or use a trust, proxy, power of attorney, pooling arrangement or any other contract,
arrangement, or device with the purpose or effect of divesting yourself of beneficial ownership of a security or preventing the vesting of such beneficial ownership. Finally, you are deemed to be the
beneficial owner of a security if you have the right to acquire beneficial ownership of such security at any time within sixty days, including but not limited to any right to acquire
(a) through the exercise of any option, warrant or right, or (b) through the conversion of a security, or (c) pursuant to the power to revoke a trust, discretionary account, or
similar arrangement, or (d) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. If you have acquired any security or power specified in (a), (b),
(c) or (d) above, with the purpose or effect of changing or influencing the control of the issuer, or in connection with or as a participant in any transaction having such purpose or
effect, then immediately upon such acquisition you are deemed to be the beneficial owner of the securities which may be acquired through the exercise or conversion of such security or power. 

        All
securities of the same class that are beneficially owned by you, regardless of the form which such beneficial ownership takes, must be aggregated in calculating the number of shares
beneficially owned by you. 

        The
above definition is broad and although you may not actually have or share voting or investment power with respect to securities owned by persons in your family or living in your
home, you should include such shares in your beneficial ownership disclosure, and then, as appropriate, disclaim beneficial ownership of such securities. 

        2.     The
term "underwriter or related person" includes, with respect to a proposed offering, any underwriter, underwriter's counsel, financial consultant and advisors,
finders, members of the selling or distribution group, any member participating in the proposed offering and any and all other persons associated with or related to and members of the immediate family
of any of such persons. NASD Rule 2710(a)(6). 

        3.     The
NASD defines a "member" as being either any broker or dealer admitted to membership in the NASD or any individual, partnership, corporation or other legal entity
admitted to membership in the NASD under the provisions of Articles III and IV of the NASD By-laws. NASD Rule 0120(i). 

        4.     The
NASD defines a "person associated with a member" as being every sole proprietor, general or limited partner, officer, director or branch manager of any member, or any
natural person occupying a similar status or performing similar functions, or any natural person engaged in the investment banking or securities business who is directly or indirectly controlling or
controlled by such member (for example, any employee), whether or not any such person is registered or exempt from registration with the NASD. Thus, "person associated with a member" includes a sole
proprietor, general or limited partner, officer, director or branch manager of an organization of any kind (whether a corporation, partnership or other business entity) which itself is a "member" or a
"person associated with a member". In addition, an organization of any kind is a "person associated with a member" if its sole proprietor or any one of its general or limited partners, officers,
directors or branch managers is a "member" or "person associated with a member". Article I of the NASD By-Laws. 

1

 

        5.     The
NASD defines "affiliate" to include a company which controls, is controlled by or is under common control with a member. A company is presumed to control a member if
the company beneficially owns 10 percent or more of the outstanding voting securities of a member which is a corporation, or beneficially owns a partnership interest in 10 percent or
more of the distributable profits or losses of a member which is a partnership. A company is presumed to be controlled by a member if the member and persons associated with the member beneficially own
10 percent or more of the outstanding voting securities of a company which is a corporation, or beneficially own a partnership interest in 10 percent or more of the distributable profits
or losses of a company which is a partnership. A company is presumed to be under common control with a member if (i) the same natural person or company controls both the member and company by
beneficially owning 10 percent or more of the outstanding voting securities of a member or company which is a corporation, or by beneficially owning a partnership interest in 10 percent
or more of the distributable profits or losses of a member or company which is a partnership or (ii) a person having the power to direct or cause the direction of the management or policies of
the member or the company also has the power to direct or cause the direction of the management or policies of the other entity in question. NASD Rule 2720(b)(1). 

2

  

 
 

EXHIBIT C    
    

 
 

OVERLAND STORAGE, INC.
  CERTIFICATE OF SUBSEQUENT SALE    
    

[Name
and address of transfer agent] 

	Re:
	Sale
of Shares of Common Stock of Overland Storage, Inc. (the "Company") pursuant to the Company's Prospectus
dated                            , 2003 (the "Prospectus") 

Dear
Sir/Madam: 

        The
undersigned hereby certifies, in connection with the sale of shares of Common Stock of the Company included in the table of Selling Shareholders in the Prospectus, that the
undersigned has sold the Shares pursuant to the Prospectus and in a manner described under the caption "Plan of Distribution" in the Prospectus and that such sale complies with all applicable
securities laws, including, without limitation, the Prospectus delivery requirements of the Securities Act of 1933, as amended. 

	

 	
 	

Selling Stockholder (the beneficial owner):	

 
	 	 	 	

	

 	
 	

Record Holder (e.g., if held in name of nominee):	

 
	 	 	 	

	

 	
 	

Restricted Stock Certificate No(s).:	

 
	 	 	 	

	

 	
 	

Number of Shares Sold:	

 
	 	 	 	

	

 	
 	

Date of Sale:	

 
	 	 	 	

        In
the event that you receive a stock certificate(s) representing more shares of Common Stock than have been sold by the undersigned, then you should return to the undersigned a newly
issued certificate for such excess shares in the name of the Record Holder and BEARING A RESTRICTIVE LEGEND. Further, you should place a stop transfer on your records with regard to such certificate. 

	Dated:	 	VERY TRULY YOURS,
	

 	
 	
By:	

 
	 	 	 	

	

 	
 	

Print Name:	

 
	 	 	 	

	

 	
 	

Title:	

 
	 	 	 	

	cc:
	Overland
Storage, Inc.

4820 Overland Avenue

San Diego, California 92123

Attn: Chief Financial Officer 

C-1

QuickLinks

Exhibit 4.4

PURCHASE AGREEMENT

EXHIBIT A

OPINION OF COUNSEL FOR THE COMPANY

EXHIBIT B

OVERLAND STORAGE, INC. SELLING SECURITYHOLDER QUESTIONNAIRE FOR INTENDED SALE OF SHARES OF COMMON STOCK PURSUANT TO SHELF REGISTRATION STATEMENT

QUESTIONNAIRE

Appendix A to Exhibit B

EXHIBIT C

OVERLAND STORAGE, INC. CERTIFICATE OF SUBSEQUENT SALE<Page>

                                                                     EXHIBIT 4.1

================================================================================

                            OLD SECOND BANCORP, INC.

                                       and

                            WILMINGTON TRUST COMPANY,
                                   as Trustee

                                    INDENTURE

                     _____% SUBORDINATED DEBENTURES DUE 2033

                         Dated as of _____________, 2003

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
SECTION                                                HEADING                                            PAGE
<S>                                                                                                        <C>
ARTICLE I            DEFINITIONS............................................................................2

     Section 1.1.    Definitions of Terms...................................................................2

ARTICLE II           ISSUE, DESCRIPTION, TERMS, CONDITIONS, REGISTRATION
                     AND EXCHANGE OF THE DEBENTURE.........................................................10

     Section 2.1     Designation and Principal Amount......................................................10
     Section 2.2.    Maturity..............................................................................10
     Section 2.3.    Form and Payment......................................................................11
     Section 2.4.    [Intentionally Omitted]...............................................................11
     Section 2.5.    Interest..............................................................................11
     Section 2.6.    Execution and Authentication..........................................................12
     Section 2.7.    Registration of Transfer and Exchange.................................................13
     Section 2.8.    Temporary Debentures..................................................................14
     Section 2.9.    Mutilated, Destroyed, Lost or Stolen Debentures.......................................14
     Section 2.10.   Cancellation..........................................................................15
     Section 2.11.   Benefit of Indenture..................................................................15
     Section 2.12.   Authentication Agent..................................................................15

ARTICLE III          REDEMPTION OF DEBENTURES..............................................................16

     Section 3.1.    Redemption............................................................................16
     Section 3.2.    Special Event Redemption..............................................................16
     Section 3.3.    Optional Redemption by the Company....................................................17
     Section 3.4.    Notice of Redemption..................................................................18
     Section 3.5.    Payment upon Redemption...............................................................19
     Section 3.6.    No Sinking Fund.......................................................................19

ARTICLE IV           EXTENSION OF INTEREST PAYMENT PERIOD..................................................19

     Section 4.1.    Extension of Interest Payment Period..................................................19
     Section 4.2.    Notice of Extension...................................................................20
     Section 4.3.    Limitation on Transactions............................................................20

ARTICLE V            PARTICULAR COVENANTS OF THE COMPTON...................................................21

     Section 5.1.    Payment of Principal and Interest.....................................................21
     Section 5.2.    Maintenance of Agency.................................................................21
     Section 5.3.    Paying Agents.........................................................................21
     Section 5.4.    Appointment to Fill Vacancy in Office of the Trustee..................................22
     Section 5.5.    Compliance with Consolidation Provisions..............................................23
     Section 5.6.    Limitation on Transactions............................................................23
     Section 5.7.    Covenants as to the Trust.............................................................23
     Section 5.8.    Covenants as to Purchases.............................................................24
</Table>

                                       -i-
<Page>

<Table>
<S>                                                                                                        <C>
     Section 5.9.    Waiver of Usury, Stay or Extension Laws...............................................24

ARTICLE VI           THE DEBENTUREHOLDERS' LISTS AND REPORTS BY THE
                     COMPANY AND THE TRUSTEE...............................................................24

     Section 6.1.    The Company to Furnish the Trustee Names and Addresses of the Debentureholders........24
     Section 6.2.    Preservation of Information Communications with the Debentureholders..................24
     Section 6.3.    Reports by the Company................................................................25
     Section 6.4.    Reports by the Trustee................................................................25

ARTICLE VII          REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON
                     EVENT OF DEFAULT......................................................................26

     Section 7.1.    Events of Default.....................................................................26
     Section 7.2.    Collection of Indebtedness and Suits for Enforcement by the Trustee...................27
     Section 7.3.    Application of Money Collected........................................................29
     Section 7.4.    Limitation on Suits...................................................................29
     Section 7.5.    Rights and Remedies Cumulative; Delay or Omission not Waiver..........................30
     Section 7.6.    Control by the Debentureholders.......................................................30
     Section 7.7.    Undertaking to Pay Costs..............................................................31
     Section 7.8.    Direct Action; Right of Set-Off.......................................................31

ARTICLE VIII         FORM OF THE DEBENTURE AND ORIGINAL ISSUE..............................................32

     Section 8.1.    Form of Debenture.....................................................................32
     Section 8.2.    Original Issue of the Debentures......................................................32

ARTICLE IX           CONCERNING THE TRUSTEE................................................................32

     Section 9.1.    Certain Duties and Responsibilities of the Trustee....................................32
     Section 9.2.    Notice of Defaults....................................................................33
     Section 9.3.    Certain Rights of the Trustee.........................................................34
     Section 9.4.    The Trustee not Responsible for Recitals, Etc.........................................35
     Section 9.5.    May Hold the Debentures...............................................................35
     Section 9.6.    Money Held in Trust...................................................................35
     Section 9.7.    Compensation and Reimbursement........................................................35
     Section 9.8.    Reliance on Officers' Certificate.....................................................36
     Section 9.9.    Disqualification; Conflicting Interests...............................................36
     Section 9.10.   Corporate Trustee Required; Eligibility...............................................36
     Section 9.11.   Resignation and Removal; Appointment of Successor.....................................37
     Section 9.12.   Acceptance of Appointment by Successor................................................38
     Section 9.13.   Merger, Conversion, Consolidation or Succession to Business...........................38
     Section 9.14.   Preferential Collection of Claims against the Company.................................39
</Table>

                                      -ii-
<Page>

<Table>
<S>                                                                                                        <C>
ARTICLE X            CONCERNING THE DEBENTUREHOLDERS.......................................................39

     Section 10.1.   Evidence of Action by the Holders.....................................................39
     Section 10.2.   Proof of Execution by the Debentureholders............................................40
     Section 10.3.   Who May be Deemed Owners..............................................................40
     Section 10.4.   Certain Debentures Owned by Company Disregarded.......................................40
     Section 10.5.   Actions Binding on the Future Debentureholders........................................41

ARTICLE XI           SUPPLEMENTAL INDENTURES...............................................................41

     Section 11.1.   Supplemental Indentures without the Consent of the Debentureholders...................41
     Section 11.2.   Supplemental Indentures with Consent of the Debentureholders..........................42
     Section 11.3.   Effect of Supplemental Indentures.....................................................43
     Section 11.4.   The Debentures Affected by Supplemental Indentures....................................43
     Section 11.5.   Execution of Supplemental Indentures..................................................43
     Section 11.6.   Preservation of Registered Debentures.................................................43

ARTICLE XII          SUCCESSOR CORPORATION.................................................................44

     Section 12.1.   The Company may Consolidate, Etc......................................................44
     Section 12.2.   Successor Corporation Substituted.....................................................44
     Section 12.3.   Evidence of Consolidation, Etc. to Trustee............................................45

ARTICLE XIII         SATISFACTION AND DISCHARGE............................................................45

     Section 13.1.   Satisfaction and Discharge of Indenture...............................................45
     Section 13.2.   Discharge of Obligations..............................................................45
     Section 13.3.   Deposited Money to be Held in Trust...................................................46
     Section 13.4.   Payment of Monies Held by Paying Agents...............................................46
     Section 13.5.   Repayment to the Company..............................................................46

ARTICLE XIV          IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
                     AND DIRECTOR..........................................................................46

     Section 14.1.   No Recourse...........................................................................46

ARTICLE XV           MISCELLANEOUS PROVISIONS..............................................................47

     Section 15.1.   Effect on Successors and Assigns......................................................47
     Section 15.2.   Actions by Successor..................................................................47
     Section 15.3.   Surrender of the Company Powers.......................................................47
     Section 15.4.   Notices...............................................................................47
     Section 15.5.   Governing Law.........................................................................48
     Section 15.6.   Treatment of the Debentures as Debt...................................................48
     Section 15.7.   Compliance Certificates and Opinions..................................................48
     Section 15.8.   Payments on Business Days.............................................................48
     Section 15.9.   Conflict with Trust Indenture Act.....................................................48
</Table>

                                      -iii-
<Page>

<Table>
<S>                                                                                                        <C>
     Section 15.10.  Counterparts..........................................................................49
     Section 15.11.  Separability..........................................................................49
     Section 15.12.  Assignment............................................................................49
     Section 15.13.  Acknowledgment of Rights; Right of Setoff.............................................49

ARTICLE XVI          SUBORDINATION OF THE DEBENTURE........................................................50

     Section 16.1.   Agreement to Subordinate..............................................................50
     Section 16.2.   Default on Senior Indebtedness........................................................50
     Section 16.3.   Liquidation; Dissolution; Bankruptcy..................................................50
     Section 16.4.   Subrogation...........................................................................51
     Section 16.5.   The Trustee to Effectuate Subordination...............................................52
     Section 16.6.   Notice by the Company.................................................................52
     Section 16.7.   Rights of the Trustee; Holders of the Senior Indebtedness.............................53
     Section 16.8.   Subordination May Not Be Impaired.....................................................54
</Table>

                                      -iv-
<Page>

                              CROSS-REFERENCE TABLE

<Table>
<Caption>
SECTION OF
TRUST INDENTURE ACT                                                           SECTION OF
OF 1939, AS AMENDED                                                            INDENTURE
<S>                                                                       <C>
310(a)..............................................................................9.10
310(b).........................................................................9.9, 9.11
310(c)....................................................................Not Applicable
311(a)..............................................................................9.14
311(b)..............................................................................9.14
311(c)....................................................................Not Applicable
312(a)...................................................................... 6.1, 6.2(a)
312(b)........................................................................... 6.2(c)
312(c)........................................................................... 6.2(c)
313(a)........................................................................... 6.4(a)
313(b)........................................................................... 6.4(b)
313(c)....................................................................6.4(a), 6.4(b)
313(d)............................................................................6.4(c)
314(a)............................................................................6.3(a)
314(b)....................................................................Not Applicable
314(c)..............................................................................15.7
314(d)....................................................................Not Applicable
314(e)..............................................................................15.7
314(f)....................................................................Not Applicable
315(a).......................................................................9.1(a), 9.3
315(b)...............................................................................9.2
315(c)............................................................................9.1(a)
315(d)............................................................................9.1(b)
315(e)...............................................................................7.7
316(a)..........................................................................1.1, 7.6
316(b)............................................................................7.4(b)
316(c)...........................................................................10.1(b)
317(a)...............................................................................7.2
317(b)...............................................................................5.3
318(a)..............................................................................15.9
</Table>

Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to
      be a part of the Indenture.

                                       -v-
<Page>

                                    INDENTURE

     Indenture, dated as of _______________, 2003, between OLD SECOND BANCORP,
INC., a Delaware corporation (the "COMPANY") and WILMINGTON TRUST COMPANY, a
Delaware banking corporation duly organized and existing under the laws of the
State of Delaware, as trustee (the "TRUSTEE");

                                     RECITAL

     WHEREAS, for its lawful corporate purposes, the Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance of
securities to be known as its ______% Subordinated Debentures due 2033
(hereinafter referred to as the "DEBENTURES"), the form and substance of such
Debentures and the terms, provisions and conditions thereof to be set forth as
provided in this Indenture;

     WHEREAS, Old Second Capital Trust I, a Delaware statutory trust (the
"TRUST"), has offered to the public $25,000,000 aggregate liquidation amount
of its Preferred Securities (as defined herein) ($28,750,000 if the
Underwriters exercise their Option (as defined herein)) and proposes to
invest the proceeds from such offering, together with the proceeds of the
issuance and sale by the Trust to the Company of $773,200 aggregate
liquidation amount of its Common Securities (as defined herein) ($890,000 if
the Underwriters exercise their Option), in $25,773,200 aggregate principal
amount of the Debentures ($29,640,000 if the Underwriters exercise their
Option);

     WHEREAS, the Company has requested that the Trustee execute and deliver
this Indenture;

     WHEREAS, all requirements necessary to make this Indenture a valid
instrument in accordance with its terms, and to make the Debentures, when
executed by the Company and authenticated and delivered by the Trustee, the
valid obligations of the Company, have been performed, and the execution and
delivery of this Indenture have been duly authorized in all respects;

     WHEREAS, to provide the terms and conditions upon which the Debentures are
to be authenticated, issued and delivered, the Company has duly authorized the
execution of this Indenture; and

     WHEREAS, all things necessary to make this Indenture a valid agreement of
the Company, in accordance with its terms, have been done.

     NOW, THEREFORE, in consideration of the premises and the purchase of the
Debentures by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of the Debentures:

<Page>

                                    ARTICLE I

                                   DEFINITIONS

   SECTION 1.1. DEFINITIONS OF TERMS. The terms defined in this Section 1.1
(except as in this Indenture otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section
1.1 and shall include the plural as well as the singular. All other terms used
in this Indenture that are defined in the Trust Indenture Act, or that are by
reference in the Trust Indenture Act defined in the Securities Act (except as
herein otherwise expressly provided or unless the context otherwise requires),
shall have the meanings assigned to such terms in the Trust Indenture Act and in
the Securities Act as in force at the date of the execution of this instrument.
All accounting terms used herein and not expressly defined shall have the
meanings assigned to such terms in accordance with Generally Accepted Accounting
Principles.

     "ACCELERATED MATURITY DATE" means if the Company elects to accelerate the
Maturity Date in accordance with Section 2.2(b), the date selected by the
Company which is prior to the Scheduled Maturity Date, but is after ________,
2008.

     "ADDITIONAL JUNIOR INDEBTEDNESS" means, without duplication, any
indebtedness, liabilities or obligations of the Company, or any Affiliate of the
Company, (a) pursuant to the issuance of debt securities (or guarantees in
respect of debt securities) initially issued to any trust, or a trustee of a
trust, partnership or other entity affiliated with the Company that is, directly
or indirectly, a financing vehicle of the Company or any Affiliate of the
Company in connection with the issuance by that entity of preferred securities
or other securities that are intended to qualify for Tier 1 capital treatment
(or the then equivalent thereof) for purposes of the capital adequacy guidelines
of the Federal Reserve, as then in effect and applicable to the Company, other
than the Debentures; PROVIDED, HOWEVER, that the inability of the Company to
treat all or any portion of the Additional Junior Indebtedness as Tier 1 capital
shall not disqualify it as Additional Junior Indebtedness if such inability
results from the Company having cumulative preferred stock, minority interests
in consolidated subsidiaries, or any other class of security or interest which
the Federal Reserve now or may hereafter accord Tier 1 capital treatment
(including the Debentures) in excess of the amount which may qualify for
treatment as Tier 1 capital under applicable capital adequacy guidelines of the
Federal Reserve, (b) that is junior or otherwise subordinate in right of payment
to Senior Indebtedness of the Company, and (c) that has a maturity or is
otherwise due and payable by the Company on a date twelve (12) months or more
after its date of original issuance, other than the Debentures.

     "ADDITIONAL PAYMENTS" shall have the meaning set forth in Section 2.5(c).

     "ADDITIONAL SENIOR OBLIGATIONS" means all indebtedness of the Company
whether incurred on or prior to the date of this Indenture or thereafter
incurred, for claims in respect of derivative products such as interest and
foreign exchange rate contracts, commodity contracts and similar arrangements;
PROVIDED, HOWEVER, that Additional Senior Obligations does not include claims in
respect of Senior Debt or Subordinated Debt or obligations which, by their

                                       -2-
<Page>

terms, are expressly stated to be not superior in right of payment to the
Debentures or to rank PARI PASSU in right of payment with the Debentures. For
purposes of this definition, "claim" shall have the meaning assigned thereto in
Section 101(4) of the United States Bankruptcy Code of 1978, as amended.

     "ADMINISTRATIVE TRUSTEES" shall have the meaning set forth in the Trust
Agreement.

     "AFFILIATE" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person; (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person; (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person; (d) a partnership in which the specified Person is a
general partner; (e) any officer or director of the specified Person; and (f) if
the specified Person is an individual, any entity of which the specified Person
is an officer, director or general partner.

     "AUTHENTICATING AGENT" means an authenticating agent with respect to the
Debentures appointed by the Trustee pursuant to Section 2.12.

     "BANKRUPTCY LAW" means Title 11, U.S. Code, or any similar federal or state
law for the relief of debtors.

     "BOARD OF DIRECTORS" means the Board of Directors of the Company or any
duly authorized committee of such Board.

     "BOARD RESOLUTION" means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such
certification.

     "BUSINESS DAY" means, with respect to the Debentures, any day other than a
Saturday or a Sunday or a day on which federal or state banking institutions in
the Borough of Manhattan, the City of New York, are authorized or required by
law, executive order or regulation to close, or a day on which the Corporate
Trust Office of the Trustee or the Property Trustee is closed for business.

     "CAPITAL TREATMENT EVENT" means the receipt by the Company and the Trust of
an Opinion of Counsel, rendered by a law firm having a recognized bank
regulatory practice within a reasonable period of time after the applicable
occurrence, to the effect that, as a result of any amendment to or change
(including any announced prospective change) in the laws (or any regulations
thereunder) of the United States or any political subdivision thereof or
therein, or as a result of any official or administrative pronouncement, action
or judicial decision interpreting or applying such laws or regulations, which
amendment or change is effective or, which pronouncement, action or judicial
decision is announced on or after the date of issuance of the Preferred
Securities under the Trust Agreement, there is more than an insubstantial risk
of impairment of the Company's ability to treat the aggregate Liquidation Amount
of the Preferred

                                       -3-
<Page>

Securities (or any substantial portion thereof) as "Tier 1 Capital" (or the then
equivalent thereof) for purposes of the capital adequacy guidelines of the
Federal Reserve, as then in effect and applicable to the Company.

     "CERTIFICATE" means a certificate signed by the principal executive
officer, the principal financial officer, the principal accounting officer, the
treasurer or any vice president of the Company. The Certificate need not comply
with the provisions of Section 15.7.

     "CHANGE IN 1940 ACT LAW" shall have the meaning set forth in the definition
of "Investment Company Event."

     "COMMISSION" means the Securities and Exchange Commission, as from time to
time constituted, created under the Exchange Act, or, if at any time after the
execution of this instrument such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.

     "COMMON SECURITIES" means undivided beneficial interests in the assets of
the Trust which rank PARI PASSU with the Preferred Securities; PROVIDED,
HOWEVER, that upon the occurrence and during the continuation of an Event of
Default, the rights of holders of Common Securities to payment in respect of (a)
distributions, and (b) payments upon liquidation, redemption and otherwise, are
subordinated to the rights of holders of Preferred Securities.

     "COMPANY" means Old Second Bancorp, Inc., a corporation duly organized and
existing under the laws of the State of Delaware, and, subject to the provisions
of Article XII, shall also include its successors and assigns.

     "COMPOUNDED INTEREST" shall have the meaning set forth in Section 4.1.

     "CORPORATE TRUST OFFICE" means the office of the Trustee at which, at any
particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Department.

     "COUPON RATE" shall have the meaning set forth in Section 2.5(a).

     "CUSTODIAN" means any receiver, trustee, assignee, liquidator, or similar
official under any Bankruptcy Law.

     "DEBENTURES" shall have the meaning set forth in the Recitals hereto.

     "DEBENTUREHOLDER," "HOLDER OF DEBENTURES," "REGISTERED HOLDER," or other
similar term, means the Person or Persons in whose name or names a particular
Debenture shall be registered on the books of the Company or the Trustee kept
for that purpose in accordance with the terms of this Indenture.

     "DEBENTURE REGISTER" shall have the meaning set forth in Section 2.7(b).

                                       -4-
<Page>

     "DEBENTURE REGISTRAR" shall have the meaning set forth in Section 2.7(b).

     "DEBT" means with respect to any Person, whether recourse is to all or a
portion of the assets of such Person and whether or not contingent, (a) every
obligation of such Person for money borrowed; (b) every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (c) every reimbursement obligation of such Person with
respect to letters of credit, bankers' acceptances or similar facilities issued
for the account of such Person; (d) every obligation of such Person issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of
business); (e) every capital lease obligation of such Person; and (f) and every
obligation of the type referred to in clauses (a) through (e) of another Person
and all dividends of another Person the payment of which, in either case, such
Person has guaranteed or is responsible or liable, directly or indirectly, as
obligor or otherwise.

     "DEFAULT" means any event, act or condition that with notice or lapse of
time, or both, would constitute an Event of Default.

     "DEFERRED PAYMENTS" shall have the meaning set forth in Section 4.1.

     "DIRECT ACTION" shall have the meaning set forth in Section 7.8.

     "DISSOLUTION EVENT" means that as a result of the occurrence and
continuation of a Special Event, the Trust is to be dissolved in accordance with
the Trust Agreement and the Debentures held by the Property Trustee are to be
distributed to the holders of the Trust Securities issued by the Trust pro rata
in accordance with the Trust Agreement.

     "DISTRIBUTION" shall have the meaning set forth in the Trust Agreement.

     "EVENT OF DEFAULT" shall have the meaning specified in Section 7.1.

     "EXCHANGE ACT," means the Securities Exchange Act of 1934, as amended, as
in effect at the date of execution of this Indenture.

     "EXTENSION PERIOD" shall have the meaning set forth in Section 4.1.

     "FEDERAL RESERVE" means the Board of Governors of the Federal Reserve
System.

     "GENERALLY ACCEPTED ACCOUNTING PRINCIPLES" means such accounting principles
as are generally accepted at the time of any computation required hereunder.

     "GOVERNMENTAL OBLIGATIONS" means securities that are (a) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged; or (b) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States of America, the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case, are not
callable or redeemable at

                                       -5-
<Page>

the option of the issuer thereof, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any such Governmental Obligation or a specific payment
of principal of or interest on any such Governmental Obligation held by such
custodian for the account of the holder of such depositary receipt; PROVIDED,
HOWEVER, that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the Governmental
Obligation or the specific payment of principal of or interest on the
Governmental Obligation evidenced by such depositary receipt.

     "HEREIN," "HEREOF," and "HEREUNDER," and other words of similar import,
refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision.

     "INDENTURE" means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof.

     "INTEREST PAYMENT DATE" shall have the meaning set forth in Section 2.5(a).

     "INVESTMENT COMPANY ACT," means the Investment Company Act of 1940, as
amended, as in effect at the date of execution of this Indenture.

     "INVESTMENT COMPANY EVENT" means the receipt by the Trust and the Company
of an Opinion of Counsel, rendered by a law firm having a recognized tax and
securities law practice within a reasonable period of time after the applicable
occurrence, to the effect that, as a result of the occurrence of a change in law
or regulation or a change in interpretation or application of law or regulation
by any legislative body, court, governmental agency or regulatory authority (a
"CHANGE IN 1940 ACT LAW"), the Trust is or shall be considered an "investment
company" that is required to be registered under the Investment Company Act,
which Change in 1940 Act Law becomes effective on or after the date of original
issuance of the Preferred Securities under the Trust Agreement.

     "MATURITY DATE" means the date on which the Debentures mature and on which
the principal shall be due and payable together with all accrued and unpaid
interest thereon including Compounded Interest and Additional Payments, if any.

     "MINISTERIAL ACTION" shall have the meaning set forth in Section 3.2.

     "OFFICERS' CERTIFICATE" means a certificate signed by the President or a
Vice President and by the Treasurer or an Assistant Treasurer or the Controller
or an Assistant Controller or the Secretary or an Assistant Secretary of the
Company that is delivered to the Trustee in accordance with the terms hereof.
Each such certificate shall include the statements provided for in Section 15.7,
if and to the extent required by the provisions thereof.

     "OPINION OF COUNSEL" means an opinion in writing of independent, outside
legal counsel for the Company, that is delivered to the Trustee in accordance
with the terms hereof. Each such

                                       -6-
<Page>

opinion shall include the statements provided for in Section 15.7, if and to the
extent required by the provisions thereof.

     "OUTSTANDING," when used with reference to the Debentures, means, subject
to the provisions of Section 10.4, as of any particular time, all Debentures
theretofore authenticated and delivered by the Trustee under this Indenture,
except (a) Debentures theretofore canceled by the Trustee or any Paying Agent,
or delivered to the Trustee or any Paying Agent for cancellation or that have
previously been canceled; (b) Debentures or portions thereof for the payment or
redemption of which money or Governmental Obligations in the necessary amount
shall have been deposited in trust with the Trustee or with any Paying Agent
(other than the Company) or shall have been set aside and segregated in trust by
the Company (if the Company shall act as its own Paying Agent); PROVIDED,
HOWEVER, that, if such Debentures or portions of such Debentures are to be
redeemed prior to the maturity thereof, notice of such redemption shall have
been given as in Article III provided, or provision satisfactory to the Trustee
shall have been made for giving such notice; and (c) Debentures in lieu of or in
substitution for which other Debentures shall have been authenticated and
delivered pursuant to the terms of Section 2.7; PROVIDED, HOWEVER, that in
determining whether the holders of the requisite percentage of Debentures have
given any request, notice, consent or waiver hereunder, Debentures held by the
Company or any Affiliate of the Company shall not be included; PROVIDED,
FURTHER, that the Trustee shall be protected in relying upon any request,
notice, consent or waiver unless a Responsible Officer of the Trustee shall have
actual knowledge that the holder of such Debenture is the Company or an
Affiliate thereof.

     "PAYING AGENT" means any paying agent or co-paying agent appointed pursuant
to Section 5.3.

     "PERSON" means any individual, corporation, partnership, joint-venture,
limited liability company, trust, joint-stock company, unincorporated
organization or government or any agency or political subdivision thereof.

     "PREDECESSOR DEBENTURE" means every previous Debenture evidencing all or a
portion of the same debt as that evidenced by such particular Debenture; and,
for the purposes of this definition, any Debenture authenticated and delivered
under Section 2.9 in lieu of a lost, destroyed or stolen Debenture shall be
deemed to evidence the same debt as the lost, destroyed or stolen Debenture.

     "PREFERRED SECURITIES" means the ______% Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank PARI PASSU with Common Securities issued by the Trust;
PROVIDED, HOWEVER, that upon the occurrence and during the continuation of an
Event of Default, the rights of holders of Common Securities to payment in
respect of (a) distributions, and (b) payments upon liquidation, redemption and
otherwise, are subordinated to the rights of holders of Preferred Securities.

     "PREFERRED SECURITIES GUARANTEE" means any guarantee that the Company may
enter into with the Trustee or other Persons that operates directly or
indirectly for the benefit of holders of Preferred Securities.

                                       -7-
<Page>

     "PROPERTY TRUSTEE" has the meaning set forth in the Trust Agreement.

     "REDEMPTION PRICE" shall have the meaning set forth in Section 3.2.

     "RESPONSIBLE OFFICER" when used with respect to the Trustee means any
officer within the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Indenture, including any vice
president, any assistant vice president, any assistant secretary or any other
officer or assistant officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of his or her knowledge of and familiarity with the particular subject.

     "SCHEDULED MATURITY DATE" means ___________, 2033.

     "SECURITIES ACT," means the Securities Act of 1933, as amended, as in
effect at the date of execution of this Indenture.

     "SENIOR DEBT" means the principal of (and premium, if any) and interest, if
any (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Company whether or not such
claim for post-petition interest is allowed in such proceeding), on all Debt,
whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding, it is provided that such obligations are not
superior in right of payment to the Debentures or to other Debt which is pari
passu with, or subordinated to, the Debentures; PROVIDED, that Senior Debt shall
not be deemed to include (a) any Debt of the Company which when incurred and
without respect to any election under section 1111(b) of the United States
Bankruptcy Code of 1978, as amended, was without recourse to the Company; (b)
any Debt of the Company owed to any of its non-bank subsidiaries; (c) the
Guarantee Agreement; (d) Debt to any employee of the Company; (e) Debt which by
its terms is subordinated to trade accounts payable or accrued liabilities
arising in the ordinary course of business to the extent that payments made to
the holders of such Debt by the holders of the Debentures as a result of the
subordination provisions of this Indenture would be greater than they otherwise
would have been as a result of any obligation of such holders to pay amounts
over to the obligees on such trade accounts payable or accrued liabilities
arising in the ordinary course of business as a result of subordination
provisions to which such Debt is subject; and (f) Debt which constitutes
Subordinated Debt.

     "SENIOR INDEBTEDNESS" shall have the meaning set forth in Section 16.1.

     "SPECIAL EVENT" means a Tax Event, a Capital Treatment Event or an
Investment Company Event.

     "SUBORDINATED DEBT" means the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether or
not such claim for post-petition interest is allowed in such proceeding), on
Debt (other than the Debentures), whether incurred on or prior to

                                       -8-
<Page>

the date of this Indenture or thereafter incurred, which is by its terms
expressly provided to be junior and subordinate to other Debt of the Company
(other than the Debentures); PROVIDED, HOWEVER, that Subordinated Debt will not
be deemed to include (a) any Debt of the Company which when incurred and without
respect to any election under section 1111(b) of the United States Bankruptcy
Code of 1978, as amended, was without recourse to the Company, (b) any Debt of
the Company owed to any of its subsidiaries, (c) any Debt owed to any employee
of the Company, (d) any Debt which by its terms is subordinated to trade
accounts payable or accrued liabilities arising in the ordinary course of
business to the extent that payments made to the holders of such Debt by the
holders of the Subordinated Debentures as a result of the subordination
provisions of the Indenture would be greater than they otherwise would have been
as a result of any obligation of such holders to pay amounts over to the
obligees on such trade accounts payable or accrued liabilities arising in the
ordinary course of business as a result of subordination provisions to which
such Debt is subject, (e) Debt which constitutes Senior Debt and (f) any Debt of
the Company under debt securities (and guarantees in respect of these debt
securities) initially issued to any trust, or a trustee of a trust, partnership
or other entity affiliated with the Company that is, directly or indirectly, a
financing vehicle of the Company in connection with the issuance by that entity
of preferred securities or other securities which are intended to qualify for
Tier 1 capital treatment.

     "SUBSIDIARY" means, with respect to any Person, (a) any corporation at
least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries or
by such Person and one or more of its Subsidiaries; (b) any general partnership,
limited liability company, joint venture, trust or similar entity, at least a
majority of whose outstanding partnership or similar interests shall at the time
be owned by such Person, or by one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries; and (c) any limited partnership of
which such Person or any of its Subsidiaries is a general partner.

     "TAX EVENT" means the receipt by the Company and the Trust of an Opinion of
Counsel, rendered by a law firm having a recognized federal tax and securities
law practice within a reasonable amount of time after the applicable occurrence,
to the effect that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of
the United States or any political subdivision or taxing authority thereof or
therein, or as a result of any official administrative pronouncement or judicial
decision interpreting or applying such laws or regulations, which amendment or
change is effective or which pronouncement or decision is announced on or after
the date of issuance of the Preferred Securities under the Trust Agreement,
there is more than an insubstantial risk that (a) the Trust is, or shall be
within 90 days after the date of such Opinion of Counsel, subject to United
States federal income tax with respect to income received or accrued on the
Debentures; (b) interest payable by the Company on the Debentures is not, or
within 90 days after the date of such Opinion of Counsel, shall not be,
deductible by the Company, in whole or in part, for United States federal income
tax purposes; or (c) the Trust is, or shall be within 90 days after the date of
such Opinion of Counsel, subject to more than a de minimis amount of other
taxes, duties, assessments or other governmental charges; PROVIDED, HOWEVER,
that the Trust or the Company shall have requested and received such an Opinion
of Counsel with regard to such matters within a reasonable period of time after
the Trust or the Company shall have become aware of the

                                       -9-
<Page>

occurrence or the possible occurrence of any of the events described in clauses
(a) through (c) above.

     "TRUST" means Old Second Capital Trust I, a Delaware statutory trust.

     "TRUST AGREEMENT" means the Amended and Restated Trust Agreement, dated as
of ______________, 2003, of the Trust.

     "TRUSTEE" means Wilmington Trust Company and, subject to the provisions of
Article IX, shall also include its successors and assigns, and, if at any time
there is more than one Person acting in such capacity hereunder, "Trustee" shall
mean each such Person.

     "TRUST INDENTURE ACT," means the Trust Indenture Act of 1939, as amended,
subject to the provisions of Sections 11.1, 11.2, and 12.1, as in effect at the
date of execution of this Indenture.

     "TRUST SECURITIES" means the Common Securities and Preferred Securities,
collectively.

     "VOTING STOCK," as applied to stock of any Person, means shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of
the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

                                   ARTICLE II

     ISSUE, DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND EXCHANGE OF THE
                                   DEBENTURES

   SECTION 2.1.   DESIGNATION AND PRINCIPAL AMOUNT. There is hereby authorized
Debentures designated the "______% Subordinated Debentures due 2033," limited in
aggregate principal amount up to $25,773,200, which amount shall be as set forth
in any written order of the Company for the authentication and delivery of
Debentures pursuant to Section 2.6.

   SECTION 2.2.   MATURITY. (a) The Maturity Date shall be either:

           (i)     the Scheduled Maturity Date; or

          (ii)     if the Company elects to accelerate the Maturity Date to be a
     date prior to the Scheduled Maturity Date in accordance with Section
     2.2(c), the Accelerated Maturity Date.

     (b)  The Company may at any time before the day which is 90 days before the
Scheduled Maturity Date and after __________, 2008, elect to shorten the
Maturity Date only once to the Accelerated Maturity Date provided that the
Company has received the prior

                                      -10-
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approval of the Federal Reserve if then required under applicable capital
guidelines, policies or regulations of the Federal Reserve.

     (c)  If the Company elects to accelerate the Maturity Date in accordance
with Section 2.2(b), the Company shall give notice to the Trustee and the Trust
(unless the Trust is not the holder of the Debentures, in which case the Trustee
will give notice to the holders of the Debentures) of the acceleration of the
Maturity Date and the Accelerated Maturity Date at least 30 days and no more
than 180 days before the Accelerated Maturity Date; PROVIDED, HOWEVER, that
nothing provided in this Section 2.2 shall limit the Company's rights, as
provided in Article III hereof, to redeem all or a portion of the Debentures at
such time or times on or after ______________, 2008, as the Company may so
determine, or at any time upon the occurrence of a Special Event.

   SECTION 2.3.   FORM AND PAYMENT. The Debentures shall be issued in fully
registered certificated form without interest coupons. Principal and interest on
the Debentures issued in certificated form shall be payable, the transfer of
such Debentures shall be registrable and such Debentures shall be exchangeable
for Debentures bearing identical terms and provisions at the office or agency of
the Trustee; PROVIDED, HOWEVER, that payment of interest may be made at the
option of the Company by check mailed to the holder at such address as shall
appear in the Debenture Register or by wire transfer to an account maintained by
the holder as specified in the Debenture Register, PROVIDED that the holder
provides proper transfer instructions by the regular record date.
Notwithstanding the foregoing, so long as the holder of any Debentures is the
Property Trustee, the payment of principal of and interest (including Compounded
Interest and Additional Payments, if any) on such Debentures held by the
Property Trustee shall be made at such place and to such account as may be
designated by the Property Trustee.

   SECTION 2.4.   [INTENTIONALLY OMITTED].

   SECTION 2.5.   INTEREST. (a) Each Debenture shall bear interest at a rate of
____% per annum (the "COUPON RATE") from the original date of issuance of the
first Debenture issued under this Indenture until the principal thereof becomes
due and payable, and on any overdue principal and (to the extent that payment of
such interest is enforceable under applicable law) on any overdue installment of
interest at the Coupon Rate, compounded quarterly, payable (subject to the
provisions of Article IV) quarterly in arrears on March 31, June 30, September
30, and December 31 of each year (each, an "INTEREST PAYMENT DATE"), commencing
on September 30, 2003, to the Person in whose name such Debenture or any
Predecessor Debenture is registered, at the close of business on the regular
record date for such interest installment, which shall be the fifteenth day of
the last month of the calendar quarter.

     (b)  The amount of interest payable for any period shall be computed on the
basis of a 360-day year of twelve 30-day months. The amount of interest payable
for any period shorter than a full quarterly period for which interest is
computed shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. In the event that any date on which
interest is payable on the Debentures is not a Business Day, then payment of
interest payable on such date shall be made on the next succeeding day which is
a Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business

                                      -11-
<Page>

Day is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day (and without any reduction of interest or any
other payment in respect of any such acceleration), in each case with the same
force and effect as if made on the date such payment was originally payable.

     (c)  If, at any time while the Property Trustee is the holder of any
Debentures, the Trust or the Property Trustee is required to pay any taxes,
duties, assessments or governmental charges of whatever nature (other than
withholding taxes) imposed by the United States, or any other taxing authority,
then, in any case, the Company shall pay as additional payments ("ADDITIONAL
PAYMENTS") on the Debentures held by the Property Trustee, such additional
amounts as shall be required so that the net amounts received and retained by
the Trust and the Property Trustee after paying such taxes, duties, assessments
or other governmental charges shall be equal to the amounts the Trust and the
Property Trustee would have received had no such taxes, duties, assessments or
other government charges been imposed.

   SECTION 2.6.   EXECUTION AND AUTHENTICATION. (a) The Debentures shall be
signed on behalf of the Company by its Chief Executive Officer, President or one
of its Vice Presidents, under its corporate seal attested by its Secretary or
one of its Assistant Secretaries. Signatures may be in the form of a manual or
facsimile signature. The Company may use the facsimile signature of any Person
who shall have been a Chief Executive Officer, President or Vice President
thereof, or of any Person who shall have been a Secretary or Assistant Secretary
thereof, notwithstanding the fact that at the time the Debentures shall be
authenticated and delivered or disposed of such Person shall have ceased to be
the Chief Executive Officer, President or a Vice President, or the Secretary or
an Assistant Secretary, of the Company (and any such signature shall be binding
on the Company). The seal of the Company may be in the form of a facsimile of
such seal and may be impressed, affixed, imprinted or otherwise reproduced on
the Debentures. The Debentures may contain such notations, legends or
endorsements required by law, stock exchange rule or usage. Each Debenture shall
be dated the date of its authentication by the Trustee.

     (b)  A Debenture shall not be valid until manually authenticated by an
authorized signatory of the Trustee, or by an Authenticating Agent. Such
signature shall be conclusive evidence that the Debenture so authenticated has
been duly authenticated and delivered hereunder and that the holder is entitled
to the benefits of this Indenture.

     (c)  At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Debentures executed by the Company to
the Trustee for authentication, together with a written order of the Company for
the authentication and delivery of such Debentures signed by its Chief Executive
Officer, President or any Vice President and its Treasurer or any Assistant
Treasurer, and the Trustee in accordance with such written order shall
authenticate and deliver such Debentures.

     (d)  In authenticating such Debentures and accepting the additional
responsibilities under this Indenture in relation to such Debentures, the
Trustee shall be entitled to receive, and (subject to Section 9.1) shall be
fully protected in relying upon, an Opinion of Counsel stating that the form and
terms thereof have been established in conformity with the provisions of this
Indenture.

                                      -12-
<Page>

     (e)  The Trustee shall not be required to authenticate such Debentures if
the issue of such Debentures pursuant to this Indenture shall affect the
Trustee's own rights, duties or immunities under the Debentures and this
Indenture or otherwise in a manner that is not reasonably acceptable to the
Trustee.

   SECTION 2.7.   REGISTRATION OF TRANSFER AND EXCHANGE. (a) Debentures may be
exchanged upon presentation thereof at the office or agency of the Company
designated for such purpose in the State of Delaware, or at the office of the
Debenture Registrar, for other Debentures and for a like aggregate principal
amount in denominations of integral multiples of $10, upon payment of a sum
sufficient to cover any tax or other governmental charge in relation thereto,
all as provided in this Section 2.7. In respect of any Debentures so surrendered
for exchange, the Company shall execute, the Trustee shall authenticate and such
office or agency shall deliver in exchange therefor the Debenture or Debentures
that the Debentureholder making the exchange shall be entitled to receive,
bearing numbers not contemporaneously outstanding.

     (b)  The Company shall keep, or cause to be kept, at its office or agency
designated for such purpose in the State of Delaware, or at the office of the
Debenture Registrar, or such other location designated by the Company a register
or registers (herein referred to as the "DEBENTURE REGISTER") in which, subject
to such reasonable regulations as the Debenture Registrar (as defined below) may
prescribe, the Company shall register the Debentures and the transfers of
Debentures as in this Article II provided and which at all reasonable times
shall be open for inspection by the Trustee. The registrar for the purpose of
registering Debentures and transfer of Debentures as herein provided shall
initially be the Trustee and thereafter as may be appointed by the Company as
authorized by Board Resolution (the "DEBENTURE REGISTRAR"). Upon surrender for
transfer of any Debenture at the office or agency of the Company designated for
such purpose, the Company shall execute, the Trustee shall authenticate and such
office or agency shall deliver in the name of the transferee or transferees a
new Debenture or Debentures for a like aggregate principal amount. All
Debentures presented or surrendered for exchange or registration of transfer, as
provided in this Section 2.7, shall be accompanied (if so required by the
Company or the Debenture Registrar) by a written instrument or instruments of
transfer, in form satisfactory to the Company or the Debenture Registrar, duly
executed by the registered holder or by such holder's duly authorized attorney
in writing.

     (c)  No service charge shall be made for any exchange or registration of
transfer of Debentures, or issue of new Debentures in case of partial
redemption, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge in relation thereto, other than exchanges
pursuant to Section 2.8, Section 3.5(b) and Section 11.4 not involving any
transfer.

     (d)  The Company shall not be required (i) to issue, exchange or register
the transfer of any Debentures during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of less
than all the Outstanding Debentures and ending at the close of business on the
day of such mailing; nor (ii) to register the transfer of or exchange any
Debentures or portions thereof called for redemption.

                                      -13-
<Page>

     (e)  Debentures may only be transferred, in whole or in part, in accordance
with the terms and conditions set forth in this Indenture. Any transfer or
purported transfer of any Debenture not made in accordance with this Indenture
shall be null and void.

   SECTION 2.8.   TEMPORARY DEBENTURES. Pending the preparation of definitive
Debentures, the Company may execute, and the Trustee shall authenticate and
deliver, temporary Debentures (printed, lithographed, or typewritten). Such
temporary Debentures shall be substantially in the form of the definitive
Debentures in lieu of which they are issued, but with such omissions, insertions
and variations as may be appropriate for temporary Debentures, all as may be
determined by the Company. Every temporary Debenture shall be executed by the
Company and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive
Debentures. Without unnecessary delay, the Company shall execute and shall
furnish definitive Debentures and thereupon any or all temporary Debentures may
be surrendered in exchange therefor (without charge to the holders), at the
office or agency of the Company designated for the purpose and the Trustee shall
authenticate and such office or agency shall deliver in exchange for such
temporary Debentures an equal aggregate principal amount of definitive
Debentures, unless the Company advises the Trustee to the effect that definitive
Debentures need not be authenticated and furnished until further notice from the
Company. Until so exchanged, the temporary Debentures shall be entitled to the
same benefits under this Indenture as definitive Debentures authenticated and
delivered hereunder.

   SECTION 2.9.   MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES. (a) In case
any temporary or definitive Debenture shall become mutilated or be destroyed,
lost or stolen, the Company (subject to the next succeeding sentence) shall
execute, and upon the Company's request the Trustee (subject as aforesaid) shall
authenticate and deliver, a new Debenture bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Debenture, or in
lieu of and in substitution for the Debenture so destroyed, lost, stolen or
mutilated. In every case the applicant for a substituted Debenture shall furnish
to the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant's
Debenture and of the ownership thereof. The Trustee shall authenticate any such
substituted Debenture and deliver the same upon the written request or
authorization of the Chief Executive Officer, President or any Vice President
and the Treasurer or any Assistant Treasurer of the Company. Upon the issuance
of any substituted Debenture, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. In case any Debenture that has matured or is about
to mature shall become mutilated or be destroyed, lost or stolen, the Company
may, instead of issuing a substitute Debenture, pay or authorize the payment of
the same (without surrender thereof except in the case of a mutilated Debenture)
if the applicant for such payment shall furnish to the Company and the Trustee
such security or indemnity as they may require to save them harmless, and, in
case of destruction, loss or theft, evidence to the satisfaction of the Company
and the Trustee of the destruction, loss or theft of such Debenture and of the
ownership thereof.

                                      -14-
<Page>

     (b)  Every replacement Debenture issued pursuant to the provisions of this
Section 2.9 shall constitute an additional contractual obligation of the Company
whether or not the mutilated, destroyed, lost or stolen Debenture shall be found
at any time, or be enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other
Debentures duly issued hereunder. All Debentures shall be held and owned upon
the express condition that the foregoing provisions are exclusive with respect
to the replacement or payment of mutilated, destroyed, lost or stolen
Debentures, and shall preclude (to the extent lawful) any and all other rights
or remedies, notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

   SECTION 2.10.  CANCELLATION. All Debentures surrendered for the purpose of
payment, redemption, exchange or registration of transfer shall, if surrendered
to the Company or any Paying Agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be canceled by it, and no
Debentures shall be issued in lieu thereof except as expressly required or
permitted by any of the provisions of this Indenture. On request of the Company
at the time of such surrender, the Trustee shall deliver to the Company canceled
Debentures held by the Trustee. In the absence of such request the Trustee may
dispose of canceled Debentures in accordance with its standard procedures and
deliver a certificate of disposition to the Company. If the Company shall
otherwise acquire any of the Debentures, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such
Debentures unless and until the same are delivered to the Trustee for
cancellation.

   SECTION 2.11.  BENEFIT OF INDENTURE. Nothing in this Indenture or in the
Debentures, express or implied, shall give or be construed to give to any
Person, other than the parties hereto and the holders of the Debentures (and,
with respect to the provisions of Article XVI, the holders of the Senior
Indebtedness) any legal or equitable right, remedy or claim under or in respect
of this Indenture, or under any covenant, condition or provision herein
contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the Debentures (and, with
respect to the provisions of Article XVI, the holders of the Senior
Indebtedness).

   SECTION 2.12.  AUTHENTICATION AGENT. (a) So long as any of the Debentures
remain Outstanding there may be an Authenticating Agent for any or all such
Debentures, which Authenticating Agent the Trustee shall have the right to
appoint. Said Authenticating Agent shall be authorized to act on behalf of the
Trustee to authenticate Debentures issued upon exchange, transfer or partial
redemption thereof, and Debentures so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee hereunder. All references in this Indenture to
the authentication of Debentures by the Trustee shall be deemed to include
authentication by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall be a corporation that has a combined capital
and surplus, as most recently reported or determined by it, sufficient under the
laws of any jurisdiction under which it is organized or in which it is doing
business to conduct a trust business, and that is otherwise authorized under
such laws to conduct such business and is subject to supervision or examination
by federal or state authorities. If at any

                                      -15-
<Page>

time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

     (b)  Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The Trustee may at any
time (and upon request by the Company shall) terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon resignation, termination or
cessation of eligibility of any Authenticating Agent, the Trustee may appoint an
eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder as if
originally named as an Authenticating Agent pursuant hereto.

                                   ARTICLE III

                            REDEMPTION OF DEBENTURES

   SECTION 3.1.   REDEMPTION. Subject to the Company having received prior
approval of the Federal Reserve, if then required under the applicable capital
guidelines, policies or regulations of the Federal Reserve, the Company may
redeem the Debentures issued hereunder on and after the dates set forth in and
in accordance with the terms of this Article III.

   SECTION 3.2.   SPECIAL EVENT REDEMPTION. Subject to the Company having
received the prior approval of the Federal Reserve, if then required under the
applicable capital guidelines, policies or regulations of the Federal Reserve,
if a Special Event has occurred and is continuing, then, notwithstanding Section
3.3(a) but subject to Section 3.3(b), the Company shall have the right upon not
less than 30 days' nor more than 60 days' notice to the holders of the
Debentures to redeem the Debentures, in whole but not in part, for cash within
180 days following the occurrence of such Special Event (the "180-DAY PERIOD")
at a redemption price equal to 100% of the principal amount to be redeemed plus
any accrued and unpaid interest thereon to the date of such redemption (the
"REDEMPTION PRICE"), PROVIDED that if at the time there is available to the
Company the opportunity to eliminate, within the 180-Day Period, a Tax Event by
taking some ministerial action (a "MINISTERIAL ACTION"), such as filing a form
or making an election, or pursuing some other similar reasonable measure which
has no adverse effect on the Company, the Trust or the holders of the Trust
Securities issued by the Trust, the Company shall pursue such Ministerial Action
in lieu of redemption, and, PROVIDED FURTHER, that the Company shall have no
right to redeem the Debentures pursuant to this Section 3.2 while it is pursuing
any Ministerial Action pursuant to its obligations hereunder, and, PROVIDED
FURTHER, that, if it is determined that the taking of a Ministerial Action would
not eliminate the Tax Event within the 180 Day Period, the Company's right to
redeem the Debentures pursuant to this Section 3.2 shall be restored and it
shall have no further obligations to pursue the Ministerial Action. The
Redemption Price shall be paid prior to 12:00 noon, New York time, on the date
of such redemption or such earlier time as the Company determines, PROVIDED that
the Company shall deposit with the Trustee an amount sufficient to pay the
Redemption Price by 10:00 a.m., New York time, on the date such Redemption Price
is to be paid.

                                      -16-
<Page>

   SECTION 3.3.   OPTIONAL REDEMPTION BY THE COMPANY. (a) Subject to the
provisions of Section 3.3(c), except as otherwise may be specified in this
Indenture, the Company shall have the right to redeem the Debentures, in whole
or in part, from time to time, on or after ___________, 2008, at a Redemption
Price equal to 100% of the principal amount to be redeemed plus any accrued and
unpaid interest thereon to the date of such redemption. Any redemption pursuant
to this Section 3.3(a) shall be made upon not less than 30 days' nor more than
60 days' notice to the holder of the Debentures, at the Redemption Price. If the
Debentures are only partially redeemed pursuant to this Section 3.3(a), the
Debentures shall be redeemed pro rata or by lot or in such other manner as the
Trustee shall deem appropriate and fair in its discretion. The Redemption Price
shall be paid prior to 12:00 noon, New York time, on the date of such redemption
or at such earlier time as the Company determines provided that the Company
shall deposit with the Trustee an amount sufficient to pay the Redemption Price
by 10:00 a.m., New York time, on the date such Redemption Price is to be paid.

     (b)  Subject to the provisions of Section 3.3(c), the Company shall have
the right to redeem Debentures at any time and from time to time in a principal
amount equal to the Liquidation Amount (as defined in the Trust Agreement) of
any Preferred Securities purchased and beneficially owned by the Company, plus
an additional principal amount of Debentures equal to the Liquidation Amount (as
defined in the Trust Agreement) of that number of Common Securities that bears
the same proportion to the total number of Common Securities then outstanding as
the number of Preferred Securities to be redeemed bears to the total number of
Preferred Securities then outstanding. Such Debentures shall be redeemed
pursuant to this Section 3.3(b) only in exchange for and upon surrender by the
Company to the Property Trustee of the Preferred Securities and a proportionate
amount of Common Securities, whereupon the Property Trustee shall cancel the
Preferred Securities and Common Securities so surrendered and a Like Amount (as
defined in the Trust Agreement) of Debentures shall be extinguished by the
Trustee and shall no longer be deemed Outstanding.

     (c)  If a partial redemption of the Debentures would result in the
delisting of the Preferred Securities issued by the Trust from the Nasdaq
National Market or any national securities exchange or other organization on
which the Preferred Securities are then listed or quoted, the Company shall not
be permitted to effect such partial redemption and may only redeem the
Debentures in whole.

   SECTION 3.4.   NOTICE OF REDEMPTION. (a) Except in the case of a redemption
pursuant to Section 3.3(b), in case the Company shall desire to exercise such
right to redeem all or, as the case may be, a portion of the Debentures in
accordance with the right reserved so to do, the Company shall, or shall cause
the Trustee to upon receipt of 45 days' written notice from the Company (which
notice shall, in the event of a partial redemption, include a representation to
the effect that such partial redemption will not result in the delisting of the
Preferred Securities as described in Section 3.3(c) above), give notice of such
redemption to holders of the Debentures to be redeemed by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days and not more
than 60 days before the date fixed for redemption to such holders at their last
addresses as they shall appear upon the Debenture Register unless a shorter
period is specified in the Debentures to be redeemed. Any notice that is mailed
in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the registered

                                      -17-
<Page>

holder receives the notice. In any case, failure duly to give such notice to the
holder of any Debenture designated for redemption in whole or in part, or any
defect in the notice, shall not affect the validity of the proceedings for the
redemption of any other Debentures. In the case of any redemption of Debentures
prior to the expiration of any restriction on such redemption provided in the
terms of such Debentures or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officers' Certificate evidencing compliance with any
such restriction. Each such notice of redemption shall specify the date fixed
for redemption and the Redemption Price and shall state that payment of the
Redemption Price shall be made at the office or agency of the Company in the
Borough of Manhattan, the City of New York or at the Corporate Trust Office,
upon presentation and surrender of such Debentures, that interest accrued to the
date fixed for redemption shall be paid as specified in said notice and that
from and after said date interest shall cease to accrue. If less than all the
Debentures are to be redeemed, the notice to the holders of the Debentures shall
specify the particular Debentures to be redeemed. If the Debentures are to be
redeemed in part only, the notice shall state the portion of the principal
amount thereof to be redeemed and shall state that on and after the redemption
date, upon surrender of such Debenture, a new Debenture or Debentures in
principal amount equal to the unredeemed portion thereof shall be issued.

     (b)  Except in the case of a redemption pursuant to Section 3.3(b), if less
than all the Debentures are to be redeemed, the Company shall give the Trustee
at least 45 days' written notice in advance of the date fixed for redemption as
to the aggregate principal amount of Debentures to be redeemed, and thereupon
the Trustee shall select, pro rata or by lot or in such other manner as it shall
deem appropriate and fair in its discretion, the portion or portions (equal to
$10 or any integral multiple thereof) of the Debentures to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the
Debentures to be redeemed, in whole or in part. The Company may, if and whenever
it shall so elect pursuant to the terms hereof, by delivery of instructions
signed on its behalf by its Chief Executive Officer, President or any Vice
President, instruct the Trustee or any Paying Agent to call all or any part of
the Debentures for redemption and to give notice of redemption in the manner set
forth in this Section 3.4, such notice to be in the name of the Company or its
own name as the Trustee or such Paying Agent may deem advisable. In any case in
which notice of redemption is to be given by the Trustee or any such Paying
Agent, the Company shall deliver or cause to be delivered to, or permit to
remain with, the Trustee or such Paying Agent, as the case may be, such
Debenture Register, transfer books or other records, or suitable copies or
extracts therefrom, sufficient to enable the Trustee or such Paying Agent to
give any notice by mail that may be required under the provisions of this
Section 3.4.

   SECTION 3.5.   PAYMENT UPON REDEMPTION. (a) If the giving of notice of
redemption shall have been completed as above provided, the Debentures or
portions of Debentures to be redeemed specified in such notice shall become due
and payable on the date and at the place stated in such notice at the applicable
Redemption Price, and interest on such Debentures or portions of Debentures
shall cease to accrue on and after the date fixed for redemption, unless the
Company shall default in the payment of such Redemption Price with respect to
any such Debenture or portion thereof. On presentation and surrender of such
Debentures on or after the date fixed for redemption at the place of payment
specified in the notice, said Debentures shall be paid and redeemed at the
Redemption Price (but if the date fixed for redemption is an Interest

                                      -18-
<Page>

Payment Date, the interest installment payable on such date shall be payable to
the registered holder at the close of business on the applicable record date
pursuant to Section 3.3).

     (b)  Upon presentation of any Debenture that is to be redeemed in part
only, the Company shall execute and the Trustee shall authenticate and the
office or agency where the Debenture is presented shall deliver to the holder
thereof, at the expense of the Company, a new Debenture of authorized
denomination in principal amount equal to the unredeemed portion of the
Debenture so presented.

   SECTION 3.6.   NO SINKING FUND. The Debentures are not entitled to the
benefit of any sinking fund.

                                   ARTICLE IV

                      EXTENSION OF INTEREST PAYMENT PERIOD

   SECTION 4.1.   EXTENSION OF INTEREST PAYMENT PERIOD. So long as no Event of
Default has occurred and is continuing, the Company shall have the right, at any
time and from time to time during the term of the Debentures, to defer payments
of interest by extending the interest payment period of such Debentures for a
period not exceeding 20 consecutive quarters (the "EXTENSION PERIOD"), during
which Extension Period no interest shall be due and payable; PROVIDED that no
Extension Period may extend beyond the Maturity Date or end on a date other than
an Interest Payment Date. To the extent permitted by applicable law, interest,
the payment of which has been deferred because of the extension of the interest
payment period pursuant to this Section 4.1, shall bear interest thereon at the
Coupon Rate compounded quarterly for each quarter of the Extension Period
("COMPOUNDED INTEREST"). At the end of the Extension Period, the Company shall
calculate (and deliver such calculation to the Trustee) and pay all interest
accrued and unpaid on the Debentures, including any Additional Payments and
Compounded Interest (together, "DEFERRED PAYMENTS") that shall be payable to the
holders of the Debentures in whose names the Debentures are registered in the
Debenture Register on the first record date after the end of the Extension
Period. Before the termination of any Extension Period, the Company may further
extend such period so long as no Event of Default has occurred and is
continuing, PROVIDED that such period together with all such further extensions
thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity
Date of the Debentures or end on a date other than an Interest Payment Date.
Upon the termination of any Extension Period and upon the payment of all
Deferred Payments then due, the Company may commence a new Extension Period,
subject to the foregoing requirements. No interest shall be due and payable
during an Extension Period, except at the end thereof, but the Company may
prepay at any time all or any portion of the interest accrued during an
Extension Period.

   SECTION 4.2.   NOTICE OF EXTENSION. (a) If the Property Trustee is the only
registered holder of the Debentures at the time the Company selects an Extension
Period, the Company shall give written notice to the Administrative Trustees,
the Property Trustee and the Trustee of its selection of such Extension Period
two Business Days before the earlier of (i) the next succeeding date on which
Distributions on the Trust Securities issued by the Trust are payable;

                                      -19-
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or (ii) the date the Trust is required to give notice of the record date, or the
date such Distributions are payable, to the Nasdaq National Market or other
applicable self-regulatory organization or to holders of the Preferred
Securities issued by the Trust, but in any event at least one Business Day
before such record date.

     (b)  If the Property Trustee is not the only holder of the Debentures at
the time the Company selects an Extension Period, the Company shall give the
holders of the Debentures and the Trustee written notice of its selection of
such Extension Period at least two Business Days before the earlier of (i) the
next succeeding Interest Payment Date; or (ii) the date the Company is required
to give notice of the record or payment date of such interest payment to the
Nasdaq National Market or other applicable self-regulatory organization or to
holders of the Debentures.

     (c)  The quarter in which any notice is given pursuant to paragraphs (a) or
(b) of this Section 4.2 shall be counted as one of the 20 quarters permitted in
the maximum Extension Period permitted under Section 4.1.

   SECTION 4.3.   LIMITATION ON TRANSACTIONS. If (a) the Company shall exercise
its right to defer payment of interest as provided in Section 4.1; or (b) there
shall have occurred any Event of Default, then (i) neither the Company nor any
of its Subsidiaries shall declare or pay any dividend on, make any distributions
with respect to, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of its capital stock (other than (A) dividends or distributions
in common stock of the Company or such Subsidiary, as the case may be, or any
declaration of a non-cash dividend in connection with the implementation of a
shareholder rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto, (B)
purchases of common stock of the Company related to the rights under any of the
Company's benefit plans for its directors, officers or employees, (C) as a
result of a reclassification of its capital stock for another class of its
capital stock or (D) dividends payable by such Subsidiary to the Company or any
of its Subsidiaries); (ii) the Company shall not make any payment of interest,
principal or premium, if any, or repay, repurchase or redeem any debt securities
issued by the Company which rank pari passu with or junior to the Debentures or
make any guarantee payments with respect to any guarantee by the Company of the
debt securities of any subsidiary of the Company if such guarantee ranks pari
passu with or junior to the Debentures; PROVIDED, HOWEVER, that notwithstanding
the foregoing the Company may make payments pursuant to its obligations under
the Preferred Securities Guarantee; and (iii) the Company shall not redeem,
purchase or acquire less than all of the Outstanding Debentures or any of the
Preferred Securities.

                                    ARTICLE V

                       PARTICULAR COVENANTS OF THE COMPANY

   SECTION 5.1.   PAYMENT OF PRINCIPAL AND INTEREST. The Company shall duly and
punctually pay or cause to be paid the principal of and interest on the
Debentures at the time and place and in the manner provided herein. Each such
payment of the principal of and interest on the Debentures shall relate only to
the Debentures, shall not be combined with any other payment of

                                      -20-
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the principal of or interest on any other obligation of the Company, and shall
be clearly and unmistakably identified as pertaining to the Debentures.

   SECTION 5.2.   MAINTENANCE OF AGENCY. So long as any of the Debentures remain
Outstanding, the Company shall maintain, or shall cause to be maintained, an
office or agency in the State of Delaware, and at such other location or
locations as may be designated as provided in this Section 5.2, where (a)
Debentures may be presented for payment; (b) Debentures may be presented as
hereinabove authorized for registration of transfer and exchange; and (c)
notices and demands to or upon the Company in respect of the Debentures and this
Indenture may be given or served, such designation to continue with respect to
such office or agency until the Company shall, by written notice signed by its
President or a Vice President and delivered to the Trustee, designate some other
office or agency for such purposes or any of them. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such
presentations, notices and demands. In addition to any such office or agency,
the Company may from time to time designate one or more offices or agencies
outside of the State of Delaware, where the Debentures may be presented for
registration or transfer and for exchange in the manner provided herein, and the
Company may from time to time rescind such designation as the Company may deem
desirable or expedient; PROVIDED, HOWEVER, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain
any such office or agency in the State of Delaware, for the purposes above
mentioned. The Company shall give the Trustee prompt written notice of any such
designation or rescission thereof.

   SECTION 5.3.   PAYING AGENTS. (a) The Trustee shall be the initial Paying
Agent. If the Company shall appoint one or more Paying Agents for the
Debentures, other than the Trustee, the Company shall cause each such Paying
Agent to execute and deliver to the Trustee an instrument in which such agent
shall agree with the Trustee, subject to the provisions of this Section 5.3:

           (i)     that it shall hold all sums held by it as such agent for the
     payment of the principal of or interest on the Debentures (whether such
     sums have been paid to it by the Company or by any other obligor of such
     Debentures) in trust for the benefit of the Persons entitled thereto;

          (ii)     that it shall give the Trustee notice of any failure by the
     Company (or by any other obligor of such Debentures) to make any payment of
     the principal of or interest on the Debentures when the same shall be due
     and payable;

         (iii)     that it shall, at any time during the continuance of any
     failure referred to in the preceding paragraph (a)(ii) above, upon the
     written request of the Trustee, forthwith pay to the Trustee all sums so
     held in trust by such Paying Agent; and

          (iv)     that it shall perform all other duties of Paying Agent as set
     forth in this Indenture.

                                      -21-
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     (b)  If the Company shall act as its own Paying Agent with respect to the
Debentures, it shall on or before each due date of the principal of or interest
on such Debentures, set aside, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay such principal or interest
so becoming due on Debentures until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and shall promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such Debentures)
to take such action. Whenever the Company shall have one or more Paying Agents
for the Debentures, it shall, prior to each due date of the principal of or
interest on any Debentures, deposit with the Paying Agent a sum sufficient to
pay the principal or interest so becoming due, such sum to be held in trust for
the benefit of the Persons entitled to such principal or interest, and (unless
such Paying Agent is the Trustee) the Company shall promptly notify the Trustee
of this action or failure so to act.

     (c)  Notwithstanding anything in this Section 5.3 to the contrary, (i) the
agreement to hold sums in trust as provided in this Section 5.3 is subject to
the provisions of Section 13.3 and 13.4; and (ii) the Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or
for any other purpose, pay, or direct any Paying Agent to pay, to the Trustee
all sums held in trust by the Company or such Paying Agent, such sums to be held
by the Trustee upon the same terms and conditions as those upon which such sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

   SECTION 5.4.   APPOINTMENT TO FILL VACANCY IN OFFICE OF THE TRUSTEE. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
shall appoint, in the manner provided in Section 9.11, a Trustee, so that there
shall at all times be a Trustee hereunder.

   SECTION 5.5.   COMPLIANCE WITH CONSOLIDATION PROVISIONS. The Company shall
not, while any of the Debentures remain Outstanding, consolidate with, or merge
into, or merge into itself, or sell or convey all or substantially all of its
property to any other company unless the provisions of Article XII hereof are
complied with.

   SECTION 5.6.   LIMITATION ON TRANSACTIONS. If Debentures are issued to the
Trust or a trustee of the Trust in connection with the issuance of Trust
Securities by the Trust and (a) there shall have occurred an Event of Default;
(b) the Company shall be in default with respect to its payment of any
obligations under the Preferred Securities Guarantee relating to the Trust; or
(c) if the Company shall have given notice of its election to defer payments of
interest on such Debentures by extending the interest payment period as provided
in this Indenture and such Extension Period, or any extension thereof, shall be
continuing, then (i) neither the Company nor any of its Subsidiaries shall
declare or pay any dividend on, make any distributions with respect to, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
its capital stock (other than (A) dividends or distributions in common stock of
the Company or such Subsidiary, as the case may be, or any declaration of a
non-cash dividend in connection with the implementation of a shareholder rights
plan, or the issuance of stock under any such plan in the future, or the
redemption or repurchase of any such rights pursuant thereto, (B) purchases of
common stock of the Company related to the rights under any of the Company's
benefit plans for its directors, officers or employees, (C) as a result of a
reclassification of its capital stock or

                                      -22-
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(D) dividends payable by such Subsidiary to the Company or any of its
Subsidiaries); (ii) the Company shall not make any payment of principal,
interest or premium, if any, or repay, repurchase or redeem any debt securities
issued by the Company which rank PARI PASSU with or junior in interest to the
Debentures; PROVIDED, HOWEVER, that the Company may make payments pursuant to
its obligations under the Preferred Securities Guarantee; and (iii) the Company
shall not redeem, purchase or acquire less than all of the Outstanding
Debentures or any of the Preferred Securities.

   SECTION 5.7.   COVENANTS AS TO THE TRUST. For so long as the Trust Securities
of the Trust remain outstanding, the Company (a) shall maintain 100% direct or
indirect ownership of the Common Securities of the Trust; PROVIDED, HOWEVER,
that any permitted successor of the Company under this Indenture may succeed to
the Company's ownership of the Common Securities; (b) shall not voluntarily
terminate, wind up or liquidate the Trust, except upon prior approval of the
Federal Reserve if then so required under applicable capital guidelines,
policies or regulations of the Federal Reserve; (c) shall use its reasonable
efforts to cause the Trust (i) to remain a statutory trust (and to avoid
involuntary termination, winding up or liquidation), except in connection with a
distribution of Debentures, the redemption of all of the Trust Securities of the
Trust or certain mergers, consolidations or amalgamations, each as permitted by
the Trust Agreement; and (ii) to otherwise continue not to be treated as an
association taxable as a corporation or partnership for United States federal
income tax purposes; (d) shall use its reasonable efforts to cause each holder
of Trust Securities to be treated as owning an individual beneficial interest in
the Debentures; and (e) any successor to the Company, shall use reasonable
efforts to maintain the eligibility of the Preferred Securities for quotation or
listing on any national securities exchange or other organization on which the
Preferred Securities are then quoted or listed (including, if applicable, the
Nasdaq National Market) and shall use reasonable efforts to keep the Preferred
Securities so quoted or listed for so long as the Preferred Securities remain
outstanding. In connection with the distribution of the Debentures to the
holders of the Preferred Securities issued by the Trust upon a Dissolution
Event, the Company shall use its best efforts to list such Debentures on the
Nasdaq National Market or on such other exchange as the Preferred Securities are
then listed.

   SECTION 5.8.   COVENANTS AS TO PURCHASES. Except upon the exercise by the
Company of its right to redeem the Debentures pursuant to Section 3.2 upon the
occurrence and continuation of a Special Event, the Company shall not purchase
any Debentures, in whole or in part, from the Trust prior to ___________, 2008.

   SECTION 5.9.   WAIVER OF USURY, STAY OR EXTENSION LAWS. The Company shall not
at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the
performances of this Indenture, and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                      -23-
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                                   ARTICLE VI

     THE DEBENTUREHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

   SECTION 6.1.   THE COMPANY TO FURNISH THE TRUSTEE NAMES AND ADDRESSES OF THE
DEBENTUREHOLDERS. The Company shall furnish or cause to be furnished to the
Trustee (a) on a quarterly basis on each regular record date (as described in
Section 2.5) a list, in such form as the Trustee may reasonably require, of the
names and addresses of the holders of the Debentures as of such regular record
date, PROVIDED that the Company shall not be obligated to furnish or cause to
furnish such list at any time that the list shall not differ in any respect from
the most recent list furnished to the Trustee by the Company (in the event the
Company fails to provide such list on a quarterly basis, the Trustee shall be
entitled to rely on the most recent list provided by the Company); and (b) at
such other times as the Trustee may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished;
PROVIDED, HOWEVER, that, in either case, no such list need be furnished if the
Trustee shall be the Debenture Registrar.

   SECTION 6.2.   PRESERVATION OF INFORMATION COMMUNICATIONS WITH THE
DEBENTUREHOLDERS. (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
holders of Debentures contained in the most recent list furnished to it as
provided in Section 6.1 and as to the names and addresses of holders of
Debentures received by the Trustee in its capacity as Debenture Registrar for
the Debentures (if acting in such capacity).

     (b)  The Trustee may destroy any list furnished to it as provided in
Section 6.1 upon receipt of a new list so furnished.

     (c)  Debentureholders may communicate as provided in Section 312(b) of the
Trust Indenture Act with other Debentureholders with respect to their rights
under this Indenture or under the Debentures.

   SECTION 6.3.   REPORTS BY THE COMPANY. (a) The Company covenants and agrees
to file with the Trustee, within 15 days after the Company is required to file
the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe) that the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not
required to file information, documents or reports pursuant to either of such
sections, then to file with the Trustee and the Commission, in accordance with
the rules and regulations prescribed from time to time by the Commission, such
of the supplementary and periodic information, documents and reports that may be
required pursuant to Section 13 of the Exchange Act in respect of a security
listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations.

     (b)  The Company covenants and agrees to file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from time to
time by the Commission, such

                                      -24-
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additional information, documents and reports with respect to compliance by the
Company with the conditions and covenants provided for in this Indenture as may
be required from time to time by such rules and regulations.

     (c)  The Company covenants and agrees to transmit by mail, first class
postage prepaid, or reputable overnight delivery service that provides for
evidence of receipt, to the Debentureholders, as their names and addresses
appear upon the Debenture Register, within 30 days after the filing thereof with
the Trustee, such summaries of any information, documents and reports required
to be filed by the Company pursuant to subsections (a) and (b) of this Section
6.3 as may be required by rules and regulations prescribed from time to time by
the Commission.

   SECTION 6.4.   REPORTS BY THE TRUSTEE. (a) On or before July 15 in each year
in which any of the Debentures are Outstanding, the Trustee shall transmit by
mail, first class postage prepaid, to the Debentureholders, as their names and
addresses appear upon the Debenture Register, a brief report, if and to the
extent required under Section 313(a) of the Trust Indenture Act.

     (b)  The Trustee shall comply with Section 313(b) and 313(c) of the Trust
Indenture Act.

     (c)  A copy of each such report shall, at the time of such transmission to
Debentureholders, be filed by the Trustee with the Company, with each stock
exchange upon which any Debentures are listed (if so listed) and also with the
Commission. The Company agrees to notify the Trustee when any Debentures become
listed on any stock exchange.

                                      -25-
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                                   ARTICLE VII

        REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT

   SECTION 7.1.   EVENTS OF DEFAULT. (a) Whenever used herein with respect to
the Debentures, "EVENT OF DEFAULT" means any one or more of the following
events:

           (i)     the Company defaults in the payment of any installment of
     interest upon any of the Debentures, as and when the same shall become due
     and payable, and continuance of such default for a period of 30 days;
     PROVIDED, HOWEVER, that a valid extension of an interest payment period by
     the Company in accordance with the terms of this Indenture shall not
     constitute a default in the payment of interest for this purpose;

          (ii)     the Company defaults in the payment of the principal on the
     Debentures as and when the same shall become due and payable whether at
     maturity, upon redemption, by declaration or otherwise;

         (iii)     the Company fails to observe or perform any other of its
     covenants or agreements with respect to the Debentures for a period of 90
     days after the date on which written notice of such failure, requiring the
     same to be remedied and stating that such notice is a "Notice of Default"
     hereunder, shall have been given to the Company by the Trustee, by
     registered or certified mail, or to the Company and the Trustee by the
     holders of at least 25% in principal amount of the Debentures at the time
     Outstanding;

          (iv)     the Company pursuant to or within the meaning of any
     Bankruptcy Law (A) commences a voluntary case; (B) consents to the entry of
     an order for relief against it in an involuntary case; (C) consents to the
     appointment of a Custodian of it or for all or substantially all of its
     property; or (D) makes a general assignment for the benefit of its
     creditors;

           (v)     a court of competent jurisdiction enters an order under any
     Bankruptcy Law that (A) is for relief against the Company in an involuntary
     case; (B) appoints a Custodian of the Company for all or substantially all
     of its property; or (C) orders the liquidation of the Company, and the
     order or decree remains unstayed and in effect for 90 days; or

          (vi)     the Trust shall have voluntarily or involuntarily dissolved,
     wound-up its business or otherwise terminated its existence except in
     connection with (A) the distribution of Debentures to holders of Trust
     Securities in liquidation of their interests in the Trust; (B) the
     redemption of all of the outstanding Trust Securities of the Trust; or (C)
     certain mergers, consolidations or amalgamations, each as permitted by the
     Trust Agreement.

                                      -26-
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     (b)  In each and every such case referred to in items (i) through (vi) of
Section 7.1(a), unless the principal of all the Debentures shall have already
become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Debentures then Outstanding hereunder, by
notice in writing to the Company (and to the Trustee if given by such
Debentureholders) may declare the principal of all the Debentures to be due and
payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, notwithstanding anything contained in this
Indenture or in the Debentures.

     (c)  At any time after the principal of the Debentures shall have been so
declared due and payable, and before any judgment or decree for the payment of
the money due shall have been obtained or entered as hereinafter provided, the
holders of a majority in aggregate principal amount of the Debentures then
Outstanding hereunder, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: (i) the Company has
paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Debentures and the principal of any and
all Debentures that shall have become due otherwise than by acceleration (with
interest upon such principal, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the
rate per annum expressed in the Debentures to the date of such payment or
deposit) and the amount payable to the Trustee under Section 9.7; and (ii) any
and all Events of Default under this Indenture, other than the nonpayment of
principal on Debentures that shall not have become due by their terms, shall
have been remedied or waived as provided in Section 7.6. No such rescission and
annulment shall extend to or shall affect any subsequent default or impair any
right consequent thereon.

     (d)  In case the Trustee shall have proceeded to enforce any right with
respect to Debentures under this Indenture and such proceedings shall have been
discontinued or abandoned because of such rescission or annulment or for any
other reason or shall have been determined adversely to the Trustee, then and in
every such case the Company and the Trustee shall be restored respectively to
their former positions and rights hereunder, and all rights, remedies and powers
of the Company and the Trustee shall continue as though no such proceedings had
been taken.

   SECTION 7.2.   COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY THE
TRUSTEE. (a) The Company covenants that (i) in case it shall default in the
payment of any installment of interest on any of the Debentures, and such
default shall have continued for a period of 30 days; or (ii) in case it shall
default in the payment of the principal of any of the Debentures when the same
shall have become due and payable, whether upon maturity of the Debentures or
upon redemption or upon declaration or otherwise, then, upon demand of the
Trustee, the Company shall pay to the Trustee, for the benefit of the holders of
the Debentures, the whole amount that then shall have become due and payable on
all such Debentures for principal or interest, or both, as the case may be, with
interest upon the overdue principal; and (to the extent that payment of such
interest is enforceable under applicable law and, if the Debentures are held by
the Trust or a trustee of the Trust, without duplication of any other amounts
paid by the Trust or trustee in respect thereof) upon overdue installments of
interest at the rate per annum expressed in the Debentures; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, and the amount payable to the Trustee under Section 9.7.

                                      -27-
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     (b)  If the Company shall fail to pay such amounts set forth in Section
7.2(a) forthwith upon such demand, the Trustee, in its own name and as trustee
of an express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or
other obligor upon the Debentures and collect the money adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or
other obligor upon the Debentures, wherever situated.

     (c)  In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, the Trust, or the creditors or property of either, the
Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be otherwise
provided by law) be entitled to file such proofs of claim and other papers and
documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of the Debentures allowed for the entire amount due
and payable by the Company under this Indenture at the date of institution of
such proceedings and for any additional amount that may become due and payable
by the Company after such date, and to collect and receive any money or other
property payable or deliverable on any such claim, and to distribute the same
after the deduction of the amount payable to the Trustee under Section 9.7; and
any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the holders of the Debentures to make such payments to the
Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to such Debentureholders, to pay to the Trustee any amount due
it under Section 9.7.

     (d)  All rights of action and of asserting claims under this Indenture, or
under any of the terms established with respect to the Debentures, may be
enforced by the Trustee without the possession of any of such Debentures, or the
production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after
provision for payment to the Trustee of any amounts due under Section 9.7, be
for the ratable benefit of the holders of the Debentures. In case of an Event of
Default hereunder which is continuing, the Trustee may in its discretion proceed
to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. Nothing contained herein
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Debentureholder any plan of reorganization, arrangement,
adjustment or composition affecting the Debentures or the rights of any holder
thereof or to authorize the Trustee to vote in respect of the claim of any
Debentureholder in any such proceeding.

   SECTION 7.3.   APPLICATION OF MONEY COLLECTED. Any money or other assets
collected by the Trustee pursuant to this Article VII with respect to the
Debentures shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such

                                      -28-
<Page>

money or other assets on account of principal or interest, upon presentation of
the Debentures, and notation thereon of the payment, if only partially paid, and
upon surrender thereof if fully paid:

          FIRST: To the payment of costs and expenses of collection and of all
     amounts payable to the Trustee under Section 9.7;

          SECTION: To the payment of all Senior Indebtedness if and to the
     extent required by Article XVI; and

          THIRD: To the payment of the amounts then due and unpaid upon the
     Debentures for principal and interest, in respect of which or for the
     benefit of which such money has been collected, ratably, without preference
     or priority of any kind, according to the amounts due and payable on such
     Debentures for principal and interest, respectively.

   SECTION 7.4.   LIMITATION ON SUITS. (a) Except as set forth in this
Indenture, no holder of any Debenture shall have any right by virtue or by
availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless (i) such holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof with
respect to the Debentures specifying such Event of Default, as hereinbefore
provided; (ii) the holders of not less than 25% in aggregate principal amount of
the Debentures then Outstanding shall have made written request upon the Trustee
to institute such action, suit or proceeding in its own name as trustee
hereunder; (iii) such holder or holders shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby; and (iv) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action, suit or proceeding and during such 60 day
period, the holders of a majority in principal amount of the Debentures do not
give the Trustee a direction inconsistent with the request.

     (b)  Notwithstanding anything contained herein to the contrary or any other
provisions of this Indenture, the right of any holder of the Debentures to
receive payment of the principal of and interest on the Debentures, as therein
provided, on or after the respective due dates expressed in such Debenture (or
in the case of redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates or redemption
date, shall not be impaired or affected without the consent of such holder and
by accepting a Debenture hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Debenture with every other such
taker and holder and the Trustee that no one or more holders of the Debentures
shall have any right in any manner whatsoever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of the
holders of any other of such Debentures, or to obtain or seek to obtain priority
over or preference to any other such holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all holders of the Debentures. For the protection and
enforcement of the provisions of this Section 7.4, each and every
Debentureholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

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   SECTION 7.5.   RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER.
(a) Except as otherwise provided in Section 2.9(b), all powers and remedies
given by this Article VII to the Trustee or to the Debentureholders shall, to
the extent permitted by law, be deemed cumulative and not exclusive of any other
powers and remedies available to the Trustee or the holders of the Debentures,
by judicial proceedings or otherwise, to enforce the performance or observance
of the covenants and agreements contained in this Indenture or otherwise
established with respect to such Debentures.

     (b)  No delay or omission of the Trustee or of any holder of any of the
Debentures to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or
shall be construed to be a waiver of any such default or an acquiescence
therein; and, subject to the provisions of Section 7.4, every power and remedy
given by this Article VII or by law to the Trustee or the Debentureholders may
be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Debentureholders.

   SECTION 7.6.   CONTROL BY THE DEBENTUREHOLDERS. The holders of a majority in
aggregate principal amount of the Debentures at the time Outstanding, determined
in accordance with Section 10.4, shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee; PROVIDED, HOWEVER,
that such direction shall not be in conflict with any rule of law or with this
Indenture. Subject to the provisions of Section 9.1, the Trustee shall have the
right to decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer or Officers of the Trustee, determine that the
proceeding so directed would involve the Trustee in personal liability. The
holders of a majority in aggregate principal amount of the Debentures at the
time Outstanding affected thereby, determined in accordance with Section 10.4,
may on behalf of the holders of all of the Debentures waive any past default in
the performance of any of the covenants contained herein and its consequences,
except (i) a default in the payment of the principal of or interest on any of
the Debentures as and when the same shall become due by the terms of such
Debentures otherwise than by acceleration (unless such default has been cured
and a sum sufficient to pay all matured installments of principal and interest
has been deposited with the Trustee (in accordance with Section 7.1(c)); (ii) a
default in the covenants contained in Section 5.7; or (iii) in respect of a
covenant or provision hereof which cannot be modified or amended without the
consent of the holder of each Outstanding Debenture affected; PROVIDED, HOWEVER,
that if the Debentures are held by the Trust or a trustee of the Trust, such
waiver or modification to such waiver shall not be effective until the holders
of a majority in liquidation preference of Trust Securities of the Trust shall
have consented to such waiver or modification to such waiver; PROVIDED FURTHER,
that if the Debentures are held by the Trust or a trustee of the Trust, and if
the consent of the holder of each Outstanding Debenture is required, such waiver
shall not be effective until each holder of the Trust Securities of the Trust
shall have consented to such waiver. Upon any such waiver, the default covered
thereby shall be deemed to be cured for all purposes of this Indenture and the
Company, the Trustee and the holders of the Debentures shall be restored to
their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent
thereon.

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   SECTION 7.7.   UNDERTAKING TO PAY COSTS. All parties to this Indenture agree,
and each holder of any Debentures by such holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as the Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section 7.7 shall not apply to
any suit instituted by the Trustee, to any suit instituted by any
Debentureholder, or group of the Debentureholders holding more than 10% in
aggregate principal amount of the Outstanding Debentures, or to any suit
instituted by any Debentureholder for the enforcement of the payment of the
principal of or interest on the Debentures, on or after the respective due dates
expressed in such Debenture or established pursuant to this Indenture.

   SECTION 7.8.   DIRECT ACTION; RIGHT OF SET-OFF. In the event that an Event of
Default has occurred and is continuing and such event is attributable to the
failure of the Company to pay interest on or principal of the Debentures on an
Interest Payment Date or Maturity Date, as applicable, then a holder of
Preferred Securities may institute a legal proceeding directly against the
Company for enforcement of payment to such holder of the principal of or
interest on such Debentures having a principal amount equal to the aggregate
Liquidation Amount of the Preferred Securities of such holders (a "DIRECT
ACTION"). In connection with such Direct Action, the Company will have a right
of set-off under this Indenture to the extent of any payment actually made by
the Company to such holder of the Preferred Securities with respect to such
Direct Action.

                                  ARTICLE VIII

                    FORM OF THE DEBENTURE AND ORIGINAL ISSUE

   SECTION 8.1.   FORM OF DEBENTURE. The Debenture and the Trustee's Certificate
of Authentication to be endorsed thereon are to be substantially in the forms
contained as Exhibit A to this Indenture, attached hereto and incorporated
herein by reference.

   SECTION 8.2.   ORIGINAL ISSUE OF THE DEBENTURES. Debentures in the aggregate
principal amount of $25,773,200 may, upon execution of this Indenture, be
executed by the Company and delivered to the Trustee for authentication. If the
Underwriters exercise their Option and there is an Option Closing Date (as such
terms are defined in the Underwriting Agreement, dated _______________, 2003, by
and among the Company, the Trust and Howe Barnes Investments, Inc., as
representatives of the several Underwriters named therein, then, on such Option
Closing Date, Debentures in the additional aggregate amount of up to $3,866,000
may be executed by the Company and delivered to the Trustee for authentication.
The Trustee shall thereupon authenticate and deliver said Debentures to or upon
the written order of the Company, signed by its Chief Executive Officer, its
President, or any Vice President and its Treasurer or an Assistant Treasurer,
without any further action by the Company.

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                                   ARTICLE IX

                             CONCERNING THE TRUSTEE

   SECTION 9.1.   CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE. (a) The
Trustee, prior to the occurrence of an Event of Default and after the curing of
all Events of Default that may have occurred, shall undertake to perform with
respect to the Debentures such duties and only such duties as are specifically
set forth in this Indenture, and no implied covenants shall be read into this
Indenture against the Trustee. In case an Event of Default has occurred that has
not been cured or waived, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill
in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

     (b)  No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that:

           (i)     prior to the occurrence of an Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

                   (A)   the duties and obligations of the Trustee shall with
          respect to the Debentures be determined solely by the express
          provisions of this Indenture, and the Trustee shall not be liable with
          respect to the Debentures except for the performance of such duties
          and obligations as are specifically set forth in this Indenture, and
          no implied covenants or obligations shall be read into this Indenture
          against the Trustee; and

                   (B)   in the absence of bad faith on the part of the Trustee,
          the Trustee may with respect to the Debentures conclusively rely, as
          to the truth of the statements and the correctness of the opinions
          expressed therein, upon any certificates or opinions furnished to the
          Trustee and conforming to the requirements of this Indenture; but in
          the case of any such certificates or opinions that by any provision
          hereof are specifically required to be furnished to the Trustee, the
          Trustee shall be under a duty to examine the same to determine whether
          or not they conform to the requirements of this Indenture;

          (ii)     the Trustee shall not be liable for any error of judgment
     made in good faith by a Responsible Officer or Responsible Officers of the
     Trustee, unless it shall be proved that the Trustee was negligent in
     ascertaining the pertinent facts;

         (iii)     the Trustee shall not be liable with respect to any action
     taken or omitted to be taken by it in good faith in accordance with the
     direction of the holders of not less than a majority in principal amount of
     the Debentures at the time Outstanding relating to the time, method and
     place of conducting any proceeding for any remedy available to the Trustee,
     or exercising any trust or power conferred upon the Trustee under this
     Indenture with respect to the Debentures; and

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          (iv)     none of the provisions contained in this Indenture shall
     require the Trustee to expend or risk its own funds or otherwise incur
     personal financial liability in the performance of any of its duties or in
     the exercise of any of its rights or powers, if there is reasonable ground
     for believing that the repayment of such funds or liability is not
     reasonably assured to it under the terms of this Indenture or adequate
     indemnity against such risk is not reasonably assured to it.

   SECTION 9.2.   NOTICE OF DEFAULTS. Within 90 days after actual knowledge by a
Responsible Officer of the Trustee of the occurrence of any Default hereunder
with respect to the Debentures, the Trustee shall transmit by mail to all
holders of the Debentures, as their names and addresses appear in the Debenture
Register, notice of such Default, unless such Default shall have been cured or
waived; PROVIDED, HOWEVER, that, except in the case of a Default in the payment
of the principal or interest (including any Additional Payments) on any
Debenture, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee or a trust committee of
the directors and/or Responsible Officers of the Trustee determines in good
faith that the withholding of such notice is in the interests of the holders of
such Debentures; and PROVIDED, FURTHER, that in the case of any Default of the
character specified in section 7.1(a)(iii), no such notice to holders of
Debentures need be sent until at least 30 days after the occurrence thereof.

   SECTION 9.3.   CERTAIN RIGHTS OF THE TRUSTEE. Except as otherwise provided in
Section 9.1:

          (a)       The Trustee may rely and shall be protected in acting or
     refraining from acting upon any resolution, certificate, statement,
     instrument, opinion, report, notice, request, consent, order, approval,
     bond, security or other paper or document believed by it to be genuine and
     to have been signed or presented by the proper party or parties;

          (b)       Any request, direction, order or demand of the Company
     mentioned herein shall be sufficiently evidenced by a Board Resolution or
     an instrument signed in the name of the Company by its President or any
     Vice President and by the Secretary or an Assistant Secretary or the
     Treasurer or an Assistant Treasurer thereof (unless other evidence in
     respect thereof is specifically prescribed herein);

          (c)       The Trustee shall not be deemed to have knowledge of a
     Default or an Event of Default, other than an Event of Default specified in
     Section 7.1(a)(i) or (ii), unless and until it receives written
     notification of such Event of Default from the Company or by holders of at
     least 25% of the aggregate principal amount of the Debentures at the time
     Outstanding;

          (d)       The Trustee may consult with counsel and the written advice
     of such counsel or any Opinion of Counsel shall be full and complete
     authorization and protection in respect of any action taken or suffered or
     omitted hereunder in good faith and in reliance thereon;

          (e)       The Trustee shall be under no obligation to exercise any of
     the rights or powers vested in it by this Indenture at the request, order
     or direction of any of the

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     Debentureholders, pursuant to the provisions of this Indenture, unless such
     Debentureholders shall have offered to the Trustee reasonable security or
     indemnity against the costs, expenses and liabilities that may be incurred
     therein or thereby; nothing contained herein shall, however, relieve the
     Trustee of the obligation, upon the occurrence of an Event of Default (that
     is continuing and has not been cured or waived) to exercise with respect to
     the Debentures such of the rights and powers vested in it by this
     Indenture, and to use the same degree of care and skill in its exercise, as
     a prudent person would exercise or use under the circumstances in the
     conduct of his or her own affairs;

          (f)       The Trustee shall not be liable for any action taken or
     omitted to be taken by it in good faith and believed by it to be authorized
     or within the discretion or rights or powers conferred upon it by this
     Indenture;

          (g)       The Trustee shall not be bound to make any investigation
     into the facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, consent, order, approval,
     bond, security, or other papers or documents, unless requested in writing
     so to do by the holders of not less than a majority in principal amount of
     the Outstanding Debentures (determined as provided in Section 10.4);
     PROVIDED, HOWEVER, that if the payment within a reasonable time to the
     Trustee of the costs, expenses or liabilities likely to be incurred by it
     in the making of such investigation is, in the opinion of the Trustee, not
     reasonably assured to the Trustee by the security afforded to it by the
     terms of this Indenture, the Trustee may require reasonable indemnity
     against such costs, expenses or liabilities as a condition to so
     proceeding, and the reasonable expense of every such examination shall be
     paid by the Company or, if paid by the Trustee, shall be repaid by the
     Company upon demand; and

          (h)       The Trustee may execute any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or through
     agents or attorneys and the Trustee shall not be responsible for any
     misconduct or negligence on the part of any agent or attorney appointed
     with due care by it hereunder.

   SECTION 9.4.   THE TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC. (a) The
Recitals contained herein and in the Debentures shall be taken as the statements
of the Company, and the Trustee assumes no responsibility for the correctness of
the same.

     (b)  The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Debentures.

     (c)  The Trustee shall not be accountable for the use or application by the
Company of any of the Debentures or of the proceeds of such Debentures, or for
the use or application of any money paid over by the Trustee in accordance with
any provision of this Indenture, or for the use or application of any money
received by any Paying Agent other than the Trustee.

   SECTION 9.5.   MAY HOLD THE DEBENTURES. The Trustee or any Paying Agent or
Debenture Registrar for the Debentures, in its individual or any other capacity,
may become the owner or

                                      -34-
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pledgee of the Debentures with the same rights it would have if it were not
Trustee, Paying Agent or Debenture Registrar.

   SECTION 9.6.   MONEY HELD IN TRUST. Subject to the provisions of Section
13.5, all money received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any money received by it
hereunder except such as it may agree with the Company to pay thereon.

   SECTION 9.7.   COMPENSATION AND REIMBURSEMENT. (a) The Company covenants and
agrees to pay to the Trustee, and the Trustee shall be entitled to, such
reasonable compensation (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust), as the Company and
the Trustee may from time to time agree in writing, for all services rendered by
it in the execution of the trusts hereby created and in the exercise and
performance of any of the powers and duties hereunder of the Trustee, and,
except as otherwise expressly provided herein, the Company shall pay or
reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advance as may
arise from its negligence or bad faith. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold
it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this Indenture, including the costs and
expenses of defending itself against any claim of liability in the premises.

     (b)  The obligations of the Company under this Section 9.7 to compensate
and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Debentures upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the holders of particular
Debentures.

   SECTION 9.8.   RELIANCE ON OFFICERS' CERTIFICATE. Except as otherwise
provided in Section 9.1, whenever in the administration of the provisions of
this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any
action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of negligence or bad faith
on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers' Certificate delivered to the Trustee and such certificate, in
the absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken, suffered or omitted to be taken by
it under the provisions of this Indenture upon the faith thereof.

   SECTION 9.9.   DISQUALIFICATION; CONFLICTING INTERESTS. If the Trustee has or
shall acquire any "conflicting interest" within the meaning of Section 310(b) of
the Trust Indenture Act, the

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Trustee and the Company shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act.

   SECTION 9.10.  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. There shall at all
times be a Trustee with respect to the Debentures issued hereunder which shall
at all times be a corporation organized and doing business under the laws of the
United States or any state or territory thereof or of the District of Columbia,
or a corporation or other Person permitted to act as trustee by the Commission,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $50,000,000, and subject to supervision or
examination by federal, state, territorial, or District of Columbia authority.
If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section 9.10, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. The
Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Trustee. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 9.10, the Trustee shall resign immediately in the
manner and with the effect specified in Section 9.11.

   SECTION 9.11.  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. (a) The
Trustee or any successor hereafter appointed, may at any time resign by giving
written notice thereof to the Company and by transmitting notice of resignation
by mail, first class postage prepaid, to the Debentureholders, as their names
and addresses appear upon the Debenture Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee with respect
to Debentures by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor trustee. If no successor trustee
shall have been so appointed and have accepted appointment within 30 days after
the mailing of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee
with respect to Debentures, or any Debentureholder who has been a bona fide
holder of a Debenture or Debentures for at least six months may, subject to the
provisions of Sections 9.9 and 9.10, on behalf of himself or herself and all
others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may
deem proper and prescribe, appoint a successor trustee.

     (b)  In case at any time any one of the following shall occur:

           (i)     the Trustee shall fail to comply with the provisions of
     Section 9.9 after written request therefor by the Company or by any
     Debentureholder who has been a bona fide holder of a Debenture or
     Debentures for at least six months; or

          (ii)     the Trustee shall cease to be eligible in accordance with the
     provisions of Section 9.10 and shall fail to resign after written request
     therefor by the Company or by any such Debentureholder; or

                                      -36-
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         (iii)     the Trustee shall become incapable of acting, or shall be
     adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
     proceeding, or a receiver of the Trustee or of its property shall be
     appointed or consented to, or any public officer shall take charge or
     control of the Trustee or of its property or affairs for the purpose of
     rehabilitation, conservation or liquidation;

then, in any such case, the Company may remove the Trustee with respect to all
Debentures and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Section 9.10, unless the Trustee's duty to
resign is stayed as provided herein, any Debentureholder who has been a bona
fide holder of a Debenture or Debentures for at least six months may, on behalf
of that holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint a successor trustee.

     (c)  The holders of the Debentures may not remove the Trustee.

     (d)  Any resignation or removal of the Trustee and appointment of a
successor trustee with respect to the Debentures pursuant to any of the
provisions of this Section 9.11 shall become effective upon acceptance of
appointment by the successor trustee as provided in Section 9.12.

     (e)  Any successor trustee appointed pursuant to this Section 9.11 may be
appointed with respect to the Debentures, and at any time there shall be only
one Trustee with respect to the Debentures.

   SECTION 9.12.  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a) In case of the
appointment hereunder of a successor trustee with respect to the Debentures,
every successor trustee so appointed shall execute, acknowledge and deliver to
the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Company or the
successor trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor trustee all the
rights, powers, and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor trustee all property and money held by
such retiring Trustee hereunder.

     (b)  Upon request of any successor trustee, the Company shall execute any
and all instruments for more fully and certainly vesting in and confirming to
such successor trustee all such rights, powers and trusts referred to in
paragraph (a) of this Section 9.12.

     (c)  No successor trustee shall accept its appointment unless at the time
of such acceptance such successor trustee shall be qualified and eligible under
this Article IX.

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     (d)  Upon acceptance of appointment by a successor trustee as provided in
this Section 9.12, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first class postage prepaid, to the Debentureholders,
as their names and addresses appear upon the Debenture Register. If the Company
fails to transmit such notice within ten days after acceptance of appointment by
the successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

   SECTION 9.13.  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.
Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, PROVIDED that such corporation shall be
qualified under the provisions of Section 9.9 and eligible under the provisions
of Section 9.10, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Debentures shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Debentures so authenticated with the same effect as if such
successor Trustee had itself authenticated such Debentures.

   SECTION 9.14.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY. The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding
any creditor relationship described in Section 311(b) of the Trust Indenture
Act. A Trustee who has resigned or been removed shall be subject to Section
311(a) of the Trust Indenture Act to the extent included therein.

                                    ARTICLE X

                         CONCERNING THE DEBENTUREHOLDERS

   SECTION 10.1.  EVIDENCE OF ACTION BY THE HOLDERS. (a) Whenever in this
Indenture it is provided that the holders of a majority or specified percentage
in aggregate principal amount of the Debentures may take any action (including
the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such
action the holders of such majority or specified percentage have joined therein
may be evidenced by any instrument or any number of instruments of similar tenor
executed by such holders of Debentures in person or by agent or proxy appointed
in writing.

     (b)  If the Company shall solicit from the Debentureholders any request,
demand, authorization, direction, notice, consent, waiver or other action, the
Company may, at its option, as evidenced by an Officers' Certificate, fix in
advance a record date for the determination of Debentureholders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other
action, but the Company shall have no obligation to do so. If such a record date
is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other action may be given before or after the record date, but only
the Debentureholders of record at the close

                                      -38-
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of business on the record date shall be deemed to be Debentureholders for the
purposes of determining whether Debentureholders of the requisite proportion of
Outstanding Debentures have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other action, and
for that purpose the Outstanding Debentures shall be computed as of the record
date; PROVIDED, HOWEVER, that no such authorization, agreement or consent by
such Debentureholders on the record date shall be deemed effective unless it
shall become effective pursuant to the provisions of this Indenture not later
than six (6) months after the record date.

   SECTION 10.2.  PROOF OF EXECUTION BY THE DEBENTUREHOLDERS. Subject to the
provisions of Section 9.1, proof of the execution of any instrument by a
Debentureholder (such proof shall not require notarization) or such
Debentureholder's agent or proxy and proof of the holding by any Person of any
of the Debentures shall be sufficient if made in the following manner:

          (a)       The fact and date of the execution by any such Person of any
     instrument may be proved in any reasonable manner acceptable to the
     Trustee.

          (b)       The ownership of Debentures shall be proved by the Debenture
     Register of such Debentures or by a certificate of the Debenture Registrar
     thereof.

          (c)       The Trustee may require such additional proof of any matter
     referred to in this Section 10.2 as it shall deem necessary.

   SECTION 10.3.  WHO MAY BE DEEMED OWNERS. Prior to the due presentment for
registration of transfer of any Debenture, the Company, the Trustee, any Paying
Agent, any Authenticating Agent and any Debenture Registrar may deem and treat
the Person in whose name such Debenture shall be registered upon the books of
the Company as the absolute owner of such Debenture (whether or not such
Debenture shall be overdue and notwithstanding any notice of ownership or
writing thereon made by anyone other than the Debenture Registrar) for the
purpose of receiving payment of or on account of the principal of and interest
on such Debenture (subject to Section 2.3) and for all other purposes; and
neither the Company nor the Trustee nor any Paying Agent nor any Authenticating
Agent nor any Debenture Registrar shall be affected by any notice to the
contrary.

   SECTION 10.4.  CERTAIN DEBENTURES OWNED BY COMPANY DISREGARDED. In
determining whether the holders of the requisite aggregate principal amount of
the Debentures have concurred in any direction, consent or waiver under this
Indenture, the Debentures that are owned by the Company or any other obligor on
the Debentures or by any Person directly or indirectly controlling or controlled
by or under common control with the Company or any other obligor on the
Debentures shall be disregarded and deemed not to be Outstanding for the purpose
of any such determination, except that (a) for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, consent
or waiver, only Debentures that the Trustee actually knows are so owned shall be
so disregarded; and (b) for purposes of this Section 10.4, the Trust shall be
deemed not to be controlled by the Company. The Debentures so owned that have
been pledged in good faith may be regarded as Outstanding for the purposes of
this Section 10.4, if the pledgee shall establish to the satisfaction of the
Trustee the pledgee's right so

                                      -39-
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to act with respect to such Debentures and that the pledgee is not a Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company or any such other obligor. In case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee.

   SECTION 10.5.  ACTIONS BINDING ON THE FUTURE DEBENTUREHOLDERS. At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section
10.1, of the taking of any action by the holders of the majority or percentage
in aggregate principal amount of the Debentures specified in this Indenture in
connection with such action, any holder of a Debenture that is shown by the
evidence to be included in the Debentures the holders of which have consented to
such action may, by filing written notice with the Trustee, and upon proof of
holding as provided in Section 10.2, revoke such action so far as concerns such
Debenture. Except as aforesaid, any such action taken by the holder of any
Debenture shall be conclusive and binding upon such holder and upon all future
holders and owners of such Debenture, and of any Debenture issued in exchange
therefor, on registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such Debenture.
Any action taken by the holders of the majority or percentage in aggregate
principal amount of the Debentures specified in this Indenture in connection
with such action shall be conclusively binding upon the Company, the Trustee and
the holders of all the Debentures.

                                   ARTICLE XI

                             SUPPLEMENTAL INDENTURES

   SECTION 11.1.  SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF THE
DEBENTUREHOLDERS. In addition to any supplemental indenture otherwise authorized
by this Indenture, the Company and the Trustee may from time to time and at any
time enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as then in effect), without
the consent of the Debentureholders, for one or more of the following purposes:

          (a)       to cure any ambiguity, defect, or inconsistency herein, or
     in the Debentures;

          (b)       to comply with Article X;

          (c)       to provide for uncertificated Debentures in addition to or
     in place of certificated Debentures;

          (d)       to add to the covenants of the Company for the benefit of
     the holders of all or any of the Debentures or to surrender any right or
     power herein conferred upon the Company;

          (e)       to add to, delete from, or revise the conditions,
     limitations and restrictions on the authorized amount, terms or purposes of
     issue, authentication and delivery of Debentures, as herein set forth;

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          (f)       to make any change that does not adversely affect the rights
     of any Debentureholder in any material respect;

          (g)       to provide for the issuance of and establish the form and
     terms and conditions of the Debentures, to establish the form of any
     certifications required to be furnished pursuant to the terms of this
     Indenture or of the Debentures, or to add to the rights of the holders of
     the Debentures;

          (h)       to qualify or maintain the qualification of this Indenture
     under the Trust Indenture Act; or

          (i)       to evidence a consolidation or merger involving the Company
     as permitted under Section 12.1.

     The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall
not be obligated to enter into any such supplemental indenture that affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section 11.1 may
be executed by the Company and the Trustee without the consent of the holders of
any of the Debentures at the time Outstanding, notwithstanding any of the
provisions of Section 11.2.

   SECTION 11.2.  SUPPLEMENTAL INDENTURES WITH CONSENT OF THE DEBENTUREHOLDERS.
With the consent (evidenced as provided in Section 10.1) of the holders of not
less than a majority in aggregate principal amount of the Debentures at the time
Outstanding, the Company, when authorized by Board Resolutions, and the Trustee
may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner not covered by
Section 11.1 the rights of the holders of the Debentures under this Indenture;
PROVIDED, HOWEVER, that no such supplemental indenture shall without the consent
of the holders of each Debenture then Outstanding and affected thereby, (a)
extend the fixed maturity of any Debentures, reduce the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon;
or (b) reduce the aforesaid percentage of Debentures, the holders of which are
required to consent to any such supplemental indenture; PROVIDED FURTHER, that
if the Debentures are held by the Trust or a trustee of the Trust, such
supplemental indenture shall not be effective until the holders of a majority in
liquidation preference of Trust Securities of the Trust shall have consented to
such supplemental indenture; PROVIDED FURTHER, that if the Debentures are held
by the Trust or a trustee of the Trust and if the consent of the holder of each
Outstanding Debenture is required, such supplemental indenture shall not be
effective until each holder of the Trust Securities of the Trust shall have
consented to such supplemental indenture. It shall not be necessary for the
consent of the Debentureholders affected thereby under this Section 11.2 to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such consent shall approve the substance thereof.

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   SECTION 11.3.  EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of any
supplemental indenture pursuant to the provisions of this Article XI, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the holders
of Debentures shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

   SECTION 11.4.  THE DEBENTURES AFFECTED BY SUPPLEMENTAL INDENTURES. The
Debentures affected by a supplemental indenture, authenticated and delivered
after the execution of such supplemental indenture pursuant to the provisions of
this Article XI, may bear a notation in form approved by the Company, provided
such form meets the requirements of any exchanges or automated quotation system
upon which the Debentures may be listed or quoted, as to any matter provided for
in such supplemental indenture. If the Company shall so determine, new
Debentures so modified as to conform, in the opinion of the Board of Directors
of the Company, to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Company, authenticated by the
Trustee and delivered in exchange for the Debentures then Outstanding.

   SECTION 11.5.  EXECUTION OF SUPPLEMENTAL INDENTURES. (a) Upon the request of
the Company, accompanied by its Board Resolutions authorizing the execution of
any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of the Debentureholders required to consent thereto as
aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee's
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated, to enter
into such supplemental indenture. The Trustee, subject to the provisions of
Sections 9.1, may receive an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article XI is authorized or
permitted by, and conforms to, the terms of this Article XI and that it is
proper for the Trustee under the provisions of this Article XI to join in the
execution thereof.

     (b)  Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section 11.5, the
Trustee shall transmit by mail, first class postage prepaid, a notice, setting
forth in general terms the substance of such supplemental indenture, to the
Debentureholders as their names and addresses appear upon the Debenture
Register. Any failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

   SECTION 11.6.  PRESERVATION OF REGISTERED DEBENTURES. No supplemental
indenture shall be entered into which alters the form of Debentures from
registered to coupon form without an Opinion of Counsel stating that such
alteration will not result in adverse federal income tax consequences to the
Company.

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                                   ARTICLE XII

                              SUCCESSOR CORPORATION

   SECTION 12.1.  THE COMPANY MAY CONSOLIDATE, ETC. Nothing contained in this
Indenture or in any of the Debentures shall prevent any consolidation or merger
of the Company with or into any other corporation or corporations (whether or
not affiliated with the Company, as the case may be), or successive
consolidations or mergers in which the Company, as the case may be, or its
successor or successors shall be a party or parties, or shall prevent any sale,
conveyance, transfer or other disposition of the property of the Company, as the
case may be, or its successor or successors as an entirety, or substantially as
an entirety, to any other corporation (whether or not affiliated with the
Company, as the case may be, or its successor or successors) authorized to
acquire and operate the same; PROVIDED, HOWEVER, that the Company hereby
covenants and agrees that (a) upon any such consolidation, merger, sale,
conveyance, transfer or other disposition, the due and punctual payment, in the
case of the Company, of the principal of and interest on all of the Debentures,
according to their tenor and the due and punctual performance and observance of
all the covenants and conditions of this Indenture to be kept or performed by
the Company, as the case may be, shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as
then in effect) satisfactory in form to the Trustee executed and delivered to
the Trustee by the entity formed by such consolidation, or into which the
Company, as the case may be, shall have been merged, or by the entity which
shall have acquired such property; (b) in case the Company consolidates with or
merges into another Person or conveys or transfers its properties and assets
substantially as an entirety to any Person, the successor Person is organized
under the laws of the United States or any state or the District of Columbia;
and (c) immediately after giving effect thereto, an Event of Default, and no
event which, after notice or lapse of time or both, would become an Event of
Default, shall have occurred and be continuing.

   SECTION 12.2.  SUCCESSOR CORPORATION SUBSTITUTED. (a) In case of any such
consolidation, merger, sale, conveyance, transfer or other disposition and upon
the assumption by the successor corporation, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of, in the
case of the Company, the due and punctual payment of the principal of and
interest on all of the Debentures Outstanding and the due and punctual
performance of all of the covenants and conditions of this Indenture to be
performed by the Company, as the case may be, such successor corporation shall
succeed to and be substituted for the Company, with the same effect as if it had
been named as the Company herein.

     (b)  In case of any such consolidation, merger, sale, conveyance, transfer
or other disposition, such changes in phraseology and form (but not in
substance) may be made in the Debentures thereafter to be issued as may be
appropriate.

     (c)  Nothing contained in this Indenture or in any of the Debentures shall
prevent the Company from merging into itself or acquiring by purchase or
otherwise, all or any part of, the property of any other Person (whether or not
affiliated with the Company).

                                      -43-
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   SECTION 12.3.  EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE. The Trustee,
subject to the provisions of Section 9.1, may receive an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or other disposition, and any such assumption, comply with the
provisions of this Article XII.

                                  ARTICLE XIII

                           SATISFACTION AND DISCHARGE

   SECTION 13.1.  SATISFACTION AND DISCHARGE OF INDENTURE. If at any time: (a)
the Company shall have delivered to the Trustee for cancellation all Debentures
theretofore authenticated (other than any Debentures that shall have been
destroyed, lost or stolen and that shall have been replaced or paid as provided
in Section 2.9) and all Debentures for whose payment money or Governmental
Obligations have theretofore been deposited in trust or segregated and held in
trust by the Company (and thereupon repaid to the Company or discharged from
such trust, as provided in Section 13.5); or (b) all such Debentures not
theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are
to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption, and the Company shall
deposit or cause to be deposited with the Trustee as trust funds the entire
amount in money or Governmental Obligations sufficient, or a combination thereof
sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay at maturity or upon redemption all Debentures not theretofore
delivered to the Trustee for cancellation, including principal and interest due
or to become due to such date of maturity or date fixed for redemption, as the
case may be, and if the Company shall also pay or cause to be paid all other
sums payable hereunder by the Company; then this Indenture shall thereupon cease
to be of further effect except for the provisions of Sections 2.3, 2.7, 2.9,
5.1, 5.2, 5.3, 9.7 and 9.10, that shall survive until the date of maturity or
redemption date, as the case may be, and Sections 9.7 and 13.5, that shall
survive to such date and thereafter, and the Trustee, on demand of the Company
and at the cost and expense of the Company, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture.

   SECTION 13.2.  DISCHARGE OF OBLIGATIONS. If at any time all Debentures not
heretofore delivered to the Trustee for cancellation or that have not become due
and payable as described in Section 13.1 shall have been paid by the Company by
depositing irrevocably with the Trustee as trust funds money or an amount of
Governmental Obligations sufficient in the opinion of a nationally recognized
certified public accounting firm to pay at maturity or upon redemption all
Debentures not theretofore delivered to the Trustee for cancellation, including
principal and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company, then after the
date such money or Governmental Obligations, as the case may be, are deposited
with the Trustee, the obligations of the Company under this Indenture shall
cease to be of further effect except for the provisions of Sections 2.3, 2.7,
2.9, 5.1, 5.2, 5.3, 9.6,

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9.7 and 13.5, that shall survive until such Debentures shall mature and be paid.
Thereafter, Sections 9.7 and 13.5 shall survive.

   SECTION 13.3.  DEPOSITED MONEY TO BE HELD IN TRUST. All money or Governmental
Obligations deposited with the Trustee pursuant to Sections 13.1 or 13.2 shall
be held in trust and shall be available for payment as due, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent),
to the holders of the Debentures for the payment or redemption of which such
money or Governmental Obligations have been deposited with the Trustee.

   SECTION 13.4.  PAYMENT OF MONEY HELD BY PAYING AGENTS. In connection with the
satisfaction and discharge of this Indenture, all money or Governmental
Obligations then held by any Paying Agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee and thereupon such
Paying Agent shall be released from all further liability with respect to such
money or Governmental Obligations.

   SECTION 13.5.  REPAYMENT TO THE COMPANY. Any money or Governmental
Obligations deposited with any Paying Agent or the Trustee, or then held by the
Company in trust, for payment of principal of or interest on the Debentures that
are not applied but remain unclaimed by the holders of such Debentures for at
least two years after the date upon which the principal of or interest on such
Debentures shall have respectively become due and payable, shall be repaid to
the Company, as the case may be, on June 30 of each year or (if then held by the
Company) shall be discharged from such trust; and thereupon the Paying Agent and
the Trustee shall be released from all further liability with respect to such
money or Governmental Obligations, and the holder of any of the Debentures
entitled to receive such payment shall thereafter, as an unsecured general
creditor, look only to the Company for the payment thereof.

                                   ARTICLE XIV

         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

   SECTION 14.1.  NO RECOURSE. No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of the Debentures, or for any claim
based thereon or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, either
directly or through the Company or any such predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever, shall
attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor
corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Debentures or implied therefrom;
and that any and all such personal liability of every name and nature, either at
common law or in equity or by constitution or statute, and any and all such
rights and claims

                                      -45-
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against, every such incorporator, stockholder, officer or director as such,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Debentures or implied therefrom, are hereby expressly waived
and released as a condition of, and as a consideration for, the execution of
this Indenture and the issuance of such Debentures.

                                   ARTICLE XV

                            MISCELLANEOUS PROVISIONS

   SECTION 15.1.  EFFECT ON SUCCESSORS AND ASSIGNS. All the covenants,
stipulations, promises and agreements in this Indenture contained by or on
behalf of the Company shall bind its respective successors and assigns, whether
so expressed or not.

   SECTION 15.2.  ACTIONS BY SUCCESSOR. Any act or proceeding by any provision
of this Indenture authorized or required to be done or performed by any board,
committee or officer of the Company shall and may be done and performed with
like force and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful sole successor of the Company.

   SECTION 15.3.  SURRENDER OF THE COMPANY POWERS. The Company by instrument in
writing executed by appropriate authority of its Board of Directors and
delivered to the Trustee may surrender any of the powers reserved to the
Company, and thereupon such power so surrendered shall terminate both as to the
Company, as the case may be, and as to any successor corporation.

   SECTION 15.4.  NOTICES. Except as otherwise expressly provided herein any
notice or demand that by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the holders of Debentures
to or on the Company may be given or served by being deposited first class
postage prepaid in a post-office letterbox addressed (until another address is
filed in writing by the Company with the Trustee), as follows: c/o Old Second
Bancorp, Inc., 37 River Street, Aurora, Illinois 60506-4172, Attention: Chief
Executive Officer. Any notice, election, request or demand by the Company or any
Debentureholder to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the Corporate
Trust Office of the Trustee.

   SECTION 15.5.  GOVERNING LAW. This Indenture and each Debenture shall be
deemed to be a contract made under the internal laws of the State of Illinois
and for all purposes shall be construed in accordance with the laws of said
State.

   SECTION 15.6.  TREATMENT OF THE DEBENTURES AS DEBT. It is intended that the
Debentures shall be treated as indebtedness and not as equity for federal income
tax purposes. The provisions of this Indenture shall be interpreted to further
this intention. The Company (with respect to its separate books and records),
the Trustee and, by acceptance of a Debenture, each holder of a Debenture, agree
to treat the Debentures as indebtedness of the Company and not as

                                      -46-
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equity for all tax (including without limitation, federal income tax) and
financial accounting purposes.

   SECTION 15.7.  COMPLIANCE CERTIFICATES AND OPINIONS. (a) Upon any application
or demand by the Company to the Trustee to take any action under any of the
provisions of this Indenture, the Company shall furnish to the Trustee an
Officers' Certificate stating that all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of such counsel all such conditions
precedent have been complied with, except that in the case of any such
application or demand as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

     (b)  Each certificate or opinion of the Company provided for in this
Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant in this Indenture shall include (i) a statement that the
Person making such certificate or opinion has read such covenant or condition;
(ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based; (iii) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as, in the opinion
of such Person, is necessary to enable him or her to express an informed opinion
as to whether or not such covenant or condition has been complied with; and (iv)
a statement as to whether or not, in the opinion of such Person, such condition
or covenant has been complied with; PROVIDED, HOWEVER, that each such
certificate shall comply with the provisions of Section 314 of the Trust
Indenture Act.

   SECTION 15.8.  PAYMENTS ON BUSINESS DAYS. In any case where the date of
maturity of interest or principal of any Debenture or the date of redemption of
any Debenture shall not be a Business Day, then payment of interest or principal
may (subject to Section 2.5(b)) be made on the next succeeding Business Day with
the same force and effect as if made on the nominal date of maturity or
redemption, and no interest shall accrue for the period after such nominal date.

   SECTION 15.9.  CONFLICT WITH TRUST INDENTURE ACT. If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such
imposed duties shall control.

   SECTION 15.10. COUNTERPARTS. This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument.

   SECTION 15.11. SEPARABILITY. In case any one or more of the provisions
contained in this Indenture or in the Debentures shall for any reason be held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provisions of this Indenture or
of the Debentures, but this Indenture and the Debentures shall be construed as
if such invalid or illegal or unenforceable provision had never been contained
herein or therein.

                                      -47-
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   SECTION 15.12. ASSIGNMENT. The Company shall have the right at all times to
assign any of its respective rights or obligations under this Indenture to a
direct or indirect wholly owned Subsidiary of the Company, PROVIDED that, in the
event of any such assignment, the Company shall remain liable for all such
obligations. Subject to the foregoing, this Indenture is binding upon and inures
to the benefit of the parties thereto and their respective successors and
assigns. This Indenture may not otherwise be assigned by the parties thereto.

   SECTION 15.13. ACKNOWLEDGMENT OF RIGHTS; RIGHT OF SETOFF. (a) The Company
acknowledges that, with respect to any Debentures held by the Trust or a trustee
of the Trust, if the Property Trustee fails to enforce its rights under this
Indenture as the holder of the Debentures held as the assets of the Trust, any
holder of Preferred Securities may institute legal proceedings directly against
the Company to enforce such Property Trustee's rights under this Indenture
without first instituting any legal proceedings against such Property Trustee or
any other person or entity. Notwithstanding the foregoing, and notwithstanding
the provisions of Section 7.4(a) hereof, if an Event of Default has occurred and
is continuing and such event is attributable to the failure of the Company to
pay principal or interest on the Debentures on the date such principal or
interest is otherwise payable (or in the case of redemption, on the redemption
date), the Company acknowledges that a holder of Preferred Securities may
directly institute a proceeding for enforcement of payment to such holder of the
principal of or interest on the Debentures having a principal amount equal to
the aggregate liquidation amount of the Preferred Securities of such holder on
or after the respective due date specified in the Debentures.

     (b)  Notwithstanding anything to the contrary contained in this Indenture,
the Company shall have the right to setoff any payment it is otherwise required
to make hereunder in respect of any Trust Securities to the extent that the
Company has previously made, or is concurrently making, a payment to the holder
of such Trust Securities under the Preferred Securities Guarantee or in
connection with a proceeding for enforcement of payment of the principal of or
interest on the Debentures directly brought by holders of any Trust Securities.

                                   ARTICLE XVI

                         SUBORDINATION OF THE DEBENTURES

   SECTION 16.1.  AGREEMENT TO SUBORDINATE. The Company covenants and agrees,
and each holder of the Debentures issued hereunder by such holder's acceptance
thereof likewise covenants and agrees, that all the Debentures shall be issued
subject to the provisions of this Article XVI; and each holder of a Debenture,
whether upon original issue or upon transfer or assignment thereof, accepts and
agrees to be bound by such provisions. The payment by the Company of the
principal of and interest on all the Debentures issued hereunder shall, to the
extent and in the manner hereinafter set forth, be subordinated and junior in
right of payment to the prior payment in full of all Senior Debt, Subordinated
Debt and Additional Senior Obligations of the Company (collectively, "SENIOR
INDEBTEDNESS") to the extent provided herein, whether outstanding at the date of
this Indenture or thereafter incurred. No provision of this Article XVI shall
prevent the occurrence of any default or Event of Default hereunder. In no event
shall the Debentures be subordinate to the Company's: (i) trade accounts
payable,

                                      -48-
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(ii) accrued liabilities arising in the ordinary course of business, or (iii)
debt to any employee of the Company.

   SECTION 16.2.  DEFAULT ON SENIOR INDEBTEDNESS. In the event and during the
continuation of any default by the Company in the payment of principal, premium,
interest or any other payment due on any Senior Indebtedness, or in the event
that the maturity of any Senior Indebtedness has been accelerated because of a
default, then, in either case, no payment shall be made by the Company with
respect to the principal (including redemption payments) of or interest on the
Debentures. In the event that, notwithstanding the foregoing, any payment shall
be received by the Trustee when such payment is prohibited by the preceding
sentence of this Section 16.2, such payment shall be held in trust for the
benefit of, and shall be paid over or delivered to, the holders of Senior
Indebtedness or their respective representatives, or to the trustee or trustees
under any indenture pursuant to which any of such Senior Indebtedness may have
been issued, as their respective interests may appear, but only to the extent
that the holders of the Senior Indebtedness (or their representative or
representatives or a trustee) notify the Trustee in writing within 90 days of
such payment of the amounts then due and owing on the Senior Indebtedness and
only the amounts specified in such notice to the Trustee shall be paid to the
holders of the Senior Indebtedness.

   SECTION 16.3.  LIQUIDATION; DISSOLUTION; BANKRUPTCY. (a) Upon any payment by
the Company or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any dissolution or
winding-up or liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership or other proceedings, all
amounts due upon all Senior Indebtedness shall first be paid in full, or payment
thereof provided for in money in accordance with its terms, before any payment
is made by the Company on account of the principal or interest on the
Debentures; and upon any such dissolution or winding-up or liquidation or
reorganization, any payment by the Company, or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
which the holders of the Debentures or the Trustee would be entitled to receive
from the Company, except for the provisions of this Article XVI, shall be paid
by the Company or by any receiver, trustee in bankruptcy, liquidating trustee,
agent or other Person making such payment or distribution, or by the holders of
the Debentures or by the Trustee under this Indenture if received by them or it,
directly to the holders of Senior Indebtedness (pro rata to such holders on the
basis of the respective amounts of Senior Indebtedness held by such holders, as
calculated by the Company) or their representative or representatives, or to the
trustee or trustees under any indenture pursuant to which any instruments
evidencing such Senior Indebtedness may have been issued, as their respective
interests may appear, to the extent necessary to pay such Senior Indebtedness in
full, in money or money's worth, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior Indebtedness, before any
payment or distribution is made to the holders of the Debentures or to the
Trustee.

     (b)  In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing, shall be received by the
Trustee before all Senior Indebtedness is paid in full, or provision is made for
such payment in money in accordance with its terms, such payment or distribution
shall be held in trust for the benefit of and shall be paid over or delivered

                                      -49-
<Page>

to the holders of such Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Indebtedness may have been issued,
as their respective interests may appear, as calculated by the Company, for
application to the payment of all Senior Indebtedness, as the case may be,
remaining unpaid to the extent necessary to pay such Senior Indebtedness in full
in money in accordance with its terms, after giving effect to any concurrent
payment or distribution to or for the benefit of the holders of such Senior
Indebtedness.

     (c)  For purposes of this Article XVI, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article XVI with respect
to the Debentures to the payment of all Senior Indebtedness, as the case may be,
that may at the time be outstanding, PROVIDED that (i) such Senior Indebtedness
is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment; and (ii) the rights of the holders of such
Senior Indebtedness are not, without the consent of such holders, altered by
such reorganization or readjustment. The consolidation of the Company with, or
the merger of the Company into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the
terms and conditions provided for in Article XII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 16.3 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
XII. Nothing in Section 16.2 or in this Section 16.3 shall apply to claims of,
or payments to, the Trustee under or pursuant to Section 9.7.

   SECTION 16.4.  SUBROGATION. (a) Subject to the payment in full of all Senior
Indebtedness, the rights of the holders of the Debentures shall be subrogated to
the rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company, as the case may
be, applicable to such Senior Indebtedness until the principal of and interest
on the Debentures shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior
Indebtedness of any cash, property or securities to which the holders of the
Debentures or the Trustee would be entitled except for the provisions of this
Article XVI, and no payment over pursuant to the provisions of this Article XVI
to or for the benefit of the holders of such Senior Indebtedness by holders of
the Debentures or the Trustee, shall, as between the Company, its creditors
(other than holders of Senior Indebtedness of the Company), and the holders of
the Debentures, be deemed to be a payment by the Company to or on account of
such Senior Indebtedness. It is understood that the provisions of this Article
XVI are and are intended solely for the purposes of defining the relative rights
of the holders of the Debentures, on the one hand, and the holders of such
Senior Indebtedness on the other hand.

     (b)  Nothing contained in this Article XVI or elsewhere in this Indenture
or in the Debentures is intended to or shall impair, as between the Company, its
creditors (other than the holders of Senior Indebtedness), and the holders of
the Debentures, the obligation of the Company, which is absolute and
unconditional, to pay to the holders of the Debentures the

                                      -50-
<Page>

principal of and interest on the Debentures as and when the same shall become
due and payable in accordance with their terms, or is intended to or shall
affect the relative rights of the holders of the Debentures and creditors of the
Company, as the case may be, other than the holders of Senior Indebtedness, as
the case may be, nor shall anything herein or therein prevent the Trustee or the
holder of any Debenture from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if any,
under this Article XVI of the holders of such Senior Indebtedness in respect of
cash, property or securities of the Company, as the case may be, received upon
the exercise of any such remedy.

     (c)  Upon any payment or distribution of assets of the Company referred to
in this Article XVI, the Trustee, subject to the provisions of Article IX, and
the holders of the Debentures shall be entitled to conclusively rely upon any
order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or to the holders of the Debentures, for the purposes of ascertaining
the Persons entitled to participate in such distribution, the holders of Senior
Indebtedness and other indebtedness of the Company, as the case may be, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article XVI.

   SECTION 16.5.  THE TRUSTEE TO EFFECTUATE SUBORDINATION. Each holder of
Debentures by such holder's acceptance thereof authorizes and directs the
Trustee on such holder's behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article XVI and
appoints the Trustee such holder's attorney-in-fact for any and all such
purposes.

   SECTION 16.6.  NOTICE BY THE COMPANY. (a) The Company shall give prompt
written notice to a Responsible Officer of the Trustee of any fact known to the
Company that would prohibit the making of any payment of money to or by the
Trustee in respect of the Debentures pursuant to the provisions of this Article
XVI. Notwithstanding the provisions of this Article XVI or any other provision
of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment of money to
or by the Trustee in respect of the Debentures pursuant to the provisions of
this Article XVI, unless and until a Responsible Officer of the Trustee shall
have received written notice thereof from the Company or a holder or holders of
Senior Indebtedness or from any trustee therefor; and before the receipt of any
such written notice, the Trustee, subject to the provisions of Section 9.1,
shall be entitled in all respects to assume that no such facts exist; PROVIDED,
HOWEVER, that if the Trustee shall not have received the notice provided for in
this Section 16.6 at least two Business Days prior to the date upon which by the
terms hereof any money may become payable for any purpose (including, without
limitation, the payment of the principal of or interest on any Debenture), then,
anything herein contained to the contrary notwithstanding, the Trustee shall
have full power and authority to receive such money and to apply the same to the
purposes for which they were received, and shall not be affected by any notice
to the contrary that may be received by it within two Business Days prior to
such date.

                                      -51-
<Page>

     (b)  The Trustee, subject to the provisions of Section 9.1, shall be
entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself or herself to be a holder of Senior Indebtedness (or
a trustee on behalf of such holder) to establish that such notice has been given
by a holder of such Senior Indebtedness or a trustee on behalf of any such
holder or holders. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder
of such Senior Indebtedness to participate in any payment or distribution
pursuant to this Article XVI, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of such
Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article XVI, and, if such
evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

   SECTION 16.7.  RIGHTS OF THE TRUSTEE; HOLDERS OF THE SENIOR INDEBTEDNESS. (a)
The Trustee in its individual capacity shall be entitled to all the rights set
forth in this Article XVI in respect of any Senior Indebtedness at any time held
by it, to the same extent as any other holder of Senior Indebtedness, and
nothing in this Indenture shall deprive the Trustee of any of its rights as such
holder. The Trustee's right to compensation and reimbursement of expenses as set
forth in Section 9.7 shall not be subject to the subordination provisions of
Article XVI.

     (b)  With respect to the holders of the Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article XVI, and no implied covenants or
obligations with respect to the holders of such Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of such Senior Indebtedness and, subject
to the provisions of Section 9.1, the Trustee shall not be liable to any holder
of such Senior Indebtedness if it shall pay over or deliver to holders of
Debentures, the Company or any other Person money or assets to which any holder
of such Senior Indebtedness shall be entitled by virtue of this Article XVI or
otherwise.

   SECTION 16.8.  SUBORDINATION MAY NOT BE IMPAIRED. (a) No right of any present
or future holder of any Senior Indebtedness to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the
terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof that any such holder may have or otherwise be charged with.

     (b)  Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Indebtedness may, at any time and from time to time,
without the consent of or notice to the Trustee or the holders of the
Debentures, without incurring responsibility to the holders of the Debentures
and without impairing or releasing the subordination provided in this Article
XVI or the obligations hereunder of the holders of the Debentures to the holders
of such Senior Indebtedness, do any one or more of the following: (i) change the
manner, place or terms of payment or extend the time of payment of, or renew or
alter, such Senior Indebtedness, or otherwise amend or supplement in any manner
such Senior Indebtedness or any instrument

                                      -52-
<Page>

evidencing the same or any agreement under which such Senior Indebtedness is
outstanding; (ii) sell, exchange, release or otherwise deal with any property
pledged, mortgaged or otherwise securing such Senior Indebtedness; (iii) release
any Person liable in any manner for the collection of such Senior Indebtedness;
and (iv) exercise or refrain from exercising any rights against the Company and
any other Person.

                                      -53-
<Page>

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

                                OLD SECOND BANCORP, INC.

                                By:
                                    ------------------------------------------
                                    Name:  William B. Skoglund
                                    Title: President and Chief Executive Officer

ATTEST:

--------------------------

                                WILMINGTON TRUST COMPANY, as trustee

                                By:
                                    ------------------------------------------
                                   Name:
                                         -------------------------------------
                                   Title:
                                          ------------------------------------

ATTEST:

--------------------------

                                      -54-
<Page>

STATE OF ILLINOIS       )
                        ) SS
COUNTY OF KANE          )

     On this _____ day of ___________, 2003, before me appeared ______________,
to me personally known, who, being by me duly sworn, did say that he is the
___________________ of Old Second Bancorp, Inc., and that the seal affixed to
said instrument is the corporate seal of said corporation, and that said
instrument was signed and sealed in behalf of said corporation by authority of
its Board of Directors and said _____________ acknowledged said instrument to be
the free act and deed of said corporation.

     In testimony whereof I have hereunto set my hand and affixed my official
seal at my office in said county and state the day and year last above written.

                                      ------------------------------------------
                                      Notary Public

                                      My term expires:__________________________

STATE OF DELAWARE       )
                        ) SS
COUNTY OF __________    )

     On this ____ day of _____________, 2003, before me appeared _____________,
to me personally known, who, being by me duly sworn, did say that he is the
_____________________ of Wilmington Trust Company, and that the seal affixed to
said instrument is the corporate seal of said corporation, and that said
instrument was signed and sealed in behalf of said corporation by authority of
its Board of Directors and said _____________________________, acknowledged said
instrument to be the free act and deed of said corporation.

     In testimony whereof I have hereunto set my hand and affixed my official
seal at my office in said county and commonwealth the day and year last above
written.

                                      ------------------------------------------
                                      Notary Public

                                      My term expires:__________________________

                                      -55-
<Page>

                                    EXHIBIT A

                           (Form of Face of Debenture)

No. __________                                                     $____________
CUSIP No. _________

                            OLD SECOND BANCORP, INC.

                     ______% SUBORDINATED DEBENTURE DUE 2033

     Old Second Bancorp, Inc., a Delaware corporation (the "COMPANY," which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Wilmington Trust Company, as
Property Trustee for Old Second Capital Trust I, or registered assigns, the
principal sum of ________________________ ($__________) on ______________, 2033
(the "STATED MATURITY"), and to pay interest on said principal sum from
______________, 2003, or from the most recent interest payment date (each such
date, an "INTEREST PAYMENT DATE") to which interest has been paid or duly
provided for, quarterly (subject to deferral as set forth herein) in arrears on
March 31, June 30, September 30 and December 31 of each year commencing
_____________, 2003, at the rate of ___% per annum until the principal hereof
shall have become due and payable, and on any overdue principal and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the same rate per
annum compounded quarterly. The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months. The amount of interest for any partial period shall be computed on the
basis of the number of days elapsed in a 360-day year of twelve 30-day months.
In the event that any date on which interest is payable on this Debenture is not
a business day, then payment of interest payable on such date shall be made on
the next succeeding day that is a business day (and without any interest or
other payment in respect of any such delay) except that, if such business day is
in the next succeeding calendar year, payment of such interest will be made on
the immediately preceding business day, in each case, with the same force and
effect as if made on such date. The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date shall, as
provided in the Indenture, be paid to the person in whose name this Debenture
(or one or more Predecessor Debentures, as defined in said Indenture) is
registered at the close of business on the regular record date for such interest
installment, which shall be the close of business on the business day next
preceding such Interest Payment Date unless otherwise provided in the Indenture.
Any such interest installment not punctually paid or duly provided for shall
forthwith cease to be payable to the registered holders on such regular record
date and may be paid to the Person in whose name this Debenture (or one or more
Predecessor Debentures) is registered at the close of business on a special
record date to be fixed by the Trustee for the payment of such defaulted
interest, notice thereof shall be fixed by the Trustee for the payment of such
defaulted interest, notice thereof shall be given to the registered holders of
the Debentures not less than 10 days prior to such special record date, or

<Page>

may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange or quotation system on or in which the
Debentures may be listed or quoted, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. The principal of and
the interest on this Debenture shall be payable at the office or agency of the
Trustee maintained for that purpose in any coin or currency of the United States
of America that at the time of payment is legal tender for payment of public and
private debts; PROVIDED, HOWEVER, that payment of interest may be made at the
option of the Company by check mailed to the registered holder at such address
as shall appear in the Debenture Register. Notwithstanding the foregoing, so
long as the holder of this Debenture is the Property Trustee, the payment of the
principal of and interest on this Debenture shall be made at such place and to
such account as may be designated by the Trustee.

     The Stated Maturity may be shortened at any time by the Company to any date
not earlier than ____________, 2008, subject to the Company having received
prior approval of the Federal Reserve if then required under applicable capital
guidelines, policies or regulations of the Federal Reserve.

     The indebtedness evidenced by this Debenture is, to the extent provided in
the Indenture, subordinate and junior in right of payment to the prior payment
in full of all Senior Indebtedness (as defined in the Indenture). This Debenture
is issued subject to the provisions of the Indenture with respect thereto. Each
holder of this Debenture, by accepting the same, (a) agrees to and shall be
bound by such provisions; (b) authorizes and directs the Trustee on his or her
behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination so provided; and (c) appoints the Trustee his or
her attorney-in-fact for any and all such purposes. Each holder hereof, by his
or her acceptance hereof, hereby waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of
Senior Indebtedness, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions.

     This Debenture shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

     The provisions of this Debenture are continued on the reverse side hereof
and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place.

                                       -2-
<Page>

     IN WITNESS WHEREOF, the Company has caused this instrument to be executed.

Dated: ________________, 2003

                                      OLD SECOND BANCORP, INC.

                                      By:
                                          ------------------------------------
                                          Name:  William B. Skoglund
                                          Title: President and
                                                 Chief Executive Officer

ATTEST:

By:
   -------------------------------
   Name:
         -------------------------
   Title:
          ------------------------

                                       -3-
<Page>

                     [Form of Certificate of Authentication]

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Debentures described in the within-mentioned Indenture.

Dated: ___________, 2003

                                      WILMINGTON TRUST COMPANY,
                                      as Trustee or Authenticating Agent

By:                                   By:
    ------------------------------        --------------------------------------
       Authorized Signatory                     Authorized Signatory

                                       -4-
<Page>

                         [Form of Reverse of Debenture]

                      ___% SUBORDINATED DEBENTURE DUE 2033
                                   (continued)

     This Debenture is one of the subordinated debentures of the Company (herein
sometimes referred to as the "DEBENTURES"), all issued or to be issued under and
pursuant to an Indenture dated as of ___________, 2003 (the "INDENTURE") duly
executed and delivered between the Company and Wilmington Trust Company, as
Trustee (the "TRUSTEE"), to which Indenture reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the holders of the
Debentures. The Debentures are limited in aggregate principal amount as
specified in the Indenture.

     Because of the occurrence and continuation of a Special Event (as defined
in the Indenture), in certain circumstances, this Debenture may become due and
payable at the principal amount together with any interest accrued thereon (the
"REDEMPTION PRICE"). The Redemption Price shall be paid prior to 12:00 noon,
Eastern Standard Time, on the date of such redemption or at such earlier time as
the Company determines. The Company shall have the right as set forth in the
Indenture to redeem this Debenture at the option of the Company, without premium
or penalty, in whole or in part at any time on or after __________, 2008 (an
"OPTIONAL REDEMPTION"), or at any time in certain circumstances upon the
occurrence of a Special Event, at a Redemption Price equal to 100% of the
principal amount hereof plus any accrued but unpaid interest hereon, to the date
of such redemption. Any redemption pursuant to this paragraph shall be made upon
not less than 30 days' nor more than 60 days' notice, at the Redemption Price.
The Redemption Price shall be paid at the time and in the manner provided
therefor in the Indenture. If the Debentures are only partially redeemed by the
Company pursuant to an Optional Redemption, the Debentures shall be redeemed pro
rata or by lot or by any other method utilized by the Trustee as described in
the Indenture. In the event of an Optional Redemption of this Debenture in part
only, a new Debenture or Debentures for the unredeemed portion hereof shall be
issued in the name of the holder hereof upon the cancellation hereof.

     In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal of all of the Debentures may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

     The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the holders of not less than a majority in aggregate
principal amount of the Debentures at the time Outstanding (as defined in the
Indenture), to execute supplemental indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or of any supplemental indenture or of modifying in any manner the
rights of the holders of the Debentures; PROVIDED, HOWEVER, that no such
supplemental indenture shall, except as provided in the Indenture, (i) extend
the fixed maturity of the Debentures, reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon without the
consent of the holder of each Debenture so affected thereby; or (ii) reduce the

                                       -5-
<Page>

aforesaid percentage of the Debentures, the holders of which are required to
consent to any such supplemental indenture, without the consent of the holder of
each Debenture then Outstanding and so affected thereby. The Indenture also
contains provisions permitting the holders of a majority in aggregate principal
amount of the Debentures at the time Outstanding, on behalf of all of the
holders of the Debentures, to waive any past default in the performance of any
of the covenants contained in the Indenture, or established pursuant to the
Indenture, and its consequences, except a default in the payment of the
principal of or interest on any of the Debentures. Any such consent or waiver by
the registered holder of this Debenture (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such holder and upon all future
holders and owners of this Debenture and of any Debenture issued in exchange
herefor or in place hereof (whether by registration of transfer or otherwise),
irrespective of whether or not any notation of such consent or waiver is made
upon this Debenture.

     No reference herein to the Indenture and no provision of this Debenture or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal and interest on this Debenture
at the time and place and at the rate and in the money herein prescribed.

     The Company, as further described in the Indenture, shall have the right at
any time during the term of the Debentures and from time to time to defer
payments of interest by extending the interest payment period of such Debentures
for up to 20 consecutive quarters (each, an "EXTENSION PERIOD"), at the end of
which period the Company shall pay all interest then accrued (together with
interest thereon at the rate specified for the Debentures to the extent that
payment of such interest is enforceable under applicable law). Before the
termination of any such Extension Period, so long as no Event of Default shall
have occurred and be continuing, the Company may further extend such Extension
Period, PROVIDED that such Extension Period together with all such further
extensions thereof shall not exceed 20 consecutive quarters, extend beyond
__________, 2033, or end on a date other than an Interest Payment Date. At the
termination of any such Extension Period and upon the payment of all Deferred
Payments then due and subject to the foregoing conditions, the Company may
commence a new Extension Period.

     As provided in the Indenture and subject to certain limitations therein set
forth, this Debenture is transferable by the registered holder hereof on the
Debenture Register (as defined in the Indenture) of the Company, upon surrender
of this Debenture for registration of transfer at the office or agency of the
Trustee accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered
holder hereof or his or her attorney duly authorized in writing, and thereupon
one or more new Debentures of authorized denominations and for the same
aggregate principal amount shall be issued to the designated transferee or
transferees. No service charge shall be made for any such transfer, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in relation thereto.

     Prior to due presentment for registration of transfer of this Debenture,
the Company, the Trustee, any Paying Agent (as defined in the Indenture) and the
Debenture Registrar may deem and treat the registered holder hereof as the
absolute owner hereof (whether or not this Debenture

                                       -6-
<Page>

shall be overdue and notwithstanding any notice of ownership or writing hereon
made by anyone other than the Debenture Registrar) for the purpose of receiving
payment of or on account of the principal hereof and interest due hereon and for
all other purposes, and neither the Company nor the Trustee nor any Paying Agent
nor any Debenture Registrar shall be affected by any notice to the contrary.

     No recourse shall be had for the payment of the principal of or the
interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

     The Debentures are issuable only in registered form without coupons in
denominations of $10 and any integral multiple thereof (or such other
denominations and any integral multiple thereof as may be deemed necessary by
the Company for the purpose of maintaining the eligibility of the Debentures for
listing on the Nasdaq National Market or any successor thereto).

     All terms used in this Debenture that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

                                       -7-

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