Document:

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                                                                    Exhibit 10.1

                              INDYMAC BANCORP, INC.

                             DIRECTOR EMERITUS PLAN

THIS DIRECTOR EMERITUS PLAN ("Plan") has been adopted by the board of directors
(the "Board") of IndyMac Bancorp, Inc. (the "Company") effective as of April 30,
2003.

                                    RECITALS

A. The Company desires to provide certain retirement benefits to members of the
Board and of the board of directors of the Company's principal subsidiary,
IndyMac Bank, F.S.B. (the "Bank") who are not, and who have not been, employees
of the Company or any of its subsidiaries and who are selected by the Board to
participate in this Plan.

B. The Company has previously maintained a Director's Retirement Plan, adopted
by the Board effective as of July 1, 1995 (the "Prior Plan"), and certain
retired directors of the Company (the "Prior Plan Participants") are currently
receiving benefits under the Prior Plan. Concurrently with the adoption of this
Plan, the Board has taken appropriate action to terminate the Prior Plan, except
with respect to (i) the Prior Plan Participants, who shall continue to be
entitled to receive the benefits to which they are entitled under the Prior Plan
and any agreement with the Company related thereto, and (ii) any director of the
Company who is not, and who has not been, an employee of the Company or any of
its subsidiaries, and who has served as a director of the Company for 10 or more
years as of April 30, 2003, who, in view of the length of service on the Board,
shall remain eligible to receive benefits under the Prior Plan in accordance
with its terms, and not under this Plan, upon retirement from the Board.

                                 PLAN PROVISIONS

      Section 1. Plan Participants.

      1.1   Eligibility. The persons eligible to participate in and receive
            payments under this Plan (referred to in this Plan as
            "Participants") shall be those members of the Board or of the board
            of directors of the Bank who are selected by the Board in its sole
            discretion and who as of their retirement from service as a director
            of the Company or the Bank are not, and have not previously been, an
            employee of the Company or any of its subsidiaries. Persons who are
            selected by the Board for this purpose must, as a further condition
            to becoming a Participant in this Plan, execute and deliver to the
            Company a Participant Agreement in the form attached as Attachment 1
            to this Plan.

      Section 2. Benefits.

      2.1   Amounts Payable. A Participant shall be entitled to receive an
            annual benefit payment in the amount determined as provided below
            for the number of calendar

<PAGE>

            years following the Participant's retirement from service as a
            director that equals the Participant's years of service as a
            director or until the Participant's earlier death. If the
            Participant has not received five such annual payments as of the
            date of his or her death, the remaining payments up to five such
            payments (including payments received by the Participant prior to
            his or her death) shall be made to the beneficiary designated for
            that purpose by the Participant in the applicable Participant
            Agreement or, if no such designation by the Participant is then in
            effect, then to the person or persons determined in accordance with
            the will of the Participant or, if applicable, the laws of intestate
            succession. As used in this Plan, the term "year of service" means
            service as a director of the Company or the Bank for a period of 12
            consecutive calendar months. The amount of the annual payment which
            a Participant shall be entitled to receive shall be equal to the
            following percentage of the average of the annual cash compensation,
            including annual retainer, meeting, committee and committee chairman
            fees ("Annual Cash Compensation"), paid to the Participant for his
            or her service as a director of the Company or of the Bank during
            the last 36 months preceding the Participant's retirement from such
            service:

<TABLE>
<CAPTION>
                                            YEARS OF SERVICE                                            PERCENTAGE
                                            ----------------                                            ----------
<S>                                                                                                     <C>
                              Less than 7 years                                                             0%
                              7 years or more, but less than 10                                            45%
                              10 years or more, but less than 15                                           70%
                              15 years or more                                                             95%
</TABLE>

            As an example of the above calculation, a person who had eight years
            of service as a director of the Company or of the Bank and whose
            average Annual Cash Compensation for such service was $100,000,
            would, if selected by the Board to become a Participant in this Plan
            upon his or her retirement from service as a director, be entitled
            to receive eight annual cash payments in the amount of $45,000 each.
            If that Participant dies before having received five of such annual
            payments, the remaining payments up to a total of five (including
            the payments actually received by the Participant) will be made to
            the beneficiary designated by the Participant or, if no beneficiary
            designation is then in effect, such payments will be made to the
            person or persons specified in the Participant's will or by the
            applicable laws relating to intestate succession. If the Participant
            dies after having received five or more of such annual payments,
            then no further amounts will be payable with respect to the
            Participant under this Plan.

      2.2   Method and Time of Payment. The annual benefits payable to
            Participants under this Plan shall be paid in a single annual cash
            payment to each Participant on such date each year as shall be
            selected by the Committee referred to in Section 3.1 of this Plan
            and communicated to the Participant in connection with his or her
            retirement as a director. The first such payment shall be made as
            soon as reasonably practicable following the Participant's
            retirement from service as a director of the Company or

<PAGE>

            the Bank. The annual payment date selected by the Committee may be
            changed prospectively by written notice to the Participant.

      2.3   Change in Control.

            (a)   In the event of a Change in Control of the Company, each
                  person who is then a director of the Company or of the Bank
                  shall become entitled to receive payment of an amount equal to
                  the product of (A) the number of years the director has served
                  as a director of the Company or of the Bank, multiplied by (B)
                  the percentage of the average of the Annual Cash Compensation
                  that would be applicable with respect to the director pursuant
                  to Section 2.1 above if the director retired from service as a
                  director of the Company or the Bank and became a Participant
                  under this Plan as of the date that such Change in Control
                  occurs or, if such director has less than seven years of such
                  service, then a percentage of the average of the Annual Cash
                  Compensation paid to such director during the 36 months
                  preceding that date (or during his or her period of service as
                  a director if less than 36 months) equal to 45% multiplied by
                  the fraction that equals the director's number of years of
                  service divided by 7. In addition, each Participant who is
                  then entitled to receive payments under this Plan shall become
                  entitled upon a Change in Control to payment of an amount
                  equal to the aggregate of the remaining payments which the
                  Participant is then entitled to receive under this Plan. The
                  payments provided for in this paragraph upon a Change in
                  Control shall be in lieu of any other payments under this
                  Plan.

            (b)   The amounts payable pursuant to paragraph (a) above shall be
                  paid in a lump sum to each person entitled thereto at such
                  time as shall be determined by the persons who comprise the
                  Board prior to the Change in Control.

            (c)   As used in this Plan, the term "Change in Control" shall have
                  the meaning given to such term in the Company's 2002 Long Term
                  Incentive Plan, or any successor plan selected by the Board
                  for this purpose, as the same may be amended from time to
                  time.

      2.4   Tax Withholding. The Company shall have the right to withhold from
            the amounts otherwise payable under this Plan all such amounts as
            the Company shall in good faith determine are required to be
            withheld pursuant to applicable federal, state and other tax laws.

      Section 3. Administration; Amendment and Termination.

      3.1   Administration. This Plan shall be administered by the Nominating
            and Governance Committee of the Board or such other committee as may
            be designed by the Board (the "Committee"). The Committee shall have
            full authority to interpret the provisions of this Plan and the
            determinations of the Committee with respect thereto shall be final
            and binding. No director, officer, employee or advisor to or agent
            of the Company shall be liable to any person for any action taken or
            omitted to

<PAGE>

            be taken, or for any recommendation or advice given, in connection
            with the administration and interpretation of this Plan in good
            faith. No member of the Board or the Committee shall vote upon, or
            take any role in resolving, any question relating solely to his or
            her personal benefit under this Plan.

      3.2   Amendment and Termination. The Company, acting through the Board,
            may amend this Plan in any respect and may terminate this Plan at
            any time; provided, however, that no such amendment or termination
            shall operate to reduce or eliminate the payments that any
            Participant who is then eligible to receive payments under this Plan
            would otherwise receive hereunder.

      Section 4. Miscellaneous.

      4.1   Governing Law. This Plan shall be governed by and construed in
            accordance with the laws of the State of California without
            reference to the conflict of laws provisions or principles thereof.

      4.2   Coordination with Other Benefits. The benefits provided to a
            Participant under this Plan are intended to be in addition to any
            other benefits available to the Participant under any other plan,
            program or agreement that the Company or any of its subsidiaries may
            provide to such Participant.

      4.3   Captions. The captions used in this Plan are for convenience of
            reference only and shall not control or affect the meaning or
            interpretation of any of the provisions of this Plan.

      4.4   Benefits Not Assignable. None of the rights of a Participant under
            this Plan may be sold, transferred, assigned, anticipated, pledged,
            mortgaged or otherwise encumbered or conveyed in advance of actual
            receipt, except that the same may be transferred by will or the laws
            of descent and distribution in the event of the death of a
            Participant or the death of any such transferee from a Participant.
            In addition to, and not in limitation of, the foregoing, no part of
            the amounts payable under this Plan shall, prior to actual payment,
            be subject to seizure or sequestration for the payment of any debts,
            judgments, alimony or separate maintenance owed by a Participant or
            any other person, nor shall the same be transferable by operation of
            law in the event of a Participant's or any other person's bankruptcy
            or insolvency.

      4.5   General Creditor Obligations; Not Subject to ERISA. The obligations
            of the Company to make payments to any Participant under this Plan
            shall be unsecured and unfunded general creditor obligations of the
            Company. No Participant shall under any circumstances be deemed to
            acquire any property interest in any specific assets of the Company
            or any of its subsidiaries. This Plan is not intended to and shall
            not be administered or governed in any respect by the Employee
            Retirement Income Security Act of 1974, as amended.
<PAGE>

      4.6   No Right to Continue as Director. Nothing contained in this Plan
            shall be construed as conferring upon any person any right to
            continue as a director of the Company or the Bank.

      4.7   Successors. This Plan shall be binding upon the Company and its
            successors and assigns, including, without limitation, the surviving
            entity in any merger or consolidation of this Company with any other
            entity and upon any purchaser of all or substantially all of the
            assets of the Company.

      4.8   Severability. If any provision of this Plan shall be held by a court
            of competent jurisdiction to be invalid or unenforceable for any
            reason, the remaining provisions of this Plan shall nonetheless
            remain valid and enforceable in accordance with their terms.

                                      * * *

<PAGE>

                                  Attachment 1

                              Participant Agreement

THIS PARTICIPANT AGREEMENT ("Agreement") is entered into between [name of
Participant] ("Participant") and IndyMac Bancorp, Inc., a Delaware corporation
(the "Company").

                                    RECITALS

Participant has been selected by the board of directors of the Company to
receive director retirement payments under the Director Emeritus Plan adopted,
effective as of April __, 2003, by the board of directors of the Company (the
"Plan"). Entry into this Agreement is a condition of becoming a Participant
under and receiving payments under the Plan.

THEREFORE, the parties hereto agree as follows:

      1. Plan Benefits. The benefits payable to the Participant under the Plan
shall consist of ___ annual payments of $_________ each, subject to the
provisions of the Plan and of this Agreement.

      2. Noncompetition Agreement. As a condition to Participant's right to
receive payments under the Plan, Participant agrees that Participant will not
during the period that Participant is entitled to receive such payments
(including for this purpose the full calendar year in which Participant receives
the last of such payments), directly or indirectly, perform services for, serve
as a director, consultant or other advisor of, or have any equity interest
(other than ownership of less than 5% of the outstanding stock of a publicly
traded corporation) in any business entity that is substantially engaged in
mortgage banking activities relating to single family residential loans,
consumer banking business or any other business in which the Company is
substantially engaged as of the date of the retirement of Participant from the
board of directors of the Company or of any of its subsidiaries in any
geographic market in which the Company is then so engaged. If Participant
engages in any business activity in competition with the Company as described in
the preceding sentence, the Company shall be relieved of any further obligation
to make payments to Participant under the Plan.

      3. Confidentiality Agreement. Except as required by order of a court or
administrative agency of competent jurisdiction, and except to the extent
authorized by the Company, Participant shall maintain in confidence all
non-public information concerning the Company, its subsidiaries and their
respective businesses which Participant has acquired or has become aware of in
connection with his service as a director of the Company or of any of its
subsidiaries or in connection with any consultations that Participant may have
with the Company during the period Participant is receiving any payments
pursuant to the Plan. Participant further agrees not to use any such non-public
information for any purpose other than the business of the Company. If any court
or administrative agency seeks to require Participant to disclose any of

<PAGE>

such non-public information, Participant shall, at the Company's sole expense,
take such reasonable steps as Participant may deem appropriate to avoid or defer
such disclosure until the Company has had an opportunity to respond to such
court or administrative agency. Without limiting the right of the Company to
seek any other legal or equitable remedy to which the Company may be entitled,
in the event Participant breaches the confidentiality agreements set forth
herein the Company shall be relieved of any further obligation to make payments
to Participant under the Plan.

      4. Beneficiary Designation. The Participant hereby designates the person
whose name and address appears following the signature of the Participant below
to receive any payments that are payable under the Plan following the death of
the Participant. The Participant may change such designation by delivery of
written notice that such change to the Company, which notice shall only be
effective as provided in Section 5 below.

      5. Notices. Any notice required or permitted to be given under the Plan or
this Agreement shall be in writing and shall be deemed to have been given on the
date of delivery if delivered in person or by a commercial messenger service, or
on the fifth day after mailing by United States mail, registered or certified,
postage prepaid and properly addressed, as follows:

<TABLE>
<CAPTION>
                        Participant:              Company:
                        -----------               --------
<S>                                               <C>
                                                  IndyMac Bancorp, Inc.
                                                  155 North Lake Avenue
                                                  Pasadena, California 91101
                                                  Attention:  General Counsel
</TABLE>

      6. Amendments. No amendment of this Agreement shall be effective unless
such amendment is set forth in a written document that is signed by both parties
hereto.

      7. Waiver. No waiver of any provision of this Agreement or of the rights
and obligations of the parties hereto pursuant to this Agreement or the Plan
shall be effective unless such waiver is set forth in a written document that is
signed by the party giving such waiver. Any such waiver shall be effective only
in the specific instance and for the specific purpose stated in such writing.

      8. Severability. If any term or provision of this Agreement shall be
deemed to be invalid or unenforceable for any reason, the remainder of this
Agreement shall nonetheless remain valid and enforceable in accordance with its
terms.

      9. Captions. The captions used in this Agreement are included for
convenience of reference only and shall not control or affect the meaning or
interpretation of any of the provisions of this Agreement.

      10. Entire Agreement. This Agreement, together with the Plan, sets forth
the complete and final agreement of the Company and Participant relating the
subject matter hereof.
<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
_______________, _____.

Participant                               IndyMac Bancorp, Inc.

                                          by:
----------------------------------           ----------------------------------
      [Name of Participant]                  [Name and title of signing officer]

Name and Address of Beneficiary:

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

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

-------------------------------<PAGE>
                                                                     EXHIBIT 4.4

                         DISTRIBUTION REINVESTMENT PLAN
                                       OF
                             RE INVESTMENTS III, LLC
                       A NEVADA LIMITED LIABILITY COMPANY

      This Distribution Reinvestment Plan (this "Plan") is being offered to all
Persons who may become members of RE Investments III, LLC, a Nevada limited
liability company (the "Company") from time to time in accordance with that
certain Operating Agreement (the "Operating Agreement"), dated May 2, 2003,
entered into by and among Vestin Mortgage, Inc., a Nevada corporation (the
"Manager" and, in its capacity as a member of the Company, the "Initial Member"
and collectively with all Persons who may become members of the Company from
time to time in accordance herewith, the "Members"), and the Company.

                                   ARTICLE 1

                                   DEFINITIONS

      Unless stated otherwise, the terms set forth in this section shall, for
purposes of this Plan, have the following meanings:

      1.1 Affiliate means, (a) any person directly or indirectly controlling,
controlled by or under common control with the Person, (b) any other Person
owning or controlling ten percent (10%) or more of the outstanding voting
securities of the Person, (c) any officer, director or Member of the Person, or
(d) if the other Person is an officer, director or Manager, any company for
which the Person acts in any similar capacity.

      1.2 Company means RE Investments III, LLC, the Nevada limited liability
company to which this Plan pertains.

      1.3 Code means the Internal Revenue Code of 1986, as amended from time to
time, and corresponding provisions of subsequent revenue laws.

      1.4 Manager means Vestin Mortgage, Inc., a Nevada corporation, in that
capacity, or any Person replacing Vestin Mortgage under the Operating Agreement.
For greater certainty, Vestin Mortgage, in its capacity as the Initial Member,
is a distinct entity from the Manager for purposes of this Plan unless the
context should indicate to the contrary.

      1.5 Member means an owner of Units in the Company, unless the instruments
through which the Units were transferred to the owner did not also convey the
transferor's status as a Member.

      1.6 NASAA Guidelines means the Mortgage Program Guidelines of the North
American Securities Administrators Association, Inc. adopted on September 10,
1996, as amended from time to time unless indicated to the contrary by the
context and the Real Estate Program Guidelines of the North American Securities
Administration Association, Inc. adopted on September 29, 1993, as amended from
time to time.

      1.7 Offering means the offer and sale of Units of the Company made under
the Prospectus.
<PAGE>
      1.8 Operating Agreement means the Operating Agreement, dated May 2, 2003,
entered into by and between the Manager, in its capacity as an Initial Member
and collectively with all Persons who may become members of the Company from
time to time in accordance with the Operating Agreement, and the Company.

      1.9 Plan means this Distribution Reinvestment Plan.

      1.10 Person means any natural person, partnership, corporation,
unincorporated association or other legal entity.

      1.11 Prospectus means the prospectus that forms a part of the Registration
Statement on Form S-11 to be filed under the Securities Act of 1933, as amended,
with the Securities and Exchange Commission and any supplement or amended
prospectus or new prospectus that forms a part of a supplement to the
Registration Statement filed by the Company, unless the context should indicate
to the contrary.

      1.12 Reinvested Distributions mean Units purchased under the Company's
Plan.

      1.13 Subscription Agreement means the document that is an exhibit to and
part of the Prospectus that every Person who buys Units of the Company must
execute and deliver with full payments for the Units and which, among other
provisions, contains the written consent of each Member to the adoption of the
Operating Agreement and an election allowing each Member to indicate his
participation in the Plan.

      1.14 Units mean the Units of equity in the Company that are (a) issued to
Members upon their admission to the Company under the Subscription Agreement and
the Prospectus or (b) transferred to those who become substituted Members under
Article 10.2 of the Operating Agreement.

                                   ARTICLE 2

                                     PURPOSE

      This Plan provides Members with an optional and convenient method to
acquire additional Units of the Company by automatic reinvestment of
distributions on such Units under the terms and conditions set forth in this
Plan. If a Member chooses to participate in the Plan, distributions the Member
would otherwise receive are used to acquire additional Units in the Company. The
Company will use proceeds derived from the Reinvested Distributions for general
working capital purposes, as further described in the Prospectus.

                                   ARTICLE 3

                                 ADMINISTRATION

         The Plan shall be administered by the Manager in accordance with the
terms and conditions set forth herein. The Manager shall be indemnified for any
liability or loss resulting from its administration of the Plan, subject to the
limitations set forth in Article 3.5 of the Operating Agreement.

                                       2
<PAGE>
                                   ARTICLE 4

                              ELIGIBLE PARTICIPANTS

      4.1 Members Must Continue to Satisfy Investor Suitability Standards. All
Members are eligible to participate in the Plan. Each Member who is a
participant in the Plan, however, must continue to meet the investor suitability
standards set forth in Article 4.2 below (subject to minimum requirements of
applicable securities laws) to continue to participate in reinvestments. It is
the responsibility of each Member to notify the Manager promptly if he no longer
meets the suitability standards set forth in the Prospectus for a purchase of
Units in the offering. The Members acknowledge that the Company is relying on
this notice in issuing the Units, and each Member shall indemnify the Company if
he fails to so notify the Company and the Company suffers any damages, losses or
expenses, or any action or proceeding is brought against the Company due to the
issuance of Units to the Member.

      4.2 Investor Suitability Standards.

      As a result of the risks inherent in an investment in Units, the Units are
suitable only for Persons who meet the financial suitability standards adopted
by the states in which they live, as set forth below. The Company's Units are
only suitable for those who desire a relatively long term investment for which
they do not need liquidity for at least five years, in light of the other
limitations on redemption and transfer described in the Prospectus.

      Prospective investors must meet one of the investor suitability standards
contained in the second and third columns in the table below and the suitability
standard contained in the fourth column, if applicable, to purchase Units and to
participate in the Plan. Fiduciaries must also meet one of these conditions. If
the investment is a gift to a minor, the custodian or the donor must meet these
conditions. For purposes of the net worth calculations below, net worth is the
amount by which a prospective investor's assets exceed his liabilities, but
excluding his house, home furnishings or automobile(s) among his assets. In the
Subscription Agreement, investors must confirm that he has met these minimum
standards. The inclusion of a state in the chart below is for informational
purposes only and is not intended to imply that the Offering of Units has been
qualified in the particular state at this time. The Company will not sell in a
state in which it has not qualified the Offering.

<TABLE>
<CAPTION>
                                              1. MINIMUM NET
                                             WORTH AND MINIMUM                                                 2. ADDITIONAL
              STATE(S)                         GROSS INCOME             MINIMUM NET WORTH                        STANDARDS
              --------                         ------------             -----------------                        ---------
<S>                                          <S>                        <C>                        <C>
Alabama, Arkansas, Colorado, Delaware,
Florida, Hawaii, Idaho, Indiana,                                                                   Minimum investment in New York is
Kentucky, Minnesota, New York, North                                                               $2,500
Dakota, Oklahoma, Oregon, South Dakota,

Utah, Vermont, Virginia, Washington,         $45,000/$45,000                $150,000               ($1,000 for IRAs)
West Virginia, Wisconsin
</TABLE>

                                       3
<PAGE>
<TABLE>
<CAPTION>
                                              1. MINIMUM NET
                                             WORTH AND MINIMUM                                                2. ADDITIONAL
              STATE(S)                         GROSS INCOME             MINIMUM NET WORTH                       STANDARDS
              --------                         ------------             -----------------                       ---------
<S>                                          <S>                        <C>                       <C>
                                                                 OR                        AND

Alaska, Arizona, California, Iowa,                                                                 Minimum investment in Iowa for
Massachusetts, Michigan, Mississippi,                                                              IRAs is $3,000.
Missouri, New Jersey, North Carolina,        $60,000/$60,000               $225,000
Texas                                                                                              Minimum investment in North
                                                                                                   Carolina is $2,500

Maine                                        $50,000/$50,000               $200,000                               N/A

New Hampshire, New Mexico                    $125,000/$50,000              $250,000                               N/A

Tennessee                                    $250,000/$65,000              $500,000                               N/A

Nevada                                       $45,000/$45,000    OR         $150,000        AND     Minimum investment is $5,000
                                                                                                   ($2,000 for IRAs)

Kansas, Ohio, Pennsylvania                   $45,000/$45,000               $150,000                Investment is less than 10% of
                                                                                                   Net Worth. The Company will make
                                                                                                   no sales in these states until it
                                                                                                   receive proceeds of at least
                                                                                                   $5,000,000.

District of Columbia, Georgia,              These jurisdictions do not have quantified suitability requirements. The Company
Louisiana, Montana,                         believes that it is reasonable for it to rely upon the suitability standards set forth
Rhode Island                                above for Alabama et al. when selling Units to residents of these jurisdictions.

Connecticut, Illinois, Maryland,            No minimum requirements. Disclosure state only.  The Company will follow the guidelines
Wyoming                                     for the preponderance of the states above in selling Units in these states.
</TABLE>

NOTE: The Company is not qualified in, and it is not seeking qualification in,
South Carolina and Nebraska.

      In addition to the foregoing suitability standards, the Company cannot
accept subscriptions from anyone if the representations required are either not
provided or are provided but are inconsistent with its determination that the
investment is suitable for the subscriber.

                                   ARTICLE 5

                      MEMBER PARTICIPATION AND TERMINATION

      A Member may elect to participate in the Plan at the time of his purchase
of Units, by electing to do so in the Subscription Agreement executed by the
Member. The Member's participation in the Plan commences after the Company has
accepted the Member's Subscription Agreement. Subsequently, a Member may revoke
any previous election or make a new election to participate in the Plan by
sending written notice to the Company. The notice shall be effective for the
month in which the notice is received, if received at least ten (10) days before
the end of the calendar month. Otherwise the notice is effective the following
month. The Company will not reinvest proceeds from a capital transaction unless
the Company has sufficient funds to pay any state or federal income tax due to
the disposition or refinancing of mortgages.

                                       4
<PAGE>
                                   ARTICLE 6

                          PURCHASE OF ADDITIONAL UNITS

      Under the Plan, participating Members use distributions to purchase
additional Units at ten dollars ($10.00) per Unit. The Manager will credit Units
purchased under the Plan to the Member's Capital Account as of the first day of
the month following the month in which the Reinvested Distribution is made. If a
Member revokes a previous election to participate in the Plan, subsequent to the
month in which the Company receives the revocation notice, the Company shall
make distributions in cash to the Member instead of reinvesting the
distributions in additional in Units.

                                   ARTICLE 7

                              COMMISSIONS AND FEES

      A commission of 9.5% will be paid for Units sold under the Plan. Of this
amount, 2% shall be retained by Vestin Capital as a dealer manager fee and the
balance shall be paid to the dealer effecting the sale.

                                   ARTICLE 8

                              STATEMENT OF ACCOUNT

         Within 30 days after the Reinvested Distributions have been credited to
Members participating in the Plan, the Manager will mail to participating
Members a statement of account describing the Reinvested Distributions received,
the number of incremental Units purchased, the purchase price per Unit (if other
than ten dollars ($10.00) per Unit), and the total number of Units held by the
Member. Before the Members' reinvestment of distributions in the Company, the
Manager will also mail an updated Prospectus or other updated disclosure
document to each Member that fully describes the Plan, including the minimum
investment amount, the type or source of proceeds which may be reinvested and
the tax consequences of the reinvestment to the Members.

                                   ARTICLE 9

                       CHANGES OR TERMINATION OF THE PLAN

         The terms and conditions of the Plan may be amended, supplemented,
suspended or terminated for any reason by the Manager at any time by mailing
notice thereof at least thirty (30) days before the effective date of the action
to each participating Member at his last address of record.

                                   ARTICLE 10

                                 EFFECTIVE DATE

      The commencement of the Plan is conditional upon the Company receiving all
necessary federal and state governmental and regulatory approvals. Subject to
the foregoing, the Plan shall be deemed effective for any distributions made
after ___________, 2003.

                                       5
<PAGE>
                                   ARTICLE 11

                                  MISCELLANEOUS

      11.1 Notices. All notices which any Member may desire or may be required
to give any other Members shall be in writing and shall be deemed duly given
when delivered personally or when deposited in the United States mail,
first-class postage pre-paid. Notices to Members shall be addressed to the
Members at the last address shown on the Company records. Notices to the Manager
or to the Company shall be delivered to the Company's principal place of
business, located at 2901 El Camino Avenue, Las Vegas, Nevada 89102, until the
Manger changes it after giving the Members notice.

      11.2 Application of Nevada law. This Plan and the application or
interpretation thereof shall be governed, construed, and enforced exclusively by
its terms and by the law of the State of Nevada.

      11.3 Captions. Section titles or captions contained in this Plan are
inserted only as a matter of convenience and for reference and in no way define,
limit, extend or describe the scope of this Plan.

      11.4 Number and Gender. Whenever the singular form is used in this Plan it
includes the plural when required by the context, and the masculine gender shall
include the feminine and neuter genders.

                                       6

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