Document:

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                                                                   EXHIBIT 10.23

                                FOURTH AMENDMENT
                       TO REVOLVING CREDIT, TERM LOAN AND
                               GUARANTY AGREEMENT

            FOURTH AMENDMENT, dated as of April 29, 2005 (the "Amendment"), to
the REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT, dated as of February 2,
2005, among R.J. TOWER CORPORATION, a Michigan corporation (the "Borrower"), a
debtor and debtor-in-possession in a case pending under Chapter 11 of the
Bankruptcy Code, TOWER AUTOMOTIVE, INC., a Delaware corporation and the parent
company of the Borrower (the "Parent"), and the subsidiaries of the Borrower
signatory hereto (together with the Parent, each a "Guarantor" and collectively
the "Guarantors"), each of which Guarantors is a debtor and debtor-in-possession
in a case pending under Chapter 11 of the Bankruptcy Code, JPMORGAN CHASE BANK,
N.A., a national banking association ("JPMCB"), each of the other financial
institutions from time to time party hereto (together with JPMCB, the "Lenders")
and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the
"Agent") for the Lenders.

                                   WITNESSETH:

      WHEREAS, the Borrower, the Guarantors, the Lenders and the Agent are
parties to that certain Revolving Credit, Term Loan and Guaranty Agreement,
dated as of February 2, 2005 (as amended, restated, modified or supplemented
from time to time, the "Credit Agreement"); and

      WHEREAS, the Borrower and the Guarantors have requested that from and
after the Effective Date (as hereinafter defined) of this Amendment, the Credit
Agreement be amended subject to and upon the terms and conditions set forth
herein; and

      WHEREAS, upon the occurrence of the Effective Date of this Amendment, the
definition of the term "Global EBITDA" shall be restated as set forth herein.

      NOW, THEREFORE, the parties hereto hereby agree as follows:

            1. As used herein, all terms that are defined in the Credit
Agreement (in effect immediately prior to the Effective Date of this Amendment)
shall have the same meanings herein.

            2. Section 1.01 of the Credit Agreement is hereby amended by:

      (a) amending the definition of "Excluded Taxes" by (i) replacing the
reference to "Section 2.17(e)" therein with "Section 2.18(e)" and (ii) replacing
the reference to "Section 2.17(a)" therein with "Section 2.18(a)"; and

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      (b) deleting the definition of "Global EBITDA" in its entirety and
inserting in lieu thereof the following new definition:

                      "Global EBITDA" shall mean, for any period, all as
                      determined in accordance with GAAP, the consolidated
                      net income (or net loss) of the Global Entities for
                      such period, plus (a) to the extent deducted in the
                      calculation of consolidated net income, the sum of
                      (i) depreciation expense, (ii) amortization expense,
                      (iii) other non-cash charges, (iv) consolidated
                      foreign, federal, state and local income taxes
                      expense, (v) gross interest expense for such period
                      less gross interest income for such period, (vi)
                      extraordinary losses, (vii) any restructuring
                      charges, (viii) professional fees and expenses
                      incurred by, and costs under employee retention
                      programs of, the Domestic Entities, (ix) without
                      duplication, "Chapter 11 expenses" (or
                      "administrative costs reflecting Chapter 11
                      expenses") of the Domestic Entities as shown on the
                      consolidated statement of income of the Domestic
                      Entities for such period, (x) plus or minus the
                      cumulative effect of any change in accounting
                      principles and (xi) plus or minus equity in the
                      earnings of Metalsa less (b) extraordinary gains,
                      plus or minus (c)the amount of cash received or
                      expended in such period in respect of any amount
                      which, under clause (vii) above, was taken into
                      account in determining Global EBITDA for such or any
                      prior period, plus (d) cash dividends and
                      distributions received from Metalsa.

            3. Section 2.13(c) of the Credit Agreement is hereby amended by
replacing the words "this Section 2.13(d)" appearing therein with the words
"paragraph (b) of this Section 2.13".

            4. Section 2.19(d) of the Credit Agreement is hereby amended by
deleting ", 2.20(d)" appearing therein.

            5. Section 10.03 of the Credit Agreement is hereby amended by:

      (a) replacing the reference to "Section 2.17" appearing in subsection
(b)(iii) thereof with "Section 2.18"; and

      (b) replacing the references to "Section 2.17" appearing in subsections
(d)(i) and (ii) thereof with "Section 2.18"; and

      (c) replacing the references to "Section 2.17(e)" appearing in subsection
(d)(ii) thereof with "Section 2.18(e)".

            6. This Amendment shall not become effective until the date (the
"Effective Date") on which (i) this Amendment shall have been executed by the
Borrower, the Guarantors, the Required Lenders and the Agent, and the Agent
shall have received evidence satisfactory to it of such execution.

                                       2
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            7. Except to the extent hereby amended, the Credit Agreement and
each of the Loan Documents remain in full force and effect and are hereby
ratified and affirmed.

            8. The Borrower agrees that its obligations set forth in Section
10.05 of the Credit Agreement shall extend to the preparation, execution and
delivery of this Amendment, including the reasonable fees and disbursements of
counsel to the Agent.

            9. This Amendment shall be limited precisely as written and shall
not be deemed (a) to be a consent granted pursuant to, or a waiver or
modification of, any other term or condition of the Credit Agreement or any of
the instruments or agreements referred to therein or (b) to prejudice any right
or rights which the Agent or the Lenders may now have or have in the future
under or in connection with the Credit Agreement or any of the instruments or
agreements referred to therein. Whenever the Credit Agreement is referred to in
the Credit Agreement or any of the instruments, agreements or other documents or
papers executed or delivered in connection therewith, such reference shall be
deemed to mean the Credit Agreement as modified by this Amendment.

            10. This Amendment may be executed in any number of counterparts and
by the different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same instrument.

            11. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.

                           [SIGNATURE PAGES TO FOLLOW]

                                       3
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            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed as of the day and the year first written.

                           BORROWER:

                           R.J. TOWER CORPORATION

                           By: /s/ James Mallak
                               ---------------------------
                               Name: JAMES MALLAK
                               Title: TREASURER

                           GUARANTORS:

                           Algoods, USA, Inc.
                           Tower Automotive, Inc.
                           Tower Automotive Bardstown, Inc.
                           Tower Automotive Bowling Green, LLC
                           Tower Automotive Chicago, LLC
                           Tower Automotive Finance, Inc.
                           Tower Automotive Granite City, LLC
                           Tower Automotive Granite City Services, LLC
                           Tower Automotive International Holdings, Inc.
                           Tower Automotive International Yorozu Holdings, Inc.
                           Tower Automotive International, Inc.
                           Tower Automotive Lansing, LLC
                           Tower Automotive Michigan, LLC
                           Tower Automotive Milwaukee, LLC
                           Tower Automotive Plymouth, Inc.
                           Tower Automotive Products Company, Inc.
                           Tower Automotive Receivables Company, Inc.
                           Tower Automotive Services and Technology, LLC
                           Tower Automotive Technology, Inc.
                           Tower Automotive Technology Products, Inc.
                           Tower Automotive Tool, LLC
                           Tower Services, Inc.
                           Trylon Corporation

                           By: /s/ James Mallak
                               -------------------------
                               Name: JAMES MALLAK
                               Title: TREASURER

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                    AGENT AND LENDERS:

                                    JPMORGAN CHASE BANK, N.A.
                                    INDIVIDUALLY AND AS AGENT

                                    By: /s/ Douglas A. Jenks
                                        ------------------------------
                                        Name: DOUGLAS A. JENKS
                                        Title: MANAGING DIRECTOR

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                               HEWETT'S ISLAND CDO, LTD.
                    By: CypressTree Investment Management Company, Inc.,
                                                  as Portfolio Manager.

                                 By: /s/ Preston I. Carnes, Jr.
                                     ----------------------------------
                                     Name: Preston I. Carnes, Jr.
                                     Title: Managing Director

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                            HEWETT'S ISLAND CLO II, LTD.
                    By: CypressTree Investment Management Company, Inc.,
                                                   as Portfolio Manager.

                         By: /s/ Preston I. Carnes, Jr.
                             --------------------------------
                             Name: Preston I. Carnes, Jr.
                             Title: Managing Director

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                    CSAM Funding IV, AS A LENDER

                                 By: /s/ David H. Lerner
                                     -------------------
                                     Name: DAVID H. LERNER
                                     Title: AUTHORIZED SIGNATORY

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

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                    CSAM SLF, AS A LENDER

                       BY: /s/ David H. Lerner
                           -------------------
                           Name: DAVID H. LERNER
                           Title: AUTHORIZED SIGNATORY

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                    Madison Park Funding I, AS A LENDER

                          By: /s/ David H. Lerner
                              -------------------
                              Name: DAVID H. LERNER
                              Title: AUTHORIZED SIGNATORY

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                    FORTRESS PORTFOLIO TRUST, AS LENDER
                    By: Four Corners Capital Management LLC,
                        Investment Manager

                    /s/ Vijay Srinivasan
                    ---------------------------
                    VIJAY SRINIVASAN
                    Assistant Vice President

                 SIGNATURE Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                    FOUR CORNERS CLO 2005-I, LTD., AS LENDER
                    By: Four Corners Capital Management LLC,
                        Collateral Manager

                          /s/ Vijay Srinivasan
                          ---------------------------
                          VIJAY SRINIVASAN
                          Assistant Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement
<PAGE>

                           OLYMPIC CLO I, AS A LENDER

                                        By: /s/ John. M. Casparian
                                            ------------------------------------
                                            Name: JOHN. M. CASPARIAN
                                            Title: Chief Operating Officer,
                                                   Centre Pacific LLC (Manager)

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                   KKR Financial CLO 2005-1, Ltd., AS A LENDER

                                  By: /s/ Michelle L. Keith
                                      ------------------------------------------
                                      Name: MICHELLE L. KEITH
                                      Title: AUTHORIZED SIGNATORY

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                          Malibu CBNA Loan Funding LLC, for itself or as
                          agent for Malibu CFPI Loan Funding LLC, AS A LENDER

                          By: /s/ Suzanne Smith
                              ------------------------------
                              Name: SUZANNE SMITH
                              Title: AS ATTORNEY-IN-FACT

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                          Everglades SPIRET Loan Trust
                          By: Wilmington Trust Company
                          not in its individual capacity but
                          solely as trustee, AS A LENDER

                                By: /s/ Rachel L. Simpson
                                    ------------------------------
                                    Name: Rachel L. Simpson
                                    Title: Financial Services Officer

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                           Dinosaur Spiret Loan Trust
                           By: Wilmington Trust Company
                           not in its individual capacity but
                           solely as trustee, AS A LENDER

                                By: Rachel L. Simpson
                                    ---------------------------------
                                    Name: Rachel L. Simpson
                                    Title: Financial Services Officer

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                CREDIT SUISSE FIRST BOSTON
                                INTERNATIONAL

                                     , AS A LENDER

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

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                             , AS A LENDER

                             By: /s/ Tony Obrien
                                 ----------------------------
                                 Name: TONY OBRIEN
                                 Title: Senior Manager

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                DUNES FUNDING LLC, AS A LENDER

                                By: /s/ Meredith J. Koslick
                                    --------------------------------------------
                                    Name: Meredith J. Koslick
                                    Title: Assistant Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                        PINEHURST TRADING, INC., AS A LENDER

                                        By: /s/ Meredith J. Koslick
                                            ------------------------------------
                                            Name: Meredith J. Koslick
                                            Title: Assistant Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                WATERVILLE FUNDING LLC, AS A LENDER

                                By: /s/ Meredith J. Koslick
                                    -------------------------------------
                                    Name: Meredith J. Koslick
                                    Title: Assistant Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        BY SATELLITE ASSET MANAGEMENT, L.P.
                        ITS INVESTMENT MANAGER

                        Satellite Senior Income Fund II, LLC, AS A LENDER

                        By: /s/ Simon Raykher
                            ----------------------------
                            Name: SIMON RAYKHER
                            Title: GENERAL COUNSEL

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        Wells Fargo Foothill, LCC, AS A LENDER

                        By: /s/ Patrick McCormack
                            -------------------------------
                            Name: Patrick McCormack
                            Title: AVP

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                         CYPRESSTREE CLAIF FUNDING LLC, AS A LENDER

                                By: /s/ Meredith J. Koslick
                                    ----------------------------------------
                                    Name: Meredith J. Koslick
                                    Title: Assistant Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        JUPITER LOAN FUNDING LLC, AS A LENDER

                                By: /s/ Meredith J. Koslick
                                    -------------------------------------
                                    Name: Meredith J. Koslick
                                    Title: Assistant Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                RED FOX FUNDING LLC, AS A LENDER

                                By: /s/ Meredith J. Koslick
                                    --------------------------------
                                    Name: Meredith J. Koslick
                                    Title: Assistant Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        WINGED FOOT FUNDING TRUST, AS A LENDER

                                By: /s/ Meredith J. Koslick
                                    --------------------------------
                                    Name: Meredith J. Koslick
                                    Title: Assistant Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        Venture CDO 2002, Limited, AS A LENDER

                        By its investment advisor, MJX Asset
                        Management, LLC.

                        By: /s/ Ken Ostmann
                            ---------------------------
                        Name: Ken Ostmann
                        Title: Director

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        Venture II CDO 2002, Limited, AS A LENDER

                        By its investment advisor, MJX Asset
                        Management, LLC.

                        By: /s/ Ken Ostmann
                            ---------------------------
                        Name: Ken Ostmann
                        Title: Director

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        Venture III CDO Limited, as a Lender

                        By its investment advisor, MJX Asset
                        Management, LLC.

                        By: /s/ Ken Ostmann
                            ---------------------------
                        Name: Ken Ostmann
                        Title: Director

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        Venture IV CDO Limited, as a Lender

                        By its investment advisor, MJX Asset
                        Management, LLC.

                        By: /s/ Ken Ostmann
                            ---------------------------
                        Name: Ken Ostmann
                        Title: Director

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        Vista Leveraged Income Fund, as a Lender

                        By its investment advisor, MJX Asset
                        Management, LLC.

                        By: /s/ Ken Ostmann
                            ---------------------------
                        Name: Ken Ostmann
                        Title: Director

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                        The CIT Group/

                        Business Credit, AS A LENDER

                        By: /s/ Julianne Low
                            ------------------------------
                            Name: Julianne Low
                            Title: AVP

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                  GRAYSON & CO
                       By: BOSTON MANAGEMENT AND RESEARCH
                           AS INVESTMENT ADVISOR, AS A LENDER

                           By: /s/ Michael B. Botthof
                               ----------------------------------
                               Name: Michael B. Botthof
                               Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                SENIOR DEBT PORTFOLIO
                                By: Boston Management and Research
                                    as Investment Advisor, AS A LENDER

                       By: /s/ Michael B. Botthof
                           ----------------------------------
                           Name: Michael B. Botthof
                           Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                         EATON VANCE SENIOR INCOME TRUST
                           BY: EATON VANCE MANAGEMENT
                              AS INVESTMENT ADVISOR, AS A LENDER

                       By: /s/ Michael B. Botthof
                           ----------------------------------
                           Name: Michael B. Botthof
                           Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                     EATON VANCE SENIOR
                                     FLOATING-RATE TRUST
                                     By: EATON VANCE MANAGEMENT
                                     AS INVESTMENT ADVISOR, AS A LENDER

                       By: /s/ Michael B. Botthof
                           ----------------------------------
                           Name: Michael B. Botthof
                           Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                            EATON VANCE FLOATING-RATE
                                  INCOME TRUST
                           BY: EATON VANCE MANAGEMENT
                               AS INVESTMENT ADVISOR, AS A LENDER

                       By: /s/ Michael B. Botthof
                           ----------------------------------
                           Name: Michael B. Botthof
                           Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                          EATON VANCE
                          LIMITED DURATION INCOME FUND
                          BY: EATON VANCE MANAGEMENT
                          AS INVESTMENT ADVISOR, AS A LENDER

                       By: /s/ Michael B. Botthof
                           ----------------------------------
                           Name: Michael B. Botthof
                           Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                EATON VANCE SHORT DURATION
                                DIVERSIFIED INCOME FUND
                                BY: EATON VANCE MANAGEMENT
                                    AS INVESTMENT ADVISOR, AS A LENDER

                       By: /s/ Michael B. Botthof
                           ----------------------------------
                           Name: Michael B. Botthof
                           Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                   EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
                           BY: EATON VANCE MANAGEMENT
                              AS INVESTMENT ADVISOR, AS A LENDER

                       By: /s/ Michael B. Botthof
                           ----------------------------------
                           Name: Michael B. Botthof
                           Title: Vice President

                 Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         TOLLI & CO.
                                         BY: EATON VANCE MANAGEMENT
                                             AS INVESTMENT ADVISOR,
                                             AS A LENDER

                                                 By: /s/ Michael B. Botthof
                                                     ----------------------
                                                     Name: Michael B. Botthof
                                                     Title: Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                             EATON VANCE CDO VI LTD.
                                         BY: EATON VANCE MANAGEMENT
                                             AS INVESTMENT ADVISOR,
                                             AS A LENDER

                                                 By: /s/ Michael B. Botthof
                                                     ----------------------
                                                     Name: Michael B. Botthof
                                                     Title: Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                           COSTANTINUS EATON VANCE CDO V, LTD.
                                               BY: EATON VANCE MANAGEMENT
                                                   AS INVESTMENT ADVISOR,
                                                   AS A LENDER

                                                 By: /s/ Michael B. Botthof
                                                     ----------------------
                                                     Name: Michael B. Botthof
                                                     Title: Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         HARBOUR TOWN FUNDING LLC., AS A LENDER

                                             By: /s/ Meredith J. Koslick
                                                 -------------------------
                                                 Name: Meredith J. Koslick
                                                 Title: Assistant Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         L. A. FUNDING LLC., AS A LENDER

                                             By: /s/ Meredith J. Koslick
                                                 -------------------------
                                                 Name: Meredith J. Koslick
                                                 Title: Assistant Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                        NATEXI'S BANQUES POPULAIRES, AS A LENDER

                                             By: /s/ Jose M. Cerezo
                                                 ----------------------
                                                 Name: JOSE M. CEREZO
                                                 Title: VICE PRESIDENT

                                                 /s/ Horold Birk
                                                 -----------------
                                                 HOROLD BIRK
                                                 VICE PRESIDENT

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         UBS AG, STAMFORD BRANCH, AS A LENDER

                                             By: /s/
                                                 -----------------------
                                                 Name:
                                                 Title: Director
                                                        Banking Products
                                                        Services, US

                                             By: /s/
                                                 -----------------------
                                                       Associate Director
                                                       Banking Products
                                                       Services, US

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         AVENUE CLO FUND, LTD., AS A LENDER

                                             By: /s/ Richard D'Addario
                                                 -------------------------------
                                                 Name: RICHARD D'ADDARIO
                                                 Title: SENIOR PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         CANADIAN IMPERIAL, AS A LENDER
                                         BANK OF COMMERCE

                                             By: /s/ Linda A. Wallace
                                                 ----------------------
                                                 Name: LINDA A. WALLACE
                                                 Title: AUTHORIZED SIGNATORY

                                             By: /s/ Milena Grgic
                                                 ----------------------
                                                 Name: MILENA GRGIC
                                                 Title: Authorized Signatory

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                   Canyon Capital CDO 2002-1 Ltd., as a Lender

                                       By: /s/ Joshua S. Friedman
                                           ----------------------
                                       Name: Joshua S. Friedman
                                       Title: Managing Director

                                       By: Canyon Capital Advisors LLC,
                                           a Delaware limited liability company,
                                           its Collateral Manager.

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                   Canyon Capital CLO 2004-1 Ltd., as a Lender

                                       By: /s/ Joshua S. Friedman
                                           ----------------------
                                       Name: Joshua S. Friedman
                                       Title: Managing Director

                                       By: Canyon Capital Advisors LLC,
                                           a Delaware limited liability company,
                                           its Collateral Manager.

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         WIND RIVER CLO I LTD.
                                         By: McDonnell Investment Management,
                                             LLC, as Manager

                                         By: /s/ Kathleen A. Zarn
                                             ----------------------
                                             Name: Kathleen A. Zarn
                                             Title: Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         WIND RIVER CLO II LTD.
                                         By: McDonnell Investment Management,
                                             LLC, as Manager

                                         By: /s/ Kathleen A. Zarn
                                             ----------------------
                                             Name: Kathleen A. Zarn
                                             Title: Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                    MERRILL LYNCH CAPITAL, A DIVISION OF MERRILL
                                    LYNCH BUSINESS FINANCIAL SERVICES INC., AS A
                                    LENDER

                                    By: /s/ Edward Shuster
                                        --------------------
                                        Name: Edward Shuster
                                        Title: Assistant Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                MORGAN STANLEY SENIOR FUNDING, INC., AS A LENDER

                                By: /s/ James Morgan
                                    ---------------------
                                    Name: JAMES MORGAN
                                    Title: VICE PRESIDENT

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         Sankaty Advisors, LLC as Collateral
                                         Manager for Castle Hill II - INGOTS,
                                         Ltd., AS A LENDER

                                         By: /s/ Diane J. Exter
                                             ---------------------
                                             Name: DIANE J. EXTER
                                             Title: MANAGING DIRECTOR
                                                    PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         Sankaty Advisors, LLC as Collateral
                                         Manager for Prospect Funding I,
                                         LLC., AS A LENDER

                                         By: /s/ Diane J. Exter
                                             ---------------------
                                             Name: DIANE J. EXTER
                                             Title: MANAGING DIRECTOR
                                                    PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement
<PAGE>

                                         Sankaty Advisors, LLC as Collateral
                                         Manager for Race Point CLO, Limited,
                                         AS A LENDER

                                         By: /s/ Diane J. Exter
                                             ---------------------
                                             Name: DIANE J. EXTER
                                             Title: MANAGING DIRECTOR
                                                    PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement
<PAGE>

                                         Sankaty High Yield Partners III, L.P.,
                                         AS A LENDER

                                         By: /s/ Diane J. Exter
                                             ---------------------
                                             Name: DIANE J. EXTER
                                             Title: MANAGING DIRECTOR
                                                    PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                         Sankaty Advisors, LLC as Collateral
                                         Manager for AVERY POINT CLO,
                                         LTD., AS A LENDER

                                         By: /s/ Diane J. Exter
                                             ---------------------
                                             Name: DIANE J. EXTER
                                             Title: MANAGING DIRECTOR
                                                    PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement
<PAGE>

                                       Sankaty Advisors, LLC as Collateral
                                       Manager for Loan Funding XI LLC,
                                       AS A LENDER

                                       By: /s/ Diane J. Exter
                                           ------------------------
                                           Name: DIANE J. EXTER
                                           Title: MANAGING DIRECTOR
                                                  PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                       Sankaty Advisors, LLC as Collateral
                                       Manager for CASTLE HILL I - INGOTS, LTD.,
                                       AS A LENDER

                                       By: /s/ Diane J. Exter
                                           -------------------------
                                           Name: DIANE J. EXTER
                                           Title: MANAGING DIRECTOR
                                                  PORTFOLIO MANAGER

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                            Gleneagles CLO, Ltd.
                                            By: Highland Capital Management, L.P
                                            As Collateral Manager, AS A LENDER

                                    By: /s/ Todd A. Travers
                                        ----------------------------------------
                                        Name: Todd A. Travers
                                        Title: Assistant Secretary
                                               Highland Capital Management, L.P.

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                  FIRST TRUST/HIGHLAND FLOATING RATE INCOME FUND
                                  BY: HIGHLAND CAPITAL MANAGEMENT, L.P.
                                  ITS INVESTMENT SUB-ADVISOR, AS A LENDER

                                  By: /s/ Todd A. Travers
                                      ----------------------------------------
                                      Name: Todd A. Travers
                                      Title: Assistant Secretary
                                             Highland Capital Management, L.P.

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                HIGHLAND LEGACY LIMITED
                                By: Highland Capital Management, L.P.
                                as Collateral Manager, AS A LENDER

                                   By: /s/ Todd A. Travers
                                       ----------------------------------------
                                       Name: Todd A. Travers
                                       Title: Assistant Secretary
                                              Highland Capital Management, L.P.

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                   Southfork CLO, Ltd.
                                   By: Highland Capital Management, L.P.
                                   As Collateral Manager, AS A LENDER

                                    By: /s/ Todd A. Travers
                                        ---------------------------------------
                                        Name: Todd A. Travers
                                        Title: Assistant Secretary
                                               Highland Capital Management, L.P.

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                   HIGHLAND FLOATING RATE ADVANTAGE FUND
                                   By: Highland Capital Management, L.P.
                                   As Investment Advisor, AS A LENDER

                                    By: /s/ Todd A. Travers
                                        ----------------------------------------
                                        Name: Todd A. Travers
                                        Title: Assistant Secretary
                                               Highland Capital Management, L.P.

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                  Nationwide Life Insurance Company, AS A LENDER

                                  By: /s/ Thomas S. Leggett
                                      ---------------------
                                      Name: THOMAS S. LEGGETT
                                      Title: ASSOCIATE VICE PRESIDENT
                                             PUBLIC BONDS

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                              Nationwide Mutual Insurance Company, AS A LENDER

                              By: /s/ Thomas S. Leggett
                                  -------------------------------
                                  Name: THOMAS S. LEGGETT
                                  Title: ASSOCIATE VICE PRESIDENT
                                         PUBLIC BONDS

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                              OPPENHEIMER SENIOR FLOATING RATE FUND, AS A LENDER

                                         By: /s/ David Foxhoven
                                             ---------------------
                                             Name: David Foxhoven
                                             Title: Vice President

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                               GENERAL ELECTRIC CAPITAL CORPORATION, AS A LENDER

                               By: /s/ Donna H. Evans
                                   --------------------------------
                                   Name: DONNA H. EVANS
                                   Title: DULY AUTHORIZED SIGNATORY

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                 WACHOVIA CAPITAL FINANCE (CENTRAL), AS A LENDER

                                 By: /s/
                                     ---------------------
                                     Name:
                                     Title: VICE PRESIDENT

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                Carlyle High Yield Partners, L.P., AS A LENDER

                                By: /s/ Linda Pace
                                    -------------------------
                                    Name: LINDA PACE
                                    Title: MANAGING DIRECTOR

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                             Carlyle High Yield Partners IV, Ltd., AS A LENDER

                             By: /s/ Linda Pace
                                 --------------------------
                                 Name: LINDA PACE
                                 Title: MANAGING DIRECTOR

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                Carlyle Loan Opportunity Fund, AS A LENDER

                                By: /s/ Linda Pace
                                    --------------------------
                                    Name: LINDA PACE
                                    Title: MANAGING DIRECTOR

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                             Carlyle High Yield Partners VI, Ltd., AS A LENDER

                             By: /s/ Linda Pace
                                 --------------------------
                                 Name: LINDA PACE
                                 Title: MANAGING DIRECTOR

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreement

<PAGE>

                                    Carlyle Loan Investment, Ltd., AS A LENDER

                                    By: /s/ Linda Pace
                                        --------------------------
                                        Name: LINDA PACE
                                        Title: MANAGING DIRECTOR

                Signature Page to Fourth Amendment to Revolving
                    Credit, Term Loan and Guaranty Agreementexv10w1

 

EXHIBIT 10.1

	 
	BOARD OF DIRECTORS POLICIES

	

	 

	     Board Compensation Policy & Stock Ownership

	Requirements (Effective 04/26/05)

IndyMac Bancorp Board and IndyMac Bank Board Annual Retainer

Each Non-Employee Director who serves on the IndyMac Bancorp Board of Directors and/or the
Board of Directors of its wholly owned subsidiary, IndyMac Bank, shall receive an annual retainer
of $50,000 for service on either or both the IndyMac Bancorp Board or the IndyMac Bank Board. Such
annual retainer shall be prorated for Non-Employee Directors who join either Board of Directors
during a calendar year. Each Non-Employee Director who serves on the Audit Committee of IndyMac
Bancorp and/or IndyMac Bank shall receive an additional annual retainer of $20,000, for a total
annual retainer of $70,000. The Presiding Director shall receive an additional annual retainer of
$20,000.

If a Non-Employee Director serves solely on the Bank Board, this retainer, all other director fees
and compensation, and any reimbursement of director expenses for that director shall be the
responsibility of and shall be paid by IndyMac Bank (provided that stock options shall be issued by
IndyMac Bancorp, which shall receive a make-whole payment from IndyMac Bank at the time of
exercise). If a Non-Employee Director serves solely on the Bancorp Board or serves on both the Bank
Board and the Bancorp Board, this retainer, all other Director fees and compensation, and any
reimbursement of Director expenses for that Director shall be the responsibility of and shall be
paid by IndyMac Bancorp.

IndyMac Bank Board Meeting Fee

Each Non-Employee Director who serves on the IndyMac Bank Board of directors shall receive a $2,500
fee for attendance at each IndyMac Bank Board meeting.

IndyMac Bancorp Board and IndyMac Bank Board Committee Fees

Each Non-Employee Director who serves on an IndyMac Bancorp Board Committee or an IndyMac Bank
Board Committee shall receive fees for attendance at committee meetings as follows:

	 	 	 
	Committee Chairmen:

	 	$2,500 per meeting for each meeting chaired in a calendar year
	 
	 	 
	Committee Members:
(including Chairmen)

	 	No separate fee for the first 4 committee meetings (cumulative, for directors serving on multiple distinct committees) attended
	 
	 	 

 

 

	 	 	 
	 

	 	in a calendar year
	 
	 	 
	 

	 	$2,500 for each committee meeting attended following the first 4 meetings attended in a calendar year

General Policies Relating to Payment of Board Committee Fees

	1.	 	For each IndyMac Bancorp Board Committee for which there is a parallel IndyMac Bank Board
Committee, to the extent Board Committee fee is payable, only one Board Committee fee will be
paid for attendance at the IndyMac Bank and IndyMac Bancorp Board Committee meetings,
regardless of whether the parallel Board Committees meet jointly or separately, on the same
day or within one or two days of each other.

	2.	 	It is intended that committee fees will be payable only for attendance at “formal” committee
meetings. Each regular meeting of a Board Committee shall be considered a “formal” meeting. In
the case of any other meetings, the Chairman of each Board Committee will be responsible for
determining whether a “formal” Board Committee meeting has occurred and shall so notify the
Corporate Secretary of IndyMac Bank and provide the Corporate Secretary with the names of the
Board Committee members who attended such meeting.

	3.	 	Only Board Committee members will be paid for attendance at a “formal” Board Committee
meeting, unless the Committee Chairman has specifically requested a non-member’s attendance
and participation.

IndyMac Bancorp and IndyMac Bank Board Other Fees

Each Non-Employee Director shall receive a $2,500 fee per day for attendance at other
qualifying Board related functions in his or her capacity as Director. The Chair of the Nominating
and Governance Committee shall be responsible for determining whether such a Board related function
has occurred and notifying the Corporate Secretary with the names of the Directors in attendance
and the length of the function. Attendance and compensation for any such function shall be
reported to the Nominating and Governance Committee at its next meeting.

Annual Grant of Equity Awards to Directors

Each Non-Employee Director who serves on the IndyMac Bancorp Board of Directors and/or the IndyMac
Bank Board of Directors shall receive an annual grant of equity awards (“Director Equity Awards”)
under the 2002 Incentive Plan, as amended and restated (the “Plan”), subject to the following
terms. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the Plan.

	1.	 	Awards. Director Equity Awards shall be granted to Non-Employee Directors in the
form of non-qualified options (“NQOs”) in accordance with the provisions set forth herein,
provided that each Non-Employee Director may elect to receive Restricted Stock in lieu of part
or all of such NQO by filing an Election Form pursuant to paragraph 2 below. Each
Non-Employee Director may elect to receive Restricted Stock in 25% increments of such NQO,

- 2 -

 

	 	 	up
to 100% of such NQO. In the event that a Non-Employee Director makes any such election, he
will receive a corresponding reduction in the number of shares of Stock covered by the NQO.
The determination as to the equivalency of the number of shares of Stock covered by the NQO
shall be made by using the Black-Scholes valuation model.

	2.	 	Election Form. In order to receive a portion of a Director Equity Award in the form
of Restricted Stock, the Non-Employee Director must file an “Election Form,” as provided by
the Company, with the Secretary of the Company specifying the form of the Director Equity
Award the Director elects to receive. The Election Form must be filed prior to or on the same
day as the Company’s annual grant of Awards to Employees or, in the case of a new Non-Employee
Director, before the commencement of such Non-Employee Director’s term of office. The
Non-Employee Director’s election shall remain in effect for Director Equity Awards made in
each subsequent year, unless he or she files a revised Election Form or written revocation of
the election with the Secretary of the Company before the subsequent annual grant of Awards to
Employees. The Non-Employee Director’s election shall be irrevocable after the Director
Equity Award for a particular year has been granted.

Director Option Awards

	3.	 	Option Grant. Subject to paragraphs 1 and 2, NQOs shall be granted to Non-Employee
Directors electing to receive options, as follows:

	 	a.	 	On the same date as the annual grant of Awards to Employees under the Plan in each
calendar year after 2004 and during the term of the Plan (the “Regular Grant Date”), there
shall be granted automatically (without any action by the Committee or the Board) to each
Non-Employee Director then in office an NQO (the “Director Option Award”) to purchase the
number of shares of Stock of the Company equal to 0.025% of the issued and outstanding shares of Stock (excluding any Stock held in treasury by the Company) as of the end of the
preceding fiscal year.
	 
	 	b.	 	Upon the election of a newly elected Non-Employee Director, there shall be granted
automatically (without any action by the Committee or the Board) an NQO, the grant date of
which shall be the date of such election, to each newly elected Non-Employee Director (the
“New Director Option Award”) as follows: (i) if the Non-Employee Director is elected within
six months after the most recent Regular Grant Date, the New Director Option Award shall
cover the same number of shares of Stock for which Director Option Awards were granted to
existing Non-Employee Directors on the most recent Regular Grant Date; and (ii) if the
Non-Employee Director is elected more than six months after the most recent Regular Grant
Date, but prior to the date on which Director Options are granted to existing Non-Employee
Directors, the New Director Option Award shall cover one-half the number of shares of Stock
for which the most recent Director Option Awards were granted to existing Non-Employee
Directors on the most recent Regular Grant Date.
	 
	 	c.	 	In no event shall a Director Option Award granted under paragraph 3(a) above cover
fewer than 7,500 shares of Stock.
	 
	 	d.	 	A Director Option Award and New Director Option Award shall entitle the Non-Employee
Director to purchase shares of Stock at a price equal to the Fair Market Value of the Stock
as of the date the Option is granted.

- 3 -

 

	 	e.	 	For all subsequent provisions contained herein, Director Option Awards and New Director
Option Awards shall be referred to collectively as “Director Option Awards.”

	4.	 	Prior Plan. No Director Option shall be granted under any prior Company incentive
plans to any Non-Employee Director for any calendar year for which a Director Option Award is
granted under the Plan.

	5.	 	Vesting. A Director Option Award held by a Non-Employee Director will become fully
exercisable on the one-year anniversary of the date of grant. A recipient of a Director
Option Award who ceases to be a Director shall forfeit the Director Option Award if it is not
exercisable immediately prior to his or her date of termination; provided, however, that (i)
if a recipient of a Director Option Award ceases to be a Director by reason of his or her
death, Disability, or retirement or resignation as a director after at least five (5) years
service as a director (“Retirement”), any portion of the Director Option Award that is not
then exercisable shall become exercisable on his or her date of termination; and (ii) any
Director Option Award that is held by an individual serving as a Director on the date of a
Change in Control that is not then exercisable shall become exercisable on the date of the
Change of Control.

	6.	 	Exercise. To the extent that a Director Option Award is exercisable, it may be
exercised in whole or in part by filing a written notice with the Stock Award Administrator of
the Company at its corporate headquarters prior to the date the Option expires. Such notice
shall specify the number of shares of Stock which the Director elects to purchase, and shall
be accompanied by payment of the exercise price for such shares of Stock indicated by the
Director’s election.

	7.	 	Payment of Purchase Price. Upon exercise of a Director Option Award, the exercise
price shall be paid in full in cash equivalents or in shares of Stock (by actual delivery or
attestation) valued at their Fair Market Value at the time of exercise of the Option or partly
in such shares and partly in cash; provided that any such shares used in payment shall have
been owned by the Director for at least such period of time, if any, as is necessary to avoid
variable accounting for the Option). A Non-Employee Director may also elect to pay the
exercise price by irrevocably authorizing a third party to sell shares of Stock (or a
sufficient portion of the shares) acquired upon exercise of the Director Option Award and
remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise
price and any tax withholding resulting from such exercise.

	8.	 	Expiration. A Director Option Award granted to a Non-Employee Director shall expire
on the tenth anniversary of the grant date. However, in no event shall the Director Option
Award be exercisable after:

	 	a.	 	If the termination occurs by reason of the Non-Employee Director’s death, Disability or
Retirement, the one-year anniversary of the date of termination of the Director;
	 
	 	b.	 	If the termination occurs by reason of Cause, the date of termination of the Director;
and
	 
	 	c.	 	If the termination occurs for reasons other than death, Disability, Retirement, or
Cause, the three-month anniversary of the date of termination of the Director.

	 	 	To the extent that any Director Option Award is not exercised prior to (i) a dissolution of the
Company or (ii) a merger or other corporate event that the Company does not survive, and no

- 4 -

 

	 	 	provision is made for the assumption, conversion, substitution or exchange of the Option, the
Director Option Award shall terminate upon the occurrence of such event.
	 
	 	 	For purposes of this Board Compensation Policy, “Cause” shall mean, with respect to any
Non-Employee Director, termination from the Board on account of any act of (i) fraud or
intentional misrepresentation, (ii) embezzlement, misappropriation or conversion of assets or
opportunities of the Company or any subsidiary or affiliate, or (iii) conviction of a felony.

Director Restricted Stock Awards

	9.	 	Restricted Stock Grant. Each Non-Employee Director who files an Election Form in
accordance with paragraph 2 requesting receipt of any portion of a Director Equity Award in
Restricted Stock shall be granted, in lieu of part or all of a Director Option Award, a
“Director Restricted Stock Award” covering the number of shares of Stock determined in
accordance with the provisions of paragraph 1 (the “Covered Shares”). Director Restricted
Stock Awards shall be granted at the same time as the Director Option Awards are granted.

	10.	 	Restricted Period. The “Restricted Period” for the Covered Shares shall begin on the
Regular Grant Date and end as to one-third of each Director Restricted Stock Award on the
first, second and third anniversaries of the Regular Grant Date.

	11.	 	Transfer and Forfeiture of Shares. A recipient of a Director Restricted Stock Award
who ceases to be a Director shall forfeit the portion of the Director Restricted Stock Award
that is not vested immediately prior to his or her date of termination; provided, however,
that (i) if a recipient of a Director Restricted Stock Award ceases to be a Director by reason
of his or her death, Disability, or Retirement, any portion of the Director Restricted Stock
Award that is not then vested shall become vested on his or her date of termination; and (ii)
any portion of a Director Restricted Stock Award that is held by an individual serving as a
Director on the date of a Change in Control that is not then vested shall become vested on the
date of the Change of Control. In the event of (i) or (ii) above, the Covered Shares shall be
transferred to the Director free of all restrictions upon the date they become fully vested.
If the Non-Employee Director remains a Director on the last day of the applicable Restricted
Period, then, at the end of such Restricted Period, the applicable portion of the Covered
Shares shall be transferred to the Director free of all restrictions.

	12.	 	Dividends. Dividends, if any, accrued on Covered Shares during the Restricted Period
shall be credited to the Non-Employee Director and held by the Company on his or her behalf.
The Non-Employee Director’s interest in the dividends shall vest on the same date that his or
her interest in the Covered Shares vest. In the event that any portions of the Covered
Shares are forfeited in accordance with paragraph 11, the accrued and unpaid dividends
relating to the Covered Shares also shall be forfeited.

	13.	 	Voting. The Non-Employee Director shall not be prevented from voting the Covered
Shares merely because those shares are subject to the restrictions imposed by the Plan;
provided, however, that he or she shall not be entitled to vote Covered Shares with respect to
record dates for any Covered Shares occurring on or after the date, if any, on which he or she
has forfeited those shares.

- 5 -

 

	14.	 	Ownership of Shares. The Covered Shares issued pursuant to any Director Restricted
Stock Award shall be held by the Company’s stock transfer agent for the benefit of the
Non-Employee Director until the end of the applicable Restricted Period. The Non-Employee
Director shall be identified as the beneficial owner of the Covered Shares at the time the shares are issued.

Director Emeritus Plan

IndyMac Bancorp and IndyMac Bank have a Director Emeritus Plan (the “Plan”), which provides a
retiring director, who is selected by the Board of Directors to participate in the program, with a
benefit based upon the director’s length of service and the director’s level of cash compensation
for the three years’ prior to selection into the Plan. The Plan requires that a director who is
selected to participate in the Plan agree to refrain from competing with IndyMac Bancorp or IndyMac
Bank during the course of the director’s participation in the Plan.

Stock Ownership Requirements

Stock options have traditionally been provided to directors and officers of publicly traded
companies for two primary reasons. One, to more closely align the interests of directors and
officers with those of shareholders, and two, to be a long-term compensation incentive. A number
of surveys done in recent years roughly estimate that 1/3 of the surveyed companies have stock
ownership guidelines and it is a growing trend. In addition, a stock ownership requirement is
considered a “positive” by ISS in measuring corporate governance. In order to ensure that
IndyMac’s stock option program has these two effects and to continue to improve our corporate
governance profile, we are instituting stock ownership requirements for Section 16 Officers of
IndyMac Bancorp (“Executive Officers”) (see separate “Stock Ownership Guidelines for Executive
Officers”) and for Directors of IndyMac Bank and/or IndyMac Bancorp who are not also Executive
Officers (“Directors”). The following are the requirements for Directors.

Directors who have served as such for at least three years are expected at all times to own common
shares of IndyMac Bancorp with a value equal to one times the then-current Board retainer fee.

Interpretive Rules

The “value” of vested stock options shall be included in computing whether a Director has met the
stock ownership guidelines. The value of vested stock options at any time shall be deemed to be
70% of the net unrealized gain represented by those stock options.

It is not the purpose or expectation of these requirements to require Directors to purchase stock
in the open market if they fall below the expectations set out above, however, it is the purpose
and expectation of these requirements that no Director will sell stock of IndyMac Bancorp
(including stock obtained from the exercise of options) if the Director would fall below the
relevant requirements after the sale of such stock.

- 6 -

 

The full value of stock that is held in joint ownership by a Director shall be treated as owned by
him/her for purposes of these requirements, so long as he/she holds at least a 50% ownership
interest in the stock.

- 7 -

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