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                                                                    Exhibit 10.7

                                                                         9-18-03

                               SUBLEASE AGREEMENT

     This Sublease Agreement (this "Sublease") is made and entered into as of
this 18th day of September, 2003, by and between U.S. BANCORP, a Delaware
corporation ("Landlord"), and U.S. BANCORP PIPER JAFFRAY INC. a Delaware
corporation ("Tenant").

                                    RECITALS

     A.   Landlord (as successor-in-interest to U.S. Bancorp Piper Jaffray
Companies Inc., successor-in-interest to Piper Jaffray Companies Inc.), as
tenant, and MN Nicollet Mall, L.L.C., a Delaware corporation
(successor-in-interest to EOP-Nicollet Mall, L.L.C., successor-in-interest to
CPP 800 Nicollet Mall LLC, successor-in-interest to Ryan 800, LLC) ("Prime
Landlord"), as landlord, are parties to that certain Lease Agreement dated
March 3, 1998, for space which contains, or shall contain pursuant to the
terms of the Prime Lease (as hereinafter defined), approximately 711,641
square feet of Rentable Area (the "Prime Lease Premises") on the first
through the 13th Floors and the 15th through the 24th Floors of the building
commonly known as U.S. Bancorp Center, at 800 Nicollet Mall, Minneapolis,
Minnesota (the "Building"), which Lease Agreement has been previously amended
(including, without limitation, letters exercising expansion rights) by the
First Amendment dated as of May 18, 1998 (the "First Amendment"), the Second
Amendment dated as of July 29, 1999 (the "Second Amendment"), the Lease
Amendment, Indemnification and Joint Defense Agreement dated as of
September 24, 1999 (the "Indemnification Agreement"), the Supplemental
Amendment Regarding Expansion Space dated as of September 29, 1999 (the
"Supplemental Amendment"), the Third Amendment to Lease dated as of
November 22, 1999 (the "Third Amendment"), the Fourth Amendment to Lease dated
as of November 24, 1999 (the "Fourth Amendment"), the Fifth Amendment to Lease
dated as of May 8, 2001 (the "Fifth Amendment"), the Sixth Amendment to Lease
dated as of August 8, 2001 (the "Sixth Amendment"), the Seventh Amendment to
Lease dated as of May 28, 2002 (the "Seventh Amendment"), the Eighth
Amendment to Lease dated as of December 30, 2002 (the "Eighth Amendment"),
the Ninth Amendment to Lease dated as of March 27, 2003 (the "Ninth
Amendment"), and the Tenth Amendment to Lease dated as of April 14, 2003 (the
"Tenth Amendment") (said Lease Agreement, together with the First Amendment,
the Second Amendment, the Indemnification Agreement, the Supplemental
Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment,
the Sixth Amendment, the Seventh Amendment, the Eighth Amendment, the Ninth
Amendment, and the Tenth Amendment, are hereinafter collectively referred to
as the "Prime Lease").

     B.   Landlord owns all of the outstanding stock of Tenant, and Landlord and
Tenant together occupied and used the Prime Lease Premises under the Prime
Lease.

     C.   Landlord will sell or transfer all of the outstanding stock of Tenant
to third parties in a pending transaction (the "Spin-off Transaction").

     D.   In connection with Landlord's sale of its interest in Tenant, Landlord
and Tenant wish to divide the Prime Lease Premises so that they have separately
demised space within the Prime Lease Premises, in accordance with the provisions
of this Sublease.

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     E.   Landlord desires to sublease a portion of the Prime Lease Premises to
Tenant, and Tenant desires to take the same from Landlord, upon the terms and
conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the premises to be subleased, the
mutual covenants and agreements herein contained, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant hereby agree as follows:

                                    AGREEMENT

     1.   RECITALS. The above Recitals are incorporated herein as if fully set
forth herein.

     2.   CAPITALIZED TERMS. Terms used herein but not defined herein shall have
the meanings ascribed to them in the Prime Lease.

     3.   SUBLEASED PREMISES AND TENANT'S PROPORTIONATE SHARE. Landlord hereby
subleases unto Tenant, and Tenant hereby takes from Landlord, those certain
premises (the "Subleased Premises") comprised of approximately 319,584 square
feet of Rentable Area of the Prime Lease Premises, which Subleased Premises are
depicted by Floor and the Rentable Area of each Floor within the Subleased
Premises on EXHIBIT B attached hereto and made a part hereof. "Tenant's
Proportionate Share" will be the percentage determined by dividing the Rentable
Area of the Subleased Premises by the Rentable Area of the Prime Lease Premises,
while "Landlord's Proportionate Share" will be the percentage determined by
dividing the Rentable Area of the portions of the Prime Lease Premises other
than the Subleased Premises by the Rentable Area of the Prime Lease Premises. As
of the date hereof, the Rentable Area of the Prime Lease Premises is
approximately 711,641 square feet. The Rentable Area of the Subleased Premises
(other than any additional Subleased Premises added pursuant to Sections 3.1,
3.2, 3.3 or 3.5) will be calculated for all purposes (including, without
limitation, for payment of Base Rent and Additional Rent) in accordance with the
definition of "Rentable Area" applicable to the Initial Premises under the Prime
Lease. At the request of either Landlord or Tenant, the parties shall cause the
Prime Lease Premises and Subleased Premises to be remeasured in accordance with
the definitions of Rentable Area respectively applicable thereto as aforesaid.

          3.1   TENANT'S RIGHTS TO EXPAND THE PREMISES UNDER THE PRIME LEASE.
     Tenant shall have rights to increase the Rentable Area of the Subleased
     Premises in connection with the Expansion Rights under Section 8 of the
     Prime Lease in accordance with the provisions of this Section 3.1. With
     respect to each of the Third Expansion Option, the Fourth Expansion Option
     and the Fifth Expansion Option under the Prime Lease as set forth in the
     Supplemental Amendment, Tenant shall have the right (the "Prime Lease
     Expansion Right(s)") to increase the Rentable Area of the Subleased
     Premises (and, thus, the Prime Lease Premises) by one (1) full Floor of the
     eligible space covered by each such Expansion Option. Tenant may (but shall
     not be obligated to) exercise the Prime Lease Expansion Right(s) as
     follows: no later than sixty (60) days prior to the last day on which the
     applicable Expansion Option may be exercised pursuant to the Prime Lease,
     Tenant may give Landlord notice ("Tenant's Preliminary Expansion Notice")
     of (a) Tenant's exercise of the applicable Prime Lease Expansion Right, or
     (b) Tenant's

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     desire to attempt to directly lease the portion of the applicable Expansion
     Space allocated to Tenant pursuant to this Section 3.1 directly from Prime
     Landlord. If Tenant gives Tenant's Preliminary Expansion Notice and elects
     to proceed under clause (a) above with respect to a particular Prime Lease
     Expansion Right, then (1) not later than forty-five (45) days prior to the
     last day on which the applicable Expansion Option may be exercised pursuant
     to the Prime Lease, Landlord shall notify Tenant whether or not Landlord
     intends to exercise the applicable Expansion Option with respect to the
     second Floor eligible for exercise under such Expansion Option (in addition
     to that to be subleased by Tenant pursuant to this Section 3.1), and in the
     event Landlord does not intend to do so, Tenant shall have the right (but
     not the obligation) to exercise the applicable Prime Lease Expansion Right
     with respect to both Floors eligible for exercise under such Expansion
     Option by providing Landlord notice thereof within fifteen (15) days after
     receipt of such notice from Landlord, (m) Landlord shall exercise the
     applicable Expansion Option with respect to the applicable Expansion Space
     within the time period required therefor under the Prime Lease, and (n)
     Tenant shall provide the letter of credit required under Section 3.7 as
     required therein. If Tenant gives Tenant's Preliminary Expansion Notice and
     elects to proceed under clause (b) above with respect to a particular Prime
     Lease Expansion Right, then (y) Tenant's rights with respect to the
     particular Prime Lease Expansion Right (but not any subsequent Prime Lease
     Expansion Right) shall be null and void, and (z) neither Landlord nor any
     Affiliate of Landlord shall exercise the applicable Expansion Option with
     respect to the Expansion Space allocated to Tenant pursuant to this Section
     3.1 or, for a period of two (2) years following the giving of Tenant's
     Preliminary Expansion Notice, otherwise negotiate for any lease or
     occupancy agreement with respect to all or any portion of such space. If
     Tenant does not give Tenant's Preliminary Expansion Notice with respect to
     any particular Expansion Option, Tenant's rights with respect to the
     particular Prime Lease Expansion Right (but not any subsequent Prime Lease
     Expansion Right) shall be null and void, and Landlord thereafter may (but
     shall not be obligated to) exercise the applicable Expansion Option as to
     the entire applicable Expansion Space. If both Landlord and Tenant elect to
     take an additional Floor with respect to a particular Expansion Option,
     Landlord shall have the right to select which of the Floors covered by such
     Expansion Option it shall occupy. Any subleasing pursuant to this Section
     3.1 shall be effective as of the effective date of the applicable Expansion
     Option under the Prime Lease. Upon Tenant's exercise of any Prime Lease
     Expansion Rights pursuant to this Section 3.1, Landlord and Tenant shall
     execute and deliver to each other amendments to this Sublease memorializing
     any increase in the Rentable Area of the Subleased Premises. In the event
     of an increase in the area of the Subleased Premises pursuant to this
     Section 3.1, Tenant's subleasing thereof shall be on the terms and
     conditions of this Sublease (including the balance of the Sublease Term and
     Tenant's obligation to pay Rent with respect thereto), except that Tenant
     shall pay Landlord with respect thereto Base Rent in the amounts from time
     to time that Landlord is required to pay with respect thereto pursuant to
     the Prime Lease, and, as between Landlord and Tenant, Tenant shall accept
     the additional Subleased Premises in it "as is" condition on such effective
     date (provided that the foregoing shall not be construed to limit Prime
     Landlord's obligations with respect to the applicable Expansion Space
     pursuant to the Prime Lease, including, without limitation, Landlord's
     obligations under Section 8.5 of the Prime Lease with respect thereto).
     Landlord shall

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     not exercise any of the Expansion Options under the Prime Lease in a manner
     inconsistent with this Section 3.1 and other terms and conditions of this
     Sublease, and shall timely exercise the applicable Expansion Options in a
     manner consistent with any exercise by Tenant of the Prime Lease Expansion
     Rights under this Section 3.1.

          3.2   TENANT'S RIGHTS TO EXPAND UNDER THIS SUBLEASE (FLOOR 15).
     Without limitation to Tenant's rights under Sections 3.1 above and 3.3
     below, Tenant shall have the right (the "Floor 15 Expansion Right") to
     expand the area of the Subleased Premises by the entirety of the Rentable
     Areas of Floor 15 of the Building (the "Floor 15 Expansion Space"), subject
     to the provisions of this Section 3.3. In order to exercise the Floor 15
     Expansion Right, Tenant must give Landlord notice of exercise no later than
     December 31, 2004. If Tenant does not timely give such notice, then
     Tenant's rights with respect to the Floor 15 Expansion Right shall be null,
     void, and of no force or effect. Landlord shall deliver possession of the
     Floor 15 Expansion Space to Tenant within one hundred twenty (120) days
     after such notice of exercise from Tenant. Landlord shall provide Tenant
     not less than ten (10) days' notice prior to Landlord's delivery of the
     Floor 15 Expansion Space to Tenant. Tenant's subleasing of the Floor 15
     Expansion Space shall be effective on the date of such delivery and shall
     be on the terms and conditions of this Sublease (including the balance of
     the Sublease Term and Tenant's obligations to pay Rent with respect
     thereto), except that Tenant shall pay Landlord Base Rent with respect to
     the Floor 15 Expansion Space at the rate equal to the rate of Base Rent
     that Landlord is required to pay from time to time under the Prime Lease
     for such space. As between Landlord and Tenant, Tenant shall accept the
     Floor 15 Expansion Space in its "as is" condition on such date of delivery,
     except that prior to such delivery, Landlord shall remove all personal
     property and trade fixtures from the Floor 15 Expansion Space and cause the
     Floor 15 Expansion Space to be delivered in a "broom clean" condition. At
     the request of either Landlord or Tenant, both Landlord and Tenant shall
     execute and deliver to each other an amendment to this Sublease confirming
     the addition of the Floor 15 Expansion Space to the Sublease and stating
     the Base Rent for the Floor 15 Expansion Space.

          3.3   TENANT'S RIGHTS TO EXPAND UNDER THIS SUBLEASE (FLOOR 16).
     Without limitation to Tenant's rights under Sections 3.1 and 3.2 above,
     Tenant shall have the right (the "Floor 16 Expansion Right") to expand the
     area of the Subleased Premises by the entirety of the Rentable Area of
     Floor 16 of the Building (the "Floor 16 Expansion Space"), subject to the
     provisions of this Section 3.2. In order to exercise the Floor 16 Expansion
     Right, Tenant must give Landlord notice of exercise no later than June 30,
     2005. If Tenant does not timely give such notice, then Tenant's rights with
     respect to the Floor 16 Expansion Right shall be null, void, and of no
     force or effect. Landlord shall deliver possession of the Floor 16
     Expansion Space to Tenant on July 1, 2006 (provided that Tenant shall have
     the right in its discretion to accelerate such delivery date to a date not
     earlier than December 31, 2004 by providing notice thereof to Landlord not
     less than one hundred twenty (120) days' prior to Tenant's desired date of
     delivery), and such space shall become part of the Subleased Premises as of
     such date, and shall remain part of the Subleased Premises for the
     remainder of the Sublease Term. Landlord shall provide Tenant not less than
     ten (10) days' notice prior to Landlord's delivery of the Floor 16
     Expansion Space to Tenant. Tenant's subleasing of the Floor 16 Expansion

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     Space shall be effective on the date of such delivery and shall be on the
     terms and conditions of this Sublease (including the balance of the
     Sublease Term and Tenant's obligations to pay Rent with respect thereto),
     except that Tenant shall pay Landlord Base Rent with respect to the Floor
     16 Expansion Space at the rate equal to the rate of Base Rent that Landlord
     is required to pay from time to time under the Prime Lease for such space.
     As between Landlord and Tenant, Tenant shall accept the Floor 16 Expansion
     Space in its "as is" condition on such date of delivery, except that prior
     to such delivery, Landlord shall remove all personal property and trade
     fixtures from the Floor 16 Expansion Space and cause the Floor 16 Expansion
     Space to be delivered in a "broom clean" condition. At the request of
     either Landlord or Tenant, both Landlord and Tenant shall execute and
     deliver to each other an amendment to this Sublease confirming the addition
     of the Floor 16 Expansion Space to the Subleased Premises and stating the
     Base Rent for the Floor 16 Expansion Space.

          3.4   REDUCTION RIGHTS. Landlord and Tenant shall have rights to
     reduce the Rentable Area of the Prime Lease Premises (in Landlord's case)
     and the Subleased Premises (in Tenant's case), pursuant to Section 10 of
     the Prime Lease, as amended by Section 15 of the Supplemental Amendment, in
     accordance with the provisions of this Section 3.4. Landlord shall be
     entitled to reduce the area of the Prime Lease Premises by an amount equal
     to Landlord's Proportionate Share of the eligible space covered by each
     Reduction Option, and Tenant shall be entitled to reduce the area of the
     Subleased Premises by an amount equal to Tenant's Proportionate Share of
     the eligible space covered by each Reduction Option; provided, however,
     Landlord may exercise the Reduction Option only as to the Prime Lease
     Premises other than the Subleased Premises, Tenant may exercise its
     reduction rights only as to the Subleased Premises, and Tenant may not
     exercise its reduction rights as to any portion of the Subleased Premises
     on Floor 8 of the Building, the UPS Space, the Generator Spaces or the MPOP
     Space. If Tenant elects to exercise any reduction right as provided in this
     Section 3.4 as to any portion of the Subleased Premises, then Tenant will
     give Landlord notice ("Tenant's Preliminary Reduction Notice")(such notice
     to describe with particularity the space covered thereby) of such exercise
     no later than 90 days prior to the last day on which the applicable
     Reduction Option may be exercised pursuant to the Prime Lease. On or before
     the later to occur of (y) 15 days after Landlord receives Tenant's
     Preliminary Reduction Notice, or (z) 75 days prior to the last day on which
     the applicable Reduction Option may be exercised pursuant to the Prime
     Lease, Landlord shall give Tenant notice ("Landlord's Preliminary Reduction
     Notice") of earlier or both of the following: (a) Landlord's election to
     terminate this Sublease only as to any of the space covered by Tenant's
     Preliminary Reduction Notice which Landlord desires to occupy, and/or (b) a
     description with particularity of any portion of the Prime Lease Premises
     (other than any portion of the Subleased Premises) as to which Landlord
     desires to exercise its reduction right pursuant to this Section 3.4;
     provided, however, if Landlord does not elect to exercise either (a) or (b)
     above, Landlord shall notify Tenant as such in Landlord's Preliminary
     Reduction Notice. Within 15 days after Tenant receives Landlord's
     Preliminary Reduction Notice, Tenant shall have a one-time right (but not
     the obligation) to notify Landlord (y) of Tenant's election, subject to
     Section 3.7 and the last sentence of Section 3.6 of this Sublease, to
     sublease any portion of the Prime Leased Premises as to which Landlord
     desires to reduce under clause (b) above as provided in Landlord's

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     Preliminary Reduction Notice, and/or (z) exercising Tenant's reduction
     option pursuant to this Section 3.4 as to such additional portion of the
     Subleased Premises as shall be equivalent in size to any net remaining
     portion of the Landlord's Proportionate Share of space which is eligible
     for reduction pursuant to this Section 3.4 but is not so exercised by the
     Landlord (considering, without limitation, any portion of the Subleased
     Premises, recaptured by Landlord as aforesaid). Any reduction, termination
     or subleasing pursuant to this Section 3.4 shall be effective as of the
     effective date of the applicable Reduction Option under the Prime Lease.
     Upon Landlord's or Tenant's exercise of any reduction option or other
     rights pursuant to this Section 3.4, Landlord and Tenant shall execute and
     deliver to each other amendments to this Sublease memorializing any
     increase or reduction of the Rentable Area of the Subleased Premises and
     releasing Landlord and Tenant from all rent, liabilities, and obligations
     under this Sublease related to such reduced space from and after the
     effective date of such reduction. In the event of an increase in the area
     of the Subleased Premises, Tenant's leasing thereof shall be on the terms
     and conditions of this Sublease (including the balance of the Sublease Term
     and Tenant's obligations to pay Rent with respect thereto), except that
     Tenant shall pay Landlord with respect thereto Base Rent in the amounts
     from time to time that Landlord is required to pay with respect thereto
     pursuant to the Prime Lease. As between Landlord and Tenant, Tenant and
     Landlord, as the case may be, shall each accept any additional space
     subleased by Tenant or any space recaptured by Landlord pursuant to this
     Section 3.4 in its "as is" condition on such effective date, except that
     prior to such delivery, the surrendering party shall remove all personal
     property and trade fixtures from the applicable space and cause the
     applicable space to be delivered in a "broom clean" condition. Landlord
     shall not exercise any of the Reduction Options under the Prime Lease in a
     manner inconsistent with this Section 3.4 and other terms and conditions of
     this Sublease, and shall timely exercise the applicable Reduction Options
     in a manner consistent with the parties' exercise of their rights under
     this Section 3.4. Subject to the other provisions of this Section 3.4,
     Landlord and Tenant shall reasonably cooperate in the exercise of their
     respective rights under this Section 3.4 so as to maximize the amount of
     space which is eligible for reduction pursuant to the applicable Reduction
     Option.

          3.5   RIGHTS OF FIRST OFFER. Tenant shall have no right to exercise
     the First Offer Right under the Prime Lease; provided, however, Landlord
     will deliver to Tenant within five (5) days after receipt all notices
     Landlord receives pursuant to Article 9 of the Prime Lease. Tenant will
     have a re-occurring right of first offer with respect to any space which
     Landlord desires to sublease to third parties from time to time during the
     Sublease Term, except to the extent such Sublease (a) would constitute an
     "Affiliated Transfer" pursuant to Section 2.2 of the Prime Lease, (b)
     covers five thousand (5,000) square feet of Rentable Area or less, or (c)
     is entered into in connection with a sublease to an entity to whom Landlord
     has sold a discreet, identified business unit of Landlord or an Affiliate
     of Landlord. Prior to entering into or marketing for any such sublease,
     Landlord shall notify Tenant that Landlord desires to so sublease, which
     notice from Landlord shall contain a description of the applicable space
     and the proposed commencement date and expiration date of such proposed
     subleasing. Tenant may exercise its first offer right by notice given
     within thirty (30) days after receipt of Landlord's notice. In the event
     Tenant exercises such first offer right, Tenant's subleasing of the
     applicable space will be on the same terms and conditions as this Sublease
     (including Tenant's obligations to pay Rent

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     with respect thereto), except that the Base Rent with respect to such space
     will be at the rate payable by Landlord from time to time under the Prime
     Lease with respect to such space, the term of this Sublease with respect to
     such space shall commence on the date proposed by Landlord in such notice
     and shall end on the earlier to occur of (a) the expiration date proposed
     by Landlord in such notice, or (b) the expiration or earlier termination of
     the Sublease Term, and, as between Landlord and Tenant, Tenant would accept
     such space in its "as is" condition (except that prior to delivery of such
     space to Tenant, Landlord shall remove all personal property and trade
     fixtures from the applicable space and cause the applicable space to be
     delivered in a "broom clean" condition). Upon Tenant's exercise of its
     right of first offer pursuant to this Section 3.5, Landlord and Tenant
     shall execute and deliver to each other amendments to this Sublease
     memorializing the increase in the Rentable Area of the Subleased Premises
     and the term of this Sublease with respect thereto. If Tenant elects not to
     exercise such right, Landlord shall be free to sublease the applicable
     space covered by Landlord's notice as aforesaid free from Tenant's first
     offer right, except that such election shall not waive or extinguish
     Tenant's rights or Landlord's obligations under this Section 3.5 with
     respect to any subsequent proposed subleasing by Landlord.

          3.6   RIGHTS INDEPENDENT. Tenant's rights under Sections 3.1, 3.2,
     3.3, 3.4 and 3.5 are independent of each other and each shall apply
     notwithstanding any previous exercise of any other such right by Tenant;
     provided, however, Tenant shall not have the right to exercise its rights
     under both (a) Section 3.1 of this Sublease with respect to the Third
     Expansion Option only, and (b) Section 3.4 of this Sublease, so as to
     increase the Rentable Area of the Subleased Premises by more than two (2)
     full floors of the Building.

          3.7   SECURITY DEPOSIT.

                (a)   In the event Tenant subleases any additional space
          pursuant to Sections 3.1 or 3.4 of this Sublease, then not later than
          five (5) days prior to the date the applicable space is delivered to
          Tenant, Tenant shall provide Landlord and maintain throughout the
          remainder of the Sublease Term a stand-by irrevocable letter of credit
          (the "Letter of Credit") in the Letter of Credit Amount (defined
          below) as security for the performance of Tenant's obligations under
          the Lease. The Letter of Credit shall provide for partial draws by
          Landlord in accordance with this Section 3.7, shall name Landlord as
          beneficiary, shall have a term of not less than one (1) year expiring
          on a December 31, shall be issued by a financial institution
          reasonably acceptable to Landlord, and shall otherwise be in a form
          reasonably acceptable to Landlord. Upon the occurrence of an Event of
          Default (as defined in Section 12.1) by Tenant, Landlord shall be
          entitled to draw on the Letter of Credit in the amount reasonably
          necessary to cure such Event of Default or to pay any damages and
          expenses associated therewith and which shall be payable by Tenant
          pursuant to Section 12.1. Within fifteen (15) days after notice from
          Landlord of any such draw, Tenant shall cause the Letter of Credit to
          be amended to the then-current Letter of Credit Amount. Within thirty
          (30) days after the expiration or earlier termination of this Lease,
          Landlord shall surrender the Letter of Credit or any amounts held as
          deposit pursuant to this Section 3.7 to Tenant.

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                (b)   In the event that Tenant fails to renew or otherwise
          replace an existing Letter of Credit with a new letter of credit
          meeting the terms and conditions hereof by the date which is fifteen
          (15) days prior to its expiration, then Landlord shall be entitled to
          draw the full amount available under the Letter of Credit and to hold
          and apply the same as a security deposit with respect to this Sublease
          until such time as Tenant shall have delivered to Landlord a
          replacement Letter of Credit in compliance with this Section 3.7. In
          the event that Landlord is holding cash as a security deposit in lieu
          of the Letter of Credit, (i) Landlord shall be entitled to hold and
          apply the same in the same manner as it may make draws under the
          Letter of Credit, (ii) Landlord shall deposit and hold such funds in
          such interest-bearing securities, bank deposits and/or so-called
          "money market funds" established and managed by nationally-recognized
          firms as are reasonably selected by Landlord (provided that the
          primary objective of such investment shall be to preserve the
          principal of the security deposit), and (iii) Tenant will be entitled
          to all interest accruing thereon.

                (c)   As used in this Section 3.7, the "Letter of Credit Amount"
          shall mean, as of the period of time in question as provided below,
          one-half (1/2) of the sum of (i) the aggregate Base Rent payable by
          Tenant with respect to all space subleased by Tenant pursuant to
          Sections 3.1 and/or 3.4 of this Sublease from the date in question
          through the remainder of the Sublease Term, and (ii) the aggregate
          estimated amounts of Tenant's Operating Expense Contribution and
          Tenant's Tax Contribution properly allocable to such space for such
          period pursuant to Section 5.2 of this Sublease, such estimated amount
          to be calculated based upon Prime Landlord's then-current estimates of
          such amounts as of the date in question. The Letter of Credit shall
          initially be in the Letter of Credit Amount for the initial space
          subleased by Tenant pursuant to Sections 3.1 or 3.4, as the case may
          be, as of the effective date of Tenant's subleasing thereof, and shall
          be adjusted to the then-current Letter of Credit Amount as of (i) the
          date Tenant subleases any additional space pursuant to Sections 3.1 or
          3.4, (ii) December 31, 2010, and (iii) December 31, 2012. Any increase
          or reduction of the amount of the Letter of Credit shall be
          accomplished either by delivery of a substitute Letter of Credit (in
          which case Landlord shall surrender the previous Letter of Credit to
          Tenant) or by amendment to the Letter of Credit in accordance with its
          terms.

          3.8   COMMON AREAS. Subject to the terms of this Sublease, the
     Subleased Premises shall include the nonexclusive right to use all Common
     Areas for ingress, egress and other purposes permitted by the Prime Lease
     (including without limitation for special events as provided in Section
     2.4.2 of the Prime Lease (provided such events do not advertise any
     competitor of Landlord in the retail banking business)), the intent being
     that, except as otherwise provided in this Sublease, Landlord shall pass
     through to Tenant all Common Area rights granted to Landlord under the
     Prime Lease. Tenant further shall have the right to maintain throughout the
     Sublease Term its separate reception/security desk located in the Floor 1
     elevator lobby as of the date of this Sublease. Landlord will exercise its
     rights under the Prime Lease so as to provide Tenant's rights under this
     Section 3.8 to Tenant.

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     4.   SUBLEASE TERM.

          4.1   SUBLEASE TERM. The term of this Sublease (the "Sublease Term")
     commences on effective date of the Spin-off Transaction (the "Commencement
     Date"), and expires on May 29, 2014 (the "Expiration Date"), unless sooner
     terminated as provided in this Sublease. Landlord will deliver the
     Subleased Premises to Tenant on the Commencement Date in the Subleased
     Premises' AS-IS, WHERE-AS condition. Landlord shall have no obligation to
     perform any work on or in the Subleased Premises in connection therewith.

          4.2   LANDLORD'S EXTENSION RIGHTS. Landlord shall have all Extension
     Options described in Section 4.3 of the Prime Lease, as amended by the
     provisions of the Supplemental Amendment, as to all or any portion of the
     Prime Lease Premises (but not all or any portion of the Subleased Premises,
     except as set forth in Section 4.3 hereof). In no event shall Landlord or
     any Affiliate of Landlord exercise any of the Extension Options or
     otherwise negotiate for any extension of the term of the Prime Lease or any
     other lease or, for a period of two (2) years following the giving of
     Tenant's Preliminary Extension Notice (as defined in Section 4.3),
     occupancy agreement or arrangement with respect to all or any portion of
     the Subleased Premises except as permitted pursuant to Section 4.3 below.

          4.3   TENANT'S EXTENSION RIGHTS. In the event Tenant shall desire to
     continue to occupy all or any portion of the Subleased Premises following
     the Expiration Date, Tenant shall be entitled to do so only pursuant to a
     direct lease between Prime Landlord and Tenant and not pursuant to this
     Sublease or the Prime Lease which direct lease shall be determined by
     Tenant in its sole discretion. No later than sixty (60) days prior to the
     last day on which the first Extension Option may be exercised pursuant to
     Section 4.4.3 of the Prime Lease, Tenant will give notice ("Tenant's
     Preliminary Extension Notice") to Landlord of (a) what portions of the
     Subleased Premises Tenant desires to occupy after the Expiration Date (the
     "Retained Subleased Premises"), if any, and (b) what of Tenant's NER
     Equipment, Tenant's UPS Equipment and the Generators (each defined in
     Section 12 below), Tenant intends to remove as of the Expiration Date, if
     any. Landlord shall have the right to exercise such Extension Option (and
     any subsequent Extension Option) as to any portion of the Subleased
     Premises other than the Retained Subleased Premises.

     5.   RENT. "Rent" is the sum of Base Rent and Additional Rent, both as
defined below. Rent is payable without demand, notice, deduction, abatement or
setoff, except as otherwise expressly provided in this Sublease. If Tenant fails
to pay any Rent within five days after the date when such Rent was due, then, in
addition to the Rent, Tenant shall pay interest on the unpaid amount from the
date when such amount was due until such amount is paid at the Agreed Interest
Rate. If the Commencement Date is other than the first day of a month, then Rent
for such month shall be prorated based on the number of days contained within
such month. Tenant agrees to pay to Landlord the total of the following sums as
Rent for the Subleased Premises:

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          5.1   BASE RENT. "Base Rent" in accordance with EXHIBIT C attached
     hereto and made a part hereof. Base Rent is payable monthly in advance on
     the first day of each month during the Sublease Term.

          5.2   ADDITIONAL RENT. "Additional Rent", which is all amounts, other
     than Base Rent, payable by Tenant under this Sublease, and includes,
     without limitation, the Tenant's Operating Expense Contribution and
     Tenant's Tax Contribution properly allocable to the Subleased Premises
     (based on Tenant's Proportionate Share and Landlord's Proportionate Share)
     and calculated pursuant and subject to Article 7 of the Prime Lease
     (including without limitation, taking into consideration as appropriate an
     adjustment in accordance with the provisions of Section 7.2.5 with respect
     to the Subleased Premises and the balance of the Prime Lease Premises), and
     Tenant's rental obligations under Section 17 of this Sublease. Landlord
     shall provide Tenant with copies of all statements, estimates, invoices,
     notices, reports and studies provided by Prime Landlord pursuant to Article
     7 of the Prime Lease or otherwise relating to Operating Expenses within
     five (5) days after receipt thereof, provided that failure to provide any
     thereof shall not permanently excuse Tenant from payment of any Additional
     Rent. Tenant shall pay to Landlord without demand, setoff, or counterclaim,
     except as otherwise expressly provided in this Sublease, estimates of
     Tenant's Operating Expense Contribution so allocable to the Subleased
     Premises monthly in the same manner and at the times required to be paid by
     Landlord to Prime Landlord pursuant to Section 7.3.2 of the Prime Lease,
     and shall pay to Landlord Tenant's Tax Contribution in the same manner and
     at the times required to be [ILLEGIBLE] by Landlord to Prime Landlord
     pursuant to Section 7.6 of the Prime Lease. With [ILLEGIBLE] the generality
     of the foregoing, the parties shall promptly make such appropriate
     adjustments in the Additional Rent payable under this Sublease as shall be
     necessary from time to time to reflect any adjustment in any amounts which
     are payable from time to time pursuant to the Prime Lease and which have a
     corresponding obligation under this Sublease for Tenant to pay Additional
     Rent with respect thereto, including, without limitation, with respect to
     Tenant's Operating Expense Contribution or Tenant's Tax Contribution.

          5.3   PAYMENTS TO LANDLORD. Tenant shall pay all Rent to Landlord at
     the following address:

                U.S. Bank
                CRE--SE5--1716
                P.O. Box 86
                Minneapolis, MN 55486-1716

          5.4   PAYMENTS TO PRIME LANDLORD. Notwithstanding the other provisions
     of this Section 5, Tenant shall pay directly to Prime Landlord all costs
     which are additional to Tenant's Operating Expense Contribution and
     Tenant's Tax Contribution and which are properly allocable to the Subleased
     Premises pursuant to the Prime Lease (e.g., after-hours HVAC costs and
     extraordinary electrical costs) as such additional costs are determined by
     Prime Landlord in its reasonable discretion, such payments to be paid
     directly to Prime Landlord at the following address:

                                       10
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                EOP Operating Limited Partnership
                As agent for MN-Nicollet Mall, L.L.C.
                File #3806
                Collections Center Drive
                Chicago, IL 60693-3628

     No payments by Tenant to Prime Landlord shall be duplicative of any payment
     by Tenant to Landlord.

          5.5   CONTEST AND AUDIT. In the event Landlord or Tenant, using
     commercially reasonable business judgment, shall determine that a contest
     of Real Estate Taxes pursuant to Section 7.7 of the Prime Lease, or an
     audit of Prime Landlord's books and records relating to Real Property
     Taxes, Operating Expenses or other matters under the Prime Lease pursuant
     to Section 7.9 of the Prime Lease would be desirable, the desiring party
     shall notify the other party of such determination. Within thirty (30) days
     after such notice, the other party shall notify the desiring party whether
     it agrees with such determination. Notwithstanding any such notice by the
     other party, Landlord may, and at Tenant's request Landlord shall, conduct
     such contest or audit. The net costs of conducting such contest or audit
     (after deducting any of such costs payable by Prime Landlord or any other
     person or entity pursuant to the Prime Lease or otherwise) shall be borne
     by Landlord and Tenant (based upon Tenant's Proportionate Share and
     Landlord's Proportionate Share).

          5.6   ABATEMENT. If there exists any event or condition which gives
     Landlord the right to exercise any abatement of rent under the Prime Lease,
     the Rent payable under this Sublease shall be abated for the duration and
     to the extent of the abatement to which Landlord is entitled under the
     Prime Lease but only with respect to the portion of any such abatement that
     is properly allocable to the Subleased Premises. Subject to the provisions
     of Section 7, Landlord shall request and enforce any rent abatement under
     the Prime Lease attributable to the Subleased Premises.

     6.   PRIME LEASE--ASSUMPTION OF OBLIGATIONS. Tenant agrees to assume and
perform, according to the terms of the Prime Lease, all of the duties,
covenants, agreements and obligations of Landlord under the Prime Lease as the
same are applicable to the Subleased Premises as if Tenant were the tenant under
the Prime Lease, except the duty to make payments of rent to the Prime Landlord.
Without limiting the generality of the foregoing:

          6.1   REPAIR. Tenant agrees that it will repair the Subleased Premises
     in accordance with the requirements of the Prime Lease, and will commit no
     waste to the same.

          6.2   PRIME LEASE. Subject to Section 7 and 8 of this Sublease, it is
     hereby understood and agreed that Tenant's rights to use, possess and enjoy
     the Subleased Premises are subject to the terms and conditions of the Prime
     Lease and the rights and remedies of Prime Landlord thereunder.

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<Page>

          6.3   INDEMNIFICATION. Tenant agrees to indemnify Landlord against,
     and to hold Landlord harmless from, any liability, damages, costs or
     expenses of any kind or nature, including court costs and reasonable
     attorneys' fees, resulting from any failure by Tenant to perform, keep and
     obey the terms of the Prime Lease insofar as they are applicable to the
     Subleased Premises and are not caused by or attributable to the acts or
     omissions of Landlord.

          6.4   INSURANCE. Tenant shall obtain and maintain with respect to the
     Subleased Premises all liability insurance and property and casualty
     insurance as Landlord is required to maintain pursuant to the requirements
     of the Prime Lease, and such insurance shall name Landlord as an additional
     insured, and to the extent required by the Prime Lease shall also name
     Prime Landlord as an additional insured. Tenant shall provide any and all
     certificates and policies of insurance from time to time required under the
     Prime Lease with respect to the Subleased Premises to both Landlord and
     Prime Landlord.

At Tenant's request, Landlord shall reasonably cooperate with Tenant in the
negotiation of a non-disturbance agreement and/or direct lease with Prime
Landlord, provided Landlord has no liability under any such agreement or lease,
and Tenant shall reimburse Landlord for the reasonable out-of-pocket expenses
incurred by Landlord in doing so.

     7.   LANDLORD'S OBLIGATIONS UNDER PRIME LEASE. Landlord agrees to fully and
timely perform, according to the terms of the Prime Lease, all of the duties,
covenants, agreements and obligations of tenant under the Prime Lease (except to
the extent expressly assumed by Tenant pursuant to this Sublease), including,
without limitation, the duty to make payments to the Prime Landlord of rent and
other charges due under the Prime Lease. So long as no Event of Default (defined
below) by Tenant under this Sublease is existing, Landlord shall keep the Prime
Lease in full force and effect throughout the Sublease Term, and shall not
terminate or permit a termination of the Prime Lease, or amend or modify the
Prime Lease in any manner which would materially and adversely affect this
Sublease or any of Tenant's rights under this Sublease, without Tenant's prior
written consent in each instance. So long as no Event of Default (defined below)
by Tenant under this Sublease is existing, Tenant shall be entitled to receive
all rights and privileges under the Prime Lease (including, without limitation
all services and repairs to be provided by Prime Landlord under the Prime Lease)
as if Tenant were the tenant under the Prime Lease with respect to the Subleased
Premises (except with respect to the following provisions of the Prime Lease:
Section 4.3; Article 8 (except as provided in Section 3.1 of this Sublease);
Article 9 (except as provided in Section 3.5 of this Sublease); Article 10
(except as provided in Section 3.4 of this Sublease); Article 11 (except as
provided in Section 27 of this Sublease); Article 12 (except as provided in
Section 17 of this Sublease); Articles 35, 36, 37 and 38 (except as provided in
Section 26 of this Sublease); Article 39 (except as provided in Section 19 of
this Sublease); and Article 40. Landlord will use due diligence and commercially
reasonable efforts to enforce and cause Prime Landlord to perform Prime
Landlord's obligations under the Prime Lease (provided that Landlord shall not
be obligated under this sentence with respect to any particular non-compliance
by Prime Landlord of which Landlord has neither received notice nor has
knowledge unless and until Tenant shall have given Landlord notice of such
non-compliance), including, without limitation, regarding the dispute with Prime
Landlord as of the date of this Sublease regarding charges for certain utility
usage. Tenant shall reimburse Landlord for certain of the reasonable
out-of-pocket costs and expenses incurred by Landlord in

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<Page>

enforcing the provisions of the Prime Lease against Prime Landlord, provided (a)
such enforcement is undertaken and prosecuted using good business judgment with
due regard for the potential benefits resulting therefrom, and either Tenant
requests the same or Landlord promptly provides Tenant notice prior to
commencement of any efforts toward such enforcement, as well as such updates as
to the status thereof as Tenant shall request from time to time, (b) such costs
exceed Five Thousand Dollars ($5,000), and (c) Tenant's reimbursement
obligations shall be limited to the proportionate benefit obtained by Tenant and
the Subleased Premises from such enforcement (e.g., if such enforcement benefits
both the Subleased Premises and the balance of the Prime Lease Premises, Tenant
shall be responsible for Tenant's Proportionate Share of such costs and
expenses; if such enforcement benefits only Tenant and the Sublease Premises
(including any provisions of the Sublease which specifically require Landlord to
exercise rights under the Prime Lease for the benefit of Tenant), Tenant shall
be responsible for all of such costs and expenses; if such enforcement does not
benefit Tenant or the Subleased Premises, Tenant shall be responsible for none
of such costs and expenses). Landlord agrees that it shall not accept a
termination or rejection of the Prime Lease by Prime Landlord pursuant to
bankruptcy law or another law affecting creditor's rights or otherwise without
Tenant's prior written consent. Without limiting the other provisions of this
Sublease, Landlord shall not actively or passively provide any consents or
approvals under the Prime Lease which would affect the Subleased Premises or any
of Tenant's rights under this Sublease without first obtaining Tenant's prior
written consent thereto, which consent may be conditional, given or withheld on
the same basis as Landlord may do so under the Prime Lease. Landlord represents
and warrants to Tenant that, to Landlord's actual knowledge, Landlord, as of the
date of this Sublease, currently has no claim, counter-claim or right of offset
against Prime Landlord or any of its predecessors-in-interest arising from acts
or omissions or breaches of the Prime Lease occurring prior to the date hereof,
and that, to Landlord's actual knowledge (and except with respect to a potential
dispute with Prime Landlord as of the date of this Sublease with respect to
certain alleged excess utility charges by Prime Landlord), there are no existing
defaults on the part of Landlord or Prime Landlord under the Prime Lease or
events which, with the passage of time or the giving of notice, or both, would
constitute a default on the part of either Landlord or Prime Landlord under the
Prime Lease. So long as no Event of Default (defined below) by Tenant exists
under this Sublease, Landlord agrees that it will not disturb Tenant in its
possession of the Subleased Premises. Landlord shall provide Tenant within five
(5) days of the receipt with a copy of each notice, statement, estimate,
invoice, report or study it receives from Prime Landlord under the Prime Lease
except to the extent any such notice, statement, estimate, invoice, report or
study affects or pertains solely to portions of the Prime Lease Premises other
than the Subleased Premises and does not otherwise affect this Sublease or any
of Tenant's rights under this Sublease. Landlord agrees to indemnify Tenant
against, and to hold Tenant harmless from, any liability, damages, costs or
expenses of any kind or nature, including court costs and reasonable attorney's
fees, resulting from any failure by Landlord to perform, keep and obey the terms
of the Prime Lease insofar as they are not caused by or attributable to the acts
or omissions of Tenant.

     8.   TITLE AND POSSESSION. Landlord covenants and agrees that it has full
right and authority to enter into this Sublease for the full Sublease Term, and
that so long as no Event of Default by Tenant exists under this Sublease,
Tenant, will have, hold and enjoy quiet possession of the Subleased Premises and
the other rights granted to Tenant pursuant to this Sublease for the

                                       13
<Page>

Sublease Term herein granted free from any interference or disturbance
whatsoever by Landlord or anyone claiming by, through or under Landlord.

     9.   SUBLEASE, ASSIGNMENT, AND CONSENT REQUIREMENTS.

          9.1   ASSIGNMENT RESTRICTED. Except as expressly set forth herein,
     Tenant shall not assign, mortgage, pledge, encumber, or otherwise transfer
     this Sublease, whether by operation of law or otherwise, and shall not
     sublet, or permit, or suffer the Subleased Premises or any part thereof to
     be used or occupied by others (whether for desk space, mailing privileges
     or otherwise), without Landlord's prior consent in each instance, which
     consent shall not be unreasonably withheld, conditioned or delayed, and
     shall be subject to any consents, approvals and rights of Prime Landlord
     under the Prime Lease with respect thereto.

          9.2   PERMITTED TRANSFER. Notwithstanding any provision to the
     contrary, Tenant may assign this Sublease or further sublet all or any
     portion of the Subleased Premises without Landlord's consent (i) to any
     corporation or other entity that controls, is controlled by or is under
     common control with Tenant; (ii) to any corporation or other entity
     resulting from a merger, acquisition, consolidation or reorganization of or
     with Tenant, provided that, in the case of an assignment of this Sublease
     pursuant to this clause (ii), immediately following such termination the
     assignee has a net worth of not less than Two Hundred Million Dollars
     ($200,000,000.00); (iii) in connection with the sale of all or
     substantially all of the assets of Tenant, provided that, in the case of an
     assignment of this Sublease pursuant to this clause (iii), immediately
     following such termination the assignee has a net worth of not less than
     Two Hundred Million Dollars ($200,000,000.00); (iv) in connection with a
     sublease which has a term (including any renewal, option or extension
     term(s)) of less than eighteen (18) months; (v) in connection with a
     sublease covering more than the entirety of one (1) floor of the Building
     to an entity with whom Tenant has a contractual relationship such that the
     sublease is for the convenience of Tenant's business operations in the
     Subleased Premises; or (vi) in connection with a sublease to an entity to
     whom Tenant has sold a discrete, identified business unit of Tenant or an
     Affiliate of Tenant. At least fifteen (15) days prior to a transfer
     described in clauses (i), (iv) or (v) above, and not later than fifteen
     (15) days after a transfer described in clauses (ii), (iii) or (vi) above,
     Tenant shall provide to Landlord evidence in writing that such transfer
     complies with one or more of the criteria set forth above. Nothing in the
     Lease shall be construed to limit or curtail the issuance, pledge, sale,
     redemption, conversion, or other disposition (by operation of law or
     otherwise) from time to time of any stock, membership, partnership or other
     direct or indirect ownership interest in Tenant, whether or not such
     issuance, pledge, sale, redemption or other disposition shall result in a
     change in the voting or other control of Tenant. Further, no such issuance,
     pledge, sale, redemption, conversion, or other disposition shall give rise
     to any right of Landlord pursuant to Section 9.5. Any assignment, sublease
     or other transaction contemplated by this Section 9.2 shall be hereinafter
     known as a "Permitted Transfer".

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<Page>

          9.3   FURTHER ASSIGNMENTS. Landlord's consent to any assignment or
     subletting shall not relieve Tenant from the obligation to obtain
     Landlord's consent to any further assignment or subletting.

          9.4   LANDLORD'S CONSENT. Landlord's consent to any proposed
     assignment or subletting shall not be unreasonably withheld, conditioned or
     delayed. Such consent shall be granted or denied in writing (with, in the
     case of any denial, an explanation of the basis for such denial) within 30
     days after delivery to Landlord of (i) a statement reasonably detailing the
     identity of the proposed assignee or subtenant ("Transferee"), the nature
     of its business and its proposed use of the Subleased Premises, (ii) if the
     transferee is a privately held corporation, then any financial information
     for such transferee obtained by Tenant (which shall be kept confidential by
     Landlord and only used for the purpose of evaluating such proposed sublease
     or assignment and the action to be taken by Landlord hereunder), and (iii)
     any other information Landlord may reasonably request. Landlord shall be
     deemed not to have unreasonably withheld its consent to a proposed
     assignment or sublease if the effect of the proposed sublease or assignment
     would be to give the Prime Landlord a right to terminate the Prime Lease
     with respect to the space proposed to be assigned or subleased pursuant to
     Article 22 thereof, or if any proposed sublease includes the NER, the UPS
     Space, the Generator Spaces or the MPOP Space.

          9.5   FIRST OFFER RIGHT. Subject to the terms and conditions of this
     Section 9.5, Landlord will have a right of recapture with respect to any
     space which Tenant desires to sublease to third parties from time to time
     during the Sublease Term, except to the extent such sublease would
     constitute a Permitted Transfer or would cover five thousand (5,000) square
     feet of Rentable Area or less. Landlord may exercise such right by notice
     given within thirty (30) days after receipt of a notice from Tenant that it
     desires to so sublease, which notice from Tenant shall contain a
     description of the applicable space and the proposed commencement date and
     expiration date of such proposed subleasing. In the event Landlord
     exercises such right of recapture, the applicable space shall be excluded
     from the Subleased Premises for all purposes of this Sublease for the
     period commencing on the commencement date proposed by Tenant in such
     notice and ending on the expiration date proposed by Tenant in such notice.
     As between Tenant and Landlord, Landlord will accept such space in its "as
     is" condition on such commencement date. Upon Landlord's exercise of its
     right of recapture pursuant to this Section 9.5, Tenant and Landlord shall
     execute and deliver to each other amendments to this Sublease memorializing
     the same.

          9.6   FURTHER LIMITATIONS. With respect to each and every subletting
     and/or assignment approved by Landlord under the provisions of this
     Sublease:

                (a)   the form of the proposed assignment or sublease shall be
          reasonably satisfactory to Landlord and no Transferee shall take
          possession of any part of the Subleased Premises, until an executed
          counterpart of such sublease or assignment has been delivered to
          Landlord and any consent or approvals of Prime Landlord required under
          the Prime Lease, if any, shall have been obtained;

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<Page>

                (b)   no sublease shall be for a term ending later than one day
          prior to the Expiration Date; and

                (c)   each sublease shall be subject and subordinate to this
          Sublease and to the matters to which this Sublease is or shall be
          subordinate; and Tenant and each Transferee shall be deemed to have
          agreed that in the event this Sublease is terminated as a result of an
          Event of Default by Tenant hereunder. Tenant has hereby assigned to
          Landlord, and Landlord may, at its option, accept such assignment of,
          all right, title and interest of Tenant as sublandlord under such
          sublease, together with all modifications, extensions and renewals
          thereof then in effect and such Transferee shall, at Landlord's
          option, attorn to Landlord pursuant to the then executory provisions
          of such sublease, except that Landlord shall not be (A) liable for any
          previous act or omission of Tenant under such sublease, (B) subject to
          any counterclaim, offset or defense not expressly provided in such
          sublease, which theretofore accrued to such Transferee against Tenant,
          (C) bound by any previous modification of such sublease not consented
          to by Landlord or by any prepayment of more than one month's rent, or
          (D) obligated to make any payment to or on behalf of such Transferee,
          or to perform any work in the subleased space or the Building, or in
          any way to prepare the subleased space for occupancy, beyond
          Landlord's obligations under this Sublease. The provisions of this
          Section shall be self-operative, and no further instrument shall be
          required to give effect to this provision, provided that the
          Transferee shall execute and deliver to Landlord any instruments
          Landlord may reasonably request to evidence and confirm such
          subordination and attornment.

          9.7   NO RELEASE. Notwithstanding any assignment or subletting or any
     acceptance of rent by Landlord from any Transferee, Tenant shall remain
     fully liable for the payment of all Rent due and for the performance of all
     the covenants, terms and conditions contained in this Sublease on Tenant's
     part to be observed and performed, and any default under any term, covenant
     or condition of this Sublease by any Transferee or anyone claiming under or
     through any Transferee shall be deemed to be a default under this Sublease
     by Tenant. Tenant shall indemnify, defend, protect and hold harmless
     Landlord from and against any and all claims that may be made against
     Landlord by any brokers or other persons claiming a commission or similar
     compensation in connection with the proposed assignment or sublease,
     irrespective of whether Landlord shall give or decline to give its consent
     to any proposed assignment or sublease.

     10.  DAMAGE, DESTRUCTION OR CONDEMNATION. In the event of Damage of or
Appropriation which would permit Landlord to terminate the Prime Lease, (a) if
Prime Landlord elects to so terminate the Prime Lease, then, upon such
termination of the Prime Lease, this Sublease automatically shall be terminated
as of such date of termination provided that if Landlord has the option to
terminate the Prime Lease as to part, but not all, of the Subleased Premises,
Landlord will not, provided that this Sublease is not then subject to an Event
of Default by Tenant, elect to terminate or consent to termination of the Prime
Lease as to any portion of the Subleased Premises without the prior written
consent of Tenant, and (b) Tenant shall have the right to terminate this
Sublease on the same basis with respect to this Sublease and the Sublease
Premises as to which Landlord has the right to terminate the Prime Lease.
Further,

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Tenant shall be entitled with respect to this Sublease and the Subleased
Premises to the same rights provided Landlord pursuant to Sections 20.4, 20.5,
20.7, 21.4, 21.5 and 21.6 of the Prime Lease, including without limitation, the
Rent payable hereunder will abate on the same basis provided under the Prime
Lease. If this Sublease is not so terminated, the provisions of the Prime Lease
with regard to repair and restoration of the Subleased Premises shall control.
With respect to any Appropriation, Tenant shall be entitled to any award made to
Tenant for relocation expenses or taking of personal property or Trade Fixtures
belonging to Tenant, as well as any award described in Section 21.6 with respect
to the Subleased Premises or any portion thereof, but Tenant shall make no claim
related to its loss of leasehold interest under this Sublease.

     11.  MUTUAL RELEASE AND INDEMNITIES.

          11.1  WAIVER OF LIABILITY. Notwithstanding any provision of this
     Sublease to the contrary, Landlord and Tenant each hereby waives any and
     all rights of recovery, claim, action or cause of action, against the other
     and against Prime Landlord, their agents, partners (both general and
     limited), officers, directors, shareholders or employees, for any loss or
     damage that may occur to the Subleased Premises, the Prime Lease Premises,
     the Building, or any improvements to any thereof, or any personal or other
     property of any such party, by reason of fire, the elements, or any other
     cause which could be insured against under the terms of standard fire and
     "all risk" coverage policies referred to in Section 19.1 of the Prime
     Lease, regardless of cause or origin, including negligence of the other
     party hereto, its agents, partners, officers, directors, shareholders, or
     employees. Tenant shall fully benefit from the waiver by Prime Landlord
     pursuant to Section 19.4 of the Prime Lease to the same extent as Landlord.

          11.2  HOLD HARMLESS. Subject to the express terms of this Sublease to
     the contrary, (a) Tenant hereby agrees to defend, indemnify and hold
     harmless Landlord from any and all claims, liabilities, causes of action or
     costs (including reasonable attorneys' fees and costs of suit) to the
     extent they arise out of (or are alleged to arise out of) any negligent or
     otherwise wrongful act or omission of Tenant or its Affiliates or their
     officers, directors, agents, servants, employees, and representatives
     acting within the scope of their agency, employment, contract or
     representation, or any breach of Tenant's obligations under this Sublease,
     and (b) Landlord hereby agrees to defend, indemnify and hold harmless
     Tenant from any and all claims, liabilities, causes of action or costs
     (including reasonable attorneys' fees and costs of suit) to the extent they
     arise out of (or are alleged to arise out of) any negligent or otherwise
     wrongful act or omission of Landlord or its Affiliates or their officers,
     directors, agents, servants, employees, and representatives acting within
     the scope of their agency, employment, contract or representation, or any
     breach of Landlord's obligations under this Sublease.

     12.  TENANT IMPROVEMENTS, TENANT IMPROVEMENT ALLOWANCE AND FUTURE
          ALTERATIONS.

          12.1  TENANT IMPROVEMENTS AND TENANT IMPROVEMENT ALLOWANCE. The
     parties agree that, as between Landlord and Tenant, Tenant is taking the
     Subleased Premises (including any additional Subleased Premises added
     pursuant to Sections 3.1, 3.2, 3.3 or 3.5) in its "as is" condition.

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<Page>

          12.2  FUTURE ALTERATIONS. Tenant may make any future alterations,
     additions or modifications or leasehold improvements to the Subleased
     Premises deemed appropriate by Tenant without the prior written consent of
     Landlord, except that to the extent such alterations, additions,
     modifications or improvements require the approval of Prime Landlord
     pursuant to the provisions of the Prime Lease, Tenant may not perform such
     alterations, modifications or improvements without approval (or deemed
     approved) of Prime Landlord pursuant to the provisions of the Prime Lease
     and without the prior approval of Landlord which approval may be given or
     withheld (and may be deemed approved) on the same basis applicable to Prime
     Landlord approval pursuant to the provisions of the Prime Lease. All
     alterations, additions and improvements that are approved must be made at
     Tenant's sole cost and expense. Upon the expiration or termination of the
     Sublease Term, all such alterations, additions and improvements will be and
     remain part of the Subleased Premises unless Landlord is required to remove
     the same pursuant to the Prime Lease (in which case Tenant shall do so in
     accordance with the requirements of the Prime Lease). Tenant covenants and
     agrees to indemnify Landlord and Prime Landlord against, and hold Landlord
     and Prime Landlord harmless from, all liens, whether for labor or materials
     arising as the result of alterations, additions, repairs, or improvements
     to the Subleased Premises made by Tenant during the Sublease Term.

          12.3  NETWORK EQUIPMENT ROOM. Within the Subleased Premises, there is
     a room (the "NER") provided for operation of computer hardware and
     telecommunications equipment (collectively, the "NER Equipment"), which NER
     is on Floor 8 of the Building and is shown on EXHIBIT B. Both Landlord and
     Tenant use the NER for operation of their respective NER Equipment. From
     and after the date of this Sublease, 7,812 square feet of the Rentable Area
     of the NER as shown on EXHIBIT B ("Tenant's NER") will be allocated to
     Tenant, and 2,657 square feet of the Rentable Area of the NER as shown on
     EXHIBIT B ("Landlord NER") will be allocated to Landlord. Landlord shall
     have the right to gain access 24 hours per day, seven days per week during
     the Sublease Term to Landlord's NER through the elevator lobby and corridor
     to Landlord's NER all as shown on EXHIBIT B. During the Sublease Term,
     Landlord shall retain the right to use Landlord's NER for operation of
     Landlord's NER Equipment, and in connection therewith Landlord shall pay to
     Tenant an annual gross rental in the amount of $150,572 from the
     Commencement Date through June 7, 2008, and $164,390 per annum from June 8,
     2008 through the remainder of the Sublease Term, which annual gross rental
     shall be deducted from the payments of Rent which Tenant owes Landlord
     under this Sublease in twelve (12) equal monthly installments of $12,548
     per month from the Commencement Date through June 7, 2008, and $13,699 per
     month from June 8, 2008 through the remainder of the Sublease Term. Tenant
     shall be responsible for any of Tenant's Operating Expense Contribution
     attributable to Tenant's NER as Additional Rent. Landlord and Tenant shall
     cause Tenant's NER and Landlord's NER to be separated by a chain link fence
     (subfloor to ceiling deck) acceptable to both Landlord and Tenant. The cost
     of constructing such fence and any security system, doorway, or corridor in
     connection with Landlord's right of entry to Landlord's NER, will be shared
     equally by Landlord and Tenant.

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          12.4  SERVICE AGREEMENT. Prior to the Commencement Date, Landlord and
     Tenant shall execute and deliver to each other a Service Agreement (the
     "Service Agreement"), which Service Agreement shall address the services
     which Tenant shall provide to both Tenant and Landlord with respect to the
     NER, the UPS Space (defined below), the Generators (defined below) and the
     MPOP Space (defined below), including, without limitation, services
     relating to the operation and maintenance of the raised floor, fire
     suppression systems, early warning systems, water detection systems,
     emergency power systems, telephone connection and distribution systems,
     lighting systems, and supplemental cooling systems, in accordance with the
     Service Agreement, and the fees associated with such services. The Service
     Agreement shall expire as of the expiration or earlier termination of this
     Sublease, except that (a) in the event Landlord shall desire to cease using
     in their respective entireties the NER, the UPS Space, the Generators or
     the MPOP Space, Landlord shall have the right upon not less than sixty (60)
     days' notice to Tenant to terminate Landlord's rights and obligations under
     the Service Agreement, Landlord's rights under Sections 12.3, 12.4, 12.5,
     12.6 and/or 12.7, as the case may be, and Tenant's obligations under the
     Service Agreement and such sections with respect to such of the NER, the
     UPS Space, the Generators or the MPOP Space as Landlord shall desire to
     cease using, and (b) in the event (i) Tenant enters into a direct lease
     with Prime Landlord which covers any of the NER, the UPS Space, the
     Generator Spaces or the MPOP Space immediately following the expiration of
     the Sublease Term, and (ii) as of the expiration of the Sublease Term
     Landlord is still utilizing the Landlord's NER, the UPS Space, the
     Generators or the MPOP Space, as the case may be, for the purposes
     respectively contemplated by this Section 12, then Landlord and Tenant
     shall reasonably and in good faith negotiate an extension of the Service
     Agreement for the period of Tenant's continued occupancy of the applicable
     space and Landlord continued use thereof. Landlord shall have the right
     under the Service Agreement to enter the UPS Space, the Generator Spaces or
     the MPOP Space, as the case may be, upon the occurrence of a "Default" with
     respect to such space under the Service Agreement for purposes of curing
     such Default.

          12.5  UNINTERRUPTED POWER SOURCE. Pursuant to the Prime Lease,
     Landlord is entitled to certain space on Floor P2 of the Building (the "UPS
     Space") which is used for the installation and operation of Tenant's
     uninterrupted power source equipment (collectively, "Tenant's UPS
     Equipment") that supplies power to the NER and certain other portions of
     both the Subleased Premises and the Premises. The "Subleased Premises"
     includes the assignment and conveyance to Tenant during the Sublease Term
     of such right to use the UPS Space. Tenant owns or leases Tenant's UPS
     Equipment, and on the date hereof, Landlord hereby transfers and conveys to
     Tenant any interest that Landlord has in Tenant's UPS Equipment. Upon
     Tenant's request, Landlord shall execute and deliver to Tenant a quit claim
     or other document which Tenant may reasonably request to confirm such
     transfer and conveyance. Tenant shall have the exclusive right and
     obligation to maintain, repair, replace, and operate the UPS Space and
     Tenant's UPS Equipment, and Landlord shall reimburse Tenant for Landlord's
     Proportionate Share of the costs of doing so, all in accordance with the
     requirements of the Service Agreement. Landlord has installed additional
     UPS Equipment ("Landlord's UPS Equipment") in Landlord's NER for the
     purpose of supplying the computer equipment located in Landlord's NER with
     clean and uninterrupted power. Landlord, at

                                       19
<Page>

     Landlord's cost, will own, operate, maintain, repair, and replace
     Landlord's UPS Equipment.

          12.6  GENERATORS. Pursuant to the Prime Lease, Landlord is entitled to
     use certain spaces on Floors P1 and 1 of the Building (the "Generator
     Spaces") which are used for the installation and operation of emergency
     generators (the "Generators") that supply Tenant's UPS Equipment,
     Landlord's UPS Equipment and various other portions of both the Subleased
     Premises and the Prime Lease Premises with electrical power if the
     electrical power supplied to the Building is interrupted. The "Subleased
     Premises" includes the assignment and conveyance to Tenant during the
     Sublease Term of such right to use the Generator Spaces. Tenant owns or
     leases the Generators, and as of the date hereof, Landlord hereby transfers
     and conveys to Tenant any interest that Landlord has in the Generators.
     Upon Tenant's request, Landlord shall execute and deliver to Tenant a quit
     claim or other document which Tenant may reasonably request to confirm such
     transfer and conveyance. Tenant shall have the exclusive right and
     obligation to maintain, repair, replace, and operate the Generator Spaces
     and the Generators, and Landlord shall reimburse Tenant for Landlord's
     Proportionate Share of the costs of doing so, all in accordance with the
     requirements of the Service Agreement. Landlord, at Landlord's cost, may
     install additional Generators ("Landlord's Generators") in the Generator
     Spaces with Tenant's prior written approval, which Tenant may not
     unreasonably withhold, condition, or delay. Landlord, at Landlord's cost,
     will own, operate, repair, maintain, and replace Landlord's Generators, and
     Landlord shall have reasonable access to the Generator Spaces in order to
     perform such obligations.

          12.7  MPOP SPACE. Pursuant to the Prime Lease, Landlord is entitled to
     use certain space on Floor P2 of the Building (the "MPOP Space") which is
     used for the main point of presence for Tenant's telecommunications
     equipment (collectively, the "MPOP Equipment"). The "Subleased Premises"
     includes the assignment and conveyance to Tenant during the Sublease Term
     of such right to use the MPOP Space. Tenant owns or leases the MPOP
     Equipment, and on the date hereof, Landlord hereby transfers and conveys to
     Tenant any interest that Landlord has in the MPOP Equipment. Upon Tenant's
     request, Landlord shall execute and deliver to Tenant a quit claim or other
     document which Tenant may reasonably request to confirm such transfer and
     conveyance. Tenant shall have the exclusive right and obligation to
     maintain, repair, replace, and operate the MPOP Equipment, and Landlord
     shall reimburse Tenant for Landlord's Proportionate Share of the costs of
     doing so, all in accordance with the requirements of the Service Agreement.
     Landlord, at Landlord's cost, may install additional MPOP Equipment
     ("Landlord's MPOP Equipment") in the MPOP Space with Tenant's prior written
     approval. Landlord, at Landlord's cost, will own, operate, maintain,
     repair, and replace Landlord's MPOP Equipment and shall have reasonable
     access to the MPOP Space in order to perform its obligations hereunder.

     13.  DEFAULT.

          13.1  TENANT DEFAULTS. It shall be an "Event of Default" hereunder if
     Tenant shall default in the performance of any term, condition or covenant
     of this Sublease, and such default shall continue after notice thereof from
     Landlord to Tenant and expiration of

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<Page>

     the same cure periods respectfully under Section 24.1 of the Prime Lease
     for monetary and non-monetary defaults provided by Landlord thereunder
     (provided that if such default is a default or event of default pursuant to
     the Prime Lease, the time for cure is five days less than the time provided
     for cure of that default pursuant to the Prime Lease). Upon the occurrence
     of an Event of Default, Landlord has all of the rights and remedies against
     Tenant that would be available to Prime Landlord against Landlord in the
     Event of Default were an "Event of Default" by Landlord under the Prime
     Lease, and Tenant shall be entitled to the same rights provided Landlord
     pursuant to Article 24 of the Sublease (including, without limitation,
     pursuant to Sections 24.2.4 and 24.2.7 of the Prime Lease) other than
     pursuant to Section 24.2.5.

          13.2  LANDLORD'S DEFAULT. In addition to and not in limitation of the
     provisions of this Sublease which grants Tenant an express remedy, if
     Landlord shall fail to perform or observe any covenant, term, provision or
     condition of this Sublease on its part to be performed and such default
     should continue beyond a period of twenty (20) business days as to a
     monetary default or thirty (30) days (or such longer period as is
     reasonably necessary to remedy such default, provided Landlord shall
     diligently pursue such remedy at all times until such default is cured)
     after notice thereof is given by Tenant to Landlord then, and in any such
     event Tenant shall have all its rights and remedies under this Sublease, at
     law or in equity.

     14.  NOTICES. All notices and notifications under this Sublease to be sent
from one party to the other must be in writing and may be sent in any manner
permitted, and with some affect as notice provided, under Section 41.5 of the
Prime Lease. Any party hereto may change its address for the service of notice
hereunder by serving written notice hereunder upon the other party hereto, in
the manner specified above, at least 10 days prior to the effective date of such
change. The current notice addresses of the parties are:

          Landlord:                  U.S. Bancorp
                                     Attn: Corporate Counsel
                                     800 Nicollet Mall, 21st Floor
                                     BC-MN-H21N
                                     Minneapolis, MN 55402

                  With a copy to:    U.S. Bancorp
                                     777 East Wisconsin Avenue
                                     Milwaukee, WI 53202
                                     Attn: Joe Ulrich

                  With a copy to:    U.S. Bancorp
                                     EP--MN--00--12
                                     2800 East Lake Street
                                     Minneapolis, MN 55406
                                     Attn: David Wright

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<Page>

          To Tenant:                 U.S. Bancorp Piper Jaffray Inc.
                                     800 Nicollet Mall
                                     Minneapolis, MN 55402
                                     Attn: Corporate Real Estate- 125-45

     15.  SURRENDER OF SUBLEASED PREMISES. Upon the expiration or earlier
termination of the Sublease Term (except with respect to any portions of the
Subleased Premises as to which Prime Landlord and Tenant have executed a direct
lease between Prime Landlord, as landlord, and Tenant, as tenant, which direct
lease begins upon the expiration of the term of the Prime Lease), Tenant will
quit and surrender possession of the Subleased Premises to Landlord in condition
and manner required pursuant to the provisions of the Prime Lease.

     16.  TERMINATION OF PRIME LEASE. It is understood and agreed by and between
the parties hereto that the existence of this Sublease is dependent and
conditioned upon the continued existence of the Prime Lease, and in the event of
the termination of the Prime Lease, this Sublease automatically will be
terminated; provided, however, that this provision will not be deemed to release
Landlord from its obligations or liability pursuant to Sections 7 or 8 of this
Sublease.

     17.  STORAGE. During the Sublease Term, Landlord will provide Tenant with
approximately 2,089 square feet of usable area (the "Storage Space") on Floors
P3 and 31 of the Building as marked on EXHIBIT B, at an annual rental rate
provided in Section 12.5 of the Prime Lease. There shall be no Tenant's
Operating Expense Contribution related to the Storage Space, although Tenant's
payments of rent for the Storage Space shall be deemed to be Additional Rent
hereunder. Landlord will exercise its rights under Article 12 of the Prime Lease
such that Tenant will have the options from time to time to surrender to Prime
Landlord any Storage Space and to add Storage Space from Prime Landlord in the
same manner as provided in Section 12.3 of the Prime Lease provided Tenant shall
give Landlord not less than thirty (30) days' prior notice thereof. Landlord
shall pay no tenant improvement allowance related to the Storage Space, but
Landlord will ensure that such Storage Space is separately demised and is
equipped with a locking door, but the cost of such demising and locking door
shall be shared equally by Landlord and Tenant.

     18.  SERVICES. Tenant acknowledges that the services to be provided under
the Prime Lease (including, without limitation, pursuant to Section 13 of the
Prime Lease) will be provided by Prime Landlord, and Landlord will have no
responsibilities therewith or liability if not provided, except to the extent
Landlord may interfere in the delivery of such services by Prime Landlord, such
services are interrupted due to a default by Landlord under this Sublease or the
Prime Lease (and not any default by Tenant under this Sublease), or to the
extent such interruption results from any negligence or misconduct of Landlord.
Landlord will use due diligence and commercially reasonable efforts to cause
Prime Landlord to comply with all obligations of Prime Landlord under the Prime
Lease with respect to the delivery of such services. Further, in the event of
any interruption in such services, Tenant shall be entitled to all abatement (in
accordance with Section 5.6) and other rights with respect to this Sublease in
the same manner as provided to Landlord pursuant to Section 13.3 of the Prime
Lease. Tenant will have the right to provide its own janitorial service to the
Subleased Premises in accordance with Section 13.2.5 of the Prime Lease.

                                       22
<Page>

     19.  MICROWAVE DISHES, SATELLITE DISHES AND ANTENNAS. Tenant shall have the
right to install and maintain Antennae on the roof of the Building subject to
and in accordance with Article 39 of the Prime Lease, provided that any
additional Antennae installed by Tenant after the date of this Sublease shall
not interfere with any other Antennae located on the rooftop of the Building as
of the date of such installation. Tenant will be allocated Tenant's
Proportionate Share of the rooftop space available to Landlord pursuant to
Article 39 of the Prime Lease, provided that neither Landlord nor Tenant shall
be required to remove any of their respective Antennae located on the rooftop as
of the date of this Sublease to comply with such allocation. Tenant will have
the rights to install cables in chases within the Building and the rights of
access with respect to Antennae as provided in Article 39 of the Prime Lease.
Landlord shall exercise its rights under Section 39.4 of the Prime Lease with
respect to any Other Antennae, including, without limitation, so as to prevent
any interference with Tenant's Antennae.

     20.  WAIVER. A waiver by either party of any default, breach or failure
under this Sublease will not be construed as a waiver of any subsequent or
different default, breach or failure.

     21.  INSPECTION. Subject to the same conditions and limitations imposed
upon Prime Landlord in Section 18 of the Prime Lease, Landlord reserves the
right during the Sublease Term for Landlord or its agents to enter the Subleased
Premises for the purpose of reasonable inspections and examinations of same.

     22.  HOLDING OVER. Tenant has no right to hold over after the expiration or
earlier termination of the Sublease Term hereof. Tenant will indemnify Landlord
for any direct and non-consequential costs, damages, and fees (including,
without limitation, attorneys' fees) incurred by Landlord as a result of its
failure to deliver the Subleased Premises to Landlord upon the expiration of the
Sublease Term, and Tenant also shall be liable to Landlord for Rent during such
holdover at the rate of 125% of the Base Rent in effect as of the expiration of
the Sublease Term, together with all Additional Rent payable for such period.
Acceptance by Landlord of Rent after such expiration or earlier termination will
not constitute consent to a holdover hereunder or result in a renewal. The
foregoing provisions of this Section are in addition to, and will not limit,
Landlord's right of reentry or any other rights of Landlord hereunder or as
otherwise provided by law.

     23.  SUCCESSORS AND ASSIGNS. All of the terms, covenants, provisions and
conditions of this Sublease are binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

     24.  CAPTIONS. The captions used on the Sections of this Sublease are for
convenience only, are not a part of this Sublease, and are not to be considered
in the interpretation hereof.

     25.  RELATIONSHIP OF PARTIES. This Sublease does not and will not create
the relationship of principal and agent, or of partnership, or of joint venture,
or of any other association between Landlord and Tenant, the sole relationship
between the parties hereto being strictly that of sublandlord and subtenant.

                                       23
<Page>

     26.  BUILDING NAME; SIGNAGE RIGHTS.

          26.1  NAMING RIGHTS. Landlord will retain the right to change the name
     of the Building in accordance with Article 35 of the Prime Lease, provided
     that Landlord will not permit to be used any Building name which contains
     the name of any competitor of Tenant in the insurance or securities
     brokerage, trading or marketing, financial or investment planning or
     counseling, or venture capital businesses (other than Landlord or its
     successor from time to time as the tenant under the Prime Lease).

          26.2  BUILDING SIGNAGE. Tenant will have the right to install and
     maintain at its sole cost and expense the signage in the lobbies and skyway
     areas and, subject to applicable codes and ordinances and Prime Lease, on
     the exterior of the Building, all as shown on EXHIBIT A attached hereto, as
     well as the right to place Advertisements in the Common Areas, provided
     such Advertisements are approved by Landlord (which approval shall not be
     unreasonably withheld or delayed). With respect to the exterior signage
     shown on EXHIBIT A (which is approximately seventy-five (75) inches long by
     twenty-four (24) inches high), promptly following the date of this
     Sublease, Landlord and Tenant shall jointly and diligently seek and pursue
     any necessary approvals from Prime Landlord and applicable governmental
     authorities to such exterior signage and any additional exterior signage
     Landlord desires with respect to the Building, provided that (w) Landlord's
     exterior sign(s) shall not be located on the face of the Building's
     exterior where Tenant's exterior sign is depicted in EXHIBIT A or
     similarly, on the same Building face of any alternative exterior location
     for Tenant's sign (except with respect to any exterior multi-tenant
     Building directory described below), (x) if such governmental authorities
     determine not to allow two of Landlord's reasonably sized exterior signs
     and Tenant's exterior sign as shown on EXHIBIT A, then Landlord shall have
     the first right to install its exterior signs (provided, however, Tenant's
     exterior sign shall still be permitted if (i) such governmental authorities
     allow only one Landlord exterior sign and one Tenant exterior sign and
     Landlord permits Tenant to install its exterior sign, or (ii) if such
     governmental authorities allow Landlord such two signs and Landlord elects
     to install only one such sign), (y) Tenant may not illuminate its exterior
     sign unless at least one of Landlord's exterior signs also is illuminated
     and Tenant's exterior sign is illuminated to a similar degree and in a
     similar manner as Landlord's, and (z) if such governmental authorities
     determine not to allow Tenant's EXHIBIT A exterior sign, Landlord and
     Tenant will reasonably cooperate and diligently pursue alternative exterior
     signage for Tenant which is reasonably acceptable to Landlord and Tenant,
     but which would provide Tenant exterior Building exposure generally as
     shown on EXHIBIT A (subject to (x) above). In the event Tenant's exterior
     EXHIBIT A signage or alternative exterior signage generally as shown on
     Exhibit A cannot be installed, Landlord and Tenant will reasonably
     cooperate and diligently and jointly pursue and share equally the expenses
     incurred by Landlord and Tenant for alternative exterior signage in the
     form of a prominent, exterior multi-tenant Building directory, which
     directory would be (i) installed on the exterior Building wall shown on
     EXHIBIT A-2, (ii) installed with a uniform font or typeface with no use of
     color or corporate logos, (iii) if reasonably necessary to separate or
     delineate the directory names, installed with horizontal splines or similar
     device between the names and constructed of the same material used for the
     directory letters, (iv) at Tenant's sole

                                       24
<Page>

     option, with the order of Tenant's name and "Tenant #3" as shown on EXHIBIT
     A-2 reversed, and (v) otherwise reasonably acceptable to Landlord and
     Tenant and which would provide Landlord and Tenant exterior Building
     exposure generally as depicted on EXHIBIT A-2. Tenant shall have the right
     from time to time to modify such signage to reflect Tenant's prototype logo
     sign design from time to time using its corporate logo (except in the case
     of the exterior multi-tenant directory described above) and/or trade name,
     at Tenant's sole expense, provided that if such prototype sign contains the
     name of any competitor of Landlord in the retail banking business, then (a)
     subject to applicable governmental approvals, Tenant's exterior signage
     would be replaced with a prominent, exterior multi-tenant Building
     directory as described above which is reasonably acceptable to Landlord and
     Tenant and which would provide Landlord and Tenant exterior Building
     exposure generally as depicted on Exhibit A-2, and (b) Tenant's signs
     located in the lobbies or skyway areas as shown on EXHIBIT A would be
     removed and then limited to one sign (approximately three and one quarter
     (3.25) square feet) as shown on EXHIBIT A-1. Landlord will exercise its
     rights under Article 36 of the Prime Lease so as to provide Tenant the
     signage permitted Tenant under this Section 26, to the extent consistent
     with the requirements of the Prime Lease. Landlord will exercise its rights
     under Section 36.2 of the Prime Lease so as not permit any signage
     (including, without limitation, any Advertisements) in the Common Areas or
     on the exterior or Floors 1 or 2 of the Building for any competitor of
     Tenant in the insurance and securities brokerage, trading or marketing,
     financial or investment planning or counseling, or venture capital business
     (other than Tenant, Landlord or Landlord's successor from time to time as
     the tenant under the Prime Lease), to not permit any signs or
     Advertisements other than Tenant's on the wall behind Tenant's
     reception/security desk between the two adjacent elevator bank openings and
     to not permit any signs or Advertisements in the areas designated for "no
     signs" on the floor plan included as a part of EXHIBIT A. Except as
     provided in this Section 26.2, Tenant shall have no right to exterior
     Building signage or monument signage, except for the existing marble sign
     at the Building's base along South Eighth Street which Tenant shall have
     the right to modify from time to time, at its sole expense, provided that
     Tenant uses its trade name from time to time and the type font and size are
     as existing on the date of this Sublease. Subject to the provisions of the
     Prime Lease, Tenant has the exclusive right in its sole discretion to
     install signage in the elevator lobbies of the Floors of which Tenant is
     the sole occupant (which, for purposes hereof, shall include Floor 8 of the
     Building), and, subject to Landlord's approval (which approval shall not be
     unreasonably withheld or delayed), at the entrance to Tenant's suite(s) on
     Floors of which Tenant is not the sole occupant. Landlord hereby approves
     the signage shown on EXHIBIT A, EXHIBIT A-1, and EXHIBIT A-2 attached
     hereto, as well as other signs existing on or about the Subleased Premises
     on the date of this Sublease (but not any other signs located on or about
     the Floors 1 or 2 of the Building which are not shown on EXHIBIT A, EXHIBIT
     A-1, or EXHIBIT A-2 except for the existing marble sign at the Building's
     base along South Eighth Street).

          26.3  BUILDING DIRECTORIES. Tenant will be entitled to the signage in
     the Building directories currently used by Tenant, together with such
     additional Building directory signage as Tenant shall request from time to
     time (subject to Landlord's prior approval, which approval shall not be
     unreasonably withheld or delayed).

                                       25
<Page>

          26.4  BUILDING OCCUPANTS. Landlord will exercise its rights under
     Article 38 of the Prime Lease so as not to permit any portion of Floors 1
     or 2 of the Building to be used or occupied for any in the insurance or
     securities brokerage, trading or marketing, financial or investment
     planning or counseling, or venture capital business (other than Landlord
     and Tenant).

     27.  PARKING. Throughout the Sublease Term, Tenant shall be allocated one
hundred forty (140) of the Allocated Spaces in the Parking Garage provided under
Article 11 of the Prime Lease, provided that in the event of any increase or
decrease in the Rentable Area of the Subleased Premises following the
Commencement Date, the number of Allocated Spaces allocated to Tenant will be
adjusted at a rate equal to one (1) parking space for each three thousand five
hundred forty-seven (3,547) square feet of Rentable Area in the Subleased
Premises (as so increased or decreased). Twenty percent (20%) of the total
Allocated Spaces allocated to Tenant from time to time as aforesaid shall be
reserved spaces as provided in Section 11.4 of the Prime Lease. Further, if
Landlord from time to time is not using any other spaces available to it under
the Prime Lease, upon Tenant's request Tenant may use such spaces on an "as
available" basis. Tenant (or the holder of the particular parking permit) shall
pay directly to Prime Landlord the monetary fees with respect thereto payable
pursuant to Article 11 of the Prime Lease, except that the fees with respect to
one hundred forty (140) of Tenant's allocated spaces shall be at the rate
payable pursuant to the original March 3, 1998 Lease Agreement (without
considering any amendments thereto). Tenant's use of the Allocated shall be
subject to Article 11 of the Prime Lease, but all permits shall be independent
of this Sublease in the same manner as they are independent of the Prime Lease
pursuant to Section 11.9 of the Prime Lease. Tenant shall have all rights with
respect to its Allocated Spaces as provided with respect to Allocated Spaces
under Article 11 of the Prime Lease.

     28.  MEMORANDUM OF SUBLEASE. Upon the request of Landlord, or Tenant,
Landlord and Tenant shall execute and deliver to each other a memorandum or
short form of this Sublease which executed memorandum or short form either party
may record in the real property records of Hennepin County, Minnesota. The costs
of recording such memorandum or short form shall be paid by the party requesting
the same. Such memorandum or short form will be dated as of the date of this
Sublease and will disclose the Sublease Term, the Subleased Premises and such
other terms and conditions of this Sublease as the parties agree upon.

     29.  BROKER'S WARRANTY. Landlord and Tenant warrant and represent that they
have dealt with no real estate broker in connection with this Sublease. No other
broker is entitled to any commission on account of this Sublease. The party
which breaches this warranty will defend, hold harmless and indemnify the other
from any loss, damage or expense, including reasonable attorneys' fees, arising
from the breach.

     30.  AMERICANS WITH DISABILITIES ACT. As between Landlord and Tenant,
Tenant shall be responsible for complying with the Americans with Disabilities
Act of 1990, as may be amended (the "ADA"), as the ADA pertains to the Subleased
Premises, and Landlord shall be responsible for complying with the ADA as the
ADA pertains to the remainder of the Prime Lease Premises.

                                       26
<Page>

     31.  ATTORNEY'S FEES. In the event either party defaults in the performance
of any of the terms, conditions, agreements or conditions contained in this
Lease and the other party places the enforcement of this Lease, or any part
thereof, or the collection of any sums due or to become due hereunder, in the
hands of an attorney who files suit upon the same (either by direct action or
counterclaim), and should such nondefaulting party prevail in such suit, the
defaulting party agrees to pay the other party's reasonable attorney's fees.

     32.  ESTOPPEL CERTIFICATE Within ten (10) days after written request
therefor by the other, Tenant and/or Landlord will execute and deliver an
estoppel or other certificate certifying to such matters as the other party
shall reasonably request (if true). The certifying party shall be entitled to
revise said certificates in accordance with appropriate practices of parties
similarly situated, including limitations to actual knowledge where appropriate.
Any such certificate shall act as an estoppel only and shall not constitute an
express or implied representation or warranty.

     33.  COUNTERPARTS--SIGNATURES. This agreement may be executed in multiple
counterparts each of which are deemed to be an original. Electronic or facsimile
signatures shall be deemed original signatures if original signatures follow
promptly by mail.

             [The balance of this page is intentionally left blank]

                                       27
<Page>

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

                                        U.S. BANCORP

                                        By /s/ Bradley J. Schmidt
                                           -------------------------------------
                                           Bradley J. Schmidt

                                        Its Senior Vice President

                                        U.S. BANCORP PIPER JAFFRAY INC.

                                        By /s/ Dean M. Nelson
                                           -------------------------------------
                                           Dean M. Nelson

                                        Its Managing Director

                                       28<Page>

                                                                     EXHIBIT 4.3

                                                                  EXECUTION COPY

                           PRICELINE.COM INCORPORATED

                1.00% CONVERTIBLE SENIOR NOTES DUE AUGUST 1, 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                                  August 1, 2003
Goldman, Sachs & Co.,
Thomas Weisel Partners LLC
c/o Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

        Priceline.com Incorporated (the "Company"), proposes to issue and sell
to the Purchasers (as defined herein) upon the terms set forth in the Purchase
Agreement (as defined herein) its 1.00% Convertible Senior Notes due August 1,
2010 (the "Securities"). As an inducement to the Purchasers to enter into the
Purchase Agreement and in satisfaction of a condition to the obligations of the
Purchasers thereunder, the Company agrees with the Purchasers for the benefit of
Holders (as defined herein) from time to time of the Registrable Securities (as
defined herein) as follows:

        1.      DEFINITIONS.

        (a)     Capitalized terms used herein without definition shall have the
meanings ascribed to them in the Purchase Agreement. As used in this Agreement,
the following defined terms shall have the following meanings:

        "AFFILIATE" of any specified person means any other person which,
directly or indirectly, is in control of, is controlled by, or is under common
control with such specified person. For purposes of this definition, control of
a person means the power, direct or indirect, to direct or cause the direction
of the management and policies of such person whether by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

        "CLOSING DATE" means the First Time of Delivery as defined in the
Purchase Agreement.

        "COMMISSION" means the United States Securities and Exchange Commission,
or any other federal agency at the time administering the Exchange Act or the
Securities Act, whichever is the relevant statute for the particular purpose.

        "COMMON STOCK" means the Company's common stock, par value $0.008 per
share.

<Page>

        "DTC" means The Depository Trust Company.

        "EFFECTIVE DATE" has the meaning assigned thereto in Section 2(b)(i)
hereof.

        "EFFECTIVE FAILURE" has the meaning assigned thereto in Section 7(b)
hereof.

        "EFFECTIVENESS PERIOD" has the meaning assigned thereto in Section
2(b)(i) hereof.

        "EFFECTIVE TIME" means the time at which the Commission declares the
Shelf Registration Statement effective or at which the Shelf Registration
Statement otherwise becomes effective.

        "ELECTING HOLDER" has the meaning assigned thereto in Section 3(a)(iii)
hereof.

        "EXCHANGE ACT" means the United States Securities Exchange Act of 1934,
as amended.

        "HOLDER" means any person that is the record owner of Registrable
Securities (and includes any person that has a beneficial interest in any
Registrable Security in book-entry form).

        "INDENTURE" means the Indenture, dated as of August 1, 2003, between the
Company and American Stock Transfer and Trust Company, as amended and
supplemented from time to time in accordance with its terms.

        "LIQUIDATED DAMAGES" has the meaning assigned thereto in Section 7(a)
hereof.

        "MANAGING UNDERWRITERS" means the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering,
if any, conducted pursuant to Section 6 hereof.

        "NASD RULES" means the Rules of the National Association of Securities
Dealers, Inc., as amended from time to time.

        "NOTICE AND QUESTIONNAIRE" means a Notice of Registration Statement and
Selling Securityholder Questionnaire substantially in the form of Appendix A
hereto.

        The term "PERSON" means an individual, partnership, corporation, trust
or unincorporated organization, or a government or agency or political
subdivision thereof.

        "PROSPECTUS" means the prospectus (including, without limitation, any
preliminary prospectus, any final prospectus and any prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Securities Act)
included in the Shelf Registration Statement, as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by the Shelf Registration Statement and by
all other amendments and supplements to such prospectus, including all material
incorporated by reference in such prospectus and all documents filed after the
date of such prospectus by the Company under the Exchange Act and incorporated
by reference therein.

                                        2
<Page>

        "PURCHASE AGREEMENT" means the purchase agreement, dated July 29, 2003,
between the Purchasers and the Company relating to the Securities.

        "PURCHASERS" means the Purchasers named in Schedule I to the Purchase
Agreement.

        "REGISTRABLE SECURITIES" means all or any portion of the Securities
issued from time to time under the Indenture in registered form and the shares
of Common Stock issuable upon conversion, repurchase or redemption of such
Securities; PROVIDED, HOWEVER, that a security ceases to be a Registrable
Security when it is no longer a Restricted Security.

        "REGISTRATION DEFAULT" has the meaning assigned thereto in Section 7(a)
hereof.

        "RESTRICTED SECURITY" means any Security or share of Common Stock
issuable upon conversion thereof except any such Security or share of Common
Stock that (i) has been effectively registered under the Securities Act and sold
in a manner contemplated by the Shelf Registration Statement, (ii) has been
transferred in compliance with Rule 144 under the Securities Act (or any
successor provision thereto) or is transferable pursuant to paragraph (k) of
such Rule 144 (or any successor provision thereto) or (iii) has otherwise been
transferred and a new Security or share of Common Stock not subject to transfer
restrictions under the Securities Act has been delivered by or on behalf of the
Company in accordance with Section 3.5 of the Indenture.

        "RULES AND REGULATIONS" means the published rules and regulations of the
Commission promulgated under the Securities Act or the Exchange Act, as in
effect at any relevant time.

        "SECURITIES ACT" means the United States Securities Act of 1933, as
amended.

        "SHELF REGISTRATION" means a registration effected pursuant to Section 2
hereof.

        "SHELF REGISTRATION STATEMENT" means a "shelf" registration statement
filed under the Securities Act providing for the registration of, and the sale
on a continuous or delayed basis by the Holders of, all of the Registrable
Securities pursuant to Rule 415 under the Securities Act and/or any similar rule
that may be adopted by the Commission, filed by the Company pursuant to the
provisions of Section 2 of this Agreement, including the Prospectus contained
therein, any amendments and supplements to such registration statement,
including post-effective amendments, and all exhibits and all material
incorporated by reference in such registration statement.

        "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, or any
successor thereto, and the rules, regulations and forms promulgated thereunder,
as the same shall be amended from time to time.

        The term "UNDERWRITER" means any underwriter of Registrable Securities
in connection with an offering thereof under a Shelf Registration Statement.

        (b)     Wherever there is a reference in this Agreement to a percentage
of the "principal amount" of Registrable Securities or to a percentage of
Registrable Securities, Common Stock

                                        3
<Page>

shall be treated as representing the principal amount of Securities that was
surrendered for conversion or exchange in order to receive such number of shares
of Common Stock.

        2.      SHELF REGISTRATION.

        (a)     The Company shall, no later than 90 calendar days following the
Closing Date, file with the Commission a Shelf Registration Statement relating
to the offer and sale of the Registrable Securities by the Holders from time to
time in accordance with the methods of distribution elected by such Holders and
set forth in such Shelf Registration Statement and, thereafter, shall use its
best efforts to cause such Shelf Registration Statement to be declared effective
under the Securities Act no later than 180 calendar days following the Closing
Date; PROVIDED, HOWEVER, that the Company may, upon written notice to all
Holders, postpone having the Shelf Registration Statement declared effective for
a reasonable period not to exceed 90 days if the Company possesses material
non-public information, the disclosure of which would have a material adverse
effect on the Company and its subsidiaries taken as a whole; PROVIDED, FURTHER,
HOWEVER, that no Holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement or to use the Prospectus
forming a part thereof for resales of Registrable Securities unless such Holder
is an Electing Holder.

        (b)     The Company shall use its best efforts:

                (i)     to keep the Shelf Registration Statement continuously
        effective under the Securities Act in order to permit the Prospectus
        forming a part thereof to be usable by Holders until the earliest of (1)
        the sale of all Registrable Securities registered under the Shelf
        Registration Statement; (2) the expiration of the period referred to in
        Rule 144(k) of the Securities with respect to all Registrable Securities
        held by Persons that are not Affiliates of the Company; and (3) two
        years from the date (the "Effective Date") such Shelf Registration
        Statement is declared effective (such period being referred to herein as
        the "Effectiveness Period");

                (ii)    after the Effective Time of the Shelf Registration
        Statement, promptly upon the request of any Holder of Registrable
        Securities that is not then an Electing Holder, to take any action
        reasonably necessary to enable such Holder to use the Prospectus forming
        a part thereof for resales of Registrable Securities, including, without
        limitation, any action necessary to identify such Holder as a selling
        securityholder in the Shelf Registration Statement; PROVIDED, HOWEVER,
        that nothing in this subparagraph shall relieve such Holder of the
        obligation to return a completed and signed Notice and Questionnaire to
        the Company in accordance with Section 3(a)(ii) hereof; and

                (iii)   if at any time the Securities, pursuant to Article XII
        of the Indenture, are convertible into securities other than Common
        Stock, to cause, or to cause any successor under the Indenture to cause,
        such securities to be included in the Shelf Registration Statement no
        later than the date on which the Securities may then be convertible into
        such securities.

The Company shall be deemed not to have used its best efforts to keep the Shelf
Registration Statement effective during the requisite period if the Company
voluntarily takes any action that would result in Holders of Registrable
Securities covered thereby not being able to offer and sell

                                        4
<Page>

any of such Registrable Securities during that period, unless such action is (A)
required by applicable law and the Company thereafter promptly complies with the
requirements of paragraph 3(j) below or (B) permitted pursuant to Section 2(c)
below.

        (c)     The Company may suspend the use of the Prospectus for a period
not to exceed 30 days in any 90-day period or an aggregate of 90 days in any
12-month period if the Board of Directors of the Company shall have determined
in good faith that because of valid business reasons (not including avoidance of
the Company's obligations hereunder), including the acquisition or divestiture
of assets, pending corporate developments and similar events, it is in the best
interests of the Company to suspend such use, and prior to suspending such use
the Company provides the Holders with written notice of such suspension, which
notice need not specify the nature of the event giving rise to such suspension.

        3.      REGISTRATION PROCEDURES. In connection with the Shelf
Registration Statement, the following provisions shall apply:

        (a)(i)  Not less than 30 calendar days prior to the Effective Time of
the Shelf Registration Statement, the Company shall mail the Notice and
Questionnaire to the Holders of Registrable Securities. No Holder shall be
entitled to be named as a selling securityholder in the Shelf Registration
Statement as of the Effective Time, and no Holder shall be entitled to use the
Prospectus forming a part thereof for resales of Registrable Securities at any
time, unless such Holder has returned a completed and signed Notice and
Questionnaire to the Company by the deadline for response set forth therein;
PROVIDED, HOWEVER, Holders of Registrable Securities shall have at least 28
calendar days from the date on which the Notice and Questionnaire is first
mailed to such Holders to return a completed and signed Notice and Questionnaire
to the Company.

                (ii)    After the Effective Time of the Shelf Registration
        Statement, the Company shall, upon the request of any Holder of
        Registrable Securities that is not then an Electing Holder, promptly
        send a Notice and Questionnaire to such Holder. The Company shall not be
        required to take any action to name such Holder as a selling
        securityholder in the Shelf Registration Statement or to enable such
        Holder to use the Prospectus forming a part thereof for resales of
        Registrable Securities until such Holder has returned a completed and
        signed Notice and Questionnaire to the Company.

                (iii)   The term "Electing Holder" shall mean any Holder of
        Registrable Securities that has returned a completed and signed Notice
        and Questionnaire to the Company in accordance with Section 3(a)(i) or
        3(a)(ii) hereof.

        (b)     The Company shall furnish to each Electing Holder, prior to the
Effective Time, a copy of the Shelf Registration Statement initially filed with
the Commission, and shall furnish to such Holders, prior to the filing thereof
with the Commission, copies of each amendment thereto and each amendment or
supplement, if any, to the Prospectus included therein, and shall use its best
efforts to reflect in each such document, at the Effective Time or when so filed
with the Commission, as the case may be, such comments as such Holders and their
respective counsel reasonably may propose.

                                        5
<Page>

        (c)     The Company shall promptly take such action as may be necessary
so that (i) each of the Shelf Registration Statement and any amendment thereto
and the Prospectus forming a part thereof and any amendment or supplement
thereto (and each report or other document incorporated therein by reference in
each case) complies in all material respects with the Securities Act and the
Exchange Act and the respective rules and regulations thereunder, (ii) each of
the Shelf Registration Statement and any amendment thereto does not, when it
becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading and (iii) each of the Prospectus forming a
part of the Shelf Registration Statement, and any amendment or supplement to
such Prospectus, does not at any time during the Effectiveness Period include an
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; PROVIDED, HOWEVER, that the Company shall
not be required to take such action in respect of the Shelf Registration
Statement or any amendment thereto or of the Prospectus or any amendment or
supplement to the Prospectus if the Board of Directors of the Company has made a
determination pursuant to Section 2(c) for so long as such suspension is
continuing.

        (d)     The Company shall promptly advise each Electing Holder, and
shall confirm such advice in writing if so requested by any such Electing
Holder:

               (i)     when a Shelf Registration Statement and any amendment
        thereto has been filed with the Commission and when a Shelf Registration
        Statement or any post-effective amendment thereto has become effective,
        in each case making a public announcement thereof by release made to
        Reuters Economic Services and Bloomberg Business News;

               (ii)    of any request by the Commission for amendments or
        supplements to the Shelf Registration Statement or the Prospectus
        included therein or for additional information;

               (iii)   of the issuance by the Commission of any stop order
        suspending the effectiveness of the Shelf Registration Statement or the
        initiation of any proceedings for such purpose;

               (iv)    of the receipt by the Company of any notification with
        respect to the suspension of the qualification of the securities
        included in the Shelf Registration Statement for sale in any
        jurisdiction or the initiation of any proceeding for such purpose; and

               (v)     of the occurrence of any event or the existence of any
        state of facts that requires the making of any changes in the Shelf
        Registration Statement or the Prospectus included therein so that, as of
        such date, such Shelf Registration Statement and Prospectus do not
        contain an untrue statement of a material fact and do not omit to state
        a material fact required to be stated therein or necessary to make the
        statements therein (in the case of the Prospectus, in light of the
        circumstances under which they were made) not misleading (which advice
        shall be accompanied by an instruction to

                                        6
<Page>

        such Holders to suspend the use of the Prospectus until the requisite
        changes have been made).

        (e)     The Company shall use its best efforts to prevent the issuance,
and if issued to obtain the withdrawal at the earliest possible time, of any
order suspending the effectiveness of the Shelf Registration Statement.

        (f)     The Company shall furnish to each Electing Holder, without
charge, at least one copy of the Shelf Registration Statement and all
post-effective amendments thereto, including financial statements and schedules,
and, if such Electing Holder so requests in writing, all reports, other
documents and exhibits that are filed with or incorporated by reference in the
Shelf Registration Statement.

        (g)     The Company shall, during the Effectiveness Period, deliver to
each Electing Holder, without charge, as many copies of the Prospectus
(including each preliminary Prospectus) included in the Shelf Registration
Statement and any amendment or supplement thereto as such Electing Holder may
reasonably request; and the Company consents (except during the periods
specified in Section 2(c) above or during the continuance of any event or the
existence of any state of facts described in Section 3(d)(v) above) to the use
of the Prospectus and any amendment or supplement thereto by each of the
Electing Holders in connection with the offering and sale of the Registrable
Securities covered by the Prospectus and any amendment or supplement thereto
during the Effectiveness Period.

        (h)     Prior to any offering of Registrable Securities pursuant to the
Shelf Registration Statement, the Company shall (i) register or qualify or
cooperate with the Electing Holders and their respective counsel in connection
with the registration or qualification of such Registrable Securities for offer
and sale under the securities or "blue sky" laws of such jurisdictions within
the United States as any Electing Holder may reasonably request, (ii) keep such
registrations or qualifications in effect and comply with such laws so as to
permit the continuance of offers and sales in such jurisdictions for so long as
may be necessary to enable any Electing Holder or underwriter, if any, to
complete its distribution of Registrable Securities pursuant to the Shelf
Registration Statement, and (iii) take any and all other actions necessary or
advisable to enable the disposition in such jurisdictions of such Registrable
Securities; PROVIDED, HOWEVER, that in no event shall the Company be obligated
to (A) qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it would not otherwise be required to so qualify but for this
Section 3(h) or (B) file any general consent to service of process in any
jurisdiction where it is not as of the date hereof so subject.

        (i)     Unless any Registrable Securities shall be in book-entry only
form, the Company shall cooperate with the Electing Holders to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities to be sold pursuant to the Shelf Registration Statement, which
certificates, if so required by any securities exchange upon which any
Registrable Securities are listed, shall be penned, lithographed or engraved, or
produced by any combination of such methods, on steel engraved borders, and
which certificates shall be free of any restrictive legends and in such
permitted denominations and registered in such names as Electing Holders may
request in connection with the sale of Registrable Securities pursuant to the
Shelf Registration Statement.

                                        7
<Page>

        (j)     Upon the occurrence of any event or the existence of any state
of facts contemplated by paragraph 3(d)(v) above, the Company shall promptly
prepare a post-effective amendment to any Shelf Registration Statement or an
amendment or supplement to the related Prospectus or file any other required
document so that, as thereafter delivered to Purchasers of the Registrable
Securities included therein, the Prospectus will not include an untrue statement
of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading; PROVIDED, HOWEVER, that the Company shall not be required
to file such amendment, supplement or document if the Board of Directors of the
Company has made a determination pursuant to Section 2(c) for so long as such
suspension is continuing. If the Company notifies the Electing Holders of the
occurrence of any event or the existence of any state of facts contemplated by
Section 2(c) or paragraph 3(d)(v) above, the Electing Holder shall suspend the
use of the Prospectus until the requisite changes to the Prospectus have been
made.

        (k)     Not later than the Effective Time of the Shelf Registration
Statement, the Company shall provide a CUSIP number for the Registrable
Securities that are debt securities.

        (l)     The Company shall use its best efforts to comply with all
applicable Rules and Regulations, and to make generally available to its
securityholders as soon as practicable, but in any event not later than eighteen
months after (i) the effective date (as defined in Rule 158(c) under the
Securities Act) of the Shelf Registration Statement, (ii) the effective date of
each post-effective amendment to the Shelf Registration Statement, and (iii) the
date of each filing by the Company with the Commission of an Annual Report on
Form 10-K that is incorporated by reference in the Shelf Registration Statement,
an earning statement of the Company and its subsidiaries complying with Section
11(a) of the Securities Act and the rules and regulations of the Commission
thereunder (including, at the option of the Company, Rule 158).

        (m)     Not later than the Effective Time of the Shelf Registration
Statement, the Company shall cause the Indenture to be qualified under the Trust
Indenture Act; in connection with such qualification, the Company shall
cooperate with the Trustee under the Indenture and the Holders (as defined in
the Indenture) to effect such changes to the Indenture as may be required for
such Indenture to be so qualified in accordance with the terms of the Trust
Indenture Act; and the Company shall execute, and shall use all reasonable
efforts to cause the Trustee to execute, all documents that may be required to
effect such changes and all other forms and documents required to be filed with
the Commission to enable such Indenture to be so qualified in a timely manner.
In the event that any such amendment or modification referred to in this Section
3(m) involves the appointment of a new trustee under the Indenture, the Company
shall appoint a new trustee thereunder pursuant to the applicable provisions of
the Indenture.

        (n)     In the event of an underwritten offering conducted pursuant to
Section 6 hereof, the Company shall, if requested, promptly include or
incorporate in a Prospectus supplement or post-effective amendment to the Shelf
Registration Statement such information as the Managing Underwriters reasonably
agree should be included therein and to which the Company does not reasonably
object and shall make all required filings of such Prospectus supplement or
post-effective amendment as soon as practicable after it is notified of the
matters to be included or incorporated in such Prospectus supplement or
post-effective amendment.

                                        8
<Page>

        (o)     The Company shall enter into such customary agreements
(including an underwriting agreement in customary form in the event of an
underwritten offering conducted pursuant to Section 6 hereof) and take all other
appropriate action in order to expedite and facilitate the registration and
disposition of the Registrable Securities, and in connection therewith, if an
underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures substantially identical to those set
forth in Section 5 hereof with respect to all parties to be indemnified pursuant
to Section 5 hereof.

        (p)     The Company shall:

                (i)(A)  make reasonably available for inspection by the Electing
        Holders, any underwriter participating in any disposition pursuant to
        the Shelf Registration Statement, and any attorney, accountant or other
        agent retained by such Electing Holders or any such underwriter all
        relevant financial and other records, pertinent corporate documents and
        properties of the Company and its subsidiaries, and (B) cause the
        Company's officers, directors and employees to supply all information
        reasonably requested by such Electing Holders or any such underwriter,
        attorney, accountant or agent in connection with the Shelf Registration
        Statement, in each case, as is customary for similar due diligence
        examinations; PROVIDED, HOWEVER, that all records, information and
        documents that are designated in writing by the Company, in good faith,
        as confidential shall be kept confidential by such Electing Holders and
        any such underwriter, attorney, accountant or agent, unless such
        disclosure is made in connection with a court proceeding or required by
        law, or such records, information or documents become available to the
        public generally or through a third party without an accompanying
        obligation of confidentiality; and PROVIDED FURTHER that, if the
        foregoing inspection and information gathering would otherwise disrupt
        the Company's conduct of its business, such inspection and information
        gathering shall, to the greatest extent possible, be coordinated on
        behalf of the Electing Holders and the other parties entitled thereto by
        one counsel designated by and on behalf of the Electing Holders and
        other parties;

                (ii)    in connection with any underwritten offering conducted
        pursuant to Section 6 hereof, make such representations and warranties
        to the Electing Holders participating in such underwritten offering and
        to the Managing Underwriters, in form, substance and scope as are
        customarily made by the Company to underwriters in primary underwritten
        offerings of equity and convertible debt securities and covering matters
        including, but not limited to, those set forth in the Purchase
        Agreement;

                (iii)   in connection with any underwritten offering conducted
        pursuant to Section 6 hereof, obtain opinions of counsel to the Company
        (which counsel and opinions (in form, scope and substance) shall be
        reasonably satisfactory to the Managing Underwriters) addressed to each
        Electing Holder participating in such underwritten offering and the
        underwriters, covering such matters as are customarily covered in
        opinions requested in primary underwritten offerings of equity and
        convertible debt securities and such other matters as may be reasonably
        requested by such Electing Holders and underwriters (it being agreed
        that the matters to be covered by such opinions shall include, without
        limitation a statement by such counsel that nothing came to the
        attention of such counsel in the course of their review that the Shelf
        Registration Statement and the Prospectus, including the documents
        incorporated by reference therein (other than the financial statements
        or other financial data derived from accounting records therein, as to
        which such counsel need express no opinion or belief), as of the
        Effective Time of the Shelf Registration

                                        9
<Page>

        Statement or most recent post-effective amendment thereto, as the case
        may be, contained any untrue statement of a material fact or omitted to
        state any material fact required to be stated therein necessary in order
        to make the statements therein not misleading;

                (iv)    in connection with any underwritten offering conducted
        pursuant to Section 6 hereof, obtain "cold comfort" letters and updates
        thereof from the independent public accountants of the Company (and, if
        necessary, from the independent public accountants of any subsidiary of
        the Company or of any business acquired by the Company for which
        financial statements and financial data are, or are required to be,
        included in the Shelf Registration Statement), addressed to each
        Electing Holder participating in such underwritten offering (if such
        Electing Holder has provided such letter, representations or
        documentation, if any, required for such cold comfort letter to be so
        addressed) and the underwriters, in customary form and covering matters
        of the type customarily covered in "cold comfort" letters in connection
        with primary underwritten offerings;

                (v)     in connection with any underwritten offering conducted
        pursuant to Section 6 hereof, deliver such documents and certificates as
        may be reasonably requested by any Electing Holders participating in
        such underwritten offering and the Managing Underwriters, if any,
        including, without limitation, certificates to evidence compliance with
        Section 3(j) hereof and with any conditions contained in the
        underwriting agreement or other agreements entered into by the Company.

        (q)     The Company will use its best efforts to cause the Common Stock
issuable upon conversion of the Securities to be listed for quotation on the
Nasdaq National Market System or other stock exchange or trading system on which
the Common Stock primarily trades on or prior to the Effective Time of the Shelf
Registration Statement hereunder.

        (r)     In the event that any broker-dealer registered under the
Exchange Act shall be an "affiliate" (as defined in Rule 2720(b)(1) of the NASD
Rules (or any successor provision thereto)) of the Company or has a "conflict of
interest" (as defined in Rule 2720(b)(7) of the NASD Rules (or any successor
provision thereto)) and such broker-dealer shall underwrite, participate as a
member of an underwriting syndicate or selling group or assist in the
distribution of any Registrable Securities covered by the Shelf Registration
Statement, whether as a Holder of such Registrable Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect
thereof, or otherwise, the Company shall assist such broker-dealer in complying
with the requirements of the NASD Rules, including, without limitation, by (A)
engaging a "qualified independent underwriter" (as defined in Rule 2720(b)(15)
of the NASD Rules (or any successor provision thereto)) to participate in the
preparation of the registration statement relating to such Registrable
Securities, to exercise usual standards of due diligence in respect thereto and
to recommend the public offering price of such Registrable Securities, (B)
indemnifying such qualified independent underwriter to the extent of the
indemnification of underwriters provided in Section 5 hereof, and (C) providing
such information to such

                                       10
<Page>

broker-dealer as may be required in order for such broker-dealer to comply with
the requirements of the NASD Rules.

        (s)     The Company shall use its best efforts to take all other steps
necessary to effect the registration, offering and sale of the Registrable
Securities covered by the Shelf Registration Statement contemplated hereby.

        4.      REGISTRATION EXPENSES. Except as otherwise provided in
Section 3, the Company shall bear all fees and expenses incurred in connection
with the performance of its obligations under Sections 2, 3 and 6 hereof and
shall bear or reimburse the Electing Holders for the reasonable fees and
disbursements of a single counsel selected by a plurality of all Electing
Holders who own an aggregate of not less than 25% of the Registrable Securities
covered by the Shelf Registration Statement to act as counsel therefore in
connection therewith. Each Electing Holder shall pay all underwriting discounts
and commissions and transfer taxes, if any, relating to the sale or disposition
of such Electing Holder's Registrable Securities pursuant to the Shelf
Registration Statement.

        5.      INDEMNIFICATION AND CONTRIBUTION.

        (a)     INDEMNIFICATION BY THE COMPANY. Upon the registration of the
Registrable Securities pursuant to Section 2 hereof, the Company shall indemnify
and hold harmless each Electing Holder and each underwriter, selling agent or
other securities professional, if any, which facilitates the disposition of
Registrable Securities, and each of their respective officers and directors and
each person who controls such Electing Holder, underwriter, selling agent or
other securities professional within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (each such person being sometimes referred
to as an "Indemnified Person") against any losses, claims, damages or
liabilities, joint or several, to which such Indemnified Person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact
contained in any Shelf Registration Statement under which such Registrable
Securities are to be registered under the Securities Act, or any Prospectus
contained therein or furnished by the Company to any Indemnified Person, or any
amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and the
Company hereby agrees to reimburse such Indemnified Person for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such action or claim as such expenses are incurred; PROVIDED,
HOWEVER, that the Company shall not be liable to any such Indemnified Person in
any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such Shelf Registration Statement or
Prospectus, or amendment or supplement, in reliance upon and in conformity with
written information furnished to the Company by such Indemnified Person
expressly for use therein.

        (b)     INDEMNIFICATION BY THE ELECTING HOLDERS AND ANY AGENTS AND
UNDERWRITERS. Each Electing Holder agrees, as a consequence of the inclusion of
any of such Electing Holder's Registrable Securities in such Shelf Registration
Statement, and each underwriter, selling agent or other securities professional,
if any, which facilitates the disposition of Registrable Securities

                                       11
<Page>

shall agree, as a consequence of facilitating such disposition of Registrable
Securities, severally and not jointly, to (i) indemnify and hold harmless the
Company, its directors, officers who sign any Shelf Registration Statement and
each person, if any, who controls the Company within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, against any
losses, claims, damages or liabilities to which the Company or such other
persons may become subject, under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in such Shelf Registration Statement or Prospectus,
or any amendment or supplement, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, in each case
to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and
in conformity with written information furnished to the Company by such Electing
Holder, underwriter, selling agent or other securities professional expressly
for use therein, and (ii) reimburse the Company for any legal or other expenses
reasonably incurred by the Company in connection with investigating or defending
any such action or claim as such expenses are incurred.

        (c)     NOTICES OF CLAIMS, ETC. Promptly after receipt by an indemnified
party under subsection (a) or (b) above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be
made against an indemnifying party under this Section 5, notify such
indemnifying party in writing of the commencement thereof; but the omission so
to notify the indemnifying party shall not relieve it from any liability which
it may have to any indemnified party otherwise than under the indemnification
provisions of or contemplated by subsection (a) or (b) above. In case any such
action shall be brought against any indemnified party and it shall notify an
indemnifying party of the commencement thereof, such indemnifying party shall be
entitled to participate therein and, to the extent that it shall wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying
party), and, after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, such indemnifying party shall
not be liable to such indemnified party under this Section 5 for any legal
expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof other
than reasonable costs of investigation. No indemnifying party shall, without the
written consent of the indemnified party, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all
liability arising out of such action or claim and (ii) does not include a
statement as to, or an admission of, fault, culpability or a failure to act, by
or on behalf of any indemnified party.

        (d)     CONTRIBUTION. If the indemnification provided for in this
Section 5 is unavailable to or insufficient to hold harmless an indemnified
party under subsection (a) or (b) above in respect of any losses, claims,
damages or liabilities (or actions in respect thereof) referred to therein, then
each indemnifying party shall contribute to the amount paid or payable by such
indemnified

                                       12
<Page>

party as a result of such losses, claims, damages or liabilities (or actions in
respect thereof) in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party in connection with the
statements or omissions which resulted in such losses, claims, damages or
liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation (even if the Electing Holders or any underwriters, selling
agents or other securities professionals or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in this Section 5(d).
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above
shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending
any such action or claim. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Electing Holders and any underwriters,
selling agents or other securities professionals in this Section 5(d) to
contribute shall be several in proportion to the percentage of principal amount
of Registrable Securities registered or underwritten, as the case may be, by
them and not joint.

        (e)     Notwithstanding any other provision of this Section 5, in no
event will any (i) Electing Holder be required to undertake liability to any
person under this Section 5 for any amounts in excess of the dollar amount of
the proceeds to be received by such Holder from the sale of such Holder's
Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) pursuant to any Shelf Registration Statement under which
such Registrable Securities are to be registered under the Securities Act and
(ii) underwriter, selling agent or other securities professional be required to
undertake liability to any person hereunder for any amounts in excess of the
discount, commission or other compensation payable to such underwriter, selling
agent or other securities professional with respect to the Registrable
Securities underwritten by it and distributed to the public.

        (f)     The obligations of the Company under this Section 5 shall be in
addition to any liability which the Company may otherwise have to any
Indemnified Person and the obligations of any Indemnified Person under this
Section 5 shall be in addition to any liability which such Indemnified Person
may otherwise have to the Company. The remedies provided in this Section 5 are
not exclusive and shall not limit any rights or remedies which may otherwise be
available to an indemnified party at law or in equity.

        6.      UNDERWRITTEN OFFERING. Any Holder of Registrable Securities who
desires to do so may sell Registrable Securities (in whole or in part) in an
underwritten offering; PROVIDED that (i) the Electing Holders of at least
33-1/3% in aggregate principal amount of the Registrable Securities then covered
by the Shelf Registration Statement shall request such an offering and

                                       13
<Page>

(ii) at least such aggregate principal amount of such Registrable Securities
shall be included in such offering; and PROVIDED FURTHER that the Company shall
not be obligated to cooperate with more than one underwritten offering during
the Effectiveness Period. Upon receipt of such a request, the Company shall
provide all Holders of Registrable Securities written notice of the request,
which notice shall inform such Holders that they have the opportunity to
participate in the offering. In any such underwritten offering, the investment
banker or bankers and manager or managers that will administer the offering will
be selected by, and the underwriting arrangements with respect thereto
(including the size of the offering) will be approved by, the holders of a
majority of the Registrable Securities to be included in such offering;
PROVIDED, HOWEVER, that such investment bankers and managers and underwriting
arrangements must be reasonably satisfactory to the Company. No Holder may
participate in any underwritten offering contemplated hereby unless (a) such
Holder agrees to sell such Holder's Registrable Securities to be included in the
underwritten offering in accordance with any approved underwriting arrangements,
(b) such Holder completes and executes all reasonable questionnaires, powers of
attorney, indemnities, underwriting agreements, lock-up letters and other
documents required under the terms of such approved underwriting arrangements,
and (c) if such Holder is not then an Electing Holder, such Holder returns a
completed and signed Notice and Questionnaire to the Company in accordance with
Section 3(a)(ii) hereof within a reasonable amount of time before such
underwritten offering. The Holders participating in any underwritten offering
shall be responsible for any underwriting discounts and commissions and fees
and, subject to Section 4 hereof, expenses of their own counsel. The Company
shall pay all expenses customarily borne by issuers in an underwritten offering,
including but not limited to filing fees, the fees and disbursements of its
counsel and independent public accountants and any printing expenses incurred in
connection with such underwritten offering. Notwithstanding the foregoing or the
provisions of Section 3(n) hereof, upon receipt of a request from the Managing
Underwriter or a representative of holders of a majority of the Registrable
Securities to be included in an underwritten offering to prepare and file an
amendment or supplement to the Shelf Registration Statement and Prospectus in
connection with an underwritten offering, the Company may delay the filing of
any such amendment or supplement for up to 90 days if the Board of Directors of
the Company shall have determined in good faith that the Company has a bona fide
business reason for such delay.

        7.      LIQUIDATED DAMAGES.

        (a)     Notwithstanding any postponement of effectiveness permitted by
Section 2(a) hereof, if (i) on or prior to the 90th day following the Closing
Date, a Shelf Registration Statement has not been filed with the Commission or
(ii) on or prior to the 180th day following the Closing Date, such Shelf
Registration Statement is not declared effective by the Commission (each, a
"Registration Default"), the Company shall be required to pay liquidated damages
("Liquidated Damages"), from and including the day following such Registration
Default until such Shelf Registration Statement is either so filed or so filed
and subsequently declared effective, as applicable, at a rate per annum equal to
an additional one-quarter of one percent (0.25%) of the principal amount of
Registrable Securities, to and including the 90th day following such
Registration Default and one-half of one percent (0.50%) thereof from and after
the 91st day following such Registration Default.

                                       14
<Page>

        (b)     In the event that (i) the Shelf Registration Statement ceases to
be effective, (ii) the Company suspends the use of the Prospectus pursuant to
Section 2(c) or 3(j) hereof, (iii) the Holders are not authorized to use the
Prospectus pursuant to Section 3(g) hereto or (iv) the Holders are otherwise
prevented or restricted by the Company from effecting sales pursuant to the
Shelf Registration Statement (an "Effective Failure") for more than 30 days,
whether or not consecutive, in any 90-day period, or for more than 90 days,
whether or not consecutive, during any 12-month period, then the Company shall
pay Liquidated Damages at a rate per annum equal to an additional one-half of
one percent (0.50%) of the principal amount of Registrable Securities from the
31st day of the applicable 90-day period or the 91st day of the applicable
12-month period, as the case may be, that any such Effective Failure has existed
until the earlier of (1) the time the Shelf Registration again becomes effective
or the Holders of Registrable Securities are again able to make sales under the
Shelf Registration Statement or (2) the expiration of the Effectiveness Period.

        (c)     Any amounts to be paid as Liquidated Damages pursuant to
paragraphs (a) or (b) of this Section 7 shall be paid in cash semi-annually in
arrears, with the first semi-annual payment due on the first interest payment
date following the date on which the liquidated damages began to accrue (as
defined in the Indenture), as applicable, following the date of such
Registration Default or Effective Failure, as applicable. Such Liquidated
Damages will accrue (1) in respect of the Securities at the rates set forth in
paragraphs (a) or (b) of this Section 7, as applicable, on the principal amount
of the Securities and (2) in respect of the Common Stock issued upon conversion
of the Securities, at the rates set forth in paragraphs (a) or (b) of this
Section 7, as applicable, applied to the Conversion Price (as defined in the
Indenture) at that time.

        (d)     Except as provided in Section 8(b) hereof, the Liquidated
Damages as set forth in this Section 7 shall be the exclusive monetary remedy
available to the Holders of Registrable Securities for such Registration Default
or Effective Failure. In no event shall the Company be required to pay
Liquidated Damages in excess of the applicable maximum amount of one-half of one
percent (0.50%) set forth above, regardless of whether one or multiple
Registration Defaults or Effective Failures exist.

        8.      MISCELLANEOUS.

        (a)     OTHER REGISTRATION RIGHTS. The Company may grant registration
rights that would permit any person that is a third party the right to
piggy-back on any Shelf Registration Statement, PROVIDED that if the Managing
Underwriter of any underwritten offering conducted pursuant to Section 6 hereof
notifies the Company and the Electing Holders that the total amount of
securities which the Electing Holders and the holders of such piggy-back rights
intend to include in any Shelf Registration Statement is so large as to
materially threaten the success of such offering (including the price at which
such securities can be sold), then the amount, number or kind of securities to
be offered for the account of holders of such piggy-back rights will be reduced
to the extent necessary to reduce the total amount of securities to be included
in such offering to the amount, number and kind recommended by the Managing
Underwriter prior to any reduction in the amount of Registrable Securities to be
included in such Shelf Registration Statement.

                                       15
<Page>

        (b)     SPECIFIC PERFORMANCE. The parties hereto acknowledge that there
would be no adequate remedy at law if the Company fails to perform any of its
obligations hereunder and that the Purchasers and the Holders from time to time
may be irreparably harmed by any such failure, and accordingly agree that the
Purchasers and such Holders, in addition to any other remedy to which they may
be entitled at law or in equity and without limiting the remedies available to
the Electing Holders under Section 7 hereof, shall be entitled to compel
specific performance of the obligations of the Company under this Registration
Rights Agreement in accordance with the terms and conditions of this
Registration Rights Agreement, in any court of the United States or any State
thereof having jurisdiction.

        (c)     AMENDMENTS AND WAIVERS. This Agreement, including this
Section 8(c), may be amended, and waivers or consents to departures from the
provisions hereof may be given, only by a written instrument duly executed by
the Company and the holders of a majority in aggregate principal amount of
Registrable Securities then outstanding. Each Holder of Registrable Securities
outstanding at the time of any such amendment, waiver or consent or thereafter
shall be bound by any amendment, waiver or consent effected pursuant to this
Section 8(c), whether or not any notice, writing or marking indicating such
amendment, waiver or consent appears on the Registrable Securities or is
delivered to such Holder.

        (d)     NOTICES. All notices and other communications provided for or
permitted hereunder shall be given as provided in the Indenture.

        (e)     PARTIES IN INTEREST. The parties to this Agreement intend that
all Holders of Registrable Securities shall be entitled to receive the benefits
of this Agreement and that any Electing Holder shall be bound by the terms and
provisions of this Agreement by reason of such election with respect to the
Registrable Securities which are included in a Shelf Registration Statement. All
the terms and provisions of this Agreement shall be binding upon, shall inure to
the benefit of and shall be enforceable by the respective successors and assigns
of the parties hereto and any Holder from time to time of the Registrable
Securities to the aforesaid extent. In the event that any transferee of any
Holder of Registrable Securities shall acquire Registrable Securities, in any
manner, whether by gift, bequest, purchase, operation of law or otherwise, such
transferee shall, without any further writing or action of any kind, be entitled
to receive the benefits of and, if an Electing Holder, be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement to the aforesaid extent.

        (f)     COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

        (g)     HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

        (h)     GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

        (i)     SEVERABILITY. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in

                                       16
<Page>

any respect for any reason, the validity, legality and enforceability of any
such provision in every other respect and of the remaining provisions hereof
shall not be in any way impaired or affected thereby, it being intended that all
of the rights and privileges of the parties hereto shall be enforceable to the
fullest extent permitted by law.

        (j)     SURVIVAL. The respective indemnities, agreements,
representations, warranties and other provisions set forth in this Agreement or
made pursuant hereto shall remain in full force and effect, regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of any Electing Holder, any director, officer or partner of such Holder, any
agent or underwriter, any director, officer or partner of such agent or
underwriter, or any controlling person of any of the foregoing, and shall
survive the transfer and registration of the Registrable Securities of such
Holder.

                                       17
<Page>

        Please confirm that the foregoing correctly sets forth the agreement
between the Company and you.

                                       Very truly yours,

                                       priceline.com Incorporated

                                       By:    /s/ ROBERT J. MYLOD
                                            ---------------------
                                            Name:  Robert J. Mylod
                                            Title: Chief Financial Officer

Accepted as of the date hereof:

Goldman, Sachs & Co.
Thomas Weisel Partners LLC

By:   /s/ GOLDMAN, SACHS & CO.
    --------------------------
      (Goldman, Sachs & Co.)

                                       18
<Page>

                                                                      APPENDIX A

                           PRICELINE.COM INCORPORATED

                         INSTRUCTION TO DTC PARTICIPANTS

                                (DATE OF MAILING)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                          DEADLINE FOR RESPONSE: [DATE]

        The Depository Trust Company ("DTC") has identified you as a DTC
Participant through which beneficial interests in the priceline.com Incorporated
(the "Company") 1.00% Convertible Senior Notes due August 1, 2010 (the
"Securities") are held.

        The Company is in the process of registering the Securities under the
Securities Act of 1933 for resale by the beneficial owners thereof. In order to
have their Securities included in the registration statement, beneficial owners
must complete and return the enclosed Notice of Registration Statement and
Selling Securityholder Questionnaire.

        IT IS IMPORTANT THAT BENEFICIAL OWNERS OF THE SECURITIES RECEIVE A COPY
OF THE ENCLOSED MATERIALS AS SOON AS POSSIBLE as their rights to have the
Securities included in the registration statement depend upon their returning
the Notice and Questionnaire by [DEADLINE FOR RESPONSE]. Please forward a copy
of the enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact: priceline.com
Incorporated, General Counsel's Office, 800 Connecticut Avenue, Norwalk, CT
06854.

                                       19
<Page>

                           PRICELINE.COM INCORPORATED

                        Notice of Registration Statement
                                       and
                      SELLING SECURITYHOLDER QUESTIONNAIRE

                                     [DATE]

        Priceline.com Incorporated (the "Company") has filed with the United
States Securities and Exchange Commission (the "Commission") a registration
statement on Form S-3 (the "Shelf Registration Statement") for the registration
and resale under Rule 415 of the United States Securities Act of 1933, as
amended (the "Securities Act"), of the Company's 1.00% Convertible Senior Notes
due August 1, 2010 (the "Securities") and the shares of common stock, par value
$0.008 per share (the "Common Stock"), issuable upon conversion thereof, in
accordance with the Registration Rights Agreement, dated as of August 1, 2003
(the "Registration Rights Agreement"), between the Company and the Purchasers
named therein. A copy of the Registration Rights Agreement is attached hereto.
All capitalized terms not otherwise defined herein shall have the meanings
ascribed thereto in the Registration Rights Agreement.

        In order to have Registrable Securities included in the Shelf
Registration Statement (or a supplement or amendment thereto), this Notice of
Registration Statement and Selling Securityholder Questionnaire ("Notice and
Questionnaire") must be completed, executed and delivered to the Company at the
address set forth herein for receipt ON OR BEFORE [INSERT DATE THAT IS 28 DAYS
FROM THE DATE OF THE NOTICE AND THE QUESTIONNAIRE]. Beneficial owners of
Registrable Securities who do not complete, execute and return this Notice and
Questionnaire by such date (i) will not be named as selling securityholders in
the Shelf Registration Statement and (ii) may not use the Prospectus forming a
part thereof for resales of Registrable Securities.

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

                                       20
<Page>

        The term "REGISTRABLE SECURITIES" is defined in the Registration Rights
Agreement to mean all or any portion of the Securities issued from time to time
under the Indenture in registered form and the shares of Common Stock issuable
upon conversion of such Securities; PROVIDED, HOWEVER, that a security ceases to
be a Registrable Security when it is no longer a Restricted Security.

        The term "RESTRICTED SECURITY" is defined in the Registration Rights
Agreement to mean any Security or share of Common Stock issuable upon conversion
thereof except any such Security or share of Common Stock which (i) has been
effectively registered under the Securities Act and sold in a manner
contemplated by the Shelf Registration Statement, (ii) has been transferred in
compliance with Rule 144 under the Securities Act (or any successor provision
thereto) or is transferable pursuant to paragraph (k) of such Rule 144 (or any
successor provision thereto), or (iii) has otherwise been transferred and a new
Security or share of Common Stock not subject to transfer restrictions under the
Securities Act has been delivered by or on behalf of the Company in accordance
with Section 3.5 of the Indenture.

                                    ELECTION

        The undersigned holder (the "Selling Securityholder") of Registrable
Securities hereby elects to include in the Shelf Registration Statement the
Registrable Securities beneficially owned by it and listed below in Item (3).
The undersigned, by signing and returning this Notice and Questionnaire, agrees
to be bound with respect to such Registrable Securities by the terms and
conditions of this Notice and Questionnaire and the Registration Rights
Agreement, including, without limitation, Section 5 of the Registration Rights
Agreement, as if the undersigned Selling Securityholder were an original party
thereto.

        Upon any sale of Registrable Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver
to the Company and the Trustee the Notice of Transfer (completed and signed) set
forth in Exhibit 1 to this Notice and Questionnaire.

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

                                       21
<Page>

                                  QUESTIONNAIRE

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

    (b) Full Legal Name of Registered Holder (if not the same as in (a) above)
          of Registrable Securities Listed in Item (3) Below:
          ______________________________________________________________________

    (c)   Full Legal Name of DTC Participant (if applicable and if not the same
          as (b) above) Through Which Registrable Securities Listed in Item (3)
          Below are Held:
          ______________________________________________________________________

(2)     Address for Notices to Selling Securityholder:

                        ___________________________________

                        ___________________________________

                        ___________________________________

        Telephone:      ___________________________________

        Fax:            ___________________________________

        Contact Person: ___________________________________

(3)     Beneficial Ownership of Securities:

        Except as set forth below in this Item (3), the undersigned Selling
        Securityholder does not beneficially own any Securities or shares of
        Common Stock issued upon conversion, repurchase or redemption of any
        Securities.

   (a)  Principal amount of Registrable Securities (as defined in the
        Registration Rights Agreement) beneficially owned: _____________________
        CUSIP No(s). of such Registrable Securities: ___________________________

        Number of shares of Common Stock (if any) issued upon conversion,
        repurchase or redemption of Registrable Securities: ____________________

   (b)Principal amount of Securities other than Registrable Securities
        beneficially owned: ____________________________________________________
        CUSIP No(s). of such other Securities: _________________________________

        Number of shares of Common Stock (if any) issued upon conversion of
        such other Securities: _________________________________________________

   (c)  Principal amount of Registrable Securities which the undersigned wishes
        to be included in the Shelf Registration Statement: ____________________
        CUSIP No(s). of such Registrable Securities to be included in the Shelf
        Registration Statement: ________________________________________________

        Number of shares of Common Stock (if any) issued upon conversion of
        Registrable Securities which are to be included in the Shelf
        Registration Statement: ________________________________________________

                                       22
<Page>

(4)     Beneficial Ownership of Other Securities of the Company:

        Except as set forth below in this Item (4), the undersigned Selling
        Securityholder is not the beneficial or registered owner of any shares
        of Common Stock or any other securities of the Company, other than the
        Securities and shares of Common Stock listed above in Item (3).

        State any exceptions here:

(5)     Relationships with the Company:

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

        State any exceptions here:

(6)     Plan of Distribution:

        Except as set forth below, the undersigned Selling Securityholder
        intends to distribute the Registrable Securities listed above in Item
        (3) only as follows (if at all): Such Registrable Securities may be sold
        from time to time directly by the undersigned Selling Securityholder or,
        alternatively, through underwriters, broker-dealers or agents. Such
        Registrable Securities may be sold in one or more transactions at fixed
        prices, at prevailing market prices at the time of sale, at varying
        prices determined at the time of sale, or at negotiated prices. Such
        sales may be effected in transactions (which may involve crosses or
        block transactions) (i) on any national securities exchange or quotation
        service on which the Registrable Securities may be listed or quoted at
        the time of sale, (ii) in the over-the-counter market, (iii) in
        transactions otherwise than on such exchanges or services or in the
        over-the-counter market, or (iv) through the writing of options. In
        connection with sales of the Registrable Securities or otherwise, the
        Selling Securityholder may enter into hedging transactions with
        broker-dealers, which may in turn engage in short sales of the
        Registrable Securities in the course of hedging the positions they
        assume. The Selling Securityholder may also sell Registrable Securities
        short and deliver Registrable Securities to close out such short
        positions, or loan or pledge Registrable Securities to broker-dealers
        that in turn may sell such securities.

        State any exceptions here:

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

                                       23
<Page>

        By signing below, the Selling Securityholder acknowledges that it
understands its obligation to comply, and agrees that it will comply, with the
prospectus delivery and other provisions of the Securities Act and the Exchange
Act and the rules and regulations thereunder, particularly Regulation M.

        In the event that the Selling Securityholder transfers all or any
portion of the Registrable Securities listed in Item (3) above after the date on
which such information is provided to the Company, the Selling Securityholder
agrees to notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Registration Rights
Agreement.

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

        In accordance with the Selling Securityholder's obligation under Section
3(a) of the Registration Rights Agreement to provide such information as may be
required by law for inclusion in the Shelf Registration Statement, the Selling
Securityholder agrees to promptly notify the Company of any inaccuracies or
changes in the information provided herein which may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains in
effect. All notices hereunder and pursuant to the Registration Rights Agreement
shall be made in writing, by hand-delivery, first-class mail, or air courier
guaranteeing overnight delivery as follows:

   (i)  To the Company:
                                    priceline.com Incorporated
                                    800 Connecticut Avenue
                                    Norwalk, CT 06854
                                    Attention: General Counsel

   (ii) With a copy to:
                                    Sullivan & Cromwell, LLP
                                    125 Broad Street
                                    New York, NY 10004
                                    Attention: Daniel Dunson

        Once this Notice and Questionnaire is executed by the Selling
Securityholder and received by the Company, the terms of this Notice and
Questionnaire, and the representations and warranties contained herein, shall be
binding on, shall inure to the benefit of and shall be enforceable by the
respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable
Securities beneficially owned by such Selling Securityholder and listed in Item
(3) above). This Agreement shall be governed in all respects by the laws of the
State of New York.

                                       24
<Page>

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

Dated:
       ---------------------

        ------------------------------------------------------------------------
        Selling Securityholder
        (Print/type full legal name of beneficial owner of Registrable
        Securities)

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

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY AT:

                                  priceline.com Incorporated
                                  800 Connecticut Avenue
                                  Norwalk, CT 06854
                                  Attention: General Counsel

                                       25
<Page>

                                                                       Exhibit 1
                                                                   to Appendix A

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

priceline.com Incorporated
800 Connecticut Avenue
Norwalk, CT 06854
Attention: General Counsel

American Stock Transfer & Trust Company
59 Maiden Lane
New York, NY 10038
Attention: Corporate Trust Administration

        Re:     priceline.com Incorporated (the "Company")
                1.00% Convertible Senior Notes due August 1, 2010 (the "Notes")

Dear Ladies and Gentlemen:

        Please be advised that ___________________ has transferred $____________
aggregate principal amount of the above-referenced Notes or shares of the
Company's common stock, issued upon conversion, repurchase or redemption of
Notes, pursuant to an effective Registration Statement on Form S-3 (File No.
333-____) filed by the Company.

        We hereby certify that the prospectus delivery requirements, if any, of
the Securities Act of 1933, as amended, have been satisfied with respect to the
transfer described above and that the above-named beneficial owner of the Notes
or common stock is named as a selling securityholder in the Prospectus dated
[DATE], or in amendments or supplements thereto, and that the aggregate
principal amount of the Notes or number of shares of common stock transferred
are [A PORTION OF] the Notes or shares of common stock listed in such Prospectus
as amended or supplemented opposite such owner's name.

Dated:

                                           Very truly yours,

                                                      ------------------------
                                                      (Name)

                                           By:
                                                      -------------------------
                                                      (Authorized Signature)

                                       26

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