Document:

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                                                                   EXHIBIT 10.34

Draft of January 8, 2003

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                                  [AS EXECUTED]

                       NATIONAL CONSUMER COOPERATIVE BANK

               $50,000,000 5.52% Senior Notes due January 8, 2009

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

                             NOTE PURCHASE AGREEMENT

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

                           Dated as of January 8, 2003

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                                TABLE OF CONTENTS
                          (Not a part of the Agreement)

<Table>
<Caption>
SECTION                                     HEADING                                                       PAGE
<S>                   <C>                                                                                    <C>
SECTION 1.            AUTHORIZATION OF NOTES.................................................................1

SECTION 2.            SALE AND PURCHASE OF NOTES.............................................................1

SECTION 3.            CLOSING................................................................................2

SECTION 4.            CONDITIONS TO CLOSING..................................................................2

    Section 4.1.      Representations and Warranties.........................................................2
    Section 4.2.      Performance; No Default................................................................2
    Section 4.3.      Compliance Certificates................................................................2
    Section 4.4.      Opinions of Counsel....................................................................3
    Section 4.5.      Purchase Permitted by Applicable Law, etc..............................................3
    Section 4.6.      Related Transactions...................................................................3
    Section 4.7.      Payment of Special Counsel Fees........................................................3
    Section 4.8.      Private Placement Number...............................................................3
    Section 4.9.      Changes in Corporate Structure.........................................................4
    Section 4.10.     Funding Instructions...................................................................4
    Section 4.11.     Proceedings and Documents..............................................................4

SECTION 5.            REPRESENTATIONS AND WARRANTIES OF THE COMPANY..........................................4

    Section 5.1.      Organization; Power and Authority......................................................4
    Section 5.2.      Authorization, etc.....................................................................4
    Section 5.3.      Disclosure.............................................................................4
    Section 5.4.      Organization and Ownership of Shares of Subsidiaries; Affiliates.......................5
    Section 5.5.      Financial Statements...................................................................6
    Section 5.6.      Compliance with Laws, Other Instruments, etc...........................................6
    Section 5.7.      Governmental Authorizations, etc.......................................................6
    Section 5.8.      Litigation; Observance of Agreements, Statutes and Orders..............................6
    Section 5.9.      Taxes..................................................................................6
    Section 5.10.     Title to Property; Leases..............................................................7
    Section 5.11.     Licenses, Permits, etc.................................................................7
    Section 5.12.     Compliance with ERISA..................................................................7
    Section 5.13.     Private Offering by the Company........................................................8
    Section 5.14.     Use of Proceeds; Margin Regulations....................................................8
    Section 5.15.     Existing Indebtedness; Future Liens....................................................9
    Section 5.16.     Foreign Assets Control Regulations, etc................................................9
    Section 5.17.     Status under Certain Statutes..........................................................9
    Section 5.18.     Environmental Matters..................................................................9
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<S>                   <C>                                                                                   <C>
SECTION 6.            REPRESENTATIONS OF THE PURCHASERS.....................................................10

    Section 6.1.      Purchase for Investment...............................................................10
    Section 6.2.      Source of Funds.......................................................................10

SECTION 7.            INFORMATION AS TO COMPANY.............................................................12

    Section 7.1.      Financial and Business Information....................................................12
    Section 7.2.      Officer's Certificate.................................................................15
    Section 7.3.      Inspection............................................................................16

SECTION 8.            PREPAYMENT OF THE NOTES...............................................................17

    Section 8.1.      No Required Prepayments...............................................................17
    Section 8.2.      Optional Prepayments with Make-Whole Amount...........................................17
    Section 8.3.      Allocation of Partial Prepayments.....................................................17
    Section 8.4.      Maturity; Surrender, etc..............................................................17
    Section 8.5.      Purchase of Notes.....................................................................17
    Section 8.6.      Make-Whole Amount.....................................................................18

SECTION 9.            AFFIRMATIVE COVENANTS.................................................................19

    Section 9.1.      Compliance with Law...................................................................19
    Section 9.2.      Insurance.............................................................................19
    Section 9.3.      Maintenance of Properties.............................................................19
    Section 9.4.      Payment of Taxes and Claims...........................................................19
    Section 9.5.      Corporate Existence, etc..............................................................20
    Section 9.6.      Nature of Business....................................................................20
    Section 9.7.      Notes to Rank Pari Passu..............................................................20
    Section 9.8.      Changes in Status of Subsidiaries.....................................................20
    Section 9.9.      Incorporation of Affirmative and Negative Covenants...................................21
    Section 9.10.     Required Investments..................................................................21
    Section 9.11.     Paid-In-Capital.......................................................................21
    Section 9.12.     Subsidiary Investments................................................................22

SECTION 10.           NEGATIVE COVENANTS....................................................................22

    Section 10.1.     Transactions with Affiliates..........................................................22
    Section 10.2.     Maintenance of Consolidated Adjusted Net Worth and Consolidated
                          Effective Net Worth...............................................................22
    Section 10.3.     Consolidated Earnings Available for Fixed Charges.....................................22
    Section 10.4.     Permitted Debt........................................................................22
    Section 10.5.     Limitations on Debt...................................................................23
    Section 10.6.     Issuance of Subordinated Debt.........................................................23
    Section 10.7.     Voluntary Retirement of Subordinated Debt.............................................24
    Section 10.8.     Subordination Provisions..............................................................24
    Section 10.9.     Class A Notes.........................................................................24
    Section 10.10.    Mergers, Consolidations and Sales of Assets...........................................24
    Section 10.11.    Liens.................................................................................27
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<S>                   <C>                                                                                   <C>
    Section 10.12.    Long-Term Leases......................................................................29
    Section 10.13.    Guaranties............................................................................29
    Section 10.14.    Restricted Payments...................................................................30
    Section 10.15.    Limitation on Investments.............................................................31

SECTION 11.           EVENTS OF DEFAULT.....................................................................31

SECTION 12.           REMEDIES ON DEFAULT, ETC..............................................................33

    Section 12.1.     Acceleration..........................................................................33
    Section 12.2.     Other Remedies........................................................................34
    Section 12.3.     Rescission............................................................................34
    Section 12.4.     No Waivers or Election of Remedies, Expenses, etc.....................................34

SECTION 13.           REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.........................................35

    Section 13.1.     Registration of Notes.................................................................35
    Section 13.2.     Transfer and Exchange of Notes........................................................35
    Section 13.3.     Replacement of Notes..................................................................35

SECTION 14.           PAYMENTS ON NOTES.....................................................................36

    Section 14.1.     Place of Payment......................................................................36
    Section 14.2.     Home Office Payment...................................................................36

SECTION 15.           EXPENSES, ETC.........................................................................36

    Section 15.1.     Transaction Expenses..................................................................36
    Section 15.2.     Survival..............................................................................37

SECTION 16.           SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT..........................37

SECTION 17.           AMENDMENT AND WAIVER..................................................................37

    Section 17.1.     Requirements..........................................................................37
    Section 17.2.     Solicitation of Holders of Notes......................................................38
    Section 17.3.     Binding Effect, etc...................................................................38
    Section 17.4.     Notes Held by Company, etc............................................................38

SECTION 18.           NOTICES...............................................................................38

SECTION 19.           REPRODUCTION OF DOCUMENTS.............................................................39

SECTION 20.           CONFIDENTIAL INFORMATION..............................................................39

SECTION 21.           SUBSTITUTION OF PURCHASER.............................................................40
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<S>                   <C>                                                                                   <C>
SECTION 22.           MISCELLANEOUS.........................................................................41

    Section 22.1.     Successors and Assigns................................................................41
    Section 22.2.     Payments Due on Non-Business Days.....................................................41
    Section 22.3.     Severability..........................................................................41
    Section 22.4.     Construction..........................................................................41
    Section 22.5.     Counterparts..........................................................................41

SECTION 22.6.         GOVERNING LAW.........................................................................41

    Section 22.7.     Consent to Jurisdiction and Service of Process........................................41

Signature...................................................................................................43
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SCHEDULE A     --  Information Relating to Purchasers

SCHEDULE B     --  Defined Terms

SCHEDULE 4.9   --  Changes in Corporate Structure

SCHEDULE 5.3   --  Disclosure Materials

SCHEDULE 5.4   --  Subsidiaries of the Company and Ownership of Subsidiary Stock

SCHEDULE 5.5   --  Financial Statements

SCHEDULE 5.8   --  Certain Litigation

SCHEDULE 5.11  --  Patents, etc.

SCHEDULE 5.14  --  Use of Proceeds

SCHEDULE 5.15  --  Existing Indebtedness

EXHIBIT 1      --  Form of 5.52% Senior Note due January 8, 2009

EXHIBIT 2      --  Subordination Provisions Applicable to Subordinated Debt

EXHIBIT 4.4(a) --  Form of Opinion of Counsel for the Company

EXHIBIT 4.4(b) --  Form of Opinion of Special Counsel for the Purchasers

                                       -v-
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                       NATIONAL CONSUMER COOPERATIVE BANK
                         1401 Eye Street N.W., Suite 700
                             Washington, D.C. 20005

                     5.52% Senior Notes due January 8, 2009

                                                                     Dated as of
                                                                 January 8, 2003

TO EACH OF THE PURCHASERS LISTED IN
 THE ATTACHED SCHEDULE A:

Ladies and Gentlemen:

      NATIONAL CONSUMER COOPERATIVE BANK (d/b/a National Cooperative Bank), a
banking corporation chartered pursuant to the National Consumer Cooperative Bank
Act, as amended, 12 U.S.C. Sections 3001-3051 (the "COMPANY"), agrees with the
Purchasers listed in the attached Schedule A as follows:

SECTION 1.     AUTHORIZATION OF NOTES.

      The Company will authorize the issue and sale of $50,000,000 aggregate
principal amount of its 5.52% Senior Notes due January 8, 2009 (the "NOTES",
such term to include any such notes issued in substitution therefor pursuant to
Section 13 of this Agreement). The Notes shall be substantially in the form set
out in Exhibit 1, with such changes therefrom, if any, as may be approved by
each Purchaser and the Company.

      Certain capitalized terms used in this Agreement are defined in
Schedule B; references to a "Schedule" or an "Exhibit" are, unless otherwise
specified, to a Schedule or an Exhibit attached to this Agreement.

SECTION 2.     SALE AND PURCHASE OF NOTES.

      Subject to the terms and conditions of this Agreement, the Company will
issue and sell to each Purchaser and each Purchaser will purchase from the
Company, at the Closing provided for in Section 3, Notes in the principal amount
specified opposite such Purchaser's name in Schedule A at the purchase price of
100% of the principal amount thereof. The obligations of each Purchaser
hereunder are several and not joint obligations, and each Purchaser shall have
no obligation and no liability to any Person for the performance or
nonperformance by any other Purchaser hereunder.

                                 EXHIBIT 4.4(b)
                          (to Note Purchase Agreement)

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SECTION 3.     CLOSING.

      The sale and purchase of the Notes to be purchased by each Purchaser
shall occur at the offices of Chapman and Cutler, 111 West Monroe Street,
Chicago, Illinois 60603, at 10:00 a.m. Chicago time, at a closing (the
"CLOSING") on January 8, 2003 or on such other Business Day thereafter on or
prior to January 15, 2003 as may be agreed upon by the Company and the
Purchasers. At the Closing the Company will deliver to each Purchaser the Notes
to be purchased by such Purchaser in the form of a single Note (or such greater
number of Notes in denominations of at least $100,000 as such Purchaser may
request) dated the date of the Closing and registered in such Purchaser's name
(or in the name of such Purchaser's nominee), against delivery by such Purchaser
to the Company or its order of immediately available funds in the amount of the
purchase price therefor by wire transfer of immediately available funds for the
account of the Company. If at the Closing the Company shall fail to tender such
Notes to any Purchaser as provided above in this Section 3, or any of the
conditions specified in Section 4 shall not have been fulfilled to any
Purchaser's satisfaction, such Purchaser shall, at such Purchaser's election, be
relieved of all further obligations under this Agreement, without thereby
waiving any rights such Purchaser may have by reason of such failure or such
nonfulfillment.

SECTION 4.     CONDITIONS TO CLOSING.

      The obligation of each Purchaser to purchase and pay for the Notes to be
sold to such Purchaser at the Closing is subject to the fulfillment to such
Purchaser's satisfaction, prior to or at the Closing, of the following
conditions:

    SECTION 4.1.    REPRESENTATIONS AND WARRANTIES. The representations and
warranties of the Company in this Agreement shall be correct when made and at
the time of the Closing.

    SECTION 4.2.    PERFORMANCE; NO DEFAULT. The Company shall have performed
and complied with all agreements and conditions contained in this Agreement
required to be performed or complied with by it prior to or at the Closing, and
after giving effect to the issue and sale of the Notes (and the application of
the proceeds thereof as contemplated by Schedule 5.14), no Default or Event of
Default shall have occurred and be continuing. The Company shall not have
entered into any transaction since the date of the Memorandum that would have
been prohibited by Section 10 hereof had such Section applied since such date.

    SECTION 4.3.    COMPLIANCE CERTIFICATES.

      (a)   OFFICER'S CERTIFICATE. The Company shall have delivered to such
Purchaser an Officer's Certificate, dated the date of the Closing, certifying
that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

      (b)   SECRETARY'S CERTIFICATE. The Company shall have delivered to such
Purchaser a certificate certifying as to the resolutions attached thereto and
other corporate proceedings relating to the authorization, execution and
delivery of the Notes and this Agreement.

                                   E-4.4(b)-2
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      (c)   ERISA CERTIFICATE. If such Purchaser shall have made the disclosures
referred to in Section 6.2(b), (c) or (e), such Purchaser shall have received
the certificate from the Company described in the penultimate paragraph of
Section 6.2 and such certificate shall state that (i) the Company is neither a
"party in interest" nor a "disqualified person" (as defined in Section
4975(e)(2) of the Code), with respect to any plan identified pursuant to Section
6.2(b) or (e) or (ii) with respect to any plan, identified pursuant to Section
6.2(c), neither the Company nor any "affiliate" (as defined in Section V(c) of
the QPAM Exemption) has, at such time or during the immediately preceding one
year, exercised the authority to appoint or terminate the QPAM as manager of the
assets of any plan identified in writing pursuant to Section 6.2(c) or to
negotiate the terms of said QPAM's management agreement on behalf of any such
identified plans.

    SECTION 4.4.    OPINIONS OF COUNSEL. Such Purchaser shall have received
opinions in form and substance satisfactory to such Purchaser, dated the date of
the Closing (a) from Shea & Gardner, counsel for the Company, covering the
matters set forth in Exhibit 4.4(a) and covering such other matters incident to
the transactions contemplated hereby as such Purchaser or such Purchaser's
counsel may reasonably request (and the Company hereby instructs its counsel to
deliver such opinions to such Purchaser), and (b) from Chapman and Cutler,
Purchasers' special counsel in connection with such transactions, substantially
in the form set forth in Exhibit 4.4(b) and covering such other matters incident
to such transactions as such Purchaser may reasonably request.

    SECTION 4.5.    PURCHASE PERMITTED BY APPLICABLE LAW, ETC. On the date of
the Closing each purchase of Notes shall (i) be permitted by the laws and
regulations of each jurisdiction to which each Purchaser is subject, without
recourse to provisions (such as Section 1405(a)(8) of the New York Insurance
Law) permitting limited investments by insurance companies without restriction
as to the character of the particular investment, (ii) not violate any
applicable law or regulation (including, without limitation, Regulation T, U or
X of the Board of Governors of the Federal Reserve System) and (iii) not subject
any Purchaser to any tax, penalty or liability under or pursuant to any
applicable law or regulation, which law or regulation was not in effect on the
date hereof. If requested by any Purchaser, such Purchaser shall have received
an Officer's Certificate certifying as to such matters of fact as such Purchaser
may reasonably specify to enable such Purchaser to determine whether such
purchase is so permitted.

    SECTION 4.6.    RELATED TRANSACTIONS. The Company, contemporaneously
herewith, shall have consummated the sale of the entire principal amount of the
Notes scheduled to be sold on the date of the Closing pursuant to this
Agreement.

    SECTION 4.7.    PAYMENT OF SPECIAL COUNSEL FEES. Without limiting the
provisions of Section 15.1, the Company shall have paid on or before the Closing
the fees, charges and disbursements of the Purchasers' special counsel referred
to in Section 4.4 to the extent reflected in a statement of such counsel
rendered to the Company at least one Business Day prior to the Closing.

    SECTION 4.8.    PRIVATE PLACEMENT NUMBER. A Private Placement Number issued
by Standard & Poor's CUSIP Service Bureau (in cooperation with the Securities
Valuation Office of the National Association of Insurance Commissioners) shall
have been obtained for the Notes.

                                   E-4.4(b)-3
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    SECTION 4.9.    CHANGES IN CORPORATE STRUCTURE. Except as specified in
Schedule 4.9, the Company shall not have changed its jurisdiction of
incorporation or been a party to any merger or consolidation and shall not have
succeeded to all or any substantial part of the liabilities of any other entity,
at any time following the date of the most recent financial statements referred
to in Schedule 5.5.

    SECTION 4.10.   FUNDING INSTRUCTIONS. At least three Business Days prior to
the date of the Closing, such Purchaser shall have received written instructions
executed by a Responsible Officer of the Company directing the manner of the
payment of funds and setting forth (i) the name and address of the transferee
bank, (ii) such transferee bank's ABA number, (iii) the account name and number
into which the purchase price for the Notes is to be deposited, and (iv) the
name and telephone number of the account representative responsible for
verifying receipt of such funds.

    SECTION 4.11.   PROCEEDINGS AND DOCUMENTS. All corporate and other
proceedings in connection with the transactions contemplated by this Agreement
and all documents and instruments incident to such transactions shall be
satisfactory to such Purchaser and such Purchaser's special counsel, and such
Purchaser and such Purchaser's special counsel shall have received all such
counterpart originals or certified or other copies of such documents as such
Purchaser or special counsel may reasonably request.

SECTION 5.     REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

      The Company represents and warrants to each Purchaser that:

    SECTION 5.1.    ORGANIZATION; POWER AND AUTHORITY. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation, and is duly qualified as a foreign
corporation and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. The Company
has the corporate power and authority to own or hold under lease the properties
it purports to own or hold under lease, to transact the business it transacts
and proposes to transact, to execute and deliver this Agreement and the Notes
and to perform the provisions hereof and thereof.

    SECTION 5.2.    AUTHORIZATION, ETC. This Agreement and the Notes have been
duly authorized by all necessary corporate action on the part of the Company,
and this Agreement constitutes, and upon execution and delivery thereof each
Note will constitute, a legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors' rights generally and (ii) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

    SECTION 5.3.    DISCLOSURE. The Company, through its agent, Credit Lyonnais
Securities, Inc., has delivered to each Purchaser a copy of a Confidential
Private Placement Memorandum,

                                   E-4.4(b)-4
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dated December, 2002 (the "MEMORANDUM"), relating to the transactions
contemplated hereby. The Memorandum fairly describes, in all material respects,
the general nature of the business and principal properties of the Company and
its Subsidiaries. Except as disclosed in Schedule 5.3, this Agreement, the
Memorandum, the documents, certificates or other writings delivered to each
Purchaser by or on behalf of the Company in connection with the transactions
contemplated hereby and the financial statements listed in Schedule 5.5, taken
as a whole, do not contain any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein not misleading
in light of the circumstances under which they were made. Since December 31,
2001, there has been no change in the financial condition, operations, business,
properties or prospects of the Company or any Subsidiary except changes that
individually or in the aggregate could not reasonably be expected to have a
Material Adverse Effect. There is no fact known to the Company that could
reasonably be expected to have a Material Adverse Effect that has not been set
forth herein or in the Memorandum or in the other documents, certificates and
other writings delivered to each Purchaser by or on behalf of the Company
specifically for use in connection with the transactions contemplated hereby.

    SECTION 5.4.    ORGANIZATION AND OWNERSHIP OF SHARES OF SUBSIDIARIES;
AFFILIATES. (a) Schedule 5.4 contains (except as noted therein) complete and
correct lists (i) of the Company's Subsidiaries, showing, as to each Subsidiary,
its status (whether a Restricted Subsidiary or an Unrestricted Subsidiary), the
correct name thereof, the jurisdiction of its organization, and the percentage
of shares of each class of its capital stock or similar equity interests
outstanding owned by the Company and each other Subsidiary, (ii) of the
Company's Affiliates, other than Subsidiaries, and (iii) of the Company's
directors and senior officers.

      (b)   All of the outstanding shares of capital stock or similar equity
interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company
and its Subsidiaries have been validly issued, are fully paid and nonassessable
and are owned by the Company or another Subsidiary free and clear of any Lien
(except as otherwise disclosed in Schedule 5.4).

      (c)   Each Subsidiary identified in Schedule 5.4 is a corporation or other
legal entity duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization, and is duly qualified as a foreign
corporation or other legal entity and is in good standing in each jurisdiction
in which such qualification is required by law, other than those jurisdictions
as to which the failure to be so qualified or in good standing could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each such Subsidiary has the corporate or other power and
authority to own or hold under lease the properties it purports to own or hold
under lease and to transact the business it transacts and proposes to transact.

      (d)   Except in the case of NCB, FSB, which must file a notice with, and
receive approval from, the Office of Thrift Supervision ("OTS") prior to paying
any dividends to any of the holders of the outstanding shares of its capital
stock or similar equity interests under subpart E of Part 563 of the OTS
regulations (12 C.F.R., Parts 500-599), no Subsidiary is a party to, or
otherwise subject to any legal restriction or any agreement (other than this
Agreement, the agreements listed on Schedule 5.4 and customary limitations
imposed by corporate law statutes) restricting the ability of such Subsidiary to
pay dividends out of profits or make any other similar

                                   E-4.4(b)-5
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distributions of profits to the Company or any of its Subsidiaries that owns
outstanding shares of capital stock or similar equity interests of such
Subsidiary.

    SECTION 5.5.    FINANCIAL STATEMENTS. The Company has delivered to each
Purchaser copies of the financial statements of the Company and its Subsidiaries
listed on Schedule 5.5. All of said financial statements (including in each case
the related schedules and notes) fairly present in all material respects the
consolidated financial position of the Company and its Subsidiaries as of the
respective dates specified in such Schedule and the consolidated results of
their operations and cash flows for the respective periods so specified and have
been prepared in accordance with GAAP consistently applied throughout the
periods involved except as set forth in the notes thereto (subject, in the case
of any interim financial statements, to normal year-end adjustments).

    SECTION 5.6.    COMPLIANCE WITH LAWS, OTHER INSTRUMENTS, ETC. The execution,
delivery and performance by the Company of this Agreement and the Notes will not
(i) contravene, result in any breach of, or constitute a default under, or
result in the creation of any Lien in respect of any property of the Company or
any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or
credit agreement, lease, corporate charter or by-laws, or any other agreement or
instrument to which the Company or any Subsidiary is bound or by which the
Company or any Subsidiary or any of their respective properties may be bound or
affected, (ii) conflict with or result in a breach of any of the terms,
conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to the Company or any Subsidiary
or (iii) violate any provision of any statute or other rule or regulation of any
Governmental Authority applicable to the Company or any Subsidiary.

    SECTION 5.7.    GOVERNMENTAL AUTHORIZATIONS, ETC. No consent, approval or
authorization of, or registration, filing or declaration with, any Governmental
Authority is required in connection with the execution, delivery or performance
by the Company of this Agreement or the Notes.

    SECTION 5.8.    LITIGATION; OBSERVANCE OF AGREEMENTS, STATUTES AND ORDERS.
(a) Except as disclosed in Schedule 5.8, there are no actions, suits or
proceedings pending or, to the knowledge of the Company, threatened against or
affecting the Company or any Subsidiary or any property of the Company or any
Subsidiary in any court or before any arbitrator of any kind or before or by any
Governmental Authority that, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

      (b)   Neither the Company nor any Subsidiary is in default under any term
of any agreement or instrument to which it is a party or by which it is bound,
or any order, judgment, decree or ruling of any court, arbitrator or
Governmental Authority or is in violation of any applicable law, ordinance, rule
or regulation (including without limitation Environmental Laws) of any
Governmental Authority, which default or violation, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

    SECTION 5.9.    TAXES. The Company and its Subsidiaries have filed all tax
returns that are required to have been filed in any jurisdiction, and have paid
all taxes shown to be due and payable on such returns and all other taxes and
assessments levied upon them or their properties,

                                   E-4.4(b)-6
<Page>

assets, income or franchises, to the extent such taxes and assessments have
become due and payable and before they have become delinquent, except for any
taxes and assessments (i) the amount of which is not individually or in the
aggregate Material or (ii) the amount, applicability or validity of which is
currently being contested in good faith by appropriate proceedings and with
respect to which the Company or a Subsidiary, as the case may be, has
established adequate reserves in accordance with GAAP. The Company knows of no
basis for any other tax or assessment that could reasonably be expected to have
a Material Adverse Effect. The charges, accruals and reserves on the books of
the Company and its Subsidiaries in respect of Federal, state or other taxes for
all fiscal periods are adequate. The Federal income tax liabilities of the
Company and its Subsidiaries have been determined by the Internal Revenue
Service and paid for all fiscal years up to and including the fiscal year ended
December 31, 1995.

    SECTION 5.10.   TITLE TO PROPERTY; LEASES. The Company and its Subsidiaries
have good and sufficient title to their respective properties, including all
such properties reflected in the most recent audited balance sheet referred to
in Section 5.5 or purported to have been acquired by the Company or any
Subsidiary after said date (except as sold or otherwise disposed of in the
ordinary course of business), in each case free and clear of Liens prohibited by
this Agreement. All leases that individually or in the aggregate are Material
are valid and subsisting and are in full force and effect in all material
respects.

    SECTION 5.11.   LICENSES, PERMITS, ETC. Except as disclosed in
Schedule 5.11,

      (a)   the Company and its Subsidiaries own or possess all licenses,
permits, franchises, authorizations, patents, copyrights, service marks,
trademarks and trade names, or rights thereto, that individually or in the
aggregate are Material, without known conflict with the rights of others;

      (b)   to the best knowledge of the Company, no product of the Company
infringes in any Material respect any license, permit, franchise, authorization,
patent, copyright, service mark, trademark, trade name or other right owned by
any other Person; and

      (c)   to the best knowledge of the Company, there is no Material violation
by any Person of any right of the Company or any of its Subsidiaries with
respect to any patent, copyright, service mark, trademark, trade name or other
right owned or used by the Company or any of its Subsidiaries.

    SECTION 5.12.   COMPLIANCE WITH ERISA. (a) The Company and each ERISA
Affiliate have operated and administered each Plan in compliance with all
applicable laws except for such instances of noncompliance as have not resulted
in and could not reasonably be expected to result in a Material Adverse Effect.
Neither the Company nor any ERISA Affiliate has incurred any liability pursuant
to Title I or IV of ERISA or the penalty or excise tax provisions of the Code
relating to employee benefit plans (as defined in section 3 of ERISA), and no
event, transaction or condition has occurred or exists that could reasonably be
expected to result in the incurrence of any such liability by the Company or any
ERISA Affiliate, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate, in either case
pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions
or to

                                   E-4.4(b)-7
<Page>

section 401(a)(29) or 412 of the Code, other than such liabilities or Liens as
would not be individually or in the aggregate Material.

      (b)   The present value of the aggregate benefit liabilities under each of
the Plans (other than Multiemployer Plans), determined as of the end of such
Plan's most recently ended plan year on the basis of the actuarial assumptions
specified for funding purposes in such Plan's most recent actuarial valuation
report, did not exceed the aggregate current value of the assets of such Plan
allocable to such benefit liabilities. The term "BENEFIT LIABILITIES" has the
meaning specified in section 4001 of ERISA and the terms "CURRENT VALUE" and
"PRESENT VALUE" have the meanings specified in section 3 of ERISA.

      (c)   The Company and its ERISA Affiliates have not incurred withdrawal
liabilities (and are not subject to contingent withdrawal liabilities) under
section 4201 or 4204 of ERISA in respect of Multiemployer Plans that
individually or in the aggregate are Material.

      (d)   The expected post-retirement benefit obligation (determined as of
the last day of the Company's most recently ended fiscal year in accordance with
Financial Accounting Standards Board Statement No. 106, without regard to
liabilities attributable to continuation coverage mandated by section 4980B of
the Code) of the Company and its Subsidiaries is not Material.

      (e)   The execution and delivery of this Agreement and the issuance and
sale of the Notes hereunder will not involve any transaction that is subject to
the prohibitions of section 406 of ERISA or in connection with which a tax could
be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation
by the Company in the first sentence of this Section 5.12(e) is made in reliance
upon and subject to the accuracy of the Purchasers' representations in Section
6.2 as to the sources of the funds used to pay the purchase price of the Notes
to be purchased by such Purchaser.

    SECTION 5.13.   PRIVATE OFFERING BY THE COMPANY. Neither the Company nor
anyone acting on its behalf has offered the Notes or any similar securities for
sale to, or solicited any offer to buy any of the same from, or otherwise
approached or negotiated in respect thereof with, any Person other than the
Purchasers and not more than thirty-five (35) other Institutional Investors,
each of which has been offered the Notes at a private sale for investment.
Neither the Company nor anyone acting on its behalf has taken, or will take, any
action that would subject the issuance or sale of the Notes to the registration
requirements of Section 5 of the Securities Act.

    SECTION 5.14.   USE OF PROCEEDS; MARGIN REGULATIONS. The Company will apply
the proceeds of the sale of the Notes as set forth in Schedule 5.14. No part of
the proceeds from the sale of the Notes hereunder will be used, directly or
indirectly, for the purpose of buying or carrying any margin stock within the
meaning of Regulation U of the Board of Governors of the Federal Reserve System
(12 CFR 221), or for the purpose of buying or carrying or trading in any
securities under such circumstances as to involve the Company in a violation of
Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a
violation of Regulation T of said Board (12 CFR 220). Margin stock does not
constitute more than 5% of the value of the consolidated assets of the Company
and its Subsidiaries and the Company does not have any present intention that
margin stock will constitute more than 5% of the value of such assets. As

                                   E-4.4(b)-8
<Page>

used in this Section, the terms "MARGIN STOCK" and "PURPOSE OF BUYING OR
CARRYING" shall have the meanings assigned to them in said Regulation U.

    SECTION 5.15.   EXISTING INDEBTEDNESS; FUTURE LIENS. (a) Schedule 5.15 sets
forth a complete and correct list of all outstanding Indebtedness of the Company
and its Subsidiaries as of January 3, 2003, since which date there has been no
Material change in the amounts, interest rates, sinking funds, installment
payments or maturities of the Indebtedness of the Company or its Subsidiaries.
Neither the Company nor any Subsidiary is in default and no waiver of default is
currently in effect, in the payment of any principal or interest on any
Indebtedness of the Company or any Subsidiary and no event or condition exists
with respect to any Indebtedness of the Company or any Subsidiary that would
permit (or that with notice or the lapse of time, or both, would permit) one or
more Persons to cause such Indebtedness to become due and payable before its
stated maturity or before its regularly scheduled dates of payment.

      (b)   Except as disclosed in Schedule 5.15, neither the Company nor any
Subsidiary has agreed or consented to cause or permit in the future (upon the
happening of a contingency or otherwise) any of its property, whether now owned
or hereafter acquired, to be subject to a Lien not permitted by Section 10.11.

    SECTION 5.16.   FOREIGN ASSETS CONTROL REGULATIONS, ETC. Neither the sale of
the Notes by the Company hereunder nor its use of the proceeds thereof will
violate the Trading with the Enemy Act, as amended, or any of the foreign assets
control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto, and without limiting the foregoing, neither the Company nor
any Subsidiary (i) is or will become a person whose property or interests in
property are blocked pursuant to Section 1 of Executive Order 13224 of September
23, 2001, Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) or
(ii) to the knowledge of any Responsible Officer of the Company, engages or will
engage in any dealings or transactions, or be otherwise associated, with any
such person.

    SECTION 5.17.   STATUS UNDER CERTAIN STATUTES. Neither the Company nor any
Subsidiary is subject to regulation under the Investment Company Act of 1940, as
amended, the Public Utility Holding Company Act of 1935, as amended, the ICC
Termination Act of 1995, as amended, or the Federal Power Act, as amended.

    SECTION 5.18.   ENVIRONMENTAL MATTERS. Neither the Company nor any
Subsidiary has knowledge of any claim or has received any notice of any claim,
and no proceeding has been instituted raising any claim against the Company or
any of its Subsidiaries or any of their respective real properties now or
formerly owned, leased or operated by any of them or other assets, alleging any
damage to the environment or violation of any Environmental Laws, except, in
each case, such as could not reasonably be expected to result in a Material
Adverse Effect. Except as otherwise disclosed to each Purchaser in writing:

               (a)   neither the Company nor any Subsidiary has knowledge of
      any facts which would give rise to any claim, public or private, of
      violation of Environmental Laws

                                   E-4.4(b)-9
<Page>

      or damage to the environment emanating from, occurring on or in any way
      related to real properties now or formerly owned, leased or operated by
      any of them or to other assets or their use, except, in each case, such as
      could not reasonably be expected to result in a Material Adverse Effect;

               (b)   neither the Company nor any of its Subsidiaries has stored
      any Hazardous Materials on real properties now or formerly owned, leased
      or operated by any of them and has not disposed of any Hazardous Materials
      in a manner contrary to any Environmental Laws in each case in any manner
      that could reasonably be expected to result in a Material Adverse Effect;
      and

               (c)   all buildings on all real properties now owned, leased or
      operated by the Company or any of its Subsidiaries are in compliance with
      applicable Environmental Laws, except where failure to comply could not
      reasonably be expected to result in a Material Adverse Effect.

SECTION 6.     REPRESENTATIONS OF THE PURCHASERS.

    SECTION 6.1.    PURCHASE FOR INVESTMENT. Each Purchaser represents that it
is purchasing the Notes for its own account or for one or more separate accounts
maintained by such Purchaser or for the account of one or more pension or trust
funds and not with a view to the distribution thereof, PROVIDED that the
disposition of such Purchaser's or their property shall at all times be within
such Purchaser's or their control. Each Purchaser understands that the Notes
have not been registered under the Securities Act and may be resold only if
registered pursuant to the provisions of the Securities Act or if an exemption
from registration is available, except under circumstances where neither such
registration nor such an exemption is required by law, and that the Company is
not required to register the Notes.

    SECTION 6.2.    SOURCE OF FUNDS. Each Purchaser represents that at least one
of the following statements is an accurate representation as to each source of
funds (a "SOURCE") to be used by such Purchaser to pay the purchase price of the
Notes to be purchased by it hereunder:

               (a)   the Source is an "insurance company general account"
      within the meaning of Department of Labor Prohibited Transaction Exemption
      ("PTE") 95-60 (issued July 12, 1995) and there is no employee benefit
      plan, treating as a single plan, all plans maintained by the same employer
      or employee organization, with respect to which the amount of the general
      account reserves and liabilities for all contracts held by or on behalf of
      such plan, exceed ten percent (10%) of the total reserves and liabilities
      of such general account (exclusive of separate account liabilities) plus
      surplus, as set forth in the NAIC Annual Statement filed with such
      Purchaser's state of domicile; or

               (b)   the Source is either (i) an insurance company pooled
      separate account, within the meaning of PTE 90-1 (issued January 29,
      1990), or (ii) a bank collective investment fund, within the meaning of
      the PTE 91-38 (issued July 12, 1991) and, except as such Purchaser has
      disclosed to the Company in writing pursuant to this paragraph (b), no
      employee benefit plan or group of plans maintained by the same employer or

                                   E-4.4(b)-10
<Page>

      employee organization beneficially owns more than 10% of all assets
      allocated to such pooled separate account or collective investment fund;
      or

               (c)   the Source constitutes assets of an "investment fund"
      (within the meaning of Part V of the QPAM Exemption) managed by a
      "qualified professional asset manager" or "QPAM" (within the meaning of
      Part V of the QPAM Exemption), no employee benefit plan's assets that are
      included in such investment fund, when combined with the assets of all
      other employee benefit plans established or maintained by the same
      employer or by an affiliate (within the meaning of Section V(c)(1) of the
      QPAM Exemption) of such employer or by the same employee organization and
      managed by such QPAM, exceed 20% of the total client assets managed by
      such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are
      satisfied, neither the QPAM nor a person controlling or controlled by the
      QPAM (applying the definition of "control" in Section V(e) of the QPAM
      Exemption) owns a 5% or more interest in the Company and (i) the identity
      of such QPAM and (ii) the names of all employee benefit plans whose assets
      are included in such investment fund have been disclosed to the Company in
      writing pursuant to this paragraph (c); or

               (d)   the Source is a governmental plan; or

               (e)   the Source is one or more employee benefit plans, or a
      separate account or trust fund comprised of one or more employee benefit
      plans, each of which has been identified to the Company in writing
      pursuant to this paragraph (e); or

               (f)   the Source does not include assets of any employee benefit
      plan, other than a plan exempt from the coverage of ERISA.

      If any Purchaser or any subsequent transferee of the Notes indicates that
such Purchaser or such transferee is relying on any representation contained in
paragraph (b), (c) or (e) above, the Company shall deliver on the date of
Closing and on the date of any applicable transfer a certificate, which shall
either state that (i) it is neither a party in interest nor a "disqualified
person" (as defined in section 4975(e)(2) of the Code), with respect to any plan
identified pursuant to paragraphs (b) or (e) above, or (ii) with respect to any
plan, identified pursuant to paragraph (c) above, neither it nor any "affiliate"
(as defined in Section V(c) of the QPAM Exemption) has at such time, and during
the immediately preceding one year, exercised the authority to appoint or
terminate said QPAM as manager of any plan identified in writing pursuant to
paragraph (c) above or to negotiate the terms of said QPAM's management
agreement on behalf of any such identified plan.

      As used in this Section 6.2, the terms "EMPLOYEE BENEFIT PLAN",
"GOVERNMENTAL PLAN", "PARTY IN INTEREST" and "SEPARATE ACCOUNT" shall have the
respective meanings assigned to such terms in section 3 of ERISA.

                                   E-4.4(b)-11
<Page>

SECTION 7.     INFORMATION AS TO COMPANY.

    SECTION 7.1.    FINANCIAL AND BUSINESS INFORMATION. The Company shall
deliver to each holder of Notes that is an Institutional Investor:

               (a)   QUARTERLY STATEMENTS -- promptly, and in any event within
      60 days after the end of each quarterly fiscal period in each fiscal year
      of the Company (other than the last quarterly fiscal period of each such
      fiscal year), duplicate copies of:

                       (i)    a consolidated  balance sheet of the Company and
               its Subsidiaries as at the end of such quarter,

                      (ii)    a consolidated balance sheet of the Company and
               its Restricted Subsidiaries as at the end of such quarter,

                     (iii)    consolidated statements of income, changes in
               shareholders' equity and cash flows of the Company and its
               Subsidiaries for such quarter and (in the case of the second and
               third quarters) for the portion of the fiscal year ending with
               such quarter, and

                      (iv)    consolidated statements of income, changes in
               shareholders' equity and cash flows of the Company and its
               Restricted Subsidiaries for such quarter and (in the case of the
               second and third quarters) for the portion of the fiscal year
               ending with such quarter,

      setting forth in each case in comparative form the figures for the
      corresponding periods in the previous fiscal year, all in reasonable
      detail, prepared in accordance with GAAP applicable to quarterly financial
      statements generally, and certified by a Senior Financial Officer as
      fairly presenting, in all material respects, the financial position of the
      companies being reported on and their results of operations and cash
      flows, subject to changes resulting from year-end adjustments, PROVIDED
      that delivery within the time period specified above of copies of the
      Company's Quarterly Report on Form 10-Q prepared in compliance with the
      requirements therefor and filed with the Securities and Exchange
      Commission shall be deemed to satisfy the requirements of clauses (i) and
      (iii) of this Section 7.1(a);

               (b)   ANNUAL STATEMENTS -- promptly, and in any event within 90
      days after the end of each fiscal year of the Company, duplicate copies
      of:

                       (i)    consolidating and consolidated balance sheets of
               the Company and its Subsidiaries, as at the end of such year,

                      (ii)    consolidating and consolidated balance sheets of
               the Company and its Restricted Subsidiaries, as at the end of
               such year,

                                   E-4.4(b)-12
<Page>

                     (iii)    consolidating and consolidated statements of
               income, changes in shareholders' equity and cash flows of the
               Company and its Subsidiaries, for such year, and

                      (iv)    consolidating and consolidated statements of
               income, changes in shareholders' equity and cash flows of the
               Company and its Restricted Subsidiaries, for such year,

      setting forth in each case in comparative form the figures for the
      previous fiscal year, all in reasonable detail, prepared in accordance
      with GAAP, and accompanied

                       (A)    by, except in the case of the consolidating
               statements which may be certified as complete and correct by a
               Senior Financial Officer of the Company, an opinion thereon of
               independent certified public accountants of recognized national
               standing, which opinion shall be without limitation as to scope
               or material qualification and shall state that such financial
               statements present fairly, in all material respects, the
               financial position of the companies being reported upon and their
               results of operations and cash flows and have been prepared in
               conformity with GAAP (except for changes in application in which
               such accountants concur and which are noted in the financial
               statements), and that the examination of such accountants in
               connection with such financial statements has been made in
               accordance with generally accepted auditing standards, and that
               such audit provides a reasonable basis for such opinion in the
               circumstances,

                       (B)    a certificate of such accountants stating that
               they have reviewed this Agreement and stating further whether, in
               making their audit, they have become aware of any condition or
               event that then constitutes a Default or an Event of Default,
               and, if they are aware that any such condition or event then
               exists, specifying the nature and period of the existence thereof
               (it being understood that such accountants shall not be liable,
               directly or indirectly, for any failure to obtain knowledge of
               any Default or Event of Default unless such accountants should
               have obtained knowledge thereof in making an audit in accordance
               with generally accepted auditing standards or did not make such
               an audit),

                       (C)    a statement from such accountants that such
               consolidating statements were prepared using the same work papers
               as were used in the preparation of such consolidated statements,
               and

                       (D)    a certification by a Senior Financial Officer of
               the Company that such consolidating and consolidated statements
               are true and correct;

               (c)   AUDIT REPORTS -- promptly upon receipt thereof, one copy
      of each interim or special audit made by independent accountants of the
      books of the Company or any Subsidiary, PROVIDED that the Company shall
      not be required to deliver a copy of any management letter from such
      accountants to the Company;

                                   E-4.4(b)-13
<Page>

               (d)   SEC AND OTHER REPORTS -- promptly upon their becoming
      available, one copy of (i) each financial statement, report, notice or
      proxy statement sent by the Company or any Subsidiary to public securities
      holders generally, and (ii) each regular or periodic report, each
      registration statement (without exhibits except as expressly requested by
      such holder), and each prospectus and all amendments thereto filed by the
      Company or any Subsidiary with the Securities and Exchange Commission and
      of all press releases and other statements made available generally by the
      Company or any Subsidiary to the public concerning developments that are
      Material;

               (e)   NOTICE OF DEFAULT OR EVENT OF DEFAULT -- promptly, and in
      any event within five days, after a Responsible Officer becoming aware of
      the existence of any Default or Event of Default or that any Person has
      given any notice or taken any action with respect to a claimed default
      hereunder or that any Person has given any notice or taken any action with
      respect to a claimed default of the type referred to in Section 11(f), a
      written notice specifying the nature and period of existence thereof and
      what action the Company is taking or proposes to take with respect
      thereto;

               (f)   ERISA MATTERS -- promptly, and in any event within five
      days after a Responsible Officer becoming aware of any of the following, a
      written notice setting forth the nature thereof and the action, if any,
      that the Company or an ERISA Affiliate proposes to take with respect
      thereto:

                       (i)    with respect to any Plan, any reportable event,
               as defined in section 4043(b) of ERISA and the regulations
               thereunder, for which notice thereof has not been waived pursuant
               to such regulations as in effect on the date hereof; or

                      (ii)    the taking by the PBGC of steps to institute, or
               the threatening by the PBGC of the institution of, proceedings
               under section 4042 of ERISA for the termination of, or the
               appointment of a trustee to administer, any Plan, or the receipt
               by the Company or any ERISA Affiliate of a notice from a
               Multiemployer Plan that such action has been taken by the PBGC
               with respect to such Multiemployer Plan; or

                     (iii)    any event, transaction or condition that could
               result in the incurrence of any liability by the Company or any
               ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty
               or excise tax provisions of the Code relating to employee benefit
               plans, or in the imposition of any Lien on any of the rights,
               properties or assets of the Company or any ERISA Affiliate
               pursuant to Title I or IV of ERISA or such penalty or excise tax
               provisions, if such liability or Lien, taken together with any
               other such liabilities or Liens then existing, could reasonably
               be expected to have a Material Adverse Effect;

               (g)   NOTICES FROM GOVERNMENTAL AUTHORITY -- promptly, and in
      any event within 30 days of receipt thereof, copies of any notice to the
      Company or any Subsidiary from any Federal or state Governmental Authority
      relating to any order, ruling, statute or

                                   E-4.4(b)-14
<Page>

      other law or regulation that could reasonably be expected to have a
      Material Adverse Effect;

               (h)   LITIGATION OR OTHER PROCEEDINGS -- promptly, and in any
      event within five Business Days, written notice of any pending or, to the
      knowledge of the Company, threatened claim in writing of, any action,
      suit, proceeding (whether administrative, judicial or otherwise),
      governmental investigation or arbitration against or affecting the Company
      or any of its Subsidiaries or any property of the Company or any of its
      Subsidiaries, that, individually or in the aggregate, could reasonably be
      expected to have a Material Adverse Effect;

               (i)   LOAN PORTFOLIO REPORTS -- together with each set of
      financial statements delivered to a holder of Notes pursuant to Section
      7.1(a) or Section 7.1(b) hereof, one copy of

                       (i)    a monthly Loan Portfolio Report of the Company
               setting forth, with respect to loans held in its portfolio,
               classifications relating to delinquency, non-performance, risk
               rating, loss allowances and other related matters as of the end
               of the last month of the fiscal quarters covered by such
               financial statements, to be prepared on substantially the same
               basis and to contain substantially the same information as the
               Loan Portfolio Report, dated September 30, 2002, in respect of
               the month of September, 2002, a copy of which was delivered to
               the each of the Purchasers prior to the date hereof, and

                      (ii)    a quarterly Report on Allowances for Loan Losses
               and Reserves of the Company, to be prepared on substantially the
               same basis and to contain substantially the same information as
               the Report on Allowances for Loan Losses and Reserves, dated
               September 30, 2002, a copy of which was delivered to each of the
               Purchasers prior to the date hereof,

      PROVIDED that such monthly and quarterly reports need not, unless you or
      any other holder of Notes shall reasonably so request, disclose the names
      of the obligors on such loans; and

               (j)   REQUESTED INFORMATION -- with reasonable promptness, such
      other data and information relating to the business, operations, affairs,
      financial condition, assets or properties of the Company or any of its
      Subsidiaries or relating to the ability of the Company to perform its
      obligations hereunder and under the Notes as from time to time may be
      reasonably requested by any such holder of Notes.

    SECTION 7.2.    OFFICER'S CERTIFICATE. Each set of financial statements
delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b)
hereof shall be accompanied by a certificate of a Senior Financial Officer
setting forth:

               (a)   COVENANT COMPLIANCE -- the information (including detailed
      calculations) required in order to establish whether the Company was in
      compliance with the

                                   E-4.4(b)-15
<Page>

      requirements of Section 10.2 through Section 10.15 hereof, inclusive,
      during the quarterly or annual period covered by the statements then being
      furnished (including with respect to each such Section, where applicable,
      the calculations of the maximum or minimum amount, ratio or percentage, as
      the case may be, permissible under the terms of such Sections, and the
      calculation of the amount, ratio or percentage then in existence);

               (b)   EVENT OF DEFAULT -- a statement that such officer has
      reviewed the relevant terms hereof and has made, or caused to be made,
      under his or her supervision, a review of the transactions and conditions
      of the Company and its Subsidiaries from the beginning of the quarterly or
      annual period covered by the statements then being furnished to the date
      of the certificate and that such review shall not have disclosed the
      existence during such period of any condition or event that constitutes a
      Default or an Event of Default or, if any such condition or event existed
      or exists (including, without limitation, any such event or condition
      resulting from the failure of the Company or any Subsidiary to comply with
      any Environmental Law), specifying the nature and period of existence
      thereof and what action the Company shall have taken or proposes to take
      with respect thereto.

               (c)   LOAN PORTFOLIO CHANGES -- an explanation, in reasonable
      detail, of the differences disclosed in the Loan Portfolio Reports
      accompanying such financial statements from the information set forth in
      the Loan Portfolio Reports delivered after the end of the immediately
      preceding fiscal quarter of the Company.

    SECTION 7.3.    INSPECTION. The Company shall permit the representatives of
each holder of Notes that is an Institutional Investor:

               (a)   NO DEFAULT -- if no Default or Event of Default then
      exists, at the expense of such holder and upon reasonable prior notice to
      the Company, to visit the principal executive office of the Company, to
      discuss the affairs, finances and accounts of the Company and its
      Subsidiaries with the Company's officers, and (with the consent of the
      Company, which consent will not be unreasonably withheld) its independent
      public accountants, and (with the consent of the Company, which consent
      will not be unreasonably withheld) to visit the other offices and
      properties of the Company and each Subsidiary, all at such reasonable
      times and as often as may be reasonably requested in writing; and

               (b)   DEFAULT -- if a Default or Event of Default then exists,
      at the expense of the Company, to visit and inspect any of the offices or
      properties of the Company or any Subsidiary, to examine all their
      respective books of account, records, reports and other papers, to make
      copies and extracts therefrom, and to discuss their respective affairs,
      finances and accounts with their respective officers and independent
      public accountants (and by this provision the Company authorizes said
      accountants to discuss the affairs, finances and accounts of the Company
      and its Subsidiaries), all at such times and as often as may be requested.

                                   E-4.4(b)-16
<Page>

SECTION 8.     PREPAYMENT OF THE NOTES.

    SECTION 8.1.    NO REQUIRED PREPAYMENTS. The Notes shall not be subject to
scheduled principal prepayments. On January 8, 2009, the entire unpaid principal
amount of each Note, together with accrued interest thereon, shall be due and
payable.

    SECTION 8.2.    OPTIONAL PREPAYMENTS WITH MAKE-WHOLE AMOUNT. The Company
may, at its option, upon notice as provided below, prepay at any time all, or
from time to time any part of, the Notes, in an amount not less than 10% of the
aggregate principal amount of the Notes then outstanding in the case of a
partial prepayment (other than a partial prepayment under Section
10.10(b)(ii)(A)(1)(x)), at 100% of the principal amount so prepaid, together
with interest accrued thereon to the date of such prepayment, plus the
Make-Whole Amount determined for the prepayment date with respect to such
principal amount. The Company will give each holder of Notes written notice of
each optional prepayment under this Section 8.2 not less than 30 days and not
more than 60 days prior to the date fixed for such prepayment. Each such notice
shall specify such date, the aggregate principal amount of the Notes to be
prepaid on such date, the principal amount of each Note held by such holder to
be prepaid (determined in accordance with Section 8.3), and the interest to be
paid on the prepayment date with respect to such principal amount being prepaid,
and shall be accompanied by a certificate of a Senior Financial Officer as to
the estimated Make-Whole Amount due in connection with such prepayment
(calculated as if the date of such notice were the date of the prepayment),
setting forth the details of such computation. Two Business Days prior to such
prepayment, the Company shall deliver to each holder of Notes a certificate of a
Senior Financial Officer specifying the calculation of such Make-Whole Amount as
of the specified prepayment date.

    SECTION 8.3.    ALLOCATION OF PARTIAL PREPAYMENTS. In the case of each
partial prepayment of the Notes, the principal amount of the Notes to be prepaid
shall be allocated among all of the Notes at the time outstanding in proportion,
as nearly as practicable, to the respective unpaid principal amounts thereof.

    SECTION 8.4.    MATURITY; SURRENDER, ETC. In the case of each prepayment of
Notes pursuant to this Section 8, the principal amount of each Note to be
prepaid shall mature and become due and payable on the date fixed for such
prepayment, together with interest on such principal amount accrued to such date
and the applicable Make-Whole Amount, if any. From and after such date, unless
the Company shall fail to pay such principal amount when so due and payable,
together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue. Any Note paid or prepaid in full
shall be surrendered to the Company and cancelled and shall not be reissued, and
no Note shall be issued in lieu of any prepaid principal amount of any Note.

    SECTION 8.5.    PURCHASE OF NOTES. The Company will not and will not permit
any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or
indirectly, any of the outstanding Notes except upon the payment or prepayment
of the Notes in accordance with the terms of this Agreement and the Notes. The
Company will promptly cancel all Notes acquired by it or any Affiliate pursuant
to any payment, prepayment or purchase of Notes pursuant to any provision of
this Agreement and no Notes may be issued in substitution or exchange for any
such Notes.

                                   E-4.4(b)-17
<Page>

    SECTION 8.6.    MAKE-WHOLE AMOUNT. The term "MAKE-WHOLE AMOUNT" means, with
respect to any Note, an amount equal to the excess, if any, of the Discounted
Value of the Remaining Scheduled Payments with respect to the Called Principal
of such Note over the amount of such Called Principal, PROVIDED that the
Make-Whole Amount may in no event be less than zero. For the purposes of
determining the Make-Whole Amount, the following terms have the following
meanings:

            "CALLED PRINCIPAL" means, with respect to any Note, the principal of
      such Note that is to be prepaid pursuant to Section 8.2 or has become or
      is declared to be immediately due and payable pursuant to Section 12.1, as
      the context requires.

            "DISCOUNTED VALUE" means, with respect to the Called Principal of
      any Note, the amount obtained by discounting all Remaining Scheduled
      Payments with respect to such Called Principal from their respective
      scheduled due dates to the Settlement Date with respect to such Called
      Principal, in accordance with accepted financial practice and at a
      discount factor (applied on the same periodic basis as that on which
      interest on the Notes is payable) equal to the Reinvestment Yield with
      respect to such Called Principal.

            "REINVESTMENT YIELD" means, with respect to the Called Principal of
      any Note, the 0.50% over the yield to maturity implied by (i) the yields
      reported, as of 10:00 A.M. (New York City time) on the second Business Day
      preceding the Settlement Date with respect to such Called Principal, on
      the display designated as "Page PX1" on the Bloomberg Financial Services
      Screen (or such other display as may replace Page PX1 on the Bloomberg
      Financial Services Screen) for actively traded "on-the-run" U.S. Treasury
      securities having a maturity equal to the Remaining Average Life of such
      Called Principal as of such Settlement Date, or (ii) if such yields are
      not reported as of such time or the yields reported as of such time are
      not ascertainable, the Treasury Constant Maturity Series Yields reported,
      for the latest day for which such yields have been so reported as of the
      second Business Day preceding the Settlement Date with respect to such
      Called Principal, in Federal Reserve Statistical Release H.15 (519) (or
      any comparable successor publication) for actively traded "on-the-run"
      U.S. Treasury securities having a constant maturity equal to the Remaining
      Average Life of such Called Principal as of such Settlement Date. Such
      implied yield will be determined, if necessary, by (i) converting U.S.
      Treasury bill quotations to bond-equivalent yields in accordance with
      accepted financial practice and (ii) interpolating linearly between (A)
      the actively traded "on-the-run" U.S. Treasury security with the maturity
      closest to and greater than the Remaining Average Life and (B) the
      actively traded "on-the-run" U.S. Treasury security with the maturity
      closest to and less than the Remaining Average Life.

            "REMAINING AVERAGE LIFE" means, with respect to any Called
      Principal, the number of years (calculated to the nearest one-twelfth
      year) obtained by dividing (i) such Called Principal into (ii) the sum of
      the products obtained by multiplying (a) the principal component of each
      Remaining Scheduled Payment with respect to such Called Principal by (b)
      the number of years (calculated to the nearest one-twelfth year) that will
      elapse between the Settlement Date with respect to such Called Principal
      and the scheduled due date of such Remaining Scheduled Payment.

                                   E-4.4(b)-18
<Page>

            "REMAINING SCHEDULED PAYMENTS" means, with respect to the Called
      Principal of any Note, all payments of such Called Principal and interest
      thereon that would be due after the Settlement Date with respect to such
      Called Principal if no payment of such Called Principal were made prior to
      its scheduled due date, PROVIDED that if such Settlement Date is not a
      date on which interest payments are due to be made under the terms of the
      Notes, then the amount of the next succeeding scheduled interest payment
      will be reduced by the amount of interest accrued to such Settlement Date
      and required to be paid on such Settlement Date pursuant to Section 8.2 or
      12.1.

            "SETTLEMENT DATE" means, with respect to the Called Principal of any
      Note, the date on which such Called Principal is to be prepaid pursuant to
      Section 8.2 or has become or is declared to be immediately due and payable
      pursuant to Section 12.1, as the context requires.

SECTION 9.     AFFIRMATIVE COVENANTS.

      The Company covenants that so long as any of the Notes are outstanding:

    SECTION 9.1.    COMPLIANCE WITH LAW. The Company will, and will cause each
of its Subsidiaries to, comply with all laws, ordinances or governmental rules
or regulations to which each of them is subject, including, without limitation,
Environmental Laws, and will obtain and maintain in effect all licenses,
certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of
their respective businesses, in each case to the extent necessary to ensure that
non-compliance with such laws, ordinances or governmental rules or regulations
or failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

    SECTION 9.2.    INSURANCE. The Company will, and will cause each of its
Subsidiaries to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective properties and businesses against
such casualties and contingencies, of such types, on such terms and in such
amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of
entities of established reputations engaged in the same or a similar business
and similarly situated.

    SECTION 9.3.    MAINTENANCE OF PROPERTIES. The Company will, and will cause
each of its Subsidiaries to, maintain and keep, or cause to be maintained and
kept, their respective properties in good repair, working order and condition
(other than ordinary wear and tear), so that the business carried on in
connection therewith may be properly conducted at all times, PROVIDED that this
Section shall not prevent the Company or any Subsidiary from discontinuing the
operation and the maintenance of any of its properties if such discontinuance is
desirable in the conduct of its business and the Company has concluded that such
discontinuance could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

    SECTION 9.4.    PAYMENT OF TAXES AND CLAIMS. The Company will, and will
cause each of its Subsidiaries to, file all tax returns required to be filed in
any jurisdiction and to pay and

                                   E-4.4(b)-19
<Page>

discharge all taxes shown to be due and payable on such returns and all other
taxes, assessments, governmental charges, or levies imposed on them or any of
their properties, assets, income or franchises, to the extent such taxes and
assessments have become due and payable and before they have become delinquent
and all claims for which sums have become due and payable that have or might
become a Lien on properties or assets of the Company or any Subsidiary, PROVIDED
that neither the Company nor any Subsidiary need pay any such tax or assessment
or claims if (i) the amount, applicability or validity thereof is contested by
the Company or such Subsidiary on a timely basis in good faith and in
appropriate proceedings, and the Company or a Subsidiary has established
adequate reserves therefor in accordance with GAAP on the books of the Company
or such Subsidiary or (ii) the nonpayment of all such taxes, assessments and
claims in the aggregate could not reasonably be expected to have a Material
Adverse Effect.

    SECTION 9.5.    CORPORATE EXISTENCE, ETC. The Company will at all times
preserve and keep in full force and effect its corporate existence. Subject to
Section 10.10, the Company will at all times preserve and keep in full force and
effect the corporate existence of each of its Subsidiaries and all rights and
franchises of the Company and its Subsidiaries unless, in the good faith
judgment of the Company, the termination of or failure to preserve and keep in
full force and effect the corporate existence of any Subsidiary or any right or
franchise could not, individually or in the aggregate, have a Material Adverse
Effect.

    SECTION 9.6.    NATURE OF BUSINESS. Neither the Company nor any Subsidiary
will engage in any business if, as a result, the general nature of the business,
taken on a consolidated basis, which would then be engaged in by the Company and
its Subsidiaries would be substantially changed from the general nature of the
business engaged in by the Company and its Subsidiaries on the date of this
Agreement.

    SECTION 9.7.    NOTES TO RANK PARI PASSU. The Notes of the Company are and
shall at all times rank at least PARI PASSU as against the assets of the Company
with all other present and future unsecured Indebtedness (actual or contingent)
of the Company which is not expressed to be subordinate or junior in rank to any
other unsecured Indebtedness of the Company.

    SECTION 9.8.    CHANGES IN STATUS OF SUBSIDIARIES. (a) So long as no Default
or Event of Default shall have occurred and be continuing, the Board of
Directors of the Company may at any time and from time to time, upon not less
than 30 days' prior written notice given to each holder of Notes, designate a
previously Unrestricted Subsidiary as a Restricted Subsidiary, PROVIDED that
immediately after such designation and after giving effect thereto (i) no
Default or Event of Default shall have occurred and be continuing and (ii) the
Company and its Restricted Subsidiaries would be in compliance with the
provisions of Section 10.3 hereof, assuming, for purposes of determining such
compliance, such previously Unrestricted Subsidiary was a Restricted Subsidiary
for the period of four consecutive fiscal quarters ending on or most recently
ended prior to the date of such designation, and PROVIDED, FURTHER, that the
status of such Subsidiary had not previously been changed more than once.

      (b)   So long as no Default or Event of Default shall have occurred and be
continuing, the Board of Directors of the Company may at any time and from time
to time, upon not less than 30 days' prior written notice given to each holder
of Notes, designate a previously Restricted

                                   E-4.4(b)-20
<Page>

Subsidiary, or a new Subsidiary on the date of its formation, as an Unrestricted
Subsidiary, PROVIDED that such designation is treated as a sale of assets
subject to the provisions of Section 10.10 and immediately after such
designation and after giving effect thereto (i) no Default or Event of Default
shall have occurred and be continuing, (ii) such previously Restricted
Subsidiary does not own, directly or indirectly, any Debt, shares of capital
stock or any other Securities of the Company or any Restricted Subsidiary, (iii)
the Company and its Restricted Subsidiaries would be in compliance with the
provisions of Sections 10.3, hereof, assuming, for purposes of determining such
compliance, such previously Restricted Subsidiary was an Unrestricted Subsidiary
for the period of four consecutive fiscal quarters ending on or most recently
ended prior to the date of such designation and (iv) after the elimination of
the net earnings of such previously Restricted Subsidiary from Consolidated
Adjusted Net Income for the period subsequent to December 31, 1991, the Company
would have been entitled, pursuant to the provisions of Section 10.14 to declare
or make all Restricted Payments declared or made during such period., and
PROVIDED, FURTHER, that the status of such Subsidiary had not previously been
changed more than once.

      (c)   Any notice of designation pursuant to this Section 9.8 shall be
accompanied by a certificate signed by a Responsible Officer of the Company
stating that the provisions of this Section 9.8 have been complied with in
connection with such designation and setting forth the name of each other
Subsidiary (if any) which has or will become a Restricted Subsidiary or an
Unrestricted Subsidiary as a result of such designation.

    SECTION 9.9.    INCORPORATION OF AFFIRMATIVE AND NEGATIVE COVENANTS. (a)
During all such times as the Bank Loan Agreement shall remain in force, (i) the
Company and the Restricted Subsidiaries shall comply and remain at all times in
compliance with the provisions of Article 6 and Article 7 thereof and any
Financial Covenant set forth in any other provision thereof and (ii) all of the
provisions of Article 6 and Article 7 of the Bank Loan Agreement and any other
Financial Covenants set forth therein, together with all relevant definitions
pertaining thereto, shall hereby be incorporated herein by reference, MUTATIS
MUTANDIS. The Company shall give all holders of Notes written notice of any
amendment, modification or waiver of Article 6, Article 7 or any Financial
Covenant of the Bank Loan Agreement, attaching an executed copy of the
amendment, modification or waiver to such written notice, within five (5)
Business Days of such amendment, modification or waiver.

      (b)   No Financial Covenant incorporated herein by virtue of Section
9.9(a) hereof shall supersede, replace, amend, supplement or modify any other
provision of this Agreement, including any covenant contained herein which
addresses a subject matter similar to that of such incorporated Financial
Covenant.

    SECTION 9.10.   REQUIRED INVESTMENTS. The Company will at all times maintain
Investments of the types described in clauses (d) through (n) of the definition
of "Restricted Investments" in an aggregate amount of not less than $25,000,000.

    SECTION 9.11.   PAID-IN-CAPITAL. The Company will at all times limit its
"Paid-in-Capital" (as determined in accordance with GAAP) in NCB Financial
Corporation to an amount not

                                   E-4.4(b)-21
<Page>

greater than 25% of Consolidated Adjusted Net Worth determined as of the end of
the fiscal year of the Company ending on, or most recently ended prior to, such
time.

    SECTION 9.12.   SUBSIDIARY INVESTMENTS. The Company will at all times limit
its Investments in Subsidiaries (other than as set forth in Section 9.11 and
excluding SPVs and secured loans to NCB Capital) to an aggregate amount with
respect to all such Subsidiaries of not greater than 15% of Consolidated
Adjusted Net Worth determined as of the end of the fiscal year of the Company
ending on, or most recently ended prior to, such time.

SECTION 10.    NEGATIVE COVENANTS.

    SECTION 10.1.   TRANSACTIONS WITH AFFILIATES. (a) The Company will not, and
will not permit any Restricted Subsidiary to, enter into directly or indirectly
any transaction (including without limitation the purchase, lease, sale or
exchange of properties of any kind or the rendering of any service) with any
Affiliate (other than the Company or another Restricted Subsidiary), except (i)
for the NCB Development Corporation Contribution and (ii) in the ordinary course
and pursuant to the reasonable requirements of the Company's or such Restricted
Subsidiary's business and upon fair and reasonable terms no less favorable to
the Company or such Restricted Subsidiary than would be obtainable in a
comparable arm's-length transaction with a Person not an Affiliate.

      (b)   Any Person that becomes a Restricted Subsidiary after the date
hereof shall be deemed to have entered into, at the date it becomes a Restricted
Subsidiary, all transactions with Affiliates with respect to which such Person
will be obligated immediately after it becomes a Restricted Subsidiary.

    SECTION 10.2.   MAINTENANCE OF CONSOLIDATED ADJUSTED NET WORTH AND
CONSOLIDATED EFFECTIVE NET WORTH. (a) The Company will not, at any time, permit
Consolidated Adjusted Net Worth to be less than the sum of (a) $147,000,000,
plus (b) an aggregate amount equal to 50% of its Consolidated Net Earnings (but,
in each case, only if a positive number) for each completed fiscal quarter of
the Company beginning with the first fiscal quarter of the Company ended
subsequent to September 30, 2001.

      (b)   The Company will not, at any time, permit Consolidated Effective
Net Worth to be less than the sum of (a) $312,000,000, plus (b) an aggregate
amount equal to 50% of its Consolidated Net Earnings (but, in each case, only if
a positive number) for each completed fiscal quarter of the Company beginning
with the first fiscal quarter of the Company ended subsequent to September 30,
2001.

    SECTION 10.3.   CONSOLIDATED EARNINGS AVAILABLE FOR FIXED CHARGES. The
Company will not, at any time, permit the Fixed Charges Coverage Ratio to be
less than 1.10 to 1.

    SECTION 10.4.   PERMITTED DEBT. (a) Subject to Section 10.5 hereof, the
Company will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create, incur, assume, guarantee, or otherwise become directly or
indirectly liable with respect to, any Debt other than

                                   E-4.4(b)-22
<Page>

               (i)   Senior Debt of the Company;

              (ii)   Subordinated Debt of the Company;

             (iii)   liabilities (other than for borrowed money) incurred in the
      regular operation of the business of the Company or a Restricted
      Subsidiary and not more than three (3) months overdue, unless contested in
      good faith by appropriate proceedings and adequate reserves have been set
      aside with respect thereto;

              (iv)   Debt of a Restricted Subsidiary to the Company or to a
      Restricted Subsidiary;

               (v)   Debt of the Company secured by Liens permitted under the
      provisions of clause (i) of Section 10.11 hereof;

              (vi)   Restricted Guarantees of the Company; and

             (vii)   Debt of NCB, FSB (formerly known as NCB Savings Bank, FSB)
      that (A) consists of demand and time deposits and (B) consists of advances
      from the Federal Home Loan Bank of Cincinnati ("FHLBC") secured pursuant
      to that certain Blanket Agreement for Advances and Security Agreement,
      dated November 30, 2000, between NCB, FSB and FHLBC.

      (b)   Any Person that becomes a Restricted Subsidiary after the date
hereof shall be deemed to have incurred, at the date it becomes a Restricted
Subsidiary, all of its then outstanding Debt with respect to which such Person
will be obligated immediately after it becomes a Restricted Subsidiary.

    SECTION 10.5.   LIMITATIONS ON DEBT. The Company will not at any time permit

               (a)   Consolidated Debt to exceed 950% of Consolidated Adjusted
       Net Worth; or

               (b)   Qualified Assets to be less than the sum (at such time) of

                       (i)    Company Senior Obligations, PLUS

                      (ii)    the aggregate unpaid principal amount of
               Subordinated Debt, LESS

                     (iii)    the aggregate unpaid principal amount of Class A
               Notes.

    SECTION 10.6.   ISSUANCE OF SUBORDINATED DEBT. The Company will not,
directly or indirectly, create, incur, assume, guarantee, or otherwise become
directly or indirectly liable with respect to, any Subordinated Debt having a
maturity before January 1, 2010 or the benefit of any mandatory sinking fund or
similar provision for the prepayment thereof prior to January 1, 2010.

                                   E-4.4(b)-23
<Page>

    SECTION 10.7.   VOLUNTARY RETIREMENT OF SUBORDINATED DEBT. Except as set
forth in Section 10.9, the Company will not, directly or indirectly or through
any Subsidiary, purchase, redeem or otherwise retire or acquire prior to the
respective stated maturities thereof, the whole or any part of any issue of
Subordinated Debt except

               (a)   subject to Section 10.6 hereof, in accordance with the
      applicable provisions thereof or of any indenture, agreement or similar
      instrument under or pursuant to which such Debt has been issued,
      unconditionally requiring payments into a sinking fund, periodic
      prepayments, or other analogous payments for the amortization of such
      Debt, or

               (b)   out of the proceeds of a substantially concurrent issue or
      sale of capital stock or Debt ranking on a parity with, or junior to, the
      Debt proposed to be purchased, redeemed or otherwise retired or acquired,
      or

               (c)   out of funds that at the time are available for Restricted
      Payments pursuant to, and within the limitations of, Section 10.14 hereof,
      it being understood that the amounts so used pursuant to this clause (c)
      shall reduce PRO TANTO the amount otherwise available for Restricted
      Payments under Section 10.14 hereof.

    SECTION 10.8.   SUBORDINATION PROVISIONS. Except as set forth in Section
10.9, the Company shall not, at any time, be a party to any amendment, waiver or
modification of any subordination provisions or payment provisions applicable to
any Subordinated Debt.

    SECTION 10.9.   CLASS A NOTEs.

      (a)   NO VOLUNTARY PREPAYMENT. Except as expressly permitted by Section
10.9(b), the Company shall not, directly or indirectly or through any
Subsidiary, purchase, redeem or otherwise retire or acquire, prior to the
respective stated maturities thereof, the whole or any part of any Class A Notes
except out of the net cash proceeds of a substantially concurrent issue or sale
of Class B Stock or Class C Stock.

      (b)   NO AMENDMENTS. The Company shall not amend, modify, terminate, or
waive any of its rights under the Financing Agreement or any of the Class A
Notes (or any other agreement or similar instrument under or pursuant to which
such Class A Notes have been issued) without the prior written consent of the
Required Holders, except that the Company may enter into an amendment of the
Financing Agreement providing for a prepayment of the Class A Notes after
January 1, 2010 with the proceeds of a substantially simultaneous issue of
equity or Subordinated Debt.

    SECTION 10.10.  MERGERS, CONSOLIDATIONS AND SALES OF ASSETS. (a) The Company
will not, and will not permit any Restricted Subsidiary to, consolidate with or
be a party to a merger with any other Person, or sell, lease or otherwise
dispose of all or substantially all of its assets in a single transaction or
series of transactions to any Person; PROVIDED that any Restricted Subsidiary
may merge or consolidate with or into the Company or any other Restricted
Subsidiary so long

                                   E-4.4(b)-24
<Page>

as in any merger or consolidation involving the Company, the Company shall be
the surviving or continuing corporation.

      (b)   The Company will not, and will not permit any Restricted Subsidiary
to, sell, lease, transfer, abandon or otherwise dispose of assets; PROVIDED that
the foregoing restrictions do not apply to:

               (i)   the sale, lease,  transfer or other disposition of assets
      of a Restricted Subsidiary to the Company or another Restricted
      Subsidiary; or

              (ii)   the sale of assets for cash or other property to a Person
      or Persons other than an Affiliate if all of the following conditions are
      met:

                     (1)  such assets (valued at the greater of net book value
               and Fair Market Value) do not, together with all other assets of
               the Company and its Restricted Subsidiaries previously sold
               during the period of 365 days then ending, exceed 10% of
               Consolidated Assets,

                     (2)  the contribution (expressed as a percentage and
               exclusive of losses) to Consolidated Adjusted Net Income of such
               assets in each of the three fiscal years of the Company most
               recently ended, together with such contribution all other assets
               of the Company and its Restricted Subsidiaries previously sold
               subsequent to the commencement of the first of such fiscal years,
               does not exceed 10% of Consolidated Adjusted Net Income for such
               fiscal year,

                     (3)  in the opinion of the Company's Board of Directors,
               the sale is for Fair Market Value and is in the best interests of
               the Company; and

                     (4)  immediately after the consummation of the transaction
               and after giving effect thereto, no Default or Event of Default
               would exist;

      PROVIDED, HOWEVER, that for purposes of the foregoing calculation, there
      shall not be included any assets if

                     (A)  either (1) within 365 days (or, as long as any Debt
               remains outstanding under the Prudential Agreements or the
               Prudential Notes and the applicable time period in the Prudential
               Agreements has not been amended to conform to this subclause (1)
               of this clause (A), 90 days) of the date of sale of such assets
               an amount equal to the proceeds of which were or are applied to
               the acquisition of Adjusted Tangible Assets useful and intended
               to be used in the operation of the business of the Company and
               its Restricted Subsidiaries as described in Section 9.6 and
               having a Fair Market Value (as determined in good faith by the
               Board of Directors of the Company) at least equal to that of the
               assets so disposed of, or (2) within 365 days (or, as long as any
               Debt remains outstanding under the Prudential Agreements or the
               Prudential Notes and the applicable time period in the Prudential
               Agreements has not been amended to

                                   E-4.4(b)-25
<Page>

               conform to this subclause (2) of this clause (A), 10 Business
               Days) of the date of sale of such assets (x) an amount equal to
               the product of (I) the proceeds of the sale of such assets times
               (II) a fraction, the numerator of which is the then outstanding
               principal amount of the Notes and the denominator of which is the
               then outstanding principal amount of all Senior Debt (other than
               Asset Securitization Recourse Liabilities of the Company), is
               applied to the prepayment of the Notes (as and to the extent
               provided in Section 8.2) and (y) an amount greater than or equal
               to the excess of (I) the proceeds of the sale of such assets over
               (II) the amount determined under subclause (x) of this clause
               (A), is applied to the prepayment of other Senior Debt (other
               than Asset Securitization Recourse Liabilities of the Company) or
               (3) any combination of subclauses (1) and (2) of this clause (A),
               and

                     (B)  as long as any Debt remains outstanding under the
               Prudential Agreements or the Prudential Notes, until such time as
               such amount is applied pursuant to clause (A) of this proviso,
               such amount is either (1) invested in any Investment specified in
               clauses (d) through (j), inclusive, of the definition of
               "Restricted Investment" no later than the next Business Day
               following the consummation of such sale hereof or (2) used to
               repay Debt, not exceeding 10% of Consolidated Assets, outstanding
               under any revolving credit or similar agreement which provides
               for successive reborrowings and repayments thereunder at the
               Company's option.

               (iii) the sale or transfer of receivables by the Company or a
      Restricted Subsidiary in connection with an Asset Securitization of the
      Company if:

                     (A)  such sale or transfer is considered a sale for
               financial statement purposes under GAAP of receivables by the
               Company or such Restricted Subsidiary for cash and/or other
               consideration having an aggregate value equal to the Fair Market
               Value thereof; PROVIDED that the Company may

                          (1)   make customary representations and warranties
                     for the type of such Asset Securitization with respect to
                     such receivables and agree to customary remedies for the
                     type of such Asset Securitization (which may include,
                     without limitation, a requirement of repurchase) should any
                     such representations or warranties prove untrue,

                          (2)   establish and maintain a reserve account
                     containing cash or Securities as a credit enhancement in
                     respect of any such sale or transfer,

                          (3)   act in the capacity of servicer of such
                     receivables and receive reasonable compensation for such
                     servicing, or

                          (4)   (I) purchase or retain a direct or indirect
                     subordinate interest (or securities representing such an
                     interest) in all or portions of such receivables being
                     transferred or sold, (II) retain or purchase "interest

                                   E-4.4(b)-26
<Page>

                     only" securities backed by such receivables, or (III)
                     receive excess cash flow from such receivables, which may
                     be in the form of an increased servicing fee;

                     (B)  the entire proceeds of such sale, net of reasonable
               and ordinary transaction costs and expenses incurred in
               connection with such sale, are applied by the Company or such
               Restricted Subsidiary as set forth in the proviso to Section
               10.10(b)(ii); and

                     (C)  such sale is consummated in the ordinary course of
               business of the Company or such Restricted Subsidiary.

      For purposes of this Section 10.10(b), the assets of any Restricted
Subsidiary that ceases to be a Restricted Subsidiary in a manner other than by
the disposition of Subsidiary Stock shall be deemed to have been sold at the
time of such cessation, PROVIDED that the requirements of this Section 10.10(b)
with regard to the receipt of cash consideration equal to fair value shall not
apply to any such deemed disposition.

      (c)   The Company will not at any time sell, transfer or otherwise
dispose of any shares of Subsidiary Stock, and will not permit any Restricted
Subsidiary to issue its own Subsidiary Stock, or to sell, transfer or otherwise
dispose of any shares of Subsidiary Stock issued by any other Restricted
Subsidiary (except for the issuance of directors' qualifying shares), if the
effect of the transaction would be to reduce the proportionate interest of the
Company and the other Restricted Subsidiaries in the outstanding Subsidiary
Stock of the Restricted Subsidiary whose shares are the subject of the
transaction, UNLESS:

               (i)   simultaneously with such sale, transfer or other
      disposition, the entire investment (whether represented by stock, debt,
      claims or otherwise) of the Company and the other Restricted Subsidiaries
      in such Restricted Subsidiary being disposed of shall be sold, transferred
      or disposed of as an entirety;

              (ii)   the Restricted Subsidiary being disposed of shall not have
      any continuing investment in the Company or any other Restricted
      Subsidiary not being simultaneously disposed of; and

             (iii)   such sale, transfer or other disposition shall be treated
      as a disposition under, and shall satisfy the requirements of, Section
      10.10(b) hereof.

    SECTION 10.11.  LIENS. The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly create, incur, assume or
permit to exist (upon the happening of a contingency or otherwise) any Lien on
or with respect to any property or asset (including, without limitation, any
document or instrument in respect of goods or accounts receivable) of the
Company or any such Restricted Subsidiary, whether now owned or held or
hereafter acquired, or any income or profits therefrom (whether or not provision
is made for the equal and ratable securing of the Notes in accordance with the
last paragraph of this Section 10.11), or assign or otherwise convey any right
to receive income or profits, except:

                                   E-4.4(b)-27
<Page>

               (a)   Liens existing on the date of this Agreement and described
      in Schedule 5.15;

               (b)   Liens for taxes, assessments or other governmental charges
      or levies which are not yet due and payable or the payment of which is not
      at the time required by Section 9.4;

               (c)   statutory Liens of landlords and Liens of carriers,
      warehousemen, mechanics, materialmen and other similar Liens, in each
      case, incurred in the ordinary course of business for sums not yet due and
      payable or the payment of which is not at the time required by Section
      9.4;

               (d)   Liens (other than any Lien imposed by ERISA) incurred or
      deposits made in the ordinary course of business (i) in connection with
      workers' compensation, unemployment insurance and other types of social
      security or retirement benefits, or (ii) to secure (or to obtain letters
      of credit that secure) the performance of letters of credit, bids,
      tenders, sales contracts, leases (other than Capital Leases), Eligible
      Derivatives, statutory obligations, surety bonds, appeal bonds,
      performance bonds and other similar obligations, in each case not incurred
      or made in connection with the borrowing of money, the obtaining of
      advances or credit or the payment of the deferred purchase price of
      property;

               (e)   any attachment or judgment Liens not in excess of
      $1,000,000 in the aggregate for all such Liens, PROVIDED that the
      execution or other enforcement of such Liens shall have been effectively
      stayed and the claims secured thereby are being actively contested in good
      faith and by appropriate proceedings and appropriate reserves have been
      established therefor on the books of the Company or such Restricted
      Subsidiary in accordance with GAAP;

               (f)   Liens on property or assets of any Restricted Subsidiary
      only securing Debt owing to the Company or to another Restricted
      Subsidiary;

               (g)   minor survey exceptions or minor encumbrances, easements,
      encroachments or reservations, or rights of others for rights-of-way,
      utilities and other similar purposes, or zoning or other restrictions as
      to the use of real properties, or leases granted to others and other
      similar charges or encumbrances affecting real properties, which are
      necessary for the conduct of the activities of the Company and its
      Restricted Subsidiaries or which customarily exist on properties of
      corporations engaged in similar activities and similarly situated and
      which do not in any event materially impair their use in the operation of
      the business of the Company and its Restricted Subsidiaries;

               (h)   any existing Liens on any property acquired in BONA FIDE
      liquidation, collection or other realization upon, or settlement of,
      collateral held to secure receivable obligations by the Company or any
      Restricted Subsidiary at the time such property is so acquired, PROVIDED
      that each such Lien shall extend solely to the item or items of property
      so acquired;

                                   E-4.4(b)-28
<Page>

               (i)   any Lien created to secure Debt incurred to pay all or any
      part of the purchase price or cost any computer or other office equipment
      useful and intended to be used in carrying out the business of the Company
      or a Restricted Subsidiary acquired by the Company or a Restricted
      Subsidiary after the date of the Closing, PROVIDED that

                       (i)    any such Lien shall attach solely to the property
            acquired;

                      (ii)    the principal amount of the Debt secured by any
            such Lien shall at no time exceed an amount equal to 100% of the
            lesser of (A) the cost to the Company or such Restricted Subsidiary
            of the property so acquired and (B) the Fair Market Value (as
            determined in good faith by the Board of Directors of the Company)
            of such property at the time of such acquisition, and

                     (iii)   any such Lien shall be created contemporaneously
            with, or within 365 days after, the acquisition of such property;
            and

               (j)   any Lien renewing, extending or refunding any Lien
      permitted by paragraphs (a), (h) or (i) of this Section 10.11, PROVIDED
      that (i) the principal amount of Debt secured by such Lien immediately
      prior to such extension, renewal or refunding is not increased or the
      maturity thereof reduced, (ii) such Lien is not extended to any other
      property, and (iii) immediately after such extension, renewal or refunding
      no Default or Event of Default would exist.

      If, notwithstanding the prohibition contained herein, the Company shall,
or shall permit any of its Restricted Subsidiaries to, directly or indirectly
create, incur, assume or permit to exist any Lien, other than those Liens
permitted by the provisions of paragraphs (a) through (j) of this Section 10.11,
it will make or cause to be made effective provision whereby the Notes will be
secured equally and ratably with any and all other obligations thereby secured,
such security to be pursuant to agreements reasonably satisfactory to the
Required Holders and, in any such case, the Notes shall have the benefit, to the
fullest extent that, and with such priority as, the holders of the Notes may be
entitled under applicable law, of an equitable Lien on such property. Such
violation of this Section 10.11 will constitute an Event of Default, whether or
not provision is made for an equal and ratable Lien pursuant to this Section
10.11.

      For the purposes of this Section 10.11, any Person that becomes a
Restricted Subsidiary after the date hereof shall be deemed to have incurred, at
the date it becomes a Restricted Subsidiary, all Liens on or with respect to any
of its property or assets existing immediately after it becomes a Restricted
Subsidiary.

    SECTION 10.12.  LONG-TERM LEASES. (a) The Company will not, and will not
permit any Restricted Subsidiary to, become obligated, as lessee, under any
Long-Term Lease if, at the time of entering into such Long-Term Lease and after
giving effect thereto, the aggregate Rentals payable by the Company and all of
its Restricted Subsidiaries on a consolidated basis in any one fiscal year
thereafter under all Long-Term Leases would exceed 5% of Consolidated Adjusted
Net Worth determined as of the end of the fiscal year of the Company ending on,
or most recently ended prior to, such time.

                                   E-4.4(b)-29
<Page>

      (b)   Any Person that becomes a Restricted Subsidiary after the date
hereof shall be deemed to have entered into, at the time that it becomes a
Restricted Subsidiary, all Long-Term Leases on which such Person is lessee
existing immediately after it becomes a Restricted Subsidiary.

    SECTION 10.13.  GUARANTIES. The Company shall not, and shall not permit any
Restricted Subsidiary to, become or be liable in respect of any Guaranty other
than a Restricted Guarantee.

    SECTION 10.14.  RESTRICTED PAYMENTS. (a) The Company will not except as
hereinafter provided:

               (i)   Declare or pay any dividends, either in cash or property,
      on any shares of its capital stock of any class, except:

                     (A)  Patronage Dividends payable in cash and cash
              dividends payable on Class B Stock and Class C Stock in any
              calendar year in an aggregate amount for all such Patronage
              Dividends and other dividends up to (but not exceeding) 20% of the
              sum of Consolidated Taxable Income PLUS, to the extent deducted in
              the determination of Consolidated Taxable Income, Patronage
              Dividends, for such calendar year; and

                     (B)  Patronage Dividends and other dividends, in each case
              payable by the Company solely in common stock or allocated surplus
              of the Company;

              (ii)   Directly or indirectly, or through any Affiliate of the
      Company, purchase, redeem or retire any shares of its capital stock of any
      class or any warrants, rights or options to purchase or acquire any shares
      of its capital stock, except:

                     (A)  in exchange for or out of the net cash proceeds to the
              Company from the substantially concurrent issue or sale of shares
              of its common stock, or warrants, rights or options to purchase or
              otherwise acquire any shares of its capital stock, so long as the
              proceeds of such concurrent issue and sale are not required by
              agreement, statute or regulation to be otherwise applied by the
              Company,

                     (B)  out of a substantially concurrent contribution to
              capital,

                     (C)  repurchases of Class B1 Common Stock which the Company
              is required to make from the holders thereof who no longer have
              loans from the Company outstanding, or

                     (D)  redemptions or cancellations of Class B Stock or
              Class C Stock pursuant to Section 6.2(i) of the Company's by-laws
              as in effect on the date hereof, so long as no cash or other
              Property is paid to the holders thereof; and

                                   E-4.4(b)-30
<Page>

             (iii)   Make any other payment or distribution, either directly or
      indirectly or through any Subsidiary, in respect of its capital stock;

(such declarations or payments of dividends, purchases, redemptions or
retirements of stock and warrants, rights or options and all such other payments
or distributions, together with all payments in respect of Subordinated Debt
pursuant to Section 10.7(c), being herein collectively called "RESTRICTED
PAYMENTS"), if after giving effect thereto the sum of (1) the aggregate amount
of Restricted Payments made during the period from and after December 31, 1991
to and including the date of the making of the Restricted Payment in question,
PLUS (2) the aggregate amount of all Patronage Dividends payable in cash and all
cash dividends on Class B Stock and Class C Stock, declared or made during said
period would exceed the sum of (A) $15,000,000, PLUS (B) 50% of Consolidated
Adjusted Net Income for the period commencing on January 1, 1992 and ending on
the last day of the fiscal year of the Company ended on, or most recently ended
prior to, the date of the making of such Restricted Payment, computed on a
cumulative basis for said entire period (or if such Consolidated Adjusted Net
Income is a deficit figure, then MINUS 100% of such deficit).

      (b)   The Company will not declare any dividend which constitutes a
Restricted Payment payable more than 60 days after the date of declaration
thereof.

      (c)   For the purposes of this Section 10.14, the amount of any
Restricted Payment declared, paid or distributed in property of the Company or
any Restricted Subsidiary shall be deemed to be the greater of the book value or
Fair Market Value, as determined in good faith by the Board of Directors of the
Company (in each case after deducting any liabilities relating thereto which
are, concurrently with the receipt of such Restricted Payment, assumed by the
recipient thereof), of such property at the time of the making of the Restricted
Payment in question.

      (d)   The Company will not authorize or make a Restricted Payment if
after giving effect to the proposed Restricted Payment a Default or Event of
Default would exist.

    SECTION 10.15.  LIMITATION ON INVESTMENTS. (a) The Company will not, and
will not permit any Restricted Subsidiary to, make any Restricted Investments.

      (b)   Any Person that becomes a Restricted Subsidiary after the date
hereof shall be deemed to have made, immediately after becoming a Restricted
Subsidiary, any Investment that it shall have outstanding at the time it shall
become a Restricted Subsidiary.

SECTION 11.    EVENTS OF DEFAULT.

      An "EVENT OF DEFAULT" shall exist if any of the following conditions or
events shall occur and be continuing:

             (a)    the Company defaults in the payment of any principal or
      Make-Whole Amount, if any, on any Note when the same becomes due and
      payable, whether at maturity or at a date fixed for prepayment or by
      declaration or otherwise; or

                                   E-4.4(b)-31
<Page>

             (b)    the Company defaults in the payment of any interest on any
      Note for more than five Business Days after the same becomes due and
      payable; or

             (c)    the Company defaults in the performance of or compliance
      with any term contained in Section 7.1(e) or any of Section 10.2 through
      10.14, inclusive; or

             (d)    the Company defaults in the performance of or compliance
      with any term contained herein (other than those referred to in paragraphs
      (a), (b) and (c) of this Section 11) and such default is not remedied
      within 30 days after the earlier of (i) a Responsible Officer obtaining
      actual knowledge of such default and (ii) the Company receiving written
      notice of such default from any holder of a Note (any such written notice
      to be identified as a "notice of default" and to refer specifically to
      this paragraph (d) of Section 11); or

             (e)    any representation or warranty made in writing by or on
      behalf of the Company or by any officer of the Company in this Agreement
      or in any writing furnished in connection with the transactions
      contemplated hereby proves to have been false or incorrect in any material
      respect on the date as of which made; or

             (f)    (i) the Company or any Restricted Subsidiary is in default
      (as principal or as guarantor or other surety) in the payment of any
      principal of or premium or make-whole amount or interest on any
      Indebtedness that is outstanding in an aggregate principal amount of at
      least $1,000,000 beyond any period of grace provided with respect thereto,
      or (ii) the Company or any Restricted Subsidiary is in default in the
      performance of or compliance with any term of any evidence of any
      Indebtedness in an aggregate outstanding principal amount of at least
      $1,000,000 or of any mortgage, indenture or other agreement relating
      thereto or any other condition exists, and as a consequence of such
      default or condition such Indebtedness has become, or has been declared
      (or one or more Persons are entitled to declare such Indebtedness to be),
      due and payable before its stated maturity or before its regularly
      scheduled dates of payment, or (iii) as a consequence of the occurrence or
      continuation of any event or condition (other than the passage of time or
      the right of the holder of Indebtedness to convert such Indebtedness into
      equity interests), (x) the Company or any Restricted Subsidiary has become
      obligated to purchase or repay Indebtedness before its regular maturity or
      before its regularly scheduled dates of payment in an aggregate
      outstanding principal amount of at least $1,000,000, or (y) one or more
      Persons have the right to require the Company or any Restricted Subsidiary
      so to purchase or repay such Indebtedness; or

             (g)    the Company or any Restricted Subsidiary (i) is generally
      not paying, or admits in writing its inability to pay, its debts as they
      become due, (ii) files, or consents by answer or otherwise to the filing
      against it of, a petition for relief or reorganization or arrangement or
      any other petition in bankruptcy, for liquidation or to take advantage of
      any bankruptcy, insolvency, reorganization, moratorium or other similar
      law of any jurisdiction, (iii) makes an assignment for the benefit of its
      creditors, (iv) consents to the appointment of a custodian, receiver,
      trustee or other officer with similar powers with respect to it or with
      respect to any substantial part of its property, (v) is adjudicated as

                                   E-4.4(b)-32
<Page>

      insolvent or to be liquidated, or (vi) takes corporate or other action for
      the purpose of any of the foregoing; or

             (h)    a court or governmental authority of competent jurisdiction
      enters an order appointing, without consent by the Company or any
      Restricted Subsidiary, a custodian, receiver, trustee or other officer
      with similar powers with respect to it or with respect to any substantial
      part of its property, or constituting an order for relief or approving a
      petition for relief or reorganization or any other petition in bankruptcy
      or for liquidation or to take advantage of any bankruptcy or insolvency
      law of any jurisdiction, or ordering the dissolution, winding-up or
      liquidation of the Company or any of its Restricted Subsidiaries, or any
      such petition shall be filed against the Company or any of its Restricted
      Subsidiaries and such petition shall not be dismissed within 60 days; or

             (i)    a final judgment or judgments for the payment of money
      aggregating in excess of $500,000 are rendered against one or more of the
      Company and its Subsidiaries and which judgments are not, within 60 days
      after entry thereof, bonded, discharged or stayed pending appeal, or are
      not discharged in full within 60 days after the expiration of such stay;
      or

             (j)    if (i) any Plan shall fail to satisfy the minimum funding
      standards of ERISA or the Code for any plan year or part thereof or a
      waiver of such standards or extension of any amortization period is sought
      or granted under section 412 of the Code, (ii) a notice of intent to
      terminate any Plan shall have been or is reasonably expected to be filed
      with the PBGC or the PBGC shall have instituted proceedings under ERISA
      section 4042 to terminate or appoint a trustee to administer any Plan or
      the PBGC shall have notified the Company or any ERISA Affiliate that a
      Plan may become a subject of any such proceedings, (iii) the aggregate
      "amount of unfunded benefit liabilities" (within the meaning of section
      4001(a)(18) of ERISA) under all Plans, determined in accordance with Title
      IV of ERISA, shall exceed $500,000, (iv) the Company or any ERISA
      Affiliate shall have incurred or is reasonably expected to incur any
      liability pursuant to Title I or IV of ERISA or the penalty or excise tax
      provisions of the Code relating to employee benefit plans, (v) the Company
      or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the
      Company or any Subsidiary establishes or amends any employee welfare
      benefit plan that provides post-employment welfare benefits in a manner
      that would increase the liability of the Company or any Subsidiary
      thereunder; and any such event or events described in clauses (i) through
      (vi) above, either individually or together with any other such event or
      events, could reasonably be expected to have a Material Adverse Effect; or

             (k)    the Company shall fail to perform or observe any covenant
      contained in the Financing Agreement.

As used in Section 11(j), the terms "EMPLOYEE BENEFIT PLAN" and "EMPLOYEE
WELFARE BENEFIT PLAN" shall have the respective meanings assigned to such terms
in section 3 of ERISA.

                                   E-4.4(b)-33
<Page>

SECTION 12.    REMEDIES ON DEFAULT, ETC.

    SECTION 12.1.   ACCELERATION. (a) If an Event of Default with respect to the
Company described in paragraph (g) or (h) of Section 11 (other than an Event of
Default described in clause (i) of paragraph (g) or described in clause (vi) of
paragraph (g) by virtue of the fact that such clause encompasses clause (i) of
paragraph (g)) has occurred, all the Notes then outstanding shall automatically
become immediately due and payable.

      (b)   If any other Event of Default has occurred and is continuing, any
holder or holders of not less than 51% in principal amount of the Notes at the
time outstanding may at any time at its or their option, by notice or notices to
the Company, declare all the Notes then outstanding to be immediately due and
payable.

      (c)   If any Event of Default described in paragraph (a) or (b) of Section
11 has occurred and is continuing, any holder or holders of Notes at the time
outstanding affected by such Event of Default may at any time, at its or their
option, by notice or notices to the Company, declare all the Notes held by it or
them to be immediately due and payable.

      Upon any Note's becoming due and payable under this Section 12.1, whether
automatically or by declaration, such Note will forthwith mature and the entire
unpaid principal amount of such Note, plus (i) all accrued and unpaid interest
thereon and (ii) the Make-Whole Amount determined in respect of such principal
amount (to the full extent permitted by applicable law), shall all be
immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Company
acknowledges, and the parties hereto agree, that each holder of a Note has the
right to maintain its investment in the Notes free from repayment by the Company
(except as herein specifically provided for), and that the provision for payment
of a Make-Whole Amount by the Company in the event that the Notes are prepaid or
are accelerated as a result of an Event of Default, is intended to provide
compensation for the deprivation of such right under such circumstances.

    SECTION 12.2.   OTHER REMEDIES. If any Default or Event of Default has
occurred and is continuing, and irrespective of whether any Notes have become or
have been declared immediately due and payable under Section 12.1, the holder of
any Note at the time outstanding may proceed to protect and enforce the rights
of such holder by an action at law, suit in equity or other appropriate
proceeding, whether for the specific performance of any agreement contained
herein or in any Note, or for an injunction against a violation of any of the
terms hereof or thereof, or in aid of the exercise of any power granted hereby
or thereby or by law or otherwise.

    SECTION 12.3.   RESCISSION. At any time after any Notes have been declared
due and payable pursuant to clause (b) or (c) of Section 12.1, the holders of
not less than 66-2/3% in principal amount of the Notes then outstanding, by
written notice to the Company, may rescind and annul any such declaration and
its consequences if (a) the Company has paid all overdue interest on the Notes,
all principal of and Make-Whole Amount, if any, on any Notes that are due and
payable and are unpaid other than by reason of such declaration, and all
interest on such overdue principal and Make-Whole Amount, if any, and (to the
extent permitted by applicable law) any overdue interest in respect of the
Notes, at the Default Rate, (b) all Events of Default

                                   E-4.4(b)-34
<Page>

and Defaults, other than non-payment of amounts that have become due solely by
reason of such declaration, have been cured or have been waived pursuant to
Section 17, and (c) no judgment or decree has been entered for the payment of
any monies due pursuant hereto or to the Notes. No rescission and annulment
under this Section 12.3 will extend to or affect any subsequent Event of Default
or Default or impair any right consequent thereon.

    SECTION 12.4.   NO WAIVERS OR ELECTION OF REMEDIES, EXPENSES, ETC. No course
of dealing and no delay on the part of any holder of any Note in exercising any
right, power or remedy shall operate as a waiver thereof or otherwise prejudice
such holder's rights, powers or remedies. No right, power or remedy conferred by
this Agreement or by any Note upon any holder thereof shall be exclusive of any
other right, power or remedy referred to herein or therein or now or hereafter
available at law, in equity, by statute or otherwise. Without limiting the
obligations of the Company under Section 15, the Company will pay to the holder
of each Note on demand such further amount as shall be sufficient to cover all
costs and expenses of such holder incurred in any enforcement or collection
under this Section 12, including, without limitation, reasonable attorneys'
fees, expenses and disbursements.

SECTION 13.    REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.

    SECTION 13.1.   REGISTRATION OF NOTES. The Company shall keep at its
principal executive office a register for the registration and registration of
transfers of Notes. The name and address of each holder of one or more Notes,
each transfer thereof and the name and address of each transferee of one or more
Notes shall be registered in such register. Prior to due presentment for
registration of transfer, the Person in whose name any Note shall be registered
shall be deemed and treated as the owner and holder thereof for all purposes
hereof, and the Company shall not be affected by any notice or knowledge to the
contrary. The Company shall give to any holder of a Note that is an
Institutional Investor promptly upon request therefor, a complete and correct
copy of the names and addresses of all registered holders of Notes.

    SECTION 13.2.   TRANSFER AND EXCHANGE OF NOTES. Upon surrender of any Note
at the principal executive office of the Company for registration of transfer or
exchange (and in the case of a surrender for registration of transfer, duly
endorsed or accompanied by a written instrument of transfer duly executed by the
registered holder of such Note or its attorney duly authorized in writing and
accompanied by the address for notices of each transferee of such Note or part
thereof), the Company shall execute and deliver, at the Company's expense
(except as provided below), one or more new Notes (as requested by the holder
thereof) in exchange therefor, in an aggregate principal amount equal to the
unpaid principal amount of the surrendered Note. Each such new Note shall be
payable to such Person as such holder may request and shall be substantially in
the form of Exhibit 1. Each such new Note shall be dated and bear interest from
the date to which interest shall have been paid on the surrendered Note or dated
the date of the surrendered Note if no interest shall have been paid thereon.
The Company may require payment of a sum sufficient to cover any stamp tax or
governmental charge imposed in respect of any such transfer of Notes. Notes
shall not be transferred in denominations of less than $1,000,000, PROVIDED that
if necessary to enable the registration of transfer by a holder of its entire
holding of Notes, one Note may be in a denomination of less than $1,000,000. Any
transferee of a Note, or purchaser of a participation therein, shall, by its
acceptance of such Note

                                   E-4.4(b)-35
<Page>

be deemed to make the same representations to the Company regarding the Note or
participation as such holder made pursuant to Section 6.2, PROVIDED that such
entity may (in reliance upon information provided by the Company, which shall
not be unreasonably withheld) make a representation to the effect that the
purchase by such entity of any Note will not constitute a non-exempt prohibited
transaction under section 406(a) of ERISA.

    SECTION 13.3.   REPLACEMENT OF NOTES. Upon receipt by the Company of
evidence reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of any Note (which evidence shall be, in the case of
an Institutional Investor, notice from such Institutional Investor of such
ownership and such loss, theft, destruction or mutilation), and

             (a)    in the case of loss, theft or destruction, of indemnity
      reasonably satisfactory to it (PROVIDED that if the holder of such Note
      is, or is a nominee for, an original Purchaser or another holder of a Note
      with a minimum net worth of at least $30,000,000, such Person's own
      unsecured agreement of indemnity shall be deemed to be satisfactory), or

             (b)    in the case of mutilation, upon surrender and cancellation
      thereof,

the Company at its own expense shall execute and deliver within five Business
Days of receipt of said evidence, in lieu thereof, a new Note, dated and bearing
interest from the date to which interest shall have been paid on such lost,
stolen, destroyed or mutilated Note or dated the date of such lost, stolen,
destroyed or mutilated Note if no interest shall have been paid thereon.

SECTION 14.    PAYMENTS ON NOTES.

    SECTION 14.1.   PLACE OF PAYMENT. Subject to Section 14.2, payments of
principal, Make-Whole Amount, if any, and interest becoming due and payable on
the Notes shall be made in Washington, D.C. at the principal office of the
Company in such jurisdiction. The Company may at any time, by notice to each
holder of a Note, change the place of payment of the Notes so long as such place
of payment shall be either the principal office of the Company in such
jurisdiction or the principal office of a bank or trust company in such
jurisdiction.

    SECTION 14.2.   HOME OFFICE PAYMENT. So long as any Purchaser or any
Purchaser's nominee shall be the holder of any Note, and notwithstanding
anything contained in Section 14.1 or in such Note to the contrary, the Company
will pay all sums becoming due on such Note for principal, Make-Whole Amount, if
any, and interest by the method and at the address specified for such purpose
for such Purchaser in Schedule A, or by such other method or at such other
address as such Purchaser shall have from time to time specified to the Company
in writing for such purpose, without the presentation or surrender of such Note
or the making of any notation thereon, except that upon written request of the
Company made concurrently with or reasonably promptly after payment or
prepayment in full of any Note, such Purchaser shall surrender such Note for
cancellation, reasonably promptly after any such request, to the Company at its
principal executive office or at the place of payment most recently designated
by the Company pursuant to Section 14.1. The Company will afford the benefits of
this Section 14.2 to any Institutional Investor that is the direct or indirect
transferee of any Note purchased by any

                                   E-4.4(b)-36
<Page>

Purchaser under this Agreement and that has made the same agreement relating to
such Note as such Purchaser has made in this Section 14.2.

SECTION 15.    EXPENSES, ETC.

    SECTION 15.1.   TRANSACTION EXPENSES. Whether or not the transactions
contemplated hereby are consummated, the Company will pay all costs and expenses
(including reasonable attorneys' fees of a special counsel and, if reasonably
required, local or other counsel) incurred by each Purchaser or holder of a Note
in connection with such transactions and in connection with any amendments,
waivers or consents under or in respect of this Agreement or the Notes (whether
or not such amendment, waiver or consent becomes effective), including, without
limitation: (a) the costs and expenses incurred in enforcing or defending (or
determining whether or how to enforce or defend) any rights under this Agreement
or the Notes or in responding to any subpoena or other legal process or informal
investigative demand issued in connection with this Agreement or the Notes, or
by reason of being a holder of any Note, and (b) the costs and expenses,
including financial advisors' fees, incurred in connection with the insolvency
or bankruptcy of the Company or any Subsidiary or in connection with any
work-out or restructuring of the transactions contemplated hereby and by the
Notes. The Company will pay, and will save each Purchaser and each other holder
of a Note harmless from, all claims in respect of any fees, costs or expenses,
if any, of brokers and finders (other than those retained by such Purchaser or
holder).

    SECTION 15.2.   SURVIVAL. The obligations of the Company under this Section
15 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of this Agreement or the Notes, and the termination
of this Agreement.

SECTION 16.    SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

      All representations and warranties contained herein shall survive the
execution and delivery of this Agreement and the Notes, the purchase or transfer
by any Purchaser of any Note or portion thereof or interest therein and the
payment of any Note, and may be relied upon by any subsequent holder of a Note,
regardless of any investigation made at any time by or on behalf of such
Purchaser or any other holder of a Note. All statements contained in any
certificate or other instrument delivered by or on behalf of the Company
pursuant to this Agreement shall be deemed representations and warranties of the
Company under this Agreement. Subject to the preceding sentence, this Agreement
and the Notes embody the entire agreement and understanding between each
Purchaser and the Company and supersede all prior agreements and understandings
relating to the subject matter hereof.

SECTION 17.    AMENDMENT AND WAIVER.

    SECTION 17.1.   REQUIREMENTS. This Agreement and the Notes may be amended,
and the observance of any term hereof or of the Notes may be waived (either
retroactively or prospectively), with (and only with) the written consent of the
Company and the Required Holders, except that (a) no amendment or waiver of any
of the provisions of Section 1, 2, 3, 4, 5,

                                   E-4.4(b)-37
<Page>

6 or 21 hereof, or any defined term (as it is used therein), will be effective
as to any Purchaser unless consented to by such Purchaser in writing, and (b) no
such amendment or waiver may, without the written consent of the holder of each
Note at the time outstanding affected thereby, (i) subject to the provisions of
Section 12 relating to acceleration or rescission, change the amount or time of
any prepayment or payment of principal of, or reduce the rate or change the time
of payment or method of computation of interest or of the Make-Whole Amount on,
the Notes, (ii) change the percentage of the principal amount of the Notes the
holders of which are required to consent to any such amendment or waiver, or
(iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20.

    SECTION 17.2.   SOLICITATION OF HOLDERS OF NOTES.

      (a)   SOLICITATION. The Company will provide each holder of the Notes
(irrespective of the amount of Notes then owned by it) with sufficient
information, sufficiently far in advance of the date a decision is required, to
enable such holder to make an informed and considered decision with respect to
any proposed amendment, waiver or consent in respect of any of the provisions
hereof or of the Notes. The Company will deliver executed or true and correct
copies of each amendment, waiver or consent effected pursuant to the provisions
of this Section 17 to each holder of outstanding Notes promptly following the
date on which it is executed and delivered by, or receives the consent or
approval of, the requisite holders of Notes.

      (b)   PAYMENT. The Company will not directly or indirectly pay or cause to
be paid any remuneration, whether by way of supplemental or additional interest,
fee or otherwise, or grant any security, to any holder of Notes as consideration
for or as an inducement to the entering into by any holder of Notes of any
waiver or amendment of any of the terms and provisions hereof or of the Notes
unless such remuneration is concurrently paid, or security is concurrently
granted, on the same terms, ratably to each holder of Notes then outstanding
whether or not such holder consented to such waiver or amendment.

    SECTION 17.3.   BINDING EFFECT, ETC. Any amendment or waiver consented to as
provided in this Section 17 applies equally to all holders of Notes and is
binding upon them and upon each future holder of any Note and upon the Company
without regard to whether such Note has been marked to indicate such amendment
or waiver. No such amendment or waiver will extend to or affect any obligation,
covenant, agreement, Default or Event of Default not expressly amended or waived
or impair any right consequent thereon. No course of dealing between the Company
and the holder of any Note nor any delay in exercising any rights hereunder or
under any Note shall operate as a waiver of any rights of any holder of such
Note. As used herein, the term "this Agreement" and references thereto shall
mean this Agreement as it may from time to time be amended or supplemented.

    SECTION 17.4.   NOTES HELD BY COMPANY, ETC. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any
amendment, waiver or consent to be given under this Agreement or the Notes, or
have directed the taking of any action provided herein or in the Notes to be
taken upon the direction of the holders of a specified percentage of the
aggregate principal

                                   E-4.4(b)-38
<Page>

amount of Notes then outstanding, Notes directly or indirectly owned by the
Company or any of its Affiliates shall be deemed not to be outstanding.

SECTION 18.    NOTICES.

      All notices and communications provided for hereunder shall be in writing
and sent (a) by telefacsimile if the sender on the same day sends a confirming
copy of such notice by a recognized overnight delivery service (charges
prepaid), or (b) by registered or certified mail with return receipt requested
(postage prepaid), or (c) by a recognized overnight delivery service (with
charges prepaid). Any such notice must be sent:

               (i)   if to a Purchaser or such Purchaser's nominee, to such
      Purchaser or such Purchaser's nominee at the address specified for such
      communications in Schedule A, or at such other address as such Purchaser
      or such Purchaser's nominee shall have specified to the Company in
      writing,

              (ii)   if to any other holder of any Note, to such holder at such
      address as such other holder shall have specified to the Company in
      writing, or

             (iii)   if to the Company, to the Company at its address set forth
      at the beginning hereof to the attention of the President, or at such
      other address as the Company shall have specified to the holder of each
      Note in writing.

Notices under this Section 18 will be deemed given only when actually received.

SECTION 19.    REPRODUCTION OF DOCUMENTS.

      This Agreement and all documents relating thereto, including, without
limitation, (a) consents, waivers and modifications that may hereafter be
executed, (b) documents received by each Purchaser at the Closing (except the
Notes themselves), and (c) financial statements, certificates and other
information previously or hereafter furnished to each Purchaser, may be
reproduced by such Purchaser by any photographic, photostatic, microfilm,
microcard, miniature photographic or other similar process and such Purchaser
may destroy any original document so reproduced. The Company agrees and
stipulates that, to the extent permitted by applicable law, any such
reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by such Purchaser in the
regular course of business) and any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence. This
Section 19 shall not prohibit the Company or any other holder of Notes from
contesting any such reproduction to the same extent that it could contest the
original, or from introducing evidence to demonstrate the inaccuracy of any such
reproduction.

                                   E-4.4(b)-39
<Page>

SECTION 20.    CONFIDENTIAL INFORMATION.

      For the purposes of this Section 20, "CONFIDENTIAL INFORMATION" means
information delivered to any holder of any Note by or on behalf of the Company
or any Subsidiary in connection with the transactions contemplated by or
otherwise pursuant to this Agreement that is proprietary in nature and that was
clearly marked or labeled or otherwise adequately identified when received by
such holder as being confidential information of the Company or such Subsidiary,
PROVIDED that such term does not include information that (a) was publicly known
or otherwise known to such holder prior to the time of such disclosure, (b)
subsequently becomes publicly known through no act or omission by such holder or
any Person acting on such holder's behalf, (c) otherwise becomes known to such
holder other than through disclosure by the Company, any Subsidiary or another
holder of a Note or (d) constitutes financial statements delivered to such
holder under Section 7.1 that are otherwise publicly available. Each holder of a
Note will maintain the confidentiality of such Confidential Information in
accordance with procedures adopted by such holder in good faith to protect
confidential information of third parties delivered to such holder, PROVIDED
that such holder may deliver or disclose Confidential Information to (i) such
holder's directors, trustees, officers, employees, agents, attorneys and
affiliates (to the extent such disclosure reasonably relates to the
administration of the investment represented by such holder's Notes), (ii) such
holder's financial advisors and other professional advisors who agree to hold
confidential the Confidential Information substantially in accordance with the
terms of this Section 20, (iii) any other holder of any Note, (iv) any
Institutional Investor to which such holder sells or offers to sell such Note or
any part thereof or any participation therein (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 20), (v) any Person from which such holder offers to
purchase any security of the Company (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by the provisions of
this Section 20), (vi) any federal or state regulatory authority having
jurisdiction over such holder, (vii) the National Association of Insurance
Commissioners or any similar organization, or any nationally recognized rating
agency that requires access to information about such holder's investment
portfolio, or (viii) any other Person to which such delivery or disclosure may
be necessary or appropriate (w) to effect compliance with any law, rule,
regulation or order applicable to such holder, (x) in response to any subpoena
or other legal process, (y) in connection with any litigation to which such
holder is a party or (z) if an Event of Default has occurred and is continuing,
to the extent such holder may reasonably determine such delivery and disclosure
to be necessary or appropriate in the enforcement or for the protection of the
rights and remedies under such holder's Notes or this Agreement. Each holder of
a Note, by its acceptance of a Note, will be deemed to have agreed to be bound
by and to be entitled to the benefits of this Section 20 as though it were a
party to this Agreement. On reasonable request by the Company in connection with
the delivery to any holder of a Note of information required to be delivered to
such holder under this Agreement or requested by such holder (other than a
holder that is a party to this Agreement or its nominee or any other holder that
shall have previously delivered such a confirmation), such holder will confirm
in writing that it is bound by the provisions of this Section 20.

                                   E-4.4(b)-40
<Page>

SECTION 21.    SUBSTITUTION OF PURCHASER.

      Each Purchaser shall have the right to substitute any one of its
Affiliates as the purchaser of the Notes that such Purchaser has agreed to
purchase hereunder, by written notice to the Company, which notice shall be
signed by both such Purchaser and such Affiliate, shall contain such Affiliate's
agreement to be bound by this Agreement and shall contain a confirmation by such
Affiliate of the accuracy with respect to it of the representations set forth in
Section 6. Upon receipt of such notice, wherever the word "Purchaser" is used in
this Agreement (other than in this Section 21), such word shall be deemed to
refer to such Affiliate in lieu of such Purchaser. In the event that such
Affiliate is so substituted as a purchaser hereunder and such Affiliate
thereafter transfers to such Purchaser all of the Notes then held by such
Affiliate, upon receipt by the Company of notice of such transfer, wherever the
word "Purchaser" is used in this Agreement (other than in this Section 21), such
word shall no longer be deemed to refer to such Affiliate, but shall refer to
such Purchaser, and such Purchaser shall have all the rights of an original
holder of the Notes under this Agreement.

SECTION 22.    MISCELLANEOUS.

    SECTION 22.1.   SUCCESSORS AND ASSIGNS. All covenants and other agreements
contained in this Agreement by or on behalf of any of the parties hereto bind
and inure to the benefit of their respective successors and assigns (including,
without limitation, any subsequent holder of a Note) whether so expressed or
not.

    SECTION 22.2.   PAYMENTS DUE ON NON-BUSINESS DAYS. Anything in this
Agreement or the Notes to the contrary notwithstanding, any payment of principal
of or Make-Whole Amount or interest on any Note that is due on a date other than
a Business Day shall be made on the next succeeding Business Day without
including the additional days elapsed in the computation of the interest payable
on such next succeeding Business Day.

    SECTION 22.3.   SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law)
not invalidate or render unenforceable such provision in any other jurisdiction.

    SECTION 22.4.   CONSTRUCTION. Each covenant contained herein shall be
construed (absent express provision to the contrary) as being independent of
each other covenant contained herein, so that compliance with any one covenant
shall not (absent such an express contrary provision) be deemed to excuse
compliance with any other covenant. Where any provision herein refers to action
to be taken by any Person, or which such Person is prohibited from taking, such
provision shall be applicable whether such action is taken directly or
indirectly by such Person.

    SECTION 22.5.   COUNTERPARTS. This Agreement may be executed in any number
of counterparts, each of which shall be an original but all of which together
shall constitute one instrument. Each counterpart may consist of a number of
copies hereof, each signed by fewer than all, but together signed by all, of the
parties hereto.

                                   E-4.4(b)-41
<Page>

    SECTION 22.6.   GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY,
THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW
OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION
OTHER THAN SUCH STATE.

    SECTION 22.7.   CONSENT TO JURISDICTION AND SERVICE OF PROCESS. (a) To the
extent permitted by applicable law, the Company (i) hereby irrevocably submits
to the nonexclusive jurisdiction of the Supreme Court of the State of New York,
New York County (without prejudice to the rights of any holder of a Note to
remove to the United States District Court for the Southern District of New
York) and to the nonexclusive jurisdiction of the United States District Court
for the Southern District of New York, for the purposes of any suit, action or
other proceeding arising out of this Agreement, or the subject matter hereof or
any of the transactions contemplated hereby or thereby brought by any holder of
the Notes, (ii) hereby irrevocably agrees that all claims in respect of such
action or proceeding may be heard and determined in such New York State court
or, to the fullest extent permitted by applicable law, in such federal court,
and (iii) hereby irrevocably waives, and agrees not to assert, by way of motion,
as a defense, or otherwise, in any such suit, action or proceeding any claim
that is not personally subject to the jurisdiction of the above-named courts,
that the suit, action or proceeding is improper or that this Agreement, or the
subject matter hereof may not be enforced in or by such court.

      (b)   A final judgment obtained in respect of any action, suit or
proceeding referred to in this Section 22.7 shall be conclusive and may be
enforced in other jurisdictions by suit or judgment or in any manner as provided
by applicable law. The Company hereby consents to service of process by
registered mail, Federal Express, or similar courier at its address set forth in
Section 18, it being agreed that service in such manner shall constitute valid
service upon or its respective successors or assigns in connection with any such
action or proceeding only; PROVIDED, HOWEVER, that nothing in this Section 22.7
shall affect the right of any holder of the Notes to serve legal process in any
other manner permitted by applicable law.

                                *   *   *   *   *

                                   E-4.4(b)-42
<Page>

      The execution hereof by the Purchasers shall constitute a contract among
the Company and the Purchasers for the uses and purposes hereinabove set forth.

                                     Very truly yours,

                                     NATIONAL CONSUMER COOPERATIVE BANK

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

Accepted as of ____________, 2003

                                     METROPOLITAN LIFE INSURANCE COMPANY

                                     By
                                        Name:
                                        Title:

                                     METLIFE INVESTORS USA INSURANCE COMPANY

                                     By: Metropolitan Life Insurance Company, as
                                         Investment Manager

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

                                   E-4.4(b)-43
<Page>

                                     NEW ENGLAND LIFE INSURANCE COMPANY

                                     By: Metropolitan Life Insurance Company, as
                                         Investment Manager

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

                                     FIRST METLIFE INVESTORS INSURANCE COMPANY

                                     By: Metropolitan Life Insurance Company, as
                                         Investment Manager

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

                                     METLIFE BANK, NATIONAL ASSOCIATION

                                     By: Metropolitan Life Insurance Company, as
                                         Investment Manager

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

                                     THE CANADA LIFE ASSURANCE COMPANY

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

                                   E-4.4(b)-44QuickLinks
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Exhibit 10.1  

 
 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT    
  

        THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into on this 1st day of
October, 2002, by and between Robert S. Cramer, an individual resident of the State of Georgia (the "Executive"), and A.D.A.M., Inc., a Georgia
corporation (the "Company"); 

RECITALS:  

        WHEREAS, Executive is currently employed by the Company pursuant to an Employment Agreement dated
December 21, 1994 (the "Original Agreement"); and 

        WHEREAS, the Company and Executive desire to amend and restate the Original Agreement on the terms and conditions contained herein; 

        NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

 Section 1. Employment.  

        Subject to the terms hereof, Company hereby employs Executive, and Executive hereby accepts such employment with the Company. Executive shall serve as Chief
Executive Officer and Chairman of the Board of the Company and shall have the duties, rights and responsibilities normally associated with such positions, together with such other reasonable duties
relating to the operation of the business of the Company as may be assigned to him from time to time by the Board of Directors of the Company. Executive shall devote his full business time, skills and
best efforts to rendering services on behalf of the Company and shall exercise such care as is customarily required by executives undertaking similar
duties for companies similar to the Company. Notwithstanding the foregoing, Executive shall be permitted to serve as Chairman of the Board of ThePort Network, Inc., so long as such service does
not, in the good faith judgment of the Company's Board of Directors, interfere with Executive's duties hereunder. Executive will be required to perform the duties provided for in this
Section 1, only at the location where Executive was employed immediately prior to the effective date of this Agreement or such other location of the principal executive offices of the Company
in the Atlanta metropolitan area as the Board of Directors of the Company may designate. 

 Section 2. Compensation; Expenses.  

        2.1    Salary.    During the term of Executive's employment hereunder, the Company shall pay Executive an annual base
salary equal to $250,000.00 (the "Base Salary"), which Base Salary shall be reviewed annually by the Board of Directors of the Company and may be increased at the sole discretion of the Board of
Directors. The Base Salary shall be paid to Executive in accordance with the payroll procedures in effect with respect to other officers of the Company, less all applicable withholding taxes. 

        2.2    Bonuses.    Executive shall be entitled to receive bonuses
("Bonuses") in the following amounts in the event that Executive remains in the employ of the Company as of the following dates (each, a
"Bonus Payment Date"): 

	Bonus Payment Date
 
	 	Amount of Bonus

	May 29, 2003	 	$	105,154.74
	May 29, 2004	 	$	105,154.74
	May 29, 2005	 	$	105,154.74
	May 29, 2006	 	$	105,154.74

        Bonuses
shall be paid, to the extent earned, on each Bonus Payment Date by offsetting and reducing amounts payable by Executive to Company under that certain Promissory Note dated
May 30, 2001 in the original principal amount of $340,984.50 (the "Executive Note"). Under no circumstances will Bonuses be paid in any other
form (including without limitation cash). 

        Notwithstanding
the foregoing, in the event of a Change of Control (as defined below) or the termination of Executive's employment as a result of a No Cause Termination Event (as defined
below), then, in either such case, all of the Bonus payments will be accelerated and paid in full by offset against the Executive Note concurrently with the Change of Control or termination (as
applicable). Provided, however, that, under no circumstances shall the amount of Bonus payments exceed the total amounts of principal and interest due under the Executive Note. 

        As
used herein, the term "Change of Control" means the occurrence of any of the following events: 

        (a)  any
person, within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or group of persons, within the
meaning of Exchange Act Rule 13d-5, acquires more than fifty percent (50%) in voting power of the Company's equity securities; 

        (b)  the
Board of Directors of the Company as it is constituted on any day (the "Incumbent Board") changes so that on the
following day (which day shall be considered the day upon which the Change in Control occurs) individuals who constitute the Incumbent Board cease for any reason other than their deaths to constitute
at least a majority of the Board of Directors, provided that any individual becoming a director subsequent to the date hereof whose election or nomination for election was consented to or approved by
a majority of the Incumbent Board shall be, for purposes of this Paragraph (b), considered as though such person were a member of the Incumbent Board; 

        (c)  there
is a reorganization (other than a mere change in identity, form, or place of organization of the Company, however effected), merger or consolidation of the
Company, or any other transaction, with one or more business entities or persons as a result of which the stock of the Company is exchanged for or converted into cash or property or securities not
issued by the Company; or 

        (d)  there
is a sale of (or agreement to sell) all or substantially all of the assets of the Company to any person or business entity. 

        2.3    Expenses.    Executive shall be reimbursed for all reasonable business-related expenses incurred by Executive
at the request of or on behalf of the Company. 

        2.4    Executive Stock Option Plan.    Executive will be eligible for consideration for grants of stock options in
accordance with the terms and conditions of the Company's then-current stock option plan. The decision as to whether to grant options under the plan to Executive (and, if so, how many)
will be solely within the discretion of the Board of Directors, and such grants, if any, will be subject to any terms and conditions imposed thereon by the Board of Directors of the Company. 

 Section 3. Term; Termination and Renewal.  

        3.1    Term of Employment.    Unless earlier terminated in accordance with Section 3.2 hereof, the employment
of Executive hereunder shall commence as of the date hereof and shall continue for the period through December 31, 2006 (the "Initial Term").
Beginning on December 31, 2006, and on the last day of each calendar year thereafter, the term hereof shall automatically be extended for an additional one year period (a
"Renewal Term"), unless either party gives the other written notice of non-renewal at least ninety (90) days prior to the expiration
of the then-current term (or unless sooner terminated in accordance with the provisions of Section 3.2 below). In the event that the Company gives written notice of
non-renewal in accordance with this Section 3.1, then this Agreement will be deemed to have been terminated for purposes of Section 3.2 and Section 4. 

        3.2    Termination.    Subject to the provisions of Section 4, Executive's employment hereunder may be
terminated upon the occurrence of any of the following events: 

        (a)  by
the Company upon the death or total disability of Executive (total disability meaning the failure of Executive to perform his normal required services hereunder for a
period of twelve (12) consecutive months during the term hereof by reason of Executive's mental or physical disability) (a "Disability Termination
Event"); or 

        (b)  by
the Company upon thirty (30) days' prior written notice to Executive, for "Good Cause," which shall exist upon
the occurrence of any of the following: (i) Executive is convicted (in a United States court) of, pleads guilty to, or confesses to any felony or any act of fraud, misappropriation or
embezzlement, (ii) Executive engages in a fraudulent act to the material damage or prejudice of the Company or any affiliate of the Company or in conduct or activities materially damaging to
the property, business or reputation of the Company or any affiliate of the Company, as determined in good faith by the Board of Directors of the Company, (iii) Executive is convicted (in a
United States court) of, pleads guilty to, or confesses to illegal use by Executive of controlled substances, (iv) any material act or omission by Executive involving malfeasance or negligence
in the performance of Executive's duties to the Company to the material detriment of the Company, which has not been
corrected by Executive within thirty (30) days after written notice from the Company of any such act or omission, or (v) failure by the Executive to comply with the terms of this
Agreement or any written policies or directives of the Board of Directors, which has not been corrected by Executive within thirty (30) days after written notice from the Company of such
failure (in any such case, a "Good Cause Termination Event"); or 

        (c)  by
the Company for any reason other than as a result of a Good Cause Termination Event or Disability Termination Event (a "No Cause Termination
Event"); or 

        (d)  by
Executive upon his voluntary termination of his employment hereunder (a "Voluntary Termination Event"). 

 Section 4. Result of Termination.  

        4.1    Termination As Result of Voluntary Termination Event.    If Executive's employment hereunder is terminated as a
result of a Voluntary Termination Event, Executive shall not thereafter be entitled to receive any Base Salary or bonus; provided, however, that
Executive shall be entitled to receive any Base Salary or bonus which may be owed Executive but are unpaid as of the date on which Executive's employment is terminated. Except to the extent
specifically provided above in this Section 4.1, upon termination of employment, the Company shall have no further obligation to pay to Executive any Base Salary, bonus or any other benefits
pursuant to this Agreement. 

        4.2    Termination as a Result of Good Cause Termination Events.    If Executive's employment hereunder is terminated
as a result of a Good Cause Termination Event, Executive shall not thereafter be entitled to receive any Base Salary or bonus; provided, however, that
Executive shall be entitled to receive any Base Salary or bonus which may be owed Executive but are unpaid as of the date on which Executive's employment is terminated. Except to the extent
specifically provided above in this Section 4.2, upon termination of employment, the Company shall have no further obligation to pay to Executive any Base Salary, bonus or any other benefits
pursuant to this Agreement. 

        4.3    Termination As Result of No Cause Termination Event.    If Executive's employment hereunder is terminated as a
result of the occurrence of a No Cause Termination Event, then Executive shall continue to receive his then-current Base Salary for a period of one (1) year following the date of
termination of employment. Other than the amounts to be paid to Executive as specifically provided above in this Section 4.3 and except as provided in Section 2.2 above, upon termination
of employment, the Company shall have no further obligation to pay Executive any Base Salary, bonus or any other benefits pursuant to this Agreement. 

        4.4    Termination as a Result of a Disability Termination Event.    

        (a)  If
Executive's employment hereunder is terminated as a result of a Disability Termination Event, Executive shall be entitled to receive (i) his
then-current Base Salary for a period of one year following the date on which Executive's employment is terminated, and (ii) any benefits payable to Executive, or Executive's heirs,
assigns or personal representatives, as the case may be, under the terms of any long-term disability or life insurance program of the Company by reason of such Disability Termination
Event. 

        (b)  In
lieu of the benefits provided for in Section 4.4(a)(i) due to permanent disability of Executive, the Company reserves the right to provide the Executive
with disability insurance coverage, and any benefits because of disability of Executive shall be payable to Executive, and the Company shall thereupon only be required to pay the difference, if any,
between such disability payments and Executive's Base Salary. Nothing herein contained shall require the Company to continue such insurance benefits beyond the one year period following the date of
termination of employment. In addition to all other benefits accruing to Executive because of disability, he shall be entitled to receive for a period of one year following the date of termination of
employment, without cost to him, all existing health and accident, hospitalization and medical expense insurance coverage carried with respect to Executive by the Company. Except as specifically
provided above in this Section 4.4, the Company shall thereafter have no further obligation to pay to Executive any Base Salary, bonus or other benefits pursuant to this Agreement. 

        (c)  Executive
may designate one or more beneficiaries to receive the payment of any sums due hereunder upon or following his death, by a writing filed with the Company, and
may change any beneficiary or beneficiaries from time to time by subsequent writing filed with the Company. If, for any reason, there is no valid designation of a beneficiary in effect at the death of
Executive, the Company shall make any payment due hereunder to the Executive's surviving spouse, and if there should be no surviving spouse, to or for the benefit of the Executive's lineal descendants
living at the time such payment falls due, per stirpes, and not per capita, and, if no surviving spouse or lineal descendant be living at the time such payment falls due, then such payment shall be
made to the personal representative of the Executive's estate. 

        4.5    No Severance Pay.    Amounts payable pursuant to this Section 4 are in lieu of any severance pay that
would otherwise be payable to Executive upon termination of his employment with the Company under Company's severance pay policies. 

        4.6    Cumulative Benefits.    Nothing herein shall be in lieu of, but shall be in addition to, all pension and profit
sharing benefits accruing under any such programs provided by the Company, and in which the Executive has been a participant. 

 Section 5. Additional Employment Benefits.  

        5.1    Participation in Executive Benefit Plans.    Executive shall be entitled to participate in such medical,
dental, disability, hospitalization, life insurance and other benefit plans as the Company shall maintain from time to time for the benefit of executive employees of the Company, on the terms and
subject to the conditions set forth in such plans. 

        5.2    Vacation.    In addition to Company holidays, Executive shall receive paid vacation time each year during the
term of this Agreement in accordance with the Company's vacation policy. 

 Section 6. Confidential Information, Trade Secrets and Noncompetition Covenants.  

        6.1    Confidentiality.    

        (a)  The
Executive agrees that, both during his employment and for the applicable period described in Section 6.1(c) below after termination of his employment for any
reason, the Executive will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose, except as set forth in Section 6.1(c) below or as
authorized by the 

Company in connection with the performance of the Executive's duties, any Confidential Information (as hereinafter defined) that the Executive may have or acquire (whether or not developed or
compiled by the Executive and whether or not the Executive has been authorized to have access to such Confidential Information) during his employment with the Company. 

        (b)  The
term "Confidential Information" as used in this Agreement shall mean and include any information, data, and
know-how relating to the business of the Company that is disclosed to the
Executive by the Company or known by the Executive as a result of the Executive's relationship with the Company and not generally within the public domain (whether constituting a trade secret or not),
including, without limitation, technical information, financial information, supply and service information, marketing information, personnel information, customer information and information that was
provided to the Company in confidence or that Company is otherwise required to maintain in confidence due to a legal or contractual obligation. The term "Confidential
Information" does not include information that has become a part of the public domain by the act of one who has the right to disclose such information without violating any
right of the Company or the customer to which such information pertains. Confidential Information which is specific as to techniques, methods, or the like shall not be deemed to be in the public
domain merely because such information is embraced by more general disclosures in the public domain, and any combination of features shall not be deemed within the foregoing exception merely because
individual features are in the public domain if the combination itself and its principles of operation are not in the public domain. 

        (c)  The
covenants contained in this Section 6.1 shall survive the termination of the Executive's employment with the Company for any reason for a period of two
(2) years; provided, however, that with respect to those items of Confidential Information which constitute a trade secret under applicable law, the Executive's obligations of confidentiality
and non-disclosure as set forth in this Section 6.1 shall continue to survive after said two-year period to the greatest extent permitted by applicable law. These rights
of the Company are in addition to those rights the Company has under the common law or applicable statutes for the protection of trade secrets. 

        (d)  In
the event that the Executive becomes legally compelled (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process)
to disclose any of the Confidential Information, the Executive shall provide the Company with prompt written notice of such requirement prior to complying therewith so that the Company may seek a
protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement. In the event that such protective order or other remedy is not obtained or the Company waives
compliance with the provisions hereof, the Executive agrees to furnish only that portion of the Confidential Information that is legally required and to exercise reasonable efforts to obtain an
assurance that confidential treatment will be accorded such Confidential Information. 

        6.2    Non-Solicitation of Employees.    The Executive agrees that he will, for so long as he is employed
by the Company and for a period of two (2) years after termination of his employment for any reason, (i) not solicit, entice, persuade, or induce any other employee of the Company to
leave the Company's employ, and (ii) refrain from recruiting or hiring, or attempting to recruit or hire, directly or by assisting others, any other employee of the Company who is employed by
or doing business with the Company at the time of the attempted recruiting or hiring. 

        6.3    Non-Solicitation of Customers.    The Executive will, for so long as he is employed by the Company
and for a period of two (2) years after termination of his employment for any reason, refrain from soliciting, or attempting to solicit, directly or by assisting others, any business from any
of the customers, including actively sought prospective customers, with whom the Executive had material contact within the last twenty four (24) months of Executive's employment hereunder, for
purposes of providing products or services that are similar to or competitive with those provided by the Company, if the Company is also then still engaged in such business. 

        6.4    Non-Competition.    Executive expressly covenants and agrees that during the term of his employment
hereunder and for a period of twenty four (24) months after termination of his 

employment for any reason, he will not, directly or indirectly, seek, obtain, or accept a Competitive Position in the Restricted Territory with a Competitor of the Company (as such terms are
hereafter defined). For purposes of this Agreement, a "Competitor" of the Company means any business, individual, partnership, joint venture,
association, firm, corporation or other entity whose primary business is producing, marketing, promoting, distributing and licensing anatomical, health and medical content (including without
limitation, products designed for educational markets and consumer markets); a "Competitive Position" means any employment with any Competitor of the
Company whereby Executive has duties for such Competitor that are the same as or substantially similar to those actually performed by him pursuant to the terms hereof; and the
"Restricted Territory" means the United States of America. Executive acknowledges and agrees that he has been or will be working within the Restricted
Territory as defined above or has had or will have material contact with customers or actively sought prospective customers of the Company located within such areas. The parties agree to review the
geographical area included within the Restricted Territory from time to time at either party's request in order that the Restricted Territory may be reformed so that its coverage upon Executive's
termination will extend only to the geographical area in which the Executive is working at such time, including any area where any operations performed, supervised, or assisted in by the Executive are
conducted and any area where customers or actively sought prospective customers of the Company with whom the Executive had material contact are present. Any reformation shall be evidenced only by a
written amendment to this Agreement. 

        6.5    Severability.    Except as noted below, should any provision of this Agreement be declared or determined by any
court of competent jurisdiction or arbitrator to be unenforceable or invalid for any reason, the validity of the remaining parts, terms, or provisions of this Agreement shall not be affected thereby
and the invalid or unenforceable part, term, or provision shall be deemed not to be a part of this Agreement. The covenants set forth in this Agreement are to be reformed pursuant to
Section 6.6 if held to be unreasonable or unenforceable, in whole or in part, and, as written and as reformed, shall be deemed to be part of this Agreement. 

        6.6    Reformation.    If any of the covenants or promises of this Agreement are determined by any court of law or
equity or arbitrator, with jurisdiction over this matter, to be unreasonable or unenforceable, in whole or in part, as written, Executive hereby consents to and affirmatively requests that said court
or arbitrator, to the extent legally permissible, reform the covenant or promise so as to be reasonable and enforceable and that said court or arbitrator enforce the covenant or promise as so
reformed. 

 Section 7. Ownership of Employment Developments.  

        7.1    Ownership of Work Product.    

        (a)  Company
shall own all Work Product (as defined in Section 7.1(e)). All Work Product shall be considered work made for hire by Executive and owned by Company. 

        (b)  If
any of the Work Product may not, by operation of law, be considered work made for hire by Executive for Company, or if ownership of all right, title, and interest of
the intellectual property rights therein shall not otherwise vest exclusively in Company, Executive agrees to assign, and upon creation thereof automatically assigns, without further consideration,
the ownership of all trade secrets, U.S. and international copyrights, patentable inventions, and other intellectual property rights therein to Company, its successors and assigns. 

        (c)  Company,
its successors and assigns, shall have the right to obtain and hold in its or their own name copyright registrations, trademark registrations, patents and any
other protection available in the foregoing. 

        (d)  Executive
agrees to perform, upon the reasonable request of Company, during or after Executive's employment, such further acts as may be necessary or desirable to
transfer, perfect, and defend Company's ownership of the Work Product. When requested, Executive will: 

          (i)  Execute,
acknowledge, and deliver any requested affidavits and documents of assignment and conveyance with respect to any Work Product; 

        (ii)  Assist
in the preparation, prosecution, procurement, maintenance and enforcement of copyrights and, if applicable, patents with respect to the Work Product in any
countries; 

        (iii)  Provide
testimony in connection with any proceeding affecting the right, title, or interest of Company in any Work Product; and 

        (iv)  Perform
any other acts deemed necessary or desirable to carry out the purposes of this Agreement. 

Company
shall reimburse all reasonable out-of-pocket expenses incurred by Executive at Company's request in connection with the foregoing, including (unless Executive is
otherwise being compensated at the time) a reasonable per diem or hourly fee for services rendered following termination of employment. 

        (e)  For
purposes hereof, "Work Product" shall mean all intellectual property rights, including all trade secrets, U.S. and international copyrights, patentable inventions,
discoveries and improvements, and other intellectual property rights, in any programming, documentation, technology, or other Work Product that relates to the business and interests of Company and
that Executive conceives, develops, or delivers to Company at any time during the term of employment by Company. Work Product shall also include all intellectual property rights in any programming,
documentation, technology, or other work product that is now contained in any of the products or systems, including development and support systems, of Company to the extent Executive conceived,
developed, or delivered such Work Product to Company prior to the date of this Agreement while engaged as an independent contractor or an employee of Company. Executive hereby irrevocably relinquishes
for the benefit of Company and its assigns any moral rights in the Work Product recognized by applicable law. 

        7.2    Clearance Procedure for Proprietary Rights Not Claimed by Company.    If Executive wishes to create or develop,
on Executive's own time and with Executive's own resources, anything that may be considered Work Product but to which Executive believes Executive should be entitled to the personal benefit of,
Executive shall be required to follow the clearance procedure set forth in this section in order to ensure that Company has no claim to the proprietary rights that may arise. 

        Before
Executive begins any development work on Executive's own time, Executive must give Company advance written notice of Executive's plans and supply a description of the development
under consideration. Unless otherwise agreed in a writing signed by Company prior to receipt, Company shall have no obligation of confidence with respect to such description. Company will determine,
in good faith, within thirty (30) days after Executive has fully disclosed Executive's plans to Company, whether the development is claimed by Company as Work Product. If Company determines
that it does not claim such development, Executive will be notified in writing and may retain ownership of the development to the extent of what has been disclosed to Company. Executive should submit
for further clearance any significant improvement, modification, or adaptation so that it can be determined whether the improvement, modification, or adaptation relates to the business or interests of
Company. 

        Clearance
under this procedure does not relieve Executive of the need to obtain the written consent of Company before engaging in business activities or rendering business, commercial,
or professional services for the benefit of anyone other than Company, as required in Section 1.1 hereof. Company thus reserves the right to exercise greater control over development work that
Executive might consider doing for profit after hours, as opposed to mere hobby work pursued in Executive's spare time. 

        7.3    Return of Materials.    Upon the request of Company and, in any event, upon the termination of Executive's
employment, Executive shall return to Company and leave at its disposal all memoranda, notes, records, drawings, manuals, computer programs, documentation, diskettes, computer tapes, and other
documents or media pertaining to the business of Company or Executive's specific duties for the Company, including all copies of such materials. Executive must also return to the Company and leave at
its disposal all materials involving any Trade Secrets of the Company. This Section 7.3 is intended to apply to all materials made or compiled by Executive, as well as to all materials made or
compiled by Executive, as well as to all materials furnished to Executive by anyone else in connection with Executive's employment. 

 Section 8. Miscellaneous.  

        8.1    Binding Effect.    This Agreement shall inure to the benefit of and shall be binding upon Executive and his
executor, administrator, heirs, personal representative and assigns, and the Company and its successors and assigns; provided, however, that Executive shall not be entitled to assign or delegate any
of his rights or obligations hereunder without the prior written consent of Company. 

        8.2    Specific Performance and Consent to Injunctive Relief.    The faithful observance of all covenants in this
Agreement is an essential condition to Executive's employment, and the Company is depending upon absolute compliance. Damages would probably be very difficult to ascertain if Executive breached any
covenant in this Agreement. This Agreement is intended to protect the proprietary rights of Company in many important ways. Even the threat of any misuse of the technology of Company would be
extremely harmful, since that technology is essential to the business of Company. In light of these facts, Executive agrees that any court of competent jurisdiction may immediately enjoin any breach
of this Agreement upon the request of, and proper showing by, the Company. 

        8.3    Construction of Agreement.    No provision of this Agreement or any related document shall be construed against
or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured or drafted such
provision. 

        8.4    Governing Law.    This Agreement shall be governed by and construed in accordance with the internal laws of the
State of Georgia (without regard to its conflicts of law rules). 

        8.5    Arbitration.    Any controversy arising out of, or relating to, this Agreement or any modification or extension
of this Agreement, including any claims for damages, rescission, specific performance or other legal or equitable relief, shall be settled by arbitration in the City of Atlanta, State of Georgia, in
accordance with the rules then obtaining of the American Arbitration Association. The determination
of the arbitrator when made shall be binding upon all parties bound by the terms of this Agreement. Judgment upon the award rendered by the arbitrator may be entered in any court. 

        8.6    Survival of Agreements.    All covenants and agreements made herein shall survive the execution and delivery of
this Agreement and the termination of Executive's employment hereunder for any reason. 

        8.7    Headings.    The section and paragraph headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. 

        8.8    Notices.    All notices, requests, consents and other communications hereunder shall be in writing and shall be
deemed to be given when delivered personally or mailed first class, registered or certified mail, postage prepaid, in either case, addressed as follows: 

	(a)
	If
to Executive: 

2351
Montview Drive

Atlanta, Georgia 30305 

	(b)
	If
to the Company, addressed to: 

A.D.A.M., Inc.

1600 RiverEdge Parkway

Suite 800

Atlanta, Georgia 30328 

        8.9    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. 

        8.10    Entire Agreement.    This Agreement constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior agreements, written and oral, between the parties hereto
or with respect to the subject matter hereof. This Agreement may be modified only by a written instrument signed by each of the parties hereto. 

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

	 	 	A.D.A.M., INC.
	

 	
 	

By:	
 	

/s/  KEVIN S. NOLAND      

	

 	
 	

Title:	
 	

Chief Operating Officer

	
 	
 	

EXECUTIVE
	
 	
 	

 	
 	

/s/  ROBERT S. CRAMER, JR      
 ROBERT S. CRAMER

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AMENDED AND RESTATED EMPLOYMENT AGREEMENT

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