Document:

THE WASHTENAW GROUP, INC.

                         STOCK OPTION AND INCENTIVE PLAN

         1.       Purpose of the Plan.

          The purpose of this The Washtenaw Group, Inc. (the "Company") Stock
Option and Incentive Plan (the "Plan") is to advance the interests of the
Company through providing select key Employees and Directors of the Company and
its Affiliates with the opportunity to acquire Shares. By encouraging such stock
ownership, the Company seeks to attract, retain, and motivate the best available
personnel for positions of substantial responsibility and to provide additional
incentive to Directors and key Employees of the Company or any Affiliate to
promote the success of the business.

         2.       Definitions.

          As used herein, the following definitions shall apply.

          (a) "Affiliate" shall mean any "parent corporation" or "subsidiary
corporation" of the Company, as such terms are defined in Section 424(e) and
(f), respectively, of the Code, and any other subsidiary corporations of a
parent corporation of the Company.

          (b)     "Agreement" shall mean a written agreement entered into in
accordance with Paragraph 5(c).

          (c)     "Award" shall mean collectively, Options and SARs, unless the
context clearly indicates a different meaning.

          (d)     "Board" shall mean the Board of Directors of the Company.

          (e)   "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (f) "Committee" shall mean the Stock Option Committee appointed by the
Board in accordance with Paragraph 5(a) hereof.

          (g)     "Common Stock" shall mean the common stock, par value $0.01
per share, of the Company.

          (h)     "Company" shall mean The Washtenaw Group, Inc., a Michigan
corporation.

          (i) "Continuous Service" shall mean the absence of any interruption or
termination of service as an Employee or Director of the Company or an
Affiliate. Continuous Service shall not be considered interrupted in the case of
sick leave, military leave, or any other leave of absence approved by the
Company or in the case of transfers between payroll locations of the Company or
between the Company, an Affiliate, or a successor.

          (j) "Control" shall have the meaning ascribed to such term in 12
C.F.R. Part 225. "Change in Control" shall mean: (i) the sale of all, or a
material portion, of the assets of the Company; (ii) a merger or
recapitalization in the Company whereby the Company is not the surviving entity;
(iii) a change in Control of the Company as defined in 12 C.F.R. Part 225 or as
otherwise defined by the Board of Governors of the Federal Reserve System, or
any successor thereto; or (vi) the acquisition, directly or indirectly, of the
beneficial ownership (within the meaning of that term as it is used in Section
13(d) of the Securities Exchange Act of 1934 and the rules and regulations
promulgated thereunder) of twenty-five percent (25%) or more of the outstanding
voting securities of the Company by any person, entity, or group; provided,
however, that a change in Control of the Company shall not include the
acquisition or disposition of securities of the Company by any person in Control
of the Company at the time of the adoption of this Plan and shall not include
any subsequent acquisition or disposition of the securities of the Company by
any person owned or Controlled by, or under common Control with, a person in
Control of the Company at the time of the adoption of this Plan. This definition
shall not apply to the purchase of Shares by underwriters in connection with a
public offering of securities of the Company, or the purchase of shares of up to
25% of any class of securities of the Company by a tax-qualified employee stock
benefit plan which is exempt from the approval requirements of 12 C.F.R. Part
225. The term "person" refers to an individual or a corporation, partnership,
trust, association, joint venture, pool, syndicate, sole proprietorship,
unincorporated organization, or any other form of entity not listed. The
decision of the Committee as to whether a change in Control has occurred shall
be conclusive and binding.

          (k) "Director" shall mean any member of the Board, and any member of
the board of directors of any Affiliate that the Board has by resolution
designated as being eligible for participation in this Plan.

          (l)     "Effective Date" shall mean the date specified in Paragraph 14
hereof.

          (m) "Employee" shall mean any person employed by the Company or an
Affiliate who is an employee for federal tax purposes.

          (n)     "Exercise Price" shall mean the price per Optioned Share at
which an Option may be exercised.

          (o) "ISO" means an option to purchase Common Stock which meets the
requirements set forth in the Plan, and which is intended to be and is
identified as an "incentive stock option" within the meaning of Section 422 of
the Code.

          (p) "Market Value" shall mean the fair market value of the Common
Stock, as determined under Paragraph 7(b) hereof.

          (q) "Measurement Price" shall mean the price of the Common Stock to be
utilized to determine the extent of stock appreciation. The Measurement Price as
to any particular SAR shall not be less than the Market Value on the date of
grant.

          (r) "Non-ISO" means an option to purchase Common Stock which meets the
requirements set forth in the Plan but which is not intended to be and is not
identified as an ISO.

          (s)     "Option" means an ISO and/or a Non-ISO.

          (t)     "Optioned Shares" shall mean Shares subject to an Award
granted pursuant to this Plan.

          (u)     "Participant"  shall mean any key Employee or other person who
receives an Award pursuant to the Plan.

          (v)     "Plan" shall mean this Washtenaw Mortgage Company Stock Option
and Incentive Plan.

          (w) "Rule 16b-3" shall mean Rule 16b-3 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended.

          (x)     "Share" shall mean one share of Common Stock.

          (y) "SAR" (or "Stock Appreciation Right") means a right to receive the
appreciation in value, or a portion of the appreciation in value, of a specified
number of shares of Common Stock.

         3.       Term of the Plan and Awards.

          (a) Term of the Plan. The Plan shall continue in effect for a term of
10 years from the Effective Date or the date the Plan is adopted by the Board
(whichever period ends earlier), unless sooner terminated pursuant to Paragraph
16 hereof. No Award shall be granted under the Plan after such ten year term.

          (b) Term of Awards. The term of each Award granted under the Plan
shall be established by the Committee, but shall not exceed 10 years; provided,
however, that in the case of an Employee who owns Shares representing more than
10% of the outstanding Common Stock at the time an ISO is granted, the term of
such ISO shall not exceed five years, subject to the provisions of Section 8(e)
hereof.

         4.       Shares Subject to the Plan.

          (a) General Rule. Except as otherwise required by the provisions of
Paragraph 11 hereof, the aggregate number of Shares deliverable pursuant to
Awards shall not exceed 440,000. Such Shares may either be authorized but
unissued Shares or Shares held in treasury. If any Awards should expire, become
unexercisable, or be forfeited for any reason without having been exercised or
becoming vested in full, the Optioned Shares shall, unless the Plan shall have
been terminated, be available for the grant of additional Awards under the Plan.

          (b) Special Rule for SARs. The number of Shares with respect to which
a SAR is granted, but not the number of Shares which the Company delivers or
could deliver to an Employee or individual upon exercise of a SAR, shall be
charged against the aggregate number of Shares remaining available under the
Plan; provided, however, that in the case of a SAR granted in conjunction with
an option, under circumstances in which the exercise of the SAR results in
termination of the Option and vice versa, only the number of Shares subject to
the Option shall be charged against the aggregate number of Shares remaining
available under the Plan. The Shares involved in an Option as to which option
rights have terminated by reason of the exercise of a related SAR, as provided
in Paragraph 9 hereof, shall not be available for the grant of further Options
under the Plan.

         5.       Administration of the Plan.

          (a) Composition of the Committee. The Plan shall be administered by
the Committee, which shall consist of not less than two (2) members of the
Board. Members of the Committee shall serve at the pleasure of the Board. In the
absence at any time of a duly appointed Committee, the Plan shall be
administered by the members of the Board.

          (b) Powers of the Committee. Except as limited by the express
provisions of the Plan or by resolutions adopted by the Board, the Committee
shall have sole and complete authority and discretion, subject to compliance
with applicable regulations of the Office of the Comptroller of the Currency
("OCC") and the Board of Governors of the Federal Reserve System ("FRB") (i) to
select Participants and grant Awards, (ii) to determine the form and content of
Awards to be issued in the form of Agreements under the Plan, (iii) to interpret
the Plan, (iv) to prescribe, amend and rescind rules and regulations relating to
the Plan, and (v) to make other determinations necessary or advisable for the
administration of the Plan. The Committee shall have and may exercise such other
power and authority as may be delegated to it by the Board from time to time. A
majority of the entire Committee shall constitute a quorum and the action of a
majority of the members present at any meeting of the committee at which a
quorum is present, or acts approved in writing by a majority of the Committee
without a meeting, shall be deemed the action of the Committee.

          (c) Agreement. Each Award shall be evidenced by a written agreement
containing such provisions as may be approved by the Committee. Each such
Agreement shall constitute a binding contract between the Company and the
Participant, and every Participant, upon acceptance of such Agreement, shall be
bound by the terms and restrictions of the Plan and of such Agreement. The terms
of each such Agreement shall be in accordance with the Plan, but each Agreement
may include such additional provisions and restrictions determined by the
Committee, in its discretion, subject to compliance with applicable regulations,
provided that such additional provisions and restrictions are not inconsistent
with the terms of the Plan. In particular, the Committee shall set forth in each
Agreement (i) the Exercise Price of an Option or SAR, (ii) the number of Shares
subject to, and the expiration date of, the Award, (iii) the manner, time, and
rate (cumulative or otherwise) of exercise or vesting of such Award, (iv) the
restrictions, if any, to be placed upon such Award, or upon Shares which may be
issued upon exercise of such Award, and (v) whether the Option is intended to be
an ISO or a Non-ISO.

          The Chairman of the Committee and such other Directors and officers as
shall be designated by the Committee are hereby authorized to execute Agreements
on behalf of the Company and to cause them to be delivered to the recipients of
Awards.

          (d)     Effect of the Committee's Decisions.  All decisions,
determinations, and interpretations of the Committee shall be final and
conclusive on all persons affected thereby.

          (e) Indemnification. In addition to such other rights of
indemnification as they may have, the members of the Committee shall be
indemnified by the Company in connection with any claim, action, suit, or
proceeding relating to any action taken or failure to act under or in connection
with the Plan or any Award, granted hereunder to the full extent provided for
under the Certificate of Incorporation of the Company with respect to the
indemnification of Directors.

         6.       Grant of Options.

          (a) General Rule. On and after the Effective Date, key Employees and
Non-Employee Directors shall be eligible to receive discretionary grants of
Options (or other Awards) pursuant to the Plan; provided that such grant shall
not be made to an Employee or Non-Employee Director whose Continuous Service
terminates on or before the date of grant.

          (b) The Option granted to the optionee hereunder (i) shall become
vested and exercisable in accordance with the Agreement regarding such Option,
(ii) shall have a term of not more than 10 years from the date of the Award, and
(iii) shall be subject to the general rule set forth in Paragraph 8(c) with
respect to the effect of an optionee's termination of Continuous Service on the
Optionee's right to exercise his or her Options.

          (c)     Special Rules for ISOs.
                  ----------------------

                  (i) The Option granted to the optionee hereunder (i) shall
          become vested and exercisable, on a cumulative basis, with respect to
          20% of the Optioned Shares upon each of the first five anniversary
          dates of the date of grant, provided that vesting shall not occur on a
          particular date if the Optionee's Continuous Service has terminated on
          or before such date and (ii) shall have a term of 10 years from the
          date of the Award.

                  (ii) The aggregate Market Value, as of the date the Option is
          granted, of the Shares with respect to which ISOs are exercisable for
          the first time by an Employee during any calendar year (under all
          incentive stock option plans, as defined in Section 422 of the Code,
          of the Company or any present or future Parent or Subsidiary of the
          Company) shall not exceed $100,000. Notwithstanding the foregoing, the
          Committee may grant Options in excess of the foregoing limitations, in
          which case such Options granted in excess of such limitation shall be
          Options which are Non-ISOs.

         7.       Exercise Price for Options and Measurement Price for SARs.

          (a) Limits on Committee Discretion. The Exercise Price as to any
particular Option and the Measurement Price for any particular SAR shall not be
less than 100% of the Market Value of the Optioned Shares on the date of grant
without taking into account any restrictions on the Optioned Shares. In the case
of an Employee who owns Shares representing more than 10% of the Company's
outstanding Shares of Common Stock at the time an ISO is granted, the Exercise
Price shall not be less than 110% of the Market Value of the Optioned Shares at
the time the ISO is granted.

          (b) Standards for Determining Exercise Price or Measurement Price. If
the Common Stock is listed on a national securities exchange (including the
Nasdaq National Market or Small Cap System) on the date in question, then the
Market Value per Share shall be the average of the highest and lowest selling
price on such exchange on such date, or if there were no sales on such date,
then the Exercise Price or Measurement Price shall be the mean between the bid
and asked price on such date. If the Common Stock is traded otherwise than on a
national securities exchange on the date in question, then the Market value per
Share shall be the mean between the bid and asked price on such date, or, if
there is no bid and asked price on such date, then on the next prior business
day on which there was a bid and asked price. If no such bid and asked price is
available, then the Market Value per Share shall be its fair market value as
determined by the Committee, in its sole and absolute discretion.

         8.       Exercise of Options.

          (a) Generally. Subject to (e) below, any Option granted hereunder
shall be exercisable at such times and under such conditions as shall be
permissible under the terms of the Plan and of the Agreement granted to a
Participant. An Option may not be exercised for a fractional Share.

          (b) Procedure for Exercise. A Participant may exercise Options,
subject to provisions relative to its termination and limitations on its
exercise, only by (1) written notice of intent to exercise the option with
respect to a specified number of Shares, and (2) payment to the Company
(contemporaneously with delivery of such notice) in cash, in Common Stock, or a
combination of cash and Common Stock, of the amount of the Exercise Price for
the number of Shares with respect to which the option is then being exercised.
Each such notice (and payment where required) shall be delivered, or mailed by
prepaid registered or certified mail, addressed to the Treasurer of the Company
at the Company's executive offices. Common Stock utilized in full or partial
payment of the Exercise Price for options shall be valued at its Market Value at
the date of exercise.

          (c) Period of Exercisability. Except to the extent otherwise provided
in more restrictive terms of an Agreement, an Option may be exercised by a
Participant only with respect to the vested portion of such Option and only
while a Participant is an Employee or Director that has maintained Continuous
Service from the date of the grant of the Option, or within three months after
termination of such Continuous Service (but not later than the date on which the
Option would otherwise expire), except if the Employee's or Director's
Continuous Service terminates by reason of:

                  (i) "Just Cause" which for purposes hereof shall have the
          meaning set forth in any unexpired employment agreement between the
          Participant and the Company (and, in the absence of any such
          agreement, shall mean termination because of the Employee's or
          Director's personal dishonesty, incompetence, willful misconduct,
          breach of fiduciary duty involving personal profit, intentional
          failure to perform stated duties, willful violation of any law, rule,
          or regulation (other than traffic violations or similar offenses) or
          final cease-and-desist order), then the Participant's rights to
          exercise such Option shall expire on the date of such termination;

                  (ii) death, then all Options of the deceased Participant shall
          become immediately exercisable and may be exercised within two years
          from the date of his death (but not later than the date on which the
          Option would otherwise expire) by the personal representatives of such
          person's estate or person or persons to whom such person's rights
          under such Option shall have passed by will or by laws of descent and
          distribution;

                  (iii) Permanent and Total Disability (as such term is defined
          in Section 22(e)(3) of the Code), then all Options of the disabled
          Participant shall become immediately exercisable and may be exercised
          within one year from the date of such Permanent and Total Disability,
          but not later than the date on which the Option would otherwise
          expire.

          (d) Effect of the Committee's Decisions. The Committee's determination
whether a Participant's Continuous Service has ceased, and the effective date
thereof, shall be final and conclusive on all persons affected thereby.

          (e) Vesting of all Options shall cease immediately upon the
termination of employment or directorship of an optionee. The vesting schedule
for ISOs set forth in Section 6(c)(1) of this Plan is the most rapid vesting
permitted under the Plan for ISOs, except in the case of death or disability
(which shall be governed by Paragraphs 8(c)(2) and (3) above) or a change in
control (which shall be governed by Paragraph 10).

         9.       SARs (Stock Appreciation Rights)

          (a) Granting of SARs. In its sole discretion, subject to compliance
with applicable regulations, the Committee may from time to time grant SARs to
Employees either in conjunction with, or independently of, any Options granted
under the Plan. A SAR granted in conjunction with an Option may be an
alternative right wherein the exercise of the Option terminates the SAR to the
extent of the number of shares purchased upon exercise of the Option and,
correspondingly, the exercise of the SAR terminates the Option to the extent of
the number of Shares with respect to which the SAR is exercised. Alternatively,
a SAR granted in conjunction with an Option may be an additional right wherein
both the SAR and the Option may be exercised. A SAR may not be granted in
conjunction with an ISO under circumstances in which the exercise of the SAR
affects the right to exercise the ISO or vice versa, unless the SAR, by its
terms, meets all of the following requirements:

                  (i)      The SAR will expire no later than the ISO;

                  (ii) The SAR may be for no more than the difference between
          the Exercise Price of the ISO and the Market Value of the Shares
          subject to the ISO at the time the SAR is exercised;

                  (iii)    The SAR is transferable only when the ISO is
          transferable, and under the same conditions;

                  (iv)     The SAR may be exercised only when the ISO may be
          exercised; and

                  (v) The SAR may be exercised only when the Market Value of the
          Shares subject to the ISO exceeds the Exercise Price of the ISO.

          (b) Timing of Exercise. Any election by a Participant to exercise SARs
shall be made during the period beginning on the 3rd business day following the
release for publication of quarterly or annual financial information and ending
on the 12th business day following such date. This condition shall be deemed to
be satisfied when the specified financial data is first made publicly available.
In no event, however, may a SAR be exercised within the six-month period
following the date of its grant.

          The provisions of Paragraphs 8(c) and 8(e) regarding the period of
exercisability and vesting of Options are incorporated by reference herein, and
shall determine the period of exercisability and vesting of SARs.

          (c) Exercise of SARs. A SAR granted hereunder shall be exercisable at
such times and under such conditions as shall be permissible under the terms of
the Plan and of the Agreement granted to a Participant, provided that a SAR may
not be exercised for a fractional Share. Upon exercise of a SAR, the Participant
shall be entitled to receive, without payment to the Company except for
applicable withholding taxes, an amount equal to the excess of (or, in the
discretion of the Committee if provided in the Agreement, a portion of) the
excess of the then aggregate Market Value of the number of Optioned Shares with
respect to which the Participant exercises the SAR, over the aggregate
Measurement Price of such number of Optioned Shares. This amount shall be
payable by the Company, in the discretion of the Committee, in cash or in Shares
valued at the then Market Value thereof, or any combination thereof

          (d) Procedure for Exercising SARs. To the extent not inconsistent
herewith, the provisions of Paragraph 8(b) as to the procedure for exercising
Options are incorporated by reference, and shall determine the procedure for
exercising SARs.

         10.      Change in Control.

          All outstanding Awards shall become immediately exercisable in the
event of a change in Control of the Company, as determined by the Committee in
its sole discretion. In the event of a change in Control, the Committee and the
Board of Directors, at their discretion, will take one or a combination of the
following actions to be effective as of the date of such change in Control:

          (a) provide that such Awards shall be assumed, or equivalent Awards
shall be substituted ("Substitute Awards") by the acquiring or succeeding
corporation (or an Affiliate thereof), provided that (a) any such Substitute
Award exchanged for ISOs shall meet the requirements of Section 424(a) of the
Code, and (b) the shares of stock issuable upon the exercise of such Substitute
Award shall constitute securities registered in accordance with the Securities
Act of 1933, as amended ("Securities Act"), or such securities shall be exempt
from such registration in accordance with Sections 3(a)(2) or 3(a)(5) of the
Securities Act, or

          (b) provide that the Participants will receive upon the consummation
of the change in Control transaction a cash payment for each Award surrendered
equal to the difference between (1) the Market Value of the consideration to be
received for each share of Common Stock in the change in Control transaction
times the number of Shares subject to a surrendered Award, and (2) the aggregate
exercise price of such surrendered Awards. Awards to which the Committee or the
Board has determined to provide a cash payment in lieu of the Award pursuant to
this section shall be and become, upon the change in Control the right to
receive the cash payment only and shall cease to be an Award.

          The individual agreements concerning Awards under this Plan or other
agreements between Participants and the Company, the Bank, and/or WMC, or any
Affiliate thereof, may provide restrictions on Awards in the case of a change in
Control in order to avoid adverse tax results under Section 280G and/or Section
4999 of the Code. This section shall not apply to the purchase of Shares by
underwriters in connection with a public offering of securities of the Company,
or the purchase of shares of up to 25% of any class of securities of the Company
by a tax-qualified employee stock benefit plan which is exempt from the approval
requirements of 12 C.F.R. Part 225.

         11.      Effect of Changes in Common Stock Subject to the Plan.

          (a) Recapitalizations; Stock Splits, Etc. The number and kind of
shares reserved for issuance under the Plan, and the number and kind of shares
subject to outstanding Awards (and the Exercise Price thereof in the case of
Options and the Measurement Price in the case of SARs), shall be proportionately
adjusted for any increase, decrease, change, or exchange of Shares for a
different number or kind of shares or other securities of the Company which
results from a merger, consolidation, recapitalization, reorganization,
reclassification, stock dividend, split-up, combination of shares, or similar
event in which the number or kind of shares is changed without the receipt or
payment of consideration by the Company.

          (b) Special Rule for ISOs. Any adjustment made pursuant to
subparagraph (a) hereof shall be made in such a manner as not to constitute a
modification, within the meaning of Section 424(h) of the Code, of outstanding
ISOs.

          (c) Conditions and Restrictions on New, Additional, or Different
Shares or Securities. If, by reason of any adjustment made pursuant to this
Paragraph, a Participant becomes entitled to new, additional, or different
shares of stock or securities, such new, additional, or different shares of
stock or securities shall thereupon be subject to all of the conditions and
restrictions that were applicable to the Shares pursuant to the Award before the
adjustment was made.

          (d) Other Issuances. Except as expressly provided in this Paragraph,
the issuance by the Company or an Affiliate of shares of stock of any class, or
of securities convertible into Shares or stock of another class, for cash or
property or for labor or services either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, shall not affect, and no adjustment
shall be made with respect to, the number, class, Exercise Price, or Measurement
Price of Shares then subject to Awards or reserved for issuance under the Plan.

         12.      Non-Transferability of Awards.

          Awards may not be sold, pledged, assigned, hypothecated, transferred,
or disposed of in any manner other than by will or by the laws of descent and
distribution, or pursuant to the terms of a "qualified domestic relations order"
(within the meaning of Section 414(p) of the Code and the regulations and
rulings thereunder). An Award may be exercised only by a Participant, the
Participant's personal representative, or a permitted transferee.

         13.      Time of Granting Awards.

          The date of grant of an Award shall, for all purposes, be the later of
the date on which the Committee makes the determination of granting such Award,
and the Effective Date. Notice of the determination shall be given to each
Participant to whom an Award is so granted within a reasonable time after the
date of such grant.

         14.      Effective Date.

          The Plan shall become effective immediately upon its approval by the
Board; provided, however, that the Plan shall be approved by a favorable vote of
stockholders owning at least a majority of the Shares cast at a meeting duly
held in accordance with applicable laws within 12 months of the adoption of the
Plan by the Board. If such approval of stockholders is not obtained within 12
months of the adoption of the Plan, all ISOs granted pursuant to the Plan shall
become Non-ISOs.

         15.      Modification of Awards.

          At any time, and from time to time, the Board may authorize the
Committee to direct execution of an instrument providing for the modification of
any outstanding Award, provided no such modification shall confer on the holder
of said Award any right or benefit which could not be conferred on such person
by the grant of a new Award at such time, or impair the Award without the
consent of the holder of the Award.

         16.      Amendment and Termination of the Plan.

          (a) The Board may from time to time amend the terms of the Plan,
subject to compliance with applicable regulations, and, with respect to any
Shares at the time not subject to Awards, suspend or terminate the Plan.

          (b) Shareholder approval must be obtained for any amendment of the
Plan that would change the number of Shares subject to the Plan (except in
accordance with Section 13 above), change the category of persons eligible to be
Participants, or materially increase the benefits under the Plan.

          (c) No amendment, suspension, or termination of the Plan shall,
without the consent of any affected holders of an Award, alter or impair any
rights or obligations under any Award theretofore granted.

         17.      Conditions upon Issuance of Shares.

          (a) Compliance with Securities Laws. Shares of Common Stock shall not
be issued with respect to any Award unless the issuance and delivery of such
Shares shall comply with all relevant provisions of law, including, without
limitation, the Securities Act of 1933, as amended, the rules and regulations
promulgated thereunder, any applicable state securities law, and the
requirements of any stock exchange upon which the Shares may then be listed. The
Plan is intended to comply with Rule 16b-3, and any provision of the Plan which
the Committee determines in its sole and absolute discretion to be inconsistent
with said Rule shall, to the extent of such inconsistency, be inoperative and
null and void, and shall not affect the validity of the remaining provisions of
the Plan.

          (b) Special Circumstances. The inability of the Company to obtain
approval from any regulatory body or authority deemed by the Company's counsel
to be necessary to the lawful issuance and sale of any Shares hereunder shall
relieve the Company of any liability in respect of the non-issuance or sale of
such Shares. As a condition to the exercise of an option or SAR, the Company may
require the person exercising the Option or SAR to make such representations and
warranties as may be necessary to assure the availability of an exemption from
the registration requirements of federal or state securities law.

          (c) Committee Discretion. The Committee shall have the discretionary
authority, subject to compliance with applicable regulations, to impose in
Agreements such restrictions on Shares as it may deem appropriate or desirable,
including but not limited to the authority to impose a right of first refusal or
to establish repurchase rights or both of these restrictions.

         18.      Reservation of Shares.

          The Company, during the term of the Plan, will reserve and keep
available a number of Shares sufficient to satisfy the requirements of the Plan.

         19.      Withholding Tax.

          The Company's obligation to deliver Shares upon exercise of Options
and/or SARs shall be subject to the Participant's satisfaction of all applicable
federal, state, and local income and employment tax withholding obligations. The
Committee, in its discretion, may permit the Participant to satisfy the
obligation, in whole or in part, by irrevocably electing to have the Company
withhold Shares, or to deliver to the Company Shares that the Participant
already owns, having a value equal to the amount required to be withheld. The
value of Shares to be withheld, or delivered to the Company, shall be based on
the Market Value of the Shares on the date the amount of tax to be withheld is
to be determined. As an alternative, the Company may retain, or sell without
notice, a number of such Shares sufficient to cover the amount required to be
withheld.

         20.      No Employment or Other Rights.

          In no event shall an Employee's or Director's eligibility to
participate or participation in the Plan create or be deemed to create any legal
or equitable right of the Employee, Director, or any other party to continue
service with the Company, the Bank, WMC, or any Affiliate of such corporations.
Except to the extent provided in Paragraph 6(b), no Employee or Director shall
have a right to be granted an Award or, having received an Award, the right to
again be granted an Award. However, an Employee or Director who has been granted
an Award may, if otherwise eligible, be granted an additional Award or Awards.

         21.      Governing Law.

          The Plan shall be governed by and construed in accordance with the
laws of the State of Michigan, except to the extent that federal law shall be
deemed to apply.TAX SHARING AND INDEMNIFICATION AGREEMENT

         This Tax Sharing and Indemnification Agreement (the "Agreement") is
entered into as of ______________, 2003, among Pelican Financial, Inc., a
Delaware corporation ("PFI"), The Washtenaw Group, Inc., a Michigan corporation
("TWG"), and Washtenaw Mortgage Company, a Michigan corporation ("WMC")
(collectively, the "Parties").

                                    RECITALS

         WHEREAS, PFI currently owns all of the issued and outstanding common
stock of TWG, $0.01 par value (the "TWG Shares");

         WHEREAS, TWG currently owns all of the issued and outstanding common
stock of WMC, $1.00 par value;

         WHEREAS, the Boards of Directors of PFI and TWG have determined that it
would be appropriate and desirable for PFI distribute to the holders of its
common stock all of the TWG Shares by means of a pro rata distribution (the
"Distribution");

         WHEREAS, on _________, 2003, the IRS issued a private letter ruling
confirming that the Distribution will qualify as a tax-free distribution under
Section 355 of the Internal Revenue Code of 1986, as amended (the "Code"); and

         WHEREAS, the Parties wish to (a) provide for the payment of tax
liabilities and entitlement to refunds thereof, allocate responsibility for, and
cooperation in, the filing of Federal and state tax returns and provide for
certain other matters relating to taxes, and (b) set forth certain covenants and
indemnities relating to the preservation of the tax-free status of the
Distribution.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the Parties agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         1.1 "Acquisition Tax" means any Tax imposed by reason of the
application of Section 355(d) or (e) of the Code or any similar state or local
Tax that would not have been imposed had the Distribution not occurred, other
than such a tax resulting from an acquisition by one or more persons of a "fifty
percent or greater interest" (within the meaning of Section 355(d)(4) of the
Code) in PFI.

         1.2 "After-tax Amount" means an additional amount necessary to reflect
the hypothetical Tax consequences of the receipt or accrual of any payment,
using the maximum statutory rate or rates applicable to the recipient of such
payment for the relevant tax periods, and reflecting for example, the effect of
the deductions available for interest paid or accrued and for Taxes such as
state and local income Taxes.

         1.3      "Code" has the meaning set forth in the Recitals.

         1.4 "Combined State Tax" means, with respect to each United States
state or local taxing jurisdiction, any income, franchise or similar Tax payable
to such state or local taxing jurisdiction in which TWG or WMC files Returns
with PFI, on a consolidated, combined or unitary basis for purposes of such Tax.

         1.5      "Distribution" has the meaning set forth in the Recitals.

         1.6 "Distribution Date" means the date on which the Distribution is
effected.

         1.7 "Expenses" shall have the meaning ascribed to such term in Section
9.2.

         1.8 "Federal Tax" means any Tax imposed under the Code, including any
interest, penalty or other additions to Tax imposed under Subtitle F of the
Code.

         1.9 "Final Determination" means (a) with respect to Federal Taxes, a
"determination" as defined in Section 1313(a) of the Code or execution of an
Internal Revenue Service Form 870AD and, with respect to Taxes other than
Federal Taxes, any final determination of liability in respect of a Tax that,
under applicable law, is not subject to further appeal, review or modification
through proceedings or otherwise, (b) the expiration of a statute of limitations
or (c) the payment of or liability for Tax or any other amount where PFI
determines that no action should be taken to recoup such payment or contest such
liability.

         1.10     "IRS" means the Internal Revenue Service.

         1.11 "PFI Consolidated Group" means, at any time, PFI and each entity
that joins with PFI, with respect to Federal Taxes, in the filing of a
consolidated Federal Tax Return and with respect to Combined State Taxes, in the
filing of a Combined State Tax Return.

         1.12 "PFI Installment Payment" means (a) any estimated Federal Tax
installment that PFI is required to pay or (b) any payment required to be made
on the due date, without extensions, of a Return that PFI is required to file
under the Code, or in either case, any corresponding provision of state or local
law.

         1.13 "Post-Distribution Tax Period" means (a) any tax period beginning
and ending after the Distribution Date and (b) with respect to a tax period that
begins on or before and ends after the Distribution Date, such portion of the
tax period that commences on the day immediately after the Distribution Date.

         1.14 "Pre-Distribution Tax Period" means (a) any tax period beginning
and ending before or on the Distribution Date and (b) with respect to a period
that begins on or before and ends after the Distribution Date, such portion of
the tax period ending on and including the Distribution Date.

         1.15 "Privilege" means any privilege or similar evidentiary rule that
may be asserted under applicable law including any privilege arising under or
relating to the attorney-client relationship (including the attorney-client and
work product privileges) and any accountant-client privilege.

         1.16 "Pro Forma Combined State Return" has the meaning set forth in
Section 3.3(a).

         1.17 "Pro Forma Federal Return" has the meaning set forth in Section
3.3(a).

         1.18 "Pro Forma Returns" has the meaning set forth in Section 3.3(a).

         1.19 "Restructuring Tax" shall mean any Tax imposed in connection with
the Restructuring on PFI, TWG or WMC that would not have been imposed had the
Restructuring not occurred.

         1.20 "Return" means any tax return, statement, report or form
(including estimated tax returns and reports, extension requests and forms,
information returns and reports, amended returns and requests for refunds)
required to be filed with any Tax Authority.

         1.21 "Ruling Documents" means (a) any request for a ruling filed with
any Tax Authority together with any supplemental filings or ruling requests or
other materials subsequently submitted on behalf of PFI, its subsidiaries and/or
its shareholders to such Tax Authority, the appendices and exhibits thereto, and
any rulings issued by a Tax Authority to PFI, TWG or WMC, in connection with the
Restructuring or (b) any materials submitted to any outside counsel in
connection with obtaining an opinion relating to the Tax status of the
Restructuring.

         1.22 "Tax" means any net income, gross income, gross receipts,
alternative or add-on minimum, sales, use, business and occupation, value-added,
trade, goods and services, ad valorem, franchise, profits, license, business
royalty, withholding, payroll, employment, capital, excise, transfer, recording,
severance, stamp, occupation, premium, property, asset, real estate acquisition,
environmental, custom duty, or other tax, governmental fee or other like
assessment or charge of any kind whatsoever, together with any interest and any
penalty, addition to tax or additional amount imposed by a Tax Authority.

         1.23 "Tax Asset" means any Tax Item that may have the effect of
reducing any Tax, including, without limitation, any net operating loss, net
capital loss, investment tax credit, foreign tax credit, or charitable deduction
or any deductions and credits related to alternative minimum taxes.

         1.24 "Tax Authority" means any governmental authority or any
subdivision, agency, commission or authority thereof or any quasi-governmental
or private body having jurisdiction pursuant to applicable law over the
assessment, determination, collection or imposition of any Tax (including the
IRS).

         1.25 "Tax Item" means any item of income, gain, loss, deduction or
credit, or other attribute that may have the effect of increasing or decreasing
any Tax.

         1.26 "Tax Proceeding" means any tax audit, dispute or proceeding
(whether administrative or judicial), including a refund claim or any proceeding
arising therefrom.

         1.27 "TWG Combined State Tax Liability" means, with respect to any tax
period beginning on or after January 1, 2003 in any jurisdiction, an amount of
Combined State Taxes determined in accordance with the principles set forth in
the definition of TWG Federal Tax Liability.

         1.28 "TWG Federal Tax Liability" means, with respect to any tax period
beginning on or after January 1, 2003, the Federal Tax liability for such
period, computed in accordance with the positions, elections, accounting
methods, conventions, and computational methodology used by PFI in preparing the
PFI Consolidated Group's Return for such period, but taking into account only
the Tax Items of TWG that are included in such Return for such tax period. Such
computation shall be made (a) as though the highest rate of tax specified in
Section 11(b) of the Code (or any other similar rates applicable to specific
types of income) were the only rate set forth in that subsection, and (b) by not
permitting TWG any compensation deductions arising in respect of any options on
PFI stock.

         1.29     "TWG Shares" has the meaning set forth in the Recitals.

         1.30 "TWG Tax Liability" means, with respect to any tax period, the sum
of the TWG Combined State Tax Liability for each jurisdiction and the TWG
Federal Tax Liability.

         1.31 "WMC Combined State Tax Liability" means, with respect to any tax
period beginning on or after January 1, 2003 in any jurisdiction, an amount of
Combined State Taxes determined in accordance with the principles set forth in
the definition of WMC Federal Tax Liability.

         1.32 "WMC Federal Tax Liability" means, with respect to any tax period
beginning on or after January 1, 2003, the Federal Tax liability for such
period, computed in accordance with the positions, elections, accounting
methods, conventions, and computational methodology used by PFI in preparing the
PFI Consolidated Group's Return for such period, but taking into account only
the Tax Items of WMC that are included in such Return for such tax period. Such
computation shall be made (a) as though the highest rate of tax specified in
Section 11(b) of the Code (or any other similar rates applicable to specific
types of income) were the only rate set forth in that subsection, and (b) by not
permitting WMC any compensation deductions arising in respect of any options on
PFI stock.

         1.33 "WMC Tax Liability" means, with respect to any tax period, the sum
of the WMC Combined State Tax Liability for each jurisdiction and the WMC
Federal Tax Liability.

<PAGE>

                                   ARTICLE II
                      ADMINISTRATIVE AND COMPLIANCE MATTERS

         2.1 Pre-Distribution Tax Period; PFI Consolidated Returns. PFI will
prepare, with the assistance of TWG and WMC, the consolidated Federal Tax
Returns and Combined State Tax Returns of the PFI Consolidated Group for all
Pre-Distribution Tax Periods. Except as provided in the next sentence with
respect to such Returns, PFI shall determine the manner in which any Tax Item
shall be reported, whether any extensions should be requested, and the elections
that will be made by TWG or WMC. Subject to PFI's approval, TWG and WMC may
decide the manner in which any Tax Item of TWG and WMC shall be reported, and
the elections that will be made by each. PFI shall have the exclusive right to
file, prosecute, compromise or settle any claim for refund, and determine
whether any refunds to which the PFI Consolidated Group may be entitled shall be
received by way of refund or credit against the Tax liability of the PFI
Consolidated Group.

         2.2 Allocation. PFI may, at its option, elect and TWG and WMC shall, if
necessary for a valid election, join PFI in electing to ratably allocate Tax
Items of TWG and WMC in accordance with relevant provisions of the Treasury
Regulations Section 1.1502-76. If PFI exercises its option to make the election,
TWG and WMC will each provide a statement stating its consent to such election
as required under the regulations.

         2.3 Other TWG and WMC Returns. TWG and WMC shall each be solely
responsible for the preparation and filing of all other Returns of TWG and WMC,
other than Returns described in Section 2.1. TWG and WMC shall be responsible
for paying to the applicable Tax Authorities all Taxes shown as due from TWG and
WMC on such Returns.

         2.4 Post-Distribution Conduct of TWG and WMC. On or after the
Distribution Date, neither TWG nor WMC will make or change any accounting
method, change its taxable year, amend any Return or take any Tax position on
any Return, take any other action, omit to take any action or enter into any
transaction that may reasonably be expected to result in and does result in any
increased Tax liability or reduction of any Tax Asset of the PFI Consolidated
Group or PFI.

         2.5 Deductions and Certain Taxes Related to Options. To the extent
permissible under applicable law, PFI shall file Returns claiming (a) the Tax
deductions attributable to options to purchase stock of PFI or other PFI
long-term incentive compensation held by employees and former employees of TWG
and WMC, (b) any deductions for current or deferred compensation incurred or
paid by PFI, and (c) any other similar compensation related Tax deductions. The
Returns of PFI, TWG and WMC shall reflect the entitlement of PFI to such
deductions. PFI shall prepare and file all applicable Returns and pay the
related Tax liability under the Federal Insurance Contributions Act, the Federal
Unemployment Tax Act or any state employment tax law.

<PAGE>

                                   ARTICLE III
                                   TAX SHARING

         3.1 General. For each tax period of the PFI Consolidated Group
beginning on or after January 1, 2003 during which any Tax Item of TWG or WMC is
includible in the consolidated Federal Tax Return of the PFI Consolidated Group,
TWG or WMC, as the case may be, shall pay to PFI an amount equal to the TWG
Federal Tax Liability or the WMC Federal Tax Liability. For each tax period
beginning on or after January 1, 2003 during which any Tax Item of TWG or WMC is
includible in a Return relating to a Combined State Tax, TWG or WMC, as the case
may be, shall pay PFI an amount equal to the TWG Combined State Tax Liability or
the WMC Combined State Tax Liability, as the case may be, for such tax period,
each as shown on the Pro Forma Returns.

         3.2 Estimated Payments. PFI shall determine the amount of the
corresponding TWG Federal Tax Liability and TWG Combined State Tax Liability,
and the WMC Federal Tax Liability and WMC Combined State Tax Liability, as the
case may be, in connection with any PFI Installment Payment made with respect to
any Pre-Distribution Tax Period. PFI shall provide TWG and WMC with notice of
such determination no later than 10 days before the date that the applicable
payment by PFI is due. TWG and WMC shall, no later than 1 day prior to the due
date of PFI's payment, pay to PFI the amount so determined.

         3.3      Payment of Taxes at Year-End.

                  (a) Not later than 30 days after the due date (including all
extensions) for the PFI Consolidated Group's Federal Tax Return, PFI shall
deliver to TWG and WMC a pro forma Federal Tax Return (a "Pro Forma Federal
Return") reflecting the TWG Federal Tax Liability and the WMC Federal Tax
Liability. Not later than 30 days after the due date (including all extensions)
for each Combined State Tax Return, PFI shall deliver to TWG and WMC the
relevant pro forma Combined State Tax Return (each a "Pro Forma Combined State
Return," and together with the Pro Forma Federal Return, the "Pro Forma
Returns") reflecting the relevant TWG Combined State Tax Liability and the WMC
Combined State Tax Liability. The Pro Forma Returns shall be prepared in good
faith in a manner generally consistent with past practice. Each Pro Forma Return
shall be delivered together with a statement showing a calculation of the amount
to be paid pursuant to Section 3.3(b).

                  (b) Not later than 10 days after the receipt of each Pro Forma
Return, TWG and WMC shall pay to PFI, or PFI shall pay to TWG and WMC, as
appropriate, an amount equal to the difference, if any, between (i) the TWG
Federal Tax Liability and the TWG Combined State Tax Liability, and (ii) the WMC
Federal Tax Liability and the WMC Combined State Tax Liability, as the case may
be, reflected on such Pro Forma Return for such period and the aggregate of any
payments made by TWG pursuant to Section 3.2 in respect of such period.

         3.4      Tax Adjustments.

                  (a) Except as otherwise provided in this Agreement, PFI shall
be liable for any Tax increase, and shall be entitled to any refund or other
benefit, that results from any Tax Proceeding relating to any Tax Return of the
PFI Consolidated Group. Except as otherwise provided in this Agreement, TWG and
WMC shall be liable for any Tax increase, and shall be entitled to any Tax
refund or other benefit, that results from any Tax Proceeding relating to any
Tax Return of TWG and WMC other than a Tax Return of the PFI Consolidated Group.

                  (b) If any Tax Proceeding described in Section 3.4(a) results
in (i) an increase or decrease in a Tax Item of PFI, TWG or WMC for a particular
tax period, and (ii) a corresponding increase or decrease in a Tax Item of the
other parties for a different period (other than by way of Tax carrybacks or
carryovers), the party incurring a Tax benefit shall pay to the parties
incurring a Tax detriment the lesser of the amount of such benefit and the
amount of such detriment. The amount of any payments made pursuant to this
Section 3.4 shall be determined by employing the highest rate of Tax specified
in Section 11(b) of the Code or the corresponding provision of any applicable
state or local Tax. The amount of any Tax benefit or detriment shall be
determined taking into account interest received from or paid to the relevant
Tax Authority. Payments required under this Section 3.4(b) shall be made at the
later of (i) such time or times that the Tax benefits is realized as a refund, a
reduction of Tax shown on a Return, or a result of a Tax Authority offsetting
the amount due, and (ii) such time or times that the Tax detriment is realized
as an additional assessed amount or as an increase of Tax shown on a Return. The
party incurring the Tax detriment shall have the right to review the Tax benefit
utilization by the other party.

                  (c) In the event that there is a Final Determination that
results in a disallowance of a deduction taken by PFI pursuant to Section 2.5,
TWG and WMC shall pay to PFI an amount equal to such disallowance determined by
employing the highest rate of Tax specified in Section 11(b) of the Code or the
corresponding provision of any applicable state or local law.

         3.5 Allocation of Tax Assets. Except to the extent applicable law or
regulations expressly so require, no Tax Assets will be allocated to TWG or WMC
for use in Post-Distribution Tax Periods. PFI will allocate to TWG and WMC only
those portions, if any, of particular Tax Assets for use in Post-Distribution
Tax Periods as applicable laws or regulations expressly require to be so
allocated.

         3.6 TWG and WMC Carrybacks. Whenever permitted to do so by applicable
law, TWG and WMC shall elect to relinquish any carryback period, which would
include any Pre-Distribution Tax Period.

         3.7 Use of TWG and WMC Tax Assets. PFI shall have no obligation to
indemnify TWG or WMC for the use by PFI of any Tax Asset thereof.

         3.8 Restructuring Taxes. Notwithstanding any other provision of this
Agreement or of any other agreement among the Parties, TWG and WMC shall bear
the burden of any Acquisition Tax. In addition, TWG and WMC shall bear the
burden of: (a) any transfer (including sales and use, real estate transfer and
property taxes), stamp, recording or similar Tax imposed on the Parties in
connection with the Restructuring; and (b) any Restructuring Tax for which TWG
and WMC otherwise have an obligation to indemnify PFI under a provision of this
Agreement other than this Section 3.8. PFI shall bear the burden of all other
Restructuring Taxes.

                                   ARTICLE IV
                          REPRESENTATIONS AND COVENANTS

         4.1      Representations.

                  (a) TWG and WMC Representations. TWG and WMC represent that
the information and representations furnished in any Ruling Document (as
modified, qualified or elaborated in any subsequent Ruling Documents) are
accurate and complete as of the date hereof, to the extent that such information
and representations relate to TWG or WMC, or their respective businesses or
activities.

                  (b) PFI Representations. PFI represents that, as of the date
hereof, there is no plan or intention to take any action inconsistent with the
information and representations furnished in any Ruling Document (as modified,
qualified or elaborated in any subsequent Ruling Documents).

                  (c) Representations of the Parties. The Parties represent
that, as of the date hereof, they are not aware of any plan or intention by the
current shareholders of PFI to sell, exchange, transfer by gift, or otherwise
dispose of any of their stock in, or securities of, PFI, TWG or WMC subsequent
to the Distribution.

                  (d) Covenants of the Parties. TWG, WMC and PFI each covenant
(i) to use its best efforts to verify that the foregoing representations made by
it in this Section 4.1 are accurate and complete as of the Distribution Date,
and (ii) if, after the date hereof, it obtains information indicating, or
otherwise becomes aware, that any such representations are or may be inaccurate
or incomplete, to promptly inform the other party.

         4.2      TWG and WMC Covenants. TWG and WMC covenant to PFI that:
                  ---------------------

                  (a) TWG and WMC will not take any action or fail to take any
action, which would cause the Distribution to fail to qualify under Section 355
of the Code or any corresponding provision of state or local law. Without
limiting the foregoing, TWG and WMC covenant to PFI that:

                           (i) during the six-month period following the
                  Distribution Date, neither TWG nor WMC will liquidate, merge
                  or consolidate with any other person;

                           (ii) during the six-month period following the
                  Distribution Date, neither TWG nor WMC will sell, exchange,
                  distribute or otherwise dispose of assets, except in the
                  ordinary course of business;

                           (iii) following the Distribution, TWG (through WMC)
                  will continue the active conduct of the mortgage banking
                  business;

                           (iv) neither TWG nor WMC will take any action
                  inconsistent with the information and representations in the
                  Ruling Documents;

                           (v) neither TWG nor WMC will repurchase stock of TWG
                  in a manner contrary to the requirements of Revenue Procedure
                  96-30 or in a manner contrary to the representations made in
                  Ruling Documents; and

                           (vi) neither TWG nor WMC will enter into any
                  negotiations, agreements or arrangements with respect to any
                  of the foregoing.

                  (b) neither TWG nor WMC will take or omit to take any action
that results in any Restructuring Tax being imposed on PFI in excess of the
amount of such Restructuring Tax for which PFI would be liable under applicable
law, based on

                           (i) any specific agreements among the Parties as to
                  the manner in which the Restructuring and any other relevant
                  transactions are to be treated for tax purposes, and

                           (ii) to the extent not contrary to the agreements
                  described in Section 4.2(b)(i), the form of the Restructuring
                  and any other relevant transactions as set forth in agreements
                  among the Parties.

                  (c) neither TWG nor WMC will take any action (including stock
issuances, whether pursuant to the exercise of options or otherwise, option
grants, capital contributions, or redemptions) or omit to take any action which
may, either alone or in combination with actions or omissions by TWG, WMC or any
other party, result in the imposition of any Acquisition Tax.

                                    ARTICLE V
                                   INDEMNITIES

         5.1 TWG and WMC Indemnity. TWG and WMC will indemnify PFI against and
hold it harmless from:

                  (a) any state and local Tax attributable to TWG or WMC,
excluding (i) any Combined State Tax and (ii) any Restructuring Tax;

                  (b) any liability or damage (including Restructuring Taxes)
resulting from a violation by TWG or WMC of (i) any representation or covenant
in a Ruling Document (as such representation or covenant is modified, qualified,
or elaborated in any subsequent Ruling Documents), (ii) any representation,
covenant or other agreement set forth in this Agreement, or (iii) any agreements
or covenants among the Parties pertaining to the Tax matters;

                  (c) any Acquisition Tax;

                  (d) any Restructuring Tax allocated to TWG or WMC under this
Agreement;

                  (e) any Tax increase or Tax detriment allocated to TWG or WMC
under Section 3.4;

                  (f) any Tax imposed on PFI as a result of a failure by TWG or
WMC to cooperate with PFI under Article 6; and

                  (g) all liabilities, costs, expenses (including reasonable
expenses of investigation and attorneys' fees and expenses), losses, damages,
assessments, settlements or judgments arising out of or incident to the
imposition, assessment or assertion of any tax liability or damage described in
Section 5.1(a) through (f), including those incurred in any contest relating to
the imposition, assessment or assertion of any such tax, liability or damage.

         5.2 PFI Indemnity. PFI will indemnify TWG and WMC against and hold them
harmless from:

                  (a) any PFI Consolidated Group Tax liability not allocable to
TWG or WMC;

                  (b) any separate state or local Tax of PFI;

                  (c) any liability or damage (including Restructuring Taxes)
resulting from a violation by PFI of any representation or covenant in a Ruling
Document (as such representation or covenant is modified, qualified, or
elaborated in any subsequent Ruling Documents);

                  (d) any Tax liability resulting from an acquisition by one or
more persons of a "fifty percent or greater interest" (within the meaning of
Section 355(d)(4) of the Code) in PFI;

                  (e) any Restructuring Tax allocated to PFI under this
Agreement;

                  (f) any Tax increase or Tax detriment allocated to PFI under
Section 3(d);

                  (g) any Tax imposed on TWG or WMC (other than a Restructuring
Tax) as a result of PFI's failure to cooperate with TWG or WMC under Article 6;
and

                  (h) all liabilities, costs, expenses (including, without
limitation, reasonable expenses of investigation and attorneys' fees and
expenses), losses, damages, assessments, settlements or judgments arising out of
or incident to the imposition, assessment or assertion of any tax liability or
damage described in Section 5.2(a) through (g) including those incurred in any
contest to the imposition, assessment or assertion of any such tax, liability or
damage; provided that, PFI will not be required to indemnify TWG or WMC under
this Section 5.2 to the extent that any liability set forth in this Section 5.2
is described in Section 5.1.

         5.3 Discharge of Indemnity. The Parties shall discharge their
respective obligations under Sections 5.1 and 5.2 herein by paying the relevant
amount to the indemnified party no later than 30 days after the date of
receiving notice from the other parties of a payment made, or a liability of a
specified amount, based on a Final Determination.

                                   ARTICLE VI
                          COMMUNICATION AND COOPERATION

         6.1 Consult and Cooperate. TWG, WMC and PFI shall consult and cooperate
fully at such time and to the extent reasonably requested by the other party in
connection with all matters subject to this Agreement. Such cooperation shall
include:

                  (a) the retention, consistent with PFI's past practice, of all
information pertaining to Tax matters relating to PFI, TWG or WMC for the
Pre-Distribution Tax Periods, until two years after the expiration of all
applicable statutes of limitation (giving effect to any extension, waiver, or
mitigation thereof), including all books, records, documentation or other
information relating thereto;

                  (b) the provision, upon reasonable request, of the information
described in this Section 6.1, including any necessary explanations of such
information, and including access to the necessary personnel to provide such
information or explanations;

                  (c) the execution of any document that may be necessary or
helpful in connection with any required Return or in connection with any audit,
proceeding, suit or action; and

                  (d) the procurement of any documentation from a governmental
authority or a third party that may be necessary or helpful in connection with
the foregoing.

         Such cooperation also shall include the matters set forth in Section
6.2.

         6.2      Provision of Tax Return Information.

                  (a) TWG and WMC shall provide PFI with all documents and
information, and make available employees and officers of TWG and WMC as PFI
reasonably requests to prepare any Return described in Section 2.2 or to contest
any Tax Proceeding for any such Return.

                  (b) In the case of any Return for a Pre-Distribution Tax
Period that is in PFI's possession and is filed after the date of this
Agreement, PFI shall provide TWG and WMC access to and allow TWG and WMC to copy
that portion of each such Return to the extent it relates to TWG or WMC,
together with all related Tax accounting work papers, not later than 30 days
after the date of filing of such Return.

                  (c) In the case of any Return in PFI's possession that was
filed before the date of this Agreement, PFI shall use reasonable efforts to
provide TWG and WMC access to and allow TWG and WMC to copy that portion of each
such Return to the extent that it relates to TWG or WMC, together with all
related Tax accounting work papers, beginning as soon as reasonably practicable
after the date of this Agreement, but in no event beginning later than 15 days
after the Distribution Date.

                  (d) After the date of this Agreement, PFI shall grant TWG and
WMC access to employees of PFI on a mutually convenient basis during normal
business hours to the extent such access may reasonably be required by TWG or
WMC to prepare any Return including any Post-Distribution Tax Period Return of
TWG or WMC or to contest any Tax Proceeding.

                  (e) Notwithstanding any other provision of this Agreement, PFI
shall not be required to provide TWG and WMC access to or copies of (a) any
information with respect to which PFI is entitled to assert the protection of
any Privilege, or (b) any information as to which PFI is subject to an
obligation to maintain the confidentiality of such information. PFI shall use
reasonable efforts to separate any such information from any other information
to which TWG or WMC are entitled to access or to which TWG or WMC are entitled
to copy under this Agreement, to the extent consistent with preserving PFI's
rights under this Section 6.2.

         6.3      Failure to Cooperate.

                  (a) TWG and WMC shall be liable for any Tax imposed on PFI
that results from the failure by them to (i) cooperate under this Article 6 or
(ii) keep and make available to PFI the records provided by PFI to TWG or WMC.

                  (b) PFI shall be liable for any Tax imposed on TWG or WMC
(other than a Restructuring Tax) as a result of the failure of PFI to cooperate
under this Article 6.

         6.4 Provision of Information Relating to Material Developments. The
Parties shall keep each other fully informed with respect to any material
development relating to the matters subject to this Agreement. The obligations
of the Parties described in the preceding sentence shall include the obligations
to inform one another as set forth in Section 9.1.

                                   ARTICLE VII
                                 TAX PROCEEDINGS

         7.1 In General. Each of TWG and WMC shall have the exclusive right, in
its sole discretion, to control, contest, and represent its own interests in any
Tax Proceeding and to resolve, settle, or agree to any deficiency, claim or
adjustment proposed, asserted or assessed in connection with or as a result of
any such Tax Proceeding. TWG and WMC shall each consult with PFI regarding their
conduct of any such Tax Proceeding the outcome of which may have an impact on
the Tax liability of PFI, and shall promptly notify PFI of the commencement of
such Tax Proceeding. After the Distribution Date, the Parties shall cooperate in
order to transfer to such exclusive right to TWG or WMC, as the case may be.

         7.2 Notice. If after the Distribution Date PFI receives written notice
of, or relating to, a Tax Proceeding from a Tax Authority that asserts, proposes
or recommends a deficiency, claim or adjustment that, if sustained, would result
in any Restructuring Taxes for which TWG or WMC could be responsible under this
Agreement, PFI shall notify TWG and WMC in writing of such deficiency, claim or
adjustment within 30 days of its receipt. If TWG or WMC receives written notice
of, or relating to, a Tax Proceeding from a Tax Authority with respect to a
Return described in Section 2.2, TWG or WMC shall provide a copy of such notice
to PFI within 30 days of receiving such notice of such Tax Proceeding, provided
that in no case shall such notice be provided later than 30 days before a
response is required to be provided to the relevant Tax Authority.

         7.3 Participation Rights. If a Tax Authority asserts, proposes or
recommends a deficiency, claim or adjustment that, if sustained, would result in
Restructuring Taxes for which TWG or WMC could be responsible under this
Agreement:

                  (a) in the case of any material correspondence or filing
submitted to the Tax Authority or any judicial authority that relates to the
merits of such deficiency, claim or adjustment, PFI shall (i) reasonably in
advance of such submission, but subject to applicable time constraints imposed
by such Tax Authority or judicial authority, provide TWG and WMC, as the case
may be, with a draft copy of the portion of such correspondence or filing that
relates solely to such deficiency, claim or adjustment, (ii) consider, subject
to applicable time constraints imposed by such Tax Authority or judicial
authority, TWG's and WMC's comments on such draft copy of such correspondence or
filing, and (iii) provide TWG and WMC with a final copy of the portion of such
correspondence or filing that relates solely to such deficiency, claim or
adjustment.

                  (b) If TWG or WMC acknowledge in writing to PFI that, as
between TWG or WMC and PFI, TWG or WMC shall be liable for an amount equal to
100% of any such Restructuring Taxes that are determined pursuant to a Final
Determination, then (i) PFI shall take all actions requested by TWG or WMC to
contest such deficiency, claim or adjustment, including administrative and
judicial proceedings, (ii) TWG and WMC shall have the right to fully participate
with respect to such deficiency, claim or adjustment and related proceedings and
PFI shall accept all reasonable suggestions by TWG or WMC in connection with the
management and substance of such proceedings, and (iii) in no event shall PFI
settle or compromise any such deficiency, claim or adjustment without the
written consent of TWG or WMC, which consent shall not be unreasonably withheld.

                                  ARTICLE VIII
                                    PAYMENTS

         8.1 Procedure for Making Payments. All payments required to be made
under this Agreement shall be made in immediately available funds. Except as
otherwise provided in this Agreement, all payments required to be made pursuant
to this Agreement will be due 30 days after the receipt of notice of such
payment being owed. Payments shall be deemed made when received.

         8.2 Setoff. No party shall set off any payment due to it against any
payment required to be made under this Agreement by it to the other party.

         8.3 Interest on Late Payments. Any payment required to be made pursuant
to this Agreement that is not made on or before the due date for such payment
shall bear interest from the date after the due date to and including the date
of payment at a rate determined under Code Section 6621(a)(2). Such interest
shall be paid at the same time as the payment to which it relates. Any interest
payable here that is not paid when due shall bear interest computed in the
manner described in this Section 8.3.

         8.4 Character of Payments. For Tax purposes, the Parties agree to treat
any payment pursuant to this Agreement as a capital contribution by PFI to TWG
or WMC, or a distribution by TWG or WMC to PFI, as the case may be, made in the
last tax period beginning before the Distribution and, accordingly, as not
includible in the taxable income of the recipient and not deductible by the
payor. If pursuant to a Final Determination it is determined that the receipt or
accrual of any payment made under this Agreement is subject to any Tax, the
party making such payment shall be liable for the After-Tax Amount with respect
to such payment. A party may choose not to specify an After-Tax Amount in a
demand for payment pursuant to this Agreement without thereby being deemed to
have waived its right subsequently to demand an After-Tax Amount with respect to
such payment.

                                   ARTICLE IX
                                  MISCELLANEOUS

         9.1 Notices. Any notice, demand, offer, request or other communication
required or permitted to be given by either party pursuant to the terms of this
Agreement shall be in writing and shall be deemed effectively given the earlier
of (a) when received, (b) when delivered personally, (c) one (1) business day
after being delivered by facsimile (with receipt of appropriate confirmation),
(d) one (1) business day after being deposited with an overnight courier service
or (e) four (4) days after being deposited in the U.S. mail, First Class with
postage prepaid, and addressed to the attention of the party's Chief Executive
Officer or President at the address of its principal executive office or such
other address as a party may request by notifying the other in writing.
         9.2      Costs and Expenses.

                  (a) PFI may provide tax services to TWG or WMC for
compensation approximately the same as that payable between unrelated Parties
dealing at arm's length.

                  (b) Except as expressly set forth in this Agreement, each
party shall bear its own costs and expenses incurred pursuant to this Agreement.
For purposes of this Agreement, "Expenses" shall include, without limitation,
reasonable attorney's fees, accountant's fees and other related professional
fees and disbursements.

         9.3 Termination and Survival. All rights and obligations arising
hereunder with respect to a Pre-Distribution Tax Period shall survive until they
are fully effectuated or performed provided, that notwithstanding anything in
this Agreement to the contrary, this Agreement shall remain in effect and its
provisions shall survive for the full period of all applicable statutes of
limitation (giving effect to any extension, waiver or mitigation thereof).

         9.4 Section Headings. The headings contained in this Agreement are
inserted for convenience only and shall not constitute a part hereof or in any
way affect the meaning or interpretation of this Agreement.

         9.5 Entire Agreement. This Agreement, including the exhibits,
appendices and other attachments hereto contains the entire understanding of the
Parties hereto with respect to the subject matter contained herein. No
alteration, amendment, modification, or waiver of any of the terms of this
Agreement shall be valid unless made by an instrument signed by an authorized
officer of each of PFI, TWG and WMC, or in the case of a waiver, by the party
against whom the waiver is to be effective.

         9.6 Waivers. No failure or delay by any party in exercising any right,
power or privilege hereunder shall operate as a waiver hereof nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any right, power or privilege.

         9.7 Severability. If any provision of this Agreement or the application
of any such provision to any party or circumstances shall be determined by any
court of competent jurisdiction to be invalid, illegal or unenforceable to any
extent, this Agreement or such provision or the application of such provision to
such party or shall remain in full force and effect to the fullest extent
permitted by law and shall not be affected thereby, unless such a construction
would be unreasonable.

         9.8 Governing Law and Interpretation. This Agreement has been made in
and shall be construed and enforced in accordance with the laws of the State of
Delaware without giving effect to laws and principles relating to conflicts of
law.

         9.9 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same Agreement.

         9.10 Assignments; Third Party Beneficiaries. This Agreement shall be
binding upon and shall inure only to the benefit of the Parties hereto and their
respective successors and assigns, by merger, acquisition of assets or otherwise
(including but not limited to any successor of a party hereto succeeding to the
Tax attributes of such party under applicable law). This Agreement is not
intended to benefit any person other than the Parties hereto and such successors
and assigns, and no such other person shall be a third party beneficiary hereof.

         9.11 Further Assurances. The Parties hereto shall execute, acknowledge
and deliver, or cause to be executed, acknowledged and delivered, such
instruments and take such other action as may be necessary or advisable to carry
out their obligations under this Agreement and under any exhibit, document or
other instrument delivered pursuant hereto.

         9.12 Authorization. Each of the Parties hereto hereby represents and
warrants that it has the power and authority to execute, deliver and perform
this Agreement, that this Agreement has been duly authorized by all necessary
corporate action on the part of such party that this Agreement constitutes a
legal, valid and binding obligation of each such party, and that the execution,
delivery and performance of this Agreement by such party does not contravene or
conflict with any provision of law or of its charter or bylaws or any agreement,
instrument or order binding on such party.

         IN WITNESS WHEREOF, the Parties have signed this Tax Sharing and
Indemnification Agreement, effective as of the date first set forth above.

                                PELICAN FINANCIAL, INC.

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

                           THE WASHTENAW GROUP, INC.

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

                           WASHTENAW MORTGAGE COMPANY

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

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