Document:

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                    RESOURCE BANCSHARES MORTGAGE GROUP, INC.
                   OUTSIDE DIRECTOR DEFERRED COMPENSATION PLAN
                               2000 ELECTION FORM

NAME:                                     SOCIAL SECURITY NO:
     ____________________________________                    ___________________

COMPLETE SECTIONS A, B, C AND D OF THIS FORM. IN ORDER TO BE EFFECTIVE, YOU MUST
SUBMIT YOUR COMPLETED FORM BY JUNE 30, 2000.

A.       DEFERRED COMPENSATION

         TO COMPLETE THIS SECTION, INDICATE THE TOTAL AMOUNT THAT YOU WANT TO
         DEFER FROM THE AMOUNTS OTHERWISE PAYABLE TO YOU IN 2000.

         I elect to defer the following amounts otherwise payable to me in 2000
         (select all that apply):

         1.       $ _________________ of the retainer payable to me for the last
                  two quarters of 2000.

         2.       All of the retainer payable to me for the last two quarters of
                  2000.

         3.       $ _________________ of the meeting fees payable to me for the
                  last two quarters of 2000.

         4.       All of the meeting fees payable to me for the last two
                  quarters of 2000.

         5.       $_________________ of the tax gross-up bonus payable to me in
                  2000 under the Outside Director Life Insurance Program.

         6.       All of the tax gross-up bonus payable to me in 2000 under the
                  Outside Director Life Insurance Program.

B.       INVESTMENT ELECTION

         TO COMPLETE THIS SECTION, INDICATE THE PERCENTAGE OF THE TOTAL AMOUNT
         YOU ELECTED TO DEFER THAT YOU WANT TO INVEST IN THE EQUITY INDEX
         ACCOUNT OR FIXED ACCOUNT.

JUNE 2000                           PAGE 1 OF 4
<PAGE>   2

         I ELECT TO ALLOCATE MY DEFERRAL AMOUNTS AS FOLLOWS (USE INCREMENTS OF
         25% AND THE TOTAL MUST EQUAL 100%).

         _______% EQUITY INDEX ACCOUNT

         _______% FIXED ACCOUNT

C.       FORM OF PAYMENT AND TIMING FOR DEFERRALS

         COMPLETE PART 1 OF THIS SECTION TO INDICATE WHETHER YOU WANT TO RECEIVE
         YOUR DEFERRAL PAYMENT IN A LUMP SUM OR ANNUAL INSTALLMENTS, AND
         COMPLETE PART 2 OF THIS SECTION TO INDICATE WHEN YOU WOULD LIKE TO
         RECEIVE YOUR DEFERRED COMPENSATION DISTRIBUTION.

         1.       FORM OF DISTRIBUTION

                  INDICATE THE FORM OF DISTRIBUTION FOR YOUR DEFERRED
                  COMPENSATION. YOU CAN ELECT TO RECEIVE PAYMENT IN A LUMP SUM
                  OR IN UP TO 10 ANNUAL INSTALLMENTS.

                  I ELECT TO RECEIVE PAYMENT OF MY DEFERRED COMPENSATION AS
                  FOLLOWS (SELECT A OR B):

                  A.  [ ] IN A LUMP SUM.

                  B.  [ ] IN _________ (SPECIFY NUMBER NOT EXCEEDING 10)
                          ANNUAL INSTALLMENTS.

         2.       TIMING OF DISTRIBUTION

                  INDICATE WHETHER YOU WANT TO RECEIVE YOUR FIRST INSTALLMENT
                  (OR YOUR ENTIRE AMOUNT, IF YOU ELECT TO RECEIVE PAYMENT IN A
                  LUMP SUM) OF YOUR DEFERRED COMPENSATION IN A SPECIFIC YEAR OR
                  IN THE YEAR FOLLOWING TERMINATION OF YOUR BOARD SERVICE.
                  NOTWITHSTANDING AN ELECTION TO THE CONTRARY, IF YOU ELECT TO
                  RECEIVE PAYMENT IN A SPECIFIC YEAR AND TERMINATE BOARD SERVICE
                  BEFORE THAT YEAR, YOU WILL RECEIVE PAYMENT OF YOUR ACCOUNT AS
                  IF YOU HAD ELECTED TO RECEIVE PAYMENT AT TERMINATION OF
                  SERVICE.

                  I ELECT TO RECEIVE THE FIRST INSTALLMENT (OR MY ENTIRE
                  ACCOUNT, IF I ELECT A LUMP SUM) OF MY DEFERRED COMPENSATION
                  (SELECT A OR B):

                  A   [ ] IN A SPECIFIC YEAR ______________ (SPECIFY YEAR).
                  B.  [ ] FOLLOWING MY TERMINATION OF SERVICE ON THE BOARD OF
                          DIRECTORS.

JUNE 2000                           PAGE 2 OF 4
<PAGE>   3

D.       DEATH BENEFITS

         IN THIS SECTION, DESIGNATE A BENEFICIARY TO RECEIVE ANY DEATH BENEFITS
         PAYABLE FROM YOUR DEFERRED COMPENSATION ACCOUNT.

         If I die prior to the receipt of all payments to which I am entitled
         under the Plan, payments shall be made to (select one):

         a.       My estate
         b.       The following beneficiary or beneficiaries (if multiple
                  beneficiaries, indicate percentage interest for each):

                  Primary beneficiary(ies): ____________________________________

                  ______________________________________________________________

                  ______________________________________________________________

                  Contingent beneficiary(ies): _________________________________

                  ______________________________________________________________

                  ______________________________________________________________

         My account balance shall be paid to my beneficiary (select one):

         a.       In a lump sum

         b.       In _____________ (specify number not exceeding 10) annual
                  installments

         Notwithstanding the above, if my death occurs after I have begun
         receiving payments with respect to amounts deferred during a Cycle, the
         amount remaining for that Cycle shall continue to be paid in accordance
         with my payment election, subject to the beneficiary's ability to
         request a lump sum distribution.

         If I fail to designate a beneficiary as provided above, or if my
         beneficiary designation is revoked by divorce or otherwise without
         execution of a new designation, or if all my designated beneficiaries
         predecease me, then the distribution of such benefits shall be made to
         my estate in a lump sum. If a designated beneficiary survives me but
         dies before receiving a complete distribution of my benefits, the
         remaining account balance shall be paid to the estate of such
         beneficiary in a lump sum.

         I reserve the right to change this designation of beneficiary at any
         time by completing a Beneficiary Designation Form. The filing of a new
         Beneficiary Designation Form for a Cycle will cancel all previously
         filed beneficiary designations relating to such Cycle.

June 2000                           Page 3 of 4
<PAGE>   4

E.       ACKNOWLEDGMENT

         SIGN AND DATE IN THIS SECTION.

         I agree to be bound by the terms and conditions of the Plan and agree
         that such terms and conditions shall be binding upon my beneficiaries
         and personal representatives. I further acknowledge that the receipt of
         this election form is not intended to indicate the amount of incentive
         compensation that I will receive, or that an award will be made.

         I further acknowledge that any deferred compensation that I allocate to
         the Equity Index Account can increase or decrease in value.

-------------------------------------------           -----------------------
Signature of Employee                                 Date

                    MAIL COMPLETED FORM BY JUNE 30, 2000 TO:

                             THE AYCO COMPANY, L.P.
                           MANAGEMENT BENEFIT SERVICES
                                      MS020
                                 P. O. BOX 8009
                           CLIFTON PARK, NY 12065-8009
                                  800-342-2779

JUNE 2000                           PAGE 4 OF 4
<PAGE>   5

                    RESOURCE BANCSHARES MORTGAGE GROUP, INC.
                   OUTSIDE DIRECTOR DEFERRED COMPENSATION PLAN

                                     SUMMARY

RBMG adopted the Outside Director Deferred Compensation Plan (the "Plan") to
allow directors who are not employees of RBMG the opportunity to defer cash
compensation otherwise payable to them currently. Amounts deferred will not be
subject to tax until paid out. The features of the Plan are reviewed in this
summary.

-        ELIGIBILITY. All directors who are not employees of RBMG are eligible
         to participate in the Plan.

-        AMOUNTS THAT CAN BE DEFERRED. A director can elect to defer all or a
         portion of the cash compensation payable to him or her. This includes
         the cash retainer, meeting fees, and any tax gross-up bonus payable to
         the director under the Outside Director Life Insurance Program.

-        ELECTION TO DEFER. The initial election to defer will apply to any
         retainer and meeting fee amounts for the last two quarters of the year
         2000, as well as any Outside Director Life Insurance program tax
         gross-up bonus payable for 2000. An election to defer any amounts
         payable in each future year will be made by the end of the prior year.

-        PAYMENT OF DEFERRED AMOUNTS. A director will elect the time of payment
         for deferred amounts when the deferral election is made. Payment will
         be made at the earlier of the specific year elected by the director or
         when the director terminates board service. A director can elect to
         receive payment in a single sum or in up to 10 annual installments.

-        INVESTMENT OF DEFERRED AMOUNTS. A participant can elect to invest any
         deferred amounts in one or both of two investment funds. The choices
         are as follows:

         -        THE EQUITY INDEX ACCOUNT provides a rate of return assuming
                  the deferred amount is invested in the AGSPC Stock Index Fund
                  available in the Platinum Investor variable life insurance
                  policies issued by American General Life Insurance Company.
                  This fund attempts to duplicate the performance of the S&P 500
                  Index. Since this is a stock investment fund, amounts
                  allocated to this investment can realize gains or losses.
                  Also, although the fund attempts to duplicate the performance
                  of the S&P 500 Index, there can be no assurance that the
                  objective will be achieved. Recent performance of the AGSPC
                  Stock Index Fund is as follows (past returns are not an
                  assurance of possible future performance):

JUNE 2000                              -1-
<PAGE>   6

<TABLE>
<CAPTION>
                  YTD 04/30/00        1999        1998        1997
                  ------------      --------    --------    --------
                  <S>               <C>         <C>         <C>
                     (0.9)%           13.6%       28.4%       33.1%
</TABLE>

         -        THE FIXED ACCOUNT provides a rate of return assuming the
                  deferred amount is invested in the AGL Declared Fixed Interest
                  Account available in the Platinum Investor variable life
                  insurance policies issued by American General Life Insurance
                  Company. The rate payable is a rate declared by American
                  General based on its investment performance in its general
                  investment account. This investment option provides for a
                  fixed rate of return with no principal risk (other than the
                  principal risk associated with being a general creditor of
                  RBMG with respect to deferred amounts and earnings). The fixed
                  rate has been as follows in recent years (past rates are not
                  an assurance or representation of possible future rates):

<TABLE>
                      <S>                                               <C>
                      January 1, 1998 - September 30, 1998              5.85%
                      October 1, 1998 - September 23, 1999              5.60%
                      September 24, 1999 - December 31, 1999            6.10%
                      January 1, 2000 - Present                         6.35%
</TABLE>

         Deferred amounts can be invested in one fund, or can be allocated
         between the funds in 25% increments. Investment elections can be
         changed once each year as to prior deferred amounts.

         It is important to note that a participant's deferred amounts are not
         actually invested in the funds. Rather, the return on the deferred
         amounts is determined as if the amounts were hypothetically invested in
         the funds. Even if RBMG decides to invest in the actual funds to
         informally fund its obligations to directors who defer amounts under
         the Plan, any such funds belong to and are general assets of RBMG, and
         neither a participating director nor his or her beneficiaries will have
         any interest in such funds or any other assets of RBMG as a result of
         deferring amounts under the Plan, except as a general creditor of RBMG.

   -     ACCESS TO FUNDS. An election to defer is irrevocable. However, a
         director can request access to funds before the elected payment time if
         he or she has a severe financial hardship. Also, a director can access
         his or her entire account at any time subject to a 10% penalty and a
         one year exclusion from participating in the plan.

   -     PAYMENT AT DEATH. If a director has an account balance in the Plan at
         the time of his or her death, the balance will be paid to the
         director's designated beneficiary. Payment to a beneficiary can be in a
         single sum or installments, as elected by the director. However, if a
         director has already begun to receive installment payments, payments
         will continue for the remaining number of installments.

JUNE 2000                              -2-
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-        INFORMAL FUNDING OF PLAN. RBMG intends to purchase variable life
         insurance policies on some or all of the participants, and to invest
         the policy cash values to attempt to duplicate the returns achieved by
         the participants based on their investment elections for deferred
         amounts, as a means of informally funding the Plan obligations. Any
         such policies and cash values are the property of and part of the
         general assets of RBMG, and neither the directors nor their
         beneficiaries will have any interest in such policies or funds or any
         other assets of RBMG as a result of participating in the Plan.

-        GENERAL CREDITOR STATUS. A director's status with regard to deferred
         amounts and any earnings thereon is as a general unsecured creditor of
         RBMG, and neither a director nor his or her beneficiaries will have any
         rights to any specific assets of RBMG (including any assets acquired or
         identified by RBMG to informally fund RBMG's liabilities under the
         Plan) as a result of participating in the Plan.

-        ENROLLMENT. To enroll in the Plan, a director must return a 2000
         Enrollment Form to our Plan Administrator, The Ayco Company, L.P., by
         June 30. An addressed envelope is included with this form. For the year
         2000, a participant can elect to defer any retainer or meeting fee
         amounts payable for the last two quarters of 2000, as well as any tax
         gross-up bonus payable under the Outside Director Life Insurance
         program for 2000. In enrolling in the Plan, a director consents to
         allow RBMG to acquire life insurance on his or her life as informal
         funding for its liabilities under the Plan, and to provide any
         necessary information and submit to any medical tests in order to allow
         RBMG to secure the coverage. (It is expected that most or all directors
         who enroll in the Outside Director Life Insurance Plan can qualify for
         any coverage secured by RBMG under this Plan without any additional
         medical requirements.)

QUESTIONS ABOUT THE PROGRAM CAN BE DIRECTED TO GARY HIND OR PATRICK JOYNT AT
AYCO, WHO CAN BE REACHED BETWEEN 9:00 AM AND 4:00 PM EASTERN TIME AT
800-342-2779.

JUNE 2000                              -3-<PAGE>   1
                    RESOURCE BANCSHARES MORTGAGE GROUP, INC.
                     OUTSIDE DIRECTOR LIFE INSURANCE PROGRAM
                                     SUMMARY

The RBMG Outside Director Life Insurance program is designed to provide
permanent life insurance protection to directors who are not employees of RBMG.
Participants will also be paid a tax gross-up bonus each year to offset the
income tax cost resulting from participation in the program, so there will be no
cost to a participating director. The features of the program are reviewed in
this summary.

-        ELIGIBILITY. All directors who are not employees of RBMG are eligible
         to participate. Participation is voluntary.

-        AMOUNT OF COVERAGE. The amount of coverage will generally be $350,000
         of single life coverage on the director's life. However, married
         directors can opt for second-to-die coverage on the lives of the
         director and his or her spouse, with the death benefit payable at the
         death of the survivor. If second-to-die coverage is elected, the
         coverage amount will be the amount that can be supported with the same
         premium payments that would have been paid on the single life coverage
         on the director. The second-to-die coverage amount will generally be
         higher than the single life coverage amount if the spouse is about the
         same age as or younger than the director.

-        VESTING. A director will vest in the coverage on a pro-rata basis
         between program inception and the year in which age plus years of board
         service (including service before the adoption of the program) equals
         65.

-        PAYMENT OF PREMIUMS. RBMG will pay an equal amount of premiums each
         year based on the number of vesting years for a director. For example,
         if a director will fully vest in 8 years, RBMG will pay an equal amount
         of premiums each year for 8 years, so that the policy will be fully
         funded when all premiums are paid. If a director terminates board
         service before all premiums are paid, no further premiums will be paid
         by RBMG.

-        OWNERSHIP OF POLICY. Each participating director will own his or her
         policy. However, a director can elect to have the policy owned by
         another individual or a trust. Participants are encouraged to review
         this program with their estate planning attorneys or other advisors
         before enrolling, as it might be appropriate for a trust or other third
         party to own the policy from inception.

-        TYPE OF POLICY. The policies issued under the program will be variable
         policies. With a variable policy, the policy cash values are invested
         among an available portfolio of stock, bond and balanced investment
         funds as elected by the policy owner.

JUNE 2000                              -1-
<PAGE>   2

-        POLICY FUNDING. The premium funding of the policies is designed so that
         the policy will have zero cash value at maturity (generally age 95 for
         single life policies and age 100 for second-to-die policies) based on
         an assumed gross annual cash value return (before expenses) of 10%. If
         a policy cash value reaches zero, the policy will lapse unless
         additional premiums are paid. The actual cash value performance will
         depend on the actual performance of the investment funds selected by
         the director (or other owner of the director's policy). RBMG's
         commitment is to pay the fixed premium amount for a specified number of
         years, regardless of actual policy cash value performance.

-        TERMINATION OF BOARD SERVICE. RBMG will not pay premiums on a
         director's policy after he or she terminates board service. Therefore,
         if a director terminates service before all policy premiums have been
         paid, any further premium payments will be the responsibility of the
         director. In such a case, a director might choose to pay additional
         policy premiums to continue the full amount of coverage; the amount of
         premiums needed to maintain the full coverage amount will depend on
         actual policy cash value growth. Alternatively, a director might choose
         to reduce the policy coverage amount to a level that can be maintained
         by the premiums already paid.

-        COST TO DIRECTORS. The program is designed to have no cost to the
         directors. The amount of premium paid by RBMG for a director in a year
         will be taxable income to the director for the year. However, in each
         year in which RBMG pays a premium for a director, RBMG will pay a tax
         gross-up bonus to the director to offset the director's income tax cost
         (including the cost of the income taxes on the tax gross-up bonus). If
         a director's policy is owned by a trust or other third party, the
         director could be deemed to be making a gift of the premium amount to
         such trust or third party each time a premium is paid by RBMG. If a
         director incurs any gift tax cost as a result of making such a gift,
         such cost will be the responsibility of the director and will not be
         reimbursed by RBMG.

-        QUALIFYING FOR COVERAGE. You (and your spouse, if you elect
         second-to-die coverage) will need to provide medical history
         information to qualify, and might need to submit to a medical
         examination or tests to qualify. You will need to submit to any such
         requirements in order to be eligible for coverage. Coverage for a
         director will not be effective until all requirements are satisfied and
         the first policy premium is paid by RBMG.

-        EFFECT OF HEALTH ISSUES. If a director cannot qualify for standard
         insurance rates due to health or medical history issues, RBMG can elect
         to provide a reduced coverage amount to the director. If health or
         medical history issues would cause a significant increase in premium
         cost, participation might be denied. Any such decisions related to
         coverage amount and participation will be made by the Chief Executive
         Officer of RBMG, in his sole discretion.

JUNE 2000                              -2-
<PAGE>   3

         DISCRETION OF COMPENSATION COMMITTEE. The Compensation Committee of the
         Board of Directors of RBMG, upon recommendation of the Chief Executive
         Officer of RBMG, may change the terms of the program (i.e., coverage
         amount, vesting requirements, etc.) as to a director as the
         Compensation Committee deems appropriate. Any such decisions shall be
         in the sole discretion of the Compensation Committee.

-        PROGRAM ADMINISTRATION AND POLICY SERVICE. RBMG has retained the Ayco
         Company L.P. to provide program services, including insurance brokerage
         and underwriting and ongoing policy servicing.

-        ENROLLMENT IN PROGRAM. To enroll, a director should complete the
         Enrollment Form included with these materials, and return it to Ayco in
         the envelope provided. Then, Ayco will contact participants directly to
         complete the insurance underwriting process.

QUESTIONS ABOUT THE PROGRAM CAN BE DIRECTED TO GARY HIND OR PATRICK JOYNT AT
AYCO, WHO CAN BE REACHED BETWEEN 9:00 AM AND 4:00 PM EASTERN TIME AT
800-342-2779.

JUNE 2000                              -3-
<PAGE>   4

                    RESOURCE BANCSHARES MORTGAGE GROUP, INC.
                     OUTSIDE DIRECTOR LIFE INSURANCE PROGRAM

                                 ENROLLMENT FORM

Name:
                  --------------------------------------------------------------
Mailing Address:
                  --------------------------------------------------------------

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

                  --------------------------------------------------------------
Daytime Phone:
                  --------------------------------------------------------------

TYPE OF COVERAGE

I elect (select one):

[ ] Single life coverage on my life. My date of birth is ______________________.

[ ] Second-to-die coverage on the lives of my spouse and me.  My date of birth
    is ______________________ And my spouse's date of birth is ________________.

OWNER OF POLICY

The owner of my policy will be (select one):

[ ] I will own my policy.
[ ] The owner of my policy will be the following individuals(s) (include full
    name, address, social security number and percentage interest for each
    owner):

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

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

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

[ ] The owner will be the following existing trust (include full name of trust,
    name and address of trustee(s), and trust tax identification number):

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

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

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

[ ] The owner of my policy will be a trust that has not yet been executed.

JUNE 2000                              -1-
<PAGE>   5

BENEFICIARY

The beneficiary of my policy death benefit will be (include full name,
relationship to you, and percentage interest for each designated beneficiary):

PRIMARY BENEFICIARY

[ ] Owner of policy
[ ] Other:
           ---------------------------------------------------------------------

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

CONTINGENT BENEFICIARY (IF PRIMARY BENEFICIARY DOES NOT SURVIVE):

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

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ACKNOWLEDGEMENT

I understand that I (and my spouse, if I have elected second-to-die coverage)
will need to provide medical history information and might need to submit to a
physical examination or medical tests in order to qualify for the insurance, and
that the coverage will be denied if such requirements are not completed. Also, I
understand that the coverage will not be effective until all requirements are
satisfied, coverage is approved by the insurance company, and the first premium
is paid by RBMG.

-----------------------------------------------       --------------------------
Signature                                             Date

             RETURN THIS COMPLETED FORM IN THE ENCLOSED ENVELOPE TO:

                             THE AYCO COMPANY, L.P.
                           MANAGEMENT BENEFIT SERVICES
                                      MS020
                                 P. O. BOX 8009
                           CLIFTON PARK, NY 12065-8009
                                  800-342-2779

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