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EXHIBIT 10.6    
  

SHAREHOLDERS
AGREEMENT 

        THIS
SHAREHOLDERS AGREEMENT (this "AGREEMENT") is made as of March 28, 2001, by and among SOFTBANK FINANCE CORPORATION ("SB FINANCE"), a Japanese corporation, InsWeb Corporation
("INSWEB"), a Delaware corporation, E-LOAN, Inc. ("E-LOAN"), a Delaware corporation, and Marsh & McLennan Risk Capital Holdings, Ltd. ("M&M"), a Delaware
corporation, (SB Finance, INSWEB, E-LOAN and M&M are collectively referred to as the "PARTIES," and each a "PARTY") to define their respective rights and obligations with respect to the
operation and management of a newly established Japanese corporation (the "COMPANY") and other terms and conditions in connection therewith. 

        W
I T N E S S E T H: 

        WHEREAS,
SB Finance is a leading provider of financing and information services relating to the execution of financial transactions on the internet in Japan and worldwide; 

        WHEREAS,
INSWEB is an electronics commerce company that serves consumers and the insurance industry by providing a comprehensive internet insurance marketplace in which, by accessing an
online site, consumers identify appropriate insurance providers and insurance companies can identify interested customers; 

        WHEREAS,
E-LOAN is an electronics commerce company serving consumers and the home loan industry through a comprehensive internet loan marketplace in which, by accessing an
online site, consumers can identify appropriate loan providers and lenders can identify interested consumers; 

        WHEREAS,
M&M is a holding company affiliated with Marsh Inc., an insurance broker; 

        WHEREAS,
SB Finance, INSWEB, M&M and Softbank Global Selection Fund-Softbank Bond & Private Equity Fund ("SBAM FUND") own shares in INSWEB Japan K.K. ("INSWEB JAPAN"),
a Japanese joint venture company, in a ratio of fifty-seven percent (57%), twenty-five percent (25%), fifteen percent (15%) and three percent (3%), respectively; 

        WHEREAS,
SB Finance and E-LOAN own shares in E-LOAN JAPAN Co., Ltd. ("E-LOAN JAPAN"), a Japanese joint venture company, in a ratio of sixty
percent (60%) and forty percent (40%), respectively; 

        WHEREAS,
SB Finance wholly owns GOODLOAN Co., Ltd. ("GOODLOAN"), a Japanese corporation; 

        WHEREAS,
the Parties desire to integrate the business of the Subsidiaries (as defined below) by incorporating the Company which will wholly own each Subsidiary and to make efforts to
list the Company as a publicly-traded company by March 2002 on the terms and conditions set forth herein; 

        NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the Parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS

        1.1  DEFINED
TERMS. As used herein the following terms shall have the following meanings: 

        "AFFILIATES"
of any Person shall mean any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such Person.
"CONTROL" (including the terms controlling, controlled by or under common control with), for purposes of this definition, shall mean the direct or indirect power to direct or cause the
direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

 

        "ANNUAL
PLAN" means a business operations plan detailing the relevant corporation's goals and procedures for personnel, technical, financial, administrative, marketing, and other
significant activities for such corporation's next succeeding fiscal year, as approved each year and revised from time to time by the Board of Directors of such corporation. 

        "AOI"
means the Articles of Incorporation of the relevant corporation. 

        "BOARD"
shall mean the board of directors of the Company. 

        "BUSINESS
DAY" means a day on which commercial banks in Japan are generally open to conduct their regular banking business. 

        "COMMERCIAL
CODE" shall mean the Commercial Code of Japan, as amended and in effect from time to time. 

        "COMPANY
INTEREST" means the shareholding percentage interest as to the Company represented by the Securities of the Company then held by a Person divided by the total number of the then
outstanding Securities of the Company (on an as-converted to Share basis). 

        "CONFIDENTIAL
INFORMATION" shall mean all information in any form disclosed by any Party to any of the other Parties in connection with this Agreement or the business of the Company
(including during negotiations prior to the date of this Agreement) or the exercise of any right hereunder, other than information which: (i) prior to the disclosure from the disclosing Party,
was already in the receiving Party's possession; (ii) prior to the disclosure from the disclosing Party, was already in the public domain; (iii) after the disclosure from the disclosing
Party, has become publicly known through no fault of the receiving Party; (iv) is lawfully disclosed to the receiving Party by a third party who assumes no confidentiality obligation; or
(v) was independently developed by the receiving Party. 

        "E-LOAN
JAPAN CONSULTING SERVICES AGREEMENT" means the Consulting Services Agreement by and between SOFTBANK CORP. ("SOFTBANK") and E-LOAN JAPAN dated
May 25, 1999, as amended from time to time. 

        "E-LOAN
JAPAN JOINT VENTURE AGREEMENT" shall mean the Joint Venture Agreement by and between SOFTBANK (which transferred its shares of E-LOAN JAPAN and its
contractual position under the said joint venture agreement to SB Finance) and E-LOAN dated as of March 31, 1999, as amended by the letter agreement regarding the First Amendment to
Joint Venture Agreement from E-LOAN to SOFTBANK dated as of May 14, 1999. 

        "E-LOAN
LICENSE AGREEMENT" means the License and Services Agreement by and between E-LOAN and E-LOAN JAPAN dated May 18, 1999, as amended from
time to time. 

        "INSWEB
JAPAN CONSULTING SERVICES AGREEMENT" means the Consulting Services Agreement by and between SOFTBANK and INSWEB JAPAN dated December 30, 1998, as amended from time to
time. 

        "INSWEB
JAPAN JOINT VENTURE AGREEMENT" shall mean the Joint Venture Agreement by and between SOFTBANK (which transferred its shares of INSWEB JAPAN and its contractual position under the
said joint venture agreement to SB Finance) and INSWEB dated as of December 15, 1998, as amended by Amendment No.1 to Joint Venture Agreement by and among SB Finance, INSWEB, INSWEB JAPAN and
M&M dated as of May 14, 1999. 

        "INSWEB
LICENSE AGREEMENT" means the Inter-Company License Agreement by and between INSWEB and INSWEB JAPAN dated December 30, 1998, as amended from time to time. 

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        "J&H
CONSULTING SERVICES AGREEMENT" means the Consulting Services Agreement by and between J&H Marsh & McLennan Japan, Ltd. ("J&H") and INSWEB JAPAN dated May 14,
1999, as amended from time to time. 

        "PERSON"
shall mean any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation, institution,
public benefit corporation or other entity. 

        "SECURITIES"
means all outstanding Shares (as defined below), and any other equity securities exercisable for or convertible into Shares. 

        "SHARES"
shall mean every class of outstanding shares of the relevant corporation. 

        "SPECIAL
EXCEPTIONS LAW" shall mean the Law pertaining to Special Exceptions to the Commercial Code concerning Auditors of Companies. 

        "SUBSIDIARY"
shall mean each of INSWEB JAPAN, E-LOAN JAPAN and GOODLOAN individually, and "Subsidiaries" shall mean INSWEB JAPAN, E-LOAN JAPAN and GOODLOAN
collectively. 

        "YEN"
and "(Y)" shall mean the legal currency of Japan. 

        1.2  INTERPRETATION.
As used in this Agreement, the singular shall include the plural, the plural shall include singular and the use of the masculine, feminine or neuter
gender shall include all genders, as the context may require. The Exhibits to this Agreement shall be construed to be an integral part of this Agreement. The headings to Articles, Sections and
Subsections of this Agreement are to facilitate reference only, do not form a part of this Agreement and shall not in any way affect the interpretation hereof. 

ARTICLE II 

PURPOSES
OF THE COMPANY 

        2.1  PURPOSE
OF THE COMPANY. The Parties hereby associate with each other in order to establish and manage the Company, the purpose of which shall be to provide online
financial marketplaces and financial services related to lending and insurance through the Subsidiaries, and to make efforts to list the Company as a publicly-traded company by March 2002,
provided however, that the Parties give no assurances that such listing will occur. All operations of the Company shall be conducted in accordance with this Agreement and any other agreements entered
into in connection with this Agreement, and in compliance with applicable Japanese laws and regulations and the Company's AOI. 

ARTICLE III 

FORMATION

        3.1  LEGAL
STRUCTURE, LOCATION AND NAME OF THE COMPANY. The Company shall be a joint-stock corporation (KABUSHIKI-KAISHA) incorporated through stock transfer
(KABUSHIKI-ITEN) (the "STOCK TRANSFER") pursuant to Article 364 of the Commercial Code effective as of March 28, 2001 or such other date as agreed upon by the Parties (the
"CLOSING DATE"). The Stock Transfer shall be made among the Subsidiaries, and the newly incorporated Company shall acquire and own all the Shares of the Subsidiaries by effect of the Stock Transfer.
The head office of the Company shall be located in Tokyo, Japan. The official name of the Company shall be FINANCE ALL KABUSHIKI KAISHA in Japanese and Finance All Corporation in English. 

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        3.2  INCORPORATION
PROCEDURE. Each Party shall take those steps as are necessary or desirable for the incorporation of the Company. The Parties understand that each
Subsidiary shall bear any costs and expenses for actions necessary or appropriate for the Subsidiary to implement the Stock Transfer (other than those which may be borne by the Company under the
Commercial Code). The Subsidiaries shall reimburse SB Finance for any costs and expenses paid by SB Finance on their behalf, provided that, where such costs and expenses are paid on behalf of two or
more Subsidiaries, such Subsidiaries shall bear such costs and expenses in proportion to their relative stock transfer ratio as set forth in Exhibit 4.2. 

        3.3  ARTICLES
OF INCORPORATION. At the incorporation of the Company, the Company's AOI shall be substantially in the form of EXHIBIT 3.3, attached hereto. 

ARTICLE IV 

CAPITAL
STRUCTURE 

        4.1  INITIAL
PAID-IN CAPITAL. Subject to requirements under the Commercial Code, the initial paid-in capital of the Company shall be one billion one
hundred twelve million Yen ((Y) 1,112,000,000). 

        4.2  ALLOCATION.
The initial Shares of the Company shall be voting shares of common stock with no par value, and issued to each Party and SBAM FUND in exchange for their
Shares of the Subsidiaries in accordance with the stock transfer ratio set forth in EXHIBIT 4.2, attached hereto. 

ARTICLE V 

CLOSING
CONDITIONS 

        5.1  CONDITIONS
PRECEDENT. Each Party's obligation to close the Stock Transfer shall be subject to the satisfaction of the following conditions: 

        5.1.1  DUE
PERFORMANCE. Each Party shall have duly performed all of its material obligations hereunder which are required to be performed by or prior to the
Closing Date. 

        5.1.2  REPRESENTATIONS
AND WARRANTIES. All representations and warranties of each Party contained in this Agreement shall be true and correct in all material
respects as of the Closing Date. 

        5.1.3  NO
MATERIAL CHANGE. No material change has occurred in the Japanese laws or regulations or markets which may reasonably be considered to have a material
and adverse effect on the likely prospects for success of the business of the Company, as contemplated by this Agreement. 

ARTICLE VI 

REPRESENTATIONS
AND WARRANTIES 

        6.1  REPRESENTATIONS
AND WARRANTIES. Each of the Parties represents and warrants to each of the other Parties as follows: 

        6.1.1  ORGANIZATION
AND STANDING. Each Party is a corporation duly incorporated, organized and validly existing under the laws of its respective jurisdiction of
incorporation as set forth above and has all requisite corporate power and authority to execute and deliver this Agreement, to consummate the transactions contemplated hereby and perform its
obligations hereunder. 

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        6.1.2  AUTHORIZATION.
All corporate and other proceedings required to be taken on the part of each Party, including, without limitation, all action required to
be taken by the directors or shareholders of each Party to authorize such Party to enter into and carry out this Agreement and to cause its Subsidiary to carry out the Stock Transfer hereunder, have
been, or prior to the Closing Date shall be, duly and properly taken. This Agreement has been duly executed and delivered by each Party and is the valid and binding obligation of such Party
enforceable against it in accordance with its terms, except as enforcement may be limited by legal principles limiting the right to obtain specific performance or other legal remedies, or by
applicable bankruptcy or insolvency laws and related decisions affecting creditors' rights generally. 

        6.1.3  COMPLIANCE.
The execution and delivery of this Agreement and the consummation of the transactions contemplated herein shall not result in a breach of any
of the terms and conditions of, or constitute a default under or violate any agreement, lease, license or other undertaking to which each Party or any of its Affiliates is bound, or violate any rule,
regulation or order of any governmental body. 

        6.1.4  SHARES
OF SUBSIDIARIES. The Shares each Party owns of any Subsidiary to be transferred in connection with the Stock Transfer are validly issued,
fully-paid and non assessable, and are free and clear of all liens, encumbrances, restrictions and claims of any kind. 

ARTICLE VII 

OPERATION
AND MANAGEMENT OF THE COMPANY 

        7.1  OPERATION
OF THE COMPANY. Each Party agrees to take all actions necessary to ensure that the Company shall be operated in accordance with the terms and conditions of
this Agreement, including, but not limited to, to vote all Shares of the Company held by it to effect the terms and conditions of this Agreement. 

        7.2  BOARD
OF DIRECTORS. The Company shall be managed by the Board in accordance with the terms and conditions of this Agreement and the applicable laws and regulations of
Japan. The Board shall be comprised of seven (7) directors, four (4) of whom shall be appointed by SB Finance, one (1) by INSWEB, one (1) by E-LOAN and one
(1) by M&M. The Parties shall undertake any and all necessary steps to effect the foregoing, including without limitation, holding a shareholders' meeting of the Company and amending the
Company's AOI, if necessary. 

        7.3  REMOVAL
AND REAPPOINTMENT OF DIRECTORS. Any director may be removed for cause in accordance with the Commercial Code. In addition, each Party having the right to appoint
a director pursuant to Section 7.2 shall also have the right, exercisable in its sole discretion, to remove such director at any time, effective upon delivery of written notice to the Company,
the director to be removed and the other Parties. In the event of a vacancy in the office of a director for any reason (including removal in accordance with the preceding sentence), the vacancy may be
filled by the Party that appointed the relevant director at such Party's sole discretion. 

        7.4  BOARD
MEETINGS. The President shall have the authority to convene Board meetings, including the authority to specify the time and place of such meetings. The Board shall
meet at least once every three (3) months. Written notice of all Board meetings shall be given to each director and statutory auditor not less than five (5) Business Days in advance of
each meeting; provided, however, that such notice may be waived or the period of such notice may be shortened for a particular Board meeting with the unanimous consent of the directors and statutory
auditors. Board meetings shall be conducted in Japanese (with English interpretation, at the Company's expense if requested by any Party). Proposals or reports brought before any Board meeting for
information or action (including, but not limited to, the Company's annual and semi-annual financial statements) shall be prepared in Japanese (with English translation, if requested by
any Party). The cost of attending Board meetings 

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with respect to any director shall be borne by the Party appointing the director. Directors may participate by video conference system and the Company shall bear all such costs and expenses in
connection with such participation via video conference system. 

        7.5  BOARD
QUORUM AND RESOLUTIONS. A majority of the directors in offic shall constitute a quorum for any Board meeting. Adoption of any resolution of the Board shall require
the affirmative vote of a majority of the directors in office. 

        7.6  MANAGEMENT
OF THE COMPANY. Notwithstanding any other provision of this Agreement, in addition to approval by the Board, the prior approval of INSWEB and
E-LOAN (either in the form of written consent or voting by the director of the Company nominated respectively by INSWEB and E-LOAN) shall be required to cause or allow the
Company to take any actions set forth in EXHIBIT 7.6, attached hereto. Unless any notice of non-approval is given by INSWEB or E-LOAN to the Company within ten
(10) Business Days after its receipt of notice of the Company's intent to take any of such actions, it shall be deemed that INSWEB or E-LOAN, as the case may be, approved the
action. If the shareholding ratio of Shares of INSWEB becomes less than eight and 63/100 percent (8.63%), the requirement of the first sentence of this Section 7.6 shall not be
applicable with respect to INSWEB. If
the shareholding ratio of Shares of E-LOAN becomes less than seven and 20/100 percent (7.20%), the requirement of the first sentence of this Section 7.6 shall not be
applicable with respect to E-LOAN. 

        7.7  REPRESENTATIVE
DIRECTOR. The Company's day-to-day operations shall be managed by the President of the Company, who shall be a Representative
Director nominated by SB Finance from among the directors of the Company. SB Finance shall have the right, exercisable in its sole discretion, to remove and replace the President at any time,
effective upon the delivery of written notice to the Company, the President and the other Parties. In the event of a vacancy in the office of the President for any reason (including removal in
accordance with the preceding sentence), the vacancy shall be filled by SB Finance. 

        7.8  STATUTORY
AUDITORS. The Company shall have at least (3) statutory auditors (KANSA-YAKU), each of whom shall be appointed by SB Finance (one
(1) of whom shall serve on a full-time basis). A statutory auditor may be removed for cause in accordance with the Commercial Code. SB Finance shall also have the right, exercisable
in its sole discretion, to remove such statutory auditor at any time, effective upon delivery of written notice to the Company, the statutory auditor to be removed and the other Parties. In the event
of a vacancy in the office of a statutory auditor for any reason (including removal in accordance with the preceding sentence), the vacancy shall be filled by SB Finance. 

        7.9  SHAREHOLDERS'
MEETING. The Company shall have at least one shareholders' meeting each calendar year in accordance with the Commercial Code and the Company's AOI. A
notice of the convocation of each shareholders' meeting shall be dispatched to each shareholder of the Company at least fourteen (14) calendar days prior to the date of such meeting; provided,
however, that such notice may be waived or the period of such notice may be shortened for a particular shareholders' meeting with the unanimous written consent of the shareholders of the Company.
Shareholders' meetings shall take place in Tokyo, Japan at such time and place as is determined by the Board. Shareholders' meetings shall be conducted in Japanese (with English interpretation if
requested by any Party), and minutes of such meetings shall be prepared by the Company in Japanese. 

        7.10 ACCOUNTING. 

        7.10.1  ACCOUNTING
PRINCIPLES. The Parties shall cause the Company to adopt and follow Japan generally accepted accounting principles ("JAPAN GAAP"),
consistently applied. 

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        7.10.2  ACCESS
TO BOOKS. The Company's books and records shall be kept at its principal office. Each of the Parties shall have access to such books and records
and the right to examine, copy and audit the same at all reasonable times. 

        7.10.3  AUDIT.
The Company's accounts shall be audited or reviewed not less frequently than annually by the Company's independent outside auditor which shall be
a certified public accountant selected by SB Finance. 

        7.10.4  FINANCIAL
STATEMENTS AND ACCOUNTING RECORDS. Financial statements of the Company, including, without limitation, a balance sheet, income statement,
statement of cash flow and statement of shareholders' equity, shall be submitted by the Company to SB Finance, INSWEB, E-LOAN and M&M, (a) within sixty (60) days after the
end of the first six (6) months of each fiscal year for such six (6) month period, and (b) within eighty (80) days after the end of each fiscal year for such fiscal year. Each of
the annual financial statements shall be audited and certified by an internationally recognized accounting firm (which shall act as an independent auditor under the Special Exceptions Law) retained by
the Company, selected by SB Finance and approved by INSWEB, E-LOAN and M&M, which approval shall not be unreasonably withheld. All financial statements shall be prepared in accordance with
Japan GAAP and in reasonable detail, and shall contain such financial data as SB Finance, INSWEB, E-LOAN and M&M may deem necessary in order to keep them advised of the Company's financial
status (although quarterly statements need not include footnotes and may be subject to year-end adjustments). The Company shall, at the request of INSWEB, E-LOAN or M&M (the
"REQUESTING PARTY"), provide the Requesting Party with such financial information the Requesting Party may reasonably deem necessary for purposes of complying with its periodic reporting obligations
under U.S. securities laws, and shall cooperate with the Requesting Party in connection therewith, including cooperating with the Requesting Party's accounting firm in preparing quarterly financial
statements and reconciling the Company's financial statements with U.S. generally accepted accounting principles for such purposes requested by the Requesting Party; provided that the Requesting Party
(in proportion to their shareholding ratios if the Requesting Party includes two or more parties) shall bear the costs incurred by the Company for the above procedures. 

        7.11   COMPLIANCE
WITH LAWS. The Parties shall cooperate to cause the Company to maintain its corporate existence and maintain all rights, licenses, approvals
and other permits necessary for its business in full force and effect and to comply with all provisions of applicable laws. 

ARTICLE VIII 

OPERATION
AND MANAGEMENT OF INSWEB JAPAN 

        8.1  BOARD
OF DIRECTORS. The Board of Directors of INSWEB JAPAN shall be comprised of five (5) directors, three (3) of whom shall be appointed by SB Finance,
one (1) of whom shall be appointed by INSWEB, and one (1) of whom shall be appointed by M&M. SB Finance, INSWEB and M&M shall undertake any and all necessary steps to effect the
foregoing, including without limitation, holding a shareholders' meeting of INSWEB JAPAN and amending INSWEB JAPAN's AOI, if necessary. 

        8.2  REMOVAL
AND REAPPOINTMENT OF DIRECTORS. Any director of INSWEB JAPAN may be removed for cause in accordance with the Commercial Code. In addition, SB Finance, INSWEB and
M&M respectively having the right to appoint a director pursuant to Section 8.1 shall also have the right, exercisable in its sole discretion, to remove such director at any time, effective
upon delivery of written notice to INSWEB JAPAN, the director to be removed and the other shareholders of INSWEB JAPAN. In the event of a vacancy in the office of a director of INSWEB JAPAN for any 

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reason (including removal in accordance with the preceding sentence), the vacancy may be filled by the Party that appointed the relevant director at such Party's sole discretion. 

        8.3  BOARD
MEETINGS. The President of INSWEB JAPAN shall have the authority to convene Board meetings of INSWEB JAPAN, including the authority to specify the time and place
of such meetings. The Board of Directors of INSWEB JAPAN shall meet at least once every three (3) months. Written notice of all Board meetings shall be given to each director and statutory
auditor of INSWEB JAPAN not less than five (5) Business Days in advance of each meeting; provided, however, that such notice may be waived or the period of such notice may be shortened for a
particular Board meeting of INSWEB JAPAN with the unanimous consent of the directors and statutory auditors of INSWEB JAPAN. Board meetings of INSWEB JAPAN shall be conducted in English or Japanese
(with English interpretation if requested by SB Finance, INSWEB or M&M, at INSWEB JAPAN's expense), and minutes of such meetings shall be prepared by INSWEB JAPAN in Japanese and distributed to each
director without delay following each meeting. Proposal or reports brought before any Board meeting of INSWEB JAPAN for information or action (including, but not limited to, the INSWEB JAPAN's annual
and semi-annual financial statements) shall be prepared in Japanese (with English translation, if requested by any SB Finance, INSWEB or M&M). The cost of attending Board meetings of
INSWEB JAPAN with respect to any director shall be borne by the Party appointing the director. Directors may participate by video conference system and INSWEB JAPAN shall bear all such costs and
expenses in connection with such participation via video conference system. 

        8.4  BOARD
QUORUM AND RESOLUTIONS. A majority of the directors of INSWEB JAPAN in office shall constitute a quorum for any Board meeting of INSWEB JAPAN. Adoption of any
resolution of the Board of Directors of INSWEB JAPAN shall require the affirmative vote of a majority of the directors of INSWEB JAPAN in office. 

        8.5  MANAGEMENT
OF INSWEB JAPAN. Notwithstanding any other provision of this Agreement, in addition to approval by the Board of INSWEB JAPAN, (a) the prior approval of
INSWEB (either in the form of written consent or voting by the director of INSWEB JAPAN nominated by INSWEB) shall be required to cause or allow INSWEB JAPAN to take any actions set forth in EXHIBIT
8.5(A), attached hereto, and (b) the prior approval of M&M (either in the form of written consent or voting by the director of INSWEB JAPAN nominated by M&M shall be required to cause or allow
INSWEB JAPAN to take any actions set forth in EXHIBIT 8.5(B), attached hereto. Unless any notice of non-approval is given by INSWEB or M&M to INSWEB JAPAN within ten (10) Business
Days after its receipt of notice of INSWEB JAPAN's intent to take any of such actions, it shall be deemed that INSWEB or M&M, as the case may be, approved the action. 

        8.6  REPRESENTATIVE
DIRECTOR. INSWEB JAPAN's day-to-day operations shall be managed by the President of INSWEB JAPAN, who shall be a Representative
Director nominated by SB Finance from among the directors of INSWEB JAPAN. SB Finance shall have the right, exercisable in its sole discretion, to remove and replace the President at any time,
effective upon the delivery of written notice to INSWEB JAPAN, the President and the other shareholders of INSWEB JAPAN. In the event of a vacancy in the office of the President for any reason
(including removal in accordance with the preceding sentence), the vacancy shall be filled by SB Finance. 

        8.7  STATUTORY
AUDITORS. INSWEB JAPAN shall have at least three (3) statutory auditors (KANSA-YAKU), each of whom shall be appointed by SB Finance (one
(1) of whom shall serve on a full-time basis). A statutory auditor may be removed for cause in accordance with the Commercial Code. SB Finance shall also have the right, exercisable
in its sole discretion, to remove such statutory auditor at any time, effective upon delivery of written notice to INSWEB JAPAN, the statutory auditor to be removed and the other shareholders of
INSWEB JAPAN. In the event of a vacancy in the office of a statutory auditor for any reason (including removal in accordance with the preceding sentence), the vacancy shall be filled by SB Finance. 

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        8.8  ANNUAL
PLAN. 

        (a)  The
President of INSWEB JAPAN shall prepare, and the Board of Directors of INSWEB JAPAN shall approve, an Annual Plan of INSWEB JAPAN with respect to each fiscal year of
INSWEB JAPAN no later than sixty (60) days prior to the commencement of the fiscal year. The Board of Directors of INSWEB JAPAN shall cause INSWEB JAPAN to conduct its operations in accordance
with the Annual Plan of INSWEB JAPAN, which shall set forth in reasonable detail certain financial performance goals, including, without limitation, with respect to revenues, profits, return on net
assets and return on equity for the period subject thereto. 

        (b)  At
least thirty (30) days prior to the approval of any Annual Plan by the Board of Directors of INSWEB JAPAN, INSWEB JAPAN shall forward a draft of the proposed
Annual Plan to INSWEB for its review. INSWEB shall have the right, within twenty (20) days thereafter to identify, by written notice to INSWEB JAPAN and SB Finance, any portion of the proposed
Annual Plan that it reasonably and in good faith believes (i) will involve activities outside the scope of the business of INSWEB JAPAN as described in its AOI, (ii) will require a
material cash expenditure or a material commitment of personnel by INSWEB (other than in accordance with an existing agreement between INSWEB JAPAN and INSWEB), (iii) will result in a
fundamental difference between INSWEB's basic business model and the business model of INSWEB JAPAN, or (iv) would reasonably be expected to have a material adverse effect on INSWEB's business
or operations in the United States. On providing any such notice, INSWEB shall explain the basis for its belief in reasonable detail and shall thereafter meet with INSWEB JAPAN to address its
concerns, but pending an agreement with INSWEB, the Board of
Directors of INSWEB JAPAN shall not approve, and INSWEB JAPAN shall not implement, the portions of the Annual Plan giving rise to INSWEB's concerns. 

        8.9  FINANCIAL
STATEMENTS AND ACCOUNTING RECORDS. Financial statements of INSWEB JAPAN, including, without limitation, a balance sheet, income statement, statement of cash
flows and statement of shareholders' equity, shall be submitted by INSWEB JAPAN to SB Finance, INSWEB and M&M, (a) within sixty (60) days after the end of the first six (6) months
of each fiscal year for such six (6) month period, and (b) within eighty (80) days after the end of each fiscal year for such year. Each of the annual financial statements shall
be audited and certified by an internationally recognized accounting firm (which shall act as an independent auditor under the Special Exceptions Law) retained by INSWEB JAPAN, selected by SB Finance
and approved by INSWEB, which approval shall not be unreasonably withheld. All financial statements shall be prepared in accordance with Japan GAAP and in reasonable detail, and shall contain such
financial data as SB Finance and INSWEB may deem necessary in order to keep them advised of the INSWEB JAPAN's financial status (although quarterly statements need not include footnotes and may be
subject to year-end adjustments). 

        8.10 RIGHT
OF INSPECTION. During the regular office hours of INSWEB JAPAN, and upon reasonable notice to INSWEB JAPAN, SB Finance, INSWEB and M&M shall have (a) full
access to all properties, books of account, and records of INSWEB JAPAN, and (b) the right to make copies from such books and records at its own expense. Any information obtained by SB Finance,
INSWEB and M&M through exercise of rights granted under this Section 8.10 shall, to the extent constituting Confidential Information, be subject to the confidentiality provisions set forth in
Article XII. 

        8.11 TRANSLATIONS.
INSWEB JAPAN shall prepare English translations of any minutes of any Board of Directors or shareholder meetings of INSWEB JAPAN initially prepared in
Japanese. Such translations shall be prepared by either of INSWEB JAPAN's own staff, or an outside translation service, at INSWEB JAPAN's election and expense. If there is any discrepancy between the
Japanese version of any minutes and the English translation thereof, the Japanese version shall control. 

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   ARTICLE IX 

OPERATION
AND MANAGEMENT OF E-LOAN JAPAN 

        9.1  BOARD
OF DIRECTORS. The Board of Directors of E-LOAN JAPAN shall be comprised of six (6) directors, four (4) of whom shall be appointed by SB
Finance and two (2) of whom shall be appointed by E-LOAN. SB Finance and E-LOAN shall undertake any and all necessary steps to effect the foregoing, including without
limitation, holding a shareholders' meeting of E-LOAN JAPAN and amending E-LOAN JAPAN's AOI, if necessary. 

        9.2  REMOVAL
AND REAPPOINTMENT OF DIRECTORS. Any director of E-LOAN JAPAN may be removed for cause in accordance with the Commercial Code. In addition, SB Finance
and E-LOAN having the right to appoint a director pursuant to Section 9.1, respectively, shall also have the right, exercisable in its sole discretion, to remove such director at
any time, effective upon delivery of written notice to E-LOAN JAPAN, the director to be removed and the other shareholders of E-LOAN JAPAN. In the event of a vacancy in the
office of a director of E-LOAN JAPAN for any reason (including removal in accordance with the preceding sentence), the vacancy may be filled by the Party that appointed the relevant
director at such Party's sole discretion. 

        9.3  BOARD
MEETINGS. The President of E-LOAN JAPAN shall have the authority to convene Board meetings of E-LOAN JAPAN, including the authority to
specify the time and place of such meetings. The Board of Directors of E-LOAN JAPAN shall meet at least once every three (3) months. Written notice of all Board meetings shall be
given to each director and statutory auditor of E-LOAN JAPAN not less than five (5) Business Days in advance of each meeting; provided, however, that such notice may be waived or
the period of such notice may be shortened for a particular Board meeting of E-LOAN JAPAN with the unanimous consent of the directors and statutory auditors of E-LOAN JAPAN.
Board meetings of E-LOAN JAPAN shall be conducted in English or Japanese (with English interpretation if requested by SB Finance or E-LOAN, at E-LOAN JAPAN's
expense), and minutes of such meetings shall be prepared by E-LOAN JAPAN in Japanese and distributed to each director without delay following each meeting. Proposals or reports brought
before any Board meeting of E-LOAN JAPAN for information or action (including, but not limited to, the E-LOAN JAPAN's annual and semi-annual financial statements)
shall be prepared in Japanese (with English translation, if requested by SB Finance or E-LOAN). The cost of attending Board meetings of E-LOAN JAPAN with respect to any
director shall be borne by the party appointing the director. Directors may participate by
video conference system and E-LOAN JAPAN shall bear all such costs and expenses in connection with such participation via video conference system. 

        9.4  BOARD
QUORUM AND RESOLUTIONS. A majority of the directors of E-LOAN JAPAN in office shall constitute a quorum for any Board meeting of E-LOAN
JAPAN. Adoption of any resolution of the Board of Directors of E-LOAN JAPAN shall require the affirmative vote of a majority of the directors of E-LOAN JAPAN in office. 

        9.5  MANAGEMENT
OF E-LOAN JAPAN. Notwithstanding any other provision of this Agreement, in addition to approval by the Board of E-LOAN JAPAN, the
prior approval of E-LOAN (either in the form of written consent or voting by the director of E-LOAN JAPAN nominated by E-LOAN) shall be required to cause or allow
E-LOAN JAPAN to take any actions set forth in EXHIBIT 9.5, attached hereto. Unless any notice of non-approval is given by E-LOAN to E-LOAN JAPAN within
ten (10) Business Days after its receipt of notice of E-LOAN JAPAN's intent to take any of such actions, it shall be deemed that E-LOAN approved the action. 

        9.6  REPRESENTATIVE
DIRECTOR. E-LOAN JAPAN's day-to-day operations shall be managed by the President of E-LOAN JAPAN, who
shall be a Representative Director nominated by SB Finance from among the directors of E-LOAN JAPAN. SB Finance shall have the right, exercisable in its sole discretion, to remove and
replace the President at any time, effective upon the delivery of 

10

 

written notice to E-LOAN JAPAN, the President and the other shareholders of E-LOAN JAPAN. In the event of a vacancy in the office of a the President for any reason (including
removal in accordance with the preceding sentence), the vacancy shall be filled by SB Finance. 

        9.7  STATUTORY
AUDITORS. The Company shall have at least (3) statutory auditors (KANSA-YAKU), each of whom shall be appointed by SB Finance (one
(1) of whom shall serve on a full-time basis). A statutory auditor may be removed for cause in accordance with the Commercial Code. SB Finance shall also have the right, exercisable
in its sole discretion, to remove such statutory auditor at any time, effective upon delivery of written notice to E-LOAN JAPAN, the statutory auditor to be removed and the other
shareholders of E-LOAN JAPAN. In the event of a vacancy in the office of a statutory auditor for any reason (including removal in accordance with the preceding sentence), the vacancy shall
be filled by SB Finance. 

        9.8  ANNUAL
PLAN. The President of E-LOAN JAPAN shall prepare, and the Board of Directors of E-LOAN JAPAN shall approve, an Annual Plan of
E-LOAN JAPAN with respect to each fiscal year of E-LOAN JAPAN no later than sixty (60) days prior to the commencement of the fiscal year. The Board of Directors of
E-LOAN JAPAN shall cause E-LOAN JAPAN to conduct its operations in accordance with the Annual Plan of E-LOAN JAPAN, which shall set forth in reasonable detail
certain financial performance goals, including, without limitation, with respect to revenues, profits, return on net assets and return on equity for the period subject thereto. 

        9.9  FINANCIAL
STATEMENTS AND ACCOUNTING RECORDS. Financial statements of E-LOAN JAPAN, including, without limitation, a balance sheet, income statement,
statement of cash flows and statement of shareholders' equity, shall be submitted by E-LOAN JAPAN to SB Finance and E-LOAN, (a) within sixty (60) days after the
end of the first six (6) months of each fiscal year for such six (6) month period, and (b) within eighty (80) days after the end of each fiscal year for such year. Each of
the annual financial statements shall be audited and certified by an internationally recognized accounting firm (which shall act as an independent auditor under the Special Exceptions Law) retained by
E-LOAN JAPAN, selected by SB Finance and approved by E-LOAN, which approval shall not be unreasonably withheld. All financial statements shall be prepared in accordance with
Japan GAAP and in reasonable detail, and shall contain such financial data as SB Finance and E-LOAN may deem necessary in order to keep them advised of the E-LOAN JAPAN's
financial status (although quarterly statements need not include footnotes and may be subject to year-end adjustments). 

        9.10 RIGHT
OF INSPECTION. During the regular office hours of E-LOAN JAPAN, and upon reasonable notice to E-LOAN JAPAN, SB Finance and
E-LOAN shall have (a) full access to all properties, books of account, and records of E-LOAN JAPAN, and (b) the right to make copies from such books and records
at its own expense. Any information obtained by SB Finance and E-LOAN through exercise of rights granted under this Section 9.10 shall, to the extent constituting Confidential
Information, be subject to the confidentiality provisions set forth in Article XII. 

        9.11 TRANSLATIONS.
E-LOAN JAPAN shall prepare English translations of any minutes of any Board of Directors or shareholder meetings of E-LOAN JAPAN
initially prepared in Japanese. Such translations shall be prepared by either of E-LOAN JAPAN's own staff, or an outside translation service, at of E-LOAN JAPAN's election and
expense. If there is any discrepancy between the Japanese version of any minutes and the English translation thereof, the Japanese version shall control. 

ARTICLE X 

PRE-EMPTIVE
RIGHTS; ANTI-DILUTION 

        10.1 ANTI-DILUTION.
Subject to a Board resolution required under the Commercial Code, if the Company determines to increase its share capital by the issue of
additional Shares, other than in accordance with any incentive stock option plan as contemplated in Section 10.2, each Party shall have 

11

 

the right to subscribe for such additional Shares on a pro rata basis in accordance with their respective shareholding ratio in the Company at the relevant time. If any Party fails to exercise its
right to subscribe for additional Shares, the other Parties shall have the right, but not the obligation, to subscribe for the unsubscribed Shares in accordance with their respective shareholding
ratio. 

        10.2 INCENTIVE
STOCK OPTION PLAN. The Parties agree that an incentive stock option plan providing for reasonable grants of incentive stock options to the employees and/or
directors of the Company or any of the Subsidiaries would be beneficial to the Company, and agree to cooperate in good faith with a view towards establishing such a plan within twelve
(12) months after the Closing Date on terms mutually agreed by the Parties. The Securities of the Company allocated to an incentive stock option plan shall not, initially, represent more than a
ten percent (10%) Company Interest. Any Securities allocated to an incentive stock option plan shall be newly issued and, accordingly, shall dilute the Parties' respective Company Interests on a pro
rata basis. 

        10.3 NO
OTHER ISSUE OF NEW SECURITIES. Except for an issuance of new Securities in accordance with Sections 10.1 and 10.2, the Company shall not, without each Party's prior
written consent, issue any Securities, purchase any Securities or take any other actions which may affect the Shares of the Company held by any Party. The issuance price or purchase price for such
Securities shall be subject to the approval of the Parties. 

        10.4 EXERCISE
OF VOTING RIGHTS. The Parties shall cause the Company to comply with the Company's AOI, this Agreement and the laws of Japan, and shall each exercise its
voting rights associated with the Shares of the Company owned by it in a manner to achieve the intent of the Parties expressed in this Agreement. 

ARTICLE XI 

TRANSFERS
OF SHARES 

        11.1 PROHIBITION
AGAINST THE TRANSFER OF SHARES. Except for the transfer of Shares to be conducted in accordance with Section 11.2 below, no Party may transfer,
create any liens (including pledges) on or otherwise dispose of any of its Shares of the Company without the prior written consent of the other Parties. 

        11.2 TRANSFER
TO AN AFFILIATE OF A PARTY. Any Party may transfer any or all of its Shares of the Company to its Affiliates ("PERMITTED TRANSFEREE") after giving prior
written notice to the other Parties; provided, however, that the Party shall cause such Permitted Transferee to enter into an agreement to act in accordance with the terms and conditions of this
Agreement as if the Permitted Transferee were a Party. No transfer of the Shares of the Company by a Party under this Section 11.2 shall affect such Party's rights and obligations under this
Agreement in any manner. 

        11.3 BOARD
APPROVAL. If a transfer of Shares of the Company is to be made in accordance with Section 11.2 above, the Parties shall cause the Board to approve such
transfer. 

ARTICLE XII 

CONFIDENTIALITY

        12.1 CONFIDENTIALITY.
Each Party shall keep confidential and not disclose or use in any manner, any Confidential Information, except for: (i) disclosures to its
agents, employees, representatives, consultants or advisors or to employees or representatives of any of its Affiliates, having a need to know for the purposes of evaluating and monitoring the Party's
investment in the Company and/or performing its rights or obligations allowed or required under this Agreement and only on a confidential basis that is not less restrictive than the obligations
hereunder, (ii) disclosures 

12

 

required by applicable law or judicial process, including without limitation, laws or rules of the stock exchange applicable to a Party; or (iii) disclosure and use in connection with the
performance or enforcement of any agreement (including this Agreement) between the Parties or between a Party and the Company. 

        12.2 PUBLIC
DISCLOSURE. No Party shall make or cause to be made any public announcement or release concerning this Agreement or the transactions contemplated hereby without
the prior written approval of the other Parties. The preceding sentence shall not apply to the announcement and press release with respect to the incorporation of the Company and the execution of this
Agreement. 

        12.3 SURVIVAL.
The provisions of Sections 12.1 and 12.2 above shall survive for three (3) years after any expiration or termination of this Agreement. 

ARTICLE XIII 

TERMINATION
OF AGREEMENT 

        13.1 TERM.
The effectiveness of this Agreement shall commence on the date first above stated and continue until terminated in accordance with this Article XIII. 

        13.2 AUTOMATIC
TERMINATION. This Agreement shall automatically terminate upon the liquidation of the Company or in the event the Company becomes a publicly-held
corporation. 

        13.3 EFFECT
OF AUTOMATIC TERMINATION. If this Agreement shall terminate pursuant to Section 13.2, such termination shall be without cost or liability to any Party
other than cost or liability arising out of breach of any covenant or agreement contained in this Agreement. 

        13.4 TERMINATION
FOR CAUSE. Except as specifically provided in subsections (vii), (viii) and (ix) hereof, if any one of the following events occurs with
respect to a Party (the "BREACHING PARTY"), the other Parties (the "NON-BREACHING PARTIES") may terminate this Agreement between the Breaching Party upon written notice to the Breaching
Party (the "TERMINATION NOTICE"): 

          (i)  the
Breaching Party seeks dissolution or liquidation; 

        (ii)  any
involuntary proceeding including bankruptcy or similar proceedings is commenced, or any other action seeking dissolution or liquidation is taken against the
Breaching Party, and such event continues for ninety (90) days undismissed or undischarged; 

        (iii)  assignment
of all, or substantially all, of the Breaching Party's assets for the benefit of creditors; 

        (iv)  suspension
of business of the Breaching Party for more than thirty (30) days continuously other than for force majeure; 

        (v)  a
material breach of this Agreement by the Breaching Party and such breach is not cured within sixty (60) days after notice of such breach has been deemed
delivered by the Non-Breaching Party; 

        (vi)  a
material breach of any provision of Article X; 

      (vii)  With
respect to INSWEB, which shall be treated as the Breaching Party for the purpose of this subsection (vii), termination of the InsWeb License Agreement
attributable to INSWEB thereunder; 

      (viii)  With
respect to M&M, which shall be treated as the Breaching Party for the purpose of this subsection (viii), termination of the J&H Consulting Services Agreement
attributable to J&H thereunder; or 

13

 

        (ix)  With
respect to E-LOAN, which shall be treated as the Breaching Party for the purpose of this subsection (ix), termination of the E-LOAN License
Agreement attributable to E-LOAN thereunder. 

        13.5 EFFECT
OF TERMINATION FOR CAUSE. The Non-Breaching Parties shall have the right to purchase all of the Shares of the Company owned by the Breaching Party in
accordance with their respective shareholding ratio in the Company at fair market value at the time of termination. Fair market value shall be determined by the Parties or, in the event the Parties
cannot agree, by an independent, internationally recognized accounting firm mutually agreed to by the Non-Breaching Parties. 

        13.6 SURVIVAL
OF REMEDIES. The termination of this Agreement pursuant to this Article XIII shall not in any way operate to impair or destroy any of the rights or
remedies of the Non-Breaching Party, or to relieve the Breaching Party of its obligations to comply with any of the provisions of this Agreement, which shall have accrued prior to the date
of termination. 

ARTICLE XIV 

INDEMNIFICATION

        14.1 INDEMNIFICATION.
Each Party agrees to indemnify and hold harmless each of the other Parties and their respective Affiliates from and against all losses, liabilities,
damages, deficiencies, costs or expenses (including, without limitation, interest, penalties and reasonable attorneys' fees and disbursements) based upon, arising out of, or in connection with, the
breach of any representation and warranty, or the nonperformance, partial or total, of any covenant or agreement of such Party contained in, or made pursuant to, this Agreement. 

ARTICLE XV 

TERMINATION
OF PREVIOUS JOINT VENTURE AGREEMENT 

        15.1 TERMINATION
OF PREVIOUS JOINT VENTURE AGREEMENT. The InsWeb Japan Joint Venture Agreement and the E-LOAN Japan Joint Venture Agreement shall terminate as of
the effective date of this Agreement; provided, however, that termination of those agreements shall not release any party thereto from any liability or obligation which has accrued as of the date of
the termination, nor shall such termination affect the survival of any provision thereof which is expressly stated therein to survive the termination thereof (except for Section 5.4
(Noncompetition) of each of the InsWeb Japan Joint Venture Agreement and the E-LOAN Japan Joint Venture Agreement, respectively, which shall terminate as of the effective date of this
Agreement). For the avoidance of doubt, any license and services agreements entered into in connection with such joint venture agreements, to which any Subsidiary is a party, including without
limitation the E-LOAN License Agreement, the InsWeb License Agreement and the J&H Consulting Services Agreement, shall survive the effective date of the Stock Transfer subject to minimal
changes thereto, if necessary; provided that "the Joint Venture" in the second line of Article 3 of the InsWeb License Agreement and "the Licensee" in the fifth line of Section 4.1 of
the E-LOAN License Agreement shall mean "the Company" as defined herein. 

ARTICLE XVI 

GENERAL
PROVISIONS 

        16.1 NOTICES.
Any notice or other communication required or permitted to be given hereunder shall be in the English language and in writing and shall be delivered
personally, transmitted by 

14

 

facsimile (in each case followed by confirmation delivered by registered and express mail) or sent by registered and express mail, postage prepaid, and shall be deemed given when so delivered
personally, or if transmitted by facsimile, one (1) day after the date of such facsimile, or if mailed, five (5) days after the date of mailing, to the Parties at the following addresses
(or to such other party and/or such other address as shall be specified by like notice from the Party to which notice or other communication shall be given originally, provided, however, that such
notice of a change of party and/or address shall be effective only upon receipt thereof): 

if
to SB Finance: 

SOFTBANK
FINANCE CORPORATION

3-15 Kanda-Nishikicho

Chiyoda-ku, Tokyo 101-0054 Japan

Attn:    President 

        Legal
Department

Fax:    81-3-5259-2909 

if
to INSWEB: 

        INSWEB
Corporation

11290 Pyrites Way, Suite 200

Gold River, CA 95670

United States of America

Attn:    Eric Loewe, Legal Counsel

Fax:    1-916-853-3326 

if
to E-LOAN: 

        E-LOAN, Inc.

5875 Arnold Road

Dublin, CA 94568

United States of America

Attn:    CEO

Fax:    1-925-556-2178 

if
to M&M: 

Marsh &
McLennan Risk Capital Holdings, Ltd.

1166 Avenue of the Americas

New York, New York 10036

United States of America

Attn:    Sandra S. Wijnberg

Fax:    1-212-345-6974 

        16.2 ENTIRE
AGREEMENT; AMENDMENT. This Agreement constitutes the full and entire understanding and agreement among the Parties with regard to the subjects hereof. No waiver,
alteration or amendment of any of the provisions hereof shall be binding on a Party unless in writing and signed by a duly authorized representative of such Party. 

        16.3 DELAYS
OR OMISSIONS. No delay or omission to exercise any right, power or remedy accruing to a Party, upon any breach or default of the other Party under this
Agreement, shall impair any such right, power or remedy of such Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence thereto, or a waiver of or an
acquiescence to any similar breach or default thereafter occurring. No waiver of any single breach or default shall be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or 

15

 

approval of any kind or character on the part of any Party under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, shall be in writing and
shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not
alternative. 

        16.4 EXPENSES.
Each Party shall bear its own expenses incurred on its behalf with respect to the transactions contemplated hereby. 

        16.5 COUNTERPARTS.
This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the Parties actually executing such counterparts,
and all of which together shall constitute one instrument. 

        16.6 SEVERABILITY.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this
Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any
Party. 

        16.7 NO
RIGHT OF ASSIGNMENT. This Agreement shall inure to the benefit of, and shall be binding upon, the Parties and their respective successors and assigns. No Party may
assign or delegate this Agreement or any of its rights or obligations under this Agreement without the prior written consent of the other Parties, unless to an Affiliate of such transferring Party;
provided, that, such assignment shall not affect such Party's rights and obligations under this Agreement in any manner. Nothing herein is intended to confer on any person other than the Parties or
their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

        16.8 DISCLAIMER
OF PARTNERSHIP OR AGENCY. Nothing contained or implied in this Agreement shall constitute or be deemed to constitute a partnership among the Parties nor
shall this
Agreement constitute a Party as the legal representative or agent of another Party, nor shall a Party have the right or authority to assume, create, or incur any commitment, liability or obligation of
any kind, express or implied, against or in the name of or on behalf of another Party. 

        16.9 LANGUAGE.
This Agreement (other than Exhibit 3.3) is made in the English language, which shall control in the event of any conflict with translations of this
Agreement. 

        16.10
GOVERNING LAW. This Agreement shall be governed by and interpreted in accordance with the laws of Japan. 

        16.11
ARBITRATION. All disputes, controversies or differences which may arise among the Parties out of or in relation of or in connection with this Agreement shall first be
settled among the Parties amicably through good faith discussions upon the written request of any Party. In the event that any such dispute cannot be resolved thereby within a sixty (60) days
after such written request, such dispute shall be finally settled by binding arbitration. The arbitration shall be conducted in Tokyo, Japan, in accordance with the commercial arbitration rules of the
Japan Commercial Arbitration Association ("JCAA"). The tribunal shall consist of three (3) arbitrators who shall apply the laws of Japan. The claimants and defendants, each as a group, shall be
entitled to designate one arbitrator. The third arbitrator shall be selected by other two (2) arbitrators from lists of candidates determined to have an expertise in the financing and
information services relating to financial transactions on the internet in Japan and worldwide, submitted by each of the Parties; provided, however, that if the arbitrators cannot agree on a third
arbitrator within sixty (60) days, the third arbitrator shall be designated in accordance with the rules of the JCAA. The arbitration shall be conducted in English. The arbitrators shall have
the authority to grant specific performance, and to allocate among the Parties the costs of arbitration in such equitable manner as the arbitrators shall determine. The prevailing Party(ies) in the
arbitration shall be entitled to receive reimbursement of its reasonable expenses incurred in connection therewith. Judgement upon the award so rendered may be entered in any court having jurisdiction
or application may be made to such court for judicial acceptance of any 

16

 

award and an order of enforcement, as the case may be. Notwithstanding the foregoing, any Party shall have the right to institute a legal action in a court of proper jurisdiction for injunctive
relief and/or a decree for specific performance pending final settlement by arbitration. 

        16.12
FORCE MAJEURE. Except for the failure to make payments when due, no Party shall be liable to another Party by reason of any failure in performance of this Agreement
if the failure arises out of the unavailability of communications facilities or energy sources, acts of God, acts of another Party, acts of governmental authority, fires, strikes, riots or war, or any
cause beyond the reasonable control of such Party. If any such event delays performance, the time allowed for such performance shall be appropriately extended. 

17

 

        IN
WITNESS WHEREOF, the Parties have hereunto executed this Agreement on the day and year first above written. 

SOFTBANK
FINANCEINSWEB CORPORATION

CORPORATION 

	By:	 	/S/ YOSHITAKA KITAO
	 	By:	 	/S/ HUSSEIN A. ENAN

	Name:	 	Yoshitaka Kitao	 	Name:	 	Hussein A. Enan
	Title:	 	Representative Director & President	 	Title:	 	Chief Executive Officer
	

E-LOAN, INC.	
 	

MARSH & MCLENNAN RISK

CAPITAL HOLDINGS, LTD.
	

By:	
 	

/S/ CHRISTIAN A. LARSEN
	
 	

By:	
 	

/S/ SANDRA S. WIJNBERG

	Name:	 	Chris Larsen	 	Name:	 	Sandra S. Wijnberg
	Title:	 	CEO	 	Title:	 	illegible
	

ACKNOWLEDGED AND AGREED:

K.K.	
 	

ACKNOWLEDGED AND AGREED: INSWEB JAPAN

E-LOAN JAPAN CO., LTD.
	

By:	
 	

/S/ HIROKI OKIMOTO
	
 	

By:	
 	

/S/ MASAHITO ITO

	Name:	 	Hiroki Okimoto	 	Name:	 	Masahito Ito
	Title:	 	Representative Director & President	 	Title:	 	Representative Director & President
	

ACKNOWLEDGED AND AGREED:

GOODLOAN CO., LTD.	
 	

 	
 	

 
	

By:	
 	

/S/ MASAHITO ITO
	
 	

 	
 	

 
	Name:	 	Masahito Ito	 	 	 	 
	Title:	 	Representative Director & President	 	 	 	 

18

EXHIBIT 3.3  

ARTICLES OF INCORPORATION OF THE COMPANY 

Exhibit 3.3 

 
[Translation]

ARTICLES OF INCORPORATION 

OF

FINANCE
ALL CORPORATION 

        Incorporated
on March 28, 2001 Provision of Article 1 was amended on March 28, 2001. 

2

 
[Translation] 

ARTICLES OF INCORPORATION 

OF 

FINANCE
ALL CORPORATION 

CHAPTER I. GENERAL PROVISIONS 

        Article 1.    (Corporate
Name) 

        The
name of the Company shall be FINANCE ALL KABUSHIKI KAISHA, and its English name shall be Finance All Corporation. 

        Article 2.    (Business
Purposes) 

        The
purposes of the Company shall be to engage in the following business activities: 

        (1)  Information
providing service for housing loans and automobile loans, etc. using the Internet; 

        (2)  Information
searching service for housing loans and automobile loans, etc. using the Internet; 

        (3)  Acceptance
of application for and liaison service for agreements regarding housing loans and automobile loans, etc. and consulting service using the Internet; 

        (4)  Agency
service for documentation; 

        (5)  Agency
service for the sending of documents; 

        (6)  Planning,
sale and purchase of advertisement media, and agency service for advertisement; 

        (7)  Agency
service for non-life insurance; 

        (8)  Services
in regard to collection of life insurance; 

        (9)  Management
consulting service; 

        (10) Providing
service of computer systems for service providers of application program functions using the Internet; 

        (11) Providing
the service of computer program functions using the Internet; 

        (12) Information
providing service; 

        (13) Development,
design, manufacture, sale, export and import of computers, related equipment and software; 

        (14) Marketing
research and collection and analysis of various information; 

        (15) Planning,
production and sale of books, magazines and other printed matter; 

        (16) Information
processing service; 

        (18) Lending
and intermediary service for housing loans; 

        (19) Credit
card service; 

        (20) Factoring
of installment receivables; 

3

 

        (21) Money
loan service; 

        (22) Agency
service for money collection; 

        (23) Financing
business; 

        (24) Money
exchange business; 

        (25) Investigating
service concerning financial status; 

        (26) Warranty
service concerning financial status; 

        (27) Agency
activities for the calculation; 

        (28) Comprehensive
lease business and agency activities thereof; 

        (29) Factoring
of accounts receivables and notes; 

        (30) Trading,
holding and investment of securities, investment business and investment advisory service; 

        (31) Agency
for entering of accounts receivables and notes; 

        (32) Sale
and purchase, mediation and management of various kinds of membership certificates for golf clubs, sports clubs, resort mansions, etc., complementary discount
tickets, airline tickets, passenger tickets and tickets for concerts or other entertainment and issuance and sale of prepaid cards; 

        (33) Collection,
processing and sale of information; 

        (34) Development,
operation, sale and management of communication tools and system software, and mediation thereof; and 

        (35) All
other business activities relating to any of the aforesaid items. 

        Article 3.    (Location
of Head Office) 

        The
head office of the Company shall be located in Chiyoda-ku, Tokyo. 

        Article 4.    (Method
for Public Notices) 

        Public
notices of the Company shall be made in the Official Gazette (KAMPO). 

CHAPTER II. SHARES 

        Article 5.    (Total
Number of Shares Authorized to be Issued) 

        The
total number of shares authorized to be issued by the Company shall be eighty-eight thousand nine hundred and sixty (88,960) shares. 

        Article 6.    (Amount
of Each Par Value Shares) 

        The
amount of each of the par value shares to be issued by the Company shall be fifty thousand (\50,000) yen. 

        Article 7.    (Right
of Fractional Shareholders) 

        1.    Fractional
shareholders of the Company shall have the right to receive dividends and monetary distribution prescribed by Article 293-5 of the
Commercial Code (herein after referred to as "interim dividends"). 

4

 

        2.    By
a resolution of the Board of Directors, when fractional shareholders of the Company shall have the right to receive new shares, convertible bonds and bond with
pre-emptive right, the fractional shareholders have the right to subscribe such shares or bonds. 

        Article 8.    (Non-issuance
of Certificate of Fractional Shares) 

        The
Company shall not issue any certificates of fractional shares. 

        Article 9.    (Restriction
on Transfer of Shares) 

        Transfer
of shares of the Company shall be subject to the approval of the Board of Directors. 

        Article 10.    (Share
Handling Regulation) 

        The
denomination of share certificates, the registration of transfer of shares, the record on the register of shareholders or the fractional ledger, the purchase of fractional shares,
and any other treatment concerning fractional shares and fees therefor shall be regulated in accordance with the Share Handling Regulation determined by a resolution of the Board of Directors. 

        Article 11.    (Specific
Record Date) 

        1.    The
shareholder recorded on the final register of shareholders as of the account settlement day of each business year shall be the shareholder who can exercise their
voting right at an Ordinary General Meeting of Shareholders that relates to the relevant business year. 

        2.    In
addition to the immediately preceding paragraph, by a resolution of the Board of Directors, the Company may fix a specific record date with prior public notice
whenever necessary. 

CHAPTER III. GENERAL MEETING OF SHAREHOLDERS 

        Article 12.    (Convocation)

        1.    An
Ordinary General Meeting of Shareholders of the Company shall be convened within three (3) months from the day immediately following every account settlement
date, and an Extraordinary General Meeting of Shareholders shall be convened from time to time whenever necessary. 

        2.    Unless
otherwise prescribed by laws or by ordinances, the General Meetings of Shareholders of the Company shall be convened by the Director-President in accordance with a
resolution of the Board of Directors. 

        3.    If
the Director-President is unable to convene such meeting, another director of the Company shall take his place in the order previously determined by a resolution of
the Board of Directors. 

        Article 13.    (Chairperson
of Meeting) 

        1.    The
Director-President of the Company shall act as the chairperson at the meeting. 

        2.    In
the event that the Director-President is unable to act as such, one of the other Directors shall take his place in the order previously determined by the Board of
Directors. 

        Article 14.    (Method
of Resolution) 

        Unless
otherwise provided by laws or these Articles of Incorporation, a resolution of the General Meeting of Shareholders shall be adopted by the vote of shareholders representing a
majority of shares entitled to vote and present at the meeting. 

        Article 15.    (Voting
by Proxy) 

5

 

        1.    A
shareholder of the Company may exercise his voting right by authorizing another shareholder as his proxy. 

        2.    The
proxy authorized in accordance with the preceding paragraph must be filed with the Company as a document evidencing such authority at every General Meeting of
Shareholders. 

        Article 16.    (Minutes
of General Meeting) 

        The
substance of proceedings at a General Meeting of Shareholders and the results thereof shall be recorded in the minutes of the Meeting, on which the names and seals or the signatures
of the chairperson and the Directors present at the meeting shall be affixed. 

 IV. DIRECTORS AND THE BOARD OF DIRECTORS 

        Article 17.    (Number
of Directors) 

        The
number of Directors of the Company shall be three (3) or more. 

        Article 18.    (Method
of Election) 

        1.    Directors
of the Company shall be elected at a General Meeting of Shareholders by the vote of shareholders representing a majority of shares entitled to vote and present
at a meeting at which not less than one third (1/3) of the outstanding shares of the Company are represented. 

        2.    For
the election of Directors, cumulative voting shall not be adopted. 

        Article 19.    (Term
of Office) 

        1.    The
term of office of a Director shall expire at the close of the Ordinary General Meeting of Shareholders that relates to the last account settlement date within two
(2) years after his assumption of office. 

        2.    The
term of office of a Director elected to fill a vacancy or to increase the number of Directors shall be the same as the remaining term of office of other Directors
currently in office. 

        Article 20.    (Directors
with Specific Titles) 

        By
a resolution of the Board of Directors of the Company, one (1) Director-President shall be elected among Directors. Whenever necessary, one (1) Chairman and other
Vice-President(s), Executive Director(s) and Managing Director(s) can be elected by resolution of the Board of Directors. 

        Article 21.    (Representative
Director) 

        1.    The
Director-President of the Company shall represent the Company and supervise the business of the Company. 

        2.    By
a resolution of the Board of Directors of the Company, Representative Director(s) may be elected among Directors with the specific title prescribed in the preceding
Article. 

        Article 22.    (Convocation
of Meetings of the Board of Directors and Chairperson) 

        1.    Unless
otherwise prescribed by laws, the Director-President of the Company shall convene the Board of Directors and shall act as chairperson at such meetings. 

        2.    In
the event that the Director-President is unable to act as such, one of the other Directors shall take his place in the order previously determined by the Board of
Directors. 

        3.    The
notice of the convocation of a Meeting of Board of Directors shall be given to each Director and Statutory Auditor at least three (3) days prior to the date
set for the meeting; provided, however, such period may be shortened in case of emergency. 

6

 

        Article 23.    (Method
of Resolution) 

        Resolutions
of the Board of Directors shall be adopted by the affirmative vote of a majority of directors at a Meeting of Board of Directors at which more than half of the Directors in
office are present. 

        Article 24.    (Minutes
of Meetings) 

        The
substance of proceedings at Board of Directors Meetings and the results thereof shall be recorded in the minutes of the Meeting, on which the names and seals or the signatures of the
chairperson, the Directors and Statutory Auditors present at the Meeting shall be affixed. 

        Article 25.    (Regulation
of the Board of Directors) 

        Unless
otherwise provided by laws or these Articles of Incorporation, subjects concerning the Board of Directors shall be regulated in accordance with the Regulations of the Board of
Directors determined by a resolution of the Board of Directors. 

        Article 26.    (Remuneration
and Retirement Allowances of Directors) 

        The
remuneration and retirement allowances for Directors and Statutory Auditors shall be determined by a resolution of the General Meeting of Shareholders. 

 V. STATUTORY AUDITORS

AND THE BOARD OF STATUTORY AUDITORS 

        Article 27.  (Number
of Statutory Auditors) 

        The
number of Statutory Auditors shall be three (3) or more. 

        Article 28.    (Method
of Election) 

        Statutory
Auditors of the Company shall be elected at a General Meeting of Shareholders by the vote of shareholders representing a majority of shares entitled to vote and present at a
meeting at which not less than one third (1/3) of the outstanding shares of the Company are represented. 

        Article 29.    (Term
of Office) 

        1.    The
term of office of a Statutory Auditor shall expire at the close of the Ordinary General Meeting of Shareholders that relates to the last account settlement date
within three (3) years after his/her assumption of the office. 

        2.    The
term of office of a Statutory Auditor elected to fill a vacancy of a Statutory Auditor who has retired before expiration of his term of office, shall be the same as
the remaining term of office of his predecessor. 

        Article 30.    (Full-time
Statutory Auditors) 

        The
Statutory Auditors shall elect full-time Statutory Auditor(s) from among themselves. 

        Article 31.    (Convocation
of Meetings of Board of Statutory Auditors) 

        1.    Meetings
of the Board of Statutory Auditors may be convened by any Statutory Auditor. 

        2.    A
notice of the convocation of a meeting of the Board of Statutory Auditors shall be dispatched to each Statutory Auditor at least three (3) days prior to the date of
such meeting. Provided, however, the period of such notice may be shortened in case of emergency. 

        Article 32.    (Resolutions
of Meetings of Board of Statutory Auditors) 

7

 

        Except
as otherwise provided by laws, resolutions of a meeting of the Board of Statutory Auditors shall be adopted by the affirmative vote of a majority of all the Statutory Auditors in
office. 

        Article 33.    (Minutes
of Meetings of Board of Statutory Auditors) 

        The
substance of proceedings at Board of Statutory Auditors Meetings and the results thereof shall be recorded in the minutes of the Meeting, on which the names and seals or the
signatures of the Statutory Auditors present at the Meeting shall be affixed. 

        Article 34.    (Regulation
of the Board of Statutory Auditors) 

        Unless
otherwise provided by laws or these Articles of Incorporation, subjects concerning the Board of Statutory Auditors shall be regulated in accordance with the Regulations of the
Board of Statutory Auditors determined by a resolution of the Board of Statutory Auditors. 

        Article 35.    (Remuneration
and Retirement Allowances of Statutory Auditors) 

        The
remuneration and retirement allowances for Statutory Auditors shall be determined by a resolution of the General Meeting of Shareholders. 

 VI. ACCOUNTS 

        Article 36.    (Business
Year) 

        The
business year of the Company shall be from October 1 each year through September 30 the following year, and the last day of each business year shall be the account
settlement date. 

        Article 37.    (Dividends)

        Dividends
of the Company shall be paid to the shareholders or the registered pledgees recorded on the final register of shareholders as of the account settlement date and to fractional
shareholders recorded on the final fractional ledger as of the account settlement date of each business year. 

        Article 38.    (Interim
Dividends) 

        By
a resolution of the Board of Directors, the Company shall pay interim dividends to the shareholders or registered pledgees recorded on the final register of shareholders as of
March 31 of each year and to fractional shareholders recorded on the final fractional ledger as of the same date. 

        Article 39.    (Expiration
of Right to Receive Dividends) 

        If
the dividends or interim dividends are not received after three (3) full years from the date on which payment thereof is authorized, the Company shall be relieved of its
obligation to make such payment. No interest shall accrue on dividends or interim dividends. 

        Article 40.    (Conversion
Time of Convertible Bonds and Dividends) 

        The
Company shall pay initial dividends or interim dividends on shares issued in connection with conversion of convertible bonds, treating October 1 as the date of conversion if
any requests for the conversion of convertible bonds are made from October 1 through March 31 the following year, and treating April 1 as the date of conversion if any requests
for the conversion of convertible bonds are made from April 1 through September 30. 

 VII. SUPPLEMENTARY PROVISIONS 

        Article 41.    (The
Number of Shares to be Issued at Incorporation) 

8

 

        The
total number of shares to be issued at the time of incorporation of the Company shall be twenty-two thousand two hundred and forty (22,240) shares, all of which shall be
non-par value shares. 

        Article 42.    (First
Business Year) 

        The
first business year of the Company shall commence on the date of incorporation of the Company and shall end on September 30, 2001. 

        Article 43.    (Term
of Office of First Directors and Statutory Auditors) 

        The
term of office of the first Directors and Statutory Auditors of the Company shall be until the closing of the first Ordinary General Meeting of Shareholders of the Company that
relates to the last account settlement date within one (1) year after their assumption of office. 

9

EXHIBIT 4.2  

STOCK TRANSFER RATIO 

	SUBSIDIARY
 
	 	NUMBER OF SUBSIDIARY SHARE
	 	NUMBER OF COMPANY SHARE

TO BE ALLOCATED

	INSWEB JAPAN	 	1	 	0.8
	E-LOAN JAPAN	 	1	 	0.8
	GOODLOAN	 	1	 	0.24

Exhibit 4.2.

Exhibit 7.6  

ACTIONS OF THE COMPANY REQUIRING APPROVAL OF INSWEB AND E-LOAN 

	(1)
	Adoption,
amendment or repeal of any article of the Company's AOI;

	(2)
	Any
merger or consolidation of the Company, whether or not the Company is the surviving entity, or any sale, lease, exchange or mortgage of all or any material portion of the
Company's assets;

	(3)
	Declaration
or payment of any dividend or other distribution with respect to Shares or other Securities of the Company; and

	(4)
	The
issuance of Shares or other Securities of the Company in any fiscal year in excess of a total subscription price of one billion yen ((Y)1,000,000,000). 

Exhibit 7.6.

EXHIBIT 8.5(A)  

ACTIONS OF INSWEB JAPAN REQUIRING APPROVAL OF INSWEB 

FOR
SO LONG AS INSWEB HOLDS AN 11.51% OR GREATER COMPANY INTEREST: 

	(1)
	Adoption,
amendment or repeal of any article of INSWEB JAPAN's AOI;

	(2)
	Declaration
or payment of any dividend or other distribution with respect to Shares or other Securities of INSWEB JAPAN, or repurchase of any Shares or other Securities of INSWEB
JAPAN;

	(3)
	Any
merger or consolidation of INSWEB JAPAN, whether or not INSWEB JAPAN is the surviving entity, or any sale, lease, exchange or mortgage of all or any material portion of the assets
of INSWEB JAPAN:

	(4)
	Investment
of capital in, or acquisition of, any interest in another entity by INSWEB JAPAN;

	(5)
	Any
activity of INSWEB JAPAN, taken or proposed to be taken which (a) is inconsistent, in any material respect, with any provision of the then-current Annual Plan
agreed upon by SB Finance and INSWEB after notice from INSWEB pursuant to Section 8.8.(b), or (b) other than in accordance with the then-current Annual Plan of INSWEB JAPAN,
(i) is outside the scope of the business of INSWEB JAPAN as described in its AOI or (ii) requires a material cash expenditure or material commitment of personnel by INSWEB (other than in
accordance with an existing agreement between INSWEB Japan and INSWEB);

	(6)
	Any
new issuance of Shares or any other Securities of INSWEB JAPAN to any Person other than SB Finance, INSWEB and/or M(Ampersand)M;

	(7)
	Incurrence
of any debt obligation in excess of (Y) 400,000,000;

	(8)
	Any
investment in, loan to, or joint venture with any other Person;

	(9)
	Establishment
of any subsidiary of INSWEB JAPAN and any transaction between INSWEB JAPAN and such subsidiary; and

	(10)
	Any
transaction or series of related transactions between SB Finance or any Affiliate of SB Finance, on the one hand, and INSWEB JAPAN, on the other hand, involving an aggregate
amount in excess of Y60,000,000. 

FOR
SO LONG AS INSWEB HOLDS AN 8.63% OR GREATER COMPANY INTEREST: 

Any
of the actions described under Items (1) and (3). 

FOR
SO LONG AS INSWEB OWNS ANY SHARES OF THE COMPANY: 

	(11)
	Sale,
license, sublicense, encumbrance or any other transfer of any proprietary rights by 

Exhibit 8.5(a)-1.

INSWEB
JAPAN; and 

	(12)
	Any
amendment to the InsWeb License Agreement or the InsWeb Japan Consulting Services Agreement. 

Exhibit 8.5(a)-2. 

EXHIBIT 8.5(B)  

ACTIONS OF INSWEB JAPAN REQUIRING APPROVAL OF M&M 

FOR
SO LONG AS M&M HOLDS AN 8.63% OR GREATER COMPANY INTEREST: 

	(1)
	Adoption,
amendment or repeal of any article of INSWEB JAPAN's AOI; and

	(2)
	Any
merger or consolidation of INSWEB JAPAN, whether or not INSWEB JAPAN is the surviving entity, or any sale, lease, exchange or mortgage of all or any material portion of the assets
of INSWEB JAPAN. 

Exhibit 8.5(b). 

EXHIBIT 9.5  

ACTIONS OF E-LOAN JAPAN REQUIRING APPROVAL OF E-LOAN 

FOR
SO LONG AS E-LOAN HOLDS A 7.20% OR GREATER COMPANY INTEREST: 

	(1)
	Adoption,
amendment or repeal of any article of E-LOAN JAPAN's AOI (i) providing E-LOAN with protective voting rights, (ii) designating the corporate
name or business of E-LOAN JAPAN or (iii) effecting any change in the capital structure of E-LOAN JAPAN (other than an amendment increasing E-LOAN JAPAN's
authorized capital or otherwise necessary in connection with such an increase);

	(2)
	Declaration
or payment of any dividend or other distribution with respect to Shares or other Securities of E-LOAN JAPAN;

	(3)
	Any
merger or consolidation of E-LOAN JAPAN, whether or not E-LOAN JAPAN is the surviving entity, or any sale of all or substantially all of the assets of
E-LOAN JAPAN;

	(4)
	Investment
of capital in, or acquisition of, any interest in another entity by E-LOAN JAPAN;

	(5)
	Change
of the principal business of E-LOAN JAPAN; and

	(6)
	Any
new issuance of Shares or any other Securities of E-LOAN JAPAN to any Person other than SB Finance and/or E-LOAN. 

FOR
SO LONG AS E-LOAN OWNS ANY SHARES OF THE COMPANY: 

	(7)
	Sale,
sublicense, encumbrance or any other transfer of any proprietary rights by E-LOAN JAPAN; and

	(8)
	Any
amendment to the E-LOAN License Agreement. 

Exhibit 9.5.

QuickLinks

EXHIBIT 10.6<Page>

                                                                    EXHIBIT 10.V

                      WHITE MOUNTAINS INSURANCE GROUP, LTD.
                             DISCOUNTED OPTION PLAN

     1.   ESTABLISHMENT AND PURPOSE OF THE PLAN. White Mountains Insurance
Group, Ltd. (the "Company") hereby establishes an unfunded plan to be known as
the White Mountains Insurance Group Discounted Option Plan (the "Plan"). The
purpose of the Plan is to attract and retain Executives through the grant of
Options to acquire shares.

     2.   DEFINITIONS. As used herein, the following definitions shall apply:

          (a)  "Administrator" shall mean the Compensation Subcommittee, or such
               other person, corporation, committee or entity as may be
               appointed from time to time by the Company to supervise the
               administration of the Plan.

          (b)  "Award Date" shall mean the effective date of the Participant's
               Option Agreement.

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

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

          (e)  "Committee" shall mean the Compensation Subcommittee of the
               Board, or any other committee appointed by the Board to
               administer and amend the Plan.

          (f)  "Employee" shall mean any employee of the Company.

          (g)  "Company" shall mean White Mountains Insurance Group, Ltd.

          (h)  "Option" shall mean an option granted pursuant to this Plan to
               purchase one or more Shares.

          (i)  "Option Agreement" means a written agreement evidencing the award
               of an Option under the Plan.

          (j)  "Participant" shall mean any Employee to whom an Option is
               granted under the Plan.

          (k)  "Plan" shall mean the White Mountains Insurance Group Discounted
               Option Plan, as amended from time to time.

          (l)  "Shares" shall mean the shares of mutual funds, shares of common
               or preferred stock of a corporation listed or reported on a
               national securities

<Page>

               exchange or quotation system, or shares of a regulated investment
               company, as designated by the Administrator, or, shares of a
               nonpublicly traded company if approved by the Board. In no
               instance, however, may Shares include units of any money market
               funds or other cash equivalents. Shares subject to purchase
               pursuant to any Option shall also include any earnings on such
               shares subsequent to the Award Date.

          (m)  "Termination of Employment" shall mean the date on which the
               employee ceases to perform services for the Company.

     3.   TERM OF PLAN. The Plan shall become effective on March 1, 2000 and
          shall continue in effect until terminated pursuant to paragraph 19.

     4.   SHARES SUBJECT TO OPTION EXERCISE. The aggregate number and types of
          Shares available for exercise pursuant to an Option will be designated
          in the Option Agreement and limited to all publicly traded securities
          and other securities subject to the approval of the Administrator, and
          nonpublicly traded securities approved by the Board.

     5.   ELIGIBILITY. Eligibility to participate hereunder shall be limited to
          those Employees who meet the following requirements:

               (a) The Employee is a member of the select group of management or
               highly compensated Employees of the Company, and

               (b) The Employee is designated as eligible by the Administrator
               to receive Options under the Plan.

     6.   GRANT OF OPTIONS. The Administrator shall authorize the grant of
          Options under the Plan from time to time. The Administrator, in its
          sole discretion, is authorized to select the eligible Employees who
          will receive Options and to determine the number of Options and the
          number of Shares under each Option. Options shall be granted by the
          Company and evidenced by written Option Agreements containing such
          terms and conditions as are approved by the Administrator. The
          Administrator shall authorize one or more individuals who shall have
          the authority to execute Option Agreements on behalf of the Company.

     7.   DATE OF GRANT OF OPTIONS. The date of grant of an Option under the
          Plan shall, for all purposes, be the date selected by the
          Administrator as the Award Date of the Option, as indicated in the
          Option Agreement.

     8.   OPTION PRICE. The Option Price for each Share shall be the greater
          of: a) 50 percent of the fair market value of a Share at the date of
          exercise, or, b) 25 percent of the fair market value of a Share on the
          date of grant of the Option. Fair market

<Page>

          value on any day of reference shall be the closing price of the Share
          on such date, unless the Administrator, in its sole discretion shall
          determine otherwise in a fair and uniform manner. For this purpose,
          the closing price of the Share on any business day shall be (i) if the
          Share is listed or admitted for trading on any United States national
          securities exchange, the last reported sale price of Share on such
          exchange, as reported in any newspaper of general circulation, (ii) if
          the Share is not listed or admitted for trading on any United States
          national securities exchange, the average of the high and low sale
          prices of the Share for such a day reported on The Nasdaq SmallCap
          Market or a comparable consolidated transaction reporting system, or
          if no sales are reported for such day, such average for the most
          recent business day within five business days before such day which
          sales are reported, or (iii) if neither clause (i) or (ii) is
          applicable, the average between the lowest bid and highest asked
          quotations for the Share on such day as reported by The Nasdaq
          SmallCap Market or the National Quotation Bureau, Incorporated, if at
          least two securities dealers have inserted both bid and asked
          quotations for the Share on at least 5 of the 10 preceding business
          days. The methodology for the determination of the value of
          nonpublicly traded securities will be left to the discretion of the
          Board.

     9.   DIVIDENDS AND CAPITAL GAINS. Dividends and capital gains that are
          declared on optioned shares shall be deemed to create additional
          shares subject to the Option Agreement and are exercisable at the
          greater of: a) 50 percent of fair market value on the date of
          exercise, or, b) 25 percent of the fair market value on the date the
          dividend or capital gain distribution is declared. For example, assume
          options to purchase 1,000 shares are granted at an initial value of
          $25 per share with a total value of $25,000 and a net after exercise
          value of $12,500. If a dividend of $1 per share is declared while the
          option is outstanding and the underlying security is trading at $50
          per share, an additional 20 shares ($1 X 1000 shares = $1,000 / $50
          per share = 20 shares) will be deemed credited to the option award.
          The option award value at $50 per share would now total $51,000 (1020
          shares X $50 per share) and the net after exercise value would be
          $25,500 (50% of the total value at exercise in this example).

     10.  EXERCISE. Except as otherwise provided in an Option Agreement, all
          Options granted under the Plan will be vested at grant and therefore
          may be exercisable immediately.

     The Option may be exercised in full or in part from time to time within a
          period not to exceed thirty (30) years from the date of the grant as
          determined by the Option Agreement.

          Declared dividends and capital gains shall be attributed
          proportionally to option awards and will be deemed exercised when the
          underlying award is exercised. For example, if an original grant of
          500 shares generated 50 shares from declared

<Page>

          dividends, an exercise of 100 of the originally granted options will
          result in the purchase of 110 shares in order to proportionally
          include the resulting declared dividends.

     In addition, all Options granted under the Plan may only be exercised
          subject to any other terms specified in the Option Agreement and if
          such terms conflict with the terms of this Plan, the terms of the
          Option Agreement control.

     11.  LIMITATIONS ON OPTION DISPOSITION. Any Option granted under the Plan
          and the rights and privileges conferred therewith shall not be sold,
          transferred, encumbered, hypothecated or otherwise anticipated by the
          Participant other than by gift to any member of the Participant's
          immediate family (i.e. a child or children, a grandchild or
          grandchildren, or the participant's spouse) or by will or the laws of
          descent and distribution. Options shall not be subject to, in whole or
          in part, the debts, contracts, liabilities, or torts of the
          Participant, nor shall they be subject to garnishment, attachment,
          execution, levy or other legal or equitable process.

     12.  LIMITATIONS ON OPTION EXERCISE AND DISTRIBUTION. In the event that the
          listing, registration or qualification of an Option or Shares on any
          securities exchange or under any state or federal law, or the consent
          of approval of any governmental regulatory body, or the availability
          of any exemption therefrom, is necessary as a condition of, or in
          connection with, the exercise of an Option, then the Option shall not
          be exercised in whole or in part until such listing, registration,
          qualification, consent or approval has been effected or obtained.
          Notwithstanding any provision of the Plan to the contrary, the Company
          shall have no obligation or liability to deliver any Shares under the
          Plan unless such delivery would comply with all applicable laws and
          all applicable requirements of any securities exchange or similar
          entity.

     13.  OPTION FINANCING. Upon the exercise of any Option granted under the
          Plan, the Participant may instruct the Company to sell or deem to sell
          a number of Shares otherwise deliverable to the Participant and
          attributable to the exercise of the Option in order to pay the
          exercise price of the Option. The Company may, in its sole discretion,
          make financing available to the Participant to facilitate the exercise
          of the Option, subject to such terms as the Company may specify.

     14.  WITHHOLDING OF TAXES. The Administrator may make such provisions and
          take such steps as it may deem necessary or appropriate for the
          withholding of any taxes which the Company are required by any law or
          regulation of any governmental authority, whether federal, state or
          local, domestic or foreign, to withhold in connection with any Option
          including, but not limited to, the withholding of the issuance of all
          or any portion of such Shares until the Participant reimburses the
          Company for the amount the Company are required to

<Page>

          withhold with respect to such taxes, canceling any portion of such
          issuance in an amount sufficient to reimburse itself for the amount it
          is required to so withhold, or taking any other action reasonably
          required to satisfy the Company withholding obligation.

     15.  MODIFICATION OF OPTION. At any time and from time to time the
          Administrator may modify, extend, or renew or terminate any
          outstanding Option; provided, however, no such modification,
          extension, renewal or termination shall impair the rights of any
          Participant except to the extent necessary to comply with applicable
          federal or state laws or regulations, or with regulatory requirements,
          and in such event the Administrator may require immediate exercise of
          any outstanding option, and the Company shall take other appropriate
          action if necessary to cause the affected Participant to be made whole
          financially.

     16.  SUBSTITUTION OF OPTION. If a Participant has been granted an Option to
          purchase Shares under an Option Agreement, then except as limited by
          the terms of the Option Agreement, the Participant may direct that the
          Option be converted into an Option to purchase other Shares as
          permitted by the Option Agreement. Such substitution shall only be
          allowed to the extent that, immediately following the substitution,
          the difference between the fair market value of the Shares subject to
          the substituted Option and the exercise price of the substituted
          Option is no greater than the difference which existed immediately
          prior to the substitution between the fair market value of the Shares
          subject to the original Option and the exercise price of the original
          Option. In no event shall a participant be permitted to make
          substitutions no more than four times each calendar year.

     17.  ADMINISTRATION OF THE PLAN. The Administrator, in its sole discretion,
          is authorized to interpret the Plan, to prescribe, amend and rescind
          rules and regulations relating to the Plan and to the Options granted
          under the Plan, to determine the form and content of Options to be
          issued under the Plan, and to make such other determinations and
          exercise such other power and authority as may be necessary or
          advisable for the administration of the Plan. No fee or compensation
          shall be paid to any Employee who provides services as the
          Administrator. The Administrator in its sole discretion may delegate
          and pay compensation for services rendered relating to the ministerial
          duties of plan administration including, but not limited to, selection
          of investments available under the Plan. Any determination made by the
          Administrator pursuant to the powers set forth herein are final,
          binding and conclusive upon each Participant and upon any other person
          affected by such decision, subject to the claims procedure hereinafter
          set forth. The Administrator shall decide any question which may arise
          regarding the rights of Employees, Participants and beneficiaries, and
          the amounts of their respective interests, adopt such rules and to
          exercise such powers as the Administrator may deem necessary for the
          administration of the Plan, and exercise any other rights, powers or
          privileges granted to the Administrator by the

<Page>

          terms of the Plan. The Administrator shall maintain full and complete
          records of its decisions. Its records shall contain all relevant data
          pertaining to the Participant and his rights and duties under the
          Plan. The Administrator shall have the duty to maintain Account
          records or all Participants. The Administrator shall cause the
          principal provisions of the Plan to be communicated to the
          Participants, and a copy of the Plan and other documents shall be
          available at the principal office of the Company for inspection by the
          Participants at reasonable times determined by the Administrator.

     18.  CONTINUED EMPLOYMENT NOT PRESUMED. Nothing in the Plan or any document
          describing it nor the grant of an Option via an Option Agreement shall
          give any Participant the right to continue in employment with the
          Company or affect the right of the Company to terminate the employment
          of any such person with or without cause.

     19.  AMENDMENT AND TERMINATION OF THE PLAN. The Company, in its sole
          discretion, may suspend or terminate the Plan at any time or from time
          to time. Upon termination of the Plan, the Administrator may require
          immediate exercise of any outstanding options. Additionally, the
          Administrator, in its sole discretion, may amend the Plan at any time
          or from time to time. No amendment, suspension, or termination shall
          impair the rights of any Participant under an outstanding Option
          Agreement except to the extent of the required immediate exercise
          provision outlined above and/or as provided in Section 15 above. The
          option holder shall be compensated for the early termination of
          outstanding options by a payment, approved by the Plan Administrator,
          and the Board, to make the employee whole for the early exercise of
          the outstanding options.

     20.  GOVERNING LAW. The Plan shall be governed by and construed in
          accordance with the laws of the State of New Hampshire.

     21.  SEVERABILITY OF PROVISIONS. Should any provision of the Plan be
          determined to be invalid, illegal or unenforceable, such invalidity,
          illegality or unenforceability shall not affect the remaining
          provisions of the Plan, but shall be fully severable, and the Plan
          shall be construed and enforced as if such provision had never been
          inserted herein.

     22.  HEDGE OF LIABILITY CREATED BY THE PLAN. At the sole discretion of the
          Company, the ability created by the exercise of the Options issued
          pursuant to the Plan may be offset by the Company entering into a
          hedging transaction. The hedging transaction may consist of the
          Company purchasing all of part of the Shares subject to the Options
          issued pursuant to the Plan, at date of grant of the Options or at any
          time during the Option exercise period. Nothing herein shall be
          construed to require the Company or the Administrator to maintain any
          fund or to segregate any amount for the benefit of any Participant,
          and no Participant or

<Page>

          other person shall have any claim against, right to, or security of
          other interest in, any fund, account or asset of the Company from
          which any payment under the Plan or pursuant to a Option Agreement may
          be made.

     23.  CLAIMS PROCEDURE. In general, any claim for benefits under the Plan
          shall be filed by the Participant or beneficiary ("claimant") on the
          form prescribed for such purpose with the Administrator. If a claim
          for benefits under the Plan is wholly or partially denied, notice of
          the decision shall be furnished to the claimant by the Administrator
          within a reasonable period of time after receipt of the claim by the
          Administrator. The claims procedure shall be as follows:

               (a)  Any claimant who is denied a claim for benefits shall be
                    furnished written notice setting forth:

                    (i)   the specific reason or reasons for the denial;

                    (ii)  specific reference to the pertinent provision of the
                          Plan upon which the denial is based;

                    (iii) a description of any additional material or
                          information necessary for the claimant to perfect the
                          claim; and

                    (iv)  an explanation of the claim review procedure under the
                          Plan.

               (b)  In order that a claimant may appeal a denial of a claim, the
                    claimant's duly authorized representative may:

                    (i)   request a review by written application to the
                          Administrator, or its designate, no later than sixty
                          (60) days after receipt by the claimant of written
                          notification of denial of a claim;

                    (ii)  review pertinent documents; and

                    (iii) submit issues and comments in writing.

               (c)  A decision on review of a denied claim shall be made not
                    later than sixty (60) days after receipt of a request for
                    review, unless special circumstances require an extension of
                    time for processing, in which case a decision shall be
                    rendered within a reasonable period of time, but not later
                    than one hundred and twenty (120) days after receipt of a
                    request for review. The decision on a review shall be in
                    writing and shall include the specific reason(s) for the
                    decision and the specific reference(s) to the pertinent
                    provisions of the Plan on which the decision is based.

<Page>

     24.  DESIGNATION OF BENEFICIARY. A Participant, by filing the prescribed
          form with the Administrator (See Appendix A), may designate one or
          more beneficiaries and successor beneficiaries who shall be given the
          right to exercise Options in accordance with the terms of the Plan in
          the event of the Participant's death. In the event the Participant
          does not file a form designating one or more beneficiaries, or no
          designated beneficiary survives the Participant, the Option shall be
          exercisable by the individual to whom such right passes by will or the
          laws or descent and distribution.

     25.  INTENT. The Plan is intended to be unfunded and maintained by the
          Company solely to provide options to a select group of management or
          highly compensated employees as such group is described under Sections
          201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income
          Security Act of 1974 ("ERISA") as interpreted by the U.S. Department
          of Labor. The Plan is not intended to be a plan described in Sections
          401(a) or 457 of the Code. The obligation of the Company to deliver
          Shares subject to the Options granted under this Plan constitutes
          nothing more than an unsecured promise of the Company to fulfill such
          obligations and any property of the Company that may be set aside to
          permit it to fulfill such obligations under the Plan shall, in the
          event of the Company bankruptcy or insolvency, remain subject to the
          claims of the Company general creditors until such Options are
          exercised.

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