Document:

Exhibit 10.25

                                                                  Execution Copy

                              Employment Agreement

     This EMPLOYMENT AGREEMENT (the "Agreement"), dated as of May 29, 2002, is
made and entered into by and between Scottish Re (U.S.), Inc., a Delaware
corporation (the "Company") and Larry N. Stern (the "Executive").

                              W I T N E S S E T H:

     WHEREAS, the Company desires to ensure that it retains the Executive's
management and executive services by directly engaging Executive as the
President of Scottish Solutions, LLC;

     WHEREAS, in order to induce the Executive to continue to serve in such
position, the Company desires to provide the Executive with compensation and
other benefits on the terms and conditions set forth in this Agreement; and

     WHEREAS, the Executive is willing to accept such employment and perform
services for the Company, on the terms and conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the agreements and covenants herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto covenant and agree as follows:

1.   Certain Defined Terms.

     In addition to terms defined elsewhere herein, the following terms have the
following meanings when used in this Agreement with initial capital letters:

     (a)  "Act" means the Securities Exchange Act of 1934, as amended.

     (b)  "Board" means the Board of Directors of the Company.

     (c)  "Change in Control" means the occurrence during the Term of any of the
          following events:

          (i)   the acquisition by any individual, entity or group, within the
                meaning of Section 13(d)(3) or 14(d)(2) of the Act (a
                "Person"), including as a result of a Business Combination (as
                defined in Section 1(c)(iii)), of beneficial ownership, within
                the meaning of Rule 13d-3 promulgated under the Act, of 25% or
                more of the combined voting power of the then outstanding
                Voting Stock of Scottish Annuity & Life Holdings, Ltd (the
                "Parent Company"); provided, however, that for purposes of
                this Section 1(c)(i), the following acquisitions shall not
                constitute a Change in Control: (A) any acquisition by the
                Parent Company of Voting Stock of the Parent Company, or (B)
                any acquisition of Voting Stock of the Parent Company by any
                employee benefit plan (or related trust) sponsored or
                maintained by the Parent Company or any Subsidiary; or

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          (ii)  individuals who, as of the date hereof, constitute the Board
                of Directors of the Parent Company (the "Incumbent Board," (as
                modified by this Section 1(c)(ii))) cease for any reason to
                constitute at least a majority of the Parent Company's Board;
                provided, however, that any individual becoming a Director
                subsequent to the date hereof whose election, or nomination
                for election by the Parent Company's shareholders, was
                approved by a vote of at least two-thirds of the Directors
                then comprising the Incumbent Board (either by a specific vote
                or by approval of the proxy statement of the Parent Company in
                which such person is named as a nominee for director, without
                objection to such nomination) shall be deemed to have been a
                member of the Incumbent Board, but excluding, for this
                purpose, any such individual whose initial assumption of
                office occurs as a result of an actual or threatened election
                contest (within the meaning of Rule 14a-11 of the Act) with
                respect to the election or removal of Directors or other
                actual or threatened solicitation of proxies or consents by or
                on behalf of a Person other than the Parent Company's Board;
                or

          (iii) consummation of a reorganization, merger or consolidation, a
                sale or other disposition of all or substantially all of the
                assets of the Parent Company, or other transaction (each, a
                "Business Combination"), unless, in each case, immediately
                following such Business Combination, either (A)(I) the
                individuals and entities who were the beneficial owners of
                Voting Stock of the Parent Company immediately prior to such
                Business Combination beneficially own in the aggregate,
                directly or indirectly, more than 50% of the combined voting
                power of the then outstanding shares of Voting Stock of the
                entity resulting from such Business Combination (including,
                without limitation, an entity which as a result of such
                transaction owns the Parent Company or all or substantially
                all of the Parent Company's assets either directly or through
                one or more subsidiaries), (II) no Person (other than the
                Parent Company, such entity resulting from such Business
                Combination, or any employee benefit plan (or related trust)
                sponsored or maintained by the Parent Company, any Subsidiary
                or such entity resulting from such Business Combination)
                beneficially owns, directly or indirectly, 25% or more of the
                combined voting power of the then outstanding shares of Voting
                Stock of the entity resulting from such Business Combination,
                and (III) at least a majority of the members of the Board of
                Directors of the entity resulting from such Business
                Combination were members of the Incumbent Board at the time of
                the execution of the initial agreement or of the action of the
                Parent Company Board providing for such Business Combination,
                or (B) the same as Section 1(c)(iii)(A), except in clause (I),
                substituting "one-third" for "50%," and in clause (III),
                substituting "two-thirds" for "a majority";

          (iv)  approval by the shareholders of the Parent Company of a
                complete liquidation or dissolution of the Parent Company,
                except pursuant to a

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                Business Combination that complies with clause (A) or (B) of
                Section 1(c)(iii); or

          (v)   a sale or other disposition of (A) shares of the Voting Stock
                of the Company representing at least 50% of the combined
                voting power of the then outstanding shares of Voting Stock of
                the Company, or (B) all or substantially all of the assets of
                the Company, unless, in either case, the individuals and
                entities who were the beneficial owners of Voting Stock of the
                Parent Company immediately prior to such sale or disposition
                beneficially own in the aggregate, directly or indirectly,
                more than 50% of the combined voting power of the then
                outstanding shares of Voting Stock of the entity acquiring
                such Voting Stock or assets of the Company.

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

     (e)  "Competitive Activity" means the Executive's participation, without
          the written consent of the Board, in the management of any business
          enterprise if such enterprise engages in substantial and direct
          competition with the Company and such enterprise engages in
          substantial and direct competition with the Company if such
          enterprise's sales of any product or service competitive with any
          product or service of the Company amounted to 10% of such enterprise's
          net sales for its most recently completed fiscal year and if the
          Company's net sales of said product or service amounted to 10% of the
          Company's net sales for its most recently completed fiscal year.
          "Competitive Activity" shall not include (i) the mere ownership of
          securities in any such enterprise and the exercise of rights
          appurtenant thereto or (ii) participation in the management of any
          such enterprise other than in connection with the competitive
          operations of such enterprise.

     (f)  "Director" means a member of the Board.

     (g)  "Ordinary Shares" means the ordinary shares, par value $0.01 per
          share, of the Parent Company.

     (h)  "Subsidiary" means an entity in which the Parent Company directly or
          indirectly beneficially owns 50% or more of the outstanding Voting
          Stock.

     (i)  "Total Cash Compensation" means the sum of the (i) highest annual Base
          Salary in effect during the Term; and (ii) highest annual Incentive
          Bonus (as set forth in Section 6(b)) earned during the prior fiscal
          year.

     (j)  "Voting Stock" means securities entitled to vote generally in the
          election of directors.

2.   Employment.

     The Company hereby agrees to employ Executive, and Executive hereby agrees
to be employed with the Company for the Term, upon the terms and conditions
herein set forth.

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3.   Term.

     The term of employment under this Agreement (the "Initial Term") shall
commence on May 29, 2002 ("Commencement Date") and subject to earlier
termination pursuant to Section 7, expire on the first anniversary of the
Commencement Date; provided, however, that commencing on the first anniversary
of the Commencement Date, this Agreement will automatically be renewed for
successive one-year periods (the "Additional Term"), subject to earlier
termination pursuant to Section 7, unless either party provides written notice
of non-renewal to the other pursuant to Section 15 at least ninety (90) days
prior to the end of the Initial Term or any Additional Term. The Initial Term
and any Additional Term shall be referred to under this Agreement as the "Term";
provided, however, that if a Change in Control occurs during the Term (as
determined without regard to this clause), then the Term shall include the
period ending on the first anniversary of the first occurrence of a Change in
Control.

4.   Positions and Duties.

     (a)  During the Term, Executive will serve in the position of President of
          Scottish Solutions, LLC, a wholly owned subsidiary of the Company, or
          such other position as may be agreed upon by the Company and the
          Executive, and will have such duties, functions, responsibilities and
          authority as are (i) reasonably assigned to him by the Board,
          consistent with Executive's position as President of Scottish
          Solutions, LLC or (ii) assigned to his office in the Scottish
          Solutions, LLC's Articles of Incorporation. Executive will report
          directly to the Chief Operating Officer of the Company.

     (b)  During the Term, Executive will be the Company's full-time employee
          and, except as may otherwise be approved in advance in writing by the
          Board, and except during vacation periods and reasonable periods of
          absence due to sickness, personal injury or other disability,
          Executive will devote substantially all of his business time and
          attention to the performance of his duties to Scottish Solutions, LLC.
          Notwithstanding the foregoing, Executive may (i) subject to the
          approval of the Board, serve as a director of a company, provided such
          service does not constitute a Competitive Activity, (ii) serve as an
          officer, director or otherwise participate in purely educational,
          welfare, social, religious and civic organizations, (iii) serve as an
          officer, director or trustee of, or otherwise participate in, any
          organizations and activities with respect to which Executive's
          participation was disclosed to the Company in writing prior to the
          date hereof and (iv) manage personal and family investments.

5.   Place of Performance.

     In connection with his employment during the Term, unless otherwise agreed
by Executive, Executive will be based at the Company's principal executive
offices in Charlotte, North Carolina; provided, however, that Executive agrees
and acknowledges that in view of the nature of the Company's business
operations, Executive may be required in the performance of his duties to
undertake substantial travel on behalf of the Company and, if necessary,
requested to relocate to another executive office of the Company.

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6.   Compensation and Related Matters.

     As compensation and consideration for the performance by Executive of his
obligations pursuant to this Agreement, Executive shall be entitled to the
following:

     (a)  Base Salary. During the Term, the Company shall pay Executive an
          annual base salary ("Base Salary") of $250,000, payable at the times
          and in the manner consistent with the Company's policies regarding
          compensation of executive employees. The Company agrees to review such
          compensation not less frequently than annually during the Term. Once
          increased, the Base Salary may not be decreased. The Base Salary as
          increased from time to time shall be referred to herein as "Base
          Salary".

     (b)  Incentive Bonus. For the calendar year 2002 and each calendar year
          that begins thereafter during the Term, the Company shall pay a cash
          bonus to Executive based upon pre-established performance goals
          established by the Board. The target bonus is 50% of annual Base
          Salary (the "Incentive Bonus"). To receive the Incentive Bonus target
          of 50%, the Executive must produce, as a performance measure, total
          gross revenue for Scottish Solutions, LLC designated by the Board (the
          "Total Gross Revenue Target"). In calendar year 2002 the Executive the
          Total Gross Revenue Target is $2.5 million. Total Gross Revenue shall
          be the sum of (i) total revenue generated from broker fees paid by
          companies not part of the then current Parent Company structure and
          (ii) total transaction revenue generated from new business placed with
          companies which are a part of the then current Parent Company
          structure. In the event Executive does not produce his Total Gross
          Revenue Target in any calendar year, the Board, at its sole
          discretion, shall determine the Incentive Bonus, if any. In the event
          Executive exceeds his Total Gross Revenue Target, the Executive will
          receive an additional bonus (a bonus in excess of the 50% target
          bonus) equal to 10% of the amount in excess of the Total Gross Revenue
          Target. In no event, however, will Executive's total Incentive Bonus
          for a calendar year exceed an amount equal to the Executive's Base
          Salary. Any Incentive Bonus shall be payable at the times and in the
          manner consistent with the Company's policies regarding compensation
          of executive employees.

     (c)  Executive Benefits. During the Term, the Company will make available
          to Executive and his eligible dependents, participation in all Company
          and Parent Company-sponsored employee benefit plans including all
          employee retirement income and welfare benefit policies, plans,
          programs or arrangements in which senior executives of the Company or
          Parent Company participate, including any stock option, stock
          purchase, stock appreciation, savings, pension, supplemental executive
          retirement or other retirement income or welfare benefit, disability,
          salary continuation, and any other deferred compensation, incentive
          compensation, group and/or executive life, health, medical/hospital or
          other insurance, expense reimbursement or other employee benefit
          policies, plans, programs or arrangements, including without
          limitation financial counseling services or any equivalent successor
          policies, plans, programs or arrangements

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          that may now exist or be adopted hereafter by the Company or the
          Parent Company.

     (d)  Expenses. The Company will promptly reimburse Executive for all
          reasonable business expenses Executive incurs in order to perform his
          duties to the Company under this Agreement in a manner commensurate
          with Executive's position and level of responsibility with the
          Company, and in accordance with the Company's policy regarding
          substantiation of expenses.

     (e)  Vacation and Holidays. Executive shall be entitled to four (4) weeks
          of paid vacation per annum, in accordance with the Company's vacation
          policy.

     (f)  Indemnification. The Executive shall be offered an opportunity to
          enter into the Parent Company's Indemnification Agreement
          substantially in the form attached hereto as Exhibit A effective as of
          the Commencement Date.

7.   Termination.

     (a)  Termination by the Company with Cause. The Company shall have the
          right to terminate Executive's employment at any time with Cause by
          providing a Notice of Termination to Executive in accordance with
          Section 7(g) not more than sixty (60) days after the Board's actual
          knowledge of the Cause event, and such termination shall not be deemed
          to be a breach of this Agreement. For purposes of this Agreement,
          "Cause" shall mean: (i) habitual drug or alcohol use which impairs
          Executive's ability to perform his duties hereunder; (ii) Executive's
          conviction during the Term by a court of competent jurisdiction, or a
          pleading of "no contest" or guilty to an arrestable criminal offense
          resulting in the imposition of a custodial sentence; (iii) Executive's
          engaging in fraud, embezzlement or any other illegal conduct with
          respect to the Company which acts are materially harmful to, either
          financially, or to the business reputation of the Company; (iv)
          Executive's willful breach of Section 10 hereof; (v) Executive's
          continued failure or refusal to perform his duties hereunder (other
          than such failure caused by Executive's Disability), after a written
          demand for performance is delivered to Executive by the Board that
          specifically identifies the manner in which the Board believes that
          Executive has failed or refused to perform his duties; or (vi)
          Executive otherwise breaches any material provision of this Agreement
          which is not cured, if curable, within thirty (30) days after written
          notice thereof. No act or failure to act on the part of Executive
          shall be deemed "intentional" if it was due primarily to an error in
          judgment or negligence, but shall be deemed "intentional" only if done
          or omitted to be done by Executive not in good faith and without
          reasonable belief that his action or omission was in the best interest
          of the Company.

     (b)  Death. In the event Executive dies during the Term, his employment
          shall automatically terminate effective on the date of his death, such
          termination shall not be deemed to be a breach of this Agreement, and
          the Company shall pay or provide to the Executive's beneficiaries or
          estate, as appropriate, as soon as

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          practicable after the Executive's death, the amounts and benefits
          provided for in Section 8(d).

     (c)  Disability. In the event Executive shall suffer from a mental or
          physical disability which shall have prevented him from performing his
          material duties hereunder for a period of at least one-hundred eighty
          (180) non-consecutive days within any 365 day period, the Company
          shall have the right to terminate Executive's employment for
          "Disability," such termination to be effective upon the giving of
          notice thereof to the Executive in accordance with Section 7(g)
          hereof, such termination shall not be deemed to be a breach of this
          Agreement, and the Company shall provide to the Executive the amounts
          and benefits provided for in Section 8(d). Executive's employment
          hereunder shall terminate effective on the 30th day after receipt of
          such notice by Executive (the "Disability Effective Date"); provided
          that Executive shall not have returned to full-time performance of his
          duties hereunder within thirty (30) days following receipt of such
          notice.

     (d)  Good Reason.

          (i)   Executive may terminate his employment with the Company for
                "Good Reason" and such termination shall not be deemed to be a
                breach of this Agreement. Executive shall have Good Reason if
                Executive has knowledge that one of the events described in
                Section 7(d)(ii) has occurred without Executive's written
                consent and (A) if the event is not curable, Executive gives a
                Notice of Termination to the Company pursuant to Section 7(g)
                within sixty (60) days after having knowledge of the event, or
                (B) if the event is curable, (I) Executive gives written
                notice to the Company thereof in accordance with Section 15
                within sixty (60) days after having knowledge of the event,
                (II) such event has not been cured within thirty (30) days
                after the Executive gives notice of the event to the Company,
                and (III) Executive gives a Notice of Termination to the
                Company in accordance with Section 7(g) within thirty (30)
                days after the expiration of the Company's 30-day cure period.

          (ii)  For purposes of this Agreement, "Good Reason" shall mean (A)
                prior to a Change in Control, (I) a failure by the Company to
                comply with any material provision of this Agreement; (II) the
                liquidation, dissolution, merger, consolidation or
                reorganization of the Company or all of its business and/or
                assets, unless the successor(s) assume all duties and
                obligations of the Company pursuant to Section 14(a); or (III)
                upon the provision of notice by the Company under Section 3 of
                non-renewal of the Agreement, and (B) on or after a Change in
                Control, (I) any of the events set forth in Section
                7(d)(ii)(A); (II) any material and adverse change to
                Executive's duties or authority which are inconsistent with
                his title and position set forth herein; (III) a diminution of
                Executive's title or position; (IV) the relocation of
                Executive's office; (V) a reduction in Executive's Base
                Salary; or (VI) a material reduction of Executive's benefits
                provided

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                pursuant to Section 6 other than a reduction permitted under
                terms and conditions of the applicable Company policy or
                benefit plan.

     (e)  Without Good Reason. Executive may voluntarily terminate his
          employment with the Company without Good Reason by giving written
          notice to the Company as provided in Section 7(g). Such notice must be
          provided to the Company at least thirty (30) days prior to such
          termination. Such termination shall not be deemed to be a breach of
          this Agreement.

     (f)  Without Cause. This Company shall have the right to terminate
          Executive's employment hereunder without Cause by providing written
          notice to Executive as provided in Section 7(g), and such termination
          shall not be deemed to be a breach of this Agreement. "Without Cause"
          shall mean for any reason other than Cause, Death or Disability, as
          provided in Sections 7(a), 7(b) and 7(c).

     (g)  Notice of Termination.

          (i)   Any termination of Executive's employment by the Company
                pursuant to Section 7(a), 7(c) or 7(f), or by Executive
                pursuant to Section 7(d) or 7(e), shall be communicated by a
                Notice of Termination to the other party hereto in accordance
                with this Section 7(g) and Section 15. For purposes of this
                Agreement, a "Notice of Termination" means a written notice
                that (A) indicates the specific termination provision in this
                Agreement relied upon, (B) to the extent applicable, sets
                forth in reasonable detail the facts and circumstances claimed
                to provide a basis for termination of the Executive's
                employment under the provision so indicated and (C) if the
                Date of Termination (as defined in Section 7(h)) is other than
                the date of receipt of such notice, specifies the Date of
                Termination. The failure by the Executive or the Company to
                set forth in the Notice of Termination any fact or
                circumstance that contributes to a showing of Good Reason or
                Cause shall not waive any right of the Executive or the
                Company, respectively, hereunder or preclude the Executive or
                the Company, respectively, from asserting such fact or
                circumstance in enforcing the Executive's or Company's rights
                hereunder.

          (ii)  Any Notice of Termination by the Company for Cause shall be
                ratified by a resolution duly adopted by the affirmative vote
                of not less than two-thirds of the Board then in office
                (excluding, for this purpose, the Executive, if the Executive
                is then a member of the Board) at a meeting of the Board
                called and held for such purpose, after reasonable notice to
                the Executive and an opportunity for the Executive, together
                with his counsel (if the Executive chooses to have counsel
                present at such meeting), to be heard before the Board,
                finding that, in the good faith opinion of the Board, the
                Executive had committed an act constituting "Cause" as defined
                in Section 7(a) and specifying the particulars thereof in
                detail.

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     (h)  Date of Termination. "Date of Termination" means (i) if the
          Executive's employment is terminated by the Company for Cause or by
          the Executive for Good Reason, the date of receipt of the Notice of
          Termination or any later date specified therein (but not more than
          thirty (30) days thereafter), as the case may be (although such Date
          of Termination shall retroactively cease to apply if the circumstances
          providing the basis of termination for Cause or Good Reason are cured
          in accordance with Section 7(a) or 7(d) of this Agreement, as the case
          may be), (ii) if Executive's employment is terminated by the Company
          other than for Cause or Disability, the Date of Termination shall be
          the date set forth in the Notice of Termination (iii) if Executive's
          employment is terminated by Executive without Good Reason, the Date of
          Termination shall be the date set forth in the Notice of Termination,
          but no sooner than thirty (30) days after such Notice of Termination
          is received by the Company and (iv) if Executive's employment is
          terminated by reason of death or Disability, the Date of Termination
          shall be the date of the Executive's death or the Disability Effective
          Date, as the case may be.

8.   Compensation upon Termination.

     If the Company or Executive terminates the Executive's employment during
the Term, the Company shall pay to the Executive the amount(s) set forth below
in a lump sum in cash upon the later of (i) five (5) business days after the
Date of Termination or date of expiration of this Agreement, as the case may be,
(ii) the effective date of a release (if a release is required by this Section
8) or (iii) at the Executive's option, a date later than the dates specified in
clauses (i) and (ii).

     (a)  Compensation upon Termination for Cause or Without Good Reason. In the
          event of termination of Executive's employment by the Company for
          Cause or by the Executive without Good Reason, or by reason of
          expiration of the Term (if applicable), the Company shall pay the
          Executive his accrued, but unpaid Base Salary, accrued vacation pay
          and unpaid business expenses through the Date of Termination (the
          "Compensation Payments"), and the Executive shall be entitled to no
          other compensation, except as otherwise due to the Executive under
          applicable law. The Executive shall not be entitled to the payment of
          any bonus or other incentive compensation for any portion of the
          fiscal year in which such termination occurs.

     (b)  Compensation upon Termination or by the Company Without Cause or upon
          Termination by the Executive for Good Reason. Subject to Section 8(c),
          in the event of the termination of the Executive's employment by the
          Company without Cause or upon termination of the Executive's
          employment by the Executive for Good Reason, the Company shall pay the
          Executive the Compensation Payments. In addition, conditioned upon
          receipt of the Executive's release of claims substantially in the form
          attached hereto as Exhibit B, subject to such changes as may be
          required to preserve the intent thereof for changes in applicable law,
          the Company shall pay or provide to the Executive (i) as severance
          pay, an amount equal to the sum of one (1) full year's Total Cash
          Compensation (ii) earned, but unpaid Incentive Bonus for the year of
          termination, as determined in the good

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          faith opinion of the Board based upon the relative achievement of
          performance targets through the Date of Termination (the "Termination
          Bonus"), and (iii) the welfare benefits set forth in Section 8(f).
          Notwithstanding the foregoing provisions of this Section 8(b), upon
          termination by the Executive for Good Reason due to Section
          7(d)(ii)(A)(III) (Company's notice of non-renewal of the Agreement),
          the Company shall pay the Executive under Section 8(b)(i) an amount
          not less than one (1) full year's Total Cash Compensation, and any
          right of the Executive to receive termination payments and benefits
          under Section 8(b) shall be forfeited to the extent of any amounts
          payable or benefits to be provided after a material breach of any
          covenant set forth in Section 10.

     (c)  Compensation upon Termination in Connection with a Change in Control
          of the Company. If, within the period of time commencing on the date
          of the first occurrence of a Change in Control and continuing until
          the first anniversary of such occurrence of a Change in Control or, if
          earlier, until the Executive's death, the Executive's employment is
          terminated by the Company without Cause or by the Executive for Good
          Reason, then the provisions of Section 8(b) shall be applicable. For
          purposes of the preceding sentence, if a Change in Control occurs and
          not more than one-hundred twenty (120) days prior to the date on which
          the Change in Control occurs, the Executive's employment is terminated
          by the Company without Cause, such termination of employment shall be
          deemed a termination of employment after a Change in Control if the
          Executive has reasonably demonstrated that such termination of
          employment (i) was at the request of a third party who has taken steps
          reasonably calculated to effect a Change in Control, or (ii) otherwise
          arose in connection with or in anticipation of a Change in Control.

     (d)  Compensation upon Death or Disability. In the event of the Executive's
          death or the termination of employment due to Disability, the Company
          shall pay to the Executive (or beneficiaries, or estate, as the case
          may be) an amount equal to the sum of (i) the Compensation Payments
          and (ii) the Termination Bonus. Executive shall be entitled to any
          other rights, compensation and/or benefits as may be due to Executive
          in accordance with the terms and provision of any agreements, plans or
          programs of the Company.

     (e)  Set-Off, Counterclaim or Late Payment. There shall be no right of
          set-off or counterclaim in respect of any claim, debt or obligation
          against any payment to or benefit for the Executive provided for in
          this Agreement. Without limiting the rights of the Executive at law or
          in equity, if the Company fails to make any payment required to be
          made hereunder on a timely basis, the Company shall pay interest on
          the amount or value thereof at an annualized rate of interest equal to
          the "prime rate" as set forth from time to time during the relevant
          period in the The Wall Street Journal, "Money Rates" column, plus
          four (4)%. Such interest shall be payable as it accrues on demand. Any
          change in such prime rate shall be effective on and as of the date of
          such change.

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     (f)  Welfare Benefits. If the Executive becomes entitled to the benefits
          provided by Section 8(b) or 8(c), then in addition to such benefits,
          for a period following the Date of Termination equal to the greater of
          the remaining Term or twelve (12) months (the "Continuation Period"),
          the Company shall arrange to provide the Executive with health
          insurance, life insurance, and other medical benefits substantially
          similar to those that the Executive was receiving or entitled to
          receive immediately prior to the Date of Termination (or, if greater,
          immediately prior to the reduction, termination, or denial described
          in Section 7(d)(ii)(B)(VI), if applicable). If and to the extent that
          any benefit described in this Section 8(f) is not or cannot be paid or
          provided under any policy, plan, program or arrangement of the
          Company, then the Company will itself pay or provide for the payment
          to the Executive, his dependents and beneficiaries, of such benefits
          along with, in the case of any benefit described in this Section 8(f)
          that is subject to tax because it is not or cannot be paid or provided
          under any such policy, plan, program or arrangement of the Company, an
          additional amount such that after payment by the Executive, or his
          dependents or beneficiaries, as the case may be, of all taxes so
          imposed, the recipient retains an amount equal to such taxes.
          Notwithstanding the foregoing, or any other provision of the
          Agreement, for purposes of determining the period of continuation
          coverage to which the Executive or any of his dependents is entitled
          pursuant to Section 4980B of the Code under the Company's medical,
          dental and other group health plans, or successor plans, the
          Executive's "qualifying event" will be the termination of the
          Continuation Period and the Executive will be considered to have
          remained actively employed on a full-time basis through that date.

     (g)  Scope and Nonduplication. The provision or payment of termination
          benefits under this Section 8 shall not affect any rights the
          Executive may have pursuant to any agreement, plan, policy, program or
          arrangement of the Company providing employee benefits, which rights
          shall be governed by the terms thereof or by the release described in
          Section 8; provided, however, that to the extent, and only to the
          extent, a payment or benefit that is paid or provided under this
          Section 8 would also be paid or provided under the terms of any
          applicable plan, program, or arrangement, including, without
          limitation, any severance program, such applicable plan, program,
          agreement or arrangement shall be deemed to have been satisfied by the
          payment made or benefit provided under this Agreement.

     (h)  Mitigation. In the event of the termination of the Executive by the
          Company without Cause, or by the Executive with Good Reason, the
          Executive shall not be required to mitigate damages by seeking other
          employment or otherwise as a condition to receiving termination
          payments or benefits under this Agreement. No amounts earned by the
          Executive after the Executive's termination by the Company without
          Cause or by the Executive with Good Reason, whether from
          self-employment, as a common law employee, or otherwise, shall reduce
          the amount of any payment or benefit under any provision of this
          Agreement. Notwithstanding the foregoing, the Executive's coverage
          under the Company's group medical insurance as provided in Section
          8(f) shall be reduced to the extent comparable welfare benefits are
          actually received by the Executive as soon as the

                                 Page 11 of 23
<PAGE>

          Executive becomes covered under any group medical plan made available
          by another employer. The Executive shall report to the Company any
          such coverage actually received by the Executive.

     (i)  Resignations. Except to the extent requested by the Company, upon any
          termination of the Executive's employment with the Company, the
          Executive shall immediately resign all positions and directorships
          with the Company and each of its subsidiaries and affiliates.

9.   Certain Additional Payments by the Company.

     (a)  Anything in this Agreement to the contrary notwithstanding, in the
          event that it shall be determined (as hereafter provided) that any
          payment (other than the Gross-Up payments provided for in this Section
          9) or distribution by the Company or any of its affiliates to or for
          the benefit of the Executive, whether paid or payable or distributed
          or distributable pursuant to the terms of this Agreement or otherwise
          pursuant to or by reason of any other agreement, policy, plan, program
          or arrangement, including without limitation any stock option,
          performance share, performance unit, stock appreciation right or
          similar right, or the lapse or termination of any restriction on or
          the vesting or exercisability of any of the foregoing (a "Payment"),
          would be subject to the excise tax imposed by Section 4999 of the Code
          by reason of being considered "contingent on a change in ownership or
          control" of the Company, within the meaning of Section 280G of the
          Code or to any similar tax imposed by state or local law, or any
          interest or penalties with respect to such tax (such tax or taxes,
          together with any such interest and penalties, being hereafter
          collectively referred to as the "Excise Tax"), then the Executive
          shall be entitled to receive an additional payment or payments
          (collectively, a "Gross-Up Payment"); provided; however, that no
          Gross-up Payment shall be made with respect to the Excise Tax, if any,
          attributable to (i) any incentive stock option, as defined by Section
          422 of the Code ("ISO") granted prior to the execution of this
          Agreement, or (ii) any stock appreciation or similar right, whether or
          not limited, granted in tandem with any ISO described in clause (i).
          The Gross-Up Payment shall be in an amount such that, after payment by
          the Executive of all taxes (including any interest or penalties
          imposed with respect to such taxes), including any Excise Tax imposed
          upon the Gross-Up Payment, the Executive retains an amount of the
          Gross-Up Payment equal to the Excise Tax imposed upon the Payment. For
          purposes of determining the amount of the Gross-Up Payment, the
          Executive will be considered to pay (x) federal income taxes at the
          highest rate in effect in the year in which the Gross-Up Payment will
          be made and (y) state and local income taxes at the highest rate in
          effect in the state or locality in which the Gross-Up Payment would be
          subject to state or local tax, net of the maximum reduction in federal
          income tax that could be obtained from deduction of such state and
          local taxes.

     (b)  Subject to the provisions of Section 9(f), all determinations required
          to be made under this Section 9, including whether an Excise Tax is
          payable by the Executive and the amount of such Excise Tax and whether
          a Gross-Up Payment is required

                                 Page 12 of 23
<PAGE>

          to be paid by the Company to the Executive and the amount of such
          Gross-Up Payment, if any, shall be made by a nationally recognized
          accounting firm (the "Accounting Firm") selected by the Executive in
          his sole discretion. The Executive shall direct the Accounting Firm to
          submit its determination and detailed supporting calculations to both
          the Company and the Executive within thirty (30) calendar days after
          the Date of Termination, if applicable, and any such other time or
          times as may be requested by the Company or the Executive. If the
          Accounting Firm determines that any Excise Tax is payable by the
          Executive, the Company shall pay the required Gross-Up Payment to the
          Executive within five (5) business days after receipt of such
          determination and calculations with respect to any Payment to the
          Executive. If the Accounting Firm determines that no Excise Tax is
          payable by the Executive with respect to any material benefit or
          amount (or portion thereof), it shall, at the same time as it makes
          such determination, furnish the Company and the Executive an opinion
          that the Executive has substantial authority not to report any Excise
          Tax on his federal, state or local income or other tax return. As a
          result of the uncertainty in the application of Section 4999 of the
          Code and the possibility of similar uncertainty regarding applicable
          state or local tax law at the time of any determination by the
          Accounting Firm hereunder, it is possible that Gross-Up Payments which
          will not have been made by the Company should have been made (an
          "Underpayment"), consistent with the calculations required to be made
          hereunder. In the event that the Company exhausts or fails to pursue
          its remedies pursuant to Section 9(f) and the Executive thereafter is
          required to make a payment of any Excise Tax, the Executive shall
          direct the Accounting Firm to determine the amount of the Underpayment
          that has occurred and to submit its determination and detailed
          supporting calculations to both the Company and the Executive as
          promptly as possible. Any such Underpayment shall be promptly paid by
          the Company to, or for the benefit of, the Executive within five (5)
          business days after receipt of such determination and calculations.

     (c)  The Company and the Executive shall each provide the Accounting Firm
          access to and copies of any books, record and documents in the
          possession of the Company or the Executive, as the case may be,
          reasonably requested by the Accounting Firm, and-otherwise cooperate
          with the Accounting Firm in connection with the preparation and
          issuance of the determinations and calculations contemplated by
          Section 9(b). Any determination by the Accounting Firm as to the
          amount of the Gross-Up Payment shall be binding upon the Company and
          the Executive.

     (d)  The federal, state and local income or other tax returns filed by the
          Executive shall be prepared and filed on a consistent basis with the
          determination of the Accounting Firm with respect to the Excise Tax
          payable by the Executive. The Executive shall report and make proper
          payment of the amount of any Excise Tax, and at the request of the
          Company, provide to the Company true and correct copies (with any
          amendments) of his federal income tax return as filed with the
          Internal Revenue Service and corresponding state and local tax
          returns, if relevant, as filed with the applicable taxing authority,
          and such other documents

                                 Page 13 of 23
<PAGE>

          reasonably requested by the Company, evidencing such payment. If prior
          to the filing of the Executive's federal income tax return, or
          corresponding state or local tax return, if relevant, the Accounting
          Firm determines that the amount of the Gross-Up Payment should be
          reduced, the Executive shall within five (5) business days pay to the
          Company the amount of such reduction.

     (e)  The fees and expenses of Accounting Firm for its services in
          connection with the determinations and calculations contemplated by
          Section 9(b) shall be borne by the Company. If such fees and expenses
          are initially paid by the Executive, the Company shall reimburse the
          Executive the full amount of such fees and expenses within five (5)
          business days after receipt from the Executive of a statement therefor
          and reasonable evidence of his payment thereof.

     (f)  The Executive shall notify the Company in writing of any claim by the
          Internal Revenue Service or any other taxing authority that, if
          successful, would require the payment by the Company of a Gross-Up
          Payment. Such notification shall be given as promptly as practicable
          but no later than thirty (30) business days after the Executive
          actually receives notice of such claim and the Executive shall further
          apprise the Company of the nature of such claim and the date on which
          such claim is requested to be paid (in each case, to the extent known
          by the Executive). The Executive shall not pay such claim prior to the
          earlier of (i) the expiration of the 30-calendar-day period following
          the date on which he gives such notice to the Company and (ii) the
          date that any payment of amount with respect to such claim is due. If
          the Company notified the Executive in writing prior to the expiration
          of such period that it desires to contest such claim, the Executive
          shall:

          (i)   provide the Company with any written records or documents in
                his possession relating to such claim reasonably requested by
                the Company;

          (ii)  take such action in connection with contesting such claim as
                the Company shall reasonably request in writing from time to
                time, including without limitation accepting legal
                representation with respect to such claim by an attorney
                competent in respect of the subject matter and reasonably
                selected by the Company;

          (iii) cooperate with the Company in good faith in order effectively
                to contest such claim; and

          (iv)  permit the Company to participate in any proceedings relating
                to such claim;

          provided, however, that the Company shall bear and pay directly all
          costs and expenses (including interest and penalties) incurred in
          connection with such contest and shall indemnify and hold harmless the
          Executive, on an after-tax basis, for and against any Excise Tax or
          income or other tax, including interest and penalties with respect
          thereto, imposed as a result of such representation and

                                 Page 14 of 23
<PAGE>

          payment of costs and expenses. Without limiting the foregoing
          provisions of this Section 9(f), the Company shall control all
          proceedings taken in connection with the contest of any claim
          contemplated by this Section 9(f) and, at its sole option, may pursue
          or forego any and all administrative appeals, proceedings, hearings
          and conferences with the taxing authority in respect of such claim
          (provided, however, that the Executive may participate therein at his
          own cost and expense) and may, at its option, either direct the
          Executive to pay the tax claimed and sue for a refund or contest the
          claim in any permissible manner, and the Executive agrees to prosecute
          such contest to a determination before any administrative tribunal, in
          a court of initial jurisdiction and in one or more appellate courts,
          as the Company shall determine; provided, however, that if the Company
          directs the Executive to pay the tax claimed and sue for a refund, the
          Company shall advance the amount of such payment to the Executive on
          an interest-free basis and shall indemnify and hold the Executive
          harmless, on an after-tax basis, from any Excise Tax or income or
          other tax, including interest or penalties with respect thereto,
          imposed with respect to such advance; and provided further, however,
          that any extension of the statute of limitations relating to payment
          of taxes for the taxable year of the Executive with respect to which
          the contested amount is claimed to be due is limited solely to such
          contested amount. Furthermore, the Company's control of any such
          contested claim shall be limited to issues with respect to which a
          Gross-Up Payment would be payable hereunder and the Executive shall be
          entitled to settle or contest as the case may be, any other issue
          raised by the Internal Revenue Service or any other taxing authority.

     (g)  If, after the receipt by the Executive of an amount advanced by the
          Company pursuant to Section 9(f), the Executive receives any refund
          with respect to such claim, the Executive shall (subject to the
          Company's complying with the requirements of Section 9(f)) promptly
          pay to the Company the amount of such refund (together with any
          interest paid or credited thereon after any taxes applicable thereto).
          If, after the receipt by the Executive of an amount advanced by the
          Company pursuant to Section 9(f), a determination is made that the
          Executive shall not be entitled to any refund with respect to such
          claim and the Company does not notify the Executive in writing of its
          intent to contest such denial or refund prior to the expiration of
          thirty (30) calendar days after such determination, then such advance
          shall be forgiven and shall not be required to be repaid and the
          amount of any such advance shall offset, to the extent thereof, the
          amount of Gross-Up Payment required to be paid by the Company to the
          Executive pursuant to this Section 9.

     (h)  Notwithstanding any provision of this Agreement to the contrary, but
          giving effect to any redetermination of the amount of Gross-Up
          payments otherwise required by this Section 9, if (i) but for this
          sentence, the Company would be obligated to make a Gross-Up Payment to
          the Executive and (ii) the aggregate "present value" of the "parachute
          payments" to be paid or provided to the Executive under this Agreement
          or otherwise does not exceed three times the Executive's "base amount"
          by more than $50,000, then the payments and benefits to be paid or
          provided under this Agreement will be reduced (or repaid to the

                                 Page 15 of 23
<PAGE>

          Company, if previously paid or provided) to the minimum extent
          necessary so that no portion of any payment or benefit to the
          Executive, as so reduced or repaid, constitutes an "excess parachute
          payment." For purposes of this Section 9(h), the terms "excess
          parachute payment," "present value," "parachute payment," and "base
          amount" will have the meanings assigned to them by Section 280G of the
          Code. The determination of whether any reduction in or repayment of
          such payments or benefits to be provided under this Agreement is
          required pursuant to this Section 9(h) will be made at the expense of
          the Company, if requested by the Executive or the Company, by the
          Accounting Firm. Appropriate adjustments shall be made to amounts
          previously paid to Executive, or to amounts not paid pursuant to this
          Section 9(h), as the case may be, to reflect properly a subsequent
          determination that the Executive owes more or less Excise Tax than the
          amount previously determined to be due. In the event that any payment
          or benefit intended to be provided under this Agreement or otherwise
          is required to be reduced or repaid pursuant to this Section 9(h), the
          Executive shall be entitled to designate the payments and/or benefits
          to be so reduced or repaid in order to give effect to this Section
          9(h). The Company shall provide the Executive with all information
          reasonably requested by the Executive to permit the Executive to make
          such designation. In the event that the Executive fails to make such
          designation within 10 business days prior to the Date of Termination
          or other due date, the Company may effect such reduction or repayment
          in any manner it deems appropriate.

10.  Competitive Activity; Confidentiality; Non-solicitation.

     (a)  Executive acknowledges that during the course of his employment with
          the Company the Executive will learn business information valuable to
          the Company and will form substantial business relationships with the
          Company's clients. To protect the Company's legitimate business
          interests in preserving its valuable confidential business information
          and client relationships, the Executive shall not without the prior
          written consent of the Company, which consent shall not be
          unreasonably withheld, (i) engage in any Competitive Activity during
          the Term and (ii) if the Executive shall have received or shall be
          receiving benefits under Section 8(b) or 8(c), engage in any
          Competitive Activity for a period ending on the first anniversary of
          the earlier of the Date of Termination or the date of expiration of
          this Agreement.

     (b)  During the Term, and in consideration for the Executive's agreement to
          enter into this Agreement, the Company agrees that it will disclose to
          Executive its Confidential or Proprietary Information (as defined in
          this Section 10(b)) to the extent necessary for Executive to carry out
          his obligations to the Company. The Executive hereby acknowledges the
          Company has a legitimate business interest in protecting its
          Confidential or Proprietary Information and hereby covenants and
          agrees that he will not without the prior written consent of the
          Company, during the Term or thereafter (i) disclose to any person not
          employed by the Company, or use in connection with engaging in
          competition with the Company, any Confidential or Proprietary
          Information of the Company or (ii) remove, copy or

                                 Page 16 of 23
<PAGE>

          retain in his possession any Company files or records. For purposes of
          this Agreement, the term "Confidential or Proprietary Information"
          will include all information of any nature and in any form that is
          owned by the Company and that is not publicly available (other than by
          Executive's breach of this Section 10(b)) or generally known to
          persons engaged in businesses similar or related to those of the
          Company. Confidential or Proprietary Information will include, without
          limitation, the Company's financial matters, customers, employees,
          industry contracts, strategic business plans, product development (or
          other proprietary product data), marketing plans, and all other
          secrets and all other information of a confidential or proprietary
          nature. Confidential or Proprietary Information shall not be deemed to
          have become public for purposes of this Agreement where it has been
          disclosed or made public by or through anyone acting in violation of a
          contractual, ethical, or legal responsibility to maintain its
          confidentiality. The foregoing obligations imposed by this Section
          10(b) shall not apply (x) during the Term, in the course of the
          business of and for the benefit of the Company, (y) if such
          Confidential or Proprietary Information will have become, through no
          fault of the Executive, generally known to the public or (z) if the
          Executive is required by law to make disclosure (after giving the
          Company notice and an opportunity to contest such requirement).

     (c)  The Executive hereby covenants and agrees that during the Term and for
          one (1) year after the Date of Termination Executive will not, without
          the prior written consent of the Company, which consent shall not
          unreasonably be withheld, on behalf of Executive or on behalf of any
          person, firm or company, directly or indirectly, attempt to influence,
          persuade or induce, or assist any other person in so persuading or
          inducing, any employee of the Company to give up employment or a
          business relationship with the Company, and the Executive shall not
          directly or indirectly solicit or hire employees of the Company for
          employment with any other employer.

     (d)  The Executive agrees that on or before the Date of Termination the
          Executive shall return all Company property, including without
          limitation all credit, identification and similar cards, keys and
          documents, books, records and office equipment. The Executive agrees
          that he shall abide by, through the Date of Termination, the Company's
          policies and procedures for worldwide business conduct.

     (e)  Executive and the Company agree that the covenants contained in this
          Section 10 are reasonable under the circumstances, and further agree
          that if in the opinion of any court of competent jurisdiction any such
          covenant is not reasonable in any respect, such court will have the
          right, power and authority to excise or modify any provision or
          provisions of such covenants as to the court will appear not
          reasonable and to enforce the remainder of the covenants as so
          amended. Executive acknowledges and agrees that the remedy at law
          available to the Company for breach of any of his obligations under
          this Section 10 would be inadequate and that damages flowing from such
          a breach may not readily be susceptible to being measured in monetary
          terms. Accordingly, Executive

                                 Page 17 of 23
<PAGE>

          acknowledges, consents and agrees that, in addition to any other
          rights or remedies that the Company may have at law, in equity or
          under this Agreement, upon adequate proof of his violation of any such
          provision of this Agreement, the Company will be entitled to immediate
          injunctive relief and may obtain a temporary order restraining any
          threatened or further breach, without the necessity of proof of actual
          damage.

     (f)  Representations of the Executive. The Executive represents and
          warrants to the Company that:

          (i)   (A) There are no restrictions, agreements or understandings
                whatsoever to which the Executive is a party that would
                prevent or make unlawful the Executive's execution of this
                Agreement or the Executive's employment under this Agreement,
                or that is or would be inconsistent, or in conflict with this
                Agreement or the Executive's employment under this Agreement,
                or would prevent, limit or impair in any way the performance
                by the Executive of the obligations under this Agreement; and
                (B) the Executive has disclosed to the Company all restraints,
                confidentiality commitments or other employment restrictions
                that the Executive has with any other employer, person or
                entity.

          (ii)  Upon and after the Executive's termination or cessation of
                employment with the Company, and until such time as no
                obligations of the Executive to the Company hereunder exist,
                the Executive: (A) shall provide a complete copy of this
                Agreement to any prospective employer or other person, entity
                or association in a competing business with whom or which the
                Executive proposes to be employed, affiliated, engaged,
                associated or to establish any business or remunerative
                relationship prior to the commencement thereof, provided that
                Executive shall first cause the compensation amounts hereunder
                to be deleted or not disclosed; and (B) shall notify the
                Company of the name and address of any such person, entity or
                association prior to the Executive's employment, affiliation,
                engagement, association or the establishment of any business
                or remunerative relationship.

11.  Legal Fees and Expenses.

     If it should appear to Executive that the Company has failed to comply with
any of its obligations under this Agreement or in the event that the Company or
any other person takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or
proceeding designed to deny, or to recover from, Executive the benefits provided
or intended to be provided to Executive hereunder, the Company irrevocably
authorizes Executive from time to time to retain counsel of Executive's choice
at the expense of the Company as hereafter provided, to advise and represent
Executive in connection with any such interpretation, enforcement or defense,
including without limitation the initiation or defense of any litigation or
other legal action, whether by or against the Company or any Director, officer,
stockholder or other person affiliated with the Company, in any jurisdiction.

                                 Page 18 of 23
<PAGE>

Notwithstanding any existing or prior attorney-client relationship between the
Company and such counsel, the Company irrevocably consents to Executive's
entering into an attorney-client relationship with such counsel, and in that
connection the Company and Executive agree that a confidential relationship
shall exist between Executive and such counsel. Without respect to whether
Executive prevails, in whole or in part, in connection with any of the
foregoing, the Company will pay and be solely financially responsible for any
and all attorneys, and related fees and expenses incurred by Executive in
connection with any of the foregoing; provided that, in regard to such matters,
the Executive has not acted in bad faith or with no colorable claim of success.
Such payments shall be made within five (5) business days after delivery of
Executive's written requests for payment, accompanied by such evidence of fees
and expenses incurred as the Company may reasonably require. Notwithstanding the
foregoing provisions of this Section 11, the obligations of the Company under
this Section 11 shall not exceed, in the aggregate, $50,000.00.

12.  Withholding of Taxes.

     The Company may withhold from any amounts payable under this Agreement all
applicable taxes that the Company is required to withhold pursuant to any
applicable law, regulation or ruling.

13.  Dispute Resolution.

     Any dispute between the parties under this Agreement shall be resolved
(except as provided below) through informal arbitration by an arbitrator
selected under the rules of the American Arbitration Association for arbitration
of employment disputes (located in Charlotte, North Carolina) and the
arbitration shall be conducted in that location under the rules of said
Association. Each party shall be entitled to present evidence and argument to
the arbitrator. The arbitrator shall have the right only to interpret and apply
the provisions of this Agreement and may not change any of its provisions,
except as expressly provided in Section 17 and only in the event the Company has
not brought an action in a court of competent jurisdiction to enforce the
covenants in Section 10. The arbitrator shall permit reasonable pre-hearing
discovery of facts, to the extent necessary to establish a claim or a defense to
a claim, subject to supervision by the arbitrator. The determination of the
arbitrator shall be conclusive and binding upon the parties and judgment upon
the same may be entered in any court having jurisdiction thereof. The arbitrator
shall give written notice to the parties stating the arbitrator's determination,
and shall furnish to each party a signed copy of such determination. The
expenses of arbitration shall be borne equally by the Company and the Executive
or as the arbitrator equitably determines consistent with the application of
state or federal law; provided, however, that the Executive's share of such
expenses shall not exceed the maximum permitted by law. Any arbitration or
action pursuant to this Section 13 shall be governed by and construed in
accordance with the substantive laws of the State of North Carolina and, where
applicable, federal law, without giving effect to the principles of conflict of
laws of such State.

     Notwithstanding the foregoing, the Company shall not be required to seek or
participate in arbitration regarding any actual or threatened breach of the
Executive's covenants in Section 10, but may pursue its remedies, including
injunctive relief, for such breach in a court of competent jurisdiction in
Charlotte, North Carolina, or in the sole discretion of the Company, in

                                 Page 19 of 23
<PAGE>

a court of competent jurisdiction where the Executive has committed or is
threatening to commit a breach of the Executive's covenants, and no arbitrator
may make any ruling inconsistent with the findings or rulings of such court.

14.  Successors and Binding Agreement.

     (a)  The Company will require any successor (whether direct or indirect, by
          purchase, merger, consolidation, reorganization or otherwise) to all
          or substantially all of the business or assets of the Company, by
          agreement in form and substance reasonably satisfactory to Executive,
          expressly to assume and agree to perform this Agreement in the same
          manner and to the same extent the Company would be required to perform
          if no such succession had taken place. This Agreement will be binding
          upon and inure to the benefit of the Company and any successor to the
          Company, including without limitation any persons acquiring directly
          or indirectly all or substantially all of the business or assets of
          the Company whether by purchase, merger, consolidation, reorganization
          or otherwise (and such successor shall thereafter be deemed the
          "Company" for the purposes of this Agreement), but will not otherwise
          be assignable, transferable or delegable by the Company.

     (b)  This Agreement will inure to the benefit of and be enforceable by
          Executive's personal or legal representatives, executors,
          administrators, successors, heirs, distributees and legatees.

     (c)  This Agreement is personal in nature and neither of the parties hereto
          shall, without the consent of the other, assign, transfer or delegate
          this Agreement or any rights or obligations hereunder except as
          expressly provided in Sections 14(a) and 14(b). Without limiting the
          generality or effect of the foregoing, Executive's right to receive
          payments hereunder will not be assignable, transferable or delegable,
          whether by pledge, creation of a security interest, or otherwise,
          other than by a transfer by Executive's will or by the laws of descent
          and distribution and, in the event of any attempted assignment or
          transfer contrary to this Section 14(c), the Company shall have no
          liability to pay any amount so attempted to be assigned, transferred
          or delegated.

15.  Notices.

     For all purposes of this Agreement, all communications, including without
limitation notices, consents, requests or approvals, required or permitted to be
given hereunder shall be in writing and shall be deemed to have been duly given
when hand delivered or dispatched by electronic facsimile transmission (with
receipt thereof orally confirmed), or five (5) business days after having been
mailed by United States registered or certified mail, return receipt requested,
postage prepaid, or three (3) business days after having been sent by an
internationally recognized overnight courier service, addressed to the Company
(to the attention of the Chief Operating Officer of the Company) at its
principal executive office and to Executive at his principal residence, or to
such other address as any party may have furnished to the other in

                                 Page 20 of 23
<PAGE>

writing and in accordance herewith, except that notices of changes of address
shall be effective only upon receipt.

16.  Governing Law.

     The validity, interpretation, construction and performance of this
Agreement will be governed by and construed in accordance with the substantive
laws of the state of North Carolina and federal law, without giving effect to
the principles of conflict of laws, except as expressly provided herein. In the
event the Company exercises its discretion under Section 10(e) to bring an
action to enforce the covenants contained in Section 10 in a court of competent
jurisdiction where the Executive has breached or threatened to breach such
covenants, and in no other event, the parties agree that the court may apply the
law of the jurisdiction in which such action is pending in order to enforce the
covenants to the fullest extent permissible.

17.  Validity.

     Any provision of this Agreement that is deemed invalid, illegal or
unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective, to the extent of such invalidity, illegality or unenforceability,
without affecting in any way the remaining provisions hereof in such
jurisdiction or rendering that or any other provisions of this Agreement
invalid, illegal or unenforceable in any other jurisdiction. If any covenant in
Section 10 should be deemed invalid, illegal or unenforceable because its time,
geographical area, or restricted activity, is considered excessive, such
covenant shall be modified to the minimum extent necessary to render the
modified covenant valid, legal and enforceable.

18.  Miscellaneous.

     No provision of this Agreement may be modified, waived or discharged unless
such waiver, modification or discharge is agreed to in writing signed by the
Executive and the Company. No waiver by either party hereto at any time of any
breach by the other party hereto or compliance with any condition or provision
of this Agreement to be performed by such other party will be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, expressed
or implied with respect to the subject matter hereof have been made by either
party that are not set forth expressly in this Agreement. The headings used in
this Agreement are intended for convenience or reference only and shall not in
any manner amplify, limit, modify or otherwise be used in the construction or
interpretation of any provision of this Agreement. References to Sections are
references to Sections of this Agreement. Any reference in this Agreement to a
provision of a statute, rule or regulation shall also include any successor
thereto.

19.  Survival.

     Notwithstanding any provision of this Agreement to the contrary, the
parties' respective rights and obligations under Sections 8, 9, 10, 11, 12, 13
and 14(b) will survive any termination or expiration of this Agreement or the
termination of the Executive's employment for any reason whatsoever.

                                 Page 21 of 23
<PAGE>

20.  Beneficiaries.

     The Executive shall be entitled to select (and change, to the extent
permitted under any applicable law) a beneficiary or beneficiaries to receive
any compensation or benefit payable hereunder following the Executive's death,
and may change such election, in either case by giving the Company written
notice thereof in accordance with Section 15. In the event of the Executive's
death or a judicial determination of the Executive's incompetence, reference in
this Agreement to the "Executive" shall be deemed, where appropriate, to the
Executive's beneficiary, estate or other legal representative.

21.  Counterparts.

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

22.  Entire Agreement.

     The terms of this Agreement are intended by the parties to be the final
expression of their agreement with respect to the Executive's employment by the
Company and may not be contradicted by evidence of any prior or contemporaneous
agreement. The parties further intend that this Agreement shall constitute the
complete and exclusive statement of its terms and that no extrinsic evidence
whatsoever may be introduced in any judicial, administrative, or other legal
proceedings to vary the terms of this Agreement.

                  [Remainder of Page Intentionally Left Blank]

                                 Page 22 of 23
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the date first written above.

                                         /s/ Larry N. Stern
                                         ---------------------------------------
                                         Larry N. Stern

                                         SCOTTISH RE (U.S.), INC.

                                         By: /s/ Oscar Scofield
                                             -----------------------------------
                                         Name:   Oscar Scofield
                                         Title:  Chief Operating Officer

                                 Page 23 of 23<Page>

                                                              Exhibit 4.1

================================================================================

                               MB FINANCIAL, INC.

                                       AND

                            WILMINGTON TRUST COMPANY,
                                   AS TRUSTEE

                                    INDENTURE

                    ______% SUBORDINATED DEBENTURES DUE 2032

                         DATED AS OF ___________ , 2002

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>

                                                                                                   Page
<S>                                                                                                <C>
ARTICLE I.     DEFINITIONS....................................................................       7
     Section 1.1.     Definitions and Terms...................................................       7

ARTICLE II.    EXCHANGE OF THE DEBENTURES.....................................................      15
     Section 2.1.     Designation and Principal Amount........................................      15
     Section 2.2.     Maturity................................................................      15
     Section 2.3.     Form and Payment........................................................      16
     Section 2.4.     Interest................................................................      16
     Section 2.5.     Execution and Authentication............................................      17
     Section 2.6.     Registration of Transfer and Exchange...................................      18
     Section 2.7.     Temporary Debentures....................................................      19
     Section 2.8.     Mutilated, Destroyed, Lost or Stolen Debentures.........................      19
     Section 2.9.     Cancellation............................................................      20
     Section 2.10.    Benefit of Indenture....................................................      20
     Section 2.11.    Authentication Agent....................................................      20

ARTICLE III.   REDEMPTION OF DEBENTURES.......................................................      21
     Section 3.1.     Redemption..............................................................      21
`    Section 3.2.     Special Event Redemption................................................      21
     Section 3.3.     Optional Redemption by the Company......................................      22
     Section 3.4.     Notice of Redemption....................................................      22
     Section 3.5.     Payment upon Redemption.................................................      23
     Section 3.6.     No Sinking Fund.........................................................      24

ARTICLE IV.    EXTENSION OF INTEREST PAYMENT PERIOD...........................................      24
     Section 4.1.     Extension of Interest Payment Period....................................      24
     Section 4.2.     Notice of Extension.....................................................      25
     Section 4.3.     Limitation on Transactions..............................................      25

ARTICLE V.     PARTICULAR COVENANTS OF THE COMPANY............................................      26
     Section 5.1.     Payment of Principal and Interest.......................................      26
     Section 5.2.     Maintenance of Agency...................................................      26
     Section 5.3.     Paying Agents...........................................................      26
     Section 5.4.     Appointment to Fill Vacancy in Office of the Trustee....................      27
     Section 5.5.     Compliance with Consolidation Provisions................................      27
     Section 5.6.     Limitation on Transactions..............................................      28
     Section 5.7.     Covenants as to the Trust...............................................      28
     Section 5.8.     Covenants as to Purchase................................................      29
     Section 5.9.     Waiver of Usury, Stay or Extension Laws.................................      29
     Section 5.10.    Limitation on Additional Junior Indebtedness............................      29

                                        i
<Page>

ARTICLE VI.    THE DEBENTUREHOLDERS' LISTS AND REPORTS BY THE
               COMPANY AND THE TRUSTEE........................................................      31
     Section 6.1.     The Company to Furnish the Trustee Names and
                      Addresses of the Debentureholders.......................................      31
     Section 6.2.     Preservation of Information Communications with
                      the Debentureholders....................................................      31
     Section 6.3.     Reports by the Company..................................................      31
     Section 6.4.     Reports by the Trustee..................................................      32

ARTICLE VII.   REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS
               ON EVENT OF DEFAULT............................................................      32
     Section 7.1.     Events of Default.......................................................      32
     Section 7.2.     Collection of Indebtedness and Suits for
                      Enforcement by the Trustee..............................................      34
     Section 7.3.     Application of Moneys Collected.........................................      35
     Section 7.4.     Limitation on Suits.....................................................      36
     Section 7.5.     Rights and Remedies Cumulative; Delay or
                      Omission not Waiver.....................................................      36
     Section 7.6.     Control by the Debentureholders.........................................      37
     Section 7.7.     Undertaking to Pay Costs................................................      37
     Section 7.8.     Direct Action; Right of Set-Off.........................................      38

ARTICLE VIII.  FORM OF THE DEBENTURE AND ORIGINAL ISSUE.......................................      38
     Section 8.1.     Form of Debenture.......................................................      38
     Section 8.2.     Original Issue of the Debenture.........................................      38

ARTICLE IX.    MISCELLANEOUS..................................................................      39
     Section 9.1.     Certain Duties and Responsibilities of the Trustee......................      39
     Section 9.2.     Notice of Defaults......................................................      40
     Section 9.3.     Certain Rights of the Trustee...........................................      40
     Section 9.4.     The Trustee not Responsible for Recitals, Etc...........................      41
     Section 9.5.     May Hold the Debentures.................................................      42
     Section 9.6.     Moneys Held in Trust....................................................      42
     Section 9.7.     Compensation and Reimbursement..........................................      42
     Section 9.8.     Reliance on Officers' Certificate.......................................      42
     Section 9.9.     Disqualification; Conflicting Interests.................................      43
     Section 9.10.    Corporate Trustee Required; Eligibility.................................      43
     Section 9.11.    Resignation and Removal; Appointment of Successor.......................      43
     Section 9.12.    Acceptance and Appointment by Successor.................................      44
     Section 9.13.    Merger, Conversion, Consolidation or
                      Succession to Business..................................................      45
     Section 9.14.    Preferential Collection of Claims against
                      the Company.............................................................      45

                                       ii
<Page>

ARTICLE X.     CONCERNING THE DEBENTUREHOLDERS................................................      45
     Section 10.1.    Evidence of Action by the Holders.......................................      45
     Section 10.2.    Proof of Execution by the Debentureholders..............................      46
     Section 10.3.    Who May be Deemed Owners................................................      46
     Section 10.4.    Certain Debentures Owned by Company Disregarded.........................      46
     Section 10.5.    Actions Binding on the Future Debentureholders..........................      47

ARTICLE XI.    SUPPLEMENTAL INDENTURES........................................................      47
     Section 11.1.    Supplemental Indentures without the Consent of
                      the Debentureholders....................................................      47
     Section 11.2.    Supplemental Indentures with Consent of the
                      Debentureholders........................................................      48
     Section 11.3.    Effect of Supplemental Indentures.......................................      49
     Section 11.4.    The Debentures Affected by Supplemental Indentures......................      49
     Section 11.5.    Execution of Supplemental Indentures....................................      49

ARTICLE XII.   SUCCESSOR CORPORATION..........................................................      50
     Section 12.1.    The Company may Consolidate, Etc........................................      50
     Section 12.2.    Successor Corporation Substituted.......................................      50
     Section 12.3.    Evidence of Consolidation, Etc. to Trustee..............................      51

ARTICLE XIII.  SATISFACTION AND DISCHARGE.....................................................      51
     Section 13.1.    Satisfaction and Discharge of Indenture.................................      51
     Section 13.2.    Discharge of Obligations................................................      51
     Section 13.3.    Deposited Moneys to be Held in Trust....................................      52
     Section 13.4.    Payment Of Moneys Held by Paying Agents.................................      52
     Section 13.5.    Repayment to the Company................................................      52

ARTICLE XIV.   IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
               OFFICERS AND DIRECTORS.........................................................      53
     Section 14.1.    No Recourse.............................................................      53

ARTICLE XV.    MISCELLANEOUS PROVISIONS.......................................................      53
     Section 15.1.    Effect on Successors and Assigns........................................      53
     Section 15.2.    Actions by Successor....................................................      53
     Section 15.3.    Surrender of the Company Powers.........................................      53
     Section 15.4.    Notices.................................................................      53
     Section 15.5.    Governing Law...........................................................      54
     Section 15.6.    Treatment of the Debentures as Debt.....................................      54
     Section 15.7.    Compliance Certificates and Opinions....................................      54
     Section 15.8.    Payments on Business Days...............................................      54
     Section 15.9.    Conflict with Trust Indenture Act.......................................      55
     Section 15.10.   Counterparts............................................................      55
     Section 15.11.   Separability............................................................      55
     Section 15.12.   Assignment..............................................................      55
     Section 15.13.   Acknowledgment of Rights; Right of Setoff...............................      55

                                       iii
<Page>

ARTICLE XVI.   SUBORDINATION OF THE DEBENTURES................................................      56
     Section 16.1.    Agreement to Subordinate................................................      56
     Section 16.2.    Default on Senior Indebtedness..........................................      56
     Section 16.3.    Liquidation; Dissolution; Bankruptcy....................................      56
     Section 16.4.    Subrogation.............................................................      58
     Section 16.5.    The Trustee to Effectuate Subrogation...................................      58
     Section 16.6.    Notice by the Company...................................................      59
     Section 16.7.    Rights of the Trustee; Holders of the Senior
                      Indebtedness............................................................      59
     Section 16.8.    Subordination may not be Impaired.......................................      60

EXHIBIT A             ........................................................................     A-1
</Table>

                                       iv
<Page>

                              CROSS-REFERENCE TABLE

<Table>
<Caption>

Section of Trust
Indenture Act of                                                                                Section of
1939, as amended                                                                                Indenture
----------------                                                                                ----------
<S>                                                                                           <C>
310(a)    ..............................................................................           9-10
310(b)    ..............................................................................        9.9, 9-11
310(c)    ..............................................................................      Not Applicable
311(a)    ..............................................................................           9.14
311(b)    ..............................................................................           9.14
311(c)    ..............................................................................      Not Applicable
312(a)    ..............................................................................       6.1, 6.2(a)
312(b)    ..............................................................................          6.2(c)
312(c)    ..............................................................................          6.2(c)
313(a)    ..............................................................................          6.4(a)
313(b)    ..............................................................................          6.4(b)
313(c)    ..............................................................................      6.4(a), 6.4(b)
313(d)    ..............................................................................          6.4(c)
314(a)    ..............................................................................          6.3(a)
314(b)    ..............................................................................      Not Applicable
314(c)    ..............................................................................           15.7
314(d)    ..............................................................................      Not Applicable
315(a)    ..............................................................................       9.1(a), 9.3
315(b)    ..............................................................................           9.2
315(c)    ..............................................................................          9.1(a)
315(d)    ..............................................................................          9.1(b)
315(e)    ..............................................................................           7.7
316(a)    ..............................................................................         1.1, 7.6
316(b)    ..............................................................................          7.4(b)
316(c)    ..............................................................................         10.1(b)
317(a)    ..............................................................................           7.2
317(b)    ..............................................................................           5.3
318(a)    ..............................................................................           15.9
</Table>

Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to
be a part of the Indenture.

                                        v
<Page>

                                    INDENTURE

         INDENTURE, dated as of _________ ____, 2002, between MB FINANCIAL,
INC., a Maryland corporation (the "Company"), and WILMINGTON TRUST COMPANY, a
banking corporation duly organized and existing under the laws of the State of
Delaware, as trustee (the "Trustee");

                                    RECITALS

         WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the execution and delivery of this Indenture to provide for the
issuance of securities to be known as its ___% Subordinated Debentures due 2032
(hereinafter referred to as the "Debentures"), the form and substance of such
Debentures and the terms, provisions and conditions thereof to be set forth as
provided in this Indenture;

         WHEREAS, MB Financial Capital Trust I, a Delaware statutory business
trust (the "Trust"), has offered to the public $52,000,000 aggregate liquidation
amount of its Preferred Securities (as defined herein) ($59,800,000 if the
Underwriters exercise their Option (as defined herein)) and proposes to invest
the proceeds from such offering, together with the proceeds of the issuance and
sale by the Trust to the Company of $1,625,000 aggregate liquidation amount of
its Common Securities (as defined herein) ($1,868,750 if the Underwriters
exercise their Option) in $53,625,000 aggregate principal amount of the
Debentures ($61,668,750 if the Underwriters exercise their Option);

         WHEREAS, the Company has requested that the Trustee execute and deliver
this Indenture;

         WHEREAS, all requirements necessary to make this Indenture a valid
instrument in accordance with its terms, and to make the Debentures, when
executed by the Company and authenticated and delivered by the Trustee, the
valid obligations of the Company, have been performed, and the execution and
delivery of this Indenture have been duly authorized in all respects;

         WHEREAS, to provide the terms and conditions upon which the Debentures
are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

         WHEREAS, all things necessary to make this Indenture a valid agreement
of the Company, in accordance with its terms, have been done.

         NOW, THEREFORE, in consideration of the premises and the purchase of
the Debentures by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of the Debentures:

                                        6
<Page>

                                   ARTICLE I.
                                  DEFINITIONS

         Section 1.1. Definitions of Terms. The terms defined in this Section
1.1 (except as in this Indenture otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any
indenture supplemental hereto shall have the respective meanings specified in
this Section 1.1 and shall include the plural as well as the singular. All other
terms used in this Indenture that are defined in the Trust Indenture Act, or
that are by reference in the Trust Indenture Act defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in the Trust Indenture
Act and in the Securities Act as in force at the date of the execution of this
instrument. All accounting terms used herein and not expressly defined shall
have the meanings assigned to such terms in accordance with Generally Accepted
Accounting Principles.

         "Accelerated Maturity Date" means if the Company elects to accelerate
the Maturity Date in accordance with Section 2.2(b), the date selected by the
Company which is prior to the Scheduled Maturity Date, but is after September
30, 2007.

         "Additional Junior Indebtedness" means any indebtedness, liabilities or
obligations of the Company, or any Affiliate of the Company, under debt
securities (or guarantees in respect of debt securities) initially issued to any
trust, or a trustee of a trust, partnership or other entity affiliated with the
Company that is, directly or indirectly, a finance subsidiary (as such term is
defined in Rule 3a-5 under the Investment Company Act) or other financing
vehicle of the Company or any Affiliate of the Company in connection with the
issuance by that entity of preferred securities or other securities that are
intended to qualify for Tier 1 capital treatment (or the then equivalent
thereof) for purposes of the capital adequacy guidelines of the Federal Reserve,
as then in effect and applicable to the Company, other than the Debentures;
provided, however, that the inability of the Company to treat all or any portion
of the Additional Junior Indebtedness as Tier 1 capital shall not disqualify it
as Additional Junior Indebtedness if such inability results from the Company
having cumulative preferred stock, minority interests in consolidated
subsidiaries, or any other class of security or interest which the Federal
Reserve now or may hereafter accord Tier 1 capital treatment (including the
Debentures) in excess of the amount which may qualify for treatment as Tier 1
capital under applicable capital adequacy guidelines of the Federal Reserve.

         "Additional Payments" shall have the meaning set forth in Section
2.4(c).

         "Additional Senior Obligations" means all indebtedness of the Company
whether incurred on or prior to the date of this Indenture or thereafter
incurred, for claims in respect of derivative products such as interest and
foreign exchange rate contracts, commodity contracts and similar arrangements;
provided, however, that Additional Senior Obligations does not include claims in
respect of Senior Debt or Subordinated Debt or obligations which, by their
terms, are expressly stated to be not superior in right of payment to the
Debentures or to rank pari passu in right of payment with the Debentures,
including the Company's Floating Rate Junior Subordinated Deferrable Interest
Debentures due 2028 issued to Coal City Capital Trust I. For purposes of this
definition, "claim" shall have the meaning assigned thereto in Section 101(4) of
the United States Bankruptcy Code of 1978, as amended.

                                        7
<Page>

         "Administrative Trustees" shall have the meaning set forth in the Trust
Agreement.

         "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person; (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person; (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person; (d) a partnership in which the specified Person is a
general partner; (e) any officer or director of the specified Person; and (f) if
the specified Person is an individual, any entity of which the specified Person
is an officer, director or general partner.

         "Authenticating Agent" means an authenticating agent with respect to
the Debentures appointed by the Trustee pursuant to Section 2.11.

         "Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or
state law for the relief of debtors.

         "Board of Directors" means the Board of Directors of the Company or any
duly authorized committee of such Board.

         "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification.

         "Business Day" means, with respect to the Debentures, any day other
than a Saturday or a Sunday or a day on which federal or state banking
institutions in the Borough of Manhattan, the City of New York, are authorized
or required by law, executive order or regulation to close, or a day on which
the Corporate Trust Office of the Trustee or the Property Trustee is closed for
business.

         "Capital Treatment Event" means the receipt by the Company and the
Trust of an Opinion of Counsel, rendered by counsel experienced in such
matters within a reasonable period of time after the applicable occurrence,
to the effect that, as a result of any amendment to or change (including any
announced prospective change) in the laws (or any regulations thereunder) of
the United States or any political subdivision thereof or therein, or as a
result of any official or administrative pronouncement, action or judicial
decision interpreting or applying such laws or regulations, which amendment
or change is effective or, which pronouncement, action or judicial decision
is announced on or after the date of issuance of the Preferred Securities
under the Trust Agreement, there is more than an insubstantial risk of
impairment of the Company's ability to treat the aggregate Liquidation Amount
of the Preferred Securities (or any substantial portion thereof) as Tier 1
capital (or the then equivalent thereof) for purposes of the capital adequacy
guidelines of the Federal Reserve, as then in effect and applicable to the
Company; provided, however, that the Trust or the Company shall have requested
and received such Opinion of Counsel with regard to such matters within a
reasonable period of time after the Trust or the Company shall have become
aware of the occurrence or possible occurrence of any such event.

         "Certificate" means a certificate signed by the principal executive
officer, the principal financial officer, the principal accounting officer, the
treasurer or any vice president of the Company. The Certificate need not comply
with the provisions of Section 15.7.

                                        8
<Page>

         "Change in 1940 Act Law" shall have the meaning set forth in the
definition of "Investment Company Event."

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Commission" means the Securities and Exchange Commission, as from time
to time constituted, created under the Exchange Act, or, if at any time after
the execution of this instrument such Commission is not existing and performing
the duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.

         "Common Securities" means undivided beneficial interests in the assets
of the Trust which rank pari passu with the Preferred Securities; provided,
however, that upon the occurrence and during the continuation of an Event of
Default, the rights of holders of Common Securities to payment in respect of (a)
distributions, and (b) payments upon liquidation, redemption and otherwise, are
subordinated to the rights of holders of Preferred Securities.

         "Company" means MB Financial, Inc., a corporation duly organized and
existing under the laws of the State of Maryland, and, subject to the provisions
of Article XII, shall also include its successors and assigns.

         "Compounded Interest" shall have the meaning set forth in Section 4.1.

         "Corporate Trust Office" means the office of the Trustee at which, at
any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate
Trust Department.

         "Coupon Rate" shall have the meaning set forth in Section 2.4.

         "Custodian" means any receiver, trustee, assignee, liquidator, or
similar official under any Bankruptcy Law.

         "Debentures" shall have the meaning set forth in the Recitals hereto.

         "Debentureholder," "holder of Debentures," "registered holder," or
other similar term, means the Person or Persons in whose name or names a
particular Debenture shall be registered on the books of the Company or the
Trustee kept for that purpose in accordance with the terms of this Indenture.

         "Debenture Register" shall have the meaning set forth in Section
2.6(b).

         "Debenture Registrar" shall have the meaning set forth in Section
2.6(b).

         "Debt" means with respect to any Person, whether recourse is to all or
a portion of the assets of such Person and whether or not contingent, (a) every
obligation of such Person for money borrowed; (b) every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (c) every reimbursement obligation of such Person with
respect to

                                        9
<Page>

letters of credit, bankers' acceptances or similar facilities issued for the
account of such Person; (d) every obligation of such Person issued or assumed as
the deferred purchase price of property or services (but excluding trade
accounts payable or accrued liabilities arising in the ordinary course of
business); (e) every capital lease obligation of such Person; and (f) and every
obligation of the type referred to in clauses (a) through (e) of another Person
and all dividends of another Person the payment of which, in either case, such
Person has guaranteed or is responsible or liable, directly or indirectly, as
obligor or otherwise.

         "Default" means any event, act or condition that with notice or lapse
of time, or both, would constitute an Event of Default.

         "Deferred Payments" shall have the meaning set forth in Section 4.1.

         "Direct Action" shall have the meaning set forth in Section 7.8.

         "Dissolution Event" means that as a result of the occurrence and
continuation of a Special Event, the Trust is to be dissolved in accordance with
the Trust Agreement and the Debentures held by the Property Trustee are to be
distributed to the holders of the Trust Securities issued by the Trust pro rata
in accordance with the Trust Agreement.

         "Distribution" shall have the meaning set forth in the Trust Agreement.

         "Event of Default" means, with respect to the Debentures, any event
specified in Section 7.1, which has continued for the period of time, if any,
and after the giving of the notice, if any, therein designated.

         "Exchange Act," means the Securities Exchange Act of 1934, as amended,
as in effect at the date of execution of this Indenture.

         "Extension Period" shall have the meaning set forth in Section 4.1.

         "Federal Reserve" means the Board of Governors of the Federal Reserve
System.

         "Generally Accepted Accounting Principles" means such accounting
principles as are generally accepted at the time of any computation required
hereunder.

         "Governmental Obligations" means securities that are (a) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged; or (b) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of
such depositary receipt; provided, however, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific

                                       10
<Page>

payment of principal of or interest on the Governmental Obligation evidenced by
such depositary receipt.

         "Herein," "hereof," and "hereunder," and other words of similar import,
refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision.

         "Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof.

         "Interest Payment Date" shall have the meaning set forth in Section
2.4(a).

         "Investment Company Act," means the Investment Company Act of 1940, as
amended, as in effect at the date of execution of this Indenture.

         "Investment Company Event" means the receipt by the Trust and the
Company of an Opinion of Counsel, rendered by counsel experienced in such
matters within a reasonable amount of time after the applicable occurrence, to
the effect that, as a result of the occurrence of a change in law or regulation
or a change in interpretation or application of law or regulation by any
legislative body, court, governmental agency or regulatory authority (a "Change
in 1940 Act Law"), the Trust is or shall be considered an "investment company"
that is required to be registered under the Investment Company Act, which Change
in 1940 Act Law becomes effective on or after the date of original issuance of
the Preferred Securities under the Trust Agreement; provided, however, that the
Trust or the Company shall have requested and received such Opinion of Counsel
with regard to such matters within a reasonable period of time after the Trust
or the Company shall have become aware of the occurrence or possible occurrence
of any such event.

         "Maturity Date" means the date on which the Debentures mature and on
which the principal shall be due and payable together with all accrued and
unpaid interest thereon including Compounded Interest and Additional Payments,
if any.

         "Ministerial Action" shall have the meaning set forth in Section 3.2.

         "Officers' Certificate" means a certificate signed by the President or
a Senior or Executive Vice President and by the Treasurer or an Assistant
Treasurer or the Controller or an Assistant Controller or the Secretary or an
Assistant Secretary of the Company that is delivered to the Trustee in
accordance with the terms hereof. Each such certificate shall include the
statements provided for in Section 15.7, if and to the extent required by the
provisions thereof.

         "Opinion of Counsel" means an opinion in writing of independent,
outside legal counsel for the Company, that is delivered to the Trustee in
accordance with the terms hereof. Each such opinion shall include the statements
provided for in Section 15.7, if and to the extent required by the provisions
thereof.

         "Outstanding," when used with reference to the Debentures, means,
subject to the provisions of Section 10.4, as of any particular time, all
Debentures theretofore authenticated and delivered by the Trustee under this
Indenture, except (a) Debentures theretofore canceled by the Trustee or any
Paying Agent, or delivered to the Trustee or any paying agent for cancellation
or that have previously been canceled; (b) Debentures or portions thereof for
the payment or redemption of which money or Governmental Obligations in the
necessary amount shall have

                                       11
<Page>

been deposited in trust with the Trustee or with any Paying Agent (other than
the Company) or shall have been set aside and segregated in trust by the Company
(if the Company shall act as its own Paying Agent); provided, however, that, if
such Debentures or portions of such Debentures are to be redeemed prior to the
maturity thereof, notice of such redemption shall have been given as in Article
III provided, or provision satisfactory to the Trustee shall have been made for
giving such notice; and (c) Debentures in lieu of or in substitution for which
other Debentures shall have been authenticated and delivered pursuant to the
terms of Section 2.6; provided, however, that in determining whether the holders
of the requisite percentage of Debentures have given any request, notice,
consent or waiver hereunder, Debentures held by the Company or any Affiliate of
the Company shall not be included; provided, further, that the Trustee shall be
protected in relying upon any request, notice, consent or waiver unless a
Responsible Officer of the Trustee shall have actual knowledge that the holder
of such Debenture is the Company or an Affiliate thereof.

         "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 5.3.

         "Person" means any individual, corporation, partnership, joint-venture,
limited liability company, trust, joint-stock company, unincorporated
organization or government or any agency or political subdivision thereof.

         "Predecessor Debenture" means every previous Debenture evidencing all
or a portion of the same debt as that evidenced by such particular Debenture;
and, for the purposes of this definition, any Debenture authenticated and
delivered under Section 2.8 in lieu of a lost, destroyed or stolen Debenture
shall be deemed to evidence the same debt as the lost, destroyed or stolen
Debenture.

         "Preferred Securities" means the __% Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank pari passu with Common Securities issued by the Trust;
provided, however, that upon the occurrence and during the continuation of an
Event of Default, the rights of holders of Common Securities to payment in
respect of (a) distributions, and (b) payments upon liquidation, redemption and
otherwise, are subordinated to the rights of holders of Preferred Securities.

         "Preferred Securities Guarantee" means any guarantee that the Company
may enter into with the Trustee or other Persons that operates directly or
indirectly for the benefit of holders of Preferred Securities.

         "Property Trustee" has the meaning set forth in the Trust Agreement.

         "Redemption Price" shall have the meaning set forth in Section 3.2.

         "Responsible Officer" when used with respect to the Trustee means any
officer within the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Indenture, including any vice
president, any assistant vice president, any assistant secretary or any other
officer or assistant officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom

                                       12
<Page>

any corporate trust matter is referred because of his or her knowledge of and
familiarity with the particular subject.

         "Scheduled Maturity Date" means September 30, 2032.

         "Securities Act," means the Securities Act of 1933, as amended, as in
effect at the date of execution of this Indenture.

         "Senior Debt" means the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether or
not such claim for post-petition interest is allowed in such proceeding), on all
Debt, whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding, it is provided that such obligations are not
superior in right of payment to the Debentures or to other Debt which is pari
passu with, or subordinated to, the Debentures; provided, that Senior Debt shall
not be deemed to include (a) any Debt of the Company which when incurred and
without respect to any election under section 1111(b) of the United States
Bankruptcy Code of 1978, as amended, was without recourse to the Company; (b)
any Debt of the Company owed to any of its subsidiaries; (c) the Guarantee
Agreement; (d) Debt to any employee of the Company; (d) Debt which by its terms
is subordinated to trade accounts payable or accrued liabilities arising in the
ordinary course of business to the extent that payments made to the holders of
such Debt by the holders of the Debentures as a result of the subordination
provisions of this Indenture would be greater than they otherwise would have
been as a result of any obligation of such holders to pay amounts over to the
obligees on such trade accounts payable or accrued liabilities arising in the
ordinary course of business as a result of subordination provisions to which
such Debt is subject; and (e) Debt which constitutes Subordinated Debt.

         "Senior Indebtedness" shall have the meaning set forth in Section 16.1.

         "Special Event" means a Tax Event, a Capital Treatment Event or an
Investment Company Event.

         "Subordinated Debt" means the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether or
not such claim for post-petition interest is allowed in such proceeding), on
Debt (other than the Debentures), whether incurred on or prior to the date of
this Indenture or thereafter incurred, which is by its terms expressly provided
to be junior and subordinate to other Debt of the Company (other than the
Debentures); provided, however, that Subordinated Debt will not be deemed to
include (a) any Debt of the Company which when incurred and without respect to
any election under section 1111(b) of the United States Bankruptcy Code of 1978,
as amended, was without recourse to the Company, (b) any Debt of the Company
owed to any of its subsidiaries, (c) Debt to any employee of the Company; (d)
Debt which by its terms is subordinated to trade accounts payable or accrued
liabilities arising in the ordinary course of business to the extent that
payments made to the holders of such Debt by the holders of the Debentures as a
result of the subordination provisions of this Indenture would be greater than
they otherwise would have been as a result of any obligation of such holders to
pay amounts over to the obligees on such trade accounts payable or accrued
liabilities arising in the ordinary course of business as a result of
subordination provisions to which such Debt is subject; (e) Debt which
constitutes Senior Debt and (f) any Debt of the Company under debt securities
(and guarantees in respect of these debt securities) initially issued to any
trust, or a trustee of a trust, partnership or other entity affiliated with the
Company that is, directly or indirectly, a financing vehicle of the Company in
connection with the issuance by that entity of preferred securities or other
securities which are

                                       13
<Page>

intended to qualify for Tier 1 capital treatment, including the Company's
Floating Rate Junior Subordinated Deferrable Interest Debentures due 2028 issued
to Coal City Capital Trust I.

         "Subsidiary" means, with respect to any Person, (a) any corporation at
least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries or
by such Person and one or more of its Subsidiaries; (b) any general partnership,
limited liability company, joint venture, trust or similar entity, at least a
majority of whose outstanding partnership or similar interests shall at the time
be owned by such Person, or by one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries; and (c) any limited partnership of
which such Person or any of its Subsidiaries is a general partner.

         "Tax Event" means the receipt by the Company and the Trust of an
Opinion of Counsel, rendered by counsel experienced in such matters within a
reasonable amount of time after the applicable occurrence, to the effect that,
as a result of any amendment to, or change (including any announced prospective
change) in, the laws (or any regulations thereunder) of the United States or any
political subdivision or taxing authority thereof or therein, or as a result of
any official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or
which pronouncement or decision is announced on or after the date of issuance of
the Preferred Securities under the Trust Agreement, there is more than an
insubstantial risk that (a) the Trust is, or shall be within ninety (90) days
after the date of such Opinion of Counsel, subject to United States federal
income tax with respect to income received or accrued on the Debentures; (b)
interest payable by the Company on the Debentures is not, or within ninety (90)
days after the date of such Opinion of Counsel, shall not be, deductible by the
Company, in whole or in part, for United States federal income tax purposes; or
(c) the Trust is, or shall be within ninety (90) days after the date of such
Opinion of Counsel, subject to more than a de minimis amount of other taxes,
duties, assessments or other governmental charges; provided, however, that the
Trust or the Company shall have requested and received such an Opinion of
Counsel with regard to such matters within a reasonable period of time after the
Trust or the Company shall have become aware of the occurrence or the possible
occurrence of any of the events described in clauses (a) through (c) above.

         "Trust" means MB Financial Capital Trust I, a Delaware statutory
business trust.

         "Trust Agreement" means the Amended and Restated Trust Agreement, dated
as of _______ ____, 2002 of the Trust.

         "Trustee" means Wilmington Trust Company, a Delaware banking
corporation, and, subject to the provisions of Article IX, shall also include
its successors and assigns, and, if at any time there is more than one Person
acting in such capacity hereunder, "Trustee" shall mean each such Person.

         "Trust Indenture Act," means the Trust Indenture Act of 1939, as
amended, subject to the provisions of Sections 11.1, 11.2, and 12.1, as in
effect at the date of execution of this Indenture.

         "Trust Securities" means the Common Securities and Preferred
Securities, collectively.

                                       14
<Page>

         "Voting Stock," as applied to stock of any Person, means shares,
interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a
majority of the directors (or the equivalent) of such Person, other than shares,
interests, participations or other equivalents having such power only by reason
of the occurrence of a contingency.

                                   ARTICLE II.
                     ISSUE, DESCRIPTION, TERMS, CONDITIONS,
                   REGISTRATION AND EXCHANGE OF THE DEBENTURES

         Section 2.1. Designation and Principal Amount. There is hereby
authorized Debentures designated the "____% Subordinated Debentures due 2032,"
limited in aggregate principal amount up to $61,668,750, which amount shall be
as set forth in any written order of the Company for the authentication and
delivery of Debentures pursuant to Section 2.6.

         Section 2.2. Maturity.

         (a)      The Maturity Date shall be either:

                  (i)      the Scheduled Maturity Date; or

                  (ii)     if the Company elects to accelerate the Maturity Date
         to be a date prior to the Scheduled Maturity Date in accordance with
         Section 2.2(c), the Accelerated Maturity Date.

         (b)      The Company may at any time before the day which is ninety
(90) days before the Scheduled Maturity Date and after September 30, 2007, elect
to shorten the Maturity Date only once to the Accelerated Maturity Date provided
that the Company has received the prior approval of the Federal Reserve if then
required under applicable capital guidelines, policies or regulations of the
Federal Reserve.

         (c)      If the Company elects to accelerate the Maturity Date in
accordance with Section 2.2(b), the Company shall give notice to the Trustee and
the Trust (unless the Trust is not the holder of the Debentures, in which case
the Trustee will give notice to the holders of the Debentures) of the
acceleration of the Maturity Date and the Accelerated Maturity Date at least
thirty (30) days and no more than 180 days before the Accelerated Maturity Date;
provided, however, that nothing provided in this Section 2.2 shall limit the
Company's rights, as provided in Article III hereof, to redeem all or a portion
of the Debentures at such time or times on or after September 30, 2007, as the
Company may so determine, or at any time upon the occurrence of a Special Event
or pursuant to Section 3.3(b) in connection with the purchase of Preferred
Securities by the Company.

         Section 2.3. Form and Payment. The Debentures shall be issued in fully
registered certificated form without interest coupons. Principal and interest on
the Debentures issued in certificated form shall be payable, the transfer of
such Debentures shall be registrable and such Debentures shall be exchangeable
for Debentures bearing identical terms and provisions at the office or agency of
the Trustee; provided, however, that payment of interest may be made at the
option of the Company by check mailed to the holder at such address as shall
appear in the

                                       15
<Page>

Debenture Register or by wire transfer to an account maintained by the holder as
specified in the Debenture Register, provided that the holder provides proper
transfer instructions by the regular record date. Notwithstanding the foregoing,
so long as the holder of any Debentures is the Property Trustee, the payment of
principal of and interest (including Compounded Interest and Additional
Payments, if any) on such Debentures held by the Property Trustee shall be made
at such place and to such account as may be designated by the Property Trustee.

         Section 2.4. Interest.

         (a)      Each Debenture shall bear interest at a rate of ___% per annum
(the "Coupon Rate") from the original date of issuance until the principal
thereof becomes due and payable, and on any overdue principal and (to the extent
that payment of such interest is enforceable under applicable law) on any
overdue installment of interest at the Coupon Rate, compounded quarterly,
payable (subject to the provisions of Article IV) quarterly in arrears on March
31, June 30, September 30, and December 31 of each year (each, an "Interest
Payment Date"), commencing on September 30, 2002, to the Person in whose name
such Debenture or any Predecessor Debenture is registered, at the close of
business on the regular record date for such interest installment, which shall
be the fifteenth day of the last month of the calendar quarter.

         (b)      The amount of interest payable for any period shall be
computed on the basis of a 360-day year of twelve 30-day months. The amount of
interest payable for any period shorter than a full quarterly period for which
interest is computed shall be computed on the basis of the number of days
elapsed in a 360-day year of twelve 30-day months. In the event that any date on
which interest is payable on the Debentures is not a Business Day, then payment
of interest payable on such date shall be made on the next succeeding day which
is a Business Day (and without any interest or other payment in respect of any
such delay) except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day (and
without any reduction of interest or any other payment in respect of any such
acceleration), in each case with the same force and effect as if made on the
date such payment was originally payable.

         (c)      If, at any time while the Property Trustee is the holder of
any Debentures, the Trust or the Property Trustee is required to pay any taxes,
duties, assessments or governmental charges of whatever nature (other than
withholding taxes) imposed by the United States, or any other taxing authority,
then, in any case, the Company shall pay as additional payments ("Additional
Payments") on the Debentures held by the Property Trustee, such additional
amounts as shall be required so that the net amounts received and retained by
the Trust and the Property Trustee after paying such taxes, duties, assessments
or other governmental charges shall be equal to the amounts the Trust and the
Property Trustee would have received had no such taxes, duties, assessments or
other government charges been imposed.

         Section 2.5. Execution and Authentication.

         (a)      The Debentures shall be signed on behalf of the Company by its
Chief Executive Officer, President or one of its Senior or Executive Vice
Presidents, under its corporate seal

                                       16
<Page>

attested by its Secretary or one of its Assistant Secretaries. Signatures may be
in the form of a manual or facsimile signature. The Company may use the
facsimile signature of any Person who shall have been a Chief Executive Officer,
President or Senior or Executive Vice President thereof, or of any Person who
shall have been a Secretary or Assistant Secretary thereof, notwithstanding the
fact that at the time the Debentures shall be authenticated and delivered or
disposed of such Person shall have ceased to be the Chief Executive Officer,
President or a Senior or Executive Vice President, or the Secretary or an
Assistant Secretary, of the Company (and any such signature shall be binding on
the Company). The seal of the Company may be in the form of a facsimile of such
seal and may be impressed, affixed, imprinted or otherwise reproduced on the
Debentures. The Debentures may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Debenture shall be dated the
date of its authentication by the Trustee.

         (b)      A Debenture shall not be valid until manually authenticated by
an authorized signatory of the Trustee, or by an Authenticating Agent. Such
signature shall be conclusive evidence that the Debenture so authenticated has
been duly authenticated and delivered hereunder and that the holder is entitled
to the benefits of this Indenture.

         (c)      At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Debentures executed by the
Company to the Trustee for authentication, together with a written order of the
Company for the authentication and delivery of such Debentures signed by its
Chief Executive Officer, President or any Senior or Executive Vice President and
its Treasurer or any Assistant Treasurer, and the Trustee in accordance with
such written order shall authenticate and deliver such Debentures.

         (d)      In authenticating such Debentures and accepting the additional
responsibilities under this Indenture in relation to such Debentures, the
Trustee shall be entitled to receive, and (subject to Section 9.1) shall be
fully protected in relying upon, an Opinion of Counsel stating that the form and
terms thereof have been established in conformity with the provisions of this
Indenture.

         (e)      The Trustee shall not be required to authenticate such
Debentures if the issue of such Debentures pursuant to this Indenture shall
affect the Trustee's own rights, duties or immunities under the Debentures and
this Indenture or otherwise in a manner that is not reasonably acceptable to the
Trustee.

         Section 2.6. Registration of Transfer and Exchange.

         (a)      Debentures may be exchanged upon presentation thereof at the
office or agency of the Company designated for such purpose in the Borough of
Manhattan, the City of New York, or at the office of the Debenture Registrar,
for other Debentures and for a like aggregate principal amount in denominations
of integral multiples of $25, upon payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, all as provided in this
Section 2.6. In respect of any Debentures so surrendered for exchange, the
Company shall execute, the Trustee shall authenticate and such office or agency
shall deliver in exchange therefor the Debenture or Debentures that the
Debentureholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

                                       17
<Page>

         (b)      The Company shall keep, or cause to be kept, at its office or
agency designated for such purpose in the Borough of Manhattan, the City of New
York, or at the office of the Debenture Registrar, or such other location
designated by the Company a register or registers (herein referred to as the
"Debenture Register") in which, subject to such reasonable regulations as the
Debenture Registrar (as defined below) may prescribe, the Company shall register
the Debentures and the transfers of Debentures as in this Article II provided
and which at all reasonable times shall be open for inspection by the Trustee.
The registrar for the purpose of registering Debentures and transfer of
Debentures as herein provided shall initially be the Trustee and thereafter as
may be appointed by the Company as authorized by Board Resolution (the
"Debenture Registrar"). Upon surrender for transfer of any Debenture at the
office or agency of the Company designated for such purpose, the Company shall
execute, the Trustee shall authenticate and such office or agency shall deliver
in the name of the transferee or transferees a new Debenture or Debentures for a
like aggregate principal amount. All Debentures presented or surrendered for
exchange or registration of transfer, as provided in this Section 2.6, shall be
accompanied (if so required by the Company or the Debenture Registrar) by a
written instrument or instruments of transfer, in form satisfactory to the
Company or the Debenture Registrar, duly executed by the registered holder or by
such holder's duly authorized attorney in writing.

         (c)      No service charge shall be made for any exchange or
registration of transfer of Debentures, or issue of new Debentures in case of
partial redemption, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge in relation thereto, other than
exchanges pursuant to Section 2.7, Section 3.5(b) and Section 11.4 not involving
any transfer.

         (d)      The Company shall not be required (i) to issue, exchange or
register the transfer of any Debentures during a period beginning at the opening
of business fifteen (15) days before the day of the mailing of a notice of
redemption of less than all the Outstanding Debentures and ending at the close
of business on the day of such mailing; nor (ii) to register the transfer of or
exchange any Debentures or portions thereof called for redemption.

         (e)      Debentures may only be transferred, in whole or in part, in
accordance with the terms and conditions set forth in this Indenture. Any
transfer or purported transfer of any Debenture not made in accordance with this
Indenture shall be null and void.

         Section 2.7. Temporary Debentures. Pending the preparation of
definitive Debentures, the Company may execute, and the Trustee shall
authenticate and deliver, temporary Debentures (printed, lithographed, or
typewritten). Such temporary Debentures shall be substantially in the form of
the definitive Debentures in lieu of which they are issued, but with such
omissions, insertions and variations as may be appropriate for temporary
Debentures, all as may be determined by the Company. Every temporary Debenture
shall be executed by the Company and be authenticated by the Trustee upon the
same conditions and in substantially the same manner, and with like effect, as
the definitive Debentures. Without unnecessary delay, the Company shall execute
and shall furnish definitive Debentures and thereupon any or all temporary
Debentures may be surrendered in exchange therefor (without charge to the
holders), at the office or agency of the Company designated for the purpose and
the Trustee shall authenticate and such office or agency shall deliver in
exchange for such temporary Debentures an equal aggregate principal amount of
definitive Debentures, unless the Company advises the Trustee to the effect that
definitive Debentures need not be authenticated and furnished until further
notice from the

                                       18
<Page>

Company. Until so exchanged, the temporary Debentures shall be entitled to the
same benefits under this Indenture as definitive Debentures authenticated and
delivered hereunder.

         Section 2.8. Mutilated, Destroyed, Lost or Stolen Debentures.

         (a)      In case any temporary or definitive Debenture shall become
mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company's request the Trustee
(subject as aforesaid) shall authenticate and deliver, a new Debenture bearing a
number not contemporaneously outstanding, in exchange and substitution for the
mutilated Debenture, or in lieu of and in substitution for the Debenture so
destroyed, lost, stolen or mutilated. In every case the applicant for a
substituted Debenture shall furnish to the Company and the Trustee such security
or indemnity as may be required by them to save each of them harmless, and, in
every case of destruction, loss or theft, the applicant shall also furnish to
the Company and the Trustee evidence to their satisfaction of the destruction,
loss or theft of the applicant's Debenture and of the ownership thereof. The
Trustee shall authenticate any such substituted Debenture and deliver the same
upon the written request or authorization of the Chief Executive Officer,
President or any Senior or Executive Vice President and the Treasurer or any
Assistant Treasurer of the Company. Upon the issuance of any substituted
Debenture, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee) connected
therewith. In case any Debenture that has matured or is about to mature shall
become mutilated or be destroyed, lost or stolen, the Company may, instead of
issuing a substitute Debenture, pay or authorize the payment of the same
(without surrender thereof except in the case of a mutilated Debenture) if the
applicant for such payment shall furnish to the Company and the Trustee such
security or indemnity as they may require to save them harmless, and, in case of
destruction, loss or theft, evidence to the satisfaction of the Company and the
Trustee of the destruction, loss or theft of such Debenture and of the ownership
thereof.

         (b)      Every replacement Debenture issued pursuant to the provisions
of this Section 2.8 shall constitute an additional contractual obligation of the
Company whether or not the mutilated, destroyed, lost or stolen Debenture shall
be found at any time, or be enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all
other Debentures duly issued hereunder. All Debentures shall be held and owned
upon the express condition that the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Debentures, and shall preclude (to the extent lawful) any and all other rights
or remedies, notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

         Section 2.9. Cancellation. All Debentures surrendered for the purpose
of payment, redemption, exchange or registration of transfer shall, if
surrendered to the Company or any Paying Agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be canceled by it, and no
Debentures shall be issued in lieu thereof except as expressly required or
permitted by any of the provisions of this Indenture. On request of the Company
at the time of such surrender, the Trustee shall deliver to the Company canceled
Debentures held by the Trustee. In the absence of such request the Trustee may
dispose of canceled Debentures in accordance with its standard procedures and
deliver a certificate of disposition to the Company.

                                       19
<Page>

If the Company shall otherwise acquire any of the Debentures, however, such
acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Debentures unless and until the same are
delivered to the Trustee for cancellation.

         Section 2.10. Benefit of Indenture. Nothing in this Indenture or in the
Debentures, express or implied, shall give or be construed to give to any
Person, other than the parties hereto and the holders of the Debentures (and,
with respect to the provisions of Article XVI, the holders of the Senior
Indebtedness) any legal or equitable right, remedy or claim under or in respect
of this Indenture, or under any covenant, condition or provision herein
contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the Debentures (and, with
respect to the provisions of Article XVI, the holders of the Senior
Indebtedness).

         Section 2.11. Authentication Agent.

         (a)      So long as any of the Debentures remain Outstanding there may
be an Authenticating Agent for any or all such Debentures, which Authenticating
Agent the Trustee shall have the right to appoint. Said Authenticating Agent
shall be authorized to act on behalf of the Trustee to authenticate Debentures
issued upon exchange, transfer or partial redemption thereof, and Debentures so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. All references in this Indenture to the authentication of Debentures
by the Trustee shall be deemed to include authentication by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall be
a corporation that has a combined capital and surplus, as most recently reported
or determined by it, sufficient under the laws of any jurisdiction under which
it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and is
subject to supervision or examination by federal or state authorities. If at any
time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

         (b)      Any Authenticating Agent may at any time resign by giving
written notice of resignation to the Trustee and to the Company. The Trustee may
at any time (and upon request by the Company shall) terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon resignation, termination or
cessation of eligibility of any Authenticating Agent, the Trustee may appoint an
eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder as if
originally named as an Authenticating Agent pursuant hereto.

                                  ARTICLE III.
                            REDEMPTION OF DEBENTURES

         Section 3.1. Redemption. Subject to the Company having received prior
approval of the Federal Reserve, if then required under the applicable capital
guidelines, policies or regulations of the Federal Reserve, the Company may
redeem the Debentures issued hereunder on and after the dates set forth in and
in accordance with the terms of this Article III.

                                       20
<Page>

         Section 3.2. Special Event Redemption. Subject to the Company having
received the prior approval of the Federal Reserve, if then required under the
applicable capital guidelines, policies or regulations of the Federal Reserve,
if a Special Event has occurred and is continuing, then, notwithstanding Section
3.3(a) but subject to Section 3.3(b), the Company shall have the right upon not
less than thirty (30) days' nor more than sixty (60) days' notice to the holders
of the Debentures to redeem the Debentures, in whole but not in part, for cash
within 180 days following the occurrence of such Special Event (the "180-Day
Period") at a redemption price equal to 100% of the principal amount to be
redeemed plus any accrued and unpaid interest thereon to the date of such
redemption (the "Redemption Price"), provided that if at the time there is
available to the Company the opportunity to eliminate, within the 180-Day
Period, a Tax Event by taking some ministerial action (a "Ministerial Action"),
such as filing a form or making an election, or pursuing some other similar
reasonable measure which has no adverse effect on the Company, the Trust or the
holders of the Trust Securities issued by the Trust, the Company shall pursue
such Ministerial Action in lieu of redemption, and, provided further, that the
Company shall have no right to redeem the Debentures pursuant to this Section
3.2 while it is pursuing any Ministerial Action pursuant to its obligations
hereunder, and, provided further, that, if it is determined that the taking of a
Ministerial Action would not eliminate the Tax Event within the 180 Day Period,
the Company's right to redeem the Debentures pursuant to this Section 3.2 shall
be restored and it shall have no further obligations to pursue the Ministerial
Action. The Redemption Price shall be paid prior to 12:00 noon, New York time,
on the date of such redemption or such earlier time as the Company determines,
provided that the Company shall deposit with the Trustee an amount sufficient to
pay the Redemption Price by 10:00 a.m., New York time, on the date such
Redemption Price is to be paid.

         Section 3.3. Optional Redemption by the Company.

         (a)      Subject to the provisions of Section 3.3(c), except as
otherwise may be specified in this Indenture, the Company shall have the right
to redeem the Debentures, in whole or in part, from time to time, on or after
September 30, 2007, at a Redemption Price equal to 100% of the principal amount
to be redeemed plus any accrued and unpaid interest thereon to the date of such
redemption. Any redemption pursuant to this Section 3.3(a) shall be made upon
not less than thirty (30) days' nor more than sixty (60) days' notice to the
holder of the Debentures, at the Redemption Price. If the Debentures are only
partially redeemed pursuant to this Section 3.3(a), the Debentures shall be
redeemed pro rata or by lot or in such other manner as the Trustee shall deem
appropriate and fair in its discretion. The Redemption Price shall be paid prior
to 12:00 noon, New York time, on the date of such redemption or at such earlier
time as the Company determines provided that the Company shall deposit with the
Trustee an amount sufficient to pay the Redemption Price by 10:00 a.m., New York
time, on the date such Redemption Price is to be paid.

         (b)      Subject to the provisions of Section 3.3(c), the Company shall
have the right to redeem Debentures at any time and from time to time in a
principal amount equal to the Liquidation Amount (as defined in the Trust
Agreement) of any Preferred Securities purchased and beneficially owned by the
Company, plus an additional principal amount of Debentures equal to the
Liquidation Amount of that number of Common Securities that bears the same
proportion to the total number of Common Securities then outstanding as the
number of Preferred Securities to be redeemed bears to the total number of
Preferred Securities then outstanding. Such Debentures shall be redeemed
pursuant to this Section 3.3(b) only in exchange

                                       21
<Page>

for and upon surrender by the Company to the Property Trustee of the Preferred
Securities and a proportionate amount of Common Securities, whereupon the
Property Trustee shall cancel the Preferred Securities and Common Securities so
surrendered and a Like Amount (as defined in the Trust Agreement) of Debentures
shall be extinguished by the Trustee and shall no longer be deemed Outstanding.

         (c)      If a partial redemption of the Debentures would result in the
termination of inclusion of the Preferred Securities issued by the Trust from
the Nasdaq National Market or the delisting of the Preferred Securities issued
by the Trust from any national securities exchange or other organization on
which the Preferred Securities are then included, listed or quoted, the Company
shall not be permitted to effect such partial redemption and may only redeem the
Debentures in whole.

         Section 3.4. Notice of Redemption.

         (a)      Except in the case of a redemption pursuant to Section 3.3(b),
in case the Company shall desire to exercise such right to redeem all or, as the
case may be, a portion of the Debentures in accordance with the right reserved
so to do, the Company shall, or shall cause the Trustee to upon receipt of
forty-five (45) days' written notice from the Company (which notice shall, in
the event of a partial redemption, include a representation to the effect that
such partial redemption will not result in the delisting of the Preferred
Securities as described in Section 3.3(c) above), give notice of such redemption
to holders of the Debentures to be redeemed by mailing, first class postage
prepaid, a notice of such redemption not less than thirty (30) days and not more
than sixty (60) days before the date fixed for redemption to such holders at
their last addresses as they shall appear upon the Debenture Register unless a
shorter period is specified in the Debentures to be redeemed. Any notice that is
mailed in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not the registered holder receives the notice. In any
case, failure duly to give such notice to the holder of any Debenture designated
for redemption in whole or in part, or any defect in the notice, shall not
affect the validity of the proceedings for the redemption of any other
Debentures. In the case of any redemption of Debentures prior to the expiration
of any restriction on such redemption provided in the terms of such Debentures
or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with any such restriction. Each such
notice of redemption shall specify the date fixed for redemption and the
Redemption Price and shall state that payment of the Redemption Price shall be
made at the office or agency of the Company in the Borough of Manhattan, the
City of New York or at the Corporate Trust Office, upon presentation and
surrender of such Debentures, that interest accrued to the date fixed for
redemption shall be paid as specified in said notice and that from and after
said date interest shall cease to accrue. If less than all the Debentures are to
be redeemed, the notice to the holders of the Debentures shall specify the
particular Debentures to be redeemed. If the Debentures are to be redeemed in
part only, the notice shall state the portion of the principal amount thereof to
be redeemed and shall state that on and after the redemption date, upon
surrender of such Debenture, a new Debenture or Debentures in principal amount
equal to the unredeemed portion thereof shall be issued.

         (b)      Except in the case of a redemption pursuant to Section 3.3(b),
if less than all the Debentures are to be redeemed, the Company shall give the
Trustee at least forty-five (45) days' written notice in advance of the date
fixed for redemption as to the aggregate principal amount of

                                       22
<Page>

Debentures to be redeemed, and thereupon the Trustee shall select, pro rata or
by lot or in such other manner as it shall deem appropriate and fair in its
discretion, the portion or portions (equal to $25 or any integral multiple
thereof) of the Debentures to be redeemed and shall thereafter promptly notify
the Company in writing of the numbers of the Debentures to be redeemed, in whole
or in part. The Company may, if and whenever it shall so elect pursuant to the
terms hereof, by delivery of instructions signed on its behalf by its Chief
Executive Officer, President or any Senior or Executive Vice President, instruct
the Trustee or any Paying Agent to call all or any part of the Debentures for
redemption and to give notice of redemption in the manner set forth in this
Section 3.4, such notice to be in the name of the Company or its own name as the
Trustee or such Paying Agent may deem advisable. In any case in which notice of
redemption is to be given by the Trustee or any such Paying Agent, the Company
shall deliver or cause to be delivered to, or permit to remain with, the Trustee
or such Paying Agent, as the case may be, such Debenture Register, transfer
books or other records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such Paying Agent to give any notice by mail that may be
required under the provisions of this Section 3.4.

         Section 3.5. Payment upon Redemption.

         (a)      If the giving of notice of redemption shall have been
completed as above provided, the Debentures or portions of Debentures to be
redeemed specified in such notice shall become due and payable on the date and
at the place stated in such notice at the applicable Redemption Price, and
interest on such Debentures or portions of Debentures shall cease to accrue on
and after the date fixed for redemption, unless the Company shall default in the
payment of such Redemption Price with respect to any such Debenture or portion
thereof. On presentation and surrender of such Debentures on or after the date
fixed for redemption at the place of payment specified in the notice, said
Debentures shall be paid and redeemed at the Redemption Price (but if the date
fixed for redemption is an Interest Payment Date, the interest installment
payable on such date shall be payable to the registered holder at the close of
business on the applicable record date pursuant to Section 3.3).

         (b)      Upon presentation of any Debenture that is to be redeemed in
part only, the Company shall execute and the Trustee shall authenticate and the
office or agency where the Debenture is presented shall deliver to the holder
thereof, at the expense of the Company, a new Debenture of authorized
denomination in principal amount equal to the unredeemed portion of the
Debenture so presented.

         Section 3.6. No Sinking Fund. The Debentures are not entitled to the
benefit of any sinking fund.

                                   ARTICLE IV.
                      EXTENSION OF INTEREST PAYMENT PERIOD

         Section 4.1. Extension of Interest Payment Period. So long as no Event
of Default has occurred and is continuing, the Company shall have the right, at
any time and from time to time during the term of the Debentures, to defer
payments of interest by extending the interest payment period of such Debentures
for a period not exceeding twenty (20) consecutive quarters (the "Extension
Period"), during which Extension Period no interest shall be due and payable;
provided that no Extension Period may extend beyond the Maturity Date or end on
a date other

                                       23
<Page>

than an Interest Payment Date. To the extent permitted by applicable law,
interest, the payment of which has been deferred because of the extension of the
interest payment period pursuant to this Section 4.1, shall bear interest
thereon at the Coupon Rate compounded quarterly for each quarter of the
Extension Period ("Compounded Interest"). At the end of the Extension Period,
the Company shall calculate (and deliver such calculation to the Trustee) and
pay all interest accrued and unpaid on the Debentures, including any Additional
Payments and Compounded Interest (together, "Deferred Payments") that shall be
payable to the holders of the Debentures in whose names the Debentures are
registered in the Debenture Register on the first record date after the end of
the Extension Period. Before the termination of any Extension Period, the
Company may further extend such period so long as no Event of Default has
occurred and is continuing, provided that such period together with all such
further extensions thereof shall not exceed twenty (20) consecutive quarters, or
extend beyond the Maturity Date of the Debentures or end on a date other than an
Interest Payment Date. Upon the termination of any Extension Period and upon the
payment of all Deferred Payments then due, the Company may commence a new
Extension Period, subject to the foregoing requirements. No interest shall be
due and payable during an Extension Period, except at the end thereof, but the
Company may prepay at any time all or any portion of the interest accrued during
an Extension Period.

         Section 4.2. Notice Of Extension.

         (a)      If the Property Trustee is the only registered holder of the
Debentures at the time the Company selects an Extension Period, the Company
shall give written notice to the Administrative Trustees, the Property Trustee
and the Trustee of its selection of such Extension Period at least two Business
Days before the earlier of (i) the next succeeding date on which Distributions
on the Trust Securities issued by the Trust are payable; or (ii) the date the
Trust is required to give notice of the record date, or the date such
Distributions are payable, to the Nasdaq National Market or other applicable
exchange or self-regulatory organization or to holders of the Preferred
Securities issued by the Trust, but in any event at least one Business Day
before such record date.

         (b)      If the Property Trustee is not the only holder of the
Debentures at the time the Company selects an Extension Period, the Company
shall give the holders of the Debentures and the Trustee written notice of its
selection of such Extension Period at least two Business Days before the earlier
of (i) the next succeeding Interest Payment Date; or (ii) the date the Company
is required to give notice of the record or payment date of such interest
payment to the Nasdaq National Market or other applicable exchange or
self-regulatory organization or to holders of the Debentures.

         (c)      The quarter in which any notice is given pursuant to
paragraphs (a) or (b) of this Section 4.2 shall be counted as one of the twenty
(20) quarters permitted in the maximum Extension Period permitted under Section
4.1.

         Section 4.3. Limitation on Transactions. If (a) the Company shall
exercise its right to defer payment of interest as provided in Section 4.1; or
(b) there shall have occurred and be continuing any Event of Default, then (i)
neither the Company nor any of its subsidiaries shall declare or pay any
dividend on, make any distributions with respect to, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of its capital stock
(other than (A) dividends or distributions in common stock of the Company, or
any declaration of a non-cash

                                       24
<Page>

dividend in connection with the implementation of a shareholder rights plan, or
the issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (B) purchases of common stock of
the Company related to the rights under any of the Company's benefit plans for
its directors, officers or employees, (C) as a result of a reclassification of
its capital stock for another class of its capital stock, or (D) dividends or
distributions made by a subsidiary of the Company, provided that such dividends
or distributions are necessary in order for such subsidiary to qualify as a
"real estate investment trust" under Sections 856 and 857 of the Code or are
made to the Company or to any subsidiary of the Company); (ii) the Company shall
not make, or allow any of its subsidiaries to make, any payment of interest,
principal or premium, if any, or repay, repurchase or redeem any debt securities
issued by the Company which rank pari passu with (including the Company's
Floating Rate Junior Subordinated Deferrable Interest Debentures due 2028 issued
to Coal City Capital Trust I) or junior to the Debentures or make, or allow any
of its subsidiaries to make, any guarantee payments with respect to any
guarantee by the Company of the debt securities of any subsidiary of the Company
if such guarantee ranks pari passu with or junior in interest to the Debentures;
provided, however, that notwithstanding the foregoing the Company may make
payments pursuant to its obligations under the Preferred Securities Guarantee;
and (iii) the Company shall not redeem, purchase or acquire less than all of the
Outstanding Debentures or any of the Preferred Securities.

                                   ARTICLE V.
                       PARTICULAR COVENANTS OF THE COMPANY

         Section 5.1. Payment of Principal and Interest. The Company shall duly
and punctually pay or cause to be paid the principal of and interest on the
Debentures at the time and place and in the manner provided herein. Each such
payment of the principal of and interest on the Debentures shall relate only to
the Debentures, shall not be combined with any other payment of the principal of
or interest on any other obligation of the Company, and shall be clearly and
unmistakably identified as pertaining to the Debentures.

         Section 5.2. Maintenance of Agency. So long as any of the Debentures
remain Outstanding, the Company shall maintain, or shall cause to be maintained,
an office or agency in the Borough of Manhattan, the City of New York, and at
such other location or locations as may be designated as provided in this
Section 5.2, where (a) Debentures may be presented for payment; (b) Debentures
may be presented as hereinabove authorized for registration of transfer and
exchange; and (c) notices and demands to or upon the Company in respect of the
Debentures and this Indenture may be given or served, such designation to
continue with respect to such office or agency until the Company shall, by
written notice signed by its President or a Senior or Executive Vice President
and delivered to the Trustee, designate some other office or agency for such
purposes or any of them. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, notices and demands.
In addition to any such office or agency, the Company may from time to time
designate one or more offices or agencies outside of the Borough of Manhattan,
the City of New York, where the Debentures may be presented for registration or
transfer and for exchange in the manner provided herein, and the Company may
from time to time rescind such designation as the Company may deem desirable or
expedient; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain any such office or
agency in the Borough of Manhattan, the City of New

                                       25
<Page>

York, for the purposes above mentioned. The Company shall give the Trustee
prompt written notice of any such designation or rescission thereof.

         Section 5.3. Paying Agents.

         (a)      The Company shall be the initial Paying Agent. If the Company
shall appoint one or more Paying Agents for the Debentures, other than the
Trustee, the Company shall cause each such Paying Agent to execute and deliver
to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section 5.3:

                  (i)      that it shall hold all sums held by it as such agent
         for the payment of the principal of or interest on the Debentures
         (whether such sums have been paid to it by the Company or by any other
         obligor of such Debentures) in trust for the benefit of the Persons
         entitled thereto;

                  (ii)     that it shall give the Trustee notice of any failure
         by the Company (or by any other obligor of such Debentures) to make any
         payment of the principal of or interest on the Debentures when the same
         shall be due and payable;

                  (iii)    that it shall, at any time during the continuance of
         any failure referred to in the preceding paragraph (a)(ii) above, upon
         the written request of the Trustee, forthwith pay to the Trustee all
         sums so held in trust by such Paying Agent; and

                  (iv)     that it shall perform all other duties of Paying
         Agent as set forth in this Indenture.

         (b)      If the Company shall act as its own Paying Agent with respect
to the Debentures, it shall on or before each due date of the principal of or
interest on such Debentures, set aside, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay such principal
or interest so becoming due on Debentures until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and shall promptly notify
the Trustee of such action, or any failure (by it or any other obligor on such
Debentures) to take such action. Whenever the Company shall have one or more
Paying Agents for the Debentures, it shall, prior to each due date of the
principal of or interest on any Debentures, deposit with the Paying Agent a sum
sufficient to pay the principal or interest so becoming due, such sum to be held
in trust for the benefit of the Persons entitled to such principal or interest,
and (unless such Paying Agent is the Trustee) the Company shall promptly notify
the Trustee of this action or failure so to act.

         (c)      Notwithstanding anything in this Section 5.3 to the contrary,
(i) the agreement to hold sums in trust as provided in this Section 5.3 is
subject to the provisions of Section 13.3 and 13.4; and (ii) the Company may at
any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any Paying Agent to pay, to
the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same terms and conditions as those upon
which such sums were held by the Company or such Paying Agent; and, upon such
payment by any Paying Agent to the Trustee, such Paying Agent shall be released
from all further liability with respect to such money.

                                       26
<Page>

         Section 5.4. Appointment to Fill Vacancy in Office of the Trustee. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
shall appoint, in the manner provided in Section 9.11, a Trustee, so that there
shall at all times be a Trustee hereunder.

         Section 5.5. Compliance with Consolidation Provisions. The Company
shall not, while any of the Debentures remain Outstanding, consolidate with, or
merge into, or merge into itself, or sell or convey all or substantially all of
its property to any other company unless the provisions of Article XII hereof
are complied with.

         Section 5.6. Limitation on Transactions. If Debentures are issued to
the Trust or a trustee of the Trust in connection with the issuance of Trust
Securities by the Trust and (a) there shall have occurred and be continuing an
Event of Default; (b) the Company shall be in default with respect to its
payment of any obligations under the Preferred Securities Guarantee relating to
the Trust; or (c) if the Company shall have given notice of its election to
defer payments of interest on such Debentures by extending the interest payment
period as provided in this Indenture and such Extension Period, or any extension
thereof, shall be continuing, then (i) neither the Company nor any of its
subsidiaries shall declare or pay any dividend on, make any distributions with
respect to, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of its capital stock (other than (A) dividends or distributions
in common stock of the Company, or any declaration of a non-cash dividend in
connection with the implementation of a shareholder rights plan, or the issuance
of stock under any such plan in the future, or the redemption or repurchase of
any such rights pursuant thereto, (B) purchases of common stock of the Company
related to the rights under any of the Company's benefit plans for its
directors, officers or employees, (C) as a result of a reclassification of its
capital stock, or (D) dividends or distributions made by a subsidiary of the
Company, provided that such dividends or distributions are necessary in order
for such subsidiary to qualify as a "real estate investment trust" under
Sections 856 and 857 of the Code or are made to the Company or to any
subsidiary of the Company); (ii) the Company shall not make, or allow any of its
subsidiaries to make, any payment of principal, interest or premium, if any, or
repay, repurchase or redeem any debt securities issued by the Company which rank
pari passu with (including the Company's Floating Rate Junior Subordinated
Deferrable Interest Debentures due 2028 issued to Coal City Capital Trust I) or
junior in interest to the Debentures or make, or allow any of its subsidiaries
to make, any guarantee payments with respect to any guarantee by the Company of
the debt securities of any subsidiary of the Company if such guarantee ranks
pari passu with or junior in interest to the Debentures; provided, however, that
the Company may make payments pursuant to its obligations under the Preferred
Securities Guarantee; and (iii) the Company shall not redeem, purchase or
acquire less than all of the Outstanding Debentures or any of the Preferred
Securities.

         Section 5.7. Covenants as to the Trust. For so long as the Trust
Securities of the Trust remain outstanding, the Company (a) shall maintain 100%
direct or indirect ownership of the Common Securities of the Trust; provided,
however, that any permitted successor of the Company under this Indenture may
succeed to the Company's ownership of the Common Securities; (b) shall not
voluntarily terminate, wind up or liquidate the Trust, except upon prior
approval of the Federal Reserve if then so required under applicable capital
guidelines, policies or regulations of the Federal Reserve; (c) shall use its
reasonable efforts to cause the Trust (i) to remain a business trust (and to
avoid involuntary termination, winding up or liquidation), except in connection
with a distribution of Debentures, the redemption of all of the Trust Securities
of the Trust or certain mergers, consolidations or amalgamations, each as
permitted by the Trust Agreement; and (ii) to otherwise continue not to be
treated as an association taxable as a corporation or partnership for United
States federal income tax purposes; (d) shall use its

                                       27
<Page>

reasonable efforts to cause each holder of Trust Securities to be treated as
owning an individual beneficial interest in the Debentures; and (e) including
any successor to the Company, shall use its best efforts to maintain the
eligibility of the Preferred Securities for inclusion, quotation or listing on
any national securities exchange or other organization on which the Preferred
Securities are then included, quoted or listed (including, if applicable, the
Nasdaq National Market) and shall use reasonable efforts to keep the Preferred
Securities so quoted or listed for so long as the Preferred Securities remain
outstanding. In connection with the distribution of the Debentures to the
holders of the Preferred Securities issued by the Trust upon a Dissolution
Event, the Company shall use its best efforts to list or include such Debentures
on a national securities exchange or comparable automated quotation system or to
list such Debentures on such other exchange as the Preferred Securities are then
listed.

         Section 5.8. Covenants as to Purchases. Except upon the exercise by the
Company of its right to redeem the Debentures pursuant to Section 3.2 upon the
occurrence and continuation of a Special Event or pursuant to Section 3.3(b) in
connection with the purchase of Preferred Securities by the Company, the Company
shall not purchase any Debentures, in whole or in part, from the Trust prior to
September 30, 2007.

         Section 5.9. Waiver of Usury, Stay or Extension Laws. The Company shall
not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any usury, stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the
performances of this Indenture, and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the extension of
every such power as though no such law had been enacted.

         Section 5.10. Limitation on Additional Junior Indebtedness. The Company
shall not, and it shall not cause or permit any Affiliate of the Company to,
incur, issue or be obligated on any Additional Junior Indebtedness, either
directly or indirectly, by way of guarantee, suretyship or otherwise, other than
Additional Junior Indebtedness that, by its terms, is expressly stated to be (a)
junior and subordinate in all respects to the Debentures or (b) pari passu and
rank equally in all respects with the Debentures.

         Notwithstanding the foregoing, the limitations of this Section 5.10
shall not in any way preclude the Company from merging with or into, or from
acquiring or being acquired by, another Person ("Other Person") (including by
way of merger, stock purchase or acquisition of assets) that is not an Affiliate
of the Company in an arm's length transaction entered into in good faith, even
though the Person surviving such merger or acquisition may, immediately
following such merger or acquisition, be obligated under Additional Junior
Indebtedness of the type that would otherwise not be permitted by this Section
5.10 that was incurred by the Other Person prior to such merger or acquisition
("Pre-Existing Indebtedness"); provided, however, that after such merger or
acquisition, the limitation on Additional Junior Indebtedness set forth in this
Section 5.10 shall continue to apply to the Company (in the event that it is the
surviving corporation in such merger transaction or the acquiror in such
acquisition transaction) and shall apply to the Other Person (in the event that
it is the surviving corporation in such merger transaction or the acquiror in
such acquisition transaction) whether or not such Other Person is

                                       28
<Page>

expressly made a party hereto, with respect to all Additional Junior
Indebtedness other than Pre- Existing Indebtedness.

                                   ARTICLE VI.
                     THE DEBENTUREHOLDERS' LISTS AND REPORTS
                         BY THE COMPANY AND THE TRUSTEE

         Section 6.1. The Company to Furnish the Trustee Names and Addresses of
the Debentureholders.

         The Company shall furnish or cause to be furnished to the Trustee (a)
on a quarterly basis on each regular record date (as described in Section 2.4) a
list, in such form as the Trustee may reasonably require, of the names and
addresses of the holders of the Debentures as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to be
furnished such list at any time that the list shall not differ in any respect
from the most recent list furnished to the Trustee by the Company (in the event
the Company fails to provide such list on a quarterly basis, the Trustee shall
be entitled to rely on the most recent list provided by the Company); and (b) at
such other times as the Trustee may request in writing within thirty (30) days
after the receipt by the Company of any such request, a list in similar form and
content as of a date not more than fifteen (15) days prior to the time such list
is furnished; provided, however, that, in either case, no such list need be
furnished if the Trustee shall be the Debenture Registrar.

         Section 6.2. Preservation of Information Communications with the
Debentureholders.

         (a)      The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
holders of Debentures contained in the most recent list furnished to it as
provided in Section 6.1 and as to the names and addresses of holders of
Debentures received by the Trustee in its capacity as Debenture Registrar for
the Debentures (if acting in such capacity).

         (b)      The Trustee may destroy any list furnished to it as provided
in Section 6.1 upon receipt of a new list so furnished.

         (c)      Debentureholders may communicate as provided in Section 312(b)
of the Trust Indenture Act with other Debentureholders with respect to their
rights under this Indenture or under the Debentures.

         Section 6.3. Reports by the Company.

         (a)      The Company covenants and agrees to file with the Trustee,
within fifteen (15) days after the Company is required to file the same with the
Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that the
Company may be required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act; or, if the Company is not required to file
information, documents or reports pursuant to either of such sections, then to
file with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports that may be
required

                                       29
<Page>

pursuant to Section 13 of the Exchange Act in respect of a security listed and
registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations.

         (b)      The Company covenants and agrees to file with the Trustee and
the Commission, in accordance with the rules and regulations prescribed from
time to time by the Commission, such additional information, documents and
reports with respect to compliance by the Company with the conditions and
covenants provided for in this Indenture as may be required from time to time by
such rules and regulations.

         (c)      The Company covenants and agrees to transmit by mail, first
class postage prepaid, or reputable overnight delivery service that provides for
evidence of receipt, to the Debentureholders, as their names and addresses
appear upon the Debenture Register, within thirty (30) days after the filing
thereof with the Trustee, such summaries of any information, documents and
reports required to be filed by the Company pursuant to subsections (a) and (b)
of this Section 6.3 as may be required by rules and regulations prescribed from
time to time by the Commission.

         Section 6.4. Reports by the Trustee.

         (a)      On or before October 15 in each year in which any of the
Debentures are Outstanding, the Trustee shall transmit by mail, first class
postage prepaid, to the Debentureholders, as their names and addresses appear
upon the Debenture Register, a brief report dated as of the preceding September
30, if and to the extent required under Section 313(a) of the Trust Indenture
Act.

         (b)      The Trustee shall comply with Section 313(b) and 313(c) of the
Trust Indenture Act.

         (c)      A copy of each such report shall, at the time of such
transmission to Debentureholders, be filed by the Trustee with the Company, with
the automated quotation system or other self-regulatory organization in which
any Debentures are included and/or each stock exchange upon which any Debentures
are listed (if so included or listed) and also with the Commission. The Company
agrees to notify the Trustee when any Debentures become designated for inclusion
in an automated quotation system or listed on any stock exchange.

                                  ARTICLE VII.
                  REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS
                               ON EVENT OF DEFAULT

         Section 7.1. Events of Default.

         (a)      Whenever used herein with respect to the Debentures, "Event of
Default" means any one or more of the following events that has occurred and is
continuing:

                  (i)      the Company defaults in the payment of any
         installment of interest upon any of the Debentures, as and when the
         same shall become due and payable, and

                                       30
<Page>

         continuance of such default for a period of thirty (30) days; provided,
         however, that a valid extension of an interest payment period by the
         Company in accordance with the terms of this Indenture shall not
         constitute a default in the payment of interest for this purpose;

                  (ii)     the Company defaults in the payment of the principal
         on the Debentures as and when the same shall become due and payable
         whether at maturity, upon redemption, by declaration or otherwise;

                  (iii)    the Company fails to observe or perform in any
         material respect any other of its covenants or agreements with respect
         to the Debentures for a period of ninety (90) days after the date on
         which written notice of such failure, requiring the same to be remedied
         and stating that such notice is a "Notice of Default" hereunder, shall
         have been given to the Company by the Trustee, by registered or
         certified mail, or to the Company and the Trustee by the holders of at
         least twenty-five percent (25%) in principal amount of the Debentures
         at the time Outstanding;

                  (iv)     the Company pursuant to or within the meaning of any
         Bankruptcy Law (A) commences a voluntary case; (B) consents to the
         entry of an order for relief against it in an involuntary case; (C)
         consents to the appointment of a Custodian of it or for all or
         substantially all of its property; or (D) makes a general assignment
         for the benefit of its creditors;

                  (v)      a court of competent jurisdiction enters an order
         under any Bankruptcy Law that (A) is for relief against the Company in
         an involuntary case; (B) appoints a Custodian of the Company for all or
         substantially all of its property; or (C) orders the liquidation of the
         Company, and the order or decree remains unstayed and in effect for
         ninety (90) days; or

                  (vi)     the Trust shall have voluntarily or involuntarily
         dissolved, wound-up its business or otherwise terminated its existence
         except in connection with (A) the distribution of Debentures to holders
         of Trust Securities in liquidation of their interests in the Trust; (B)
         the redemption of all of the outstanding Trust Securities of the Trust;
         or (C) certain mergers, consolidations or amalgamations, each as
         permitted by the Trust Agreement.

         (b)      In each and every such case referred to in items (i) through
(vi) of Section 7.1(a), unless the principal of all the Debentures shall have
already become due and payable, either the Trustee or the holders of not less
than twenty-five percent (25%) in aggregate principal amount of the Debentures
then Outstanding hereunder, by notice in writing to the Company (and to the
Trustee if given by such Debentureholders) may declare the principal of all the
Debentures to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable, notwithstanding
anything contained in this Indenture or in the Debentures.

         (c)      At any time after the principal of the Debentures shall have
been so declared due and payable, and before any judgment or decree for the
payment of the moneys due shall have been obtained or entered as hereinafter
provided, the holders of a majority in aggregate principal

                                       31
<Page>

amount of the Debentures then Outstanding hereunder, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its
consequences if: (i) the Company has paid or deposited with the Trustee a sum
sufficient to pay all matured installments of interest upon all the Debentures
and the principal of any and all Debentures that shall have become due otherwise
than by acceleration (with interest upon such principal, and, to the extent that
such payment is enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Debentures to the date of such
payment or deposit) and the amount payable to the Trustee under Section 9.7; and
(ii) any and all Events of Default under this Indenture, other than the
nonpayment of principal on Debentures that shall not have become due by their
terms, shall have been remedied or waived as provided in Section 7.6. No such
rescission and annulment shall extend to or shall affect any subsequent default
or impair any right consequent thereon.

         (d)      In case the Trustee shall have proceeded to enforce any right
with respect to Debentures under this Indenture and such proceedings shall have
been discontinued or abandoned because of such rescission or annulment or for
any other reason or shall have been determined adversely to the Trustee, then
and in every such case the Company and the Trustee shall be restored
respectively to their former positions and rights hereunder, and all rights,
remedies and powers of the Company and the Trustee shall continue as though no
such proceedings had been taken.

         Section 7.2. Collection of Indebtedness and Suits for Enforcement by
the Trustee.

         (a)      The Company covenants that (i) in case it shall default in the
payment of any installment of interest on any of the Debentures, and such
default shall have continued for a period of thirty (30) days (other than by
reason of a valid extension of an interest payment period by the Company in
accordance with the terms of this Indenture); or (ii) in case it shall default
in the payment of the principal of any of the Debentures when the same shall
have become due and payable, whether upon maturity of the Debentures or upon
redemption or upon declaration or otherwise, then, upon demand of the Trustee,
the Company shall pay to the Trustee, for the benefit of the holders of the
Debentures, the whole amount that then shall have been become due and payable on
all such Debentures for principal or interest, or both, as the case may be, with
interest upon the overdue principal; and (to the extent that payment of such
interest is enforceable under applicable law and, if the Debentures are held by
the Trust or a trustee of the Trust, without duplication of any other amounts
paid by the Trust or trustee in respect thereof) upon overdue installments of
interest at the rate per annum expressed in the Debentures; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, and the amount payable to the Trustee under Section 9.7.

         (b)      If the Company shall fail to pay such amounts set forth in
Section 7.2(a) forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, shall be entitled and empowered to institute any
action or proceedings at law or in equity for the collection of the sums so due
and unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or
other obligor upon the Debentures and collect the moneys adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or
other obligor upon the Debentures, wherever situated.

                                       32
<Page>

         (c)      In case of any receivership, insolvency, liquidation,
bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, the Trust, or the creditors or property of
either, the Trustee shall have power to intervene in such proceedings and take
any action therein that may be permitted by the court and shall (except as may
be otherwise provided by law) be entitled to file such proofs of claim and other
papers and documents as may be necessary or advisable in order to have the
claims of the Trustee and of the holders of the Debentures allowed for the
entire amount due and payable by the Company under this Indenture at the date of
institution of such proceedings and for any additional amount that may become
due and payable by the Company after such date, and to collect and receive any
moneys or other property payable or deliverable on any such claim, and to
distribute the same after the deduction of the amount payable to the Trustee
under Section 9.7; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of the Debentures to
make such payments to the Trustee, and, in the event that the Trustee shall
consent to the making of such payments directly to such Debentureholders, to pay
to the Trustee any amount due it under Section 9.7.

         (d)      All rights of action and of asserting claims under this
Indenture, or under any of the terms established with respect to the Debentures,
may be enforced by the Trustee without the possession of any of such Debentures,
or the production thereof at any trial or other proceeding relative thereto, and
any such suit or proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall,
after provision for payment to the Trustee of any amounts due under Section 9.7,
be for the ratable benefit of the holders of the Debentures. In case of an Event
of Default hereunder which is continuing, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. Nothing contained herein
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Debentureholder any plan of reorganization, arrangement,
adjustment or composition affecting the Debentures or the rights of any holder
thereof or to authorize the Trustee to vote in respect of the claim of any
Debentureholder in any such proceeding.

         Section 7.3. Application of Moneys Collected. Any moneys or other
assets collected by the Trustee pursuant to this Article VII with respect to the
Debentures shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such moneys or other assets
on account of principal or interest, upon presentation of the Debentures, and
notation thereon of the payment, if only partially paid, and upon surrender
thereof if fully paid:

                  FIRST: To the payment of costs and expenses of collection and
         of all amounts payable to the Trustee under Section 9.7;

                  SECOND: To the payment of all Senior Indebtedness if and to
         the extent required by Article XVI; and

                                       33
<Page>

                  THIRD: To the payment of the amounts then due and unpaid upon
         the Debentures for principal and interest, in respect of which or for
         the benefit of which such money has been collected, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on such Debentures for principal and interest, respectively.

         Section 7.4. Limitation on Suits.

         (a)      Except as set forth in this Indenture, no holder of any
Debenture shall have any right by virtue or by availing of any provision of this
Indenture to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless (i) such holder previously
shall have given to the Trustee written notice of an Event of Default and of the
continuance thereof with respect to the Debentures specifying such Event of
Default, as hereinbefore provided; (ii) the holders of not less than twenty-five
(25%) in aggregate principal amount of the Debentures then Outstanding shall
have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as trustee hereunder; (iii) such holder or holders
shall have offered to the Trustee such reasonable indemnity as it may require
against the costs, expenses and liabilities to be incurred therein or thereby;
and (iv) the Trustee for sixty (60) days after its receipt of such notice,
request and offer of indemnity shall have failed to institute any such action,
suit or proceeding and during such sixty (60) day period, the holders of a
majority in principal amount of the Debentures do not give the Trustee a
direction inconsistent with the request.

         (b)      Notwithstanding anything contained herein to the contrary or
any other provisions of this Indenture, the right of any holder of the
Debentures to receive payment of the principal of and interest on the
Debentures, as therein provided, on or after the respective due dates expressed
in such Debenture (or in the case of redemption, on the redemption date), or to
institute suit for the enforcement of any such payment on or after such
respective dates or redemption date, shall not be impaired or affected without
the consent of such holder and by accepting a Debenture hereunder it is
expressly understood, intended and covenanted by the taker and holder of every
Debenture with every other such taker and holder and the Trustee that no one or
more holders of the Debentures shall have any right in any manner whatsoever by
virtue or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of the holders of any other of such Debentures, or to
obtain or seek to obtain priority over or preference to any other such holder,
or to enforce any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all holders of the
Debentures. For the protection and enforcement of the provisions of this Section
7.4, each and every Debentureholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.

         Section 7.5. Rights and Remedies Cumulative; Delay or Omission not
Waiver.

         (a)      Except as otherwise provided in Section 2.8(b), all powers and
remedies given by this Article VII to the Trustee or to the Debentureholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of
any other powers and remedies available to the Trustee or the holders of the
Debentures, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or
otherwise established with respect to such Debentures.

                                       34
<Page>

         (b)      No delay or omission of the Trustee or of any holder of any of
the Debentures to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or
shall be construed to be a waiver of any such default or an acquiescence
therein; and, subject to the provisions of Section 7.4, every power and remedy
given by this Article VII or by law to the Trustee or the Debentureholders may
be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Debentureholders.

         Section 7.6. Control by the Debentureholders. The holders of a majority
in aggregate principal amount of the Debentures at the time Outstanding,
determined in accordance with Section 10.4, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee;
provided, however, that such direction shall not be in conflict with any rule of
law or with this Indenture. Subject to the provisions of Section 9.1, the
Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or Officers of the
Trustee, determine that the proceeding so directed would involve the Trustee in
personal liability. The holders of a majority in aggregate principal amount of
the Debentures at the time Outstanding affected thereby, determined in
accordance with Section 10.4, may on behalf of the holders of all of the
Debentures waive any past default in the performance of any of the covenants
contained herein and its consequences, except (i) a default in the payment of
the principal of or interest on any of the Debentures as and when the same shall
become due by the terms of such Debentures otherwise than by acceleration
(unless such default has been cured and a sum sufficient to pay all matured
installments of principal and interest has been deposited with the Trustee (in
accordance with Section 7.1(c)); (ii) a default in the covenants contained in
Section 5.7; or (iii) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the holder of each Outstanding
Debenture affected; provided, however, that if the Debentures are held by the
Trust or a trustee of the Trust, such waiver or modification to such waiver
shall not be effective until the holders of a majority in liquidation preference
of Trust Securities of the Trust shall have consented to such waiver or
modification to such waiver; provided further, that if the Debentures are held
by the Trust or a trustee of the Trust, and if the consent of the holder of each
Outstanding Debenture is required, such waiver shall not be effective until each
holder of the Trust Securities of the Trust shall have consented to such waiver.
Upon any such waiver, the default covered thereby shall be deemed to be cured
for all purposes of this Indenture and the Company, the Trustee and the holders
of the Debentures shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

         Section 7.7. Undertaking to Pay Costs. All parties to this Indenture
agree, and each holder of any Debentures by such holder's acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken or omitted by it as
the Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys' fees, against any
party litigant in such suit, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; but the provisions of
this Section 7.7 shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Debentureholder, or group of the Debentureholders
holding more than ten percent (10%) in aggregate principal amount of the
Outstanding Debentures, or to any suit instituted by any

                                       35
<Page>

Debentureholder for the enforcement of the payment of the principal of or
interest on the Debentures, on or after the respective due dates expressed in
such Debenture or established pursuant to this Indenture.

         Section 7.8. Direct Action; Right of Set-Off. In the event that an
Event of Default has occurred and is continuing and such event is attributable
to the failure of the Company to pay interest on or principal of the Debentures
on an Interest Payment Date or Maturity Date, as applicable, then a holder of
Preferred Securities may institute a legal proceeding directly against the
Company for enforcement of payment to such holder of the principal of or
interest on such Debentures having a principal amount equal to the aggregate
Liquidation Amount of the Preferred Securities of such holders (a "Direct
Action"). In connection with such Direct Action, the Company will have a right
of set-off under this Indenture to the extent of any payment actually made by
the Company to such holder of the Preferred Securities with respect to such
Direct Action.

                                  ARTICLE VIII.
                    FORM OF THE DEBENTURE AND ORIGINAL ISSUE

         Section 8.1. Form of Debenture. The Debenture and the Trustee's
Certificate of Authentication to be endorsed thereon are to be substantially in
the forms contained as Exhibit A to this Indenture, attached hereto and
incorporated herein by reference.

         Section 8.2. Original Issue of the Debentures. Debentures in the
aggregate principal amount of $53,625,000 may, upon execution of this Indenture,
be executed by the Company and delivered to the Trustee for authentication. If
the Underwriters exercise their Option and there is an Option Closing Date (as
such terms are defined in the Underwriting Agreement, dated ______________,
2002, by and among the Company, the Trust, Stifel, Nicolaus & Company,
Incorporated, Legg Mason Wood Walker Incorporated, Howe Barnes Investments, Inc.
and Sandler O'Neill & Partners, L.P., as Representatives of the several
Underwriters named therein, then, on such Option Closing Date, Debentures in the
additional aggregate amount of up to $8,043,750 may be executed by the Company
and delivered to the Trustee for authentication. The Trustee shall thereupon
authenticate and deliver said Debentures to or upon the written order of the
Company, signed by its Chief Executive Officer, its President, or any Senior or
Executive Vice President and its Treasurer or an Assistant Treasurer, without
any further action by the Company.

                                   ARTICLE IX.
                             CONCERNING THE TRUSTEE

         Section 9.1. Certain Duties and Responsibilities of the Trustee.

         (a)      The Trustee, prior to the occurrence of an Event of Default
and after the curing of all Events of Default that may have occurred, shall
undertake to perform with respect to the Debentures such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants
shall be read into this Indenture against the Trustee. In case an Event of
Default has occurred that has not been cured or waived, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in its

                                       36
<Page>

exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs.

         (b)      No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

                  (i)      prior to the occurrence of an Event of Default and
         after the curing or waiving of all such Events of Default that may have
         occurred:

                           (A)      the duties and obligations of the Trustee
                  shall with respect to the Debentures be determined solely by
                  the express provisions of this Indenture, and the Trustee
                  shall not be liable with respect to the Debentures except for
                  the performance of such duties and obligations as are
                  specifically set forth in this Indenture, and no implied
                  covenants or obligations shall be read into this Indenture
                  against the Trustee; and

                           (B)      in the absence of bad faith on the part of
                  the Trustee, the Trustee may with respect to the Debentures
                  conclusively rely, as to the truth of the statements and the
                  correctness of the opinions expressed therein, upon any
                  certificates or opinions furnished to the Trustee and
                  conforming to the requirements of this Indenture; but in the
                  case of any such certificates or opinions that by any
                  provision hereof are specifically required to be furnished to
                  the Trustee, the Trustee shall be under a duty to examine the
                  same to determine whether or not they conform to the
                  requirements of this Indenture;

                  (ii)     the Trustee shall not be liable for any error of
         judgment made in good faith by a Responsible Officer or Responsible
         Officers of the Trustee, unless it shall be proved that the Trustee was
         negligent in ascertaining the pertinent facts;

                  (iii)    the Trustee shall not be liable with respect to any
         action taken or omitted to be taken by it in good faith in accordance
         with the direction of the holders of not less than a majority in
         principal amount of the Debentures at the time Outstanding relating to
         the time, method and place of conducting any proceeding for any remedy
         available to the Trustee, or exercising any trust or power conferred
         upon the Trustee under this Indenture with respect to the Debentures;
         and

                  (iv)     none of the provisions contained in this Indenture
         shall require the Trustee to expend or risk its own funds or otherwise
         incur personal financial liability in the performance of any of its
         duties or in the exercise of any of its rights or powers, if there is
         reasonable ground for believing that the repayment of such funds or
         liability is not reasonably assured to it under the terms of this
         Indenture or adequate indemnity against such risk is not reasonably
         assured to it.

         Section 9.2. Notice of Defaults. Within ninety (90) days after actual
knowledge by a Responsible Officer of the Trustee of the occurrence of any
Default hereunder with respect to the Debentures, the Trustee shall transmit by
mail to all holders of the Debentures, as their names and addresses appear in
the Debenture Register, notice of such Default, unless such default shall

                                       37
<Page>

have been cured or waived; provided, however, that, except in the case of a
default in the payment of the principal or interest (including any Additional
Payments) on any Debenture, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of the directors and/or Responsible Officers of the Trustee
determines in good faith that the withholding of such notice is in the interests
of the holders of such Debentures; and provided, further, that in the case of
any Default of the character specified in section 7.1(a)(iii), no such notice to
holders of Debentures need be sent until at least thirty (30) days after the
occurrence thereof.

         Section 9.3. Certain Rights of the Trustee. Except as otherwise
provided in Section 9.1:

         (a)      The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security or
other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;

         (b)      Any request, direction, order or demand of the Company
mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by its President or any Senior or
Executive Vice President and by the Secretary or an Assistant Secretary or the
Treasurer or an Assistant Treasurer thereof (unless other evidence in respect
thereof is specifically prescribed herein);

         (c)      The Trustee shall not be deemed to have knowledge of a Default
or an Event of Default, other than an Event of Default specified in Section
7.1(a)(i) or (ii), unless and until it receives written notification of such
Event of Default from the Company or by holders of at least twenty-five percent
(25%) of the aggregate principal amount of the Debentures at the time
Outstanding;

         (d)      The Trustee may consult with counsel and the written advice of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted hereunder
in good faith and in reliance thereon;

         (e)      The Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Debentureholders, pursuant to the provisions of this
Indenture, unless such Debentureholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities
that may be incurred therein or thereby; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence of an Event
of Default (that is continuing and has not been cured or waived) to exercise
with respect to the Debentures such of the rights and powers vested in it by
this Indenture, and to use the same degree of care and skill in its exercise, as
a prudent man would exercise or use under the circumstances in the conduct of
his own affairs;

         (f)      The Trustee shall not be liable for any action taken or
omitted to be taken by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture;

         (g)      The Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request,

                                       38
<Page>

consent, order, approval, bond, security, or other papers or documents, unless
requested in writing so to do by the holders of not less than a majority in
principal amount of the Outstanding Debentures (determined as provided in
Section 10.4); provided, however, that if the payment within a reasonable time
to the Trustee of the costs, expenses or liabilities likely to be incurred by it
in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of
this Indenture, the Trustee may require reasonable indemnity against such costs,
expenses or liabilities as a condition to so proceeding, and the reasonable
expense of every such examination shall be paid by the Company or, if paid by
the Trustee, shall be repaid by the Company upon demand; and

         (h)      The Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder.

         Section 9.4. The Trustee not Responsible for Recitals, Etc.

         (a)      The Recitals contained herein and in the Debentures shall be
taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.

         (b)      The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Debentures.

         (c)      The Trustee shall not be accountable for the use or
application by the Company of any of the Debentures or of the proceeds of such
Debentures, or for the use or application of any moneys paid over by the Trustee
in accordance with any provision of this Indenture, or for the use or
application of any moneys received by any Paying Agent other than the Trustee.

         Section 9.5. May Hold the Debentures. The Trustee or any Paying Agent
or Debenture Registrar for the Debentures, in its individual or any other
capacity, may become the owner or pledgee of the Debentures with the same rights
it would have if it were not Trustee, Paying Agent or Debenture Registrar.

         Section 9.6. Moneys Held in Trust. Subject to the provisions of Section
13.5, all moneys received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any moneys received by
it hereunder except such as it may agree with the Company to pay thereon.

         Section 9.7. Compensation and Reimbursement.

         (a)      The Company covenants and agrees to pay to the Trustee, and
the Trustee shall be entitled to, such reasonable compensation (which shall not
be limited by any provision of law in regard to the compensation of a trustee of
an express trust), as the Company and the Trustee may from time to time agree in
writing, for all services rendered by it in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee, and, except as otherwise expressly provided herein,
the Company shall pay or

                                       39
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reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all persons not
regularly in its employ) except any such expense, disbursement or advance as may
arise from its negligence or bad faith. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold
it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this Indenture, including the costs and
expenses of defending itself against any claim of liability in the premises.

         (b)      The obligations of the Company under this Section 9.7 to
compensate and indemnify the Trustee and to pay or reimburse the Trustee for
expenses, disbursements and advances shall constitute additional indebtedness
hereunder. Such additional indebtedness shall be secured by a lien prior to that
of the Debentures upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of the holders of particular
Debentures.

         Section 9.8. Reliance on Officers' Certificate. Except as otherwise
provided in Section 9.1, whenever in the administration of the provisions of
this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any
action hereunder, such matter (unless other evidence in respect thereof is
herein specifically prescribed) may, in the absence of negligence or bad faith
on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers' Certificate delivered to the Trustee and such certificate, in
the absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken, suffered or omitted to be taken by
it under the provisions of this Indenture upon the faith thereof.

         Section 9.9. Disqualification; Conflicting Interests. If the Trustee
has or shall acquire any "conflicting interest" within the meaning of Section
310(b) of the Trust Indenture Act, the Trustee and the Company shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

         Section 9.10. Corporate Trustee Required; Eligibility. There shall at
all times be a Trustee with respect to the Debentures issued hereunder which
shall at all times be a corporation organized and doing business under the laws
of the United States or any state or territory thereof or of the District of
Columbia, or a corporation or other Person permitted to act as trustee by the
Commission, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least $50,000,000, and subject to
supervision or examination by federal, state, territorial, or District of
Columbia authority. If such Person publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section 9.10, the combined
capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published.
The Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Trustee. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 9.10, the Trustee shall resign immediately in the
manner and with the effect specified in Section 9.11.

                                       40
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         Section 9.11. Resignation and Removal; Appointment of Successor.

         (a)      The Trustee or any successor hereafter appointed, may at any
time resign by giving written notice thereof to the Company and by transmitting
notice of resignation by mail, first class postage prepaid, to the
Debentureholders, as their names and addresses appear upon the Debenture
Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Debentures by written instrument, in
duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within thirty (30) days after the mailing of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee with respect to
Debentures, or any Debentureholder who has been a bona fide holder of a
Debenture or Debentures for at least six months may, subject to the provisions
of Sections 9.9 and 9.10, on behalf of himself or herself and all others
similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

         (b)      In case at any time any one of the following shall occur:

                  (i)      the Trustee shall fail to comply with the provisions
         of Section 9.9 after written request therefor by the Company or by any
         Debentureholder who has been a bona fide holder of a Debenture or
         Debentures for at least six months; or

                  (ii)     the Trustee shall cease to be eligible in accordance
         with the provisions of Section 9.10 and shall fail to resign after
         written request therefor by the Company or by any such Debentureholder;
         or

                  (iii)    the Trustee shall become incapable of acting, or
         shall be adjudged a bankrupt or insolvent, or commence a voluntary
         bankruptcy proceeding, or a receiver of the Trustee or of its property
         shall be appointed or consented to, or any public officer shall take
         charge or control of the Trustee or of its property or affairs for the
         purpose of rehabilitation, conservation or liquidation;

then, in any such case, the Company may remove the Trustee with respect to all
Debentures and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Section 9.10, unless the Trustee's duty to
resign is stayed as provided herein, any Debentureholder who has been a bona
fide holder of a Debenture or Debentures for at least six months may, on behalf
of that holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint a successor trustee.

         (c)      The holders of a majority in aggregate principal amount of the
Debentures at the time Outstanding may at any time remove the Trustee by so
notifying the Trustee and the Company and may appoint a successor Trustee with
the consent of the Company.

                                       41
<Page>

         (d)      Any resignation or removal of the Trustee and appointment of a
successor trustee with respect to the Debentures pursuant to any of the
provisions of this Section 9.11 shall become effective upon acceptance of
appointment by the successor trustee as provided in Section 9.12.

         (e)      Any successor trustee appointed pursuant to this Section 9.11
may be appointed with respect to the Debentures, and at any time there shall be
only one Trustee with respect to the Debentures.

         Section 9.12.     Acceptance of Appointment by Successor.

         (a)      In case of the appointment hereunder of a successor trustee
with respect to the Debentures, every successor trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on the request
of the Company or the successor trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an instrument transferring to such
successor trustee all the rights, powers, and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor trustee all property
and money held by suh retiring Trustee hereunder.

         (b)      Upon request of any successor trustee, the Company shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor trustee all such rights, powers and trusts referred
to in paragraph (a) of this Section 9.12.

         (c)      No successor trustee shall accept its appointment unless at
the time of such acceptance such successor trustee shall be qualified and
eligible under this Article IX.

         (d)      Upon acceptance of appointment by a successor trustee as
provided in this Section 9.12, the Company shall transmit notice of the
succession of such trustee hereunder by mail, first class postage prepaid, to
the Debentureholders, as their names and addresses appear upon the Debenture
Register. If the Company fails to transmit such notice within ten days after
acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be transmitted at the expense of the Company.

         Section 9.13. Merger, Conversion, Consolidation or Succession to
Business. Any Person into which the Trustee may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any Person
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such Person shall be qualified
under the provisions of Section 9.9 and eligible under the provisions of Section
9.10, without the execution or filing of any paper or any further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Debentures shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Debentures so authenticated with the same effect as if such
successor Trustee had itself authenticated such Debentures.

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<Page>

         Section 9.14. Preferential Collection of Claims against the Company.
The Trustee shall comply with Section 311(a) of the Trust Indenture Act,
excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the Trust Indenture Act to the extent included therein.

                                   ARTICLE X.
                         CONCERNING THE DEBENTUREHOLDERS

         Section 10.1. Evidence of Action by the Holders.

         (a)      Whenever in this Indenture it is provided that the holders of
a majority or specified percentage in aggregate principal amount of the
Debentures may take any action (including the making of any demand or request,
the giving of any notice, consent or waiver or the taking of any other action),
the fact that at the time of taking any such action the holders of such majority
or specified percentage have joined therein may be evidenced by any instrument
or any number of instruments of similar tenor executed by such holders of
Debentures in person or by agent or proxy appointed in writing.

         (b)      If the Company shall solicit from the Debentureholders any
request, demand, authorization, direction, notice, consent, waiver or other
action, the Company may, at its option, as evidenced by an Officers'
Certificate, fix in advance a record date for the determination of
Debentureholders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other action, but the Company shall have
no obligation to do so. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other action may be given
before or after the record date, but only the Debentureholders of record at the
close of business on the record date shall be deemed to be Debentureholders for
the purposes of determining whether Debentureholders of the requisite proportion
of Outstanding Debentures have authorized or agreed or consented to such
request, demand, authorization, direction, notice, consent, waiver or other
action, and for that purpose the Outstanding Debentures shall be computed as of
the record date; provided, however, that no such authorization, agreement or
consent by such Debentureholders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture
not later than six (6) months after the record date.

         Section 10.2. Proof of Execution by the Debentureholders. Subject to
the provisions of Section 9.1, proof of the execution of any instrument by a
Debentureholder (such proof shall not require notarization) or such
Debentureholder's agent or proxy and proof of the holding by any Person of any
of the Debentures shall be sufficient if made in the following manner:

         (a)      The fact and date of the execution by any such Person of any
instrument may be proved in any reasonable manner acceptable to the Trustee.

         (b)      The ownership of Debentures shall be proved by the Debenture
Register of such Debentures or by a certificate of the Debenture Registrar
thereof.

         (c)      The Trustee may require such additional proof of any matter
referred to in this Section 10.2 as it shall deem necessary.

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<Page>

         Section 10.3. Who May be Deemed Owners. Prior to the due presentment
for registration of transfer of any Debenture, the Company, the Trustee, any
Paying Agent, any Authenticating Agent and any Debenture Registrar may deem and
treat the Person in whose name such Debenture shall be registered upon the books
of the Company as the absolute owner of such Debenture (whether or not such
Debenture shall be overdue and notwithstanding any notice of ownership or
writing thereon made by anyone other than the Debenture Registrar) for the
purpose of receiving payment of or on account of the principal of and interest
on such Debenture (subject to Section 2.3) and for all other purposes; and
neither the Company nor the Trustee nor any Paying Agent nor any Authenticating
Agent nor any Debenture Registrar shall be affected by any notice to the
contrary.

         Section 10.4. Certain Debentures Owned by Company Disregarded. In
determining whether the holders of the requisite aggregate principal amount of
the Debentures have concurred in any direction, consent or waiver under this
Indenture, the Debentures that are owned by the Company or any other obligor on
the Debentures or by any Person directly or indirectly controlling or controlled
by or under common control with the Company or any other obligor on the
Debentures shall be disregarded and deemed not to be Outstanding for the purpose
of any such determination, except that (a) for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, consent
or waiver, only Debentures that the Trustee actually knows are so owned shall be
so disregarded; and (b) for purposes of this Section 10.4, the Trust shall be
deemed not to be controlled by the Company. The Debentures so owned that have
been pledged in good faith may be regarded as Outstanding for the purposes of
this Section 10.4, if the pledgee shall establish to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Debentures and that
the pledgee is not a Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Company or any such other
obligor. In case of a dispute as to such right, any decision by the Trustee
taken upon the advice of counsel shall be full protection to the Trustee.

         Section 10.5. Actions Binding on the Future Debentureholders. At any
time prior to (but not after) the evidencing to the Trustee, as provided in
Section 10.1, of the taking of any action by the holders of the majority or
percentage in aggregate principal amount of the Debentures specified in this
Indenture in connection with such action, any holder of a Debenture that is
shown by the evidence to be included in the Debentures the holders of which have
consented to such action may, by filing written notice with the Trustee, and
upon proof of holding as provided in Section 10.2, revoke such action so far as
concerns such Debenture. Except as aforesaid, any such action taken by the
holder of any Debenture shall be conclusive and binding upon such holder and
upon all future holders and owners of such Debenture, and of any Debenture
issued in exchange therefor, on registration of transfer thereof or in place
thereof, irrespective of whether or not any notation in regard thereto is made
upon such Debenture. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Debentures specified in this
Indenture in connection with such action shall be conclusively binding upon the
Company, the Trustee and the holders of all the Debentures.

                                   ARTICLE XI.
                             SUPPLEMENTAL INDENTURES

         Section 11.1. Supplemental Indentures without the Consent of the
Debentureholders. In addition to any supplemental indenture otherwise authorized
by this Indenture, the Company and

                                       44
<Page>

the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect), without the consent of the
Debentureholders, for one or more of the following purposes:

         (a)      to cure any ambiguity, defect, or inconsistency herein, or in
the Debentures;

         (b)      to comply with Article X;

         (c)      to provide for uncertificated Debentures in addition to or in
place of certificated Debentures;

         (d)      to add to the covenants of the Company for the benefit of the
holders of all or any of the Debentures or to surrender any right or power
herein conferred upon the Company;

         (e)      to add to, delete from, or revise the conditions, limitations
and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Debentures, as herein set forth;

         (f)      to make any change that does not adversely affect the rights
of any Debentureholder in any material respect;

         (g)      to provide for the issuance of and establish the form and
terms and conditions of the Debentures, to establish the form of any
certifications required to be furnished pursuant to the terms of this Indenture
or of the Debentures, or to add to the rights of the holders of the Debentures;

         (h)      to qualify or maintain the qualification of this Indenture
under the Trust Indenture Act; or

         (i)      to evidence a consolidation or merger involving the Company as
permitted under Section 12.1.

         The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee's own rights, duties or immunities under this Indenture
or otherwise. Any supplemental indenture authorized by the provisions of this
Section 11.1 may be executed by the Company and the Trustee without the consent
of the holders of any of the Debentures at the time Outstanding, notwithstanding
any of the provisions of Section 11.2.

         Section 11.2. Supplemental Indentures with Consent of the
Debentureholders. With the consent (evidenced as provided in Section 10.1) of
the holders of not less than a majority in aggregate principal amount of the
Debentures at the time Outstanding, the Company, when authorized by Board
Resolutions, and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as then in effect) for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of any supplemental

                                       45
<Page>

indenture or of modifying in any manner not covered by Section 11.1 the rights
of the holders of the Debentures under this Indenture; provided, however, that
no such supplemental indenture shall without the consent of the holders of each
Debenture then Outstanding and affected thereby, (a) extend the fixed maturity
of any Debentures, reduce the principal amount thereof, or reduce the rate or
extend the time of payment of interest thereon; or (b) reduce the aforesaid
percentage of Debentures, the holders of which are required to consent to any
such supplemental indenture; provided further, that if the Debentures are held
by the Trust or a trustee of the Trust, such supplemental indenture shall not be
effective until the holders of a majority in liquidation preference of Trust
Securities of the Trust shall have consented to such supplemental indenture;
provided further, that if the Debentures are held by the Trust or a trustee of
the Trust and if the consent of the holder of each Outstanding Debenture is
required, such supplemental indenture shall not be effective until each holder
of the Trust Securities of the Trust shall have consented to such supplemental
indenture. It shall not be necessary for the consent of the Debentureholders
affected thereby under this Section 11.2 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such consent
shall approve the substance thereof.

         Section 11.3. Effect of Supplemental Indentures. Upon the execution of
any supplemental indenture pursuant to the provisions of this Article XI, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the holders
of Debentures shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

         Section 11.4. The Debentures Affected by Supplemental Indentures. The
Debentures affected by a supplemental indenture, authenticated and delivered
after the execution of such supplemental indenture pursuant to the provisions of
this Article XI, may bear a notation in form approved by the Company, provided
such form meets the requirements of any exchange upon which the Debentures may
be listed, as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Debentures so modified as to conform, in the
opinion of the Board of Directors of the Company, to any modification of this
Indenture contained in any such supplemental indenture may be prepared by the
Company, authenticated by the Trustee and delivered in exchange for the
Debentures then Outstanding.

         Section 11.5. Execution of Supplemental Indentures.

         (a)      Upon the request of the Company, accompanied by its Board
Resolutions authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of the
Debentureholders required to consent thereto as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless
such supplemental indenture affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such supplemental
indenture. The Trustee, subject to the provisions of Sections 9.1, may receive
an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article XI is authorized or permitted by, and

                                       46
<Page>

conforms to, the terms of this Article XI and that it is proper for the Trustee
under the provisions of this Article XI to join in the execution thereof.

         (b)      Promptly after the execution by the Company and the Trustee
of any supplemental indenture pursuant to the provisions of this Section 11.5,
the Trustee shall transmit by mail, first class postage prepaid, a notice,
setting forth in general terms the substance of such supplemental indenture, to
the Debentureholders as their names and addresses appear upon the Debenture
Register. Any failure of the Trustee to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

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<Page>

                                  ARTICLE XII.
                              SUCCESSOR CORPORATION

         Section 12.1. The Company may Consolidate, Etc. Nothing contained in
this Indenture or in any of the Debentures shall prevent any consolidation or
merger of the Company with or into any other corporation or corporations
(whether or not affiliated with the Company, as the case may be), or successive
consolidations or mergers in which the Company, as the case may be, or its
successor or successors shall be a party or parties, or shall prevent any sale,
conveyance, transfer or other disposition of the property of the Company, as the
case may be, or its successor or successors as an entirety, or substantially as
an entirety, to any other corporation (whether or not affiliated with the
Company, as the case may be, or its successor or successors) authorized to
acquire and operate the same; provided, however, that the Company hereby
covenants and agrees that (a) upon any such consolidation, merger, sale,
conveyance, transfer or other disposition, the due and punctual payment, in the
case of the Company, of the principal of and interest on all of the Debentures,
according to their tenor and the due and punctual performance and observance of
all the covenants and conditions of this Indenture to be kept or performed by
the Company, as the case may be, shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as
then in effect) satisfactory in form to the Trustee executed and delivered to
the Trustee by the entity formed by such consolidation, or into which the
Company, as the case may be, shall have been merged, or by the entity which
shall have acquired such property; (b) in case the Company consolidates with or
merges into another Person or conveys or transfers its properties and assets
substantially as an entirety to any Person, the successor Person is organized
under the laws of the United States or any state or the District of Columbia;
and (c) immediately after giving effect thereto, an Event of Default, and no
event which, after notice or lapse of time or both, would become an Event of
Default, shall have occurred and be continuing.

         Section 12.2. Successor Corporation Substituted.

         (a)      In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of, in the case of the Company, the due
and punctual payment of the principal of and interest on all of the Debentures
Outstanding and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Company, as the case may be,
such successor corporation shall succeed to and be substituted for the Company,
with the same effect as if it had been named as the Company herein, and
thereupon the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Debentures.

         (b)      In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition, such changes in phraseology and form (but not in
substance) may be made in the Debentures thereafter to be issued as may be
appropriate.

         (c)      Nothing contained in this Indenture or in any of the
Debentures shall prevent the Company from merging into itself or acquiring by
purchase or otherwise, all or any part of, the property of any other Person
(whether or not affiliated with the Company).

                                       48
<Page>

         Section 12.3. Evidence of Consolidation, Etc. to Trustee. The Trustee,
subject to the provisions of Section 9.1, may receive an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or other disposition, and any such assumption, comply with the
provisions of this Article XII.

                                  ARTICLE XIII.
                           SATISFACTION AND DISCHARGE

         Section 13.1. Satisfaction and Discharge of Indenture. If at any time:
(a) the Company shall have delivered to the Trustee for cancellation all
Debentures theretofore authenticated (other than any Debentures that shall have
been destroyed, lost or stolen and that shall have been replaced or paid as
provided in Section 2.8) and all Debentures for whose payment money or
Governmental Obligations have theretofore been deposited in trust or segregated
and held in trust by the Company (and thereupon repaid to the Company or
discharged from such trust, as provided in Section 13.5); or (b) all such
Debentures not theretofore delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within
one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the
Company shall deposit or cause to be deposited with the Trustee as trust funds
the entire amount in moneys or Governmental Obligations sufficient, or a
combination thereof sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay at maturity or upon redemption all Debentures
not theretofore delivered to the Trustee for cancellation, including principal
and interest due or to become due to such date of maturity or date fixed for
redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company; then this Indenture shall
thereupon cease to be of further effect except for the provisions of Sections
2.3, 2.6, 2.8, 5.1, 5.2, 5.3, 9.7 and 9.10, that shall survive until the date of
maturity or redemption date, as the case may be, and Sections 9.7 and 13.5, that
shall survive to such date and thereafter, and the Trustee, on demand of the
Company and at the cost and expense of the Company, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture.

         Section 13.2. Discharge of Obligations. If at any time all Debentures
not heretofore delivered to the Trustee for cancellation or that have not become
due and payable as described in Section 13.1 shall have been paid by the Company
by depositing irrevocably with the Trustee as trust funds moneys or an amount of
Governmental Obligations sufficient in the opinion of a nationally recognized
certified public accounting firm to pay at maturity or upon redemption all
Debentures not theretofore delivered to the Trustee for cancellation, including
principal and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company, then after the
date such moneys or Governmental Obligations, as the case may be, are deposited
with the Trustee, the obligations of the Company under this Indenture shall
cease to be of further effect except for the provisions of Sections 2.3, 2.6,
2.8, 5.1, 5.2, 5.3, 9.6 and 13.5, that shall survive until such Debentures shall
mature and be paid. Thereafter, Sections 9.7 and 13.5 shall survive.

         Section 13.3. Deposited Moneys to be Held in Trust. All monies or
Governmental Obligations deposited with the Trustee pursuant to Sections 13.1 or
13.2 shall be held in trust and

                                       49
<Page>

shall be available for payment as due, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent), to the holders of
the Debentures for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee.

         Section 13.4. Payment Of Monies Held by Paying Agents. In connection
with the satisfaction and discharge of this Indenture, all moneys or
Governmental Obligations then held by any Paying Agent under the provisions of
this Indenture shall, upon demand of the Company, be paid to the Trustee and
thereupon such Paying Agent shall be released from all further liability with
respect to such moneys or Governmental Obligations.

         Section 13.5. Repayment to the Company. Any monies or Governmental
Obligations deposited with any Paying Agent or the Trustee, or then held by the
Company in trust, for payment of principal of or interest on the Debentures that
are not applied but remain unclaimed by the holders of such Debentures for at
least two years after the date upon which the principal of or interest on such
Debentures shall have respectively become due and payable, shall be repaid to
the Company, as the case may be, on September 30 of each year or (if then held
by the Company) shall be discharged from such trust; and thereupon the Paying
Agent and the Trustee shall be released from all further liability with respect
to such moneys or Governmental Obligations, and the holder of any of the
Debentures entitled to receive such payment shall thereafter, as an unsecured
general creditor, look only to the Company for the payment thereof.

                                  ARTICLE XIV.
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

         Section 14.1. No Recourse. No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of the Debentures, or for any claim
based thereon or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, either
directly or through the Company or any such predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever, shall
attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor
corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Debentures or implied therefrom;
and that any and all such personal liability of every name and nature, either at
common law or in equity or by constitution or statute, and any and all such
rights and claims against, every such incorporator, stockholder, officer or
director as such, because of the creation of the indebtedness hereby authorized,
or under or by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Debentures or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issuance of such Debentures.

                                   ARTICLE XV.
                            MISCELLANEOUS PROVISIONS

                                       50
<Page>

         Section 15.1. Effect on Successors and Assigns. All the covenants,
stipulations, promises and agreements in this Indenture contained by or on
behalf of the Company shall bind its respective successors and assigns, whether
so expressed or not.

         Section 15.2. Actions by Successor. Any act or proceeding by any
provision of this Indenture authorized or required to be done or performed by
any board, committee or officer of the Company shall and may be done and
performed with like force and effect by the corresponding board, committee or
officer of any corporation that shall at the time be the lawful sole successor
of the Company.

         Section 15.3. Surrender of the Company Powers. The Company by
instrument in writing executed by appropriate authority of its Board of
Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company, and thereupon such power so surrendered shall terminate both as
to the Company, as the case may be, and as to any successor corporation.

         Section 15.4. Notices. Except as otherwise expressly provided herein
any notice or demand that by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the holders of Debentures
to or on the Company may be given or served by being deposited first class
postage prepaid in a post-office letterbox addressed (until another address is
filed in writing by the Company with the Trustee), as follows: c/o MB Financial,
Inc., 801 West Madison Street, Chicago, Illinois 60607, Attention: Chief
Financial Officer. Any notice, election, request or demand by the Company or any
Debentureholder to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the Corporate
Trust Office of the Trustee.

         Section 15.5. Governing Law. This Indenture and each Debenture shall be
deemed to be a contract made under the internal laws of the State of New York
and for all purposes shall be construed in accordance with the laws of said
State.

         Section 15.6. Treatment of the Debentures as Debt. It is intended that
the Debentures shall be treated as indebtedness and not as equity for federal
income tax purposes. The provisions of this Indenture shall be interpreted to
further this intention. The Company (with respect to its separate books and
records), the Trustee and, by acceptance of a Debenture, each holder of a
Debenture, agree to treat the Debentures as indebtedness of the Company and not
as equity for all tax (including without limitation, federal income tax) and
financial accounting purposes.

         Section 15.7.  Compliance Certificates and Opinions.

         (a)      Upon any application or demand by the Company to the Trustee
to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officers' Certificate stating that all
conditions precedent provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to which the
furnishing of such documents is

                                       51
<Page>

specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

         (b)      Each certificate or opinion of the Company provided for in
this Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant in this Indenture shall include (i) a statement that the
Person making such certificate or opinion has read such covenant or condition;
(ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based; (iii) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as, in the opinion
of such Person, is necessary to enable him or her to express an informed opinion
as to whether or not such covenant or condition has been complied with; and (iv)
a statement as to whether or not, in the opinion of such Person, such condition
or covenant has been complied with; provided, however, that each such
certificate shall comply with the provisions of Section 314 of the Trust
Indenture Act.

         Section 15.8. Payments on Business Days.

         In any case where the date of maturity of interest or principal of any
Debenture or the date of redemption of any Debenture shall not be a Business
Day, then payment of interest or principal may (subject to Section 2.4(b)) be
made on the next succeeding Business Day with the same force and effect as if
made on the nominal date of maturity or redemption, and no interest shall accrue
for the period after such nominal date.

         Section 15.9. Conflict with Trust Indenture Act. If and to the extent
that any provision of this Indenture limits, qualifies or conflicts with the
duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act,
such imposed duties shall control.

         Section 15.10. Counterparts. This Indenture may be executed in any
number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

         Section 15.11. Separability. In case any one or more of the provisions
contained in this Indenture or in the Debentures shall for any reason be held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provisions of this Indenture or
of the Debentures, but this Indenture and the Debentures shall be construed as
if such invalid or illegal or unenforceable provision had never been contained
herein or therein.

         Section 15.12. Assignment. The Company shall have the right at all
times to assign any of its respective rights or obligations under this Indenture
to a direct or indirect wholly owned Subsidiary of the Company, provided that,
in the event of any such assignment, the Company shall remain liable for all
such obligations. Subject to the foregoing, this Indenture is binding upon and
inures to the benefit of the parties thereto and their respective successors and
assigns. This Indenture may not otherwise be assigned by the parties thereto.

         Section 15.13. Acknowledgment of Rights; Right of Setoff.

                                       52
<Page>

         (a)      The Company acknowledges that, with respect to any Debentures
held by the Trust or a trustee of the Trust, if the Property Trustee fails to
enforce its rights under this Indenture as the holder of the Debentures held as
the assets of the Trust, any holder of Preferred Securities may institute legal
proceedings directly against the Company to enforce such Property Trustee's
rights under this Indenture without first instituting any legal proceedings
against such Property Trustee or any other person or entity. Notwithstanding the
foregoing, and notwithstanding the provisions of Section 7.4(a) hereof, if an
Event of Default has occurred and is continuing and such event is attributable
to the failure of the Company to pay principal or interest on the Debentures on
the date such principal or interest is otherwise payable (or in the case of
redemption, on the redemption date), the Company acknowledges that a holder of
Preferred Securities may directly institute a proceeding for enforcement of
payment to such holder of the principal of or interest on the Debentures having
a principal amount equal to the aggregate liquidation amount of the Preferred
Securities of such holder on or after the respective due date specified in the
Debentures.

         (b)      Notwithstanding anything to the contrary contained in this
Indenture, the Company shall have the right to setoff any payment it is
otherwise required to make hereunder in respect of any Trust Securities to the
extent that the Company has previously made, or is concurrently making, a
payment to the holder of such Trust Securities under the Preferred Securities
Guarantee or in connection with a proceeding for enforcement of payment of the
principal of or interest on the Debentures directly brought by holders of any
Trust Securities.

                                  ARTICLE XVI.
                         SUBORDINATION OF THE DEBENTURES

         Section 16.1. Agreement to Subordinate. The Company covenants and
agrees, and each holder of the Debentures issued hereunder by such holder's
acceptance thereof likewise covenants and agrees, that all the Debentures shall
be issued subject to the provisions of this Article XVI; and each holder of a
Debenture, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions. The payment by the Company of
the principal of and interest on all the Debentures issued hereunder shall, to
the extent and in the manner hereinafter set forth, be subordinated and junior
in right of payment to the prior payment in full of all Senior Debt,
Subordinated Debt and Additional Senior Obligations of the Company
(collectively, "Senior Indebtedness") to the extent provided herein, whether
outstanding at the date of this Indenture or thereafter incurred. No provision
of this Article XVI shall prevent the occurrence of any default or Event of
Default hereunder.

         Section 16.2. Default on Senior Indebtedness. In the event and
during the continuation of any default by the Company in the payment of
principal, premium, interest or any other payment due on any Senior
Indebtedness, in the event that the maturity of any Senior Indebtedness has
been accelerated because of a default or in the event any judicial proceeding
is pending with respect to any such default, then, in any such case, no
payment shall be made by the Company with respect to the principal (including
redemption payments) of or interest on the Debentures. In the event that,
notwithstanding the foregoing, any payment shall be received by the Trustee
when such payment is prohibited by the preceding sentence of this Section
16.2, such payment shall be held in trust for the benefit of, and shall be
paid over or delivered to, the holders of Senior Indebtedness or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Indebtedness may

                                       53
<Page>

have been issued, as their respective interests may appear, but only to the
extent that the holders of the Senior Indebtedness (or their representative or
representatives or a trustee) notify the Trustee in writing within 90 days of
such payment of the amounts then due and owing on the Senior Indebtedness and
only the amounts specified in such notice to the Trustee shall be paid to the
holders of the Senior Indebtedness.

         Section 16.3. Liquidation; Dissolution; Bankruptcy.

         (a)      Upon any payment by the Company or distribution of assets of
the Company of any kind or character, whether in cash, property or securities,
to creditors upon any dissolution or winding-up or liquidation or reorganization
of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all amounts due upon all Senior Indebtedness
shall first be paid in full, or payment thereof provided for in money in
accordance with its terms, before any payment is made by the Company on account
of the principal or interest on the Debentures; and upon any such dissolution or
winding-up or liquidation or reorganization, any payment by the Company, or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, to which the holders of the Debentures or the Trustee
would be entitled to receive from the Company, except for the provisions of this
Article XVI, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the holders of the Debentures or by the Trustee under this
Indenture if received by them or it, directly to the holders of Senior
Indebtedness (pro rata to such holders on the basis of the respective amounts of
Senior Indebtedness held by such holders, as calculated by the Company) or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Indebtedness
may have been issued, as their respective interests may appear, to the extent
necessary to pay such Senior Indebtedness in full, in money or money's worth,
after giving effect to any concurrent payment or distribution to or for the
holders of such Senior Indebtedness, before any payment or distribution is made
to the holders of the Debentures or to the Trustee.

         (b)      In the event that, notwithstanding the foregoing, any payment
or distribution of assets of the Company of any kind or character, whether in
cash, property or securities, prohibited by the foregoing, shall be received by
the Trustee before all Senior Indebtedness is paid in full, or provision is made
for such payment in money in accordance with its terms, such payment or
distribution shall be held in trust for the benefit of and shall be paid over or
delivered to the holders of such Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Indebtedness may have been issued,
as their respective interests may appear, as calculated by the Company, for
application to the payment of all Senior Indebtedness, as the case may be,
remaining unpaid to the extent necessary to pay such Senior Indebtedness in full
in money in accordance with its terms, after giving effect to any concurrent
payment or distribution to or for the benefit of the holders of such Senior
Indebtedness.

         (c)      For purposes of this Article XVI, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article XVI with respect
to the Debentures to the payment of all Senior Indebtedness, as the case may

                                       54
<Page>

be, that may at the time be outstanding, provided that (i) such Senior
Indebtedness is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment; and (ii) the rights of the holders of such
Senior Indebtedness are not, without the consent of such holders, altered by
such reorganization or readjustment. The consolidation of the Company with, or
the merger of the Company into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the
terms and conditions provided for in Article XII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 16.3 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
XII. Nothing in Section 16.2 or in this Section 16.3 shall apply to claims of,
or payments to, the Trustee under or pursuant to Section 9.7.

         Section 16.4. Subrogation.

         (a)      Subject to the payment in full of all Senior Indebtedness, the
rights of the holders of the Debentures shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company, as the case may be, applicable to
such Senior Indebtedness until the principal of and interest on the Debentures
shall be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Senior Indebtedness of any cash, property
or securities to which the holders of the Debentures or the Trustee would be
entitled except for the provisions of this Article XVI, and no payment over
pursuant to the provisions of this Article XVI to or for the benefit of the
holders of such Senior Indebtedness by holders of the Debentures or the Trustee,
shall, as between the Company, its creditors (other than holders of Senior
Indebtedness of the Company), and the holders of the Debentures, be deemed to be
a payment by the Company to or on account of such Senior Indebtedness. It is
understood that the provisions of this Article XVI are and are intended solely
for the purposes of defining the relative rights of the holders of the
Debentures, on the one hand, and the holders of such Senior Indebtedness on the
other hand.

         (b)      Nothing contained in this Article XVI or elsewhere in this
Indenture or in the Debentures is intended to or shall impair, as between the
Company, its creditors (other than the holders of Senior Indebtedness), and the
holders of the Debentures, the obligation of the Company, which is absolute and
unconditional, to pay to the holders of the Debentures the principal of and
interest on the Debentures as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative
rights of the holders of the Debentures and creditors of the Company, as the
case may be, other than the holders of Senior Indebtedness, as the case may be,
nor shall anything herein or therein prevent the Trustee or the holder of any
Debenture from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this
Article XVI of the holders of such Senior Indebtedness in respect of cash,
property or securities of the Company, as the case may be, received upon the
exercise of any such remedy.

         (c)      Upon any payment or distribution of assets of the Company
referred to in this Article XVI, the Trustee, subject to the provisions of
Article IX, and the holders of the Debentures shall be entitled to conclusively
rely upon any order or decree made by any court of competent jurisdiction in
which such dissolution, winding-up, liquidation or reorganization proceedings
are pending, or a certificate of the receiver, trustee in bankruptcy,
liquidation trustee,

                                       55
<Page>

agent or other Person making such payment or distribution, delivered to
theTrustee or to the holders of the Debentures, for the purposes of ascertaining
the Persons entitled to participate in such distribution, the holders of Senior
Indebtedness and other indebtedness of the Company, as the case may be, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article XVI.

         Section 16.5. The Trustee to Effectuate Subordination. Each holder of
Debentures by such holder's acceptance thereof authorizes and directs the
Trustee on such holder's behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article XVI and
appoints the Trustee such holder's attorney-in-fact for any and all such
purposes.

         Section 16.6. Notice by the Company.

         (a)      The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Debentures pursuant to the provisions of this Article XVI. Notwithstanding the
provisions of this Article XVI or any other provision of this Indenture, the
Trustee shall not be charged with knowledge of the existence of any facts that
would prohibit the making of any payment of monies to or by the Trustee in
respect of the Debentures pursuant to the provisions of this Article XVI, unless
and until a Responsible Officer of the Trustee shall have received written
notice thereof from the Company or a holder or holders of Senior Indebtedness or
from any trustee therefor; and before the receipt of any such written notice,
the Trustee, subject to the provisions of Section 9.1, shall be entitled in all
respects to assume that no such facts exist; provided, however, that if the
Trustee shall not have received the notice provided for in this Section 16.6 at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of or interest on any Debenture), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purposes for which
they were received, and shall not be affected by any notice to the contrary that
may be received by it within two Business Days prior to such date.

         (b)      The Trustee, subject to the provisions of Section 9.1, shall
be entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself or herself to be a holder of Senior Indebtedness (or
a trustee on behalf of such holder) to establish that such notice has been given
by a holder of such Senior Indebtedness or a trustee on behalf of any such
holder or holders. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder
of such Senior Indebtedness to participate in any payment or distribution
pursuant to this Article XVI, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of such
Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article XVI, and, if such
evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

         Section 16.7. Rights of the Trustee; Holders of the Senior
Indebtedness.

                                       56
<Page>

         (a)      The Trustee in its individual capacity shall be entitled to
all the rights set forth in this Article XVI in respect of any Senior
Indebtedness at any time held by it, to the same extent as any other holder of
Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of
any of its rights as such holder. The Trustee's right to compensation and
reimbursement of expenses as set forth in Section 9.7 shall not be subject to
the subordination provisions of this Article XVI.

         (b)      With respect to the holders of the Senior Indebtedness, the
Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article XVI, and no implied
covenants or obligations with respect to the holders of such Senior Indebtedness
shall be read into this Indenture against the Trustee. The Trustee shall not be
deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and,
subject to the provisions of Section 9.1, the Trustee shall not be liable to any
holder of such Senior Indebtedness if it shall pay over or deliver to holders of
Debentures, the Company or any other Person money or assets to which any holder
of such Senior Indebtedness shall be entitled by virtue of this Article XVI or
otherwise.

         Section 16.8. Subordination may not be Impaired.

         (a)      No right of any present or future holder of any Senior
Indebtedness to enforce subordination as herein provided shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of
the Company or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Company with the terms, provisions and covenants
of this Indenture, regardless of any knowledge thereof that any such holder may
have or otherwise be charged with.

         (b)      Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Indebtedness may, at any time and from time to
time, without the consent of or notice to the Trustee or the holders of the
Debentures, without incurring responsibility to the holders of the Debentures
and without impairing or releasing the subordination provided in this Article
XVI or the obligations hereunder of the holders of the Debentures to the holders
of such Senior Indebtedness, do any one or more of the following: (i) change the
manner, place or terms of payment or extend the time of payment of, or renew or
alter, such Senior Indebtedness, or otherwise amend or supplement in any manner
such Senior Indebtedness or any instrument evidencing the same or any agreement
under which such Senior Indebtedness is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing such Senior Indebtedness; (iii) release any Person liable in any manner
for the collection of such Senior Indebtedness; and (iv) exercise or refrain
from exercising any rights against the Company and any other Person.

                                       57
<Page>

         IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed all as of the day and year first above written.

                                           MB FINANCIAL, INC.

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

Attest:

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

                                           WILMINGTON TRUST COMPANY, AS TRUSTEE

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

Attest:

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

                                       58
<Page>

STATE OF ILLINOIS                   )
                                    ) ss
COUNTY OF COOK                      )

         On this __ day of ____________, 2002, before me appeared, to me
personally known, who, being by me duly sworn, did say that he is the
____________ of MB Financial, Inc., and that the seal affixed to said instrument
is the corporate seal of said corporation, and that said instrument was signed
and sealed in behalf of said corporation by authority of its Board of Directors
and said _____________ acknowledged said instrument to be the free act and deed
of said corporation.

         In testimony whereof I have hereunto set my hand and affixed my
official seal at my office in said county and state the day and year last above
written.

                                            ------------------------------------
                                            Notary Public

                                            My term expires:
                                                            --------------------

STATE OF DELAWARE                   )
                                    ) ss
COUNTY OF                           )

         On this ______ day of __________, 2002, before me appeared
___________________, to me personally known, who, being by me duly sworn, did
say that he is the _____________________ of Wilmington Trust Company, and that
the seal affixed to said instrument is the corporate seal of said corporation,
and that said instrument was signed and sealed in behalf of said corporation by
authority of its Board of Directors and said _____________________________,
acknowledged said instrument to be the free act and deed of said corporation.

         In testimony whereof I have hereunto set my hand and affixed my
official seal at my office in said county and commonwealth the day and year last
above written.

                                            ------------------------------------
                                            Notary Public

                                            My term expires:
                                                            --------------------

                                       59
<Page>

                                    EXHIBIT A

                           (Form of Face of Debenture)

No. _____                                                       $______________.

CUSIP No. ________________.

                               MB FINANCIAL, INC.

                         ______% SUBORDINATED DEBENTURE

                                    DUE 2032

         MB Financial, Inc., a Maryland corporation (the "Company," which
term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Wilmington Trust
Company, as Property Trustee for MB Financial Capital Trust I, or registered
assigns, the principal sum of _________________ ($___________) on September
30, 2032 (the "Stated Maturity"), and to pay interest on said principal sum
from September 30, 2002, or from the most recent interest payment date (each
such date, an "Interest Payment Date") to which interest has been paid or
duly provided for, quarterly (subject to deferral as set forth herein) in
arrears on March 31, June 30, September 30 and December 31 of each year
commencing September 30, 2002, at the rate of ____% per annum until the
principal hereof shall have become due and payable, and on any overdue
principal and (without duplication and to the extent that payment of such
interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum compounded quarterly. The amount of
interest payable on any Interest Payment Date shall be computed on the basis
of a 360-day year of twelve 30-day months. The amount of interest for any
partial period shall be computed on the basis of the number of days elapsed
in a 360-day year of twelve 30-day months. In the event that any date on
which interest is payable on this Debenture is not a business day, then
payment of interest payable on such date shall be made on the next succeeding
day that is a business day (and without any interest or other payment in
respect of any such delay) except that, if such business day is in the next
succeeding calendar year, payment of such interest will be made on the
immediately preceding business day, in each case, with the same force and
effect as if made on such date. The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date shall, as
provided in the Indenture, be paid to the person in whose name this Debenture
(or one or more Predecessor Debentures, as defined in said Indenture) is
registered at the close of business on the regular record date for such
interest installment, which shall be the fifteenth day of the last month of
the calendar quarter. Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the registered
holders on such regular record date and may be paid to the Person in whose
name this Debenture (or one or more Predecessor Debentures) is registered at
the close of business on a special record date to be fixed by the Trustee for
the payment of such defaulted interest, notice thereof shall be fixed by the
Trustee for the payment of such defaulted interest, notice thereof shall be
given to the registered holders of the Debentures not less than 10 days prior
to such special record date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange or
quotation system on or in which the Debentures may be listed or quoted,

                                       A-1
<Page>

and upon such notice as may be required by such exchange. The principal of
and the interest on this Debenture shall be payable at the office or agency
of the Trustee maintained for that purpose in any coin or currency of the
United States of America that at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the
registered holder at such address as shall appear in the Debenture Register.
Notwithstanding the foregoing, so long as the holder of this Debenture is the
Property Trustee, the payment of the principal of and interest on this
Debenture shall be made at such place and to such account as may be
designated by the Trustee.

         The Stated Maturity may be shortened at any time by the Company to any
date not earlier than September 30, 2007, subject to the Company having received
prior approval of the Federal Reserve if then required under applicable capital
guidelines, policies or regulations of the Federal Reserve.

         The indebtedness evidenced by this Debenture is, to the extent provided
in the Indenture, subordinate and junior in right of payment to the prior
payment in full of all Senior Indebtedness (as defined in the Indenture). This
Debenture is issued subject to the provisions of the Indenture with respect
thereto. Each holder of this Debenture, by accepting the same, (a) agrees to and
shall be bound by such provisions; (b) authorizes and directs the Trustee on his
or her behalf to take such action as may be necessary or appropriate to
acknowledge or effectuate the subordination so provided; and (c) appoints the
Trustee his or her attorney-in-fact for any and all such purposes. Each holder
hereof, by his or her acceptance hereof, hereby waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture
by each holder of Senior Indebtedness, whether now outstanding or hereafter
incurred, and waives reliance by each such holder upon said provisions.

         This Debenture shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

         The provisions of this Debenture are continued on the reverse side
hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place.

                                       A-2
<Page>

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed.

Dated: _______________ __, 2002

                                           MB FINANCIAL, INC.

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

Attest:

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

                                       A-3
<Page>

                     [Form of Certificate of Authentication]

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Debentures described in the within-mentioned
Indenture.

Dated: _________________, 2002

Wilmington Trust Company,                         ------------------------------
as Trustee                                  or    Authenticating Agent

By:                                               By:
         -----------------------                     ---------------------------
         Authorized Signatory

                                       A-4
<Page>

                         [Form of Reverse of Debenture]

                      ___% SUBORDINATED DEBENTURE DUE 2032

                                   (CONTINUED)

         This Debenture is one of the subordinated debentures of the Company
(herein sometimes referred to as the "Debentures"), all issued or to be issued
under and pursuant to an Indenture dated as of _______________ __, 2002 (the
"Indenture") duly executed and delivered between the Company and Wilmington
Trust Company, as Trustee (the "Trustee"), to which Indenture reference is
hereby made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the holders of
the Debentures. The Debentures are limited in aggregate principal amount as
specified in the Indenture.

         Because of the occurrence and continuation of a Special Event (as
defined in the Indenture), in certain circumstances, this Debenture may become
due and payable at the principal amount together with any interest accrued
thereon (the "Redemption Price"). The Redemption Price shall be paid prior to
12:00 noon. Eastern Standard Time, on the date of such redemption or at such
earlier time as the Company determines. The Company shall have the right as set
forth in the Indenture to redeem this Debenture at the option of the Company,
without premium or penalty, in whole or in part at any time on or after
September 30, 2007 (an "Optional Redemption"), or at any time in certain
circumstances upon the occurrence of a Special Event, at a Redemption Price
equal to 100% of the principal amount hereof plus any accrued but unpaid
interest hereon, to the date of such redemption. Any redemption pursuant to this
paragraph shall be made upon not less than thirty (30) days' nor more than sixty
(60) days' notice, at the Redemption Price. The Redemption Price shall be paid
at the time and in the manner provided therefor in the Indenture. If the
Debentures are only partially redeemed by the Company pursuant to an Optional
Redemption, the Debentures shall be redeemed pro rata or by lot or by any other
method utilized by the Trustee as described in the Indenture. In the event of an
Optional Redemption of this Debenture in part only, a new Debenture or
Debentures for the unredeemed portion hereof shall be issued in the name of the
holder hereof upon the cancellation hereof.

         In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal of all of the Debentures may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the holders of not less than a majority in
aggregate principal amount of the Debentures at the time Outstanding (as defined
in the Indenture), to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of the Indenture or of any supplemental indenture or of modifying in any manner
the rights of the holders of the Debentures; provided, however, that no such
supplemental indenture shall, except as provided in the Indenture, (i) extend
the fixed maturity of the Debentures, reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon without the
consent of the holder of each Debenture so affected thereby; or (ii) reduce the
aforesaid percentage of the Debentures, the holders of which are required to
consent to any such supplemental indenture, without the consent of the holder of
each Debenture then Outstanding

                                       A-5
<Page>

and so affected thereby. The Indenture also contains provisions permitting the
holders of a majority in aggregate principal amount of the Debentures at the
time Outstanding, on behalf of all of the holders of the Debentures, to waive
any past default in the performance of any of the covenants contained in the
Indenture, or established pursuant to the Indenture, and its consequences,
except a default in the payment of the principal of or interest on any of the
Debentures. Any such consent or waiver by the registered holder of this
Debenture (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such holder and upon all future holders and owners of this
Debenture and of any Debenture issued in exchange herefor or in place hereof
(whether by registration of transfer or otherwise), irrespective of whether or
not any notation of such consent or waiver is made upon this Debenture.

         No reference herein to the Indenture and no provision of this Debenture
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal and interest on this
Debenture at the time and place and at the rate and in the money herein
prescribed.

         The Company, as further described in the Indenture, shall have the
right at any time during the term of the Debentures and from time to time to
defer payments of interest by extending the interest payment period of such
Debentures for up to twenty (20) consecutive quarters (each, an "Extension
Period"), at the end of which period the Company shall pay all interest then
accrued (together with interest thereon at the rate specified for the Debentures
to the extent that payment of such interest is enforceable under applicable
law). Before the termination of any such Extension Period, so long as no Event
of Default shall have occurred and be continuing, the Company may further extend
such Extension Period, provided that such Extension Period together with all
such further extensions thereof shall not exceed twenty (20) consecutive
quarters, extend beyond September 30, 2032, or end on a date other than an
Interest Payment Date. At the termination of any such Extension Period and upon
the payment of all Deferred Payments then due, the Company may commence a new
Extension Period.

         As provided in the Indenture and subject to certain limitations therein
set forth, this Debenture is transferable by the registered holder hereof on the
Debenture Register (as defined in the Indenture) of the Company, upon surrender
of this Debenture for registration of transfer at the office or agency of the
Trustee accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered
holder hereof or his or her attorney duly authorized in writing, and thereupon
one or more new Debentures of authorized denominations and for the same
aggregate principal amount shall be issued to the designated transferee or
transferees. No service charge shall be made for any such transfer, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in relation thereto.

         Prior to due presentment for registration of transfer of this
Debenture, the Company, the Trustee, any Paying Agent (as defined in the
Indenture) and the Debenture Registrar may deem and treat the registered holder
hereof as the absolute owner hereof (whether or not this Debenture shall be
overdue and notwithstanding any notice of ownership or writing hereon made by
anyone other than the Debenture Registrar) for the purpose of receiving payment
of or on account of the principal hereof and interest due hereon and for all
other purposes, and neither the Company nor the Trustee nor any Paying Agent nor
any Debenture Registrar shall be affected by any notice to the contrary.

                                       A-6
<Page>

         No recourse shall be had for the payment of the principal of or the
interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

         The Debentures are issuable only in registered form without coupons in
denominations of $25 and any integral multiple thereof (or such other
denominations and any integral multiple thereof as may be deemed necessary by
the Company for the purpose of maintaining the eligibility of the Debentures for
listing on a national securities exchange or inclusion in a comparable automated
quotation system.

         All terms used in this Debenture that are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

                                       A-7

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