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                                                                   EXHIBIT 10.13

                           COLLATERAL PLEDGE AGREEMENT

         THIS AGREEMENT is entered into as of November 19, 2003, between BLUE
RIVER BANCSHARES, INC., an Indiana corporation ("DEBTOR"), and UNION FEDERAL
BANK OF INDIANAPOLIS, as the "SECURED PARTY".

         Debtor and Secured Party have entered into the Credit Agreement (as
renewed, extended, amended, or restated from time to time, the "CREDIT
AGREEMENT") dated as of November 19, 2003. As a continuing inducement to the
Secured Party to extend credit to Debtor under the Credit Agreement, and as a
condition precedent to that credit, Debtor is executing and delivering this
agreement for the benefit of Secured Party.

         ACCORDINGLY, for adequate and sufficient consideration, Debtor and
Secured Party agree as follows:

                                   SECTION 13
                           DEFINITIONS AND REFERENCES

         UNLESS STATED OTHERWISE, (A) TERMS DEFINED IN THE CREDIT AGREEMENT OR
THE UCC (AS HEREINAFTER DEFINED) HAVE THE SAME MEANINGS WHEN USED IN THIS
AGREEMENT, AND (B) TO THE EXTENT PERMITTED BY LAW, IF IN CONFLICT (I) THE
DEFINITION OF A TERM IN THE CREDIT AGREEMENT CONTROLS OVER THE DEFINITION OF
THAT TERM IN THE UCC, AND (II) THE DEFINITION OF A TERM IN ARTICLE 9 OF THE UCC
CONTROLS OVER THE DEFINITION OF THAT TERM ELSEWHERE IN THE UCC.

                  (a)      COLLATERAL is defined in SECTION 2.2 of this
         agreement.

                  (b)      CONSTITUENT DOCUMENTS means, with respect to any
         Person, its articles or certificate of incorporation, charter, bylaws,
         certificates of limited partnership, partnership AGREEMENTS, limited
         liability Borrower agreements, organizational documents, and such other
         documents as may govern such Person's formation or organization.

                  (c)      DEBTOR is defined in the preamble to this agreement
         and includes, without limitation, Debtor, DEBTOR as a
         debtor-in-possession, and any receiver, trustee, liquidator,
         conservator, custodian, or similar party appointed for Debtor or for
         substantially all of Debtor's assets under any Debtor Relief Law (as
         defined in the Guaranty).

                  (d)      EVENT OF DEFAULT means the occurrence of any one or
         more of the following: (a) any Event of Default specified in the Credit
         Agreement; (b) the failure or refusal of Debtor to punctually and
         properly observe, keep, and perform any covenant, agreement, or
         undertaking contained in this agreement; or (c) the Liens granted
         hereby shall ever become unenforceable, or cease to be perfected, first
         priority Liens.

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                  (e)      INVESTMENT PROPERTY shall have the meaning set forth
         in Section 9-102(a)(49) of the UCC.

                  (f)      OBLIGOR means any Person obligated with respect to
         any Collateral (whether as an ACCOUNT DEBTOR, obligor on an instrument,
         issuer of securities, or otherwise).

                  (g)      PLEDGED SECURITIES is defined in SECTION 2.2 of this
         agreement.

                  (h)      SECURED PARTY IS defined in the preamble to this
         agreement.

                  (i)      SECURITY INTEREST means the security interest granted
         and the pledge and assignment made UNDER SECTION 2.1 of this agreement,
         which is a Lien in favor of Secured Party.

                  (j)      UCC means the Uniform Commercial Code as enacted in
         the State of Indiana or other applicable jurisdiction, as amended at
         the time in question.

                                   SECTION 14
                        SECURITY INTEREST AND COLLATERAL

         Section 14.1 SECURITY INTEREST. To secure the full payment and
performance of the Obligations, Debtor grants to Secured Party a security
interest in the Collateral and pledges and assigns the Collateral to the Secured
Party, all upon and subject to the terms and conditions of this agreement. The
grant of the Security Interest does not subject the Secured Party to the terms
of any Collateral or in any way transfer, modify, or otherwise affect any of
Debtor's obligations with respect to any Collateral or the Lien in favor of
Secured Party under the Credit Agreement.

         Section 14.2 COLLATERAL. As used in this agreement, the term
"Collateral" means the present and future items and types of property described
below, whether now owned or acquired in the future by Debtor, and wherever
located.

                  (a)      All present and future shares of stock or other
         ownership interests (the "BANK SECURITIES") issued by Shelby County
         Bank, a federal savings bank and Unified Banking Company, a federal
         savings bank (the "BANK SUBSIDIARIES") and the certificates
         representing the Bank Securities, and all cash, Investment Property,
         dividends, increases, distributions, and profits received or receivable
         therefrom, or in connection therewith, including distributions or
         payments in partial or complete liquidation or redemption, or as a
         result of reclassifications, readjustments, reorganizations, or changes
         in the capital structure of the Bank Subsidiaries thereof, and any
         other property, at any time and from time to time received, receivable,
         or otherwise distributed or delivered in respect of or in exchange for
         any of the Bank Securities to Secured Party, and all rights and
         privileges pertaining thereto and all present and future cash and
         noncash proceeds thereof; and

                  (b)      All securities hereafter delivered to Secured Party
         in substitution for, or in addition to, any of the foregoing, all
         certificates representing or evidencing such securities, and all cash,
         securities, instruments, documents, dividends, increases,
         DISTRIBUTIONS, and profits received or receivable therefrom, and any
         other property, at any

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         time and from time to time received by, receivable by, or otherwise
         distributed or delivered to Secured Party, in respect of, or in
         exchange for, any or all of the property described above (the property
         described in PARAGRAPHS 2.2(a) AND 2.2(b) being referred to herein as
         the "PLEDGED SECURITIES").

                                   SECTION 15
                         REPRESENTATIONS AND WARRANTIES

         By entering into this agreement, and by each subsequent delivery of
additional Collateral under this agreement, Debtor reaffirms the representations
and warranties contained in the Credit Agreement. Debtor further represents and
warrants to Secured Party as follows:

         Section 15.1 BINDING OBLIGATION. This agreement creates a legal, valid,
and binding Lien in and to the Collateral in favor of Secured Party and is
enforceable against Debtor. The taking by Secured Party of physical possession
in Indiana of the stock certificates or other instruments representing the
Pledged Securities will perfect the Security Interest in that Collateral. Once
perfected, the Security Interest will constitute a first priority Lien on the
Collateral. The creation of the Security Interest does not require the consent
of any Person that has not been obtained.

         Section 15.2 SECURITIES. All Pledged Securities are duly authorized,
validly issued, fully paid, and non-assessable, and the transfer of them is not
subject to any restrictions other than restrictions imposed by applicable
corporate, banking and securities laws.

         Section 15.3 MISCELLANEOUS REPRESENTATIONS. Debtor hereby represents
and warrants that: (a) Debtor is the legal and beneficial owner of the
Collateral free and clear of all Liens, charges, pledges, encumbrances, and
security interests of every kind and nature other than Liens in favor of Secured
Party; (b) each Pledged Security has been validly authorized and issued, and is
fully paid and nonassessable; (c) Debtor has good right and lawful authority to
pledge the Collateral in the manner hereby done or contemplated; (d) no consent
or approval of or notice to any Governmental Authority, or of any securities
exchange, is necessary to effect the validity of the rights created hereunder
which have not been obtained; (e) except for any financing statement which may
have been filed by Secured Party, no financing statement covering the
Collateral, or any part thereof, has been filed with any filing officer; (f) no
presently effective security agreement covering the Collateral, or any part
thereof, has been made, and no presently effective security interest, other than
the one herein created, has attached or been perfected in the Collateral, or any
part thereof; (g) the execution, delivery, and consummation of this agreement
(i) have been duly authorized by all requisite corporate action on the part of
Debtor, and (ii) will not violate the Constituent Documents of Debtor or any
issuer, or any law, regulation, mortgage, indenture, contract, instrument,
judgment, or decree applicable to or binding on Debtor or the issuers of the
Pledged Securities; (h) the Bank Securities constitute 100% of the issued and
outstanding voting stock of the Bank Subsidiaries; (i) all other Pledged
Securities constitute all of the stock of the Bank Subsidiaries owned directly
or indirectly by Debtor; (j) none of the Pledged Securities are subject to any
options or other rights of third parties, and (k) Debtor's chief executive
office is located at 29 E. Washington Street, Shelbyville, IN 46176. Debtor has
not used or transacted business under any other corporate name or tradename in
the five year period preceding the date hereof.

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         Section 15.4 ADDITIONAL COLLATERAL. The foregoing representations and
warranties will be true and correct in all respects with respect to any
additional Collateral or additional specific descriptions of certain Collateral
delivered to Secured Party in the future by Debtor.

         The failure of any of these representations or warranties to be
accurate and complete does not impair the Security Interest in any Collateral.

                                   SECTION 16
                           SECURED PARTY AS CUSTODIAN

         Secured Party shall have physical possession of the certificates or
instruments representing or evidencing the Collateral. Debtor agrees that either
(a) all certificates representing Pledged Securities shall, after the occurrence
of an Event of Default, be registered in the appropriate stock record books in
the name of Secured Party or a nominee or nominees of Secured Party, or (b) in
lieu of presently registering the Pledged Securities in the name of Secured
Party or its nominee as provided in CLAUSE (a) above, Debtor will deposit with
Secured Party, along with the certificates or instruments representing or
evidencing the Pledged Securities, duly executed stock powers in favor of
Secured Party or its nominee with signatures guaranteed by a member or member
organization of the New York Stock Exchange or by a commercial bank or trust
Borrower acceptable to the transfer agent. In addition, Secured Party shall,
after the occurrence of an Event of Default, have the right to exchange
certificates or instruments representing or evidencing the Pledged Securities
for certificates or instruments of smaller or larger denominations for any
purpose consistent with its performance of this agreement.

                                   SECTION 17
                                    COVENANTS

         Until all commitments by Secured Party to extend credit under the
Credit Agreement have been canceled or terminated and the Obligations are fully
paid and performed, Debtor covenants and agrees with Secured Party as follows:

         Section 17.1 ADDITIONAL DOCUMENTS AND INFORMATION. Debtor shall: (i)
from time to time, at Debtor's expense, promptly execute and deliver to Secured
Party all such stock powers, assignments, certificates, supplemental writings,
financing statements, and other items, and do all other acts or things as
Secured Party may reasonably request in order more fully to evidence and perfect
the security interest of Secured Party in the Collateral or enable it to
exercise and enforce its rights hereunder; (ii) punctually and properly perform
all of Debtor's covenants and duties under any other security agreement, deed of
trust, collateral agreement, or contract of any kind now or hereafter existing
as security for, or in connection with, payment of the Obligations (to the
extent liable thereon) in accordance with the terms hereof, and in accordance
with the terms of the Term Note; (iii) promptly furnish Secured Party with any
information or writings which Secured Party may reasonably request concerning
the Collateral; (iv) allow Secured Party to inspect all records of Debtor
relating to the Collateral or to the Obligations, and to make and take away
copies of such records; (v) promptly notify Secured Party of any change in any
fact or circumstances warranted or represented by Debtor in this agreement that
could reasonably be expected to result in a Material Adverse Effect, or in any
other writing furnished by Debtor to

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Secured Party in connection with the Collateral or the Obligations; (vi)
promptly notify Secured Party of any claim, action, or proceeding affecting
title to the Collateral, or any part thereof, or the security interest therein,
and, at the request of Secured Party, appear in and defend, at Debtor's expense,
any such action or proceeding; and (vii) promptly, after being requested by
Secured Party, pay to Secured Party the amount of all reasonable expenses,
including reasonable attorneys' fees and other legal expenses, incurred by
Secured Party in perfecting, maintaining, and enforcing the security interest.

         Section 17.2 PROCEEDS. Should the Pledged Securities, or any part
thereof, ever be in any manner converted by its issuer or maker into another
type of property, or any money or other proceeds ever be paid or delivered to
Debtor as a result of Debtor's rights in the Pledged Securities, then, in any
such event, all such property, money, and other proceeds, except only ordinary
cash dividends (unless and until payable to Secured Party, pursuant to Section
6.2 hereof), shall become part of the Pledged Securities, and shall be delivered
to Secured Party by Debtor.

         Section 17.3 PERFORMANCE BY SECURED PARTY. Should any covenant, duty,
or agreement of Debtor fail to be performed in accordance with its terms
hereunder, Secured Party may, but shall never be obligated to, after three (3)
Business Days written notice thereof to Debtor, perform or attempt to perform
such covenant, duty, or agreement on behalf of Debtor, and any amount expended
by Secured Party in such performance or attempted performance shall become a
part of the Obligations, and, at the request of Secured Party, Debtor agrees to
pay such amount promptly to Secured Party, at Secured Party's office in
Indianapolis, Indiana, together with interest thereon at the rate provided in
the Credit Agreement.

         Section 17.4 COVENANT REGARDING REGISTRATION. If Secured Party shall
determine to exercise its right to sell any or all of the Pledged Securities
pursuant to Section 7.2 hereof, and if, in the opinion of counsel for Secured
Party, it is necessary, or if, in the opinion of Secured Party, it is advisable
to have the Pledged Securities, or that portion thereof to be sold, registered
under the provisions of any applicable banking and securities laws (the
"Securities Act"), then Debtor will, at Secured Party's request and at Debtor's
expense, cause each issuer of the Pledged Securities, or of that portion thereof
to be sold, to execute and deliver, and cause the directors and officers of each
such issuer to execute and deliver, all such instruments and documents, and
cause such issuer(s), directors, and officers to do or cause to be done all such
other acts and things as may be necessary or, in Secured Party's opinion,
advisable to register the Pledged Securities, or that portion thereof to be
sold, under the provisions of the Securities Act, and to cause the registration
statement relating thereto to become effective and to remain effective for a
period of one year from the date of the first public offering of the Pledged
Collateral, or that portion thereof to be sold, and to make all amendments
thereto and/or to the related prospectus that, in Secured Party's opinion, are
necessary or advisable, all in conformity with the requirements of the
Securities Act and the rules and regulations applicable thereto:

         Section 17.5 NEGATIVE COVENANTS. Without the prior written consent of
Secured Party, Debtor will not: (i) sell, assign, or transfer any rights of
Debtor in the Collateral; (ii) grant any options or other rights in the
Collateral; (iii) create any other Lien or security interest in, mortgage, or
otherwise encumber the Collateral, or any part thereof, or permit the same to be
or become subject to any Lien, attachment, execution, sequestration, other legal
or equitable

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process, or any encumbrance of any kind or character, except the security
interest herein created; (iv) vote for, or consent to, any amendment of the
Constituent Documents of any issuer that might reasonably be expected to
materially adversely affect the value of the Pledged Securities; (v) permit the
issuers of the Pledged Securities to merge or consolidate with or into any
corporation or other Person, except as expressly permitted by the Credit
Agreement; or (vi) permit the issuers of the Pledged Securities to issue any
shares to any other Person.

         Section 17.6 OTHER NOTICES AND ACTIONS. Debtor shall promptly notify
Secured Party of (a) any change in any material fact or circumstance represented
or warranted by Debtor with respect to any of the Collateral, and (b) any claim,
action, or proceeding challenging the Security Interest or affecting title to
all or any material portion of the Collateral or the Security Interest (and, at
Secured Party's request, Debtor shall appear in and defend any such action or
proceeding at Debtor's expense).

         Section 17.7 IMPAIRMENT OF COLLATERAL. Debtor shall not do or permit
any act that is reasonably likely to adversely impair the value of any
Collateral.

                                   SECTION 18
            VOTING RIGHTS, DIVIDENDS, ETC., PRIOR TO EVENT OF DEFAULT

         Section 18.1 RIGHTS PRIOR TO EVENT OF DEFAULT. So long as no Event of
Default shall have occurred after the date hereof and be continuing, and Secured
Party shall not have given written notice to Debtor of its intention to exercise
its voting rights pertaining to the Pledged Securities as set forth in Section
6.2 below:

                  (a)      Debtor shall be entitled to exercise any and all
         voting and/or consensual rights and powers relating or pertaining to
         the Pledged Securities, or any part thereof, for any purpose not
         inconsistent with the terms of this agreement.

                  (b)      Debtor shall be entitled to receive, retain, and
         expend or use in its business any and all ordinary cash dividends and
         non-liquidating distributions in-kind payable on the Pledged
         Securities, but any and all stock and/or liquidating dividends, returns
         of capital, or other distributions made on or in respect of the Pledged
         Securities, whether resulting from a subdivision, combination, or
         reclassification of the outstanding capital stock of any issuer
         thereof, or received in exchange for Pledged Securities or any part
         thereof, or as a result of any merger, consolidation, acquisition, or
         other exchange of assets to which any such issuer may be a party or
         otherwise, and any and all cash and other property received in exchange
         for the Pledged Securities or received in payment of the principal of,
         or in redemption of, the Pledged Securities (either at maturity, upon
         call for redemption, or otherwise), shall be and become part of the
         collateral pledged hereunder, and if received by Debtor, shall be held
         in trust for the benefit of Secured Party, and forthwith be delivered
         to Secured Party (accompanied by proper instruments of assignment
         and/or stock powers executed by Debtor in accordance with Secured
         Party's instructions) to be held subject to the terms of this
         agreement.

                  (c)      Secured Party shall execute and deliver (or cause to
         be executed and delivered) to Debtor all such proxies, powers of
         attorney, dividend orders, and other

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         instruments as Debtor may request for the purpose of enabling Debtor to
         exercise the voting and/or consensual rights and powers which it is
         entitled to exercise pursuant to SUBSECTION (a) above and/or to receive
         the dividends which it is authorized to receive and retain pursuant to
         SUBSECTION (b) above.

         Section 18.2 TERMINATION OF RIGHTS. Upon (i) the occurrence after the
date hereof of an Event of Default, and (ii) the giving of written notice by
Secured Party to Debtor of its intention to (A) foreclose upon, or otherwise
dispose of, the Pledged Securities, or (B) exercise its voting rights pertaining
to the Pledged Securities, subject to the receipt by Secured Party of required
federal or state regulatory approvals, if any, all rights of Debtor to exercise
the voting and/or consensual rights and powers which it is entitled to exercise
pursuant to Section 6.1(a) hereof, and/or to receive the dividends which it is
authorized to receive and retain pursuant to Section 6.1(b) hereof, shall cease,
at the option of Secured Party, and all such rights shall thereupon become
vested in Secured Party, who shall have the sole and exclusive right and
authority to exercise such voting and/or consensual rights and powers, and/or to
receive and retain the dividends which Debtor would otherwise be authorized to
retain pursuant to Section 6.1(b) hereof. Further, Secured Party shall have the
right upon the occurrence of an Event of Default, to notify and direct the
issuers of the Pledged Securities to thereafter make all payments,
distributions, dividends, and any other distributions payable in respect thereof
directly to Secured Party. The issuers of the Pledged Securities making any such
payment or distribution to Secured Party hereunder shall be fully protected in
relying on the written statement of Secured Party that it then holds a security
interest which entitles it to receive such payments and distributions. Any and
all money and other property paid over to, or received by, Secured Party
pursuant to the provisions of this Section 6.2 shall be retained by Secured
Party as additional collateral hereunder, and may be applied (and upon Debtor's
written request all cash shall promptly be applied) in accordance with the
provisions hereof.

                                   SECTION 19
                          EVENT OF DEFAULT AND REMEDIES

         Section 19.1 REMEDIES. Upon the occurrence of an Event of Default, in
addition to any and all other rights and remedies which Secured Party may then
have hereunder, under the Loan Documents, under applicable law, under the UCC,
as applicable, or otherwise, Secured Party shall have the right to: (i) declare
the entire unpaid balance of principal and all accrued interest on the
Obligations immediately due and payable, without written notice, demand, notice
of intent to accelerate, notice of acceleration, or presentment, all of which
are hereby waived; (ii) reduce any claims to judgment, foreclose, or otherwise
enforce its Security Interest in all or any part of the Collateral by any
available judicial procedure; (iii) after notification, if any, expressly
provided for herein, sell or otherwise dispose of, at the office of Secured
Party or elsewhere, as chosen by Secured Party, all or any part of the
Collateral, and any such sale or other disposition may be as a unit or in
parcels, by public or private proceedings, and by way of one or more contracts,
(it being agreed that the sale of any part of the Collateral shall not exhaust
Secured Party's power of sale, but sales may be made from time to time until all
of the Collateral has been sold, or until the Obligations have been paid in
full, provided, however, that Secured Party shall have no obligation to sell the
Collateral piecemeal, it being specifically acknowledged that a sale of all of
the Collateral to one purchaser in single transaction shall be conclusively
presumed to be commercially reasonable), and at any such sale it shall not be
necessary to

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exhibit the Collateral; (iv) retain the Collateral in satisfaction of the
Obligations whenever the circumstances are such that Secured Party, is entitled
to do so under the UCC; (v) apply by appropriate judicial proceedings for
appointment of a receiver for the Collateral, or any part thereof; and Debtor
hereby consents to any such appointment; (vi) purchase the Collateral at any
public sale in accordance with the UCC; (vii) purchase the Collateral at any
private sale in accordance with the UCC; and (viii) exercise the rights set
forth in this agreement in accordance with the UCC.

         Section 19.2 SALE OF PLEDGED SECURITIES. Secured Party is authorized,
at any sale of the Pledged Securities, if it deems it advisable, to restrict the
prospective bidders or purchasers to those persons who will represent and agree
that they are purchasing for their own account, for investment, and not with a
view to distribution or sale of any of the Pledged Securities. Upon any such
sale, Secured Party shall have the right to deliver, assign, and transfer to the
purchaser thereof the Pledged Securities so sold. Each purchaser at any such
sale shall hold the property sold absolutely, free from any claim or right of
whatsoever kind, including any equity or right of redemption, of Debtor which
hereby specifically waives all rights of redemption, stay, or appraisal which it
has or may have under any rule of law or statute now existing or hereafter
adopted, and such waiver shall be deemed to have been made after an Event of
Default. Secured Party shall give Debtor seven days written notice of its
intention to make any such public or private sale, or sale at broker's board or
on a securities exchange. Such notice, in case of sale at broker's board or on a
securities exchange, shall state the board or exchange at which such sale is to
be made, and the day on which the Pledged Securities, or that portion thereof so
being sold, which will first be offered for sale at such board or exchange.
Secured Party shall have no obligation to disclose or provide any information
concerning the issuers or the Pledged Securities to prospective purchasers of
the Pledged Securities, other than information in its possession at such time,
and Debtor agrees and acknowledges that it shall be commercially reasonable for
any notices of any such sale, published or otherwise, to specifically so state.
At any such sale the Pledged Securities may be sold in one lot as an entirety or
in separate parcels, as Secured Party may elect, and any such election shall be
presumed to be commercially reasonable. Secured Party shall not be obligated to
make any such sale pursuant to any such notice. Secured Party may, without
notice or publication, adjourn any public or private sale or cause the same to
be adjourned from time to time by announcement at the time and place fixed for
the sale, and such sale may be made at any time or place to which the same may
be so adjourned. In case of any sale of all or any part of the Pledged
Securities on credit or for future delivery, the Pledged Securities so sold may
be retained by Secured Party until the selling price is paid by the purchaser
thereof; but Secured Party shall not incur any liability in case of the failure
of such purchaser to take and pay for the Pledged Securities so sold, and, in
case of any such failure, such Pledged Securities may again be sold upon like
notice. Secured Party may also, at its discretion, proceed by a suit or suits at
law or in equity to foreclose the pledge and sell the Pledged Securities, or any
portion thereof, under a judgment or decree of a court or courts of competent
jurisdiction. If any consent, approval, or authorization of any federal, state,
municipal, or other governmental department, agency, or authority should be
necessary to effectuate any sale or other disposition of the Pledged Securities,
or any part disposition of the Pledged Securities, or any part thereof; Debtor
will execute all such applications and other instruments as may be required in
connection with securing any such consent, approval, or authorization, and will
otherwise use its best efforts to secure the same. Any sale of the Pledged

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Securities conditioned upon the receipt of any such consent, approval, or
authorization shall be presumed to be commercially reasonable.

         Section 19.3 POSSIBLE RESTRICTIONS ON SALE OF PLEDGED COLLATERAL.
Because of the Securities Act and other applicable laws or regulations, there
may be legal restrictions or limitations affecting Secured Party in any attempts
to dispose of certain portions of the Pledged Securities in the enforcement of
its rights and remedies hereunder. For these reasons, Secured Party is hereby
authorized by Debtor, but not obligated, in the event of any Event of Default
hereunder giving rise to Secured Party's rights to sell or otherwise dispose of
the Pledged Securities, and after the giving of any notices required herein, to
sell all or any part of the Pledged Securities at private sale, subject to an
investment letter or subject to any purchase agreement, or receipt of any
regulatory approvals regarding change of control approvals, or with respect to
any other matter, or in any other manner which will not require the Pledged
Securities, or any part thereof; to be registered in accordance with the
Securities Act, as amended, or other applicable rules and regulations
promulgated thereunder, or any other law or regulation, at the best price
reasonably obtainable by Secured Party at any such private sale or other
disposition in the manner mentioned above, and Debtor specifically acknowledges
that any such disposition shall be commercially reasonable under the UCC.
Secured Party is also hereby authorized by Debtor, but not obligated, to take
such actions, give such notices, obtain such consents, and do such other things
as Debtor may deem required or appropriate in the event of a sale or disposition
of any of the Pledged Securities. Debtor clearly understands that Secured Party
may, at its discretion, approach a restricted number of potential purchasers,
and may impose such other conditions in connection with any such sale as Secured
Party deems necessary or desirable in order to comply with the Securities Act
and other applicable laws, and that a sale under such circumstances may yield a
lower price for the Pledged Securities, or any part or parts thereof, than would
otherwise be obtainable if same were registered and sold in the open market.
Debtor agrees (i) in the event Secured Party shall, upon an Event of Default
hereunder, sell the Pledged Securities, or any portion thereof, at such private
sale or sales, Secured Party shall have the right to rely upon the advice and
opinion of any member firm of a national securities exchange as to the best
price reasonably obtainable upon such private sale thereof, and (ii) that such
reliance shall be conclusive evidence that Secured Party handled such matter in
a commercially reasonable manner under the UCC.

         If an Event of Default exists, then Secured Party may, at its election
(but subject to the terms and conditions of the Credit Agreement), exercise any
and all rights available to a secured party under the UCC, in addition to any
and all other rights afforded by the Loan Documents, at law, in equity, or
otherwise, including, without limitation (a) requiring Debtor to assemble all or
part of the Collateral and make it available to Secured Party at a place to be
designated by Secured Party which is reasonably convenient to Debtor and Secured
Party, and (b) applying to the Obligations any cash held by Secured Party under
the Loan Documents.

         Section 19.4 NOTICE. Reasonable notification of the time and place of
any public sale of the Collateral, or reasonable notification of the time after
which any private sale or other intended disposition of the Collateral is to be
made, shall be sent to Debtor and to any other Person entitled to notice under
the UCC. If any Collateral threatens to decline speedily in value or is of the
type customarily sold on a recognized market, Secured Party may sell or
otherwise dispose of the Collateral without notification, advertisement, or
other notice of any kind. Notice

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sent or given not less than seven calendar days before the taking of the action
to which the notice relates is reasonable notification and notice for the
purposes of this section.

         Section 19.5 OTHER SALES. Secured Party's sale of less than all
Collateral does not exhaust Secured Party's rights under this agreement and
Secured Party is specifically empowered to make successive sales until all
Collateral is sold. If the proceeds of a sale of less than all Collateral are
less than the Obligations, then this agreement and the Security Interest remain
in full force and effect as to the unsold portion of the Collateral just as
though no sale had been made. In the event any sale under this agreement is not
completed or is, in Secured Party's opinion, defective, that sale does not
exhaust Secured Party's rights under this agreement, and Secured Party is
entitled to cause a subsequent sale or sales to be made. All statements of fact
or other recitals made in any bill of sale or assignment or other instrument
evidencing any foreclosure sale under this agreement (whether about nonpayment
of the Obligations, the occurrence of any Event of Default, Secured Party's
having declared all of the Obligations to be due and payable, notice of time,
place, and terms of sale and the properties to be sold having been duly given,
or any other act or thing having been duly done by Secured Party) shall be taken
as prima facie evidence of the truth of the facts so stated and recited. Secured
Party may appoint or delegate any one or more Persons as agent to perform any
act or acts necessary or incident to any sale held by Secured Party, including
the sending of notices and the conduct of sale, but such acts must be done in
the name and on behalf of Secured Party.

         Section 19.6 POWER-OF-ATTORNEY. Secured Party is deemed to be
irrevocably appointed as Debtor's agent and attorney-in-fact with the right to
enforce all of Debtor's rights under or in connection with the Collateral
effective and operable at all times while an Event of Default exists. All
reasonable costs, expenses, and liabilities incurred and all payments made by
Secured Party as Debtor's agent and attorney-in-fact (including, without
limitation, reasonable attorney's fees and expenses) are considered a loan by
Secured Party to Debtor that is repayable on demand, accrues interest at the
rate specified in the Credit Agreement to be applied upon an Event of Default
until paid, and is part of the Obligations.

         Section 19.7 APPLICATION OF PROCEEDS. Secured Party shall apply the
proceeds of any sale or other disposition of the Collateral under this Section 7
in the order and manner specified in Article III of the Credit Agreement. Any
surplus remaining shall be delivered to Debtor or as a court of competent
jurisdiction may direct. If the proceeds are insufficient to pay the Obligations
in full, Debtor remains liable for any deficiency.

                                   SECTION 20
                           AUTHORITY OF SECURED PARTY

         Secured Party shall have and be entitled to exercise all such powers
hereunder as are specifically delegated to Secured Party by the terms hereof,
together with such powers as are reasonably incidental thereto. Secured Party
may execute any of its duties hereunder by or through sub-agents or employees,
and shall be entitled to retain counsel and to act in reliance upon the advice
of such counsel concerning all matters pertaining to said duties. Secured Party
and any director, officer, or employee of Secured Party shall not be liable for
any action taken or omitted to be taken by them or any of them hereunder or in
connection herewith, except for their own gross negligence or willful
misconduct; nor shall Secured Party be responsible for the

                                       10
<PAGE>

validity, effectiveness, or sufficiency hereof, or of any document or security
furnished pursuant hereto or in connection herewith. Secured Party shall be
entitled to rely on any communication, instrument, or document believed by it to
be genuine and correct and to have been signed or sent by the proper Person or
Persons.

                                   SECTION 21
                            OTHER RIGHTS; PERFORMANCE

         If Debtor fails to preserve the priority of the Security Interest in
any of the Collateral or otherwise fails to perform any of its obligations under
the Loan Documents with respect to the Collateral, then Secured Party may, at
its option, but without being required to do so, prosecute or defend any suits
in relation to the Collateral or take all other action which Debtor is required,
but has failed or refused, to take under the Loan Documents. Any sum which may
be expended or paid by Secured Party under this section (including, without
limitation, court costs and attorneys' fees) shall bear interest from the dates
of expenditure or payment at the rate specified in the Credit Agreement to be
applied upon an Event of Default until paid and, together with such interest,
shall be payable by Debtor to Secured Party upon demand and is part of the
Obligations.

                                   SECTION 22
                                 INDEMNIFICATION

         Debtor hereby agrees to reimburse Secured Party, on demand, for all
reasonable expenses incurred by it in connection with the administration and
enforcement of this Agreement, and agrees to indemnify and hold harmless Secured
Party from and against any and all liability incurred by it hereunder or in
connection herewith, unless such liability shall be due to willful misconduct or
gross negligence on the part of Secured Party. Other than the exercise of
reasonable care in the physical custody of the Pledged Securities while held by
Secured Party, Secured Party shall have no responsibility for or obligation or
duty with respect to all or any part of the Collateral, or any matter or
proceeding arising out of or relating thereto, including, without limitation,
any obligation or duty to collect any sums due in respect thereof, or to protect
or preserve any rights against prior parties, or any other rights pertaining
thereto, it being understood and agreed that Debtor shall be responsible
generally for the preservation of all rights in the Collateral. Without limiting
the generality of the foregoing, Secured Party shall be conclusively deemed to
have exercised reasonable care in the custody of the Collateral if secured party
takes such action, for purposes of preserving rights in the Collateral, as
Debtor may reasonably request in writing, but no failure or omission or delay by
Secured Party in complying with any such request by Debtor, and no refusal by
Secured Party to comply with any such request by Debtor shall be deemed to be a
failure to exercise reasonable care.

                                   SECTION 23
                    SECURED PARTY APPOINTED ATTORNEY-IN-FACT

         Debtor hereby appoints Secured Party as Debtor's attorney-in-fact to
act, after the occurrence and during the continuance of an Event of Default, in
the name of Debtor or otherwise for the purpose of carrying out the provisions
of this agreement, and taking any action, and executing any instrument which
Secured Party may deem necessary or advisable to

                                       11
<PAGE>

accomplish the purposes hereof. Without limiting the generality of the
foregoing, Secured Party shall have the right and power, after the occurrence
and during the continuance of an Event of Default, to receive, endorse, and
collect all checks and other orders for the payment of money made payable to
Debtor representing any dividend or other distribution payable or distributable
in respect of the Collateral, or any part thereof, and to give full discharge
for the same.

                                   SECTION 24
                                  MISCELLANEOUS

         Section 24.1 TERM. This agreement terminates upon full payment and
performance of the Obligations. No Obligor is ever obligated to make inquiry of
the termination of this agreement but is fully protected in making any payments
on the Collateral directly to Secured Party.

         Section 24.2 MATTERS NOT RELEVANT. The Security Interest, Debtor's
obligations, and Secured Party's rights under this agreement are not released,
diminished, impaired, or adversely affected by any one or more of the following:
(a) Secured Party's taking or accepting any additional--or any release,
surrender, exchange, subordination, or loss of any other -- guaranty, assurance,
or security for any of the Obligations; (b) any full or partial release of any
other Person obligated on any of the Obligations; (c) the modification or
assignment of-- or waiver of compliance with-- any other Term Loan Document; (d)
any present or future insolvency, bankruptcy, or lack of corporate, partnership,
or trust power of any other Person obligated on any of the Obligations; (e) any
renewal, extension, or rearrangement of any of the Obligations, or any
adjustment, indulgence, forbearance, or compromise granted to any Person
obligated on any of the Obligations; (f) any Person's neglect, delay, omission,
failure, or refusal to take or prosecute any action in connection with any of
the Obligations; (g) any existing or future affect, claim, or defense (other
than credits toward outstanding amounts in respect of application of proceeds of
Collateral under this agreement and except for the defense of full and final
payment of the Obligations) of Debtor or any other Person against Secured Party;
(h) the unenforceability of any of the Obligations against any Person obligated
or any of the Obligations because it exceeds the amount permitted by law, the
act of creating it is ultra vires, or the officers, partners, or trustees
creating it exceeded their authority or violated their fiduciary duties, or
otherwise; (i) any payment of the Obligations is held to constitute a preference
under the United States Bankruptcy Code or any similar state or federal debtor
relief laws or for any other reason Secured Party is required to refund any
payment or make payment to another Person; or (j) any Person's failure to notify
Debtor or the Secured Party of their acceptance of this agreement or any
Person's failure to notify Debtor about the foregoing events or occurrences, and
Debtor waives any notice of any kind under any circumstances whatsoever with
respect to this agreement or any of the Obligations other than as specifically
provided in this agreement.

         Section 24.3 WAIVERS. Except to the extent expressly otherwise provided
in the Loan Documents, Debtor waives (a) any right to require Secured Party to
proceed against any other Person, to exhaust its rights in the Collateral, or to
pursue any other right which Secured Party may have, and (b) all rights of
marshaling in respect of the Collateral.

                                       12
<PAGE>

         Section 24.4 FINANCING STATEMENT. Secured Party may, at any time, file
a financing statement accurately describing the Collateral, but Secured Party's
failure to do so does not impair the validity or enforceability of this
agreement.

         Section 24.5 PARTIES. This agreement binds and inures to Debtor,
Secured Party, and their respective successors and permitted assigns. Only those
Persons may rely or raise any defense about this agreement. Debtor may not
assign any rights or obligations under this agreement without first obtaining
the written consent of Secured Party. The Secured Party may assign, pledge, and
otherwise transfer all or any of its rights under this agreement to any
participant or transferee permitted by the Credit Agreement.

         Section 24.6 SURVIVAL. All agreements, representations and warranties
made herein shall survive the execution of this Agreement.

         Section 24.7 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Indiana (without
reference to conflict of law principles), except to the extent superseded by
federal law.

         Section 24.8 COUNTERPARTS. This Agreement may be signed in any number
of counterparts with the same effect as if the signatures thereto and hereto
were upon the same instrument.

         Section 24.9 NOTICES. All communications or notices required under this
Agreement shall be in writing and shall be deemed to have been given (i) on the
date when sent by facsimile transmission to the facsimile number set forth
below, or (ii) on the date when delivered, sent by nationally recognized
overnight delivery service, or deposited in the United States mail, postage
prepaid, in each case to the following address (unless and until any of such
parties advises the other in writing of a change in such address):

         If to the Debtor:          Blue River Bancshares, Inc.
                                    29 E. Washington Street
                                    Shelbyville, IN  46176
                                    Attention: President
                                    Facsimile No.: (317) 392-6208

         If to the Secured Party:   Union Federal Bank of Indianapolis
                                    45 N. Pennsylvania Street, Suite 600
                                    Indianapolis, IN  46204
                                    Attention: Bruce Hostetler
                                    Facsimile No.: (317) 761-4024

         Section 24.10 NO AGENCY. Nothing in this Agreement or in the other
documents referred to herein and no action taken pursuant hereto shall cause the
Borrower to be treated as an agent of the Secured Party, or shall be deemed to
constitute the Secured Party and the Borrower a partnership, association, joint
venture or other entity.

                                       13
<PAGE>

         Section 24.11 NO THIRD PARTY BENEFIT. This Agreement is solely for the
benefit of the parties hereto and their permitted successors and assigns. No
other person or entity shall have any rights under, or because of the existence
of, this Agreement.

         Section 24.12 CONSENT TO JURISDICTION. The Borrower hereby consents to
the jurisdiction of any state or federal court situated in Marion County,
Indiana, and waives any objection based on lack of personal jurisdiction,
improper venue or forum non conveniens, with regard to any actions, claims,
disputes or proceedings relating to this Agreement or any other document
delivered hereunder or in connection herewith, or any transaction arising from
or connected to any of the foregoing. The Borrower waives personal service of
any and all process upon it, and consents to all such service of process made by
mail or by messenger directed to it at the address specified below. Nothing
herein shall affect the right of the Secured Party, to serve process in any
manner permitted by law, or limit the right of the Secured Party, to bring
proceedings against the Borrower or its property or assets in the competent
courts of any other jurisdiction or jurisdictions.

         Section 24.13 WAIVER OF JURY TRIAL. The Borrower and the Secured Party
hereby jointly and severally waive any and all right to trial by jury in any
action or proceeding relating to this Agreement or any other document delivered
hereunder or in connection herewith, or any transaction arising from or
connected to any of the foregoing. The Borrower and the Secured Party each
represent that this waiver is knowingly, willingly and voluntarily given.

         Section 24.14 LIMITATION OF LIABILITY. The Borrower and the Secured
Party hereby waive any right any of them may now or hereafter have to claim or
recover from any other party hereto any consequential, exemplary or punitive
damages.

         Section 24.15 ENTIRE AGREEMENT. This Agreement and the other Loan
Documents represent the final agreement between the parties with respect to the
subject matter thereof and may not be contradicted by evidence of prior,
contemporaneous, or subsequent oral agreements of the parties. There are no
unwritten oral agreements between the parties.

                      REMAINDER OF PAGE INTENTIONALLY BLANK

                             SIGNATURE PAGE FOLLOWS

                                       14
<PAGE>

         EXECUTED as of the date first stated above.

BLUE RIVER BANCSHARES, INC.,                UNION FEDERAL BANK OF
as Debtor                                   INDIANAPOLIS, as Secured Party

By: _____________________________           By: ________________________________
Name: ___________________________           Name: ______________________________
Title: __________________________           Title: _____________________________

         The undersigned agrees that to the extent that any of the stock
certificates evidencing any of the capital stock that is included in the
Collateral bear any restrictive legend in respect of the transfer of those
certificates, then, in each case, the undersigned waives the requirements of
those restrictive legends in respect of the pledge of those shares of capital
stock to Secured Party.

                                            SHELBY COUNTY BANK

                                            By: ________________________________
                                            Name: ______________________________
                                            Title: _____________________________

                                            UNIFIED BANKING COMPANY

                                            By: ________________________________
                                            Name: ______________________________
                                            Title: _____________________________

                                       15<PAGE>
                                                                   EXHIBIT 10.54

                     VASCO DATA SECURITY INTERNATIONAL, INC.
                                AND SUBSIDIARIES
                           CODE OF CONDUCT AND ETHICS

INTRODUCTION

     In this ever-changing business world, your Company is required to adhere to
     many new rules, regulations, and laws. An example of this is the
     Sarbanes-Oxley Act of 2002. This legislation requires that each public
     company achieve and maintain a certain level of control over its business,
     its officers, its employees and its Board of Directors. In VASCO's case,
     this requires the commitment of its people to maintain the highest level of
     integrity and ethics. Accordingly, your Company has established this VASCO
     Code of Conduct and Ethics (the "Code") in order that we are all clear as
     to what is required of each one of us.

     This Code sets forth written standards that the Company's Board of
     Directors believes are reasonably designed to deter wrongdoing and to
     promote:

     o    Honest and ethical conduct, including the ethical handling of actual
          or apparent conflicts of interests between personal and professional
          relationships;

     o    Full, fair, accurate, timely and understandable disclosure in reports
          and documents that the Company files with, or submits to the
          Securities and Exchange Commission and in other public communications
          made by the Company;

     o    Compliance with applicable governmental laws, rules and regulations;

     o    The prompt internal reporting of violations of the Code to an
          appropriate person or persons identified in the Code; and

     o    Accountability for adherence to the Code.

     The Code begins with the principle that all of the Company's directors,
     executive officers and employees (collectively, "Employees and Directors")
     will abide by and obey all laws and regulations that are applicable to our
     business in whatever country we conduct business. We will not depart from
     the letter and spirit of the law under any circumstances: not to make a
     profit; not to make a customer happy; not to protect a fellow employee. If
     the law conflicts with this Code, comply with the law. If the local custom
     conflicts with this Code, comply with the Code.

     This Code should serve as a framework for our Employees and Directors to
     exercise their best efforts to conduct themselves at the highest possible
     level of integrity and honesty. IF YOU ARE IN A SITUATION THAT YOU BELIEVE
     MAY LEAD TO A VIOLATION OF THIS CODE, YOU SHOULD FOLLOW THE PROCEDURES
     DESCRIBED IN SECTIONS 15-17 OF THIS CODE.

     FOR PURPOSES OF THIS CODE, THE "CONTACT PERSON" WILL BE DIFFERENT FOR
     EMPLOYEES, EXECUTIVE OFFICERS AND DIRECTORS. EMPLOYEES SHOULD CONTACT THE
     CHIEF FINANCIAL OFFICER

<PAGE>

     (MR. CLIFF BOWN - 630 932 8844 EXTENSION 304 OR CBOWN@VASCO.COM), EXECUTIVE
     OFFICERS SHOULD CONTACT THE CHAIRMAN OF THE BOARD'S GOVERNANCE COMMITTEE
     (MR. JOHN WALTER) AND DIRECTORS SHOULD CONTACT EITHER THE CHIEF EXECUTIVE
     OFFICER (MR. KEN HUNT) OR CHIEF FINANCIAL OFFICER.

     From time to time, the Company may waive some provisions of this Code. Any
     waiver or amendment of this Code for executive officers or directors of the
     Company may only be made by the Board of Directors and must be promptly
     disclosed as required by the Securities and Exchange Commission ("SEC") or
     the rules of The Nasdaq Stock Market, Inc. ("Nasdaq"). Any waiver for other
     persons may only be made by the appropriate Contact Person, the Governance
     Committee or the Board.

     We begin with ethical and moral objectives for "Which We Stand".

1.   COMPLIANCE WITH LAWS

     Obeying the law, both in letter and spirit, is the foundation on which this
     Company's ethical standards are built. All Employees and Directors must
     obey the laws of the cities, states, and countries in which we operate.
     Although not every Employee and Director can be expected to know the
     details of these laws, it is important to know enough to determine when to
     seek advice from supervisors, managers or other appropriate personnel.

2.   ETHICAL CONDUCT

     Beyond compliance with laws, the Company requires that all Employees and
     Directors act in a manner that meets the highest of ethical behavior. This
     includes the obligation to avoid any actual or apparent conflicts of
     interest in personal and professional relationships. The honesty and
     integrity of the Company's business conduct must not be compromised. The
     Company will not condone ethical violations for the sake of personal gain,
     personal advantage, expediency or perceived business advantage.

3.   RESPECT FOR PEOPLE

     Every Employee and Director is important to the success of the Company and
     so each is to be treated fairly and with respect. Being treated fairly
     means that each such person is judged according to his or her own merit and
     not according to arbitrary factors such as race, religion, color, sex, age,
     national origin, or handicap. We are firmly committed to providing equal
     opportunity in all aspects of employment and will not tolerate
     discrimination, harassment or retaliation.

     Because we value every Employee and Director, we encourage all to share
     their ideas and express their concerns. Supervisors, managers and officers
     should be especially careful to maintain open lines of communication and to
     listen to all employees.

     No Employee or Director will be discriminated against, in any way, for
     having brought his or her concerns to the attention of VASCO's management
     or to its Board of Directors.

<PAGE>

4.   NO TOLERANCE FOR DRUGS AND ALCOHOL

     Our Company and our customers expect all of our Employees and Directors to
     report to work fit for duty, drug and alcohol free. Fit for duty means
     being mentally and physically able to perform our jobs in a safe, efficient
     and reliable manner.

     Not only do we have responsibility for our own behavior, but we also have a
     responsibility for each other and for public safety. Therefore, when any
     person recognizes a fitness for duty problem, he or she has an obligation
     to report the condition to management.

     Any Employee or Director who engages in the use, distribution, sale or
     possession of illegal drugs or other controlled substances or who is
     working while under the influence of illegal drugs, controlled substances
     or alcohol is subject to disciplinary action, including dismissal.

5.   A COMPANY FREE OF CONFLICTS OF INTEREST

     In order to maintain the highest degree of integrity in the conduct of the
     Company's business, no Employee or Director should engage in any activity
     or advance any personal interest that conflicts, or appears to conflict,
     with the interests of the Company. A "conflict of interest" occurs when an
     individual's private interest interferes or appears to interfere with the
     interests of the Company. A conflict of interest can arise when an Employee
     or Director takes actions or has interests that may make it difficult to
     perform his or her Company work objectively and effectively. Some of the
     more common types of conflicts of interest are addressed here to provide
     guidance.

     Employees and Directors or members of their immediate families shall not
     own a significant financial interest in, or be employed by, any business
     organization that does or seeks to do business with the Company unless such
     interest or employment has been disclosed in writing to and approved by the
     appropriate Contact Person.

     A general exception to this policy is the employment of a member of a
     Employee's or Director's immediate family by a public utility, bank, or
     other business enterprise that furnishes products or services to the
     Company at prices, rates, or charges generally applicable to all customers
     of such utility, bank, or other business enterprise. A "significant
     financial interest" is an aggregate interest of an Employee or Director and
     his or her immediate family members of more than 5% of the stock of a
     corporation or more than 5% of the profits or assets of a partnership or
     other venture.

     A "member of your immediate family" means your spouse and your or your
     spouse's parents, children, brothers and sisters, aunts and uncles and
     nephews and nieces.

     Questions regarding conflicts of interest should be addressed to your
     respective Contact Person.

<PAGE>

6.   NO GRATUITIES IN THE FORM OF GIFTS AND ENTERTAINMENT

     No Employee or Director nor any member of his or her immediate family may
     accept from a vendor or customer money or a gift that is, or could
     reasonably be considered to be, intended to influence your behavior toward
     that vendor or customer. However, you may accept a gift of nominal value
     when the vendor or customer customarily offers it to others.

     If you are offered money or a gift, or if either arrives at your office or
     home, inform your Contact Person immediately. Appropriate arrangements will
     be made to return or dispose of what has been received, and the vendor or
     customer will be reminded of the Company's policy on gifts.

     Entertainment should be viewed in the same way as gifts. An occasional meal
     or outing with a vendor or customer at their expense is permissible if
     there is a valid business purpose involved and the expense is not
     extravagant. Travel or lodging should not be accepted unless previously
     approved by your Contact Person.

7.   SAFEGUARDING OF COMPANY ASSETS

     We each have a duty to safeguard the Company assets that are entrusted to
     our care and to ensure that transactions are only executed in accordance
     with managements' authorization. Company assets include our records,
     product designs, strategic business plans, customer information, and
     people. Company assets should be used for Company business only; they are
     not to be used for any Employee's or Director's personal benefit and are
     not to be sold, loaned, or given away except with proper authorization. Any
     suspected incident of fraud or theft should be immediately reported to the
     appropriate Contact Person for investigation.

     Other Company assets are our Company names and our trademarks. Others may
     not use these without proper written authorization. As a general rule, we
     do not endorse other companies, products, or services.

8.   CONFIDENTIAL INFORMATION

     Confidential information includes all non-public information that might be
     of use to competitors or harmful to the Company or its customers, if
     disclosed. Much of the information the Company uses is confidential or
     proprietary. Sometimes confidential information has been developed by the
     Company; other times it belongs to others and we have contracted to keep it
     confidential. In both instances we must be careful to guard against
     disclosure of the information to people outside the Company.

     In particular, computer software may only be used for Company business. It
     may not be copied without our specific approval. Our investment in computer
     software is substantial and contributes to our ability to conduct our
     business in a cost-efficient manner. As such, it is extremely valuable and
     should never be treated casually or left unprotected.

<PAGE>

     Almost every department has software and information that the Company
     considers to be confidential. All Employees and Directors must maintain the
     confidentiality of the information entrusted to them by the Company or its
     customers, except when disclosure is authorized by the Chief Executive
     Officer, the President and Chief Operating Officer, the Chief Financial
     Officer, the Company's counsel, or required by law. The obligation to
     preserve confidential information continues even after employment ends.

9.   EXCELLENT TREATMENT OF OUR VALUED CUSTOMERS

     Our customers are extremely important to us. They are the reason the
     Company exists and our success depends upon their satisfaction. Customers
     are always to be treated with the utmost respect and courtesy. They are
     also to be treated fairly. No customer should be given preferential
     treatment.

     Information that we have regarding our customers is to be kept confidential
     and used only for Company purposes. Customer satisfaction is the job of
     every employee.

10.  PROVIDING SHAREHOLDER VALUE THROUGH ACCURATE AND RELIABLE FINANCIAL
     STATEMENTS

     We are in business to create value for our shareholders. Our shareholders
     have chosen to invest with us because they are encouraged by the Company's
     past financial performance and their perceptions of its prospects for the
     future. They want a fair return on their investment. Many of us own shares
     in the Company as well, and we have the same concerns as our other
     investors.

     It is very important to our investors that the information they receive is
     accurate and properly reflects the financial condition and results of
     operations of the Company. The books and records of the Company are to be
     kept according to generally accepted accounting principles and in a manner
     whereby an accurate and auditable record of all financial transactions is
     maintained. The Accounting Departments, as well as our independent public
     accountants, help to ensure that all of the Company's books and records are
     accurate. Employees are to cooperate fully with these groups and provide
     complete and accurate information to them. It is prohibited under U.S.
     Federal law and the Company policy to fraudulently influence, coerce,
     manipulate or mislead the Company's independent public accountants for the
     purpose of rendering the Company's financial statements materially
     misleading.

     The Company's requirement that all Employees and Directors follow the
     highest ethical standards applies directly to all actions that involve
     business accounting, financial reporting, internal accounting controls,
     auditing matters and public disclosure obligations. Full, fair, accurate,
     timely and understandable disclosure is required in all reports and
     documents that the company files with, or submits to, the SEC and in any
     other public communications.

     The Audit Committee of the Board of Directors has adopted special
     procedures for the receipt, retention and treatment of complaints regarding
     accounting, internal accounting controls or auditing matters. These
     procedures are set out in Sections 16 and 17 of this Code.

<PAGE>

     Business records and communications often become public and all Employees
     and Directors should avoid exaggeration, derogatory remarks, guesswork or
     inappropriate characterizations of people and companies that can be
     misunderstood. This applies equally to email, internal memos and formal
     reports. Records should always be retained or destroyed according to the
     Company's policies. In accordance with those policies, in the event of
     litigation or governmental investigation, please consult the Company's
     counsel.

11.  INTOLERANCE TO QUESTIONABLE PAYMENTS

     It is the responsibility of all Employee and Directors to keep accurate
     books and records regarding Company assets and funds. All receipts and
     disbursements are to be fully and accurately described. No Employee or
     Director may participate in any way in unethical receipts or payments of
     Company funds or the maintenance of any unrecorded cash or non-cash funds
     for the purpose of any such receipts or payments.

     The U.S. Foreign Corrupt Practices Act prohibits giving anything of value,
     directly or indirectly, to officials of foreign governments or foreign
     political candidates in order to obtain or retain business. It is strictly
     prohibited to make illegal payments to government officials of any country.
     We will not take part in any improper payments to government officials,
     bribes or kickbacks, or influence payments to any party. Any information
     regarding potential improper payments to foreign officials should be
     reported to the appropriate Contact Person immediately.

12.  INSIDER INFORMATION

     From time to time you may receive information that could be valuable to an
     investor if it were made public. This information could be about the
     Company, one of its affiliates, or about another company we do business
     with. Using this information to make money for yourself or for someone you
     know is not only against the Company policy but it also may be a violation
     of securities laws. Examples of types of information that could be
     considered "insider" information include revenue or profit achievements not
     generally known to the public; dividend declarations; financing plans;
     acquisitions, mergers, or sales; major contracts and developments in major
     litigation. If you have any questions regarding this type of information,
     call your respective Contact Person for advice.

13.  CORPORATE CITIZENSHIP

     We all understand the importance of being good citizens of our respective
     communities, states, provinces, and nations. When we become involved in the
     charitable affairs of the communities in which we live and work, we
     increase the quality of life for everyone. Employees are encouraged to
     participate in the United Way, Red Cross Blood Drives, and in other
     charitable organizations, activities and fund-raisers.

     As individuals, we may have community or charitable interests that are
     important to each one of us. This is not only desirable, but also necessary
     if we are to be responsible, contributing

<PAGE>

     citizens. Any leadership position, however, should be carefully examined to
     be sure that it does not cause or appear to cause any conflict of interest
     or embarrassment to the Company.

     From time to time we may also receive requests for money or other Company
     resources to benefit a particular charity or civic group. These should be
     referred the appropriate supervisor within your business unit or to one of
     the Company's executive officers.

14.  POLITICAL ACTIVITIES

     As a good corporate citizen, the Company supports the political process.
     However, we have decided that, even if allowed by law, no corporate funds,
     assets, materials, or services may be used to support a particular
     candidate or political party.

     All Employees and Directors are encouraged to exercise their rights as
     citizens by voting.

15.  PERSONAL RESPONSIBILITY

     It is essential that the Company ensure prompt and consistent action
     against violations of this Code. However, in some situations it is
     difficult to know right from wrong. Since Employees and Directors cannot
     anticipate every situation that will arise, it is important to have
     guidelines on how to approach a new question or problem. These are the
     steps to keep in mind:

     o    Make sure you have all the facts. In order to reach the right
          solutions, we must be as fully informed as possible.

     o    Ask yourself: What specifically am I being asked to do? Does it seem
          unethical or improper? This will enable you to focus on the specific
          question you are faced with and the alternatives you have. Use your
          judgment and common sense; if something seems unethical or improper,
          it probably is.

     o    Clarify your responsibility and role. In most situations, there is
          shared responsibility. Are your colleagues informed? It may help to
          get others involved and discuss the problem.

     o    Discuss the problem with your supervisor. This is the basic guidance
          for all situations. In many cases, your supervisor will be more
          knowledgeable about the question and will appreciate being brought
          into the decision-making process. Remember that it is your
          supervisor's responsibility to help solve problems.

     o    Seek help from Company resources. If you believe that it is not
          appropriate to discuss an issue with your supervisor, or you do not
          feel comfortable approaching your supervisor with your question,
          discuss it locally with your office manager or with the Director of
          Human Resources. If that also is not appropriate, call your respective
          Contact Person.

     o    You may report ethical violations in confidence and without fear of
          retaliation. If your situation requires that your identity be kept
          secret, your anonymity will be protected. The Company does not permit
          retaliation of any kind against any Employee or Director for good
          faith reports of ethical violations.

     o    Always ask first, act later. If you are unsure of what to do in any
          situation, seek guidance before you act.
<PAGE>

16.  REPORTING/INVESTIGATION PROCEDURES

     The Governance Committee is responsible for applying this Code to specific
     situations in which questions are presented to it and has the authority to
     interpret the Code in any particular situation. Any Employee or Director
     who reasonably believes that there has been a violation or potential
     violation of this Code should report it immediately to his or her
     respective Contact Person. If the violation or potential violation is
     related to questionable accounting or auditing matters, the Employee or
     Director may submit an anonymous complaint as discussed in Section 17. Upon
     receipt of a complaint, the particular Contact Person or other designee
     shall promptly investigate the matter and will treat the matter as
     confidential to the fullest extent possible consistent with the need to
     investigate. Absolute confidentiality of the complaint, however, cannot be
     guaranteed because the very fact of conducting an investigation may lead
     employees or other persons to reach conclusions of their own. Anyone
     involved in an investigation under these procedures, whether as witnesses,
     participants in the performance of the investigation or otherwise, will be
     informed of their obligation to maintain confidentiality and will be asked
     to sign an acknowledgment of this obligation. There shall be no
     discrimination or retaliation against any Employee or Director for bringing
     a complaint under these procedures or against any person for participating
     in the investigation. If the investigation leads to a conclusion that a
     material violation of the Code has occurred, the Governance Committee will
     inform the Company's Board of Directors who will take such disciplinary or
     preventative action as it deems appropriate, up to and including dismissal
     or, in the event of criminal or other serious violations of law,
     notification of appropriate governmental authorities.

     The Company recognizes the potentially serious impact of a false
     accusation. All Employees and Directors are expected as part of the ethical
     standards required by this Code to act responsibly in making complaints.
     Making a complaint in bad faith will be subject to appropriate corrective
     action, including dismissal.

17.  PROCEDURES FOR SUBMITTING CONFIDENTIAL, ANONYMOUS COMPLAINTS REGARDING
     ACCOUNTING AND AUDITING MATTERS

     Beginning after the Company's 2004 Annual Meeting of Stockholders, any
     Employee or Director who reasonably believes that there has been a material
     violation of this Code caused by questionable accounting or auditing
     matters may submit confidential, anonymous complaints via a toll-free
     telephone hotline (specific telephone numbers may vary by office location -
     please refer to the information distributed for your location) or via the
     Internet (please refer to the information distributed with the telephone
     information).

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