<SUBMISSION>
<ACCESSION-NUMBER>0001206774-08-002053
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>10
<PERIOD>20081219
<ITEMS>1.01
<ITEMS>3.02
<ITEMS>3.03
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20081223
<DATE-OF-FILING-DATE-CHANGE>20081222
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ENTERPRISE FINANCIAL SERVICES CORP
<CIK>0001025835
<ASSIGNED-SIC>6022
<IRS-NUMBER>431706259
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-15373
<FILM-NUMBER>081265094
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 NORTH MERAMEC
<STREET2>150 NORTH MERAMEC
<CITY>CLAYTON
<STATE>MO
<ZIP>63105
<PHONE>3147255500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 NORTH MERAMEC
<STREET2>150 NORTH MERAMEC
<CITY>CLAYTON
<STATE>MO
<ZIP>63105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ENTERBANK HOLDINGS INC
<DATE-CHANGED>19961024
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>enterprise_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<P align=center><B><FONT face=serif>UNITED STATES<BR></FONT></B><B><FONT face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B><FONT face=serif size=5><BR></FONT></B><B><FONT face=serif>Washington, D.C. 20549</FONT></B></P>
<P align=center><B><FONT face=serif size=5>FORM 8-K</FONT></B><FONT face=serif>
</FONT></P>
<P align=center><B><FONT face=serif>CURRENT REPORT</FONT></B></P>
<P align=center><B><FONT face=serif>Pursuant to Section 13 or 15(d) of
<BR></FONT></B><B><FONT face=serif>The Securities Exchange Act of
1934</FONT></B></P>
<P align=center><FONT face=serif size=2>Date of Report (Date of earliest event
reported)<BR>December 19, 2008</FONT></P>
<P align=center><B><FONT face=serif size=6>ENTERPRISE FINANCIAL SERVICES
<BR>CORP<BR></FONT></B><B><FONT face=serif size=1>(Exact name of registrant as
specified in its charter)</FONT></B><FONT face=serif> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="33%"><B><FONT face=serif size=2>Delaware</FONT></B> </TD>
    <TD noWrap align=center width="33%"><B><FONT face=serif size=2>001-15373</FONT></B> </TD>
    <TD noWrap align=center width="33%"><B><FONT face=serif size=2>43-1706259</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>(State or
      Other Jurisdiction</FONT> </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>(Commission</FONT> </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>(IRS
      Employer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>of
      Incorporation)</FONT> </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>File
      Number)</FONT> </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>Identification
      No.)</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="50%"><B><FONT face=serif size=2>150 N.
      Meramec, St. Louis, Missouri</FONT></B> </TD>
    <TD noWrap align=center width="49%"><B><FONT face=serif size=2>63105</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="50%"><FONT face=serif size=1>(Address of
      principal executive offices)</FONT> </TD>
    <TD noWrap align=center width="49%"><FONT face=serif size=1>(Zip
      Code)</FONT> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="99%"><FONT face=serif size=2>Registrant&#146;s
      telephone number, including area code</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%"><STRONG><FONT size=2>(314) <FONT face=serif>725-5500</FONT></FONT></STRONG> </TD></TR>
  <TR>
    <TD align=center width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="99%"><FONT face=serif size=2>Not applicable</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%"><B><FONT face=serif size=1>(Former
      name or former address, if changed since last report)</FONT></B>
  </TD></TR></TABLE>
<P align=left><FONT face=serif size=2>Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:</FONT><FONT face=serif>
</FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Soliciting material
      pursuant to Rule 14a-12 under the Exchange Act (17 CFR
    240.14a-12)</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" width="100%" colSpan=3>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Item 1.01 Entry into a Material
Definitive Agreement. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On
December 19, 2008, as part of the Capital Purchase Program (the &#147;CPP&#148;) offered
under the Emergency Economic Stabilization Act of 2008, we (&#147;EFSC&#148;), entered
into an agreement (the &#147;Agreement&#148;), with the United States Department of the
Treasury (the &#147;Treasury&#148;) to sell to the Treasury 350,000 shares of our Fixed
Rate Cumulative Perpetual Preferred Stock, Series A, (the &#147;Preferred Stock&#148;). We
also issued to the Treasury a ten-year Warrant (the &#147;Warrant&#148;) to purchase
324,074 shares (the &#147;Warrant Shares&#148;) of our common stock (&#147;Common Stock&#148;). In
consideration for the Preferred Stock and the Warrant, EFSC received proceeds of
$35,000,000. We intend to use the proceeds from the sale of the Preferred Stock
for purposes of funding prudent loan growth at Enterprise Bank &amp; Trust, our
wholly-owned bank subsidiary (the &#147;Bank&#148;). Through the first three quarters of
2008, the Bank increased loans by $301,000,000, or 18%. Almost two thirds of
such growth was produced from a wide range of commercial and industrial
businesses. In addition, we will also consider acquisitions within the Bank&#146;s
St. Louis, Missouri, Kansas City, Missouri, Kansas City, Kansas and Phoenix,
Arizona area markets that will increase the our market share and/or add value to
EFSC. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Preferred Stock qualifies as Tier 1 capital of EFSC and will pay cumulative
dividends at a rate of 5% per annum for the first five years, and at a rate of
9% per annum thereafter. The Preferred Stock carries with it a liquidation
preference of $1,000 per share over our Common Stock. The Preferred Stock has no
mandatory redemption or maturity date and is generally non-voting. We have the
right to redeem the Preferred Stock at our option at any time for a price per
share equal to the liquidation preference plus accrued and unpaid dividends at
any time, but until December 19, 2011, we may only exercise that right if and to
the extent that we have raised aggregate gross proceeds of not less than
$8,750,000 from the sale of our Common Stock or perpetual preferred stock
qualifying as Tier 1 capital.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Prior to
December 19, 2011, unless EFSC redeems the Preferred Stock or the Treasury
transfers the preferred Stock to a non-affiliated third party, the consent of
the Treasury will be required for us to (i) make distributions or pay dividends
on our Common Stock (other than regular quarterly dividends of not more than
$.0525 per share, which is the amount of our most recently declared regular
dividend) or (ii) redeem, purchase or acquire shares of Common Stock or other
equity or capital securities of EFSC, other than in connection with the
administration of its benefit plans consistent with past practice and certain
other circumstances specified in the Agreement. In addition, pursuant to the
Certificate of Designations approved by EFSC&#146;s Board of Directors and filed with
the Secretary of State of Delaware on December 17, 2008, creating the Preferred
Stock, our ability to declare or pay dividends or distributions on, or
repurchase Common Stock or other equity or capital securities of EFSC (including
trust preferred securities) will be subject to restrictions in the event we fail
to declare and pay full dividends on the Preferred Stock (or set aside a sum
sufficient for payment thereof). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Warrant is immediately exercisable upon its issuance and has an initial exercise
price of $16.20 per share of Common Stock. The Warrant includes customary
anti-dilution provisions which provide for the adjustment of the exercise price
and the number of Warrant Shares upon the occurrence of certain events set forth
in the Warrant. Pursuant to the Agreement, the Treasury has also agreed not to
exercise voting power with respect to any Warrant Shares issued upon exercise of
the Warrant.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Item 3.02 Unregistered Sales of
Equity Securities. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
transactions described in response to Item 1.01 concerning the Agreement and the
issuance of the Preferred Stock and the Warrant constitute the offering and sale
of EFSC securities without prior registration under the Securities Act of 1933,
as amended, and the information set forth in Item 1.01 is incorporated herein by
reference. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We relied
upon the exemption from registration set forth in Section 4(2) of the Securities
Act of 1933, as amended, in connection with the offering and issuance of the
Preferred Stock and the Warrant (including the Common Stock issuable upon
exercise of the Warrant). We have agreed with the Treasury to file a &#147;shelf&#148;
registration statement under the Securities Act of 1933 to facilitate the
potential resale of the shares of Common Stock issuable upon exercise of the
Warrant. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We did
not engage in general solicitation or advertising with regard to the issuance
and sale of such securities and have not offered securities to the public in
connection with the transactions contemplated by the Agreement. The information
being furnished pursuant to this Current Report on Form 8-K and the exhibits
attached hereto shall not constitute an offer to sell or the solicitation of an
offer to buy such securities. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Item 3.03 Material Modification of
Rights to Security Holders.</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
information related to the issuance of the Preferred Stock and the Warrant
discussed under Item 1.01 set forth above is hereby incorporated by reference
under this Item 3.03. The preferences accorded the Preferred Stock in respect of
dividends (as to both the priority and as to increases in dividends on our
Common Stock), in respect of liquidation, and the limits on our right to redeem
the Preferred Stock may be deemed to constitute a modification of the rights of
holders of our Common Stock. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Item 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
information related to the Agreement and to the issuance of the Preferred Stock
and the Warrant discussed under Item 1.01 set forth above is hereby incorporated
by reference under this Item 5.02.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
agreement with the Treasury concerning the sale of Preferred Stock requires EFSC
to comply with certain restrictions on executive compensation that could limit
the tax deductibility of compensation EFSC pays to its Senior Executive Officers
(as defined in the Agreement). In addition, EFSC was required to agree that,
until such time as the Treasury ceases to own any debt or equity securities of
EFSC acquired pursuant to the Agreement and the Warrant, EFSC will (i) ensure
that its benefit plans with respect to its Senior Executive Officers comply with
Section 111(b) of the Emergency Economic Stabilization Act of 2008 (the &#147;EESA&#148;)
as implemented by any guidance or regulation thereunder that has been issued and
is in effect as of the date of issuance of the Preferred Stock and the Warrant
and (ii) not adopt any benefit plans with respect to (or which cover) Senior
Executive Officers that do not comply with the EESA.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Accordingly, each of Mr. Peter F. Benoist, Mr. Frank H. Sanfilippo, Mr.
Stephen P. Marsh, Ms. Linda M. Hanson and Mr. John G. Barry, has entered into a
form of amendment to their respective employment agreements consenting to the
foregoing and also executed a form of waiver voluntarily waiving any claim
against the Treasury or EFSC for any changes to such Senior Executive Officer&#146;s
compensation and/or benefits that are required to comply with regulations issued
by the Treasury under the CPP and acknowledging that the regulation may require
modification of the compensation, bonus, incentive and other benefit plans,
arrangements, policies and agreements (including so-called &#147;golden parachute&#148;
agreements as they relate to the period the Treasury holds any equity or debt
securities of EFSC acquired through the CPP).</FONT></P>
<P align=justify><B><FONT face=serif size=2>Item 5.03 Amendments to Articles of
Incorporation or Bylaws; Change in Fiscal Year. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Certificate of Designation reflecting the terms of the Preferred Stock has the
effect of an amendment to our Certificate of Incorporation under Delaware law
and is filed as Exhibit 3.1 hereto. The information relating to the terms of the
Preferred Stock set forth in Item 1.01 above is incorporated by reference into
this item 5.03. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Item 9.01 Financial Statements and
Exhibits. </FONT></B></P>
<P align=justify><FONT face=serif size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Not
applicable. <BR>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
<BR>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
<BR>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=2>Exhibit</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="97%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><U><FONT face=serif size=2>Number</FONT></U>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><U><FONT face=serif size=2>Description</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>3.1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>Certificate of Designations of
      Fixed Rate Cumulative Perpetual Preferred Stock, Series A, dated December
      17, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4.1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>Warrant to Purchase Shares of
      Common Stock, dated December 19, 2008, by EFSC in favor of the
      Treasury.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>99.1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>Letter Agreement, dated December
      19, 2008, including Securities Purchase Agreement &#150; Standard Terms
      incorporated by reference therein, between EFSC and the Treasury, with
      respect to the sale and issuance of the Preferred Stock and the
      Warrant.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>99.2</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>Form of Waiver executed by each
      of Peter F. Benoist, Frank H. Sanfilippo, Linda M. Hanson, Stephen P.
      Marsh and John G. Barry.</FONT></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0 colSpan=8>
      <P align=justify><FONT face=serif size=2>Form </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>First </FONT><FONT face=serif size=2>Amendment </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>Executive </FONT><FONT face=serif size=2>Employment </FONT><FONT face=serif size=2>Agreement, </FONT><FONT face=serif size=2>dated
      effective as of December 19, 2008, by and between the Company and Peter F.
      Benoist</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%" colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>99.4</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0 colSpan=8>
      <P align=justify><FONT face=serif size=2>Form </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>First </FONT><FONT face=serif size=2>Amendment </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>Executive </FONT><FONT face=serif size=2>Employment </FONT><FONT face=serif size=2>Agreement, </FONT><FONT face=serif size=2>dated
      effective as of December 19, 2008, by and between the Company and Linda M.
      Hanson</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%" colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>99.5</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0 colSpan=8>
      <P align=justify><FONT face=serif size=2>Form </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>First </FONT><FONT face=serif size=2>Amendment </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>Executive </FONT><FONT face=serif size=2>Employment </FONT><FONT face=serif size=2>Agreement, </FONT><FONT face=serif size=2>dated
      effective as of December 19, 2008, by and between the Company and Frank H.
      Sanfilippo</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%" colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>99.6</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0 colSpan=8>
      <P align=justify><FONT face=serif size=2>Form </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>First </FONT><FONT face=serif size=2>Amendment </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>Executive </FONT><FONT face=serif size=2>Employment </FONT><FONT face=serif size=2>Agreement, </FONT><FONT face=serif size=2>dated
      effective as of December 19, 2008, by and between the Company and Stephen
      P. Marsh</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%" colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>99.7</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="97%" bgColor=#c0c0c0 colSpan=8>
      <P align=justify><FONT face=serif size=2>Form </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>First </FONT><FONT face=serif size=2>Amendment </FONT><FONT face=serif size=2>of </FONT><FONT face=serif size=2>Executive </FONT><FONT face=serif size=2>Employment </FONT><FONT face=serif size=2>Agreement, </FONT><FONT face=serif size=2>dated
      effective as of December 19, 2008, by and between the Company, Enterprise
      Bank &amp; Trust and John G. Barry</FONT></P></TD></TR></TABLE><BR>
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<P align=center><B><FONT face=serif size=2>SIGNATURES </FONT></B></P>
<P align=justify><FONT face=serif size=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly authorized.
</FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face=serif size=2>ENTERPRISE FINANCIAL SERVICES CORP.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=right width="49%" colSpan=3>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>By:</FONT> </TD>
    <TD noWrap align=left width="9%" >&nbsp;</TD>
    <TD noWrap align=left width="39%" >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Date: December
      22, 2008<FONT size=3>&nbsp;&nbsp;</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=right width="9%" ><FONT size=2>/s/ </FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=left width="39%"><FONT size=2>Deborah N. Barstow</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="10%" colSpan=2></TD>
    <TD noWrap align=left width="39%"><FONT size=2>Deborah N.
      Barstow</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp; </TD>
    <TD noWrap align=left width="10%" colSpan=2></TD>
    <TD noWrap align=left width="39%"><FONT size=2>Senior Vice President and
      Controller</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exhibit3-1.htm
<DESCRIPTION>CERTIFICATE OF DESIGNATIONS OF FIXED RATE CUMULATIVE PERPETUAL PREFERRED STOCK
<TEXT>

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<P align=justify><FONT face=serif size=2>Exhibit 3.1 </FONT></P>
<P align=center><B><FONT face=serif size=2>CERTIFICATE OF
DESIGNATIONS</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><B><FONT face=serif size=2>OF</FONT></B><FONT face=serif size=2>
</FONT></P>
<P align=center><B><FONT face=serif size=2>FIXED RATE CUMULATIVE PERPETUAL
PREFERRED STOCK, SERIES A</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><B><FONT face=serif size=2>OF</FONT></B></P>
<P align=center><B><FONT face=serif size=2>ENTERPRISE FINANCIAL SERVICES
CORP</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Enterprise Financial Services Corp, a corporation organized and existing
under the laws of the State of Delaware</FONT><B><I><FONT face=serif size=2>
</FONT></I></B><FONT face=serif size=2>(the "</FONT><U><FONT face=serif size=2>Corporation</FONT></U><FONT face=serif size=2>"), in accordance with the
provisions of Section 151 of the Delaware General Corporation Law, does hereby
certify:</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The board
of directors of the Corporation (the "</FONT><U><FONT face=serif size=2>Board of
Directors</FONT></U><FONT face=serif size=2>") or an applicable committee of the
Board of Directors, in accordance with the Certificate of Incorporation, as
amended, and Bylaws of the Corporation and applicable law, adopted the following
resolution on December 17, 2008 creating a series of thirty-five thousand
(35,000) shares of Preferred Stock of the Corporation designated as
"</FONT><U><FONT face=serif size=2>Fixed Rate Cumulative Perpetual Preferred
Stock, Series A</FONT></U><FONT face=serif size=2>".</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>RESOLVED, </FONT></B><FONT face=serif size=2>that pursuant to the
provisions of the Certificate of Incorporation, as amended, and the Bylaws of
the Corporation and applicable law, a series of Preferred Stock, par value $.01
per share, of the Corporation be and hereby is created, and that the designation
and number of shares of such series, and the voting and other powers,
preferences and relative, participating, optional or other rights, and the
qualifications, limitations and restrictions thereof, of the shares of such
series, are as follows:</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Part 1.
</FONT><U><FONT face=serif size=2>Designation and Number of
Shares</FONT></U><FONT face=serif size=2>. There is hereby created out of the
authorized and unissued shares of preferred stock of the Corporation a series of
preferred stock designated as the "Fixed Rate Cumulative Perpetual Preferred
Stock, Series A" (the "</FONT><U><FONT face=serif size=2>Designated
Preferred</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>Stock"</FONT></U><FONT face=serif size=2>). The authorized number of
shares of Designated Preferred Stock shall be thirty-five thousand
(35,000).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Part 2.
</FONT><U><FONT face=serif size=2>Standard Provisions</FONT></U><FONT face=serif size=2>. The Standard Provisions contained in </FONT><B><U><FONT face=serif size=2>Annex A</FONT></U></B><FONT face=serif size=2> attached hereto are
incorporated herein by reference in their entirety and shall be deemed to be a
part of this Certificate of Designations to the same extent as if such
provisions had been set forth in full herein.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Part 3.
</FONT><U><FONT face=serif size=2>Definitions</FONT></U><FONT face=serif size=2>. The following terms are used in this Certificate of Designations
(including the Standard Provisions in Annex A hereto) as defined
below:</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Common Stock</FONT></U><FONT face=serif size=2>" means the common stock, par value $.01 per share, of the
Corporation. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Dividend Payment Date</FONT></U><FONT face=serif size=2>" means February 15, May 15, August 15 and November 15 of each
year. </FONT></P>
<P align=center><FONT size=2>1</FONT></P>
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<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c)<FONT face=sans-serif size=2>
</FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Junior
Stock</FONT></U><FONT face=serif size=2>" means the Common Stock and any other
class or series of stock of </FONT>the Corporation the terms of which expressly
provide that it ranks junior to Designated Preferred Stock as to dividend rights
and/or as to rights on liquidation, dissolution or winding up of the
Corporation. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(d)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Liquidation Amount</FONT></U><FONT face=serif size=2>" means $1,000 per
share of Designated Preferred Stock. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(e)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Minimum Amount</FONT></U><FONT face=serif size=2>" means
$8,750,000</FONT><I><FONT face=serif size=2>.</FONT></I><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(f)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Parity Stock</FONT></U><FONT face=serif size=2>" means any class or series of stock of the Corporation (other
than Designated Preferred Stock) the terms of which do not expressly provide
that such class or series will rank senior or junior to Designated Preferred
Stock as to dividend rights and/or as to rights on liquidation, dissolution or
winding up of the Corporation (in each case without regard to whether dividends
accrue cumulatively or non-cumulatively).</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(g)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Signing Date</FONT></U><FONT face=serif size=2>" means December 19,
2008</FONT><I><FONT face=serif size=2>.</FONT></I><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Part 4.
</FONT><U><FONT face=serif size=2>Certain Voting Matters</FONT></U><FONT face=serif size=2>. Holders of shares of Designated Preferred Stock will be
entitled to one vote for each such share on any matter on which holders of
Designated Preferred Stock are entitled to vote, including any action by written
consent.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><I><FONT face=serif size=2>[Remainder of Page Intentionally Left
Blank]</FONT></I><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>2</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN
WITNESS WHEREOF, Enterprise Financial Services Corp</FONT><I><FONT face=serif size=2> </FONT></I><FONT face=serif size=2>has caused this Certificate of
Designations to be signed by Peter F. Benoist, its President and Chief Executive
Officer, this 19</FONT><FONT face=serif size=2><SUP>th</SUP></FONT><FONT face=serif size=2> day of December 2008.</FONT><FONT face=serif size=2>
</FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT size=2>ENTERPRISE
      FINANCIAL SERVICES CORP</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>By:</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><FONT face=serif size=2>/s/ Peter F. Benoist</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" colSpan=2><FONT face=serif size=2>Name:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2>Peter F.
      Benoist</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" colSpan=2><FONT face=serif size=2>Title:</FONT> </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2>President &amp;
      Chief Executive Officer</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>3</FONT></P>
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<P align=right><B><FONT face=serif size=2>ANNEX A</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><B><U><FONT face=serif size=2>STANDARD
PROVISIONS</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
1. </FONT><U><FONT face=serif size=2>General Matters</FONT></U><FONT face=serif size=2>. Each share of Designated Preferred Stock shall be identical in all
respects to every other share of Designated Preferred Stock. The Designated
Preferred Stock shall be perpetual, subject to the provisions of Section 5 of
these Standard Provisions that form a part of the Certificate of Designations.
The Designated Preferred Stock shall rank equally with Parity Stock and shall
rank senior to Junior Stock with respect to the payment of dividends and the
distribution of assets in the event of any dissolution, liquidation or winding
up of the Corporation.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
2. </FONT><U><FONT face=serif size=2>Standard Definitions</FONT></U><FONT face=serif size=2>. As used herein with respect to Designated Preferred
Stock:</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)
"</FONT><U><FONT face=serif size=2>Applicable Dividend Rate</FONT></U><FONT face=serif size=2>" means (i) during the period from the Original Issue Date to,
but excluding, the first day of the first Dividend Period commencing on or after
the fifth anniversary of the Original Issue Date, 5% per annum and (ii) from and
after the first day of the first Dividend Period commencing on or after the
fifth anniversary of the Original Issue Date, 9% per annum.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Appropriate Federal Banking
Agency</FONT></U><FONT face=serif size=2>" means the "appropriate Federal
banking agency" with respect to the Corporation as defined in Section 3(q) of
the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)), or any successor
provision. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Business Combination</FONT></U><FONT face=serif size=2>" means a merger, consolidation, statutory share exchange or
similar transaction that requires the approval of the Corporation's
stockholders. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Business Day</FONT></U><FONT face=serif size=2>" means any day except Saturday, Sunday and any day on which
banking institutions in the State of New York generally are authorized or
required by law or other governmental actions to close. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(e)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Bylaws</FONT></U><FONT face=serif size=2>" means the bylaws of the Corporation, as they may be amended from time
to time. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(f)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Certificate of
Designations</FONT></U><FONT face=serif size=2>" means the Certificate of
Designations or comparable instrument relating to the Designated Preferred
Stock, of which these Standard Provisions form a part, as it may be amended from
time to time. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(g)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Charter</FONT></U><FONT face=serif size=2>" means the Corporation's certificate or articles of incorporation,
articles of association, or similar organizational document. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(h) "</FONT><U><FONT face=serif size=2>Dividend Period</FONT></U><FONT face=serif size=2>" has the meaning set
forth in Section 3(a).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) "</FONT><U><FONT face=serif size=2>Dividend Record Date</FONT></U><FONT face=serif size=2>" has the meaning
set forth in Section 3(a).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(j)
"</FONT><U><FONT face=serif size=2>Liquidation Preference</FONT></U><FONT face=serif size=2>" has the meaning set forth in Section 4(a). </FONT></P>
<P align=center><FONT face=serif size=2>A-1</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(k)
"</FONT><U><FONT face=serif size=2>Original Issue Date</FONT></U><FONT face=serif size=2>" means the date on which shares of Designated Preferred Stock
are first issued.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(1) "</FONT><U><FONT face=serif size=2>Preferred Director</FONT></U><FONT face=serif size=2>" has the meaning
set forth in Section 7(b).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(m)
"</FONT><U><FONT face=serif size=2>Preferred Stock</FONT></U><FONT face=serif size=2>" means any and all series of preferred stock of the Corporation,
including the Designated Preferred Stock.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(n)
"</FONT><U><FONT face=serif size=2>Qualified Equity Offering</FONT></U><FONT face=serif size=2>" means the sale and issuance for cash by the Corporation to
persons other than the Corporation or any of its subsidiaries after the Original
Issue Date of shares of perpetual Preferred Stock, Common Stock or any
combination of such stock, that, in each case, qualify as and may be included in
Tier 1 capital of the Corporation at the time of issuance under the applicable
risk-based capital guidelines of the Corporation's Appropriate Federal Banking
Agency (other than any such sales and issuances made pursuant to agreements or
arrangements entered into, or pursuant to financing plans which were publicly
announced, on or prior to October 13, 2008).</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(o) "</FONT><U><FONT face=serif size=2>Share Dilution Amount</FONT></U><FONT face=serif size=2>" has the meaning
set forth in Section 3(b).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(p)
"</FONT><U><FONT face=serif size=2>Standard Provisions</FONT></U><FONT face=serif size=2>" mean these Standard Provisions that form a part of the
Certificate of Designations relating to the Designated Preferred
Stock.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(q) "</FONT><U><FONT face=serif size=2>Successor Preferred Stock</FONT></U><FONT face=serif size=2>" has the
meaning set forth in Section 5(a).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(r)
"</FONT><U><FONT face=serif size=2>Voting Parity Stock</FONT></U><FONT face=serif size=2>" means, with regard to any matter as to which the holders of
Designated Preferred Stock are entitled to vote as specified in Sections 7(a)
and 7(b) of these Standard Provisions that form a part of the Certificate of
Designations, any and all series of Parity Stock upon which like voting rights
have been conferred and are exercisable with respect to such matter.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Section 3. </FONT><U><FONT face=serif size=2>Dividends</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)
</FONT><U><FONT face=serif size=2>Rate</FONT></U><FONT face=serif size=2>.
Holders of Designated Preferred Stock shall be entitled to receive, on each
share of Designated Preferred Stock if, as and when declared by the Board of
Directors or any duly authorized committee of the Board of Directors, but only
out of assets legally available therefor, cumulative cash dividends with respect
to each Dividend Period (as defined below) at a rate per annum equal to the
Applicable Dividend Rate on (i) the Liquidation Amount per share of Designated
Preferred Stock and (ii) the amount of accrued and unpaid dividends for any
prior Dividend Period on such share of Designated Preferred Stock, if any. Such
dividends shall begin to accrue and be cumulative from the Original Issue Date,
shall compound on each subsequent Dividend Payment Date </FONT><I><FONT face=serif size=2>(i.e., </FONT></I><FONT face=serif size=2>no dividends shall
accrue on other dividends unless and until the first Dividend Payment Date for
such other dividends has passed without such other dividends having been paid on
such date) and shall be payable quarterly in arrears on each Dividend Payment
Date, commencing with the first such Dividend Payment Date to occur at least 20
calendar days after the Original Issue Date. In the event that any Dividend
Payment Date would otherwise fall on a day that is not a Business Day, the
dividend payment due on that date will be postponed to the next day that is a
Business Day and no additional dividends will accrue as a result of that
postponement. The period from and including any Dividend Payment Date to,
but</FONT><FONT face=serif size=2> excluding, the next Dividend Payment Date is
a "<U><FONT face=serif size=2>Dividend Period</FONT></U><FONT face=serif size=2>", provided that the initial Dividend Period shall be the period from and
including the Original Issue Date to, but excluding, the next Dividend Payment
Date.</FONT></FONT></P>
<P align=center><FONT face=serif size=2>A-2</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Dividends
that are payable on Designated Preferred Stock in respect of any Dividend Period
shall be computed on the basis of a 360-day year consisting of twelve 30-day
months. The amount of dividends payable on Designated Preferred Stock on any
date prior to the end of a Dividend Period, and for the initial Dividend Period,
shall be computed on the basis of a 360-day year consisting of twelve 30-day
months, and actual days elapsed over a 30-day month.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Dividends
that are payable on Designated Preferred Stock on any Dividend Payment Date will
be payable to holders of record of Designated Preferred Stock as they appear on
the stock register of the Corporation on the applicable record date, which shall
be the 15th calendar day immediately preceding such Dividend Payment Date or
such other record date fixed by the Board of Directors or any duly authorized
committee of the Board of Directors that is not more than 60 nor less than 10
days prior to such Dividend Payment Date (each, a "</FONT><U><FONT face=serif size=2>Dividend Record</FONT></U><FONT face=serif size=2> </FONT><U><FONT face=serif size=2>Date</FONT></U><FONT face=serif size=2>"). Any such day that
is a Dividend Record Date shall be a Dividend Record Date whether or not such
day is a Business Day.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Holders
of Designated Preferred Stock shall not be entitled to any dividends, whether
payable in cash, securities or other property, other than dividends (if any)
declared and payable on Designated Preferred Stock as specified in this Section
3 (subject to the other provisions of the Certificate of
Designations).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)
</FONT><U><FONT face=serif size=2>Priority of Dividends</FONT></U><FONT face=serif size=2>. So long as any share of Designated Preferred Stock remains
outstanding, no dividend or distribution shall be declared or paid on the Common
Stock or any other shares of Junior Stock (other than dividends payable solely
in shares of Common Stock) or Parity Stock, subject to the immediately following
paragraph in the case of Parity Stock, and no Common Stock, Junior Stock or
Parity Stock shall be, directly or indirectly, purchased, redeemed or otherwise
acquired for consideration by the Corporation or any of its subsidiaries unless
all accrued and unpaid dividends for all past Dividend Periods, including the
latest completed Dividend Period (including, if applicable as provided in
Section 3(a) above, dividends on such amount), on all outstanding shares of
Designated Preferred Stock have been or are contemporaneously declared and paid
in full (or have been declared and a sum sufficient for the payment thereof has
been set aside for the benefit of the holders of shares of Designated Preferred
Stock on the applicable record date). The foregoing limitation shall not apply
to (i) redemptions, purchases or other acquisitions of shares of Common Stock or
other Junior Stock in connection with the administration of any employee benefit
plan in the ordinary course of business (including purchases to offset the Share
Dilution Amount (as defined below) pursuant to a publicly announced repurchase
plan) and consistent with past practice, </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that any purchases to offset
the Share Dilution Amount shall in no event exceed the Share Dilution Amount;
(ii) purchases or other acquisitions by a broker-dealer subsidiary of the
Corporation solely for the purpose of market-making, stabilization or customer
facilitation transactions in Junior Stock or Parity Stock in the ordinary course
of its business; (iii) purchases by a broker-dealer subsidiary of the
Corporation of capital stock of the Corporation for resale pursuant to an
offering by the Corporation of such capital stock underwritten by such
broker-dealer subsidiary; (iv) any dividends or distributions of rights or
Junior Stock in connection with a stockholders' rights plan or any redemption or
repurchase of rights pursuant to any stockholders' rights plan; (v) the
acquisition by the Corporation or any of its subsidiaries of record ownership in
Junior Stock or Parity Stock for the beneficial ownership of any other persons
(other than the Corporation or any of its subsidiaries), including as trustees
or custodians; and (vi) the exchange or conversion of Junior Stock for or into
other Junior Stock or of Parity Stock for or into other Parity Stock (with the
same or lesser aggregate liquidation amount) or Junior Stock, in each case,
solely to the extent required pursuant to binding contractual agreements entered
into prior to the Signing Date or any subsequent agreement for the accelerated
exercise, settlement or exchange thereof for Common Stock.</FONT></P>
<P align=center><FONT face=serif size=2>A-3</FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2>"</FONT><U><FONT face=serif size=2>Share Dilution Amount</FONT></U><FONT face=serif size=2>" means the
increase in the number of diluted shares outstanding (determined in accordance
with generally accepted accounting principles in the United States, and as
measured from the date of the Corporation's consolidated financial statements
most recently filed with the Securities and Exchange Commission prior to the
Original Issue Date) resulting from the grant, vesting or exercise of
equity-based compensation to employees and equitably adjusted for any stock
split, stock dividend, reverse stock split, reclassification or similar
transaction. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>When
dividends are not paid (or declared and a sum sufficient for payment thereof set
aside for the benefit of the holders thereof on the applicable record date) on
any Dividend Payment Date (or, in the case of Parity Stock having dividend
payment dates different from the Dividend Payment Dates, on a dividend payment
date falling within a Dividend Period related to such Dividend Payment Date) in
full upon Designated Preferred Stock and any shares of Parity Stock, all
dividends declared on Designated Preferred Stock and all such Parity Stock and
payable on such Dividend Payment Date (or, in the case of Parity Stock having
dividend payment dates different from the Dividend Payment Dates, on a dividend
payment date falling within the Dividend Period related to such Dividend Payment
Date) shall be declared </FONT><I><FONT face=serif size=2>pro rata
</FONT></I><FONT face=serif size=2>so that the respective amounts of such
dividends declared shall bear the same ratio to each other as all accrued and
unpaid dividends per share on the shares of Designated Preferred Stock
(including, if applicable as provided in Section 3(a) above, dividends on such
amount) and all Parity Stock payable on such Dividend Payment Date (or, in the
case of Parity Stock having dividend payment dates different from the Dividend
Payment Dates, on a dividend payment date falling within the Dividend Period
related to such Dividend Payment Date) (subject to their having been declared by
the Board of Directors or a duly authorized committee of the Board of Directors
out of legally available funds and including, in the case of Parity Stock that
bears cumulative dividends, all accrued but unpaid dividends) bear to each
other. If the Board of Directors or a duly authorized committee of the Board of
Directors determines not to pay any dividend or a full dividend on a Dividend
Payment Date, the Corporation will provide written notice to the holders of
Designated Preferred Stock prior to such Dividend Payment Date.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Subject
to the foregoing, and not otherwise, such dividends (payable in cash, securities
or other property) as may be determined by the Board of Directors or any duly
authorized committee of the Board of Directors may be declared and paid on any
securities, including Common Stock and other Junior Stock, from time to time out
of any funds legally available for such payment, and holders of Designated
Preferred Stock shall not be entitled to participate in any such
dividends.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>A-4</FONT></P>
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<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Section 4. <U>Liquidation
Rights</U>.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a) <U>Voluntary or Involuntary
Liquidation</U>. In the event of any liquidation, dissolution or winding up of
the affairs of the Corporation, whether voluntary or involuntary, holders of
Designated Preferred Stock shall be entitled to receive for each share of
Designated Preferred Stock, out of the assets of the Corporation or proceeds
thereof (whether capital or surplus) available for distribution to stockholders
of the Corporation, subject to the rights of any creditors of the Corporation,
before any distribution of such assets or proceeds is made to or set aside for
the holders of Common Stock and any other stock of the Corporation ranking
junior to Designated Preferred Stock as to such distribution, payment in full in
an amount equal to the sum of (i) the Liquidation Amount per share and (ii) the
amount of any accrued and unpaid dividends (including, if applicable as provided
in Section 3(a) above, dividends on such amount), whether or not declared, to
the date of payment (such amounts collectively, the "</FONT><U><FONT face=serif size=2>Liquidation </FONT></U><U><FONT face=serif size=2>Preference</FONT></U><FONT face=serif size=2>"). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Partial Payment</FONT></U><FONT face=serif size=2>. If in any
distribution described in Section 4(a) above the assets of the Corporation or
proceeds thereof are not sufficient to pay in full the amounts payable with
respect to all outstanding shares of Designated Preferred Stock and the
corresponding amounts payable with respect of any other stock of the Corporation
ranking equally with Designated Preferred Stock as to such distribution, holders
of Designated Preferred Stock and the holders of such other stock shall share
ratably in any such distribution in proportion to the full respective
distributions to which they are entitled.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Residual Distributions</FONT></U><FONT face=serif size=2>. If the
Liquidation Preference has been paid in full to all holders of Designated
Preferred Stock and the corresponding amounts payable with respect of any other
stock of the Corporation ranking equally with Designated Preferred Stock as to
such distribution has been paid in full, the holders of other stock of the
Corporation shall be entitled to receive all remaining assets of the Corporation
(or proceeds thereof) according to their respective rights and
preferences.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Merger, Consolidation and Sale of Assets Not Liquidation</FONT></U><FONT face=serif size=2>. For purposes of this Section 4, the merger or consolidation
of the Corporation with any other corporation or other entity, including a
merger or consolidation in which the holders of Designated Preferred Stock
receive cash, securities or other property for their shares, or the sale, lease
or exchange (for cash, securities or other property) of all or substantially all
of the assets of the Corporation, shall not constitute a liquidation,
dissolution or winding up of the Corporation. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Section 5. </FONT><U><FONT face=serif size=2>Redemption</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)
</FONT><U><FONT face=serif size=2>Optional Redemption</FONT></U><FONT face=serif size=2>. Except as provided below, the Designated Preferred Stock may not be
redeemed prior to the first Dividend Payment Date falling on or after the third
anniversary of the Original Issue Date. On or after the first Dividend Payment
Date falling on or after the third anniversary of the Original Issue Date, the
Corporation, at its option, subject to the approval of the Appropriate Federal
Banking Agency, may redeem, in whole or in part, at any time and from time to
time, out of funds legally available therefor, the shares of Designated
Preferred Stock at the time outstanding, upon notice given as provided in
Section 5(c) below, at a redemption price equal to the sum of (i) the
Liquidation Amount per share and (ii) except as otherwise provided below, any
accrued and unpaid dividends (including, if applicable as provided in Section
3(a) above, dividends on such amount) (regardless of whether any dividends are
actually declared) to, but excluding, the date fixed for redemption.</FONT></P>
<P align=center><FONT face=serif size=2>A-5</FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Notwithstanding the foregoing, prior to the first Dividend Payment Date
falling on or after the third anniversary of the Original Issue Date, the
Corporation, at its option, subject to the approval of the Appropriate Federal
Banking Agency, may redeem, in whole or in part, at any time and from time to
time, the shares of Designated Preferred Stock at the time outstanding, upon
notice given as provided in Section 5(c) below, at a redemption price equal to
the sum of (i) the Liquidation Amount per share and (ii) except as otherwise
provided below, any accrued and unpaid dividends (including, if applicable as
provided in Section 3(a) above, dividends on such amount) (regardless of whether
any dividends are actually declared) to, but excluding, the date fixed for
redemption; </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that (x) the Corporation (or any successor by Business
Combination) has received aggregate gross proceeds of not less than the Minimum
Amount (plus the "Minimum Amount" as defined in the relevant certificate of
designations for each other outstanding series of preferred stock of such
successor that was originally issued to the United States Department of the
Treasury (the "</FONT><U><FONT face=serif size=2>Successor Preferred
Stock</FONT></U><FONT face=serif size=2>") in connection with the Troubled Asset
Relief Program Capital Purchase Program) from one or more Qualified Equity
Offerings (including Qualified Equity Offerings of such successor), and (y) the
aggregate redemption price of the Designated Preferred Stock (and any Successor
Preferred Stock) redeemed pursuant to this paragraph may not exceed the
aggregate net cash proceeds received by the Corporation (or any successor by
Business Combination) from such Qualified Equity Offerings (including Qualified
Equity Offerings of such successor).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
redemption price for any shares of Designated Preferred Stock shall be payable
on the redemption date to the holder of such shares against surrender of the
certificate(s) evidencing such shares to the Corporation or its agent. Any
declared but unpaid dividends payable on a redemption date that occurs
subsequent to the Dividend Record Date for a Dividend Period shall not be paid
to the holder entitled to receive the redemption price on the redemption date,
but rather shall be paid to the holder of record of the redeemed shares on such
Dividend Record Date relating to the Dividend Payment Date as provided in
Section 3 above.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>No
Sinking Fund</FONT></U><FONT face=serif size=2>. The Designated Preferred Stock
will not be subject to any mandatory redemption, sinking fund or other similar
provisions. Holders of Designated Preferred Stock will have no right to require
redemption or repurchase of any shares of Designated Preferred Stock.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Notice
of Redemption</FONT></U><FONT face=serif size=2>. Notice of every redemption of
shares of Designated Preferred Stock shall be given by first class mail, postage
prepaid, addressed to the holders of record of the shares to be redeemed at
their respective last addresses appearing on the books of the Corporation. Such
mailing shall be at least 30 days and not more than 60 days before the date
fixed for redemption. Any notice mailed as provided in this Subsection shall be
conclusively presumed to have been duly given, whether or not the holder
receives such notice, but failure duly to give such notice by mail, or any
defect in such notice or in the mailing thereof, to any holder of shares of
Designated Preferred Stock designated for redemption shall not affect the
validity of the proceedings for the redemption of any other shares of Designated
Preferred Stock. Notwithstanding the foregoing, if shares of Designated
Preferred Stock are issued in book-entry form through The Depository Trust
Corporation or any other similar facility, notice of redemption may be given to
the holders of Designated Preferred Stock at such time and in any manner
permitted by such facility. Each notice of redemption given to a holder shall
state: (1) the redemption date; (2) the number of shares of Designated Preferred
Stock to be redeemed and, if less than all the shares held by such holder are to
be redeemed, the number of such shares to be redeemed from such holder; (3) the
redemption price; and (4) the place or places where certificates for such shares
are to be surrendered for payment of the redemption price.</FONT></P>
<P align=center><FONT face=serif size=2>A-6</FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Partial Redemption</FONT></U><FONT face=serif size=2>. In case of any
redemption of part of the shares of Designated Preferred Stock at the time
outstanding, the shares to be redeemed shall be selected either </FONT><I><FONT face=serif size=2>pro rata </FONT></I><FONT face=serif size=2>or in such other
manner as the Board of Directors or a duly authorized committee thereof may
determine to be fair and equitable. Subject to the provisions hereof, the Board
of Directors or a duly authorized committee thereof shall have full power and
authority to prescribe the terms and conditions upon which shares of Designated
Preferred Stock shall be redeemed from time to time. If fewer than all the
shares represented by any certificate are redeemed, a new certificate shall be
issued representing the unredeemed shares without charge to the holder thereof.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(e)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Effectiveness of Redemption</FONT></U><FONT face=serif size=2>. If notice
of redemption has been duly given and if on or before the redemption date
specified in the notice all funds necessary for the redemption have been
deposited by the Corporation, in trust for the </FONT><I><FONT face=serif size=2>pro rata </FONT></I><FONT face=serif size=2>benefit of the holders of the
shares called for redemption, with a bank or trust company doing business in the
Borough of Manhattan, The City of New York, and having a capital and surplus of
at least $500 million and selected by the Board of Directors, so as to be and
continue to be available solely therefor, then, notwithstanding that any
certificate for any share so called for redemption has not been surrendered for
cancellation, on and after the redemption date dividends shall cease to accrue
on all shares so called for redemption, all shares so called for redemption
shall no longer be deemed outstanding and all rights with respect to such shares
shall forthwith on such redemption date cease and terminate, except only the
right of the holders thereof to receive the amount payable on such redemption
from such bank or trust company, without interest. Any funds unclaimed at the
end of three years from the redemption date shall, to the extent permitted by
law, be released to the Corporation, after which time the holders of the shares
so called for redemption shall look only to the Corporation for payment of the
redemption price of such shares. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(f)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Status
of Redeemed Shares</FONT></U><FONT face=serif size=2>. Shares of Designated
Preferred Stock that are redeemed, repurchased or otherwise acquired by the
Corporation shall revert to authorized but unissued shares of Preferred Stock
</FONT><I><FONT face=serif size=2>(provided, </FONT></I><FONT face=serif size=2>that any such cancelled shares of Designated Preferred Stock may be
reissued only as shares of any series of Preferred Stock other than Designated
Preferred Stock). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
6. </FONT><U><FONT face=serif size=2>Conversion</FONT></U><FONT face=serif size=2>. Holders of Designated Preferred Stock shares shall have no right to
exchange or convert such shares into any other securities.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>A-7</FONT></P>
<P align=center></P>
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<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Section 7. </FONT><U><FONT face=serif size=2>Voting Rights</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)
</FONT><U><FONT face=serif size=2>General</FONT></U><FONT face=serif size=2>.
The holders of Designated Preferred Stock shall not have any voting rights
except as set forth below or as otherwise from time to time required by
law.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Preferred Stock Directors</FONT></U><FONT face=serif size=2>. Whenever,
at any time or times, dividends payable on the shares of Designated Preferred
Stock have not been paid for an aggregate of six quarterly Dividend Periods or
more, whether or not consecutive, the authorized number of directors of the
Corporation shall automatically be increased by two and the holders of the
Designated Preferred Stock shall have the right, with holders of shares of any
one or more other classes or series of Voting Parity Stock outstanding at the
time, voting together as a class, to elect two directors (hereinafter the
"<U>Preferred Directors</U>" and each a "<U>Preferred Director</U>") to fill
such newly created directorships at the Corporation's next annual meeting of
stockholders (or at a special meeting called for that purpose prior to such next
annual meeting) and at each subsequent annual meeting of stockholders until all
accrued and unpaid dividends for all past Dividend Periods, including the latest
completed Dividend Period (including, if applicable as provided in Section 3(a)
above, dividends on such amount), on all outstanding shares of Designated
Preferred Stock have been declared and paid in full at which time such right
shall terminate with respect to the Designated Preferred Stock, except as herein
or by law expressly provided, subject to revesting in the event of each and
every subsequent default of the character above mentioned; </FONT><I><FONT face=serif size=2>provided, </FONT></I><FONT face=serif size=2>that it shall be
a qualification for election for any Preferred Director that the election of
such Preferred Director shall not cause the Corporation to violate any corporate
governance requirements of any securities exchange or other trading facility on
which securities of the Corporation may then be listed or traded that listed or
traded companies must have a majority of independent directors. Upon any
termination of the right of the holders of shares of Designated Preferred Stock
and Voting Parity Stock as a class to vote for directors as provided above, the
Preferred Directors shall cease to be qualified as directors, the term of office
of all Preferred Directors then in office shall terminate immediately and the
authorized number of directors shall be reduced by the number of Preferred
Directors elected pursuant hereto. Any Preferred Director may be removed at any
time, with or without cause, and any vacancy created thereby may be filled, only
by the affirmative vote of the holders a majority of the shares of Designated
Preferred Stock at the time outstanding voting separately as a class together
with the holders of shares of Voting Parity Stock, to the extent the voting
rights of such holders described above are then exercisable. If the office of
any Preferred Director becomes vacant for any reason other than removal from
office as aforesaid, the remaining Preferred Director may choose a successor who
shall hold office for the unexpired term in respect of which such vacancy
occurred.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Class
Voting Rights as to Particular Matters</FONT></U><FONT face=serif size=2>. So
long as any shares of Designated Preferred Stock are outstanding, in addition to
any other vote or consent of stockholders required by law or by the Charter, the
vote or consent of the holders of at least 66 2/3% of the shares of Designated
Preferred Stock at the time outstanding, voting as a separate class, given in
person or by proxy, either in writing without a meeting or by vote at any
meeting called for the purpose, shall be necessary for effecting or validating:
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) </FONT><U><FONT face=serif size=2>Authorization of Senior
Stock</FONT></U><FONT face=serif size=2>. Any amendment or alteration of the
Certificate of Designations for the Designated Preferred Stock or the Charter to
authorize or create or increase the authorized amount of, or any issuance of,
any shares of, or any securities convertible into or exchangeable or exercisable
for shares of, any class or series of capital stock of the Corporation ranking
senior to Designated Preferred Stock with respect to either or both the payment
of dividends and/or the distribution of assets on any liquidation, dissolution
or winding up of the Corporation;</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>A-8</FONT></P>
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<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) </FONT><U><FONT face=serif size=2>Amendment of Designated
Preferred Stock</FONT></U><FONT face=serif size=2>. Any amendment, alteration or
repeal of any provision of the Certificate of Designations for the Designated
Preferred Stock or the Charter (including, unless no vote on such merger or
consolidation is required by Section 7(c)(iii) below, any amendment, alteration
or repeal by means of a merger, consolidation or otherwise) so as to adversely
affect the rights, preferences, privileges or voting powers of the Designated
Preferred Stock; or</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii) </FONT><U><FONT face=serif size=2>Share Exchanges,
Reclassifications, Mergers and Consolidations</FONT></U><FONT face=serif size=2>. Any consummation of a binding share exchange or reclassification
involving the Designated Preferred Stock, or of a merger or consolidation of the
Corporation with another corporation or other entity, unless in each case (x)
the shares of Designated Preferred Stock remain outstanding or, in the case of
any such merger or consolidation with respect to which the Corporation is not
the surviving or resulting entity, are converted into or exchanged for
preference securities of the surviving or resulting entity or its ultimate
parent, and (y) such shares remaining outstanding or such preference securities,
as the case may be, have such rights, preferences, privileges and voting powers,
and limitations and restrictions thereof, taken as a whole, as are not
materially less favorable to the holders thereof than the rights, preferences,
privileges and voting powers, and limitations and restrictions thereof, of
Designated Preferred Stock immediately prior to such consummation, taken as a
whole;</FONT></P>
<P align=justify><I><FONT face=serif size=2>provided, however, </FONT></I><FONT face=serif size=2>that for all purposes of this Section 7(c), any increase in
the amount of the authorized Preferred Stock, including any increase in the
authorized amount of Designated Preferred Stock necessary to satisfy preemptive
or similar rights granted by the Corporation to other persons prior to the
Signing Date, or the creation and issuance, or an increase in the authorized or
issued amount, whether pursuant to preemptive or similar rights or otherwise, of
any other series of Preferred Stock, or any securities convertible into or
exchangeable or exercisable for any other series of Preferred Stock, ranking
equally with and/or junior to Designated Preferred Stock with respect to the
payment of dividends (whether such dividends are cumulative or non-cumulative)
and the distribution of assets upon liquidation, dissolution or winding up of
the Corporation will not be deemed to adversely affect the rights, preferences,
privileges or voting powers, and shall not require the affirmative vote or
consent of, the holders of outstanding shares of the Designated Preferred
Stock.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Changes after Provision for Redemption</FONT></U><FONT face=serif size=2>. No vote or consent of the holders of Designated Preferred Stock shall
be required pursuant to Section 7(c) above if, at or prior to the time when any
such vote or consent would otherwise be required pursuant to such Section, all
outstanding shares of the Designated Preferred Stock shall have been redeemed,
or shall have been called for redemption upon proper notice and sufficient funds
shall have been deposited in trust for such redemption, in each case pursuant to
Section 5 above. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(e)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Procedures for Voting and Consents</FONT></U><FONT face=serif size=2>.
The rules and procedures for calling and conducting any meeting of the holders
of Designated Preferred Stock (including, without limitation, the fixing of a
record date in connection therewith), the solicitation and use of proxies at
such a meeting, the obtaining of written consents and any other aspect or matter
with regard to such a meeting or such consents shall be governed by any rules of
the Board of Directors or any duly authorized committee of the Board of
Directors, in its discretion, may adopt from time to time, which rules and
procedures shall conform to the requirements of the Charter, the Bylaws, and
applicable law and the rules of any national securities exchange or other
trading facility on which Designated Preferred Stock is listed or traded at the
time.</FONT></P>
<P align=center><FONT face=serif size=2>A-9</FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
8. </FONT><U><FONT face=serif size=2>Record Holders</FONT></U><FONT face=serif size=2>. To the fullest extent permitted by applicable law, the Corporation and
the transfer agent for Designated Preferred Stock may deem and treat the record
holder of any share of Designated Preferred Stock as the true and lawful owner
thereof for all purposes, and neither the Corporation nor such transfer agent
shall be affected by any notice to the contrary.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
9. </FONT><U><FONT face=serif size=2>Notices</FONT></U><FONT face=serif size=2>.
All notices or communications in respect of Designated Preferred Stock shall be
sufficiently given if given in writing and delivered in person or by first class
mail, postage prepaid, or if given in such other manner as may be permitted in
this Certificate of Designations, in the Charter or Bylaws or by applicable law.
Notwithstanding the foregoing, if shares of Designated Preferred Stock are
issued in book-entry form through The Depository Trust Corporation or any
similar facility, such notices may be given to the holders of Designated
Preferred Stock in any manner permitted by such facility.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
10. </FONT><U><FONT face=serif size=2>No Preemptive Rights</FONT></U><FONT face=serif size=2>. No share of Designated Preferred Stock shall have any rights
of preemption whatsoever as to any securities of the Corporation, or any
warrants, rights or options issued or granted with respect thereto, regardless
of how such securities, or such warrants, rights or options, may be designated,
issued or granted.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
11. </FONT><U><FONT face=serif size=2>Replacement Certificates</FONT></U><FONT face=serif size=2>. The Corporation shall replace any mutilated certificate at
the holder's expense upon surrender of that certificate to the Corporation. The
Corporation shall replace certificates that become destroyed, stolen or lost at
the holder's expense upon delivery to the Corporation of reasonably satisfactory
evidence that the certificate has been destroyed, stolen or lost, together with
any indemnity that may be reasonably required by the Corporation.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Section
12. </FONT><U><FONT face=serif size=2>Other Rights</FONT></U><FONT face=serif size=2>. The shares of Designated Preferred Stock shall not have any rights,
preferences, privileges or voting powers or relative, participating, optional or
other special rights, or qualifications, limitations or restrictions thereof,
other than as set forth herein or in the Charter or as provided by applicable
law.</FONT></P>
<P align=center><FONT face=serif size=2>A-10</FONT></P>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>exhibit4-1.htm
<DESCRIPTION>WARRANT TO PURCHASE SHARES OF COMMON STOCK, DATED DECEMBER 19, 2008
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<P align=justify><FONT face=serif size=2>Exhibit 4.1</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><B><FONT face=serif size=2>WARRANT TO PURCHASE COMMON
STOCK</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS
IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. THIS INSTRUMENT IS
ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A
SECURITIES </FONT><FONT face=serif size=2>PURCHASE AGREEMENT BETWEEN THE ISSUER
OF THESE SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON
FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE
SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE
OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.</FONT></P>
<P align=center><B><FONT face=serif size=2>WARRANT</FONT></B><FONT face=serif size=2> <BR></FONT><B><FONT face=serif size=2>to purchase<BR></FONT></B><B><FONT face=serif size=2>324,074<BR>Shares of Common Stock<BR>of Enterprise Financial
Services Corp</FONT></B></P>
<P align=center><FONT face=serif size=2>Issue Date: December 19,
2008</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1.
</FONT><U><FONT face=serif size=2>Definitions</FONT></U><FONT face=serif size=2>. Unless the context otherwise requires, when used herein the following
terms shall have the meanings indicated.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Affiliate</FONT></I><FONT face=serif size=2>&#148; has the meaning ascribed to
it in the Purchase Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Appraisal Procedure</FONT></I><FONT face=serif size=2>&#148; means a procedure whereby two independent appraisers, one
chosen by the Company and one by the Original Warrantholder, shall mutually
agree upon the determinations then the subject of appraisal. Each party shall
deliver a notice to the other appointing its appraiser within 15 days after the
Appraisal Procedure is invoked. If within 30 days after appointment of the two
appraisers they are unable to agree upon the amount in question, a third
independent appraiser shall be chosen within 10 days thereafter by the mutual
consent of such first two appraisers. The decision of the third appraiser so
appointed and chosen shall be given within 30 days after the selection of such
third appraiser. If three appraisers shall be appointed and the determination of
one appraiser is disparate from the middle determination by more than twice the
amount by which the other determination is disparate from the middle
determination, then the determination of such appraiser shall be excluded, the
remaining two determinations shall be averaged and such average shall be binding
and conclusive upon the Company and the Original Warrantholder; otherwise, the
average of all three determinations shall be binding upon the Company and the
Original Warrantholder. The costs of conducting any Appraisal Procedure shall be
borne by the Company.</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Board of Directors</FONT></I><FONT face=serif size=2>&#148; means the board of directors of the Company, including any
duly authorized committee thereof.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Business Combination</FONT></I><FONT face=serif size=2>&#148; means a merger, consolidation, statutory share exchange or
similar transaction that requires the approval of the Company&#146;s
stockholders.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>business day</FONT></I><FONT face=serif size=2>&#148; means any day except Saturday, Sunday and any day on which
banking institutions in the State of New York generally are authorized or
required by law or other governmental actions to close.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Capital Stock</FONT></I><FONT face=serif size=2>&#148; means (A) with respect to any Person that is a corporation
or company, any and all shares, interests, participations or other equivalents
(however designated) of capital or capital stock of such Person and (B) with
respect to any Person that is not a corporation or company, any and all
partnership or other equity interests of such Person.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Charter</FONT></I><FONT face=serif size=2>&#148; means, with respect to any Person, its certificate or articles of
incorporation, articles of association, or similar organizational
document.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Common Stock</FONT></I><FONT face=serif size=2>&#148; has the meaning ascribed
to it in the Purchase Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Company</FONT></I><FONT face=serif size=2>&#148; means the Person whose name, corporate or other organizational form and
jurisdiction of organization is set forth in Item 1 of Schedule A
hereto.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>conversion</FONT></I><FONT face=serif size=2>&#148; has the meaning set forth
in Section 13(B).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>convertible securities</FONT></I><FONT face=serif size=2>&#148; has the
meaning set forth in Section 13(B).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>CPP</FONT></I><FONT face=serif size=2>&#148; has the meaning ascribed to it in
the Purchase Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Exchange Act</FONT></I><FONT face=serif size=2>&#148; means the Securities Exchange Act of 1934, as amended, or
any successor statute, and the rules and regulations promulgated
thereunder.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Exercise Price</FONT></I><FONT face=serif size=2>&#148; means the amount set
forth in Item 2 of Schedule A hereto.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;<I><FONT face=serif size=2>Expiration Time</FONT></I><FONT face=serif size=2>&#148;</FONT></FONT><FONT face=serif size=2> has the meaning set forth in Section 3.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Fair Market Value</FONT></I><FONT face=serif size=2>&#148; means, with respect to any security or other property, the
fair market value of such security or other property as determined by the Board
of Directors, acting in good faith or, with respect to Section 14, as determined
by the Original Warrantholder acting in good faith. For so long as the Original
Warrantholder holds this Warrant or any portion thereof, it may object in
writing to the Board of Director&#146;s calculation of fair market value within 10
days of receipt of written notice thereof. If the Original Warrantholder and the
Company are unable to agree on fair market value during the 10-day period
following the delivery of the Original Warrantholder&#146;s objection, the Appraisal
Procedure may be invoked by either party to determine Fair Market Value by
delivering written notification thereof not later than the 30<SUP><FONT face=serif size=2>th</FONT></SUP><FONT face=serif size=2> day after delivery of
the Original Warrantholder&#146;s objection.</FONT></FONT></P>
<P align=center><FONT face=serif size=2>2 </FONT></P>
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<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Governmental Entities</FONT></I><FONT face=serif size=2>&#148; has the meaning
ascribed to it in the Purchase Agreement.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Initial Number</FONT></I><FONT face=serif size=2>&#148; has the meaning set
forth in Section 13(B).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>&#147;Issue Date&#148; </EM></FONT><FONT face=serif size=2>means the date set forth in Item 3 of Schedule A
hereto.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Market Price</FONT></I><FONT face=serif size=2>&#148; means, with respect to a particular security, on any given
day, the last reported sale price regular way or, in case no such reported sale
takes place on such day, the average of the last closing bid and ask prices
regular way, in either case on the principal national securities exchange on
which the applicable securities are listed or admitted to trading, or if not
listed or admitted to trading on any national securities exchange, the average
of the closing bid and ask prices as furnished by two members of the Financial
Industry Regulatory Authority, Inc. selected from time to time by the Company
for that purpose. &#147;Market Price&#148; shall be determined without reference to after
hours or extended hours trading. If such security is not listed and traded in a
manner that the quotations referred to above are available for the period
required hereunder, the Market Price per share of Common Stock shall be deemed
to be (i) in the event that any portion of the Warrant is held by the Original
Warrantholder, the fair market value per share of such security as determined in
good faith by the Original Warrantholder or (ii) in all other circumstances, the
fair market value per share of such security as determined in good faith by the
Board of Directors in reliance on an opinion of a nationally recognized
independent investment banking corporation retained by the Company for this
purpose and certified in a resolution to the Warrantholder. For the purposes of
determining the Market Price of the Common Stock on the "trading day" preceding,
on or following the occurrence of an event, (i) that trading day shall be deemed
to commence immediately after the regular scheduled closing time of trading on
the New York Stock Exchange or, if trading is closed at an earlier time, such
earlier time and (ii) that trading day shall end at the next regular scheduled
closing time, or if trading is closed at an earlier time, such earlier time (for
the avoidance of doubt, and as an example, if the Market Price is to be
determined as of the last trading day preceding a specified event and the
closing time of trading on a particular day is 4:00 p.m. and the specified event
occurs at 5:00 p.m. on that day, the Market Price would be determined by
reference to such 4:00 p.m. closing price).</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Ordinary Cash
Dividends</FONT></I><FONT face=serif size=2>&#148; means a regular quarterly cash
dividend on shares of Common Stock out of surplus or net profits legally
available therefor (determined in accordance with generally accepted accounting
principles in effect from time to time), </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that Ordinary Cash Dividends
shall not include any cash dividends paid subsequent to the Issue Date to the
extent the aggregate per share dividends paid on the outstanding Common Stock in
any quarter exceed the amount set forth in Item 4 of Schedule A hereto, as
adjusted for any stock split, stock dividend, reverse stock split,
reclassification or similar transaction.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Original Warrantholder</FONT></I><FONT face=serif size=2>&#148; means the United States Department of the Treasury. Any
actions specified to be taken by the Original Warrantholder hereunder may only
be taken by such Person and not by any other Warrantholder.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>3 </FONT></P>
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<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Permitted Transactions</FONT></I><FONT face=serif size=2>&#148; has the
meaning set forth in Section 13(B).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Person</FONT></I><FONT face=serif size=2>&#148; has the meaning given to it in Section 3(a)(9) of the Exchange Act and
as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Per Share Fair Market
Value</FONT></I><FONT face=serif size=2>&#148; has the meaning set forth in Section
13(C).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>&#147;Preferred
Shares</EM></FONT><FONT face=serif size=2>&#148; means the perpetual preferred stock
issued to the Original Warrantholder on the Issue Date pursuant to the Purchase
Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Pro Rata Repurchases</FONT></I><FONT face=serif size=2>&#148; means any purchase of shares of Common Stock by the Company
or any Affiliate thereof pursuant to (A) any tender offer or exchange offer
subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E
promulgated thereunder or (B) any other offer available to substantially all
holders of Common Stock, in the case of both (A) or (B), whether for cash,
shares of Capital Stock of the Company, other securities of the Company,
evidences of indebtedness of the Company or any other Person or any other
property (including, without limitation, shares of Capital Stock, other
securities or evidences of indebtedness of a subsidiary), or any combination
thereof, effected while this Warrant is outstanding. The &#147;</FONT><I><FONT face=serif size=2>Effective Date</FONT></I><FONT face=serif size=2>&#148; of a Pro
Rata Repurchase shall mean the date of acceptance of shares for purchase or
exchange by the Company under any tender or exchange offer which is a Pro Rata
Repurchase or the date of purchase with respect to any Pro Rata Repurchase that
is not a tender or exchange offer.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Purchase Agreement</FONT></I><FONT face=serif size=2>&#148; means the Securities Purchase Agreement &#150; Standard Terms
incorporated into the Letter Agreement, dated as of the date set forth in Item 5
of Schedule A hereto, as amended from time to time, between the Company and the
United States Department of the Treasury (the &#147;</FONT><I><FONT face=serif size=2>Letter Agreement</FONT></I><FONT face=serif size=2>&#148;), including all
annexes and schedules thereto.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Qualified Equity
Offering</FONT></I><FONT face=serif size=2>&#148; has the meaning ascribed to it in
the Purchase Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>&#147;</FONT><I><FONT face=serif size=2>Regulatory Approvals</FONT></I><FONT face=serif size=2>&#148; with
respect to the Warrantholder, means, to the extent applicable and required to
permit the Warrantholder to exercise this Warrant for shares of Common Stock and
to own such Common Stock without the Warrantholder being in violation of
applicable law, rule or regulation, the receipt of any necessary approvals and
authorizations of, filings and registrations with, notifications to, or
expiration or termination of any applicable waiting period under, the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules
and regulations thereunder.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>SEC</FONT></I><FONT face=serif size=2>&#148; means the U.S. Securities and
Exchange Commission.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>&#147;</FONT><I><FONT face=serif size=2>Securities Act</FONT></I><FONT face=serif size=2>&#148; means the Securities Act of 1933, as amended, or any
successor statute, and the rules and regulations promulgated
thereunder.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Shares</FONT></I><FONT face=serif size=2>&#148; has the meaning set forth in
Section 2.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>4 </FONT></P>
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<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I><FONT face=serif size=2>&#147;trading
day&#148; </FONT></I><FONT face=serif size=2>means (A) if the shares of Common Stock
are not traded on any national or regional securities exchange or association or
over-the-counter market, a business day or (B) if the shares of Common Stock are
traded on any national or regional securities exchange or</FONT><FONT face=serif size=2> </FONT>association or over-the-counter market, a business day on which
such relevant exchange or quotation system is scheduled to be open for business
and on which the shares of Common Stock (i) are not suspended from trading on
any national or regional securities exchange or association or over-the-counter
market for any period or periods aggregating one half hour or longer; and (ii)
have traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of the shares of Common Stock.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>U.S. GAAP</FONT></I><FONT face=serif size=2>&#148; means United States
generally accepted accounting principles. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Warrantholder</FONT></I><FONT face=serif size=2>&#148; has the meaning set
forth in Section 2.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;</FONT><I><FONT face=serif size=2>Warrant</FONT></I><FONT face=serif size=2>&#148; means this Warrant, issued
pursuant to the Purchase Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Number
of Shares; Exercise Price</FONT></U><FONT face=serif size=2>. This certifies
that, for value received, the United States Department of the Treasury or its
permitted assigns (the &#147;</FONT><I><FONT face=serif size=2>Warrantholder</FONT></I><FONT face=serif size=2>&#148;) is entitled, upon the
terms and subject to the conditions hereinafter set forth, to acquire from the
Company, in whole or in part, after the receipt of all applicable Regulatory
Approvals, if any, up to an aggregate of the number of fully paid and
nonassessable shares of Common Stock set forth in Item 6 of Schedule A hereto,
at a purchase price per share of Common Stock equal to the Exercise Price. The
number of shares of Common Stock (the &#147;</FONT><I><FONT face=serif size=2>Shares</FONT></I><FONT face=serif size=2>&#148;) and the Exercise Price are
subject to adjustment as provided herein, and all references to &#147;Common Stock,&#148;
&#147;Shares&#148; and &#147;Exercise Price&#148; herein shall be deemed to include any such
adjustment or series of adjustments. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Exercise of Warrant; Term</FONT></U><FONT face=serif size=2>. Subject to
Section 2, to the extent permitted by applicable laws and regulations, the right
to purchase the Shares represented by this Warrant is exercisable, in whole or
in part by the Warrantholder, at any time or from time to time after the
execution and delivery of this Warrant by the Company on the date hereof, but in
no event later than 5:00 p.m., New York City time on the tenth anniversary of
the Issue Date (the &#147;</FONT><I><FONT face=serif size=2>Expiration
Time</FONT></I><FONT face=serif size=2>&#148;), by (A) the surrender of this Warrant
and Notice of Exercise annexed hereto, duly completed and executed on behalf of
the Warrantholder, at the principal executive office of the Company located at
the address set forth in Item 7 of Schedule A hereto (or such other office or
agency of the Company in the United States as it may designate by notice in
writing to the Warrantholder at the address of the Warrantholder appearing on
the books of the Company), and (B) payment of the Exercise Price for the Shares
thereby purchased:</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) by
having the Company withhold, from the shares of Common Stock that would
otherwise be delivered to the Warrantholder upon such exercise, shares of Common
stock issuable upon exercise of the Warrant equal in value to the aggregate
Exercise Price as to which this Warrant is so exercised based on the Market
Price of the Common Stock on the trading day on which this Warrant is exercised
and the Notice of Exercise is delivered to the Company pursuant to this Section
3, or</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) with the consent of both the Company and the
Warrantholder, by tendering in cash, by certified or cashier&#146;s check payable to
the order of the Company, or by wire transfer of immediately available funds to
an account designated by the Company.</FONT></P>
<P align=center><FONT face=serif size=2>5 </FONT></P>
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<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If the
Warrantholder does not exercise this Warrant in its entirety, the </FONT><FONT face=serif size=2>Warrantholder will be entitled to receive from the Company
within a reasonable time, and in any event not exceeding three business days, a
new warrant in substantially identical form for the purchase of that number of
Shares equal to the difference between the number of Shares subject to this
Warrant and the number of Shares as to which this Warrant is so exercised.
</FONT><FONT face=serif size=2>Notwithstanding anything in this Warrant to the
contrary, the Warrantholder hereby acknowledges and agrees that its exercise of
this Warrant for Shares is subject to the condition that the Warrantholder will
have first received any applicable Regulatory Approvals.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Issuance of Shares; Authorization; Listing</FONT></U><FONT face=serif size=2>. Certificates for Shares issued upon exercise of this Warrant will be
issued in such name or names as the Warrantholder may designate and will be
delivered to such named Person or Persons within a reasonable time, not to
exceed three business days after the date on which this Warrant has been duly
exercised in accordance with the terms of this Warrant. The Company hereby
represents and warrants that any Shares issued upon the exercise of this Warrant
in accordance with the provisions of Section 3 will be duly and validly
authorized and issued, fully paid and nonassessable and free from all taxes,
liens and charges (other than liens or charges created by the Warrantholder,
income and franchise taxes incurred in connection with the exercise of the
Warrant or taxes in respect of any transfer occurring contemporaneously
therewith). The Company agrees that the Shares so issued will be deemed to have
been issued to the Warrantholder as of the close of business on the date on
which this Warrant and payment of the Exercise Price are delivered to the
Company in accordance with the terms of this Warrant, notwithstanding that the
stock transfer books of the Company may then be closed or certificates
representing such Shares may not be actually delivered on such date. The Company
will at all times reserve and keep available, out of its authorized but unissued
Common Stock, solely for the purpose of providing for the exercise of this
Warrant, the aggregate number of shares of Common Stock then issuable upon
exercise of this Warrant at any time. The Company will (A) procure, at its sole
expense, the listing of the Shares issuable upon exercise of this Warrant at any
time, subject to issuance or notice of issuance, on all principal stock
exchanges on which the Common Stock is then listed or traded and (B) maintain
such listings of such Shares at all times after issuance. The Company will use
reasonable best efforts to ensure that the Shares may be issued without
violation of any applicable law or regulation or of any requirement of any
securities exchange on which the Shares are listed or traded. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>No
Fractional Shares or Scrip</FONT></U><FONT face=serif size=2>. No fractional
Shares or scrip representing fractional Shares shall be issued upon any exercise
of this Warrant. In lieu of any fractional Share to which the Warrantholder
would otherwise be entitled, the Warrantholder shall be entitled to receive a
cash payment equal to the Market Price of the Common Stock on the last trading
day preceding the date of exercise less the pro-rated Exercise Price for such
fractional share. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>6.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>No
Rights as Stockholders; Transfer Books</FONT></U><FONT face=serif size=2>. This
Warrant does not entitle the Warrantholder to any voting rights or other rights
as a stockholder of the Company prior to the date of exercise hereof. The
Company will at no time close its transfer books against transfer of this
Warrant in any manner which interferes with the timely exercise of this Warrant.
</FONT></P>
<P align=center><FONT face=serif size=2>6 </FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>7.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Charges, Taxes and Expenses</FONT></U><FONT face=serif size=2>. Issuance
of certificates for Shares to the Warrantholder upon the exercise of this
Warrant shall be made without charge to the </FONT><FONT face=serif size=2>Warrantholder for any issue or transfer tax or other incidental expense
in respect of the issuance of such certificates, all of which taxes and expenses
shall be paid by the Company. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>8.</FONT><FONT face=sans-serif>
</FONT><U><FONT face=serif size=2>Transfer/Assignment</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(A)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>Subject
to compliance with clause (B) of this Section 8, this Warrant and all rights
hereunder are transferable, in whole or in part, upon the books of the Company
by the registered holder hereof in person or by duly authorized attorney, and a
new warrant shall be made and delivered by the Company, of the same tenor and
date as this Warrant but registered in the name of one or more transferees, upon
surrender of this Warrant, duly endorsed, to the office or agency of the Company
described in Section 3. All expenses (other than stock transfer taxes) and other
charges payable in connection with the preparation, execution and delivery of
the new warrants pursuant to this Section 8 shall be paid by the Company.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(B)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>The
transfer of the Warrant and the Shares issued upon exercise of the Warrant are
subject to the restrictions set forth in Section 4.4 of the Purchase Agreement.
If and for so long as required by the Purchase Agreement, this Warrant shall
contain the legends as set forth in Sections 4.2(a) and 4.2(b) of the Purchase
Agreement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>9.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Exchange and Registry of Warrant</FONT></U><FONT face=serif size=2>. This
Warrant is exchangeable, upon the surrender hereof by the Warrantholder to the
Company, for a new warrant or warrants of like tenor and representing the right
to purchase the same aggregate number of Shares. The Company shall maintain a
registry showing the name and address of the Warrantholder as the registered
holder of this Warrant. This Warrant may be surrendered for exchange or exercise
in accordance with its terms, at the office of the Company, and the Company
shall be entitled to rely in all respects, prior to written notice to the
contrary, upon such registry. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>10.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Loss,
Theft, Destruction or Mutilation of Warrant</FONT></U><FONT face=serif size=2>.
Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and in the case of any
such loss, theft or destruction, upon receipt of a bond, indemnity or security
reasonably satisfactory to the Company, or, in the case of any such mutilation,
upon surrender and cancellation of this Warrant, the Company shall make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new
Warrant of like tenor and representing the right to purchase the same aggregate
number of Shares as provided for in such lost, stolen, destroyed or mutilated
Warrant. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>11.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Saturdays, Sundays, Holidays, etc.</FONT></U><FONT face=serif size=2> If
the last or appointed day for the taking of any action or the expiration of any
right required or granted herein shall not be a business day, then such action
may be taken or such right may be exercised on the next succeeding day that is a
business day. </FONT></P>
<P align=center><FONT face=serif size=2>7 </FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>12.</FONT><FONT face=sans-serif size=3> </FONT><U><FONT face=serif size=2>Rule 144 Information</FONT></U><FONT face=serif size=2>. The Company
covenants that it will use its reasonable best efforts to timely file all
reports and other documents required to be filed by it under the Securities Act
and the Exchange Act and the rules and regulations promulgated by the SEC
thereunder (or, if the Company is not required to file such reports, it will,
upon the request of any </FONT>Warrantholder, make publicly available such
information as necessary to permit sales pursuant to Rule 144 under the
Securities Act), and it will use reasonable best efforts to take such further
action as any Warrantholder may reasonably request, in each case to the extent
required from time to time to enable such holder to, if permitted by the terms
of this Warrant and the Purchase Agreement, sell this Warrant without
registration under the Securities Act within the limitation of the exemptions
provided by (A) Rule 144 under the Securities Act, as such rule may be amended
from time to time, or (B) any successor rule or regulation hereafter adopted by
the SEC. Upon the written request of any Warrantholder, the Company will deliver
to such Warrantholder a written statement that it has complied with such
requirements.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>13.
</FONT><U><FONT face=serif size=2>Adjustments and Other Rights</FONT></U><FONT face=serif size=2>. The Exercise Price and the number of Shares issuable upon
exercise of this Warrant shall be subject to adjustment from time to time as
follows; </FONT><I><FONT face=serif size=2>provided</FONT></I><FONT face=serif size=2>, that if more than one subsection of this Section 13 is applicable to a
single event, the subsection shall be applied that produces the largest
adjustment and no single event shall cause an adjustment under more than one
subsection of this Section 13 so as to result in duplication:</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(A)</FONT><FONT face=sans-serif>
</FONT><U><FONT face=serif size=2>Stock Splits, Subdivisions, Reclassifications
or Combinations</FONT></U><FONT face=serif size=2>. If the Company shall (i)
declare and pay a dividend or make a distribution on its Common Stock in shares
of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common
Stock into a greater number of shares, or (iii) combine or reclassify the
outstanding shares of Common Stock into a smaller number of shares, the number
of Shares issuable upon exercise of this Warrant at the time of the record date
for such dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be proportionately adjusted so that the
Warrantholder after such date shall be entitled to purchase the number of shares
of Common Stock which such holder would have owned or been entitled to receive
in respect of the shares of Common Stock subject to this Warrant after such date
had this Warrant been exercised immediately prior to such date. In such event,
the Exercise Price in effect at the time of the record date for such dividend or
distribution or the effective date of such subdivision, combination or
reclassification shall be adjusted to the number obtained by dividing (x) the
product of (1) the number of Shares issuable upon the exercise of this Warrant
before such adjustment and (2) the Exercise Price in effect immediately prior to
the record or effective date, as the case may be, for the dividend,
distribution, subdivision, combination or reclassification giving rise to this
adjustment by (y) the new number of Shares issuable upon exercise of the Warrant
determined pursuant to the immediately preceding sentence. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(B)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Certain Issuances of Common Shares or Convertible
Securities</FONT></U><FONT face=serif size=2>. Until the earlier of (i) the date
on which the Original Warrantholder no longer holds this Warrant or any portion
thereof and (ii) the third anniversary of the Issue Date, if the Company shall
issue shares of Common Stock (or rights or warrants or other securities
exercisable or convertible into or exchangeable (collectively, a
&#147;</FONT><I><FONT face=serif size=2>conversion</FONT></I><FONT face=serif size=2>&#148;) for shares of Common Stock) (collectively, &#147;</FONT><I><FONT face=serif size=2>convertible securities</FONT></I><FONT face=serif size=2>&#148;) (other than
in Permitted Transactions (as defined below) or a transaction to which
subsection (A) of this Section 13 is applicable) without consideration or at a
consideration per share (or having a conversion price per share) that is less
than 90% of the Market Price on the last trading day preceding the date of the
agreement on pricing such shares (or such convertible securities) then, in such
event: </FONT></P>
<P align=center><FONT face=serif size=2>8 </FONT></P>
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<PAGE>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face=serif size=2>(A) the
number of Shares issuable upon the exercise of this Warrant immediately prior to
the date of the agreement on pricing of such shares (or of such convertible
securities) (the &#147;<I>Initial Number</I>&#148;) shall be increased to the number
obtained by multiplying the Initial Number by a fraction (A) the numerator of
which shall be the sum of (x) the number of shares of Common Stock of the
Company outstanding on such date and (y) the number of additional shares of
Common Stock issued (or into which convertible securities may be exercised or
convert) and (B) the denominator of which shall be the sum of (I) the number of
shares of Common Stock outstanding on such date and (II) the number of shares of
Common Stock which the aggregate consideration receivable by the Company for the
total number of shares of Common Stock so issued (or into which convertible
securities may be exercised or convert) would purchase at the Market Price on
the last trading day preceding the date of the agreement on pricing such shares
(or such convertible securities); and </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face=serif size=2>(B)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>the
Exercise Price payable upon exercise of the Warrant shall be adjusted by
multiplying such Exercise Price in effect immediately prior to the date of the
agreement on pricing of such shares (or of such convertible securities) by a
fraction, the numerator of which shall be the number of shares of Common Stock
issuable upon exercise of this Warrant prior to such date and the denominator of
which shall be the number of shares of Common Stock issuable upon exercise of
this Warrant immediately after the adjustment described in clause (A) above.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For
purposes of the foregoing, the aggregate consideration receivable by the Company
in connection with the issuance of such shares of Common Stock or convertible
securities shall be deemed to be equal to the sum of the net offering price
(including the Fair Market Value of any non-cash consideration and after
deduction of any related expenses payable to third parties) of all such
securities plus the minimum aggregate amount, if any, payable upon exercise or
conversion of any such convertible securities into shares of Common Stock; and
&#147;</FONT><I><FONT face=serif size=2>Permitted Transactions</FONT></I><FONT face=serif size=2>&#148; shall mean issuances (i) as consideration for or to fund the
acquisition of businesses and/or related assets, (ii) in connection with
employee benefit plans and compensation related arrangements in the ordinary
course and consistent with past practice approved by the Board of Directors,
(iii) in connection with a public or broadly marketed offering and sale of
Common Stock or convertible securities for cash conducted by the Company or its
affiliates pursuant to registration under the Securities Act or Rule 144A
thereunder on a basis consistent with capital raising transactions by comparable
financial institutions and (iv) in connection with the exercise of preemptive
rights on terms existing as of the Issue Date. Any adjustment made pursuant to
this Section 13(B) shall become effective immediately upon the date of such
issuance.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(C)
</FONT><U><FONT face=serif size=2>Other Distributions</FONT></U><FONT face=serif size=2>. In case the Company shall fix a record date for the making of a
distribution to all holders of shares of its Common Stock of securities,
evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary
Cash Dividends, dividends of its Common Stock and other dividends or
distributions referred to in Section 13(A)), in each such case, the Exercise
Price in effect prior to such record date shall be reduced immediately
thereafter to the price determined by multiplying the Exercise Price in effect
immediately prior to the reduction by the quotient of (x) the Market Price of
the Common Stock on the last trading day preceding the first date on which the
Common Stock trades regular way on the principal national securities exchange on
which the Common Stock is listed or admitted to trading without the right to
receive such distribution, minus the amount of cash and/or the Fair Market Value
of the securities, evidences of indebtedness, assets, rights or warrants to be
so distributed in respect of one share of Common Stock (such amount and/or Fair
Market Value, the &#147;<I><FONT face=serif size=2>Per Share Fair Market
Value</FONT></I><FONT face=serif size=2>&#148;) divided by (y) such Market Price on
such date specified in clause (x); such adjustment shall be made successively
whenever such a record date is fixed.&nbsp;</FONT></FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>9 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>In such event, the number of Shares
issuable upon the exercise of this Warrant shall be increased to the number
obtained by dividing (x) the product of (1) the number of Shares issuable upon
the exercise of this Warrant before such adjustment, and (2) the Exercise Price
in effect immediately prior to the distribution giving rise to this adjustment
by (y) the new Exercise Price determined in accordance with the immediately
preceding sentence. In the case of adjustment for a cash dividend that is, or is
coincident with, a regular quarterly cash dividend, the Per Share Fair Market
Value would be reduced by the per share amount of the portion of the cash
dividend that would constitute an Ordinary Cash Dividend. In the event that such
distribution is not so made, the Exercise Price and the number of Shares
issuable upon exercise of this Warrant then in effect shall be readjusted,
effective as of the date when the Board of Directors determines not to
distribute such shares, evidences of indebtedness, assets, rights, cash or
warrants, as the case may be, to the Exercise Price that would then be in effect
and the number of Shares that would then be issuable upon exercise of this
Warrant if such record date had not been fixed.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(D)
</FONT><U><FONT face=serif size=2>Certain Repurchases of Common
Stock</FONT></U><FONT face=serif size=2>. In case the Company effects a Pro Rata
Repurchase of Common Stock, then the Exercise Price shall be reduced to the
price determined by multiplying the Exercise Price in effect immediately prior
to the Effective Date of such Pro Rata Repurchase by a fraction of which the
numerator shall be (i) the product of (x) the number of shares of Common Stock
outstanding immediately before such Pro Rata Repurchase and (y) the Market Price
of a share of Common Stock on the trading day immediately preceding the first
public announcement by the Company or any of its Affiliates of the intent to
effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the
Pro Rata Repurchase, and of which the denominator shall be the product of (i)
the number of shares of Common Stock outstanding immediately prior to such Pro
Rata Repurchase minus the number of shares of Common Stock so repurchased and
(ii) the Market Price per share of Common Stock on the trading day immediately
preceding the first public announcement by the Company or any of its Affiliates
of the intent to effect such Pro Rata Repurchase. In such event, the number of
shares of Common Stock issuable upon the exercise of this Warrant shall be
increased to the number obtained by dividing (x) the product of (1) the number
of Shares issuable upon the exercise of this Warrant before such adjustment, and
(2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase
giving rise to this adjustment by (y) the new Exercise Price determined in
accordance with the immediately preceding sentence. For the avoidance of doubt,
no increase to the Exercise Price or decrease in the number of Shares issuable
upon exercise of this Warrant shall be made pursuant to this Section
13(D).</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>10 </FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(E)
</FONT><U><FONT face=serif size=2>Business Combinations</FONT></U><FONT face=serif size=2>. In case of any Business Combination or reclassification of
Common Stock (other than a reclassification of Common Stock referred to in
Section 13(A)), the Warrantholder&#146;s right to receive Shares upon exercise of
this Warrant shall be converted into the right to exercise this Warrant to
acquire the number of shares of stock or other securities or property (including
cash) which the Common Stock issuable (at the time of such Business Combination
or reclassification) upon exercise of this Warrant immediately prior to such
Business Combination or reclassification would have been entitled to receive
upon consummation of such Business Combination or reclassification; and in any
such case, if necessary, the provisions set forth herein with respect to the
rights and interests thereafter of the Warrantholder shall be appropriately
adjusted so as to be applicable, as nearly as may reasonably be, to the
Warrantholder&#146;s right to exercise this Warrant in exchange for any shares of
stock or other securities or property pursuant to this paragraph. In determining
the kind and amount of stock, securities or the property receivable upon
exercise of this Warrant following the consummation of such Business
Combination, if the holders of Common Stock have the right to elect the kind or
amount of consideration receivable upon consummation of such Business
Combination, then the consideration that the Warrantholder shall be entitled to
receive upon exercise shall be deemed to be the types and amounts of
consideration received by the majority of all holders of the shares of common
stock that affirmatively make an election (or of all such holders if none make
an election).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(F)
</FONT><U><FONT face=serif size=2>Rounding of Calculations; Minimum
Adjustments</FONT></U><FONT face=serif size=2>. All calculations under this
Section 13 shall be made to the nearest one-tenth (1/10th) of a cent or to the
nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of
this Section 13 to the contrary notwithstanding, no adjustment in the Exercise
Price or the number of Shares into which this Warrant is exercisable shall be
made if the amount of such adjustment would be less than $0.01 or one-tenth
(1/10th) of a share of Common Stock, but any such amount shall be carried
forward and an adjustment with respect thereto shall be made at the time of and
together with any subsequent adjustment which, together with such amount and any
other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th of a
share of Common Stock, or more.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(G)
</FONT><U><FONT face=serif size=2>Timing of Issuance of Additional Common Stock
Upon Certain Adjustments</FONT></U><FONT face=serif size=2>. In any case in
which the provisions of this Section 13 shall require that an adjustment shall
become effective immediately after a record date for an event, the Company may
defer until the occurrence of such event (i) issuing to the Warrantholder of
this Warrant exercised after such record date and before the occurrence of such
event the additional shares of Common Stock issuable upon such exercise by
reason of the adjustment required by such event over and above the shares of
Common Stock issuable upon such exercise before giving effect to such adjustment
and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional
share of Common Stock; </FONT><I><FONT face=serif size=2>provided</FONT></I><FONT face=serif size=2>, </FONT><I><FONT face=serif size=2>however</FONT></I><FONT face=serif size=2>, that the Company upon request
shall deliver to such Warrantholder a due bill or other appropriate instrument
evidencing such Warrantholder&#146;s right to receive such additional shares, and
such cash, upon the occurrence of the event requiring such
adjustment.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(H)
</FONT><U><FONT face=serif size=2>Completion of Qualified Equity
Offering</FONT></U><FONT face=serif size=2>. In the event the Company (or any
successor by Business Combination) completes one or more Qualified Equity
Offerings on or prior to December 31, 2009 that result in the Company (or any
such successor ) receiving aggregate gross proceeds of not less than 100% of the
aggregate liquidation preference of the Preferred Shares (and any preferred
stock issued by any such successor to the Original Warrantholder under the CPP),
the number of shares of Common Stock underlying the portion of this Warrant then
held by the Original Warrantholder shall be thereafter reduced by a number of
shares of Common Stock equal to the product of (i) 0.5 and (ii) the number of
shares underlying the Warrant on the Issue Date (adjusted to take into account
all other theretofore made adjustments pursuant to this Section 13).</FONT></P>
<P align=center><FONT face=serif size=2>11 </FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(I)
</FONT><U><FONT face=serif size=2>Other Events</FONT></U><FONT face=serif size=2>. For so long as the Original Warrantholder holds this Warrant or any
portion thereof, if any event occurs as to which the provisions of this Section
13 are not strictly applicable or, if strictly applicable, would not, in the
good faith judgment of the Board of Directors of the Company, fairly and
adequately protect the purchase rights of the Warrants in accordance with the
essential intent and principles of such provisions, then the Board of Directors
shall make such adjustments in the application of such provisions, in accordance
with such essential intent and principles, as shall be reasonably necessary, in
the good faith opinion of the Board of Directors, to protect such purchase
rights as aforesaid. The Exercise Price or the number of Shares into which this
Warrant is exercisable shall not be adjusted in the event of a change in the par
value of the Common Stock or a change in the jurisdiction of incorporation of
the Company.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(J)
</FONT><U><FONT face=serif size=2>Statement Regarding
Adjustments</FONT></U><FONT face=serif size=2>. Whenever the Exercise Price or
the number of Shares into which this Warrant is exercisable shall be adjusted as
provided in Section 13, the Company shall forthwith file at the principal office
of the Company a statement showing in reasonable detail the facts requiring such
adjustment and the Exercise Price that shall be in effect and the number of
Shares into which this Warrant shall be exercisable after such adjustment, and
the Company shall also cause a copy of such statement to be sent by mail, first
class postage prepaid, to each Warrantholder at the address appearing in the
Company&#146;s records.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(K)
</FONT><U><FONT face=serif size=2>Notice of Adjustment Event</FONT></U><FONT face=serif size=2>. In the event that the Company shall propose to take any
action of the type described in this Section 13 (but only if the action of the
type described in this Section 13 would result in an adjustment in the Exercise
Price or the number of Shares into which this Warrant is exercisable or a change
in the type of securities or property to be delivered upon exercise of this
Warrant), the Company shall give notice to the Warrantholder, in the manner set
forth in Section 13(J), which notice shall specify the record date, if any, with
respect to any such action and the approximate date on which such action is to
take place. Such notice shall also set forth the facts with respect thereto as
shall be reasonably necessary to indicate the effect on the Exercise Price and
the number, kind or class of shares or other securities or property which shall
be deliverable upon exercise of this Warrant. In the case of any action which
would require the fixing of a record date, such notice shall be given at least
10 days prior to the date so fixed, and in case of all other action, such notice
shall be given at least 15 days prior to the taking of such proposed action.
Failure to give such notice, or any defect therein, shall not affect the
legality or validity of any such action.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(L)
</FONT><U><FONT face=serif size=2>Proceedings Prior to Any Action Requiring
Adjustment</FONT></U><FONT face=serif size=2>. As a condition precedent to the
taking of any action which would require an adjustment pursuant to this Section
13, the Company shall take any action which may be necessary, including
obtaining regulatory, New York Stock Exchange or stockholder approvals or
exemptions, in order that the Company may thereafter validly and legally issue
as fully paid and nonassessable all shares of Common Stock that the
Warrantholder is entitled to receive upon exercise of this Warrant pursuant to
this Section 13.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>12 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(M)
</FONT><U><FONT face=serif size=2>Adjustment Rules</FONT></U><FONT face=serif size=2>. Any adjustments pursuant to this Section 13 shall be made successively
whenever an event referred to herein shall occur. If an adjustment in Exercise
Price made hereunder would reduce the Exercise Price to an amount below par
value of the Common Stock, then such adjustment in Exercise Price made hereunder
shall reduce the Exercise Price to the par value of the Common
Stock.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>14.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Exchange</FONT></U><FONT face=serif size=2>. At any time following the
date on which the shares of Common Stock of the Company are no longer listed or
admitted to trading on a national securities exchange (other than in connection
with any Business Combination), the Original Warrantholder may cause the Company
to exchange all or a portion of this Warrant for an economic interest (to be
determined by the Original Warrantholder after consultation with the Company) of
the Company classified as permanent equity under U.S. GAAP having a value equal
to the Fair Market Value of the portion of the Warrant so exchanged. The
Original Warrantholder shall calculate any Fair Market Value required to be
calculated pursuant to this Section 14, which shall not be subject to the
Appraisal Procedure. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>15.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>No
Impairment</FONT></U><FONT face=serif size=2>. The Company will not, by
amendment of its Charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Company, but will at all
times in good faith assist in the carrying out of all the provisions of this
Warrant and in taking of all such action as may be necessary or appropriate in
order to protect the rights of the Warrantholder. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>16.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Governing Law</FONT></U><FONT face=serif size=2>. </FONT><B><FONT face=serif size=2>This Warrant will be governed by and construed in accordance
with the federal law of the United States if and to the extent such law is
applicable, and otherwise in accordance with the laws of the State of New York
applicable to contracts made and to be performed entirely within such State.
Each of the Company and the Warrantholder agrees (a) to submit to the exclusive
jurisdiction and venue of the United States District Court for the District of
Columbia for any action, suit or proceeding arising out of or relating to this
Warrant or the transactions contemplated hereby, and (b) that notice may be
served upon the Company at the address in Section 20 below and upon the
Warrantholder at the address for the Warrantholder set forth in the registry
maintained by the Company pursuant to Section 9 hereof. To the extent permitted
by applicable law, each of the Company and the Warrantholder hereby
unconditionally waives trial by jury in any legal action or proceeding relating
to the Warrant or the transactions contemplated hereby or
thereby.</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>17.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Binding Effect</FONT></U><FONT face=serif size=2>. This Warrant shall be
binding upon any successors or assigns of the Company. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>18.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Amendments</FONT></U><FONT face=serif size=2>. This Warrant may be
amended and the observance of any term of this Warrant may be waived only with
the written consent of the Company and the Warrantholder. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>19 .
</FONT><U><FONT face=serif size=2>Prohibited Actions</FONT></U><FONT face=serif size=2>. The Company agrees that it will not take any action which would entitle
the Warrantholder to an adjustment of the Exercise Price if the total number of
shares of Common Stock issuable after such action upon exercise of this Warrant,
together with all shares of Common Stock then outstanding and all shares of
Common Stock then issuable upon the exercise of all outstanding options,
warrants, conversion and other rights, would exceed the total number of shares
of Common Stock then authorized by its Charter.</FONT></P>
<P align=center><FONT face=serif size=2>13</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>20.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Notices</FONT></U><FONT face=serif size=2>. Any notice, request,
instruction or other document to be given hereunder by any party to the other
will be in writing and will be deemed to have been duly given (a) on the date of
delivery if delivered personally, or by facsimile, upon confirmation of receipt,
or (b) on the second business day following the date of dispatch if delivered by
a recognized next day courier service. All notices hereunder shall be delivered
as set forth in Item 8 of Schedule A hereto, or pursuant to such other
instructions as may be designated in writing by the party to receive such
notice. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>21.</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Entire
Agreement</FONT></U><FONT face=serif size=2>. This Warrant, the forms attached
hereto and Schedule A hereto (the terms of which are incorporated by reference
herein), and the Letter Agreement (including all documents incorporated
therein), contain the entire agreement between the parties with respect to the
subject matter hereof and supersede all prior and contemporaneous arrangements
or undertakings with respect thereto. </FONT></P>
<P align=center><I><FONT face=serif size=2>[Remainder of page intentionally left
blank]</FONT></I><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>14 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>[Form of Notice of
Exercise]</FONT></B><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>Date: _________</FONT><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>TO:</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Enterprise
      Financial Services Corp</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>RE:</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Election to
      Purchase Common Stock</FONT></TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
undersigned, pursuant to the provisions set forth in the attached Warrant,
hereby agrees to subscribe for and purchase the number of shares of the Common
Stock set forth below covered by such Warrant. The undersigned, in accordance
with Section 3 of the Warrant, hereby agrees to pay the aggregate Exercise Price
for such shares of Common Stock in the manner set forth below. A new warrant
evidencing the remaining shares of Common Stock covered by such Warrant, but not
yet subscribed for and purchased, if any, should be issued in the name set forth
below.</FONT></P>
<P align=justify><FONT face=serif size=2>Number of Shares of Common
Stock</FONT></P>
<P align=justify><FONT face=serif size=2>Method of Payment of Exercise Price
(note if cashless exercise pursuant to Section 3(i) of the Warrant or cash
exercise pursuant to Section 3(ii) of the Warrant, with consent of the Company
and the Warrantholder)</FONT></P>
<P align=justify><FONT face=serif size=2>Aggregate Exercise Price:</FONT><FONT face=serif size=2> </FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=2>Holder:</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=2>By:</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=2>Name:</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=2>Title:</FONT>&nbsp;
  </TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>15 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a
duly authorized officer.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>Dated: December 19, 2008</FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=4><B><FONT face=serif size=2>COMPANY:</FONT></B>&nbsp; &nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=4><FONT face=serif size=2>Enterprise
      Financial Services Corp</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>By:</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="98%" colSpan=2><FONT face=serif size=2>/s/ Frank H. Sanfilippo</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="2%"><FONT face=serif size=2>Name:</FONT>&nbsp;&nbsp;
    </TD>
    <TD align=left width="96%"><FONT face=serif size=2>Frank H.
      Sanfilippo</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="2%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD align=left width="96%"><FONT face=serif size=2>Executive Vice
      President and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="2%">&nbsp; </TD>
    <TD align=left width="96%"><FONT face=serif size=2>Chief Financial
      Officer</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=4><B><FONT face=serif size=2>Attest:</FONT></B>&nbsp; &nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>By:</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="98%" colSpan=2><FONT face=serif size=2>/s/ Noel J. Bortle</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="2%"><FONT face=serif size=2>Name:<FONT size=3>&nbsp;&nbsp; </FONT></FONT></TD>
    <TD align=left width="96%"><FONT size=2>Noel J. Bortle</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="2%"><FONT face=serif size=2>Title:<FONT size=3>
      </FONT></FONT></TD>
    <TD align=left width="96%"><FONT size=2>Secretary</FONT>&nbsp;
  </TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face=serif size=2>[Signature Page to Warrant]
</FONT></B></P>
<P align=center><FONT face=serif size=2>16 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>SCHEDULE A</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify><U><FONT face=serif size=2>Item 1<BR></FONT></U><FONT face=serif size=2>Name: Enterprise Financial Services Corp</FONT><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>Corporate or other
organizational form: Corporation</FONT><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>Jurisdiction of organization: Delaware</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><U><FONT face=serif size=2>Item 2 <BR></FONT></U><FONT face=serif size=2>Exercise Price: $16.20 </FONT><FONT face=serif size=2></FONT></P>
<P align=justify><U><FONT face=serif size=2>Item 3 <BR></FONT></U><FONT face=serif size=2>Issue Date: December 19, 2008</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify><U><FONT face=serif size=2>Item 4<BR></FONT></U><FONT face=serif size=2>Amount of last dividend declared prior to the Issue Date:
$.0525 per share per quarter</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><U><FONT face=serif size=2>Item 5</FONT></U><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>Date of Letter Agreement between the
Company and the United States Department of the</FONT><FONT face=serif size=2>
</FONT><FONT face=serif size=2>Treasury: December 19, 2008</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><U><FONT face=serif size=2>Item 6</FONT></U><FONT face=serif size=2><BR>Number of shares of Common Stock: 324,074 </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="8%"><U><FONT face=serif size=2>Item
      7</FONT></U>&nbsp; </TD>
    <TD align=left width="91%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%"><FONT face=serif size=2>Company&#146;s
      address: </FONT>&nbsp; </TD>
    <TD align=left width="91%"><FONT face=serif size=2>Enterprise Financial
      Services Corp</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="91%"><FONT face=serif size=2>150 N. Meramec
      Ave.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="91%"><FONT face=serif size=2>Clayton, Missouri
      63105</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%"><U><FONT face=serif size=2>Item
      8</FONT></U>&nbsp; </TD>
    <TD align=left width="91%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%"><FONT face=serif size=2>Notice
      information:</FONT>&nbsp; </TD>
    <TD align=left width="91%"><FONT face=serif size=2>Attn: Frank H.
      Sanfilippo, Executive Vice President and Chief Financial Officer<FONT size=3>&nbsp;</FONT></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=2></TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>exhibit99-1.htm
<DESCRIPTION>LETTER AGREEMENT, DATED DECEMBER 19, 2008
<TEXT>

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<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P align=justify><FONT face=serif size=2>Exhibit 99.1</FONT></P>
<P align=center><FONT face=serif size=2>U</FONT><FONT face=serif size=2><FONT size=1>NITED</FONT></FONT> <FONT face=serif size=2>S</FONT><FONT face=serif size=2><FONT size=1>TATES</FONT></FONT> <FONT face=serif size=2>D</FONT><FONT face=serif size=2><FONT face=serif size=1>EPARTMENT OF THE</FONT></FONT> <FONT face=serif size=2>T</FONT><FONT face=serif size=2><FONT face=serif size=1>REASURY</FONT></FONT><FONT face=serif size=2></FONT> <BR><FONT face=serif size=2>1500 P</FONT><FONT face=serif size=2><FONT face=serif size=1>ENNSYLVANIA</FONT></FONT> <FONT face=serif size=2>A</FONT><FONT face=serif size=2><FONT size=1>VENUE</FONT></FONT><FONT face=serif size=2>,
NW<BR></FONT><FONT face=serif size=2>W</FONT><FONT face=serif size=2><FONT face=serif size=1>ASHINGTON</FONT></FONT><FONT face=serif size=2>, D.C.
20220</FONT></P>
<P align=justify><FONT face=serif size=2>Dear Ladies and Gentlemen:</FONT><FONT face=serif size=2></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
company set forth on the signature page hereto (the &#147;</FONT><I><FONT face=serif size=2>Company</FONT></I><FONT face=serif size=2>&#148;) intends to issue in a
private placement the number of shares of a series of its preferred stock set
forth on Schedule A hereto (the &#147;</FONT><I><FONT face=serif size=2>Preferred
Shares</FONT></I><FONT face=serif size=2>&#148;) and a warrant to purchase the number
of shares of its common stock set forth on Schedule A hereto (the
&#147;</FONT><I><FONT face=serif size=2>Warrant</FONT></I><FONT face=serif size=2>&#148;
and, together with the Preferred Shares, the &#147;</FONT><I><FONT face=serif size=2>Purchased Securities</FONT></I><FONT face=serif size=2>&#148;) and the United
States Department of the Treasury (the &#147;</FONT><I><FONT face=serif size=2>Investor</FONT></I><FONT face=serif size=2>&#148;) intends to purchase from
the Company the Purchased Securities.</FONT><FONT face=serif size=2></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
purpose of this letter agreement is to confirm the terms and conditions of the
purchase by the Investor of the Purchased Securities. Except to the extent
supplemented or superseded by the terms set forth herein or in the Schedules
hereto, the provisions contained in the Securities Purchase Agreement &#150; Standard
Terms attached hereto as Exhibit A (the &#147;</FONT><I><FONT face=serif size=2>Securities Purchase Agreement</FONT></I><FONT face=serif size=2>&#148;) are
incorporated by reference herein. Terms that are defined in the Securities
Purchase Agreement are used in this letter agreement as so defined. In the event
of any inconsistency between this letter agreement and the Securities Purchase
Agreement, the terms of this letter agreement shall govern.</FONT><FONT face=serif size=2></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each of
the Company and the Investor hereby confirms its agreement with the other party
with respect to the issuance by the Company of the Purchased Securities and the
purchase by the Investor of the Purchased Securities pursuant to this letter
agreement and the Securities Purchase Agreement on the terms specified on
Schedule A hereto.</FONT><FONT face=serif size=2></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
letter agreement (including the Schedules hereto) and the Securities Purchase
Agreement (including the Annexes thereto) and the Warrant constitute the entire
agreement, and supersede all other prior agreements, understandings,
representations and warranties, both written and oral, between the parties, with
respect to the subject matter hereof. This letter agreement constitutes the
&#147;Letter Agreement&#148; referred to in the Securities Purchase Agreement.</FONT><FONT face=serif size=2></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
letter agreement may be executed in any number of separate counterparts, each
such counterpart being deemed to be an original instrument, and all such
counterparts will together constitute the same agreement. Executed signature
pages to this letter agreement may be delivered by facsimile and such facsimiles
will be deemed as sufficient as if actual signature pages had been
delivered.</FONT><FONT face=serif size=2></FONT></P>
<P align=center><FONT face=serif size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
witness whereof, this letter agreement has been duly executed and delivered by
the duly authorized representatives of the parties hereto as of the date written
below.</FONT><FONT face=serif size=2> </FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=3><FONT face=serif size=2>UNITED STATES
      DEPARTMENT OF THE</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=3><FONT face=serif size=2>TREASURY</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>By:</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="97%"><FONT size=2>/s/ Neel Kaskkari</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" colSpan=2></TD>
    <TD align=left width="97%"><FONT size=2>Name: Neel Kaskkari</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="2%" colSpan=2></TD>
    <TD align=left width="97%"><FONT size=2>Title: Interim Assistant Secretary
      for</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" colSpan=2>&nbsp; </TD>
    <TD align=left width="97%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Financial Stability</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=3><FONT face=serif size=2>COMPANY:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=3><FONT face=serif size=2>Enterprise
      Financial Services Corp</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>By:</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="97%"><FONT face=serif size=2>/s/ Frank H. Sanfilippo</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" colSpan=2>&nbsp; </TD>
    <TD align=left width="97%"><FONT face=serif size=2>Name:Frank H.
      Sanfilippo</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" colSpan=2>&nbsp; </TD>
    <TD align=left width="97%"><FONT face=serif size=2>Title: Executive Vice
      President and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" colSpan=2>&nbsp; </TD>
    <TD align=left width="97%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
      Financial Officer</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>Date:</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="49%"><FONT size=2>December 19, 2008</FONT>&nbsp; </TD>
    <TD align=left width="49%">&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif><FONT size=2>UST Sequence No.
135</FONT></FONT></B></P>
<P align=center><B><FONT face=serif><FONT size=2>EXHIBIT A</FONT></FONT></B></P>
<P align=center><B><U><FONT face=serif><FONT size=2>SECURITIES PURCHASE
AGREEMENT</FONT></FONT></U></B><FONT face=serif></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif><FONT size=2>UST Sequence No.
135</FONT></FONT></B></P>
<P align=right><FONT face=serif><FONT size=2>EXHIBIT A</FONT></FONT><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif><FONT size=2></FONT></FONT>&nbsp;</P>
<P align=center><FONT face=serif><FONT size=2>SECURITIES PURCHASE
AGREEMENT</FONT></FONT></P>
<P align=center><FONT face=serif><FONT size=2>STANDARD TERMS</FONT></FONT><FONT face=serif size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif><FONT size=2>UST Sequence No.
135</FONT></FONT></B></P>
<P align=center><B><FONT face=serif><FONT size=2>TABLE OF
CONTENTS</FONT></FONT></B><FONT face=serif size=2></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="94%"></TD>
    <TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="2%"><B><FONT face=serif><FONT size=2>Page</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Article I</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Purchase; Closing</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1.1</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Purchase</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>1.2</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Closing</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1.3</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Interpretation</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Article II Representations and</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Warranties</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>2.1</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Disclosure</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>2.2</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Representations and
      Warranties of the Company</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>5</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Article III</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Covenants</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>3.1</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Commercially Reasonable Efforts</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>3.2</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Expenses</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>3.3</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Sufficiency of Authorized Common Stock; Exchange Listing</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>3.4</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Certain Notifications
      Until Closing</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>3.5</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Access,
      Information and Confidentiality</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>15</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Article IV Additional</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=2>Agreements</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4.1</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Purchase for Investment</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>4.2</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Legends</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4.3</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Certain
      Transactions</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>4.4</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="97%" colSpan=3><FONT face=serif size=2>Transfer of
      Purchased Securities and Warrant Shares; Restrictions on Exercise
    of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>the Warrant</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4.5</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Registration Rights</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>19</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>4.6</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Voting of Warrant
      Shares</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4.7</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Depositary Shares</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>4.8</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Restriction on
      Dividends and Repurchases</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4.9</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Repurchase of Investor Securities</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>4.10</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="94%"><FONT face=serif size=2>Executive
      Compensation</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face=serif size=2>33</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>i</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=center width="100%" bgColor=#c0c0c0 colSpan=5><FONT size=2>Article V<FONT size=3>&nbsp;</FONT> </FONT></TD></TR>
  <TR>
    <TD align=center width="2%" bgColor=#ffffff></TD>
    <TD align=center width="1%" bgColor=#ffffff></TD>
    <TD align=center width="95%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=center width="1%" bgColor=#ffffff></TD>
    <TD align=center width="1%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD align=center width="100%" bgColor=#c0c0c0 colSpan=5><FONT size=2>Miscellaneous</FONT><FONT size=3>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left width="2%" bgColor=#ffffff></TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="95%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5.1</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Termination</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>34</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"><FONT face=serif size=2>5.2</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="95%"><FONT face=serif size=2>Survival of
      Representations and Warranties</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"><FONT face=serif size=2>34</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5.3</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Amendment</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>34</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"><FONT face=serif size=2>5.4</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="95%"><FONT face=serif size=2>Waiver of
      Conditions</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"><FONT face=serif size=2>34</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5.5</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="95%" bgColor=#c0c0c0><B><FONT face=serif size=2>Governing Law: Submission to Jurisdiction, Etc.</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>35</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"><FONT face=serif size=2>5.6</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="95%"><FONT face=serif size=2>Notices</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"><FONT face=serif size=2>35</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5.7</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Definitions</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>35</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"><FONT face=serif size=2>5.8</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="95%"><FONT face=serif size=2>Assignment</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"><FONT face=serif size=2>36</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>5.9</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>Severability</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>36</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"><FONT face=serif size=2>5.10</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="95%"><FONT face=serif size=2>No Third Party
      Beneficiaries</FONT> </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"><FONT face=serif size=2>36</FONT>
</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>ii </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><FONT face=serif size=2>LIST OF ANNEXES</FONT><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>ANNEX A:</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="95%"><FONT face=serif size=2>FORM OF CERTIFICATE OF
      DESIGNATIONS FOR PREFERRED STOCK</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>ANNEX B:</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face=serif size=2>FORM OF WAIVER</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>ANNEX C:</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="95%"><FONT face=serif size=2>FORM OF OPINION</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>ANNEX D:</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face=serif size=2>FORM OF WARRANT</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>iii </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify><B><FONT face=serif size=2>INDEX OF DEFINED
TERMS</FONT></B><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>Location
      of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><FONT face=serif size=2>Term</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>Definition</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Affiliate</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5.7(b)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Agreement</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Appraisal Procedure</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.9(c)(1)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Appropriate
      Federal Banking Agency</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.2(s)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Bankruptcy Exceptions</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(d)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Benefit
      Plans</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>1.2(d)(iv)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Board of Directors</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(f)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Business
      Combination</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.4</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>business day</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.3</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Capitalization
      Date</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.2(b)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Certificate of Designations</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.2(d)(iii)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Charter</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>1.2(d)(iii)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Closing</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.2(a)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Closing
      Date</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>1.2(a)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Code</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(n)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Common
      Stock</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Company</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>Recitals</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Company
      Financial Statements</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.2(h)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Company Material Adverse Effect</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.1(a)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Company
      Reports</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.2(i)(i)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Company Subsidiary; Company Subsidiaries</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(i)(i)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>control;
      controlled by; under common control with</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>5.7(b)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Controlled Group</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(n)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>CPP</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>EESA</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.2(d)(iv)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>ERISA</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.2(n)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Exchange Act</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.1(b)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Fair Market
      Value</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.9(c)(ii)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>GAAP</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.1(a)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Governmental
      Entities</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>1.2(c)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Holder</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.5(k)(i)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Holders'
      Counsel</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.5(k)(ii)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Indemnitee</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.5(g)(1)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Information</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>3.5(b)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Initial Warrant Shares</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>Recitals</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Investor</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Junior Stock</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.8(c)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>knowledge of the
      Company; Company's knowledge</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>5.7(c)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Last Fiscal Year</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.1(b)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Letter
      Agreement</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>officers</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5.7(c)</FONT> </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>iv </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>Location
      of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><FONT face=serif size=2>Term</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>Definition</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Parity Stock</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.8(c)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Pending
      Underwritten Offering</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.5(1)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Permitted Repurchases</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.8(a)(ii)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Piggyback
      Registration</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.5(a)(iv)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Plan</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(n)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Preferred
      Shares</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>Recitals</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Previously
      Disclosed</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.1(b)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Proprietary Rights</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(u)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Purchase</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Purchase Price</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.1</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Purchased
      Securities</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Qualified Equity Offering</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.4</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>register;
      registered; registration</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.5(k)(iii)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Registrable Securities</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.5(k)(iv)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Registration
      Expenses</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.5(k)(v)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Regulatory Agreement</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(s)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Rule 144; Rule
      144A; Rule 159A; Rule 405; Rule 415</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.5(k)(vi)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Schedules</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>Recitals</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>SEC</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.1(b)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Securities Act</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(a)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Selling
      Expenses</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.5(k)(vii)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Executive Officers</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.10</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Share Dilution
      Amount</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>4.8(a)(ii)</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Shelf Registration Statement</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.5(a)(ii)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Signing
      Date</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.1(a)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Special Registration</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.5(i)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Stockholder
      Proposals</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>3.1(b)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>subsidiary</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5.8(a)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Tax;
      Taxes</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>2.2(o)</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Transfer</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.4</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Warrant</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=serif size=2>Recitals</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Warrant Shares</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2.2(d)</FONT> </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>v </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>SECURITIES PURCHASE AGREEMENT -
STANDARD TERMS</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><B><FONT face=serif size=2>Recitals:</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
the United States Department of the Treasury (the </FONT><I><FONT face=serif size=2>"Investor") </FONT></I><FONT face=serif size=2>may from time to time
agree to purchase shares of preferred stock and warrants from eligible financial
institutions which elect to participate in the Troubled Asset Relief Program
Capital Purchase Program </FONT><I><FONT face=serif size=2>("CPP");</FONT></I><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
an eligible financial institution electing to participate in the CPP and issue
securities to the Investor (referred to herein as the </FONT><I><FONT face=serif size=2>"Company") </FONT></I><FONT face=serif size=2>shall enter into a letter
agreement (the </FONT><I><FONT face=serif size=2>"Letter Agreement")
</FONT></I><FONT face=serif size=2>with the Investor which incorporates this
Securities Purchase Agreement - Standard Terms;</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
the Company agrees to expand the flow of credit to U.S. consumers and businesses
on competitive terms to promote the sustained growth and vitality of the U.S.
economy;</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
the Company agrees to work diligently, under existing programs, to modify the
terms of residential mortgages as appropriate to strengthen the health of the
U.S. housing market;</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
the Company intends to issue in a private placement the number of shares of the
series of its Preferred Stock </FONT><I><FONT face=serif size=2>("Preferred
Stock") </FONT></I><FONT face=serif size=2>set forth on </FONT><U><FONT face=serif size=2>Schedule A</FONT></U><FONT face=serif size=2> to the Letter
Agreement (the </FONT><I><FONT face=serif size=2>"Preferred Shares")
</FONT></I><FONT face=serif size=2>and a warrant to purchase the number of
shares of its Common Stock </FONT><I><FONT face=serif size=2>("Common Stock")
</FONT></I><FONT face=serif size=2>set forth on </FONT><U><FONT face=serif size=2>Schedule A</FONT></U><FONT face=serif size=2> to the Letter Agreement
(the </FONT><I><FONT face=serif size=2>"Initial Warrant Shares")
</FONT></I><FONT face=serif size=2>(the "</FONT><I><FONT face=serif size=2>Warrant" </FONT></I><FONT face=serif size=2>and, together with the
Preferred Shares, the </FONT><I><FONT face=serif size=2>"Purchased Securities")
</FONT></I><FONT face=serif size=2>and the Investor intends to purchase (the
</FONT><I><FONT face=serif size=2>"Purchase") </FONT></I><FONT face=serif size=2>from the Company the Purchased Securities; and</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
the Purchase will be governed by this Securities Purchase Agreement -Standard
Terms and the Letter Agreement, including the schedules thereto (the
</FONT><I><FONT face=serif size=2>"Schedules"), </FONT></I><FONT face=serif size=2>specifying additional terms of the Purchase. This Securities Purchase
Agreement - Standard Terms (including the Annexes hereto) and the Letter
Agreement (including the Schedules thereto) are together referred to as this
"Agreement". All references in this Securities Purchase Agreement - Standard
Terms to "Schedules" are to the Schedules attached to the Letter
Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>NOW,
THEREFORE, </FONT></B><FONT face=serif size=2>in consideration of the premises,
and of the representations, warranties, covenants and agreements set forth
herein, the parties agree as follows:</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Article I<BR></FONT><B><FONT face=serif size=2>Purchase; Closing</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1.1
</FONT><U><FONT face=serif size=2>Purchase</FONT></U><FONT face=serif size=2>.
On the terms and subject to the conditions set forth in this Agreement, the
Company agrees to sell to the Investor, and the Investor agrees to purchase from
the Company, at the Closing (as hereinafter defined), the Purchased Securities
for the price set forth on </FONT><U><FONT face=serif size=2>Schedule
A</FONT></U><FONT face=serif size=2> (the </FONT><I><FONT face=serif size=2>"Purchase Price").</FONT></I><FONT face=serif size=2> </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1.2 </FONT><U><FONT face=serif size=2>Closing</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>On the
terms and subject to the conditions set forth in this Agreement, the closing of
the Purchase (the </FONT><I><FONT face=serif size=2>"Closing") </FONT></I><FONT face=serif size=2>will take place at the location specified in </FONT><U><FONT face=serif size=2>Schedule A</FONT></U><FONT face=serif size=2>, at the time and
on the date set forth in </FONT><U><FONT face=serif size=2>Schedule
A</FONT></U><FONT face=serif size=2> or as soon as practicable thereafter, or at
such other place, time and date as shall be agreed between the Company and the
Investor. The time and date on which the Closing occurs is referred to in this
Agreement as the </FONT><I><FONT face=serif size=2>"Closing
Date".</FONT></I><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>Subject
to the fulfillment or waiver of the conditions to the Closing in this Section
1.2, at the Closing the Company will deliver the Preferred Shares and the
Warrant, in each case as evidenced by one or more certificates dated the Closing
Date and bearing appropriate legends as hereinafter provided for, in exchange
for payment in full of the Purchase Price by wire transfer of immediately
available United States funds to a bank account designated by the Company on
</FONT><U><FONT face=serif size=2>Schedule A</FONT></U><FONT face=serif size=2>.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>The
respective obligations of each of the Investor and the Company to consummate the
Purchase are subject to the fulfillment (or waiver by the Investor and the
Company, as applicable) prior to the Closing of the conditions that (i) any
approvals or authorizations of all United States and other governmental,
regulatory or judicial authorities (collectively, </FONT><I><FONT face=serif size=2>"Governmental Entities") </FONT></I><FONT face=serif size=2>required for
the consummation of the Purchase shall have been obtained or made in form and
substance reasonably satisfactory to each party and shall be in full force and
effect and all waiting periods required by United States and other applicable
law, if any, shall have expired and (ii) no provision of any applicable United
States or other law and no judgment, injunction, order or decree of any
Governmental Entity shall prohibit the purchase and sale of the Purchased
Securities as contemplated by this Agreement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>The
obligation of the Investor to consummate the Purchase is also subject to the
fulfillment (or waiver by the Investor) at or prior to the Closing of each of
the following conditions: </FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) (A) the representations
      and warranties of the Company set forth in (x) Section 2.2(g) of this
      Agreement shall be true and correct in all respects as though made on and
      as of the Closing Date, (y) Sections 2.2(a) through (f) shall be true and
      correct in all material respects as though made on and as of the Closing
      Date (other than representations and warranties that by their terms speak
      as of another date, which representations and warranties shall be true and
      correct in all material respects as of such other date) and (z) Sections
      2.2(h) through (v) (disregarding all qualifications or limitations set
      forth in such representations and warranties as to "materiality", "Company
      Material Adverse Effect" and words of similar import) shall be true and
      correct as though made on and as of the Closing Date (other than
      representations and warranties that by their terms speak as of another
      date, which representations and warranties shall be true and correct as of
      such other date), except to the extent that the failure of such
      representations and warranties referred to in this Section 1.2(d)(i)(A)(z)
      to be so true and correct, individually or in the aggregate, does not have
      and would not reasonably be expected to have a Company Material Adverse
      Effect and (B) the Company shall have performed in all material respects
      all obligations required to be performed by it under this Agreement at or
      prior to the Closing;</FONT></P></TD></TR></TABLE>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(ii) the Investor shall have
      received a certificate signed on behalf of the Company by a senior
      executive officer certifying to the effect that the conditions set forth
      in Section 1.2(d)(i) have been satisfied;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(iii) the Company shall have
      duly adopted and filed with the Secretary of State of its jurisdiction of
      organization or other applicable Governmental Entity the amendment to its
      certificate or articles of incorporation, articles of association, or
      similar organizational document <I><FONT face=serif>("Charter")
      </FONT></I><FONT face=serif>in substantially the form attached hereto as
      </FONT><U><FONT face=serif>Annex </FONT></U><FONT face=serif>A (the
      </FONT><I><FONT face=serif>"Certificate of Designations") </FONT></I><FONT face=serif>and such filing shall have been
  accepted;</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(iv) (A) the Company shall
      have effected such changes to its compensation, bonus, incentive and other
      benefit plans, arrangements and agreements (including golden parachute,
      severance and employment agreements) (collectively, <I><FONT face=serif>"Benefit Plans") </FONT></I><FONT face=serif>with respect to
      its Senior Executive Officers (and to the extent necessary for such
      changes to be legally enforceable, each of its Senior Executive Officers
      shall have duly consented in writing to such changes), as may be
      necessary, during the period that the Investor owns any debt or equity
      securities of the Company acquired pursuant to this Agreement or the
      Warrant, in order to comply with Section 111(b) of the Emergency Economic
      Stabilization Act of 2008 </FONT><I><FONT face=serif>("EESA")
      </FONT></I><FONT face=serif>as implemented by guidance or regulation
      thereunder that has been issued and is in effect as of the Closing Date,
      and (B) the Investor shall have received a certificate signed on behalf of
      the Company by a senior executive officer certifying to the effect that
      the condition set forth in Section 1.2(d)(iv)(A) has been
      satisfied;</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(v) each of the Company's
      Senior Executive Officers shall have delivered to the Investor a written
      waiver in the form attached hereto as <U><FONT face=serif>Annex
      B</FONT></U><FONT face=serif> releasing the Investor from any claims that
      such Senior Executive Officers may otherwise have as a result of the
      issuance, on or prior to the Closing Date, of any regulations which
      require the modification of, and the agreement of the Company hereunder to
      modify, the terms of any Benefit Plans with respect to its Senior
      Executive Officers to eliminate any provisions of such Benefit Plans that
      would not be in compliance with the requirements of Section 111(b) of the
      EESA as implemented by guidance or regulation thereunder that has been
      issued and is in effect as of the Closing Date;</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(vi) the Company shall have
      delivered to the Investor a written opinion from counsel to the Company
      (which may be internal counsel), addressed to the Investor and dated as of
      the Closing Date, in substantially the form attached hereto as <U><FONT face=serif>Annex C</FONT></U><FONT face=serif>;</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(vii) the Company shall have
      delivered certificates in proper form or, with the prior consent of the
      Investor, evidence of shares in book-entry form, evidencing the Preferred
      Shares to Investor or its designee(s); and</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="98%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(viii) the Company shall have duly executed the Warrant in
      substantially the form attached hereto as </FONT><U><FONT face=serif size=2>Annex D</FONT></U><FONT face=serif size=2> and delivered such
      executed Warrant to the Investor or its designee(s).</FONT><FONT face=serif size=2> </FONT></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1.3
</FONT><U><FONT face=serif size=2>Interpretation</FONT></U><FONT face=serif size=2>. When a reference is made in this Agreement to "Recitals," "Articles,"
"Sections," or "Annexes" such reference shall be to a Recital, Article or
Section of, or Annex to, this Securities Purchase Agreement - Standard Terms,
and a reference to "Schedules" shall be to a Schedule to the Letter Agreement,
in each case, unless otherwise indicated. The terms defined in the singular have
a comparable meaning when used in the plural, and vice versa. References to
"herein", "hereof, "hereunder" and the like refer to this Agreement as a whole
and not to any particular section or provision, unless the context requires
otherwise. The table of contents and headings contained in this Agreement are
for reference purposes only and are not part of this Agreement. Whenever the
words "include," "includes" or "including" are used in this Agreement, they
shall be deemed followed by the words "without limitation." No rule of
construction against the draftsperson shall be applied in connection with the
interpretation or enforcement of this Agreement, as this Agreement is the
product of negotiation between sophisticated parties advised by counsel. All
references to "$" or "dollars" mean the lawful currency of the United States of
America. Except as expressly stated in this Agreement, all references to any
statute, rule or regulation are to the statute, rule or regulation as amended,
modified, supplemented or replaced from time to time (and, in the case of
statutes, include any rules and regulations promulgated under the statute) and
to any section of any statute, rule or regulation include any successor to the
section. References to a </FONT><I><FONT face=serif size=2>"business day"
</FONT></I><FONT face=serif size=2>shall mean any day except Saturday, Sunday
and any day on which banking institutions in the State of New York generally are
authorized or required by law or other governmental actions to
close.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Article II </FONT><B><FONT face=serif size=2>Representations and<BR>Warranties</FONT></B><FONT face=serif size=2>
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2.1 </FONT><U><FONT face=serif size=2>Disclosure</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)
</FONT><I><FONT face=serif size=2>"Company Material Adverse Effect"
</FONT></I><FONT face=serif size=2>means a material adverse effect on (i) the
business, results of operation or financial condition of the Company and its
consolidated subsidiaries taken as a whole; </FONT><I><FONT face=serif size=2>provided, however, </FONT></I><FONT face=serif size=2>that Company
Material Adverse Effect shall not be deemed to include the effects of (A)
changes after the date of the Letter Agreement (the "</FONT><I><FONT face=serif size=2>Signing Date") </FONT></I><FONT face=serif size=2>in general business,
economic or market conditions (including changes generally in prevailing
interest rates, credit availability and liquidity, currency exchange rates and
price levels or trading volumes in the United States or foreign securities or
credit markets), or any outbreak or escalation of hostilities, declared or
undeclared acts of war or terrorism, in each case generally affecting the
industries in which the Company and its subsidiaries operate, (B) changes or
proposed changes after the Signing Date in generally accepted accounting
principles in the United States </FONT><I><FONT face=serif size=2>("GAAP")
</FONT></I><FONT face=serif size=2>or regulatory accounting requirements, or
authoritative interpretations thereof, (C) changes or proposed changes after the
Signing Date in securities, banking and other laws of general applicability or
related policies or interpretations of Governmental Entities (in the case of
each of these clauses (A), (B) and (C), other than changes or occurrences to the
extent that such changes or occurrences have or would reasonably be expected to
have a materially disproportionate adverse effect on the Company and its
consolidated subsidiaries taken as a whole relative to comparable U.S. banking
or financial services organizations), or (D) changes in the market price or
trading volume of the Common Stock or any other equity, equity-related or debt
securities of the Company or its consolidated subsidiaries (it being understood
and agreed that the exception set forth in this clause (D) does not apply to the
underlying reason giving rise to or contributing to any such change); or (ii)
the ability of the Company to consummate the Purchase and the other transactions
contemplated by this Agreement and the Warrant and perform its obligations
hereunder or thereunder on a timely basis.</FONT></P>
<P align=center><FONT face=serif size=2>4 </FONT></P>
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<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)
</FONT><I><FONT face=serif size=2>"Previously Disclosed" </FONT></I><FONT face=serif size=2>means information set forth or incorporated in the Company's
Annual Report on Form 10-K for the most recently completed fiscal year of the
Company filed with the Securities and Exchange Commission (the </FONT><I><FONT face=serif size=2>"SEC") </FONT></I><FONT face=serif size=2>prior to the Signing
Date (the </FONT><I><FONT face=serif size=2>"Last Fiscal Year") </FONT></I><FONT face=serif size=2>or in its other reports and forms filed with or furnished to
the SEC under Sections 13(a), 14(a) or 15(d) of the Securities Exchange Act of
1934 (the </FONT><I><FONT face=serif size=2>"Exchange Act") </FONT></I><FONT face=serif size=2>on or after the last day of the Last Fiscal Year and prior to
the Signing Date.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2.2
</FONT><U><FONT face=serif size=2>Representations and Warranties of the
Company</FONT></U><FONT face=serif size=2>. Except as Previously Disclosed, the
Company represents and warrants to the Investor that as of the Signing Date and
as of the Closing Date (or such other date specified herein):</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Organization, Authority and Significant Subsidiaries</FONT></U><FONT face=serif size=2>. The Company has been duly incorporated and is validly
existing and in good standing under the laws of its jurisdiction of
organization, with the necessary power and authority to own its properties and
conduct its business in all material respects as currently conducted, and except
as has not, individually or in the aggregate, had and would not reasonably be
expected to have a Company Material Adverse Effect, has been duly qualified as a
foreign corporation for the transaction of business and is in good standing
under the laws of each other jurisdiction in which it owns or leases properties
or conducts any business so as to require such qualification; each subsidiary of
the Company that is a "significant subsidiary" within the meaning of Rule
l-02(w) of Regulation S-X under the Securities Act of 1933 (the </FONT><I><FONT face=serif size=2>"Securities Act") </FONT></I><FONT face=serif size=2>has been
duly organized and is validly existing in good standing under the laws of its
jurisdiction of organization. The Charter and bylaws of the Company, copies of
which have been provided to the Investor prior to the Signing Date, are true,
complete and correct copies of such documents as in full force and effect as of
the Signing Date. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Capitalization</FONT></U><FONT face=serif size=2>. The authorized capital
stock of the Company, and the outstanding capital stock of the Company
(including securities convertible into, or exercisable or exchangeable for,
capital stock of the Company) as of the most recent fiscal month-end preceding
the Signing Date (the </FONT><I><FONT face=serif size=2>"Capitalization Date")
</FONT></I><FONT face=serif size=2>is set forth on </FONT><U><FONT face=serif size=2>Schedule B</FONT></U><FONT face=serif size=2>. The outstanding shares of
capital stock of the Company have been duly authorized and are validly issued
and outstanding, fully paid and nonassessable, and subject to no preemptive
rights (and were not issued in violation of any preemptive rights). Except as
provided in the Warrant, as of the Signing Date, the Company does not have
outstanding any securities or other obligations providing the holder the right
to acquire Common Stock that is not reserved for issuance as specified on
<U><FONT face=serif size=2>Schedule B</FONT></U><FONT face=serif size=2>, and
the Company has not made any other commitment to authorize, issue or sell any
Common Stock. Since the Capitalization Date, the Company has not issued any
shares of Common Stock, other than (i) shares issued upon the exercise of stock
options or delivered under other equity-based awards or other convertible
securities or warrants which were issued and outstanding on the Capitalization
Date and disclosed on </FONT><U><FONT face=serif size=2>Schedule
B</FONT></U><FONT face=serif size=2> and (ii) shares disclosed on
</FONT><U><FONT face=serif size=2>Schedule B</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></FONT></P>
<P align=center><FONT face=serif size=2>5 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Preferred Shares</FONT></U><FONT face=serif size=2>. The Preferred Shares
have been duly and validly authorized, and, when issued and delivered pursuant
to this Agreement, such Preferred Shares will be duly and validly issued and
fully paid and non-assessable, will not be issued in violation of any preemptive
rights, and will rank</FONT><I><FONT face=serif size=2>paripassu
</FONT></I><FONT face=serif size=2>with or senior to all other series or classes
of Preferred Stock, whether or not issued or outstanding, with respect to the
payment of dividends and the distribution of assets in the event of any
dissolution, liquidation or winding up of the Company. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>The
Warrant and Warrant Shares</FONT></U><FONT face=serif size=2>. The Warrant has
been duly authorized and, when executed and delivered as contemplated hereby,
will constitute a valid and legally binding obligation of the Company
enforceable against the Company in accordance with its terms, except as the same
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors' rights generally and
general equitable principles, regardless of whether such enforceability is
considered in a proceeding at law or in equity </FONT><I><FONT face=serif size=2>"Bankruptcy Exceptions"). </FONT></I><FONT face=serif size=2>The shares
of Common Stock issuable upon exercise of the Warrant (the </FONT><I><FONT face=serif size=2>"Warrant Shares") </FONT></I><FONT face=serif size=2>have been
duly authorized and reserved for issuance upon exercise of the Warrant and when
so issued in accordance with the terms of the Warrant will be validly issued,
fully paid and non-assessable, subject, if applicable, to the approvals of its
stockholders set forth on </FONT><U><FONT face=serif size=2>Schedule
C</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(e)</FONT><FONT face=sans-serif>
</FONT><U><FONT face=serif size=2>Authorization, Enforceability</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>(i)
      The Company has the corporate power and authority to execute and deliver
      this Agreement and the Warrant and, subject, if applicable, to the
      approvals of its stockholders set forth on </FONT><U><FONT face=serif size=2>Schedule C</FONT></U><FONT face=serif size=2>, to carry out its
      obligations hereunder and thereunder (which includes the issuance of the
      Preferred Shares, Warrant and Warrant Shares). The execution, delivery and
      performance by the Company of this Agreement and the Warrant and the
      consummation of the transactions contemplated hereby and thereby have been
      duly authorized by all necessary corporate action on the part of the
      Company and its stockholders, and no further approval or authorization is
      required on the part of the Company, subject, in each case, if applicable,
      to the approvals of its stockholders set forth on </FONT><U><FONT face=serif size=2>Schedule C</FONT></U><FONT face=serif size=2>. This
      Agreement is a valid and binding obligation of the Company enforceable
      against the Company in accordance with its terms, subject to the
      Bankruptcy Exceptions.</FONT></FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>&nbsp;</FONT><FONT face=serif size=2>6
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="98%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) The execution, delivery and performance by the Company of this
      Agreement and the Warrant and the consummation of the transactions
      contemplated hereby and thereby and compliance by the Company with the
      provisions hereof and thereof, will not (A) violate, conflict with, or
      result in a breach of any provision of, or constitute a default (or an
      event which, with notice or lapse of time or both, would constitute a
      default) under, or result in the termination of, or accelerate the
      performance required by, or result in a right of termination or
      acceleration of, or result in the creation of, any lien, security
      interest, charge or encumbrance upon any of the properties or assets of
      the Company or any Company Subsidiary under any of the terms, conditions
      or provisions of (i) subject, if applicable, to the approvals of the
      Company's stockholders set forth on <U><FONT face=serif size=2>Schedule
      C</FONT></U><FONT face=serif size=2>, its organizational documents or (ii)
      any note, bond, mortgage, indenture, deed of trust, license, lease,
      agreement or other instrument or obligation to which the Company or any
      Company Subsidiary is a party or by which it or any Company Subsidiary may
      be bound, or to which the Company or any Company Subsidiary or any of the
      properties or assets of the Company or any Company Subsidiary may be
      subject, or (B) subject to compliance with the statutes and regulations
      referred to in the next paragraph, violate any statute, rule or regulation
      or any judgment, ruling, order, writ, injunction or decree applicable to
      the Company or any Company Subsidiary or any of their respective
      properties or assets except, in the case of clauses (A)(ii) and (B), for
      those occurrences that, individually or in the aggregate, have not had and
      would not reasonably be expected to have a Company Material Adverse
      Effect.</FONT></FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii) Other than the filing of the Certificate of Designations with
      the Secretary of State of its jurisdiction of organization or other
      applicable Governmental Entity, any current report on Form 8-K required to
      be filed with the SEC, such filings and approvals as are required to be
      made or obtained under any state "blue sky" laws, the filing of any proxy
      statement contemplated by Section 3.1 and such as have been made or
      obtained, no notice to, filing with, exemption or review by, or
      authorization, consent or approval of, any Governmental Entity is required
      to be made or obtained by the Company in connection with the consummation
      by the Company of the Purchase except for any such notices, filings,
      exemptions, reviews, authorizations, consents and approvals the failure of
      which to make or obtain would not, individually or in the aggregate,
      reasonably be expected to have a Company Material Adverse
      Effect.</FONT></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(f)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Anti-takeover Provisions and Rights Plan</FONT></U><FONT face=serif size=2>. The Board of Directors of the Company (the </FONT><I><FONT face=serif size=2>"Board of Directors") </FONT></I><FONT face=serif size=2>has taken all
necessary action to ensure that the transactions contemplated by this Agreement
and the Warrant and the consummation of the transactions contemplated hereby and
thereby, including the exercise of the Warrant in accordance with its terms,
will be exempt from any anti-takeover or similar provisions of the Company's
Charter and bylaws, and any other provisions of any applicable "moratorium",
"control share", "fair price", "interested stockholder" or other anti-takeover
laws and regulations of any jurisdiction. The Company has taken all actions
necessary to render any stockholders' rights plan of the Company inapplicable to
this Agreement and the Warrant and the consummation of the transactions
contemplated hereby and thereby, including the exercise of the Warrant by the
Investor in accordance with its terms. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(g)</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>No
Company Material Adverse Effect</FONT></U><FONT face=serif size=2>. Since the
last day of the last completed fiscal period for which the Company has filed a
Quarterly Report on Form 10-Q or an Annual Report on Form 10-K with the SEC
prior to the Signing Date, no fact, circumstance, event, change, occurrence,
condition or development has occurred that, individually or in the aggregate,
has had or would reasonably be expected to have a Company Material Adverse
Effect.</FONT></P>
<P align=center><FONT face=serif size=2>7 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(h)
</FONT><U><FONT face=serif size=2>Company Financial Statements</FONT></U><FONT face=serif size=2>. Each of the consolidated financial statements of the Company
and its consolidated subsidiaries (collectively the </FONT><I><FONT face=serif size=2>"Company Financial Statements") </FONT></I><FONT face=serif size=2>included or incorporated by reference in the Company Reports filed with
the SEC since December 31, 2006, present fairly in all material respects the
consolidated financial position of the Company and its consolidated subsidiaries
as of the dates indicated therein (or if amended prior to the Signing Date, as
of the date of such amendment) and the consolidated results of their operations
for the periods specified therein; and except as stated therein, such financial
statements (A) were prepared in conformity with GAAP applied on a consistent
basis (except as may be noted therein), (B) have been prepared from, and are in
accordance with, the books and records of the Company and the Company
Subsidiaries and (C) complied as to form, as of their respective dates of filing
with the SEC, in all material respects with the applicable accounting
requirements and with the published rules and regulations of the SEC with
respect thereto.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) </FONT><U><FONT face=serif size=2>Reports</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="98%">
      <P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>(i)
      Since December 31, 2006, the Company and each subsidiary of the Company
      (each a </FONT><I><FONT face=serif size=2>"Company Subsidiary"
      </FONT></I><FONT face=serif size=2>and, collectively, the </FONT><I><FONT face=serif size=2>"Company Subsidiaries") </FONT></I><FONT face=serif size=2>has timely filed all reports, registrations, documents, filings,
      statements and submissions, together with any amendments thereto, that it
      was required to file with any Governmental Entity (the foregoing,
      collectively, the </FONT><I><FONT face=serif size=2>"Company Reports")
      </FONT></I><FONT face=serif size=2>and has paid all fees and assessments
      due and payable in connection therewith, except, in each case, as would
      not, individually or in the aggregate, reasonably be expected to have a
      Company Material Adverse Effect. As of their respective dates of filing,
      the Company Reports complied in all material respects with all statutes
      and applicable rules and regulations of the applicable Governmental
      Entities. In the case of each such Company Report filed with or furnished
      to the SEC, such Company Report (A) did not, as of its date or if amended
      prior to the Signing Date, as of the date of such amendment, contain an
      untrue statement of a material fact or omit to state a material fact
      necessary in order to make the statements made therein, in light of the
      circumstances under which they were made, not misleading, and (B) complied
      as to form in all material respects with the applicable requirements of
      the Securities Act and the Exchange Act. With respect to all other Company
      Reports, the Company Reports were complete and accurate in all material
      respects as of their respective dates. No executive officer of the Company
      or any Company Subsidiary has failed in any respect to make the
      certifications required of him or her under Section 302 or 906 of the
      Sarbanes-Oxley Act of 2002.</FONT></FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>8 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="98%">
      <P align=justify><FONT size=2>&nbsp;<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>(ii)
      The records, systems, controls, data and information of the Company and
      the Company Subsidiaries are recorded, stored, maintained and operated
      under means (including any electronic, mechanical or photographic process,
      whether computerized or not) that are under the exclusive ownership and
      direct control of the Company or the</FONT><FONT face=serif size=2>
      </FONT></FONT><FONT size=2>Company Subsidiaries or their accountants
      (including all means of access thereto and therefrom), except for any
      non-exclusive ownership and non-direct control that would not reasonably
      be expected to have a material adverse effect on the system of internal
      accounting controls described below in this Section 2.2(i)(ii). The
      Company (A) has implemented and maintains disclosure controls and
      procedures (as defined in Rule 13a-15(e) of the Exchange Act) to ensure
      that material information relating to the Company, including the
      consolidated Company Subsidiaries, is made known to the chief executive
      officer and the chief financial officer of the Company by others within
      those entities, and (B) has disclosed, based on its most recent evaluation
      prior to the Signing Date, to the Company's outside auditors and the audit
      committee of the Board of Directors (x) any significant deficiencies and
      material weaknesses in the design or operation of internal controls over
      financial reporting (as defined in Rule 13a-15(f) of the Exchange Act)
      that are reasonably likely to adversely affect the Company's ability to
      record, process, summarize and report financial information and (y) any
      fraud, whether or not material, that involves management or other
      employees who have a significant role in the Company's internal controls
      over financial reporting.</FONT></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(j)
</FONT><U><FONT face=serif size=2>No Undisclosed Liabilities</FONT></U><FONT face=serif size=2>. Neither the Company nor any of the Company Subsidiaries has
any liabilities or obligations of any nature (absolute, accrued, contingent or
otherwise) which are not properly reflected or reserved against in the Company
Financial Statements to the extent required to be so reflected or reserved
against in accordance with GAAP, except for (A) liabilities that have arisen
since the last fiscal year end in the ordinary and usual course of business and
consistent with past practice and (B) liabilities that, individually or in the
aggregate, have not had and would not reasonably be expected to have a Company
Material Adverse Effect.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(k)
</FONT><U><FONT face=serif size=2>Offering of Securities</FONT></U><FONT face=serif size=2>. Neither the Company nor any person acting on its behalf has
taken any action (including any offering of any securities of the Company under
circumstances which would require the integration of such offering with the
offering of any of the Purchased Securities under the Securities Act, and the
rules and regulations of the SEC promulgated thereunder), which might subject
the offering, issuance or sale of any of the Purchased Securities to Investor
pursuant to this Agreement to the registration requirements of the Securities
Act.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(1)
</FONT><U><FONT face=serif size=2>Litigation and Other
Proceedings</FONT></U><FONT face=serif size=2>. Except (i) as set forth on
</FONT><U><FONT face=serif size=2>Schedule D</FONT></U><FONT face=serif size=2>
or (ii) as would not, individually or in the aggregate, reasonably be expected
to have a Company Material Adverse Effect, there is no (A) pending or, to the
knowledge of the Company, threatened, claim, action, suit, investigation or
proceeding, against the Company or any Company Subsidiary or to which any of
their assets are subject nor is the Company or any Company Subsidiary subject to
any order, judgment or decree or (B) unresolved violation, criticism or
exception by any Governmental Entity with respect to any report or relating to
any examinations or inspections of the Company or any Company
Subsidiaries.</FONT><FONT face=serif size=2>&nbsp;</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P align=center><FONT face=serif size=2>9 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>(m)
</FONT><U><FONT face=serif size=2>Compliance with Laws.</FONT></U><FONT face=serif size=2> Except as would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect, the Company
and the </FONT></FONT><FONT face=serif size=2>Company Subsidiaries have all
permits, licenses, franchises, authorizations, orders and approvals of, and have
made all filings, applications and registrations with, Governmental Entities
that are required in order to permit them to own or lease their properties and
assets and to carry on their business as presently conducted and that are
material to the business of the Company or such Company Subsidiary. Except as
set forth on </FONT><U><FONT face=serif size=2>Schedule E</FONT></U><FONT face=serif size=2>, the Company and the Company Subsidiaries have complied in
all respects and are not in default or violation of, and none of them is, to the
knowledge of the Company, under investigation with respect to or, to the
knowledge of the Company, have been threatened to be charged with or given
notice of any violation of, any applicable domestic (federal, state or local) or
foreign law, statute, ordinance, license, rule, regulation, policy or guideline,
order, demand, writ, injunction, decree or judgment of any Governmental Entity,
other than such noncompliance, defaults or violations that would not,
individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect. Except for statutory or regulatory restrictions of
general application or as set forth on </FONT><U><FONT face=serif size=2>Schedule E</FONT></U><FONT face=serif size=2>, no Governmental Entity has
placed any restriction on the business or properties of the Company or any
Company Subsidiary that would, individually or in the aggregate, reasonably be
expected to have a Company Material Adverse Effect.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(n)
</FONT><U><FONT face=serif size=2>Employee Benefit Matters</FONT></U><FONT face=serif size=2>. Except as would not reasonably be expected to have, either
individually or in the aggregate, a Company Material Adverse Effect: (A) each
"employee benefit plan" (within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended </FONT><I><FONT face=serif size=2>("ERISA")) </FONT></I><FONT face=serif size=2>providing benefits to any
current or former employee, officer or director of the Company or any member of
its </FONT><I><FONT face=serif size=2>"Controlled Group" </FONT></I><FONT face=serif size=2>(defined as any organization which is a member of a controlled
group of corporations within the meaning of Section 414 of the Internal Revenue
Code of 1986, as amended (the </FONT><I><FONT face=serif size=2>"Code"))
</FONT></I><FONT face=serif size=2>that is sponsored, maintained or contributed
to by the Company or any member of its Controlled Group and for which the
Company or any member of its Controlled Group would have any liability, whether
actual or contingent (each, a </FONT><I><FONT face=serif size=2>"Plan")
</FONT></I><FONT face=serif size=2>has been maintained in compliance with its
terms and with the requirements of all applicable statutes, rules and
regulations, including ERISA and the Code; (B) with respect to each Plan subject
to Title IV of ERISA (including, for purposes of this clause (B), any plan
subject to Title IV of ERISA that the Company or any member of its Controlled
Group previously maintained or contributed to in the six years prior to the
Signing Date), (1) no "reportable event" (within the meaning of Section 4043(c)
of ERISA), other than a reportable event for which the notice period referred to
in Section 4043(c) of ERISA has been waived, has occurred in the three years
prior to the Signing Date or is reasonably expected to occur, (2) no
"accumulated funding deficiency" (within the meaning of Section 302 of ERISA or
Section 412 of the Code), whether or not waived, has occurred in the three years
prior to the Signing Date or is reasonably expected to occur, (3) the fair
market value of the assets under each Plan exceeds the present value of all
benefits accrued under such Plan (determined based on the assumptions used to
fund such Plan) and (4) neither the Company nor any member of its Controlled
Group has incurred in the six years prior to the Signing Date, or reasonably
expects to incur, any liability under Title IV of ERISA (other than
contributions to the Plan or premiums to the PBGC in the ordinary course and
without default) in respect of a Plan (including any Plan that is a
"multiemployer plan", within the meaning of Section 4001(c)(3) of ERISA); and
(C) each Plan that is intended to be qualified under Section 401(a) of the Code
has received a favorable determination letter from the Internal Revenue Service
with respect to its qualified status that has not been revoked, or such a
determination letter has been timely applied for but not received by the Signing
Date, and nothing has occurred, whether by action or by failure to act, which
could reasonably be expected to cause the loss, revocation or denial of such
qualified status or favorable determination letter.</FONT></P>
<P align=center><FONT face=serif size=2>10 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(o)
</FONT><U><FONT face=serif size=2>Taxes</FONT></U><FONT face=serif size=2>.
Except as would not, individually or in the aggregate, reasonably be expected to
have a Company Material Adverse Effect, (i) the Company and the Company
Subsidiaries have filed all federal, state, local and foreign income and
franchise Tax returns required to be filed through the Signing Date, subject to
permitted extensions, and have paid all Taxes due thereon, and (ii) no Tax
deficiency has been determined adversely to the Company or any of the Company
Subsidiaries, nor does the Company have any knowledge of any Tax deficiencies.
"Tax" or </FONT><I><FONT face=serif size=2>"Taxes" </FONT></I><FONT face=serif size=2>means any federal, state, local or foreign income, gross receipts,
property, sales, use, license, excise, franchise, employment, payroll,
withholding, alternative or add on minimum, ad valorem, transfer or excise tax,
or any other tax, custom, duty, governmental fee or other like assessment or
charge of any kind whatsoever, together with any interest or penalty, imposed by
any Governmental Entity.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(p)
</FONT><U><FONT face=serif size=2>Properties and Leases</FONT></U><FONT face=serif size=2>. Except as would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect, the Company
and the Company Subsidiaries have good and marketable title to all real
properties and all other properties and assets owned by them, in each case free
from liens, encumbrances, claims and defects that would affect the value thereof
or interfere with the use made or to be made thereof by them. Except as would
not, individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect, the Company and the Company Subsidiaries hold all
leased real or personal property under valid and enforceable leases with no
exceptions that would interfere with the use made or to be made thereof by
them.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(q)
</FONT><U><FONT face=serif size=2>Environmental Liability</FONT></U><FONT face=serif size=2>. Except as would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect:</FONT><FONT face=serif size=2> </FONT></P>
<DIV style="PADDING-LEFT: 15pt">
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) there
is no legal, administrative, or other proceeding, claim or action of any nature
seeking to impose, or that would reasonably be expected to result in the
imposition of, on the Company or any Company Subsidiary, any liability relating
to the release of hazardous substances as defined under any local, state or
federal environmental statute, regulation or ordinance, including the
Comprehensive Environmental Response, Compensation and Liability Act of 1980,
pending or, to the Company's knowledge, threatened against the Company or any
Company Subsidiary;</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) to
the Company's knowledge, there is no reasonable basis for any such proceeding,
claim or action; and</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii)
neither the Company nor any Company Subsidiary is subject to any agreement,
order, judgment or decree by or with any court, Governmental Entity or third
party imposing any such environmental liability.</FONT><FONT face=serif size=2>
</FONT></P></DIV>
<P align=center><FONT face=serif size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_2></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(r)
</FONT><U><FONT face=serif size=2>Risk Management Instruments</FONT></U><FONT face=serif size=2>. Except as would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect, all derivative
instruments, including, swaps, caps, floors and option agreements, whether
entered into for the Company's own account, or for the account of one or more of
the Company Subsidiaries or its or their customers, were entered into (i) only
in the ordinary course of business, (ii) in accordance with prudent practices
and in all material respects with all applicable laws, rules, regulations and
regulatory policies and (iii) with counterparties believed to be financially
responsible at the time; and each of such instruments constitutes the valid and
legally binding obligation of the Company or one of the Company Subsidiaries,
enforceable in accordance with its terms, except as may be limited by the
Bankruptcy Exceptions. Neither the Company or the Company Subsidiaries, nor, to
the knowledge of the Company, any other party thereto, is in breach of any of
its obligations under any such agreement or arrangement other than such breaches
that would not, individually or in the aggregate, reasonably be expected to have
a Company Material Adverse Effect.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(s)
</FONT><U><FONT face=serif size=2>Agreements with Regulatory
Agencies</FONT></U><FONT face=serif size=2>. Except as set forth on
</FONT><U><FONT face=serif size=2>Schedule F,</FONT></U><FONT face=serif size=2>
neither the Company nor any Company Subsidiary is subject to any material
cease-and-desist or other similar order or enforcement action issued by, or is a
party to any material written agreement, consent agreement or memorandum of
understanding with, or is a party to any commitment letter or similar
undertaking to, or is subject to any capital directive by, or since December 31,
2006, has adopted any board resolutions at the request of, any Governmental
Entity (other than the Appropriate Federal Banking Agencies with jurisdiction
over the Company and the Company Subsidiaries) that currently restricts in any
material respect the conduct of its business or that in any material manner
relates to its capital adequacy, its liquidity and funding policies and
practices, its ability to pay dividends, its credit, risk management or
compliance policies or procedures, its internal controls, its management or its
operations or business (each item in this sentence, a </FONT><I><FONT face=serif size=2>"Regulatory Agreement"), </FONT></I><FONT face=serif size=2>nor has the
Company or any Company Subsidiary been advised since December 31, 2006 by any
such Governmental Entity that it is considering issuing, initiating, ordering,
or requesting any such Regulatory Agreement. The Company and each Company
Subsidiary are in compliance in all material respects with each Regulatory
Agreement to which it is party or subject, and neither the Company nor any
Company Subsidiary has received any notice from any Governmental Entity
indicating that either the Company or any Company Subsidiary is not in
compliance in all material respects with any such Regulatory Agreement.
</FONT><I><FONT face=serif size=2>"Appropriate Federal Banking Agency"
</FONT></I><FONT face=serif size=2>means the "appropriate Federal banking
agency" with respect to the Company or such Company Subsidiaries, as applicable,
as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C.
Section 1813(q)).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(t)
</FONT><U><FONT face=serif size=2>Insurance</FONT></U><FONT face=serif size=2>.
The Company and the Company Subsidiaries are insured with reputable insurers
against such risks and in such amounts as the management of the Company
reasonably has determined to be prudent and consistent with industry practice.
The Company and the Company Subsidiaries are in material compliance with their
insurance policies and are not in default under any of the material terms
thereof, each such policy is outstanding and in full force and effect, all
premiums and other payments due under any material policy have been paid, and
all claims thereunder have been filed in due and timely fashion, except, in each
case, as would not, individually or in the aggregate, reasonably be expected to
have a Company Material Adverse Effect.</FONT></P>
<P align=center><FONT face=serif size=2>12</FONT></P>
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<PAGE><A name=page_3></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(u)
</FONT><U><FONT face=serif size=2>Intellectual Property</FONT></U><FONT face=serif size=2>. Except as would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect, (i) the
Company and each Company Subsidiary owns or otherwise has the right to use, all
intellectual property rights, including all trademarks, trade dress, trade
names, service marks, domain names, patents, inventions, trade secrets,
know-how, works of authorship and copyrights therein, that are used in the
conduct of their existing businesses and all rights relating to the plans,
design and specifications of any of its branch facilities </FONT><I><FONT face=serif size=2>("Proprietary Rights") </FONT></I><FONT face=serif size=2>free
and clear of all liens and any claims of ownership by current or former
employees, contractors, designers or others and (ii) neither the Company nor any
of the Company Subsidiaries is materially infringing, diluting, misappropriating
or violating, nor has the Company or any or the Company Subsidiaries received
any written (or, to the knowledge of the Company, oral) communications alleging
that any of them has materially infringed, diluted, misappropriated or violated,
any of the Proprietary Rights owned by any other person. Except as would not,
individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect, to the Company's knowledge, no other person is
infringing, diluting, misappropriating or violating, nor has the Company or any
or the Company Subsidiaries sent any written communications since January 1,
2006 alleging that any person has infringed, diluted, misappropriated or
violated, any of the Proprietary Rights owned by the Company and the Company
Subsidiaries.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(v)
</FONT><U><FONT face=serif size=2>Brokers and Finders</FONT></U><FONT face=serif size=2>. No broker, finder or investment banker is entitled to any financial
advisory, brokerage, finder's or other fee or commission in connection with this
Agreement or the Warrant or the transactions contemplated hereby or thereby
based upon arrangements made by or on behalf of the Company or any Company
Subsidiary for which the Investor could have any liability.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Article III</FONT><BR><B><FONT face=serif size=2>Covenants</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>3.1 </FONT><U><FONT face=serif size=2>Commercially Reasonable Efforts</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>Subject to the terms and conditions of this Agreement, each of the
parties will use its commercially reasonable efforts in good faith to take, or
cause to be taken, all actions, and to do, or cause to be done, all things
necessary, proper or desirable, or advisable under applicable laws, so as to
permit consummation of the Purchase as promptly as practicable and otherwise to
enable consummation of the transactions contemplated hereby and shall use
commercially reasonable efforts to cooperate with the other party to that end.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>If
the Company is required to obtain any stockholder approvals set forth on
</FONT><U><FONT face=serif size=2>Schedule C</FONT></U><FONT face=serif size=2>,
then the Company shall comply with this Section 3.1(b) and Section 3.1(c). The
Company shall call a special meeting of its stockholders, as promptly as
practicable following the Closing, to vote on proposals (collectively, the
</FONT><I><FONT face=serif size=2>"Stockholder Proposals") </FONT></I><FONT face=serif size=2>to (i) approve the exercise of the Warrant for Common Stock
for purposes of the rules of the national security exchange on which the Common
Stock is listed and/or (ii) amend the Company's Charter to increase the number
of authorized shares of Common Stock to at least such number as shall be
sufficient to permit the full exercise of the Warrant for Common Stock and
comply with the other provisions of this Section 3.1(b) and Section
3.1(c).</FONT></P>
<P align=center><FONT face=serif size=2>13</FONT></P>
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<PAGE><A name=page_4></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify><FONT face=serif size=2>The Board of Directors shall recommend
to the Company's stockholders that such stockholders vote in favor of the
Stockholder Proposals. In connection with such meeting, the Company shall
prepare (and the Investor will reasonably cooperate with the Company to prepare)
and file with the SEC as promptly as practicable (but in no event more than ten
business days after the Closing) a preliminary proxy statement, shall use its
reasonable best efforts to respond to any comments of the SEC or its staff
thereon and to cause a definitive proxy statement related to such stockholders'
meeting to be mailed to the Company's stockholders not more than five business
days after clearance thereof by the SEC, and shall use its reasonable best
efforts to solicit proxies for such stockholder approval of the Stockholder
Proposals. The Company shall notify the Investor promptly of the receipt of any
comments from the SEC or its staff with respect to the proxy statement and of
any request by the SEC or its staff for amendments or supplements to such proxy
statement or for additional information and will supply the Investor with copies
of all correspondence between the Company or any of its representatives, on the
one hand, and the SEC or its staff, on the other hand, with respect to such
proxy statement. If at any time prior to such stockholders' meeting there shall
occur any event that is required to be set forth in an amendment or supplement
to the proxy statement, the Company shall as promptly as practicable prepare and
mail to its stockholders such an amendment or supplement. Each of the Investor
and the Company agrees promptly to correct any information provided by it or on
its behalf for use in the proxy statement if and to the extent that such
information shall have become false or misleading in any material respect, and
the Company shall as promptly as practicable prepare and mail to its
stockholders an amendment or supplement to correct such information to the
extent required by applicable laws and regulations. The Company shall consult
with the Investor prior to filing any proxy statement, or any amendment or
supplement thereto, and provide the Investor with a reasonable opportunity to
comment thereon. In the event that the approval of any of the Stockholder
Proposals is not obtained at such special stockholders meeting, the Company
shall include a proposal to approve (and the Board of Directors shall recommend
approval of) each such proposal at a meeting of its stockholders no less than
once in each subsequent six-month period beginning on January 1, 2009 until all
such approvals are obtained or made.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c) None
of the information supplied by the Company or any of the Company Subsidiaries
for inclusion in any proxy statement in connection with any such stockholders
meeting of the Company will, at the date it is filed with the SEC, when first
mailed to the Company' s stockholders and at the time of any stockholders
meeting, and at the time of any amendment or supplement thereof, contain any
untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in light of the circumstances under
which they are made, not misleading.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.2</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Expenses</FONT></U><FONT face=serif size=2>. Unless otherwise provided in
this Agreement or the Warrant, each of the parties hereto will bear and pay all
costs and expenses incurred by it or on its behalf in connection with the
transactions contemplated under this Agreement and the Warrant, including fees
and expenses of its own financial or other consultants, investment bankers,
accountants and counsel. </FONT></P>
<P align=center><FONT face=serif size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_5></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2>3.3</FONT></FONT><FONT size=2><FONT face=sans-serif> </FONT><U><FONT face=serif>Sufficiency of
Authorized Common Stock; Exchange Listing</FONT></U><FONT face=serif>.
</FONT></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>During the period from the Closing Date (or, if the approval of the
Stockholder Proposals is required, the date of such approval) until the date on
which the Warrant has been fully exercised, the Company shall at all times have
reserved for issuance, free of preemptive or similar rights, a sufficient number
of authorized and unissued Warrant Shares to effectuate such exercise. Nothing
in this Section 3.3 shall preclude the Company from satisfying its obligations
in respect of the exercise of the Warrant by delivery of shares of Common Stock
which are held in the treasury of the Company. As soon as reasonably practicable
following the Closing, the Company shall, at its expense, cause the Warrant
Shares to be listed on the same national securities exchange on which the Common
Stock is listed, subject to official notice of issuance, and shall maintain such
listing for so long as any Common Stock is listed on such exchange. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>If
requested by the Investor, the Company shall promptly use its reasonable best
efforts to cause the Preferred Shares to be approved for listing on a national
securities exchange as promptly as practicable following such request.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.4</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Certain Notifications Until Closing</FONT></U><FONT face=serif size=2>.
From the Signing Date until the Closing, the Company shall promptly notify the
Investor of (i) any fact, event or circumstance of which it is aware and which
would reasonably be expected to cause any representation or warranty of the
Company contained in this Agreement to be untrue or inaccurate in any material
respect or to cause any covenant or agreement of the Company contained in this
Agreement not to be complied with or satisfied in any material respect and (ii)
except as Previously Disclosed, any fact, circumstance, event, change,
occurrence, condition or development of which the Company is aware and which,
individually or in the aggregate, has had or would reasonably be expected to
have a Company Material Adverse Effect; </FONT><I><FONT face=serif size=2>provided, however, </FONT></I><FONT face=serif size=2>that delivery of
any notice pursuant to this Section 3.4 shall not limit or affect any rights of
or remedies available to the </FONT><I><FONT face=serif size=2>Investor;
provided, further, </FONT></I><FONT face=serif size=2>that a failure to comply
with this Section 3.4 shall not constitute a breach of this Agreement or the
failure of any condition set forth in Section 1.2 to be satisfied unless the
underlying Company Material Adverse Effect or material breach would
independently result in the failure of a condition set forth in Section 1.2 to
be satisfied. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>3.5</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Access, Information and
Confidentiality</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) From
the Signing Date until the date when the Investor holds an amount of Preferred
Shares having an aggregate liquidation value of less than 10% of the Purchase
Price, the Company will permit the Investor and its agents, consultants,
contractors and advisors (x) acting through the Appropriate Federal Banking
Agency, to examine the corporate books and make copies thereof and to discuss
the affairs, finances and accounts of the Company and the Company Subsidiaries
with the principal officers of the Company, all upon reasonable notice and at
such reasonable times and as often as the Investor may reasonably request and
(y) to review any information material to the Investor's investment in the
Company provided by the Company to its Appropriate Federal Banking Agency. Any
investigation pursuant to this Section 3.5 shall be conducted during normal
business hours and in such manner as not to interfere unreasonably with the
conduct of the business of the Company, and nothing herein shall require the
Company or any Company Subsidiary to disclose any information to the Investor to
the extent (i) prohibited by applicable law or regulation, or (ii) that such
disclosure would reasonably be</FONT><FONT face=serif size=2> expected to cause
a violation of any agreement to which the Company or any Company Subsidiary is a
party or would cause a risk of a loss of privilege to the Company or any Company
Subsidiary (<EM>provided that</EM> the Company shall use commercially reasonable
efforts to make appropriate substitute disclosure arrangements under
circumstances where the restrictions in this clause (ii) apply). </FONT></P>
<P align=center><FONT face=serif size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_6></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b) The
Investor will use reasonable best efforts to hold, and will use reasonable best
efforts to cause its agents, consultants, contractors and advisors to hold, in
confidence all non-public records, books, contracts, instruments, computer data
and other data and information (collectively, </FONT><I><FONT face=serif size=2>"Information") </FONT></I><FONT face=serif size=2>concerning the Company
furnished or made available to it by the Company or its representatives pursuant
to this Agreement (except to the extent that such information can be shown to
have been (i) previously known by such party on a non-confidential basis, (ii)
in the public domain through no fault of such party or (iii) later lawfully
acquired from other sources by the party to which it was furnished (and without
violation of any other confidentiality obligation)); </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that nothing herein shall
prevent the Investor from disclosing any Information to the extent required by
applicable laws or regulations or by any subpoena or similar legal
process.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Article IV<BR></FONT><B><FONT face=serif size=2>Additional Agreements</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.1</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Purchase for Investment</FONT></U><FONT face=serif size=2>. The Investor
acknowledges that the Purchased Securities and the Warrant Shares have not been
registered under the Securities Act or under any state securities laws. The
Investor (a) is acquiring the Purchased Securities pursuant to an exemption from
registration under the Securities Act solely for investment with no present
intention to distribute them to any person in violation of the Securities Act or
any applicable U.S. state securities laws, (b) will not sell or otherwise
dispose of any of the Purchased Securities or the Warrant Shares, except in
compliance with the registration requirements or exemption provisions of the
Securities Act and any applicable U.S. state securities laws, and (c) has such
knowledge and experience in financial and business matters and in investments of
this type that it is capable of evaluating the merits and risks of the Purchase
and of making an informed investment decision. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.2</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Legends</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) The
Investor agrees that all certificates or other instruments representing the
Warrant and the Warrant Shares will bear a legend substantially to the following
effect:</FONT><FONT face=serif size=2> </FONT></P>
<DIV style="PADDING-LEFT: 15pt; TEXT-ALIGN: justify">
<P align=justify><FONT face=serif size=2>"THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION </FONT><FONT face=serif size=2>STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH
ACT OR SUCH LAWS"</FONT></P></DIV>
<P align=center><FONT face=serif size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_7></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b) The
Investor agrees that all certificates or other instruments representing the
Warrant will also bear a legend substantially to the following
effect:</FONT><FONT face=serif size=2> </FONT></P>
<DIV style="PADDING-LEFT: 15pt; TEXT-ALIGN: justify">
<P align=justify><FONT face=serif size=2>"THIS INSTRUMENT IS ISSUED SUBJECT TO
THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE
AGREEMENT BETWEEN THE ISSUER OF THESE SECURITIES AND THE INVESTOR REFERRED TO
THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED
BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE
WITH SAID AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID
AGREEMENT WILL BE VOID"</FONT><FONT face=serif size=2> </FONT></P></DIV>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c) In
addition, the Investor agrees that all certificates or other instruments
representing the Preferred Shares will bear a legend substantially to the
following effect:</FONT><FONT face=serif size=2> </FONT></P>
<DIV style="PADDING-LEFT: 15pt; TEXT-ALIGN: justify">
<P align=justify><FONT face=serif size=2>"THE SECURITIES REPRESENTED BY THIS
INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND
ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT
RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.
EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS </FONT><FONT face=serif size=2>INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION
FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY
TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT BY ITS ACCEPTANCE
HEREOF (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL
OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A)
PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE
SECURITIES ACT, (B) FOR SO LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN </FONT><FONT face=serif size=2>ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO THE ISSUER OR
(D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION</FONT><FONT face=serif size=2> REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT
WILL GIVE TO EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT
ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND."</FONT></P></DIV>
<P align=center><FONT face=serif size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_8></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d) In
the event that any Purchased Securities or Warrant Shares (i) become registered
under the Securities Act or (ii) are eligible to be transferred without
restriction in accordance with Rule 144 or another exemption from registration
under the Securities Act (other than Rule 144A), the Company shall issue new
certificates or other instruments representing such Purchased Securities or
Warrant Shares, which shall not contain the applicable legends in Sections
4.2(a) and (c) above; </FONT><I><FONT face=serif size=2>provided
</FONT></I><FONT face=serif size=2>that the Investor surrenders to the Company
the previously issued certificates or other instruments. Upon Transfer of all or
a portion of the Warrant in compliance with Section 4.4, the Company shall issue
new certificates or other instruments representing the Warrant, which shall not
contain the applicable legend in Section 4.2(b) above; </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that the Investor
surrenders to the Company the previously issued certificates or other
instruments.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.3</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Certain Transactions</FONT></U><FONT face=serif size=2>. The Company will
not merge or consolidate with, or sell, transfer or lease all or substantially
all of its property or assets to, any other party unless the successor,
transferee or lessee party (or its ultimate parent entity), as the case may be
(if not the Company), expressly assumes the due and punctual performance and
observance of each and every covenant, agreement and condition of this Agreement
to be performed and observed by the Company. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.4</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Transfer of Purchased Securities and Warrant Shares; Restrictions on
Exercise of the Warrant</FONT></U><FONT face=serif size=2>. Subject to
compliance with applicable securities laws, the Investor shall be permitted to
transfer, sell, assign or otherwise dispose of (<EM>"</EM></FONT><FONT face=serif size=2><EM>Transfer") </EM></FONT><FONT face=serif size=2>all or a
portion of the Purchased Securities or Warrant Shares at any time, and the
Company shall take all steps as may be reasonably requested by the Investor to
facilitate the Transfer of the Purchased Securities and the Warrant Shares;
</FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that the Investor shall not Transfer a portion or portions of the Warrant
with respect to, and/or exercise the Warrant for, more than one-half of the
Initial Warrant Shares (as such number may be adjusted from time to time
pursuant to Section 13 thereof) in the aggregate until the earlier of (a) the
date on which the Company (or any successor by Business Combination) has
received aggregate gross proceeds of not less than the Purchase Price (and the
purchase price paid by the Investor to any such successor for securities of such
successor purchased under the CPP) from one or more Qualified Equity Offerings
(including Qualified Equity Offerings of such successor) and (b) December 31,
2009. </FONT><I><FONT face=serif size=2>"Qualified Equity Offering"
</FONT></I><FONT face=serif size=2>means the sale and issuance for cash by the
Company to persons other than the Company or any of the Company Subsidiaries
after the Closing Date of shares of perpetual Preferred Stock, Common Stock or
any combination of such stock, that, in each case, qualify as and may be
included in Tier 1 capital of the Company at the time of issuance under the
applicable risk-based capital guidelines of the Company's Appropriate Federal
Banking Agency (other than any such sales and issuances made pursuant to
agreements or arrangements entered into, or pursuant to financing plans which
were publicly announced, on or prior to October 13, 2008). <I>"Business
Combination"</I> means a merger, consolidation, statutory share exchange or
similar transaction that requires the approval of the Company's
stockholders.</FONT></P>
<P align=center><FONT face=serif size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_9></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.5 </FONT><U><FONT face=serif size=2>Registration Rights.</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a) </FONT><U><FONT face=serif size=2>Registration</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<DIV style="PADDING-LEFT: 15pt; TEXT-ALIGN: justify">
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i)
Subject to the terms and conditions of this Agreement, the Company covenants and
agrees that as promptly as practicable after the Closing Date (and in any event
no later than 30 days after the Closing Date), the Company shall prepare and
file with the SEC a Shelf Registration Statement covering all Registrable
Securities (or otherwise designate an existing Shelf Registration Statement
filed with the SEC to cover the Registrable Securities), and, to the extent the
Shelf Registration Statement has not theretofore been declared effective or is
not automatically effective upon such filing, the Company shall use reasonable
best efforts to cause such Shelf Registration Statement to be declared or become
effective and to keep such Shelf Registration Statement continuously effective
and in compliance with the Securities Act and usable for resale of such
Registrable Securities for a period from the date of its initial effectiveness
until such time as there are no Registrable Securities remaining (including by
refiling such Shelf Registration Statement (or a new Shelf Registration
Statement) if the initial Shelf Registration Statement expires). So long as the
Company is a well-known seasoned issuer (as defined in Rule 405 under the
Securities Act) at the time of filing of the Shelf Registration Statement with
the SEC, such Shelf Registration Statement shall be designated by the Company as
an automatic Shelf Registration Statement. </FONT><FONT face=serif size=2>Notwithstanding the foregoing, if on the Signing Date the Company is not
eligible to file a registration statement on Form S-3, then the Company shall
not be obligated to file a Shelf Registration Statement unless and until
requested to do so in writing by the Investor.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) Any
registration pursuant to Section 4.5(a)(i) shall be effected by means of a shelf
registration on an appropriate form under Rule 415 under the Securities Act (a
</FONT><I><FONT face=serif size=2>"Shelf Registration Statement").
</FONT></I><FONT face=serif size=2>If the Investor or any other Holder intends
to distribute any Registrable Securities by means of an underwritten offering it
shall promptly so advise the Company and the Company shall take all reasonable
steps to facilitate such distribution, including the actions required pursuant
to Section 4.5(c); </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that the Company shall not be required to facilitate an
underwritten offering of Registrable Securities unless the expected gross
proceeds from such offering exceed (i) 2% of the initial aggregate liquidation
preference of the Preferred Shares if such initial aggregate liquidation
preference is less than $2 billion and (ii) $200 million if the initial
aggregate liquidation preference of the Preferred Shares is equal to or greater
than $2 billion. The lead underwriters in any such distribution shall be
selected by the Holders of a majority of the Registrable Securities to be
distributed; </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that to the extent appropriate and permitted under applicable
law, such Holders shall consider the qualifications of any broker-dealer
Affiliate of the Company in selecting the lead underwriters in any such
distribution.</FONT><FONT face=serif size=2> </FONT></P></DIV>
<P align=center><FONT face=serif size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_10></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii) The Company shall not be required to effect a
registration (including a resale of Registrable Securities from an effective
Shelf Registration Statement) or an underwritten offering pursuant to Section
4.5(a): (A) with respect to securities that are not Registrable Securities; or
(B) if the Company has notified the Investor and all other Holders that in the
good faith judgment of the Board of Directors, it would be materially
detrimental to the Company or its securityholders for such registration or
underwritten offering to be effected at such time, in which event the Company
shall have the right to defer such registration for a period of not more than 45
days after receipt of the request of the Investor or any other Holder;
</FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that such right to delay a registration or underwritten offering shall be
exercised by the Company (1) only if the Company has generally exercised (or is
concurrently exercising) similar black-out rights against holders of similar
securities that have registration rights and (2) not more than three times in
any 12-month period and not more than 90 days in the aggregate in any 12-month
period.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iv) If during any period when an effective Shelf Registration
Statement is not available, the Company proposes to register any of its equity
securities, other than a registration pursuant to Section 4.5(a)(i) or a Special
Registration, and the registration form to be filed may be used for the
registration or qualification for distribution of Registrable Securities, the
Company will give prompt written notice to the Investor and all other Holders of
its intention to effect such a registration (but in no event less than ten days
prior to the anticipated filing date) and will include in such registration all
Registrable Securities with respect to which the Company has received written
requests for inclusion therein within ten business days after the date of the
Company's notice (a </FONT><I><FONT face=serif size=2>"Piggyback Registration").
</FONT></I><FONT face=serif size=2>Any such person that has made such a written
request may withdraw its Registrable Securities from such Piggyback Registration
by giving written notice to the Company and the managing underwriter, if any, on
or before the fifth business day prior to the planned effective date of such
Piggyback Registration. The Company may terminate or withdraw any registration
under this Section 4.5(a)(iv) prior to the effectiveness of such registration,
whether or not Investor or any other Holders have elected to include Registrable
Securities in such registration.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(v) If the registration referred to in Section 4.5(a)(iv) is
proposed to be underwritten, the Company will so advise Investor and all other
Holders as a part of the written notice given pursuant to Section 4.5(a)(iv). In
such event, the right of Investor and all other Holders to registration pursuant
to Section 4.5(a) will be conditioned upon such persons' participation in such
underwriting and the inclusion of such person's Registrable Securities in the
underwriting if such securities are of the same class of securities as the
securities to be offered in the underwritten offering, and each such person will
(together with the Company and the other persons distributing their securities
through such underwriting) enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such underwriting by the
Company; </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that the Investor (as opposed to other Holders) shall not be required to
indemnify any person in connection with any registration. If any participating
person disapproves of the terms of the underwriting, such person may elect to
withdraw therefrom by written notice</FONT><FONT face=serif size=2> to the
Company, the managing underwriters and the Investor (if the Investor is
participating in the underwriting).</FONT></P>
<P align=center><FONT face=serif size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_11></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(vi) If either (x) the Company grants "piggyback" registration
rights to one or more third parties to include their securities in an
underwritten offering under the Shelf Registration Statement pursuant to Section
4.5(a)(ii) or (y) a Piggyback Registration under Section 4.5(a)(iv) relates to
an underwritten offering on behalf of the Company, and in either case the
managing underwriters advise the Company that in their reasonable opinion the
number of securities requested to be included in such offering exceeds the
number which can be sold without adversely affecting the marketability of such
offering (including an adverse effect on the per share offering price), the
Company will include in such offering only such number of securities that in the
reasonable opinion of such managing underwriters can be sold without adversely
affecting the marketability of the offering (including an adverse effect on the
per share offering price), which securities will be so included in the following
order of priority: (A) first, in the case of a Piggyback Registration under
Section 4.5(a)(iv), the securities the Company proposes to sell, (B) then the
Registrable Securities of the Investor and all other Holders who have requested
inclusion of Registrable Securities pursuant to Section 4.5(a)(ii) or Section
4.5(a)(iv), as applicable, </FONT><I><FONT face=serif size=2>pro rata
</FONT></I><FONT face=serif size=2>on the basis of the aggregate number of such
securities or shares owned by each such person and (C) lastly, any other
securities of the Company that have been requested to be so included, subject to
the terms of this Agreement; </FONT><I><FONT face=serif size=2>provided,
however, </FONT></I><FONT face=serif size=2>that if the Company has, prior to
the Signing Date, entered into an agreement with respect to its securities that
is inconsistent with the order of priority contemplated hereby then it shall
apply the order of priority in such conflicting agreement to the extent that it
would otherwise result in a breach under such agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Expenses of Registration</FONT></U><FONT face=serif size=2>. All
Registration Expenses incurred in connection with any registration,
qualification or compliance hereunder shall be borne by the Company. All Selling
Expenses incurred in connection with any registrations hereunder shall be borne
by the holders of the securities so registered </FONT><I><FONT face=serif size=2>pro rata </FONT></I><FONT face=serif size=2>on the basis of the aggregate
offering or sale price of the securities so registered. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Obligations of the Company</FONT></U><FONT face=serif size=2>. The
Company shall use its reasonable best efforts, for so long as there are
Registrable Securities outstanding, to take such actions as are under its
control to not become an ineligible issuer (as defined in Rule 405 under the
Securities Act) and to remain a well-known seasoned issuer (as defined in Rule
405 under the Securities Act) if it has such status on the Signing Date or
becomes eligible for such status in the future. In addition, whenever required
to effect the registration of any Registrable Securities or facilitate the
distribution of Registrable Securities pursuant to an effective Shelf
Registration Statement, the Company shall, as expeditiously as reasonably
practicable: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) Prepare and file with the SEC a prospectus supplement with
respect to a proposed offering of Registrable Securities pursuant to an
effective registration statement, subject to Section 4.5(d), keep such
registration statement effective and keep</FONT><FONT face=serif size=2> such
prospectus supplement current until the securities described therein are no
longer Registrable Securities.</FONT></P>
<P align=center><FONT face=serif size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_12></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) Prepare and file with the SEC such amendments and
supplements to the applicable registration statement and the prospectus or
prospectus supplement used in connection with such registration statement as may
be necessary to comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such registration
statement.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii) Furnish to the Holders and any underwriters such number
of copies of the applicable registration statement and each such amendment and
supplement thereto (including in each case all exhibits) and of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable Securities owned or to be
distributed by them.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iv) Use its reasonable best efforts to register and qualify
the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders or any managing underwriter(s), to keep such
registration or qualification in effect for so long as such registration
statement remains in effect, and to take any other action which may be
reasonably necessary to enable such seller to consummate the disposition in such
jurisdictions of the securities owned by such Holder; </FONT><I><FONT face=serif size=2>provided </FONT></I><FONT face=serif size=2>that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states
or jurisdictions.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(v) Notify each Holder of Registrable Securities at any time
when a prospectus relating thereto is required to be delivered under the
Securities Act of the happening of any event as a result of which the applicable
prospectus, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then
existing.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(vi) Give written notice to the
Holders:</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(A)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>when any registration statement filed pursuant to Section
4.5(a) or any amendment thereto has been filed with the SEC (except for any
amendment effected by the filing of a document with the SEC pursuant to the
Exchange Act) and when such registration statement or any post-effective
amendment thereto has become effective; </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(B)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>of any request by the SEC for amendments or supplements to any
registration statement or the prospectus included therein or for additional
information; </FONT></P>
<P align=center><FONT face=serif size=2>22</FONT></P>
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<PAGE><A name=page_13></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(C)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>of the issuance by the SEC of any stop order suspending the
effectiveness of any registration statement or the initiation of any proceedings
for that purpose; </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(D)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>of the receipt by the Company or its legal counsel of any
notification with respect to the suspension of the qualification of the Common
Stock for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(E) of the happening of any event that requires the Company to
make changes in any effective registration statement or the prospectus related
to the registration statement in order to make the statements therein not
misleading (which notice shall be accompanied by an instruction to suspend the
use of the prospectus until the requisite changes have been made);
and</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(F) if at any time the representations and warranties of the
Company contained in any underwriting agreement contemplated by Section
4.5(c)(x) cease to be true and correct.</FONT><FONT face=serif size=2>
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(vii) Use its reasonable best efforts to prevent the issuance
or obtain the withdrawal of any order suspending the effectiveness of any
registration statement referred to in Section 4.5(c)(vi)(C) at the earliest
practicable time.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(viii) Upon the occurrence of any event contemplated by
Section 4.5(c)(v) or 4.5(c)(vi)(E), promptly prepare a post-effective amendment
to such registration statement or a supplement to the related prospectus or file
any other required document so that, as thereafter delivered to the Holders and
any underwriters, the prospectus will not contain an untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. If the Company notifies the Holders in accordance with Section
4.5(c)(vi)(E) to suspend the use of the prospectus until the requisite changes
to the prospectus have been made, then the Holders and any underwriters shall
suspend use of such prospectus and use their reasonable best efforts to return
to the Company all copies of such prospectus (at the Company's expense) other
than permanent file copies then in such Holders' or underwriters' possession.
The total number of days that any such suspension may be in effect in any
12-month period shall not exceed 90 days.</FONT><FONT face=serif size=2>
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ix) Use reasonable best efforts to procure the cooperation of
the Company's transfer agent in settling any offering or sale of Registrable
Securities, including with respect to the transfer of physical stock
certificates into book-entry form in accordance with any procedures reasonably
requested by the Holders or any managing underwriter(s).</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><A name=page_14></A>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(x) If an underwritten offering is requested pursuant to
Section 4.5(a)(ii), enter into an underwriting agreement in customary form,
scope and substance and take all such other actions reasonably requested by the
Holders of a majority of the Registrable Securities being sold in connection
therewith or by the managing underwriter(s), if any, to expedite or facilitate
the underwritten disposition of such Registrable Securities, and in connection
therewith in any underwritten offering (including making members of management
and executives of the Company available to participate in "road shows", similar
sales events and other marketing activities), (A) make such representations and
warranties to the Holders that are selling stockholders and the managing
underwriter(s), if any, with respect to the business of the Company and its
subsidiaries, and the Shelf Registration Statement, prospectus and documents, if
any, incorporated or deemed to be incorporated by reference therein, in each
case, in customary form, substance and scope, and, if true, confirm the same if
and when requested, (B) use its reasonable best efforts to furnish the
underwriters with opinions of counsel to the Company, addressed to the managing
underwriter(s), if any, covering the matters customarily covered in such
opinions requested in underwritten offerings, (C) use its reasonable best
efforts to obtain "cold comfort" letters from the independent certified public
accountants of the Company (and, if necessary, any other independent certified
public accountants of any business acquired by the Company for which financial
statements and financial data are included in the Shelf Registration Statement)
who have certified the financial statements included in such Shelf Registration
Statement, addressed to each of the managing underwriter(s), if any, such
letters to be in customary form and covering matters of the type customarily
covered in "cold comfort" letters, (D) if an underwriting agreement is entered
into, the same shall contain indemnification provisions and procedures customary
in underwritten offerings (provided that the Investor shall not be obligated to
provide any indemnity), and (E) deliver such documents and certificates as may
be reasonably requested by the Holders of a majority of the Registrable
Securities being sold in connection therewith, their counsel and the managing
underwriter(s), if any, to evidence the continued validity of the
representations and warranties made pursuant to clause (i) above and to evidence
compliance with any customary conditions contained in the underwriting agreement
or other agreement entered into by the Company.</FONT><FONT face=serif size=2>
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(xi) Make available for inspection by a representative of
Holders that are selling stockholders, the managing underwriter(s), if any, and
any attorneys or accountants retained by such Holders or managing
underwriter(s), at the offices where normally kept, during reasonable business
hours, financial and other records, pertinent corporate documents and properties
of the Company, and cause the officers, directors and employees of the Company
to supply all information in each case reasonably requested (and of the type
customarily provided in connection with due diligence conducted in connection
with a registered public offering of securities) by any such representative,
managing underwriter(s), attorney or accountant in connection with such Shelf
Registration Statement.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(xii) Use reasonable best efforts to cause all such
Registrable Securities to be listed on each national securities exchange on
which similar securities issued by the Company are then listed or, if no similar
securities issued by the Company are then listed on any national securities
exchange, use its reasonable best efforts to cause all such Registrable
Securities to be listed on such securities exchange as the Investor may
designate.</FONT></P>
<P align=center><FONT face=serif size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(xiii) If requested by Holders of a majority of the
Registrable Securities being registered and/or sold in connection therewith, or
the managing underwriter(s), if any, promptly include in a prospectus supplement
or amendment such information as the Holders of a majority of the Registrable
Securities being registered and/or sold in connection therewith or managing
underwriter(s), if any, may reasonably request in order to permit the intended
method of distribution of such securities and make all required filings of such
prospectus supplement or such amendment as soon as practicable after the Company
has received such request.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(xiv) Timely provide to its security holders earning
statements satisfying the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Suspension of Sales</FONT></U><FONT face=serif size=2>. Upon receipt of
written notice from the Company that a registration statement, prospectus or
prospectus supplement contains or may contain an untrue statement of a material
fact or omits or may omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading or that circumstances
exist that make inadvisable use of such registration statement, prospectus or
prospectus supplement, the Investor and each Holder of Registrable Securities
shall forthwith discontinue disposition of Registrable Securities until the
Investor and/or Holder has received copies of a supplemented or amended
prospectus or prospectus supplement, or until the Investor and/or such Holder is
advised in writing by the Company that the use of the prospectus and, if
applicable, prospectus supplement may be resumed, and, if so directed by the
Company, the Investor and/or such Holder shall deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in the
Investor and/or such Holder's possession, of the prospectus and, if applicable,
prospectus supplement covering such Registrable Securities current at the time
of receipt of such notice. The total number of days that any such suspension may
be in effect in any 12-month period shall not exceed 90 days. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(e)</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Termination of Registration Rights</FONT></U><FONT face=serif size=2>. A
Holder's registration rights as to any securities held by such Holder (and its
Affiliates, partners, members and former members) shall not be available unless
such securities are Registrable Securities. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(f)</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Furnishing Information</FONT></U><FONT face=serif size=2>. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) Neither the Investor nor any Holder shall use any free
writing prospectus (as defined in Rule 405) in connection with the sale of
Registrable Securities without the prior written consent of the
Company.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) It shall be a condition precedent to the obligations of
the Company to take any action pursuant to Section 4.5(c) that Investor and/or
the selling Holders and the underwriters, if any, shall furnish to the Company
such information regarding themselves, the Registrable Securities held by them
and the intended method of</FONT><FONT face=serif size=2> disposition of such
securities as shall be required to effect the registered offering of their
Registrable Securities.<FONT face=serif size=2> </FONT></FONT></P>
<P align=center><FONT face=serif size=2>25 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(g) </FONT><U><FONT face=serif size=2>Indemnification</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) The Company agrees to indemnify each Holder and, if a
Holder is a person other than an individual, such Holder's officers, directors,
employees, agents, representatives and Affiliates, and each Person, if any, that
controls a Holder within the meaning of the Securities Act (each, an
</FONT><I><FONT face=serif size=2>"Indemnitee"), </FONT></I><FONT face=serif size=2>against any and all losses, claims, damages, actions, liabilities, costs
and expenses (including reasonable fees, expenses and disbursements of attorneys
and other professionals incurred in connection with investigating, defending,
settling, compromising or paying any such losses, claims, damages, actions,
liabilities, costs and expenses), joint or several, arising out of or based upon
any untrue statement or alleged untrue statement of material fact contained in
any registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto or any
documents incorporated therein by reference or contained in any free writing
prospectus (as such term is defined in Rule 405) prepared by the Company or
authorized by it in writing for use by such Holder (or any amendment or
supplement thereto); or any omission to state therein a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; </FONT><I><FONT face=serif size=2>provided, </FONT></I><FONT face=serif size=2>that the Company
shall not be liable to such Indemnitee in any such case to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect thereof)
or expense arises out of or is based upon (A) an untrue statement or omission
made in such registration statement, including any such preliminary prospectus
or final prospectus contained therein or any such amendments or supplements
thereto or contained in any free writing prospectus (as such term is defined in
Rule 405) prepared by the Company or authorized by it in writing for use by such
Holder (or any amendment or supplement thereto), in reliance upon and in
conformity with information regarding such Indemnitee or its plan of
distribution or ownership interests which was furnished in writing to the
Company by such Indemnitee for use in connection with such registration
statement, including any such preliminary prospectus or final prospectus
contained therein or any such amendments or supplements thereto, or (B) offers
or sales effected by or on behalf of such Indemnitee "by means of (as defined in
Rule 159A) a "free writing prospectus" (as defined in Rule 405) that was not
authorized in writing by the Company.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) If the indemnification provided for in Section 4.5(g)(i)
is unavailable to an Indemnitee with respect to any losses, claims, damages,
actions, liabilities, costs or expenses referred to therein or is insufficient
to hold the Indemnitee harmless as contemplated therein, then the Company, in
lieu of indemnifying such Indemnitee, shall contribute to the amount paid or
payable by such Indemnitee as a result of such losses, claims, damages, actions,
liabilities, costs or expenses in such proportion as is appropriate to reflect
the relative fault of the Indemnitee, on the one hand, and the Company, on the
other hand, in connection with the statements or omissions which resulted in
such losses, claims, damages, actions, liabilities, costs or expenses as well as
any other relevant</FONT><FONT face=serif size=2> equitable considerations. The
relative fault of the Company, on the one hand, and of the Indemnitee, on the
other hand, shall be determined by reference to, among other factors, whether
the untrue statement of a material fact or omission to state a material fact
relates to information supplied by the Company or by the Indemnitee and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission; the Company and each Holder agree
that it would not be just and equitable if contribution pursuant to this Section
4.5(g)(ii) were determined by <I><FONT face=serif size=2>pro rata
</FONT></I><FONT face=serif size=2>allocation or by any other method of
allocation that does not take account of the equitable considerations referred
to in Section 4.5(g)(i). No Indemnitee guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from the Company if the Company was not guilty of such fraudulent
misrepresentation.</FONT><FONT face=serif size=2> </FONT></FONT></P>
<P align=center><FONT face=serif size=2>26 </FONT></P>
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<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(h)
</FONT><U><FONT face=serif size=2>Assignment of Registration
Rights</FONT></U><FONT face=serif size=2>. The rights of the Investor to
registration of Registrable Securities pursuant to Section 4.5(a) may be
assigned by the Investor to a transferee or assignee of Registrable Securities
with a liquidation preference or, in the case of Registrable Securities other
than Preferred Shares, a market value, no less than an amount equal to (i) 2% of
the initial aggregate liquidation preference of the Preferred Shares if such
initial aggregate liquidation preference is less than $2 billion and (ii) $200
million if the initial aggregate liquidation preference of the Preferred Shares
is equal to or greater than $2 billion; </FONT><I><FONT face=serif size=2>provided, however, </FONT></I><FONT face=serif size=2>the transferor
shall, within ten days after such transfer, furnish to the Company written
notice of the name and address of such transferee or assignee and the number and
type of Registrable Securities that are being assigned. For purposes of this
Section 4.5(h), "market value" per share of Common Stock shall be the last
reported sale price of the Common Stock on the national securities exchange on
which the Common Stock is listed or admitted to trading on the last trading day
prior to the proposed transfer, and the "market value" for the Warrant (or any
portion thereof) shall be the market value per share of Common Stock into which
the Warrant (or such portion) is exercisable less the exercise price per
share.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i)
</FONT><U><FONT face=serif size=2>Clear Market</FONT></U><FONT face=serif size=2>. With respect to any underwritten offering of Registrable Securities by
the Investor or other Holders pursuant to this Section 4.5, the Company agrees
not to effect (other than pursuant to such registration or pursuant to a Special
Registration) any public sale or distribution, or to file any Shelf Registration
Statement (other than such registration or a Special Registration) covering, in
the case of an underwritten offering of Common Stock or Warrants, any of its
equity securities or, in the case of an underwritten offering of Preferred
Shares, any Preferred Stock of the Company, or, in each case, any securities
convertible into or exchangeable or exercisable for such securities, during the
period not to exceed ten days prior and 60 days following the effective date of
such offering or such longer period up to 90 days as may be requested by the
managing underwriter for such underwritten offering. The Company also agrees to
cause such of its directors and senior executive officers to execute and deliver
customary lockup agreements in such form and for such time period up to 90 days
as may be requested by the managing underwriter. </FONT><I><FONT face=serif size=2>"Special Registration" </FONT></I><FONT face=serif size=2>means the
registration of (A) equity securities and/or options or other rights in respect
thereof solely registered on Form S-4 or Form S-8 (or successor form) or (B)
shares of equity securities and/or options or other rights in respect thereof to
be offered to directors, members of management, employees,
consultants,</FONT><FONT face=serif size=2> customers, lenders or vendors of the
Company or Company Subsidiaries or in connection with dividend reinvestment
plans.<FONT face=serif size=2> </FONT></FONT></P>
<P align=center><FONT face=serif size=2>27 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(j)
</FONT><U><FONT face=serif size=2>Rule 144; Rule 144A</FONT></U><FONT face=serif size=2>. With a view to making available to the Investor and Holders the
benefits of certain rules and regulations of the SEC which may permit the sale
of the Registrable Securities to the public without registration, the Company
agrees to use its reasonable best efforts to:</FONT><FONT face=serif size=2>
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) make and keep public information available, as those terms
are understood and defined in Rule 144(c)(1) or any similar or analogous rule
promulgated under the Securities Act, at all times after the Signing
Date;</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) (A) file with the SEC, in a timely manner, all reports
and other documents required of the Company under the Exchange Act, and (B) if
at any time the Company is not required to file such reports, make available,
upon the request of any Holder, such information necessary to permit sales
pursuant to Rule 144A (including the information required by Rule 144A(d)(4)
under the Securities Act);</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii) so long as the Investor or a Holder owns any Registrable
Securities, furnish to the Investor or such Holder forthwith upon request: a
written statement by the Company as to its compliance with the reporting
requirements of Rule 144 under the Securities Act, and of the Exchange Act; a
copy of the most recent annual or quarterly report of the Company; and such
other reports and documents as the Investor or Holder may reasonably request in
availing itself of any rule or regulation of the SEC allowing it to sell any
such securities to the public without registration; and</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iv) take such further action as any Holder may reasonably
request, all to the extent required from time to time to enable such Holder to
sell Registrable Securities without registration under the Securities
Act.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(k) As
used in this Section 4.5, the following terms shall have the following
respective meanings:</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) </FONT><I><FONT face=serif size=2>"Holder"
</FONT></I><FONT face=serif size=2>means the Investor and any other holder of
Registrable Securities to whom the registration rights conferred by this
Agreement have been transferred in compliance with Section 4.5(h)
hereof.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) </FONT><I><FONT face=serif size=2>"Holders' Counsel"
</FONT></I><FONT face=serif size=2>means one counsel for the selling Holders
chosen by Holders holding a majority interest in the Registrable Securities
being registered.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii) </FONT><I><FONT face=serif size=2>"Register"
"registered" </FONT></I><FONT face=serif size=2>and </FONT><I><FONT face=serif size=2>"registration" </FONT></I><FONT face=serif size=2>shall refer to a
registration effected by preparing and (A) filing a registration statement in
compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of effectiveness of such
registration statement or (B) filing a prospectus and/or</FONT><FONT face=serif size=2> prospectus supplement in respect of an appropriate effective
registration statement on Form S-3.<FONT face=serif size=2> </FONT></FONT></P>
<P align=center><FONT face=serif size=2>28 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iv) </FONT><I><FONT face=serif size=2>"Registrable
Securities" </FONT></I><FONT face=serif size=2>means (A) all Preferred Shares,
(B) the Warrant (subject to Section 4.5(p)) and (C) any equity securities issued
or issuable directly or indirectly with respect to the securities referred to in
the foregoing clauses (A) or (B) by way of conversion, exercise or exchange
thereof, including the Warrant Shares, or share dividend or share split or in
connection with a combination of shares, recapitalization, reclassification,
merger, amalgamation, arrangement, consolidation or other reorganization,
</FONT><I><FONT face=serif size=2>provided that, </FONT></I><FONT face=serif size=2>once issued, such securities will not be Registrable Securities when (1)
they are sold pursuant to an effective registration statement under the
Securities Act, (2) except as provided below in Section 4.5(o), they may be sold
pursuant to Rule 144 without limitation thereunder on volume or manner of sale,
(3) they shall have ceased to be outstanding or (4) they have been sold in a
private transaction in which the transferor's rights under this Agreement are
not assigned to the transferee of the securities. No Registrable Securities may
be registered under more than one registration statement at any one
time.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(v) </FONT><I><FONT face=serif size=2>"Registration Expenses"
</FONT></I><FONT face=serif size=2>mean all expenses incurred by the Company in
effecting any registration pursuant to this Agreement (whether or not any
registration or prospectus becomes effective or final) or otherwise complying
with its obligations under this Section 4.5, including all registration, filing
and listing fees, printing expenses, fees and disbursements of counsel for the
Company, blue sky fees and expenses, expenses incurred in connection with any
"road show", the reasonable fees and disbursements of Holders' Counsel, and
expenses of the Company's independent accountants in connection with any regular
or special reviews or audits incident to or required by any such registration,
but shall not include Selling Expenses.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(vi) </FONT><I><FONT face=serif size=2>"Rule 144", "Rule
144A", "Rule 159A", "Rule 405" </FONT></I><FONT face=serif size=2>and
</FONT><I><FONT face=serif size=2>"Rule 415" </FONT></I><FONT face=serif size=2>mean, in each case, such rule promulgated under the Securities Act (or
any successor provision), as the same shall be amended from time to
time.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(vii) </FONT><I><FONT face=serif size=2>"Selling Expenses"
</FONT></I><FONT face=serif size=2>mean all discounts, selling commissions and
stock transfer taxes applicable to the sale of Registrable Securities and fees
and disbursements of counsel for any Holder (other than the fees and
disbursements of Holders' Counsel included in Registration
Expenses).</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(1) At
any time, any holder of Securities (including any Holder) may elect to forfeit
its rights set forth in this Section 4.5 from that date forward; </FONT><I><FONT face=serif size=2>provided, </FONT></I><FONT face=serif size=2>that a Holder
forfeiting such rights shall nonetheless be entitled to participate under
Section 4.5(a)(iv) - (vi) in any Pending Underwritten Offering to the same
extent that such Holder would have been entitled to if the holder had not
withdrawn; and </FONT><I><FONT face=serif size=2>provided,
further</FONT></I><FONT face=serif size=2>', that no such forfeiture shall
terminate a Holder's rights or obligations under Section 4.5(f) with respect to
any prior registration or Pending Underwritten Offering. </FONT><I><FONT face=serif size=2>"Pending Underwritten Offering" </FONT></I><FONT face=serif size=2>means, with respect to any Holder forfeiting its rights pursuant to this
Section 4.5(1), any underwritten offering of</FONT><FONT face=serif size=2>
Registrable Securities in which such Holder has advised the Company of its
intent to register its Registrable Securities either pursuant to Section
4.5(a)(ii) or 4.5(a)(iv) prior to the date of such Holder's forfeiture.<FONT face=serif size=2> </FONT></FONT></P>
<P align=center><FONT face=serif size=2>29 </FONT></P>
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<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(m)
</FONT><U><FONT face=serif size=2>Specific Performance</FONT></U><FONT face=serif size=2>. The parties hereto acknowledge that there would be no
adequate remedy at law if the Company fails to perform any of its obligations
under this Section 4.5 and that the Investor and the Holders from time to time
may be irreparably harmed by any such failure, and accordingly agree that the
Investor and such Holders, in addition to any other remedy to which they may be
entitled at law or in equity, to the fullest extent permitted and enforceable
under applicable law shall be entitled to compel specific performance of the
obligations of the Company under this Section 4.5 in accordance with the terms
and conditions of this Section 4.5.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(n)
</FONT><U><FONT face=serif size=2>No Inconsistent Agreements</FONT></U><FONT face=serif size=2>. The Company shall not, on or after the Signing Date, enter
into any agreement with respect to its securities that may impair the rights
granted to the Investor and the Holders under this Section 4.5 or that otherwise
conflicts with the provisions hereof in any manner that may impair the rights
granted to the Investor and the Holders under this Section 4.5. In the event the
Company has, prior to the Signing Date, entered into any agreement with respect
to its securities that is inconsistent with the rights granted to the Investor
and the Holders under this Section 4.5 (including agreements that are
inconsistent with the order of priority contemplated by Section 4.5(a)(vi)) or
that may otherwise conflict with the provisions hereof, the Company shall use
its reasonable best efforts to amend such agreements to ensure they are
consistent with the provisions of this Section 4.5.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(o)
</FONT><U><FONT face=serif size=2>Certain Offerings by the
Investor</FONT></U><FONT face=serif size=2>. In the case of any securities held
by the Investor that cease to be Registrable Securities solely by reason of
clause (2) in the definition of "Registrable Securities," the provisions of
Sections 4.5(a)(ii), clauses (iv), (ix) and (x)-(xii) of Section 4.5(c), Section
4.5(g) and Section 4.5(i) shall continue to apply until such securities
otherwise cease to be Registrable Securities. In any such case, an
"underwritten" offering or other disposition shall include any distribution of
such securities on behalf of the Investor by one or more broker-dealers, an
"underwriting agreement" shall include any purchase agreement entered into by
such broker-dealers, and any "registration statement" or "prospectus" shall
include any offering document approved by the Company and used in connection
with such distribution.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(p)
</FONT><U><FONT face=serif size=2>Registered Sales of the
Warrant</FONT></U><FONT face=serif size=2>. The Holders agree to sell the
Warrant or any portion thereof under the Shelf Registration Statement only
beginning 30 days after notifying the Company of any such sale, during which
30-day period the Investor and all Holders of the Warrant shall take reasonable
steps to agree to revisions to the Warrant to permit a public distribution of
the Warrant, including entering into a warrant agreement and appointing a
warrant agent.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.6
</FONT><U><FONT face=serif size=2>Voting of Warrant Shares</FONT></U><FONT face=serif size=2>. Notwithstanding anything in this Agreement to the contrary,
the Investor shall not exercise any voting rights with respect to the Warrant
Shares.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>30 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.7</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Depositary Shares</FONT></U><FONT face=serif size=2>. Upon request by the
Investor at any time following the Closing Date, the Company shall promptly
enter into a depositary arrangement, pursuant to customary agreements reasonably
satisfactory to the Investor and with a depositary reasonably acceptable to the
Investor, pursuant to which the Preferred Shares may be deposited and depositary
shares, each representing a fraction of a Preferred Share as specified by the
Investor, may be issued. From and after the execution of any such depositary
arrangement, and the deposit of any Preferred Shares pursuant thereto, the
depositary shares issued pursuant thereto shall be deemed "Preferred Shares"
and, as applicable, "Registrable Securities" for purposes of this Agreement.
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.8</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Restriction on Dividends and
Repurchases</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) Prior
to the earlier of (x) the third anniversary of the Closing Date and (y) the date
on which the Preferred Shares have been redeemed in whole or the Investor has
transferred all of the Preferred Shares to third parties which are not
Affiliates of the Investor, neither the Company nor any Company Subsidiary
shall, without the consent of the Investor:</FONT><FONT face=serif size=2>
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) declare or pay any dividend or make any distribution on
the Common Stock (other than (A) regular quarterly cash dividends of not more
than the amount of the last quarterly cash dividend per share declared or, if
lower, publicly announced an intention to declare, on the Common Stock prior to
October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock
split, reclassification or similar transaction, (B) dividends payable solely in
shares of Common Stock and (C) dividends or distributions of rights or Junior
Stock in connection with a stockholders' rights plan); or</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) redeem, purchase or acquire any shares of Common Stock or
other capital stock or other equity securities of any kind of the Company, or
any trust preferred securities issued by the Company or any Affiliate of the
Company, other than (A) redemptions, purchases or other acquisitions of the
Preferred Shares, (B) redemptions, purchases or other acquisitions of shares of
Common Stock or other Junior Stock, in each case in this clause (B) in
connection with the administration of any employee benefit plan in the ordinary
course of business (including purchases to offset the Share Dilution Amount (as
defined below) pursuant to a publicly announced repurchase plan) and consistent
with past practice; </FONT><I><FONT face=serif size=2>provided that
</FONT></I><FONT face=serif size=2>any purchases to offset the Share Dilution
Amount shall in no event exceed the Share Dilution Amount, (C) purchases or
other acquisitions by a broker-dealer subsidiary of the Company solely for the
purpose of market-making, stabilization or customer facilitation transactions in
Junior Stock or Parity Stock in the ordinary course of its business, (D)
purchases by a broker-dealer subsidiary of the Company of capital stock of the
Company for resale pursuant to an offering by the Company of such capital stock
underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase
of rights pursuant to any stockholders' rights plan, (F) the acquisition by the
Company or any of the Company Subsidiaries of record ownership in Junior Stock
or Parity Stock for the beneficial ownership of any other persons (other than
the Company or any other Company Subsidiary), including as trustees or
custodians, and (G) the exchange or conversion of Junior Stock for or
into</FONT><FONT face=serif size=2> other Junior Stock or of Parity Stock or
trust preferred securities for or into other Parity Stock (with the same or
lesser aggregate liquidation amount) or Junior Stock, in each case set forth in
this clause (G), solely to the extent required pursuant to binding contractual
agreements entered into prior to the Signing Date or any subsequent agreement
for the accelerated exercise, settlement or exchange thereof for Common Stock
(clauses (C) and (F), collectively, the <I><FONT face=serif size=2>"Permitted
Repurchases"). "Share Dilution Amount" </FONT></I><FONT face=serif size=2>means
the increase in the number of diluted shares outstanding (determined in
accordance with GAAP, and as measured from the date of the Company's most
recently filed Company Financial Statements prior to the Closing Date) resulting
from the grant, vesting or exercise of equity-based compensation to employees
and equitably adjusted for any stock split, stock dividend, reverse stock split,
reclassification or similar transaction.</FONT><FONT face=serif size=2>
</FONT></FONT></P>
<P align=center><FONT face=serif size=2>31 </FONT></P>
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<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>Until such time as the Investor ceases to own any Preferred Shares, the
Company shall not repurchase any Preferred Shares from any holder thereof,
whether by means of open market purchase, negotiated transaction, or otherwise,
other than Permitted Repurchases, unless it offers to repurchase a ratable
portion of the Preferred Shares then held by the Investor on the same terms and
conditions. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif size=2> </FONT><I><FONT face=serif size=2>"Junior Stock" </FONT></I><FONT face=serif size=2>means Common Stock and
any other class or series of stock of the Company the terms of which expressly
provide that it ranks junior to the Preferred Shares as to dividend rights
and/or as to rights on liquidation, dissolution or winding up of the Company.
</FONT><I><FONT face=serif size=2>"Parity Stock" </FONT></I><FONT face=serif size=2>means any class or series of stock of the Company the terms of which do
not expressly provide that such class or series will rank senior or junior to
the Preferred Shares as to dividend rights and/or as to rights on liquidation,
dissolution or winding up of the Company (in each case without regard to whether
dividends accrue cumulatively or non-cumulatively). </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.9 </FONT><U><FONT face=serif size=2>Repurchase of Investor Securities</FONT></U><FONT face=serif size=2>.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>Following the redemption in whole of the Preferred Shares held by the
Investor or the Transfer by the Investor of all of the Preferred Shares to one
or more third parties not affiliated with the Investor, the Company may
repurchase, in whole or in part, at any time any other equity securities of the
Company purchased by the Investor pursuant to this Agreement or the Warrant and
then held by the Investor, upon notice given as provided in clause (b) below, at
the Fair Market Value of the equity security. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>Notice of every repurchase of equity securities of the Company held by
the Investor shall be given at the address and in the manner set forth for such
party in Section 5.6. Each notice of repurchase given to the Investor shall
state: (i) the number and type of securities to be repurchased, (ii) the Board
of Director's determination of Fair Market Value of such securities and (iii)
the place or places where certificates representing such securities are to be
surrendered for payment of the repurchase price. The repurchase of the
securities specified in the notice shall occur as soon as practicable following
the determination of the Fair Market Value of the securities. </FONT></P>
<P align=center><FONT face=serif size=2>32 </FONT></P>
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<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c) As
used in this Section 4.9, the following terms shall have the following
respective meanings:</FONT><FONT face=serif size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) </FONT><I><FONT face=serif size=2>"Appraisal Procedure"
</FONT></I><FONT face=serif size=2>means a procedure whereby two independent
appraisers, one chosen by the Company and one by the Investor, shall mutually
agree upon the Fair Market Value. Each party shall deliver a notice to the other
appointing its appraiser within 10 days after the Appraisal Procedure is
invoked. If within 30 days after appointment of the two appraisers they are
unable to agree upon the Fair Market Value, a third independent appraiser shall
be chosen within 10 days thereafter by the mutual consent of such first two
appraisers. The decision of the third appraiser so appointed and chosen shall be
given within 30 days after the selection of such third appraiser. If three
appraisers shall be appointed and the determination of one appraiser is
disparate from the middle determination by more than twice the amount by which
the other determination is disparate from the middle determination, then the
determination of such appraiser shall be excluded, the remaining two
determinations shall be averaged and such average shall be binding and
conclusive upon the Company and the Investor; otherwise, the average of all
three determinations shall be binding upon the Company and the Investor. The
costs of conducting any Appraisal Procedure shall be borne by the
Company.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) </FONT><I><FONT face=serif size=2>"Fair Market Value"
</FONT></I><FONT face=serif size=2>means, with respect to any security, the fair
market value of such security as determined by the Board of Directors, acting in
good faith in reliance on an opinion of a nationally recognized independent
investment banking firm retained by the Company for this purpose and certified
in a resolution to the Investor. If the Investor does not agree with the Board
of Director's determination, it may object in writing within 10 days of receipt
of the Board of Director's determination. In the event of such an objection, an
authorized representative of the Investor and the chief executive officer of the
Company shall promptly meet to resolve the objection and to agree upon the Fair
Market Value. If the chief executive officer and the authorized representative
are unable to agree on the Fair Market Value during the 10-day period following
the delivery of the Investor's objection, the Appraisal Procedure may be invoked
by either party to determine the Fair Market Value by delivery of a written
notification thereof not later than the 30</FONT><FONT face=serif size=2><SUP>th</SUP></FONT><FONT face=serif size=2> day after delivery of the
Investor's objection.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.10
</FONT><U><FONT face=serif size=2>Executive Compensation</FONT></U><FONT face=serif size=2>. Until such time as the Investor ceases to own any debt or
equity securities of the Company acquired pursuant to this Agreement or the
Warrant, the Company shall take all necessary action to ensure that its Benefit
Plans with respect to its Senior Executive Officers comply in all respects with
Section 111(b) of the EESA as implemented by any guidance or regulation
thereunder that has been issued and is in effect as of the Closing Date, and
shall not adopt any new Benefit Plan with respect to its Senior Executive
Officers that does not comply therewith. </FONT><I><FONT face=serif size=2>"Senior Executive Officers" </FONT></I><FONT face=serif size=2>means the
Company's "senior executive officers" as defined in subsection 111(b)(3) of the
EESA and regulations issued thereunder, including the rules set forth in 31
C.F.R. Part 30.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>33 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><FONT face=serif size=2>Article V <BR></FONT><B><FONT face=serif size=2>Miscellaneous</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.1 </FONT><U><FONT face=serif size=2>Termination</FONT></U><FONT face=serif size=2>. This Agreement may be
terminated at any time prior to the Closing:</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>by
either the Investor or the Company if the Closing shall not have occurred by the
30</FONT><FONT face=serif size=2><SUP>th</SUP></FONT><FONT face=serif size=2>
calendar day following the Signing Date; </FONT><I><FONT face=serif size=2>provided, however, </FONT></I><FONT face=serif size=2>that in the event
the Closing has not occurred by such 30</FONT><FONT face=serif size=2><SUP>th</SUP></FONT><FONT face=serif size=2> calendar day, the parties
will consult in good faith to determine whether to extend the term of this
Agreement, it being understood that the parties shall be required to consult
only until the fifth day after such 30</FONT><FONT face=serif size=2><SUP>th</SUP></FONT><FONT face=serif size=2> calendar day and not be
under any obligation to extend the term of this Agreement thereafter;
</FONT><I><FONT face=serif size=2>provided, further, </FONT></I><FONT face=serif size=2>that the right to terminate this Agreement under this Section 5.1(a)
shall not be available to any party whose breach of any representation or
warranty or failure to perform any obligation under this Agreement shall have
caused or resulted in the failure of the Closing to occur on or prior to such
date; or </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>by
either the Investor or the Company in the event that any Governmental Entity
shall have issued an order, decree or ruling or taken any other action
restraining, enjoining or otherwise prohibiting the transactions contemplated by
this Agreement and such order, decree, ruling or other action shall have become
final and nonappealable; or </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>by the mutual written consent of the
Investor and the Company. </FONT></P>
<P align=justify><FONT face=serif size=2>In the event of termination of this
Agreement as provided in this Section 5.1, this Agreement shall forthwith become
void and there shall be no liability on the part of either party hereto except
that nothing herein shall relieve either party from liability for any breach of
this Agreement.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.2</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Survival of Representations and Warranties</FONT></U><FONT face=serif size=2>. All covenants and agreements, other than those which by their terms
apply in whole or in part after the Closing, shall terminate as of the Closing.
The representations and warranties of the Company made herein or in any
certificates delivered in connection with the Closing shall survive the Closing
without limitation. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.3</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Amendment</FONT></U><FONT face=serif size=2>. No amendment of any
provision of this Agreement will be effective unless made in writing and signed
by an officer or a duly authorized representative of each party; </FONT><I><FONT face=serif size=2>provided that </FONT></I><FONT face=serif size=2>the Investor
may unilaterally amend any provision of this Agreement to the extent required to
comply with any changes after the Signing Date in applicable federal statutes.
No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative
of any rights or remedies provided by law. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.4</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Waiver of Conditions</FONT></U><FONT face=serif size=2>. The conditions
to each party's obligation to consummate the Purchase are for the sole benefit
of such party and may be waived by such party in whole or in part to the extent
permitted by applicable law. No waiver will be effective unless it is in a
writing signed by a duly authorized officer of the waiving party that makes
express reference to the provision or provisions subject to such waiver.<FONT face=serif size=2> </FONT></FONT></P>
<P align=center><FONT face=serif size=2>34 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.5</FONT><FONT face=sans-serif size=2> </FONT><B><U><FONT face=serif size=2>Governing Law: Submission to Jurisdiction, Etc.</FONT></U></B><B><FONT face=serif size=2> This Agreement will be governed by and construed in
accordance with the federal law of the United States if and to the extent such
law is applicable, and otherwise in accordance with the laws of the State of New
York applicable to contracts made and to be performed entirely within such
State. Each of the parties hereto agrees (a) to submit to the exclusive
jurisdiction and venue of the United States District Court for the District of
Columbia and the United States Court of Federal Claims for any and all actions,
suits or proceedings arising out of or relating to this Agreement or the Warrant
or the transactions contemplated hereby or thereby, and (b) that notice may be
served upon (i) the Company at the address and in the manner set forth for
notices to the Company in Section 5.6 and (ii) the Investor in accordance with
federal law. To the extent permitted by applicable law, each of the parties
hereto hereby unconditionally waives trial by jury in any legal action or
proceeding relating to this Agreement or the Warrant or the transactions
contemplated hereby or thereby.</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.6</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Notices</FONT></U><FONT face=serif size=2>. Any notice, request,
instruction or other document to be given hereunder by any party to the other
will be in writing and will be deemed to have been duly given (a) on the date of
delivery if delivered personally, or by facsimile, upon confirmation of receipt,
or (b) on the second business day following the date of dispatch if delivered by
a recognized next day courier service. All notices to the Company shall be
delivered as set forth in </FONT><U><FONT face=serif size=2>Schedule
A</FONT></U><FONT face=serif size=2>, or pursuant to such other instruction as
may be designated in writing by the Company to the Investor. All notices to the
Investor shall be delivered as set forth below, or pursuant to such other
instructions as may be designated in writing by the Investor to the Company.
</FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR>
    <TD align=left width="100%" colSpan=2>
      <P align=left><FONT face=serif size=2>If to the Investor:</FONT><FONT face=serif size=2> </FONT></P></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>
    <TD align=left width="99%"><FONT face=serif size=2>United States
      Department of the Treasury</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="99%"><FONT face=serif size=2>1500 Pennsylvania
      Avenue, NW, Room 2312</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><FONT face=serif size=2>Washington, D.C.
      20220</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><FONT face=serif size=2>Attention: Assistant
      General Counsel (Banking and Finance)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><FONT face=serif size=2>Facsimile: (202)
      622-1974</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.7 </FONT><U><FONT face=serif size=2>Definitions</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) When
a reference is made in this Agreement to a subsidiary of a person, the term
</FONT><I><FONT face=serif size=2>"subsidiary" </FONT></I><FONT face=serif size=2>means any corporation, partnership, joint venture, limited liability
company or other entity (x) of which such person or a subsidiary of such person
is a general partner or (y) of which a majority of the voting securities or
other voting interests, or a majority of the securities or other interests of
which having by their terms ordinary voting power to elect a majority of the
board of directors or persons performing similar functions with respect to such
entity, is directly or indirectly owned by such person and/or one or more
subsidiaries thereof.</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>35 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>The term </FONT><I><FONT face=serif size=2>"Affiliate" </FONT></I><FONT face=serif size=2>means, with respect to any person, any person directly or
indirectly controlling, controlled by or under common control with, such other
person. For purposes of this definition, </FONT><FONT face=serif size=2><EM>"control" </EM></FONT><FONT face=serif size=2>(including, with
correlative meanings, the terms </FONT><I><FONT face=serif size=2>"controlled
by" </FONT></I><FONT face=serif size=2>and </FONT><I><FONT face=serif size=2>"under common control with") </FONT></I><FONT face=serif size=2>when used
with respect to any person, means the possession, directly or indirectly, of the
power to cause the direction of management and/or policies of such person,
whether through the ownership of voting securities by contract or otherwise.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif size=2> </FONT><FONT face=serif size=2>The terms </FONT><I><FONT face=serif size=2>"knowledge of the Company"
</FONT></I><FONT face=serif size=2>or </FONT><I><FONT face=serif size=2>"Company's knowledge" </FONT></I><FONT face=serif size=2>mean the actual
knowledge after reasonable and due inquiry of the </FONT><I><FONT face=serif size=2>"officers" </FONT></I><FONT face=serif size=2>(as such term is defined in
Rule 3b-2 under the Exchange Act, but excluding any Vice President or Secretary)
of the Company. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.8</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Assignment</FONT></U><FONT face=serif size=2>. Neither this Agreement nor
any right, remedy, obligation nor liability arising hereunder or by reason
hereof shall be assignable by any party hereto without the prior written consent
of the other party, and any attempt to assign any right, remedy, obligation or
liability hereunder without such consent shall be void, except (a) an
assignment, in the case of a Business Combination where such party is not the
surviving entity, or a sale of substantially all of its assets, to the entity
which is the survivor of such Business Combination or the purchaser in such sale
and (b) as provided in Section 4.5. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.9</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>Severability</FONT></U><FONT face=serif size=2>. If any provision of this
Agreement or the Warrant, or the application thereof to any person or
circumstance, is determined by a court of competent jurisdiction to be invalid,
void or unenforceable, the remaining provisions hereof, or the application of
such provision to persons or circumstances other than those as to which it has
been held invalid or unenforceable, will remain in full force and effect and
shall in no way be affected, impaired or invalidated thereby, so long as the
economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination,
the parties shall negotiate in good faith in an effort to agree upon a suitable
and equitable substitute provision to effect the original intent of the parties.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5.10</FONT><FONT face=sans-serif size=2> </FONT><U><FONT face=serif size=2>No Third Party Beneficiaries</FONT></U><FONT face=serif size=2>. Nothing
contained in this Agreement, expressed or implied, is intended to confer upon
any person or entity other than the Company and the Investor any benefit, right
or remedies, except that the provisions of Section 4.5 shall inure to the
benefit of the persons referred to in that Section. </FONT></P>
<P align=center><B><FONT face=sans-serif size=2>* * *</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>36 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=right><FONT face=serif size=2>ANNEX A </FONT></P>
<P align=center><U><FONT face=serif size=2>FORM OF CERTIFICATE OF
DESIGNATIONS</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>[SEE ATTACHED] </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=right><B><FONT face=serif size=2>ANNEX B</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><B><U><FONT face=serif size=2>FORM OF WAIVER</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>In consideration for the benefits I
will receive as a result of my employer's participation in the United States
Department of the Treasury's TARP Capital Purchase Program, I hereby voluntarily
waive any claim against the United States or my employer for any changes to my
compensation or benefits that are required to comply with the regulation issued
by the Department of the Treasury as published in the Federal Register on
October 20, 2008.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>I acknowledge that this regulation may
require modification of the compensation, bonus, incentive and other benefit
plans, arrangements, policies and agreements (including so-called "golden
parachute" agreements) that I have with my employer or in which I participate as
they relate to the period the United States holds any equity or debt securities
of my employer acquired through the TARP Capital Purchase Program.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>This waiver includes all claims I may
have under the laws of the United States or any state related to the
requirements imposed by the aforementioned regulation, including without
limitation a claim for any compensation or other payments I would otherwise
receive, any challenge to the process by which this regulation was adopted and
any tort or constitutional claim about the effect of these regulations on my
employment relationship.</FONT><FONT face=serif size=2> </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=right><FONT face=serif size=2>ANNEX C</FONT><FONT face=serif size=2>
</FONT></P>
<P align=center><U><FONT face=serif size=2>FORM OF OPINION</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>The
Company has been duly incorporated and is validly existing as a corporation in
good standing under the laws of the state of its incorporation. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>The
Preferred Shares have been duly and validly authorized, and, when issued and
delivered pursuant to the Agreement, the Preferred Shares will be duly and
validly issued and fully paid and non-assessable, will not be issued in
violation of any preemptive rights, and will rank </FONT><I><FONT face=serif size=2>pari passu </FONT></I><FONT face=serif size=2>with or senior to all other
series or classes of Preferred Stock issued on the Closing Date with respect to
the payment of dividends and the distribution of assets in the event of any
dissolution, liquidation or winding up of the Company. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>The
Warrant has been duly authorized and, when executed and delivered as
contemplated by the Agreement, will constitute a valid and legally binding
obligation of the Company enforceable against the Company in accordance with its
terms, except as the same may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and general equitable principles, regardless of
whether such enforceability is considered in a proceeding at law or in equity.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>The
shares of Common Stock issuable upon exercise of the Warrant have been duly
authorized and reserved for issuance upon exercise of the Warrant and when so
issued in accordance with the terms of the Warrant will be validly issued, fully
paid and non-assessable </FONT><FONT face=serif size=2>[<EM>insert, if
applicable:</EM></FONT><FONT face=serif size=2>, subject to the approvals of the
Company's stockholders set forth on </FONT><FONT face=serif size=2><U>Schedule
C</U><FONT face=serif size=2><U>.</U>]</FONT></FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(e)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>The
Company has the corporate power and authority to execute and deliver the
Agreement and the Warrant and </FONT><FONT face=serif size=2>[<EM>insert, if
applicable:</EM></FONT><FONT face=serif size=2>, subject to the approvals of the
Company's stockholders set forth on </FONT><U><FONT face=serif size=2>Schedule
C</FONT></U><FONT face=serif size=2>,] to carry out its obligations thereunder
(which includes the issuance of the Preferred Shares, Warrant and Warrant
Shares). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(f)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>The
execution, delivery and performance by the Company of the Agreement and the
Warrant and the consummation of the transactions contemplated thereby have been
duly authorized by all necessary corporate action on the part of the Company and
its stockholders, and no further approval or authorization is required on the
part of the Company </FONT><FONT face=serif size=2>[<EM>insert, if applicable:
</EM></FONT><FONT face=serif size=2>, subject, in each case, to the approvals of
the Company's stockholders set forth on </FONT><U><FONT face=serif size=2>Schedule C</FONT></U><FONT face=serif size=2>.] </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(g)</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>The
Agreement is a valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except as the same may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and general equitable
principles, regardless of whether such enforceability is considered in a
proceeding at law or in equity; </FONT><I><FONT face=serif size=2>provided,
however, </FONT></I><FONT face=serif size=2>such counsel need express no opinion
with respect to Section 4.5(g) or the severability provisions of the Agreement
insofar as Section 4.5(g) is concerned. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=right><FONT face=serif size=2>ANNEX D</FONT><FONT face=serif size=2>
</FONT></P>
<P align=center><U><FONT face=serif size=2>FORM OF WARRANT</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>[SEE ATTACHED]</FONT><FONT face=serif size=2> </FONT></P>
<P align=center><FONT size=2></FONT>&nbsp;</P>
<P align=center><FONT size=2></FONT>&nbsp;</P>
<P align=center><FONT size=2></FONT>&nbsp;</P>
<P align=center><FONT size=2></FONT>&nbsp;</P>
<P align=center>&nbsp;</P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE A </FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>ADDITIONAL TERMS AND
CONDITIONS</FONT></U></B><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="49%"><U><FONT face=serif size=2>Company
      Information:</FONT></U>&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Name of the Company:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>Enterprise Financial
      Services Corp</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Corporate or other organizational form:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>Corporation</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Jurisdiction of Organization:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>Delaware</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Appropriate Federal Banking Agency:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>Federal Reserve Bank of
      St. Louis</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="44%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notice
      Information:</FONT>&nbsp; </TD>
    <TD align=left width="55%"><FONT face=serif size=2>Enterprise Financial
      Services Corp</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="44%">&nbsp; </TD>
    <TD align=left width="55%"><FONT face=serif size=2>150 N. Meramec
      Ave.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="44%"></TD>
    <TD align=left width="55%"><FONT size=2>Clayton, Missouri
      63105</FONT>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="44%"></TD>
    <TD align=left width="55%"><FONT size=2>Attn: Frank H.
      Sanfilippo,</FONT>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="44%">&nbsp; </TD>
    <TD align=left width="55%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Executive Vice President and Chief Financial Officer</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=justify><U><FONT face=serif size=2>Terms of the
Purchase:</FONT></U><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="58%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series of Preferred Stock
      Purchased:</FONT>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="40%"><FONT face=serif size=2>Fixed Rate Cumulative
      Perpetual</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="40%"><FONT face=serif size=2>Preferred Stock, Series
      A</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="58%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Per Share Liquidation
      Preference of Preferred Stock:</FONT>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=left width="40%"><FONT size=2>$</FONT><FONT face=serif size=2>1,000.00</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="58%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Number of Shares of Preferred
      Stock Purchased:</FONT>&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="40%"><FONT face=serif size=2>35,000</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD align=left width="58%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Dividend Payment Dates on the
      Preferred Stock:</FONT>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="40%"><FONT face=serif size=2>February 15, May 15,
      August 15 and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="40%"><FONT face=serif size=2>November 15 of each
      year</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="58%">&nbsp;</TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Number of Initial Warrant
      Shares:</FONT>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="40%"><FONT face=serif size=2>324,074</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD align=left width="58%">&nbsp;</TD>
    <TD align=right width="1%"></TD>
    <TD align=left width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Exercise Price of the
      Warrant:</FONT>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=left width="40%"><FONT face=serif size=2>$16.20</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD align=left width="58%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="58%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Purchase Price:</FONT>&nbsp;
    </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=left width="40%"><FONT face=serif size=2>$35,000,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><U><FONT face=serif size=2>Closing:</FONT></U><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="54%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Location of
      Closing:</FONT>&nbsp; </TD>
    <TD align=left width="45%"><FONT face=serif size=2>Squire, Sanders &amp;
      Dempsey L.L.P.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="54%">&nbsp; </TD>
    <TD align=left width="45%"><FONT face=serif size=2>200 S Biscayne Blvd.,
      Suite 4000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="54%">&nbsp; </TD>
    <TD align=left width="45%"><FONT face=serif size=2>Miami, FL
      33131</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Time of Closing:</FONT>&nbsp;
    </TD>
    <TD align=left width="45%"><FONT face=serif size=2>9:00 a.m.
      est</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>1</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT face=serif size=2>Date of
      Closing:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>December 19,
      2008</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><B><FONT face=serif size=2>Wire Information for
      Closing</FONT></B><FONT face=serif size=2>:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><B><FONT face=serif size=2>[Redacted]</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>2</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE B </FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>CAPITALIZATION</FONT></U></B><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT face=serif size=2>Capitalization
      Date:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>November 30,
      2008</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><U><FONT face=serif size=2>Common
      Stock</FONT></U>&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Par value:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>$.01 per
      share</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total Authorized:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>30,000,000</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Outstanding:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>12,699,496</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject to warrants, options,
      convertible <FONT face=serif size=2>securities, etc.:</FONT></FONT>&nbsp;
    </TD>
    <TD align=left width="50%"><FONT face=serif size=2>1,176,027</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp; </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Reserved for benefit plans and other </FONT><FONT face=serif size=2>issuances:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>1,061,523</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Remaining authorized but unissued:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>15,062,954</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Shares issued after Capitalization Date</FONT>&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(other than pursuant to warrants,</FONT>&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>options, convertible securities, etc. as</FONT>&nbsp;
</TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>set forth above):</FONT>&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="1%"><FONT face=serif size=2>i)</FONT>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="87%"><FONT face=serif size=2>Issued:</FONT>&nbsp;
</TD>
    <TD align=right width="8%"><FONT face=serif size=2>32,979</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="1%"><FONT face=serif size=2>ii)</FONT>&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="87%"><FONT face=serif size=2>Issuable upon
      conversion of trust preferred securities:</FONT>&nbsp; </TD>
    <TD align=right width="8%"><FONT face=serif size=2>1,439,263</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD align=left width="1%">&nbsp; </TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="87%"><FONT face=serif size=2>Total:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right width="8%"><FONT face=serif size=2>1,472,242</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>1</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="49%"><U><FONT face=serif size=2>Preferred
      Stock</FONT></U>&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Par value:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>$.01 per
      share</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total Authorized:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>5,000,000</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Outstanding (by series):</FONT>&nbsp;&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Reserved for issuance:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Remaining authorized but unissued:</FONT>&nbsp; </TD>
    <TD align=left width="50%"><FONT face=serif size=2>5,000,000</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>2</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE C </FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>REQUIRED STOCKHOLDER
APPROVALS</FONT></U></B><FONT face=serif size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="49%">&nbsp; </TD>
    <TD align=left width="25%"><U><FONT face=serif size=2>Required</FONT></U>&nbsp; </TD>
    <TD align=left width="25%"><U><FONT face=serif size=2>% Vote
      Required</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><U><FONT face=serif size=2>Warrants -- Common
      Stock Issuance</FONT></U>&nbsp; </TD>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="25%">&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="25%"></TD>
    <TD align=left width="25%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT face=serif size=2>Charter
      Amendment</FONT>&nbsp; </TD>
    <TD align=left width="25%">&nbsp; </TD>
    <TD align=left width="25%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="25%"></TD>
    <TD align=left width="25%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT face=serif size=2>Stock Exchange
      Rules</FONT>&nbsp; </TD>
    <TD align=left width="25%">&nbsp; </TD>
    <TD align=left width="25%">&nbsp; </TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="25%"></TD>
    <TD align=left width="25%"></TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp; </TD>
    <TD align=left width="25%"></TD>
    <TD align=left width="25%"></TD></TR>
  <TR>
    <TD align=left width="49%">&nbsp;</TD>
    <TD align=left width="25%"></TD>
    <TD align=left width="25%"></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>If no stockholder approvals are
required, please so indicate by checking the box:<FONT size=3>&nbsp;&nbsp;&nbsp;<FONT face=Wingdings>x</FONT></FONT></FONT><FONT face=serif size=5></FONT><FONT face=serif size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE D </FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>LITIGATION</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>List any exceptions to the
representation and warranty in Section 2.2(l) of the Securities Purchase
Agreement &#150; Standard Terms. </FONT></P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2>If none, please so indicate by checking
the box:<FONT size=3>&nbsp;&nbsp;&nbsp;<FONT face=Wingdings>x</FONT></FONT></FONT></P>
<P align=justify>
<HR align=center width="100%" noShade SIZE=2>

<P></P><PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE E</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=center><B><U><FONT face=serif size=2>COMPLIANCE WITH
LAWS</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>List any exceptions to the
representation and warranty in the second sentence of Section 2.2(m) of the
Securities Purchase Agreement &#150; Standard Terms.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2>If none, please so indicate by checking
the box:<FONT size=3>&nbsp;&nbsp;&nbsp;<FONT face=Wingdings>x</FONT></FONT></FONT><FONT face=serif size=5></FONT><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2>List any exceptions to the
representation and warranty in the last sentence of Section 2.2(m) of the
Securities Purchase Agreement &#150; Standard Terms.</FONT><FONT face=serif size=2>
</FONT></P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2>If none, please so indicate by checking
the box:<FONT size=3>&nbsp;&nbsp;&nbsp;<FONT face=Wingdings>x</FONT></FONT></FONT><FONT face=serif size=5></FONT><FONT face=serif size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE F </FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>REGULATORY
AGREEMENTS</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>List any exceptions to the
representation and warranty in Section 2.2(s) of the Securities Purchase
Agreement &#150; Standard Terms.</FONT><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=justify><FONT face=serif size=2>If none, please so indicate by checking
the box:<FONT size=3>&nbsp;&nbsp;&nbsp;<FONT face=Wingdings>x</FONT></FONT></FONT><FONT face=serif size=5></FONT><FONT face=serif size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>exhibit99-2.htm
<DESCRIPTION>FORM OF WAIVER EXECUTED
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    <TD align=left width="43%"><FONT face=serif size=2>Exhibit
      99.2</FONT>&nbsp; </TD>
    <TD align=right width="56%"><B><FONT face=serif size=2>UST Sequence No.
      135</FONT></B> </TD></TR></TABLE><BR>
<P align=center><B><U><FONT face=serif size=2>WAIVER</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
consideration for the benefits I will receive as a result of my employer&#146;s
participation in the United States Department of the Treasury&#146;s TARP Capital
Purchase Program, I hereby voluntarily waive any claim against the United States
or my employer for any changes to my compensation or benefits that are required
to comply with the regulation issued by the Department of the Treasury as
published in the Federal Register on October 20, 2008.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>I
acknowledge that this regulation may require modification of the compensation,
bonus, incentive and other benefit plans, arrangements, policies and agreements
(including so-called &#147;golden parachute&#148; agreements) that I have with my employer
or in which I participate as they relate to the period the United States holds
any equity or debt securities of my employer acquired through the TARP Capital
Purchase Program. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
waiver includes all claims I may have under the laws of the United States or any
state related to the requirements imposed by the aforementioned regulation,
including without limitation a claim for any compensation or other payments I
would otherwise receive, any challenge to the process by which this regulation
was adopted and any tort or constitutional claim about the effect of these
regulations on my employment relationship. </FONT></P>
<P align=center><I><FONT face=serif size=2>(Remainder of page intentionally left
blank)</FONT></I></P>
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<P align=right><B><FONT face=serif size=2>UST Sequence No. 135 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN
WITNESS WHEREOF, the undersigned has executed this Certificate on the date first
written above. </FONT></P>
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    <TD align=left width="3%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="97%">&nbsp;</TD></TR>
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    <TD align=left width="3%"><FONT face=serif size=2>Name:</FONT>&nbsp; </TD>
    <TD align=left width="97%"></TD></TR>
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    <TD align=left width="3%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD align=left width="97%"></TD></TR></TABLE></DIV><BR>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>exhibit99-3.htm
<DESCRIPTION>FORM OF FIRST AMENDMENT OF EXECUTIVE EMPLOYMENT AGREEMENT
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<P align=justify><FONT face=serif size=2>Exhibit 99.3 </FONT></P>
<P align=center><B><FONT face=serif size=2>FIRST AMENDMENT TO THE ENTERPRISE
FINANCIAL SERVICES CORP<BR>EXECUTIVE EMPLOYMENT AGREEMENT
<BR></FONT></B><B><FONT face=serif size=2>BETWEEN ENTERPRISE FINANCIAL SERVICES
CORP AND<BR>PETER F. BENOIST </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Enterprise Financial Services Corp (&#147;Company&#148;), a Delaware corporation, and
Peter F. Benoist (&#147;Executive&#148;) entered into the Enterprise Financial Services
Corp Executive Employment Agreement between Company and Executive on September
24, 2008 (&#147;Original Agreement&#148;); and</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Company and Executive want to amend the Original Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
and to make other changes; and </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
in connection with the purchase by the United States Department of the Treasury
of certain preferred shares and related common stock warrants of the Company,
the Company and Executive want to amend the Original Agreement to comply with
the requirements of Section 111(b) of the Emergency Economic Stabilization Act
of 2008, as implemented by guidance or regulation thereunder that has been
issued and is in effect as of the date hereof; </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOW,
THEREFORE, the Original Agreement is amended effective as of December 19, 2008
as follows: </FONT></P>
<P align=justify><FONT face=serif size=2>1.</FONT><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>Add a
new Section 3.2(e) which reads in its entirety as follows: </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(e) Any Targeted Bonus due pursuant to the foregoing
provisions with respect to a particular calendar year shall be paid no later
than March 15</FONT><SUP><FONT face=serif size=2>th</FONT></SUP><FONT face=serif size=2> of the calendar year immediately following the calendar year to which
the Targeted Bonus relates. </FONT></P>
<P align=justify><FONT face=serif size=2>2.</FONT><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif size=2>Change
Section 5.1(a) to read in its entirety as follows: </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) Upon Termination for Cause, Executive shall immediately be
paid (i) all accrued salary, (ii) bonus compensation to the extent earned and
payable, (iii) any accrued benefits under any plans of the Company in which the
Executive is a participant to the full extent of the Executive&#146;s rights pursuant
to the provisions of such plans, (iv) unused accrued vacation pay for the year
in which termination occurs, and (v) any appropriate business expenses incurred
by Executive reimbursable by the Company in accordance with this Agreement, all
to the date of termination. (The items described in subparagraphs (i) through
(v) in this Section 5.1(a) are hereafter collectively referred to as &#147;Accrued
Compensation&#148;. Accrued Compensation shall not include vested deferred
compensation, if any, and any pension plan or profit sharing plan benefits, each
of which will be paid in accordance with the terms of the applicable plan.) Upon
Termination for Cause, Executive shall not be paid any other compensation or
reimbursement of any kind, including without limitation, Severance
Compensation.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>3.</FONT><FONT face=serif size=2></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Change
Section 5.2(a) to read in its entirety as follows:</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) Upon
any Termination Other Than for Cause, all payments and benefits set forth in
this Section 5.2 and Section 6.2 (other than pension plan or profit sharing plan
benefits which will be paid in accordance with the applicable plan), shall be
subject to and conditioned upon Executive's compliance with the terms,
provisions and conditions contained in this Agreement and shall be subject to
and conditioned upon Executive&#146;s execution, within 60 days after Executive&#146;s
Separation from Service, of a release and waiver of all claims with respect to
Executive&#146;s employment against the Company its Affiliates and their respective
officers and directors in a form reasonably satisfactory to the Company, other
than rights under this Section 5.2 and Section 6.2</FONT></P>
<P align=justify><FONT face=serif size=2>4.</FONT><FONT face=serif size=2></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Change
Section 5.2(c) to read in its entirety as follows: </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c) &#147;Termination Other Than for
Cause&#148; shall mean</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) any termination by the Company of Executive&#146;s employment
with the Company other than a Termination for Cause (as defined in Section 5.1),
a Termination by Reason of Disability (as defined in Section 5.3), a termination
on account of death (as described in Section 5.4), a Voluntary Termination (as
defined in Section 5.5) or a Termination Upon a Change of Control (as defined in
Section 5.6), provided that such termination constitutes a Separation from
Service as defined in Section 22.1, or</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) a termination by Executive of Executive&#146;s employment with
the Company by reason of a Constructive Termination. As used herein,</FONT>
<FONT face=serif color=#0000ff><FONT color=#000000>&#147;</FONT></FONT><FONT face=serif size=2>Constructive Termination</FONT><FONT face=serif color=#0000ff><FONT color=#000000>&#148;</FONT></FONT> <FONT face=serif size=2>means
the termination of Executive's employment by the Executive by reason of (A) the
Company&#146;s material breach of this Agreement. which remains uncured for a period
of thirty (30) days following Executive's notice of such breach given to the
Company, (B) the assignment of Executive without his consent to a position,
responsibilities or duties of a materially lesser status or degree of
responsibility than his position, responsibilities or duties as of the Effective
Date, following notice by Executive of his refusal to consent to such position,
responsibilities or duties (which must be given within thirty (30) days of such
assignment) and the Company's refusal to modify such position or responsibility
so that it is no longer of lesser status or degree of responsibility than his
position, responsibilities or duties as of the Effective Date (C) the
requirement by the Company that Executive's primary residence be based anywhere
other than the St. Louis, Missouri metropolitan area, without Executive&#146;s
consent,</FONT> <FONT face=serif size=2>or (D) the failure of Executive to be
reelected to the Board by its stockholders or the failure of the Board to
renominate him for reelection to the Board without Executive&#146;s consent, provided
that such termination constitutes a Separation from Service as defined in
Section 22.1.</FONT></P>
<P align=justify><FONT face=serif size=2>5.</FONT><FONT face=serif size=2></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Change
Section 6.1(a) to read in its entirety as follows:</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) For
two (2) years following such termination of employment, an amount (payable in
substantially equal installments on the dates specified in subsection 3.1 except
as otherwise provided herein) equal to the Base Salary at the rate payable at
the time of such termination plus (i) any accrued and unpaid Bonus due Executive
under paragraph 4.3 of this Agreement and (ii) an amount equal to the Targeted
Bonuses due (based on the Base Salary then in effect) for the year in which such
termination of employment occurs (determined as though all requisite targets
were fully and completely achieved). Notwithstanding any provision in this
paragraph (a) to the contrary, upon a Termination Upon a Change in Control, the
Company shall pay to Executive a lump sum severance payment by bank cashier's
check equal to the present value of the flow of cash payments that would
otherwise be paid to Executive pursuant to this paragraph (a). Such present
value shall be determined as of the date of the Termination Upon a Change in
Control (or, if such date is not a business day, on the following business day)
and shall be based on a discount rate equal to the prime rate, as reported in
the Wall Street Journal or similar publication. The Company shall make such
payment to Executive within 30 days following the date of the Termination Upon a
Change in Control.</FONT></P>
<P align=center><FONT face=serif size=2>- 2 -</FONT></P>
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<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 6.2 to read in its
      entirety as follows:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="100%" colSpan=2>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>6.2 </FONT></B><B><U><FONT face=serif size=2>Termination Other Than
      for Cause</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><FONT face=serif size=2>In the event Executive's employment is terminated in a
      Termination Other Than for Cause, Executive shall be paid as Severance
      Compensation an amount (payable in substantially equal installments on the
      dates specified in subsection 3.1) equal to (i) his Base Salary, at the
      rate payable at the time of such termination, for the one year period
      commencing on the effective date of such termination plus (ii) an amount
      equal to the Targeted Bonuses due (based on the Base Salary then in
      effect) for the year in which such termination of employment as though all
      requisite targets were fully and completely achieved at
    Target.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>7.</TD>
    <TD align=left width="100%">
      <P align=left><FONT face=serif size=2>Change Section 22 to read in its
      entirety as follows: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>22. 409A. </FONT></B><FONT face=serif size=2>The following
      provisions shall apply notwithstanding any other provisions herein to the
      contrary: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=2>22.1 Separation From Service. </FONT></B><FONT face=serif size=2>Any amount that (i) is payable upon termination of
      Executive&#146;s employment with the Company under any provision of this
      Agreement, and (ii) is subject to the requirements of Code Section 409A,
      shall not be paid unless and until the Executive has Separated from
      Service. As used in this Agreement, the terms &#147;Separated from Service&#148; and
      &#147;Separation from Service&#148; shall have the meaning specified in Treasury
      Regulation Section 1.409A-1(h). </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=justify><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>22.2 Specified Employee. </STRONG></FONT><FONT face=serif size=2>If Executive is a &#147;specified employee&#148; (within the meaning of
      Section 409A(a)(2)(B)(i) of the Code) of Company at the time of his
      termination of employment and if payment of Severance Compensation to the
      Executive is on account of an &#147;involuntary separation from service&#148; (as
      defined in Treasury Regulation Section 1.409A-1(n)), Executive shall be
      paid such Severance Compensation during the six (6) month period
      immediately following the date of his Separation from Service as otherwise
      provided under Section 6 for such six-month period except that the total
      amount of such payments shall not exceed the lesser of the amount
      specified under (i) Treasury Regulation Section 1.409A-1(9)(iii)(A)(1) or
      (ii) Treasury Regulation Section 1.409A-1(9)(iii)(A)(2). To the extent
      such amounts otherwise payable during such six-month period exceed the
      amounts payable under the immediately preceding sentence, such excess
      amounts shall not be paid during such six-month period, but instead shall
      be paid in a single sum on the first regular payroll date of Company
      immediately following the six (6) month anniversary of the date of
      Executive&#146;s Separation from Service. If Executive is a specified employee
      and Executive&#146;s Separation from Service is not an involuntary separation
      from service as defined in Treasury Regulation Section 1.409A-1(n), then
      any Severance Compensation and any other amount due to Executive under
      this Agreement that is subject to Code Section 409A and that would
      otherwise have been paid during the six (6) month period immediately
      following the date of Executive&#146;s Separation from Service shall be paid in
      a single sum on the first payroll date of Company immediately following
      the six month anniversary of Executive&#146;s Separation from Service. Amounts,
      the payment of which are deferred under this Section, shall be increased
      by interest at the prime rate as of the date of Executive&#146;s Separation
      from Service as published in the Wall Street Journal from the date such
      amounts would have been paid but for this provision and such accumulated
      interest shall also be paid to the Executive on the first payroll date of
      Company immediately following the six month anniversary of Executive&#146;s
      Separation from Service.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 3 - </FONT></P>
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    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>Notwithstanding the
      provisions of this Section 22, the Company has no responsibility or
      obligation to Executive with respect to any tax that may be incurred by
      Executive pursuant to Code Section 409A.</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>8.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>There shall be added a
      new Section 24 which reads in its entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>24.</STRONG></FONT>
      <B><U><FONT face=serif size=2>Emergency Economic Stabilization Act
      Provisions</FONT></U></B><FONT face=serif size=2>. The following
      provisions are agreed to by the parties in connection with the purchase by
      the United States Department of the Treasury (the &#147;UST&#148;) of certain
      preferred shares and related common stock warrants of the Company (the
      &#147;Purchased Securities&#148;) and pursuant to a Letter Agreement and a
      Securities Purchase Agreement, between the UST and the Company (the
      &#147;Purchase Agreement&#148;), the Company is required to meet certain executive
      compensation and corporate governance standards under Section 111(b) of
      EESA, as implemented by guidance or regulation thereunder that has been
      issued and is in effect as of the Closing Date (as defined in the Purchase
      Agreement) (such guidance or regulation being hereinafter referred to as
      the &#147;CPP Guidance&#148;).</FONT>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a) In the event that any payment or benefit to which the Executive is or
      may become entitled under the this Agreement, the Plan or any other plan,
      arrangement or agreement of the Company to which Executive is a party or
      beneficiary is a &#147;golden parachute payment&#148; for purposes of Section 111(b)
      of the EESA and the CPP Guidance, including the rules set forth in Section
      30.9 Q-9 of 31 C.F.R. Part 30, if, and to the extent, the payment of which
      is prohibited to be made by the Company under EESA and the CPP Guidance
      then during the period that the UST owns any equity or debt securities
      acquired under the Purchase Agreement or the conversion of any convertible
      securities or exercise of any options or warrants acquired thereunder (i)
      the Company shall not make or provide (nor shall the Company be obligated
      to make or provide) any such prohibited portion of such payment or benefit
      to the Executive and (ii) Executive shall not be entitled to receive any
      such prohibited portion of such payment or benefit.</FONT>
</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 4 - </FONT></P>
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  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any bonus or incentive
      compensation paid to the Executive during the period that the UST owns the
      Purchased Securities will be subject to recovery or &#147;clawback&#148; by the
      Company or its affiliates (pursuant to the Company&#146;s TARP Capital Purchase
      Program Clawback Policy attached hereto as Exhibit A, as it may be amended
      from time to time) if, and to the extent, the payments were based on
      materially inaccurate financial statements or any other materially
      inaccurate performance metric criteria, all within the meaning of Section
      111(b) of the EESA and the CPP Guidance.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) In the event that the
      Committee determines that any bonus or incentive compensation arrangement
      pursuant to which the Executive is or may be entitled to a payment,
      including without limitation this Agreement or the Plan, encourages the
      Executive to take &#147;unnecessary and excessive risks that threaten the value
      of the financial institution&#148; (within the meaning of &#167; 30.9 Q-4 of 31
      C.F.R. Part 30), the Committee (or, if required by the applicable
      arrangement, the Board), on behalf of the Company, shall take such action
      as is necessary to amend any such bonus and/or incentive compensation
      arrangements to eliminate such encouragement, and the Executive&#146;s bonus
      and/or incentive compensation will be determined pursuant to such amended
      arrangements.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Except as expressly amended
      pursuant to this Amendment, the Original Agreement shall continue in full
      force and effect without modification. Employee hereby waives any claim
      that this Amendment constitutes a Termination Other Than for Cause, as
      such term is defined in the Original Agreement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>7.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Capitalized terms not defined
      herein shall have the meaning given them in the Original Agreement unless
      the context clearly and unambiguously requires otherwise.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>[The remainder of this page is blank.
The next page is the signature page.] </FONT></P>
<P align=center><FONT face=serif size=2>- 5 - </FONT></P>
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<PAGE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN WITNESS
WHEREOF, the undersigned have executed this Amendment this 19<SUP>th</SUP> day
of December, 2008. </FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=2><FONT face=serif size=2><STRONG>ENTERPRISE FINANCIAL SERVICES CORP</STRONG><FONT size=3>&nbsp;&nbsp;</FONT></FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT face=serif size=2>By:<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%"><FONT size=2>/s/ James J. Murphy</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><STRONG><FONT size=2>James J. Murphy,
      Chairman</FONT></STRONG>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%" colSpan=2><FONT size=2>/s/ Peter F. Benoist</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=2><STRONG><FONT size=2>Peter F.
      Benoist</FONT></STRONG>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>- 6 - </FONT></P>
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<PAGE>
<P align=center><B><U><FONT face=serif size=2>Exhibit A</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Capital Purchase Program Clawback
Policy</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Capital Purchase Program Clawback Policy (this &#147;Policy&#148;), adopted by Enterprise
Financial Services Corp (the &#147;Company&#148;) Board of Directors (the &#147;Board&#148;) as of
December 17, 2008, has been established as part of the Company&#146;s participation
in the TARP Capital Purchase Program (the &#147;CPP&#148;) of the United States Treasury
Department (&#147;UST&#148;). This Policy is intended to comply with Section 111(b)(2)(B)
of the Emergency Economic Stabilization Act of 2008 (&#147;EESA&#148;), and the guidance
and regulations thereunder in effect as from time to time (any such guidance or
regulation being referred to hereinafter as &#147;CPP Guidance&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any bonus
or incentive compensation paid to any of the Company&#146;s &#147;senior executive
officers&#148; or &#147;SEOs,&#148; within the meaning set forth in CPP Guidance, during the
time period UST holds an equity or debt position acquired under the CPP will be
subject to recovery or &#147;clawback&#148; by the Company to the extent such payment or
benefit was based on materially inaccurate financial statements or any other
materially inaccurate performance metric criteria.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Policy will be administered by the Board&#146;s Compensation Committee (the
&#147;Committee&#148;), unless otherwise determined by the Board, in accordance with the
following:</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1) This Policy shall be interpreted and all determinations
pursuant to this Policy shall be made in accordance with EESA and any applicable
CPP Guidance, notwithstanding anything in any policy, plan, program, agreement
or arrangement of the Company or any of the affiliates in its &#147;controlled
group,&#148; within the meaning of &#167;30.1 Q-1(b) of 31 C.F.R. Part 30 or any
subsequent applicable CPP Guidance, to the contrary. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2) If the Committee determines, in its sole and absolute
discretion, that, during the time period that UST holds an equity or debt
position acquired under the CPP, an SEO received a payment, or payments, of
bonus or incentive compensation (including, without limitation, any non-equity
short- or long-term bonus or any equity compensation) that is based on
materially inaccurate financial statements or any other materially inaccurate
performance metric criteria used in determining or setting such bonus or
incentive compensation, then the Committee shall determine the amount of any
such bonus or incentive compensation that was paid as a result of such
materially inaccurate financial statements and/or performance metric criteria
(the &#147;Overpayment Amount&#148;). The Committee shall, promptly after making such
determination, send such SEO a notice of recovery (&#147;Recovery Notice&#148;) which
shall specify the Overpayment Amount and the terms for prompt repayment
thereof.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
shall have the authority to amend or terminate this Policy to the extent
necessary to comply with the requirements of EESA and the CPP Guidance. The
Committee shall have the authority to establish rules and procedures for
administering this Policy, all of which shall comply with the requirements of
EESA and the CPP Guidance. </FONT></P>
<P align=center><FONT face=serif size=2>- 7 - </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>7
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM OF FIRST AMENDMENT OF EXECUTIVE EMPLOYMENT AGREEMENT
<TEXT>

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<P align=justify><FONT face=serif size=2>Exhibit 99.4 </FONT></P>
<P align=center><B><FONT face=serif size=2>FIRST AMENDMENT TO THE ENTERPRISE
FINANCIAL SERVICES CORP <BR>EXECUTIVE EMPLOYMENT AGREEMENT
<BR></FONT></B><B><FONT face=serif size=2>BETWEEN ENTERPRISE FINANCIAL SERVICES
CORP AND <BR>LINDA M. HANSON </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Enterprise Financial Services Corp (&#147;Company&#148;), a Delaware corporation, and
Linda M. Hanson (&#147;Executive&#148;) entered into the Enterprise Financial Services
Corp Executive Employment Agreement between Company and Executive dated
effective as of November 1, 2004 (&#147;Original Agreement&#148;); and</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Company and Executive want to amend the Original Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
and to make other changes; and </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
in connection with the purchase by the United States Department of the Treasury
of certain preferred shares and related common stock warrants of the Company,
the Company and Executive want to amend the Original Agreement to comply with
the requirements of Section 111(b) of the Emergency Economic Stabilization Act
of 2008, as implemented by guidance or regulation thereunder that has been
issued and is in effect as of the date hereof; </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOW,
THEREFORE, the Original Agreement is amended effective as of December 19, 2008
as follows: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 4.2 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%">
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>4.2 </STRONG></FONT><U><FONT face=serif size=2><STRONG>Targeted
      Bonus</STRONG></FONT></U><FONT face=serif size=2>. In addition to the
      compensation set forth elsewhere in this Section 4, for each calendar year
      during the Employment Term and any extensions thereof, the Executive shall
      qualify for a targeted annualized bonus ("Targeted Bonus") based upon
      meeting established targeted goals. No later than the Company&#146;s January
      Board meeting, the Company and Executive shall agree upon certain targeted
      financial and operating goals ("Targets") for that calendar year. The
      established Targets shall be consistent with the financial plan for the
      Company as adopted by the Company's Board. Within 75 days after the end of
      each calendar year, the Company&#146;s Chief Executive Officer in collaboration
      with the Board (or a committee of the Board to which the Board has
      delegated such authority) shall make a good faith determination as to the
      extent to which the Targets have been met for the preceding calendar year.
      If the Targets have been met, then Executive shall receive a Targeted
      Bonus for such preceding year. In the event that the established Targets
      are exceeded, then Executive shall be entitled to receive additional bonus
      amounts above the Targeted Bonus as the Company&#146;s Chief Executive Officer
      in collaboration with the Board (or such committee) may determine in their
      discretion. If the Company&#146;s Chief Executive Officer in collaboration with
      the Board (or such committee of the Board) determines that the Targets
      have not been fully met, but minimum thresholds as may be established by
      the Company&#146;s Chief Executive Officer in collaboration with the Board (or
      such committee) have been met, the Company&#146;s Chief Executive Officer in
      collaboration with the Board (or such committee) shall make a good faith
      determination as to the extent that the Targets have been met and
      determine the amount of such Targeted Bonus to be awarded to the Executive
      based proportionately upon the extent to which the Targets are
      determined to have been met. Any Targeted Bonus due pursuant to the
      foregoing provisions with respect to a particular calendar year shall be
      paid no later than March 15<SUP>th</SUP> of the calendar year immediately
      following the calendar year to which the Targeted Bonus
      relates. Executive shall also be eligible to receive such other
      bonuses or incentive payments as may be approved by the Board of
      Directors.</FONT></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 5 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%">
      <P align=justify><B><FONT face=serif size=2>5.</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Termination of
      Employment</FONT></U></B><FONT face=serif size=2>.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.1</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Termination for Cause</FONT></U></B><FONT face=serif size=2>. "Termination for Cause", as hereinafter defined, may be effected
      by the Company at any time during the term of this Agreement by written
      notification to Executive, specifying in detail the basis for the
      Termination for Cause. Upon Termination for Cause, Executive shall
      immediately be paid all accrued salary, bonus compensation to the extent
      earned for the calendar year immediately preceding termination, any
      benefits under any plans of the Company in which the Executive is a
      participant to the full extent of the Executive's rights under such plans,
      accrued vacation pay for the year in which termination occurs, and any
      appropriate business expenses incurred by Executive reimbursable by the
      Company in connection with his duties hereunder, all to the date of
      termination, but Executive shall not be paid any other compensation or
      reimbursement of any kind, including without limitation, severance
      compensation. "Termination for Cause" shall mean termination by the
      Company of Executive's employment by the Company by reason of (a) an order
      of any federal or state regulatory authority having jurisdiction over the
      Company, (b) the willful failure of Executive substantially to perform his
      duties hereunder (other than any such failure due to Executive&#146;s physical
      or mental illness); (c) a willful breach by Executive of any material
      provision of this Agreement or of any other written agreement with the
      Company or any of its Affiliates; (d) Executive&#146;s commission of a crime
      that constitutes a felony or other crime of moral turpitude or criminal
      fraud; (e) chemical or alcohol dependency which materially and adversely
      affects Executive's performance of his duties under this Agreement; (f)
      any act of disloyalty or breach of responsibilities to the Company by the
      Executive which is intended by the Executive to cause material harm to the
      Company; (g) misappropriation (or attempted misappropriation) of any of
      the Company&#146;s funds or property; or (h) Executive&#146;s material violation of
      any Company policy applicable to Executive.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.2</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Termination Other Than for Cause</FONT></U></B><FONT face=serif size=2>. Notwithstanding any other provisions of this
      Agreement, the Company may effect a "Termination Other Than For Cause", as
      hereinafter defined, at any time upon giving written notice to Executive
      of such termination. Upon any Termination Other Than for Cause, subject to
      Executive&#146;s compliance with the terms and conditions contained in this
      Agreement, Executive shall within 30 days after such termination be paid
      all accrued salary, bonus compensation to the extent earned for the
      calendar year immediately preceding termination, accrued vacation pay for
      the year in which termination occurs, any benefits under any plans of the
      Company in which Executive is a participant to the full extent of
      Executive's rights under such plans, and any appropriate business expenses
      incurred by Executive in connection with his duties hereunder, all to the
      date of termination. "Termination Other Than for Cause" shall mean any
      termination by the Company of Executive's employment with the Company
      other than a termination pursuant to subsection 5.1, 5.3, 5.4, 5.5 or 5.6,
      provided that such termination constitutes a Separation from Service as
      defined in Section 22.1. If Executive does not receive severance
      compensation pursuant to Section 6.1, Executive shall not be subject to
      Section 9.1. All other restrictions shall continue in
      force.&nbsp;</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 2 - </FONT></P>
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<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="99%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.3</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Termination by Reason of Disability</FONT></U></B><FONT face=serif size=2>. If, during the term of this Agreement, the Executive,
      in the reasonable judgment of the Board of Directors, (i) has failed to
      perform his duties under this Agreement on account of illness or physical
      or mental incapacity, and (ii) such illness or incapacity continues for a
      period of more than 90 consecutive days, or 90 days during any 180 day
      period, the Company shall have the right to terminate Executive&#146;s
      employment hereunder by written notification to Executive and payment to
      Executive of all accrued salary, bonus compensation to the extent earned
      for the calendar year immediately preceding termination, accrued vacation
      pay for the year in which termination occurs, any benefits under any plans
      of the Company in which Executive is a participant to the full extent of
      Executive's rights under such plans, and any appropriate business expenses
      incurred by Executive in connection with his duties hereunder, all to the
      date of termination, but Executive shall not be paid any other
      compensation or reimbursement of any kind, including without limitation,
      severance compensation.</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.4</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Death</FONT></U></B><FONT face=serif size=2>. In the
      event of Executive's death during the term of this Agreement, Executive's
      employment shall be deemed to have terminated as of the last day of the
      month during which his death occurs and the Company shall pay to his
      estate or such beneficiaries as Executive may from time to time designate
      all accrued salary, bonus compensation to the extent earned for the
      calendar year immediately preceding termination, any benefits under any
      plans of the Company in which Executive is a participant to the full
      extent of Executive's rights under such plans, accrued vacation pay for
      the year in which termination occurs, and any appropriate business
      expenses incurred by Executive in connection with his duties hereunder,
      all to the date of termination, but Executive's estate shall not be paid
      any other compensation or reimbursement of any kind, including without
      limitation, severance compensation.</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.5</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Voluntary Termination</FONT></U></B><FONT face=serif size=2>. In the event of a "Voluntary Termination," as hereinafter
      defined, provided that the Executive provides the Company with at least 90
      days notice of such termination (which notice and any requirement for
      service may be waived or shortened by the Company), the Company shall
      within 30 days after such termination pay all accrued salary, bonus
      compensation to the extent earned, any benefits under any plans of the
      Company in which Executive is a participant to the full extent of
      Executive's rights under such plans, accrued vacation pay for the year in
      which termination occurs, and any appropriate business expenses incurred
      by Executive in connection with his duties hereunder, all to the date of
      termination, but no other compensation or reimbursement of any kind,
      including without limitation, severance compensation. "Voluntary
      Termination" shall mean termination by Executive of Executive's employment
      other than (i) termination by reason of Executive's disability as
      described in subsection 5.3, (ii) termination by reason of Executive's
      death as described in subsection 5.4, and (iii) Termination Upon a Change
      in Control as described in subsection 5.6. If Executive does not receive
      severance compensation pursuant to Section 6.1, Executive shall not be
      subject to Section 9.1. All other restrictions shall continue in
      force.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 3 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="99%" colSpan=2>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.6</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Termination Upon a Change in Control</FONT></U></B><FONT face=serif size=2>. In the event of a "Termination Upon a Change in
      Control," as hereinafter defined, Executive shall immediately be paid all
      accrued salary, bonus compensation to the extent earned, any benefits
      under any plans of the Company in which Executive is a participant to the
      full extent of Executive's rights under such plans, vacation pay for the
      year in which termination occurs, and any appropriate business expenses
      incurred by Executive in connection with his duties hereunder, all to the
      date of termination, and all severance compensation provided in subsection
      6.1. &#147;Termination Upon a Change in Control&#148; shall mean a termination by
      the Company (other than a Termination for Cause) or by Executive, in
      either case within one year following a &#147;Change in Control&#148; as hereinafter
      defined, provided that such termination constitutes a Separation from
      Service as defined in Section 22.1. &#147;Change in Control&#148; shall mean the
      date on which any of the following has occurred:</FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="98%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>(a) any individual, entity or group (a &#147;Person&#148;), other than one or
      more of the Company&#146;s directors on the Effective Date of this Agreement or
      any Person that any such director controls, becomes the beneficial owner
      of 50% or more of the combined voting power of the then outstanding voting
      securities of the Company entitled to vote generally in the election of
      directors of the Company (the &#147;Company Outstanding Voting
      Securities&#148;);</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>(b) any Person becomes the beneficial owner of 50% or more of the
      combined voting power of the then outstanding voting securities of
      Enterprise Bank entitled to vote generally in the election of directors of
      Enterprise Bank (&#147;Bank Outstanding Voting Securities&#148;);</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>(c) consummation of a reorganization, merger or consolidation (a
      &#147;Business Combination&#148;) of the Company, unless, in each case, following
      such Business Combination (i) all or substantially all of the Persons who
      were the beneficial owners, respectively, of the Company Outstanding
      Voting Securities immediately prior to such Business Combination
      beneficially own, directly or indirectly, more than a majority of the
      combined voting power of the then outstanding voting securities entitled
      to vote generally in the election of directors of the company resulting
      from such Business Combination, (ii) no Person (excluding any company
      resulting from such Business Combination) beneficially owns, directly or
      indirectly, 50% or more of the combined voting power of the then
      outstanding voting securities entitled to vote generally in the election
      of directors of the company resulting from such Business Combination
      except to the extent such ownership existed prior to the Business
      Combination, and (iii) at least </FONT><FONT face=serif size=2><FONT face=serif size=2>a majority of the members of the Board of Directors of
      the company resulting from the Business Combination are Continuing
      Directors (as hereinafter defined) at the time of the execution of the
      definitive agreement, or the action of the Board, providing for such
      Business Combination;</FONT>&nbsp;</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 4 - </FONT></P>
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<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>(d) consummation of the sale, other than in the ordinary course of
      business, of more than 50% of the combined assets of the Company and its
      subsidiaries in a transaction or series of related transactions during the
      course of any twelve-month period; or</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>(e) the date on which Continuing Directors (as hereinafter defined)
      cease for any reason to constitute at least a majority of the Board of
      Directors of the Company.</FONT></P></TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="97%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=2>
      <P align=justify><FONT face=serif size=2>As used in this Section 5.6, the
      definitions of the terms &#147;beneficial owner&#148; and &#147;group&#148; shall have the
      meanings ascribed to those terms in Rule 13(d)(3) under the Securities
      Exchange Act of 1934. As used in this Section 5.6, the term &#147;Continuing
      Directors&#148; shall mean, as of any date of determination, (i) any member of
      the Board of Directors on the Effective Date of this Agreement, (ii) any
      person who has been a member of the Board of Directors for the two years
      immediately preceding such date of determination, or (iii) any person who
      was nominated for election or elected to the Board of Directors with the
      affirmative vote of the greater of (A) a majority of the Continuing
      Directors who were members of the Board of Directors at the time of such
      nomination or election or (B) at least four Continuing Directors but
      excluding, for purposes of this clause (iii), any such individual whose
      initial assumption of office occurs as a result of an actual or threatened
      election contest with respect to the election or removal of directors or
      other actual or threatened solicitation of proxies by or on behalf of a
      Person other than the Board of Directors of the Company. &#147;Control&#148; means
      the direct or indirect ownership of voting securities constituting more
      than fifty percent (50%) of the issued voting securities of a
      corporation.</FONT></P>
      <P align=justify><FONT face=serif size=2>Within 30 days after a Change in
      Control, Executive by notice to the Company may elect a Voluntary
      Termination. If the Executive makes such election, she shall be released
      from the non-competition provisions of Section 9.1 of the Agreement, and
      he shall not be entitled to any severance compensation pursuant to Section
      6 of the Agreement. If Executive fails to make such election within such
      time, the Agreement shall continue in force. </FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.7</FONT></B><FONT face=serif size=2> </FONT><B><U><FONT face=serif size=2>Resignation Upon Termination</FONT></U></B><FONT face=serif size=2>. Effective upon any termination under this Section 5 or
      otherwise, Executive shall automatically and without taking any further
      actions be deemed to have resigned from all positions then held by him
      with the Company and all of its Subsidiaries and Affiliates. </FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=2>5.8 Deferred Compensation Governed by Plan. </FONT></B><FONT face=serif size=2>Payments to be made to Executive hereunder upon
      Executive&#146;s termination of employment shall not include </FONT>vested
      deferred compensation, if any, and any pension plan or profit sharing plan
      benefits, each of which will be paid in accordance with the terms of the
      applicable plan. </P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>&nbsp;</FONT><FONT face=serif size=2>- 5
- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif>3.</FONT>&nbsp; &nbsp; &nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif>Change Section 6.1 to read in
      its entirety as follows:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%" colSpan=2></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>6.1</STRONG></FONT> <U><FONT face=serif><STRONG>Termination Upon
      Change in Control</STRONG></FONT></U><FONT face=serif>. In the event
      Executive's employment is terminated in a Termination Upon a Change in
      Control, Executive shall be paid the following as severance compensation
      within 30 days after such termination:&nbsp;</FONT>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) An
      amount equal to Executive&#146;s Base Salary as in effect on Executive&#146;s
      termination of employment payable for one (1) year following such
      termination of employment discounted to the net present value of such
      payments using as a discount rate, the prime rate as reported in the Wall
      Street Journal as the date of such termination of employment and (ii) an
      amount equal to the Targeted Bonuses due (based on the Base Salary then in
      effect) for the year in which such termination of employment occurs
      (determined as though all requisite targets were fully and completely
      achieved).&nbsp;</TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
      In the event that Executive is not otherwise entitled to fully exercise
      all awards granted to him under any stock option or other compensation
      plan maintained by the Company and any such plan does not otherwise
      provide for acceleration of exercise ability upon the occurrence of the
      Change in Control described herein, such awards shall become immediately
      exercisable upon a Change in Control.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
      All restricted stock granted to Executive will vest and become
      transferable.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif>4.</FONT>&nbsp; &nbsp; &nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif>There shall be added a new
      Section 22 which reads in its entirety as follows:</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>22.
      409A.</STRONG></FONT> <FONT face=serif>The following provisions shall
      apply notwithstanding any other provisions herein to the
    contrary:</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>22.1 Separation From Service.</STRONG></FONT> <FONT face=serif>Any
      amount that (i) is payable upon termination of Executive&#146;s employment with
      the Company under any provision of this Agreement, and (ii) is subject to
      the requirements of Code Section 409A, shall not be paid unless and until
      the Executive has Separated from Service. As used in this Agreement, the
      terms &#147;Separated from Service&#148; and &#147;Separation from Service&#148; shall have
      the meaning specified in Treasury Regulation Section
  1.409A-1(h).</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif><FONT size=2>- 6 -</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>22.2 Required
      Delay.</STRONG> <FONT face=serif>If Executive is a &#147;specified employee&#148;
      (within the meaning of Section 409A(a)(2)(B)(i) of the Code) of Company at
      the time of his termination of employment and if payment of severance
      compensation to the Executive is on account of an &#147;involuntary separation
      from service&#148; (as defined in Treasury Regulation Section 1.409A-1(n)),
      Executive shall be paid such </FONT>severance compensation during the six
      (6) month period immediately following the date of his Separation from
      Service as otherwise provided under Section 6 for such six-month period
      except that the total amount of such payments shall not exceed the lesser
      of the amount specified under (i) Treasury Regulation Section
      1.409A-1(9)(iii)(A)(1) or (ii) Treasury Regulation Section
      1.409A-1(9)(iii)(A)(2). To the extent such amounts otherwise payable
      during such six-month period exceed the amounts payable under the
      immediately preceding sentence, such excess amounts shall not be paid
      during such six-month period, but instead shall be paid in a single sum on
      the first regular payroll date of Company immediately following the six
      (6) month anniversary of the date of Executive&#146;s Separation from Service.
      If Executive is a specified employee and Executive&#146;s Separation from
      Service is not an involuntary separation from service as defined in
      Treasury Regulation Section 1.409A-1(n), then any severance compensation
      and any other amount due to Executive under this Agreement that is subject
      to Code Section 409A and that would otherwise have been paid during the
      six (6) month period immediately following the date of Executive&#146;s
      Separation from Service shall be paid in a single sum on the first payroll
      date of Company immediately following the six month anniversary of
      Executive&#146;s Separation from Service. Amounts, the payment of which are
      deferred under this Section, shall be increased by interest at the prime
      rate as of the date of Executive&#146;s Separation from Service as published in
      the Wall Street Journal from the date such amounts would have been paid
      but for this provision and such accumulated interest shall also be paid to
      the Executive on the first payroll date of Company immediately following
      the six month anniversary of Executive&#146;s Separation from
  Service.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD></TD>
    <TD width="100%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>Notwithstanding the
      provisions of this Section 22, the Company has no responsibility or
      obligation to Executive with respect to any tax that may be incurred by
      Executive pursuant to Code Section 409A.</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>There shall be added a
      new Section 23 which reads in its entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.</FONT></B> <B><U><FONT face=serif size=2>Emergency Economic Stabilization Act
      Provisions</FONT></U></B><FONT face=serif size=2>. The following
      provisions are agreed to by the parties in connection with the purchase by
      the United States Department of the Treasury (the &#147;UST&#148;) of certain
      preferred shares and related common stock warrants of the Company (the
      &#147;Purchased Securities&#148;) and pursuant to a Letter Agreement and a
      Securities Purchase Agreement, between the UST and the Company (the
      &#147;Purchase Agreement&#148;), the Company is required to meet certain executive
      compensation and corporate governance standards under Section 111(b) of
      EESA, as implemented by guidance or regulation thereunder that has been
      issued and is in effect as of the Closing Date (as defined in the Purchase
      Agreement) (such guidance or regulation being hereinafter referred to as
      the &#147;CPP Guidance&#148;).</FONT>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(a) In the event that any payment or benefit to which the
      Executive is or may become entitled under the this Agreement, the Plan or
      any other plan, arrangement or agreement of the Company to which Executive
      is a party or beneficiary is a &#147;golden parachute payment&#148; for purposes of
      Section 111(b) of the EESA and the CPP Guidance, including the rules set
      forth in Section 30.9 Q-9 of 31 C.F.R. Part 30, if, and to the extent, the
      payment of which is prohibited to be made by the Company under EESA and
      the CPP Guidance then during the period that the UST owns any equity or
      debt securities acquired under the Purchase Agreement or the conversion of
      any convertible securities or exercise of any options or warrants acquired
      thereunder (i) the Company shall not make or provide (nor shall the
      Company be obligated to make or provide) any such prohibited portion of
      such payment or benefit to the Executive and (ii) Executive shall not be
      entitled to receive any such prohibited portion of such payment or
      benefit.</FONT>&nbsp;</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 7 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(b) Any bonus or incentive compensation paid to the Executive
      during the period that the UST owns the Purchased Securities will be
      subject to recovery or &#147;clawback&#148; by the Company or its affiliates
      (pursuant to the Company&#146;s TARP Capital Purchase Program Clawback Policy
      attached hereto as Exhibit A, as it may be amended from time to time) if,
      and to the extent, the payments were based on materially inaccurate
      financial statements or any other materially inaccurate performance metric
      criteria, all within the meaning of Section 111(b) of the EESA and the CPP
      Guidance.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(c) In the event that the Committee determines that any bonus or
      incentive compensation arrangement pursuant to which the Executive is or
      may be entitled to a payment, including without limitation this Agreement
      or the Plan, encourages the Executive to take &#147;unnecessary and excessive
      risks that threaten the value of the financial institution&#148; (within the
      meaning of &#167; 30.9 Q-4 of 31 C.F.R. Part 30), the Committee (or, if
      required by the applicable arrangement, the Board), on behalf of the
      Company, shall take such action as is necessary to amend any such bonus
      and/or incentive compensation arrangements to eliminate such
      encouragement, and the Executive&#146;s bonus and/or incentive compensation
      will be determined pursuant to such amended arrangements.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Except as expressly amended
      pursuant to this Amendment, the Original Agreement shall continue in full
      force and effect without modification. Employee hereby waives any claim
      that this Amendment constitutes a Termination Other Than for Cause, as
      such term is defined in the Original Agreement.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>7.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Capitalized terms not defined
      herein shall have the meaning given them in the Original Agreement unless
      the context clearly and unambiguously requires otherwise.</FONT>
  </TD></TR></TABLE>
<P align=center><FONT face=serif size=2>[The remainder of this page is blank.
The next page is the signature page.] </FONT></P>
<P align=center><FONT face=serif size=2>- 8 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN WITNESS
WHEREOF, the undersigned have executed this Amendment this 19<SUP>th</SUP> day of December, 2008.
</FONT></P>
<DIV align=right>

<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=2><FONT face=serif size=2><STRONG>ENTERPRISE FINANCIAL SERVICES CORP</STRONG><FONT size=3>&nbsp;&nbsp;</FONT></FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp; </TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2>By:</FONT><FONT size=3>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="98%"><FONT face=serif size=2>/s/ Peter F. Benoist</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%"><B><FONT face=serif size=2>Peter F. Benoist,
      President &amp; Chief</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%"><B><FONT face=serif size=2>Executive
      Officer</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp; </TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%" colSpan=2><FONT face=serif size=2>/s/ Linda M. Hanson</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=2><B><FONT face=serif size=2>Linda M.
      Hanson</FONT></B>&nbsp; </TD></TR></TABLE>
</DIV><BR>
<P align=center><FONT face=serif size=2>- 9 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>


<P align=center><B><U><FONT face=serif size=2>Exhibit A</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Capital Purchase Program Clawback
Policy</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Capital Purchase Program Clawback Policy (this &#147;Policy&#148;), adopted by Enterprise
Financial Services Corp (the &#147;Company&#148;) Board of Directors (the &#147;Board&#148;) as of
December 17, 2008, has been established as part of the Company&#146;s participation
in the TARP Capital Purchase Program (the &#147;CPP&#148;) of the United States Treasury
Department (&#147;UST&#148;). This Policy is intended to comply with Section 111(b)(2)(B)
of the Emergency Economic Stabilization Act of 2008 (&#147;EESA&#148;), and the guidance
and regulations thereunder in effect as from time to time (any such guidance or
regulation being referred to hereinafter as &#147;CPP Guidance&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any bonus
or incentive compensation paid to any of the Company&#146;s &#147;senior executive
officers&#148; or &#147;SEOs,&#148; within the meaning set forth in CPP Guidance, during the
time period UST holds an equity or debt position acquired under the CPP will be
subject to recovery or &#147;clawback&#148; by the Company to the extent such payment or
benefit was based on materially inaccurate financial statements or any other
materially inaccurate performance metric criteria.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Policy will be administered by the Board&#146;s Compensation Committee (the
&#147;Committee&#148;), unless otherwise determined by the Board, in accordance with the
following: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="98%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1)
      This Policy shall be interpreted and all determinations pursuant to this
      Policy shall be made in accordance with EESA and any applicable CPP
      Guidance, notwithstanding anything in any policy, plan, program, agreement
      or arrangement of the Company or any of the affiliates in its &#147;controlled
      group,&#148; within the meaning of &#167;30.1 Q-1(b) of 31 C.F.R. Part 30 or any
      subsequent applicable CPP Guidance, to the contrary.</FONT></P></TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="98%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2)
      If the Committee determines, in its sole and absolute discretion, that,
      during the time period that UST holds an equity or debt position acquired
      under the CPP, an SEO received a payment, or payments, of bonus or
      incentive compensation (including, without limitation, any non-equity
      short- or long-term bonus or any equity compensation) that is based on
      materially inaccurate financial statements or any other materially
      inaccurate performance metric criteria used in determining or setting such
      bonus or incentive compensation, then the Committee shall determine the
      amount of any such bonus or incentive compensation that was paid as a
      result of such materially inaccurate financial statements and/or
      performance metric criteria (the &#147;Overpayment Amount&#148;). The Committee
      shall, promptly after making such determination, send such SEO a notice of
      recovery (&#147;Recovery Notice&#148;) which shall specify the Overpayment Amount
      and the terms for prompt repayment thereof.</FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
      Board shall have the authority to amend or terminate this Policy to the
      extent necessary to comply with the requirements of EESA and the CPP
      Guidance. The Committee shall have the authority to establish rules and
      procedures for administering this Policy, all of which shall comply with
      the requirements of EESA and the CPP
Guidance.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 10 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>8
<FILENAME>exhibit99-5.htm
<DESCRIPTION>FORM OF FIRST AMENDMENT OF EXECUTIVE EMPLOYMENT AGREEMENT
<TEXT>

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<P align=left><FONT face=serif size=2>Exhibit 99.5 </FONT></P>
<P align=center><B><FONT face=serif size=2>FIRST AMENDMENT TO THE ENTERPRISE
FINANCIAL SERVICES CORP <BR>EXECUTIVE EMPLOYMENT AGREEMENT
<BR></FONT></B><B><FONT face=serif size=2>BETWEEN ENTERPRISE FINANCIAL SERVICES
CORP AND <BR>FRANK H. SANFILIPPO </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Enterprise Financial Services Corp (&#147;Company&#148;), a Delaware corporation, and
Frank H. Sanfilippo (&#147;Executive&#148;) entered into the Enterprise Financial Services
Corp Executive Employment Agreement between Company and Executive dated
effective as of December 1, 2004 (&#147;Original Agreement&#148;); and</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Company and Executive want to amend the Original Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
and to make other changes; and </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
in connection with the purchase by the United States Department of the Treasury
of certain preferred shares and related common stock warrants of the Company,
the Company and Executive want to amend the Original Agreement to comply with
the requirements of Section 111(b) of the Emergency Economic Stabilization Act
of 2008, as implemented by guidance or regulation thereunder that has been
issued and is in effect as of the date hereof; </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOW,
THEREFORE, the Original Agreement is amended effective as of December 19, 2008
as follows: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 4.2 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=left width="100%">
      <P align=justify><B><FONT face=serif size=2>4.2 </FONT></B><B><U><FONT face=serif size=2>Targeted Bonus</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><FONT face=serif size=2>In addition to the
      compensation set forth elsewhere in this Section 4, for each calendar year
      during the Employment Term and any extensions thereof, the Executive shall
      qualify for a targeted annualized bonus (&#147;Targeted Bonus&#148;) based upon
      meeting established targeted goals. The Targeted Bonus for calendar/fiscal
      year 2004 shall be $75,000.00. No later than the Company&#146;s January Board
      meeting, the Company and Executive shall agree upon certain targeted
      financial and operating goals (&#147;Targets&#148;) for that calendar year. The
      established Targets shall be consistent with the financial plan for the
      Company as adopted by the Company&#146;s Board. Within 75 days after the end of
      each calendar year, the Company&#146;s Chief Executive Officer in collaboration
      with the Board (or a committee of the Board to which the Board has
      delegated such authority) shall make a good faith determination as to the
      extent to which the Targets have been met for the preceding calendar year.
      If the Targets have been met, then Executive shall receive a Targeted
      Bonus for such preceding year. In the event that the established Targets
      are exceeded, then Executive shall be entitled to receive additional bonus
      amounts above the Targeted Bonus as the Company&#146;s Chief Executive Officer
      in collaboration with the Board (or such committee of the Board) may
      determine in their discretion. If the Company&#146;s Chief Executive Officer in
      collaboration with the Board (or such committee of the Board) determines
      that the Targets have not been fully met, but minimum thresholds as may be
      established by the Company&#146;s Chief Executive Officer in collaboration with
      the Board (or such committee) have been met, the Company&#146;s Chief Executive
      Officer in collaboration with the Board (or such committee) shall make a
      good faith determination as to the extent that the Targets have been met
      and determine the</FONT> amount of such Targeted Bonus to be awarded to
      the Executive based proportionately upon the extent to which the Targets
      are determined to have been met. Any Targeted Bonus due pursuant to the
      foregoing provisions with respect to a particular calendar year shall be
      paid no later than March 15<SUP>th</SUP> of the calendar year immediately
      following the calendar year to which the Targeted Bonus relates. Executive
      shall also be eligible to receive such other bonuses or incentive payments
      as may be approved by the Board of Directors.</P></TD></TR>
  <TR>
    <TD></TD>
    <TD align=left width="100%">&nbsp;</TD></TR></TABLE>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=3><FONT face=serif size=2>Change Section 5 to
      read in its entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=3><B><FONT face=serif size=2>5.</FONT></B> <B><U><FONT face=serif size=2>Termination of
      Employment</FONT></U></B><B><FONT face=serif size=2>.</FONT></B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=3>
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.1</STRONG>
      <B><U><FONT face=serif size=2>Termination for Cause</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><FONT face=serif size=2>&#147;Termination for
      Cause&#148;, as hereinafter defined, may be</FONT> </FONT><FONT face=serif size=2>effected by the Company at any time during the term of this
      Agreement by written notification to Executive, specifying in detail the
      basis for the Termination for Cause. Upon Termination for Cause, Executive
      shall immediately be paid all accrued salary, bonus compensation to the
      extent earned for the calendar year immediately preceding termination, any
      benefits under any plans of the Company in which the Executive is a
      participant to the full extent of the Executive&#146;s rights under such plans,
      accrued vacation pay for the year in which termination occurs, and any
      appropriate business expenses incurred by Executive reimbursable by the
      Company in connection with his duties hereunder, all to the date of
      termination, but Executive shall not be paid any other compensation or
      reimbursement of any kind, including without limitation, severance
      compensation. &#147;Termination for Cause&#148; shall mean termination by the
      Company of Executive&#146;s employment by the Company by reason of (a) an order
      of any federal or state regulatory authority having jurisdiction over the
      Company, (b) the willful failure of Executive substantially to perform his
      duties hereunder (other than any such failure due to Executive&#146;s physical
      or mental illness); (c) a willful breach by Executive of any material
      provision of this Agreement or of any other written agreement with the
      Company or any of its Affiliates; (d) Executive&#146;s commission of a crime
      that constitutes a felony or other crime of moral turpitude or criminal
      fraud; (e) chemical or alcohol dependency which materially and adversely
      affects Executive&#146;s performance of his duties under this Agreement; (f)
      any act of disloyalty or breach of responsibilities to the Company by the
      Executive which is intended by the Executive to cause material harm to the
      Company; or (g) misappropriation or attempted misappropriation of any of
      the Company&#146;s funds or property; or (h) Executive&#146;s material violation of
      any company policy applicable to the Executive. If subsequent to
      Executive&#146;s termination of employment hereunder for other than Cause it is
      determined in good faith by the Company that the Executive&#146;s employment
      could have been terminated for Cause hereunder, Executive&#146;s employment
      shall be deemed to have been terminated for Cause retroactively to the
      date the events giving rise to Cause concerned.</FONT>
</P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 2 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="98%">
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.2</STRONG>
      <B><U><FONT face=serif size=2>Termination Other Than for
      Cause</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><FONT face=serif size=2>Notwithstanding any other provisions of
      </FONT></FONT><FONT face=serif size=2>this Agreement, the Company may
      effect a &#147;Termination Other Than For Cause&#148;, as hereinafter defined, at
      any time upon giving written notice to Executive of such termination. Upon
      any Termination Other Than for Cause, subject to Executive&#146;s compliance
      with the terms and conditions contained in this Agreement, Executive shall
      within 30 days after such</FONT>&nbsp; termination be paid all accrued
      salary, bonus compensation to the extent earned for the calendar year
      immediately preceding termination, accrued vacation pay for the year in
      which termination occurs, any benefits under any plans of the Company in
      which Executive is a participant to the full extent of Executive&#146;s rights
      under such plans, and any appropriate business expenses incurred by
      Executive in connection with his duties hereunder, all to the date of
      termination. &#147;Termination Other Than for Cause&#148; shall mean any termination
      by the Company of Executive&#146;s employment with the Company other than a
      termination pursuant to subsection 5.1, 5.3, 5.4, 5.5 or 5.6, provided
      that such termination constitutes a Separation from Service as defined in
      Section 22.1. No &#147;Termination Other Than For Cause&#148; shall be made by the
      Company during any period of time that the Company is engaged in bona fide
      discussions regarding a potential &#147;Change in Control&#148; unless the Company
      specifically agrees to provide all Severance Compensation to Executive
      provided in Section 6.1 of this Agreement.</P></TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="98%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="98%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.3
      </STRONG></FONT><STRONG><U><FONT face=serif size=2>Termination by Reason
      of Disability</FONT></U><FONT face=serif size=2>.</FONT></STRONG><FONT face=serif size=2> If, during the term of this Agreement, the Executive,
      in the reasonable judgment of the Board of Directors, (i) has failed to
      perform his duties under this Agreement on account of illness or physical
      or mental incapacity, and (ii) such illness or incapacity continues for a
      period of more than 90 consecutive days, or 90 days during any 180 day
      period, the Company shall have the right to terminate Executive&#146;s
      employment hereunder by written notification to Executive and payment to
      Executive of all accrued salary, bonus compensation to the extent earned
      for the calendar year immediately preceding termination, accrued vacation
      pay for the year in which termination occurs, any benefits under any plans
      of the Company in which Executive is a participant to the full extent of
      Executive&#146;s rights under such plans, and any appropriate business expenses
      incurred by Executive in connection with his duties hereunder, all to the
      date of termination, but Executive shall not be paid any other
      compensation or reimbursement of any kind, including without limitation,
      severance compensation.</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="98%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="98%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.4
      <U><FONT face=serif size=2>Death</FONT></U><FONT face=serif size=2>.</FONT></STRONG><FONT face=serif size=2> In the event of
      Executive&#146;s death during the term of this Agreement, Executive&#146;s
      employment shall be deemed to have terminated as of the last day of the
      month during which his death occurs and the Company shall pay to his
      estate or such beneficiaries as Executive may from time to time designate
      all accrued salary, bonus compensation to the extent earned for the
      calendar year immediately preceding termination, any benefits under any
      plans of the Company in which Executive is a participant to the full
      extent of Executive&#146;s rights under such plans, accrued vacation pay for
      the year in which termination occurs, and any appropriate business
      expenses incurred by Executive in connection with his duties hereunder,
      all to the date of termination, but Executive&#146;s estate shall not be paid
      any other compensation or reimbursement of any kind, including without
      limitation, severance compensation.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 3 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.5 <U><FONT face=serif size=2>Voluntary Termination</FONT></U><FONT face=serif size=2>.</FONT></STRONG><FONT face=serif size=2> In the event of a
      &#147;Voluntary Termination,&#148; as hereinafter defined, provided that the
      Executive provides the Company with at least 60 days notice of such
      termination (which notice and any requirement for service may be waived or
      shortened by the Company), the Company shall within 30 days after such
      termination pay all accrued salary, bonus compensation to the extent
      earned, any benefits under any plans of the Company in which Executive is
      a participant to the full extent of Executive&#146;s rights under </FONT>such
      plans, accrued vacation pay for the year in which termination occurs, and
      any appropriate business expenses incurred by Executive in connection with
      his duties hereunder, all to the date of termination, but no other
      compensation or reimbursement of any kind, including without limitation,
      severance compensation. &#147;Voluntary Termination&#148; shall mean termination by
      Executive of Executive&#146;s employment other than (i) termination by reason
      of Executive&#146;s disability as described in subsection 5.3, (ii) termination
      by reason of Executive&#146;s death as described in subsection 5.4, and (iii)
      Termination Upon a Change in Control as described in subsection
  5.6.</P></TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.6
      <U><FONT face=serif size=2>Termination Upon a Change in
      Control</FONT></U><FONT face=serif size=2>.</FONT></STRONG><FONT face=serif size=2> In the event of a &#147;Termination Upon a Change in
      Control,&#148; as hereinafter defined, Executive shall immediately be paid all
      accrued salary, bonus compensation to the extent earned, any benefits
      under any plans of the Company in which Executive is a participant to the
      full extent of Executive&#146;s rights under such plans, vacation pay for the
      year in which termination occurs, and any appropriate business expenses
      incurred by Executive in connection with his duties hereunder, all to the
      date of termination, and all severance compensation provided in subsection
      6.1. &#147;Termination Upon a Change in Control&#148; shall mean a termination by
      the Company (other than a Termination for Cause) or by Executive, in
      either case within one year following a &#147;Change in Control&#148; as hereinafter
      defined, provided that such termination constitutes a Separation from
      Service as defined in Section 22.1. &#147;Change in Control&#148; shall mean the
      date on which any of the following has occurred:</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD style="PADDING-LEFT: 15pt" width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any individual, entity or
      group (a &#147;Person&#148;), other than one or more of the Company&#146;s directors on
      the Effective Date of this Agreement or any Person that any such director
      controls, becomes the beneficial owner of 50% or more of the combined
      voting power of the then outstanding voting securities of the Company
      entitled to vote generally in the election of directors of the Company
      (the &#147;Company Outstanding Voting Securities&#148;);</P>
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Person becomes the
      beneficial owner of 50% or more of the combined voting power of the then
      outstanding voting securities of Enterprise Bank entitled to vote
      generally in the election of directors of Enterprise Bank (&#147;Bank
      Outstanding Voting Securities&#148;);</P>
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consummation of a
      reorganization, merger or consolidation (a &#147;Business Combination&#148;) of the
      Company, unless, in each case, following such Business Combination (i) all
      or substantially all of the Persons who were the beneficial owners,
      respectively, of the Company Outstanding Voting Securities immediately
      prior to such Business Combination beneficially own, directly or
      indirectly, more than a majority of the combined voting power of the then
      outstanding voting securities entitled to vote generally in the election
      of directors of the company resulting from such Business Combination, (ii)
      no Person (excluding any company resulting from such Business Combination)
      beneficially owns, directly or indirectly, 50% or more of the combined
      voting power of the then outstanding voting securities entitled to vote
      generally in the election of directors of the company resulting from such
      Business Combination except to the extent such ownership existed prior to
      the Business Combination, and (iii) at least a majority of the members of
      the Board of Directors of the company resulting from the Business
      Combination are Continuing Directors (as hereinafter defined) at the time
      of the execution of the definitive agreement, or the action of the Board,
      providing for such Business Combination;</P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 4 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2></FONT></P>
<P align=justify>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD style="PADDING-LEFT: 15pt" align=left width="99%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
      consummation of the sale, other than in the ordinary course of business,
      of more than 50% of the combined assets of the Company and its
      subsidiaries in a transaction or series of related transactions during the
      course of any twelve-month period; or</P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date on
      which Continuing Directors (as hereinafter defined) cease for any reason
      to constitute at least a majority of the Board of Directors of the
      Company.</P>
      <P align=justify>As used in this Section 5.6, the definitions of the terms
      &#147;beneficial owner&#148; and &#147;group&#148; shall have the meanings ascribed to those
      terms in Rule 13(d)(3) under the Securities Exchange Act of 1934. As used
      in this Section 5.6, the term &#147;Continuing Directors&#148; shall mean, as of any
      date of determination, (i) any member of the Board of Directors on the
      Effective Date of this Agreement, (ii) any person who has been a member of
      the Board of Directors for the two years immediately preceding such date
      of determination, or (iii) any person who was nominated for election or
      elected to the Board of Directors with the affirmative vote of the greater
      of (A) a majority of the Continuing Directors who were members of the
      Board of Directors at the time of such nomination or election or (B) at
      least four Continuing Directors but excluding, for purposes of this clause
      (iii), any such individual whose initial assumption of office occurs as a
      result of an actual or threatened election contest with respect to the
      election or removal of directors or other actual or threatened
      solicitation of proxies by or on behalf of a Person other than the Board
      of Directors of the Company. &#147;Control&#148; means the direct or indirect
      ownership of voting securities constituting more than fifty percent (50%)
      of the issued voting securities of a corporation.</P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.7
      <U><FONT face=serif size=2>Resignation Upon Termination</FONT></U><FONT face=serif size=2>.</FONT></STRONG><FONT face=serif size=2> Effective upon
      any termination under this Section 5 or otherwise, Executive shall
      automatically and without taking any further actions be deemed to have
      resigned from all positions then held by him with the Company and all of
      its Subsidiaries and Affiliates.</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.8
      <U><FONT face=serif size=2>Deferred Compensation Governed by
      Plan</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>Payments to be made to Executive hereunder upon Executive&#146;s
      termination of employment shall not include vested deferred compensation,
      if any, and any pension plan or profit sharing plan benefits, each of
      which will be paid in accordance with the terms of the applicable
      plan.</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">3.</TD>
    <TD width="99%">Change Section 6.1 to read in its entirety as
  follows:</TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>6.1
      <U><FONT face=serif size=2>Termination Upon Change in
      Control</FONT></U><FONT face=serif size=2>.</FONT></STRONG><FONT face=serif size=2> In the event Executive&#146;s employment is terminated in a
      Termination Upon a Change in Control, Executive shall be paid the
      following as severance compensation within 30 days after such
      termination:</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 5 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD style="PADDING-LEFT: 15pt" width="100%" colSpan=2>
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
      An amount equal to Executive&#146;s Base Salary as in effect on Executive&#146;s
      termination of employment payable for two (1) years following such
      termination of employment discounted to the net present value of such
      payments using as a discount rate, the prime rate as reported in the Wall
      Street Journal as the date of such termination of employment and (ii) an
      amount equal to the Targeted Bonuses due (based on the Base Salary then in
      effect) for the year in which such termination of employment occurs
      (determined as though all requisite targets were fully and completely
      achieved).<FONT size=3> </FONT></FONT></P>
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
      In the event that Executive is not otherwise entitled to fully exercise
      all awards granted to him under any stock option plan maintained by the
      Company and any such plan does not otherwise provide for acceleration of
      exerciseability upon the occurrence of the Change in Control described
      herein, such awards shall become immediately exercisable upon a Change in
      Control.<FONT size=3> </FONT></FONT></P>
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
      All restricted stock granted to Executive will vest and become
      transferable.<FONT size=3> </FONT></FONT></P>
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
      Executive shall for one year following termination of employment continue
      to accrue retirement benefits and shall continue to enjoy any benefits
      under any plans of the Company in which Executive is a participant to the
      full extent of Executive&#146;s rights under such plans, including any
      perquisites provided under this Agreement; provided, however, that the
      benefits under any such plans of the Company in which Executive is a
      participant, including any such perquisites, shall cease upon Executive&#146;s
      obtaining other employment. If necessary to provide such benefits to
      Executive, the Company shall, at its election, either: (i) amend its
      employee benefit plans to provide the benefits described in this paragraph
      (c), to the extent that such is permissible under the nondiscrimination
      requirements and other provisions of the Internal Revenue Code of 1986
      (the &#147;Code&#148;) and the provisions of Executive Retirement Income Security
      Act of 1974, or (ii) to the extent that doing so will not result in a
      violation of Code Section 409A, provide separate benefit arrangements or
      cash payments so that Executive receives amounts equivalent thereto, net
      of tax consequences.</FONT> </P></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>There shall be added a
      new Section 22 which reads in its entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%" colSpan=2></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>22.
      </STRONG></FONT><STRONG><U><FONT face=serif size=2>409A</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>The following
      provisions shall apply notwithstanding any other provisions herein to the
      contrary:</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>22.1
      </STRONG></FONT><STRONG><U><FONT face=serif size=2>Separation From
      Service</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>Any amount that (i) is payable upon termination of
      Executive&#146;s employment with the Company under any provision of this
      Agreement, and (ii) is subject to the requirements of Code Section 409A,
      shall not be paid unless and until the Executive has Separated from
      Service. As used in this Agreement, the terms &#147;Separated from Service&#148; and
      &#147;Separation from Service&#148; shall have the meaning specified in Treasury
      Regulation Section 1.409A-1(h).</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%" colSpan=2></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 6 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>22.2
      </STRONG><STRONG><U><FONT face=serif size=2>Required Delay</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>If Executive
      is a &#147;specified employee&#148; (within the meaning of Section 409A(a)(2)(B)(i)
      of the Code) of Company at the time of his termination of employment and
      if payment of severance compensation to the Executive is on account of an
      &#147;involuntary separation from service&#148; (as defined in Treasury Regulation
      Section 1.409A-1(n)), Executive shall be paid such severance compensation
      during the six (6) month period immediately following the date of his
      Separation from Service as otherwise provided under Section 6 for such
      six-month period except that the total amount of such payments shall not
      exceed the lesser of the amount specified under (i) Treasury Regulation
      Section 1.409A-1(9)(iii)(A)(1) or (ii) Treasury Regulation Section
      1.409A-1(9)(iii)(A)(2). To the extent such amounts otherwise payable
      during such six-month period exceed the amounts payable under the
      immediately preceding sentence, such excess amounts shall not be paid
      during such six-month period, but instead shall be paid in a single sum on
      the first regular payroll date of Company immediately following the six
      (6) month anniversary of the date of Executive&#146;s Separation from Service.
      If Executive is a specified employee and Executive&#146;s Separation from
      Service is not an involuntary separation from service as defined in
      Treasury Regulation Section 1.409A-1(n), then any severance compensation
      and any other amount due to Executive under this Agreement that is subject
      to Code Section 409A and that would otherwise have been paid during the
      six (6) month period immediately following the date of Executive&#146;s
      Separation from Service shall be paid in a single sum on the first payroll
      date of Company immediately following the six month anniversary of
      Executive&#146;s Separation from Service. Amounts, the payment of which are
      deferred under this Section, shall be increased by interest at the prime
      rate as of the date of Executive&#146;s Separation from Service as published in
      the Wall Street Journal from the date such amounts would have been paid
      but for this provision and such accumulated interest shall also be paid to
      the Executive on the first payroll date of Company immediately following
      the six month anniversary of Executive&#146;s Separation from
  Service.</FONT></TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">
      <P align=justify><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the
      provisions of this Section 22, the Company has no responsibility or
      obligation to Executive with respect to any tax that may be incurred by
      Executive pursuant to Code Section 409A. </FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">5.</TD>
    <TD width="99%">
      <P align=justify><FONT face=serif size=2>There shall be added a new
      Section 23 which reads in its entirety as follows: </FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>23.
      <U><FONT face=serif size=2>Emergency Economic Stabilization Act
      Provisions</FONT></U></STRONG><FONT face=serif size=2>. The</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>following provisions
      are agreed to by the parties in connection with the purchase by the United
      States Department of the Treasury (the &#147;UST&#148;) of certain preferred shares
      and related common stock warrants of the Company (the &#147;Purchased
      Securities&#148;) and pursuant to a Letter Agreement and a Securities Purchase
      Agreement, between the UST and the Company (the &#147;Purchase Agreement&#148;), the
      Company is required to meet certain executive compensation and corporate
      governance standards under Section 111(b) of EESA, as implemented by
      guidance or regulation thereunder that has been issued and is in effect as
      of the Closing Date (as defined in the Purchase Agreement) (such guidance
      or regulation being hereinafter referred to as the &#147;CPP
    Guidance&#148;).</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD style="PADDING-LEFT: 15pt" width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any
      payment or benefit to which the Executive is or may become entitled under
      the this Agreement, the Plan or any other plan, arrangement or agreement
      of the Company to which Executive is a party or beneficiary is a &#147;golden
      parachute payment&#148; for purposes of Section 111(b) of the EESA and the CPP
      Guidance, including the rules set forth in Section 30.9 Q-9 of 31 C.F.R.
      Part 30, if, and to the extent, the payment of which is prohibited to be
      made by the Company under EESA and the CPP Guidance then during the period
      that the UST owns any equity or debt securities acquired under the
      Purchase Agreement or the conversion of any convertible securities or
      exercise of any options or warrants acquired thereunder (i) the Company
      shall not make or provide (nor shall the Company be obligated to make or
      provide) any such prohibited portion of such payment or benefit to the
      Executive and (ii) Executive shall not be entitled to receive any such
      prohibited portion of such payment or benefit.</P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 7 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD style="PADDING-LEFT: 15pt" width="100%">
      <P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
      Any bonus or incentive compensation paid to the Executive during the
      period that the UST owns the Purchased Securities will be subject to
      recovery or &#147;clawback&#148; by the Company or its affiliates (pursuant to the
      Company&#146;s TARP Capital Purchase Program Clawback Policy attached hereto as
      Exhibit A, as it may be amended from time to time) if, and to the extent,
      the payments were based on materially inaccurate financial statements or
      any other materially inaccurate performance metric criteria, all within
      the meaning of Section 111(b) of the EESA and the CPP Guidance.</FONT>
</P>
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the
      Committee determines that any bonus or incentive compensation arrangement
      pursuant to which the Executive is or may be entitled to a payment,
      including without limitation this Agreement or the Plan, encourages the
      Executive to take &#147;unnecessary and excessive risks that threaten the value
      of the financial institution&#148; (within the meaning of &#167; 30.9 Q-4 of 31
      C.F.R. Part 30), the Committee (or, if required by the applicable
      arrangement, the Board), on behalf of the Company, shall take such action
      as is necessary to amend any such bonus and/or incentive compensation
      arrangements to eliminate such encouragement, and the Executive&#146;s bonus
      and/or incentive compensation will be determined pursuant to such amended
      arrangements.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Except as expressly amended
      pursuant to this Amendment, the Original Agreement shall continue in full
      force and effect without modification. Employee hereby waives any claim
      that this Amendment constitutes a Termination Other Than for Cause, as
      such term is defined in the Original Agreement.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>7.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Capitalized terms not defined
      herein shall have the meaning given them in the Original Agreement unless
      the context clearly and unambiguously requires otherwise.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>[The remainder of this page is blank.
The next page is the signature page.] </FONT></P>
<P align=center><FONT face=serif size=2>- 8 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN WITNESS
WHEREOF, the undersigned have executed this Amendment this <FONT face=serif size=2>19<SUP>th</SUP></FONT> day of December, 2008. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="50%"></TD>
    <TD align=left width="50%" colSpan=2><FONT size=2><FONT face=serif><STRONG>ENTERPRISE FINANCIAL SERVICES</STRONG><FONT size=3>
      </FONT></FONT><STRONG>CORP</STRONG></FONT> </TD></TR>
  <TR>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="49%">&nbsp; </TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="1%"></TD>
    <TD width="49%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>By:</FONT><FONT size=3>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="49%"><FONT face=serif size=2>/s/ Peter F. Benoist</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="49%"><B><FONT face=serif size=2>Peter F. Benoist,
      President &amp; Chief</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="49%"><B><FONT face=serif size=2>Executive
      Officer</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="1%"></TD>
    <TD width="49%">&nbsp; </TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="1%"></TD>
    <TD width="49%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%" colSpan=2><FONT face=serif size=2>/s/ Frank H. Sanfilippo</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"></TD>
    <TD align=left width="50%" colSpan=2><B><FONT face=serif size=2>Frank H.
      Sanfilippo</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 9 - </FONT></P>
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<PAGE>
<P align=center><B><U><FONT face=serif size=2>Exhibit A</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Capital Purchase Program Clawback
Policy</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Capital Purchase Program Clawback Policy (this &#147;Policy&#148;), adopted by Enterprise
Financial Services Corp (the &#147;Company&#148;) Board of Directors (the &#147;Board&#148;) as of
December 17, 2008, has been established as part of the Company&#146;s participation
in the TARP Capital Purchase Program (the &#147;CPP&#148;) of the United States Treasury
Department (&#147;UST&#148;). This Policy is intended to comply with Section 111(b)(2)(B)
of the Emergency Economic Stabilization Act of 2008 (&#147;EESA&#148;), and the guidance
and regulations thereunder in effect as from time to time (any such guidance or
regulation being referred to hereinafter as &#147;CPP Guidance&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any bonus
or incentive compensation paid to any of the Company&#146;s &#147;senior executive
officers&#148; or &#147;SEOs,&#148; within the meaning set forth in CPP Guidance, during the
time period UST holds an equity or debt position acquired under the CPP will be
subject to recovery or &#147;clawback&#148; by the Company to the extent such payment or
benefit was based on materially inaccurate financial statements or any other
materially inaccurate performance metric criteria.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Policy will be administered by the Board&#146;s Compensation Committee (the
&#147;Committee&#148;), unless otherwise determined by the Board, in accordance with the
following:</FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="99%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1)
      This Policy shall be interpreted and all determinations pursuant to this
      Policy shall be made in accordance with EESA and any applicable CPP
      Guidance, notwithstanding anything in any policy, plan, program, agreement
      or arrangement of the Company or any of the affiliates in its &#147;controlled
      group,&#148; within the meaning of &#167;30.1 Q-1(b) of 31 C.F.R. Part 30 or any
      subsequent applicable CPP Guidance, to the contrary.</FONT></P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="99%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2)
      If the Committee determines, in its sole and absolute discretion, that,
      during the time period that UST holds an equity or debt position acquired
      under the CPP, an SEO received a payment, or payments, of bonus or
      incentive compensation (including, without limitation, any non-equity
      short- or long-term bonus or any equity compensation) that is based on
      materially inaccurate financial statements or any other materially
      inaccurate performance metric criteria used in determining or setting such
      bonus or incentive compensation, then the Committee shall determine the
      amount of any such bonus or incentive compensation that was paid as a
      result of such materially inaccurate financial statements and/or
      performance metric criteria (the &#147;Overpayment Amount&#148;). The Committee
      shall, promptly after making such determination, send such SEO a notice of
      recovery (&#147;Recovery Notice&#148;) which shall specify the Overpayment Amount
      and the terms for prompt repayment thereof.</FONT></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
shall have the authority to amend or terminate this Policy to the extent
necessary to comply with the requirements of EESA and the CPP Guidance. The
Committee shall have the authority to establish rules and procedures for
administering this Policy, all of which shall comply with the requirements of
EESA and the CPP Guidance. </FONT></P>
<P align=center><FONT face=serif size=2>- 10 - </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>9
<FILENAME>exhibit99-6.htm
<DESCRIPTION>FORM OF FIRST AMENDMENT OF EXECUTIVE EMPLOYMENT AGREEMENT
<TEXT>

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<P align=left><FONT face=serif size=2>Exhibit 99.6 </FONT></P>
<P align=center><B><FONT face=serif size=2>FIRST AMENDMENT TO THE ENTERPRISE
FINANCIAL SERVICES CORP<BR>EXECUTIVE EMPLOYMENT AGREEMENT<BR></FONT></B><B><FONT face=serif size=2>BETWEEN ENTERPRISE FINANCIAL SERVICES CORP AND<BR>STEPHEN P.
MARSH </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Enterprise Financial Services Corp (&#147;Company&#148;), a Delaware corporation, and
Stephen P. Marsh (&#147;Executive&#148;) entered into the Enterprise Financial Services
Corp Executive Employment Agreement between Company and Executive dated
effective as of July 1, 2008 (&#147;Original Agreement&#148;); and</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Company and Executive want to amend the Original Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
and to make other changes; and </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
in connection with the purchase by the United States Department of the Treasury
of certain preferred shares and related common stock warrants of the Company,
the Company and Executive want to amend the Original Agreement to comply with
the requirements of Section 111(b) of the Emergency Economic Stabilization Act
of 2008, as implemented by guidance or regulation thereunder that has been
issued and is in effect as of the date hereof; </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOW,
THEREFORE, the Original Agreement is amended effective as of December 19, 2008
as follows: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 5.2 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>5.2
      </STRONG></FONT><STRONG><U><FONT face=serif size=2>Termination Other Than
      for Cause</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>Notwithstanding any other provisions of this Agreement,
      the Company may effect a &#147;Termination Other Than For Cause&#148;, as
      hereinafter defined, at any time upon giving written notice to Employee of
      such termination. Upon any Termination Other Than for Cause, subject to
      Employee&#146;s compliance with the terms and conditions contained in this
      Agreement, Employee shall, within thirty (30) days after such termination,
      be paid in a single sum, cash payment (i) all accrued but unpaid salary
      through the date of such termination; (ii) Targeted Bonus to the extent
      earned but unpaid for the calendar year immediately preceding the year in
      which termination occurs; (iii) any benefits under any plans of Company in
      which Employee is a participant to the full extent of Employee&#146;s rights
      under such plans; (iv) accrued but unpaid and unused vacation pay for the
      year in which the termination occurs; (v) any appropriate business
      expenses incurred by Employee which are reimbursable by Company in
      connection with his duties hereunder, all to the date of termination and
      (vi) severance compensation as provided in Section 6.2 &#147;Termination Other
      Than for Cause&#148; shall mean any termination by the Company of Employee&#146;s
      employment with the Company other than a termination pursuant to
      subsection 5.1, 5.3, 5.4, 5.5 or 5.6, provided that such termination
      constitutes a Separation from Service as defined in Section 7.1.</FONT>
  </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 5.6 to read in its
      entirety as follows:</FONT> </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"><STRONG>5.6 <U><FONT face=serif size=2>Termination Upon a
      Change in Control</FONT></U><FONT face=serif size=2>.
      </FONT></STRONG><FONT face=serif size=2>In the event of a &#147;Termination
      Upon a Change in Control&#148; as herein defined, Employee shall, within thirty
      (30) days after such termination, be paid in a single sum, cash payment
      (i) all accrued but unpaid salary through the date of termination; (ii)
      Targeted Bonus to the extent earned but unpaid; (iii) any benefits accrued
      and earned under any plans of Company in which Employee is a participant
      to the full extent of Employee&#146;s rights under such plans; (iv) accrued but
      unpaid vacation pay for the year in which the termination occurs; (v) any
      appropriate business expenses incurred by Employee which are reimbursable
      by Company in connection with his duties hereunder, all to the date of
      termination; and (vi) all severance compensation as provided in Section
      6.1. &#147;Termination Upon a Change in Control&#148; shall mean a termination by
      the Company (other than a Termination for Cause) or by Employee, in either
      case within one year following a &#147;Change in Control&#148; as hereinafter
      defined, provided that such termination constitutes a Separation from
      Service as defined in Section 7.1. &#147;Change in Control&#148; shall mean the date
      on which any of the following has occurred:</FONT></TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD style="PADDING-LEFT: 15pt" width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>any
      individual, entity or group (a &#147;Person&#148;), other than one or more of the
      Company&#146;s directors on the Effective Date of this Agreement or any Person
      that any such director controls, becomes the beneficial owner of 50% or
      more of the combined voting power of the then outstanding voting
      securities of the Company entitled to vote generally in the election of
      directors of the Company (the &#147;Company Outstanding Voting
      Securities&#148;);</FONT></P>
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>any
      Person becomes the beneficial owner of 50% or more of the combined voting
      power of the then outstanding voting securities of Enterprise Bank &amp;
      Trust entitled to vote generally in the election of directors of
      Enterprise Bank &amp; Trust (&#147;Bank Outstanding Voting
      Securities&#148;);</FONT></P>
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>consummation of a reorganization, merger or consolidation (a
      &#147;Business Combination&#148;) of the Company, unless, in each case, following
      such Business Combination (i) all or substantially all of the Persons who
      were the beneficial owners, respectively, of the Company Outstanding
      Voting Securities immediately prior to such Business Combination
      beneficially own, directly or indirectly, more than a majority of the
      combined voting power of the then outstanding voting securities entitled
      to vote generally in the election of directors of the company resulting
      from such Business Combination, (ii) no Person (excluding any company
      resulting from such Business Combination) beneficially owns, directly or
      indirectly, 50% or more of the combined voting power of the then
      outstanding voting securities entitled to vote generally in the election
      of directors of the company resulting from such Business Combination
      except to the extent such ownership existed prior to the Business
      Combination, and (iii) at least a majority of the members of the Board of
      Directors of the company resulting from the Business Combination are
      Continuing Directors (as hereinafter defined) at the time of the execution
      of the definitive agreement, or the action of the Board, providing for
      such Business Combination;</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 2 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD style="PADDING-LEFT: 15pt" width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consummation of the sale,
      other than in the ordinary course of business, of more than 50% of the
      combined assets of the Company and its subsidiaries in a transaction or
      series of related transactions during the course of any twelve-month
      period; or</P>
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date on which
      Continuing Directors (as hereinafter defined) cease for any reason to
      constitute at least a majority of the Board of Directors of the
      Company.</P></TD></TR>
  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">As used in this Section 5.6, the definitions of the terms
      &#147;beneficial owner&#148; and &#147;group&#148; shall have the meanings ascribed to those
      terms in Rule 13(d)(3) under the Securities Exchange Act of 1934. As used
      in this Section 5.6, the term &#147;Continuing Directors&#148; shall mean, as of any
      date of determination, (i) any member of the Board of Directors on the
      Effective Date of this Agreement, (ii) any person who has been a member of
      the Board of Directors for the two years immediately preceding such date
      of determination, or (iii) any person who was nominated for election or
      elected to the Board of Directors with the affirmative vote of the greater
      of (A) a majority of the Continuing Directors who were members of the
      Board of Directors at the time of such nomination or election or (B) at
      least four Continuing Directors but excluding, for purposes of this clause
      (iii), any such individual whose initial assumption of office occurs as a
      result of an actual or threatened election contest with respect to the
      election or removal of directors or other actual or threatened
      solicitation of proxies by or on behalf of a Person other than the Board
      of Directors of the Company. &#147;Control&#148; means the direct or indirect
      ownership of voting securities constituting more than fifty percent (50%)
      of the issued voting securities of a corporation.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">3.</TD>
    <TD width="99%">Change Section 6.1 to read in its entirety as
  follows:</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>6.1 <U><FONT face=serif size=2>Termination Upon Change in Control</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>In addition to
      payments </FONT>provided for in Section 5.6, in the event Employee&#146;s
      employment is terminated in a Termination Upon a Change in Control
      pursuant to Section 5.6 and such termination constitutes a Separation from
      Service as defined in Section 7.1, Employee shall be paid the following as
      severance compensation:</P></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD style="PADDING-LEFT: 15pt" width="99%">
      <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within thirty (30) days
      of such termination of employment, Employee shall be paid, in a single
      sum, cash payment, the sum of the following
      amounts:</P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) An amount equal
      to his Base Salary as in effect on his termination of employment payable
      for 24 consecutive months following such termination of employment
      discounted to the net present value of such payments using as a discount
      rate, the prime rate as reported in the Wall Street Journal as the date of
      such termination of employment; and</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 3 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>(2)</TD>
    <TD vAlign=top width="100%">An amount equal to the Targeted Bonuses for
      the year in which such termination occurs as though all requisite targets
      for such year are fully and completely achieved. </TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) in the event that Employee
      is not otherwise entitled to fully exercise all awards granted to him
      under any stock option plan maintained by Company, including without
      limitation any stock options or stock appreciation rights, and any such
      plan does not otherwise provide for acceleration of exercise ability upon
      the occurrence of the Change in Control described herein, such awards
      shall become immediately exercisable upon a Change in
Control.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) all restricted stock units
      granted to Employee will vest and become transferable upon a Change in
      Control.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face=serif size=2>Change
      Section 7 to read in its entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>7. 409A.
      </STRONG></FONT><FONT face=serif size=2>The following provisions shall
      apply notwithstanding any other provisions herein to the
    contrary:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>7.1 Separation From Service. </STRONG></FONT><FONT face=serif size=2>Any amount that (i) is payable upon termination of Executive&#146;s
      employment with the Company under any provision of this Agreement, and
      (ii) is subject to the requirements of Code Section 409A, shall not be
      paid unless and until the Executive has Separated from Service. As used in
      this Agreement, the terms &#147;Separated from Service&#148; and &#147;Separation from
      Service&#148; shall have the meaning specified in Treasury Regulation Section
      1.409A-1(h).</FONT> </TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>7.2 Required Delay. </STRONG></FONT><FONT face=serif size=2>If
      Executive is a &#147;specified employee&#148; (within the meaning of Section
      409A(a)(2)(B)(i) of the Code) of Company at the time of his termination of
      employment and if payment of severance compensation to the Executive is on
      account of an &#147;involuntary separation from service&#148; (as defined in
      Treasury Regulation Section 1.409A-1(n)), Executive shall be paid such
      severance compensation during the six (6) month period immediately
      following the date of his Separation from Service as otherwise provided
      under Section 6 for such six -month period except that the total amount of
      such payments shall not exceed the lesser of the amount specified under
      (i) Treasury Regulation Section 1.409A-1(9)(iii)(A)(1) or (ii) Treasury
      Regulation Section 1.409A-1(9)(iii)(A)(2). To the extent such amounts
      otherwise payable during such six-month period exceed the amounts payable
      under the immediately preceding sentence, such excess amounts shall not be
      paid during such six-month period, but instead shall be paid in a single
      sum on the first regular payroll date of Company immediately following the
      six (6) month anniversary of the date of Executive&#146;s Separation from
      Service. If Executive is a specified employee and Executive&#146;s Separation
      from Service is not an involuntary separation from service as defined in
      Treasury Regulation Section 1.409A-1(n), then any severance compensation
      and any other amount due to Executive under this Agreement that is subject
      to Code Section 409A and that would otherwise have been paid during the
      six (6) month period immediately following the date of Executive&#146;s
      Separation from Service shall be paid in a</FONT> single sum on the first
      payroll date of Company immediately following the six month anniversary of
      Executive&#146;s Separation from Service. Amounts, the payment of which are
      deferred under this Section, shall be increased by interest at the prime
      rate as of the date of Executive&#146;s Separation from Service as published in
      the Wall Street Journal from the date such amounts would have been paid
      but for this provision and such accumulated interest shall also be paid to
      the Executive on the first payroll date of Company immediately following
      the six month anniversary of Executive&#146;s Separation from
  Service.</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 4 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>Notwithstanding the provisions of this
      Section 7, the Company has no responsibility or obligation to Executive
      with respect to any tax that may be incurred by Executive pursuant to Code
      Section 409A.</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif>5.</FONT></TD>
    <TD width="100%"><FONT face=serif>There shall be added a new Section 24
      which reads in its entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>24.
      <U>Emergency Economic Stabilization Act
      Provisions</U></STRONG></FONT><FONT face=serif>. The following provisions
      are agreed to by the parties in connection with the purchase by the United
      States Department of the Treasury (the &#147;UST&#148;) of certain preferred shares
      and related common stock warrants of the Company (the &#147;Purchased
      Securities&#148;) and pursuant to a Letter Agreement and a Securities Purchase
      Agreement, between the UST and the Company (the &#147;Purchase Agreement&#148;), the
      Company is required to meet certain executive compensation and corporate
      governance standards under Section 111(b) of EESA, as implemented by
      guidance or regulation thereunder that has been issued and is in effect as
      of the Closing Date (as defined in the Purchase Agreement) (such guidance
      or regulation being hereinafter referred to as the &#147;CPP
    Guidance&#148;).</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
      In the event that any payment or benefit to which the Executive is or may
      become entitled under the this Agreement, the Plan or any other plan,
      arrangement or agreement of the Company to which Executive is a party or
      beneficiary is a &#147;golden parachute payment&#148; for purposes of Section 111(b)
      of the EESA and the CPP Guidance, including the rules set forth in Section
      30.9 Q-9 of 31 C.F.R. Part 30, if, and to the extent, the payment of which
      is prohibited to be made by the Company under EESA and the CPP Guidance
      then during the period that the UST owns any equity or debt securities
      acquired under the Purchase Agreement or the conversion of any convertible
      securities or exercise of any options or warrants acquired thereunder (i)
      the Company shall not make or provide (nor shall the Company be obligated
      to make or provide) any such prohibited portion of such payment or benefit
      to the Executive and (ii) Executive shall not be entitled to receive any
      such prohibited portion of such payment or benefit.</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
      Any bonus or incentive compensation paid to the Executive during the
      period that the UST owns the Purchased Securities will be subject to
      recovery or &#147;clawback&#148; by the Company or its affiliates (pursuant to the
      Company&#146;s TARP Capital Purchase Program Clawback Policy attached hereto as
      Exhibit A, as it may be amended from time to time) if, and to the extent,
      the payments were based on materially inaccurate financial statements or
      any other materially inaccurate performance metric criteria, all within
      the meaning of Section 111(b) of the EESA and the CPP Guidance.</FONT>
  </TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 5 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c) In the event that the Committee determines that any bonus or incentive
      compensation arrangement pursuant to which the Executive is or may be
      entitled to a payment, including without limitation this Agreement or the
      Plan, encourages the Executive to take &#147;unnecessary and excessive risks
      that threaten the value of the financial institution&#148; (within the meaning
      of &#167; 30.9 Q-4 of 31 C.F.R. Part 30), the Committee (or, if required by the
      applicable arrangement, the Board), on behalf of the Company, shall take
      such action as is necessary to amend any such bonus and/or incentive
      compensation arrangements to eliminate such encouragement, and the
      Executive&#146;s bonus and/or incentive compensation will be determined
      pursuant to such amended arrangements.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Except as expressly amended
      pursuant to this Amendment, the Original Agreement shall continue in full
      force and effect without modification. Employee hereby waives any claim
      that this Amendment constitutes a Termination Other Than for Cause, as
      such term is defined in the Original Agreement.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>7.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Capitalized terms not defined
      herein shall have the meaning given them in the Original Agreement unless
      the context clearly and unambiguously requires otherwise.</FONT>
  </TD></TR></TABLE>
<P align=center><FONT face=serif size=2>[The remainder of this page is blank.
The next page is the signature page.] </FONT></P>
<P align=center><FONT face=serif size=2>- 6 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN
WITNESS WHEREOF, the undersigned have executed this Amendment this
19<SUP>th</SUP> day of December, 2008. </FONT></P>
<DIV align=right>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD align=left width="100%" colSpan=2>
      <P align=justify><B><FONT face=serif size=2>ENTERPRISE FINANCIAL SERVICES
      CORP</FONT></B></P></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2>By:<STRONG>&nbsp;
    </STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%"><FONT face=serif size=2>&nbsp; /s/ Peter F. Benoist</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><B><FONT face=serif size=2>Peter F. Benoist,
      President &amp; Chief</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><B><FONT face=serif size=2>Executive
      Officer</FONT></B></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=right>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%"><FONT face=serif size=2>/s/ Stephen P. Marsh</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><B><FONT face=serif size=2>Stephen P.
      Marsh</FONT></B></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>- 7 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><U><FONT face=serif size=2>Exhibit A</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Capital Purchase Program Clawback
Policy</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Capital Purchase Program Clawback Policy (this &#147;Policy&#148;), adopted by Enterprise
Financial Services Corp (the &#147;Company&#148;) Board of Directors (the &#147;Board&#148;) as of
December 17, 2008, has been established as part of the Company&#146;s participation
in the TARP Capital Purchase Program (the &#147;CPP&#148;) of the United States Treasury
Department (&#147;UST&#148;). This Policy is intended to comply with Section 111(b)(2)(B)
of the Emergency Economic Stabilization Act of 2008 (&#147;EESA&#148;), and the guidance
and regulations thereunder in effect as from time to time (any such guidance or
regulation being referred to hereinafter as &#147;CPP Guidance&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any bonus
or incentive compensation paid to any of the Company&#146;s &#147;senior executive
officers&#148; or &#147;SEOs,&#148; within the meaning set forth in CPP Guidance, during the
time period UST holds an equity or debt position acquired under the CPP will be
subject to recovery or &#147;clawback&#148; by the Company to the extent such payment or
benefit was based on materially inaccurate financial statements or any other
materially inaccurate performance metric criteria.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Policy will be administered by the Board&#146;s Compensation Committee (the
&#147;Committee&#148;), unless otherwise determined by the Board, in accordance with the
following:</FONT></P>
<DIV style="PADDING-LEFT: 15pt; TEXT-ALIGN: justify">
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1) This
Policy shall be interpreted and all determinations pursuant to this Policy shall
be made in accordance with EESA and any applicable CPP Guidance, notwithstanding
anything in any policy, plan, program, agreement or arrangement of the Company
or any of the affiliates in its &#147;controlled group,&#148; within the meaning of &#167;30.1
Q-1(b) of 31 C.F.R. Part 30 or any subsequent applicable CPP Guidance, to the
contrary. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2) If the
Committee determines, in its sole and absolute discretion, that, during the time
period that UST holds an equity or debt position acquired under the CPP, an SEO
received a payment, or payments, of bonus or incentive compensation (including,
without limitation, any non-equity short- or long-term bonus or any equity
compensation) that is based on materially inaccurate financial statements or any
other materially inaccurate performance metric criteria used in determining or
setting such bonus or incentive compensation, then the Committee shall determine
the amount of any such bonus or incentive compensation that was paid as a result
of such materially inaccurate financial statements and/or performance metric
criteria (the &#147;Overpayment Amount&#148;). The Committee shall, promptly after making
such determination, send such SEO a notice of recovery (&#147;Recovery Notice&#148;) which
shall specify the Overpayment Amount and the terms for prompt repayment
thereof.</FONT></P></DIV>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
shall have the authority to amend or terminate this Policy to the extent
necessary to comply with the requirements of EESA and the CPP Guidance. The
Committee shall have the authority to establish rules and procedures for
administering this Policy, all of which shall comply with the requirements of
EESA and the CPP Guidance. </FONT></P>
<P align=center><FONT face=serif size=2>- 8 -</FONT></P>
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<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>10
<FILENAME>exhibit99-7.htm
<DESCRIPTION>FORM OF FIRST AMENDMENT OF EXECUTIVE EMPLOYMENT AGREEMENT
<TEXT>

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   <TITLE></TITLE>
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<P align=left><FONT face=serif size=2>Exhibit 99.7 </FONT></P>
<P align=center><B><FONT face=serif size=2>FIRST AMENDMENT TO THE ENTERPRISE
FINANCIAL SERVICES CORP<BR>EXECUTIVE EMPLOYMENT AGREEMENT<BR></FONT></B><B><FONT face=serif size=2>BETWEEN ENTERPRISE FINANCIAL SERVICES CORP AND<BR>JOHN G.
BARRY </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Enterprise Financial Services Corp (&#147;Company&#148;), a Delaware corporation,
ENTERPRISE BANK &amp; TRUST COMPANY, a Missouri chartered bank (&#147;EBT&#148;) and John
G. Barry (&#147;Executive&#148;) entered into the Enterprise Financial Services Corp
Executive Employment Agreement between Company and Executive dated effective as
of October 5, 2007 (&#147;Original Agreement&#148;); and</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Company, EBT and Executive want to amend the Original Agreement to comply with
the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended, and to make other changes; and </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
in connection with the purchase by the United States Department of the Treasury
of certain preferred shares and related common stock warrants of the Company,
the Company, EBT and Executive want to amend the Original Agreement to comply
with the requirements of Section 111(b) of the Emergency Economic Stabilization
Act of 2008, as implemented by guidance or regulation thereunder that has been
issued and is in effect as of the date hereof;</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOW,
THEREFORE, the Original Agreement is amended effective as of December 19, 2008
as follows: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>There shall be added at the end
      of Section 3.3 a new paragraph (d) which reads in its entirety as
      follows:</FONT> </TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (e) Any Targeted Bonus due pursuant to the foregoing provisions with
      respect to a particular calendar year shall be paid no later than March
      15<SUP>th</SUP> of the calendar year immediately following the calendar
      year to which the Targeted Bonus relates.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>There shall be added at the end
      of Section 4.4 a new paragraph (c) which reads in its entirety as
      follows:</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c) If a payment is due to Executive pursuant to this Section 4.4, such
      payment shall be made in a single sum within 30 days after the Change of
      Control.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 5.1 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>5.1 </STRONG></FONT><STRONG><U><FONT face=serif size=2>Termination
      for Cause</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>The Company may terminate Executive's employment with
      the Company for reasons that constitute Cause, as hereinafter defined,
      (&#147;Termination For Cause&#148;) at any time during the term of this Agreement by
      written notification to Executive, specifying in detail the basis for the
      Termination For Cause.</FONT> </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a) Upon Termination For Cause, Executive shall
      immediately be paid (i) all accrued Base Salary, (ii) vested stock
      options, Restricted Stock and SARs, (iii) any accrued and vested benefits
      under any plans of the Company in which the Executive is a participant to
      the full extent of the Executive's rights pursuant to the provisions of
      such plans, and (iv) any appropriate business expenses incurred by
      Executive reimbursable by the Company in accordance with this Agreement,
      all to the date of termination (the items described in subparagraphs (i)
      through (iv) in this Section 5.1(a) are hereafter collectively referred to
      as &#147;Accrued Compensation.&#148; Accrued Compensation shall not include vested
      deferred compensation, if any, and any pension plan or profit sharing plan
      benefits, each of which will be paid in accordance with the terms of the
      applicable plan.) Upon a Termination For Cause, Executive shall not be
      paid any other compensation or reimbursement of any kind, including
      without limitation, Severance Compensation.</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b) As used herein, &#147;Cause&#148; means, and shall be
      considered to exist, upon the occurrence of any of the
      following:</FONT></P>
      <DIV style="PADDING-LEFT: 15pt">
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i) an order of any federal or state regulatory
      authority having jurisdiction over the Company which substantially limits
      or materially prohibits the Executive from serving as an officer or
      employee of the Company or EBTA, or substantially limits the ability of
      the Executive to fulfill his duties pursuant to this Agreement,</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii) the willful failure of Executive substantially to
      perform his duties hereunder (other than any such failure due to
      Executive's physical or mental illness);</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iii) a willful breach by Executive of any material
      provision of this Agreement;</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(iv) Executive's conviction (or a plea by Executive of
      </FONT><I><FONT face=serif size=2>nolo contendere</FONT></I><FONT face=serif size=2>) of a felony or other crime of involving moral
      turpitude or other crime of criminal fraud;</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(v) chemical or alcohol dependency which materially and
      adversely affects Executive's performance of his duties under this
      Agreement; or</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(vi) misappropriation (or attempted misappropriation) of
      any of the Company's funds or property.</FONT></P>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If subsequent to Executive's Termination Other Than For
      Cause, as hereinafter defined, it is determined in good faith by the
      Company that Executive's employment could have been terminated for Cause
      due to Executive's material breach of items (iii) or (vi), Executive's
      employment shall be deemed to have been Termination For Cause
      retroactively to the date such event or events giving rise to Cause
      occurred. Notwithstanding the above, Cause shall not be deemed to exist
      under items (ii), (iii) or (v), unless the Company first provides written
      notice to Executive of the grounds on which Cause is asserted and a thirty
      (30) day opportunity to cure, if curable, following delivery of such
      notice and Executive fails to remedy the event or situation on which Cause
      is being asserted. For purposes hereof, an action will be considered
      &#147;willful&#148; only if it is done intentionally, purposely or knowingly, as
      distinguished from an act done carelessly, thoughtlessly, or
      inadvertently.</FONT></P></DIV></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 2 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif>4.</FONT></TD>
    <TD width="100%"><FONT face=serif>Change Section 5.2 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif>5.2 </FONT></B><B><U><FONT face=serif>Termination
      Other Than for Cause</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>Notwithstanding any other provisions of this Agreement, the
      Company may affect a &#147;Termination Other Than For Cause&#148;, as hereinafter
      defined, at any time upon giving written notice to Executive of such
      termination.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a) Upon any Termination Other Than For Cause, all payments and benefits
      set forth in this Section 5.2 and Section 6.2, shall be subject to and
      conditioned upon Executive's compliance with the terms, provisions and
      conditions contained in this Agreement in Sections 7, 8 and 9, and shall
      be subject to and conditioned upon Executive's execution, within 60 days
      after Executive&#146;s Separation from Service, of a release and waiver of all
      claims with respect to Executive's employment against the Company, EBTA,
      their Affiliates and their respective officers and directors in a form
      reasonably satisfactory to the Company, other than rights under this
      Section 5.2 and Section 6.2.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b) Executive shall, within thirty (30) days after such Termination Other
      Than For Cause, be paid all Accrued Compensation, together with all
      Targeted Bonus Compensation accrued as of the date of such termination and
      computed at the Target Performance Level, and Severance Compensation as
      defined in Section 6.2.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c) &#147;Termination Other Than For Cause&#148; shall mean</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%">
      <P style="PADDING-LEFT: 15pt"><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (i) any termination by the Company of Executive's employment with the
      Company other than a Termination For Cause (as defined in Section 5.1), a
      Termination by Reason of Disability (as defined in Section 5.3), a
      termination on account of death (as described in Section 5.4), a Voluntary
      Termination (as defined in Section 5.5) or a Termination Upon a Change of
      Control (as defined in Section 5.6), provided that such termination
      constitutes a Separation from Service as defined in Section 22.1;
      or</FONT> </P></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%">
      <P style="PADDING-LEFT: 15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (ii) a termination by Executive of Executive's employment with the Company
      by reason of a Constructive Termination. As used herein, &#147;Constructive
      Termination&#148; means the termination of Executive's employment by the
      Executive by reason of (A) the Company's material breach of this Agreement
      which remains uncured for a period of thirty (30) days following
      Executive's notice of such breach given to the Company, (B) the assignment
      of Executive without his consent to a position, responsibilities or duties
      of a materially lesser status or degree of responsibility than his
      position, responsibilities or duties as of the Effective Date, following
      notice by Executive of his refusal to consent to such position,
      responsibilities or duties and the Company's refusal to modify such
      position or responsibility so that it is no longer of lesser status or
      degree of responsibility than his position, responsibilities or duties as
      of the Effective Date or (C) the requirement by the Company that
      Executive's primary residence be based anywhere other than the Phoenix,
      Arizona metropolitan area, without Executive's consent. It is acknowledged
      that the removal of Executive from any of the Boards, or as an officer
      position in any Affiliate of EBTA, EBT or EFSC to which Executive has been
      elected and is serving pursuant to Section 1.3, will not constitute a
      diminution in status or duties and will not cause a Constructive
      Termination, provided that such termination constitutes a Separation from
      Service as defined in Section 22.1; or</P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 3 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD style="PADDING-LEFT: 15pt" width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (iii) any termination of Executive's employment pursuant to this Agreement
      effectuated by the Company giving a Non-Renewal Notice pursuant to Section
      2 for reasons that do not constitute &#147;Cause,&#148; provided that such
      termination constitutes a Separation from Service as defined in Section
      22.1.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 6.1 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>6.1 </STRONG></FONT><STRONG><U><FONT face=serif size=2>Severance
      Upon Change of Control</FONT></U><FONT face=serif size=2>.
      </FONT></STRONG><FONT face=serif size=2>In the event a Termination Other
      Than For Cause which is a Termination Upon a Change of Control, Executive
      shall be paid as &#147;Severance Compensation&#148; twenty-four (24) month severance
      pay, based on Executive's Average Monthly Compensation, such compensation
      to be paid in substantially equal installments upon and as of the regular
      payment dates during each of the twenty-four (24) months following such
      termination. As used herein, &#147;Average Monthly Compensation&#148; means the
      total amount of Base Salary and Target Bonus computed as though the Target
      Performance Level had been achieved.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 6.2 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>6.2 </STRONG></FONT><STRONG><U><FONT face=serif size=2>Termination
      Other Than for Cause</FONT></U><FONT face=serif size=2>.
      </FONT></STRONG><FONT face=serif size=2>In the event Executive's
      employment is terminated by reason of a Termination Other Than For Cause
      (which does not constitute a Termination Upon a Change of Control),
      Executive shall be paid as &#147;Severance Compensation&#148; twelve (12) months
      severance pay, based on Executive's Average Monthly Compensation, such
      compensation to be paid in substantially equal installments upon and as of
      the regular payment dates during each of the twelve (12) months following
      such termination.</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>7.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 6.4 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>6.4 </STRONG></FONT><U><FONT face=serif size=2><STRONG>Consulting
      Obligations</STRONG></FONT></U><FONT face=serif size=2>. During any period
      of time during which Executive is receiving Severance Compensation
      pursuant to this Agreement, Executive shall provide transition services,
      advice, answers to questions (known to Executive) related to the business
      of the Company, EBTA or any of their Affiliates, and consultation with the
      Company, EBTA or any successor as the result of a Change of Control to
      the</FONT> extent that Executive&#146;s provision of such services would not
      prevent Executive&#146;s termination of employment from constituting a
      Separation from Service. It is intended that such services shall not
      unreasonably interfere with Executive's employment activities which are
      permissible pursuant to this Agreement and shall be reasonably arranged to
      be at times convenient for the Executive.</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 4 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>8.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Delete Section 6.5 and renumber
      Section 6.6 as Section 6.5.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>9.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Change Section 23 to read in its
      entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>23.
      <U>409A</U></STRONG></FONT><FONT face=serif size=2><STRONG>.
      </STRONG></FONT><FONT face=serif size=2>The following provisions shall
      apply notwithstanding any other provisions herein to the
    contrary:</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>23.1
      </STRONG></FONT><STRONG><U><FONT face=serif size=2>Separation From
      Service</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>Any amount that (i) is payable upon termination of
      Executive&#146;s employment with the Company under any provision of this
      Agreement, and (ii) is subject to the requirements of Code Section 409A,
      shall not be paid unless and until the Executive has Separated from
      Service. As used in this Agreement, the terms &#147;Separated from Service&#148; and
      &#147;Separation from Service&#148; shall have the meaning specified in Treasury
      Regulation Section 1.409A-1(h).</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>23.2
      </STRONG></FONT><STRONG><U><FONT face=serif size=2>Required
      Delay</FONT></U><FONT face=serif size=2>. </FONT></STRONG><FONT face=serif size=2>If Executive is a &#147;specified employee&#148; (within the meaning of
      Section 409A(a)(2)(B)(i) of the Code) of Company at the time of his
      termination of employment and if payment of Severance Compensation to the
      Executive is on account of an &#147;involuntary separation from service&#148; (as
      defined in Treasury Regulation Section 1.409A-1(n)), Executive shall be
      paid such Severance Compensation during the six (6) month period
      immediately following the date of his Separation from Service as otherwise
      provided under Section 6 for such six-month period except that the total
      amount of such payments shall not exceed the lesser of the amount
      specified under (i) Treasury Regulation Section 1.409A-1(9)(iii)(A)(1) or
      (ii) Treasury Regulation Section 1.409A-1(9)(iii)(A)(2). To the extent
      such amounts otherwise payable during such six-month period exceed the
      amounts payable under the immediately preceding sentence, such excess
      amounts shall not be paid during such six-month period, but instead shall
      be paid in a single sum on the first regular payroll date of Company
      immediately following the six (6) month anniversary of the date of
      Executive&#146;s Separation from Service. If Executive is a specified employee
      and Executive&#146;s Separation from Service is not an involuntary separation
      from service as defined in Treasury Regulation Section 1.409A-1(n), then
      any Severance Compensation and any other amount due to Executive under
      this Agreement that is subject to Code Section 409A and that would
      otherwise have been paid during the six (6) month period immediately
      following the date of Executive&#146;s Separation from Service shall be paid in
      a single sum on the first payroll date of Company immediately following
      the six month anniversary of Executive&#146;s Separation from Service. Amounts,
      the payment of which are deferred under this Section, shall be increased
      by interest at the prime rate as of the date of Executive&#146;s Separation
      from Service as published in the Wall Street Journal from the date such
      amounts would have been paid but for this provision and such accumulated
      interest shall also be paid to the Executive on the first payroll date of
      Company</FONT> immediately following the six month anniversary of
      Executive&#146;s Separation from Service.&nbsp;&nbsp;&nbsp;
</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 5 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>Notwithstanding the provisions of
      this Section 23, the Company has no responsibility or obligation to
      Executive with respect to any tax that may be incurred by Executive
      pursuant to Code Section 409A.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>10.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>There shall be added a new
      Section 25 which reads in its entirety as follows:</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>25. <U>Emergency
      Economic Stabilization Act Provisions</U></STRONG></FONT><FONT face=serif size=2>. The following</FONT> provisions are agreed to by the parties in
      connection with the purchase by the United States Department of the
      Treasury (the &#147;UST&#148;) of certain preferred shares and related common stock
      warrants of the Company (the &#147;Purchased Securities&#148;) and pursuant to a
      Letter Agreement and a Securities Purchase Agreement, between the UST and
      the Company (the &#147;Purchase Agreement&#148;), the Company is required to meet
      certain executive compensation and corporate governance standards under
      Section 111(b) of the Emergency Economic Stabilization Act of 2008
      (&#147;EESA&#148;), as implemented by guidance or regulation thereunder that has
      been issued and is in effect as of the Closing Date (as defined in the
      Purchase Agreement) (such guidance or regulation being hereinafter
      referred to as the &#147;CPP Guidance&#148;).</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a) In the event that any payment or benefit to which the Executive is or
      may become entitled under the this Agreement, the Plan or any other plan,
      arrangement or agreement of the Company to which Executive is a party or
      beneficiary is a &#147;golden parachute payment&#148; for purposes of Section 111(b)
      of the EESA and the CPP Guidance, including the rules set forth in Section
      30.9 Q-9 of 31 C.F.R. Part 30, if, and to the extent, the payment of which
      is prohibited to be made by the Company under EESA and the CPP Guidance
      then during the period that the UST owns any equity or debt securities
      acquired under the Purchase Agreement or the conversion of any convertible
      securities or exercise of any options or warrants acquired thereunder (i)
      the Company shall not make or provide (nor shall the Company be obligated
      to make or provide) any such prohibited portion of such payment or benefit
      to the Executive and (ii) Executive shall not be entitled to receive any
      such prohibited portion of such payment or benefit.</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b) Any bonus or incentive compensation paid to the Executive during the
      period that the UST owns the Purchased Securities will be subject to
      recovery or &#147;clawback&#148; by the Company or its affiliates (pursuant to the
      Company&#146;s TARP Capital Purchase Program Clawback Policy attached hereto as
      Exhibit A, as it may be amended from time to time) if, and to the extent,
      the payments were based on materially inaccurate financial statements or
      any other materially inaccurate performance metric criteria, all within
      the meaning of Section 111(b) of the EESA and the CPP Guidance.</FONT>
  </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c) In the event that the Committee determines that any bonus or incentive
      compensation arrangement pursuant to which the Executive is or may be
      entitled to a payment, including without limitation this Agreement or the
      Plan,</FONT> encourages the Executive to take &#147;unnecessary and excessive
      risks that threaten the value of the financial institution&#148; (within the
      meaning of &#167; 30.9 Q-4 of 31 C.F.R. Part 30), the Committee (or, if
      required by the applicable arrangement, the Board), on behalf of the
      Company, shall take such action as is necessary to amend any such bonus
      and/or incentive compensation arrangements to eliminate such
      encouragement, and the Executive&#146;s bonus and/or incentive compensation
      will be determined pursuant to such amended
arrangements.</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 6 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>11.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Except as expressly amended
      pursuant to this Amendment, the Original Agreement shall continue in full
      force and effect without modification. Employee hereby waives any claim
      that this Amendment constitutes a Termination Other Than for Cause, as
      such term is defined in the Original Agreement.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>12.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Capitalized terms not defined
      herein shall have the meaning given them in the Original Agreement unless
      the context clearly and unambiguously requires otherwise.</FONT>
  </TD></TR></TABLE>
<P align=center><FONT face=serif size=2>[The remainder of this page is blank.
The next page is the signature page.] </FONT></P>
<P align=center><FONT face=serif size=2>- 7 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN
WITNESS WHEREOF, the undersigned have executed this Amendment this
19<SUP>th</SUP> day of December, 2008. </FONT></P>
<DIV align=right>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD align=left width="100%" colSpan=2>
      <P align=justify><B><FONT face=serif size=2>ENTERPRISE FINANCIAL SERVICES
      CORP</FONT></B></P></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2>By:<STRONG>&nbsp;
    </STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%"><FONT face=serif size=2>&nbsp; /s/ Peter F. Benoist<FONT size=3>
    </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><B><FONT face=serif size=2>Peter F. Benoist,
      President &amp; Chief</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><B><FONT face=serif size=2>Executive
      Officer</FONT></B></TD></TR></TABLE></DIV><BR>
<DIV align=right>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD align=left width="100%" colSpan=2>
      <P align=justify><B><FONT face=serif size=2>ENTERPRISE BANK &amp; TRUST
      COMPANY </FONT></B></P></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%">By:<STRONG>&nbsp; </STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%"><FONT face=serif size=2>&nbsp; /s/ Stephen P. Marsh</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><B><FONT face=serif size=2>Stephen P. Marsh,
      President &amp; Chief</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="99%"><B><FONT face=serif size=2>Executive
      Officer</FONT></B></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%" colSpan=2><FONT face=serif size=2>/s/ John G. Barry</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=2><B><FONT face=serif size=2>John G.
      Barry </FONT></B></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>- 8 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><U><FONT face=serif size=2>Exhibit A</FONT></U></B><FONT face=serif size=2> </FONT></P>
<P align=center><FONT face=serif size=2>Capital Purchase Program Clawback
Policy</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Capital Purchase Program Clawback Policy (this &#147;Policy&#148;), adopted by Enterprise
Financial Services Corp (the &#147;Company&#148;) Board of Directors (the &#147;Board&#148;) as of
December 17, 2008, has been established as part of the Company&#146;s participation
in the TARP Capital Purchase Program (the &#147;CPP&#148;) of the United States Treasury
Department (&#147;UST&#148;). This Policy is intended to comply with Section 111(b)(2)(B)
of the Emergency Economic Stabilization Act of 2008 (&#147;EESA&#148;), and the guidance
and regulations thereunder in effect as from time to time (any such guidance or
regulation being referred to hereinafter as &#147;CPP Guidance&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any bonus
or incentive compensation paid to any of the Company&#146;s &#147;senior executive
officers&#148; or &#147;SEOs,&#148; within the meaning set forth in CPP Guidance, during the
time period UST holds an equity or debt position acquired under the CPP will be
subject to recovery or &#147;clawback&#148; by the Company to the extent such payment or
benefit was based on materially inaccurate financial statements or any other
materially inaccurate performance metric criteria.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Policy will be administered by the Board&#146;s Compensation Committee (the
&#147;Committee&#148;), unless otherwise determined by the Board, in accordance with the
following:</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1) This Policy shall be interpreted and all determinations
pursuant to this Policy shall be made in accordance with EESA and any applicable
CPP Guidance, notwithstanding anything in any policy, plan, program, agreement
or arrangement of the Company or any of the affiliates in its &#147;controlled
group,&#148; within the meaning of &#167;30.1 Q-1(b) of 31 C.F.R. Part 30 or any
subsequent applicable CPP Guidance, to the contrary. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2) If the Committee determines, in its sole and absolute
discretion, that, during the time period that UST holds an equity or debt
position acquired under the CPP, an SEO received a payment, or payments, of
bonus or incentive compensation (including, without limitation, any non-equity
short- or long-term bonus or any equity compensation) that is based on
materially inaccurate financial statements or any other materially inaccurate
performance metric criteria used in determining or setting such bonus or
incentive compensation, then the Committee shall determine the amount of any
such bonus or incentive compensation that was paid as a result of such
materially inaccurate financial statements and/or performance metric criteria
(the &#147;Overpayment Amount&#148;). The Committee shall, promptly after making such
determination, send such SEO a notice of recovery (&#147;Recovery Notice&#148;) which
shall specify the Overpayment Amount and the terms for prompt repayment
thereof.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
shall have the authority to amend or terminate this Policy to the extent
necessary to comply with the requirements of EESA and the CPP Guidance. The
Committee shall have the authority to establish rules and procedures for
administering this Policy, all of which shall comply with the requirements of
EESA and the CPP Guidance. </FONT></P>
<P align=center><FONT face=serif size=2>- 9 -</FONT></P>
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