6~3 6 ORIGINAL FILE D 02 JAN 1 5 AM (~ J U.S. UiS i f~~± i COURT UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ALABAMA SOUTHERN DIVISION

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1 ORIGINAL FILE D 02 JAN 1 5 AM 8 39 (~ J U.S. UiS i f~~± i COURT N.D. OF AL.e",8AM A UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ALABAMA SOUTHERN DIVISION In re VESTA INSURANCE GROUP, INC. SECURITIES LITIGATION This Document Relates To ALL ACTIONS. Master File No. CV-98-W-1407-S CLASS ACTION STIPULATION OF SETTLEMEN T 6~3 6

2 WHEREAS, plaintiffs' First Amended Complaint names Stephen P. Leonard, Mary Beth Heibein, Norman W. Gayle III, Brian R. Meredith, Russell C. Fletcher and R.K. Richey as defendants (herein referred to as "Released Individual Defendants") ; WHEREAS, plaintiffs have completed fact discovery and believe the Released Individual Defendants should be dismissed from the case ; WHEREAS, the plaintiffs and Released Individual Defendants, through their respective counsel, agree in this stipulation to release all claims related to this litigation ; IT IS HEREBY STIPULATED AND AGREED as follows : 1. TERMS OF STIPULATION AND AGREEMENT OF SETTLEMENT 1. Definitions "Released Claims" shall collectively mean all claims, demands, rights, liabilities and causes of action of every nature and description whatsoever, known or unknown, whether or not concealed or hidden, asserted or that might have been asserted, including, without limitation, claims for negligence, gross negligence, breach of duty of care and/or breach of duty of loyalty, fraud, breach of fiduciary duty, or violations of any state or federal statutes, rules or regulations, by any Representative Plaintiff or Class Member against any Released Individual Defendant arising out of, based upon or related to both the purchase of Vesta Insurance Group, Inc. common stock between June 2, 1995 and June 29, 1998, and the facts, transactions, events, occurrences, acts, disclosures, statements, omissions or failures to act which were or could have been alleged in the Litigation based upon the facts which were alleged. 2. Release s 2.1 Upon the date the order (the "Dismissal Order") dismissing the Released Individual Defendants becomes final and no longer subject to appeal or other review, the Representative Plaintiffs and each of the Class Members shall be deemed to have, -1-

3 and by operation of the Dismissal Order shall have, fully, finally, and forever released, relinquished and discharged all Released Claims and any and all claims arising out of, relating to, or in connection with the settlement or resolution of the Litigation against the Released Individual Defendants. 2.2 Upon the date the Dismissal Order becomes final and no longer subject to appeal or other review, each of the Released Individual Defendants shall be deemed to have, and by operation of the Dismissal Order shall have, fully, finally, and forever released, relinquished and discharged each and all of the Class Members and counsel to the Representative Plaintiffs from all claims, arising out of, relating to, or in connection with the institution, prosecution, assertion, settlement or resolution of the Litigation or the Released Claims. 2.3 All parties agree that this Litigation was commenced and prosecuted in good faith in accordance with Rule 11 of the Federal Rules of Civil Procedure. 2.4 The Released Individual Defendants agree not to seek reimbursement of their legal fees and expenses from the plaintiffs or their counsel in this action. 2.5 Each of the Released Individual Defendants agree to accept service of a subpoena to testify at trial, and to make themselves available to testify at the trial of this action. IN WITNESS WHEREOF, the parties hereto have caused the Stipulation to be executed, by their duly authorized attorneys, dated as of December 11, RAGSDALE & WHEELER, LLC M. CLAY RAGSDALE E. ANSEL STRICKLAND 1929 Third Avenue North 550 Farley Building Birmingham AL Telephone : 105/

4 STRAUS & BOIES L.L.P. MICHAEL STR.AU'S MARK JACKSON SCHIRMER nd Stree t Birmingham AL Telephone: 105/ Co-Liaison Counsel for Plaintiffs MILBERG WEISS BERSHAD HYNES & LERACH LLP WILLIAM S. LERACH MICHAEL J. DOWD SPENCER A. BURKHOLZ KATHLEEN A. HERKENHOFF TRICIA L. McCORMICK too A., r, &44"W' SPENCER A. BURKHOLZ 600 West Broadway Suite 1800 San Diego, CA Telephone : 619/ MILBERG WEISS BERSHAD HYNES & LERACH LLP PATRICK J. COUGHLIN 100 Pine Street, Suite 2600 San Francisco CA Telephone: 415/ GOODKIND LABATON RUDOFF & SUCHAROW LLP THOMAS A. DUEBS JAMES W. JOHNSO N,ter 1+p Ty so.40 JAMES W. JOHNSON 100 Park Avenue, 12th Floor New York, NY Telephone: 212/ Co-Lead Counsel for Plaintiffs -3-

5 i'r Counsel for Defendant P..K Richey B$RKOW IZ~ OVITS, ISOM & SlIN Y.& D S J T HINTON F~'Y ^is J. FORREST HUMN 1600 SouthT:vst Tower 420 Noaih 20 St" Bixmdng~u Telephone: Counsel for Decedent Stephen P. Leonard DAAVID. RDONALrDSdN L.C. DAVID R. DONALDSON Two ltvrtb T ~ti treot, Suite A r 2 Telephone: Counsel for Dot MSiy Beth Heibein -4-

6 JAMES P. LIMN LAW OFFICE JA_,P.,LINN S ttr.~v R. JOHNS ON EPHEN R. JOHNSON 1100 Bank f ahoma Plaza 201 Robert ; Agwr Avenue Oldahoma K 731, Telephone: 4 S'! Counsel for Defendant R.K. Richey B OWTIZA LSFKOVITS. ISOM &._ hl J. PO ON Counsel for Defendant Stephen. P. Leonard DAVID R DONALDSO~TL L.C. DAVID PL DONALDSON Two North Twentieth Street, Suite Telephoae Counsel fbr Defendant Mary Beth Heibein -4-

7 JAMES P. LINN LAW OFFICE JAMES P. LINN STEPHEN R. JOHNSON STEPHEN R. JOHNSON 1100 Bank of Oklahoma Plaza 201 Robert S. Kerr Avenue Oklahoma City OK Telephone : 465'/ Counsel for Defendant R.K. Richey EERKOWTIZ, LEFKOVITS, ISOM & KUSffNEI~, A.P.C. HENRY I. FROST N J. FORREST HINTON J. FORREST HINTON 1600 SouthTrust Tower 420 North 20th Street BirminghamAL Telephone: 205/32$-0480 Counsel for Defendant Stephen P. Leonard DONALDSO N& GUIN L.L.C. DA 7ALD DAVID R. DONALDSON Two North Twentieth Street, Suite 1100 Birminghau~ AL Telephone : 205/ Counsel for Defendant Mary Beth Heibein -4-

8 )MIME ER & GAI ;fi, P.C. LUTHER IRIIJR. LUTHER M. DORR, JRi 1 Sixth Avenue North p" S6.1athf3mben 3 Plaza 2602 Te i Counsel for Defendant Norman W. Gayle III KILPATRICK STOCKTON, LLP STEPHEN E. TMSO N JOEL D. BUS JOEL D. BUSH 1100 Suite Telephone : 404/ Jh N UNT 1). SAXON' P.C rd Avenne Suite 100 No - Tele one: 205/ Counsel for Defendant Brian R. Meredith 0O LPARTON PROCTOR & H H. SMCT i II RALPH K SMITH n 2900 Axnsouth/Harbert Plaza th Avcnue North M aangbaw AL aphonc : 205/ Counsel for Defendant Russell C, Fletcher N!%CA%M FSTA\ $ -5-

9 MAYNARD COOPER & GALE, P.C. A. INGE SELDEN III LZTTHER M. DORR, JR. LUTHER M. DORR, JR 1901 Sixth Avenue North 2400 AxSoub bert Plaza B n,ninghanff Telephone: 205/ Counsel for Defendant Nornm W. Gayle III KILPATRICK STOCKTON, LLP STEPHEN E. UDSON JOEL D. BUSH JOEL D. BUSH 1100 Peachtree Sweet Suite 2800 Atlanta, GA Telephone: 404/ JOHN D. SAXON P.C. JOHN D. SAXON' rd Avenue Nortb, Suite 100 AL Telephone: 205/ Counsel for Defendant Brian R. Meredith JO TLO TON PROCTOR 8t POWEL RALPH H. SMITH I RALPH H. SMITH I 2900 AmsoutblHarbert Plaza th Avenue North Biriamgham AL Telephone: 205/ Counsel for Defendant Russell C. Fletcher -5-