In a nonstick pan, melt butter over medium heat. Add onion and green pepper and cook until soft.
Season onion and pepper with salt and pepper and let cool.
Tear 2 pieces of bread into small pieces and combine in a small bowl with the milk.
Grease a 9x5-inch pan and place the remaining 2 pieces of bread in the bottom of the pan. You can use the end pieces of bread for this. The bread will soak up most of the grease and can be discarded after cooking.
In a large bowl, combine ground beef, eggs, seasoned salt, pepper, basil, thyme, ketchup, Worcestershire sauce, and hot sauce.
Add bread soaked in milk and cooled onions and peppers.
Gently mix everything until evenly combined, being careful not to overmix.
Transfer mixture to prepared pan and gently pat it down so that it is even along the top.
To make glaze, mix together ingredients in a small bowl. Spread on top of uncooked meatloaf.
Place in oven for 60 to 70 minutes.
Let cool 10 minutes before removing from pan. Scrape bread slices off bottom and discard. They are just there to soak up excess grease.