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                                                                   Exhibit 10.24



                          FORM OF FIRST BANK OF FLORIDA
                           CHANGE OF CONTROL AGREEMENT



         This AGREEMENT is made effective as of ____________________, by and
between First Bank of Florida (the "Association"), a federally chartered savings
institution, with its administrative office at 450 S. Australian Avenue, West
Palm Beach, Florida and ____________________, an individual residing at
_________________________ (Executive"). The term "Holding Company" refers to
First Palm Beach Bancorp, Inc., the Association's parent, a corporation
organized under the laws of the State of Delaware, or any successor thereto.

         WHEREAS, the Association considers it essential to the best interest of
its stockholder to foster the continued employment of its key management
personnel; and

         WHEREAS, the Board of Directors of the Association recognizes that, as
is the case with subsidiaries of many publicly-held corporations, the
possibility of a Change of Control of the Holding Company or the Association
exists and that such possibility, and the uncertainty and questions which it may
raise among management of both the Holding Company and the Association, may
result in the departure or distraction of management personnel to the detriment
of the Association and its stockholder; and

         WHEREAS, the Board of Directors of the Association has determined that
appropriate steps should be taken to reinforce and encourage the continued
attention and dedication of members of the Association's management, including
Executive, to their assigned duties without distraction in the face of
potentially disturbing circumstances arising from the possibility of a Change of
Control of the Holding Company or the Association;

         NOW THEREFORE, in consideration of the mutual covenants, terms and
conditions herein set forth, the parties hereto agree as follows:

1.       TERM OF AGREEMENT.

         (a) The initial term of this Agreement shall commence on
_______________ and shall terminate on May 19, 2000, unless further extended in
accordance with the terms and conditions hereinafter set forth. Prior to the
first anniversary date of this Agreement and on each anniversary date thereafter
(each an "Anniversary Date"), the Board of Directors of the Association (the
"Board") shall review the terms of this Agreement and Executive's performance of
services hereunder and may, in the absence of objection from Executive, approve
an extension of this Agreement. In such event, this Agreement shall be extended
to the third anniversary of the relevant Anniversary Date.

         (b) Notwithstanding anything herein contained to the contrary, the
Executive's employment with the Association may be terminated at any time;
provided, however, that the relative rights and obligations of the Association
and Executive in the event of any such termination shall be determined under
this Agreement.

         (c) During the period of Executive's employment that falls during the
term of this Agreement and following a Change of Control of the Association (as
hereinafter defined), Executive shall: (a) devote her full business time and
attention (other than during holidays, vacation periods, and periods of illness,
disability or approved leave of absence) to the business and affairs of the
Association and use her best efforts to advance the Association's interests; (b)
serve in the position to which Executive is appointed by the Association, which
shall be the position that Executive held on the day before the Change of
Control of the Association occurred or any higher office at the Association to
which she may subsequently be appointed; and (c) subject to the direction of the
Board and the By-laws of the Association, have such functions, duties,
responsibilities and authority commonly associated with such position.

2.       PAYMENTS TO EXECUTIVE UPON CHANGE OF CONTROL.

         (a) Upon the occurrence of a Change of Control of the Association (as
hereinafter defined) followed at any time during the term of this Agreement by
the involuntary termination of Executive's employment, other than a


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Termination for Cause as defined in Section 2 (c) hereof, or by the voluntary
termination of Executive's employment for Good Reason (as hereinafter defined),
the provisions of section 3 shall apply. For purposes of this Agreement, "Good
Reason" shall mean (A) a failure by the Association to comply with any material
provision of this Agreement, which failure has not been cured within ten (10)
days after notice of such noncompliance has been given by Executive to the
Association; (B) the assignment to Executive of any duties inconsistent with
Executive's positions, duties, responsibilities and status with the Association
immediately prior to the Change of Control of the Association, any removal of
Executive from, or any failure to re-elect Executive to, any of the positions
previously held by Executive, or a change in the Executive's reporting
responsibilities, titles or offices as in effect immediately prior to the Change
of Control of the Association, a reduction by the Association in the Executive's
annual salary as in effect immediately prior to Change of Control of the
Association, or as the same may be increased from time-to-time, or the
requirement that Executive be relocated to an office which is more than 25 miles
from the current principal executive office of the Association, or the failure
of the Association to continue in effect any bonus, benefit or compensation
plan, life insurance plan, health or accident plan or disability plan in which
Executive is participating at the time of Change of Control of the Association,
or the taking of any action by the Association which would adversely affect
Executive's participation in or materially reduce Executive's benefits under any
of such plans; or (C) any purported termination of Executive's employment which
is not effected pursuant to a Notice of Termination satisfying the requirements
of paragraph 4 hereof (and for purposes of this Agreement, no such purported
termination shall be effective).

         (b) For the purposes of this Agreement, a "Change of Control" of the
Association shall be (i) an event of a nature that results in a Change of
Control of the Association within the meaning of the Home Owners' Loan Act of
1933 and the Rules and Regulations promulgated by the Office of Thrift
Supervision (or its predecessor agency), as in effect on the date hereof
(provided that in applying the definition of a Change of Control as set forth
under the Rules and Regulations of the OTS, the Board of Directors shall
substitute its judgment for that of the OTS), or (ii) a Change of Control of a
nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), without regard to whether or not such
regulation actually applies; provided that, without limitation, such a Change of
Control shall be deemed to have occurred if (A) any "person" (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act in effect on the date first
above written), other than the Association or any person who on the date hereof
is a director or officer of the Association, becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Association (not including any securities acquired directly
from the Association or its affiliates other than in connection with the
acquisition by the Association or its affiliates of a business) representing 20%
or more of the combined voting power in the election of directors of the
Association's then outstanding securities, (B) during any period of not more
than two consecutive years, individuals who at the beginning of such period
constitute the Board of Directors of the Association together with any new
director (other than a director whose initial assumption of office is in
connection with any actual or threatened election contest, including but not
limited to a consent solicitation, relating to the election of directors of the
Association) whose appointment or election by the Board of Directors of the
Association or nomination for election by the Association's stockholders was
approved or recommended by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors on the date hereof or whose
appointment, election or nomination for election was previously so approved or
recommended, cease for any reason to constitute at least a majority thereof, (C)
the stockholders of the Holding Company or the Association approve a merger or
consolidation of the Association with any other corporation, other than (i) a
merger or consolidation which would result in the voting securities of the
Association outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent thereof) at least
60% of the combined voting power in the election of directors of the securities
of the Association or such surviving entity or any parent thereof outstanding
immediately after such merger or consolidation, or (ii) a merger or
consolidation effected to implement a recapitalization of the Association (or
similar transaction) in which no "person" is or becomes the "beneficial owner,"
directly or indirectly, of securities of the Association (not including in the
securities "beneficially owned" by such "person" any securities acquired
directly from the Association or its affiliates other than in connection with
the acquisition by the Association or its affiliates of a business) representing
20% or more of the combined voting power in the election of directors of the
Association's then outstanding securities; or (D) the stockholders of the
Association approve a plan of complete liquidation or dissolution of the
Association or an agreement for the sale or disposition by the Association of
all or substantially all of the Association's assets, other than a sale or
disposition by the Holding Company of all or substantially all of the


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Association's assets to an entity which assumes the obligations set forth in
this Agreement, and at least 60% of the combined voting power in the election of
directors of the voting securities of which are owned by stockholders of the
Association in substantially the same proportions as their ownership of the
Association immediately prior to such sale.

         A Change of Control of the Association shall also include any event
described in this section 2(b) if the term "Holding Company" were substituted
for the term "Association" each time it appears herein.

         (c) The Executive shall not have the right to receive termination
benefits pursuant to section 3 hereof upon Termination for Cause. "Termination
for Cause" for purposes of this Agreement shall mean personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any
law, rule or regulation (other than traffic violations or similar offenses) or
final cease and desist order, or any material breach of this Agreement, in each
case as measured against standards generally prevailing at the relevant time in
the savings and community banking industry; PROVIDED, HOWEVER, that Executive
shall not be deemed to have been discharged for cause unless and until the
following procedures shall have been followed:

                  (i) the Board shall adopt a resolution duly approved by
         affirmative vote of a majority of the entire Board at a meeting called
         and held for such purpose calling for Executive's termination for cause
         and setting forth the purported grounds for such termination ("Proposed
         Termination Resolution");

                  (ii) as soon as practicable, and in any event within five (5)
         days after adoption of such resolution, the Board shall furnish to
         Executive a written notice of termination which shall be accompanied by
         a certified copy of the Proposed Termination Resolution ("Notice of
         Proposed Termination");

                  (iii) Executive shall be afforded a reasonable opportunity to
         make oral and written presentations to the members of the Board, on her
         own behalf, or through a representative, who may be her legal counsel,
         to refute the grounds set forth in the Proposed Termination Resolution
         at one or more meetings of the Board to be held no sooner than fifteen
         (15) days and no later than thirty (30) days after Executive's receipt
         of the Proposed Termination Notice ("Termination Hearings"); and

                  (iv) within ten (10) days following the end of the Termination
         Hearings, the Board shall adopt a resolution duly approved by
         affirmative vote of a majority of the entire Board at a meeting called
         and held for such purpose (A) finding that in the good faith opinion of
         the Board the grounds for termination set forth in the Proposed
         Termination Resolution exist and (B) terminating Executive's employment
         ("Termination Resolution"); and

                  (v) as promptly as practicable, and in any event within one
         (1) business day after adoption of the Termination Resolution, the
         Board shall furnish to Executive written notice of termination, which
         notice shall include a copy of the Termination Resolution and specify
         an effective date of termination that is not later than the date on
         which such notice is given;

         (d) For purposes of section 2(c), no act or failure to act on the part
of Executive shall be considered "willful" unless it is done, or omitted to be
done, by Executive in bad faith or without reasonable belief that Executive's
action or omission was in the best interests of the Association. Any act, or
failure to act, based upon authority given pursuant to a resolution duly adopted
by the Board or based upon the written advice of counsel for the Association
shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Association.

3.       TERMINATION BENEFITS.

         (a) If Executive's employment is terminated by the Association other
than in a Termination for Cause pursuant to paragraph 2(c) hereof, or Executive
terminates employment for Good Reason, in either case after a Change of Control
of the Association as defined in paragraph 2(b) hereof, then in lieu of any
further salary payments to Executive for periods subsequent to the date of
termination, the Association shall pay as severance to Executive an


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amount equal to three (3) times the sum of (A) the higher of Executive's base
salary in effect immediately prior to the occurrence of the event or
circumstance upon which the Notice of Termination is based and Executive's
annual base salary in effect immediately prior to the Change of Control of the
Association, plus (B) the higher of the highest annual bonus or incentive
payment earned by or accrued in respect of Executive in respect of any of the
one year immediately preceding that in which the Date of Termination occurs or
the highest annual bonus or incentive payment so earned in respect of any of the
two (2) years immediately preceding that in which the Change of Control of the
Association occurs. Such payment shall be made in a lump sum within five days of
the date of termination of Executive's employment.

         (b) Upon the occurrence of a Change of Control of the Association
followed at any time during the term of this Agreement by Executive's voluntary
(for Good Reason) or involuntary (other than a Termination for Cause)
termination of employment, the Association shall, for three (3) years or until
Executive obtains employment which provides substantially similar benefits,
provide Executive and anyone entitled to claim under or through Executive all
benefits under any life or other insurance or death benefit plan, medical, group
hospitalization, dental, disability insurance or other future or present similar
group employee benefit plan or program of the Association for which executive
officers are eligible, to the same extent as if Executive had continued to be an
employee of the Association during such period and such benefits shall, to the
extent not paid under any such plan or program, be paid by the Association. The
payments and benefits described in the preceding sentence shall be paid to
Executive's beneficiaries by testate or intestate succession in the event of
Executive's death during the period during which such payments and benefits are
being provided.

         Executive's "qualifying event" for purposes of continuation coverage
under the Consolidated Budget Reconciliation Act ("COBRA") shall occur at the
expiration of such three (3) year period.

         (c) Upon the involuntary termination of Executive's employment with the
Association other than a Termination for Cause, or if Executive terminates
employment for Good Reason, in either case after a Change of Control of the
Association occurs, the Association shall pay and provide to Executive (or, in
the event of Executive's death, to Executive's estate):

                  (i) Executive's earned but unpaid compensation (including,
         without limitation, all items which constitute wages under applicable
         law and the payment of which is not otherwise provided for under this
         section 3) as of the Date of Termination (as hereinafter defined), such
         payment to be made at the time and in the manner prescribed by law
         applicable to the payment of wages but in no event later than thirty
         (30) days after the Date of Termination;

                  (ii) the benefits, if any, to which Executive is entitled as a
         former employee under the employee benefit plans and programs and
         compensation plans and programs maintained for the benefit of the
         Association's officers and employees;

                  (iii) within thirty (30) days following the Date of
         Termination, a lump sum payment in an amount equal to the excess, if
         any, of:

                           (A) the present value of the aggregate benefits to
                  which Executive would be entitled under any and all qualified
                  and non-qualified defined benefit pension plans maintained by,
                  or covering employees of, the Association, if Executive were
                  100% vested thereunder and had continued working for the
                  Association during the remaining term of this Agreement, such
                  benefits to be determined as of the Date of Termination by
                  adding to the service actually recognized under such plans an
                  additional period equal to the remaining term of this
                  Agreement and by adding to the compensation recognized under
                  such plans for the year in which termination of employment
                  occurs all amounts payable under sections 3(a), 3(b) and
                  3(c)(i); over

                           (B) the present value of the benefits to which
                  Executive is actually entitled under such defined benefit
                  pension plans as of the Date of Termination;


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         where such present values are to be determined using the mortality
         tables prescribed under section 415(b)(2)(E)(v) of the Internal Revenue
         Code of 1986, as amended (the "Code") and a discount rate, compounded
         monthly, equal to the annualized rate of interest prescribed by the
         Pension Benefits Guaranty Corporation for the valuation of immediate
         annuities payable under terminating single-employer defined benefit
         plans for the month in which Executive's termination of employment
         occurs ("Applicable PBGC Rate");

         (d) Executive shall not be required to mitigate the amount of any
payment provided for in section 3 of this Agreement by seeking other employment
or otherwise. Further, the amount of any payment or benefit provided for in this
Agreement shall not be reduced by any compensation earned or benefits received
by Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by Executive to the
Association, or otherwise.

         (e)               (A) Notwithstanding any other provisions of this
                  Agreement, in the event that any payment or benefit received
                  or to be received by Executive in connection with a Change of
                  Control of the Association or the termination of Executive's
                  employment (whether pursuant to the terms of this Agreement or
                  any other plan, arrangement or agreement with the Association,
                  any person whose actions result in a Change of Control of the
                  Association or any person affiliated with the Association or
                  such person) (all such payments and benefits, including the
                  payments and benefits provided under this Agreement (the
                  "Severance Payments"), being hereinafter called "Total
                  Payments") would not be deductible (in whole or part), by the
                  Association, an affiliate or a person making such payment or
                  providing such benefit as a result of Section 280G of the
                  Code, then, to the extent necessary to make such portion of
                  the Total Payments deductible (and after taking into account
                  any reduction in the Total Payments provided in such other
                  plan, arrangement or agreement), the cash Severance Payments
                  shall first be reduced (if necessary, to zero), and all other
                  Severance Payments shall thereafter be reduced (if necessary,
                  to zero); PROVIDED, HOWEVER, that Executive may elect (at any
                  time prior to the delivery of a Notice of Termination 
                  hereunder) to have the noncash Severance Payments reduced 
                  (or eliminated) prior to any reduction of the cash Severance 
                  Payments.

                           (B) For purposes of the limitation contained in
                  Subsection (A) of this section 3(e), (i) no portion of the
                  Total Payments the receipt or enjoyment of which Executive
                  shall have effectively waived in writing prior to the delivery
                  of a Notice of Termination shall be taken into account, (ii)
                  no portion of the Total Payments shall be taken into account
                  which, in the opinion of tax counsel ("A Tax Counsel")
                  reasonably acceptable to Executive and selected by the
                  accounting firm which was, immediately prior to the Change of
                  Control of the Association, the Association's independent
                  auditor (the "Auditor"), does not constitute a "parachute
                  payment"within the meaning of Section 280G(b)(2) of the Code,
                  including by reason of Section 280G(b)(4)(A) of the Code,
                  (iii) the Severance Payments shall be reduced only to the
                  extent necessary so that the Total Payments (other than those
                  referred to in clauses (i) or (ii)), in their entirety
                  constitute reasonable compensation for services actually
                  rendered within the meaning of Section 280G(b)(4)(B) of the
                  Code or are otherwise not subject to disallowance as
                  deductions by reason of Section 280G of the Code, in the
                  opinion of Tax Counsel, and (iv) the value of any noncash
                  benefit or any deferred payment or benefit included in the
                  Total Payments shall be determined by the Auditor in
                  accordance with the principles of Sections 280G(d)(3) and (4)
                  of the Code.

                           (C) If it is established pursuant to a final
                  determination of a court or an Internal Revenue Service
                  proceeding that, notwithstanding the good faith of Executive
                  and the Association in applying the terms of this section
                  3(e), the aggregate "parachute payments" paid to or for
                  Executive's benefit are in an amount that would result in any
                  portion of such "parachute payments" not being deductible by
                  reason of Section 280G of the Code, then Executive shall have
                  an obligation to pay the Association upon demand an amount
                  equal to the sum of (i) the excess of the aggregate "parachute
                  payments" paid to or for Executive's benefit over the
                  aggregate "parachute payments" that could have been paid to or
                  for Executive's benefit without any portion of such "parachute
                  payments"


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                  not being deductible by reason of section 280G of the Code;
                  and (ii) interest on the amount set forth in clause (i) of
                  this sentence at 120% of the rate provided in section 1274(b)
                  (2)(B) of the Code from the date of Executive's receipt of
                  such excess until the date of such payment. If the Severance
                  Payments shall be decreased pursuant to section 3(e)(A)
                  hereof, and the benefits under clause (i) of the third
                  sentence of section 3(b) hereof which remain payable after
                  the application of section 3 (e) hereof are thereafter reduced
                  pursuant thereto because of the receipt by Executive of
                  substantially similar benefits, the Association shall, at the
                  time of such reduction, pay to Executive the lowest of (a) the
                  amount of the decrease made in the Severance Payments pursuant
                  to section 3(e) hereof, (b) the amount of the subsequent
                  reduction in such benefits, or (c) the maximum amount which
                  can be paid to Executive without being, or causing any other
                  payment to be, nondeductible by reason of section 280G of the
                  Code.

4.       NOTICE OF TERMINATION.

         (a) Any purported termination by the Association or by the Executive
shall be communicated by Notice of Termination to the other party hereto. Said
Notice of Termination shall be provided to Executive not less than thirty (30)
days prior to Executive's Date of Termination. For purposes of this Agreement, a
"Notice of Termination" shall mean a dated written notice which shall (i)
indicate the specific termination provision in this Agreement relied upon; (ii)
set forth in detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated and
(iii) specify a date of termination, which shall be not less than thirty (30)
days nor more than ninety (90) days after such Notice of Termination is given,
except in the case of a Termination for Cause, in which case the Notice of
Termination may specify a date of termination as of the date of such Notice of
Termination.

         (b) "Date of Termination" shall mean the date specified in the Notice
of Termination.

5.       SOURCE OF PAYMENTS; GUARANTEE

         It is intended by the parties hereto that all payments provided in this
Agreement shall be paid in cash or check from the general funds of the
Association. The Holding Company, however, hereby irrevocably and
unconditionally guarantees to Executive payment of all amounts, and the
performance of all other obligations, due from the Association in accordance
with the terms of this

         Agreement as and when due without any requirement of presentment,
demand of payment, protest or notice of dishonor or nonpayment.

6.       EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS.

         (a) This Agreement contains the entire understanding between the
parties hereto and supersedes any prior agreement between the Association and
Executive (including without limitation that certain Change of Control Agreement
between the Holding Company and Executive dated as of June 30, 1997), except
that this Agreement shall not affect or operate to reduce any benefit or
compensation inuring to Executive of a kind elsewhere provided. No provision of
this Agreement shall be interpreted to mean that Executive is subject to
receiving fewer benefits than those available to him without reference to this
Agreement.

         (b) The termination of Executive's employment during the term of this
Agreement or thereafter, whether by the Association or by Executive, shall have
no effect on the rights and obligations of the parties hereto under the
Association's qualified or non-qualified retirement, pension, savings, ESOP,
thrift, profit-sharing or stock bonus plans, group life, health (including
hospitalization, medical and major medical), dental, accident and long-term
disability insurance plans or such other employee benefit plans or programs, or
compensation plans or programs, as may be maintained by, or cover employees of,
the Association from time to time.


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7.       NO ATTACHMENT.

         Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to affect any such action shall be null,
void, and of no effect.

8.       MODIFICATION AND WAIVER.

         (a) This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto.

         (b) No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such
waiver or Estelle. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as
to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future or as to any act other than that
specifically waived.

9.       REQUIRED REGULATORY PROVISIONS.

         The following provisions are included for the purposes of complying
with various laws, rules and regulations applicable to the Association:

         (a) Notwithstanding anything herein contained to the contrary, in no
event shall the aggregate amount of compensation payable to Executive hereunder
(exclusive of amounts described in section 3(c)(i) and (ii)) exceed one time
Executive's average annual total compensation for the last five consecutive
calendar years to end prior to her termination of employment with the
Association (or for her entire period of employment with the Association if less
than five calendar years).

          (b) Notwithstanding anything herein contained to the contrary, any
payments to Executive by the Association, whether pursuant to this Agreement or
otherwise, are subject to and conditioned upon their compliance with section
18(k) of the Federal Deposit Insurance Act ("FDI Act"), 12 U.S.C. Section
1828(k), and any regulations promulgated thereunder.

          (c) Notwithstanding anything herein contained to the contrary, if
Executive is suspended from office and/or temporarily prohibited from
participating in the conduct of the affairs of the Association pursuant to a
notice served under section 8(e)(3) or 8(g)(i) of the FDI Act, 12 U.S.C. Section
1818(e)(3) or 1818(g)(i), the Association's obligations under this Agreement
shall be suspended as of the date of service of such notice, unless stayed by
appropriate proceedings. If the charges in such notice are dismissed, the
Association, in its discretion, may (i) pay to Executive all or part of the
compensation withheld while the Association's obligations hereunder were
suspended and (ii) reinstate, in whole or in part, any of the obligations which
were suspended.

         (d) Notwithstanding anything herein contained to the contrary, if the
Executive is removed and/or permanently prohibited from participating in the
conduct of the Association's affairs by an order issued under section 8(e)(4) or
8(g)(i) of the FDI Act, 12 U.S.C. Section 1818(e)(4) or (g)(i), all prospective
obligations of the Association under this Agreement shall terminate as of the
effective date of the order, but vested rights and obligations of the
Association and Executive shall not be affected.

          (e) Notwithstanding anything herein contained to the contrary, if the
Association is in default (within the meaning of section 3(x)(i) of the FDI Act,
12 U.S.C. Section 1813(x)(i), all prospective obligations of the Association
under this Agreement shall terminate as of the date of default, but vested
rights and obligations of the Association and Executive shall not be affected.


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          (f) Notwithstanding anything herein contained to the contrary, all
prospective obligations of the Association hereunder shall be terminated, except
to the extent that a continuation of this Agreement is necessary for the
continued operation of the Association: (I) by the Director of the Office of
Thrift Supervision ("OTS") or her designee or the Federal Deposit Insurance
Corporation ("FDIC"), at the time the FDIC enters into an agreement to provide
assistance to or on behalf of the Association under the authority contained in
section 13(c) of the FDI Act, 12 U.S.C. Section 1823(c); (ii) by the Director
of the OTS or her designee at the time such Director or designee approves a
supervisory merger to resolve problems related to the operation of the
Association or when the Association is determined by such Director to be in an
unsafe or unsound condition. The vested rights and obligations of the parties
shall not be affected.

         If and to the extent that any of the foregoing provisions shall cease
to be required or by applicable law, rule or regulation, the same shall become
inoperative as though eliminated by formal amendment of this Agreement.

10.      SEVERABILITY.

         If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each
such other provision and part thereof shall to the full extent consistent with
law continue in full force and effect.

11.      HEADINGS FOR REFERENCE ONLY.

         The headings of sections and paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this Agreement.

12.      GOVERNING LAW.

         The validity, interpretation, performance, and enforcement of this
Agreement shall be governed by the laws of the State of Florida (without regard
to the conflict of laws principles thereof), except to the extent preempted by
Federal law.

13.      PAYMENT OF COSTS AND LEGAL FEES.

         The Association shall indemnify, hold harmless and defend Executive
against reasonable costs, including legal fees, incurred by Executive in
connection with or arising out of any action, suit or proceeding in which
Executive may be involved, as a result of Executive's efforts, in good faith, to
defend or enforce the terms of this Agreement; provided, however, that Executive
shall have substantially prevailed on the merits pursuant to a judgment, decree
or order of a court of competent jurisdiction or of an arbitrator in an
arbitration proceeding, or in a settlement. For purposes of this Agreement, any
settlement agreement which provides for payment of any amounts in settlement of
the Association's obligations hereunder shall be conclusive evidence of
Executive's entitlement to indemnification hereunder, and any such
indemnification payments shall be in addition to amounts payable pursuant to
such settlement agreement, unless such settlement agreement expressly provides
otherwise. This provision shall be inoperative if and to the extent that, but
only if and to the extent that, it shall be determined that compliance herewith
would violate any applicable law or regulation.

14.      INDEMNIFICATION.

         The Association shall provide Executive (including her heirs, executors
and administrators) with coverage under a standard directors' and officers'
liability insurance policy at its expense, or in lieu thereof, shall indemnify
Executive (and her heirs, executors and administrators) to the fullest extent
permitted under applicable law and as provided in the Association's Charter
against all expenses and liabilities reasonably incurred by Executive in
connection with or arising out of any action, suit or proceeding in which he may
be involved by reason of her having been a director or officer of the
Association (whether or not he continues to be a director or officer at the time
of incurring such


<PAGE>   9


expenses or liabilities), such expenses and liabilities to include, but not be
limited to, judgments, court costs and attorneys' fees and the cost of
reasonable settlements.

15.      SUCCESSORS AND ASSIGNS.

         This Agreement will inure to the benefit of and be binding upon
Executive, her legal representatives and testate or intestate distributees, and
the Association and its successors and assigns, including any successor by
merger or consolidation or a statutory receiver or any other person or firm or
corporation to which all or substantially all of the assets and business of the
Association may be sold or otherwise transferred.

16.      SUCCESSOR TO THE ASSOCIATION.

         The Association shall require any successor or assignee, whether direct
or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all the business or assets of the Association, expressly and
unconditionally to assume and agree to perform the Association's obligations
under this Agreement, in the same manner and to the same extent that the
Association would be required to perform if no such succession or assignment had
taken place.

         IN WITNESS WHEREOF, First Bank of Florida has caused this Agreement to
be executed by its duly authorized officer, and Executive has signed this
Agreement, as of the ______ day of ___________, 199__.

ATTEST:                                     FIRST BANK OF FLORIDA



                                            By: 
--------------------------------               --------------------------------
Secretary

WITNESS:




--------------------------------               --------------------------------
                                               Executive


SEAL

                                            As to the Guarantee:

                                            FIRST PALM BEACH BANCORP, INC.



                                            By: 
                                               --------------------------------


                                             ATTEST:


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