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                                                                   Exhibit 10.22

                          VACATION EMPORIUM CORPORATION

                             STOCK OPTION AGREEMENT

                           (Executive - Non-Qualified)


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Optionee Name:           Shawn Baldwin

Optionee Address:



Number of Shares of                                 Exercise Price per
Common Stock:            526,923                    Share: US $3.50
                         -------                           ---------

Date of Grant:           July 30, 1999

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         STOCK OPTION AGREEMENT (this "Agreement") made as of the Date of Grant
set forth above (the "Date of Grant"), between VACATION EMPORIUM CORPORATION, a
Nevada corporation (the "Company"), and the Optionee identified above
("Optionee"), residing at the address set forth above.

         WHEREAS, the Optionee is an executive officer of the Company; and

         WHEREAS, pursuant to the Company's 1996 Compensatory Stock Option Plan
(the "Plan"), the Company desires to grant a stock option to Optionee to
purchase certain shares of its common stock, par value $.001 per share (the
"Common Stock"); and

         WHEREAS, this Agreement consists of this Agreement and the Plan
attached hereto as Exhibit A;

         NOW, THEREFORE, the Company and the Optionee hereby agree as follows:


                              W I T N E S S E T H:
                              - - - - - - - - - -


         1. Definitions. In this Agreement, except where the context otherwise
indicates, the following definitions apply:

            1.1 Terms defined in the Plan shall have the same meanings when used
herein as defined therein.

            1.2 The term "Option" shall have the meaning set forth in Section 3
hereof.


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            1.3 The term "Optionee" when used herein shall include the
Optionee's legal representative when the context requires.

            1.4 The term "Plan Administrator" shall have the same meaning as
"Compensation Committee" as set forth in the Plan.

         2. Representations, Warranties and Acknowledgements of the Optionee.

            2.1 The Optionee's address set forth above is his or her true and
correct residence.

            2.2 The Optionee has had an opportunity to ask questions and receive
answers from the officers and directors of the Company, or a person or persons
acting on its behalf, concerning the terms and conditions of this Agreement and
the business and affairs of the Company. The Optionee has a sufficient business
and personal relationship with one or more of the officers and directors of the
Company, and has sufficient business or financial experience, so as to be able
to protect his or her own interests in connection with the issuance of the
Option (as hereinafter defined) and the issuance of any Common Stock upon any
exercise of the Option.

            2.3 The Optionee acknowledges that the Option and the Common Stock
to be issued upon the exercise of the Option, if any, are speculative
investments and involve a substantial degree of risk of loss by the Optionee.
The Optionee represents and warrants to the Company that he or she is acquiring
the Option, and the Common Stock to be issued upon the exercise of the Option
(if the Option is exercised), solely for investment purposes and not with a view
towards distribution or transfer. The Optionee acknowledges that the Option may
or may not be of any value, based on numerous circumstances and conditions, many
of which may be beyond the control of Optionee.

            2.4 The Optionee acknowledges that the Option and the Common Stock
to be issued upon the exercise of the Option constitute a part of the Optionee's
compensation arrangement with the Company.

            2.5 The Optionee confirms that neither the Company nor any officer,
director or representative thereof has made any representation, prediction, or
forecast as to the value or possible future value of the Option or the Common
Stock. The Optionee has not been induced to accept the Option by any
representation or promise by or on behalf of the Company.

            2.6 The Optionee has had an opportunity to consult with his or her
legal, tax and investment advisors, to the extent the Optionee deems necessary,
concerning the Option.

            2.7 This Agreement consists of this document and the terms and
provisions contained in the Plan, as it may be amended from time to time, which
are hereby incorporated by reference herein and made a part hereof. Unless
otherwise expressly stated herein, in the case of any conflict or inconsistency
between the terms of this document and the terms of the Plan, the terms of the
Plan shall control.

            2.8 The Optionee acknowledges that the Option and the shares of
Common Stock to be issued upon exercise thereof have not been registered under
the Securities Act of 1933, as amended (the "Act"), in reliance on an exemption
from registration contained in Section 4(2) of the Act based, in part, on the
representations and warranties made by the Optionee hereunder. Optionee agrees
that the certificates evidencing the shares of Common Stock acquired by him or
her upon exercise of all or part of the Option may bear a restrictive legend, if
appropriate,


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indicating that the shares have not been registered under the Act and are
subject to restrictions on the transfer thereof.

         3. Grant of Option. The Company, subject to the terms of the Plan,
hereby grants to the Optionee as of the Date of Grant, as a matter of separate
inducement and agreement and not in lieu of salary or other compensation for
services, a non-qualified stock option (the "Option") to purchase in the
aggregate the number of shares of the Common Stock of the Company set forth in
the box on the first page hereof (the "Shares"). Optionee understands that the
Option granted under this Agreement is not intended to and will not qualify for
special tax treatment under Section 422 of the Internal Revenue Code of 1986, as
amended (the "Code").

         4. Exercise Price. The exercise price (the "Exercise Price") of the
Option is the amount per share set forth in the box on the front page hereof,
subject to adjustment as provided in Section 9 of the Plan.

         5. Option Non-Transferable. The Option shall not be transferable by the
Optionee otherwise than by will, or by the laws of descent and distribution, and
shall be exercised during the lifetime of the Optionee only by the Optionee.
Neither the Option nor any interest therein may be transferred, sold, assigned,
pledged or hypothecated by the Optionee during the Optionee's lifetime, whether
by operation of law or otherwise, or be made subject to execution, attachment or
similar process.

         6. Exercisability of Option. The Option shall not be exercisable and
none of the Shares may be purchased until the nine (9) month anniversary of the
date the Optionee enters the employ of the Company (the "Date of Employment")
and on such date and thereafter, during the term of the Option, the Option shall
be and become exercisable as follows: on and after the nine (9) month
anniversary of the Date of Employment, the Optionee may purchase up to one-ninth
(1/9) of the Shares; and on and after each of the quarterly anniversaries
following the nine (9) month anniversary of the Date of Employment, the Optionee
may purchase up to an additional one-ninth (1/9) of the Shares, so that upon
expiration of thirty-three (33) months after the Date of Employment, and
thereafter during the term of the Option, the Optionee will have become eligible
to purchase all of the Shares. The foregoing right to exercise the Option is
subject to the provisions of Section 8 and 9 hereof.

         7. Exercise of Option. The Option may be exercised only in accordance
with the provisions of the Plan. In no event may the Option or any part thereof
be exercised after the expiration of five (5) years from the date hereof.
Payment of the Exercise Price, for each of the Shares purchased by Optionee,
shall be delivered in full to the Company at the time of exercise, in accordance
with the terms and provisions of Section 7 of the Plan. None of the Shares that
are exercised by Optionee shall be issued until full payment is made therefor,
except in the case of, with prior approval of the Plan Administrator, election
by Optionee of an Option Exchange in accordance with the terms and provisions of
subsection 7(e) of the Plan and any requirements and procedures the Plan
Administrator may require. No shares of Common Stock may be tendered in exercise
of this Option if such shares were acquired by Optionee through the exercise of
an Incentive Stock Option, unless (a) such shares have been held by Optionee for
at least one (1) year, and (b) at least two (2) years have elapsed since such
Incentive Stock Option was granted. The Option may be exercised before or after
the exercise of any other options granted to the Optionee under the Plan or any
of the Company's other stock option programs or compensation plans.

         8. Termination of Option. Subject to the terms hereof, all rights of
the Optionee in and to the Option, to the extent that they have not been
exercised, shall terminate on the date which is the fifth annual anniversary of
the Date of Grant or, if sooner, thirty (30) days after



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the Optionee's termination as an employee of the Company for any reason,
including voluntary resignation. Notwithstanding the foregoing, in the event of
the death of Optionee while employed by the Company and in the event of
termination of employment of Optionee by reason of disability (within the
meaning of Section 22(e)(3) of the Code), the Option, to the extent of the
applicable portion thereof which is exercisable as of such date, may be
exercised solely within one (1) year after death or ninety (90) days after the
termination of employment by reason of disability.

         9. Death of Optionee. The Option granted hereunder and outstanding on
the date of Optionee's death may be exercised, to the extent otherwise
exercisable, by Optionee's personal representative or his or her transferees by
will or intestate distribution at any time prior to the termination of such
Option pursuant to Section 8 above. The Plan Administrator may require an
indemnity and/or such evidence or other assurances as it may deem necessary in
connection with an exercise by a legal representative, guardian, or beneficiary.

         10. Fraud, Dishonesty, or Similar Acts. Notwithstanding anything
contained herein to the contrary, if it is determined by the Plan Administrator
that fraud, dishonesty, or similar acts were committed by Optionee at any time
while in the employ of the Company, or that Optionee has at any time disclosed
to any person, firm, corporation or other entity any of the Company's
"proprietary information" (defined below) without the express written consent of
the Board of Directors or except as such disclosure may have been required in
connection with the Optionee's employment by the Company, all option and other
rights with respect to all Option(s) granted to Optionee hereunder shall
immediately terminate and be null and void. For the purposes of this Section 10,
the term "proprietary information" shall mean all confidential or secret
customer lists, prospective customer lists, trade secrets, processes, computer
programs, object codes, source codes, inventions, improvements, manufacturing or
systems techniques, formulas, development or experimental work, work in process,
business, data disclosed to the Company by or for the benefit of the Company's
customers, information relating to the Company's business contracts (including
without limitation contracts with service providers, medical insurers and claims
administrators), marketing and competitive strategies, and any other secret or
confidential matter relating or pertaining to the products, services, sales or
other business of the Company.

         11. Reserve. The Company shall at all times during the term of the
Option reserve such number of shares of its Common Stock as will be sufficient
to satisfy the requirements of this Agreement.

         12. Withholding Taxes. The Optionee acknowledges that it is a condition
to the obligation of the Company to deliver the Shares, upon the exercise of the
Option, to pay the Company such amount, if any, as may be requested by the
Company for the purpose of satisfying any liability for any federal, state or
local income, or other taxes required by law to be withheld with respect to such
delivery; provided that the Optionee may elect, in accordance with applicable
law, to pay a portion or all of such withholding taxes in shares of Common Stock
held by the Optionee for at least six (6) months and the Optionee hereby
authorizes the Company to withhold and agrees to surrender back to the Company,
on or about the date such withholding tax is determinable, shares previously
owned by the Optionee or a portion of the shares that were or otherwise would be
distributed to the Optionee pursuant hereto so qualifying and having a fair
market value equal to the amount of such withholding taxes to be paid in shares.

         13. No Right to Continued Employment. Nothing contained herein shall be
construed to require the Company to continue to employ the Optionee for any
particular period of time and the Optionee shall not be deemed to have any right
to continued employment or to employment for any particular period of time by
virtue hereof.


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         14. Governing Law. The Plan, this Agreement and all action taken under
each shall be governed, as to construction and administration, by the laws of
the State of Nevada.


         IN WITNESS WHEREOF, the Company and the Optionee have duly executed
this Agreement as of the day and year first above written.


ATTEST:                                 VACATION EMPORIUM CORPORATION


_________________________               By: /s/ Ian Rice
                                            -----------------
                                            Name: Ian Rice
                                            Title: Chairman


                                        ACCEPTED AND AGREED:


                                        By: /s/ Shawn Baldwin
                                            ------------------
                                            Shawn Baldwin



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