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                            FIRST HOME BANCORP, INC.

                         1996 EMPLOYEE STOCK OPTION PLAN


         1. Purpose of Plan

                  The purpose of the 1996 Employee Stock Option Plan (the
"Plan") is to provide additional incentive to officers and other key employees
of First Home Bancorp, Inc. ("Bank") and each present or future parent or
subsidiary corporation by encouraging them to invest in shares of common stock,
par value $1.00 per share ("Common Stock"), of Bank and thereby acquire a
proprietary interest in Bank and an increased personal interest in Bank's
continued success and progress, to the mutual benefit of officers, employees and
shareholders.

         2. Aggregate Number of Shares

                  250,000 shares of Bank Common Stock shall be the aggregate
number of shares which may be issued under this Plan. Notwithstanding the
foregoing, in the event of any change in the outstanding shares of the Common
Stock of Bank by reason of a stock dividend, stock split, combination of shares,
recapitalization, merger, consolidation, transfer of assets, reorganization,
conversion or what the Executive Compensation Committee (defined in Section
4(a)), deems in its sole discretion to be similar circumstances, the aggregate
number and kind of shares which may be issued under this Plan shall be
appropriately adjusted in a manner determined in the sole discretion of the
Executive Compensation Committee. Reacquired shares of Bank Common Stock, as
well as unissued shares, may be used for the purpose of this Plan. Shares of
Bank Common Stock subject to options which have terminated unexercised, either
in whole or in part, shall be available for future options granted under this
Plan.

         3. Class of Persons Eligible to Receive Options

                  All officers and key employees of Bank and of any present or
future Bank parent or subsidiary corporation are eligible to receive an option
or options under this Plan. The individuals who shall, in fact, receive an
option or options shall be selected by the Executive Compensation Committee, in
its sole discretion, except as otherwise specified in Section 4 hereof. During
the term of this Plan, no optionee under this Plan shall be entitled to be
granted options to purchase shares of the Company's Common Stock in excess of
the 150,000 shares (as adjustable pursuant to Section 2).

         4. Administration of Plan

                  (a) This Plan shall be administered by the Option Committee
("Committee") appointed by Bank's Board of Directors. The Committee shall
consist of a minimum of two members of the Board of Directors, each of whom
shall be a "disinterested person" within the meaning of Rule 16b-3(c)(2)(i)
under the Securities Exchange Act of 1934, as amended, of the Securities and
Exchange Commission (the "SEC") or any future corresponding rule. The Committee,
in addition to its other authority and subject to the provisions of this Plan,
shall determine which individuals shall be granted an option or options, whether
the option shall be an Incentive Stock Option or a Non-Qualified Stock Option
(as such terms are defined in Section 5(a)), the number of shares to be subject
to each of the options, the time or times at which the options shall be granted,
the rate of



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option exercisability, and, subject to Section 5 hereof, the price at which each
of the options is exercisable and the duration of the option.

                  (b) The Committee shall adopt such rules for the conduct of
its business and administration of this Plan as it considers desirable. A
majority of the members of the Committee shall constitute a quorum for all
purposes. The vote or written consent of a majority of the members of the
Committee on a particular matter shall constitute the act of the Committee on
such matter. The Committee shall have the right to construe the Plan and the
options issued pursuant to it, to correct defects and omissions and to reconcile
inconsistencies to the extent necessary to effectuate the Plan and the options
issued pursuant to it, and such action shall be final, binding and conclusive
upon all parties concerned. No member of the Committee or the Board of Directors
shall be liable for any act or omission (whether or not negligent) taken or
omitted in good faith, or for the exercise of any authority or discretion
granted in connection with the Plan to the Committee or the Board of Directors,
or for the acts or omissions of any other members of the Committee or the Board
of Directors. Subject to the numerical limitations on Committee membership set
forth in Section 4(a) hereof, the Board of Directors may at any time appoint
additional members of the Committee and may at any time remove any member of the
Committee with or without cause. Vacancies in the Committee, however caused, may
be filled by the Board of Directors, if it so desires.

         5. Incentive Stock Options and Non-Qualified Stock Options

                  (a) Options issued pursuant to this Plan may be either
Incentive Stock Options granted pursuant to Section 5(b) hereof or Non-Qualified
Stock Options granted pursuant to Section 5(c) hereof, as determined by the
Committee. An "Incentive Stock Option" is an option which satisfies all of the
requirements of Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code") and the regulations thereunder, and a "Non-Qualified Stock Option"
is an option which either does not satisfy all of those requirements or the
terms of the option provide that it will not be treated as an Incentive Stock
Option. The Committee may grant both an Incentive Stock Option and a
Non-Qualified Stock Option to the same person, or more than one of each type of
option to the same person. The option price for Incentive Stock Options issued
under this Plan shall be equal at least to the fair market value (as defined
below) of Bank's Common Stock on the date of the grant of the option as
determined by the Committee in accordance with its interpretation of the
requirements of Section 422 of the Code and the regulations thereunder. The
option price for Non-Qualified Stock Options issued under this Plan may, in the
sole discretion of the Committee, be less than the fair market value of the
Common Stock on the date of the grant of the option. If an Incentive Stock
Option is granted to an individual who, at the time the option is granted, owns
stock possessing more than 10 percent of the total combined voting power of all
shares of stock of Bank or any parent or subsidiary corporation of Bank (a "10%
Shareholder"), the option price shall not be less than 110 percent of the fair
market value of Bank's Common Stock on the date of grant of the option. The fair
market value of Bank's Common Stock on any particular date shall mean the last
reported sale price of a share of Bank's Common Stock on any stock exchange on
which such stock is then listed or admitted to trading, or on the NASDAQ
National Market System or Small Cap NASDAQ, on such date, or if no sale took
place on such day, the last such date on which a sale took place, or if the
Common Stock is not then quoted on the NASDAQ National Market System or Small
Cap NASDAQ, or listed or admitted to trading on any stock exchange, the average
of the bid and asked prices in the over-the-counter market on such date, or if
none of the foregoing, a price determined by the Committee.

                  (b) Subject to the authority of the Committee set forth in
Section 4(a) hereof, Incentive Stock Options issued pursuant to this Plan shall
be issued substantially in the form set forth in Appendix I hereof, which form
is hereby incorporated by reference and made a part hereof, and shall contain
substantially the terms and conditions set forth therein. Incentive Stock
Options shall not be exercisable after the expiration of ten years


                                        2

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(five years in the case of 10% Shareholders) from the date such options are
granted, unless terminated earlier under the terms of the option. At the time of
the grant of an Incentive Stock Option hereunder, the Committee may, in its
discretion, modify or amend any of the option terms contained in Appendix I for
any particular optionee, provided that the option as modified or amended
satisfies the requirements of Section 422 of the Code and the regulations
thereunder. Each of the options granted pursuant to this Section 5(b) is
intended, if possible, to be an "Incentive Stock Option" as that term is defined
in Section 422 of the Code and the regulations thereunder. In the event this
Plan or any option granted pursuant to this Section 5(b) is in any way
inconsistent with the applicable legal requirements of the Code or the
regulations thereunder for an Incentive Stock Option, this Plan and such option
shall be deemed automatically amended as of the date hereof to conform to such
legal requirements, if such conformity may be achieved by amendment.

                  (c) Subject to the authority of the Committee set forth in
Section 4(a) hereof, Non-Qualified Stock Options issued pursuant to this Plan
shall be issued substantially in the form set forth in Appendix II hereof, which
form is hereby incorporated by reference and made a part hereof, and shall
contain substantially the terms and conditions set forth therein. Non-Qualified
Stock Options shall expire ten years and 30 days after the date they are
granted, unless terminated earlier under the option terms. At the time of
granting a Non-Qualified Stock Option hereunder, the Committee may, in its
discretion, modify or amend any of the option terms contained in Appendix II for
any particular optionee.

                  (d) Neither Bank nor any of its current or future parent,
subsidiaries or affiliates, nor their officers, directors, shareholders, stock
option plan committees, employees or agents shall have any liability to any
optionee in the event: (i) an option granted pursuant to Section 5(b) hereof
does not qualify as an "Incentive Stock Option" as that term is used in Section
422 of the Code and the regulations thereunder; (ii) any optionee does not
obtain the tax treatment pertaining to an Incentive Stock Option; or (iii) any
option granted pursuant to Section 5(c) hereof is an "Incentive Stock Option."

         6. Amendment, Supplement Suspension and Termination

                  Options shall not be granted pursuant to this Plan after the
expiration of ten years from the date the Plan is adopted by the Board of
Directors of Bank. The Board of Directors reserves the right at any time, and
from time to time, to amend or supplement this Plan in any way, or to suspend or
terminate it, effective as of such date, which date may be either before or
after the taking of such action, as may be specified by the Board of Directors;
provided, however, that such action shall not affect options granted under the
Plan prior to the actual date on which such action occurred. If an amendment or
supplement of this Plan is required by the Code or the regulations thereunder to
be approved by the shareholders of Bank in order to permit the granting of
"Incentive Stock Options" (as that term is defined in Section 422 of the Code
and regulations thereunder) pursuant to the amended or supplemental Plan, such
amendment or supplement shall also be approved by the shareholders of Bank in
such manner as is prescribed by the Code and the regulations thereunder. If the
Board of Directors voluntarily submits a proposed amendment, supplement,
suspension or termination for shareholder approval, such submission shall not
require any future amendments, supplements, suspensions or terminations (whether
or not relating to the same provision or subject matter) to be similarly
submitted for shareholder approval.

         7. Effectiveness of Plan

                  This Plan shall become effective on the date of its adoption
by Bank's Board of Directors, subject however to approval by the holders of Bank
Common Stock in the manner as prescribed in the Code and the regulations
thereunder. Options may be granted under this Plan prior to obtaining
shareholder approval, provided such options shall not be exercisable before such
shareholder approval is obtained.


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         8. General Conditions

                  (a) Nothing contained in this Plan or any option granted
pursuant to this Plan shall confer upon any employee the right to continue in
the employ of Bank or any present or future parent, affiliated or subsidiary
corporation or interfere in any way with the rights of Bank or any present or
future parent, affiliated or subsidiary corporation to terminate his employment
in any way.

                  (b) Corporate action constituting an offer of stock for sale
to any employee under the terms of the options to be granted hereunder shall be
deemed complete as of the date when the Committee authorizes the grant of the
option to the employee, regardless of when the option is actually delivered to
the employee or acknowledged or agreed to by him.

                  (c) The terms "parent corporation" and "subsidiary
corporation" as used throughout this Plan, and the options granted pursuant to
this Plan, shall (except as otherwise provided in the option form) have the
respective meanings ascribed to such terms when contained in Section 422(b) of
the Code and the regulations thereunder, and Bank shall be deemed to be the
grantor corporation for purposes of applying such meanings.

                  (d) References in this Plan to the Code shall be deemed to
also refer to the corresponding provisions of any future United States revenue
law.

                  (e) The use of the masculine pronoun shall include the
feminine gender whenever appropriate.


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<PAGE>



                                   APPENDIX I

                             INCENTIVE STOCK OPTION


To:                                          Name

                                            Address

Date of Grant:



         You are hereby granted an option, effective as of the date hereof, to
purchase ______ shares of Common Stock, par value $1.00 per share, ("Common
Stock") of FIRST HOME BANCORP, INC. ("Bank") at a price of _____ per share
pursuant to the First Home Bancorp, Inc. 1996 Employee Stock Option Plan (the
"Plan") adopted by the Bank Board of Directors effective February 21, 1996. Your
option price is intended to equal at least the fair market value of Bank Common
Stock as of the date hereof; provided, however, that if, at the time this option
is granted, you own stock possessing more than 10% of the total combined voting
power of all shares of stock of Bank or any parent or subsidiary corporation of
Bank (a "10% Shareholder"), your option price is intended to be at least 110% of
the fair market value of Bank Common Stock as of the date hereof.

         Your option may first be exercised on and after three years after the
date of grant of this option. On and after three years and prior to ten years
from the date of its grant, your option may be exercised for up to 100% of the
total number of shares then subject to the option minus the number of shares
previously purchased by exercise of the option (as adjusted for any changes in
the outstanding Bank Common Stock by reason of a stock dividend, stock split,
combination of shares, recapitalization, merger, consolidation, transfer of
assets, reorganization, conversion or what the Option Committee deems in its
sole discretion to be similar circumstances). No fractional shares shall be
issued or delivered.

         This option shall terminate and is not exercisable after the expiration
of ten years from the date of its grant (five years from the date of grant if,
at the time of the grant, you are a 10% Shareholder) (the "Scheduled Termination
Date"), except as hereafter provided.

         In the event of a "change of control" (as hereafter defined) of Bank,
your option may, from and after the date of the change of control, and
notwithstanding the second paragraph of this option, be exercised for up to 100%
of the total number of shares then subject to the option minus the number of
shares previously purchased upon exercise of the option (as adjusted for any
changes in the outstanding Bank Common Stock by reason of a stock dividend,
stock split, combination of shares, recapitalization, merger, consolidation,
transfer of assets, reorganization, conversion or what the Option Committee
deems in its sole discretion to be similar circumstances). A "change of control"
shall be deemed to have occurred upon the happening of any of the following
events:




                                        5

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         1. A change within a twelve-month period in a majority of the members
of the board of directors of Bank;

         2. A change within a twelve-month period in the holders of more than
50% of the outstanding voting stock of Bank; or

         3. Any other event deemed to constitute a "change in control" by the
Board of Directors.

         You may exercise your option by giving written notice to the Secretary
of Bank on forms supplied by Bank at its then principal executive office,
accompanied by payment of the option price for the total number of shares you
specify that you wish to purchase. The payment may be in any of the following
forms: (a) cash, which may be evidenced by a check; (b) (unless prohibited by
the Compensation Committee) certificates representing shares of Common Stock of
Bank, which will be valued by the Secretary of Bank at the fair market value per
share of Bank Common Stock (as determined in accordance with the Plan) on the
last trading day immediately preceding the date of delivery of such certificates
to Bank, accompanied by an assignment of the stock to Bank; or (c) (unless
prohibited by the Compensation Committee) any combination of cash and Common
Stock of Bank valued as provided in clause (b). Any assignment of stock shall be
in a form and substance satisfactory to the Secretary of Bank, including
guarantees of signature(s) and payment of all transfer taxes if the Secretary
deems such guarantees necessary or desirable or determines that such taxes are
due and payable.

         Your option will, to the extent not previously exercised by you,
terminate three months after the date on which your employment by Bank or an
Bank parent or subsidiary corporation is terminated, whether such termination is
voluntary or not, other than by reason of disability as defined in Section
22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), and the
regulations thereunder, or death, in which case your option will terminate one
year from the date of termination of employment due to disability or death (but
in no event later than the Scheduled Termination Date). Notwithstanding the
foregoing, if your employment by the Bank or a Bank parent or subsidiary
corporation is terminated as a result of your retirement at or after age 62 and
you have been employed for at least ten years, your option will, to the extent
not previously exercised by you, terminate the earlier of (i) five years after
termination of your employment, or (i) the Scheduled Termination Date. After the
date your employment is terminated, as aforesaid, you may exercise this option
only for the number of shares which you had a right to purchase and did not
purchase on the date your employment terminated; provided, however, if your
employment terminates by reason of your death or disability, you may exercise
the option for all shares then subject to the option whether or not such shares
are fully exercisable. If you are employed by an Bank subsidiary corporation,
your employment shall be deemed to have terminated on the date your employer
ceases to be an Bank subsidiary corporation, unless you are on that date
transferred to Bank or another Bank subsidiary corporation. Your employment
shall not be deemed to have terminated if you are transferred from Bank to an
Bank subsidiary corporation, or vice versa, or from one Bank subsidiary
corporation to another Bank subsidiary corporation.

         Anything in this option to the contrary notwithstanding, your option
will terminate immediately if your employment is terminated for cause (as
determined by Bank in its sole and absolute discretion). Your employment shall
be deemed to have been terminated for cause if you are terminated due to, among
other reasons, (i) your willful misconduct or gross negligence, (ii) your
material breach of any agreement with Bank or (iii) your failure to render
satisfactory services to Bank.

         If you die while employed by Bank or an Bank parent or subsidiary
corporation, your legatee(s), distributee(s), executor(s) or administrator(s),
as the case may be, may, at any time within one year after the date of your
death (but in no event later than the Scheduled Termination Date), exercise the
option as to any shares


                                        6

<PAGE>



which you had a right to purchase and did not purchase during your lifetime. If
your employment with Bank or an Bank parent or subsidiary corporation is
terminated by reason of your becoming disabled (within the meaning of Section
22(e)(3) of the Code and the regulations thereunder), you or your legal guardian
or custodian may at any time within one year after the date of such termination
(but in no event later than the Scheduled Termination Date), exercise the option
as to any shares which you had a right to purchase and did not purchase prior to
such termination. Your legatee, distributee, executor, administrator, guardian
or custodian must present proof of his authority satisfactory to Bank prior to
being allowed to exercise this option.

         In the event of any change in the outstanding shares of the Common
Stock of Bank by reason of a stock dividend, stock split, combination of shares,
recapitalization, merger, consolidation, transfer of assets, reorganization,
conversion or what the Option Committee deems in its sole discretion to be
similar circumstances, the number and kind of shares subject to this option and
the option price of such shares shall be appropriately adjusted in a manner to
be determined in the sole discretion of the Option Committee.

         This option is not transferable otherwise than by will or the laws of
descent and distribution, and is exercisable during your lifetime only by you,
including, for this purpose, your legal guardian or custodian in the event of
disability. Until the option price has been paid in full pursuant to due
exercise of this option and the purchased shares are delivered to you, you do
not have any rights as a shareholder of Bank. Bank reserves the right not to
deliver to you the shares purchased by virtue of the exercise of this option
during any period of time in which Bank deems, in its sole discretion, that such
delivery would violate a federal, state, local or securities exchange rule,
regulation or law.

         Notwithstanding anything to the contrary contained herein, this option
is not exercisable until all the following events occur and during the following
periods of time:

                  (a) Until the Plan pursuant to which this option is granted is
approved by the shareholders of Bank in the manner prescribed by the Code and
the regulations thereunder;

                  (b) Until this option and the optioned shares are approved
and/or registered with such federal, state and local regulatory bodies or
agencies and securities exchanges as Bank may deem necessary or desirable; or

                  (c) During any period of time in which Bank deems that the
exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or securities exchange
rule, regulation or law, or may cause Bank to be legally obligated to issue or
sell more shares than Bank is legally entitled to issue or sell.

                  The following two paragraphs shall be applicable if, on the
date of exercise of this option, the Common Stock to be purchased pursuant to
such exercise has not been registered under the Securities Act of 1933, as
amended, and under applicable state securities laws, and shall continue to be
applicable for so long as such registration has not occurred:

                  (a) The optionee hereby agrees, warrants and represents that
he will acquire the Common Stock to be issued hereunder for his own account for
investment purposes only, and not with a view to, or in connection with, any
resale or other distribution of any of such shares, except as hereafter
permitted. The optionee further agrees that he will not at any time make any
offer, sale, transfer, pledge or other disposition of such Common Stock to be
issued hereunder without an effective registration statement under the
Securities Act of 1933, as amended, and under any applicable state securities
laws or an opinion of counsel acceptable to Bank


                                        7

<PAGE>



to the effect that the proposed transaction will be exempt from such
registration. The optionee shall execute such instruments, representations,
acknowledgments and agreements as Bank may, in its sole discretion, deem
advisable to avoid any violation of federal, state, local or securities exchange
rule, regulation or law.

                  (b) The certificates for Common Stock to be issued to the
optionee hereunder shall bear the following legend:

                  "The shares represented by this certificate have not been
         registered under the Securities Act of 1933, as amended, or under
         applicable state securities laws. The shares have been acquired for
         investment and may not be offered, sold, transferred, pledged or
         otherwise disposed of without an effective registration statement under
         the Securities Act of 1933, as amended, and under any applicable state
         securities laws or an opinion of counsel acceptable to Bank that the
         proposed transaction will be exempt from such registration."

The foregoing legend shall be removed upon registration of the legended shares
under the Securities Act of 1933, as amended, and under any applicable state
laws or upon receipt of any opinion of counsel acceptable to Bank that said
registration is no longer required.

         The sole purpose of the agreements, warranties, representations and
legend set forth in the two immediately preceding paragraphs is to prevent
violations of the Securities Act of 1933, as amended, and any applicable state
securities laws.

         It is the intention of Bank and you that this option shall, if
possible, be an "Incentive Stock Option" as that term is used in Section 422 of
the Code and the regulations thereunder. In the event this option is in any way
inconsistent with the legal requirements of the Code or the regulations
thereunder for an "Incentive Stock Option," this option shall be deemed
automatically amended as of the date hereof to conform to such legal
requirements, if such conformity may be achieved by amendment.

         This option shall be subject to the terms of the Plan in effect on the
date this option is granted, which terms are hereby incorporated herein by
reference and made a part hereof. In the event of any conflict between the terms
of this option and the terms of the Plan in effect on the date of this option,
the terms of the Plan shall govern. This option constitutes the entire
understanding between Bank and you with respect to the subject matter hereof and
no amendment, modification or waiver of this option, in whole or in part, shall
be binding upon Bank unless in writing and signed by the President of Bank. This
option and the performances of the parties hereunder shall be construed in
accordance with and governed by the laws of the State of New Jersey.

         Please sign the copy of this option and return it to Bank's Secretary,
thereby indicating your understanding of and agreement with its terms and
conditions.


                                        FIRST HOME BANCORP, INC.



                                                 By:




                                        8

<PAGE>



         I hereby acknowledge receipt of a copy of the foregoing stock option
and, having read it, hereby signify my understanding of, and my agreement with,
its terms and conditions.




(Signature)                                             (Date)


                                        9

<PAGE>



                                   APPENDIX II

                           NON-QUALIFIED STOCK OPTION


To:
                                      Name


                                     Address

Date of Grant:


         You are hereby granted an option, effective as of the date hereof, to
purchase ______ shares of Common Stock, par value $1.00 per share ("Common
Stock"), of FIRST HOME BANCORP, INC. ("Bank") at a price of _____ per share
pursuant to the Bank 1994 Employee Stock Option Plan (the "Plan") adopted by the
Bank Board of Directors effective February 21, 1996.

         Your option may first be exercised on and after three years after the
date of grant of this option. On and after three years and prior to ten years
from the date of its grant, your option may be exercised for up to 100% of the
total number of shares then subject to the option minus the number of shares
previously purchased by exercise of the option (as adjusted for any changes in
the outstanding Bank Common Stock by reason of a stock dividend, stock split,
combination of shares, recapitalization, merger, consolidation, transfer of
assets, reorganization, conversion or what the Option Committee deems in its
sole discretion to be similar circumstances). No fractional shares shall be
issued or delivered.

         This option shall terminate and is not exercisable after the expiration
of ten years from the date of its grant (the "Scheduled Termination Date"),
except as hereafter provided.

         In the event of a "change of control" (as hereafter defined) of Bank,
your option may, from and after the date of the change of control, and
notwithstanding the second paragraph of this option, be exercised for up to 100%
of the total number of shares then subject to the option minus the number of
shares previously purchased upon exercise of the option (as adjusted for any
changes in the outstanding Bank Common Stock by reason of a stock dividend,
stock split, combination of shares, recapitalization, merger, consolidation,
transfer of assets, reorganization, conversion or what the Option Committee
deems in its sole discretion to be similar circumstances).

         A "change of control" shall be deemed to have occurred upon the
happening of any of the following events:

                  1. A change within a twelve-month period in a majority of the
members of the board of directors of Bank;

                  2. A change within a twelve-month period in the holders of
more than 50% of the outstanding voting stock of Bank; or

                  3. Any other event deemed to constitute a "change in control"
by the Board of Directors.


                                       10

<PAGE>



         You may exercise your option by giving written notice to the Secretary
of Bank on forms supplied by Bank at its then principal executive office,
accompanied by payment of the option price for the total number of shares you
specify that you wish to purchase. The payment may be in any of the following
forms: (a) cash, which may be evidenced by a check; (b) (unless prohibited by
the Compensation Committee) certificates representing shares of Common Stock of
Bank, which will be valued by the Secretary of Bank at the fair market value per
share of Bank's Common Stock (as determined in accordance with the Plan) on the
last trading day immediately preceding the date of delivery of such certificates
to Bank, accompanied by an assignment of the stock to Bank; or (c) unless
prohibited by the Compensation Committee) any combination of cash and Common
Stock of Bank valued as provided in clause (b). Any assignment of stock shall be
in a form and substance satisfactory to the Secretary of Bank, including
guarantees of signature(s) and payment of all transfer taxes if the Secretary
deems such guarantees necessary or desirable or determines that such taxes are
due and payable.

         Your option will, to the extent not previously exercised by you,
terminate three months after the date on which your employment by Bank or an
Bank parent or subsidiary corporation is terminated, whether such termination is
voluntary or not, other than by reason of disability as defined in Section
22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), and the
regulations thereunder, or death, in which case your option will terminate one
year from the date of termination of employment due to disability or death (but
in no event later than the Scheduled Termination Date). Notwithstanding the
foregoing, if your employment by the Bank or a Bank parent or subsidiary
corporation is terminated as a result of your retirement at or after age 62 and
you have been employed for at least ten years, your option will, to the extent
not previously exercised by you, terminate the earlier of (i) five years after
termination of your employment, or (i) the Scheduled Termination Date. After the
date your employment is terminated, as aforesaid, you may exercise this option
only for the number of shares which you had a right to purchase and did not
purchase on the date your employment terminated; provided, however, if your
employment terminates by reason of your death or disability, you may exercise
the option for all shares then subject to the option whether or not such shares
are fully exercisable. If you are employed by an Bank subsidiary corporation,
your employment shall be deemed to have terminated on the date your employer
ceases to be an Bank subsidiary corporation, unless you are on that date
transferred to Bank or another Bank subsidiary corporation. Your employment
shall not be deemed to have terminated if you are transferred from Bank to an
Bank subsidiary corporation, or vice versa, or from one Bank subsidiary
corporation to another Bank subsidiary corporation.

         Anything in this option to the contrary notwithstanding, your option
will terminate immediately if your employment is terminated for cause (as
determined by Bank in its sole and absolute discretion). Your employment shall
be deemed to have been terminated for cause if you are terminated due to, among
other reasons, (i) your willful misconduct or gross negligence, (ii) your
material breach of any agreement with Bank or (iii) your failure to render
satisfactory services to Bank.

         If you die while employed by Bank or an Bank parent or subsidiary
corporation, your legatee(s), distributee(s), executor(s) or administrator(s),
as the case may be, may, at any time within one year after the date of your
death (but in no event later than the Scheduled Termination Date), exercise the
option as to any shares which you had a right to purchase and did not purchase
during your lifetime. If your employment with Bank or an Bank parent or
subsidiary corporation is terminated by reason of your becoming disabled (within
the meaning of Section 22(e)(3) of the Code and the regulations thereunder), you
or your legal guardian or custodian may at any time within one year after the
date of such termination (but in no event later than the Scheduled Termination
Date), exercise the option as to any shares which you had a right to purchase
and did not purchase prior to such termination. Your legatee, distributee,
executor, administrator, guardian or custodian must present proof of his
authority satisfactory to Bank prior to being allowed to exercise this option.



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<PAGE>



         In the event of any change in the outstanding shares of the Common
Stock of Bank by reason of a stock dividend, stock split, combination of shares,
recapitalization, merger, consolidation, transfer of assets, reorganization,
conversion or what the Option Committee deems in its sole discretion to be
similar circumstances, the number and kind of shares subject to this option and
the option price of such shares shall be appropriately adjusted in a manner to
be determined in the sole discretion of the Option Committee.

         This option is not transferable otherwise than by will or the laws of
descent and distribution, and is exercisable during your lifetime only by you,
including, for this purpose, your legal guardian or custodian in the event of
disability. Until the option price has been paid in full pursuant to due
exercise of this option and the purchased shares are delivered to you, you do
not have any rights as a shareholder of Bank. Bank reserves the right not to
deliver to you the shares purchased by virtue of the exercise of this option
during any period of time in which Bank deems, in its sole discretion, that such
would violate a federal, state, local or securities exchange rule, regulation or
law.

         Notwithstanding anything to the contrary contained herein, this option
is not exercisable until all the following events occur and during the following
periods of time:

                  (a) Until the Plan pursuant to which this option is granted is
approved by the shareholders of Bank in the manner prescribed by the Code and
the regulations thereunder;

                  (b) Until this option and the optioned shares are approved
and/or registered with such federal, state and local regulatory bodies or
agencies and securities exchanges as Bank may deem necessary or desirable; or

                  (c) During any period of time in which Bank deems that the
exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or securities exchange
rule, regulation or law, or may cause Bank to be legally obligated to issue or
sell more shares than Bank is legally entitled to issue or sell.

                  The following two paragraphs shall be applicable if, on the
date of exercise of this option, the Common Stock to be purchased pursuant to
such exercise has not been registered under the Securities Act of 1933, as
amended, and under applicable state securities laws, and shall continue to be
applicable for so long as such registration has not occurred:

                  (a) The optionee hereby agrees, warrants and represents that
he will acquire the Common Stock to be issued hereunder for his own account for
investment purposes only, and not with a view to, or in connection with, any
resale or other distribution of any of such shares, except as hereafter
permitted. The optionee further agrees that he will not at any time make any
offer, sale, transfer, pledge or other disposition of such Common Stock to be
issued hereunder without an effective registration statement under the
Securities Act of 1933, as amended, and under any applicable state securities
laws or an opinion of counsel acceptable to Bank to the effect that the proposed
transaction will be exempt from such registration. The optionee shall execute
such instruments, representations, acknowledgments and agreements as Bank may,
in its sole discretion, deem advisable to avoid any violation of federal, state,
local or securities exchange rule, regulation or law.

                  (b) The certificates for Common Stock to be issued to the
optionee hereunder shall bear the following legend:



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                  "The shares represented by this certificate have not been
         registered under the Securities Act of 1933, as amended, or under
         applicable state securities laws. The shares have been acquired for
         investment and may not be offered, sold, transferred, pledged or
         otherwise disposed of without an effective registration statement under
         the Securities Act of 1933, as amended, and under any applicable state
         securities laws or an opinion of counsel acceptable to Bank that the
         proposed transaction will be exempt from such registration."

The foregoing legend shall be removed upon registration of the legended shares
under the Securities Act of 1933, as amended, and under any applicable state
laws or upon receipt of any opinion of counsel acceptable to Bank that said
registration is no longer required.

         The sole purpose of the agreements, warranties, representations and
legend set forth in the two immediately preceding paragraphs is to prevent
violations of the Securities Act of 1933, as amended, and any applicable state
securities laws.

         It is the intention of Bank and you that this option shall not be an
"Incentive Stock Option" as that term is used in Section 422 of the Code and the
regulations thereunder.

         This option shall be subject to the terms of the Plan in effect on the
date this option is granted, which terms are hereby incorporated herein by
reference and made a part hereof. In the event of any conflict between the terms
of this option and the terms of the Plan in effect on the date of this option,
the terms of the Plan shall govern. This option constitutes the entire
understanding between Bank and you with respect to the subject matter hereof and
no amendment, modification or waiver of this option, in whole or in part, shall
be binding upon Bank unless in writing and signed by the President of Bank. This
option and the performances of the parties hereunder shall be construed in
accordance with and governed by the laws of the State of New Jersey.

         Please sign the copy of this option and return it to Bank's Secretary,
thereby indicating your understanding of and agreement with its terms and
conditions.


                                      FIRST HOME BANCORP, INC.



                                               By:


I hereby acknowledge receipt of a copy of the foregoing stock option and, having
read it, hereby signify my understanding of, and my agreement with, its terms
and conditions.




(Signature)                                          (Date)



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