STOCK PURCHASE AND SALE AGREEMENT


     THIS  STOCK  PURCHASE  AND SALE  AGREEMENT  (the  "Agreement")  is made and
entered into this 27th day of August,  2003,  by and between  SECURITY  NATIONAL
FINANCIAL CORPORATION,  a Utah corporation ("Security National") and AULT GLAZER
& CO. INVESTMENT  MANAGEMENT LLC, a Delaware limited liability company,  and any
related  entities,  whether  directly or indirectly  owned or controlled by Ault
Glazer & Co  Investment  Management  LLC or Milton  T.  Ault,  III  (hereinafter
collectively referred to as "Ault Glazer").

                               W I T NE S S E T H:

     WHEREAS,  Ault Glazer either owns or controls  approximately 424,000 shares
of Class A Common Stock of Security National  Financial  Corporation  ("Security
National");

     WHEREAS,  Ault  Glazer is  desirous  of  reducing  its  holdings of Class A
Security National Common Stock; and

     WHEREAS,  Security  National,  in order to attempt to  maintain  an orderly
market,  is willing to purchase a certain number of its shares of Class A Common
Stock held by Ault Glazer and to enter into the other  covenants and obligations
relating to the purchase of shares of Class A Common Stock held by Ault Glazer;

     NOW,  THEREFORE,  in  consideration  of the mutual  promises and  covenants
contained herein, and intending to be legally bound, the parties hereby agree as
follows:



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1. Purchase and Sale of Shares. Ault Glazer agrees to sell and Security National
agrees to purchase  124,000 shares of Class A Common Stock of Security  National
at $6.00 per share,  the closing of said stock purchase and sale  transaction to
occur within fifteen (15) days from the date of this Agreement.

2.  Agreement  Not to Purchase  Additional  Shares.  Ault  Glazer  agrees not to
purchase or control, directly or indirectly, any additional shares of Class A or
Class C Common  Stock of Security  National  for a period of four (4) years from
the date of this Agreement.

3. Option to Purchase and Sell Additional  Shares.  Security National agrees for
the next three (3) years from the date hereof,  on the anniversary  date of this
Agreement, that Ault Glazer may, but is not obligated, to sell 100,000 shares of
Class A Common  Stock of  Security  National on each such  anniversary  date and
Security  National  agrees to purchase,  if  requested  by Ault Glazer,  100,000
shares  of Class A Common  Stock of  Security  National  at a price of $6.00 per
share.  This  paragraph  is subject to the approval of the Board of Directors of
Security  National,  which  approval  Scott M. Quist,  the President of Security
National, will use his best efforts to obtain (and will favorably recommend this
paragraph)  at the next board  meeting.  If the Board of  Directors  of Security
National shall  disapprove this  paragraph,  and the paragraph shall be rendered
void  and of no  effect,  then the  immediately  preceding  paragraph  2 of this
Agreement  shall  also be void  and of no  effect,  but  the  remainder  of this
Agreement  shall  remain in effect and  continue to be binding  upon the parties
hereto.

4. Review of  Agreement  by  Counsel.  This  Agreement  is subject to review and
amendment  by  securities  counsel  for  Security  National  and Ault Glazer for
necessary  disclosures in order to comply with federal and state securities laws
and  regulations  thereunder  and otherwise in conformity  with such federal and
state securities laws and regulations thereunder.

1.

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5. Waiver.  Any term or condition of this Agreement may be waived at any time by
the party that is  entitled to benefit  thereof.  Such waiver must be in writing
and must be executed  by an  executive  officer of such  party.  A waiver on one
occasion  will not be deemed  to be a waiver of the same or any other  breach or
nonfulfillment on a future occasion. All remedies,  either under this Agreement,
or by law or, otherwise afforded, will be cumulative and not alternative.

6.  Amendment.  This  Agreement  may be modified or amended only in writing duly
executed by all parties.

7. Counterparts.  This Agreement may be executed simultaneously in any number of
counterparts,  each of which will be deemed an original,  but all of which, when
taken together, will constitute one and the same instrument.

8.  Governing Law. This Agreement will be governed by and construed and enforced
in  accordance  with  the  laws of the  State  of Utah  (without  regard  to the
principles  of  conflicts  of  law)  applicable  to  a  contract   executed  and
performable in such state.

9. Binding Effect.  This Agreement is binding upon and will inure to the benefit
of the parties and their respective successors and permitted assigns.

10. No Assignment.  Neither this Agreement nor any right or obligation hereunder
or part  hereof may be assigned by any party  hereto  without the prior  written
consent of the other party hereto (and any attempt to do so will be void).

11. Due Diligence.  All parties to this Agreement  hereby  acknowledge that they
have received from the others all information requested and have had an adequate
opportunity to investigate all aspects of this transaction.  Each party has done
its own due diligence with respect to this transaction.

12. Invalid Provision. If any provision of this Agreement is held to be illegal;
invalid,  or unenforceable under any present or future law, and if the rights or
obligations  under this Agreement of Security  National and Ault Glazer will not
be materially and adversely  affected thereby,  (i) such provision will be fully
severable;  (ii)  this  Agreement  will be  construed  and  enforced  as if such
illegal,  invalid, or unenforceable provision had never comprised a part hereof;
and (iii) the remaining  provisions of this  Agreement will remain in full force
and effect and will not be affected by the illegal,  invalid,  or  unenforceable
provision or by its severance from this Agreement.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
executed by the respective officers authorized to act in the premises, as of the
date first written.

                     SECURITY NATIONAL FINANCIAL CORPORATION



                                        By: /s/ Scott M. Quist
                                        ----------------------
                                        Scott M. Quist, President


                     AULT GLAZER & CO. INVESTMENT MANAGEMENT LLC



                                        By: /s/ Milton T. Ault
                                           ------------------
                                           Milton T. Ault, III, Chief
                                           Investment Officer
                                           and Managing Director








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