Document:

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                                                                     EXHIBIT 4.6

                                                                           (ISO)

                                    FORM OF
                             STOCK OPTION AGREEMENT

   This Stock Option Agreement ("Agreement") entered into effective as of
_________ by and between COMMERCIAL BANCSHARES, INC., a Texas corporation
("Company"), and _________ ("Employee"), witnesses as follows:

     WHEREAS, the Company has adopted the Incentive Stock Option Plan For Key
  Employees ("Plan"); and

     WHEREAS, Employee is an employee of the Company; and

     WHEREAS, Employee's affiliation with the Company is valued by the
  Company and the Company believes that Employee's contributions to the
  Company are important to the Company's growth and success; and

     WHEREAS, the Company believes it is advisable and in its best interest
  to provide Employee with additional incentive by providing him with an
  opportunity to acquire a proprietary interest in the Company by granting to
  Employee certain options to purchase shares of common stock, $0.10 par
  value per share, of the Company ("Common Stock");

     NOW, THEREFORE, the parties hereto agree as follows:

     1. Grant of Option. The Company hereby grants to Employee the right,
  privilege and option ("Option") to purchase up to ___________ shares of
  Common Stock ("Option Shares"), in accordance with and subject to the terms
  and conditions of the Plan, as it may be further limited by this Agreement.
  Employee shall be entitled to exercise the Option only to the extent
  provided in Section 4.

     2. Purchase Price. The purchase price for each of the Option Shares
  acquired pursuant to the Option shall be ________, subject to adjustment
  as provided in Section 6 hereof.

     3. Option Period. Subject to Section 7 of the Plan, the Option may be
  exercised commencing on the later of (a) one year from the date hereof or
  (b) _____. The Option shall terminate at 5:00 p.m., Houston, Texas, local
  time, on _____ any Option Shares as to which the Option has not then been
  duly exercised, subject to earlier termination in accordance with the Plan.

     4. Exercisable Shares. The Option shall be exercisable only to the
  extent that the Option Shares are vested ("Exercisable Option Shares").
  Option Shares shall become vested (and, hence, Exercisable Option Shares)
  in accordance with the vesting schedule attached hereto as Exhibit A or, if
  no such schedule is attached (or, if attached, does not reflect a completed
  schedule), shall be deemed fully vested on the date the Option is first
  exercisable.

     5. Method of Exercise. To exercise the Option, Employee shall deliver
  written notice to the Company at its principal place of business stating
  the number of Exercisable Option Shares with respect to which the Option is
  being exercised and specifying a date, not less than five nor more than
  thirty days after the date of such notice, as the date on which such shares
  will be taken up and payment made therefor in cash to the Company. If any
  law or regulation requires the Company to take any action with respect to
  the shares specified in such notice, then the date for the delivery of such
  shares against payment therefor shall be extended by the period necessary
  to take such action. In the event of any failure to take up and pay for the
  number of shares specified in such notice on the date set forth therein (as
  extended by the preceding sentence), the exercise of the Option with
  respect to such number of Exercisable Option Shares shall be treated as if
  it had never been made. Options may be exercised, during the lifetime of
  Employee, only by Employee and thereafter only by his legal representative.
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     6. Anti-dilution Provisions. In case at any time from time to time after
  the date hereof and during the existence of this Option, any of the
  following events occurs, the indicated adjustments shall be made in the
  purchase price (as in effect at the time of such event and from time to
  time in effect thereafter), and the number of shares of Common Stock
  deliverable under this Option, as appropriate:

       (a) If the Company subdivides its outstanding shares of Common Stock
    into a greater number of shares, the purchase price in effect
    immediately prior to such division shall be proportionately reduced and
    the number of shares purchasable and exercisable under the Option shall
    be proportionately increased. If the outstanding shares of Common Stock
    are in any manner combined into a smaller number of shares, the
    purchase price in effect immediately prior to such combination shall be
    proportionately increased and the number of shares purchasable and
    exercisable under the Option shall be proportionately reduced.

       (b) If the Company declares any dividend on its Common Stock payable
    in stock or other securities of the Company or of any other
    corporation, or in property or otherwise than in cash, to the holders
    of its Common Stock, Employee shall, without additional cost, be
    entitled to receive upon any purchase of Option Shares exercised under
    this Option, in addition to the shares of Common Stock to which he
    would otherwise be entitled, the number of shares of stock or other
    securities or property which he would have been entitled to receive if
    Employee had been a holder, immediately prior to the record date for
    such dividend, of the number of shares of Common Stock purchased
    pursuant to such exercise.

       (c) If there occurs any recapitalization or reclassification of the
    Common Stock, as a result of which holders of the Common Stock receive
    securities or property in lieu of or in addition to, but on account of,
    their Common Stock, Employee, upon any exercise after the record date
    for determination of shareholders entitled to such other stock,
    securities or property, shall receive, in lieu of or in addition to any
    shares of Common Stock, such proportionate shares of all stock,
    securities or other property issued, paid or delivered for or on all of
    the Common Stock as would have been allocable to the shares of Common
    Stock that would have been acquired pursuant to the Option if such
    acquisition had been made immediately prior to such record date.

     7. Effect on Corporate Transactions. The existence of the Option shall
  not affect in any way the right or power of the Company or its shareholders
  to make or authorize any and all adjustments, recapitalizations,
  reorganizations or other changes in the Company's capital structure or its
  business, or any merger or consolidation of the Company or any issue of
  common stock, bonds, debentures, preferred or prior preference stock ahead
  of or affecting the Option Shares or the rights thereof and at any price
  determined by the Board of Directors of the Company, or the dissolution or
  liquidation of the Company or the sale or transfer of any or all of its
  assets or business, or any other corporate act or proceeding, whether of a
  similar character or otherwise.

     If the Company is merged into or consolidated with another corporation
  under circumstances where the Company is not the surviving corporation, or
  if the Company is liquidated (including as the result of an involuntary
  dissolution), or engages in any corporate separation or division,
  including, but not limited to, split-up, split-off or spin-off, sale or
  other disposition of its assets to another corporation during the period of
  the Option hereunder, (a) subject to the provisions of clause (c) below,
  after the effective date of such merger, consolidation, liquidation or
  other transaction, as the case may be, Employee shall be entitled, upon
  exercise of the Option, to receive, in lieu of Common Stock of the Company,
  shares of such stock or other securities as the holders of Common Stock of
  the Company received, if any, pursuant to the terms of the merger,
  consolidation or other transaction; (b) the Board of Directors of the
  Company may waive any limitations set forth in or imposed pursuant to
  Sections 3 and 4 hereof so that the Option, from and after a date prior to
  the effective date of such merger, consolidation, liquidation or other
  transaction, as the case may be, specified by such Board, may be
  exercisable in full; and/or (c) the Option may be cancelled by the Board of
  Directors of the Company as of the effective date of any such merger,
  consolidation, liquidation or other transaction provided that (i) notice of
  such cancellation shall be given to

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  Employee and (ii) Employee shall have the right to exercise the option in
  full (without regard to any limitations set forth in or imposed pursuant to
  Sections 3 or 4 hereof) during a 30-day period preceding the effective date
  of such merger, consolidation, liquidation, or other transaction.

     8. Certain Restrictions. Employee understands that the Option is not
  registered under the Securities Act of 1933, as amended (the "Act") and the
  Company has no obligation to register under the Act the Option or any of
  the shares of Common Stock subject to and issuable upon the exercise of the
  Option. Employee represents that the Option is being acquired by him and
  that such shares of Common Stock will be acquired by him for his own
  account for investment and without a view to resale or distribution in
  violation of the Act or any other securities law, and, upon any such
  acquisition, Employee will enter into such written representations,
  warranties and agreements as the Company may reasonably request in order to
  comply with the Act or any other securities law or with this Agreement. All
  certificates for the shares issued upon exercise of the Option or any
  related stock appreciation rights will bear the following legend unless
  such shares are registered under the Act prior to their issuance:

            The shares represented by this Certificate have not been
         registered under the Securities Act of 1933 (the "Act"), and
         are "restricted securities" as that term is defined in Rule
         144 under the Act. The shares may not be offered for sale,
         sold or otherwise transferred except pursuant to an effective
         registration statement under the Act or pursuant to an
         exemption from registration under the Act, the availability
         of which is to be established to the satisfaction of the
         Company.

     9. No Rights in Shares. Employee shall have no rights as a shareholder
  in respect of Option Shares as to which the Option shall not have been
  exercised, payment made as herein provided and certificates representing
  such Option shares issued in Employee's name, and shall have no rights with
  respect to such option shares not expressly conferred by this Agreement.

     10. Indemnity. Employee shall be solely responsible for the payment of
  all withholding and other federal or state employment or other taxes (if
  any) attributable to the option and will indemnity and hold harmless the
  Company, its successors and assigns, against all such taxes (and any and
  all related interest and penalties) and all costs and expenses, including
  attorneys' fees related to defending any such claims for taxes.

     11. Amendment and Termination. No amendment or termination of this
  Agreement may be made except by written agreement of the Company and
  Employee except as provided in Section 10 of the Plan and further except
  that this Agreement may be amended unilaterally by the Company in order to
  give full effect to the provisions of the Plan and to comply with federal
  and state laws regulating the taxation of options and the issuance and sale
  of the Company's securities.

     12. Nonassignability of Option. This Agreement may not be assigned or
  transferred by Employee otherwise than by will or the laws of descent and
  distribution.

     13. Effect on Employment. Nothing in this Agreement shall confer upon
  Employee any right to continue in the employ of or other relationship with
  the Company or interfere in any way with the right of the Company to
  terminate such employment or other relationship between Employee and the
  Company.

     14. Notice. All notices, requests, demands and other communications
  required or permitted hereunder shall be in writing and if by facsimile
  transmission, telecopy, telex, or personal delivery shall be deemed to have
  been given when sent; if sent by Federal Express or Express Mail shall be
  deemed to have been given the next succeeding day; and if mailed shall be
  deemed to have been given three days after the date when sent by registered
  or certified mail, postage prepaid and addressed to a party at its address
  as shown below its signature to this Agreement or to such other address as
  he may, by written notice received by the other party, have designated as
  his address for such purpose.

     15. Gender and Number. Whenever required by the context of this
  Agreement, the singular includes the plural, and the masculine includes the
  feminine or the neuter.

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     16. GOVERNING LAW. THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN
  ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD
  TO PRINCIPLES OF CONFLICTS OF LAW, AND IS PERFORMABLE IN HARRIS COUNTY,
  TEXAS. EACH PARTY HERETO HEREBY SUBMITS TO THE JURISDICTION OF THE COURTS
  OF THE STATE OF TEXAS AND THE FEDERAL COURTS IN AND FOR THE SOUTHERN
  DISTRICT OF TEXAS IN CONNECTION WITH ANY MATTER RELATING TO THIS AGREEMENT
  AND ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH.

     17. Severability. This Agreement is intended to be performed in
  accordance with, and only to the extent permitted by, all applicable laws,
  ordinances, rules and regulations. If any provision of this Agreement, or
  the application thereof to any person or circumstance, is for any reason or
  to any extent invalid or unenforceable, the remainder of the Agreement and
  the application of such provision to the other persons or circumstances
  shall not be affected thereby, but rather is to be enforced to the greatest
  extent permitted by law.

     18. Captions. The captions used in this Agreement are for convenience
  only and are not to be construed in interpreting this Agreement.

     19. No Third Party Beneficiaries. This Agreement is intended for the
  exclusive benefit of the parties to this Agreement and their respective
  personal representatives, successors and permitted assigns, and nothing
  contained in this Agreement shall be construed as creating any rights or
  benefits in or to any third party.

     20. Stock Appreciation Rights. If, in accordance with the Plan, the
  Company has granted any stock appreciation rights to Employee in
  conjunction with the Option, the terms of such stock appreciation rights
  shall be as provided in Exhibit B attached hereto and as otherwise
  described in the Plan. The grant of the Option to Employee shall not be
  construed to obligate the Company to grant any stock appreciation right to
  Employee. Any stock appreciation right granted to Employee shall be
  exercisable only to the extent the related Option is exercisable and shall
  terminate concurrent with the termination of such Option.

   IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

EMPLOYEE                                     COMMERCIAL BANCSHARES, INC

_____________________________________        By: ______________________________
Name: _______________________________        Name: ____________________________
Address: ____________________________        Title: ___________________________
_____________________________________        Address: _________________________
Social Security No.: ________________        __________________________________

                                       4CHANGE OF CONTROL AGREEMENT

         THIS AGREEMENT is made as of this 1st day of June, 2000, by and between
REGENCY  REALTY   CORPORATION,   a  Florida   corporation  (the  "Company")  and
__________________ ("Employee").

         WHEREAS, the Company wishes to provide inducement to Employee to remain
as an executive  officer of the Company and a key employee of the Company and/or
one or more of its Affiliates (as defined below) or other entities the ownership
of which is attributable  to the Company  pursuant to Section 318 (including any
successor  provision)  of the  Internal  Revenue  Code of 1986,  as amended (the
"Code")  (the  Company,  its  Affiliates  and  such  entities  are  referred  to
collectively as the "Regency Entities");

         WHEREAS,  the parties agree that the restrictive  covenants  underlying
certain of Employee's  obligations under this Agreement are necessary to protect
the goodwill or other business  interests of the Regency  Entities and that such
restrictive  covenants  do not impose a greater  restraint  than is necessary to
protect such goodwill or other business interests.

         In  consideration  of Employee's  agreement to continue as an executive
officer  of the  Company  and as an  employee  of one  or  more  of the  Regency
Entities, Employee and the Company agree as follows:

1.       Definitions.  The following definitions shall apply:
         -----------

(a)      "Beneficial Owner" of securities means any securities:
          ----------------

(i)      which such Person or any of such Person's "Affiliates" and "Associates,
         as such terms are defined in Rule 12b-2 of the General  Rules and
         Regulations  of the  Securities  Exchange  Act of 1934 (the "Exchange
         Act"), has the right to acquire (whether such right is exercisable
         immediately or only after the passage of time) pursuant to any
         agreement,  arrangement or understanding,  or upon the exercise of
         conversion  rights,  exchange  rights,  rights,  warrants or options,
         or otherwise;  provided,  however,  that  a  Person shall  not  be
         deemed  the  Beneficial  Owner  of,  or  to  beneficially  own,
         securities  tendered  pursuant  to a tender or  exchange  offer made by
         or on behalf of such  Person or any of such  Person's  Affiliates  or
         Associates  until such  tendered securities are accepted for purchase;
         or

(ii)     which such Person or any of such  Person's Affiliates  or  Associates,
         directly or  indirectly,  has the right to vote or dispose of or has
        "beneficial  ownership"  of (as  determined  pursuant to Rule 13d-3 of
         the General Rules and  Regulations  under the Exchange Act or any
         successor  provision),  including  pursuant to any agreement,
         arrangement or understanding;  provided, however,  that a  Person shall
         not be deemed the Beneficial  Owner of, or to  beneficially  own, any
         security under this  subsection  (ii) as a result of an agreement,
         arrangement  or  understanding  to vote security if the agreement,
         arrangement or understanding  arises solely from a revocable proxy or
         consent  given to such  Person  in  response  to a  public  proxy or
         consent  solicitation  made pursuant to, and in accordance  with, the
         applicable  rules and  regulations  under the Exchange  Act and is not
         also then  reportable on a Schedule 13D under the Exchange Act (or any
         comparable or successor report); or

(iii)    which are beneficially owned,  directly or indirectly,  by any other
         Person with which such  Person or any of such  Person's Affiliates or
         Associates  has any  agreement,  arrangement  or understanding for the
         purpose of acquiring,  holding,  voting (except   pursuant  to  a
         revocable  proxy  as  described in subsection  (ii) above) or disposing
         of any voting  securities of the Company);

(b)      "Cause" means:

(i)      The willful and substantial  failure or refusal of Employee to
         perform duties assigned to Employee  (unless Employee shall be
         ill or disabled) under  circumstances where Employee would not
         have Good Reason to terminate Employee's employment hereunder,
         which  failure or refusal is not  remedied by Employee  within
         thirty (30) days after written notice from the Chief Executive
         Officer  of the  Company  or the  Board of  Directors  of such
         failure or refusal;
<PAGE>

(ii)     A  material  breach  of  Employee's  fiduciary  duties  to any
         Regency  Entity  (such as  obtaining  secret  profits from the
         Regency  Entity) or a  violation  by Employee in the course of
         performing Employee's duties to any Regency Entity of any law,
         rule or  regulation  (other than traffic  violations  or other
         minor offenses) where such violation has resulted or is likely
         to result  in  material  harm to any  Regency  Entity,  and in
         either case where such breach or violation  constituted an act
         or  omission  performed  or made  willfully,  in bad faith and
         without a  reasonable  belief  that such act or  omission  was
         within the scope of Employee's employment hereunder; or

(iii)    Employee's  engaging in illegal  conduct  (other than  traffic
         violations  or  other  minor  offenses)  which  results  in  a
         conviction (or a no contest or nolo  contendere  plea thereto)
         which is not subject to further appeal and which is materially
         injurious  to the  business  or  public  image of any  Regency
         Entity.

(c)      "Change of Control" means:

(i)      Fifty percent (50%) or more of the members of the Board of
         Directors of the Company:

(1)      are not Continuing Directors, or

(2)      whether  or not they are  Continuing  Directors,  are
         nominated by or elected by the same Beneficial  Owner
         (for this purpose, a director of the Company shall be
         deemed to be  nominated  or elected  by the  Security
         Capital  Entities if the director  also is a director
         of  Security  Capital  Group,  Inc.,   including  any
         successor);

(ii)     Any  individual,  firm,  partnership,   corporation  or  other
         entity,  including  any  successor (by merger or otherwise) of
         such  entity,  or a group of any of the  foregoing  acting  in
         concert (a  "Person")  (other than any  employee  benefit plan
         maintained  by the  Company  or any entity  controlled  by the
         Company or any entity holding securities of the Company for or
         pursuant  to  the  terms  of any  such  plan  or any  trustee,
         administrator  or  fiduciary  of  such  a  plan)  becomes  the
         Beneficial Owner of securities of the Company  representing at
         least  twenty-five  percent (25%) of the combined voting power
         of the Company's then outstanding securities except:

(1)      any acquisition by any Security Capital Entity or any
         of its  Affiliates  (including the pledge to any bona
         fide  pledgee of  securities  of the  Company by such
         investor  or  its  Affiliates  to  secure  bona  fide
         indebtedness   of  such  Person  but   excluding  any
         transfer  to  or  for  the  benefit  of  the  pledgee
         pursuant  to its  rights  as  pledgee)  which is made
         while the standstill  provisions of the  Stockholders
         Agreement   are  in  effect  and  which  is  made  in
         compliance with such provisions;

(2)      any acquisition by the Company;

(3)      transfers between and among the Security Capital Entities and their
         respective Affiliates; or

(4)      any  transaction  or series of  related  transactions
         directly with the Company which have been  authorized
         by  a  majority  of  the  Continuing  Directors  then
         serving on the Company's Board of Directors;

(iii)    There  shall be  consummated  or the  shareholders  shall have
         approved (and the Board shall not have abandoned):

(1)      any reorganization,  consolidation,  share exchange,  or merger
         (a "Business  Combination") of the Company in which the  Company is not
         the  continuing  or  surviving  corporation  or pursuant to which the
         Company's  common stock would be  converted  into cash,  securities or
         other property,  other  than a Business  Combination  in which the
         holders  of the  Company's voting common stock  immediately  prior to
         such Business  Combination  Beneficially Own,  directly or  indirectly,
         more  than  50%  of  the  combined   voting  power  of  the then-
         outstanding  voting  securities  entitled  to vote  generally  in the
         election  of directors  of the  corporation  resulting  from such
         initial  Business  Combination  in substantially  the  same proportions
         as  their  ownership,  immediately  prior to such Business Combination,
         of the outstanding Company voting stock, or
<PAGE>

(2)      except as provided in clause  (1),  any sale,  lease, exchange or other
         transfer (in one  transaction or a series  of  related   transactions)
         of  all, or substantially all, of the assets of the Company;

(iv)     The Company  acquires,  whether  through  purchase,  merger or
         otherwise, all or substantially all of the operating assets or
         capital stock of another  entity and in  connection  with such
         acquisition  persons are elected or  appointed to the Board of
         Directors  of the  Company who are not  directors  immediately
         prior to the  acquisition  and such persons,  even though they
         may be Continuing Directors, constitute at least fifty percent
         (50%) of the Board of Directors after such acquisition; or

(v)      The  shareholders  of the Company approve any plan or proposal for the
         liquidation or dissolution of the Company;

(d)      "Continuing Director" means:

(i)      any member of the Board of  Directors of the Company who was a
         member of such Board on January 1, 2000,  and any successor of
         a  Continuing   Director  who  is  recommended  to  succeed  a
         Continuing  Director by at least a majority of the  Continuing
         Directors then on such Board;

(ii)     any individual who becomes a director subsequent to January 1,
         2000,  whose  election  or  nomination  for  election  by  the
         Company's  shareholders  was  approved by a vote of at least a
         majority  of the  directors  then  comprising  the  Continuing
         Directors; and

(iii)    any individual who becomes a director pursuant to Article 2 of the
         Stockholders Agreement;

(e)      "Good Reason" means (unless consented to in writing by the Employee):

(i)      a diminution  or adverse  change,  in the nature of Employee's
         title, position, reporting relationships, authority, duties or
         responsibilities  (including  as a  type  of  diminution,  the
         Employee's  occupation of the same title and/or position,  but
         with a privately-held company); or

(ii)     a diminution in Employee's total  compensation and benefits or
         the formula for Employee's incentive  compensation,  in either
         case  for  reasons  not   reasonably   related  to  Employee's
         performance; or

(iii)    a diminution, without Employee's consent, in the nature of
         Employee's working conditions, or

(iv)     Employee  shall be  required  to perform  duties  which  would
         necessitate   relocating   Employee's   residence   beyond   a
         reasonable commuting distance from the Company's offices where
         Employee was based immediately prior to the Change of Control;
         or

(v)      a successor fails to assume this Agreement, or amends or modifies this
         Agreement; or

(vi)     a material breach of this Agreement by the Company or a successor
         thereto; or

(vii)    in the case of an  Employee  who is also a  director,  the failure of
         the  Employee  to be  nominated  for re-election to the board; or

(viii)   the Company or its successor giving notice that this Agreement will not
         be automatically extended;

(f)      "Security  Capital  Entities" means Security  Capital  Holdings S.A.
         and Security  Capital U.S. Realty and any Affiliates of either who are
         bound by the Stockholders Agreement; and

(g)      "Stockholders Agreement"  means  the  Stockholders  Agreement  dated
         July 10, 1996, as amended, among the Security Capital Entities and the
         Company.

2.       Term.  The term of this  Agreement  shall begin on the date hereof and
         end at 11:59 p.m. on December 31, 2005, and thereafter  shall
         automatically  renew for successive additional five-year  terms unless
         either party  delivers  written notice of  non-renewal  within  90 days
         of the end of the  then  current  term; provided,  however, that if a
         Change of Control has occurred during the original or any extended term
         the term of this  Agreement  shall extend for 24 calendar months after
         the end of the  calendar  month in which the  Change  of  Control
         occurs.
<PAGE>

3.       Change of Control. In the event that during the term of this  Agreement
         the Company terminates  Employee's employment without Cause or Employee
         terminates Employee's employment for Good Reason, in each case within
         two years following a Change of Control:

(a)      Employee shall be entitled to receive a lump sum cash payment within
         fifteen (15) days  after  the date of  termination  (or at  Employee's
         election,  equal monthly  installments  at the end of each  month  for
         twenty-four months,  the "Termination  Payment  Period")  equal  to the
         sum of (i) two times  Employee's annual  base  salary  in effect on the
         date of  termination  or,  if  greater, immediately prior to the Change
         of Control,  and (ii) an amount in cash equal to two times  Employee's
         most recent  annual  bonus,  if any, paid pursuant to the Company's
         Annual  Incentive for Management  Plan or any successor plan ("Annual
         Incentive Plan"), or if greater,  two times Employee's targeted Annual
         Incentive Plan bonus for the current year in which the termination
         occurs.

(b)      Employee shall receive fringe  benefits and other employee  benefits
         during the Termination  Payment Period (other than vacations,  stock
         options  and  profit  sharing  contributions but  including  the life,
         health, and disability insurance) comparable to those that Employee was
         receiving on the date of termination or immediately prior to the Change
         of Control,  if greater. If such benefits cannot be provided under the
         Company's  existing benefit plans or programs,  individual coverage
         will be provided at no  additional  charge to the Employee or the cash
         equivalent thereof will be paid to the Employee.

(c)      All unvested stock options and unvested  dividend  equivalent  units
         (DEU's) held by Employee, or by the Company on the Employee's behalf,
         will fully vest on the date of termination of Employee. Employee shall
         be entitled to exercise all unexercised  stock  options  within  the
         later of ninety  (90)  days  following termination  or the  expiration
         date of such options as provided in each option agreement pertaining
         thereto. All DEU's held by the Company on Employee's behalf will be
         immediately distributed to the Employee.

(d)      All unvested  restricted stock held by the Company on the Employee's
         behalf will  fully  vest on the date of  termination  of  Employee  and
         be  immediately distributed to Employee.

(e)      All  amounts  held by the  Company on account  for  Employee  in the
         Regency  Realty  Deferre  Compensation  Plan  will  be distributed to
         Employee in accordance with the Employee's election under the Plan.

(f)      The following provisions  shall apply to any stock purchase  loans owed
         by Employee to the Company (the "Stock Purchase Loans"):

(i)      Stock Purchase Loans will become non-recourse obligations on the date
         of termination of Employee.

(ii)     Stock Purchase Loans that contain forgiveness provisions based
         on Employee  remaining  employed by any Regency  Entity and/or
         the  satisfaction  by  the  Company  of  certain   performance
         criteria (A) will not be due and payable upon  termination  of
         employment,  anything in the loan  documents  to the  contrary
         notwithstanding,  (B) shall remain outstanding,  and (C) shall
         be subject to forgiveness as if Employee's  employment had not
         been terminated.

(iii)    In the event  that (A) a Stock  Purchase  Loan  becomes due and payable
         as a result of  termination  of  employment and the  settlement of the
         Stock Purchase Loan results in ordinary  income to Employee for federal
         income  tax  purposes  ("Loan  Income"),  or (B) the  change in the
         obligation  to non-recourse  results in Loan  Income,  the  Company
         shall also pay to Employee at the same time that it pays the other
         amounts due hereunder  (or in the case of subsequent  forgiveness, at
         the time of such  forgiveness)  an amount with  respect to such Loan
         Income  sufficient  to cover the federal  income tax and any state or
         local  income  taxes due on such Loan Income and on the cash
         payment made under this subsection (iii).

(g)      If any payment or benefit (including, but not by way of limitation,
         benefits such as accelerated  vesting  and/or  distributions  of stock
         options, dividend equivalents and restricted  stock,  loan forgiveness,
         and the  continuation  of  fringe  and  other  benefits)  to  Employee
         hereunder or any other payments received or to be  received  by
         Employee  from  the  Company  or any  successor  thereto (collectively,
         "Severance  Benefits")  (whether  payable  pursuant to the terms hereof
         or any other plan,  agreement  or  arrangement with the  Company or any
         corporation affiliated  with the Company  within the meaning of Section
         1504 of the Code) would, in  the  opinion of Tax  Counsel (as hereafter
         defined) constitute a "parachute  payment"  under  Section 280G of the
         Code,  or if it is ultimately determined  by a court or  pursuant  to a
         final  determination  by the  Internal Revenue Service that any portion
         of  the Severance Benefits  is subject  to  the  tax (the "Excise Tax")
         imposed by Section 4999 of the Code,  then  except as  provided  in the
         last sentence of this Section 3(g),  the Company  shall pay to Employee
         fifteen  days after such  determination  an  additional  amount  (the

<PAGE>

         "Gross-Up Payment") such that the net amount  retained by the Employee
         after  deduction of (i) any Excise  Tax;  (ii) any  federal,  state or
         local income tax  arising in respect of  imposition of such Excise Tax;
         (iii) any  federal,  state or local income tax or Excise Tax imposed
         upon the payment  provided for by this Section 3(g); and (iv) any
         interest  charges or penalties  arising as a result of filing federal,
         state or local income tax returns in accordance with the opinion of Tax
         Counsel  described in Section 4(a),  shall be equal to the  Severance
         Benefits. Notwithstanding the foregoing, if the amount of the Severance
         Benefits does not exceed by more than ten  percent  (10%) the  amount
         that  would be  payable  to Employee if the  Severance  Benefits  were
         reduced to one dollar less than what would  constitute  a  "parachute
         payment"  under  Section 280G of the Code (the "Scaled  Back  Amount"),
         then the  Severance  Benefits  shall be reduced to the Scaled Back
         Amount, and Employee shall not be entitled to any Gross-Up Payment.

(h)      For  purposes of determining  the amount of the payments  made pursuant
         to Sections  3(f)(iii)  and 3(g)  hereof,  Employee  shall be deemed to
         pay federal income taxes at the highest  marginal  federal tax rates in
         the calendar year in which such  payment is made and any state or local
         income taxes at the highest marginal rates  applicable in the state and
         locality of Employee's domicile for income tax purposes in the calendar
         year in which such payment is made hereunder and  assuming the maximum
         available  deduction  from income for federal  income taxes purposes of
         any such state or local income taxes.

4.       Procedure.

(a)      For purposes of Section  3(g),  within  sixty (60) days after delivery
         of a  written notice of  termination  by the Employee or by the Company
         pursuant  to  this Agreement, the Company shall obtain, at its expense,
         the opinion (which  need  not be unqualified) of  nationally recognized
         tax counsel ("Tax Counsel") selected  by  the  Company's  independent
         auditors, which sets forth (i) the "base amount" within the meaning of
         Section  280G;  (ii) the aggregate present value of the payments in the

         nature of compensation to the Employee as prescribed in Section 280G(b)
         (2)(A)(ii);  and  (iii)  the  amount  and  present  value  of  any
         "excess parachute  payment"  within  the  meaning  of  Section  280G(b)
         (1). For purposes of such opinion,  the value of any non-cash benefits
         or  any  deferred  payment  or  benefit  shall  be  determined  by  the
         Company's   independent auditors in  accordance with the principles of
         Section 280G,  which determination shall be evidenced in a certificate
         of such auditors  addressed  to the Company and Employee. Such opinion
         shall  be  dated  as of  the date of  termination  of  Employee's
         employment and addressed  to the Company and the Employee and shall be
         binding  upon the Company  and  the Employee.

(b)      The  provisions  of Section  3,  including  the  calculations, notices
         and opinions provided  for herei  shall  be based upon  the conclusive
         presumption that

(i)      the  compensation  and  benefits provided for in Section 3 hereof, and
         (ii)  any other compensation  earned  prior to the  Change  in  Control
         by the Employee pursuant to the Company's compensation programs if such
         payments  would  have  been  made  in  the future in any  event,  even
         though  the  timing  of  such  payment  is  triggered  by  the  Change
         of  Control, is  reasonable,  provided,  however,  that in the event
         such Tax Counsel so  equests in connection  with the opinion  required
         by Section 4(a),  the  Company  shall obtain at its expense,  and Tax
         Counsel may rely on in providing the opinion,  the advice of a firm of
         recognized  executive compensation  consultants  as  to  the
         reasonableness  of  any  item ofcompensation to be received by the
         Employee.

5.       Compensation  Upon  Termination.  Except as  provided  in Section  3(g)
         with respect  to  the  Scaled  Back  Amount,  Employee  shall  not be
         required to mitigate the  amount of any compensation  or other amounts
         payable  to Employee  hereunder pursuant  to  Section 3 ("Change of
         Control") following  the  early  termination of Employee's  employment,
         by  securing  other employment or otherwise, nor will such compensation
         be reduced by reason of Employee  securing other  employment or for any
         other reason.

6.       Confidentiality and Non-Competition.

(a)      Employee  will not use or disclose any confidential information of any
         Regency  Entity  without  the  Company's  prior  written   consent,
         except in furtherance of the business of the Regency Entities or except
         as  may  be  required  by law. Additionally, and without limiting the
         foregoing, Employee  agrees  not to  participate in or facilitate the
         dissemination   to  the media  or  any other  third  party (i) of any
         confidential  information concerning any Regency Entity or any employee
         of  any  Regency  Entity,  or  (ii)  of any  damaging  or  defamatory
         information  concerning  Employee's experiences  as an  employee of any
         Regency Entity, without the Company's  prior written consent except as
         may be required by law. Notwithstanding the foregoing, this paragraph
         does  not apply to information which is already in the public domain
         through no fault of the Employee.
<PAGE>

(b)      The  Company  agrees  not to  disclose  to any third  party any
         information concerning the terms of Employee's employment or Employee's
         work-related  performance or, in the event that Employee ceases to be
         employed hereunder, the reasons or basis for Employee's  termination of
         employment,  without Employee's prior written consent or except as may
         be required by law.

(c)      During  Employee's  employment and during the one-year period after
         Employee ceases to be employed by any of the Regency Entities, Employee
         agrees that:

(i)      unless Employee's  employment is terminated following a Change
         of Control  without Cause or for Good Reason,  Employee  shall
         not directly or knowingly and  intentionally  through  another
         party recruit,  induce,  solicit or assist any other Person in
         recruiting,  inducing or soliciting  any other employee of any
         Regency Entity to leave such employment;

(ii)     whether or not a Change  of Control has occurred,  Employee  shall not
         personally solicit,  induce or assist any other Person in  soliciting
         or inducing  (A) any tenant in a shopping  center of any Regency
         Entity that was a tenant on the date of termination of Employee's
         employment (the  "Termination  Date") to terminate a lease, or (B) any
         tenant,  property  owner or  build-to-suit  customer  with whom  any
         Regency Entity  entered into a lease,  acquisition  contract,  business
         combination contract,  or  development  contract on the  Termination
         Date to  terminate such lease or other contract, or (C) any prospective
         tenant,  property owner  or  prospective  build-to-suit  customer  with
         which any Regency Entity was actively  conducting  negotiations on the
         Termination  Date with  respect  to  a lease,  acquisition,  business
         combination or  development  project to cease such negotiations, unless
         Employee was not aware that such negotiations were being conducted.

(d)      The parties  agree  that  any  breach  of this  Section  6 will  result
         in irreparable harm to  the non-breaching party which cannot be fully
         compensated by monetary  damages and  accordingly,  in the event of any
         breach or  threatened breach  of this  Section  6,  the  non-breaching
         party  shall  be  entitled  to injunctive relief. Should any  provision
         of this  Section 6 be  determined by  a court of  law or equity to be
         unreasonable or  unenforceable,  the parties agree that to the extent
         it is  valid and enforceable, they shall  be bound by the same, the
         intention  of  the  parties  being that the  parties  be given the
         broadest protection allowed by law or equity with respect to such
         provision.

(e)      The provisions of Sections 6(a) and 6(b) shall survive the termination
         of this Agreement.

7.       Withholding.  The Company shall withhold from all payments to Employee
         hereunder all amounts  required to be withheld under applicable local,
         state or federal income tax law.

8.       Dispute  Resolution. Any  dispute, controversy  or claim between  the
         Company and Employee or other person arising out of or relating to this
         Agreement  shall be settled by arbitration  conducted in the City of
         Jacksonville in accordance with the Commercial Rules of the American
         Arbitration  Association then in force and Florida  law within 30 days
         after  written  notice  from one party to the other requesting that the
         matter be submitted to arbitration. The arbitration decision or award
         shall be binding and final upon the  parties.  The  arbitration  award
         shall be in writing and shall set forth the basis  thereof. The parties
         hereto shall abide  by all  awards  rendered  in  such  arbitration
         proceedings, and all such awards may be enforced and executed upon in
         any court having  jurisdiction over the party against whom  enforcement
         of such award is sought.  The Company shall bear the cost with respect
         to such arbitration  (including reasonable attorney's fees and expenses
         incurred by Employee),  provided,  however,  that in the event that no
         award  is  made to  Employee, the Employee  will  be  responsible  to
         reimburse the Company for one-half of such costs.
<PAGE>

9.       Miscellaneous.  This  Agreement shall  be construed and  enforced in
         accordance with the laws of the State of Florida (exclusive of conflict
         of law principles). In the event that any provision of this Agreement
         shall be invalid,  illegal or unenforceable,  the  remainder  shall not
         be affected  thereby.  This  Agreement supersedes  and  terminates any
         prior  employment  agreement,  change  of  control agreement or  non-
         competition  agreement  between the Company or Pacific  Retail Trust
         (to which the Company is successor by merger) and Employee. This
         Agreement shall  be  binding  upon and  inure  to the benefit of the
         Employee  and  Employee's heirs and personal  representatives and the
         Company and its successors,  assigns and legal  representatives.  The
         Company  will  require any  successor  (whether direct or indirect,  by
         purchase,  merger,  consolidation,  or  otherwise)  to expressly assume
         and agree to perform  under this  Agreement in the same manner and to
         the same extent that the Company  would be required to perform if no
         such succession had taken place.  This Agreement may not be terminated,
         amended,  or modified except by a written  agreement  executed by the
         parties hereto or their respective successors and legal representatives

         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
         of the day and year first above written.

                                                     REGENCY REALTY CORPORATION

                                                        By:
                                                        Its:
                                                       "Company"

                                                       "Employee"

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