Document:

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                                                                    EXHIBIT 10.7

                              EMPLOYMENT AGREEMENT

      THIS AGREEMENT (this "Agreement") is made as of the 21st day of July, 2004
(the "Effective Date") by and between First National Bankshares of Florida,
Inc., a Florida corporation (the "Company"), First National Bank of Florida, a
national banking association and wholly owned subsidiary of the Company (the
"Bank") (the Company and the Bank are collectively referred to herein as
"Employer"), and Garrett S. Richter (the "Executive").

      WHEREAS, Executive is the Executive Vice President and Secretary of the
Company and President and Chief Executive Officer of the Bank;

      WHEREAS, the parties hereto are parties to that certain Employment
Agreement dated December 16, 1996 (the "Existing Employment Agreement"); and

      WHEREAS, the parties hereto desire to terminate the Existing Employment
Agreement and enter into this Agreement and that certain Change of Control
Agreement dated as of the date hereof (the "Change of Control Agreement").

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

      1. POSITION AND DUTIES. The Company hereby agrees to employ Executive as
Executive Vice President and Secretary of the Company, with such powers and
duties as may be prescribed from time to time by the Board of Directors or the
Chief Executive Officer of the Company, and the Bank hereby agrees to employ
Executive as President and Chief Executive Officer of the Bank, with such powers
and duties as may be prescribed by the Board of Directors of the Bank, subject
to the terms, conditions and provisions of this Agreement. Executive hereby
accepts such employment and agrees to serve without additional compensation, if
elected, in any other senior executive position of the Company reasonably
requested of him and as an officer and/or director of any subsidiary of the
Company in accordance with Section 7 hereof. Executive shall devote his
full-time best efforts to such employment and shall apply substantially that
degree of skill and diligence in rendering services to the Company and its
subsidiaries under this Agreement as would be applied by a person of ordinary
prudence and comparable experience under similar circumstances. In connection
therewith, Executive shall report to and be subject to the direction of the
Board of Directors and the Chief Executive Officer of the Company and the Board
of Directors of the Bank. Notwithstanding the foregoing, Executive may devote a
reasonable amount of his time to his personal investments and business affairs
(including service as a director of unaffiliated companies) and to civic and
charitable activities; provided, however, Executive shall not accept any
position as a director of any unaffiliated for-profit business organization
without advance approval of the Company's Board of Directors, which approval
shall not be unreasonably withheld.

      2. COMPENSATION.

            (a) Annual Salary. As compensation for services rendered under this
Agreement, Executive shall be entitled to receive from Employer an annual salary
of not less than $300,000 per year, (the "Annual Salary") payable in accordance
with Employer's normal payroll practice, prorated for any partial employment
period. The Annual Salary may be increased from time to time by Employer, but
shall not be decreased without the written consent of Executive.

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            (b) Compensatory Plan Participation. Executive will be eligible to
participate in any compensatory plans, including incentive compensation, stock
option, stock bonus, cash, profit-sharing or similar plans, which Employer may
make available to its other executives, subject to the terms and conditions of
such plans and, if applicable, the discretion of Employer in determining the
frequency and magnitude of awards under such plans.

      3. FRINGE BENEFITS, VACATION TIME, EXPENSES AND PERQUISITES.

            (a) Benefit Plan Participation. Executive shall be eligible to
participate in or receive benefits under all corporate employment benefit plans
made available by Employer to its executives and key management employees
including, but not limited to, any pension, savings, insurance, medical or
health-and-accident plan or arrangement, subject to and on a basis consistent
with terms, conditions and overall administration of such plans and
arrangements.

            (b) Vacation Time Allowances. Executive shall be entitled each year
to vacation time in accordance with Employer's personnel policy, during which
time Executive's compensation shall be paid in full.

            (c) Business Expense Reimbursement. During the term of his
employment hereunder, Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by him (in accordance with
the policies and procedures established by Employer) in performing services
hereunder, provided that Executive properly accounts therefor in accordance with
corporate policy.

            (d) Use of Company-Provided Automobile. Employer will either (i)
purchase or lease an appropriate luxury vehicle agreeable to Executive for the
Executive's use in business and personal travel or (ii) provide to Executive a
monthly cash car allowance, which shall not be less than the amount of any such
car allowance provided to Executive by Employer as of the date hereof. If
Employer elects to provide a vehicle for Executive's use, (i) Employer will
secure appropriate liability insurance on the vehicle and pay all normal and
reasonable operating expenses associated with the use of the vehicle, (ii)
Executive shall report personal use of the vehicle each year in compliance with
Internal Revenue Service requirements and will be liable for the payment of any
personal income taxes resulting from such personal use, and (iii) upon the
termination of Executive's employment for any reason, if the vehicle is then
owned by Employer or any of its affiliates, Executive shall be entitled to
purchase such vehicle from Employer at the vehicle's book value as reflected in
Employer's books and records, or the vehicle's wholesale value, whichever is
lower.

            (e) Other Perquisites. Additionally, the Company shall provide to
Executive a membership at the Collier's Reserve Country Club, Hideout Golf Club
and Collier Athletic Club, or any other comparably priced club, including dues,
assessments and initiation fees. Executive shall be entitled to receive such
other perquisites as Employer deems appropriate.

            (f) Basic Retirement Plan. Executive's "Credited Service" (as
defined in the Company's Basic Retirement Plan ("BRP")) shall be 15.5 years as
of July 1, 2004 and shall increase thereafter in accordance with the terms of
the BRP. Any Social Security or Medicare taxes (OASDHI) payable with respect to
BRP payments to Executive or Executive's beneficiary shall be paid by the
Company, including both Employer's share and the Executive's share.

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      4. RESTRICTIVE COVENANTS. Executive acknowledges that he has performed
services or will perform services hereunder which directly affect Employer's
business. Accordingly, the parties deem it necessary to enter into the
protective agreement set forth below, the terms and conditions of which have
been negotiated by and between the parties hereto.

            (a) Non-competition. Executive expressly covenants and agrees that
during the term of his employment hereunder and for a period of two years after
termination of his employment hereunder for any reason, Executive shall not
directly or indirectly, either as a principal, agent, employee, employer,
stockholder, co-partner or in any other individual or representative capacity
whatsoever, engage in the banking and financial services business, which
includes, but it is not limited to, the commercial banking, insurance agency,
wealth management, trust, savings and loan, and mortgage banking businesses, and
any other business in which the Company or any of its subsidiaries is engaged,
anywhere within 75 miles of the city limits of Naples in Collier County,
Florida; provided, however, that Executive shall not be prohibited hereunder
from investing in a business similar to the business of Company or any of its
subsidiaries if such investment is limited to less than three percent of the
capital stock or other securities of any corporation or similar organization the
common stock of which is traded on a national securities exchange or the Nasdaq
National Market.

            (b) Non-Solicitation of Employees. Executive agrees that he will,
for so long as he is employed by the Company and for a period of two years after
termination of his employment for any reason, (i) not solicit, entice, persuade,
or induce any other employee of the Company or any of its subsidiaries to leave
the employ of such entity, and (ii) refrain from recruiting or hiring, or
attempting to recruit or hire, directly or by assisting others, any individual
who is employed by the Company or any of its subsidiaries at the time of the
attempted recruiting or hiring.

            (c) Non-Solicitation of Customers. Executive will, for so long as he
is employed by the Company and for a period of two years after termination of
his employment for any reason, refrain from soliciting, or attempting to
solicit, directly or by assisting others, any business from any of the customers
of the Company or its subsidiaries, or actively sought prospective customers of
the Company or its subsidiaries, for purposes of providing products or services
that are similar to or competitive with those provided by the Company or any of
its subsidiaries, if the Company or any of its subsidiaries is also then still
engaged in such business.

      5. UNAUTHORIZED DISCLOSURE. During the period of his employment hereunder,
or at any later time, Executive shall not, without the written consent of the
Board of Directors of the Company or a person authorized thereby, knowingly
disclose to any person, other than an employee of the Company or a person to
whom disclosure is reasonably necessary or appropriate in connection with the
performance by Executive of his duties hereunder as required by law, any
material confidential information obtained by him while in the employ of the
Company with respect to any of Employer's services, products, improvements,
formulas, designs or styles, processes, customers, methods of distribution or
any business practices the disclosure of which he knows will be materially
damaging to Employer; provided, however, that confidential information shall not
include any information known generally to the public (other than as a result of
unauthorized disclosure by Executive) or any information of a type not otherwise
considered confidential by persons engaged in the same business or a business
similar to that conducted by Employer.

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      6. INJUNCTIVE RELIEF. It is understood and agreed by and among the parties
hereto that the services to be rendered by Executive hereunder are of a special,
unique, extraordinary and intellectual character, which gives them a peculiar
value, the loss of which may not be reasonably or adequately compensated in
damages, and additionally that a breach by Executive of the covenants set out in
Sections 4 or 5 of this Agreement will cause the Company great and irreparable
injury and damage. Executive hereby expressly agrees that the Company shall be
entitled to the remedies of injunction, specific performance and other equitable
relief to prevent a breach of Sections 4 or 5 of this Agreement by Executive.
This provision shall not, however, be construed as a waiver of any of the
remedies which the Company may have for damages or otherwise.

      7. SUBSIDIARIES. It is understood and agreed by the parties hereto that,
at the election and direction of Employer and without modification of the terms
and provisions hereof, Executive shall also serve as an executive officer and/or
director of any one or more subsidiaries of the Company, when and as so
determined by Employer.

      8. TERMINATION OF EMPLOYMENT. Upon termination of Executive's employment
for any reason, Executive or, in the event of death, Executive's estate, shall
be entitled to Executive's Annual Salary prorated through the date of
termination. Any other payments or benefits earned by or owed to Executive
hereunder at the time of termination of employment, but not yet paid to
Executive, shall be paid to Executive or his estate at such time as is provided
by the terms of the applicable Employer plan or policy. Executive's right to any
additional payments and benefits for periods after the date of termination of
employment shall be determined in accordance with the following provisions of
this Section 8.

            (a) Disability of Executive. In the event of the termination of
Executive's employment by reason of Executive's disability, as hereinafter
defined, Employer shall pay to Executive, in addition to any amounts payable
under any disability insurance policies or plans, an amount equal to 25% of
Executive's Annual Salary as in effect at the date of termination of employment.
Such amount shall be paid in equal installments throughout the three-month
period commencing on the date of the termination of the employment of Executive.
Employer shall also pay to Executive, not later than ten days following the date
of termination of Executive's employment, a prorated bonus equal to the product
of the Executive's target bonus under the Company's Executive Incentive
Compensation Plan (or any successor plan) for the year in which Executive's
employment is terminated multiplied by a fraction, the numerator of which is
twelve less the number of full months remaining in the fiscal year following the
date of the termination of Executive's employment, and the denominator of which
is twelve. In addition, in the event of the termination of Executive's
employment by reason of Executive's disability, all equity compensation awards
granted to Executive by the Company (e.g., stock options and shares of
restricted stock) shall immediately become fully vested and fully exercisable.

      Executive shall be entitled to the disability benefits provided by this
Section if, by reason of physical or mental impairment, he is incapable of
performing his duties hereunder for a period of six consecutive months or a
total of nine months in any twelve-month period. Any dispute regarding the
existence, the extent or the continuance of Executive's disability shall be
resolved by the determination of a duly licensed and practicing physician
selected by and mutually agreeable to both the Company and Executive.

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            (b) Death of Executive. In the event of the termination of
Executive's employment by reason of the death of Executive, Employer shall pay,
within ten days of Executive's death, to Executive's designated beneficiary, or,
if Executive has failed to designate a beneficiary, to his estate, an amount
equal to (x) 25% of the Executive's Annual Salary as in effect at the time of
Executive's death and (y) a prorated bonus equal to the product of the
Executive's target bonus under the Company's Executive Incentive Compensation
Plan (or any successor plan) for the year in which Executive dies multiplied by
a fraction, the numerator of which is twelve less the number of full months
remaining in the fiscal year following the date of Executive's death, and the
denominator of which is twelve. Such payment shall be in addition to any other
payments or benefits to which Executive may be entitled under the terms of any
benefit plans of Employer, including, but not limited to, the BRP. In addition,
in the event of the termination of Executive's employment by reason of the death
of Executive, all equity compensation awards granted to Executive by the Company
(e.g., stock options and shares of restricted stock) shall immediately become
fully vested and fully exercisable.

            (c) Termination by the Company for Proper Cause. The occurrence of
any of the following events or circumstances shall constitute "Cause" for the
termination, at the election of Employer, of the employment of Executive under
this Agreement:

                  (i) the perpetration of defalcations by Executive involving
            the Company or any of its subsidiaries, as established by certified
            public accountants employed by the Company, or willful, reckless or
            grossly negligent conduct of Executive entailing a substantial
            violation of any material provision of the laws, rules, regulations
            or orders of any governmental agency applicable to the Company or
            any of its subsidiaries;

                  (ii) the repeated and deliberate failure by Executive, after
            advance written notice to him, to comply with reasonable policies or
            directives of the Board of Directors of Employer;

                  (iii) the breach of this Agreement by Executive in any other
            material respect and failure to cure such breach within 30 calendar
            days after Executive receives written notice of such breach from the
            Board of Directors of Employer; or

                  (iv) conduct that results in the Executive being disqualified
            or barred by banking or securities law regulators from serving in
            the capacity contemplated by this Agreement.

      In the event that Employer discharges Executive for Cause, such notice of
discharge shall be accompanied by a written and specific description of the
circumstances constituting Cause.

      Upon the termination of Executive's employment hereunder by Employer for
Cause, no additional benefits or monies shall be due Executive other than those
accrued hereunder or under any benefit plans of Employer as of the date of
termination. In addition, in the event that Employer discharges Executive for
Cause pursuant to clause (i) or (iv) of this Section 8(c) and the acts or
omissions of Executive constituting Cause result in material economic harm to
the Company or in reputational harm causing quantifiable material injury to the
Company, then, notwithstanding anything to the contrary herein or the terms of
any Company plan or program, as of the date of

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termination (i) Employer shall have no further obligations to make any payments
or provide any benefits to Executive or his dependents hereunder or under any
compensatory or benefit plan or arrangement of Employer (including, but not
limited to, the BRP) and (ii) any outstanding options to purchase shares of the
Company's common stock shall immediately expire to the extent not previously
exercised.

      In the event that Employer discharges Executive alleging Cause and it is
subsequently determined pursuant to Section 12(f) that the termination was
without proper cause, then such discharge shall be deemed a discharge without
Cause subject to the provisions of Section 8(d) hereof.

            (d) Termination by Employer Without Cause. Employer may terminate
Executive's employment hereunder at any time without Cause by written notice to
Executive, in which event:

                  (i) Employer shall continue to pay Executive his Annual
            Salary, as in effect on the date of the termination of Executive's
            employment, for a period of months equal to the Severance Period
            (the term "Severance Period," as used herein, shall mean the lesser
            of 36 or the number of months in the period from the date of the
            termination of Executive's employment hereunder to the date
            Executive attains the age 65);

                  (ii) Employer shall pay to Executive, in equal installments
            over a period of months equal to the Severance Period, an amount
            equal to one-twelfth of the Severance Period multiplied by the
            greater of (x) the average annual incentive payment earned by
            Executive under the Company's Executive Incentive Compensation Plan
            (or any successor plan) in respect of the three most recent complete
            fiscal years of the Company prior to the date of the termination of
            Executive's employment or (y) the target incentive bonus award under
            the Company's Executive Incentive Compensation Plan (or any
            successor plan) for the year in which the termination of Executive's
            employment occurs;

                  (iii) Employer shall provide to Executive and his eligible
            dependents medical, long-term disability, dental and life insurance
            coverage, to the extent such coverage was in effect immediately
            prior to such termination, until the earlier to occur of the third
            anniversary of the date of termination or the date Executive attains
            the age 65; provided, however, that in the event that medical,
            long-term disability, dental and life insurance benefits cannot be
            provided under appropriate group insurance policies of Employer, an
            amount equal to the premium necessary for Executive to purchase
            directly the same level of coverage in effect immediately prior to
            the termination of employment shall be added to Employer's payments
            to Executive pursuant to this Section 8.

                  (iv) Employer shall continue to provide to Executive the
            benefits described under Sections 3(d) and 3(e) hereof until the
            earlier to occur of the third anniversary of the date of termination
            or the date Executive attains the age 65; and

                  (v) Employer shall contribute to Executive's account under the
            Company's defined contribution retirement plans (currently, the
            Company's Salary

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            Savings Plan and ERISA Excess Profit Sharing and Lost Match Plan) an
            amount of cash equal to the amount that Employer would have
            contributed to such plans (including both profit-sharing
            contributions and Company matching contributions in respect of
            Executive's contributions to the plan) had Executive continued to be
            employed by Employer for a number of months equal to the Severance
            Period, at an annual compensation equal to the sum of Executive's
            Annual Salary immediately prior to the termination of Executive's
            employment and the greater of (x) the average annual incentive bonus
            earned by Executive under the Company's Executive Incentive
            Compensation Plan (or any successor plan) in respect of the three
            most recent complete fiscal years of the Company prior to the date
            of the termination of Executive's employment or (y) the target
            incentive bonus award under the Company's Executive Incentive
            Compensation Plan (or any successor plan) for the year in which the
            termination of Executive's employment occurs (and assuming for this
            purpose that Executive made the maximum permissible contributions to
            such plans during such period), such contributions being deemed to
            be made immediately prior to the termination of Executive's
            employment;

                  (vi) all equity compensation awards granted to Executive by
            the Company (e.g., stock options and shares of restricted stock)
            shall immediately become fully vested and fully exercisable;

                  (vii) notwithstanding anything to the contrary contained in
            the BRP, Executive's "Credited Service" under the BRP shall be
            deemed for all purposes to be increased by an amount equal to
            one-twelfth of the Severance Period, and Executive's "Compensation"
            under the BRP for each such additional year of Credited Service
            shall be deemed to be an amount equal to the sum of (x) Executive's
            Annual Salary in effect immediately prior to the date of the
            termination of Executive's employment and (y) the greater of (A) the
            average annual incentive bonus payment earned by Executive under the
            Company's Executive Incentive Compensation Plan (or any successor
            plan) in respect of the three most recent complete fiscal years of
            the Company preceding the date of the termination of Executive's
            employment or (B) the target incentive bonus award under the
            Company's Executive Incentive Compensation Plan (or any successor
            plan) for the year in which the termination of Executive's
            employment occurs; and

                  (viii) in the event Executive's employment is terminated prior
            to Executive's Early Retirement Date (as defined in the BRP), then
            notwithstanding Section 8.01 of the BRP or any other provision of
            the BRP, Executive shall be entitled to receive benefits under the
            BRP commencing on the date Executive attains age 55, with the amount
            of such benefits determined in accordance with the early retirement
            provisions of Appendix A of the BRP.

            If Executive is required to pay income or other taxes on any
      medical, long-term disability, dental or life insurance benefits provided
      or paid to Executive pursuant to this Section 8, then Employer shall pay
      to Executive an amount of cash sufficient to "gross-up" such benefits or
      payments so that Executive's "net" benefits received under this Section 8
      are not diminished by any such taxes that are imposed with respect to the
      same or Employer's gross-up hereunder with respect to such taxes.

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            (e) Termination by Executive For Good Reason In the Event Executive
terminates his employment for Good Reason, Employer shall provide to Executive
all of the payments and benefits to which Executive would have been entitled
pursuant to Section 8(d) had Employer terminated Executive's employment without
Cause. For purposes of this Agreement, the term "Good Reason" shall mean:

                  (i) a substantial alteration in the nature or status of
            Executive's responsibilities which renders Executive's position to
            be of less dignity, responsibility or scope;

                  (ii) a substantial reduction in compensation such as, for
            example, a reduction in target incentive bonus award that is not
            offset by an increase in other compensation or benefits (in which
            case the payments and benefits in Section 8(d) shall be determined
            as if such reduction did not occur);

                  (iii) Employer requiring Executive to be based anywhere other
            than the Company's principal executive offices; or

                  (iv) any material breach by Employer of its obligations
            contained in this Agreement.

            (f) Termination by Executive Without Good Reason. In the event
Executive terminates his employment with Employer for any reason (including
retirement) other than Good Reason, death or Disability, no additional benefits
or monies shall be due Executive other than those accrued hereunder or under any
benefit plans of Employer as of the date of termination; provided, that, with
respect to any shares of restricted stock awarded to Executive and designated by
the Board of Directors of the Company as a multi-year award with vesting subject
to the attainment of specified performance criteria (the parties acknowledge and
agree that the shares of restricted stock granted to Executive on April 19, 2004
were granted as a three-year award with vesting subject to attainment of
specified performance criteria), (x) any and all shares subject to vesting in
respect of attainment of performance criteria in any year following the year in
which Executive's employment is terminated shall be forfeited, and (y) if the
performance criteria applicable to any shares subject to vesting in respect of
the attainment of performance criteria in the year in which Executive's
employment is terminated by reason of Executive's retirement under a plan or
policy of Employer are satisfied, a prorated portion of such shares, based on
the number of full months Executive was employed in the fiscal year in which he
retired, shall become fully vested.

            (g) Termination at Age 65. On the date Executive attains age 65,
this Agreement shall terminate and cease to be of any force or effect, except
(i) for the provisions of Sections 4 (Restrictive Covenants), 5 (Unauthorized
Disclosure), 6 (Injunctive Relief) and 12 (Miscellaneous) hereof and (ii) with
respect to any payments or benefits to which Executive is entitled hereunder as
of such date.

            (h) Notice of Termination of Agreement. Either Executive or Employer
may give written notice to the other of such party's election to terminate this
Agreement on the third anniversary (the "Termination Date") of the date such
notice is delivered to such other party. In such event, this Agreement will
continue in effect until the Termination Date, and shall thereafter be of no
force or effect, except (i) for the provisions of Sections 4 (Restrictive
Covenants), 5 (Unauthorized

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Disclosure), 6 (Injunctive Relief) and 12 (Miscellaneous) hereof, and (ii) with
respect to any payments or benefits to which Executive is entitled hereunder as
of the Termination Date.

            (i) Change of Control. In the event of the occurrence of a
Triggering Event (as defined in the Change of Control Agreement), this Agreement
shall cease to be of any force or effect, except (i) for the provisions of
Sections 4 (Restrictive Covenants), 5 (Unauthorized Disclosure), 6 (Injunctive
Relief) and 12 (Miscellaneous), and (ii) with respect to any payments or
benefits to which Executive is entitled hereunder as of the date of occurrence
of such Triggering Event.

            (j) Effect of Termination on Other Positions. If, on the date of his
termination of employment with Employer, the Executive is a member of the Board
of Directors of the Company or any of its subsidiaries, or holds any other
position with the Company or any of its subsidiaries, the Executive shall be
deemed to have resigned from all such positions as of the date of his
termination of employment with Employer. Executive agrees to execute such
documents and take such other actions as Employer may request to reflect such
resignation.

      9. RELEASE. Executive hereby acknowledges and agrees that prior to
Executive's or his dependents' right to receive from Employer any compensation
or benefits to be paid or provided to him or his dependents hereunder following
the termination of his employment for any reason, Executive may be required by
the Company, in its sole discretion, to execute a release in the form of Exhibit
A hereto.

      10. INDEMNIFICATION. The Company shall indemnify Executive, to the fullest
extent permitted by Florida law, with respect to any threatened, pending or
completed action, suit or proceeding, brought against him by reason of the fact
that he is or was a director, officer, employee or agent of the Company or is or
was serving at the request of the Company as a director, officer, employee or
agent of another person or entity. To the fullest extent permitted by Florida
law, the Company shall, in advance of final disposition, pay any and all
expenses incurred by Executive in connection with any threatened, pending or
completed action, suit or proceeding with respect to which Executive may be
entitled to indemnification hereunder. Executive's right to indemnification
provided herein shall survive the termination of Executive's employment
hereunder.

      11. RETURN OF MATERIALS. Upon termination of employment hereunder,
Executive shall promptly deliver to Employer all correspondence, manuals,
letters, notes, notebooks, reports and any other documents or tangible items
containing or constituting confidential information about the business of
Employer.

      12. MISCELLANEOUS.

            (a) Notices. Any notices required or permitted to be given under
this Agreement shall be sufficient if in writing, and if personally delivered or
when sent by first class certified or registered mail, postage prepaid, return
receipt requested -- in the case of Executive, to his residence address as set
forth in the books and records of Employer, and in the case of Employer, to the
address of the Company's principal place of business, in care of the Chairman of
the Compensation Committee of the Board of Directors of the Company -- or to
such other person or at such other address with respect to each party as such
party shall notify the other in writing.

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            (b) Successors. This Agreement shall inure to the benefit of and be
binding upon Executive, Employer and any successor to Employer.

            (c) Severability. Except as noted below, should any provision of
this Agreement be declared or determined by any court of competent jurisdiction
or arbitrator to be unenforceable or invalid for any reason, the validity of the
remaining parts, terms, or provisions of this Agreement shall not be affected
thereby and the invalid or unenforceable part, term, or provision shall be
deemed not to be a part of this Agreement. The covenants set forth in this
Agreement are to be reformed pursuant to subsection (d) of this Section 12 if
held to be unreasonable or unenforceable, in whole or in part, and, as written
and as reformed, shall be deemed to be part of this Agreement.

            (d) Reformation. If any of the covenants or promises of this
Agreement are determined by any court of law or equity or arbitrator, with
jurisdiction over this matter, to be unreasonable or unenforceable, in whole or
in part, as written, Employee hereby consents to and affirmatively requests that
said court or arbitrator, to the extent legally permissible, reform the covenant
or promise so as to be reasonable and enforceable and that said court or
arbitrator enforce the covenant or promise as so reformed.

            (e) Amendment. This Agreement may be amended or cancelled only by
mutual agreement of the parties in writing without the consent of any other
person and, so long as Executive lives, no person other than the parties hereto
shall have any rights under or interest in this Agreement or the subject matter
hereof.

            (f) Arbitration. Except as otherwise provided herein, in the event
of any controversy, dispute or claim arising out of, or relating to this
Agreement, or the breach thereof, or arising out of any other matter relating to
Executive's employment with Employer or the termination of such employment, the
parties may seek recourse only for temporary or preliminary injunctive relief to
the courts having jurisdiction thereof and if any relief other than injunctive
relief is sought, Employer and Executive agree that such underlying controversy,
dispute or claim shall be settled by arbitration conducted in Naples, Florida in
accordance with this Section 12(f) of this Agreement and the Commercial
Arbitration Rules of the American Arbitration Association ("AAA"). The matter
shall be heard and decided, and awards rendered by a panel of three arbitrators
(the "Arbitration Panel"). The Company and Executive shall each select one
arbitrator from the AAA National Panel of Commercial Arbitrators (the
"Commercial Panel") and those two arbitrators shall select a third arbitrator;
provided, however, that in the event the two arbitrators cannot agree on a third
arbitrator, the AAA shall select a third arbitrator from the Commercial Panel.
The award rendered by the Arbitration Panel shall be final and binding as
between the parties hereto and their heirs, executors, administrators,
successors and assigns, and judgment on the award may be entered by any court
having jurisdiction thereof. The Company and Executive will each bear their own
costs for legal representation in any arbitration, except that the Arbitration
Panel will have the authority to award all remedies provided by applicable law,
including recovery of attorney fees when so provided by applicable law. The
Company will pay all arbitrators' fees and other administrative fees in
connection with any arbitration hereunder; provided, however, that the
Arbitration Panel may require all or a portion of such fees and expenses to be
paid by Executive in the event the Arbitration Panel determines that Executive's
position in the arbitration proceeding was without merit.

            (g) Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida.

                                       10
<PAGE>

            (h) Entire Agreement. This Agreement and the Change of Control
Agreement contain the entire agreement of the parties concerning the matters set
forth herein and therein, and all promises, representations, understandings,
arrangements and prior agreements regarding the subject matter hereof, other
than those set forth herein and the Change of Control Agreement, are superseded
hereby. The parties agree that the Existing Employment Agreement is hereby
terminated and shall be of no further force or effect.

                            [SIGNATURE PAGE FOLLOWS]

                                       11
<PAGE>

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

                                         "COMPANY"

                                         FIRST NATIONAL BANKSHARES OF FLORIDA,
                                         INC.

                                         By: /s/ Gary L. Tice
                                            ------------------------------------
                                            Gary L. Tice
                                            Chairman and Chief Executive Officer

                                         "BANK"

                                         FIRST NATIONAL BANK OF FLORIDA

                                         By: /s/ Kevin C. Hale
                                            ------------------------------------
                                            Name: Kevin C. Hale
                                            Title: Vice Chairman

                                         "EXECUTIVE"

                                         /s/ Garrett S. Richter
                                         ---------------------------------------
                                         Garrett S. Richter

                                       12
<PAGE>

                                    EXHIBIT A

                                 FORM OF RELEASE

      THIS RELEASE is made by the undersigned ("Executive") in favor of First
National Bankshares of Florida, Inc. (the "Company") this ____ day of _____,
_____.

      WHEREAS, Executive and the Company are parties to that certain Employment
Agreement, dated as of _________, 2004 (the "Employment Agreement"); and

      WHEREAS, pursuant to Section 9 of the Employment Agreement, it is a
condition to the Company's obligation to make certain payments and provide
certain benefits to Executive following the termination of Executive's
employment that Executive execute and deliver to the Company a release in the
form hereof

      NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, subject to the following sentence, Executive hereby releases the
Company and any affiliated entities and their respective officers, directors,
shareholders, executives and agents, from any and all claims, demands, suits,
causes of action, damages or expenses which Executive has had or may have in the
future, arising out of Executive's employment as an executive of the Company and
Executive's separation from the Company, including, without limitation:

      (a)   claims under any and all federal, state or local laws or
            regulations, including, but not limited to any labor, employment or
            benefit laws prohibiting any form of discrimination such as the Fair
            Labor Standards Act, the Age Discrimination in Employment Act, as
            amended by the Older Workers Benefit Protection Act, Title VII of
            the Civil Rights Act of 1964, as amended, the Americans with
            Disabilities Act, and the Civil Rights Act of 1991;

      (b)   any right to recover under any claim that may be filed by the Equal
            Employment Opportunity Commission, or state or local human relations
            commission, or any other federal, state or local governmental
            agency; and

      (c)   any claim that Executive is entitled to any payments or benefits
            other than as expressly set forth in the Employment Agreement.

      Notwithstanding anything to the contrary herein, Executive does not waive
any rights of Executive arising under Section 10 of the Employment Agreement.

      IN WITNESS WHEREOF, intending to be legally bound, Executive has executed
this Release on the date first set forth above.

                                         _______________________________________
                                         Print Name:____________________________<PAGE>
                                                                    EXHIBIT 10.8

                           CHANGE OF CONTROL AGREEMENT

      THIS AGREEMENT (this "Agreement") dated as of the 21st day of July, 2004
(the "Effective Date") is made by and between FIRST NATIONAL BANKSHARES OF
FLORIDA, INC., a Florida corporation (the "Company"), and Garrett S. Richter
("Executive").

                              W I T N E S S E T H:

      WHEREAS, the Board of Directors of the Company (the "Board") believes that
it is in the best interest of the Company and its shareholders to assure that
the Company will have the continued dedication of Executive, notwithstanding the
possibility, threat or occurrence of a Change of Control (as defined below) of
the Company; that it is imperative to diminish the inevitable distraction of
Executive by virtue of the personal uncertainties and risks created by a pending
or threatened Change of Control and to encourage Executive's full attention and
dedication to the Company currently and in the event of any threatened or
pending Change of Control; and that it is appropriate to provide Executive with
compensation and benefits arrangements upon a Change of Control which ensure
that the compensation and benefits expectations of Executive will be satisfied
and which are competitive with those of other corporations in the financial
services industry;

      WHEREAS, in order to accomplish the foregoing objectives, the Company and
Executive desire to enter into this Agreement which, among other things,
provides for the payment of compensation and benefits payable to Executive if
Executive's employment terminates in certain circumstances following a Change of
Control of the Company;

      WHEREAS, the Company and Executive are also entering into an Employment
Agreement dated as of the Effective Date (the "Employment Agreement") pursuant
to which Executive agrees, among other things, that following the termination of
Executive's employment with the Company, Executive will be restricted from
competing with the Company or soliciting the Company's employees and customers;

      WHEREAS, it is a condition of Executive's willingness to enter into the
Employment Agreement that the Company enter into this Agreement;

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

      1.    Definitions. As used herein, the following terms shall have the
            meanings set forth below:

      (a) "Change of Control" shall mean the occurrence of any of the following
      events:

            (i)   An acquisition (other than directly from the Company) of any
                  voting securities of the Company (the "Voting Securities") by
                  any "Person" (as the term person is used for the purposes of
                  Section 13(d) or 14(d) of the Securities Exchange Act of 1934,
                  as amended as of Effective Date (the "Exchange Act"))
                  immediately after which such Person has Beneficial Ownership
                  (within the meaning of Rule l3d-3 promulgated under the
                  Exchange Act) of greater than 15% of the combined voting power
                  of the Company's then-outstanding Voting Securities; provided,
                  however, in determining whether or not a Change of Control has
                  occurred,

<PAGE>

                  Voting Securities which are acquired in a "Non-Control
                  Acquisition" (as hereinafter defined) shall not constitute a
                  Change of Control. A "Non-Control Acquisition" shall mean an
                  acquisition by (A) the Company, (B) any employee benefit plan
                  (or related trust) sponsored or maintained by the Company or
                  any affiliate of the Company or (C) any Person in connection
                  with a Non-Control Transaction (as hereinafter defined);

            (ii)  Individuals who, as of the date hereof, constitute the Board
                  (the "Incumbent Board") cease for any reason to constitute at
                  least a majority of the Board; provided, however, that any
                  individual becoming a director subsequent to the date hereof
                  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 Incumbent Board shall be
                  considered as though such individual were a member of the
                  Incumbent Board, but excluding, for this purpose, any such
                  individual whose initial assumption of office occurs as a
                  result of an actual or threatened election contest with
                  respect to the election or removal of directors or other
                  actual or threatened solicitation of proxies or consents by or
                  on behalf of a Person other than the Board; or

            (iii) The consummation of:

                  (A) a merger, consolidation, reorganization or similar
                  corporate transaction with or into the Company or in which
                  securities of the Company are issued, unless such transaction
                  is a "Non-Control Transaction." A "Non-Control Transaction" is
                  a merger, consolidation, reorganization or similar corporate
                  transaction with or into the Company or in which securities of
                  the Company are issued where:

                        I. the shareholders of the Company immediately before
                        such transaction own, directly or indirectly, a majority
                        of the combined voting power of the outstanding voting
                        securities of the corporation resulting from such
                        transaction (the "Surviving Corporation") in
                        substantially the same proportion as their ownership of
                        the Voting Securities immediately before such
                        transaction,

                        II. the individuals who were members of the Incumbent
                        Board immediately prior to the execution of the
                        agreement providing for such transaction constitute at
                        least a majority of the members of the board of
                        directors of the Surviving Corporation or a corporation
                        owning directly or indirectly a majority of the combined
                        voting power of the outstanding securities of the
                        Surviving Corporation, and

                        III. no person other than (x) the Company, (y) any
                        subsidiary of the Company, or (z) any employee benefit
                        plan (or any trust forming a part thereof) maintained by
                        the Company immediately prior to such transaction owns a
                        majority of the combined voting power of the Surviving
                        Corporation's then-outstanding voting securities; or

                                       2
<PAGE>

                  (B) approval by the shareholders of the Company of a complete
                  liquidation or dissolution of the Company; or

                  (C) the sale or other disposition of all or substantially all
                  of the assets of the Company to any Person.

                  Notwithstanding the foregoing, a Change of Control shall not
                  be deemed to occur solely because any Person (the "Subject
                  Person") acquired Beneficial Ownership of more than the
                  permitted amount of the outstanding Voting Securities as a
                  result of the acquisition of Voting Securities by the Company
                  which, by reducing the number of Voting Securities
                  outstanding, increases the proportional number of shares
                  Beneficially Owned by the Subject Person, provided that if a
                  Change of Control would occur (but for the operation of this
                  sentence) and after such acquisition of Voting Securities by
                  the Company, the Subject Person becomes the Beneficial Owner
                  of any additional Voting Securities, then a Change of Control
                  shall occur.

      (b) "Cause" shall have the meaning given such term in the Employment
      Agreement.

      (c) "Good Reason" shall mean:

            (i)   removal of Executive from the position he held immediately
                  prior to the Change of Control (by reason other than death,
                  disability or Cause);

            (ii)  a substantial alteration in the nature or status of
                  Executive's responsibilities following the Change in Control
                  which renders Executive's position to be of less dignity,
                  responsibility or scope;

            (iii) a reduction by the Company in Executive's target annual bonus
                  under the Company's Executive Incentive Compensation Plan, or
                  any successor plan, or the establishment of performance goals
                  under such plan that are unreasonable in comparison to the
                  Company's historical practice under such plan prior to the
                  Change of Control;

            (iv)  the Company requiring Executive to be based anywhere other
                  than the Company's principal executive offices in the city in
                  which Executive is principally located immediately prior to
                  the Change of Control, except for required travel on the
                  Company's business to an extent substantially consistent with
                  Executive's business travel obligations prior to the Change of
                  Control;

            (v)   any material reduction by the Company of the benefits enjoyed
                  by Executive prior to the Change in Control under any of the
                  Company's pension, retirement, profit sharing, savings, life
                  insurance, medical, health and accident, disability or other
                  employee benefit plans, programs or arrangements, or the
                  taking of any action by the Company which would directly or
                  indirectly materially reduce any of such benefits or deprive

                                       3
<PAGE>

                  Executive of any material fringe benefits made available to
                  Executive prior to the Change in Control; or

            (vi)  any material breach by the Company of its obligations
                  contained in this Agreement or the Employment Agreement.

      (d) "Salary and Benefits Continuation" shall mean:

            (i)   payment of an amount of cash equal to the one-twelfth of the
                  Severance Period multiplied by Executive's base salary at the
                  rate of base salary per annum in effect immediately prior to
                  the Change of Control or on the date of the termination of
                  Executive's employment, whichever is higher (such amount shall
                  be payable in equal installments, on a basis consistent with
                  the Company's payroll practices, over a number of months equal
                  to the Severance Period, unless Executive has notified the
                  Company in writing not less than six months prior to the
                  Triggering Event of Executive's election to receive such
                  amount in one lump sum payment, in which event the Company
                  shall make such lump sum payment within 30 days following the
                  Triggering Event);

            (ii)  payment of an amount of cash equal to the one-twelfth of the
                  Severance Period multiplied by the greater of (x) the average
                  annual incentive bonus payment earned by Executive under the
                  Company's Executive Incentive Compensation Plan (or any
                  successor plan) in respect of the three most recent complete
                  fiscal years of the Company preceding the date of the
                  termination of Executive's employment or (y) the target
                  incentive bonus award under the Company's Executive Incentive
                  Compensation Plan (or any successor plan) for the year in
                  which the Change of Control occurs or the year in which the
                  termination of Executive's employment occurs, whichever is
                  higher (such amount shall be payable in equal installments, on
                  a basis consistent with the Company's payroll practices, over
                  a number of months equal to the Severance Period, unless
                  Executive has notified the Company in writing not less than
                  six months prior to the Triggering Event of Executive's
                  election to receive such amount in one lump sum payment, in
                  which event the Company shall make such lump sum payment
                  within 30 days following the Triggering Event);

            (iii) provision to Executive and his eligible dependents of medical,
                  long-term disability, dental and life insurance coverage, to
                  the extent such coverage was in effect immediately prior to
                  the Change of Control, for a period of months equal to the
                  Severance Period;

            (iv)  contribution or crediting by the Company to Executive's
                  account under the Company's defined contribution retirement
                  plans (currently, the Company's Salary Savings Plan and ERISA
                  Excess Profit Sharing and Lost Match Plan) an amount of cash
                  equal to the amount that the Company would have contributed or
                  credited to such plans (including both profit-sharing
                  contributions and Company matching contributions in respect of
                  Executive's

                                       4
<PAGE>

                  contributions to the plan) had Executive continued to be
                  employed by the Company for an additional period of months
                  equal to Severance Period at an annual compensation equal to
                  the sum of (x) Executive's base salary immediately prior to
                  the Change of Control or at the time of the termination of
                  Executive's employment, whichever is higher and (y) the
                  greater of (A) the average annual incentive bonus payment
                  earned by Executive under the Company's Executive Incentive
                  Compensation Plan (or any successor plan) in respect of the
                  three most recent complete fiscal years of the Company
                  preceding the date of the termination of Executive's
                  employment or the date of the Change of Control, whichever is
                  higher or (B) the target incentive bonus award under the
                  Company's Executive Incentive Compensation Plan (or any
                  successor plan) for the year in which the Change of Control
                  occurs or the year in which the termination of Executive's
                  employment occurs, whichever is higher; (and assuming for this
                  purpose that Executive made the maximum permissible
                  contributions to such plans during such period), such
                  contributions being deemed to be made immediately prior to the
                  termination of Executive's employment; and

            (v)   reimbursement to Executive of costs incurred by Executive for
                  outplacement services in the 24-month period following
                  termination of Executive's employment, not to exceed 15% of
                  Executive's base salary immediately prior to the Change of
                  Control or at the time of the termination of Executive's
                  employment, whichever is higher.

      (e) "Severance Period" shall mean the lesser of (x) 36 and (y) the number
      of full months between the date of termination of Executive's employment
      and the date on which Executive would attain the age of 65.

      (f) "Triggering Event" shall mean the occurrence of one of the following
      events:

            (i)   the termination of Executive's employment with the Company by
                  the Company other than for Cause prior to a Change of Control,
                  and the reasonable demonstration by Executive that such
                  termination of employment (x) was at the request of a third
                  party who had taken steps reasonably calculated to effect a
                  Change of Control, or (y) otherwise arose in connection with
                  or in anticipation of a Change of Control; or

            (ii)  at any time during the 24-month period commencing on the date
                  of a Change of Control, either (x) the Company terminates
                  Executive's employment other than for Cause or (y) Executive
                  terminates his employment for Good Reason.

      2. Term. The term of this Agreement shall commence on the Effective Date
and shall expire on the earlier of (i) the date of the termination of
Executive's employment by the Company for any reason prior to a Change of
Control, unless such termination is a Triggering Event under Section 1(f)(i)
hereof; or (ii) the third anniversary of the date on which the Company gives
written notice to Executive of the Company's decision to terminate both this
Agreement and any and all employment agreements in effect between the Company
Executive.

                                       5
<PAGE>

      3. Change in Control Payments and Benefits.

      (a) Upon the occurrence of a Triggering Event:

            (i) the Company shall provide Salary and Benefits Continuation to
            the Executive; provided, however, that in the event medical,
            long-term disability, dental and life insurance benefits cannot be
            provided under appropriate Company group insurance policies pursuant
            to clause (iii) of the definition of "Salary and Benefits
            Continuation," an amount equal to the premium necessary for
            Executive to purchase directly the same level of coverage in effect
            immediately prior to the termination of employment shall be added to
            the Company's payments to Executive pursuant to this Section 3. If
            Executive is required to pay income or other taxes on any medical,
            long-term disability, dental or life insurance benefits provided or
            paid to Executive pursuant to this Section 3, then the Company shall
            pay to Executive an amount of cash sufficient to "gross-up" such
            benefits or payments so that Executive's "net" benefits received
            under this Section 3 are not diminished by any such taxes that are
            imposed with respect to the same or the Company's gross-up hereunder
            with respect to such taxes;

            (ii) all equity compensation awards granted to Executive by the
            Company (e.g., all stock options and shares of restricted stock),
            will immediately become fully vested and fully exercisable;

            (iii) notwithstanding anything to the contrary contained in the
            Company's Basic Retirement Plan (the "BRP"), Executive's "Credited
            Service" under the BRP shall be deemed for all purposes to be
            increased by an amount equal to the one-twelfth of the Severance
            Period, and Executive's "Compensation" under the BRP for each such
            additional year of Credited Service for purposes of the BRP shall be
            deemed to be an amount equal to the sum of (x) Executive's base
            salary at the rate of base salary per annum in effect immediately
            prior to the Change of Control or on the date of the termination of
            Executive's employment, whichever is higher, and (y) the greater of
            (A) the average annual incentive bonus payment earned by Executive
            under the Company's Executive Incentive Compensation Plan (or any
            successor plan) in respect of the three most recent complete fiscal
            years of the Company preceding the date of the termination of
            Executive's employment or the date of the Change of Control,
            whichever is higher or (B) the target incentive bonus award under
            the Company's Executive Incentive Compensation Plan (or any
            successor plan) for the year in which the Change of Control occurs
            or the year in which the termination of Executive's employment
            occurs, whichever is higher;

            (iv) payments to Executive pursuant to the BRP shall begin in
            accordance with BRP election procedures; provided, however that
            payments shall begin no earlier than the later to occur of (x) the
            first month following Executive's attainment of age 55 or (y) a
            number of months following the termination of the employment of
            Executive equal to the Severance Period;

            (v) as to Executive, Section A-1 of Appendix A of the BRP shall be
            amended to read as follows:

                                       6
<PAGE>

             "A-1. Factors for determining early retirement benefits

<TABLE>
<CAPTION>
    AGE               FACTOR
    ---               ------
<S>                   <C>
55 and above          1.000
</TABLE>

      (b) Executive's subsequent employment, death or disability following
      Executive's termination of employment in connection with a Change of
      Control shall not affect the Company's obligation to provide to Executive
      the payments and benefits pursuant to this Section 3. Executive shall not
      be required to mitigate the amount of any payment provided for in this
      Section 3 by seeking employment or otherwise. The rights to the payments
      and benefits pursuant to this Section 3 shall be in addition to any other
      benefits to which Executive may be entitled under any other agreement or
      compensation plan, program or arrangement of the Company; provided, that
      Executive shall not be entitled to any separate or additional severance
      payments pursuant to any severance plan of the Company then in effect and
      generally applicable to similarly situated Executives.

      4. Employment at Will. Subject to the provisions of any other agreement
between Executive and the Company (including the Employment Agreement),
Executive shall remain an employee at will and nothing herein shall confer upon
Executive any right to continued employment and shall not affect the right of
the Company to terminate Executive for any reason not prohibited by law;
provided, however, that any such removal shall be without prejudice to any
rights Executive may have to receive payments and benefits pursuant to Section 3
hereof.

      5. Gross-Up for Excess Parachute Payments. In the event that any payment
or benefit, or any combination of payment or benefits, to Executive hereunder is
determined to be an "excess parachute payment" pursuant to Section 280G of the
Internal Revenue Code of 1986, as amended (the "Code"), then the Company, at the
time such determination becomes final, shall pay to Executive an amount (the
"gross-up payment") which would equal, after deducting all state and federal
income taxes incurred by the Executive with respect to receipt of the gross-up
payment, the excise tax, if any, imposed on Executive pursuant to Section 4999
of the Code.

      6. Resolution of Differences Over Breaches of Agreement. Except as
otherwise provided herein, in the event of any controversy, dispute or claim
arising out of, or relating to this Agreement, or the breach thereof, or arising
out of any other matter relating to Executive's employment with the Company or
the termination of such employment, the parties may seek recourse only for
temporary or preliminary injunctive relief to the courts having jurisdiction
thereof and if any relief other than injunctive relief is sought, the Company
and Executive agree that such underlying controversy, dispute or claim shall be
settled by arbitration conducted in Naples, Florida in accordance with this
Section 6 of this Agreement and the Commercial Arbitration Rules of the American
Arbitration Association ("AAA"). The matter shall be heard and decided, and
awards rendered by a panel of three arbitrators (the "Arbitration Panel"). The
Company and Executive shall each select one arbitrator from the AAA National
Panel of Commercial Arbitrators (the "Commercial Panel") and those two
arbitrators shall select a third arbitrator; provided, however, that in the
event the two arbitrators cannot agree on a third arbitrator, the AAA shall
select a third arbitrator from the Commercial Panel. The award rendered by the
Arbitration Panel shall be final and binding as between the parties hereto and
their heirs, executors, administrators, successors and assigns, and judgment on
the award may be entered by any court having jurisdiction thereof. The Company
and Executive will each bear their own costs for legal representation in any
arbitration, except that the

                                       7
<PAGE>

Arbitration Panel will have the authority to award all remedies provided by
applicable law, including recovery of attorney fees when so provided by
applicable law. The Company will pay all arbitrators' fees and other
administrative fees in connection with any arbitration hereunder; provided,
however, that the Arbitration Panel may require all or a portion of such fees
and expenses to be paid by Executive in the event the Arbitration Panel
determines that Executive's position in the arbitration proceeding was without
merit.

      7. Release. Executive hereby acknowledges and agrees that prior to
Executive's or his dependents' right to receive from the Company any
compensation or benefit to be paid or provided to him or his dependents pursuant
to Section 3 of this Agreement, Executive may be required by the Company, in its
sole discretion, to execute a release in the form of Exhibit A hereto.

      8. Waiver. The waiver by a party hereto of any breach by the other party
hereto of any provision of this Agreement shall not operate or be construed as a
waiver of any subsequent breach by a party hereto.

      9. Assignment. This Agreement shall be binding upon and inure to the
benefit of the successors and assigns of the Company. The Company shall be
obligated to require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the Company's
business or assets, by a written agreement in form and substance satisfactory to
Executive, to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if
no succession had taken place. This Agreement shall inure to the extent provided
hereunder to the benefit of and be enforceable by Executive or his legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. Executive may not delegate any of his duties,
responsibilities, obligations or positions hereunder to any person and any such
purported delegation by him shall be void and of no force and effect with
respect to matters relating to his employment and termination of employment.
Without limiting the foregoing, Executive's rights to receive payments and
benefits hereunder shall not be assignable or transferable, other than a
transfer by Executive's will or by the laws of descent and distribution.

      10. Notices. Any notices required or permitted to be given under this
Agreement shall be sufficient if in writing, and if personally delivered or when
sent by first class certified or registered mail, postage prepaid, return
receipt requested -- in the case of Executive, to his residence address as set
forth in the books and records of the Company, and in the case of the Company,
to the address of its principal place of business, in care of the Chairman of
the Compensation Committee of the Board -- or to such other person or at such
other address with respect to each party as such party shall notify the other in
writing.

      11. Entire Agreement. This Agreement, along with the Employment Agreement,
contains the entire agreement of the parties concerning the matters set forth
herein and therein all promises, representations, understandings, arrangements
and prior agreements regarding the subject matter hereof, other than those set
forth in the Employment Agreement, are merged herein and superseded hereby. The
provisions of this Agreement may not be amended, modified, repealed, waived,
extended or discharged except by an agreement in writing signed by the party
against whom enforcement of any amendment, modification, repeal, waiver,
extension or discharge is sought. No person acting other than pursuant to a
resolution of the Board of Directors shall have authority on behalf of the
Company to agree to amend, modify, repeal, waive, extend or discharge any
provision

                                       8
<PAGE>

of this Agreement or anything in reference thereto or to exercise any of the
Company's rights to terminate this Agreement.

      12. Construction of Agreement.

      (a) Governing Law. This Agreement shall be governed by and construed under
      the laws of the State of Florida without regard to its conflict of law
      provisions.

      (b) Severability. In the event that any one or more of the provisions of
      this Agreement shall be held to be invalid, illegal or unenforceable, the
      validity, legality or enforceability of the remaining provisions shall not
      in any way be affected or impaired thereby.

      (c) Headings. The descriptive headings of the several paragraphs of this
      Agreement are inserted for convenience of reference only and shall not
      constitute a part of this Agreement.

                            [Signature Page Follows]

                                       9
<PAGE>

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

                                    "COMPANY"

                                    FIRST NATIONAL BANKSHARES OF FLORIDA, INC.

                                    By:/s/ Gary L. Tice
                                       -----------------------------------------
                                       Gary L. Tice, Chairman and Chief
                                       Executive Officer

                                   "EXECUTIVE"

                                   /s/ Garrett S. Richter
                                   ---------------------------------------------
                                   Garrett S. Richter

                                       10
<PAGE>

                                    EXHIBIT A

                                 FORM OF RELEASE

      THIS RELEASE is made by the undersigned ("Executive") in favor of First
National Bankshares of Florida, Inc. [OR SUCCESSOR ENTITY] (the "Company") this
____ day of _____, _____.

      WHEREAS, Executive and the Company are parties to that certain Change of
Control Agreement, dated as of _________, 2004 (the "Change of Control
Agreement"); and

      WHEREAS, pursuant to Section 7 of the Change of Control Agreement, it is a
condition to the Company's obligation to make certain payments and provide
certain benefits to Executive pursuant to the Change of Control Agreement
following the termination of Executive's employment that Executive execute and
deliver to the Company a release in the form hereof.

      NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Executive hereby releases the Company and any affiliated entities
and their respective officers, directors, shareholders, executives and agents,
from any and all claims, demands, suits, causes of action, damages or expenses
which Executive has had or may have in the future, arising out of Executive's
employment as an executive of the Company and Executive's separation from the
Company, including, without limitation:

      (a)   claims under any and all federal, state or local laws or
            regulations, including, but not limited to any labor, employment or
            benefit laws prohibiting any form of discrimination such as the Fair
            Labor Standards Act, the Age Discrimination in Employment Act, as
            amended by the Older Workers Benefit Protection Act, Title VII of
            the Civil Rights Act of 1964, as amended, the Americans with
            Disabilities Act, and the Civil Rights Act of 1991;

      (b)   any right to recover under any claim that may be filed by the Equal
            Employment Opportunity Commission, or state or local human relations
            commission, or any other federal, state or local governmental
            agency; and

      (c)   any claim that Executive is entitled to any payments or benefits
            other than as expressly set forth in the Change of Control
            Agreement.

      IN WITNESS WHEREOF, intending to be legally bound, Executive has executed
this Release on the date first set forth above.

                                          ______________________________________
                                          Print Name:___________________________

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