Document:

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                                                                   EXHIBIT 10(l)

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is made and
entered into as of the __ day of _______, 2001 and to be effective as of the 1st
day of January, 2002 (the "Effective Date"), between Visual Data Corporation, a
Florida corporation, whose principal place of business is 1291 S.W. 29th Avenue,
Pompano Beach, Florida 33069 (the "Company") and George Stemper, an individual
whose address is 6039 N.W. 31st Terrace, Boca Raton, Florida 33496 (the
"Executive").

                                    RECITALS

         A. The Company is a Florida corporation and is principally engaged in
the business of acquisition, marketing, development, distribution, and product
production of video information including hotel, resort and attraction specific
travel related information (the "Business").

         B. The Company presently employs the Executive and desires to continue
to employ the Executive and the Executive desires to continue in the employ of
the Company.

         C. The Company has established a valuable reputation and goodwill in
the Business.

         D. The Executive, by virtue of the Executive's employment with the
Company has become familiar with and possessed with the manner, methods, trade
secrets and other confidential information pertaining to the Company's business,
including the Company's client base.

         E. Any and all options granted to Executive preceding this Agreement
shall continue and not expire as a result of any options issued under this
Agreement.

         NOW, THEREFORE, in consideration of the mutual agreements herein made,
the Company and the Executive do hereby agree as follows:

         1. RECITALS. The above recitals are true, correct, and are herein
incorporated by reference.

         2. EMPLOYMENT. The Company hereby employs the Executive, and the
Executive hereby accepts employment, upon the terms and conditions hereinafter
set forth.

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         3. AUTHORITY AND POWER DURING EMPLOYMENT PERIOD.

                  a. DUTIES AND RESPONSIBILITIES. During the term of this
Agreement, the Executive shall serve as the Chief Operating Officer of the
Company and shall have general executive operating supervision over the affairs
of the Company, its subsidiaries and divisions, subject to the guidelines and
direction of the Board of Directors of the Company.

                  b. TIME DEVOTED. Throughout the term of the Agreement, the
Executive shall devote substantially all of the Executive's business time and
attention to the business and affairs of the Company consistent with the
Executive's senior executive position with the Company, except for reasonable
vacations and except for illness or incapacity, but nothing in the Agreement
shall preclude the Executive from engaging in personal business including as a
member of the board of directors of related companies, charitable and community
affairs, provided that such activities do not interfere with the regular
performance of the Executive's duties and responsibilities under this Agreement.

         4. TERM. The Term of employment hereunder will commence on the date as
set forth above and terminate two (2) years from the Effective Date, and such
term shall automatically be extended for successive one (1) year terms
thereafter only upon the parties mutual consent, in writing, to extend the terms
of the Agreement.

         5. COMPENSATION AND BENEFITS.

                  a. SALARY. The Executive shall be paid a base salary (the
"Base Salary"), payable semi-monthly, at an annual rate of no less than One
Hundred Seventy-Five Thousand Dollars ($175,000) beginning January 1, 2002, with
annual incremental increases of ten (10%) percent per year, to be effective on
the anniversary date of this Agreement.

                  b. STOCK OPTIONS. The Executive shall be granted options
("Options") to purchase an aggregate of 100,000 shares of Common Stock at an
exercise price of $.75; such Options will be exercisable for a period of four
(4) years from the date of vesting, unless sooner terminated as described
herein. The Options shall vest, for the first year of this Agreement, in an
installment of 50,000 options; and shall vest for the following year in an
installment of 50,000 options. The options shall vest on each anniversary of the
Effective Date of this Agreement, subject to anti-dilution provisions relating
to adjustments in the event that the Company, among other things, declares stock
dividends, effects forward or reverse stock splits. In addition, the Options
shall automatically vest upon the happening of the following events: (i) change
of control of the Company, as defined herein; or (ii) termination of the
Executive other than for Cause, as defined herein. The unvested Options shall
automatically terminate upon the happening of the following: (i) the Executive's
termination for Cause, as defined herein; and (ii) the Executive's voluntary
termination.

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                  c. EXECUTIVE BENEFITS. The Executive shall be entitled to
participate in all benefit programs of the Company currently existing or
hereafter made available to executives and/or other salaried employees,
including, but not limited to, pension and other retirement plans, group life
insurance, hospitalization, surgical and major medical coverage, sick leave,
disability and salary continuation, vacation and holidays, cellular telephone
and all related costs and expenses, long-term disability, and other fringe
benefits.

                  d. VACATION. During each fiscal year of the Company, the
Executive shall be entitled to reasonable vacation time and to utilize such
vacation as the Executive shall determine; provided however, that the Executive
shall evidence reasonable judgment with regard to appropriate vacation
scheduling. Notwithstanding the foregoing, Executive shall be entitled to four
(4) weeks vacation per year, with unused vacation accruing to the following
year.

                  e. BUSINESS EXPENSE REIMBURSEMENT. During the Term of
employment, the Executive shall be entitled to receive proper reimbursement for
all reasonable, out-of-pocket expenses incurred by the Executive (in accordance
with the policies and procedures established by the Company for its senior
executive officers) in performing services hereunder, provided the Executive
properly accounts therefor.

                  f. AUTOMOBILE EXPENSES. The Company shall provide the
Executive with an automobile allowance not to exceed $750.00 per month. The
Company shall pay all insurance premiums and maintenance for the automobile that
is the subject of the automobile allowance.

                  g. MEMBERSHIPS, DUES AND CHARITABLE CONTRIBUTIONS. The Company
shall provide to the Executive: (i) a membership in a social, charitable or
religious organization or club, which membership shall be either in the name of
the Executive or in the name of the Company, as determined by the Executive; or
(ii) an equivalent dollar amount of charitable donations or contributions shall
be made, which amounts and which charities shall be determined in the sole
discretion of the Executive; provided that such Membership, Dues and Charitable
Contributions shall not exceed Five Thousand Dollars ($5,000) per year.

                  h. PLACE OF EMPLOYMENT - MOVING ALLOWANCE. This Agreement is
entered into on the basis that the principal place of business of the Company,
and the location from which Executive is to be based for the performance of his
services hereunder, is Pompano Beach, Florida. In the event that the Company
shall change the location of Company's principal office, or otherwise require
Executive to be based and/or to operate from another location which is more than
fifty (50) miles further from Executive's then-current residence to the
Company's current headquarters office at 1291 S.W. 29th Avenue, Pompano Beach,
Florida 33069, Company shall reimburse Executive for all moving and relocation
expenses paid or incurred in connection with Executive's relocation to a new
residence closer to Company's new principal office.

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         6. CONSEQUENCES OF TERMINATION OF EMPLOYMENT.

                  a. DEATH. In the event of the death of the Executive during
the Term, salary shall be paid to the Executive's designated beneficiary, or, in
the absence of such designation, to the estate or other legal representative of
the Executive for a period of six (6) months from and after the date of death.
Other death benefits will be determined in accordance with the terms of the
Company's benefit programs and plans.

                  b. DISABILITY.

                           (1) In the event of the Executive's disability, as
         hereinafter defined, the Executive shall be entitled to compensation in
         accordance with the Company's disability compensation practice for
         senior executives, including any separate arrangement or policy
         covering the Executive, but in all events the Executive shall continue
         to receive the Executive's salary for a period, at the annual rate in
         effect immediately prior to the commencement of disability, of not less
         than 180 days from the date on which the disability has been deemed to
         occur as hereinafter provided below. Any amounts provided for in this
         Section 6(b) shall not be offset by other long-term disability benefits
         provided to the Executive by the Company.

                           (2) "Disability," for the purposes of this Agreement,
         shall be deemed to have occurred in the event (A) the Executive is
         unable by reason of sickness or accident to perform the Executive's
         duties under this Agreement for an aggregate of 180 days in any
         twelve-month period or (B) the Executive has a guardian of the person
         or estate appointed by a court of competent jurisdiction. Termination
         due to disability shall be deemed to have occurred upon the first day
         of the month following the determination of disability as defined in
         the preceding sentence.

                           Anything herein to the contrary notwithstanding, if,
         following a termination of employment hereunder due to disability as
         provided in the preceding paragraph, the Executive becomes reemployed,
         whether as an Executive or a consultant to the Company, any salary,
         annual incentive payments or other benefits earned by the Executive
         from such reemployment shall offset any salary continuation due to the
         Executive hereunder commencing with the date of re-employment.

                  c. TERMINATION BY THE COMPANY FOR CAUSE.

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                           (1) Nothing herein shall prevent the Company from
         terminating Employment for "Cause," as hereinafter defined. The
         Executive shall continue to receive salary only for the period ending
         upon such termination. Any rights and benefits the Executive may have
         in respect of any other compensation shall be determined in accordance
         with the terms of such other compensation arrangements or such plans or
         programs.

                           (2) "Cause" shall mean and include those actions or
         events specified below in subsections (A) through (E) to the extent the
         same occur, or the events constituting the same take place, subsequent
         to the date of execution of this Agreement: (A) Committing or
         participating in an injurious act of fraud, gross neglect or
         embezzlement against the Company; (B) committing or participating in
         any other injurious act or omission wantonly, willfully, recklessly or
         in a manner which was grossly negligent against the Company, monetarily
         or otherwise; (C) engaging in a criminal enterprise involving moral
         turpitude; (D) conviction of an act or acts constituting a felony under
         the laws of the United States or any state thereof; or (E) any
         assignment of this Agreement by the Executive in violation of Section
         14 of this Agreement. No actions, events or circumstances occurring or
         taking place at any time prior to the date of this Agreement shall in
         any event constitute or provide any basis for any termination of this
         Agreement for Cause;

                           (3) Notwithstanding anything else contained in this
         Agreement, this Agreement will not be deemed to have been terminated
         for Cause unless and until there shall have been delivered to the
         Executive a notice of termination stating that the Executive committed
         one of the types of conduct set forth in this Section 6(c) contained in
         this Agreement and specifying the particulars thereof and the Executive
         shall be given a thirty (30) day period to cure such conduct, if
         possible.

                  d. TERMINATION BY THE COMPANY OTHER THAN FOR CAUSE. The
foregoing notwithstanding, the Company may terminate the Executive's employment
for whatever reason it deems appropriate; provided, however, that in the event
such termination is not based on Cause, as provided in Section 6(c) above, the
Company may terminate this Agreement upon giving three (3) months' prior written
notice. During such three (3) month period, the Executive shall continue to
perform the Executive's duties pursuant to this Agreement, and the Company shall
continue to compensate the Executive in accordance with this Agreement.
Subsequent to such three (3) month period, the Executive shall be entitled to
receive Compensation and Benefits, in accordance with this Agreement, for a
period of: (i) three months if the termination occurs preceding the second
anniversary of the initial Term of this Agreement; or (ii) six months if the
termination occurs after the second anniversary of the initial Term of this
Agreement; including all benefits the Executive is entitled to under this
Agreement or additional benefits as provided by the Company to other Executives.
All options granted to the Executive prior to the date termination shall become
fully vested upon termination and will have the right of exercise through the
termination date of the individual option grant, or the maximum allowable by
law.

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                  e. VOLUNTARY TERMINATION. In the event the Executive
terminates the Executive's employment on the Executive's own volition (except as
provided in Section 6(g)) prior to the expiration of the Term of this Agreement,
including any renewals thereof, such termination shall constitute a voluntary
termination and in such event the Executive shall be limited to the same rights
and benefits as provided in connection with a termination for Cause as provided
in Section 6(c). Notwithstanding the provisions of this Subsection (e), in the
event the Executive gives the Company two (2) months written notice of her
intent to voluntarily terminate this Agreement, she will be entitled to continue
to receive compensation in accordance with this Agreement during such period as
well as for one month subsequent to termination.

                  f. Omitted.

                  g. TERMINATION FOLLOWING A CHANGE OF CONTROL.

                           (1) In the event that a "Change in Control" of the
         Company shall occur at any time during the Term hereof, the Executive
         shall have the right to terminate the Executive's employment under this
         Agreement upon thirty (30) days written notice given at any time within
         one year after the occurrence of such event, and such termination of
         the Executive's employment with the Company pursuant to this Section
         6(g)(1), and, in any such event, such termination shall be deemed to be
         a Termination by the Company other than for Cause and the Executive
         shall be entitled to such Compensation and Benefits as set forth in
         Subsection 6(h) of this Agreement.

                           (2) For purposes of this Agreement, a "Change in
         Control" of the Company shall mean a change in control (A) as set forth
         in Section 280G of the Internal Revenue Code or (B) of a nature that
         would be required to be reported in response to Item 1 of the current
         report on Form 8K, as in effect on the date hereof, pursuant to Section
         13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange
         Act"); provided that, without limitation, such a change in control
         shall be deemed to have occurred at such time as:

                                    (A) any "person", other than the Executive,
                  (as such term is used in Section 13(d) and 14(d) of the
                  Exchange Act) is or becomes the "beneficial owner" (as defined
                  in Rule 13d-3 under the Exchange Act), directly or indirectly,
                  of securities of the Company representing fifty percent (50%)
                  or more of the combined voting power of the Company's
                  outstanding securities then having the right to vote at
                  elections of directors; or,

                                    (B) there is a failure to elect three or
                  more (or such number of directors as would constitute a
                  majority of the Board of Directors) candidates nominated by
                  management of the Company to the Board of Directors; or

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                                    (C) the individuals who at the commencement
                  date of the Agreement constitute the Board of Directors cease
                  for any reason to constitute a majority thereof unless the
                  election, or nomination for election, of each new director was
                  approved by a vote of at least two thirds of the directors
                  then in office who were directors at the commencement of the
                  Agreement; or

                                    (D) the business of the Company for which
                  the Executive's services are principally performed is disposed
                  of by the Company pursuant to a partial or complete
                  liquidation of the Company, a sale of assets (including stock
                  of a subsidiary of the Company) or otherwise.

Anything herein to the contrary notwithstanding, this Section 6(g)(2) will not
apply where the Executive gives the Executive's explicit written waiver stating
that for the purposes of this Section 6(g)(2) a Change in Control shall not be
deemed to have occurred. The Executive's participation in any negotiations or
other matters in relation to a Change in Control shall in no way constitute such
a waiver which can only be given by an explicit written waiver as provided in
the preceding sentence.

                           (3) In the event that, within twelve (12) months of
         any Change in Control of the Company or any "Attempted Change in
         Control," as hereinafter defined of the Company, the Company terminates
         the employment of the Executive under this Agreement, other than for
         Cause as defined in Section 6(d), then, in any such event, such
         termination shall be deemed to be a Termination by the Company other
         than for Cause and the Executive shall be entitled to such Compensation
         and Benefits as set forth in Subsection 6(h) of this Agreement.

                  An "Attempted Change in Control" shall be deemed to have
occurred if any substantial attempt, accompanied by significant work efforts and
expenditures of money, is made to accomplish a Change in Control, as described
in subparagraphs (A), (B), (C) or (D) above whether or not such attempt is made
with the approval of a majority of the then current members of the Board of
Directors.

                  h. COMPENSATION AND BENEFITS UPON TERMINATION OF EXECUTIVE
EMPLOYMENT. In the event of any termination of Executive's employment other than
for Cause under Section 6(d), on the effective date of any such termination, the
Executive shall be entitled to receive the following:

                           (1) All life, disability, health insurance and other
         benefits pursuant to Section 5, to which she was entitled to continue
         to receive thirty (30) days prior to the Effective Date of such
         termination, for a period of six (6) months and which benefits shall be
         made for such period (as determined herein) following the effective
         date of such termination; plus

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                           (2) All Options granted herein or any previous
         grants, vested or unvested, that the Executive is the holder of will be
         immediately vested hereunder. Executive will have the right to exercise
         all Options through the termination date of the individual option
         grant, or the maximum allowable by law.

         7. COVENANT NOT TO COMPETE AND NON-DISCLOSURE OF INFORMATION.

                  a. COVENANT NOT TO COMPETE. The Executive acknowledges and
recognizes the highly competitive nature of the Company's business and the
goodwill, continued patronage, and specifically the names and addresses of the
Company's Clients (as hereinafter defined) constitute a substantial asset of the
Company having been acquired through considerable time, money and effort.
Accordingly, in consideration of the execution of this Agreement, in the event
the Executive's employment is terminated by reason of disability pursuant to
Section 6(b) or for Cause pursuant to Section 6(c), then the Executive agrees to
the following:

                           (1) That during the Restricted Period (as hereinafter
         defined) and within the Restricted Area (as hereinafter defined), the
         Executive will not, individually or in conjunction with others,
         directly or indirectly, engage in any Competitive Business Activities
         (as hereinafter defined), whether as an officer, director, proprietor,
         employer, partner, independent contractor, investor (other than as a
         holder solely as an investment of less than 1% of the outstanding
         capital stock of a publicly traded corporation), consultant, advisor or
         agent.

                           (2) That during the Restricted Period and within the
         Restricted Area, the Executive will not, directly or indirectly,
         compete with the Company by soliciting, inducing or influencing any of
         the Company's Clients which have a business relationship with the
         Company at the time during the Restricted Period to discontinue or
         reduce the extent of such relationship with the Company.

                  b. NON-DISCLOSURE OF INFORMATION. In the event Executive's
employment has been terminated pursuant to either Section 6(b) or Section 6(c)
hereof, Executive agrees that, during the Restricted Period, Executive will not
use or disclose any Proprietary Information of the Company for the Executive's
own purposes or for the benefit of any entity engaged in Competitive Business
Activities. As used herein, the term "Proprietary Information" shall mean trade
secrets or confidential proprietary information of the Company which are
material to the conduct of the business of the Company. No information can be
considered Proprietary Information unless the same is a unique process or method
material to the conduct of Company's Business, or is a customer list or similar
list of persons engaged in business activities with Company, or if the same is
otherwise in the public domain or is required to be disclosed by order of any
court or by reason of any statute, law, rule, regulation, ordinance or other
governmental requirement. Executive further agrees that in the event his
employment is terminated pursuant to Sections 6(b) or 6(c) above, all Documents
in his possession at the time of his termination shall be returned to the
Company at the Company's principal place of business.

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                  c. DOCUMENTS. "Documents" shall mean all original written,
recorded, or graphic matters whatsoever, and any and all copies thereof,
including, but not limited to: papers; books; records; tangible things;
correspondence; communications; telex messages; memoranda; work-papers; reports;
affidavits; statements; summaries; analyses; evaluations; client records and
information; agreements; agendas; advertisements; instructions; charges;
manuals; brochures; publications; directories; industry lists; schedules; price
lists; client lists; statistical records; training manuals; computer printouts;
books of account, records and invoices reflecting business operations; all
things similar to any of the foregoing however denominated. In all cases where
originals are not available, the term "Documents" shall also mean identical
copies of original documents or non-identical copies thereof.

                  d. COMPANY'S CLIENTS. The "Company's Clients" shall be deemed
to be any partnerships, corporations, professional associations or other
business organizations for whom the Company has performed Business Activities.

                  e. RESTRICTIVE PERIOD. The "Restrictive Period" shall be
deemed to be twelve (12) months following termination of this Agreement pursuant
to Sections 6(b) or 6(c) of this Agreement.

                  f. RESTRICTED AREA. The "Restricted Area" shall, if this
Agreement has been terminated pursuant to Section 6(b) or 6(c), be the area
commonly included as part of the "Standard Metropolitan Statistical Area" of
Pompano Beach, Florida.

                  g. COMPETITIVE BUSINESS ACTIVITIES. The term "Competitive
Business Activities" as used herein shall be deemed to mean the Business.

                  h. COVENANTS AS ESSENTIAL ELEMENTS OF THIS AGREEMENT. It is
understood by and between the parties hereto that the foregoing covenants
contained in Sections 7(a) and (b) are essential elements of this Agreement, and
that but for the agreement by the Executive to comply with such covenants, the
Company would not have agreed to enter into this Agreement. Such covenants by
the Executive shall be construed to be agreements independent of any other
provisions of this Agreement. The existence of any other claim or cause of
action, whether predicated on any other provision in this Agreement, or
otherwise, as a result of the relationship between the parties shall not
constitute a defense to the enforcement of such covenants against the Executive.

                  i. SURVIVAL AFTER TERMINATION OF AGREEMENT. Notwithstanding
anything to the contrary contained in this Agreement, the covenants in Sections
7(a) and (b) shall survive the termination of this Agreement and the Executive's
employment with the Company.

                  j. REMEDIES.

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                           (1) The Executive acknowledges and agrees that the
         Company's remedy at law for a breach or threatened breach of any of the
         provisions of Section 7(a) or (b) herein would be inadequate and a
         breach thereof will cause irreparable harm to the Company. In
         recognition of this fact, in the event of a breach by the Executive of
         any of the provisions of Section 7(a) or (b), the Executive agrees
         that, in addition to any remedy at law available to the Company,
         including, but not limited to monetary damages, all rights of the
         Executive to payment or otherwise under this Agreement and all amounts
         then or thereafter due to the Executive from the Company under this
         Agreement may be terminated and the Company, without posting any bond,
         shall be entitled to obtain, and the Executive agrees not to oppose the
         Company's request for equitable relief in the form of specific
         performance, temporary restraining order, temporary or permanent
         injunction or any other equitable remedy which may then be available to
         the Company.

                           (2) The Executive acknowledges that the granting of a
         temporary injunction, temporary restraining order or permanent
         injunction merely prohibiting the use of Proprietary Information would
         not be an adequate remedy upon breach or threatened breach of Section
         7(a) or (b) and consequently agrees, upon proof of any such breach, to
         the granting of injunctive relief prohibiting any form of competition
         with the Company. Nothing herein contained shall be construed as
         prohibiting the Company from pursuing any other remedies available to
         it for such breach or threatened breach.

         8. INDEMNIFICATION.

                  a. The Executive shall continue to be covered by the Articles
of Incorporation and/or the Bylaws of the Company with respect to matters
occurring on or prior to the date of termination of the Executive's employment
with the Company, subject to all the provisions of Florida and Federal law and
the Articles of Incorporation and Bylaws of the Company then in effect. Such
reasonable expenses, including attorneys' fees, that may be covered by the
Articles of Incorporation and/or Bylaws of the Company shall be paid by the
Company on a current basis in accordance with such provision, the Company's
Articles of Incorporation and Florida law. To the extent that any such payments
by the Company pursuant to the Company's Articles of Incorporation and/or Bylaws
may be subject to repayment by the Executive pursuant to the provisions of the
Company's Articles of Incorporation or Bylaws, or pursuant to Florida or Federal
law, such repayment shall be due and payable by the Executive to the Company
within twelve (12) months after the termination of all proceedings, if any,
which relate to such repayment and to the Company's affairs for the period prior
to the date of termination of the Executive's employment with the Company and as
to which Executive has been covered by such applicable provisions.

                  b. The Company specifically acknowledges and agrees that the
Executive has personally guaranteed certain obligations on behalf of the Company
and further that the Executive is personally liable for certain obligations of
the Company. The Company shall indemnify and hold the Executive harmless from

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any and all obligations that the Executive may incur, including, without
limitation, costs and attorneys fees in connection with such guaranties or
personal liabilities. Any costs or expenses that may be incurred by the
Executive in connection with such liabilities or guaranties shall be reimbursed
to the Executive, upon receipt by the Company of documented evidence of such
liabilities, within three (3) business days of the receipt of such documented
evidence.

         9. WITHHOLDING. Anything to the contrary notwithstanding, all payments
required to be made by the Company hereunder to the Executive or the Executive's
estate or beneficiaries shall be subject to the withholding of such amounts, if
any, relating to tax and other payroll deductions as the Company may reasonably
determine it should withhold pursuant to any applicable law or regulation. In
lieu of withholding such amounts, the Company may accept other arrangements
pursuant to which it is satisfied that such tax and other payroll obligations
will be satisfied in a manner complying with applicable law or regulation.

         10. CERTAIN TAX MATTERS. The Company shall indemnify and hold the
Executive harmless from and against (i) the imposition of excise tax (the
"Excise Tax") under Section 4999 of the Internal Revenue Code of 1986, as
amended (or any successor provision thereto, the "Code"), on any payment made
under this Agreement (including any payment made under this paragraph) and any
interest, penalties and additions to tax imposed in connection therewith, and
(ii) any federal, state or local income tax imposed on any payment made pursuant
to this paragraph. The Executive shall not take the position on any tax return
or other filing that any payment made under this Agreement is subject to the
Excise Tax, unless, in the opinion of independent tax counsel reasonably
acceptable to the Company, there is no reasonable basis for taking the position
that any such payment is not subject to the Excise Tax under U.S. tax law then
in effect. If the Internal Revenue Service makes a claim that any payment or
portion thereof is subject to the Excise Tax, at the Company's election, and the
Company's direction and expense, the Executive shall contest such claim;
provided, however, that the Company shall advance to the Executive the costs and
expenses of such contest, as incurred. For the purpose of determining the amount
of any payment under clause (ii) of the first sentence of this paragraph, the
Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation applicable to individuals in the calendar year
in which such indemnity payment is to be made and state and local income taxes
at the highest marginal rates of taxation applicable to individuals as are in
effect in the jurisdiction in which the Executive is resident, net of the
reduction in federal income taxes that is obtained from deduction of such state
and local taxes.

         11. NOTICES. Any notice required or permitted to be given under the
terms of this Agreement shall be sufficient if in writing and if sent postage
prepaid by registered or certified mail, return receipt requested; by overnight
delivery; by courier; or by confirmed telecopy, in the case of the Executive to
the Executive's last place of business or residence as shown on the records of
the Company, or in the case of the Company to its principal office as set forth

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in the first paragraph of this Agreement, or at such other place as it may
designate.

         12. WAIVER. Unless agreed in writing, the failure of either party, at
any time, to require performance by the other of any provisions hereunder shall
not affect its right thereafter to enforce the same, nor shall a waiver by
either party of any breach of any provision hereof be taken or held to be a
waiver of any other preceding or succeeding breach of any term or provision of
this Agreement. No extension of time for the performance of any obligation or
act shall be deemed to be an extension of time for the performance of any other
obligation or act hereunder.

         13. COMPLETENESS AND MODIFICATION. This Agreement constitutes the
entire understanding between the parties hereto superseding all prior and
contemporaneous agreements or understandings among the parties hereto concerning
the Employment Agreement. This Agreement may be amended, modified, superseded or
canceled, and any of the terms, covenants, representations, warranties or
conditions hereof may be waived, only by a written instrument executed by the
parties or, in the case of a waiver, by the party to be charged.

         14. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which shall
constitute but one agreement.

         15. BINDING EFFECT/ASSIGNMENT. This Agreement shall be binding upon the
parties hereto, their heirs, legal representatives, successors and assigns. This
Agreement shall not be assignable by the Executive but shall be assignable by
the Company in connection with the sale, transfer or other disposition of its
business or to any of the Company's affiliates controlled by or under common
control with the Company.

         16. GOVERNING LAW. This Agreement shall become valid when executed and
accepted by Company. The parties agree that it shall be deemed made and entered
into in the State of Florida and shall be governed and construed under and in
accordance with the laws of the State of Florida. Anything in this Agreement to
the contrary notwithstanding, the Executive shall conduct the Executive's
business in a lawful manner and faithfully comply with applicable laws or
regulations of the state, city or other political subdivision in which the
Executive is located.

         17. FURTHER ASSURANCES. All parties hereto shall execute and deliver
such other instruments and do such other acts as may be necessary to carry out
the intent and purposes of this Agreement.

         18. HEADINGS. The headings of the sections are for convenience only and
shall not control or affect the meaning or construction or limit the scope or
intent of any of the provisions of this Agreement.

                                       12
<PAGE>

         19. SURVIVAL. Any termination of this Agreement shall not, however,
affect the ongoing provisions of this Agreement which shall survive such
termination in accordance with their terms.

         20. SEVERABILITY. The invalidity or unenforceability, in whole or in
part, of any covenant, promise or undertaking, or any section, subsection,
paragraph, sentence, clause, phrase or word or of any provision of this
Agreement shall not affect the validity or enforceability of the remaining
portions thereof.

         21. ENFORCEMENT. Should it become necessary for any party to institute
legal action to enforce the terms and conditions of this Agreement, the
successful party will be awarded reasonable attorneys' fees at all trial and
appellate levels, expenses and costs.

         22. VENUE. Company and Executive acknowledge and agree that the U.S.
District for the Southern District of Florida, or if such court lacks
jurisdiction, the 15th Judicial Circuit (or its successor) in and for Palm Beach
County, Florida, shall be the venue and exclusive proper forum in which to
adjudicate any case or controversy arising either, directly or indirectly, under
or in connection with this Agreement and the parties further agree that, in the
event of litigation arising out of or in connection with this Agreement in these
courts, they will not contest or challenge the jurisdiction or venue of these
courts.

         23. CONSTRUCTION. This Agreement shall be construed within the fair
meaning of each of its terms and not against the party drafting the document.

                                       13
<PAGE>

THE EXECUTIVE ACKNOWLEDGES THAT THE EXECUTIVE HAS READ ALL OF THE TERMS OF THIS
AGREEMENT, UNDERSTANDS THE AGREEMENT, AND AGREES TO ABIDE BY ITS TERMS AND
CONDITIONS.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of date
set forth in the first paragraph of this Agreement.

Witness:                                The Company:

                                        VISUAL DATA CORPORATION

                                        By:
                                           ---------------------------------
                                                 Randy S. Selman
                                                 President

Witness:                                The Executive

                                        ------------------------------------
                                                 George Stemper

                                       14
<PAGE>

                                    EXHIBIT A<PAGE>
                                                                     EXHIBIT 4.2

THIS OPTION AGREEMENT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS OPTION
AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED,
TRANSFERRED OR OTHERWISE DISPOSED OF, UNLESS REGISTERED PURSUANT TO THE
PROVISIONS OF THE SECURITIES ACT OR AN OPINION OF COUNSEL IS OBTAINED STATING
THAT SUCH DISPOSITION IS IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM SUCH
REGISTRATION.

HOLDER:  AJG FINANCIAL SERVICES, INC.        GRANT DATE:  DECEMBER 31, 2001

                                             EXPIRATION DATE: DECEMBER 31, 2004

                          INTREPID CAPITAL CORPORATION

                       OPTION AGREEMENT FOR THE PURCHASE
                       OF SHARES OF INTREPID COMMON STOCK

         IN ACCORDANCE WITH THE INVESTMENT AGREEMENT (AS HEREINAFTER DEFINED),
FOR VALUE RECEIVED IN CONNECTION THEREWITH AND HEREUNDER, INTREPID CAPITAL
CORPORATION, a Delaware corporation located at 3652 South Third Street, Suite
200, Jacksonville Beach, Florida 32250 (the "Company"), hereby certifies that
AJG FINANCIAL SERVICES, INC., a Delaware corporation located at The Gallagher
Center, Two Pierce Place, Itasca, Illinois 60143-3141 (the "Holder"), or the
Holder's successors and permitted assigns, is hereby granted the option
(hereinafter referred to as the "Option"), subject to the provisions of this
Option Agreement, to purchase from the Company, during the Exercise Period (as
hereinafter defined), that number of validly issued, fully paid and
non-assessable shares of the common stock, par value $.01 per share, of the
Company (the "Intrepid Common Stock") set forth in Section 1.1 hereof at a
price (the "Exercise Price") per Option Share (as hereinafter defined) equal to
(i) $3.00 during the first year of the Exercise Period, (ii) the greater of (A)
seventy-five percent (75%) of the average Closing Price (as hereinafter
defined) for the ninety (90) consecutive Trading Days (as hereinafter defined)
immediately preceding the first anniversary of the Grant Date (as set forth
above), and (B) $3.00 during the second year of the Exercise Period, and (iii)
the greater of (A) seventy-five percent (75%) of the average Closing Price for
the ninety (90) consecutive Trading Days immediately preceding the second
anniversary of the Grant Date, and (B) $3.00 during the third year of the
Exercise Period. This Option Agreement is the Option Agreement contemplated by
that certain Convertible Note Agreement and that certain Investment Agreement
(the "Investment Agreement"), each of even date herewith, between the Company
and the Holder.

<PAGE>

         For purposes hereof, the term "Closing Price" shall mean the daily
closing sales price on any Trading Day or, if no such closing sales price shall
be reported on such Trading Day, then the average between the closing bid and
closing asked prices on any such Trading Day for, one share of Intrepid Common
Stock as reported on The Nasdaq National Market System if the Intrepid Common
Stock is listed on The Nasdaq National Market System or, if the Intrepid Common
Stock is not then listed on The Nasdaq National Market System, then as reported
on The Nasdaq Small Cap Market or, if the Intrepid Common Stock is not then
listed on The Nasdaq National Market System or The Nasdaq Small Cap Market,
then as reported on the OTC Bulletin Board or, if the Intrepid Common Stock is
not then listed on The Nasdaq National Market System, The Nasdaq Small Cap
Market or the OTC Bulletin Board, then as reported on the primary "national
securities exchange" or "national market system" (as such terms are used in the
Securities Exchange Act of 1934, as amended) on which the Intrepid Common Stock
is then quoted, listed or reported or, if there are no daily closing sales
price or closing bid and closing asked prices for the Intrepid Common Stock
reported on any of the foregoing, then an amount per share of the Intrepid
Common Stock as determined by the Board of Directors of the Company in good
faith.

         The number of shares of Intrepid Common Stock to be received upon the
exercise of the Option may be adjusted from time to time as hereinafter set
forth. The shares of Intrepid Common Stock deliverable upon such exercise, and
as adjusted from time to time, are referred to herein as the "Option Shares."
The term "Other Securities" means any other equity or debt securities that may
be issued by the Company in addition to or in substitution for the Option
Shares. The term "Company" means and includes the Company as well as (i) any
immediate or more remote successor corporation resulting from the merger or
consolidation of the Company (or any immediate or more remote successor
corporation of the Company) with another corporation, or (ii) any corporation
to which the Company (or any immediate or more remote successor corporation of
the Company) has transferred its property or assets as an entirety or
substantially as an entirety. The term "Trading Day(s)" means a day on which
The Nasdaq National Market System, The Nasdaq Small Cap Market, the OTC
Bulletin Board or the primary national securities exchange or national market
system on which the Intrepid Common Stock is quoted, listed or reported is open
for a full day of trading.

         Upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Option Agreement, and (in
the case of loss, theft or destruction) of reasonably satisfactory
indemnification, and upon surrender and cancellation of this Option Agreement,
if mutilated, the Company shall execute and deliver a new Option Agreement of
like tenor and date. Any such new Option Agreement executed and delivered shall
constitute an additional contractual obligation on the part of the Company,
whether or not this Option Agreement was lost, stolen, destroyed or mutilated.

         The Holder agrees with the Company that this Option Agreement is
issued, and all the rights hereunder shall be held, subject to all of the
conditions, limitations and provisions set forth herein.

                                       2
<PAGE>

         1.       EXERCISE OF OPTION.

                  1.1      VESTING; METHOD AND PERIOD OF EXERCISE. The Exercise
Price and the number of Option Shares issuable upon exercise of the Option are
subject to adjustment upon the occurrence of certain events pursuant to the
provisions of Sections 1.1 and 5 hereof. Upon the exercise of the Option in
accordance with, and subject to the provisions of, this Option Agreement, the
Holder has the right to purchase from the Company (and the Company will issue
and sell to such registered Holder) during the Exercise Period:

                           (a)      immediately upon the date hereof and at any
         time or from time to time hereafter during the Exercise Period, up to
         an aggregate of that number of shares of Intrepid Common Stock which
         would, at the time of exercise and when added to all other shares of
         Intrepid Common Stock and other securities of the Company exercisable
         for or convertible into shares of Intrepid Common Stock other than the
         Option Shares ("Convertible Securities") then owned by Holder, result
         in Holder beneficially owning on a fully-diluted basis 35.025% of the
         issued and outstanding Intrepid Common Stock (and which number of
         Option Shares shall be subject to adjustment as provided herein); and

                           (b)      up to an aggregate of that number of shares
         of Intrepid Common Stock which would, at the time of exercise and when
         added to all other shares of Intrepid Common Stock and Convertible
         Securities then owned by Holder other than the Option Shares, result
         in Holder beneficially owning on a fully-diluted basis 51% of the
         issued and outstanding Intrepid Common Stock (and which number of
         Option Shares shall be subject to adjustment as provided herein),
         immediately upon and from time to time or at any time after the
         completion of an additional $4,500,000 investment in or loan to the
         Company, as contemplated by and provided for in the Investment
         Agreement.

                  1.2      METHOD OF EXERCISE. The Option may be exercised, in
whole or in part, during the Exercise Period by presentation and surrender of
this Option Agreement to the Company at its principal office, or at the office
of its stock transfer agent, if any, together with the Election to Exercise in
the form attached hereto duly executed and accompanied by payment of the
Exercise Price for the number of Option Shares specified in such form and
instruments of transfer, if appropriate, duly executed by the Holder or its duly
authorized attorney. Payment of the Exercise Price may be made (a) in cash, by
wire transfer or by delivery of one or more certified or official bank checks,
payable to the order of the Company, (b) upon a dollar for dollar cancellation
of any principal outstanding under any indebtedness or other obligation made by
the Company payable to the Holder, (c) by delivery of a number of shares of the
Intrepid Common Stock already held by the Holder having a fair market value, as
determined by multiplying the Closing Price on the date the Option is exercised
by such shares of Intrepid Common Stock, that equals the Exercise Price for the
number of Option Shares for which the Option is exercised, or (d) by reducing
the actual number of Option Shares issuable upon the exercise of the Option (as
set forth on the Election to Exercise) by the smallest number of whole Option
Shares which, when multiplied by the Closing Price as of the date the Option is
exercised, is sufficient to satisfy the Exercise Price for the number of Option
Shares for which

                                       3
<PAGE>

the Option is exercised. If the Option should be exercised in part only, the
Company shall, upon surrender of this Option Agreement for cancellation, execute
and deliver a new Option Agreement evidencing the rights of the Holder thereof
to purchase the balance of the Option Shares purchasable hereunder. Upon receipt
by the Company of this Option Agreement, together with the Exercise Price, at
its office, or by the stock transfer agent of the Company at its office, in
proper form for exercise, the Holder shall be deemed to be the holder of record
of the shares of Intrepid Common Stock issuable upon such exercise,
notwithstanding that the stock transfer books of the Company shall then be
closed or that certificates representing such shares of Intrepid Common Stock
shall not then be actually delivered to the Holder. The Company shall be legally
obligated to consummate the exercise of the Option and shall be liable in
damages to the Holder, including, without limitation, damages for the Holder's
reasonable attorneys fees and expenses, if for any reason, it does not complete
the exercise of the Option.

                  1.3      EXERCISE PERIOD OF OPTION. Subject to the terms of
this Section 1, the Option may be exercised during the period (the "Exercise
Period") commencing on the date hereof and expiring at 5:00 p.m. Eastern Time
on the Expiration Date (as set forth on the first page hereof) or, if such day
is a day on which banking institutions in Jacksonville, Florida are authorized
by law to close, then on the next preceding day that shall not be such a day,
at which time this Option Agreement and the Option will terminate and no longer
be exercisable.

         2.       RESERVATION OF SHARES. The Company shall at all times reserve
for issuance and delivery upon exercise of the Option all shares of Intrepid
Common Stock or other shares of capital stock of the Company (and Other
Securities) from time to time issuable upon the exercise of the Option. All
such Option Shares (and Other Securities) shall be duly and validly authorized
and, when issued upon such exercise, shall be duly and validly issued, fully
paid and non-assessable and free of all preemptive rights other than rights
held by the Holder.

         3.       FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of the Option, but the
Company shall pay the Holder an amount equal to the product obtained by
multiplying such fractional share of Intrepid Common Stock by the Exercise
Price on the date of the exercise of the Option in lieu of each fraction of a
share otherwise called for upon any exercise hereof.

         4.       HOLDER DOES NOT HAVE THE RIGHTS OF A STOCKHOLDER. The Holder
shall not, by virtue hereof, be entitled to any rights of a stockholder in the
Company, either at law or in equity, until the valid exercise of the Option,
and the rights of the Holder are limited to those expressed in this Option
Agreement.

         5.       ANTI-DILUTION PROVISIONS.

                  5.1      ADJUSTMENT FOR RECAPITALIZATION, RECLASSIFICATION,
ETC. If the Company shall at any time subdivide its outstanding shares of
Intrepid Common Stock (or Other Securities at the time receivable upon the
exercise of the Option) by recapitalization, reclassification or split-up
thereof, or if the Company shall declare a stock dividend or distribution, the
number of shares of Intrepid Common Stock subject to the Option immediately
prior to such subdivision, dividend or distribution shall be proportionately
increased and the

                                       4
<PAGE>

Exercise Price shall be adjusted as provided below, and if the Company shall at
any time combine the outstanding shares of Intrepid Common Stock by
recapitalization, reclassification or combination thereof, the number of shares
of Intrepid Common Stock subject to the Option immediately prior to such
combination shall be proportionately decreased and the Exercise Price shall be
adjusted as provided below. Any such adjustment and any adjustment to the
Exercise Price pursuant to this Section 5.1 shall be effective at the close of
business on the effective date of such subdivision or combination or if any
adjustment is the result of a stock dividend or distribution then the effective
date for such adjustment based thereon shall be the record date therefor.
Whenever the number of shares of Intrepid Common Stock purchasable upon the
exercise of the Option is adjusted as provided in this Section 5.1, the
Exercise Price shall be adjusted to the nearest cent by multiplying such
Exercise Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of shares of Intrepid Common Stock
purchasable upon the exercise immediately prior to such adjustment, and (y) the
denominator of which shall be the number of shares of Intrepid Common Stock so
purchasable immediately thereafter.

                  5.2      ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION,
MERGER, ETC. In case of any reorganization of the Company (or any other
corporation, partnership, limited liability company or other similar entity the
securities of which are at the time receivable on the exercise of the Option)
after the Grant Date or in case after such date the Company (or any such other
corporation, partnership, limited liability company or other similar entity)
shall consolidate with or merge into another corporation, partnership, limited
liability company or other similar entity or convey all or substantially all of
its assets to another corporation, partnership, limited liability company or
other similar entity, then, and in each such case, the Holder upon the exercise
thereof as provided in Section 1 at any time after the consummation of such
reorganization, consolidation, merger or conveyance, shall be entitled to
receive, in lieu of the securities and property receivable upon the exercise of
the Option prior to such consummation, the securities or property to which the
Holder would have been entitled upon such consummation if the Holder had
exercised the Option immediately prior thereto; in each such case, the terms of
this Option Agreement shall be applicable to the securities or property
receivable upon the exercise of the Option after such consummation.

                  5.3      RESTRICTIONS AGAINST CERTAIN ACTIONS. The Company
shall not, by amendment of its Certificate of Incorporation or through
reorganization, consolidation, merger, dissolution, issue or sale of
securities, sale of assets or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Option
Agreement. Without limiting the generality of the foregoing, while the Option
is outstanding, the Company (a) shall not permit the par value, if any, of the
shares of stock receivable upon the exercise of the Option to be above the
amount payable therefor upon such exercise and (b) shall take all such action
as may be necessary or appropriate in order that the Company may validly and
legally issue or sell fully paid and non-assessable stock upon the exercise of
the Option that is at the time outstanding.

                  5.4      CERTIFICATE AS TO ADJUSTMENTS. In each case of an
adjustment in the number of shares of Intrepid Common Stock receivable on the
exercise of the Option, the Company at its expense shall promptly compute such
adjustment in accordance with the terms of

                                       5
<PAGE>

this Option Agreement and prepare a certificate executed by an executive
officer of the Company setting forth such adjustment and showing in detail the
facts upon which such adjustment is based. The Company shall forthwith mail a
copy of each such certificate to each Holder.

                  5.5      NOTICES OF RECORD DATE, ETC. In case:

                           (a)      the Company shall take a record of the
         holders of its Intrepid Common Stock (or Other Securities at the time
         issuable upon the exercise of the Option) for the purpose of entitling
         them to receive any dividend (other than a cash dividend at the same
         rate of the last cash dividend theretofore paid) or other
         distribution, or any right to subscribe for, purchase or otherwise
         acquire any shares of stock of any class or any other securities, or
         to receive any other right; or

                           (b)      of any capital reorganization of the
         Company, any reclassification of the capital stock of the Company, any
         consolidation or merger of the Company with or into another
         corporation, or any conveyance of all or substantially all of the
         assets of the Company to another corporation; or

                           (c)      of any voluntary or involuntary
         dissolution, liquidation or winding up of the Company;

then, and in each such case, the Company shall mail or cause to be mailed to
the Holder a notice specifying, as the case may be, (i) the date on which a
record is to be taken for the purpose of such dividend, distribution, or right,
and stating the amount and character of such dividend, distribution or right,
or (ii) the date on which such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation or winding up is to take place,
and the time, if any, is to be fixed, as to which the holders of record of
Intrepid Common Stock (or such other securities at the time receivable upon the
exercise of the Option) shall be entitled to exchange their shares of Intrepid
Common Stock (or such other securities) for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding up. Such notice shall be
delivered via overnight courier at least thirty (30) days prior to the date
therein specified and the Option may be exercised prior to said date during the
term hereof.

         6.       RESTRICTIONS ON TRANSFER OF SHARES.

                  6.1      RESTRICTIONS ON TRANSFER. The Holder agrees not to
make any disposition of all or any portion of this Option or the Option Shares
or Other Securities unless and until:

                           (a)      there is then in effect a registration
         statement under the Securities Act covering such proposed disposition
         and such disposition is made in accordance with such registration
         statement; or

                           (b)(i)   the Holder shall have notified the Company
         of the proposed disposition and shall have furnished the Company with
         a statement of the circumstances surrounding the proposed disposition,
         and (ii) if reasonably requested by the Company,

                                       6
<PAGE>

         the Holder shall have furnished the Company with an opinion of
         counsel, which counsel if other than Piper Marbury Rudnick & Wolfe
         shall be reasonably satisfactory to the Company and its counsel, that
         such disposition will not require registration of such shares under
         the Securities Act.

                           (c)      Notwithstanding the provisions of Sections
         6.1 (a) and (b) hereof, no such registration statement or opinion of
         counsel shall be necessary for a transfer by the Holder if (i) the
         Holder is a partnership and the transfer is made to its partners or
         former partners in accordance with partnership interests, (ii) the
         Holder is a limited liability company and the transfer is made to its
         members or former members in accordance with their interest in the
         limited liability company, or (iii) to the Holder's family member or
         trust for the benefit of an individual Holder or a family member;
         provided that in each case the transferee will be subject to the terms
         of this Agreement to the same extent as if he were the original Holder
         hereunder.

                  6.2      REISSUANCE OF UNLEGENDED CERTIFICATES. The Company
shall be obligated to reissue promptly unlegended certificates at the request
of the Holder thereof if the Holder shall have obtained an opinion of counsel
(which counsel may be counsel to the Company) reasonably satisfactory to the
Company if other than Piper Marbury Rudnick & Wolfe, to the effect that the
securities proposed to be disposed of may lawfully be so disposed of without
registration, qualification or legend.

                  6.3      REMOVAL OF LEGENDS/ORDERS. Any legend endorsed on an
instrument pursuant to applicable state securities laws and the stop-transfer
instructions with respect to such securities shall be removed upon receipt by
the Company of an order of the appropriate blue sky authority authorizing such
removal.

         7.       PAYMENT OF TAXES. The Company agrees to pay all documentary
stamp taxes (whether federal, state or local) attributable to the exercise of
the Option and the issuance of Option Shares upon such exercise.

         8.       NOTICES. Other than as set forth herein, all notices required
hereunder shall be in writing and shall be deemed given when delivered via
facsimile transmission to a number known to be the facsimile number of the
Holder or the Company, delivered personally or within two days after mailing
when mailed by regular, certified or registered mail, return receipt requested,
to the Company or the Holder, as the case may be, for whom such notice is
intended, at the address of such party as set forth on the first page, or at
such other address of which the Company or the Holder has been advised by
notice hereunder.

         9.       SPECIFIC PERFORMANCE. The parties hereto acknowledge that
there would be no adequate remedy at law if any party hereto fails to perform
any of its obligations hereunder, and accordingly agree that each party hereto,
in addition to any other remedy to which it may be entitled at law or in
equity, shall be entitled to compel specific performance of the obligations of
any other party hereto under this Agreement in accordance with the terms and
conditions of this Agreement in any court of the United States or any state
thereof having jurisdiction.

                                       7
<PAGE>

         10.      APPLICABLE LAW. This Option Agreement is issued under and
shall for all purposes be governed by and construed in accordance with the laws
of the State of Delaware.

                             [Signatures Next Page]

                                       8
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Option Agreement to be
executed and delivered on its behalf, in its corporate name, by its duly
authorized officer, all as of the Grant Date.

                           INTREPID CAPITAL CORPORATION

                           By: /s/ Forrest Travis
                              -------------------------------------------------
                              Forrest Travis, President and
                              Chief Executive Officer

[CORPORATE SEAL]

Attest:  /s/ Michael J. Wallace
       ----------------------------------------------
         Secretary

<PAGE>

                         NOTICE OF ELECTION TO EXERCISE

                                                Dated ________________, _______

         The undersigned hereby irrevocably elects to exercise the within
Option to the extent of ________________ shares of the Common Stock and hereby
makes payment of $____________ in payment of the actual exercise price thereof,
together with all applicable transfer taxes, if any.

         You are hereby instructed to register such Common Stock in the
following name:

Name

-------------------------------------------------------------------------------
               (Please use typewriter or print in block letters)

Address

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

         WITNESS the signature of the undersigned holder, by its duly
authorized representative, as the day and year first written above.

                                             [OPTION HOLDER]

                                             By:
                                                -------------------------------
                                                Its:
                                                    ---------------------------

                                      10

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