Document:

Conversion Agreement

                    This  Conversion  Agreement  (the  "Agreement")  is made and
               entered into by and among Colmena Corp.,  a Delaware  corporation
               with a class of securities  registered under Section 12(g) of the
               Exchange  Act  ("Colmena")  and,  The Tucker  Family  Spendthrift
               Trust,  a Florida trust (the "TFST"),  Colmena and the TFST being
               sometimes  hereinafter  collectively referred to as the "Parties"
               or generically as a "Party".

                                    Preamble:

                    WHEREAS,   in  order   for   Colmena   to   arrange   for  a
               reorganization of its operations designed to permit it to acquire
               one or more promising operating companies, it needs to reduce all
               of its current  indebtedness  and in  conjunction  therewith,  on
               December 11,  2002,  its board of  directors  requested  that the
               TFST, one of its principal creditors and the holder of 50% of its
               Class A Bonds, agree to accelerated exercise of conversion rights
               under its Class A Bonds and thereafter convert all of its current
               debts into shares of Colmena's common stock; and

Whereas,  the TFST is  agreeable  to the  proposal by Colmena,  subject to being
granted  24 month  best  price and  anti-dilution  guarantees,  on the terms and
subject to the conditions hereinafter set forth:

NOW, THEREFORE, in consideration of the covenants,  promises and representations
set forth herein,  and for other good and valuable  consideration,  the Parties,
intending to be legally bound, hereby agree as follows:

                                                    Witnesseth:

                                                     Article I
                                                    Definitions

The  following  terms or  phrases,  as used in this  Agreement,  shall  have the
following meanings:

                    (A)  Accredited   Investor:   An  investor  that  meets  the
               requirements for treatment as an accredited investor,  as defined
               in Rule  501(a) of  Commission  Regulation  D, which  provides as
               follows:

Accredited  investor.  "Accredited  investor"  shall  mean any  person who comes
within any of the following  categories,  or who the issuer reasonably  believes
comes  within any of the  following  categories,  at the time of the sale of the
securities to that person:

                    (1) Any bank as defined in  section  3(a)(2) of the Act,  or
               any savings and loan association or other  institution as defined
               in section 3(a)(5)(A) of the Act whether acting in its individual
               or fiduciary  capacity;  any broker or dealer registered pursuant
               to  section  15 of  the  Securities  Exchange  Act of  1934;  any
               insurance  company as defined  in section  2(13) of the Act;  any
               investment company registered under the Investment Company Act of
               1940 or a  business  development  company  as  defined in section
               2(a)(48) of that Act; Small Business  Investment Company licensed
               by the U.S. Small Business  Administration  under section 301(C))
               or (d) of the Small  Business  Investment  Act of 1958;  any plan
               established   and   maintained   by  a   state,   its   political
               subdivisions,  or any agency or instrumentality of a state or its
               political subdivisions for the benefit of its employees,  if such
               plan has total assets in excess of $5,000,000;  employee  benefit
               plan  within  the  meaning  of  the  Employee  Retirement  Income
               Security Act of 1974 if the investment decision is made by a plan
               fiduciary,  as  defined in  section  3(21) of such Act,  which is
               either a bank,  savings and loan association,  insurance company,
               or registered investment adviser, or if the employee.
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                  Please Initial: Colmena: ____ The TFST: ____

benefit plan has total  assets in excess of  $5,000,000  or, if a  self-directed
plan,  with  investment  decisions  made solely by persons  that are  accredited
investors;

                    (2) Any private business  development  company as defined in
               section 202(a)(22) of the Investment Advisers Act of 1940;

                    (3) Any organization  described in Section 501(C))(3) of the
               Internal  Revenue  Code,  corporation,  Massachusetts  or similar
               business  trust,  or  partnership,  not formed  for the  specific
               purpose of acquiring the securities offered, with total assets in
               excess of $5,000,000;

                    (4) Any director,  executive officer,  or general partner of
               the  issuer  of the  securities  being  offered  or sold,  or any
               director,  executive  officer,  or  general  partner of a general
               partner of that issuer;

                    (5) Any natural person whose  individual net worth, or joint
               net worth with that person's spouse,  at the time of his purchase
               exceeds $1,000,000;

                    (6) Any  natural  person  who had an  individual  income  in
               excess of $200,000 in each of the two most recent  years or joint
               income with that person's spouse in excess of $300,000 in each of
               those years and has a reasonable expectation of reaching the same
               income level in the current year;

                    (7) Any trust,  with total  assets in excess of  $5,000,000,
               not formed for the specific  purpose of acquiring the  securities
               offered,  whose purchase is directed by a sophisticated person as
               described in ss.230.506(b)(2)(ii); and

                    (8)  Any  entity  in  which  all of the  equity  owners  are
               accredited investors.

(B)  Class A  Bonds:  The  only  currently  authorized  Colmena  bonds,  as more
particularly described in Colmena's Exchange Act Reports.

(C) Colmena  Debt:  All funds owed by Colmena to the TFST as of the date of this
Agreement, as reflected in exhibit 1 (C), but not including the Class A Bonds.

(D) Commission: The United States Securities and Exchange Commission.

(E) Common Stock:  For the purpose of this  Agreement,  the term "common  stock"
shall mean (I) the class of stock  designated as common stock in the Certificate
of Incorporation filed by Colmena with the Delaware Department of State, or (ii)
any other class of stock resulting from successive changes or  reclassifications
of such  common  stock  consisting  solely of changes in par value,  or from par
value to no par value, or from no par value to par value.

(F) Covered Shares:  The shares of Colmena common stock to be issued to the TFST
pursuant to conversion of the Colmena Debt and the Class A Bonds.

(G) Exchange Act: The Securities Exchange Act of 1934, as amended.

(H) Exchange Act Reports: The reports on Commission Forms 10-SB, 10-KSB,  10-QSB
and 8-K and  Commission  Schedules 14A and 14C, that Colmena is required to file
pursuant to Sections 13, 14, 15(d) and 12(g) of the Exchange Act.

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                  Please Initial: Colmena: ____ The TFST: ____

                              Conversion Agreement

 (I) Florida Act: The Florida Securities and Investor
Protection Act

(J) Florida Rule: Florida Rule 3E-500.005, which provides as follows: Disclosure
requirements of Section 517.061(11)(a)3., Florida Statutes.

                    (1)  Transactions  by an issuer  which do not satisfy all of
               the conditions of this rule shall not raise any presumption  that
               the exemptions provided by Section 517.061(11),  Florida Statutes
               is not available for such transactions. Attempted compliance with
               this rule does not act as an election;  the issuer can also claim
               the  availability  of  Section  517.061(11),   Florida  Statutes,
               outside this rule.

                    (2) The  determination as to whether sales of securities are
               part of a larger  offering  (i.e.,  are deemed to be  integrated)
               depends on the particular facts and circumstances. In determining
               whether sales should be regarded as part of a larger offering and
               thus should be integrated,  the facts described in Rule 3E-500.01
               should be considered.

                    (3)  Although  sales made  pursuant to Section  517.061(11),
               Florida  Statutes,  and in compliance  with this rule, are exempt
               from the registration provisions of this Act, such exemption does
               not  avoid the  antifraud  provisions  of  Sections  517.301  and
               517.311, Florida Statutes.

                    (4)  The  provisions  of  this  rule  shall  apply  only  to
               transactions  which are consummated  with persons in the State of
               Florida.

                    (5) The requirements of Sections 517.061(11)(a)(3),  Florida
               Statutes,  that each purchaser, or his representative be provided
               with or given  reasonable  access to full and fair  disclosure of
               all  material  information  shall be  deemed to be  satisfied  if
               either paragraphs (5)(a) or (5)(b) are complied with:

                    (a)  Access  to or  Furnishing  of  Information.  Reasonable
               access to, or the furnishing of,  material  information  shall be
               deemed to have been satisfied if prior to the sale a purchaser is
               given access to the following information:

1. All material books and records of the issuer; and

2. All material  contracts and documents  relating to the proposed  transaction;
and

3. An opportunity to question the  appropriate  executive  officers or partners.
.....

                    (6)  In  the  case  of an  issuer  that  is  subject  to the
               reporting  requirements  of Section 13 or 15(d) of the Securities
               Exchange Act of 1934, the provisions of paragraph  (5)(b) of this
               rule shall be deemed satisfied by providing the following:

(a) The  information  contained in the annual report  required to be filed under
the Securities Exchange Act of 1934 or a registration

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                  Please Initial: Colmena: ____ The TFST: ____

                           Conversion Agreement Page 3

                    statement  on Form S-1  under  the  Securities  Act of 1933,
               whichever filing is the most recent required to be filed, and the
               information  contained in any definitive proxy statement required
               to be filed pursuant to Section 14 of the Securities Exchange Act
               of 1934 and in any reports or  documents  required to be filed by
               the issuer  pursuant to Section 13(a) or 15(d) of the  Securities
               Exchange Act of 1934,  since the filing of such annual  report or
               registration statement; and

(b) A brief description of the securities being offered, the use of the proceeds
from the offering,  and any material  changes in the issuer's  affairs which are
not disclosed in the documents furnished.

                    (K) Rule 144: Rule 144 of the general rules and  regulations
               promulgated under the Securities Act.

                    (L) Securities Act: The Securities Act of 1933, as amended.

                                   Article II
                                   Conversion

                         (A)   Subject   to  the  best  price   guarantees   and
                    anti-dilutive rights set forth below, the TFST hereby agrees
                    to immediately  convert all of its Class A Bonds into shares
                    of Colmena's  Common Stock,  in accordance with their terms,
                    which Colmena hereby  represents will result in the issuance
                    to the TFST of the  number  of shares  of  Colmena's  common
                    stock set forth in Exhibit 2 (A)  annexed  hereto and made a
                    part  hereof,   the  conversion   being   effected   without
                    registration  under the  Securities  Act or the Florida Act,
                    based on the exemption from registration provided by Section
                    4(6) of the  Securities  Act and Section  517.061(11) of the
                    Florida Act.

                         (B)   Subject   to  the  best  price   guarantees   and
                    anti-dilutive  rights  set  forth  below,  the  TFST  hereby
                    converts  the  Colmena  Debt into  shares of Colmena  Common
                    Stock,  at a  conversion  price of $0.01 per  share,  as set
                    forth below on Exhibit 2 (B), the transaction being effected
                    without registration under the Securities Act or the Florida
                    Act,  based on the exemption from  registration  provided by
                    Section 4(6) of the Securities  Act and Section  517.061(11)
                    of the Florida Act.

                         (C) In  consideration  for the agreement by the TFST to
                    accelerated  conversion  of the  Class  A  Bonds  and to the
                    conversion  of the  Colmena  Debt to Colmena  common  stock,
                    which will result in the  issuance of a  materially  smaller
                    quantity of Colmena common stock to the TFST than would have
                    otherwise  been issuable based on current  Colmena  business
                    plans, Colmena hereby irrevocably covenants and agrees, as a
                    material  inducement to the entry into this Agreement by the
                    TFST,  that all of the shares  issuable to the TFST pursuant
                    to  the  terms  of  this   Agreement,   including,   without
                    limitation,   the  shares  to  be  issued  in  exchange  for
                    conversion   of  the  Colmena  Debt  and  to  be  issued  on
                    conversion  of the  Class A Bonds  (the  "Covered  Shares"),
                    whether  or not  then  still  owned  by the  TFST,  shall be
                    increased  by the issuance of  additional  shares of Colmena
                    common  stock to the TFST,  to reflect  the  issuance of any
                    common stock or common stock  purchase  rights at a price of
                    less than  $0.01  per share (in cash or in the net  tangible
                    book value in accordance with GAAP of any assets or services
                    paid  therefor)  during the 730 days following the execution
                    of this Agreement, as follows:

(1) Best price  guarantee:  For every share  issued by Colmena at a net tangible
book value of less than $0.01 per share, adjusted to reflect any stock splits or
stock dividends (the "Trigger Shares"):

                         (a)  Initial  transaction:  The  TFST  will  receive  a
                    quantity  of shares of  Colmena  common  stock  equal to the
                    number of shares of Colmena  common stock issued to the TFST
                    as a result of  conversion  of the Colmena Debt and exercise
                    of the Class A Bonds (the "Base Shares"),

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                  Please Initial: Colmena: ____ The TFST: ____

                           Conversion Agreement Page 4

multiplied by a fraction,  the  numerator of which will  initially be $0.01 (the
"Original  Denominator")  and the  denominator of which will be the net tangible
book value paid for the Trigger  Shares  (the  "Adjustment  Denominator"),  such
product  being  referred  to as the  "Adjustment  Product",  from  which will be
subtracted a number equal to the Base Shares (the  "Adjustment  Shares");  e.g.,
for purposes of illustration, if the Base Shares equaled 100 and new shares were
issued by Colmena at $0.005 per share,  after  adjustments  for stock splits and
stock dividends, then the formula would be 100 x $0.01/$0.005 = 200 - 100 = 100,
thus 100 additional shares of Colmena common stock would be issued to the TFST.

                         (b)  Subsequent  transactions:   For  every  subsequent
                    transaction  the formula shall be triggered only by issuance
                    of Colmena common stock, as adjusted for any stock splits or
                    stock dividends,  at a price below the immediately preceding
                    lowest net tangible book value paid for Colmena common stock
                    issued subsequent to this Agreement (the "Subsequent Trigger
                    Price");  and the formula shall be modified as follows:  the
                    Base  Shares  shall  be   increased  by  the   aggregate  of
                    Adjustment  Shares  theretofore  issued  to  the  TFST;  the
                    Adjustment  Numerator  shall  be the  immediately  preceding
                    Trigger Price and the  Adjustment  Denominator  shall be the
                    Subsequent Trigger Price.

                         (c) All  shares  issuable  pursuant  to this best price
                    guarantee   shall  be  issued  and   tendered  to  the  TFST
                    concurrently  with  the  issuance  of  the  Trigger  Shares;
                    provided  that,  if they are not so tendered then they shall
                    bear interest  payable in  additional  shares at the rate of
                    one percent per month until so tendered.

(2) Anti-dilutive provisions. In addition to the foregoing best price guarantee,
the Covered Shares shall be subject to anti-dilutive provisions, as follows:

                         (a) In the  event  that  Colmena  shall  after the date
                    hereof  issue  securities  with  greater or superior  voting
                    rights than the shares of common stock outstanding as of the
                    date  hereof,  the TFST,  at its option,  may receive a like
                    number of such  securities  with greater or superior  voting
                    rights.

                         (b) Whenever the  additional  shares may be issuable to
                    the TFST, as herein provided:

1) Colmena shall  promptly file with the Transfer Agent for the Covered Shares a
certificate of the treasurer of Colmena setting forth the basis for the required
adjustments  and  showing  in  reasonable  detail  the  facts  upon  which  such
adjustment is based,  including a statement of the consideration  received or to
be received by Colmena for any shares of common  stock  issued or deemed to have
been issued; and

2) A notice  stating that the quantity of Covered  Shares has been  adjusted and
setting  forth  the  adjustment  shall  forthwith  be  required,  and as soon as
practicable  after it is required,  such additional notice shall be deemed to be
required pursuant to this Section as of the opening of business on the tenth day
after  such  mailing  and  shall set forth the  adjustment  at such  opening  of
business, and upon the mailing of such additional notice no other notice need be
given of any  adjustment  occurring  at or prior to such opening of business and
after the time that the next preceding notice given by mailing became required.

                         (c) In each of the  following  instances  Colmena shall
                    cause to be filed with the Transfer Agent and shall cause to
                    be mailed,  first class  postage  prepaid,  to the TFST,  at
                    least  10  days  prior  to  the   applicable   record   date
                    hereinafter  specified, a notice stating the date on which a
                    record is to be taken for the  purpose of such  distribution
                    or rights, or, if a record is not to be taken,

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                  Please Initial: Colmena: ____ The TFST: ____

                           Conversion Agreement Page 5

the date as of which the  holders of common  stock of record to be  entitled  to
such  distribution  or rights  are to be  determined,  or the date on which such
reclassification,    consolidation,   merger,   sale,   transfer,   dissolution,
liquidation  or winding up is expected to become  effective,  and the date as of
which it is expected that holders of common stock of record shall be entitled to
exchange their common stock for securities or other  property  deliverable  upon
such  reclassification,  consolidation,  merger,  sale,  transfer,  dissolution,
liquidation or winding up:

                         1) If Colmena shall  authorize the  distribution to all
                    holders of its common stock of evidences of its indebtedness
                    or assets (other than dividends or other  distributions paid
                    out of earned surplus); or

                         2) If  Colmena  shall  authorize  the  granting  to the
                    holders of its common  stock of rights to  subscribe  for or
                    purchase any shares of capital  stock of any class or of any
                    other rights; or

                         3) In the event of any  reclassification  of the common
                    stock  (other  than  a  subdivision  or  combination  of its
                    outstanding shares of common stock), or of any consolidation
                    or merger to which Colmena is a party and for which approval
                    of any  stockholders of Colmena is required,  or of the sale
                    or  transfer  of all or  substantially  all of the assets of
                    Colmena; or

                         4)  In  the  event  of  any   reclassification  of  the
                    voluntary or involuntary dissolution, liquidation or winding
                    up of Colmena.

(D) The TFST represents, warrants and covenants to Colmena, as follows:

                         (1) The  TFST is  familiar  with the  requirements  for
                    treatment as an "accredited investor" under Regulation D and
                    Section 4(6) of the  Securities Act and meets one or more of
                    the  definitions  of an "accredited  investor"  contained in
                    Rule 501(a)  promulgated  under  authority of Securities Act
                    and  has,   alone  or   together   with  its   advisors   or
                    representatives,  if any, such  knowledge and  experience in
                    financial matters that the TFST is capable of evaluating the
                    relative risks and merits of this subscription,  the text of
                    Rule 501(a) being set forth, in full, above;

                         (2) The TFST acknowledges that it has, based on its own
                    substantial   experience,   the  ability  to  evaluate   the
                    transactions  contemplated  hereby  and the merits and risks
                    thereof in general and the  suitability  of the  transaction
                    for it in particular;

                         (3)  (a)  The  TFST  understands  that  the  offer  and
                    issuance  of Colmena  Stock is being made in reliance on the
                    TFST's  representation  that  it has  reviewed  the  Colmena
                    Exchange Act Reports,  including  that contained in exhibits
                    filed with such reports.

     (b) The TFST is fully aware of the material risks  associated with becoming
     an investor in Colmena and confirms  that it was  previously  informed that
     all documents,  records and books  pertaining to this  investment have been
     available from Colmena and that all documents, records and books pertaining
     to this transaction requested by it have been made available to it;

                         (4) The TFST has had an opportunity to ask questions of
                    and receive answers from the officers of Colmena  concerning
                    the  terms  and   conditions  of  this   Agreement  and  the
                    transactions  contemplated hereby, as well as the affairs of
                    Colmena and related matters;

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                  Please Initial: Colmena: ____ The TFST: ____

                           Conversion Agreement Page 6

                         (5)  The  TFST  has  had  an   opportunity   to  obtain
                    additional  information  necessary to verify the accuracy of
                    the information  referred to in subparagraphs  (a), (b), (c)
                    and (d) hereof,  as well as to supplement the information in
                    the Exchange Act Reports.

                         (6) The TFST has represented to Colmena that it has the
                    general ability to bear the risks of the subject transaction
                    and that it is a suitable  investor  for a private  offering
                    and  the  TFST  hereby  affirms  the   correctness  of  such
                    information to Colmena,  including,  without limitation, the
                    representations in the form of the investment letter annexed
                    hereto and made a part hereof as exhibit 3(D)(6);

     (7) The TFST acknowledges and is aware that:

                         (a) The Colmena Stock is a speculative  investment with
                    no  assurance  that  Colmena  will  be  successful,   or  if
                    successful, that such success will result in payments to the
                    TFST or to  realization  of  capital  gains  by the  TFST on
                    disposition of the Colmena Stock; and

                         (b) The  Colmena  Stock to be issued to it has not been
                    registered  under  the  Securities  Act or under  any  state
                    securities laws;  accordingly the TFST may have to hold such
                    common  stock  and may not be  able  to  liquidate,  pledge,
                    hypothecate, assign or transfer it;

     (8) The TFST has  obtained  its own opinion  from its legal  counsel to the
     effect that after an examination of the  transactions  associated  herewith
     and the  applicable  law, no action needs to be taken by either the TFST or
     Colmena in conjunction  with this Agreement and the issuance of the Colmena
     Stock in  conjunction  therewith,  other than such  actions as have already
     been taken in order to comply with the securities law  requirements  of the
     TFST's state of domicile, including the safe harbor provided in conjunction
     with compliance with the Florida Rule; and

     (9) (a) The  certificates  for the  Colmena  Stock  will  bear  restrictive
     legends and Colmena's transfer agent will be instructed not to transfer the
     subject  securities unless they have been registered  pursuant to Section 6
     of the Securities Act or an opinion of counsel to the TFST  satisfactory to
     legal counsel to Colmena and Colmena's president has been provided,  to the
     effect  that  the  proposed   transaction   is  exempt  from   registration
     requirements  imposed  by the  Securities  Act,  the  Exchange  Act and any
     applicable state or foreign laws.

                         (b) The legend shall read as follows:  "The  securities
                    represented   by  this   certificate   were  issued  without
                    registration  under the  Securities Act of 1933, as amended,
                    or  comparable  state laws in reliance on the  provisions of
                    Section  4(6)  of  such  act,  and   comparable   state  law
                    provisions.  These securities may not be transferred pledged
                    or  hypothecated  unless  they are  first  registered  under
                    applicable   federal,   state  or  foreign   laws,   or  the
                    transaction   is   demonstrated   to  be  exempt  from  such
                    requirements to Colmena's satisfaction."

          (10) Notwithstanding the foregoing, the Parties agree that pursuant to
          the  provisions of Rule  144(d)(3)(ii),  the holding period under Rule
          144 for the Covered  Shares  commenced on the date that the underlying
          funds in  payment  for the  Colmena  Debt and the  Class A Bonds  were
          received by or for the benefit of Colmena.

                         (E) The Parties  acknowledge that the TFST's acceptance
                    of the Colmena  proposals  reflected  in this  Agreement  is
                    based on  representations  by Colmena  concerning  a pending
                    project  involving a  publishing,  television  and  Internet
                    venture   geared   towards  the  "baby  boomer"  health  and
                    longevity  market  and  Colmena  hereby  grants the TFST the
                    irrevocable  right to  rescind  the  transactions  reflected
                    herein should that venture not be successfully concluded.

           _____________________________________________________________________
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                  Please Initial: Colmena: ____ The TFST: ____

                           Conversion Agreement Page 7
                                   Article III
                               General Provisions

          3.1 Interpretation.

                         (A)  When a  reference  is made in  this  Agreement  to
                    Schedules or Exhibits, such reference shall be to a Schedule
                    or Exhibit to this Agreement unless otherwise indicated.

                         (B) The words  "include,"  "includes"  and  "including"
                    when used herein shall be deemed in each case to be followed
                    by the words "without limitation."

                         (C) The headings  contained in this  Agreement  are for
                    reference  purposes only and shall not affect in any way the
                    meaning or interpretation of this Agreement.

                         (D) The captions in this Agreement are for  convenience
                    and reference only and in no way define, describe, extend or
                    limit  the  scope of this  Agreement  or the  intent  of any
                    provisions hereof.

                         (E) All pronouns and any  variations  thereof  shall be
                    deemed to refer to the masculine, feminine, neuter, singular
                    or plural, as the identity of the Party or Parties, or their
                    personal   representatives,   successors   and  assigns  may
                    require.

                         (F) The Parties  agree that they have been  represented
                    by counsel  during the  negotiation  and  execution  of this
                    Agreement and, therefore,  waive the application of any law,
                    regulation,  holding or rule of construction  providing that
                    ambiguities  in an  agreement  or  other  document  will  be
                    construed  against  the party  drafting  such  agreement  or
                    document.

          3.2 Notice.

                         (A) All notices,  demands or other communications given
                    hereunder  shall be in  writing  and shall be deemed to have
                    been duly given on the first  business day after  mailing by
                    United States  registered or certified mail,  return receipt
                    requested, postage prepaid, addressed as follows:

          (1) To Colmena:

                                  Colmena Corp.
               Crystal Corporate Center; 2500 North Military Trail
                     Suite 225-C; Boca Raton, Florida 33431
                     Attention: Anthony Q. Joffe, President
                  Telephone (561) 998-2031, Fax (561) 998-8352
                     e-mail administration@colmenacorp.com;

          (2) the TFST:

                       The Tucker Family Spendthrift Trust
               Crystal Corporate Center; 2500 North Military Trail
                     Suite 225-F; Boca Raton, Florida 33431
                    Attention: Leonard Miles Tucker, Trustee
                  Telephone (561) 998-3435, Fax (561) 998-3425
                        e-mail lenny@yankeecompanies.com

                           In each case with a copy to

                          Office of the General Counsel
                                  Colmena Corp.
                5185 Southeast 20th Street; Ocala, Florida 34471
                  Telephone (352) 694-6661, Fax (352) 694-1325
                       e-mail, legal@yankeecompanies.com.

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The TFST: ____

                           Conversion Agreement Page 8

          or such  other  address  or to such  other  person as any Party  shall
          designate to the other for such purpose in the manner  hereinafter set
          forth.

                         (B) At the  request of any Party,  notice  will also be
                    provided by overnight  delivery,  facsimile  transmission or
                    e-mail, provided that a transmission receipt is retained.

          3.3 Merger of All Prior Agreements Herein.

                         (A) This  instrument,  together  with  the  instruments
                    referred to herein,  contains all of the  understandings and
                    agreements of the Parties with respect to the subject matter
                    discussed herein.

                         (B) All  prior  agreements  dealing  with  the  subject
                    matter  of this  Agreement,  whether  written  or oral,  are
                    merged herein and shall be of no force or effect.

          3.4 Survival.

          The several  representations,  warranties and covenants of the Parties
          contained  herein  shall  survive  the  execution  hereof and shall be
          effective  regardless of any investigation  that may have been made or
          may be made by or on behalf of any Party.

          3.5 Severability.

          If any  provision or any portion of any  provision of this  Agreement,
          other  than one of the  conditions  precedent  or  subsequent,  or the
          application of such provision or any portion  thereof to any person or
          circumstance  shall be held invalid or  unenforceable,  the  remaining
          portions  of such  provision  and  the  remaining  provisions  of this
          Agreement  or the  application  of such  provision  or portion of such
          provision  as  is  held  invalid  or   unenforceable   to  persons  or
          circumstances  other  than  those  to  which  it is  held  invalid  or
          unenforceable, shall not be affected thereby.

          3.6 Governing Law.

          This Agreement  shall be construed in accordance  with the substantive
          and  procedural  laws  of the  State  of  Florida  (other  than  those
          regulating Taxation and choice of law).

          3.7 Indemnification.

                         (A) Each Party hereby  irrevocably  agrees to indemnify
                    and  hold  the  other  Party   harmless  from  any  and  all
                    liabilities and damages  (including  legal or other expenses
                    incidental  thereto),  contingent,  current,  or inchoate to
                    which  they or any  one of  them  may  become  subject  as a
                    direct,  indirect or incidental consequence of any action by
                    the indemnifying Party or as a consequence of the failure of
                    the   indemnifying   Party  to  act,   whether  pursuant  to
                    requirements of this Agreement or otherwise.

                         (B) In the event it becomes  necessary  to enforce this
                    indemnity through an attorney,  with or without  litigation,
                    the  successful  Party shall be entitled to recover from the
                    indemnifying Party, all costs incurred including  reasonable
                    attorneys'  fees  throughout  any  negotiations,  trials  or
                    appeals, whether or not any suit is instituted.

          3.8 Dispute Resolution.

                         (A) In any action between the Parties to enforce any of
                    the terms of this Agreement or any other matter arising from
                    this  Agreement  any  proceedings   pertaining  directly  or
                    indirectly  to the  rights  or  obligations  of the  Parties
                    hereunder shall, to the extent legally permitted, be held in
                    Marion County,  Florida,  and the prevailing  Party shall be
                    entitled  to  recover  its  costs  and  expenses,  including
                    reasonable   attorneys'   fees  up  to  and   including  all
                    negotiations,  trials and appeals, whether or not any formal
                    proceedings are initiated.

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The TFST: ____

                           Conversion Agreement Page 9

                         (B) In the  event of any  dispute  arising  under  this
                    Agreement,  or the  negotiation  thereof or  inducements  to
                    enter into the Agreement,  the dispute shall, at the request
                    of any Party, be exclusively  resolved through the following
                    procedures:

          (1) (a) First,  the issue shall be  submitted  to  mediation  before a
          mediation service in Marion County, Florida to be selected by lot from
          four alternatives to be provided, two by the TFST and two by Colmena.

                         (b) The mediation efforts shall be concluded within ten
                    business  days after  their  initiation  unless the  Parties
                    unanimously agree to an extended mediation period;

          (2) In the event that  mediation  does not lead to a resolution of the
          dispute then at the request of any Party, the Parties shall submit the
          dispute to binding  arbitration before an arbitration  service located
          in  Marion   County,   Florida  to  be  selected  by  lot,  from  four
          alternatives to be provided, two by the TFST and two by Colmena.

          (3) (a) Expenses of mediation  shall be borne  equally by the Parties,
          if successful.

                         (b)  Expenses  of  mediation,  if  unsuccessful  and of
                    arbitration  shall be borne by the Party or Parties  against
                    whom the arbitration decision is rendered.

                         (c) If the terms of the arbitral award do not establish
                    a  prevailing  Party,  then  the  expenses  of  unsuccessful
                    mediation  and  arbitration  shall be borne  equally  by the
                    Parties involved.

          3.9 Benefit of Agreement.

          The terms and provisions of this  Agreement  shall be binding upon and
          inure  to the  benefit  of the  Parties,  their  successors,  assigns,
          personal  representatives,  estate,  heirs  and  legatees  but are not
          intended  to  confer  upon any other  person  any  rights or  remedies
          hereunder.

          3.10 Further Assurances.

          The Parties agree to do, execute,  acknowledge and deliver or cause to
          be done,  executed,  acknowledged or delivered and to perform all such
          acts and deliver all such deeds, assignments,  transfers, conveyances,
          powers  of  attorney,   assurances,   stock   certificates  and  other
          documents, as may, from time to time, be required herein to effect the
          intent and purpose of this Agreement.

          3.11 Counterparts.

                         (A) This  Agreement  may be  executed  in any number of
                    counterparts.

                         (B) All  executed  counterparts  shall  constitute  one
                    Agreement  notwithstanding  that  all  signatories  are  not
                    signatories to the original or the same counterpart.

                         (C)  Execution  by exchange of  facsimile  transmission
                    shall be deemed  legally  sufficient to bind the  signatory;
                    however, the Parties shall, for aesthetic purposes,  prepare
                    a fully executed  original  version of this Agreement  which
                    shall be the document filed with the Commission in under the
                    Exchange Act.

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The TFST: ____

                          Conversion Agreement Page 10

          In Witness Whereof, Colmena and the TFST have caused this Agreement to
          be  executed  by  themselves  or  their  duly  authorized   respective
          officers, all as of the last date set forth below:

Signed, sealed and delivered
         In Our Presence:
                                                   Colmena Corp.
_________________________________            (A Delaware corporation)

_________________________________   By:      _____________________________
                                             Anthony Q. Joffe, President
         (Corporate Seal)
                                    Attest:  _____________________________
                                             Vanessa H. Lindsey, Secretary
Dated:   December 23, 2002

State of Florida           }
County of Palm Beach       } ss.:

     On this 23rd day of December,  2002,  before me, a notary public in and for
the county and state aforesaid, personally appeared Anthony Q. Joffe and Vanessa
H.  Lindsey,  to me known,  and known to me to be the president and secretary of
Colmena  Corp.,  the  above-described  corporation,  and to me  known  to be the
persons who executed the foregoing  instrument,  and  acknowledged the execution
thereof  to be their  free act and  deed,  and the free act and deed of  Colmena
Corp., for the uses and purposes therein mentioned.

     In witness  whereof,  I have  hereunto  set my hand and affixed my notarial
seal the day and year in this  certificate  first above  written.  My commission
expires the ___day of ______________, ____.

         {Seal}
                      ________________________________
                      Notary Public

                                         The Tucker Family Spendthrift Trust
_________________________________                 (a Florida trust)

_________________________________   By:      _____________________________
                                             Leonard Miles Tucker, Trustee
Dated:   December 23, 2002

State of Florida           }
County of Palm Beach       } ss.:

     On this 23rd day of December,  2002,  before me, a notary public in and for
the county and state aforesaid,  personally appeared Leonard Miles Tucker, to me
known, and known to me to be the trustee of The Tucker Family Spendthrift Trust,
the above-described  corporation,  and to me known to be the person who executed
the foregoing instrument,  and acknowledged the execution thereof to be his free
act and deed, and the free act and deed of The Tucker Family  Spendthrift Trust,
for the uses and purposes therein mentioned.

     In witness  whereof,  I have  hereunto  set my hand and affixed my notarial
seal the day and year in this  certificate  first above  written.  My commission
expires the ___day of _______________, ____.

         (seal)       ____________________________
                      Notary Public

 _______________________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The TFST: ____

                          Conversion Agreement Page 11
                                  Exhibit 2(A)
                       The Class A Bond Conversion Shares

          The TFST is entitled to 52,019,977  shares of Common Stock pursuant to
          the terms of the Class A Bonds.

 _______________________________________________________________________________

                  Please Initial: Colmena: ____ The TFST: ____

                          Conversion Agreement Page 12
                                  Exhibit 2 (B)
                                The Colmena Debt

          The debt owed to the TFST from Colmena is $193,815.49,  which is being
          converted  into  19,381,549  shares  of  Common  Stock,   based  on  a
          contemporaneous sale price of $0.01 per share.

  ______________________________________________________________________________
<Page>
                  Please Initial: Colmena: ____ The TFST: ____

                          Conversion Agreement Page 13
                                 Exhibit 3(D)(6)
                          The TFST's Investment Letter

December 23, 2002

Anthony Q. Joffe
President
Colmena Corp.
Crystal Corporate Center
2500 North Military Trail, Suite 225-C
Boca Raton, Florida 33431

         Re.:     Conversion of Colmena's Obligations for Colmena's Securities

Dear Sir:

     I hereby  certify and warrant that the Tucker Family  Spendthrift  Trust, a
Florida  trust for which I serve as  trustee,  is  relinquishing  all  rights to
repayment of  $193,815.49,  together  with accrued  interest owed to the TFST by
Colmena,  Corp., a Delaware  corporation  ("Colmena"),  in consideration for the
issuance to the TFST of 19,381,549  shares of Colmena Common Stock (the "Colmena
Stock").

     I hereby  certify under penalty of perjury that upon receipt of the Colmena
Stock, the TFST will be acquiring it for its own account for investment purposes
without any intention of selling or distributing all or any part thereof, except
in the form of permissible  distributions to its beneficiaries.  I represent and
warrant  that the TFST  qualifies  as an  accredited  investor  (as that term is
defined in rule  501(a) of  Regulation  D  promulgated  under  authority  of the
Securities  Act of 1933, as amended [the  "Securities  Act"]) and that I, on the
TFST behalf, am sophisticated in financial affairs, or have relied on the advice
of someone  sophisticated in financial affairs, and the TFST is able to bear the
economic risks of this investment and I do not have any reason to anticipate any
change  in the  TFST's  circumstances,  financial  or  otherwise,  nor any other
particular  occasion or event which should cause the TFST to sell or distribute,
or necessitate or require its sale or  distribution of the Colmena Stock. No one
other than the TFST and its  stockholders  has any  beneficial  interest  in the
Colmena Stock.

     I further  certify that I have consulted with the TFST's legal counsel who,
after having been  apprised by me of all the  material  facts  surrounding  this
transaction,  opined  to the  TFST,  for  the  benefit  of  Colmena,  that  this
transaction was being effected in full compliance with the applicable securities
laws of the TFST's state of domicile,  based on the  exemption  provided by Rule
3E-500.005  promulgated under authority of Section 517.061(11) of the Securities
Act of Florida.

     I agree  that  the  TFST  will in no event  sell or  distribute  any of the
Colmena Stock unless in the opinion of Colmena's counsel (based on an opinion of
the  TFST's  legal  counsel)  the  Colmena  Stock may be  legally  sold  without
registration  under  the  Securities  Act,  and/or   registration  and/or  other
qualification  under  then-applicable  State  and/or  Federal  statutes,  or the
Colmena Stock shall have been so registered  and/or qualified and an appropriate
prospectus, shall then be in effect.

     I am fully  aware that the  Colmena  Stock is being  offered  and issued by
Colmena to the TFST in reliance on the exemption provided by Section 4(6) or the
Securities  Act which  exempts  the sale of  securities  by an issuer  solely to
accredited investors, based on my certifications and warranties on behalf of the
TFST.

     In connection  with the foregoing,  the TFST consents to Colmena  legending
the  TFST's  certificates   representing  the  Colmena  Stock  to  indicate  its
investment  intent and the  restriction on transfer  contemplated  hereby and to
Colmena's  placing a "stop transfer" order against the Colmena Stock in Colmena'
securities  transfer books until the conditions set forth herein shall have been
met.

           _____________________________________________________________________
                  Please Initial: Colmena: ____ The TFST: ____
<Page>

                          Conversion Agreement Page 14

Anthony Q. Joffe
December 23, 2002
Page 2

     I  acknowledge  by my  execution  hereof  that the TFST has had  access  to
Colmena's  Exchange  Act  Reports,  books,  records  and  properties,  and  have
inspected  the same to my full and  complete  satisfaction  prior to the  TFST's
acquisition  of the Colmena  Stock.  I represent  and warrant that because of my
experience  in business  and  investments,  I am  competent  to make an informed
investment  decision  with  respect  thereto  on the basis of my  inspection  of
Colmena's records and my questioning of Colmena's officers.

     I further  certify  that the TFST's  domicile is located at the address set
forth in the Agreement.

                                                 Very truly yours,

                                        The Tucker Family Spendthrift Trust

                                               Leonard Miles Tucker
                                                      Trustee

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The TFST: ____

                          Conversion Agreement Page 15Engagement Agreement

               This  Engagement  Agreement  (the  "Agreement")  is entered into,
          effective  as of May 10,  2002,  by and between  Anthony Q. Joffe,  an
          individual residing in the State of Florida ("Mr. Joffe"), and Colmena
          Corp., a Delaware publicly held corporation with a class of securities
          registered under Section 12(g) of the Securities Exchange Act of 1934,
          as amended  ("Colmena" and the "Exchange Act,"  respectively,  Colmena
          and all of its subsidiaries, whether current or subsequently formed or
          acquired,   being   collectively   hereinafter   referred  to  as  the
          "Consolidated  Corporation," and Colmena and Mr. Joffe being sometimes
          hereinafter  collectively  to as the  "Parties"  or  generically  as a
          "Party".

                                                     Preamble:

     WHEREAS,  Anthony Q. Joffe has been elected by Colmena's Board of Directors
as Colmena's  president and chief  executive  officer at a board meeting held on
May 10, 2002 in Boca Raton, Florida; and

     WHEREAS,  Mr. Joffe is  agreeable to serving in this  capacity on the terms
and conditions hereinafter set forth:

     NOW,  THEREFORE,  in consideration  of the mutual  promises,  covenants and
agreements hereby  exchanged,  as well as of the sum of Ten ($10.00) Dollars and
other good and  valuable  consideration,  the receipt  and  adequacy of which is
hereby acknowledged, the Parties, intending to be legally bound, hereby agree as
follows:

                                   Witnesseth:

                                   Article One
                       Term, Renewals, Earlier Termination

               1.1 Term.

     Subject to the provisions set forth herein, the term of Mr. Joffe's service
hereunder  shall be deemed to commence as of May 10, 2002 for an initial term of
30 days,  and then  continue  from  month to month  until the next  election  of
officers by Colmena's board or directors or unless earlier terminated by Colmena
as hereinafter set forth.

               1.2 Renewals.

     This  Agreement  shall be renewed  automatically,  after  expiration of the
initial term,  on a continuing  monthly  basis,  unless the Party wishing not to
renew  this  Agreement  provides  the other  Party  with  written  notice of its
election not to renew ("Termination  Election Notice") on or before the 30th day
prior to termination of the then current term.

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ Mr. Joffe: ___

               1.3 Earlier Termination.

     Colmena  shall  have the right to  terminate  this  Agreement  prior to the
expiration of its term or of any renewals thereof,  subject to the provisions of
Section 1.4, for the following reasons:

(a)      For Cause:

     (1) Colmena may terminate Mr.  Joffe's  engagement  under this Agreement at
any time for cause.

     (2) Such  termination  shall be evidenced by written  notice thereof to Mr.
Joffe, which notice shall specify the cause for termination.

     (3) For purposes hereof, the term "cause" shall mean:

     (A) The inability of Mr. Joffe,  through sickness or other  incapacity,  to
discharge his duties under this Agreement for 30 or more consecutive days or for
a total of 60 or more days in a period of twelve consecutive months;

     (B) The refusal of Mr. Joffe to follow the directions of Colmena's board of
directors,  unless Mr.  Joffe  believes in good faith that such  directions  are
contrary to law;

     (C) Dishonesty; theft; or conviction of a crime involving moral turpitude;

          (D) Material default in the performance of his  obligations,  services
          or duties  required under this  Agreement or materially  breach of any
          provision of this Agreement, which default or breach has continued for
          five days after written notice of such default or breach.

     (b) Discontinuance of Business or Change of Control:

          In the event that  Colmena  discontinues  operating  its  business  or
          experiences a change in control,  this Agreement shall terminate as of
          the last day of the month on which such an event  occurs with the same
          force and effect as if such last day of the month were  originally set
          as  the   termination   date  hereof;   provided,   however,   that  a
          reorganization  of Colmena  shall not be deemed a  termination  of its
          business.

     (c) Death:

          This  Agreement  shall  terminate  immediately  on Mr.  Joffe's death;
          however,  all accrued compensation at such time shall be promptly paid
          to Mr. Joffe's estate.

               1.4 Final Settlement.

          Upon  termination  of this  Agreement  and payment to Mr. Joffe of all
          amounts  due him  hereunder,  Mr.  Joffe or his  representative  shall
          execute and deliver to the  terminating  entity on a form  prepared by
          the terminating  entity,  a receipt for such sums and a release of all
          claims, except such claims as may have

           _____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 2

          been  submitted  pursuant  to the  terms of this  Agreement  and which
          remain  unpaid,  and, shall  forthwith  tender to Colmena all records,
          manuals  and  written  procedures,  as may be  desired  by it for  the
          continued conduct of its business.

                                   Article Two
                               Scope of Engagement

               2.1 Retention.

          Colmena  hereby  engages Mr. Joffe and Mr.  Joffe hereby  accepts such
          engagement, in accordance with the terms, provisions and conditions of
          this Agreement.

               2.2 General Description of Duties.

     (a) Mr. Joffe shall be engaged as the president and chief executive officer
of Colmena  and shall  perform  the duties  associated  therewith  by  Colmena's
bylaws.

     (b) Without limiting the generality of the foregoing, Mr. Joffe shall:

     (1) Serve as the principal point of contact between Colmena and:

          (A) The media (print, electronic, voice and picture);

          (B) The investment community;

          (C) Colmena's security holders;

     (2) Be responsible for supervision of all of Colmena's other officers;

     (3) Be  responsible  for Colmena's  compliance  with all  applicable  laws,
         including federal, state and local securities laws and tax laws;

     (4) Be responsible for supervision of Colmena's subsidiaries; and

     (5) Perform  such other  duties as are  assigned  to him by  Colmena's
         board of directors, subject to compliance with all applicable laws and
         fiduciary obligations.

                (c) Mr. Joffe  covenants and agrees to perform his duties in
                    good  faith  and,  subject to the  exceptions  specified  in
                    Section  2.4, to devote  substantially  all of his  business
                    time,  energies and  abilities  to the proper and  efficient
                    management and execution of such duties.

               2.3 Status.

               (a)  Mr. Joffe shall serve as an  independent  contractor  of
                    Colmena  and  shall  have no  authority  to act as an  agent
                    thereof,  or  to  bind  Colmena  or  its  subsidiaries  as a
                    principal or agent thereof, all such

           _____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 3

              functions  being reserved to its board of directors in compliance
              with the  requirements of its constituent  documents,  unless the
              board of directors shall otherwise authorize.

               (b)  Mr. Joffe hereby  covenants and agrees that he shall not
                    hold herself out as an  authorized  agent of Colmena  unless
                    such authority is specifically assigned to him, on a case by
                    case  basis,  by its board of  directors  pursuant to a duly
                    adopted resolution which remains in effect.

               (c)  Mr. Joffe hereby represents and warrants to Colmena that
                    he is  subject  to no legal,  self  regulatory  organization
                    (e.g.,  National  Association of Securities Dealers,  Inc.'s
                    bylaws) or  regulatory  impediments  to the provision of the
                    services called for by this Agreement,  or to receipt of the
                    compensation   called  for  under  this   Agreement  or  any
                    supplements  thereto;  and,  Mr.  Joffe  hereby  irrevocably
                    covenants and agrees to  immediately  bring to the attention
                    of  Colmena  any  facts   required  to  make  the  foregoing
                    representation and warranty continuously accurate throughout
                    the term of this Agreement, or any supplements or extensions
                    thereof.

2.4      Exclusivity.

               Colmena hereby  recognizes  that Mr. Joffe is involved with other
               business ventures and hereby consents to his continuation in such
               roles,  provided  that his role as Colmena's  president and chief
               executive officer shall takes appropriate  priority in allocation
               of time and resources to any activities pertaining to such roles,
               and  that  he will  resolve  any  actual  conflicts  of  interest
               resulting from such roles in favor of Colmena  whenever  possible
               and practical.

2.5      Limitations on Services

          (a)  The  Parties  recognize  that  certain  responsibilities  and
               obligations are imposed by federal and state  securities laws and
               by the applicable rules and regulations of stock  exchanges,  the
               National  Association of Securities Dealers,  Inc., in-house "due
               diligence" or  "compliance"  departments  of Licensed  Securities
               Firms, etc.; accordingly, Mr. Joffe agrees that he will not:

     (1) Release  any  financial  or other  material  information  or data about
Colmena  without the prior  written  consent and approval of  Colmena's  General
Counsel;

     (2)  Conduct  any  meetings  with  financial   analysts  without  informing
Colmena's  General  Counsel and board of  directors  in advance of the  proposed
meeting and the format or agenda of such meeting.

          (b)  In any  circumstances  where  Mr.  Joffe  is  describing  the
               securities of Colmena to a third party,  Mr. Joffe shall disclose
               to such  person any  compensation  received  from  Colmena to the
               extent  required under any applicable  laws,  including,  without
               limitation,  Section  17(b) of the  Securities  Act of  1933,  as
               amended.

          (c)  In rendering  his  services,  Mr. Joffe shall not disclose to
               any third party any confidential non-public information furnished
               by Colmena or American Internet or otherwise  obtained by it with
               respect to Colmena,  except on a need to know basis,  and in such
               case,  subject to appropriate  assurances  that such  information
               shall not be used,  directly  or  indirectly,  in any manner that
               would violate state or federal prohibitions on insider trading of
               Colmena's securities.

           _____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 4

          (d)  Mr.  Joffe  shall not take any action  which would in any way
               adversely affect the reputation, standing or prospects of Colmena
               or which would cause  Colmena to be in  violation  of  applicable
               laws.

                                                   Article Three
                                                   Compensation

 3.1 Compensation.

               As consideration  for Mr. Joffe's services to Colmena,  Mr. Joffe
               shall be entitled to:

               (a) (1)  Compensation  of 50,000 shares of common stock per month
               served, provided that:

               (a) He has not been discharged by Colmena for cause;

               (b) He fully  complies  with the  provisions  of this  Agreement,
               including,    without   limitation,   the   confidentiality   and
               non-competition sections hereof.

               (2) (a) The  compensation  specified  above in subsection (a) (1)
               shall  be paid at the end of each  month.  All  compensation  for
               services  shall  be  deemed  fully  earned  as of the end of each
               month.  Colmena  agrees  that any  stock  certificates  which are
               delivered to Mr. Joffe  pursuant to this  agreement will never be
               canceled by Colmena or at its  direction for any reason except by
               court order.

               (b) Stock  certificates  will be issued to Anthony Q. Joffe or to
               his  designee,  if he so requests in  writing.  Colmena  will use
               reasonable  efforts to assure that its  transfer  agent  delivers
               stock  certificates  to Mr. Joffe within ten (10) days of the end
               of  each  month  in  which  Mr.  Joffe  performed  the  requested
               services.

               (3)  Mr.  Joffe  hereby  represents,   warrants,   covenants  and
               acknowledges that:

               (A) The  securities  being  issued  as  compensation  under  this
               Agreement (the "Securities") will be issued without  registration
               under the  provisions of Section 5 of the  Securities  Act or the
               securities  regulatory  laws  and  regulations  of the  State  of
               Florida  (the  "Florida  Act")  pursuant to  exemptions  provided
               pursuant to Section 4(6) of the Act and comparable  provisions of
               the Florida Act;

               (B) Mr. Joffe shall be  responsible  for preparing and filing any
               reports  concerning this transaction with the Commission and with
               Florida  Division  of  Securities,  and  payment of any  required
               filing fees (none being expected);

               (C) All of the  Securities  will bear legends  restricting  their
               transfer,   sale,   conveyance  or   hypothecation   unless  such
               Securities are either  registered under the provisions of Section
               5 of the Act and under the  Florida  Act,  or an opinion of legal
               counsel,  in form and substance  satisfactory to legal counsel to
               Colmena is provided to

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 5

               Colmena's General Counsel to the effect that such registration is
               not required as a result of applicable exemptions therefrom;

     (D) Colmena's transfer agent shall be instructed not to transfer any of the
Securities  unless the General Counsel for Colmena advises it that such transfer
is in compliance with all applicable laws;

     (E) Mr.  Joffe  is  acquiring  the  Securities  for his  own  account,  for
investment  purposes only, and not with a view to further sale or  distribution;
and

     (F) Mr. Joffe or his advisors have examined Colmena's books and records and
questioned its officers and directors as to such matters involving Colmena as he
deemed appropriate.

               (3)  In  the  event  that  Colmena   files  a   registration   or
               notification   statement   with  the   Commission  or  any  state
               securities regulatory  authorities  registering or qualifying any
               of its  securities  for  sale or  resale  to the  public  as free
               trading  securities,  it will notify Mr.  Joffe of such intent at
               least 15  business  days  prior to such  filing,  and  shall,  if
               requested  by him,  include  any shares  theretofore  issued upon
               exercise  of the  Options in such  registration  or  notification
               statement,  provided that Mr. Joffe cooperates in a timely manner
               with any requirements  for such  registration or qualification by
               notification,  including,  without limitation,  the obligation to
               provide complete and accurate information therefor.

     (b) In addition to the compensation described above:

               (1) In the event that Mr. Joffe arranges or provides  funding for
               the Consolidated  Corporation on terms more beneficial than those
               reflected in the  Consolidated  Corporation's  current  principal
               financing  agreements,  copies  of which are  included  among the
               Consolidated  Corporation's  records  available through the SEC's
               EDGAR web site, Mr. Joffe shall be entitled,  at its election, to
               either:

               (A) A fee equal to 5% of such savings, on a continuing basis; or

               (B) If  equity  funding  is  provided  through  Mr.  Joffe or any
               affiliates  thereof,  a discount of 5% from the bid price for the
               subject equity  securities,  if they are issuable as free trading
               securities,  or, a  discount  of 25% from the bid  price  for the
               subject  equity  securities,  if they are issuable as  restricted
               securities  (as the term  restricted  is used for purposes of SEC
               Rule 144); and

               (C)  If  equity   funding  is  arranged   for  the   Consolidated
               Corporation  by Mr. Joffe and Colmena is not obligated to pay any
               other source  compensation in conjunction  therewith,  other than
               the normal commissions charged by broker dealers in securities in
               compliance with the compensation  guidelines of the NASD, the Mr.
               Joffe  shall be  entitled  to a bonus in a sum equal to 5% of the
               net proceeds of such funding.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 6

     (2) In the event that Mr. Joffe  generates  business  for the  Consolidated
Corporation, then, on any sales resulting therefrom, Mr. Joffe shall be entitled
to a  commission  equal  to 5% of the net  income  derived  by the  Consolidated
Corporation therefrom, on a continuing basis.

     3.2 Benefits

               Mr.  Joffe  shall be  entitled  to any  benefits  generally  made
               available  to  employees  of Colmena  (rather than to a specified
               employee or group of employees).

     3.3 Indemnification.

               Colmena will defend,  indemnify and hold Mr. Joffe  harmless from
               all   liabilities,   suits,   judgments,   fines,   penalties  or
               disabilities,  including expenses associated directly,  therewith
               (e.g. legal fees, court costs, investigative costs, witness fees,
               etc.) resulting from any reasonable  actions taken by him in good
               faith on behalf of the Consolidated  Corporation,  its affiliates
               or for other  persons or  entities at the request of the board of
               directors of Colmena,  to the fullest extent  legally  permitted,
               and in  conjunction  therewith,  shall  assure that all  required
               expenditures  are made in a manner making it unnecessary  for Mr.
               Joffe to incur any out of  pocket  expenses;  provided,  however,
               that Mr.  Joffe  permits  Colmena  to select  and  supervise  all
               personnel  involved in such defense and that Mr. Joffe waives any
               conflicts of interest that such personnel may have as a result of
               also representing Colmena,  their stockholders or other personnel
               and agrees to hold them harmless from any matters  involving such
               representation, except such as involve fraud or bad faith.

                                  Article Four
                                Special Covenants

          4.1 Confidentiality.

               (a)  Mr.  Joffe  acknowledges  that,  in and as a  result  of his
               engagement hereunder,  he will be developing for Colmena,  making
               use of, acquiring and/or adding to,  confidential  information of
               special and unique  nature and value  relating to such matters as
               Colmena's   trade   secrets,   systems,   procedures,    manuals,
               confidential reports, personnel resources, strategic and tactical
               plans, advisors, clients, investors and funders; consequently, as
               material  inducement to the entry into this Agreement by Colmena,
               Mr.  Joffe  hereby  covenants  and agrees  that he shall not,  at
               anytime   during  or  following  the  terms  of  his   engagement
               hereunder,  directly or indirectly,  personally  use,  divulge or
               disclose,  for any purpose  whatsoever,  any of such confidential
               information  which has been  obtained by or disclosed to him as a
               result of his engagement by Colmena, or Colmena's affiliates.

               (b) In the event of a breach or threatened breach by Mr. Joffe of
               any of the provisions of this Section 4.1,  Colmena,  in addition
               to and not in limitation of any other rights, remedies or damages
               available  to  Colmena,  whether  at law or in  equity,  shall be
               entitled  to a  permanent  injunction  in order to  prevent or to
               restrain  any  such  breach  by  Mr.  Joffe,  or by  Mr.  Joffe's
               partners,   agents,    representatives,    servants,   employers,
               employees,  affiliates  and/or any and all  persons  directly  or
               indirectly acting for or with him.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 7

          4.2 Special Remedies.

               In  view  of  the   irreparable   harm  and  damage  which  would
               undoubtedly occur to Colmena as a result of a breach by Mr. Joffe
               of the  covenants or  agreements  contained in this Article Four,
               and in view of the lack of an  adequate  remedy at law to protect
               Colmena's  interests,  Mr. Joffe hereby covenants and agrees that
               Colmena shall have the following  additional  rights and remedies
               in the event of a breach hereof:

               (a) Mr.  Joffe  hereby  consents  to the  issuance of a permanent
               injunction enjoining him from any violations of the covenants set
               forth in Section 4.1 hereof; and

               (b) Because it is  impossible to ascertain or estimate the entire
               or exact cost,  damage or injury which  Colmena may sustain prior
               to the effective enforcement of such injunction, Mr. Joffe hereby
               covenants  and  agrees  to pay over to  Colmena,  in the event he
               violates the  covenants and  agreements  contained in Section 4.2
               hereof, the greater of:

          (i) Any payment or compensation of any kind received by him because of
     such violation before the issuance of such injunction, or

          (ii) The sum of One Thousand ($1,000.00) Dollars per violation,  which
     sum  shall be  liquidated  damages,  and not a  penalty,  for the  injuries
     suffered  by  Colmena as a result of such  violation,  the  Parties  hereto
     agreeing  that such  liquidated  damages are not intended as the  exclusive
     remedy  available to Colmena for any breach of the covenants and agreements
     contained in this Article Four,  prior to the issuance of such  injunction,
     the Parties  recognizing  that the only adequate  remedy to protect Colmena
     from the injury caused by such breaches would be injunctive relief.

          4.3 Cumulative Remedies.

               Mr. Joffe hereby  irrevocably  agrees that the remedies described
               in  Section  4.3  hereof  shall  be in  addition  to,  and not in
               limitation  of, any of the rights or remedies to which Colmena is
               or may be  entitled  to,  whether at law or in  equity,  under or
               pursuant to this Agreement.

          4.4 Acknowledgment of Reasonableness.

               Mr. Joffe hereby  represents,  warrants and acknowledges  that he
               has carefully  read and considered the provisions of this Article
               Four and, having done so, agrees that the  restrictions set forth
               herein are fair and reasonable  and are  reasonably  required for
               the  protection  of  the  interests  of  Colmena,  its  officers,
               directors and other  employees;  consequently,  in the event that
               any  of  the   above-described   restrictions   shall   be   held
               unenforceable by any court of competent  jurisdiction,  Mr. Joffe
               hereby  covenants,  agrees and directs such court to substitute a
               reasonable  judicially  enforceable  limitation  in  place of any
               limitation deemed  unenforceable  and, Mr. Joffe hereby covenants
               and agrees that if so modified,  the covenants  contained in this
               Article  Four shall be as fully  enforceable  as if they had been
               set forth herein  directly by the  Parties.  In  determining  the
               nature  of  this  limitation,   Mr.  Joffe  hereby  acknowledges,
               covenants  and agrees that it is the intent of the Parties that a
               court adjudicating a dispute arising hereunder recognize that the
               Parties  desire that this  covenant not to compete be imposed and
               maintained to the greatest extent possible.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 8

          4.5 Unauthorized Acts.

               Mr. Joffe hereby covenants and agrees that he will not do any act
               or incur any obligation on behalf of Colmena or American Internet
               of any kind  whatsoever,  except  as  authorized  by its board of
               directors  or  by  its  stockholders  pursuant  to  duly  adopted
               stockholder action.

          4.6 Covenant not to Disparage

               Mr. Joffe hereby irrevocably covenants and agrees that during the
               term of this Agreement and after its termination, he will refrain
               from making any remarks that could be construed by anyone,  under
               any  circumstances,  as  disparaging,   directly  or  indirectly,
               specifically,  through  innuendo or by inference,  whether or not
               true, about the Consolidated Company, its constituent members, or
               their  officers,  directors,  stockholders,  employees,  agent or
               affiliates,  whether related to the business of the  Consolidated
               Company,  to other  business or financial  matters or to personal
               matters.

                                  Article Five
                                  Miscellaneous

          5.1 Notices.

               (a) All notices,  demands or other communications hereunder shall
               be in writing, and unless otherwise provided,  shall be deemed to
               have been duly given on the first  business day after  mailing by
               registered or certified mail, return receipt  requested,  postage
               prepaid, addressed as follows:

                                  To Mr. Joffe:

        Anthony Q. Joffe, 101 SW 11th Avenue, Boca Raton, Florida 33486;
 Telephone (561) 392-6010; Facsimile (561) 392-6070; e-mail joffe@bellsouth.net

                                   To Colmena:

                                  Colmena Corp.
        2500 North Military Trail, Suite 225-C; Boca Raton, Florida 33431
               Telephone (561) 998-2025, Fax (561) 998-3425; and,
                     e-mail adminitsration@colmenacorp.com ;
                Attention: Chairman of the Board; with a copy to

                          Vanessa H. Lindsey, Secretary
                                  Colmena Corp.
                1941 Southeast 51st Terrace, Ocala, Florida 34471
               Telephone (352) 694-6661, Fax (352) 694-1325; and,
                     e-mail, operations@yankeecompanies.com

               or such other  address or to such other person as any Party shall
               designate to the other for such purpose in the manner hereinafter
               set forth.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                    Colmena Corp. Engagement Agreement Page 9

          (b) (1) The Parties  acknowledge  that  Yankees  serves as a strategic
     consultant  to Colmena and has acted as  scrivener  for the Parties in this
     transaction but that Yankees is neither a law firm nor an agency subject to
     any professional regulation or oversight.

               (2)  Because of the  inherent  conflict  of  interests  involved,
               Yankees  has  advised  all of the  Parties to retain  independent
               legal and  accounting  counsel to review this  Agreement  and its
               exhibits and incorporated materials on their behalf.

          (c) The decision by any Party not to use the services of legal counsel
     in  conjunction  with this  transaction  shall be solely at their own risk,
     each Party  acknowledging  that applicable rules of the Florida Bar prevent
     Colmena's   general  counsel,   who  has  reviewed,   approved  and  caused
     modifications  on behalf of Colmena,  from  representing  anyone other than
     Colmena in this transaction.

          5.2 Amendment.

               (a) No modification,  waiver,  amendment,  discharge or change of
               this  Agreement  shall be valid unless the same is in writing and
               signed  by the  Party  against  which  the  enforcement  of  said
               modification, waiver, amendment, discharge or change is sought.

               (b) This  Agreement may not be modified  without the consent of a
               majority in interest of Colmena's stockholders.

          5.3 Merger.

               (a)  This  instrument  contains  all  of the  understandings  and
               agreements  of the Parties  with  respect to the  subject  matter
               discussed herein.

               (b) All prior  agreements  whether  written  or oral,  are merged
               herein and shall be of no force or effect.

          5.4 Survival.

               The several  representations,  warranties  and  covenants  of the
               Parties  contained  herein shall survive the execution hereof and
               shall be effective  regardless of any investigation that may have
               been made or may be made by or on behalf of any Party.

          5.5 Severability.

               If  any  provision  or  any  portion  of any  provision  of  this
               Agreement,  or the  application  of such provision or any portion
               thereof to any person or  circumstance  shall be held  invalid or
               unenforceable,  the remaining  portions of such provision and the
               remaining provisions of this Agreement or the application of such
               provision  or portion  of such  provision  as is held  invalid or
               unenforceable  to  persons or  circumstances  other than those to
               which it is held invalid or unenforceable,  shall not be effected
               thereby.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                   Colmena Corp. Engagement Agreement Page 10

          5.6 Governing Law and Venue.

               This Agreement  shall be construed in accordance with the laws of
               the State of  Florida  but any  proceeding  arising  between  the
               Parties in any  matter  pertaining  or related to this  Agreement
               shall,  to the  extent  permitted  by law,  be held in Palm Beach
               County, Florida.

          5.7 Dispute Resolution.

               (a) In any action between the Parties to enforce any of the terms
               of  this   Agreement  or  any  other  matter  arising  from  this
               Agreement,  the prevailing Party shall be entitled to recover its
               costs and expenses,  including  reasonable  attorneys' fees up to
               and including all  negotiations,  trials and appeals,  whether or
               not litigation is initiated.

               (b) In the event of any dispute arising under this Agreement,  or
               the  negotiation   thereof  or  inducements  to  enter  into  the
               Agreement,  the dispute  shall,  at the request of any Party,  be
               exclusively resolved through the following procedures:

          (1) (A) First,  the issue shall be  submitted  to  mediation  before a
     mediation  service in Broward County,  Florida,  to be selected by lot from
     four alternatives to be provided, two by Colmena and two by Mr. Joffe.

               (B) The mediation  efforts shall be concluded within ten business
               days after their in itiation unless the Parties unanimously agree
               to an extended mediation period.

          (2) In the event that  mediation  does not lead to a resolution of the
     dispute  then at the  request of any Party,  the Parties  shall  submit the
     dispute to binding  arbitration  before an arbitration  service  located in
     Palm Beach County, Florida to be selected by lot, from four alternatives to
     be provided, two by Colmena and two by Mr. Joffe.

          (3)  (A)  Expenses  of  mediation  shall  be  borne  by  Colmena,   if
     successful.

                    (B)  Expenses  of   mediation,   if   unsuccessful   and  of
               arbitration  shall be borne by the Party or Parties  against whom
               the arbitration decision is rendered.

                    (C) If the terms of the  arbitral  award do not  establish a
               prevailing Party, then the expenses of unsuccessful mediation and
               arbitration shall be borne equally by the Parties.

                    5.8 Benefit of Agreement.

(a) This  Agreement  may not be assigned by Mr. Joffe  without the prior written
consent of Colmena.

(b) Subject to the  restrictions  on  transferability  and assignment  contained
herein,  the terms and  provisions of this  Agreement  shall be binding upon and
inure  to the  benefit  of the  Parties,  their  successors,  assigns,  personal
representative, estate, heirs and legatees.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                   Colmena Corp. Engagement Agreement Page 11

                    5.9 Captions.

The captions in this Agreement are for  convenience and reference only and in no
way define, describe,  extend or limit the scope of this Agreement or the intent
of any provisions hereof.

                    5.10 Number and Gender.

All  pronouns  and any  variations  thereof  shall  be  deemed  to  refer to the
masculine, feminine, neuter, singular or plural, as the identity of the Party or
Parties, or their personal representatives, successors and assigns may require.

                    5.11 Further Assurances.

The Parties hereby agree to do, execute,  acknowledge and deliver or cause to be
done,  executed or  acknowledged  or delivered  and to perform all such acts and
deliver all such deeds, assignments, transfers, conveyances, powers of attorney,
assurances,  recipes, records and other documents, as may, from time to time, be
required herein to effect the intent and purposes of this Agreement.

                    5.12 Status.

Nothing in this Agreement shall be construed or shall  constitute a partnership,
joint venture, agency, or lessor-lessee  relationship;  rather, the relationship
established  hereby is that of  independent  contractor to Colmena,  as the term
"independent  contractor"  is  defined  by the United  States  Internal  Revenue
Service.  In conjunction  therewith,  Mr. Joffe shall be responsible for his own
tax  reporting  and payment  obligations,  and shall have the sole and exclusive
responsibility   and  liability  for  making  all  reports  and   contributions,
withholdings,  payments and taxes to be collected,  withheld, made and paid with
respect to the  services  to be  performed  hereunder,  whether  pursuant to any
social  security,  unemployment  insurance,  worker's  compensation law or other
federal,  state or local  law now in force in effect or  hereafter  enacted.  In
amplification of the foregoing, except as otherwise may be agreed by the Parties
in  writing,  Mr.  Joffe  shall be  responsible  for  providing  his own  office
facilities and supporting personnel.

                    5.13 Counterparts.

(a) This Agreement may be executed in any number of counterparts.

(b)  Execution by exchange of  facsimile  transmission  shall be deemed  legally
sufficient to bind the  signatory;  however,  the Parties  shall,  for aesthetic
purposes,  prepare a fully executed  original  version of this Agreement,  which
shall be the document filed with the Securities and Exchange Commission.

                    5.14 License.

(a) This  Agreement is the property of Yankees and the use hereof by the Parties
is authorized hereby solely for purposes of this transaction.

(b) The use of this  form of  agreement  or of any  derivation  thereof  without
Yankees' prior written permission is prohibited.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                   Colmena Corp. Engagement Agreement Page 12

(c) This Agreement shall not be more strictly interpreted against any Party as a
result of its authorship.

* * * * In Witness Whereof, the Parties have executed this Agreement,  effective
as of the date set * forth above.

Signed, Sealed & Delivered
         In Our Presence
                                           Mr. Joffe
__________________________

__________________________            ___________________________
                                      Anthony Q. Joffe
Dated:   July 22, 2002

                                           Colmena Corp.,
                                      a Delaware corporation
__________________________

__________________________   By:      ___________________________
                                      Vanessa H. Lindsey
                                      Vice President & Secretary

(CORPORATE SEAL)

Dated:   July 22, 2002

           _____________________________________________________________________

                  Please Initial: Colmena: ____ Mr. Joffe: ___

                   Colmena Corp. Engagement Agreement Page 13

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