Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                    AGREEMENT

This agreement ("Agreement") is made as of the 2nd day of January, 2003 between
Wachovia Securities Financial Network, Inc., a Florida corporation ("FiNet") and
Summit Holding Group, Inc, a Florida corporation ("Summit").

WHEREAS, Summit desires to purchase FiNet's retail brokerage business that is
carried on in FiNet's Boca Raton office (the "Business");

WHEREAS, Summit desires that FiNet transfer to Summit the customer accounts of
FiNet at the Boca Raton, Florida office (the "Office") located at 980 N. Federal
Hwy, Suite 110, Boca Raton, Florida 33432 and the other assets and obligations
related to the Business, and Summit desires to acquire those accounts, assets
and obligations; and

WHEREAS, FiNet desires to assign to Summit, and Summit desires to accept the
assignment of, the contracts of certain independent registered representatives
under contract with FiNet at the Office ("Transferred Representatives"); Summit
also desires to employ the Office's support staff employees ("Transferred
Staff"). (Such Transferred Representatives and Transferred Staff may be, where
appropriate, collectively referred to as the "Transferred Persons.")

WHEREAS, Summit intends to reorganize such that Summit becomes the sole
shareholder of Summit Brokerage Services, Inc..

NOW, THEREFORE, in consideration of the promises and of the respective
representations, warranties, covenants and agreements hereinafter set forth, the
parties hereto agree as follows:

                                    ARTICLE I
                          PURCHASE, SALE AND ASSIGNMENT

Section 1.01. Assets Being Acquired.

A.       Upon the terms and subject to the conditions set forth in this
         Agreement, FiNet agrees to sell, transfer, assign, convey and deliver
         to Summit, and Summit agrees to purchase and accept, at the Closing (as
         hereinafter defined), all right, title and interest of FiNet in, to and
         under the following assets of the Business and no others (the
         "Assets"):

         (i)      all of FiNet's customer accounts serviced at or from the
                  Office as of the Closing Date (the accounts being transferred
                  hereunder shall be referred to herein as the "Accounts");

         (ii)     copies of documents contained in the Office relating to the
                  Accounts;

         (iii)    all of the furniture, office equipment and supplies, and
                  computer hardware and software in the Office that is currently
                  owned by FiNet; and

         (iv)     the lease of the real estate for the Office, together with any
                  leasehold improvements thereon, and all other rights,
                  subleases, licenses, permits, deposits and profits appurtenant
                  to or related to such lease (the "Real

<PAGE>

         Estate Lease") A copy of the current Real Estate Lease is attached
         hereto as Schedule 1.01.A.(iv).

B.       For the avoidance of doubt, the following assets and properties of
         FiNet shall be excluded from and shall not constitute Assets:

         (i)      cash, certificates of deposit, bank deposits and other cash
                  equivalents of FiNet held for or used in connection with the
                  business conducted in the Office;

         (ii)     insurance policies relating to the operation of the Office;

         (iii)    all assets owned or held by any benefit plan of FiNet for the
                  Transferred Persons; and

         (iv)     all refunds or credits of taxes due to or from FiNet.

Section 1.02. Liabilities Assumed. In connection with the sale, transfer,
conveyance, assignment and delivery of the Assets pursuant to this Agreement, on
the terms and subject to the conditions set forth in this Agreement, at the
Closing, Summit assumes none of FiNet's obligations arising in connection with
the operation of the Business, including but not limited to any obligations or
liabilities to FiNet employees, clients, or other third party, arising from
FiNet, its agents or the Transferred Persons' actions, inaction or occurrences
prior to the Closing. Summit shall be responsible for the operation of the
Business from and after the Closing and shall be responsible for all
liabilities, obligations or undertakings arising from or relating to the conduct
of the Business only after the Closing (including those acts or omissions
relating to customer account agreements that arise only after the date of the
Closing). However, Summit agrees to cooperate with, and assist FiNet in
collecting any obligations or liabilities owed to FiNet from the Transferred
Persons relating to such Transferred Persons' actions, inactions or occurrences
prior to Closing.

Section 1.03. Transfer of Accounts.

A.       The Accounts shall be delivered to Summit pursuant to an agreement
         entitled Letter of Understanding, regarding the conversion of customer
         business, (the "Conversion"). Summit and FiNet agree to finalize the
         Letter of Understanding as soon as practicable after entering this
         Agreement.

B.       After execution of this Agreement, FiNet and Summit shall provide
         written notice in a mutually agreed upon format to FiNet's customers
         whose accounts were serviced at or from the Office as of the Closing
         Date informing such customers of the proposed transfer of their
         Accounts to Summit, and thereafter FiNet will promptly notify Summit as
         to any customers who object to such transfer. FiNet and Summit agree to
         adhere to the instructions of any such objecting customer regarding the
         disposition of its Account.

C.       Except as limited by Section 1.03(B), Summit shall accept all customer
         Accounts, including any debits in such Accounts.

                                       2

<PAGE>

D.       On the Closing Date, or as soon thereafter as reasonably practicable,
         FiNet shall provide Summit with copies of account documents kept in the
         Office (copies of account documents to be made by FiNet from the
         premises of the Office).

E.       FiNet agrees that it will not impose any fee or charge on any customer
         in connection with the transfer of the Accounts to Summit.

Section 1.04. Transferred Persons.

A.       Following the execution of this Agreement, Summit and FiNet shall
         coordinate the recruitment of all the Transferred Persons listed in
         Schedule 1.04.A. Summit agrees to accept the assignment of contracts
         ("Transferred Contracts") for all the Transferred Representatives.
         Summit further agrees to offer employment to all Transferred Staff at
         substantially the same terms, conditions, and salary as such employees
         currently have with FiNet (such employment offer by Summit shall be at
         a cash compensation level that is at least ninety percent of each
         Transferred Staff's respective salary, include an offer of medical,
         dental, and vision insurance, and a work location within thirty miles
         of the Office). With the consent of the Transferred Persons, Summit
         shall have complete access to and a copy of FiNet's personnel and other
         records relating to the Transferred Persons to the extent permitted by
         law. FiNet will use its best efforts to obtain the consent of the
         Transferred Persons to this information.

B.       All salary, accrued but unpaid benefits, and other compensation,
         including bonuses, awards, prizes and other incentive with regard to
         the Transferred Persons shall be paid in full by FiNet up to the
         Closing, and Summit shall have no liability in respect thereof. FiNet
         shall maintain any liability that may exist for paid time off payable
         to Transferred Persons in respect of paid time off accrued but not
         taken for the period prior to the Closing Date. FiNet shall notify
         Summit of any carry-forward paid time off for each Transferred Person.

C.       Summit's right to hire employees or independent contractors working for
         FiNet under contracts shall be limited to the Transferred Persons of
         FiNet, and FiNet does not hereby waive any rights with respect to
         employees or independent contractors other than the Transferred
         Persons. Summit shall assume all registration and licensing expenses
         pertaining to each Transferred Person upon employment by, or the
         assignment of the Transferred Contract to, Summit of each Transferred
         Person. However, FiNet has paid for, and Summit shall not be liable
         for, the annual registration and licensing expenses for the year 2003.
         In addition, FiNet shall assume any and all registration and licensing
         expenses incurred in order to affect the transfer of such registrations
         and licenses, pertaining to the Transferred Persons, to Summit.

D.       For a period of at least one year after the Closing, Summit will offer,
         and provide to those Transferred Persons who accept employment with, or
         agree to the assignment of their respective Transferred Contracts to,
         Summit a level of compensation that is, in the aggregate, no less
         favorable than the level of compensation currently provided to such
         Transferred Persons. Effective as of the Closing, the Transferred
         Persons shall be

                                       3

<PAGE>

         entitled to participate in the benefit plans of Summit on substantially
         the same terms and conditions applied to employees of Summit and its
         subsidiaries. For the purpose of determining eligibility to participate
         in such benefit plans and the vesting of benefits under such benefit
         plans (but not for the accrual of benefits under such benefit plans),
         Summit shall give effect to years of service with FiNet as if such
         service had been with Summit or its subsidiaries. No Transferred
         Employee who elects coverage under a Purchaser Welfare Benefit Plan
         shall be excluded from coverage under such plan (for such employee or
         any other covered person) on the basis of a pre-existing condition that
         was not also excluded under the FiNet's welfare benefit plans.

E.       Upon the Closing, the participation of the Transferred Persons in
         FiNet's benefit plans shall cease in accordance with the terms of such
         plans. With respect to the Transferred Persons, FiNet shall be
         responsible for any welfare benefits or claims, which by reason of
         events which take place on or prior to the Closing, become payable
         under the terms of any welfare benefit plan. With respect to
         Transferred Persons, Summit shall be responsible for any welfare
         benefits or claims which become payable by reason of events that take
         place after the Closing.

F.       Summit shall provide coverage for the Transferred Persons under
         Summit's severance plan, policies and practices for Summit's similarly
         situated employees and for a period of 12 months following the Closing,
         any Transferred Person who is terminated by Summit and is entitled to
         severance under the Summit's severance plan shall receive from Summit
         the greater of the severance pay benefits under either Summit's
         severance plan or under the FiNet's current severance plan, which
         benefits shall be paid in a lump sum or by salary continuation as
         determined by Summit on a case-by-case basis.

Section 1.05. Purchase Price.

A.       Beginning at the Closing, Summit shall pay FiNet, on a Transferred
         Representative by Transferred Representative basis, the amounts that
         correspond to each Transferred Representative's outstanding forgivable
         loan balance owed to FiNet as set forth in Schedule 1.05.A attached
         hereto. The monthly payments ("Monthly Payments") by Summit to FiNet
         shall begin January 1, 2003 and continue for a total of forty-eight
         months. For the period from January 1, 2003 through the Closing Date,
         FiNet will pay to Summit the net fee contribution of the Business, less
         clearing fees, money market rebates and interest retained by FiNet.

B.       Should a Transferred Representative leave Summit before January 1,
         2005, the Monthly Payment pertaining to that Transferred
         Representative, as set forth in Schedule 1.05.A, shall terminate. Any
         remaining balance owed by Summit to FiNet associated with a Transferred
         Representative who leaves Summit within two years after Closing shall
         be determined ("Loss"). FiNet, in its sole discretion, shall take
         whatever collection efforts it deems necessary to protect its and
         Summit's interests in collecting the amounts due from the Transferred
         Representative. Upon the actual collection of such amount recovered
         from Transferred Representative, Summit shall pay to FiNet in equal
         amounts over the

                                       4

<PAGE>

         remaining term of the Monthly Payments, 50% of the sum of the Loss plus
         any fees or costs in collecting amounts from Transferred Representative
         reduced by actual amounts collected from Transferred Representative. If
         the actual collection occurs after the Monthly Payments have been made,
         then the 50% due from Summit shall be due immediately. FiNet represents
         that no decision to not pursue less than $10,000 from a Transferred
         Representative shall be challenged.

C.       Should a Transferred Representative leave Summit on or after January 1,
         2005, the Monthly Payments pertaining to that Transferred
         Representative, as set forth in Schedule 1.05.A, shall continue in
         accordance with Section 1.05.A.

D.       Should a Transferred Representative leave before the Closing Date, the
         Monthly Payment pertaining to that Transferred Representative, as set
         forth in Schedule 1.05A, shall be frozen and any remaining balance owed
         by Summit to FiNet shall be calculated. FiNet, in its sole discretion,
         shall take whatever collection efforts it deems necessary to protect
         its and Summit's interests in collecting the amount due from the
         Transferred Representative. Upon the actual collection of such amount
         recovered from Transferred Representative, Summit shall pay to FiNet,
         beginning the forty-ninth (49th) month after Closing, in twelve (12)
         equal amounts, 50% of the sum of the Loss plus any fees or costs in
         collecting amounts from Transferred Representative reduced by actual
         amounts collected.

Section 1.06. Closing; Closing Deliveries.

A.       The Sale and the Purchase of the Assets and the assumption of the
         Assumed Liabilities contemplated by this Agreement (the "Closing")
         shall take place at the Office or by correspondence as soon as possible
         after the latest of the following events to occur:

         (i)      the receipt by FiNet (and to the extent necessary, Summit) of
                  any required regulatory approvals and consents necessary to
                  transfer the Assets and

         (ii)     the date upon which transfers of the Accounts from FiNet to
                  Summit can first take place.

         The Closing shall be conditional on all of such events having been duly
         completed in accordance with their terms. All such events shall be
         deemed to have occurred simultaneously with each of the other events at
         the time when all such events shall have taken place (the day on which
         the Closing takes place being the "Closing Date").

A.       At or before the Closing, FiNet and Summit shall take or cause to be
         taken all actions, steps and corporate proceedings necessary or
         desirable to validly and effectively approve or authorize the
         completion of the transactions herein provided for and each shall use
         their best efforts to ensure that the conditions precedent to the
         obligations of the parties to complete the transactions are fulfilled
         as soon as possible after the date hereof with a view to the Closing
         Date occurring as soon as possible.

B.       At the Closing, FiNet shall deliver or cause to be delivered to Summit:

         (i)      possession of the Assets

                                       5

<PAGE>

         (ii)     such certificates, documents, instruments of assignment or
                  conveyance and consents as necessary to vest in Summit all of
                  FiNet's title to the Assets or for the consummation of the
                  transactions contemplated hereby.

C.       At the Closing, Summit shall deliver to FiNet:

         (i)      such certificates, documents, instruments of assignment as
                  required to be delivered by Summit pursuant hereto or
                  reasonably requested by FiNet as necessary for the
                  consummation of the transactions contemplated hereby.

Section 1.07. Power of Attorney.

A.       Effective upon the Closing Date, Summit shall have the right to receive
         and open all mail, packages and other communications addressed to FiNet
         and relating to the Business and FiNet agrees to deliver promptly to
         Summit any such mail, packages or other communications received
         directly or indirectly by FiNet. Also, effective upon the Closing Date,
         Summit shall have the right and authority to collect, for its own
         account, all receivables and other items constituting a part of the
         Assets and further with respect to the Accounts to hypothecate customer
         securities, to endorse and transfer stock certificates registered in
         the name of FiNet and with respect to the Assets, to endorse with the
         name of FiNet any checks or drafts received on account of any such
         receivables or other items relating to the Business. FiNet shall
         promptly transfer or deliver to Summit any cash or other property
         received directly or indirectly by FiNet in respect of receivables and
         other items, including any amounts payable as interest relating to the
         Assets.

Section 1.08. Further Assurance; Cooperation

A.       Following the Closing, upon request of one party, the other party shall
         do, execute, acknowledge and deliver such further acts, assignments,
         assurances, conveyances, transfers and other instruments and papers as
         may be required

         (i)      to sell, assign, transfer, convey and deliver to and vest in
                  Summit and protect its right title, and interest in all the
                  Accounts, and other Assets of the Business sold, assigned,
                  transferred, conveyed and delivered to Summit pursuant to this
                  Agreement;

         (ii)     to effect the assumption by Summit of the Assumed Liabilities;
                  and

         (iii)    as otherwise may be appropriate to carry out the transactions
                  contemplated in this Agreement.

B.       Following the Closing, Summit and FiNet will cooperate with each other
         and with regulatory authorities as required to resolve any disputes
         relating to the Accounts or to the Transferred Persons or to any other
         Assets or Assumed Liabilities transferred pursuant to this Agreement
         and in this regard Summit will make available to FiNet and FiNet will
         make available to Summit any documents or records in the possession of
         the other party which are relevant to the dispute.

                                       6

<PAGE>

C.       Upon signing this agreement and at all times thereafter, Summit and
         FiNet shall keep all terms, conditions and matters related to this
         agreement confidential, except as required by rules or regulations.

                                   ARTICLE II
                     REPRESENTATIONS AND WARRANTIES OF FiNet

         FiNet hereby makes the following representations and warranties as of
         the Closing Date:

Section 2.01. Organization: Authority: Due Execution.

A.       FiNet is a corporation duly organized, validly existing and in good
         standing under the laws of the jurisdiction of its incorporation,
         Florida, and has all necessary power and authority to enter into this
         Agreement and the other agreements required to be delivered hereunder
         (the "Ancillary Agreements"), to carry out its obligations hereunder
         and thereunder and to consummate the transactions contemplated hereby
         and thereby.

B.       The execution and delivery of this Agreement and the Ancillary
         Agreements by FiNet and the consummation by FiNet of the transactions
         contemplated hereby and thereby have been duly authorized by all
         requisite action on the part of FiNet. This Agreement has been, and
         upon their execution, the Ancillary Agreements will be, duly executed
         and delivered by FiNet and, assuming due authorization, execution and
         delivery by Summit, this Agreement constitutes, and, upon their
         execution, the Ancillary Agreements will constitute, legal, valid and
         binding obligations of FiNet enforceable against FiNet in accordance
         with their terms.

Section 2.02. No Conflict; Consent.

A.       Assuming that all consents, approvals, authorizations, filings and
         notifications and other actions described in Section 2.02(b) have been
         obtained, the execution, delivery and performance of this Agreement and
         the Ancillary Agreements by FiNet does not and will not (i) violate,
         conflict with or result in the breach of any constituent corporate
         documents of FiNet; (ii) violate any statute, ordinance, law, rule or
         regulation applicable to FiNet or the Assets except for those
         violations which would not adversely affect the ability of FiNet to
         perform its obligations as contemplated hereby; or (iii) result in the
         creation of any lien, security interest, charge or encumbrance on any
         of the Assets pursuant to any note, bond, mortgage, indenture,
         contract, agreement, lease, license, permit, franchise or other
         instrument to which FiNet is bound.

B.       Except for the filings, approvals, authorizations, consents and other
         orders or actions under applicable laws or under agreements to which
         FiNet is subject relating to the Business, the Assets and the
         Transferred Persons, the execution, delivery and performance of this
         Agreement and the consummation of the transactions contemplated hereby
         by FiNet do not and will not require any consent, approval,
         authorization or other order of, action by, filing with or notification
         to, any governmental authority.

                                       7

<PAGE>

Section 2.03. Litigation. Other than those listed on Schedule 2.03, there are no
pending or, to the knowledge of FiNet, threatened actions, suits, proceedings,
complaints or investigations conducted by any governmental agency or
self-regulatory organization or any third party against the Transferred Persons
or related to any of the Assets or the Business before any governmental
authority, any court or arbitral panel, which could reasonably have an adverse
effect on the Business or the Assets or, if adversely determined, result in the
issuance of an order restraining, enjoining or otherwise prohibiting or making
illegal the consummation of any of the transactions contemplated by the
Agreement. None of the Transferred Persons has been permanently or temporarily
enjoined or prohibited by any judgment, order or decree of any court,
governmental authority or self-regulatory organization from engaging in or
continuing any conduct or practice in connection with the Office or the
Accounts.

Section 2.04. Registration. All registrations, permits, licenses, authorizations
and approvals issued by any governmental authority or self-regulatory
organization (collectively, "Registrations") relating to the Transferred Persons
are valid and in full force and effect and FiNet has no knowledge, and has not
received notice, that any governmental authority or self regulatory organization
has taken, or has any valid basis for taking, any steps to cancel, suspend or
revoke any Registration that is material to the Business, the Assets or any
Transferred Employee. FiNet has all licenses, permits, and Registrations
required for the provision of brokerage services and as otherwise necessary to
conduct the Business and the employment of the Transferred Persons as presently
maintained and employed, and none of the Transferred Persons has violated in any
material respect any rule of a governmental authority or self-regulatory
organization.

Section 2.05. Title to Assets. Except for the Real Estate Lease, FiNet has good
and marketable title to, or valid rights to use, all the Assets purported to be
owned or used by FiNet. All of such owned Assets are owned free and clear of all
liens, encumbrances or security interests.

Section 2.06. Customer Accounts. The Accounts include all customer accounts
serviced as of the Closing Date by the Transferred Persons. The Accounts are
being conducted in compliance in all material respects with the margin
requirements of FiNet, which are equal to or greater than the margin
requirements of the New York Stock Exchange and the Board of Governors of the
Federal Reserve System, and with all other applicable laws.

Section 2.11. Custody of Securities. As of the close of business on the Closing
Date, all securities in the Accounts will be held by FiNet or its clearing firm
or shall be delivered in the normal course of business within the required time
period specified in Rule 15c3-3 promulgated under the Securities Exchange Act of
1934, and are held in compliance with such rule. All securities to be
transferred to Summit with respect to the Accounts will be transferred free and
clear of all liens except insofar as they secure margin indebtedness or loans
incurred by FiNet to finance margin indebtedness.

Section 2.12. Taxes. All sales taxes, assessments and other charges levied and
payable on or before the Closing Date pursuant to applicable laws in respect of
the Business prior to the

                                       8

<PAGE>

Closing Date and for which Summit or the Business could be liable, have been
paid or will have been paid prior to the Closing Date.

Section 2.13. Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder's or other fee or commission or connection with the
transactions contemplated by this Agreement based upon arrangements made by or
on behalf of FiNet for which Summit shall be liable.

                                   ARTICLE III
                    REPRESENTATIONS AND WARRANTIES OF SUMMIT

Summit hereby makes the following representations and warranties:

Section 3.01. Organization: Authority: Due Execution.

A.       Summit is a corporation duly organized, validly existing and in good
         standing under the laws of the State of Florida and has all necessary
         power and authority to enter into this Agreement and the Ancillary
         Agreements, to carry out its obligations hereunder and thereunder and
         to consummate the transactions contemplated hereby and thereby.

B.       The execution and delivery of this Agreement and the Ancillary
         Agreements by Summit and the consummation of the transactions
         contemplated hereby have been duly authorized by all requisite action
         on the part of Summit. This Agreement has been, and upon their
         execution the Ancillary Agreements will be, duly executed and delivered
         by Summit, and, assuming due authorization, execution and delivery by
         FiNet, this Agreement constitutes, and upon their execution, the
         Ancillary Agreements will constitute, legal, valid and binding
         obligations of Summit enforceable in accordance with their terms.

Section 3.02. No Conflicts; Consents.

A.       Assuming that all consents, approval, authorizations, filings and
         notifications and other actions described in Section 2.02(b) have been
         obtained, the execution, delivery and performance of this Agreement and
         the Ancillary Agreements by Summit does not and will not (i) violate,
         conflict with or result in the breach of any constituent corporate
         documents of Summit; or (ii) violate any statute, ordinance, law, rules
         or regulation applicable to Summit except for those violations which
         would not adversely affect the ability of Summit to perform its
         obligations as contemplated hereby.

B.       Except for the filings, approvals, authorizations, consents or other
         orders or actions under applicable laws relating to the Business, the
         Assets and the Transferred Persons, the execution, delivery and
         performance of this Agreement and the consummation of the transactions
         contemplated hereby by Summit do not and will not require any consent,
         approval, authorization or other order of, action by, filing with or
         notification to, any governmental authority.

                                       9

<PAGE>

Section 3.03. Litigation. There are no legal proceedings against Summit pending
before any governmental authority or, to the knowledge of Summit, threatened,
which could, if adversely determined, result in the issuance of an order
restraining, enjoining or otherwise prohibiting or making illegal the
consummation of any of the transactions contemplated by this Agreement.

Section 3.04. Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder's or other fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or
on behalf of Summit for which FiNet shall be liable.

                                   ARTICLE IV
                       COVENANTS AND ADDITIONAL AGREEMENTS

Section 4.01. Conduct of Business. From and after the date of this Agreement and
until the transfer of the Accounts and the contracts of the Transferred Persons
by Summit, FiNet will:

         (i)      conduct the Business and its administration of the Accounts
                  only in the ordinary course consistent with past practice;

         (ii)     use its best efforts to preserve intact the reputation of the
                  Business;

         (iii)    use its best efforts to keep available the services of the
                  Transferred Persons;

         (iv)     use its best efforts to preserve for Summit the goodwill of
                  clients, customers and others having business relations with
                  FiNet at the Office;

         (v)      promptly notify Summit in writing of any material adverse
                  change in the Business, prospects, assets, operations or
                  financial condition of the Office; and

         (vi)     obtain or make at the earliest practicable date and in any
                  event before the Closing all other consents, governmental
                  authorizations, approvals, estoppel certificates and filings
                  required to be obtained by it or which may be reasonably
                  necessary to the consummation of the transactions contemplated
                  by this Agreement or which are reasonably requested by the
                  other party.

Section 4.02. Access to Information. From the date hereof, FiNet shall furnish,
and cause its officers and employees to furnish to Summit and its authorized
representatives such due diligence information regarding the Business, the
Office, the Assets and Transferred Persons as Summit shall from time to time
reasonably request.

Section 4.03. Notification of Certain Matters. FiNet and Summit agree to give
prompt notice to each other of (i) the occurrence, or failure to occur, of any
event which occurrence or failure to occur would be likely to cause any
representation or warranty contained in this Agreement to be untrue or
inaccurate in any material respect at any time from the date hereof to the
Closing and (ii) any material failure on its part to comply with or satisfy any
covenant, condition or agreement to be complied with or satisfied by it
hereunder; provided, however, that the delivery of any notice pursuant to this
Section 4.03 shall not limit or otherwise affect the remedies available
hereunder to the party receiving such notice.

Section 4.04. Claims Cooperation.

                                       10

<PAGE>

A.       In order to facilitate the resolution of any claims made by or against
         or incurred by FiNet after the Closing with respect to liabilities
         which were incurred or actions which occurred prior to the Closing,
         upon reasonable notice, Summit shall after the Closing (i) furnish to
         the officers, employees and authorized agents and representatives of
         FiNet such information regarding the Business and the Assets for the
         period prior to the Closing as FiNet may from time to time reasonably
         request and (ii) make available to FiNet the employees of Summit whose
         assistance, testimony or presence is necessary to assist FiNet in
         evaluating any such claims and in defending such claims, including the
         presence of such persons as witnesses in hearings or trials for such
         purposes; provided, however that the foregoing shall not unreasonably
         interfere with the businesses or operations of Summit or any of its
         respective affiliates and provided, further, that Summit shall not be
         obligated to disclose any information held under a legally binding
         obligation of confidentiality or which is protected by any privilege.
         FiNet's requests for cooperation should be made in writing and should
         specify the account and party(ies) involved. FiNet shall attach to its
         request a copy of any relevant request for documentation that it has
         from a regulatory or investigative body, or other third party. FiNet
         shall reimburse Summit for reasonable out-of-pocket expenses incurred
         by any officers, employees or authorized agents for lodging, travel,
         and meals in providing such cooperation to FiNet.

B.       In order to facilitate the resolution of any claims made by or against
         or incurred by Summit after the Closing, upon reasonable notice, FiNet
         shall after the Closing (i) furnish to the officers, employees and
         authorized agents and representatives of Summit such information
         regarding the Business and the Assets for the period prior to the
         Closing as Summit may from time to time reasonably request and (ii)
         make available to Summit the employees of FiNet whose assistance,
         testimony or presence is necessary to assist Summit in evaluating any
         such claims and in defending such claims, including the presence of
         such persons as witnesses in hearings or trials for such purposes;
         provided, however that the foregoing shall not unreasonably interfere
         with the businesses or operations of FiNet or any of its respective
         affiliates and provided, further, that FiNet shall not be obligated to
         disclose any information held under a legally binding obligation of
         confidentiality or which is protected by any privilege. Summit's
         requests for cooperation should be made in writing and should specify
         the account and party(ies) involved. Summit shall attach to its request
         a copy of any relevant request for documentation that it has from a
         regulatory or investigative body, or other third party. Summit shall
         reimburse FiNet for reasonable out-of-pocket expenses incurred by any
         officers, employees or authorized agents for lodging, travel, and meals
         in providing such cooperation to Summit.

Section 4.04. Phone Expenses. FiNet shall reimburse Summit for all direct and
actual costs and expenses associated with FiNet's use of the Office phone system
after Closing. Summit shall provide FiNet with a monthly invoice that details
such direct and actual costs and expenses. Summit shall also maintain the phone
system, and add additional lines upon FiNet's request.

Section 4.05. Accounting Cooperation. FiNet, and its agents and employees, shall
cooperate, and shall cause its accountants to cooperate, with Summit's
accountants in connection with any

                                       11

<PAGE>

audit work relating to periods prior to the Closing Date, as required by
applicable federal and state securities laws, and other reasonable requirements.
Such cooperation shall include, without limitation, providing such assurances,
comfort letters and access to work papers as may reasonably be requested by
Summit and its accountants.

                                    ARTICLE V
               CONDITIONS PRECEDENT TO OBLIGATIONS OF THE PARTIES

Section 5.01. Conditions Precedent to Obligations of Summit. The obligations of
Summit hereunder are subject to the fulfillment, at or before the Closing, of
each of the following conditions (all or any of which may be waived by Summit in
its sole discretion):

A.       Performance by FiNet. All the terms, covenants, agreements and
         conditions of this Agreement to be complied with and performed by
         FiNet, on or before the Closing shall have been complied with and
         performed in all material respects.

B.       Representations and Warranties. The representations and warranties made
         by FiNet in this Agreement shall be true and correct in all material
         respects at the date of this Agreement and at all times thereafter to
         the Closing Date, with the same force and effect as though all such
         representations and warranties had been made all as of such time.

Section 5.02. Conditions Precedent to Obligations of FiNet. The obligations of
FiNet hereunder are subject to the fulfillment, at or before the Closing, of
each of the following conditions (all or any of which may be waived by FiNet in
its sole discretion):

A.       Performance by Summit. All the terms, covenants agreements and
         conditions of this Agreement to be complied with and performed by
         Summit, on or before the Closing shall have been complied with and
         performed in all material respects.

B.       Representations and Warranties. The representations and warranties made
         by Summit in this Agreement shall be true and correct in all material
         respects at the date of this Agreement and at all times thereafter to
         the Closing Date, with the same force and effect as though all such
         representations and warranties had been made all as of such time.

                                   ARTICLE VI

                                 INDEMNIFICATION

Section 6.01. Indemnification by FiNet. Subject to the other provisions of this
Article VI and the other terms of this Agreement, FiNet agrees to indemnify and
hold harmless Summit, its employees, officers, directors, agent and affiliates
from and against:

         (i)      any and all claims, damages, liabilities, liens, losses or
                  other obligations whatsoever, together with costs and
                  expenses, including fees and disbursements of counsel and
                  expenses of investigation (collectively,

                                       12

<PAGE>

                  "Losses"), arising out of or relating to any material
                  misrepresentation or omission or the breach of any warranty,
                  covenant or agreement of FiNet contained in this Agreement or
                  in any agreement, certificate or other instrument delivered by
                  FiNet pursuant to this Agreement;

         (ii)     any Losses arising out of or relating to acts or omissions of
                  FiNet or its agents or employees in connection with the
                  Business or the Office prior to the Closing;

         (iii)    any Losses arising out of or relating to acts or omissions of
                  FiNet or its agents or employees in connection with the
                  Accounts prior to the Closing; and

         (iv)     any Losses arising out of or relating to acts or omissions of
                  FiNet or its agents or employees in connection with the
                  Transferred Persons prior to the Closing.

Section 6.02. Indemnification by Summit. Subject to the other provisions of this
Article VI and the other terms of this Agreement Summit agrees to indemnify and
hold harmless FiNet, its employees, officers, directors, agents and affiliates
from and against:

         (i)      any and all Losses arising out of or relating to any material
                  misrepresentation or omission or the breach of any warranty,
                  covenant or agreement of Summit contained in this Agreement or
                  in any agreement, certificate or other instrument delivered by
                  FiNet pursuant to this Agreement;

         (ii)     any Losses arising out of or relating to acts or omissions of
                  or occurrences in connection with the Business or the Office
                  after the Closing,

         (iii)    any Losses arising out of or relating to acts or omissions of
                  or occurrences in connection with the Accounts after the
                  Closing; and

         (iv)     any Losses arising out of or relating to acts or omissions of
                  or occurrences subsequent to the Closing in connection with
                  the Transferred Persons who accept employment with Summit.

Section 6.03. Notice; Control of Action. Each indemnified party agrees to give
the indemnifying party prompt written notice of any action, claim, demand,
discovery of fact, proceeding or suit (collectively, "Actions") for which such
indemnified party intends to assert a right to indemnification under this
Agreement setting forth in reasonable detail the identity, nature and amount of
the Losses (to the extent such Losses are known at the time such notice is
given) related to the Action, the indemnified party's failure to provide the
detail required in the preceding sentence shall not constitute either a breach
of this Agreement by the indemnified party or, any basis for the indemnifying
party to assert that the indemnified party did not comply with the terms of this
Section 6.03 sufficient to cause the indemnified party to have waived its rights
for indemnification, unless the indemnifying party demonstrates that its ability
to defend against any Action with respect thereto has been materially adversely
affected. The indemnifying party shall have the right to employ its own legal
counsel in any such Action. The indemnifying party shall control the Action and
shall obtain the written consent of the indemnified party, which shall not be
unreasonably withheld, prior to ceasing to defend, settling or otherwise
disposing of any such Action.

                                       13

<PAGE>

Section 6.05 Dispute of Liability to Indemnify. If the party receiving notice of
a claim of indemnification disputes its obligation to indemnify, then FiNet and
Summit will proceed in good faith to negotiate a resolution of such dispute, and
if not resolved through the negotiations by management of FiNet and Summit
within 30 days after the delivery of the notice of such claims, such dispute
shall be resolved fully and finally by arbitration before the National
Association of Securities Dealers or the New York Stock Exchange.

Section 6.05. Reimbursement of Costs. Upon the parties' agreement to the
obligation to Indemnify, or after resolution of any dispute referred to in
Section 6.04, the costs and expenses, including fees and disbursements of
counsel and expenses of investigation, incurred by any indemnified party in
connection with any Action shall be reimbursed on a quarterly basis by the
indemnifying party without prejudice to the indemnifying party's right to
contest the indemnified party's right to indemnification, and subject to refund
in the event the indemnified party is shown not to have been entitled to
indemnification. In the case of continuing acts that result in Losses for which
both parties bear responsibility, Summit and FiNet shall share control of the
Action.

                                   ARTICLE VII
                               GENERAL PROVISIONS

Section 7.01. Expenses. Except as otherwise specified in this Agreement, all
costs and expenses, including, without limitation, fees and disbursements of
counsel, the parties' respective advisors and accountants, incurred in
connection with this Agreement and the transactions contemplated hereby shall be
paid by the party incurring such costs and expenses, whether or not the Closing
shall have occurred.

Section 7.02. Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given or made (and
shall be deemed to have been duly given or made upon receipt) by delivery in
person, by courier service, by cable, by telecopy, by telegram, by telex, or by
registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at the following addresses (or at such other address for a
party as shall be specified in a notice given, in accordance with this Section
7.02).

(a) if to FiNet:

Wachovia Securities Financial Network, Inc.
901 East Byrd Street
Richmond, Virginia 23219
Attention: Stephen T. Gannon, General Counsel

(b) if to Summit:

Summit Holding Group, Inc.
980 North Federal Highway, Suite 310
Boca Raton, Florida 33432
Attention: Marshall T. Leeds, Chairman & CEO

                                       14

<PAGE>

Section 7.03. Heading. The descriptive headings contained in this Agreement are
for convenience of reference only and shall not affect in any way the meaning or
interpretation of this Agreement.

Section 7.04. Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any
party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the
transactions contemplated hereby are consummated as originally contemplated to
the greatest extent possible.

Section 7.05. Entire Agreement. This Agreement, the Schedules and the Ancillary
Agreements constitute the entire agreement of the parties hereto with respect to
the subject matter hereof and supersede all prior agreements and undertakings,
both written and oral, between FiNet and Summit with respect to the subject
matter hereof.

Section 7.06. Assignment; Successors and Assigns. This Agreement may not be
assigned by operation of law or otherwise without the express prior written
consent of FiNet, if assignment is sought by Summit; or of Summit if assignment
is sought by FiNet. Provided, however, that either party may assign its rights
hereunder to one or more of its direct wholly owned subsidiaries, or affiliated
companies, without prior consent; provided further however, that no such
assignment shall relieve the assignor of its obligations hereunder. This
Agreement shall be binding upon and inure to the benefit of the successors and
permitted assigns of the parties hereto.

Section 7.07. No Third Party Beneficiaries. This Agreement is for the sole
benefit of the parties hereto and their permitted assigns and nothing herein,
express or implied, is intended to or shall confer upon any other person or
entity, including, without limitation, any employee or former employee of FiNet
or Summit, any legal or equitable right, benefit or remedy of any nature
whatsoever, including, without limitation, any rights of employment for any
specified period, under or by reason of this Agreement.

Section 7.08. Amendment; Waiver.

A.       This Agreement may not be amended or modified except by an instrument
         in writing signed by, or on behalf of, FiNet and Summit.

B.       Any party to this Agreement may (i) extend the time for the performance
         of any of the obligations or other acts of the other party, (ii) waive
         any inaccuracies in any document delivered by the other parties
         pursuant hereto or (iii) waive compliance with any of the agreements or
         conditions of the other parties contained therein. Any such extension
         or waiver shall be valid only if set forth in an instrument in writing
         signed by the party to be

                                       15

<PAGE>

         bound thereby. Any waiver of any term or condition shall not be
         construed as a waiver of any subsequent breach or subsequent waiver of
         the same term or condition, or a waiver of any other term or condition,
         of this Agreement. The failure of any party to assert any of its rights
         hereunder shall not constitute a waiver of any of such rights.

Section 7.10. Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Florida. All controversies or
disputes which may arise between the parties concerning the construction,
performance, or breach of this Agreement or any other agreement between the
parties, whether entered into prior to, on, or subsequent to the date of this
Agreement, including any controversy concerning whether an issue is arbitrable,
shall be determined by filing a written claim with the National Association of
Securities Dealers, Inc. in accordance with its arbitration procedures.

Section 7.11. Counterparts. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement.

IN WITNESS WHEREOF FiNet and Summit have caused this Agreement to be executed as
of the date first written above by their respective officers thereunto duly
authorized.

SUMMIT HOLDING GROUP, INC.

/s/ Marshall T. Leeds
------------------------------------------
Marshall T. Leeds
Chairman and Chief Executive Officer

WACHOVIA SECURITIES FINANCIAL NETWORK, INC.

/s/ Karen H. Wimbish
------------------------------------------
Karen H. Wimbish
Chief Operating Officer

                                       16<PAGE>
                                                                    EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT, dated as of the 1st day of June, 2002, by and among
Tarpon Coast Bancorp, Inc., a Florida corporation (the "Holding Company"),
Tarpon Coast National Bank a national bank organized under the laws of the
United States (the "Bank") (collectively referred to herein as the "Employer"),
and Lewis S. Albert (the "Executive").

                                  WITNESSETH:

         WHEREAS, the Boards of Directors of the Employer desire to employ
Executive to serve as Chairman of the Board & Chief Executive Officer of the
Holding Company and the Bank; and

         WHEREAS, Executive is willing to become employed by the Holding
Company and the Bank as Chairman and Chief Executive Officer in accordance with
the terms and conditions hereinafter set forth:

1.       Employment. Employer employs Executive and Executive accepts
         employment upon the terms and conditions set forth in this Agreement.

2.       Term. The term of employment of Executive under this Agreement shall
         be for nineteen (19) months and commence on June 1, 2002. If this
         contract is not renewed or renegotiated prior to the end of its term,
         it will be treated as a termination without cause and compensated as
         indicated in paragraph 11.b.

3.       Compensation. For all services rendered by Executive, Executive shall
         be paid a minimum annual base salary of $135,000 per year until March
         1, 2003. Commencing March 1, 2003, the minimum annual base salary will
         become $158,000 per year. The minimum annual base salary will be paid
         by the Bank in equal semi-monthly installments during the term of this
         Agreement. Salary payments shall be subject to withholding and other
         applicable taxes.

4.       Title and Duties. Executive shall serve as Chairman of the Board and
         Chief Executive Officer of the Holding Company and of the Bank.
         Executive shall be responsible for overall operations of the Holding
         Company and the Bank, including implementing the Board's directives;
         acting as chief regulatory contact; monitoring the Employer's progress
         and presenting regular reports to the Boards on financial, lending and
         deposit activities and on other operations; actively involved in
         community relations and business development; and be responsible for
         strategic planning efforts.

5.       Extent of Services. Executive shall devote his entire time, attention
         and energies to the business of Employer and shall not during the term
         of this Agreement be engaged in any other business activity which
         requires the attention or participation of Executive during normal
         business hours of Employer, recognition being given to the fact that
         Executive is expected on occasion to participate in client development
         after normal business hours. However, Executive may invest his assets
         in such form or manner as will not require his services in the
         operation of the affairs of the companies in which such investments
         are made, except that Executive shall not make an investment in the
         securities of any competing financial institution without the express
         approval of the Boards of Directors of the Employer. Executive shall
         notify Employer of any significant participation by him in any trade
         association or similar organization.

6.       Working Facilities. Executive shall receive from the Bank, such
         assistants, perquisites, facilities and services as are suitable to
         his position and appropriate for the performance of his duties on
         behalf of such entity. In addition, the Bank shall provide Executive
         membership in a country or golf club (including dues, assessments and
         initiation fees) of his choice and Executive shall have the option at
         the termination of his employment for any reason to repurchase said
         membership from the Bank.

7.       Expenses. Executive may incur reasonable expenses for promoting the
         business of the Bank, including expenses for entertainment, travel,
         and similar items. Executive will be reimbursed by the Bank for all
         such expenses upon Executive's periodic presentation of an itemized
         account of such expenditures with receipts attached.

8.       Vacations. Executive shall be entitled each year to four (4) weeks of
         vacation time in accordance with the

<PAGE>
         personnel policy established by the Bank's Board of Directors, during
         which time Executive's compensation shall be paid in full.

9.       Additional Compensation. As additional consideration paid to
         Executive, Executive shall be provided with and participate in all
         employee benefit plans offered by the Bank to all of its employees,
         including health, hospitalization, disability, life insurance, travel
         insurance, bonus, retirement and savings plans. In addition, Executive
         shall be provided with a term life insurance policy of at least
         $200,000, which shall include an accidental death or dismemberment
         provision of two times the face amount of the policy.

10.      Change in Control of the Bank.

         a.       In the event of a "change in control" of the Employer, as
                  defined herein, and only to the extend permitted by
                  applicable statutes and regulations, Executive shall be
                  entitled, for a period of thirty (30) days from the date of
                  closing of the transaction effecting such change in control
                  and at his election, to give written notice to Employer of
                  termination of this Agreement and to receive a cash payment
                  equal to one time (100%) the compensation, including
                  incentive compensation, if any, received by Executive in the
                  one-year period immediately preceding the change in control.
                  The severance payments provided for in this Section 10.a.
                  shall be paid in cash, commencing not later than ten (10)
                  days after the date of notice of termination by Executive
                  under this Section 10 or ten (10) days after the date of
                  closing of the transaction effecting the change in control of
                  the Employer, whichever is later.

         b.       In addition, if Executive elects to terminate this Agreement
                  pursuant to this Section 10, Executive shall further be
                  entitled, in lieu of shares of Common Stock of the Holding
                  Company issuable upon exercise of stock options to which
                  Executive is entitled, an amount in cash or Common Stock of
                  the Holding Company or any other company into which shares of
                  the Holding Company are convertible (or any combination
                  thereof) as Executive shall in his election designate equal
                  to the excess of the fair market value of the Common Stock as
                  of the date of closing of the transaction effecting the
                  change in control over the per share exercise price of the
                  options held by Executive, times the number of shares of
                  Common Stock subject to such options (whether or not then
                  fully exercisable). The fair market value of the Common Stock
                  shall be equal to the higher of (i) the value as determined
                  by the Board of Directors of the Holding Company if there is
                  no organized trading market for the shares at the time such
                  determination is made, which per share value shall not be
                  less than 1.8 times the per share book value of the stock or
                  (ii) the closing price (or the average of the bid and asked
                  prices if no closing price is available) on any nationally
                  recognized securities exchange or association on which the
                  Holding Company's shares may be quoted or listed, or (iii)
                  the highest per share price actually paid for Common Stock of
                  the Holding Company in connection with any change in control
                  of the Employer. The severance payments provided for in this
                  Section 10.b. shall be paid in full not later than ten (10)
                  days after the date of notice of termination by Executive
                  under this Section 10 or ten (10) days after the date of
                  closing of the transaction effecting the change in control of
                  the Employer, whichever is later.

         c.       Further, upon a "change in control", the Company and the Bank
                  shall cause the Key Man whole life insurance policy on
                  Executive in the face amount of $500,000, currently owned by
                  and maintained for the benefit of the Company and the Bank,
                  to be conveyed to Executive on a fully paid-up basis. The
                  Company and the Bank, in so doing, will relinquish any
                  interest in benefits under the policy. During the term of
                  this agreement and any extensions and renewals thereof, the
                  Company and the Bank shall continue to fund premiums in such
                  amounts to ensure the continuation of benefits under the
                  policy. This conveyance is not contingent upon the notice
                  requirements set forth in this Section 10.

         d.       For purposes of this Section 10, "change in control" of the
                  Employer shall mean:

                  1.       any transaction, whether by merger, consolidation,
                           asset sale, tender offer, reverse stock split, or
                           otherwise, which results in the acquisition or
                           beneficial ownership (as such term is defined under
                           rules and regulations promulgated under the
                           Securities Exchange Act of 1934, as amended) by any
                           person or entity or group of persons or entities
                           acting in concert, of 50% or more of the outstanding
                           shares of Common Stock of the Employer.

                  2.       the sale of all or substantially all of the assets
                           of the Employer; or

<PAGE>
                  3.       the liquidation of the Employer.

         e.       If any payments to be made under this Section 10 constitute
                  an "Excess Parachute Payment" as that term is defined in
                  Section 280(g) of the Internal Revenue Code, the payments
                  shall be reduced to the largest amount, which would not
                  constitute an "Excess Parachute Payment".

11.      Termination.

         a.       For Cause. This Agreement may be terminated by the Boards of
                  Directors of the Employer without notice and without further
                  obligations other than for monies already paid, for any of
                  the following reasons:

                  i.       failure of Executive to follow reasonable written
                           instructions or policies of the Boards of Directors
                           of the Employer;

                  ii.      gross negligence or willful misconduct of Executive
                           materially damaging to the business of the Employer
                           during the term of this Agreement, or at any time
                           while he was employed by the Employer prior to the
                           term of this Agreement, if not disclosed to the
                           Employer prior to the commencement of the term of
                           this Agreement; or

                  iii.     conviction of Executive during the term of this
                           Agreement of a crime involving breach of trust or
                           moral turpitude; or

                  iv.      at the request of any bank regulatory authority with
                           jurisdiction over the Employer.

                  In the event that the Employer discharges Executive alleging
                  "cause" under this Section 11.a. and it is subsequently
                  determined judicially that the termination was "without
                  cause," then such discharge shall be deemed a discharge
                  without cause subject to the provisions of Section 11.b.
                  hereof. In the event that the Employer discharges Executive
                  alleging "cause" under this Section 11.a, such notice of
                  discharge shall be accompanied by a written and specific
                  description of the circumstances alleging such "cause". The
                  termination of Executive for "cause" shall not entitle the
                  Employer to enforcement of the non-competition and
                  non-solicitation covenants contained in Section 13 hereof,
                  unless the employee purposely engages in conduct constituting
                  "cause" for the purpose of negating the non-competition
                  provision.

         b.       Without Cause.

                  i.       Notwithstanding the provisions of Section 2 of this
                           Agreement, the Employer may, upon thirty (30) days'
                           written notice to Executive, or by the giving of a
                           notice under Section 2 of this Agreement terminate
                           this Agreement without cause at any time during the
                           term of this Agreement upon the condition that
                           Executive shall be entitled, as liquidated damages
                           in lieu of all other claims, to the same severance
                           payments as provided in Section 10 hereof; provided
                           that for purposes of Section 10.b., the fair market
                           value of Common Stock shall be determined as of the
                           date of notice of termination of this Agreement
                           given by the Employer to Executive. The severance
                           payments provided for in this Section 11.b. shall
                           commence not later than thirty (30) days after the
                           actual date of termination of employment of
                           Executive.

                  ii.      Executive may upon thirty (30) days' written notice
                           to Employer terminate his Agreement without cause at
                           any time during the term of this Agreement. In the
                           event of termination of this Agreement by Executive,
                           the Employer shall have no further obligation to
                           Executive than for monies paid.

12.      Death or Disability.

         a.       In the event of Executive's death during the term of this
                  Agreement, Employer shall pay to Executive's designated
                  beneficiary, or if Executive has failed to designate a
                  beneficiary, to his estate, an amount equal to Executive's
                  base salary pursuant to Section 3 hereof through the end of
                  the month in which Executive's death occurred plus an amount
                  equal to ninety (90) days salary. Employer shall

<PAGE>
                  also continue to provide Executive's survivors with any
                  benefits it provided Executive for such additional ninety
                  (90) day period.

         b.       In the event of Executive's disability during the term of
                  this Agreement, Employer shall pay to Executive an amount
                  equal to Executive's base salary pursuant to Section 3 hereof
                  through the end of the month in which Executive's disability
                  occurred plus an amount equal to six (6) months salary.
                  Employer shall also continue to provide Executive with any
                  benefits it provided Executive prior to his disability for a
                  period of six (6) months following his disability and shall
                  continue to pay the premiums on any life and disability
                  policies provided by the Employer for the benefit of
                  Executive prior to his disability.

         c.       The compensation set forth in Sections a. and b. of this
                  Section 12 shall be in lieu of any other benefits provided
                  hereunder, except that (i) in the event of a change in
                  control of the Employer as defined herein during the ninety
                  (90) day or six (6) month periods described in Sections a.
                  and b. of this Section 12, Executive, Executive's designated
                  beneficiary or Executive's estate, as the case may be, shall
                  be entitled to the benefits of Section 10.b. hereof, and (ii)
                  any benefit payable pursuant to Section 3 shall be prorated
                  and made available to Executive or his beneficiary or estate
                  in respect of any period prior to his death or disability.
                  and (iii) in the event of Executive's disability, Employer
                  shall continue to pay the premiums on any life and disability
                  policies provided by the Employer for the benefit of
                  Executive prior to his disability. The Employer may maintain
                  insurance on its behalf to satisfy in whole or in part the
                  obligations of this Section 12.

         d.       Executive shall be deemed disabled if, by reason of physical
                  or mental impairment, he is incapable of performing his
                  duties hereunder for a period of 180 consecutive days.

13.      Notices. Any notice required or desired to be given under this
         Agreement shall be deemed given if in writing sent by certified mail
         to his residence in the case of Executive, or to its principal office
         in the case of Employer.

14.      Waiver of Breach. The waiver of Employer of a breach of any provision
         of this Agreement by Executive shall not operate or be construed as a
         waiver of any subsequent breach by Executive. No waiver shall be valid
         unless in writing and signed by an authorized officer of Employer.

15.      Assignment. Executive acknowledges that the services to be rendered by
         him are unique and personal. Accordingly, Executive may not assign any
         of his rights or delegate any of his duties or obligations under this
         Agreement. The rights and obligations of Executive under this
         Agreement shall inure to the benefit of and shall be binding upon the
         successors and assigns of Employer.

16.      Governing Law. This Agreement shall be governed and construed in
         accordance with the laws of the State of Florida.

17.      Entire Agreement. This Agreement contains the entire understanding of
         the parties hereto regarding employment of Executive, and supersedes
         and replaces any prior agreement relating thereto. It may not be
         changed orally but only by an agreement in writing signed by the party
         against whom enforcement of any waiver, change, modification,
         extension, or discharge is sought.

                           WHEREAS, as of the day and date first above set
                  forth, the parties hereto execute this Agreement.

                  TARPON COAST BANCORP, INC.

                  By /s/ Mark O. Asperilla
                    ----------------------------------
                    Mark O. Asperilla
                    Chairman, Compensation Committee

                  TARPON COAST NATIONAL BANK

                  By /s/ Mark O. Asperilla
                    ----------------------------------
                    Mark O. Asperilla
                    Chairman, Compensation Committee

                  LEWIS S. ALBERT

                  /s/ Lewis S. Albert
                  ------------------------------------
                  Executive

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]