Document:

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EXHIBIT 10.8

                                    AGREEMENT

THIS AGREEMENT is between PARK MERIDIAN BANK, a North Carolina banking
association ("Financial Institution"), and FINANCIAL NETWORK INVESTMENT
CORPORATION, a California Corporation ("FNIC"), and is dated for reference as of
July 20, 1995.

                                    Recitals

A.    WHEREAS, Financial Institution is a bank doing business within the State
      of North Carolina, (the "State").

B.    WHEREAS, FNIC is a licensed broker/dealer actively involved in the sale of
      debt and equity securities, mutual funds, fixed and variable annuities,
      insurance and other investment, (collectively referred to as "Products");

C.    WHEREAS, Financial Institution has reviewed the reputation and business
      practices of FNIC prior to entering this agreement; and

D.    WHEREAS, Financial Institution desires to have FNIC make itself available
      to execute orders to purchase and sell Products for customers of Financial
      Institution.

NOW, THEREFORE, in consideration of the mutual promises contained herein and for
other good and valuable consideration, the parties agree as follows:

                                    Agreement

      1.    Introduction of FNIC. The parties shall agree upon certain actions
            to be taken by Financial Institution to introduce the availability
            of FNIC's broker/dealer services.

      2.    Services by FNIC. FNIC will perform the following:

            a.    Advise and assist regarding the placement and setup of FNIC
                  Branch Offices ("Branch Offices") on Financial Institution
                  premises;

            b.    Advise and assist in the development and execution of a
                  general marketing plan;

            c.    Recommend one or more registered representatives to execute
                  orders to purchase and sell Products for customers of
                  Financial Institution, such registered representatives shall
                  be subject to the continuing approval of Financial
                  Institution;

            d.    Recommend and advise Financial Institution on the selection of
                  Products that will be available for sale at Branch Office,
                  which Products shall be subject to the continuing approval of
                  Financial Institution;

            e.    Maintain at all times compliance and procedures guides for the
                  operation of the FNIC program;

            f.    Provide brokerage back office functions, including, but not
                  limited to, commission accounting, due diligence, data
                  processing, trading and operations.

      3.    FNIC Branch Offices; Separation of Business. The parties intend that
            FNIC will open branch Offices at such branches of Financial
            Institution as the parties may agree in the future. FNIC and
            Financial Institution shall maintain strict and total separation of
            their respective businesses, including separation of records and
            physical facilities, and shall conduct their respective businesses
            at all times so as not to lead to confusion between the business
            conducted by Financial Institution and the business conducted by the
            FNIC Branch Office. Any space used by FNIC within a Financial
            Institution branch should be located in an area which is physically
            distinct from the area where retail deposits are taken and shall
            prominently display FNIC's name and logo. Financial Institution
            shall provide space, telephone and telephone lines, (any direct
            lines will be answered with FNIC's name) and furniture to FNIC.
            Financial Institution may provide occasional administrative or
            clerical support as requested by FNIC and if agreed to by Financial
            Institution.

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      4.    Promotional Cooperation. The parties may agree from time to time on
            advertising and promoting the advice and services of FNIC through
            promotional literature mailed to current Financial Institution
            customers and others, newspaper and other media advertisements,
            seminars, and other approaches. Any such advertisements or
            promotions shall contain conspicuous and easy to comprehend
            disclosures concerning the nature of and risk associated with
            nondeposit investment products. The costs of all such marketing
            shall be shared by the parties as they may agree. Each party must
            obtain prior written permission from the other party before
            distributing any advertisement or promotional material of any kind
            that refers to the other party or the advice and services available
            from it.

      5.    Regulatory Compliance by Financial Institution and FNIC. Financial
            Institution and FNIC acknowledge their respective obligations to
            comply with all applicable laws and regulations and specifically
            reference the Securities and Exchange Commission, the National
            Association of Securities Dealers, Inc. (the "NASD"), the Federal
            Deposit Insurance Corporation, the North Carolina Banking
            Commission, and the provisions of the Interagency Statement on
            Retail Sales of Nondeposit Investment Products published by the
            Board of Governors of the Federal Reserve System, the Federal
            Deposit Insurance Corporation, the Officer of Comptroller of the
            Currency and the Office of Thrift Supervision dated February 15,
            1994, a such statement may be amended from time to time (the
            "Interagency Statement"). Each of Financial Institution and FNIC
            agree to conduct its activities in a manner consistent with the
            Interagency Statement. Each of Financial Institution and FNIC
            further agrees to comply with the provisions of FNIC's policies and
            practices guide, to the extent such procedures and policies relate
            to Financial Institution and FNIC, as the case may be, as such guide
            may be modified from time to time, current copies of which FNIC has
            provided or will provide to Financial Institution. FNIC agrees to
            provide to Financial Institution such notices and records necessary
            to permit Financial Institution to comply with Part 344 of the
            regulations of the Federal Deposit Insurance Corporation or any
            successor or replacement regulation. FNIC's and Financial
            Institution's duties and obligations pursuant to the Interagency
            Statement, FNIC's guide and/or Financial Institution's compliance
            manual shall include, but are not limited to, the following:

            a.    Financial institution shall not make any loans to FNIC
                  customers if Financial Institution has actual knowledge that
                  the proceeds of the loan are to be used for the purchase of
                  Securities through FNIC so long as this practice is prohibited
                  by any rule applicable to FNIC or Financial Institution.

            b.    Financial Institution further acknowledges that its employees
                  who are not registered representatives with the NASD shall not
                  recommend the purchase of, or provide detailed information on,
                  the purchase or sale of any Products. Financial Institution
                  shall only inform potential customers of the availability of
                  the services of FNIC.

            c.    Financial Institution acknowledges that it is a "person
                  associated with a broker or dealer" as defined in Section
                  3(a)(18) of the Securities Exchange Act of 1934 as amended.

            d.    Financial Institution shall institute policies and procedures
                  reasonably necessary to insure compliance by its employees
                  with all applicable governmental rules, regulations, orders
                  and statements, including but not limited to, the provisions
                  of the Interagency Statement. In particular, Financial
                  Institution shall issue a written statement (the "Policy
                  Statement") that assesses the risks associated with the
                  activities contemplated by this agreement and provides a
                  summary of the policies and procedures that Financial
                  Institution has established to address these risks. Such
                  policies and procedures and the Policy Statement shall be
                  periodically reviewed, approved and adopted by the board of
                  directors of Financial Institution.

            e.    FNIC and Financial Institution shall each establish and
                  maintain compliance programs which monitor customer complaints
                  and periodically review customer accounts to detect and
                  prevent abusive practices.

      6.    Compensation to Financial Institution and FNIC.

            a.    FNIC shall pay Financial Institution rent in the amount
                  specified in the "Rent Schedule" ("Schedule"), attached hereto
                  and made part hereof as Exhibit "A". The rent as set forth on
                  the schedule shall be negotiated on a calendar quarter basis
                  between the parties. The Schedule as renegotiated shall become

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                  a part of this Agreement and shall supersede and replace all
                  prior Schedules. Such rent shall constitute full and complete
                  compensation to Financial Institution for space used and
                  expenses incurred under this Agreement.

            b.    At Branch offices, transactions shall be effected only by
                  registered representatives associated with FNIC who shall
                  undertake such affiliation with FNIC in addition to their
                  employment by Financial Institution. Each dual affiliate shall
                  enter into a contract with Financial Institution setting forth
                  the terms of such individual's affiliation as a FNIC
                  registered representative and as a Financial Institution
                  employee. Financial Institution shall not have any
                  responsibility for supervision of the brokerage activities
                  performed by registered representatives or for compliance by
                  registered representatives with FNIC's guidelines established
                  for such persons. Financial Institution shall pay the
                  compensation of and provide benefits to the dual affiliates in
                  amounts to be determined solely by Financial Institution. FNIC
                  will not pay any compensation nor withhold any employment
                  taxes nor provide any benefits to such dual affiliates.

            c.    FNIC and Financial Institution shall not structure the
                  compensation of registered representatives in such a way as to
                  result in unsuitable recommendations or sales being made to
                  customers. FNIC further agrees to enter into a written
                  contract with each registered representative and to obtain
                  Financial Institution's approval of the terms of such
                  contract.

            d.    Financial Institution's employees or tellers who participate
                  in referral programs that include compensation features shall
                  not be compensated based on whether or not such referrals
                  result in the sale of Products to the referred party.

            e.    Financial Institution's employees who perform compliance
                  and/or audit functions in connection with FNIC's sale of
                  Products pursuant to the terms of this agreement shall not
                  receive incentive compensation which is directly related to
                  the sale of such Products.

      7.    Term. This Agreement shall continue in force unless terminated by 30
            days' written notice given at any time by any party hereto. This
            agreement shall terminate on any earlier date required by the order
            of any governmental agency with jurisdiction over either party.

      8.    Non-Competition by Financial Institution. Financial Institution
            agrees to direct all its customers' securities, fixed and variable
            annuities and investment advisory business to FNIC during the term
            of this agreement and Financial Institution shall not compete with
            FNIC in the State nor shall it recommend the advice or services of
            any other broker/dealer, insurance agency or investment advisor.

      9.    FNIC Services Not Exclusive. This Agreement shall not restrict the
            ability of FNIC to carry on its business or to open and operate
            branch offices in other locations.

      10.   Customers Accounts Are Controlled By Financial Institution. FNIC
            makes no proprietary claim to customer accounts. In the event this
            Agreement is terminated, FNIC agrees to cooperate, subject to
            applicable securities regulations, in the transfer of all accounts
            associated with and registered representatives employed by Financial
            Institution. Financial Institution agrees for a period of two years
            not to solicit any other retail accounts, registered representatives
            or financial institutions associated with FNIC nor to permit a
            registered representative associated with FNIC to work, directly or
            indirectly, at Financial Institution in the area of marketing
            Products. If accounts are not transferred in a timely manner, then
            FNIC reserves the right to service these accounts as required by
            NASD guidelines. In any event, FNIC will maintain all records
            required by law or regulation.

      11.   Representations and Indemnification.

            a.    FNIC represents and warrants to Financial Institution that it
                  is a California corporation in good standing, that it has or
                  will have all governmental licenses and permits necessary for
                  it to carry on the activities contemplated by this agreement,
                  that it is not the subject of any disciplinary or license
                  revocation proceeding in any jurisdiction and that it may
                  enter into and perform this agreement without violating any
                  law, or any contractual or other obligation it has to anyone
                  else. These representations

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                  shall survive the termination of this agreement. FNIC shall
                  promptly inform Financial Institution if it becomes the
                  subject of any disciplinary or license revocation proceeding,
                  or if it is the subject of any governmental order that affects
                  its right or ability to perform its obligations under this
                  agreement. FNIC shall indemnify and hold Financial Institution
                  harmless against all claims and damages, including attorney's
                  fees, arising out of the broker/dealer activities to be
                  conducted by FNIC pursuant to this agreement or FNIC's breach
                  of this agreement.

                  FNIC represents that upon execution of this agreement it will
                  cause Financial Institution to be listed as an additional
                  insured to FNIC's errors and omissions insurance policy. FNIC
                  agrees to maintain in full force and effect during the term of
                  this agreement the broker/dealer "E&O" insurance coverage in
                  the amount and term as represented to Park Meridian Bank in
                  June 1995 (minimum $10,000,000 aggregate coverage). FNIC does
                  not commit to maintain this policy in perpetuity; at some
                  point in the future this type of policy may not be available
                  or it may only be available at a price or from an insurance
                  carrier deemed not to be acceptable in which event coverage
                  would lapse. FNIC agrees to give Financial Institution prompt
                  notice of the termination or lapse of this insurance policy.

            b.    Financial Institution represents and warrants to FNIC that it
                  is a banking association in good standing, that the terms and
                  provisions of this agreement have been adopted and approved by
                  its board of directors, that it is not the subject of any
                  disciplinary or license revocation proceeding in any
                  jurisdiction and that it may enter into and perform this
                  agreement without violating any contractual or other
                  obligation it has to anyone else. These representations shall
                  survive the termination of this agreement. Financial
                  Institution shall promptly inform FNIC if it becomes the
                  subject of any disciplinary or license revocation proceeding,
                  or if it is the subject of any governmental order, that
                  affects its right or ability to perform its obligations under
                  this agreement. Financial Institution shall indemnify and hold
                  FNIC harmless against all claims and damages, including
                  attorney fees, arising out of the breach by Financial
                  Institution of this agreement or of the provisions contained
                  in the FNIC guide.

      12.   Scope of Assumption. Financial Institution acknowledges and agrees
            that under this agreement FNIC obtains certain rights to offer
            advice and services to customers of Financial Institution, and to
            others. FNIC does not otherwise assume any of the assets or
            liabilities of Financial Institution, which shall remain the
            exclusive property and responsibility of Financial Institution.

      13.   Right of Inspection; Confidentiality. FNIC hereby authorizes
            Financial Institution to monitor and periodically review and verify
            FNIC's and its Registered Representatives' compliance with the terms
            of this agreement and agrees to provide Financial Institution with
            reasonable access to appropriate records in connection with any such
            activities. FNIC shall also provide Financial Institution or its
            regulatory examiners with reasonable access to appropriate records
            in connection with any inspection by Financial Institution or its
            regulatory examiners of FNIC's Branch Offices which Financial
            Institution is required to make pursuant to the rules and
            regulations of state and federal regulatory agencies.

            Financial Institution shall provide FNIC with reasonable access to
            appropriate records in connection with any inspection by FNIC or its
            regulatory examiners of Financial Institution or FNIC's Branch
            Offices, and shall permit FNIC to copy such records, provided that
            such inspection and copying is limited to the broker/dealer
            activities contemplated by this agreement.

            All information obtained or reviewed in such inspections or through
            the course of business during the term of this agreement shall be
            held in strict confidence by FNIC or Financial Institution.
            Financial Institution agrees to return to FNIC any materials
            provided by FNIC upon termination of this agreement and shall not
            use same thereafter. FNIC agrees to return to Financial Institution
            any customer lists or other materials provided by Financial
            Institution upon termination of this agreement and shall not use
            same thereafter. Neither party shall permit any third party to copy
            or use these materials at any time.

      14.   Arbitration. Any claim or controversy arising out of or relating to
            the negotiation, performance or breach of this agreement, the
            meaning of or obligations imposed by this agreement, or the
            arbitrability of any such question including any issue as to the
            jurisdiction of the arbitrator, shall be decided by arbitration
            pursuant to the rules of the American Arbitration Association then
            in effect.

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      15.   Attorneys' Fees. The prevailing party in any arbitration or
            litigation arising from the interpretation or enforcement of this
            agreement shall be entitled to recover its attorneys' fees and
            costs, including those incurred on appeal, as determined by the
            arbitrator or court.

      16.   Notices. All notices, requests, demands and other communications
            under this agreement shall be in writing and shall be deemed to have
            been given on the earlier of the date of actual receipt, or three
            days after mailing if mailed first class, postage prepaid, and
            addressed to the party at the following address:

                                    Park Meridian Bank
                                    6826 Morrison Boulevard
                                    Charlotte, North Carolina 28211
                                    Attn:   Ralph N. Strayhorn, III
                                            Senior Vice President

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                                    Financial Network Investment Corporation
                                    2780 Skypark Drive, Suite 300
                                    Torrance, California 90505
                                    Attn:   John S. Simmers
                                            Executive Vice President

      17.   Partial Invalidity. If any portion of this agreement is held to be
            invalid or unenforceable, the remainder of the agreement shall
            continue in full force and effect.

      18.   Relationship of Parties. Financial Institution and FNIC are
            independent of each other and each party has sole responsibility and
            authority for the conduct of its own business. By the terms of this
            agreement, no party is the agent, employee, joint venturer or
            partner of the other. No party has the right to bind any other party
            in any way.

      19.   Assignment. This agreement shall inure to the benefit of the parties
            and their legal representatives, successors and assigns, but no
            party may assign rights or obligations under this agreement without
            the prior written approval of the other parties hereto.

      20.   Merger. This agreement contains the entire understanding between the
            parties and supersedes any prior understanding and agreements
            between them concerning its subject. There are no other oral or
            written representations, agreements or understandings between them
            relating to its subject. No amendment, modification, or waiver of
            this agreement shall be binding unless executed in writing. No
            waiver of any of the provisions of this agreement shall be a
            continuing waiver unless expressly provided.

IN WITNESS WHEREOF, the parties hereto have executed this agreement on the date
set out next to their respective names.

PARK MERIDIAN BANK
A North Carolina Banking Association

By:      /s/ Kevin T. Kennelly, President
        ---------------------------------

Date:   8-7-95
        ---------------------------------

Tax ID No.:  56-1716464
             ----------------------------

FINANCIAL NETWORK INVESTMENT CORPORATION
A California Corporation

By:     /s/  Jack R. Handy, Jr.
        ---------------------------------

Date:   08-04-95
        ---------------------------------

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                                                                   EXHIBIT 10.14

                   BANKATLANTIC BANCORP 2001 STOCK OPTION PLAN

         1.       PURPOSES. The purposes of this BankAtlantic Bancorp 2001 Stock
Option Plan (the "Plan") are to attract and retain the best available personnel
for positions of substantial responsibility, to provide additional incentive to
the Employees of the Company or its Subsidiaries (as defined in Section 2 below)
as well as other individuals who perform services for the Company and its
Subsidiaries, and to promote the success and profitability of the Company's
business. Options granted hereunder may be either "incentive stock options," as
defined in Section 422 of the Internal Revenue Code of 1986, as amended, or
"non-qualified stock options," at the discretion of the Committee (as defined in
Section 2 below) and as reflected in the terms of the Stock Option Agreement (as
defined in Section 2 below).

         2.       DEFINITIONS. As used herein, the following definitions shall
apply:

                  (a)      "Board of Directors" shall mean the Board of
Directors of the Company.

                  (b)      "Class A Common Stock" shall mean the Class A common
stock, par value $0.01 per share, of the Company.

                  (c)      "Code" shall mean the Internal Revenue Code of 1986,
as amended.

                  (d)      "Company" shall mean BankAtlantic Bancorp, Inc., a
Florida corporation, and its successors and assigns.

                  (e)      "Committee" shall mean the Committee appointed by the
Board of Directors in accordance with paragraph (a) of Section 4 of the Plan.

                  (f)      "Continuous Status as an Employee" shall mean the
absence of any interruption or termination of service as an Employee. Continuous
Status as an Employee shall not be considered interrupted in the case of sick
leave, military leave, or any other leave of absence approved by the Board of
Directors of the Company or the Committee.

                  (g)      "Employee" shall mean any person, including officers
and directors, employed by the Company or any Parent or Subsidiary of the
Company. The payment of a director's fee by the Company shall not be sufficient
to constitute "employment" by the Company.

                  (h)      "Exchange Act" shall mean the Securities Exchange Act
of 1934, as amended.

                  (i)      "Incentive Stock Option" shall mean a stock option
intended to qualify as an incentive stock option within the meaning of Section
422 of the Code.

                  (j)      "Nonqualified Stock Option" shall mean a stock option
not intended to qualify as an Incentive Stock Option.

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                  (k)      "Option" shall mean a stock option granted pursuant
to the Plan.

                  (l)      "Optioned Stock" shall mean the Class A Common Stock
subject to an Option. (m) "Optionee" shall mean the recipient of an Option.

                  (n)      "Parent" shall mean a "parent corporation," whether
now or hereafter existing, as defined in Section 424(e) of the Code.

                  (o)      "Rule 16b-3" shall mean Rule 16b-3 promulgated by the
Securities and Exchange Commission under the Exchange Act or any successor rule.

                  (p)      "Share" shall mean a share of the Class A Common
Stock, as adjusted in accordance with Section 11 of the Plan.

                  (q)      "Stock Option Agreement" shall mean the written
option agreements described in Section 16 of the Plan.

                  (r)      "Subsidiary" shall mean a "subsidiary corporation,"
whether now or hereafter existing, as defined in Section 424(f) of the Code.

                  (s)      "Transferee" shall mean a "transferee" of the
Optionee as defined in Section 10 of the Plan.

         3.       STOCK. Subject to the provisions of Section 11 of the Plan,
the maximum aggregate number of shares which may be Optioned and sold under the
Plan is 1,500,000 shares of authorized, but unissued, or reserved Class A Common
Stock. If an Option should expire or become un-exercisable for any reason
without having been exercised in full, the unpurchased Shares which were subject
thereto shall, unless the Plan shall have been terminated, become available for
further grant under the Plan.

         Subject to the provisions of Section 11 of the Plan, no person shall be
granted Options under the Plan in any calendar year covering an aggregate of
more than 150,000 Shares.

         4.       ADMINISTRATION.

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                  (a)      Procedure. The Plan shall be administered by a
Committee appointed by the Board of Directors. The Committee shall consist of
not less than two (2) members of the Board of Directors. Once appointed, the
Committee shall continue to serve until otherwise directed by the Board of
Directors. From time to time the Board of Directors, at its discretion, may
increase the size of the Committee and appoint additional members thereof,
remove members (with or without cause), and appoint new members in substitution
therefor, and fill vacancies however caused; provided, however, that at no time
shall a Committee of less than two (2) members of the Board of Directors
administer the Plan. If the Committee does not exist, or for any other reason
determined by the Board of Directors, the Board may take any action under the
Plan that would otherwise be the responsibility of the Committee.

                  (b)      Powers of the Committee. Subject to the provisions of
the Plan, the Committee shall have the authority, in its discretion: (i) to
grant Incentive Stock Options, in accordance with Section 422 of the Code, or to
grant Nonqualified Stock Options; (ii) to determine, upon review of relevant
information and in accordance with Section 8(b) of the Plan, the fair market
value of the Class A Common Stock; (iii) to determine the exercise price per
share of Options to be granted; (iv) to determine the persons to whom, and the
time or times at which, Options shall be granted and the number of shares to be
represented by each Option; (v) to determine the vesting schedule of the Options
to be granted; (vi) to interpret the Plan; (vii) to prescribe, amend and rescind
rules and regulations relating to the Plan; (viii) to determine the terms and
provisions of each Option granted (which need not be identical) and, with the
consent of the holder thereof, modify or amend each Option; (ix) to accelerate
or defer (with the consent of the holder thereof) the exercise date of any
Option; (x) to authorize any person to execute on behalf of the Company any
instrument required to effectuate the grant of an Option previously granted by
the Committee; and (xi) to make all other determinations deemed necessary or
advisable for the administration of the Plan.

                  (c)      Effect of the Committee's Decision. All decisions,
determinations and interpretations of the Committee shall be final and binding
on all Optionees or Transferees, if applicable.

         5.       ELIGIBILITY. Incentive Stock Options may be granted only to
Employees. Nonqualified Stock Options may be granted to Employees as well as
directors, independent contractors and agents, as determined by the Committee.
Any person who has been granted an Option may, if he is otherwise eligible, be
granted an additional Option or Options.

         Except as otherwise provided under the Code, to the extent that the
aggregate fair market value of Shares for which Incentive Stock Options (under
all stock option plans of the Company and of any Parent or Subsidiary) are
exercisable for the first time by an Employee during any calendar year exceeds
$100,000, such excess Options shall be treated as Nonqualified Stock Options.
For purposes of this limitation, (a) the fair market value of Shares is
determined as of the time the Option is granted and (b) the limitation is
applied by taking into account Options in the order in which they were granted.

         The Plan shall not constitute a contract of employment nor shall the
Plan confer upon any Optionee any right with respect to continuation of
employment or continuation of providing services to the Company, nor shall it
interfere in any way with his right or the Company's or any Parent or
Subsidiary's right to terminate his employment or his provision of services at
any time.

<PAGE>   4

         6.       TERM OF PLAN. The Plan shall become effective upon its
adoption by the Board of Directors; provided, however, if the Plan is not
approved by shareholders of the Company in accordance with Section 17 of the
Plan within twelve (12) months after the date of adoption by the Board of
Directors, the Plan and any Options granted thereunder shall terminate and
become null and void. The Plan shall continue in effect ten (10) years from the
effective date of the Plan, unless sooner terminated under Section 13 of the
Plan.

         7.       TERM OF OPTION. The term of each Option shall be ten (10)
years from the date of grant thereof or such shorter term as may be provided in
the Stock Option Agreement. However, in the case of an Incentive Stock Option
granted to an Employee who, immediately before the Incentive Stock Option is
granted, owns stock representing more than ten percent (10%) of the voting power
of all classes of stock of the Company or any Parent or Subsidiary, the term of
the Incentive Stock Option shall be five (5) years from the date of grant
thereof or such shorter time as may be provided in such Optionee's Stock Option
Agreement.

         8.       EXERCISE PRICE AND CONSIDERATION.

                  (a)      Price. The per Share exercise price for the Shares to
be issued pursuant to exercise of an Option shall be such price as determined by
the Committee, but shall be subject to the following:

                           (i)      In the case of an Incentive Stock Option
which is

                                    (A)      granted to an Employee who,
immediately before the grant of such Incentive Stock Option, owns stock
representing more than ten percent (10%) of the voting power of all classes of
stock of the Company or any Parent or Subsidiary, the per Share exercise price
shall be no less than one hundred and ten percent (110%) of the fair market
value per Share on the date of grant.

                                    (B)      granted to an Employee not within
(A), the per share exercise price shall be no less than one hundred percent
(100%) of the fair market value per Share on the date of grant.

                           (ii)     In the case of a Nonqualified Stock Option,
the per Share exercise price shall be no less than one hundred percent (100%) of
the fair market value per Share on the date of grant.

<PAGE>   5

                  (b)      Determination of Fair Market Value. The fair market
value shall be determined by the Committee in its discretion; provided, however,
that where there is a public market for the Class A Common Stock, the fair
market value per Share shall be (i) if the Class A Common Stock is listed or
admitted for trading on any United States national securities exchange, or if
actual transactions are otherwise reported on a consolidated transaction
reporting system, the closing price of such stock on such exchange or reporting
system, as the case may be, on the date of grant of the Option, as reported in
any newspaper of general circulation, or (ii) if the Class A Common Stock is
quoted on the National Association of Securities Dealers Automated Quotations
("NASDAQ") System, or any similar system of automated dissemination of
quotations of securities prices in common use, the mean between the closing bid
and asked quotations for such stock on the date of grant, as reported by a
generally recognized reporting service.

                  (c)      Certain Corporate Transactions. Notwithstanding
Section 8(a) of the Plan, in the event the Company substitutes an Option for a
stock option issued by another corporation in connection with a corporate
transaction, such as a merger, consolidation, acquisition of property or stock,
separation (including a spin-off or other distribution of stock or property),
reorganization (whether or not such reorganization comes within the definition
of such term in Section 368 of the Code) or partial or complete liquidation
involving the Company and such other corporation, the exercise price of such
substituted Option shall be as determined by the Committee in its discretion
(subject to the provisions of Section 424(a) of the Code in the case of a stock
option that was intended to qualify as an "incentive stock option") to preserve,
on a per Share basis immediately after such corporate transaction, the same
ratio of fair market value per option share to exercise price per Share which
existed immediately prior to such corporate transaction under the option issued
by such other corporation.

                  (d)      Payment. The consideration to be paid for the Shares
to be issued upon exercise of an Option, including the method of payment, shall
be determined by the Committee and may consist entirely of cash, check,
promissory note, or other shares of the Company's capital stock having a fair
market value on the date of surrender equal to the aggregate exercise price of
the Shares as to which said Option shall be exercised, or any combination of
such methods of payment, or such other consideration and method of payment for
the issuance of Shares to the extent permitted under the law of the Company"s
jurisdiction of incorporation. When payment of the exercise price for the Shares
to be issued upon exercise of an Option consists of shares of the Company's
capital stock, such shares will not be accepted as payment unless the Optionee
or Transferee, if applicable, has held such shares for the requisite period
necessary to avoid a charge to the Company's earnings for financial reporting
purposes.

         9.       EXERCISE OF OPTION.

<PAGE>   6

                  (a)      Procedure for Exercise; Rights as a Shareholder. Any
Option granted hereunder shall be exercisable at such times and under such
conditions as determined by the Committee, including performance criteria with
respect to the Company or its Subsidiaries and/or the Optionee, and as shall be
permissible under the terms of the Plan. An Option may not be exercised for a
fraction of a Share. An Option shall be deemed to be exercised when written
notice of such exercise has been given to the Company in accordance with the
terms of the Option by the person entitled to exercise the Option and full
payment for the Shares with respect to which the Option is exercised has been
received by the Company. Full payment may, as authorized by the Committee,
consist of any consideration and method of payment allowable under Section 8(d)
of the Plan. Until the issuance of the stock certificate evidencing such Shares
(as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), which in no event will be delayed
more than thirty (30) days from the date of the exercise of the Option, no right
to vote or receive dividends or any other rights as a shareholder shall exist
with respect to the Optioned Stock, notwithstanding the exercise of the Option.
No adjustment will be made for a dividend or other right for which the record
date is prior to the date the stock certificate is issued, except as provided in
the Plan. Exercise of an Option in any manner shall result in a decrease in the
number of Shares which thereafter may be available, both for purposes of the
Plan and for sale under the Option, by the number of Shares as to which the
Option is exercised.

                  (b)      Termination of Status as an Employee. Subject to this
Section 9(b), if any Employee ceases to be in Continuous Status as an Employee,
he or any Transferee may, but only within thirty (30) days (or such other period
of time not exceeding three (3) months as is determined by the Committee) after
the date he ceases to be an Employee, exercise his Option to the extent that he
or any Transferee was entitled to exercise it as of the date of such
termination. To the extent that he or any Transferee was not entitled to
exercise the Option at the date of such termination, or if he or any Transferee
does not exercise such Option (which he or any Transferee was entitled to
exercise) within the time specified herein, the Option shall terminate. If any
Employee ceases to serve as an Employee as a result of a termination for cause
(as determined by the Committee), any Option held by such Employee or any
Transferee shall terminate immediately and automatically on the date of his
termination as an Employee unless otherwise determined by the Committee.

                  (c)      Disability of Optionee. Notwithstanding the
provisions of Section 9(b) above, in the event an Employee is unable to continue
his employment as a result of his total and permanent disability (as defined in
Section 22(e)(3) of the Code), he or any Transferee may, but only within three
(3) months (or such other period of time not exceeding twelve (12) months as is
determined by the Committee) from the date of termination of employment,
exercise his Option to the extent he or any Transferee was entitled to exercise
it at the date of such disability. To the extent that he or any Transferee was
not entitled to exercise the Option at the date of disability, or if he or any
Transferee does not exercise such Option (which he or any Transferee was
entitled to exercise) within the time specified herein, the Option shall
terminate.

                  (d)      Death of Optionee. In the event of the death of an
Optionee:

                           (i)      during the term of the Option and who is at
the time of his death an Employee and who shall have been in Continuous Status
as an Employee since the date of grant of the Option, the Option may be
exercised at any time within twelve (12) months following the date of death, by
the Optionee's estate, by a person who acquired the right to exercise the Option
by bequest or inheritance, or by any Transferee, as the case may be, but only to
the extent of the right to exercise that would have accrued had the Optionee
continued living one (1) month after the date of death; or

<PAGE>   7

                           (ii)     within thirty (30) days (or such other
period of time not exceeding three (3) months as is determined by the Committee)
after the termination of Continuous Status as an Employee, the Option may be
exercised, at any time within three (3) months following the date of death, by
the Optionee's estate, by a person who acquired the right to exercise the Option
by bequest or inheritance, or by any Transferee, as the case may be, but only to
the extent of the right to exercise that had accrued at the date of termination.

         10.      TRANSFERABILITY OF OPTIONS. During an Optionee's lifetime, an
Option may be exercisable only by the Optionee and an Option granted under the
Plan and the rights and privileges conferred thereby shall not be subject to
execution, attachment or similar process and may not be sold, pledged, assigned,
hypothecated, transferred or otherwise disposed of in any manner (whether by
operation of law or otherwise) other than by will or by the laws of descent and
distribution. Notwithstanding the foregoing, to the extent permitted by
applicable law and Rule 16b-3, the Committee may determine that an Option may be
transferred by an Optionee to any of the following: (1) a family member of the
Optionee; (2) a trust established primarily for the benefit of the Optionee
and/or a family member of said Optionee; or (3) any charitable organization
exempt from income tax under Section 501(c)(3) of the Code (collectively, a
"Transferee"); provided, however, in no event shall an Incentive Stock Option be
transferable if such transferability would violate the applicable requirements
under Code Section 422. Any other attempt to sell, pledge, assign, hypothecate,
transfer or otherwise dispose of any Option under the Plan or of any right or
privilege conferred thereby, contrary to the provisions of the Plan, or the sale
or levy or any attachment or similar process upon the rights and privileges
conferred hereby, shall be null and void.

         11.      ADJUSTMENTS UPON CHANGES IN CAPITALIZATION OR MERGER. Subject
to any required action by the shareholders of the Company, the number of shares
of Class A Common Stock covered by each outstanding Option, and the number of
shares of Class A Common Stock which have been authorized for issuance under the
Plan but as to which no Options have yet been granted or which have been
returned to the Plan upon cancellation or expiration of an Option, as well as
the price per share of Class A Common Stock covered by each such outstanding
Option, shall be proportionately adjusted for any increase or decrease in the
number of issued shares of Class A Common Stock resulting from a stock split or
the payment of a stock dividend with respect to such stock or any other increase
or decrease in the number of issued shares of such stock effected without
receipt of consideration by the Company; provided, however, that (a) each such
adjustment with respect to an Incentive Stock Option shall comply with the rules
of Section 424(a) of the Code (or any successor provision) and (b) in no event
shall any adjustment be made which would render any Incentive Stock Option
granted hereunder other than an "incentive stock option" as defined in Section
422 of the Code; and provided, further, however, that conversion of any
convertible securities of the Company shall not be deemed to have been "effected
without receipt of consideration." Such adjustment shall be made by the
Committee or the Board of Directors, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Class A Common Stock subject to an Option.

<PAGE>   8

         In the event of the proposed dissolution or liquidation of the Company,
or in the event of a proposed sale of all or substantially all of the assets of
the Company, or the merger of the Company with or into another corporation, the
Committee or the Board of Directors may determine, in its discretion, that (i)
if any such transaction is effected in a manner that holders of Class A Common
Stock will be entitled to receive stock or securities in exchange for such
shares, then, as a condition of such transaction, lawful and adequate provision
shall be made whereby the provisions of the Plan and the Options granted
hereunder shall thereafter be applicable, as nearly equivalent as may be
practicable, in relation to any shares of stock or securities thereafter
deliverable upon the exercise of any Option or (ii) the Option will terminate
immediately prior to the consummation of such proposed transaction. The
Committee or the Board of Directors may, in the exercise of its sole discretion
in such instances, declare that any Option shall terminate as of a date fixed by
the Committee or the Board of Directors and give each Optionee or Transferee, if
applicable, the right to exercise his Option as to all or any part of the
Optioned Stock, including Shares as to which the Option would not otherwise be
exercisable.

         Without limiting the generality of the foregoing, the existence of
outstanding Options granted under the Plan shall not affect in any manner the
right or power of the Company to make, authorize or consummate (i) any or all
adjustments, recapitalizations, reorganizations or other changes in the
Company's capital structure or its business; (ii) any merger or consolidation of
the Company; (iii) any issuance by the Company of debt securities or preferred
or preference stock that would rank above the Shares subject to outstanding
Options; (iv) the dissolution or liquidation of the Company; (v) any sale,
transfer or assignment of all or any part of the assets or business of the
Company; or (vi) any other corporate act or proceeding, whether of a similar
character or otherwise.

         12.      TIME FOR GRANTING OPTIONS. The date of grant of an Option
shall, for all purposes, be the date on which the Committee makes the
determination granting such Option or such later date as the Committee may
specify. Notice of the determination shall be given to each Employee to whom an
Option is so granted within a reasonable time after the date of such grant.

         13.      AMENDMENT AND TERMINATION OF THE PLAN.

                  (a)      Committee Action; Shareholders' Approval. Subject to
applicable laws and regulations, the Committee or the Board of Directors may
amend or terminate the Plan from time to time in such respects as the Committee
or the Board of Directors may deem advisable, without the approval of the
Company"s shareholders.

                  (b)      Effect of Amendment or Termination. No amendment or
termination or modification of the Plan shall in any manner affect any Option
theretofore granted without the consent of the Optionee, except that the
Committee or the Board of Directors may amend or modify the Plan in a manner
that does affect Options theretofore granted upon a finding by the Committee or
the Board of Directors that such amendment or modification is in the best
interest of Shareholders or Optionees.

<PAGE>   9

         14.      CONDITIONS UPON ISSUANCE OF SHARES. Shares shall not be issued
pursuant to the exercise of an Option unless the exercise of such Option and the
issuance and delivery of such Shares pursuant thereto shall comply with all
relevant provisions of law, including, without limitation, the Securities Act of
1933, as amended, the Exchange Act, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange upon which the Shares may
then be listed, and shall be further subject to the approval of counsel for the
Company with respect to such compliance.

         As a condition to the exercise of an Option, the Company may require
the person exercising such Option to represent and warrant at the time of any
such exercise that the Shares are being purchased only for investment and
without any present intention to sell or distribute such Shares if, in the
opinion of counsel for the Company, such a representation is required by any of
the aforementioned relevant provisions of law.

         15.      RESERVATION OF SHARES. The Company, during the term of this
Plan, will at all times reserve and keep available such number of Shares as
shall be sufficient to satisfy the requirements of the Plan. Inability of the
Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company's counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the Company of any
liability in respect of the failure to issue or sell such shares as to which
such requisite authority shall not have been obtained.

         16.      STOCK OPTION AGREEMENT. Options shall be evidenced by written
option agreements in such form as the Board of Directors or the Committee shall
approve.

         17.      SHAREHOLDER APPROVAL. Continuance of the Plan shall be subject
to approval by the shareholders of the Company entitled to vote thereon within
twelve months after the date the Plan is adopted. If such shareholder approval
is obtained at a duly held shareholders' meeting, it may be obtained by the
affirmative vote of the holders of a majority of the outstanding shares of the
Company present or represented and entitled to vote thereon.

         18.      OTHER PROVISIONS. The Stock Option Agreement authorized under
the Plan may contain such other provisions, including, without limitation,
restrictions upon the exercise of the Option, as the Board of Directors or the
Committee shall deem advisable. Any Incentive Stock Option Agreement shall
contain such limitations and restrictions upon the exercise of the Incentive
Stock Option as shall be necessary in order that such option will be an
incentive stock option as defined in Section 422 of the Code.

<PAGE>   10

         19.      INDEMNIFICATION OF COMMITTEE MEMBERS. In addition to such
other rights of indemnification they may have as Directors, the members of the
Committee shall be indemnified by the Company against the reasonable expenses,
including attorneys' fees actually and necessarily incurred in connection with
the defense of any action, suit or proceeding, or in connection with any appeal
thereon, to which they or any of them may be a party by reason of any action
taken or failure to act under or in connection with the Plan or any Option
granted thereunder, and against all amounts paid by them in settlement thereof
(provided such settlement is approved by independent legal counsel selected by
the Company) or paid by them in satisfaction of a judgment in any such action,
suit or proceeding, except in relation to matters as to which it shall be
adjudged in such action, suit or proceeding that such Committee member is liable
for gross negligence or misconduct in the performance of his duties; provided
that within sixty (60) days after institution of any such action, suit or
proceeding a Committee member shall in writing offer the Company the
opportunity, at its own expense, to handle and defend the same.

         20.      NO OBLIGATION TO EXERCISE OPTION. The granting of an Option
shall impose no obligation upon the Optionee to exercise such Option.

         21.      WITHHOLDINGS. The Company and any Subsidiary may, to the
extent permitted by law, deduct from any payments or transfers of any kind due
to an Optionee or Transferee the amount of any federal, state, local or foreign
taxes required by any governmental regulatory authority to be withheld or
otherwise deducted with respect to the Options or the Optioned Stock.

         22.      OTHER COMPENSATION PLANS. The adoption of the Plan shall not
affect any other stock option or incentive or other compensation plans in effect
for the Company or any Subsidiary, nor shall the Plan preclude the Company from
establishing any other forms of incentive or other compensation for employees
and directors of the Company or any Subsidiary.

         23.      SINGULAR, PLURAL; GENDER. Whenever used herein, nouns in the
singular shall include the plural, and the masculine pronoun shall include the
feminine gender.

         24.      HEADINGS, ETC. NO PART OF PLAN. Headings of Articles and
Sections hereof are inserted for convenience and reference; they constitute no
part of the Plan.

         25.      SEVERABILITY. If any provision of the Plan is held to be
invalid or unenforceable by a court of competent jurisdiction, then such
invalidity or unenforceability shall not affect the validity and enforceability
of the other provisions of the Plan and the provision held to be invalid or
unenforceable shall be enforced as nearly as possible according to its original
terms and intent to eliminate such invalidity or unenforceability.

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