Document:

AMENDED SHAREHOLDERS' AGREEMENT AND IRREVOCABLE PROXY

                                       FOR

                       VISTA VACATIONS INTERNATIONAL, INC.

     AGREEMENT,  made and entered into as of the 28th day of September 1999 , by
and among TERI NADLER,  residing at 6645  Northwest  48th Manor,  Coral Springs,
Fla., 33067, and NELLIE TIPPERY, residing at 219 E. Wiser Lake Rd., Lynden Wash.
98264,  JEAN  HICKMAN,  ALICIA  TORREALBA,   collectively  referred  to  as  the
"Shareholders" and Vista Vacations International, Inc., (the "Corporation") with
offices at 5653 NW 29th Street, Margate, FL.

                              W I T N E S S E T H:

     WHEREAS,  the  Corporation  was  incorporated  on November  13, 1998 and is
presently in good standing;  and WHEREAS, the Shareholders desire to provide for
the  contemplated  business  of the  Corporation  and assure the  continuity  of
management of the Corporation and its business,  and in furtherance  thereof, to
place certain  restrictions  on the sale,  transfer or other  disposition of the
shares of the Corporation now owned or hereafter acquired by each of them;

     NOW,  THEREFORE,  in  consideration  of the mutual  promises and  covenants
herein contained, the parties hereby agree as follows:

1.   WHEREAS,  Nellie Tippery had joined the  corporation as shareholder and had
     provided funds necessary to start up the corporation and to provide further
     funds during the  operation of the company  until  financing  was available
     from some third party lender or bank and

     WHEREAS the corporation has borrowed $150,000.00 ONE HUNDRED FIFTY THOUSAND
     DOLLARS from Tippery and having  sought  additional  funds from Tippery and
     being denied those  additional  funds by Tippery and Tippery is not willing
     to  sign  as  a  guarantor  or  obligor  as  a  major  shareholder  of  the
     corporation,  and upon mutual agreement and understanding Tippery agrees to
     re-characterize  her status with the  corporation  and give up her right of
     ownership  to any shares of the  corporation  in  exchange  for any further
     obligation  on her part to provide  further  financing to the company,

     NOW  THEREFORE,  in  consideration  of the mutual  promises  and  covenants
     contained herein, the parties hereby agree that the shareholders  agreement
     and irrevocable proxy dated November 13, 19998, is amended to reflect:

1.   That Nellie  Tippery is no longer a  shareholder  of the  corporation.  But
     merely a creditor.

2.   That the amount lent by Tippery to the  corporation  is One  Hundred  Fifty
     Thousand Dollars $150,000.00 and is due on October 1, 2000.

3.   That said loan amount of One Hundred Fifty  Thousand  $150,000.00  shall be
     secured by the number of shares of stock, which represent 375 shares or not
     less than 25% of the corporation.

4.   That the security  agreement and  Promissory  Note dated  November 13, 1998
     shall be amended to reflect these changes.

5.   That Nellie  Tippery  shall no longer have any voting rights in the company
     or  any  other  rights   associated   with  being  a  shareholder  of  said
     corporation.  As such Tippery waives any notices or procedural requirements
     that were  implied  or  express in such  Shareholders  Security  and Pledge
     agreement.

                                      200
<PAGE>

6.   As  further  consideration  to Tippery  provided  by the  Corporation,  the
     corporation  agrees to convey upon  Tippery  the right of first  refusal to
     purchase  the 25% or 375  shares of the  Corporation  that  Tippery  has as
     security for her loan. The right of first refusal  applies to any bona fide
     offer made in written  form from a third  party  purchaser.  In such event,
     Tippery is granted the additional right to be given a credit for any monies
     including  applicable  interest  due to  Tippery  at the time such offer is
     made. Therefore, as an example if a John Q. Investor was to offer $250,000.
     For the 375  shares  which  are set  aside  by the  Corporation  to  secure
     Tippery's loan, Tippery may have the right to purchase those same shares at
     the same terms and conditions and would be given a credit of  approximately
     $150,000, which is the amount that is currently Tippery's loan balance with
     the Corporation. Therefore in the above example, Tippery would only have to
     pay to the  Corporation  approximately  $100,000  in  additional  funds  to
     purchase  those shares.

7.   Tippery  hereby  acknowledges  that she has the right to  counsel to review
     this document, and has either done so, or has waived her right to do so.

2.   Counterparts.  This Agreement maybe executed in any number of counterparts,
     each of which shall be an original,  but all of which taken  together shall
     constitute one and the same instrument.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
executed as of the day and year first above written.

                                            VISTA VACATIONS INTERNATIONAL, INC.,

[corporate seal]

By: /s/ Teri Nadler

By: /s/ Jean Hickman

By: /s/ Alicia Torrealba

By:  /s/ Nellie Tippery

                                       201Ugell Law Firm, P.C.
                         Attorneys and Counselors at Law
                              155 North Main Street
                               New City, New York
                               Tel (914) 639-7011
                              Fax (914) 639 - 7088

January 20,  2000

Nellie Tippery
219 East Wiser Lake Road
Lynden, Washington 98264

                  SENT VIA FACSIMILE TO 360-354-0630 & US MAIL

Dear Ms. Tippery:

In  accordance  with the telephone  conference  discussion  yesterday  with Teri
Nadler,   Jean  Hickman,   Alicia   Torrealba  and  myself  of  Vista  Vacations
International,   Inc,  please  allow  this  correspondence  to  memorialize  our
understanding.

So as to allow for the continued orderly  operation of Vista and including,  but
not limited to the attempt to sell  additional  shares of company stock to third
parties  you have  agreed to release  your  security  interest in said shares of
vista Vacations  International,  Inc. By signing below you authorize this office
to eliminate said security interest on the books and records of the company.

To reiterate,  you are the creditor on a promissory  note with Vista whereby you
have loaned $180,000 to the company as startup capital with applicable  interest
due and payable on November 1, 2000. Allow this  correspondence  to serve to you
as an estoppel with regard to said loan.

Please fax back this agreement  signed by you at the space provided  below,  and
send a back an original to this office at your first opportunity, as I have some
meetings with potential  investors and would need this document in hand in order
to close any transactions.

As all ways  should you have any  questions  or  comments,  please  feel free to
contact this office.

Very truly yours,

/s/ Scott B. Ugell

Ugell Law Firm, P.C.
By:Scott B. Ugell
Vice-President & General Counsel Vista Vacations International, Inc.
cc: Teri Nadler @ Vista 954-975-8447

Above text is agreed to and accepted

/s/ Nellie R. Tippery
-------------
Nellie Tippery
Dated January_ __,2000

                                      202SECURITY AND PLEDGE AGREEMENT

     THIS  AGREEMENT  made as of November 14, 1998, by and among NELLIE  TIPPERY
residing at 219 E. Wiser Lake Rd. Lynden Wash.  98264  (TIPPERY),  JEAN HICKMAN,
residing at 3780 SW 19 th Street, Fort Lauderdale,  FL 33312, (HICKMAN),  ALICIA
TORREALBA,  residing at 1965 South Ocean Drive,  Apartment 2J,  Hallandale,  Fl.
33309, (TORREALBA), and VISTA VACATIONS INTERNATIONAL. INC., conducting business
at 6645 Northwest 48th Manor, Coral Springs, Fl. 33067 (VISTA)

                                    RECITALS

     Whereas,  TIPPERY,  HICKMAN,  and TORREALBA are Members of VISTA  VACATIONS
INTERNATIONAL INC., and are parties to that certain Shareholders Agreement dated
as of  November  13,  1998,  whereunder  TIPPERY  has  lent to  VISTA  VACATIONS
INTERNATIONAL  INC, the sum of  $100,000.00  as and for working  capital for the
conduct of its business (the "VISTA VACATIONS INTERNATIONAL LOAN"); and,

     WHEREAS,  VISTA  VACATIONS  INTERNATIONAL,  INC., has executed a promissory
note to repay the VISTA VACATIONS  INTERNATIONAL  LOAN and a security  agreement
and  financing to  collateralize  said loan;  and,

     WHEREAS,  NADLER  as  majority  shareholder  and  CEO  of  VISTA  VACATIONS
INTERNATIONAL,  INC., and as parties to that certain  Shareholders  Agreement of
even date,  whereunder TIPPERY has lent VISTA VACATIONS  INTERNATIONAL INC., the
sum of  $100,000.00  for which  collateral is given as security  hereunder  (the
VISTA LOAN) and

     WHEREAS  NADLER  as  majority   shareholder  and  CEO,  on  behalf  of  the
corporation,  VISTA VACATIONS  INTERNATIONAL,  INC., has executed the promissory
note to repay the VISTA VACATIONS INTERNATIONAL,  Inc. LOAN and to collateralize
the said loan hereunder.

     NOW THEREFORE, in consideration of the foregoing premises and of the mutual
promises herein set forth, the parties agree as follows:

1.   Secured Obligations.  The obligations of VISTA VACATIONS  INTERNATIONAL for
     which  Collateral  is  held  hereunder  ("Secured   Obligations")  are  the
     Promissory Notes annexed hereto collectively as Exhibit "A".

2.   Collateral. Contemporaneously herewith, VISTA VACATIONS INTERNATIONAL, INC.
     has  delivered  to  TIPPERY  the  stock   certificate  and  certificate  of
     ownership,  listed below,  each representing the indicated number of shares
     of  the  capital  stock  of  VISTA  VACATIONS  INTERNATIONAL  INC.,  (Share
     Certificate")  together  with a stock  power  for  each  Share  Certificate
     executed in blank with the  ownership  interest of HICKMAN,  TORREALBA  and
     VISTA VACATIONS INTERNATIONAL.,  ("Certificate of Ownership") together with
     a duly  executed  assignment  and  power  of  transfer  executed  in  blank
     (collectively the "Transfer  Powers") The Share Certificate and Certificate
     of Ownership and  accompanying  Transfer  Powers are sometimes  hereinafter
     referred to as "Collateral Documents", and the shares of stock evidenced by
     the  Share  Certificate  and  the  ownership   interest  evidenced  by  the
     Certificate of Ownership as "Collateral". The Collateral shall also include
     all  distributions  of cash and other property which may be made in respect
     of the existing and future Collateral, including stock dividends as well as
     all  securities  of any nature which may be issued in exchange  therefor by
     reason of any stock split, reorganization, merger recapitalization or other
     event  all  of  which  shall  be  received  in  trust  by  VISTA  VACATIONS
     INTERNATIONAL (if VISTA VACATIONS INTERNATIONAL should come into possession
     of the same) and to be delivered promptly to TIPPERY together with executed
     stock powers,  assignments or other  appropriate  instruments to facilitate
     their transfer in the event of default.

                                      203

<PAGE>

     The  Collateral  Documents  delivered to TIPPERY  consist of the  following
Share Certificate and Certificate of Ownership together with Transfer Powers:

Certificate Number              Number of Shares        Ownership Interest
1                               20                                  1.333
2                               20                                  1.333
3                               320                                  21.33

3.   Grant of Security Interest.  VISTA VACATIONS  INTERNATIONAL,  INC., HICKMAN
     and  TORREALBA  hereby  grants  to  TIPPERY  a  security  interest  in  the
     Collateral,  present  and  future,  to secure  due and prompt  payment  and
     performance of the Secured Obligations.  TIPPERY and any officer or Member,
     as  the  case  may  be,  are  irrevocably  authorized  by  VISTA  VACATIONS
     INTERNATIONAL,  INC. to  complete  the  Transfer  Powers in order to effect
     transfer  of  Collateral  in the event of a breach or default in respect of
     the Secured Obligations.

4.   Default.  In the event of a default in respect of the Secured  Obligations,
     in addition to any and all other available remedies, TIPPERY shall have the
     right to sell so much of the  Collateral  as shall be  necessary to pay all
     costs and expenses and to satisfy the Secured Obligations.  The proceeds of
     sale or disposition of the Collateral shall be applied as follows:

     First,  toward payment of all costs of taking possession of and selling the
     Collateral.  Second, to pay in full all amounts due by reason of the breach
     or default with respect to the Secured Obligations or any of them.

     Third, the balance, and the remaining Collateral  Documents,  if any, shall
     be  refunded  and  returned to VISTA  VACATIONS  INTERNATIONAL,  INC.  upon
     receipt of an unqualified general release.

5.       Procedure Following Default.

A.        TIPPERY shall notify VISTA VACATIONS INTERNATIONAL,  INC., HICKMAN and
          TORREALBA  in  writing  of any  breach or default on the part of VISTA
          VACATIONS INTERNATIONAL, INC. with respect to any Secured Obligations,
          stating the nature of the breach or default ("Default Notice"). Unless
          TIPPERY shall receive notice from VISTA VACATIONS INTERNATIONAL,  INC.
          within ten (10)  business  days after  receipt of the Default  Notice,
          contesting the existence of the default and  specifically  stating the
          basis for such objection,  TIPPERY shall have the right,  immediately,
          to liquidate or otherwise  realize on the  Collateral.  TIPPERY  shall
          have the right to sell or dispose of the  Collateral in any lawful and
          commercially  reasonable manner consistent with applicable  provisions
          of the  Uniform  Commercial  Code as in  effect  in the  State  having
          Jurisdiction over the Collateral, at a public or private sale pursuant
          to prior  written  notice to VISTA  VACATIONS  INTERNATIONAL,  INC. of
          fifteen  (15) days or more.  TIPPERY  shall have the right to purchase
          all or any part of the  Collateral  at any such public sale,  with the
          same force and effect as if TIPPERY  were a  disinterested  purchaser.
          The  process of the sale  shall be applied  pursuant  to  Paragraph  4
          hereof. If the net proceeds from sale of the Collateral, after payment
          of expenses as provided in Paragraph 4, shall be  insufficient  to pay
          and  discharge  the  Secured   Obligation  in  full,  VISTA  VACATIONS
          INTERNATIONAL, INC. shall remain liable for the deficit.

                                      204

<PAGE>

B.        If TIPPERY shall receive a notice from VISTA VACATIONS  INTERNATIONAL,
          INC.  within five (5) business days after receipt of a Default Notice,
          setting  forth a bona fide and good  faith  basis for  contesting  the
          Default Notice, as hereinabove provided,  TIPPERY shall defer its sale
          or  liquidation  of the Collateral for a period of twenty (20) days to
          permit  VISTA  VACATIONS  INTERNATIONAL,  INC.  to  commence  judicial
          proceedings. IF VISTA VACATIONS INTERNATIONAL,  INC. shall succeed, by
          judicial proceedings or otherwise, in delaying the liquidation or sale
          of Collateral, VISTA VACATIONS INTERNATIONAL, INC. shall be liable for
          interest during the period form the time of her notice  contesting the
          default  until  payment  of the  damages  at a rate equal to four (4%)
          percent  above the "prime"  rate as set forth on that day as published
          in The Wall Street Journal.

6.   VISTA  VACATIONS  INTERNATIONAL,  INC.'S  Representations,  VISTA VACATIONS
     INTERNATIONAL, INC. makes the following representations to TIPPERY:

     A.   VISTA VACATIONS INTERNATIONAL, INC. owns and holds the Collateral free
          and clear of any and all liens,  claims and security  interests of any
          nature  whatsoever  other  than the  security  interested  granted  to
          TIPPERY hereunder

     B.   VISTA  VACATIONS  INTERNATIONAL,   INC.  has  unrestricted  power  and
          authority  to enter into this  Agreement  and o deliver and pledge the
          Collateral  and perform their  obligations  pursuant to this Agreement
          and such acts by VISTA  VACATIONS  INTERNATIONAL,  INC. do not violate
          any  law,  rule,  regulation,  order,  injunction  or  decree  by  any
          governmental  body or agency or of any  Court,  nor any  agreement  to
          which VISTA VACATIONS INTERNATIONAL, INC. is a party or by which VISTA
          VACATIONS  INTERNATIONAL,  INC. or the  collateral  are bound.  C. The
          Collateral  is  duly  and  validly  issued  and  outstanding  and  non
          assessable.  Upon lawful sale of the  Collateral  or any part  thereof
          following default TIPPERY is duly authorized and empowered to transfer
          and will have transferred good title to the purchaser(s)  thereof free
          of all claims liens and security interests.

7.   Notices. Notices hereunder shall be given by certified mail, return receipt
     requested,  or by overnight  mail or Federal  Express or similar  overnight
     delivery service by a reputable carrier which obtains and provides delivery
     receipts,  addressed to the parties at their respective addresses set forth
     at the head of this agreement or at such  substituted  address as any party
     may from time to time  designate  for such  purpose by notice given in like
     manner to the other(s).

8.   Counterparts.  This Agreement may be executed in any number of counterparts
     and may either  contain  original  signatures or  facsimile(s)  or original
     signatures with the same effect as if all parties hereto had all signed the
     same  document.  All  counterparts  will be  construed  together  and  will
     continue one (1) agreement.

9.   Binding  Effect,  This  Agreement,  and the rights and  obligations  of the
     parties  arising  hereunder  shall be binding  upon and shall  inure to the
     benefit of the parties and their respective heirs, administrators, personal
     representatives and assigns

                                      205
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement or have caused
their duly  authorized  officers to execute  this  Agreement  and to affix their
seals hereunto as of the day and year first above written.

WITNESS
                                                        /s/ Teri Nadler
----------                                              ------------------
                                             VISTA VACATIONS INTERNATIONAL, INC.

----------                                              ------------------
                                                          NELLIE TIPPERY

                                                        /s/ Jean Hickman
                                                        ----------------
                                                           JEAN HICKMAN

                                                        /s/ Alicia Torrealba
                                                          -----------------
                                                           ALICIA TORREALBA

EXHIBIT "A"

Promissory Note from VISTA VACATIONS INTERNATIONAL, INC. to NELLIE TIPPERY dated
November 13, 1998

Promissory  Note from JEAN HICKMAN to NELLIE TIPPERY dated November 13, 1998

Promissory Note from ALICIA TORREALBA to NELLIE TIPPERY dated November 13, 1998

                                      206

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00004-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00004-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00004-of-00352.parquet"}]]