Document:

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                                                                     EXHIBIT 4.4

                                   F&M BANCORP
                         RESTATED 1983 STOCK OPTION PLAN

1.      PURPOSES OF THE PLAN:

                To advance the interests of the Corporation and its subsidiaries
by assisting in attracting and retaining qualified employees and providing them
with increased motivation to exert their best efforts on behalf of the
Corporation and its subsidiaries.

2.      ADMINISTRATION:

                The Plan shall be administered by a committee (the "Committee")
consisting of not less than three directors of the Corporation to be appointed
by and to serve during the pleasure of the Board of Directors. None of the
Committee members shall be eligible to participate in the Plan nor, during one
year prior to service as a member of the Committee, shall have been granted or
awarded equity securities pursuant to the Plan or any other plan of the
Corporation or any of its affiliates except as permitted by Rule 16b-3 under the
Securities Exchange Act of 1934. The Committee shall select the particular
employees to receive options from among the senior management of the Corporation
and its subsidiaries and shall make all decisions concerning the timing, pricing
and amount of options to be granted. The Committee shall have full power to
construe and interpret the Plan and to promulgate such regulations with respect
to the Plan as it may deem desirable. The Committee shall report its
deliberations to the Board of Directors.

3.      STOCK SUBJECT TO OPTION:

                The shares to be issued upon exercise of options to be granted
under the Plan shall be 460,000 shares of the Common Stock (par value $5.00 per
share) of the Corporation (the "Common Stock") to be authorized by stockholders
for issuance under the Plan. If any unexercised option terminates for any
reason, the shares covered thereby shall become available for grant of an option
again.

4.      ELIGIBILITY:

                The individuals who shall be eligible to participate in the Plan
shall be such key employees (including officers and directors who are employees)
of the Corporation, or of any corporation (a "Subsidiary") in which the
Corporation has a proprietary interest by reason of stock ownership, including
any corporation in which the Corporation acquires a proprietary interest after
the adoption of this Plan (but only if the Corporation owns or controls,
directly or indirectly, stock possessing not less than 50% of the total combined
voting power of all classes of stock in such corporation), as the Board of
Directors shall determine from time to time.

5.      TERMS AND CONDITIONS OF OPTIONS:

                Options under this Plan are intended to be either incentive
options qualifying under Section 422A of the Internal Revenue Code of 1986, as
amended (the "Internal Revenue Code") or non-statutory options not qualifying
under any section of the Internal Revenue Code as the Committee may recommend in
its discretion from time to time. All options granted under this Plan shall be
issued upon such terms and conditions as the Committee may recommend and the
Board of Directors may approve from time to time, subject to the following
provisions (which shall apply to both incentive and non-qualified stock options
unless otherwise indicated:

                        (a)     Option Price. The option price per share with
                respect to each option shall be not less than: (i) for incentive
                stock options, 100% of the fair market value of the Common Stock
                on the date the option is granted; and (ii) for non-qualified
                stock options, 85% of the

<PAGE>

                fair market value of the Common Stock on the date the option is
                granted.

                        (b)     Number of Options. No employee shall be granted
                options for more than 5,000 shares of Common Stock in any one
                year. The Corporation can grant an employee incentive stock
                options to acquire Common Stock of any value, provided that the
                fair market value (determined at the date of grant) of the stock
                subject to one or more incentive stock options (under this Plan
                and all other plans of the Corporation and its subsidiaries)
                first exercisable in any one calendar year does not exceed
                $100,000 (determined at the date of grant). No options may be
                granted to any person who directly or indirectly owns
                immediately prior to or immediately after the grant, in excess
                of 10% of the Corporation's outstanding Common Stock.

                        (c)     Exercise of Options.

                                (i) Except as provided in paragraph (ii) below,
                full payment for shares acquired shall be made in cash or by
                certified check at or prior to the time that an option, or any
                part thereof, is exercised. The participant will have no rights
                as a stockholder until the certificate for those shares as to
                which the option is exercised has been issued by the
                Corporation. No option may be exercised during the first year
                from the date of grant. Thereafter, options for 200 shares or
                less shall be exercisable in full. Options for more than 200
                shares shall be exercisable to the extent of 25% after the
                expiration of one year from the date of grant, to the extent of
                50% after the expiration of two years from the date of grant, to
                the extent of 75% after the expiration of three years from the
                date of grant, and to the extent of 100% after the expiration of
                four years from the date of grant.

                                (ii) In the discretion of the Committee, the
                option price of an option may be payable through the delivery of
                shares of Common Stock with a value equal to the option price or
                in a combination of cash and Common Stock with a value equal to
                the option price.

                                (iii) An incentive stock option granted on or
                before December 31, 1986 may not be exercised by an individual
                at any time while a previously granted incentive stock option
                remains outstanding. This restriction shall not apply to
                incentive stock options granted after December 31, 1986.

                        (d)     Term of Option.

                                (i) No incentive stock option shall be granted
                for a term of more than 10 years from the date such option is
                granted.

                                (ii) No non-qualified stock option shall be
                granted for a term of more than 10 years from the date such
                option is granted.

                        (e)     Termination of Employment. Each option, to the
                extent that it shall not have been exercised, shall terminate
                when the employment of the participant by the Corporation
                terminates, unless the employment terminates because of
                retirement, voluntary resignation with the consent of the Board
                of Directors or because of death or

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                incapacity or because of retirement under the Corporation's
                retirement plan. If the employment terminates because of
                retirement under the retirement plan of the Corporation or a
                subsidiary, the option shall terminate upon the expiration of
                three months after the employment terminates in the case of
                incentive stock options and upon the expiration of six months
                after the employment terminates in the case of non-qualified
                stock options. If the employment terminates because of voluntary
                resignation with the consent of the Board of Directors or
                because of incapacity, the option shall terminate upon the
                expiration of three month after the employment terminates. If
                the employment terminates because of death, the option shall
                terminate upon expiration of one year after the date of death.
                Nothing in this paragraph shall operate to extend the term of
                the option beyond the term stated in the agreement granting the
                option or to accelerate the period during which portions of the
                option may be exercised.

                        (f)     Option Nonassignable and Nontransferable. Each
                option and all rights thereunder, including the right to
                surrender the option, shall be nonassignable and nontransferable
                other than by will or the laws of descent and distribution and
                shall be exercisable during the optionee's lifetime only by the
                optionee or his or her guardian or legal representative.

6.      SURRENDER OF OPTIONS FOR CASH:

                Any option granted under the plan may include a right to
surrender to the corporation up to 50% of the option to the extent then
exercisable and receive in exchange a cash payment equal to the excess of the
fair market value of the shares covered by the option or portion thereof
surrendered over the aggregate option price of such shares. For the purposes of
this paragraph, fair market value shall be determined by the committee. Such
right may be granted by the board of directors upon recommendation of the
committee concurrently with the option or thereafter by amendment upon such
terms and conditions as the Committee may recommend. Shares subject to option or
portion thereof that have been so surrendered shall not thereafter be available
for option grants under the Plan. The Committee may from time to time recommend
to the Board of Directors the maximum amount of cash that may be paid upon
surrender of options in any year, may determine that, if the amount to be
received by any optionee is reduced in any year because of such limitation, all
or a portion of the amount not paid may be paid in any subsequent year or years,
and may limit the right of surrender to certain periods during the year.

7.      PAYROLL DEDUCTIONS:

                In the discretion of the Committee, there may be made available
to optionees an election for the payroll deduction each pay period over the term
of the option of amounts equal to the aggregate exercise price of any or all of
such options (and estimated federal income taxes thereon). Interest will be paid
on payroll deductions at rates prescribed from time to time by the Board of
Directors upon recommendation of the Committee.

<PAGE>

8.      ADJUSTMENTS UPON CHANGES IN CAPITALIZATION:

                If the outstanding shares of the Common Stock are increased,
decreased, or changed into, or exchanged for a different number or kind of
shares or securities of the Corporation, without receipt of consideration by the
Corporation, through reorganization, merger, statutory share exchange,
recapitalization, reclassification, stock split-up, stock dividend, stock
consolidation, or otherwise, an appropriate and proportionate adjustment shall
be made in the number and kind of shares as to which options may be granted. A
corresponding adjustment in the price per share allocated to unexercised
options, or portions thereof, which shall have been granted prior to any such
change shall likewise be made. Any such adjustment, however, in an outstanding
option shall be made without change in the total price applicable to the
unexercised portion of the option but with a corresponding adjustment in the
price for each share subject to the option. Adjustments under this section shall
be made by the Board of Directors, whose determination as to what adjustments
shall be made, and the extent thereof, shall be final and conclusive. No
fractional shares of Common Stock shall be issued under the Plan on account of
any such adjustment.

                In the event of a reorganization, merger, consolidation, share
exchange, sale of substantially all of the assets, or any other form of
corporate reorganization in which the Corporation is not the surviving entity,
all options in effect at the time will terminate as of the effective date of the
transaction. The surviving entity in its absolute and uncontrolled discretion,
may tender an option or options to purchase shares on its terms and conditions,
both as to the number of shares or otherwise, which shall substantially preserve
the rights and benefits of any option then outstanding hereunder.

9.      OPTIONS IN SUBSTITUTION FOR STOCK OPTIONS GRANTED BY OTHER CORPORATIONS:

                Options may be granted under the plan from time to time in
substitution for stock options held by employees of corporations who become or
are about to become key employees of the Corporation or a subsidiary of the
Corporation as the result of a merger or consolidation of the employing
corporation with the Corporation or a subsidiary, or the acquisition by the
corporation or a subsidiary of the assets of the employing corporation, or the
acquisition by the Corporation or a subsidiary of stock of the employing
corporation as the result of which it becomes a subsidiary of the Corporation.
The terms and conditions of the substitute options so granted may vary from the
terms and conditions set forth in paragraph 5 of this Plan to such extent as the
Board of Directors at the time of grant may deem appropriate to conform, in
whole or in part, to the provisions of the options in substitution for which
they are granted.

10.     EFFECTIVE DATE OF THE PLAN:

                The Plan shall become effective upon approval by the Board of
Directors, subject to approval by the stockholders of the Corporation.

11.     TERMINATION DATE:

                No options may be granted under the Plan after December 6, 1998.
Subject to Section 5(d), options granted before the termination date for the
Plan may extend beyond that date.

12.     AMENDMENT OF THE PLAN

                The Plan may be amended by the Board of Directors; however, no
amendment to the Plan materially increasing the benefits accruing to
participants or materially increasing the number of shares of common stock that
may be issued upon the exercise or surrender of stock options under the Plan
(except adjustments pursuant to the first paragraph of Section 8) or materially
modifying any requirements as to eligibility for participation in the Plan shall
be effective unless approved by the stockholders of the Corporation.<PAGE>

                                                                     EXHIBIT 4.5

                                   F&M BANCORP
                             1995 STOCK OPTION PLAN

1.      PURPOSES OF THE PLAN:

        To advance the interests of the Corporation and its subsidiaries by
assisting in attracting and retaining qualified employees and providing them
with increased motivation to exert their best efforts on behalf of the
Corporation and its subsidiaries.

2.      ADMINISTRATION:

        The Plan shall be administered by a committee (the "Committee")
consisting of not less than three directors of the Corporation to be appointed
by and to serve during the pleasure of the Board of Directors. The Committee
shall consist only of "disinterested persons" as that term is defined in Rule
16b-3 of the Securities Exchange Act of 1934 (the "Exchange Act"). None of the
Committee members shall be eligible to participate in the Plan nor, during one
year prior to service as a member of the Committee, shall have been granted or
awarded equity securities pursuant to the Plan or any other plan of the
Corporation or any of its affiliates except as permitted by Rule 16b-3 under the
Exchange Act. The Committee shall select the particular employees to receive
options from among the senior management of the Corporation and its subsidiaries
and shall make all decisions concerning the timing, pricing and amount of
options to be granted. The Committee shall have full power to construe and
interpret the Plan and to promulgate such regulations with respect to the Plan
as it may deem desirable. The Committee shall report its deliberations to the
Board of Directors.

3.      STOCK SUBJECT TO OPTION:

        The shares to be issued upon exercise of options to be granted under the
Plan shall be 157,500 shares of the Common Stock (par value $5.00 per share) of
the Corporation (the "Common Stock") to be authorized by stockholders for
issuance under the Plan. In addition, any shares of Common Stock remaining
available for grant under the Corporation's Restated 1983 Stock Option Plan or
that become available for grant under such plan shall be available for grant
under this Plan. If any unexercised option terminates for any reason, the shares
covered thereby shall become available for grant of an option again.

4.      ELIGIBILITY:

        The individuals who shall be eligible to participate in the Plan shall
be such key employees (including officers and directors who are employees) of
the Corporation, or of any corporation (a "Subsidiary") in an unbroken chain of
corporations including the Corporation if, at the time of the granting of the
option, each of the corporations other than the last corporation in the unbroken
chain owns stock possessing 50% or more of the total combined voting power of
all classes of stock in one or more of the other corporations in such chain.

5.      TERMS AND CONDITIONS OF OPTIONS:

        Options under this Plan are intended to be either incentive options
qualifying under Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code") or non-statutory options not qualifying under any section of the
Code as the Committee may recommend in its discretion from time to time. All
options granted under this Plan shall be issued upon such terms and conditions
as the Committee may recommend and the Board of Directors may approve from time
to time, subject to the following provisions (which shall apply to both
incentive and non-qualified stock options unless otherwise indicated):

                (a)     Option Price. The option price per share with respect to
                each option shall be not less than: (i) for incentive stock
                options, 100% of the fair market value of the Common Stock on
                the date the option is granted;

<PAGE>

                and (ii) for non-qualified stock options, 85% of the fair market
                value of the Common Stock on the date the option is granted.

                (b)     Number of Options. No employee shall be granted options
                for more than 5,000 shares of Common Stock in any one year. The
                Corporation can grant an employee incentive stock options to
                acquire Common Stock of any value, provided that the fair market
                value (determined at the date of grant) of the stock subject to
                one or more incentive stock options (under this Plan and all
                other plans of the Corporation and its subsidiaries) first
                exercisable in any one calendar year does not exceed $100,000
                (determined at the date of grant). If any incentive stock option
                granted under this Plan would cause such dollar limit to be
                exceeded, then the excess portion of the incentive stock option
                shall become exercisable in the next or succeeding calendar year
                in which its exercisability would not violate the dollar
                limitation. No options may be granted to any person who directly
                or indirectly owns immediately prior to or immediately after the
                grant, in excess of 10% of the Corporation's outstanding Common
                Stock. No option shall be an incentive stock option unless so
                designated by the Committee at the time of grant.

                (c)     Exercise Options.

        (i) Except as provided in paragraph (ii) below, full payment for shares
acquired shall be made in cash or by certified check at or prior to the time
that an option, or any part thereof, is exercised. The participant will have no
rights as a stockholder until the certificate for those shares as to which the
option is exercised has been issued by the Corporation. No option may be
exercised during the first year from the date of grant. Thereafter, options for
200 shares or less shall be exercisable in full. Options for more than 200
shares shall be exercisable to the extent of 25% after the expiration of one
year from the date of grant, to the extent of 50% after the expiration of two
years from the date of grant, to the extent of 75% after the expiration of three
years from the date of grant, and to the extent of 100% after the expiration of
four years from the date of grant. The Committee may accelerate the time at
which any option may be exercised, and may impose resale restrictions on all or
a portion of the shares delivered upon exercise of any option.

                        (ii) In the discretion of the Committee, the option
                price of an option may be payable through the delivery of shares
                of Common Stock with a value equal to the option price or in a
                combination of cash and Common Stock with a value equal to the
                option price.

                (d)     Term of Option.

                        (i) No incentive stock option shall be granted for a
                term of more than 10 years from the date such option is granted.

                        (ii) No non-qualified stock option shall be granted for
                a term of more than 10 years from the date such option is
                granted.

                (e)     Termination of Employment. Each option, to the extent
                that it shall not have been exercised, shall terminate when the
                employment of the participant by the Corporation terminates,
                unless the employment terminates because of retirement,
                voluntary resignation with the consent of the Board of Directors
                or because of death or total disability or because of retirement
                under the Corporation's retirement plan. If the employment

<PAGE>

                terminates because of retirement under the retirement plan of
                the Corporation or a subsidiary, the option shall terminate upon
                the expiration of three months after the employment terminates
                in the case of incentive stock options and upon the expiration
                of six months after the employment terminates in the case of
                non-qualified stock options. If the employment terminates
                because of voluntary resignation with the consent of the Board
                of Directors, the option shall terminate upon the expiration of
                three months after the employment terminates. If the employment
                terminates because of total disability, the option shall
                terminate upon the expiration of one year after the employment
                terminates. If the employment terminates because of death, the
                option shall terminate upon its normal expiration date. Nothing
                in this paragraph shall operate to extend the term of the option
                beyond the term stated in the agreement granting the option or
                to accelerate the period during which portions of the option may
                be exercised.

                (f)     Option Nonassignable and Nontransferable. Each option
                and all rights thereunder, including the right to surrender the
                option, shall be nonassignable and nontransferable other than by
                will or the laws of descent and distribution or pursuant to a
                qualified domestic relations order as defined by the Code or
                Title I of the Employee Retirement Income Security Act, or the
                rules thereunder. The designation of a beneficiary by a
                participant in the Plan does not constitute a transfer. Options
                shall be exercisable during the optionee's lifetime only by the
                optionee or his or her guardian or legal representative.
                Notwithstanding the foregoing restrictions, in the event that
                Rule 16b-3 promulgated under the Securities Exchange Act of 1934
                is amended to permit further assignment or transfer of options,
                such assignments or transfers shall be permissible under the
                Plan.

6.      SURRENDER OF OPTIONS FOR CASH:

        Any option granted under the Plan may include a right to surrender to
the corporation up to 50% of the option to the extent then exercisable and
receive in exchange a cash payment equal to the excess of the fair market value
of the shares covered by the option or portion thereof surrendered over the
aggregate option price of such shares. For the purposes of this paragraph, fair
market value shall be determined by the Committee. Such right may be granted by
the Board of Directors upon recommendation of the Committee concurrently with
the option or thereafter by amendment upon such terms and conditions as the
Committee may recommend. Shares subject to an option or portion thereof that
have been so surrendered shall not thereafter be available for option grants
under the Plan. The Committee may from time to time recommend to the Board of
Directors the maximum amount of cash that may be paid upon surrender of options
in any year, may determine that, if the amount to be received by any optionee is
reduced in any year because of such limitation, all or a portion of the amount
not paid may be paid in any subsequent year or years, and may limit the right of
surrender to certain periods during the year.

<PAGE>

7.      PAYROLL DEDUCTIONS:

        In the discretion of the Committee, there may be made available to
optionees an election for the payroll deduction each pay period over the term of
the option of amounts equal to the aggregate exercise price of any or all of
such options (and estimated federal income taxes thereon). Interest will be paid
on payroll deductions at rates prescribed from time to time by the Board of
Directors upon recommendation of the Committee.

8.      ADJUSTMENTS UPON CHANGES IN CAPITALIZATION:

        If the outstanding shares of the Common Stock are increased, decreased,
or changed into, or exchanged for a different number or kind of shares or
securities of the Corporation, without receipt of consideration by the
Corporation, through reorganization, merger, statutory share exchange,
recapitalization, reclassification, stock split-up, stock dividend, stock
consolidation, or otherwise, an appropriate and proportionate adjustment shall
be made in the number and kind of shares as to which options may be granted. A
corresponding adjustment in the price per share allocated to unexercised
options, or portions thereof, which shall have been granted prior to any such
change shall likewise be made. Any such adjustment, however, in an outstanding
option shall be made without change in the total price applicable to the
unexercised portion of the option but with a corresponding adjustment in the
price for each share subject to the option. Adjustments under this section shall
be made by the Board of Directors, whose determination as to what adjustments
shall be made, and the extent thereof, shall be final and conclusive. No
fractional shares of Common Stock shall be issued under the Plan on account of
any such adjustment.

        In the event of a reorganization, merger, consolidation, share exchange,
sale of substantially all of the assets, or any other form of corporate
reorganization in which the Corporation is not the surviving entity, all options
in effect at the time will terminate as of the effective date of the
transaction. The surviving entity in its absolute and uncontrolled discretion,
may tender an option or options to purchase shares on its terms and conditions,
both as to the number of shares or otherwise, which shall substantially preserve
the rights and benefits of any option then outstanding hereunder.

9.      OPTIONS IN SUBSTITUTION FOR STOCK OPTIONS GRANTED BY OTHER CORPORATIONS:

        Options may be granted under the Plan from time to time in substitution
for stock options held by employees of corporations who become or are about to
become key employees of the Corporation or a subsidiary of the Corporation as
the result of a merger or consolidation of the employing corporation with the
Corporation or a subsidiary, or the acquisition by the Corporation or a
subsidiary of the assets of the employing corporation, or the acquisition by the
Corporation or a subsidiary of stock of the employing corporation as the result
of which it becomes a subsidiary of the Corporation. The terms and conditions of
the substitute options so granted may vary from the terms and conditions set
forth in paragraph 5 of this Plan to such extent as the Board of Directors at
the time of grant may deem appropriate to conform, in whole or in part, to the
provisions of the options in substitution for which they are granted.

10.     EFFECTIVE DATE OF THE PLAN:

        The Plan shall become effective upon approval by the Board of Directors,
subject to approval by the stockholders of the Corporation.

11.     TERMINATION DATE:

        No options may be granted under the Plan after December 31, 2000.
Subject to Section 5(d), options granted before the termination date for the
Plan may extend beyond that date.

<PAGE>

12.     STOCK OPTION AGREEMENTS AND COMMON STOCK RECEIVED UPON EXERCISE:

        (a)     Stock Option Agreement. Options awarded to participants under
the Plan shall be evidenced by a stock option agreement (the "Agreement"). Each
Agreement shall designate the number of shares of Common Stock to be acquired by
the participant upon exercise of the stock option and the price per share at
which the option may be exercised, subject to any adjustment as provided herein.
Each Agreement shall be executed by the Corporation and by the participant,
shall be binding upon each of them, and may be executed in separate
counterparts, each of which shall be deemed to be an original and all of which
taken together constitute one and the same agreement.

        (b)     Restriction on Exercise: The stock options granted hereunder may
not be exercised if the issuance of the Common Stock upon such exercise or the
method of payment of consideration for such Common Stock would constitute a
violation of any applicable federal or state securities or other law or
regulation. As a condition to the exercise of any stock option granted
hereunder, the Corporation may require the participant to make any
representation and warranty to the Corporation as may be required or advisable
under any applicable law or regulation.

        (c)     Restricted Stock. If the shares of Common Stock that will be
received upon the exercise of stock options granted under the Plan have not been
registered under the Securities Act of 1933 or any applicable state securities
laws they will be restricted stock. The certificates representing such shares of
Common Stock will bear the following legend:

        THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE (THE
        "SHARES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED (THE "ACT") AND HAVE BEEN ISSUED PURSUANT TO EXCEPTIONS UNDER
        THE ACT AND UNDER APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE
        SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
        REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SHARES UNDER SUCH
        ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
        REGISTRATION IS NOT REQUIRED UNDER THE ACT OR UNDER APPLICABLE STATE
        SECURITIES LAWS OR UNLESS SOLD PURSUANT TO AND IN COMPLIANCE WITH RULE
        144 OF SUCH ACT.

13.     COMPLIANCE WITH LAWS AND REGULATIONS:

        The grant, holding and vesting of all options under the Plan shall be
subject to any and all requirements and restrictions that may, in the opinion of
the Committee, be necessary or advisable for the purposes of complying with any
statute, rule or regulation of any governmental authority, or any agreement,
policy or rule of any stock exchange or other regulatory organization governing
any market on which the Common Stock is traded. The Corporation may withhold or
require payment for income and/or employment taxes as required by law.

14.     AMENDMENT OF THE PLAN:

        The Plan may be amended by the Board of Directors; however, no amendment
to the Plan materially increasing the benefits accruing to participants or
materially increasing the number of shares of Common Stock that may be issued
upon the exercise or surrender of stock options under the Plan (except
adjustments pursuant to the first paragraph of Section 8) or materially
modifying any requirements as to eligibility for participation in the Plan shall
be effective unless approved by the stockholders of the Corporation. No
amendment shall become effective without the prior approval of the stockholders
of the Corporation if stockholder approval would be required for continued
compliance with Rule 16b-3 of the Exchange Act or, with respect to incentive
stock options, with applicable provisions of the Code.

<PAGE>

15.     MISCELLANEOUS:

        (a)     Expenses. The Corporation shall bear all expenses and costs in
connection with the administration of the Plan.

        (b)     Designation of Beneficiaries. A participant may designate a
beneficiary to receive any distribution under the Plan upon his or her death.

        (c)     Applicable Law. The validity, interpretation and administration
of this Plan and any rules, regulations, determinations or decisions made
hereunder, and the rights of any and all persons having or claiming to have any
interest herein or hereunder, shall be determined exclusively in accordance with
the laws of the State of Maryland, without regard to the choice of laws
provisions thereof.

        (d)     Headings. The headings herein are for reference purposes only
and shall not affect the meaning or interpretation of the Plan.

        (e)     Notices. All notices or other communications made or given
pursuant to this Plan shall be in writing and shall be sufficiently made or
given if hand-delivered or mailed by certified mail, addressed to any
participant at the address contained in the records of the Corporation or to the
Corporation at its principal office.

        (f)     Federal Securities Law Requirement. Awards granted hereunder
shall be subject to all conditions required under Rule 16b-3 to qualify the
award for any exception from the provisions of Section 16(b) of the Securities
Exchange Act of 1934 available under that Rule.

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