Document:

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                                                                   EXHIBIT 10.5

                                  MADISON BANK

                              AMENDED AND RESTATED
                                1998 KEY EMPLOYEE
                               STOCK COMPENSATION
                                     PROGRAM

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                               35388 U.S. 19 NORTH
                           PALM HARBOR, FLORIDA 34684

                                  MADISON BANK

                              AMENDED AND RESTATED
                  1998 KEY EMPLOYEE STOCK COMPENSATION PROGRAM

         ARTICLE 1. PURPOSE. This Amended & Restated 1998 Key Employee Stock
Compensation Program ("Program") is intended to secure for Madison Bank
("Bank"), the benefits arising from ownership of the Bank's common stock, par
value $1.10 per share ("Common Stock"), by those selected officers and other key
employees of the Bank who will be responsible for its future growth. The Program
is designed to help attract and retain superior personnel for positions of
substantial responsibility with the Bank and to provide key employees with an
additional incentive to contribute to the success of the Bank.

         ARTICLE 2. ADMINISTRATION. The Program shall be administered by a
committee which shall consist of three or more members of the Board of
Directors, none of whom is an officer or employee of the Bank, and each of whom
shall be a "disinterested person" within the meaning of Rule 16b-3 promulgated
under the Securities Exchange Act of 1934, as amended. The committee, when
acting to administer the Program, is referred to as the "Program
Administrators". Any action of the Program Administrators shall be taken by
majority vote or the unanimous written consent of the Program Administrators. No
Program Administrator shall be liable for any action or determination made in
good faith with respect to the Program or to any option granted thereunder.

         ARTICLE 3. AUTHORITY OF PROGRAM ADMINISTRATORS. Subject to the other
provisions of this Program, and with a view to effecting its purpose, the
Program Administrators shall have sole authority in their absolute discretion:
(i) to construe and interpret the Program; (ii) to define the terms used herein;
(iii) to prescribe, amend and rescind rules and regulations relating to the
Program; (iv) to determine the employees to whom options shall be granted under
the Program; (v) to determine the time or times at which options shall be
granted under the Program; (vi) to determine the number of shares subject to any
option under the Program, as well as the option price, and the duration of each
option, vesting requirements, and any other terms and conditions of options;
(vii) to terminate the Program; and (viii) to make any other determinations
necessary or advisable for the administration of the Program and to do
everything necessary or appropriate to administer the Program. All decisions,
determinations and interpretations made by the Program Administrators shall be
binding and conclusive on all participants in the Program and on their legal
representatives, heirs and beneficiaries.

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         ARTICLE 4. MAXIMUM NUMBER OF SHARES SUBJECT TO THE PROGRAM. The maximum
aggregate number of shares of Common Stock available pursuant to the Program,
subject to adjustment as provided in Article 7 hereof, shall be no more than 13%
of the outstanding shares of Common Stock. If any of the options granted under
this Program expire or terminate for any reason before they have been exercised
in full, the unpurchased shares subject to those expired or terminated options
shall again be available for the purposes of the Program.

         ARTICLE 5. ELIGIBILITY AND PARTICIPATION. Only regular, full-time
employees of the Bank, including officers, whether or not directors of the Bank,
shall be eligible for selection by the Program Administrators to participate in
the Program. Directors who are not full-time, salaried employees of the Bank,
shall not be eligible to participate in the Program.

         ARTICLE 6. EFFECTIVE DATE AND TERM OF PROGRAM. The Program shall become
effective upon its adoption by the Board of Directors of the Bank and subsequent
approval of the Program by a majority of the total votes eligible to be cast at
a meeting of the Bank's shareholders, which vote shall be taken within 12 months
of adoption of the Program by the Board of Directors; provided, however, that
options may be granted under this Program prior to obtaining shareholder
approval of the Program and, further provided, that any such options shall be
contingent upon such shareholder approval being obtained and may not be
exercised prior to such approval. The Program shall continue in effect for a
term of 10 years unless sooner terminated under Article 3, herein.

         ARTICLE 7. ADJUSTMENTS. In the event of any change in the outstanding
shares of Common Stock by reason of any stock dividend or split,
recapitalization, merger, consolidation, spin-off, reorganization, combination
or exchange of shares, or other similar corporate change, an appropriate and
proportionate adjustment shall be made in the maximum number and kind of shares
as to which options may be granted under this Program. The Program
Administrators shall also make a proportionate adjustment to the number of
shares of Common Stock covered by unexercised options, or portions thereof,
and/or in the purchase price per share of such options, shall likewise be made
to prevent dilution or enlargement of the rights of any participant in the
Program. Any such adjustment in outstanding options shall be made without change
in the aggregate purchase price applicable to the unexercised portion of the
option but with a corresponding adjustment in the price for each share or other
unit of any security covered by the option. In making any adjustment pursuant to
this Article 7, any fractional shares shall be disregarded.

         ARTICLE 8. TERMINATION AND AMENDMENT OF PROGRAM. The Program shall
terminate no later than 10 years from the date such Program is adopted by the
Board of Directors or the date such Program is approved by the shareholders,
whichever is earlier. Subject to the limitation contained in Article 9, herein,
the Program Administrators may at any time amend or revise the terms of the
Program, including the form and substance of the option, and agreements to be
used hereunder; provided that no amendment or revision shall: (i) increase the
maximum aggregate number of shares that may be sold, appreciated or distributed
pursuant to options granted under this Program, except, as permitted under
Article 7, herein; (ii) change the minimum purchase price for shares under
Article

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16 of the Program; (iii) increase the maximum term established under the Program
for any option; or (iv) permit the granting of an option to anyone other than as
provided in Article 5, herein.

         ARTICLE 9. PRIOR RIGHTS AND OBLIGATIONS. No amendment, suspension or
termination of the Program shall, without the consent of the employee who has
received an option, alter or impair any of that employee's rights or obligations
under any option, granted under the Program prior to such amendment, suspension
or termination.

         ARTICLE 10. PRIVILEGES OF STOCK OWNERSHIP. Notwithstanding the exercise
of any options granted pursuant to the terms of this Program, no employee shall
have any of the rights or privileges of a shareholder of the Bank in respect of
any shares of stock issuable upon the exercise of his or her option until
certificates representing the shares have been issued and delivered. No shares
shall be required to be issued and delivered upon exercise of any option, unless
and until all of the requirements of law and of all regulatory agencies having
jurisdiction over the issuance and delivery of the securities shall have been
fully satisfied. No adjustment shall be made for dividends or any other
distribution for which the record date is prior to the date on which such stock
certificate is issued.

         ARTICLE 11. RESERVATION OF SHARES OF COMMON STOCK. During the term of
this Program, the Bank will at all times, reserve and keep available such number
of shares of its Common Stock as shall be sufficient to satisfy the requirements
of the Program. In addition, the Bank will from time to time, as is necessary to
accomplish the purposes of this Program, seek to obtain from any regulatory
agency having jurisdiction over any requisite authority in order to issue and
sell shares of Common Stock hereunder. The inability of the Bank to obtain from
any regulatory agency having jurisdiction the authority deemed by the Bank's
counsel to be necessary to permit the lawful issuance and sale of any shares of
its stock hereunder shall relieve the Bank of any liability in respect of the
non-issuance or sale of the stock as to which the requisite authority shall not
have been obtained.

         ARTICLE 12. TAX WITHHOLDING. The exercise of any option granted under
the Program is subject to the condition that if at any time the Bank shall
determine, in its discretion, that the satisfaction of withholding tax or other
withholding liabilities under any state or federal law is necessary or desirable
as a condition of, or in any connection with, such exercise or the delivery or
purchase of shares pursuant thereto, then in such event, the exercise of the
option shall not be effective unless such withholding tax or other withholding
liabilities shall have been satisfied in a manner acceptable to the Bank.

         ARTICLE 13. EMPLOYMENT. Nothing in the Program or in any option or
shall confer upon any eligible employee any right to continued employment by the
Bank, or limit in any way the right of the Bank at any time to terminate or
alter the terms of that employment

         ARTICLE 14. OPTION TERMS AND CONDITIONS. The terms and conditions of
options granted under the Program may differ from one another as the Program
Administrators shall, in their

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discretion, determine, as long as all options granted under the Program satisfy
the requirements of the Program.

         ARTICLE 15. DURATION OF OPTIONS. Each option and all rights thereunder
granted pursuant to the terms of the Program shall expire on the date determined
by the Program Administrators, but in no event shall any option granted under
the Program expire later than 10 years from the date on which the option is
granted, except that any employee who owns more than 10% of the combined voting
power of all classes of stock of the Bank, must exercise any options granted
thereto within three years from the date of the grant. In addition, each option
shall be subject to early termination as provided in the Program.

         ARTICLE 16. PURCHASE PRICE. The purchase price for shares acquired
pursuant to the exercise, in whole or in part, of any option shall not be less
than: (i) the par value of the shares; or (ii) the fair market value of the
shares at the time of the grant of the option; except that for any employee who
owns more than 10% of the combined voting power of all classes of stock of the
Bank, the purchase price shall not be less than 110% of the fair market value.
For purposes of the Program, fair market value shall be the closing sale price
of a share of Common Stock on the date in question (or, if such day is not a
trading day in the U.S. markets, on the nearest preceding trading day), as
reported with respect to the principal market (or the composite of the markets,
if more than one) or national quotation system in which such shares are then
traded, or if no such closing prices are reported, the mean between the high bid
and low asked prices that day on the principal market or national quotation
system then in use, or if no such quotations are available, the price furnished
by a professional securities dealer making a market in such shares as selected
by the Board of Directors of the Bank. In the absence of any over-the-counter
transactions, the fair market value means the highest price at which the stock
has sold in an arms length transaction during the 90 days immediately preceding
the grant date. In the absence of an arms length transaction during such 90
days, fair market value means the book value of the Common Stock.

         ARTICLE 17. MAXIMUM AMOUNT OF OPTIONS EXERCISABLE IN ANY CALENDAR YEAR.
The aggregate fair market value (determined as of the time the option is
granted) of the Common Stock with respect to which incentive stock options, as
defined in Section 422(b) of the Code, are exercisable for the first time by any
employee during any calendar year (under the terms of the Program and all such
plans of the Bank) shall not exceed $100,000.

         ARTICLE 18. EXERCISE OF OPTIONS. Each option shall be exercisable in
one or more installments during its term, and the right to exercise may be
cumulative as determined by the Program Administrators; provided, however, that
no option may be exercisable for the first six months following the date the
option is granted. No option may be exercised for a fraction of a share of
Common Stock. The purchase price of any shares purchased shall be paid in full
in cash or by certified or cashier's check payable to the order of the Bank.

         ARTICLE 19. ACCELERATION OF RIGHTS OF EXERCISE OF INSTALLMENTS.
Notwithstanding the first sentence of Article 18, herein, with respect to the
ability to exercise options in installments, in the

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event the Bank or its shareholders enter into an agreement to dispose of all or
substantially all of the assets or stock of the Bank by means of a sale, merger
or other reorganization, liquidation or otherwise, any option granted pursuant
to the terms of the Program shall become immediately exercisable with respect to
the full number of shares subject to that option during the time period
commencing as of the date of the agreement to dispose of all or substantially
all of the assets or stock of the Bank and, subject to the provisions hereof,
ending when the disposition of assets or stock contemplated by that agreement is
consummated or the option is otherwise terminated in accordance with its
provisions or the provisions of the Program, whichever occurs first; provided,
however, that no option shall be immediately exercisable under this Article 19
on account of any agreement to dispose of all or substantially all of the assets
or stock of the Bank by means of a sale, merger or other reorganization,
liquidation or otherwise where the shareholders of the Bank immediately before
the consummation of the transaction will own at least 50% of the total combined
voting power of all classes of stock entitled to vote of the surviving entity,
whether the Bank or some other entity, immediately after the consummation of the
transaction; and, provided further, that the exercisability of an option may not
be accelerated prior to the sixth month anniversary of the date the option was
granted. In the event the transaction contemplated by the agreement referred to
in this Article 19 is not consummated, but rather is terminated, canceled or
expires, the options granted pursuant to the Program shall thereafter be treated
as if that agreement had never been entered into.

         Notwithstanding the first sentence of Article 18, herein, with respect
to the ability to exercise options in installments, and subject to the
provisions of the first paragraph of this Article 19, in the event of a change
of control of the Bank or threatened change in control of the Bank as determined
by a vote of not less than a majority of the Board of Directors of the Bank, all
options granted prior to such change in control or threatened change of control
shall become immediately exercisable, except that any option granted for less
than six months shall not become exercisable until the sixth month anniversary
of the date the option was granted. The term "control" for purposes of this
Article shall refer to the acquisition of 10% or more of the voting securities
of the Bank by any person or by persons acting as a group within the meaning of
Section 303.4, FDIC Rules and Regulations, provided, however, that for purposes
of the Program, except under the circumstances as set forth in the paragraph of
this Article 19, no change in control or threatened change in control shall be
deemed to have occurred if prior to the acquisition of, or offer to acquire, 10%
or more of the voting securities of the Bank, the full Board of Directors of the
Bank shall have adopted by not less than two-thirds vote a resolution
specifically approving such acquisition or offer. The term "person" shall
include venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specifically listed herein.

         ARTICLE 20. WRITTEN NOTICE REQUIRED. Any option granted pursuant to the
terms of the Program shall be exercised when written notice of that exercise has
been given to the Bank at its principal office 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 Bank.

         ARTICLE 21. COMPLIANCE WITH SECURITIES LAWS. Shares of Common Stock
shall not be issued with respect to any option granted under the Program unless
the exercise of that option and the issuance and delivery of those shares
pursuant to that exercise shall comply with all relevant provisions of state and
federal securities laws, and the respective rules and regulations promulgated

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thereunder. The Program Administrators may also require an employee to whom an
option has been granted under the Program ("Optionee") to furnish evidence
satisfactory to the Bank, including a written and signed representation letter
and consent to be bound by any transfer restriction imposed by law, legend,
condition or otherwise, that the shares are being purchased only for investment
and without any present intention to sell or distribute the shares in violation
of any state or federal law, rule or regulation. Further, each Optionee shall
consent to the imposition of a legend on the shares of Common Stock subject to
his or her option restricting their transferability to the extent required by
law or by this Article 21.

         ARTICLE 22. EMPLOYMENT OF OPTIONEE. Each Optionee, if requested by the
Program Administrators when the option is granted, must agree in writing as a
condition of receiving his or her option that he or she will remain in the
employ of the Bank, as the case may be, following the date of the granting of
that option for a period specified by the Program Administrators, which period
shall in no event exceed three years. Nothing in the Program in any option
granted hereunder shall confer upon any Optionee any right to continued
employment by the Bank, or limit in any way the right of the Bank at any time to
terminate or alter the terms of that employment

         ARTICLE 23. OPTION RIGHTS UPON TERMINATION OF EMPLOYMENT. If an
Optionee ceases to be employed by the Bank for any reason other than death,
disability or cause, his or her option shall immediately terminate; provided,
however, that the Program Administrators, may, in their discretion, allow such
option to be exercised (to the extent exercisable on the date of termination of
employment) at any time within three months after the date of termination of
employment, unless either the option or the Program otherwise provides for
earlier termination. If an Optionee is terminated for cause, any options granted
thereto under the provision of this Program shall terminate as of the effective
date of such termination of employment. For purposes of this Program,
termination for cause shall mean termination for personal dishonesty,
incompetence, misconduct or conduct which negatively reflects upon the Bank,
breach of fiduciary duty, failure to perform the duties stated in this
Agreement, violation of any law, rule or regulation (other than minor traffic
violations or similar offenses), violation of a final cease-and-desist order, or
personal default on indebtedness which is not corrected within 30 days from the
date of default.

         ARTICLE 24. OPTION RIGHTS UPON DISABILITY. If an Optionee becomes
disabled within the meaning of Section 22(e)(3) of the Code while employed by
the Bank, the option may be exercised, to the extent exercisable on the date of
termination of employment at any time within one year after the date of
termination of employment due to disability, unless either the option or the
Program otherwise provides for earlier termination.

         ARTICLE 25. OPTION RIGHTS UPON DEATH OF OPTIONEE. Except as otherwise
limited by the Program Administrators at the time of the grant of an option, if
an Optionee dies while employed by the Bank, or within three months after
ceasing to be an employee thereof, his or her option shall expire one year after
the date of death, unless by its term it expires sooner. During this one year or
shorter period, the option may be exercised, to the extent that it remains
unexercised on the date of death, by the person or persons to whom the
Optionee's rights under the option shall pass by will or by the laws of descent
and distribution, but only to the extent that the Optionee was entitled to
exercise the option at the date of death.

         ARTICLE 26. OPTIONS NOT TRANSFERABLE. Options granted pursuant to the
terms of the Program may not be sold, pledged, assigned or transferred in any

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manner otherwise than by will or the laws of descent and distribution and may be
exercised during the lifetime of an Optionee, only by that Optionee, or their
guardian or legal representative.

                                       MADISON BANK

                                       By:
                                            ------------------------------------
                                            Melvin S. Cutler
                                            Chairman of the Board

                                       DATED:                            , 2000
                                             ----------------------------

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                                                                   EXHIBIT 10.6

                                  MADISON BANK
                              AMENDED AND RESTATED
                        1998 DIRECTORS' STOCK OPTION PLAN

                                    ARTICLE I
                            ESTABLISHMENT OF THE PLAN

         Madison Bank ("Bank") hereby establishes this Amended and Restated 1998
Directors' Stock Option Plan ("Plan") upon the terms and conditions hereinafter
stated.

                                   ARTICLE II
                               PURPOSE OF THE PLAN

         The purpose of this Plan is to improve the growth and profitability of
the Bank by attracting and retaining qualified non-employee directors and
providing such directors with a proprietary interest in the Bank through
non-discretionary grants or non-qualified stock options (an "Option" or
"Options") to purchase shares of the Bank's common stock, par value $1.10 per
share ("Common Stock").

                                   ARTICLE III
                           ADMINISTRATION OF THE PLAN

         SECTION 3.01 ADMINISTRATION. This Plan shall be administered by the
entire Board of Directors of the Bank (the "Board"). The Board shall have the
power, subject to and within the limits of the expressed provisions of this
Plan, to exercise such powers and to perform such acts as are deemed necessary
or expedient to promote the best interests of the Bank with respect to this
Plan.

         SECTION 3.02 COMPLIANCE WITH LAW AND REGULATIONS. All Options granted
hereunder shall be subject to all applicable federal and state laws, rules and
regulations and the approval of a majority of the Bank's shareholders at a
meeting of the shareholders which vote shall be taken within 12 months of the
adoption of this Plan by the Board of Directors at the next annual meeting. The
Bank shall not be required to issue or deliver any certificates for shares of
Common Stock prior to the completion of any registration or qualification of or
obtaining of consents or approvals with respect to such shares under any federal
or state law or any rule or regulation of any government body, which the Bank
shall, in its sole discretion, determine to be necessary or advisable. Moreover,
no Option may be exercised if such exercise or issuance would be contrary to
applicable laws and regulations.

         SECTION 3.03 RESTRICTIONS ON TRANSFER. The Bank may place a legend upon
any certificate representing shares acquired pursuant to an Option granted

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hereunder noting that the transfer of such shares may be restricted by
applicable laws and regulations.

                                   ARTICLE IV
                                   ELIGIBILITY

         Options shall be granted pursuant to the terms hereof to each director
who is not an employee of the Bank or any subsidiary of the Bank ("non-employee
director"). No honorary director, advisory director, or director, emeritus shall
be entitled to receive Options hereunder.

                                    ARTICLE V
                        COMMON STOCK COVERED BY THE PLAN

         SECTION 5.01 OPTION SHARES. The aggregate number of shares of Common
Stock that may be issued pursuant to this Plan, subject to adjustment as
provided in Article VIII, is no more than 5% of the outstanding shares of Common
Stock. None of these shares shall be the subject of more than one Option at any
time, but if an Option as to any shares is surrendered before exercise or
expires or terminates for any reason without having been exercised in full, or
for any other reason ceases to be exercisable, the number of shares covered
thereby shall again become available for grant under this Plan as if no Options
had been previously granted with respect to such shares.

         SECTION 5.02 SOURCE OF SHARES. The shares of Common Stock issued under
this Plan shall be from authorized and previously unissued shares.

                                   ARTICLE VI
                                  OPTION GRANTS

         SECTION 6.01 OPTION GRANTS. Options to purchase shares of Common Stock
shall be granted to non-employee directors of the Bank at the following times
and in the following amounts:

         (i)      as of the date this Plan was approved by the Board of
                  Directors, each non-employee director of the Bank was granted
                  an Option to purchase 10,000 shares of Common Stock; and

         (ii)     on the date any person (other than a director covered by
                  Section 6.01[i] above) is elected or appointed to the Board of
                  Directors of the Bank for the first time, such person shall be
                  granted an Option to purchase and amount of shares of Common
                  Stock, as determined by the Board of Directors in its sole
                  discretion; and

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                                   ARTICLE VII
                                  OPTION TERMS

         Each Option granted hereunder shall be on the following terms and
conditions:

         SECTION 7.01 OPTION AGREEMENT. The proper officers of the Bank and each
Optionee shall execute an Option Agreement which shall set forth the total
number of shares of Common Stock to which it pertains, the exercise price and
such other terms, conditions and provisions as are appropriate, provided that
they are not inconsistent with the terms, conditions and provisions of this
Plan. Each Optionee shall receive a copy of his executed Option Agreement.

         SECTION 7.02 OPTION EXERCISE PRICE. The per share exercise price at
which the shares of Common Stock may be purchased upon exercise of an Option
granted pursuant to Section 6.01 hereof shall be equal to the greater of: (i)
the par value of a Share of Common Stock; or (ii) the Fair Market Value of a
share of Common Stock as of the date of grant. For purposes of this Plan, the
Fair Market Value of a share of Common Stock shall be the closing sale price of
a share of Common Stock on the date in question (or, if such day is not a
trading in the U.S. markets, on the nearest preceding trading day), as reported
with respect to the principal market (or the composite of the markets, if more
than one), or national quotation system in which such shares are then traded, or
if no such closing prices are reported, the mean between the closing high bid
and low asked prices of a share of Common Stock on the principal market or
national quotation system then in use, or if no such quotations are available,
the price furnished by a professional securities dealer making a market in such
shares selected by the Board. In the absence of any over-the-counter
transactions, the Fair Market Value means the highest price at which the stock
has sold in an arms length transaction during the 90 days immediately preceding
the grant date. In the absence of an arms length transaction during such 90
days, Fair Market Value means the book value of the common stock.

         SECTION 7.03 VESTING OR OPTIONS. Options granted to directors will vest
over a five-year period at 20% per year, following the date of the grant of the
stock options.

         SECTION 7.04 EXERCISE AND DURATION OR OPTIONS.

         (i)      Each Option or portion thereof shall be exercisable at any
                  time on or after six months after the date of grant until 10
                  years after the date of grant, provided that no Option or
                  portion thereof may be exercised until the shareholders of the
                  Bank have approved this Plan by such vote as may be required
                  by applicable laws and regulations;

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         (ii)     Exception for Termination Due to Death, Disability, Retirement
                  or Resignation. If an Optionee dies while serving as a
                  non-employee director or terminates his service as a
                  non-employee director as a result of disability, retirement or
                  resignation without having fully exercised his Options, the
                  Optionee or the executors, administrators, legatees or
                  distributees of his estate shall have the right to exercise
                  such Options during the one-year period following such death,
                  disability, retirement or resignation, provided that no Option
                  shall be exercisable within six months after the date of grant
                  or more than 10 years from the date it was granted; and

         (iii)    Options granted to a non-employee director who is removed for
                  cause pursuant to the Bank's Articles of Incorporation shall
                  terminate as of the effective date of such removal.

         SECTION 7.05 NON-ASSIGNABILITY. Options shall not be transferable by an
optionee except by will or the laws of descent and distribution, and during an
Optionee's lifetime shall be exercisable only by such Optionee or the Optionee's
guardian or legal representative.

         SECTION 7.06 MANNER OF EXERCISE. Options may be exercised in part or in
whole and at one time or from time to time. The procedures for exercise shall be
set forth in the written Option Agreement provided for in Section 7.01.

         SECTION 7.07 PAYMENT FOR SHARES. Payment in full of the purchase price
for shares of Common Stock purchased pursuant to the exercise of an Option shall
be made to the Bank upon exercise of the Option. Payment for shares may be made
by the Optionee in cash or by check.

         SECTION 7.08 VOTING AND DIVIDEND RIGHTS. No Optionee shall have any
voting or dividend rights or other rights of a shareholder in respect of any
shares of Common Stock covered by an Option prior to the time that his name is
recorded on the Bank's shareholder ledger as the holder of record of such shares
acquired pursuant to an exercise of an Option.

                                  ARTICLE VIII
                         ADJUSTMENTS FOR CAPITAL CHANGES

         In the event of any change in the outstanding shares of Common Stock by
reason of any stock dividend or split, recapitalization, merger, consolidation,
spin-off, reorganization, combination or exchange of shares, or other similar
corporate change, an appropriate and proportionate adjustment shall be made in
the maximum number and kind of shares as to which options may be granted under
this Plan. The Board shall also make a proportionate adjustment to the number of
shares of Common Stock covered by unexercised options, or portions thereof,
and/or in the purchase price per share of such options, shall likewise be made

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to prevent dilution or enlargement of the rights of any participant in the Plan.
Any such adjustment in outstanding options shall be made without change in the
aggregate purchase price applicable to the unexercised portion of the option but
with a corresponding adjustment in the price for each share or other unit of any
security covered by the option. In making any adjustment pursuant to this
Article VIII, any fractional shares shall be disregarded.

                                   ARTICLE IX
                      AMENDMENT AND TERMINATION OF THE PLAN

         The Board may, by resolution, at any time terminate, amend or revise
this Plan with respect to any shares of Common Stock as to which Options have
not been granted; provided, however, that no amendment which: (i) changes the
maximum number of shares that may be sold or issued under the Plan (other than
in accordance with the provisions of Article VIII); or (ii) changes the class of
persons that may be granted Option shall become effective until it receives the
approval of the shareholders of the Bank, and further provided that the Board
may determine that shareholder approval for any other amendment to this Plan may
he advisable for any reason, such as for the purpose of obtaining or retaining
any statutory or regulatory benefits under tax, securities or other laws or
satisfying any applicable stock exchange listing requirements. The Board may
not, without the consent of the holder of an Option, alter or impair any Option
previously granted under this Plan as specifically authorized herein.
Notwithstanding, anything contained in this Plan to the contrary, the provisions
of Articles IV, VI and VII of this Plan shall not be amended more than once
every six months, other than to comport with changes in the Internal Revenue
Code of 1986, as amended, the Employee Retirement Income Security Act of 1974,
as amended, or the rules and regulations promulgated under such statutes.

                                    ARTICLE X
                        RIGHTS TO CONTINUE AS A DIRECTOR

         Neither this Plan nor the grant of any Options hereunder nor any action
taken by the Board in connection with this Plan shall create any right on the
part of any non-employee director of the Bank to continue as such.

                                   ARTICLE XI
                                   WITHHOLDING

         The Bank may withhold from any cash payment made under this Plan
sufficient amount to cover any applicable withholding and employment taxes, and
if the amount of such cash payment is insufficient, the Bank may require the
Optionee to pay to the Bank the amount required to be withheld as a condition to
delivering the shares acquired pursuant to an Option.

                                  Page 5 of 6
<PAGE>   6

                                   ARTICLE XII
                        EFFECTIVE DATE OF THE PLAN; TERM

         SECTION 12.01 EFFECTIVE DATE OF THE PLAN. This Plan shall become
effective upon the date of its adoption by the Board ("Effective Date"),
provided that no shares of Common Stock may be issued pursuant to this Plan
until this Plan is approved by the shareholders of the Bank by such vote as may
be required by applicable laws and regulations.

         SECTION 12.02 TERM OF PLAN. Unless sooner terminated, this Plan shall
remain in effect for a period of 10 years ending on the tenth anniversary of the
Effective Date. Termination of this Plan shall not affect any Options previously
granted, and such Options shall remain valid and in effect until they: (i) have
been fully exercised; (ii) are surrendered; or (iii) expire or are forfeited in
accordance with their terms.

                                  ARTICLE XIII
                                  MISCELLANEOUS

         SECTION 13.01 GOVERNING LAW. This Plan shall be construed under the
laws of the State of Florida.

         SECTION 13.02 PRONOUNS. Wherever appropriate, the masculine pronoun
shall include the feminine pronoun, and the singular shall include the plural.

                                     BOARD OF DIRECTORS

                                     By:
                                          -------------------------------------
                                          Melvin S. Cutler
                                          Chairman of the Board

                                     DATED:                            , 2000
                                           ----------------------------

                                  Page 6 of 6

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