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                                                                   EXHIBIT 10.64

                             STOCK OPTION AGREEMENT
                                       FOR
                              NONEMPLOYEE DIRECTORS

         AGREEMENT dated this 10th day of May, 2002, between Oriole Homes Corp.,
a Florida corporation (hereinafter called the "Company"), and Maurice E.
Levenson (hereinafter called the "Eligible Director").

                              W I T N E S S E T H:

         WHEREAS, the Company's shareholders approved (on May 9, 1994) the
adoption of the 1994 Stock Option Plan for Nonemployee Directors (the "Plan")
pursuant to which each Eligible Director is entitled to receive a grant to
purchase 1,200 Shares per year, up to a maximum of 6,000 Shares:

         WHEREAS, the Company's Board of Directors approved (on May 12, 1999)
the adjustment of the maximum Shares pursuant to Article 7 of the 1994 Stock
Option Plan for Nonemployee Directors (the "Plan") each Eligible Director is now
entitled to a maximum of 12,000 Shares:

         WHEREAS, the Executive Committee of the Board of Directors of the
Company (the "Committee") has this day granted to each Eligible Director an
option to purchase 1,065 shares of Class B Common Stock, par value $.10 per
share, (the "Shares") of the Company, and at the option price, all as
hereinafter stated, such option to be exercisable not more than ten (10) years
after the date hereof; and

         WHEREAS, the Eligible Director is willing to accept said option and to
be bound by the terms and conditions thereof; and

         WHEREAS, the execution and delivery of this Agreement has been duly
authorized by the Board of Directors of the Company;

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants herein contained and other good and valuable considerations, the
receipt whereof is hereby acknowledged, the parties hereto, including to be
legally bound hereby, agree as follows:

                           GRANT OF OPTION: ADJUSTMENT
                           OF SHARES COVERED BY OPTION

         1.1 The Company hereby grants to the Eligible Director an option to
purchase from the Company, upon the terms and conditions hereinafter set forth,
1,065 shares of Class B Common Stock, par value $.10 per share (the "Shares"),
for a cash consideration of $2.75 per share.

         1.2 The number of Shares above stated, and the purchase price thereof,
may be subject to adjustment from time to time as provided herein.

                                     VESTING

         2.1 This option shall vest and become nonforfeitable on the first
anniversary of the date of this Stock Option Agreement if the Eligible Director
continues to serve as a Director after such date.

                               PAYMENTS FOR SHARES

         3.1 The option price of the shares to be purchased pursuant to each
exercise of the within option shall be paid to the Company by the Eligible
Director in full in cash or by bank certified, cashier's or personal check at
the time of exercise of the option.

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                               EXERCISE OF OPTION

         4.1 The within option may be exercised according to the following
schedule:

                  4.1.1 Fifty (50%) percent of the option becomes exercisable on
the date of the first anniversary of the date of this Stock Option Agreement.

                  4.1.2 The remaining fifty (50%) percent of the option becomes
exercisable on the second anniversary of the date of this Stock Option
Agreement.

                                 TERM OF OPTION

         5.1 The options granted shall expire ten years from the date hereof,
but are subject to earlier termination as follows:

                  5.1.1 In the event of the termination of the optionee's
service as a Director, other than by reason of retirement, total and permanent
disability, or death, the options granted herein that have not been exercised
shall automatically expire on the effective date of termination.

                  5.1.2 In the event of termination of the optionee by reason of
retirement or total and permanent disability, all vested options shall become
exercisable to the full extent of the number of Shares remaining then
outstanding, regardless of whether such options were previously exercisable and
each such option shall expire four years after the date of such termination or
on the stated grant expiration date whichever is earlier.

                  5.1.3 In the event of the death of the optionee while he is
still a Director, vested options as per Section 2.1 hereof shall become
exercisable, to the full extent of Shares remaining covered by such options,
regardless of whether such options were previously exercisable and each such
option shall expire four years after the date of death of such optionee or on
the stated grant expiration, whichever is earlier.

                       RESTRICTIONS ON EXERCISE OF OPTION
                     AND SALE OF STOCK BY ELIGIBLE DIRECTOR

         6.1 The within option shall not be exercisable if:

                  (a) The exercise thereof will involve a violation of any
applicable federal or state securities law; or

                  (b) The exercise thereof will require registration under the
Securities Act of 1933, as amended, of the shares of stock or other securities
of the Company to be purchased by the Eligible Director pursuant to such
exercise.

         6.2 The Company hereby agrees to make such reasonable efforts to comply
with any applicable state securities law as the Committee of the Company shall
determine are reasonably necessary but such efforts shall not subject the
Company to unreasonable expense or hardship.

         6.3 At the time of any exercise of the within option, the Eligible
Director shall represent to and agree with the Company in writing that he is
acquiring the shares in respect of which the option is being exercised for the
purpose of investment and not with a view of distribution.

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         6.4 The Eligible Director agrees that he will not sell or otherwise
dispose of any shares of stock or other securities of the Company purchased by
him pursuant to the exercise of all or any portion of the within option at any
time unless there is an effective Registration Statement in respect of such
shares or other securities under the provisions of the Securities Act of 1933,
as amended, or counsel for the Company is reasonably satisfied that an exemption
from such registration provisions is available to the Company and the Eligible
Director.

                                  MISCELLANEOUS

         7.1 This Agreement shall be binding upon and inure to the benefit of
the Company and its successors and the Eligible Director and his executors,
administrators or personal representatives provided that the within option shall
be non-transferable by the Eligible Director otherwise than by will or by the
laws of descent and distribution, and during the lifetime of the Eligible
Director the option shall be exercisable only by him.

         7.2 In the event there are any changes in the capitalization of the
Company through merger, consolidation, recapitalization, stock dividend or other
change in the corporate or capital structure of the Company, appropriate
adjustments, as may seem equitable to the Committee shall be made in the number
of shares and the exercise price per share of the options to prevent dilution of
the rights granted hereunder.

         7.3 This Agreement shall be deemed to be made under and shall be
construed in accordance with the laws of the State of Florida.

         7.4 This Agreement shall become effective as of the date hereof and,
unless sooner terminated, shall remain in effect for a period of ten (10) years
from the date hereof. This Agreement may be terminated at any time by mutual
consent of the parties hereto, but no modification or amendment of this
Agreement shall become effective until such modification or amendment shall have
been approved by the Committee.

         IN WITNESS WHEREOF, the Company has caused this Stock Option Agreement
to be executed by its President or Vice President and the Eligible Director has
executed this Agreement, the day and year first above written.

                                                 ORIOLE HOMES CORP.

                                                 ---------------------------
                                                 Richard D. Levy
                                                 Chief Executive Officer

                                                 ---------------------------
                                                 Maurice E. Levenson, Director

                                       3<PAGE>
                                                                   EXHIBIT 10.65

                               ORIOLE HOMES CORP.

                                    AMENDMENT
                                       TO
                1994 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS

1.       AMENDMENT

         1.1 This Amendment to 1994 Stock Option Plan for Non-employee Directors
(the "Plan") of Oriole Homes Corp. (the "Company") is intended to revise the
provisions of the Plan with respect to grant size and date, vesting and
exercisability of an option granted pursuant to the Plan.

         1.2 Capitalized terms used in this Amendment will have the meanings
ascribed to them in the Plan.

2.       OPTION GRANT SIZE AND GRANT DATES

         Section 6.2 of the Plan is hereby amended in its entirety to read as
follows:

                  "An option to purchase up to 1,200 Shares (as adjusted
                  pursuant to Article 7) shall be granted to each Eligible
                  Director (i) immediately following the Annual Meeting (as
                  described in the Company's By-Laws) at which such Eligible
                  Director is first elected or the first Annual Meeting after
                  such Eligible Director is first appointed by the Board of
                  Directors to serve as a director and immediately following
                  each Annual Meeting thereafter, provided that the Eligible
                  Director is reelected to serve as a director at such Annual
                  Meeting; or in the event no Annual Meeting is held, (ii)
                  immediately following each period of twelve consecutive months
                  during which the Eligible Director has served as a Director,
                  or such shorter period as the Board of Directors may determine
                  in its discretion (the "Grants")."

3.       OPTION EXERCISE PRICE

         Section 6.3 of the Plan is hereby amended in its entirety to read as
follows:

                  "The option exercise price per share shall be the Closing
                  Price of the Common Stock on the American Stock Exchange, or
                  such other domestic exchange, automated quotation system or
                  other over-the-counter market (including the OTC Bulletin
                  Board or The Pink Sheets, Inc.) on which the Common Stock is
                  then traded, on the business day immediately preceding the
                  date of grant (the "Grant Date") of such option, or if the
                  Common Stock is delisted from all domestic stock exchanges and

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                  is no longer traded in an over-the-counter market, the fair
                  market value per share of the Common Stock as determined by
                  the Company's Board of Directors in its sole discretion."

4.       VESTING; EXERCISABILITY

         Section 6.4 of the Plan is hereby amended in its entirety to read as
follows:

                  "An option shall vest and become nonforfeitable on the first
                  anniversary of the Grant Date of such option, provided that
                  the optionee has continued to serve as a Director until the
                  Vesting Date. An option shall thereafter become exercisable,
                  subject to Section 6.7, according to the following schedule:

    PORTION OF OPTION GRANT THAT          DAY ON WHICH PORTION
         BECOMES EXERCISABLE              BECOMES EXERCISABLE
    ----------------------------          --------------------

              50%                      First Anniversary of the Grant Date

        Additional 50%                 Second anniversary of the Grant Date"

         IN WITNESS WHEREOF, this Amendment to 1994 Stock Option Plan for
Non-employee Directors has been executed on behalf of the Company effective as
of May 10, 2002.

                                              ORIOLE HOMES CORP.

                                              --------------------------------
                                              R.D. Levy, Chairman of the Board
                                                 and Chief  Executive Officer

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