Document:

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                                  EXHIBIT 10.2

                          MAIN STREET BANKSHARES, INC.

                        1998 INCENTIVE STOCK OPTION PLAN

         Main Street BankShares, Inc., a North Carolina corporation (the
"Corporation"), does herein set forth the terms of the its 1998 Incentive Stock
Option Plan (the "Plan") which was adopted by the Corporation's Board of
Directors (the "Board") subject to approval by the Corporation's shareholders,
as provided in Paragraph 21 hereof, and by the appropriate regulatory
authorities, as provided by law.

         1. PURPOSE OF THE PLAN. The purpose of this Plan is to provide for the
grant of Incentive Stock Options (an "Option" or "Options") qualifying for the
tax treatment afforded by Section 422 of the Internal Revenue Code of 1986, as
amended, to eligible officers and employees of the Corporation ("Eligible
Employees") who wish to invest in the Corporation's common stock, par value
$5.00 per share (the "Common Stock"). The Corporation believes that
participation in the ownership of the Corporation by Eligible Employees will be
to the mutual benefit of the Corporation and Eligible Employees. The existence
of this Plan will make it possible for the Corporation and any of its
subsidiaries to attract capable individuals to employment in key employee
positions.

         2. ADMINISTRATION OF THE PLAN. (a) This Plan shall be administered by
the Compensation Committee of the Board (the "Committee"). The Committee shall
consist of at least three (3) members of the Board all of whom shall qualify as
disinterested persons as provided in Section 16(b), and the rules and
regulations promulgated thereunder, of the Securities Exchange Act of 1934, as
amended. The members of the Committee shall be appointed by the Board and shall
serve at the pleasure of the Board, which may remove members from, add members
to, or fill vacancies in the Committee.

                  (b) The Committee shall decide to whom Options shall be
granted under this Plan, the number of shares as to which Options shall be
granted, the Option Price (as hereinafter defined) for such shares and such
additional terms and conditions for such Options as the Committee deems
appropriate. The Committee shall interpret the Plan and prescribe, amend and
rescind any rules and regulations regarding the Plan. All interpretations and
constructions of the Plan by the Committee shall be final and conclusive.

                  (c) A majority of the Committee shall constitute a quorum and
the acts of a majority of the members present at any meeting at which a quorum
is present, or acts approved unanimously in writing by the Committee, shall be
considered as valid actions by the Committee.

                  (d) The Board and the Committee may designate any officers or
employees of the Corporation to assist in the administration of this Plan. The
Board and the Committee may authorize such individuals to execute documents on
its behalf and may delegate to them such other ministerial and limited
discretionary duties as the Board may deem fit.

         3. SHARES OF COMMON STOCK SUBJECT TO THE PLAN. The number of shares of
Common Stock that shall be available initially for Options under this Plan is
One hundred thirty five thousand nine hundred and ninety seven (135,997),
subject to adjustment as provided in Paragraph 14 hereof. Common Stock subject
to Options which expire or terminate prior to exercise of the Options shall
lapse and such shares shall again be available for future grants of Options
under this Plan.

         4. ELIGIBILITY. Options under this Plan may be granted to any Eligible
Employee as determined by the Committee. An individual may hold more than one
Option under this or other plans adopted by the Corporation.

         5. GRANT OF OPTIONS. (a) The Committee may authorize the grant of
Options to certain current officers and employees of the Corporation. Such
Options shall be granted based upon the past service and the continued
participation of those individuals in the management of the Corporation.

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                  (b) Upon the forfeiture of an Option for whatever reason prior
to the expiration of the Option Period (as defined in Paragraph 9 hereof) the
shares of Common Stock covered by a forfeited Option shall be available for the
granting of additional Options to Eligible Employees during the remaining term
of this Plan upon such terms and conditions as may be determined by the
Committee. The number of additional Options to be granted to specific Eligible
Employees during the term of this Plan shall be determined by the Committee as
provided in Subparagraph 2(b) hereof.

         6. OPTION PRICE. (a) The price per share of each Option granted under
this Plan (the "Option Price") shall be determined by the Committee as of the
effective date of grant of such Option. In no event shall the Option Price be
less than 100% of the fair market value of the Common Stock on the date of
grant. If an Optionee (as hereinafter defined) at the time that an Option is
granted owns stock possessing more than ten (10%) of the total combined voting
power of all classes of stock of the Corporation, then the Option Price per
share of each Option granted under this Plan shall be no less than 110% of the
fair market value of the Common Stock on the date of grant and such Option shall
not be exercisable more than five (5) years from the date of grant. An Option
shall be considered as granted on the date that the Committee acts to grant such
Option or such later date as the Committee shall specify in an Option Agreement
(as hereafter defined).

                  (b)  The fair market value of a share of Common Stock shall be
determined as follows:

                  (i) If on the date as of which such determination is being
made, the Common Stock is admitted to trading on a securities exchange or
exchanges for which actual sale prices are regularly reported, or actual sale
prices are otherwise regularly published, the fair market value of a share of
Common Stock shall be deemed to be equal to the mean of the closing sale price
as reported on each of the five (5) trading days immediately preceding the date
as of which such determination is made; provided, however, that, if a closing
sale price is not reported for each of the five (5) trading days immediately
preceding the date as of which such determination is made, then the fair market
value shall be equal to the mean of the closing sale prices on those trading
days for which such price is available.

                  (ii) If on the date as of which such determination is made, no
such closing sale prices are reported, but quotations for the Common Stock are
regularly listed on the National Association of Securities Dealers Nasdaq system
or another comparable system, the fair market value of a share of Common Stock
shall be deemed to be equal to the mean of the average of the closing bid and
asked prices for such Common Stock quoted on such system on each of the five (5)
trading days preceding the date as of which such determination is made. If a
closing bid and asked price is not available for each of the five (5) trading
days, then the fair market value shall be equal to the mean of the average of
the closing bid and asked prices on those trading days during the five-day
period for which such prices are available.

                  (iii) If no such quotations are available, the fair market
value of a share of Common Stock shall be deemed to be the average of the
closing bid and asked prices furnished by a professional securities dealer
making a market in the Common Stock, as selected by the Committee, for the
trading date first preceding the date as of which such determination is made.

         If the Committee determines that the price as determined above does not
represent the fair market value of a share of Common Stock, the Committee may
then consider such other factors as it deems appropriate and then fix the fair
market value for the purposes of this Plan.

         7. PAYMENT OF OPTION PRICE. Payment for shares subject to an Option
must be made in cash.

         8. TERMS AND CONDITIONS OF GRANT OF OPTIONS. Each Option granted
pursuant to this Plan shall be evidenced by a written Incentive Stock Option
Agreement (the "Option Agreement") with each Eligible Employee (the "Optionee")
to whom an Option is granted. The Option Agreement shall be in such form as the
Committee shall adopt and may contain such terms and conditions as the Committee
may determine.

         9. OPTION PERIOD. Each Option Agreement shall set forth a period during
which such Option may be exercised (the "Option Period"); provided, however,
that the Option Period shall not exceed ten (10) years after the date

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of grant of such Option as specified in the Option Agreement.

         10. LIMITATIONS ON GRANT OF INCENTIVE STOCK OPTIONS. (a)
Notwithstanding any other provision of this Plan, no person shall be granted an
Option under this Plan which would cause such person's "annual vesting amount"
to exceed $100,000. With respect to any calendar year, a person's "annual
vesting amount" is the aggregate fair market value of stock subject to incentive
stock options which are first exercisable during such calendar year. The
aggregate fair market value of stock with respect to which incentive stock
options are first exercisable during any calendar year shall be determined by
taking into account all incentive stock options granted to such person under all
incentive stock options plans of the Corporation or of any of its parent or
subsidiary corporations.

                  (b) Notwithstanding any other provision of this Plan, no
person shall be granted an Option or Options under this Plan which would result
in the total number of shares granted to such Optionee to exceed 40% of the
shares allocated to this Plan, or, if greater, the maximum permitted by the
Commissioner of Banks of North Carolina (hereinafter the "Commissioner of
Banks").

         11. EXERCISE OF INCENTIVE STOCK OPTIONS. (a) An Option shall be
exercised by written notice to the Committee signed by an Optionee or by such
other person as may be entitled to exercise such Option. The written notice
shall state the number of shares with respect to which an Option is being
exercised and shall either be accompanied by the payment of the aggregate Option
Price for such shares or shall fix a date (not more than ten (10) business days
from the date of such notice) by which the payment of the aggregate Option Price
will be made. An Optionee shall not exercise an Option to purchase less than 100
shares, unless the Committee otherwise approves, or unless the partial exercise
is for the remaining share available under such Option.

                  (b) A certificate or certificates for the shares of Common
Stock purchased by the exercise of an Option shall be issued in the regular
course of business subsequent to the exercise of such Option and the payment
therefore. During the Option Period, no person entitled to exercise any Option
granted under this Plan shall have any of the rights or privileges of a
shareholder with respect to any shares of Common Stock issuable upon exercise of
such Option, until certificates representing such shares shall have been issued
and delivered and the individual's name entered as a shareholder of record on
the books of the Corporation for such shares.

         12. EFFECT OF TERMINATION OF EMPLOYMENT, RETIREMENT, DISABILITY OR
DEATH.

                  (a) In the event of the termination of employment of an
Optionee either by reason of (i) being Discharged for Cause or (ii) voluntary
separation on the part of such Optionee for a reason other than retirement or
disability, any Option or Options granted to the Optionee under this Plan, to
the extent not previously exercised or surrendered by the Optionee or expired,
shall immediately terminate. "Discharged for Cause" shall include termination at
the sole discretion of the Board because of such Optionee's personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any
law, rule or regulation (other than traffic violations or similar offenses), a
final cease and desist order, or material breach of any provision of any
employment agreement that such Optionee may have with the Corporation.

                  (b) In the event of the termination of employment of an
Optionee as a result of such Optionee's retirement, such Optionee shall have the
right to exercise any Option or Options granted to the Optionee under this Plan,
to the extent that they have not previously been exercised or surrendered by the
Optionee or expired, for a period of three (3) months after the date of
retirement, but in no event may any Option be exercised later than the end of
the Option Period provided in such Option Agreement in accordance with Paragraph
9 hereof. Notwithstanding any other provision contained herein, or in any Option
Agreement, upon retirement, any Option then held by an Optionee shall be
exercisable immediately in full. For purposes of this Plan, the term
"retirement" shall mean (i) termination of an Optionee's employment under
conditions which would constitute retirement under any tax qualified retirement
plan maintained by the Corporation or (ii) attaining age 65.

                  (c) In the event of the termination of employment of an
Optionee by reason of such Optionee's disability, such Optionee shall have the
right to exercise any Options held by the Optionee, to the extent that they

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previously have not been exercised or surrendered by the Optionee or expired,
notwithstanding any limitations placed on the exercise of such Options by this
Plan or an Option Agreement, immediately in full and at any time within twelve
(12) months after the last date on which such Optionee provides services as an
officer or an employee of the Corporation before being disabled, but in no event
may any Option be exercised later than the end of the Option Period provided in
the Option Agreement in accordance with Paragraph 9 hereof. For purposes of this
Plan, the term "disability" shall be defined in the same manner as such term is
defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended.

                  (d) In the event that an Optionee should die while employed by
the Corporation, or within three (3) months after retirement, any Option or
Options granted to the Optionee under this Plan and not previously exercised or
surrendered by the Optionee or expired shall vest and shall be exercisable,
according to their respective terms, by the personal representative of such
Optionee or by any person or persons who acquired such Options by bequest or
inheritance from such Optionee, notwithstanding any limitations placed on the
exercise of such Options by this Plan or any Option Agreement, immediately in
full and at any time within twelve (12) months after the date of death of such
Optionee, but in no event may any Option be exercised later than the end of the
Option Period provided in such Option Agreement in accordance with Paragraph 9
hereof. Any references herein to an Optionee shall be deemed to include any
person entitled to exercise an Option under the terms of this Plan after the
death of such Optionee.

         13. EFFECT OF PLAN ON EMPLOYMENT STATUS.. The fact that the Committee
has granted an Option to an Optionee under this Plan shall not confer on such
Optionee any right to employment with the Corporation, or to a position as an
officer or an employee of the Corporation, nor shall it limit the right of the
Corporation to remove such Optionee from any position held by the Optionee or to
terminate the Optionee's employment at any time.

         14. ADJUSTMENT UPON CHANGES IN CAPITALIZATION; DISSOLUTION OR
LIQUIDATION.

                  (a) In the event of a change in the number of shares of the
Common Stock outstanding by reason of a stock dividend, stock split,
recapitalization, reorganization, merger, exchange of shares, or other similar
capital adjustment, prior to the termination of an Optionee's rights under this
Plan, equitable proportionate adjustments shall be made by the Committee in (i)
the number and kind of shares which remain available under this Plan and (ii)
the number, kind, and the Option Price of shares subject to unexercised Options
under this Plan. The adjustments to be made shall be determined by the Committee
and shall be consistent with such change or changes in the Corporation's total
number of outstanding shares; provided, however, that no adjustment shall change
the aggregate Option Price for the exercise of Options granted under this Plan.

                  (b) The grant of Options under this Plan shall not affect in
any way the right or power of the Corporation or its shareholders to make or
authorize any adjustment, recapitalization, reorganization, or other change in
the Corporation's capital structure or its business, or any merger of the
Corporation, or to issue bonds, debentures, preferred or other preference stock
ahead of or affecting the Common Stock or the rights thereof, or the dissolution
or liquidation of the Corporation, or any sale or transfer of all or any part of
the Corporation's assets or business.

                  (c) Upon the effective date of the dissolution or liquidation
of the Corporation, or of a reorganization or merger of the Corporation with one
or more other corporations in which the Corporation is not the surviving
corporation, or the transfer of all or substantially all of the assets or shares
of the Corporation to another person or entity, or a tender offer approved by
the Board (any such transaction being hereinafter referred to as an
"Acceleration Event"), this Plan and any Options granted hereunder shall
terminate unless provision is made in writing in connection with such
Acceleration Event for the continuance of this Plan and for the assumption of
Options granted hereunder, or the substitution for such Options of new options
for the shares of the successor corporation, or a parent or a subsidiary
thereof, with such appropriate adjustments, as may be determined or approved by
the Committee or the successor to the Corporation, to the number, kind and
Option Price of shares subject to such substituted options in which event this
Plan and Options granted hereunder, or the new options substituted therefore,
shall continue in the manner and under the terms so provided, but any vesting
periods or other restrictions on exercise that would otherwise apply shall no
longer be applicable. Upon the occurrence of any Acceleration Event in which
provision is not made for the continuance of this Plan and for the assumption of
Options granted hereunder, or the substitution for such Options of new options
for the

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shares of a successor corporation or a parent or a subsidiary thereof, each
Optionee to whom an Option has been granted under this Plan (or such person's
personal representative, the executor or administrator of such person's estate,
or any person who acquired the right to exercise such Option from such person by
bequest of inheritance) shall be entitled, prior the effective date of any
Acceleration Event, (i) to exercise, in whole or in part, the Optionee's rights
under any Option granted to the Optionee without any regard to any restrictions
on exercise that would otherwise apply, or (ii) to surrender any such Option to
the Corporation in exchange for receipt of cash equivalent to the amount by
which the fair market value of the shares of Common Stock such person would have
received had such person exercised the Option in full immediately prior to
consummation of such Acceleration Event exceeds the applicable aggregate Option
Price. To the extent that a person, pursuant to this Subparagraph 14(c), has a
right to exercise or surrender any Option on account of a Acceleration Event
which such person otherwise would not have had at that time, such right shall be
contingent upon the consummation of the Acceleration Event.

         15. NON-TRANSFERABILITY. Any Option granted under this Plan shall not
be assignable or transferable except, in the case of the death of an Optionee,
by will or by the laws of descent and distribution. In the event of the death of
an Optionee, the personal representative, the executor or the administrator of
such Optionee's estate, or the person or persons who acquired by bequest or
inheritance the rights to exercise such Option, may exercise or surrender any
Option or portion thereof to the extent not previously exercised or surrendered
by an Optionee or expired, in accordance with the terms of the Option Agreement,
prior to the expiration of the exercise period as specified in Subparagraph
12(d) hereof.

         16. TAX WITHHOLDING. The employer of a person granted an Option under
this Plan shall have the right to deduct or otherwise effect a withholding or
payment of any amount required by federal or state laws to be withheld or paid
with respect to the grant, exercise or surrender for cash of any Option or the
sale of stock acquired upon the exercise of an Option in order for the employer
to obtain a tax deduction otherwise available as a consequence of such grant,
exercise, surrender for cash, or sale, as the case may be.

         17. LISTING AND REGISTRATION OF OPTION SHARES. Any Option granted under
the Plan shall be subject to the requirement that if at any time the Committee
shall determine, in its sole discretion, that the listing, registration, or
qualification of the shares of Common Stock covered thereby upon any securities
exchange or under any state or federal law or the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in
connection with, the granting of such Option or the issuance or purchase of
shares thereunder, such Option may not be exercised in whole or in part unless
and until such listing, registration, or qualification consent, or approval
shall have been effected or obtained free of any conditions not acceptable to
the Committee.

         18. EXCULPATION AND INDEMNIFICATION. In connection with this Plan, no
member of the Committee shall be personally liable for any act or omission to
act in such person's capacity as a member of the Committee, nor for any mistake
in judgment made in good faith, unless arising out of, or resulting from, such
person's own bad faith, gross negligence, willful misconduct, or criminal acts.
To the extent permitted by applicable law and regulation, the Corporation shall
indemnify and hold harmless the members of the Committee, and each other officer
of employee of the Corporation to whom any duty or power relating to the
administration or interpretation of this Plan may be assigned or delegated, from
and against any and all liabilities (including any amount paid in settlement of
a claim with approval of the Board) and any costs or expense (including
reasonable counsel fees) incurred by such person arising out of, or as a result
of, such person's duties, responsibilities, and obligations under this Plan,
other than such liabilities, costs, and expenses as may arise out of, or result
from, the bad faith, gross negligence, willful misconduct, or criminal acts of
such persons.

         19. AMENDMENT AND MODIFICATION OF THE PLAN. The Board may at any time
and from time to time amend or modify this Plan in any respect; provided,
however, that no amendment or modification shall be made that increases the
total number of shares covered by this Plan or effects any change in the
categories of persons who may receive Options under this Plan or materially
increases the benefits accruing to Optionees under this Plan unless such change
is approved by the holders of two thirds of the shares of Common Stock. Any
amendment or modification of this Plan shall not materially reduce the benefits
under any Option theretofore granted to an Optionee under this Plan without

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the consent of such Optionee or the permitted transferee thereof.

         20. TERMINATION AND EXPIRATION OF THE PLAN. This Plan may be abandoned,
suspended, or terminated at any time by the Board; provided, however, that
abandonment, suspension, or termination of this Plan shall not affect any
Options then outstanding under this Plan. No Option shall be granted pursuant to
this Plan after ten (10) years from the effective date of this Plan as provided
in Paragraph 21 hereof.

         21. EFFECTIVE DATE; SHAREHOLDER APPROVAL. This Plan has been adopted by
the Board. This Plan shall not be effective until approved by the Commissioner
of Banks and by the holders of two thirds of the shares of Common Stock.

         22. CAPTIONS AND HEADINGS; GENDER AND NUMBER. Captions and paragraph
headings used herein are for convenience only, do not modify or affect the
meaning of any provision herein, are not a part hereof, and shall not serve as a
basis for interpretation or in construction of this Plan. As used herein, the
masculine gender shall include the feminine and neuter, the singular number the
plural, and vice versa, whenever such meanings are appropriate.

         23. EXPENSES OF ADMINISTRATION OF PLAN. All costs and expenses incurred
in the operation and administration of this Plan shall be borne by the
Corporation.

         24. GOVERNING LAW. Without regard to the principles of conflicts of
laws, the laws of the State of North Carolina shall govern and control the
validity, interpretation, performance, and enforcement of this Plan.

         25. INSPECTION OF PLAN. A copy of this Plan, and any amendments thereto
or modification thereof, shall be maintained by the Secretary of the Corporation
and shall be shown to any proper person making inquiry about it.

                                       6<PAGE>

                                                                 EXHIBIT - 10.44

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT dated as of December 15, 2001, by and between
LINCARE HOLDINGS INC., a Delaware corporation ("Lincare" or "Company"), and
("Executive").

                                   WITNESSETH:

         WHEREAS, Executive is employed by Company and is subject to the terms
of that certain Employment Agreement by and between Executive and Company dated
____________________ (the "__ Agreement");

         WHEREAS, Executive's Initial Employment Term (as defined in the
________ Agreement) will expire on December 31, 2001;

         WHEREAS, Company desires to induce Executive to continue in the employ
of Company beyond the expiration of the Initial Employment Term established in
the ________________  Agreement for the period provided in this Agreement; and

         WHEREAS, Executive is willing to accept such employment with Company on
a full-time basis, all in accordance with the terms and conditions set forth
below.

         NOW, THEREFORE, for and in consideration of the premises hereof and the
mutual covenants contained herein, the parties hereto do hereby covenant and
agree as follows:

         1.       Employment.

                  (a)      Company hereby agrees to continue employing
Executive, and Executive hereby agrees to continue his employment with Company,
from and after January 1, 2002 for the period set forth in Section 2 hereof, all
upon the terms and conditions hereinafter set forth.

                  (b)      Executive affirms and represents that he is under no
obligation to any former employer or other party which is in any way
inconsistent with, or which imposes any restriction upon, Executive's acceptance
of employment hereunder with Company, the employment of Executive by Company, or
Executive's undertakings under this Agreement.

         2.       Term of Employment. Unless earlier terminated as hereinafter
provided, the initial term of Executive's employment under this Agreement shall
be for a period beginning on January 1, 2002 and ending on December 31, 2004
(such period from January 1, 2002 until December 31, 2004 or, if Executive's
employment hereunder is earlier terminated, such shorter period, being
hereinafter called the "Initial Employment Term"). In the event that Executive
continues in the full-time employ of Company after the end of the Initial
Employment Term (it being expressly understood and agreed that Company has no
obligation to continue employing Executive, and Executive has no obligation to
continue being employed by Company, whether or not on a full-time basis, after
expiration of the Initial Employment Term), then, unless otherwise expressly
agreed to by Executive and Company in writing, Executive's continued employment
with Company shall, notwithstanding anything to the contrary expressed or
implied herein, continue to be subject to the terms and conditions of this
Agreement. As used in this Agreement, the term "Employment Term" shall mean the
period beginning on January 1, 2002 and ending on the date of Executive's
cessation of employment with Company, whether such date is before, on or after
the expiration of the Initial Employment Term.

         3.       Duties. Executive shall be employed as the __________________
of Company, shall faithfully and competently perform such duties as are
specified by the By-laws of Company and shall also perform and discharge such
other reasonable employment duties and responsibilities as the Board of
Directors of Company may from time to time prescribe. Executive shall perform
his duties at such places and times as the Board of Directors of Company may
reasonably prescribe. Except as may otherwise be approved in advance by Company,
and except during vacation periods and reasonable periods of absence due to
sickness, personal injury or other disability, Executive shall devote his full
time throughout the Initial Employment Term to the services required of him
hereunder. Except as may otherwise be approved in advance by Company, Executive
shall render his services exclusively to Company during the Initial Employment
Term and, throughout the Employment Term, shall use his best efforts, judgment
and energy to improve and advance the business and interests of Company in a
manner consistent with the duties of his position.

         4.       Compensation.

                  (a)      In consideration of Executive's agreement to remain
employed by Company, his execution of this Agreement and his agreement to abide
by the terms hereof, Lincare shall pay Executive a one-time lump sum payment
amount approved by the Board of Directors (or an authorized committee thereof).
Such payment shall be due and payable to Executive on or prior to December 31,
2001.

                  (b)      As compensation for the complete and satisfactory
performance by Executive of the services to be performed by Executive hereunder
during the Employment Term, Company shall initially pay Executive a base salary
at the annual rate of _____________________ Dollars ($_______________) (said
amount, together with any increases thereto during the Employment Term, being
hereinafter referred to as the "Salary"). Any Salary payable hereunder shall be
paid in

<PAGE>

regular intervals in accordance with Company's payroll practices. The Salary
payable to Executive pursuant to this Section 4(b) shall be increased annually
as of January 1, 2003, and each January 1 thereafter during the Employment Term,
for the twelve (12) month period then commencing, by an amount equal to: (i) the
annual percentage increase in the Consumer Price Index for All Urban Consumers,
All Items, for the most recent twelve (12) month period for which such figures
are then available as reported in the Monthly Labor Review published by the
Bureau of Labor Statistics of the U.S. Department of Labor or (ii) such higher
amount as may be determined from time to time by the Board of Directors (or an
authorized committee thereof) in its sole discretion.

                  (c)      During the Employment Term, in addition to Salary,
Company shall also pay bonus compensation ("Bonus") to Executive in respect of
each calendar year (or applicable portion thereof) during the Employment Term,
such Bonus for any full calendar year to be an amount equal to: (i) the sum of
(A) the percentage set forth on Table I which corresponds to the increase in
Company's fully diluted earnings per share ("EPS") in respect of such calendar
year over the fully diluted EPS of Company during the immediately preceding
calendar year and (B) the percentage set forth on Table II which corresponds to
the increase in Company's Earnings Before Interest, Taxes, Depreciation and
Amortization ("EBITDA") in respect of such calendar year over the EBITDA of
Company during the immediately preceding calendar year; MULTIPLIED BY (ii)
Executive's Salary for such calendar year.

<TABLE>
<CAPTION>
          Table I
                       FULLY DILUTED EPS GROWTH         % OF SALARY
                       ------------------------         -----------
          <S>          <C>                              <C>
                       0-14%                            0%
                       15%                              25%
                       16%                              30%
                       17%                              35%
                       18%                              40%
                       19%                              45%
                       20%                              50%
                       > 20%                            50%  + an  additional  5%  for
                                                        each full percentage point of
                                                        EPS growth achieved over 20%
</TABLE>

<TABLE>
<CAPTION>
          Table II
                       EBITDA GROWTH                    % OF SALARY
                       -------------                    -----------
          <S>          <C>                              <C>
                       0-14%                            0%
                       15%                              25%
                       16%                              30%
                       17%                              35%
                       18%                              40%
                       19%                              45%
                       20%                              50%
                       > 20%                            50%  + an  additional  5%  for
                                                        each full percentage point of
                                                        EBITDA growth achieved over
                                                        20%
</TABLE>

                  In the event that the Employment Term ends at any time other
than on December 31 of any year, Executive's Bonus in respect of such calendar
year shall be prorated, and shall be an amount equal to: (i) the sum of (A) the
percentage set forth on Table I which corresponds to the increase in Company's
year-to-date fully diluted EPS (as determined by the then-most recently
announced fully diluted EPS of Company) over the fully diluted EPS of Company
during the comparable period in the immediately preceding calendar year and (B)
the percentage set forth on Table II which corresponds to the increase in
Company's year-to-date EBITDA (as determined by the then-most recently announced
EBITDA of Company) over the EBITDA of Company during the comparable period in
the immediately preceding calendar year; MULTIPLIED BY (ii) Executive's Salary
for such calendar year; MULTIPLIED BY (iii) a fraction, the numerator of which
shall be the number of full calendar months included in the Employment Term for
the then current calendar year and the denominator of which shall be twelve
(12).

                  Notwithstanding the foregoing provisions of this Section 4(c),
Company's Board of Directors (or an authorized committee thereof) shall have the
discretion to adjust upward or downward the Bonus for any applicable period to
account equitably for: (a) any extraordinary charges; (b) any unusual
non-recurring items; or (c) changes after the date hereof in accounting
principles required under generally accepted accounting principles; which events
impacted Company's fully diluted EPS or Company's EBITDA in respect of any such
applicable period or comparable prior year period.

                  Nothing contained herein and no action taken in respect of any
Bonus (or otherwise in respect of this Section 4(c)) shall create or be
construed to create a trust of any kind. Executive's right to receive any Bonus
pursuant to this Section 4(c) shall be no greater than the right of an unsecured
general creditor of Company to receive payment from Company. All Bonuses under
this Section 4(c) shall be paid from the general funds of Company, and no
special or separate fund shall be established, and no segregation of assets
shall be made, to assure payment of any Bonuses hereunder.

                                       2
<PAGE>

                  (d)      The payment of any Salary, Bonus or other amounts
hereunder shall be subject to applicable withholding and payroll taxes, and such
other deductions as may be required under Company's employee benefit plans.

         5.       Benefits.  During the Employment Term, Executive shall:

                  (a)      be eligible to participate in all employee fringe
benefits and any pension and/or profit sharing plans that may be provided by
Company for its key executive employees in accordance with the provisions of any
such plans, as same may be in effect on and after the date hereof;

                  (b)      be eligible to participate in any medical and health
plans or other employee welfare benefit plans that may be provided by Company
for its key executive employees in accordance with the provisions of any such
plans, as same may be in effect on and after the date hereof;

                  (c)      be entitled to annual paid vacation in accordance
with Company policy that may be applicable on and after the date hereof to key
executive employees;

                  (d)      be entitled to sick leave, sick pay and disability
benefits in accordance with any Company policy that may be applicable on and
after the date hereof to key executive employees; and

                  (e)      be entitled to reimbursement for all reasonable and
necessary out-of-pocket living and travel expenses incurred by Executive while
away from his usual place of business in the performance of his duties hereunder
in accordance with Company's policies applicable on and after the date hereof in
respect thereto.

                  6.       Inventions and Confidential Information. Executive
hereby covenants, agrees and acknowledges as follows:

                  (a)      Company is engaged in a continuous program of
research, design, development, production, marketing and servicing with respect
to its business and that as part of Executive's employment by Company, Executive
is (or may be) expected to make new contributions and inventions of value to
Company.

                  (b)      Executive's employment hereunder creates a
relationship of confidence and trust between Executive and Company with respect
to certain information pertaining to the business of Company and its Affiliates
(as hereinafter defined) or pertaining to the business of any client or customer
of Company or its Affiliates which may be made known to Executive by Company or
any of its Affiliates or by any client or customer of Company or any of its
Affiliates or learned by Executive during the period of his employment.

                  (c)      Company possesses and will continue to possess
information that has been created, discovered or developed by, or otherwise
become known to it (including, without limitation, information created,
discovered, developed or made known by Executive during the period of or arising
out of his employment hereunder) or in which property rights have been or may be
assigned or otherwise conveyed to Company, which information has commercial
value in the business in which Company is engaged and is treated by Company as
confidential.

                  (d)      Any and all inventions, products, discoveries,
improvements, processes, manufacturing, marketing and service methods or
techniques, formulae, designs, styles, specifications, data bases, computer
programs (whether in source code or object code), know-how, strategies and data,
whether or not patentable or registrable under copyright or similar statutes,
made, developed or created by Executive (whether at the request or suggestion of
Company, any of its Affiliates, or otherwise, whether alone or in conjunction
with others, and whether during regular hours of work or otherwise) during the
period of his employment by Company (collectively, hereinafter referred to as
"Inventions"), which may pertain to the business, products, or processes of
Company or any of its Affiliates, will be promptly and fully disclosed by
Executive to an appropriate executive officer of Company (other than Executive)
and shall be Company's exclusive property, and Executive will promptly execute
and/or deliver to an appropriate executive officer of Company (other than
Executive) without any additional compensation therefor, all papers, drawings,
models, data, documents and other material pertaining to or in any way relating
to any Inventions made, developed or created by him as aforesaid. For the
purposes of this Agreement, the term "Affiliate" or "Affiliates" of Company
shall mean any corporation or other entity which is controlled, directly or
indirectly, by Company. As used in the preceding sentence, the word "control"
shall mean, with respect to any entity, the power to vote or direct the voting
of more than 50% of the voting equity interests in such entity.

                  (e)      Executive will keep confidential and will hold for
Company's sole benefit any Invention which is to be the exclusive property of
Company under this Section 6 for which no patent, copyright, trademark or other
right or protection is issued.

                  (f)      Executive also agrees that he will not without the
prior written consent of an appropriate executive officer of Company (other than
Executive) use for his benefit or disclose at any time during his employment by
Company, or thereafter, except to the extent required by the performance by him
of his duties as an employee of Company, any information obtained or developed
by him while in the employ of Company with respect to any Inventions or with
respect to any customers, clients, suppliers, products, employees, financial
affairs, or methods of design, distribution, marketing, service, procurement or
manufacture of

                                       3
<PAGE>

Company or any of its Affiliates, or any confidential matter, except information
which at the time is generally known to the public other than as a result of
disclosure by him not permitted hereunder, or if such information is required to
be disclosed under court order or other applicable law.

                  (g)      Executive acknowledges and agrees that a remedy at
law for any breach or threatened breach of the provisions of this Section 6
would be inadequate and, therefore, agrees that Company and its Affiliates shall
be entitled to injunctive relief in addition to any other available rights and
remedies in case of any such breach or threatened breach; provided, however,
that nothing contained herein shall be construed as prohibiting Company or any
of its Affiliates from pursuing any other rights and remedies available for any
such breach or threatened breach.

                  (h)      Executive agrees that upon termination of his
employment hereunder for any reason, Executive shall forthwith return to Company
all documents and other property in his possession belonging to Company or any
of its Affiliates.

                  (i)      Without limiting the generality of Section 10 hereof,
Executive hereby expressly agrees that the foregoing provisions of this Section
6 shall be binding upon Executive's heirs, successors and legal representatives.

         7.       Termination.

                  (a)      The Employment Term shall end and Executive's
employment hereunder shall be terminated upon the occurrence of any of the
following:

                           (i)      the death of Executive;

                           (ii)     termination of Executive's employment
hereunder by Company based upon the inability of Executive to perform his duties
on account of disability or incapacity for a period of one hundred eighty (180)
or more days, whether or not consecutive, occurring within any period of twelve
(12) consecutive months; provided, however, that such employment shall not be
terminated by Company if it can reasonably accommodate Executive's disability or
incapacity;

                           (iii)    the termination of Executive's employment
hereunder by Executive at any time for any reason whatsoever (including, without
limitation, resignation or retirement);

                           (iv)     termination of Executive's employment
hereunder by Company at any time for "cause", such termination to take effect
immediately upon written notice from Company to Executive;

                           (v)      termination of Executive's employment
hereunder by Company at any time other than for "cause", such termination to
take effect immediately upon written notice from Company to Executive; or

                           (vi)     upon a Change of Control of Company.

                  The following actions, failures or events by or affecting
Executive shall constitute "cause" for termination within the meaning of clause
(iv) above: (A) conviction of having committed a felony; (B) determination by at
least two-thirds of the members of the Board of Directors that Executive has
committed acts of dishonesty or moral turpitude; (C) failure to follow
reasonable and lawful directives of the Board of Directors of Company; or (D)
gross negligence or willful misconduct by Executive in the performance of his
obligations hereunder. The term "willful" shall mean any act or failure to act
taken or omitted to be taken by Executive not in good faith and without
reasonable belief that the act or omission was in the best interest of Company.

                  As used herein the term "Change of Control of Company" shall
mean any of the following: (A) sale or other disposition (or the last such sale
or other disposition) resulting in the transfer of more than 50% of the
outstanding common stock of Company to an unrelated and unaffiliated third party
purchaser; (B) the consolidation or merger of Company with or into any other
entity (other than a merger in which Company is the surviving corporation and
which does not result in more than 50% of the capital stock of Company
outstanding immediately after the effective date of such merger being owned of
record or beneficially by persons other than the holders of its capital stock
immediately prior to such merger); (C) a sale of substantially all of the
properties and assets of Company as an entirety to an unrelated and unaffiliated
third party purchaser; or (D) the time at which any person (including a person's
affiliates and associates) or group (as that term is understood under Section
13(d) of the Exchange Act and the rules and regulations thereunder), files a
Schedule 13-D or 14D-1 (or any successor schedule, form or report under the
Exchange Act) disclosing that such person or group has become the beneficial
owner (as defined under Rule 13d-3 or any successor rule or regulation
promulgated under the Exchange Act) of shares of capital stock of Company giving
such person or group a majority of the voting power of all outstanding capital
stock of Company with the right to vote generally in an election for directors
or other capital stock of Company into which the common stock or other voting
stock is reclassified or changed.

                  (b)      (i)      If the Employment Term ends by reason of
Executive being terminated by Company other than for "cause", then Company shall
pay to Executive, as severance pay or liquidated damages or both, an amount
equal to the sum of (A) his then-current annual Salary in effect immediately
prior to such termination; and (B) his Bonus in respect of the immediately
preceding calendar year.

                                       4
<PAGE>

                           (ii)     If the Employment Term ends by reason of the
occurrence of an event described in Section 7(a)(vi), then Company shall pay to
Executive, as severance pay or liquidated damages or both, an amount equal to
two (2) times the sum of (A) his then-current annual Salary in effect
immediately prior to the occurrence of such event; (B) his Bonus in respect of
the immediately preceding calendar year; and (C) an amount determined by
Company, in its sole discretion, to be equal to the average annual cost for
Company employees of obtaining medical, dental and vision insurance under COBRA,
which amount is hereby initially determined to be Ten Thousand and No/100
Dollars ($10,000.00).

                           (iii)    If the Employment Term ends by reason of
Executive being terminated by Company other than for "cause", then all amounts
payable under clause (i) above shall be paid in twelve (12) equal monthly
installments commencing on the first day of the calendar month immediately
following the termination of the Employment Term. If the Employment Term ends by
reason of the occurrence of an event described in Section 7(a)(vi) hereof, then
all amounts payable under clause (ii) above shall be paid no later than ten (10)
business days after the end of the Employment Term. It is understood and agreed
that this Section 7(b) shall survive the expiration or termination of this
Agreement and the provisions hereof shall be binding upon any successor in
interest of Company.

                  (c)      Notwithstanding anything to the contrary expressed or
implied herein, and except as set forth in Section 7(b) hereof, Company (and its
Affiliates) shall not be obligated to make any payments to Executive or on his
behalf of whatever kind or nature by reason of Executive's cessation of
employment other than: (i) such amounts, if any, of his Salary and Bonus as
shall have accrued and remain unpaid as of the date the Employment Term ends
(including, but not limited to, the amount of any Bonus payable in respect of
the then-current calendar year), which amounts shall be paid no later than ten
(10) business days after the end of the Employment Term; (ii) such other amounts
which may be otherwise payable to Executive from Company's retirement plans or
other benefit plans on account of such cessation of employment (including, but
not limited to, payment for any vested but unused vacation); and (iii) Company
shall cover Executive under its medical and dental plan, and life insurance
through the end of the last calendar day of the month during which the
Employment Term ends, and thereafter, Executive shall be given COBRA conversion
rights for Company's medical and dental plan. Nothing in this Section 7(c) shall
limit Executive's right to contest any termination of Executive's employment
hereunder by appropriate legal proceedings. It is understood and agreed that
this Section 7(c) shall survive the expiration or termination of this Agreement
and the provisions hereof shall be binding upon any successor in interest of
Company.

                  (d)      No interest shall accrue on or be paid with respect
to any portion of any payments hereunder so long as same are paid in accordance
with the terms of this Agreement.

         8.       Non-Assignability.

                  (a)      Neither this Agreement nor any right or interest
hereunder shall be assignable by Executive, his beneficiaries, or legal
representatives without Company's prior written consent; provided, however, that
nothing in this Section 8(a) shall preclude Executive from designating a
beneficiary to receive any benefit payable hereunder upon his death. Neither
this Agreement nor any right or interest hereunder shall be assignable by
Company, nor shall any obligations of Company hereunder be delegated.

                  (b)      Except as required by law, no right to receive
payments under this Agreement shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or
to exclusion, attachment, levy or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall
be null, void and of no effect.

         9.       Competition.

                  (a)      During Executive's employment by Company and during
the two (2) year period commencing on the date the Employment Term ends for any
reason whatsoever:

                           (i)      Executive will not make any statement or
perform any act intended to advance an interest of any existing or prospective
competitor of Company or any of its Affiliates in any way that will or may
injure an interest of Company or any of its Affiliates in its relationships and
dealings with existing or potential customers or clients, or solicit or
encourage any other employee of Company or any of its Affiliates to do any act
that is disloyal to Company or any of its Affiliates or inconsistent with the
interest of Company or any of its Affiliate's interests or in violation of any
provision of this Agreement;

                           (ii)     Executive will not discuss with any existing
or potential customers or clients of Company or any of its Affiliates the
present or future availability of services or products by a business, if
Executive has or expects to acquire a proprietary interest in such business or
is or expects to be an employee, officer or director of such business, where
such services or products are competitive with services or products which
Company or any of its Affiliates provides during the Employment Term;

                           (iii)    Executive will not make any statement or do
any act intended to cause any existing or potential customers (with whom Company
has made contact) or clients of Company or any of its Affiliates to make use of
the services or purchase the products of any competitive business in which
Executive has or expects to acquire a proprietary interest or in which Executive
is or expects to be made an employee, officer or director, if such services or
products in any way relate to or arise out of the services or products sold or
provided by Company or any of its Affiliates to any such existing customer or
client during the Employment Term;

                                       5
<PAGE>

                           (iv)     Executive will not directly or indirectly
(as a director, officer, employee, manager, consultant, independent contractor,
advisor or otherwise) engage in competition with, or own any interest in,
perform any services for, participate in or be connected with (A) any business
or organization which engages in competition with Company or any of its
Affiliates in any geographical area where any business is presently carried on
by Company or any of its Affiliates, or (B) any business or organization which
engages in competition with Company or any of its Affiliates in any geographical
area where any business shall be hereafter, during the period of Executive's
employment by Company, carried on by Company or any of its Affiliates, if such
business is then being carried on by Company or any of its Affiliates in such
geographical area; provided, however, that the provisions of this Section
9(a)(iv) shall not be deemed to prohibit Executive's ownership of not more than
1% of the total shares of all classes of stock outstanding of any publicly held
company;

                           (v)      Executive will not directly or indirectly
solicit for employment, or advise or recommend to any other person that they
employ or solicit for employment, any employee of Company or any of its
Affiliates; and

                           (vi)     Executive will not directly or indirectly
hire, engage, send any work to, place orders with, or in any manner be
associated with any supplier, contractor, subcontractor or other person or firm
which rendered manufacturing or other services, or sold any products, to Company
or any of its Affiliates if such action by him would have a material adverse
effect on the business, assets or financial condition of Company or any of its
Affiliates.

                  As used in clauses (ii) and (iii) above, "proprietary
interest" in a business is ownership, whether through direct or indirect stock
holdings or otherwise, of one percent (1%) or more of such business.

                  (b)      For purposes of this Section 9, a person or entity
(including, without limitation, Executive) shall be deemed to be a competitor of
Company or any of its Affiliates, or a person or entity (including, without
limitation, Executive) shall be deemed to be engaging in competition with
Company or any of its Affiliates, if such person or entity in any way conducts,
operates, carries out or engages (i) in the business of delivering medical
oxygen, respiratory therapy services, or durable medical equipment to customers
in their homes or (ii) in any other business engaged in by Company or any of its
Affiliates on or prior to the date upon which such Executive ceases to be
employed hereunder.

                  (c)      In connection with the foregoing provisions of this
Section 9, Executive represents that his experience, capabilities and
circumstances are such that such provisions will not prevent him from earning a
livelihood. Executive further agrees that the limitations set forth in this
Section 9 (including, without limitation, any time or territorial limitations)
are reasonable and properly required for the adequate protection of the business
of Company (and of its Affiliates). It is understood and agreed that the
covenants made by Executive in this Section 9 (and in Section 6 hereof) shall
survive the expiration or termination of this Agreement.

                  (d)      Executive acknowledges and agrees that a remedy at
law for any breach or threatened breach of the provisions of this Section 9
would be inadequate and, therefore, agrees that Company and any of its
Affiliates shall be entitled to injunctive relief in addition to any other
available rights and remedies in cases of any such breach or threatened breach;
provided, however, that nothing contained herein shall be construed as
prohibiting Company or any of its Affiliates from pursuing any other rights and
remedies available for any such breach or threatened breach.

         10.      Binding Effect. Without limiting or diminishing the effect of
Section 8 hereof, this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, successors, legal
representatives and permitted assigns.

         11.      Notices. Any notice required or permitted to be given under
this Agreement shall be sufficient if in writing and either delivered in person
or sent by first class certified or registered mail, postage prepaid, if to
Company, at Company's principal place of business, and if to Executive, at his
home address most recently filed with Company, or to such other address or
addresses as either party shall have designated in writing to the other party
hereto.

         12.      Law Governing. This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida.

         13.      Severability. If any provision of this Agreement shall be
determined to be invalid, illegal or unenforceable in whole or in part, neither
the validity of the remaining part of such provision nor the validity of any
other provision of this Agreement shall in any way be affected thereby.

         14.      Waiver. Failure to insist upon strict compliance with any of
the terms, covenants or conditions hereof shall not be deemed a waiver of such
term, covenant or condition, nor shall any waiver or relinquishment of any right
or power hereunder at any one or more times be deemed a waiver or relinquishment
of such right or power at any other time or times.

         15.      Entire Agreement; Modifications. This Agreement constitutes
the entire agreement of the parties with respect to the subject matter hereof
and, except as set forth hereinafter, supersedes all prior agreements, oral and
written, between the parties hereto with respect to the subject matter hereof.
This Agreement may be modified or amended only by an instrument in writing
signed by both parties hereto. The parties acknowledge and agree that this
Agreement shall govern the employment relationship between Executive and Lincare
from and after January 1, 2002 and that the 1998 Agreement shall govern the
employment relationship between the parties to and including December 31, 2001.
Notwithstanding the execution and delivery of this Agreement

                                       6
<PAGE>

by Executive, Company shall remain obligated to pay Executive any amounts
accrued under the 1998 Agreement (including, but not limited to, Bonus
compensation payable in respect of the 2001 calendar year) which remain unpaid
as of December 31, 2001.

         16.      Survival. The provisions of Sections 6, 7 and 9 hereof shall
survive and continue after the expiration or termination of this Agreement.

         17.      Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       7
<PAGE>

         IN WITNESS WHEREOF, Company and Executive have duly executed and
delivered this Agreement as of the day and year first above written.

                                          LINCARE HOLDINGS INC.

                               By:
                                  ----------------------------------------

                               Title:
                                     -------------------------------------

                                             EXECUTIVE EMPLOYEE

                               By:
                                  ----------------------------------------

                               Title:
                                     -------------------------------------

                                       8

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