Document:

<PAGE>

                                                                    EXHIBIT 10.1

                           CCB FINANCIAL CORPORATION
                         RETIREMENT INCOME EQUITY PLAN

                            As Amended and Restated
                           Effective January 1, 1998
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
ARTICLE I        DEFINITIONS                                                    PAGE
---------        -----------                                                   -----
<S>              <C>                                                           <C>
   1.01          Actuarial Equivalent                                            1
   1.02          Adopting Employer                                               1
   1.03          Basic Benefit                                                   1
   1.04          Basic Plan                                                      1
   1.05          Board                                                           1
   1.06          Committee                                                       1
   1.07          Effective Date                                                  2
   1.08          Employee                                                        2
   1.09          Employer                                                        2
   1.10          Participant                                                     2
   1.11          Plan                                                            2
   1.12          Plan Sponsor                                                    2
   1.13          Plan Year                                                       2
   1.14          Spouse                                                          2
   1.15          Trustee                                                         2

ARTICLE II       FINANCING OF PLAN                                               3
----------       -----------------

ARTICLE III      BENEFITS - CONDITIONS

   3.01          Application Forms                                               3
   3.02          Retirement                                                      3
   3.03          Death Before Retirement Benefits Are Payable                    3
   3.04          Other Termination                                               3

ARTICLE IV       BENEFITS - METHOD OF CALCULATION

   4.01          Normal Retirement Benefit                                       3
   4.02          Delayed Retirement Benefit                                      4
   4.03          Early Retirement Benefit                                        4
   4.04          Death Before Retirement Benefits Are Payable                    5
   4.05          Other Termination Of Employment And Forfeitures                 5
   4.06          Disability                                                      6

ARTICLE V        OPTIONAL RETIREMENT BENEFITS
   5.01          Election Of Optional Retirement Benefits                        6
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
ARTICLE VI       AMENDMENT AND TERMINATION OF PLAN                             PAGE
----------       ---------------------------------                             ----
<S>              <C>                                                           <C>
   6.01          Amendment Of Plan                                               7
   6.02          Termination Of Plan                                             7
   6.03          Removal Of Designated Employers                                 7

ARTICLE VII      ADMINISTRATION OF THE PLAN

   7.01          Allocation Of Responsibilities                                  8
   7.02          Plan Interpretation                                             8
   7.03          Rules And Procedures                                            8
   7.04          Applications For Benefits                                       8
   7.05          Claim Review Procedure                                          9
   7.06          Committee Action                                               10
   7.07          Committee Records                                              10
   7.08          Expenses                                                       10
   7.09          Liability                                                      10
   7.10          Disqualification To Vote                                       10
   7.11          Inspection Of Records                                          10
   7.12          Funding Policy                                                 10

ARTICLE VIII     MISCELLANEOUS

   8.01          Headings                                                       10
   8.02          Construction                                                   11
   8.03          Spendthrift Clause                                             11
   8.04          Claims                                                         11
   8.05          Facility Of Payment                                            11
   8.06          No Right To Employment                                         11
   8.07          Correction Of Errors                                           11
   8.08          Special Provisions                                             12
   8.09          Binding On Successors                                          12
</TABLE>
<PAGE>

                           CCB FINANCIAL CORPORATION
                         RETIREMENT INCOME EQUITY PLAN

    THIS AGREEMENT is entered into by CCB Financial Corporation, a corporation
duly organized and existing under the laws of the State of North Carolina.

                                   PREAMBLE
                                   --------

    The purpose of this Retirement Income Equity Plan is to restore to a select
group of management or highly compensated employees the benefits that would have
otherwise been paid to them under the CCB Financial Corporation Retirement Plan
had the limits on the amount of benefits imposed by the qualification
requirements of Internal Revenue Code Section 401(a) (that is, the limits of
Internal Revenue Code Section 415 and the limits of Internal Revenue Code
Section 401(a)(17) ) not applied.

                                   ARTICLE I

                                  DEFINITIONS
                                  -----------

    Except as noted below, all words or phrases used herein shall have the same
meaning as is attributed to them in Article I of the Basic Plan.

    Section 1.01  ACTUARIAL EQUIVALENT - The  words "Actuarial Equivalent" shall
                  --------------------
have the same meaning as the words "Actuarial Equivalent" in the Basic Plan.

    Section 1.02  ADOPTING EMPLOYER - The  words "Adopting Employer" shall mean
                  -----------------
the Plan Sponsor and any other Employer which has been authorized by the Board
to adopt the Plan for the benefit of one or more of its Employees, and which has
adopted the Plan for that purpose.

    Section 1.03 BASIC BENEFIT - The words "Basic Benefit" shall mean the
                 -------------
monthly pension of the Participant determined in accordance with Section 1.01
and Article V of the Basic Plan.

    Section 1.04  BASIC PLAN - The words "Basic Plan" shall mean the CCB
                  ----------
Financial Corporation Retirement Plan as it may be amended from time to time or
any successor thereto.

    Section 1.05  BOARD - The word "Board" shall mean the Board of Directors of
                  -----
the Plan Sponsor.

    Section 1.06  COMMITTEE - The word "Committee" shall mean the Qualified
                  ---------
Plans Committee appointed by the Board which shall perform the administrative
duties and responsibilities set forth for it in the Plan.
<PAGE>

    Section 1.07  EFFECTIVE DATE - The original Effective Date was January 1,
                  --------------
1986. The "Effective Date" of the amended and restated Plan is January 1, 1998.

    Section 1.08  EMPLOYEE - The word "Employee" shall mean any individual who
                  --------
is a common law employee of the Employer, including officers, but excluding
directors in their capacity as such.

    Section 1.09  EMPLOYER - The word "Employer" shall mean CCB Financial
                  --------
Corporation and any successor thereto and any other corporation which is related
to, affiliated with or a subsidiary of CCB Financial Corporation.

    Section 1.10  PARTICIPANT - The word "Participant" shall mean an Employee of
                  -----------
an Adopting Employer who is a member of a select group of management or highly
compensated Employees within the meaning of the Employee Retirement Income
Security Act of 1974, as amended, and who is designated by the Committee as a
Participant in the Plan.

    Section 1.11  PLAN - The word "Plan" means the CCB Financial Corporation
                  ----
Retirement Income Equity Plan.

    Section 1.12  PLAN SPONSOR - The words "Plan Sponsor" shall mean CCB
                  ------------
Financial Corporation.

    Section 1.13  PLAN YEAR - The words "Plan Year" shall mean each 12-month
                  ---------
period beginning on January 1 and ending on December 31.

    Section 1.14  SPOUSE - The word "Spouse" shall have the same meaning as the
                  ------
word "Spouse" as defined in the Basic Plan.

    Section 1.15  TRUSTEE - The word "Trustee" shall mean any individual,
                  -------
individuals, or any corporate banking institution appointed as Trustee by the
Committee to administer any funds contributed to the CCB Financial Corporation
Retirement Income Equity Trust, dated June 16, 1997, for the benefit of
Participants and their beneficiaries.  Such Trust, as executed and as it may be
amended from time to time, is hereby incorporated by reference into the Plan.

                                  ARTICLE II

                               FINANCING OF PLAN
                               -----------------

    The Plan Sponsor has established a trust entitled the "CCB Financial
Corporation Retirement Income Equity Trust" dated June 16, 1997 (hereinafter the
"Trust"). The Adopting Employers may, at their sole discretion, make
contributions to the Trust for the purpose of financing the benefits.

    To the extent provided in Article I of the Trust, the assets of the Trust
shall be subject to the claims of the general creditors of the Adopting
Employers. In the event that the assets of the Trust

                                       2
<PAGE>

are unavailable or insufficient to make the payments required by the Plan, such
payments shall be made directly by the Adopting Employers. Participants are
general creditors of the Adopting Employers with regard to the payment of their
Plan benefits.

                                  ARTICLE III

                             BENEFITS - CONDITIONS
                             ---------------------

    Section 3.01  APPLICATION FORMS - Payment of all benefits under the Plan
                  -----------------
shall be pursuant to written application by the Participant or beneficiary, as
the case may be, submitted in such form as the Committee may direct from time to
time.

    Section 3.02  RETIREMENT - A Participant who is receiving Early, Normal, or
                  ----------
Delayed Retirement benefits under the Basic Plan shall be entitled to receive
payments under this Plan in accordance with Article IV. Such payments from this
Plan shall commence on the same date that retirement payments commence under the
Basic Plan.

    Section 3.03 DEATH BEFORE RETIREMENT BENEFITS ARE PAYABLE - If a Participant
                 ---------------------------------------------
dies before retirement benefits are payable under the Basic Plan, and the
Participant was credited with five or more years of Vesting Service under the
terms of the Basic Plan, his Spouse shall receive the benefit, if any, provided
in Section 4.04.  If a Participant dies before he is credited with five years of
Vesting Service under the terms of the Basic Plan, no death benefits will be
paid to his Spouse.

    If a Participant dies without a surviving Spouse, no benefits shall be paid
from this Plan.

    Section 3.04  OTHER TERMINATION  - A Participant who terminates employment
                  -------------------
with the Adopting Employers for reasons other than retirement or death, and who
is entitled to a vested benefit under the Basic Plan, shall be entitled to
receive payments under this Plan in accordance with Article IV. Such payments
from this Plan shall commence on the same date that payments commence under the
Basic Plan.

                                  ARTICLE IV

                       BENEFITS - METHOD OF CALCULATION
                       --------------------------------

    Section 4.01  NORMAL RETIREMENT BENEFIT - A Participant who is receiving
                  -------------------------
Normal Retirement Benefits under the Basic Plan shall receive a Normal
Retirement Benefit under this Plan which shall commence payment on his Normal
Retirement Date as defined in the Basic Plan. The Normal Retirement Benefit
under this Plan shall be the Actuarial Equivalent of an amount equal to the
difference between a. and b., as follows:

    a. An amount equal to what would have been the Participant's monthly Accrued
Benefit (as defined in the Basic Plan) under the Basic Plan had the limits
imposed by the qualification requirements of Internal Revenue Code Section
401(a) not applied.

                                       3
<PAGE>

    b. The Participant's Basic Benefit payable on his Normal Retirement Date as
defined in the Basic Plan.

    The amount determined under this formula shall be expressed as a monthly
single life annuity, which is a monthly amount beginning on his Normal
Retirement Date and payable on the first day of each month thereafter during the
Participant's lifetime, with the last payment being the payment due on the first
day of the month of the Participant's death. However, the Participant shall be
paid under the same form of payment that he is paid under the Basic Plan as
provided in Section 5.01, and the amount of the actual payment to the
Participant shall reflect any actuarial adjustments (made in accordance with the
definition of Actuarial Equivalence) necessary to convert the amount determined
under the formula to the form of payment actually payable to the Participant.

    Section 4.02  DELAYED RETIREMENT BENEFIT - A Participant who is receiving
                  --------------------------
Delayed Retirement Benefits under the Basic Plan shall receive a Delayed
Retirement Benefit under this Plan which shall commence payment on his Delayed
Retirement Date as defined in the Basic Plan. The Delayed Retirement Benefit
under this Plan shall be the Actuarial Equivalent of an amount equal to the
difference between a. and b., as follows:

    a. An amount equal to what would have been the Participant's monthly Accrued
Benefit (as defined in the Basic Plan) under the Basic Plan determined on his
Delayed Retirement Date as defined in the Basic Plan had the limits imposed by
the qualification requirements of Internal Revenue Code Section 401(a) not
applied.

    b. The Participant's Basic Benefit payable on his Delayed Retirement Date as
defined in the Basic Plan.

    The amount determined under this formula shall be expressed as a monthly
single life annuity, which is a monthly amount beginning on his Delayed
Retirement Date and payable on the first day of each month thereafter during the
Participant's lifetime, with the last payment being the payment due on the first
day of the month of the Participant's death.  However, the Participant shall be
paid under the same form of payment that he is paid under the Basic Plan as
provided in Section 5.01, and the amount of the actual payment to the
Participant shall reflect any actuarial adjustments (made in accordance with the
definition of Actuarial Equivalence) necessary to convert the amount determined
under the formula to the form of payment actually payable to the Participant.

    Section 4.03  EARLY RETIREMENT BENEFIT - A Participant who is receiving
                  ------------------------
Early Retirement Benefits under the Basic Plan shall receive an Early Retirement
Benefit under this Plan which shall commence payment on his Early Retirement
Date as defined in the Basic Plan. The Early Retirement Benefit under this Plan
shall be the Actuarial Equivalent of an amount equal to the difference between
a. and b., with the difference being reduced by c., as follows:

                                       4
<PAGE>

    a. An amount equal to what would have been the Participant's monthly Accrued
Benefit (as defined in the Basic Plan) under the Basic Plan had the limits
imposed by the qualification requirements of Internal Revenue Code Section
401(a) not applied.

    b. The Participant's Basic Benefit on his Early Retirement Date as defined
in the Basic Plan.

    c. The difference between a. and b. shall be reduced by the early retirement
reduction factors as set forth in Section 5.03 of the Basic Plan.

    The amount determined under this formula shall be expressed as a monthly
single life annuity, which is a monthly amount beginning on his Early Retirement
Date and payable on the first day of each month thereafter during the
Participant's lifetime, with the last payment being the payment due on the first
day of the month of the Participant's death. However, the Participant shall be
paid under the same form of payment that he is paid under the Basic Plan as
provided in Section 5.01, and the amount of the actual payment to the
Participant shall reflect any actuarial adjustments (made in accordance with the
definition of Actuarial Equivalence) necessary to convert the amount determined
under the formula to the form of payment actually payable to the Participant.

    Section 4.04  DEATH BEFORE RETIREMENT BENEFITS ARE PAYABLE - If a
                  --------------------------------------------
Participant dies before benefit payments have commenced to him under the Basic
Plan, if he has five or more years of Vesting Service under the terms of the
Basic Plan, if he is survived by a Spouse, and if the Spouse is paid a death
benefit under the Basic Plan, the Spouse shall be entitled to payment of a death
benefit from this Plan.

    The death benefit under the Plan shall be paid to the Spouse beginning on
the same day that the death benefit commences to the Spouse under the Basic
Plan, and shall continue on a monthly basis for as long as payments are made
under the Basic Plan to the surviving Spouse.

    Such benefit shall be equal to the difference between a. and b. as follows:

    a. An amount equal to what the Participant's Spouse would have received as a
monthly death benefit under the Basic Plan had the limits imposed by the
qualification requirements of Internal Revenue Code Section 401(a) not applied.

    b. The amount the Participant's Spouse receives as a monthly death benefit
under the Basic Plan.

    Section 4.05 OTHER TERMINATION OF EMPLOYMENT AND FORFEITURES  - If a
                 -----------------------------------------------
Participant terminates his employment for reasons other than retirement or
death, he shall be entitled to a deferred benefit payable beginning on the date
he begins to receive benefit payments under the Basic Plan. The benefit payments
shall continue each month thereafter during his lifetime, with the last payment
being the payment due on the first day of the month of the Participant's death.

                                       5
<PAGE>

    The monthly benefit shall be equal to the difference between a. and b., with
the difference being reduced by c. and d., as follows:

    a. An amount equal to what would have been the Participant's monthly Accrued
Benefit (as defined in the Basic Plan) under the Basic Plan had the limits
imposed by the qualification requirements of Internal Revenue Code Section
401(a) not applied.

    b. The Participant's Basic Benefit on his Normal Retirement Date as defined
in the Basic Plan (or his Early Retirement Date as defined in the Basic Plan if
eligible).

    c. The difference between a. and b. shall be reduced by the early retirement
reduction factors as set forth in Section 5.03 of the Basic Plan.

    d. Such benefit shall be multiplied by the percentage set forth below based
on the Participant's Vesting Service.

                  Years of                           Percentage Payable
               Vesting Service                           As a Benefit
               ---------------                       ------------------

               Less than five years                             0%
               5 years and thereafter                         100%

    If a Participant terminates employment with an Adopting Employer and he is
not eligible for a benefit under the provisions of Sections 4.01, 4.02, 4.03,
4.04, or 4.05, he (and his Spouse and beneficiary) shall forfeit all rights to
any benefit from this Plan unless he is credited with five or more years of
Vesting Service.

    Section 4.06  DISABILITY - If a Participant is credited with additional
                  ----------
service under the Basic Plan because of his disability, the Participant shall
also be credited with such service in determining the benefits under this Plan.

                                   ARTICLE V

                         OPTIONAL RETIREMENT BENEFITS
                         ----------------------------

    Section 5.01  ELECTION OF OPTIONAL RETIREMENT BENEFITS - A Participant
                  ----------------------------------------
entitled to a retirement benefit shall be paid under the same form of payment
that he is paid under the Basic Plan. However, if the Actuarial Equivalent value
of the benefit due a Participant or spouse (in the case of the spousal death
benefit) is $10,000 or less determined as of the date that payments are to
commence, such benefit shall be paid to the Participant or the spouse in a
single sum payment.

                                  ARTICLE VI

                       AMENDMENT AND TERMINATION OF PLAN
                       ---------------------------------

                                       6
<PAGE>

    Section 6.01  AMENDMENT OF PLAN - The Board shall have the right at any time
                  -----------------
to modify, alter, or amend the Plan in whole or in part.

    Section 6.02  TERMINATION OF PLAN - The Board shall have the right at any
                  -------------------
time to terminate the Plan by instrument in writing duly executed.  Such
termination may be made without the consent of the Participants, the Adopting
Employers, or any other persons.

    Upon termination of the Plan, the Board shall deliver a written notice of
termination of the Plan to the Committee, which notice shall show the effective
date of said termination.

    If the Plan is terminated, no additional Employees shall enter the Plan.
Each Participant in the Plan shall accrue no additional benefits under the Plan.
For purposes of this Plan, Participants shall be considered to have terminated
employment on the effective date of the termination of the Plan, and they shall
be entitled only to the benefit (if any) accrued as of the date of termination
based on service and compensation as of that date.  The accrued benefit
determined as of the date of termination shall be paid to the Participants on
their Early Retirement, Normal Retirement, or Delayed Retirement Dates providing
the Participants otherwise meet the eligibility requirements for retirement in
accordance with Article III. Alternatively, the Board may direct immediate
payment to Participants of the Actuarial Equivalent value of their retirement
benefits, with any excess funds being returned to the Adopting Employer to which
such funds are attributable as determined by the Plan Actuary.

    Section 6.03  REMOVAL OF DESIGNATED EMPLOYERS - The Board may remove an
                  -------------------------------
Adopting Employer from further participation in the Plan.  In this event,
Participants who are Employees of such Adopting Employer shall accrue no further
benefits under the Plan.  For purposes of this Plan, Participants who are
Employees of the removed Adopting Employer shall be considered to have
terminated employment on the effective date of the Adopting Employer's removal,
and they shall be entitled only to the benefit (if any) accrued as of the date
of termination based on service and compensation as of that date. The accrued
benefit determined as of the date of termination shall be paid to the
Participants on their Early Retirement, Normal Retirement, or Delayed Retirement
Dates providing the Participants otherwise meet the eligibility requirements for
retirement in accordance with Article III and IV. Alternatively, the Board may
direct immediate payment to Participants of the Actuarial Equivalent value of
their retirement benefits, with any excess funds being returned to the Adopting
Employer to which such funds are attributable as determined by the Plan Actuary.

                                       7
<PAGE>

                                  ARTICLE VII

                          ADMINISTRATION OF THE PLAN
                          --------------------------

    Section 7.01  ALLOCATION OF RESPONSIBILITIES -  The Adopting Employers shall
                  ------------------------------
have the sole responsibility for making the contributions necessary to provide
benefits under the Plan.  An Adopting Employer or the Committee shall notify the
Trustee if the Adopting Employer is unable to pay its debts as they mature or is
subject to a proceeding in bankruptcy.  The Board shall have the sole authority
to appoint and remove members of the Committee, and to amend or terminate, in
whole or in part, this Plan. The Board shall have the authority to allow
Employers to participate in the Plan; to designate, with the consent of the
Adopting Employer who employs the Employee, Employees who will be Participants
in the Plan; and to approve (or withhold approval of) Early Retirement. The
Committee shall have the sole responsibility for the administration of this
Plan, which responsibility is specifically described in this Plan.

    Each such party warrants that any directions given, information furnished,
or action taken by it shall be in accordance with the provisions of the Plan, as
the case may be, authorizing or providing for such direction, information, or
action.  Furthermore, each such party may rely upon any such direction,
information, or action of another party as being proper under this Plan, and is
not required under this Plan to inquire into the propriety of any such
direction, information, or action.  It is intended under this Plan that each
party shall be responsible for the proper exercise of its own powers, duties,
responsibilities and obligations under this Plan and shall not be responsible
for any act or failure to act of another party.  No party guarantees the assets
of the Plan in any manner against investment loss or depreciation in asset
value.

    Section 7.02  PLAN INTERPRETATION - The Committee shall administer the Plan
                  -------------------
in accordance with its terms and shall have all powers necessary to carry out
the provisions of the Plan. Not in limitation, but in amplification of the
foregoing, the Committee shall have the power to construe the Plan and to
determine all questions that may arise hereunder, including all questions
relating to the eligibility of Employees to participate in the Plan and the
amount of benefit to which any Participant or Beneficiary may become entitled
hereunder. The decisions of the Committee upon all matters within the scope of
its authority shall be final, subject, however, to the claims review procedure
set forth in Section 7.05 hereof.

    Section 7.03  RULES AND PROCEDURES - The Committee shall establish uniform
                  --------------------
rules and procedures to be followed by Participants and Beneficiaries in filing
applications for benefits, in furnishing and verifying proofs necessary to
determine age, and in any other matter required to administer the Plan.

    Section 7.04  APPLICATIONS FOR BENEFITS - The Committee shall receive all
                  -------------------------
applications for benefits, shall determine all facts necessary to establish the
right of the applicant to benefits and the amount thereof under the provisions
of the Plan, and shall approve or deny such applications for benefits.

    Section 7.05  CLAIM REVIEW PROCEDURE - If the Committee determines that the
                  ----------------------
claim of the applicant to benefits should either be wholly or partially denied,
the applicant shall be given written notice of such denial.  Such notice shall
include the following information:

                                       8
<PAGE>

    a. The specific reason or reasons for the denial;

    b. Specific reference to the Plan provision on which the denial is based;

    c. A description of any additional material or information necessary for the
       applicant to perfect his claim and an explanation of why such material or
       information is necessary; and

    d. An explanation of the claim review procedure set forth in this section.

    If additional material or information is necessary in order for an applicant
to perfect his claim, such applicant shall have a period of 60 days within which
to provide to the Committee the necessary additional material or information in
order for his claim to be fully considered.  If the applicant supplies such
additional material or information within such 60-day period, the Committee
shall treat such application as a new application for benefits for purposes of
this review procedure.

    If the applicant fails to supply the requested material or information
within such 60-day period, his claim shall be deemed denied at the expiration of
such period.  If an application for benefits is denied (either initially or
after a review of any required additional material or information), the
applicant may request, in writing, a review of his claim, provided such request
is filed within 60 days after receipt by the applicant of a written notification
of denial of his claim.

    If an applicant requests a review of his claim in a timely fashion, the
Committee shall permit him or his representative to review any pertinent
documents and to submit any issues and comments with respect to his claim in
writing to the Committee.  In addition, the applicant may request a hearing with
respect to any findings or determinations of fact with respect to his claim.
The Committee shall give such applicant at least 10 days prior notice of the
hearing date.

    The Committee shall make a decision with regard to such claim not later than
60 days after receipt of the request for a review of such claim; provided,
however, that an additional 60 days may be allowed if a hearing is held, and the
Committee notifies the applicant in writing of the need for the additional
period of time prior to the expiration of the initial 60-day period.

    The decision on review shall be in writing, shall include specific reasons
for the decision and references to the pertinent Plan provisions on which the
decision is based, and shall be final.

    In the event a Participant should fail to receive either an approval or
denial of an application for benefits under this Plan within 60 days after such
application is filed, such claim shall be deemed denied for the purposes of
proceeding with the implementation of the foregoing claims review procedure.

    Section 7.06  COMMITTEE ACTION - The Committee shall act by a majority of
                  ----------------
its members at the time in office, and such action may be taken either by a vote
at a meeting or in writing without a meeting.  The Committee may authorize any
one or more of its members to

                                       9
<PAGE>

execute any document or documents on behalf of the Committee. The Committee may
adopt such rules and regulations as it deems desirable for the conduct of its
affairs and may appoint such accountants, counsel, specialists and other persons
as it deems necessary or desirable in connection with the administration of this
Plan.

    Section 7.07  COMMITTEE RECORDS - The Committee shall keep a record of all
                  -----------------
its proceedings and acts and shall keep all such books and accounts, records,
and other data as may be necessary for the proper administration of the Plan.

    Section 7.08  EXPENSES - All expenses of the Plan and the Committee incurred
                  --------
pursuant to this Plan shall be paid by the Plan Sponsor.

    Section 7.09  LIABILITY - No member of the Committee shall incur any
                  ---------
liability for any action or failure to act in connection with the performance of
his duties under the Plan.

    Section 7.10  DISQUALIFICATION TO VOTE - A Committee member who is a
                  ------------------------
Participant shall not vote or act on any matter relating only to himself.  In
the event the remaining members are unable to agree as to any such matter, or in
the event there is but one remaining member of the Committee, the Board shall
make such appointments as are required to bring the Committee to full membership
and shall, if required, appoint an alternate Committee member who shall serve on
the Committee at such time as a regular Committee member may be disqualified
from voting.

    Section 7.11  INSPECTION OF RECORDS - All acts and determinations of the
                  ---------------------
Committee shall be duly recorded, and all such records shall be preserved in the
custody of the Committee.  Any of the records pertaining to a Participant shall
be made available for inspection by such Participant upon request.

    Section 7.12  FUNDING POLICY - The Committee shall determine and review from
                  --------------
time to time, but not less frequently than once each Plan Year, the short and
long range financial needs of the Plan in order to meet its liabilities and
objectives.  The Committee shall communicate these financial requirements to the
Plan Sponsor in order that the funding and investment policy can be
appropriately coordinated with the needs of the Plan.

                                 ARTICLE VIII

                                 MISCELLANEOUS
                                 -------------

    Section 8.01  HEADINGS - The headings and subheadings in the Plan have been
                  --------
inserted for convenience of reference only and are to be ignored in any
construction of the provisions hereof.

    Section 8.02  CONSTRUCTION - In the construction of the Plan, the masculine
                  ------------
shall include the feminine and the singular the plural in all cases where such
meanings would be appropriate. The Plan shall be construed, administered, and
governed in accordance with substantive laws (but not as to conflict of laws) of
the State of North Carolina, except as such laws may be preempted by federal
law.

                                       10
<PAGE>

    Section 8.03  SPENDTHRIFT CLAUSE - No benefit of a Participant or
                  ------------------
Beneficiary under the Plan shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge, except
as may be expressly permitted herein, and any attempt to so anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge shall be void, nor
shall any such benefit be in any manner payable to any assignee, receiver or
trustee, or be liable for the Participant's or beneficiary's debts, contracts,
liabilities, engagements or torts, or be subject to any legal process to levy
upon or attach.

    Section 8.04  CLAIMS - Any payment of benefit to a Participant or
                  ------
Beneficiary or to their legal representatives in accordance with the provisions
of the Plan shall, to the extent of the method of computation as well as the
amount thereof, constitute full satisfaction of all claims hereunder against the
Trustee, the Committee, and the Plan Sponsor, any of whom may require such
Participant, Beneficiary, or legal representative as a condition precedent to
such payment to execute a receipt and release therefore in such form as shall be
determined by the Trustee or the Committee, as the case may be.

    Participants and Beneficiaries are general creditors of the Adopting
Employers and shall have no preferred claim on, or any beneficial interest in,
any assets of the Trust.  Any rights created under the Plan shall be mere
unsecured contractual rights of Participants and Beneficiaries against the
Adopting Employer.

    Section 8.05  FACILITY OF PAYMENT - If any Participant shall be physically,
                  -------------------
mentally or legally incapable of receiving or acknowledging receipt of any
payment under the Plan to which he is entitled, the Committee, upon the receipt
of satisfactory evidence of his incapacity and satisfactory evidence that
another person or institution is maintaining him and that no guardian or
committee has been appointed for him, may cause any payment otherwise payable to
him to be made to such person or institution so maintaining him.

    Section 8.06  NO RIGHT TO EMPLOYMENT - Nothing contained herein will confer
                  ----------------------
upon any Participant the right to be retained in the employment of an Adopting
Employer, nor will it interfere with the right of an Adopting Employer to
discharge or otherwise deal with the Participant without regard to the existence
of this Plan.

    Section 8.07  CORRECTION OF ERRORS - If any change in records or error
                  --------------------
results in any Participant or Beneficiary receiving from the Plan more or less
than he would have been entitled to receive had the records been correct or had
the error not been made, the Committee, upon discovery of such error, shall
correct the error by adjusting, as far as practicable, later payments.

    Section 8.08  SPECIAL PROVISIONS - The Board may adopt rules modifying the
                  ------------------
provisions of the Plan as they relate to a particular Participant or
Participants by adopting an Appendix to the Plan which shall set forth the
modifications.

    Section 8.09  BINDING ON SUCCESSORS  - This Agreement shall inure to the
                  ---------------------
benefit of and be binding upon the Adopting Employers, and their successors.
The Adopting Employers shall require any successor to all or substantially all
of the business and/or assets of the Adopting

                                       11
<PAGE>

Employer, whether directly or indirectly, by purchase, merger, consolidation,
acquisition of stock, or otherwise, by a written agreement in form or substance
satisfactory to the Participant, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent as the Adopting Employers
would be required to perform if no such succession had taken place.

    IN WITNESS WHEREOF, CCB Financial Corporation has caused this Agreement to
be executed this __________ day of ____________________________, 1998.

                              CCB FINANCIAL CORPORATION

                              By:______________________________

ATTEST:

__________________________________

                                       12<PAGE>

                                                                    Exhibit 10.9

                           AMENDMENT NO. 6 TO LEASE
                           ------------------------

          This Amendment No. 6 to Lease ("Amendment") is made and entered into
as of this 21st day of December, 2000, by and among ARDEN REALTY LIMITED
PARTNERSHIP, a Maryland limited partnership ("Landlord"), JB OXFORD & COMPANY, a
Utah corporation ("Tenant"), and JB OXFORD HOLDINGS, INC., a Utah corporation
("Prior Tenant"), with reference to the following facts:

          A.  St. George Beverly Hills, Inc. ("St. George") and Otra Clearing,
Inc. ("Otra") entered into that certain Standard Office Lease and Addendum dated
January 31, 1992 (the "Original Lease"), pursuant to which Otra leased certain
space (the "Premises") in the building (the "Project") located at 9665 Wilshire
Boulevard, Beverly Hills, California.

          B.  The Original Lease was amended pursuant to that certain Amendment
No. 1 to Lease, dated as of October 31, 1995, by and between St. George and
Tenant, as the successor to Otra's interests under the Original Lease (the
"First Amendment").

          C.  The Original Lease was further amended pursuant to that certain
Amendment No. 2 to Lease by and between Landlord's predecessor-in-interest and
Tenant, dated July 8, 1996 (the "Second Amendment").

          D.  The Original Lease was further amended pursuant to that certain
Amendment No. 3 to Lease by and between Landlord and Tenant, dated February 4,
1997 (the "Third Amendment").

          E.  The Original Lease was further amended pursuant to that certain
Amendment No. 4 to Lease by and between Landlord and Tenant, dated September 7,
1999 (the "Fourth Amendment").

          F.  The Original Lease was further amended pursuant to that certain
Amendment No. 5 to Lease by and between Landlord and Tenant dated December 7,
1999 (the "Fifth Amendment").

          G.  The Original Lease, as amended by the First Amendment, the Second
Amendment, the Third Amendment, the Fourth Amendment and the Fifth Amendment is
hereinafter collectively referred to as the "Lease."

          H.  Landlord and Tenant desire to further amend the Lease in
accordance with the terms of this Agreement.  Prior Tenant desires to assign all
of its right, title and interest under the Lease to Tenant, Tenant agrees to
assume all of Prior Tenant's obligations, duties and liabilities under the Lease
and Landlord approves of such assignment and assumption.

          I.  All capitalized terms used herein not specifically defined in this
Amendment shall have the meanings ascribed to such terms in the Lease.  The term
"Lease" where used in the Lease shall hereinafter refer to the Lease, as amended
by this Amendment.  The term "Premises" shall mean the following suites in the
Project:  Suites 210, 220 (formerly known as Suite 218), 300 and 888.
<PAGE>

          NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are acknowledged, Landlord and Tenant agree as follows:

          1.  Term; Assignment and Assumption.
              -------------------------------

              (a) The term of Tenant's lease of the Premises is hereby extended
until December 31, 2010 (the "Expiration Date").  The period from the New
Commencement Date (defined below) until the Expiration Date is sometimes
referred to as the "Current Term".

              (b) Effective as of the New Commencement Date, Prior Tenant
assigns, transfers and grants to Tenant all of Prior Tenant's right, title and
interest under the Lease to Tenant and Tenant assumes all of Prior Tenant's
obligations, duties and liabilities under the Lease. Landlord hereby approves of
such assignment and assumption.

          2.  Basic Rental.  From and after January 1, 2001 (the "New
              ------------
Commencement Date") until the Expiration Date, and regardless of the degree of
completion of the Tenant Improvements (defined in Exhibit A attached hereto),
but subject to the terms of Paragraph 14(c) below, Tenant's obligation to pay
Monthly Basic Rental for the Premises (other than Suite 525) shall be in
accordance with the following schedule:

<TABLE>
<CAPTION>
 MONTHLY PERIOD            ANNUAL BASIC           MONTHLY BASIC        MONTHLY RENTAL PER
 (following New               RENTAL                RENTAL            RENTABLE SQUARE FOOT
 Covenant Date)
----------------------------------------------------------------------------------------------
<S>                        <C>                    <C>                 <C>
  Months 1-30              $1,118,925.00           $ 93,243.75                  $3.75

  Months 31-60             $1,178,601.00           $ 98,216.75                  $3.95

  Months 61-90             $1,238,277.00           $103,189.75                  $4.15

  Months 91-120            $1,297,953.00           $108,162.75                  $4.35
</TABLE>

          3.  Suite 525. From and after the New Commencement Date, Tenant shall
              ---------
continue to be obligated to pay Monthly Basic Rental for Suite 525 in an amount
equal to $6,903.00 per month ($3.00 per rentable square foot per month) and
otherwise in accordance with the terms of the Lease, provided that Tenant shall
have the right to terminate the Lease (as it relates only to Suite 525) by
notifying Landlord in writing of such election between February 1, 2001 and June
30, 2001 (the date of Tenant's delivery of such notice to be hereinafter
referred to as "Termination Notice Date"). The effective date of any such
termination by Tenant pursuant to the preceding sentence shall be the date which
is 90 days after the Termination Notice Date (the "Termination Date"), and
accordingly if Tenant timely and properly exercises such termination option,
Tenant shall surrender Suite 525 to Landlord on or before the Termination Date
in accordance with the terms of the Lease. If Tenant timely and properly
terminates the Lease (as it relates only to Suite 525) pursuant to the terms of
this Paragraph 3, Tenant shall remain obligated for the payment of Monthly Basic
Rental with respect to Suite 525 until the Termination Date at $6,903.00 per
month, in addition to all of Tenant's other obligations under the Lease with
respect to Suite 525 until the Termination Date. If, however, Tenant fails to
timely and properly terminate the Lease (as it relates

                                      -2-
<PAGE>

only to Suite 525) in accordance with the terms of this paragraph, then
effective as of March 1, 2001, and in addition to Tenant's obligations with
respect to the balance of the Premises, Tenant's Monthly Basic Rental with
respect to Suite 525 only shall be increased in accordance with the following
schedule:

<TABLE>
<CAPTION>
    MONTHLY PERIOD              ANNUAL             MONTHLY BASIC         MONTHLY RENTAL PER
   (following New              BASIC RENTAL           RENTAL            RENTABLE SQUARE FOOT
 Commencement Date)
--------------------------------------------------------------------------------------------------
<S>                            <C>                 <C>                  <C>
 July 1, 2001- Month 30         $ 93,328.56          $7,777.38                  $3.38

     Months 31-60               $ 98,850.96          $8,237.58                  $3.58

     Months 61-90               $104,373.36          $8,697,78                  $3.78

     Months 91-120              $109,895.76          $9,157.98                  $3.98
</TABLE>

          4.  Release by Tenant. Except for Landlord's continuing liability in
              -----------------
accordance with the Lease (with respect to the Premises, other than Suite 525)
("Landlord's Surviving Obligations"), if Tenant timely and properly terminates
the Lease (as it relates only to Suite 525) in accordance with paragraph 3
above, effective on the Termination Date, Tenant and Prior Tenant, on behalf of
themselves and their predecessors, successors, affiliates and assigns, and all
other persons, firms and corporations claiming through Tenant and Prior Tenant,
and each of them (collectively, the "Tenant Releasing Parties"), does hereby
release Landlord and its predecessors, successors, affiliates and assigns, and
their respective partners, officers, shareholders, agents, contractors,
representatives, employees and attorneys (collectively the "Landlord Released
Parties"), of and from any and all claims, demands, disputes, damages,
liabilities, obligations, controversies, debts, costs, expenses, lawsuits,
actions, causes of action and other rights to relief, both legal and equitable,
of every kind and nature, whether now known or unknown, suspected or
unsuspected, past or present, contingent or fixed, which the Tenant Releasing
Parties, or any of them, now have, had, or at any time hereafter may have,
against the Landlord Released Parties, or any of them, arising out of or in
connection with the Lease (as it relates only to Suite 525) and Suite 525.

          5.  Release by Landlord.  Except for Tenant's continuing liability in
              -------------------
accordance with the Lease (with respect to the Premises, other than Suite 525)
and those obligations under the Lease with respect to Suite 525 which survive
the termination of the Lease as to Suite 525 ("Tenant's Surviving Obligations"),
if Tenant timely and properly terminates the Lease (as it relates only to Suite
525) in accordance with paragraph 3 above, effective on the Termination Date,
Landlord, on behalf of itself and its predecessors, successors, affiliates and
assigns, and all other persons, firms and corporations claiming through
Landlord, and each of them (collectively, the "Landlord Releasing Parties"),
does hereby release Tenant and Prior Tenant and their predecessors, successors,
affiliates and assigns, and their respective partners, officers, shareholders,
agents, contractors, representatives, employees and attorneys (collectively, the
"Tenant Released Parties"), of and from any and all claims, demands, disputes,
damages, liabilities, obligations, controversies, debts, costs, expenses,
lawsuits, actions, causes of action

                                      -3-
<PAGE>

and other rights to relief, both legal and equitable, of every kind and nature,
whether now known or unknown, suspected or unsuspected, past or present,
contingent or fixed, which the Landlord Releasing Parties, or any of them, now
have, had, or any time hereafter may have, against the Tenant's Released
Parties, or any of them, arising out of or in connection with the Lease (as it
relates only to Suite 525) and Suite 525.

          6.  Condition of Premises.  If Tenant timely and properly terminates
              ---------------------
the Lease (as it relates only to Suite 525) in accordance with paragraph 3
above, Tenant agrees to surrender Suite 525 to Landlord in accordance with the
terms of Article 29 of the Original Lease.

          7.  Keys.  If Tenant timely and properly terminates the Lease (as it
              ----
relates only to Suite 525) in accordance with paragraph 3 above, on or before
the Termination Date, Tenant shall deliver to Landlord all keys in its
possession to all doors in Suite 525.

          8.  Direct Costs.  Effective as of the New Commencement Date, the Base
              ------------
Year shall be adjusted to be the calendar year 2001 (except that the Base Year
with respect to Suite 525 shall continue to be the calendar year 2000, unless
Tenant fails to timely and properly exercise its termination right under
Paragraph 3 above, in which event as of March 1, 2001, the Base Year for Suite
525 shall be adjusted to be the calendar year 2001).  Effective as of the New
Commencement Date, Tenant's Proportionate Share of the Premises (other than
Suite 525) shall be 15.67% and Tenant's Proportionate Share of Suite 525 shall
be 1.45%.  If Tenant fails to timely and properly terminate the Lease (as it
relates only to Suite 525) pursuant to Paragraph 3 above, then as of March 1,
2001, the Tenant's Proportionate Share for the Premises and Suite 525 shall be
aggregated to be 17.12%.

          9.  Prepaid Rent/Security Deposit.  Concurrently with Tenant's
              -----------------------------
execution of this Amendment, Tenant shall deliver to Landlord (i) an amount
equal to $46,635.93 to be held by Landlord as an additional security deposit
under the Lease (thereby increasing the total security deposit being held by
Landlord under the Lease to $108,120.68) and (ii) an amount equal to $99,400.80
on account of Monthly Basic Rental for the entire Premises (including Suite 525)
for the first full month following the New Commencement Date.  If Tenant
terminates the Lease (as it relates only to Suite 525) pursuant to paragraph 3
above, Landlord agrees to return to Tenant that portion of the security deposit
being held by Landlord which relates to Suite 525 ($9,157.98), subject to
Landlord's right to retain all or any portion of said security deposit in
accordance with the terms of Article 3 of the Original Lease.

          10. Parking.  From and after the New Commencement Date, Tenant shall
              -------
rent seventy-four (74) unreserved parking passes in the Project's parking
facilities at the then prevailing parking rates in the Project, and otherwise in
accordance with the terms of the Lease.  Such parking passes shall be in lieu of
any existing parking passes granted to Tenant under the Lease with respect to
the Premises (other than Suite 525).  With respect to Suite 525, Tenant shall
rent seven (7) unreserved parking passes in the Project's parking facilities
(increasing Tenant's total unreserved parking passes to 81) at the then
prevailing parking rates for such passes, provided that in the event Tenant
terminates the Lease (as it relates only to Suite 525) pursuant to Paragraph 3
above, Tenant shall no longer have the right to lease any of such seven (7)
unreserved parking passes.

                                      -4-
<PAGE>

          11. Tenant Improvements.  Landlord agrees to perform certain tenant
              -------------------
improvement work in the Premises (other than in Suite 525) in accordance with
the terms of the Work Letter Agreement attached hereto as Exhibit "A".

          12. Option to Extend.
              ----------------

              (a) Option Right.  In lieu of any renewal rights granted to Tenant
                  ------------
under the terms of the Lease, Landlord hereby grants the Tenant named in this
Amendment ("Original Tenant") one (1) option ("Option")  to extend the Current
Term for a period of five (5) years (the "Option Term"), which Option shall be
exercisable only by written notice delivered by Tenant to Landlord as set forth
below.  The rights contained in this Paragraph 12 shall be personal to the
Original Tenant and any Affiliate of Tenant (including any successor in interest
of Tenant) and may only be exercised by the Original Tenant and any Affiliate of
Tenant (including any successor in interest of Tenant) (and not any other
assignee, sublessee or other transferee of the Original Tenant's interest in the
Lease) if the Original Tenant and/or any Affiliate of Tenant (including any
successor in interest of Tenant) occupies at least 75% of the rentable square
footage of the entire Premises as of the date of Tenant's Acceptance (as defined
in Paragraph 12(c) below).

              (b) Option Rent.  The rent payable by Tenant during the Option
                  -----------
Term ("Option Rent") shall be equal to the "Market Rent" (defined below), but in
no event shall the Option Rent be less than Tenant is paying under the Lease on
the month immediately preceding the Option Term for Monthly Basic Rental,
including all escalations, direct costs, additional rent and other charges.
"Market Rent" shall mean the applicable Monthly Basic Rental, including all
escalations, direct costs, additional rent and other charges at which tenants,
as of the commencement of the Option Term, are leasing non-renewal, non-
sublease, non-equity space comparable in size, location and quality to the
Premises for a term comparable to the Option Term, which comparable space is
located in office buildings comparable to the Project in Beverly Hills,
California, taking into consideration any free rent, tenant improvement
allowances (with Landlord to be credited with the value of the existing
improvements in the Premises to Tenant, as compared to the value of the existing
improvements in such comparable space, with such value to be based upon the age,
quality and layout of the improvements and the extent to which the same could be
utilized by Tenant with consideration given to the fact that the improvements
existing in the Premises are specifically suitable to Tenant) and any other
monetary concessions. Market Rent shall not take into consideration the value of
any data or voice cabling installed in the Premises by or on behalf of Tenant.

              (c) Exercise of Option. The Option shall be exercised by Tenant
                  ------------------
only in the following manner: (i) Tenant shall not be in material default, and
shall not have been in material default under the Lease more than twice, on the
delivery date of the Interest Notice and Tenant's Acceptance; (ii) Tenant shall
deliver written notice ("Interest Notice") to Landlord not more than ten (10)
months nor less than nine (9) months prior to the expiration of the Current
Term, stating that Tenant is interested in exercising the Option, (iii) within
fifteen (15) business days of Landlord's receipt of Tenant's written notice,
Landlord shall deliver notice ("Option Rent Notice") to Tenant setting forth the
Option Rent; and (iv) if Tenant desires to exercise such Option, Tenant shall

                                      -5-
<PAGE>

provide Landlord written notice within five (5) business days after receipt of
the Option Rent Notice ("Tenant's Acceptance") and upon, and concurrent with
such exercise, Tenant may, at its option, object to the Option Rent contained in
the Option Rent Notice. Tenant's failure to deliver the Interest Notice or
Tenant's Acceptance on or before the dates specified above shall be deemed to
constitute Tenant's election not to exercise the Option. If Tenant timely and
properly exercises its Option, the Current Term shall be extended for the Option
Term upon all of the terms and conditions set forth in the Lease, except that
the rent for the Option Term shall be as indicated in the Option Rent Notice
unless Tenant, concurrently with Tenant's acceptance, objects to the Option Rent
contained in the Option Rent Notice, in which case the parties shall follow the
procedure and the Option Rent shall be determined, as set forth in paragraph
12(d) below.

              (d)  Determination of Market Rent.  If Tenant timely and
                   ----------------------------
appropriately objects to the Market Rent in Tenant's Acceptance, Landlord and
Tenant shall attempt to agree upon the Market Rent using their best good-faith
efforts. If Landlord and Tenant fail to reach agreement within twenty-one (21)
days following Tenant's Acceptance ("Outside Agreement Date"), then each party
shall make a separate determination of the Market Rent which shall be submitted
to each other and to arbitration in accordance with the following items (i)
through (vii):

                   (i)   Landlord and Tenant shall each appoint, within ten (10)
days of the Outside Agreement Date, one arbitrator who shall by profession be a
current real estate broker or appraiser of commercial office properties in the
immediate vicinity of the Project, and who has been active in such field over
the last five (5) years. The determination of the arbitrators shall be limited
solely to the issue of whether Landlord's or Tenant's submitted Market Rent is
the closest to the actual Market Rent as determined by the arbitrators, taking
into account the requirements of item (b), above.

                   (ii)  The two (2) arbitrators so appointed shall within five
(5) business days of the date of the appointment of the last appointed
arbitrator agree upon and appoint a third arbitrator who shall be qualified
under the same criteria set forth hereinabove for qualification of the initial
two (2) arbitrators.

                   (iii) The three (3) arbitrators shall within fifteen (15)
days of the appointment of the third arbitrator reach a decision as to whether
the parties shall use Landlord's or Tenant's submitted Market Rent, and shall
notify Landlord and Tenant thereof.

                   (iv)  The decision of the majority of the three (3)
arbitrators shall be binding upon Landlord and Tenant.

                   (v)   If either Landlord or Tenant fails to appoint an
arbitrator within ten (10) days after the applicable Outside Agreement Date, the
arbitrator appointed by one of them shall reach a decision, notify Landlord and
Tenant thereof, and such arbitrator's decision shall be binding upon Landlord
and Tenant.

                                      -6-
<PAGE>

               (vi)  If the two arbitrators fail to agree upon and appoint a
third arbitrator, or both parties fail to appoint an arbitrator, then the
appointment of the third arbitrator or any arbitrator shall be dismissed and the
matter to be decided shall be forthwith submitted to arbitration under the
provisions of the American Arbitration Association, but subject to the
instruction set forth in this item (d).

               (vii) The cost of arbitration shall be paid by Landlord and
Tenant equally.

          13.  Right of First Offer.  Landlord hereby grants to Tenant a one-
               --------------------
time right of first offer with respect to that space on the second and eighth
floors of the Project ("First Offer Space").  Notwithstanding the foregoing, (i)
such first offer right of Tenant shall commence only following the expiration or
earlier termination of (A) any existing lease pertaining to the First Offer
Space, and (B) as to any First Offer Space which is vacant as of the date of
this Amendment, the first lease pertaining to any portion of such First Offer
Space entered into by Landlord after the date of this Amendment (collectively,
the "Superior Leases"), including any renewal of such existing or future lease,
whether or not such renewal is pursuant to an express written provision in such
lease, and regardless of whether any such renewal is consummated pursuant to a
lease amendment or a new lease, and (ii) such first offer right shall be
subordinate and secondary to all rights of expansion, first refusal, first offer
or similar rights granted to (A) the tenants of the Superior Leases and (B) any
other tenant of the Project (the rights described in items (i) and (ii), above
to be known collectively as "Superior Rights").  Tenant's right of first offer
shall be on the terms and conditions set forth in this paragraph 13.

              (a) Procedure for Offer.  Landlord shall notify Tenant ("First
                  -------------------
Offer Notice") from time to time when Landlord determines that Landlord shall
commence the marketing of any First Offer Space because such space shall become
available for lease to third parties, where no holder of a Superior Right
desires to lease such space. The First Offer Notice shall describe the space so
offered to Tenant and shall set forth Landlord's proposed economic terms and
conditions applicable to Tenant's lease of such space (collectively, the
"Economic Terms"). Notwithstanding the foregoing, Landlord's obligation to
deliver the First Offer Notice shall not apply during the last nine (9) months
of the Current Term unless Tenant has delivered an Interest Notice to Landlord
pursuant to paragraph 12 above nor shall Landlord be obligated to deliver the
First Offer Notice during the last eight (8) months of the Current Term unless
Tenant has timely delivered Tenant's Acceptance to Landlord pursuant to
paragraph 12 above.

              (b) Procedure for Acceptance. If Tenant wishes to exercise
                  ------------------------
Tenant's right of first offer with respect to the space described in the First
Offer Notice, then within five (5) business days after delivery of the First
Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant's
exercise its right of first offer with respect to the entire space described in
the First Offer Notice. If concurrently with Tenant's exercise of the first
offer right, Tenant notifies Landlord that it does not accept the Economic Terms
set forth in the First Offer Notice, Landlord and Tenant shall, for a period of
fifteen (15) days after Tenant's exercise, negotiate in good faith to reach
agreement as to such Economic Terms. If Tenant does not so notify Landlord that
it does not accept the Economic Terms set forth in the First Offer Notice
concurrently with Tenant's exercise

                                      -7-
<PAGE>

of the first offer right, the Economic Terms shall be as set forth in the First
Offer Notice. In addition, if Tenant does not exercise its right of first offer
within the five (5) business day period, or, if Tenant exercises its first offer
right but timely objects to Landlord's determination of the Economic Terms and
if Landlord and Tenant are unable to reach agreement on such Economic Terms
within said fifteen (15) day period, then Landlord shall be free to lease the
space described in the First Offer Notice to anyone to whom Landlord desires on
any terms Landlord desires and Tenant's right of first offer shall terminate as
to the First Offer Space described in the First Offer Notice. Notwithstanding
anything to the contrary contained herein, Tenant must elect to exercise its
right of first offer, if at all, with respect to all of the space offered by
Landlord to Tenant at any particular time, and Tenant may not elect to lease
only a portion thereof.

              (c) Construction of First Offer Space. Except as otherwise set
                  ---------------------------------
forth in the Economic Terms, Tenant shall take the First Offer Space in its "as-
is" condition, and Tenant shall be entitled to construct improvements in the
First Offer Space in accordance with the provisions of Article 8 of the Original
Lease.

              (d) Lease of First Offer Space.  If Tenant timely exercises
                  --------------------------
Tenant's right to lease the First Offer Space as set forth herein, Landlord and
Tenant shall execute a further amendment adding such First Offer Space to the
Lease upon the same non-economic terms and conditions as applicable to the
Premises, and the economic terms and conditions as provided in paragraph 13(a)
above. Tenant shall commence payment of rent for the First Offer Space and the
lease term of the First Offer Space shall commence upon the date of delivery of
such space to Tenant. The lease term for the First Offer Space shall expire co-
terminously with Tenant's lease of the Premises.

              (e) No Defaults.  The rights contained in this paragraph 13 shall
                  -----------
be personal to the Original Tenant and any Affiliate of Tenant (including any
successor-in-interest of Tenant), and may only be exercised by the Original
Tenant and any Affiliate of Tenant (including any successor-in-interest of
Tenant) (and not any other assignee, sublessee or other transferee of the
Original Tenant's interest in this Amendment) if the Original Tenant and/or any
Affiliate of Tenant (including any successor-in-interest of Tenant) occupies at
least 75% of the rentable square footage of the entire Premises as of the date
of the First Offer Notice.  Tenant shall not have the right to lease First Offer
Space as provided in this Paragraph 13 if, as of the date of the First Offer
Notice, or, at Landlord's option, as of the scheduled date of delivery of such
First Offer Space to Tenant, Tenant is in default under the Lease or Tenant has
previously been in default under the Lease more than once.

          14. Building Top Signage.
              --------------------

              (a)  Provided Tenant directly leases at least 20,000 rentable
square feet in the Project, Tenant, at Tenant's sole expense shall have the
right to exclusive top-of-building signage on two (2) sides of the Project
("Tenant's Top-of-Building Signage"). Tenant's Top-of-Building Signage shall be
subject to Landlord's approval (which will not be unreasonably delayed and which
may be given or withheld by Landlord in its sole discretion, as Landlord
reasonably determines) as

                                      -8-
<PAGE>

to size, design, location, graphics, materials, colors and similar
specifications and shall be consistent with the exterior design, materials and
appearance of the Project and the Project's signage program and shall be further
subject to all applicable local governmental laws, rules, regulations, codes and
other approvals. Tenant's Top-of-Building Signage shall also comply with and be
subject to the terms of Exhibit "B" attached hereto. Subject to compliance with
all laws and the other restrictions set forth in the preceding sentence,
Tenant's Top-of-Building Signage may be illuminated. Tenant's Top-of-Building
Signage shall be personal to the Original Tenant and may not be assigned to any
assignee or sublessee, or any other person or entity. Notwithstanding the
foregoing, an Affiliate of Tenant shall have the right to Tenant's Top-of-
Building Signage to the extent Landlord, in its reasonable discretion,
determines that (i) the character, image and reputation of said Affiliate is
consistent with the character, image and reputation of Tenant or the other
tenants in the Project, and (ii) allowing said Affiliate to have said Tenant's
Top-of-Building Signage will not impair or injure the reputation or image of the
Project. The cost incurred in connection with the initial purchase and
installation of Tenant's Top-of-Building Signage and the cost to operate
Tenant's Top-of-Building Signage shall be paid for by Tenant, and Tenant shall
be separately metered for such operating expenses (the cost of separately
metering any utility usage shall also be paid for by Tenant). Upon the
expiration of the lease term, or other earlier termination of the Lease, or in
the event the conditions precedent to the grant of Tenant's Top-of-Building
Signage are no longer satisfied, Tenant shall remove Tenant's Top-of-Building
Signage and Tenant shall be responsible for any and all costs associated with
the removal of Tenant's Top-of-Building Signage, including, but not limited to,
the cost to repair and restore the Project to its original condition, normal
wear and tear excepted.

              (b) Notwithstanding anything to the contrary contained in this
Agreement, if, despite the diligent good faith efforts of Tenant, either (i) all
governmental approvals are obtained for one (1) top-of-building sign, but Tenant
and Landlord are unable to agree upon the appearance of said sign (despite
Landlord's and Tenant's reasonable, good faith efforts to so agree), or (ii)
Tenant is unable to obtain on or before the date which is 90 days after the
mutual execution and delivery of this Amendment, all necessary governmental
approvals for at least one (1) top-of-building sign (and provided such failure
is not the result of any act or omission by Tenant or any agent, employee, or
representative of Tenant), then this Amendment shall be deemed null and void and
of no further force or effect (in which event the Lease shall remain in effect
as if this Amendment never existed), except that Tenant shall be entitled to
retain the Tenant Improvement Allowance and/or any FF&E Allowance funded or
required to be funded by Landlord to Tenant pursuant to the Work Letter
Agreement attached hereto as Exhibit A.

              (c) Notwithstanding anything to the contrary contained in
Paragraph 2 above, if Tenant is only able to obtain governmental approvals for
one (1) top-of-building sign (despite Tenant's diligent good faith efforts to
obtain said approvals), Tenant's Basic Rental obligations for the Premises
(other than Suite 525) shall be in accordance with the following schedule:

<TABLE>
    <S>                    <C>                    <C>                      <C>
                                                                            Monthly Rental Per
                                                                            ------------------
    Monthly Period         Annual Basic Rental    Monthly Basic Rental     Rentable Square Foot
    --------------         -------------------    --------------------     --------------------
</TABLE>

                                      -9-
<PAGE>

<TABLE>
    <S>                    <C>                      <C>                   <C>
      Months 1-30             $1,106,989.80           $ 92,249.15                  $3.71

      Months 31-60            $1,166,665.80           $ 97,222.15                  $3.91

      Months 61-90            $1,226,341.80           $102,195.15                  $4.11

     Months 91-120            $1,286,017.80           $107,168.15                  $4.31
</TABLE>

          15.  AS-IS; Tenant Improvements. Except as otherwise set forth in the
               --------------------------
Work Letter attached hereto, the Premises (including Suite 525) shall continue
to be leased by Tenant as of the New Commencement Date in its "as-is, where-is
condition", with all faults.

          16.  Estoppel.  Tenant warrants, represents and certifies to Landlord
               --------
that as of the date of this Amendment, (a) Landlord is not in default under the
Lease, and (b) Tenant does not have any defenses or offsets to payment of rent
and performance of its obligations under the Lease as and when same becomes due.

          17.  Attorney's Fees.  In the event either party shall commence an
               ---------------
action to enforce any provision of this Amendment, the prevailing party in such
action shall be entitled to receive from the other party, in addition to
damages, equitable or other relief, and all costs and expenses incurred,
including reasonable attorneys fees and court costs and the fees and costs of
expert witnesses, and fees incurred to enforce any judgment obtained.  This
provision with respect to attorneys fees incurred to enforce a judgment shall be
severable from all other provisions of this Amendment, shall survive any
judgment, and shall not be deemed merged into the judgment.

          18.  Brokers.  Tenant represents and warrants to Landlord that, other
               -------
than Julien J. Studley, Inc., it has not dealt with any broker with respect to
this Amendment.  If Tenant has dealt with any other broker or person, Tenant
shall be solely responsible for the payment of any fees due said person or firm
and Tenant shall protect, indemnify, hold harmless and defend Landlord from any
liability in respect thereto.

          19.  Authority.  Tenant has full power and authority to enter into
               ---------
this Amendment and the person signing on behalf of Tenant has been fully
authorized to do so by all necessary corporate or partnership action on the part
of Tenant.

          20.  Joint and Several.  The terms "Landlord" and "Tenant" as used
               -----------------
herein shall include the plural as well as the singular, the neuter shall
include the masculine and feminine genders and the obligations herein imposed
upon Tenant shall be joint and several as to each of the person, firms or
corporations of which Tenant may be composed.

          21.  Lease in Full Force.  Except for those provisions which are
               -------------------
inconsistent with this Amendment and those terms, covenants and conditions for
which performance has heretofore been completed, all other terms, covenants and
conditions of the Lease shall remain in full force and effect and Tenant hereby
ratifies the Lease, as amended hereby.

                                      -10-
<PAGE>

          22.  Time of Essence.  Time is of the essence with respect to the
               ---------------
obligations of the parties hereunder.

          IN WITNESS WHEREOF, this Amendment is executed as of the date first
written above.

<TABLE>
<CAPTION>
"Landlord"                                     "Prior Tenant"
<S>                                            <C>
ARDEN REALTY LIMITED PARTNERSHIP, a            JB OXFORD HOLDINGS, INC., a Utah
 Maryland limited partnership                  corporation

By:  Arden Realty, Inc., a Maryland
     corporation                               By: /s/ James G. Lewis
                                               ---------------------------------------
                                               Name: James G. Lewis
                                               Title: President and Chief Operating Officer
     By: /s/ Victor Coleman
     ---------------------------------
     Name:  Victor Coleman                     By: /s/ Scott G. Monson
                                               ---------------------------------------
     Title: President                          Name: Scott G. Monson
     and Chief Operating Officer               Title: Secretary

     By:  /s/ Robert C. Peddicord
     ---------------------------------
     Name: Robert C. Peddicord
     Title: Senior Vice President
                                               "Tenant"

                                               JB OXFORD & COMPANY, a Utah corporation

                                               By: /s/ James G. Lewis
                                               ---------------------------------------
                                               Name: James G. Lewis
                                               Title: Chief Executive Officer

                                               By: /s/ Michael J. Chiodo
                                               ---------------------------------------
                                               Name: Michael J. Chiodo
                                               Title: Chief Financial Officer
</TABLE>

                                      -11-
<PAGE>

                                  EXHIBIT "A"

                              TENANT WORK LETTER

     This Tenant Work Letter shall set forth the terms and conditions relating
to the construction of the tenant improvements in the Premises (other than Suite
525). The term "Premises" for purposes of this Tenant Work Letter only shall not
include Suite 525.

                                   SECTION 1
                                   ---------

                LANDLORD'S INITIAL CONSTRUCTION IN THE PREMISES
                -----------------------------------------------

     Landlord has constructed, at its sole cost and expense, the base, shell and
core (i) of the Premises, and (ii) of the floor of the Project on which the
Premises is located (collectively, the "Base, Shell and Core"). Tenant has
inspected and hereby approves the condition of the Base, Shell and Core, and
agrees that the Base, Shell and Core shall be delivered to Tenant in its current
"as-is" condition. The improvements to be initially installed in the Premises
shall be designed and constructed pursuant to this Tenant Work Letter. Any costs
of initial design and construction of any improvements to the Premises shall be
a "Tenant Improvement Allowance Item", as that term is defined in Section 2.2 of
this Tenant Work Letter.

                                   SECTION 2
                                   ---------

                              TENANT IMPROVEMENTS
                              -------------------

     2.1   Tenant Improvement Allowance.  Subject to reduction as a result of
           ----------------------------
any funding by Landlord pursuant to Section 5 below, Tenant shall be entitled to
a one-time tenant improvement allowance (the "Tenant Improvement Allowance") in
the amount of $300,000.00 [BASED ON $13.70 PER USABLE SQUARE FOOT] for the costs
relating to the performance of certain purely cosmetic work in the Premises (the
"Tenant Improvements"). In no event shall Landlord be obligated to make
disbursements pursuant to this Tenant Work Letter in a total amount which
exceeds the Tenant Improvement Allowance. If as of the date which is 30 days
after the mutual execution and delivery of this Amendment, the Tenant
Improvement Allowance exceeds the sum of (i) the cost, if any, of the Tenant
Improvements paid for by Landlord pursuant to the terms of this Work Letter,
plus (ii) the amount, if any, concurrently paid by Landlord to Tenant pursuant
to Section 5 of this Work Letter, such excess shall be promptly paid by Landlord
to Tenant (which payment shall exhaust the Tenant Improvement Allowance) and
Landlord shall have no further obligations under this Work Letter.

     2.2   Disbursement of the Tenant Improvement Allowance. Except as
           ------------------------------------------------
otherwise set forth in this Tenant Work Letter, the Tenant Improvement Allowance
shall be disbursed by Landlord (each of which disbursements shall be made
pursuant to Landlord's disbursement process) for the

                                      -2-
<PAGE>

costs of the construction of the Tenant Improvements and for the following items
and costs (collectively, the "Tenant Improvement Allowance Items"): (i) payment
of the fees of the "Architect" and the "Engineers," as those terms are defined
in Section 3.1 of this Tenant Work Letter, and payment of the fees incurred by,
and the cost of documents and materials supplied by, Landlord and Landlord's
consultants in connection with the preparation and review of the "Construction
Drawings," as that term is defined in Section 3.1 of this Tenant Work Letter;
(ii) the cost of permits and construction supervision fees; (iii) the cost of
any changes in the Base, Shell and Core required by the Construction Drawings;
(iv) the cost of any changes to the Construction Drawings or Tenant Improvements
required by applicable building codes (the "Code"); (v) any other costs
triggered by the performance of the Tenant Improvements which are required by
any Code; and (vi) the cost of demolishing any existing improvements in the
Premises. However, in no event shall more than Three and 00/100 Dollars ($3.00)
per usable square foot of the Tenant Improvement Allowance be used for the items
described in (i) and (ii) above; any additional amount incurred as a result of
(i) and (ii) above shall be deemed to constitute an Over-Allowance Amount.

     2.3   Standard Tenant Improvement Package. Landlord has established
           -----------------------------------
specifications (the "Specifications") for the Project standard components to be
used in the construction of the Tenant Improvements in the Premises
(collectively, the "Standard Improvement Package"), which Specifications are
available upon request. The quality of Tenant Improvements shall be equal to or
of greater quality than the quality of the Specifications, provided that
Landlord may, at Landlord's option, require the Tenant Improvements to comply
with certain Specifications.

                                   SECTION 3
                                   ---------

                             CONSTRUCTION DRAWINGS
                             ---------------------

     3.1   Selection of Architect/Construction Drawings. Tenant shall retain an
           --------------------------------------------
architect/space planner designated by Landlord (the "Architect") to prepare the
"Construction Drawings," as that term is defined in this Section 3.1. Tenant
shall also retain the engineering consultants designated by Landlord (the
"Engineers") to prepare all plans and engineering working drawings relating to
the structural, mechanical, electrical, plumbing, HVAC and lifesafety work of
the Tenant Improvements. The plans and drawings to be prepared by Architect and
the Engineers hereunder shall be known collectively as the "Construction
Drawings." All Construction Drawings shall comply with the drawing format and
specifications as reasonably determined by Landlord, and shall be subject to
Landlord's reasonable approval. Tenant and Architect shall verify, in the field,
the dimensions and conditions as shown on the relevant portions of the base
building plans, and Tenant and Architect shall be solely responsible for the
same, and Landlord shall have no responsibility in connection therewith.
Landlord's review of the Construction Drawings as set forth in this Section 3,
shall be for its sole purpose and shall not imply Landlord's review of the same,
or obligate Landlord to review the same, for quality, design, Code compliance or
other like matters. Accordingly, notwithstanding that any Construction Drawings
are reviewed by Landlord or its space planner, architect, engineers and
consultants, and notwithstanding any advice or assistance which may be rendered
to Tenant by Landlord or Landlord's space planner, architect, engineers, and
consultants, Landlord shall have no

                                      -3-
<PAGE>

liability whatsoever in connection therewith and shall not be responsible for
any omissions or errors contained in the Construction Drawings.

     3.2   Final Space Plan. Tenant and the Architect shall prepare the final
           ----------------
space plan, if any, for Tenant Improvements in the Premises (collectively, the
"Final Space Plan"), which Final Space Plan shall include a layout and
designation of all offices, rooms and other partitioning, their intended use,
and equipment to be contained therein, and shall deliver the Final Space Plan to
Landlord for Landlord's approval.

     3.3   Final Working Drawings. Tenant, the Architect and the Engineers
           ----------------------
shall complete the architectural and engineering drawings, if any, for the
Premises, and the final architectural working drawings in a form which is
complete to allow subcontractors to bid on the work and to obtain all applicable
permits (collectively, the "Final Working Drawings") and shall submit the same
to Landlord for Landlord's approval.

     3.4   Permits. The Final Working Drawings shall be approved by Landlord
           -------
(the "Approved Working Drawings") prior to the commencement of the construction
of the Tenant Improvements. Tenant shall cause the Architect to immediately
submit the Approved Working Drawings to the appropriate municipal authorities
for all applicable building permits necessary to allow "Contractor," as that
term is defined in Section 4.1, below, to commence and fully complete the
construction of the Tenant Improvements (the "Permits"). No changes,
modifications or alterations in the Approved Working Drawings may be made
without the prior written consent of Landlord, which consent shall not be
unreasonably withheld.

     3.5   Time Deadlines. Tenant shall use its best, good faith efforts and
           --------------
all due diligence to cooperate with the Architect, the Engineers, and Landlord
to complete all phases of the Construction Drawings and the permitting process
and to receive the permits, and with Contractor for approval of the "Cost
Proposal," as that term is defined in Section 4.2 of this Tenant Work Letter, as
soon as possible after the execution of the Lease, and, in that regard, shall
meet with Landlord on a scheduled basis to be determined by Landlord, to discuss
Tenant's progress in connection with the same.

                                   SECTION 4
                                   ---------

                    CONSTRUCTION OF THE TENANT IMPROVEMENTS
                    ---------------------------------------

     4.1   Contractor. The contractor which shall construct the Tenant
           ----------
Improvements shall be a contractor designated by Landlord. The contractor
selected may be referred to herein as the "Contractor".

     4.2   Cost Proposal. After the Approved Working Drawings are signed by
           -------------
Landlord and Tenant, Landlord shall provide Tenant with a cost proposal in
accordance with the Approved Working Drawings, which cost proposal shall
include, as nearly as possible, the cost of all Tenant Improvement Allowance
Items to be incurred by Tenant in connection with the construction of the

                                      -4-
<PAGE>

Tenant Improvements (the "Cost Proposal"). Tenant shall approve and deliver the
Cost Proposal to Landlord within three (3) business days of the receipt of the
same, and upon receipt of the same by Landlord, Landlord shall be released by
Tenant to purchase the items set forth in the Cost Proposal and to commence the
construction relating to such items. The date by which Tenant must approve and
deliver the Cost Proposal to Landlord shall be known hereafter as the "Cost
Proposal Delivery Date". Failure of Tenant to timely approve and deliver the
Cost Proposal shall conclusively be deemed to be Tenant's approval of such Cost
Proposal.

     4.3   Construction of Tenant Improvements by Contractor under the
           -----------------------------------------------------------
Supervision of Landlord.
-----------------------

           4.3.1  Over-Allowance Amount. On the Cost Proposal Delivery Date,
                  ---------------------
Tenant shall deliver to Landlord an amount (the "Over-Allowance Amount") equal
to the difference between (i) the amount of the Cost Proposal and (ii) the
amount of the Tenant Improvement Allowance (less any portion thereof already
disbursed by Landlord, or in the process of being disbursed by Landlord, on or
before the Cost Proposal Delivery Date). The Over-Allowance Amount shall be
disbursed by Landlord prior to the disbursement of any then remaining portion of
the Tenant Improvement Allowance, and such disbursement shall be pursuant to the
same procedure as the Tenant Improvement Allowance. In the event that, after the
Cost Proposal Delivery Date, any revisions, changes, or substitutions shall be
made to the Construction Drawings or the Tenant Improvements, any additional
costs which arise in connection with such revisions, changes or substitutions or
any other additional costs shall be paid by Tenant to Landlord immediately upon
Landlord's request as an addition to the Over-Allowance Amount.

           4.3.2  Landlord's Retention of Contractor. Landlord shall
                  ----------------------------------
independently retain Contractor, on behalf of Tenant, to construct the Tenant
Improvements in accordance with the Approved Working Drawings and the Cost
Proposal and Landlord shall have the right to supervise the construction by
Contractor.

                                   SECTION 5
                                   ---------

                                FF&E ALLOWANCE
                                --------------

     5.1   To the extent of any unused Tenant Improvement Allowance, Landlord
shall pay Tenant up to $109,525.00 ($5.00 per usable square foot of the
Premises) (the "FF&E Allowance") to compensate Tenant for Tenant's actual
out-of-pocket costs paid to third-parties and directly associated with the
purchase and installation of furniture and fixtures, telephone installation,
computer installation and hook-up and other expenses incurred by Tenant. Such
payment shall be made by Landlord to Tenant within thirty (30) days after the
mutual execution and delivery of this Amendment. Any such payment by Landlord
hereunder shall be applied against and reduce the Tenant Improvement Allowance.

                                      -5-
<PAGE>

                                   SECTION 6
                                   ---------

                                 MISCELLANEOUS
                                 -------------

     6.1   Tenant's Representative. Tenant has designated Al Laubenstein as its
           -----------------------
sole representative with respect to the matters set forth in this Tenant Work
Letter, who, until further notice to Landlord, shall have full authority and
responsibility to act on behalf of the Tenant as required in this Tenant Work
Letter.

     6.2   Landlord's Representative. Prior to commencement of construction of
           -------------------------
Tenant Improvements, Landlord shall designate a representative with respect to
the matters set forth in this Tenant Work Letter, who, until further notice to
Tenant, shall have full authority and responsibility to act on behalf of the
Landlord as required in this Tenant Work Letter.

     6.3   Time of the Essence in This Tenant Work Letter. Unless otherwise
           ----------------------------------------------
indicated, all references herein to a "number of days" shall mean and refer to
calendar days.

                                      -6-
<PAGE>

                                  EXHIBIT "B"

                              SIGNAGE REGULATIONS
                              -------------------

     1   Tenant shall not install the Tenant's Top-of-Building Signage (referred
to herein as "Tenant's Exterior Sign") or thereafter replace or make alterations
to Tenant's Exterior Sign, until: (a) Landlord has approved, which approval
shall not be unreasonably withheld, delayed or conditioned, the installation
company and the professionally prepared sign plans submitted by Tenant showing
the design, size, content, color and quality of materials and placement of the
sign, all required engineering, and (b) Tenant has obtained and submitted to
Landlord evidence of the insurance required hereunder and any permits or
approvals required by law. The original installation work for Tenant's Exterior
Sign shall be performed in a manner so as to avoid damage to the Project or
unreasonable interference with the operation of the Project or any of its
occupants. Without limiting the generality of the foregoing, Landlord shall have
the right to reasonably approve all staging and other construction procedures.
All installation or other work hereunder shall be performed in a good and
workmanlike manner, in accordance with all governmental requirements, and at
Tenant's sole cost and expense. If Tenant is required to remove any glass or
other material from the Project, Tenant will obtain Landlord's prior written
consent, which consent shall not be unreasonably withheld, delayed or
conditioned, to such removal (unless such removal is shown on the plans
previously approved by Landlord) and shall store all such material with
appropriate care and replace it when Tenant's Exterior Sign is removed.

     2   Once installation of Tenant's Exterior Sign has commenced, it shall be
completed as soon as possible.

     3   Tenant shall maintain Tenant's Exterior Sign in good, sightly and
first-class appearance, condition and repair, and so as not to detract from the
appearance of the Project. Landlord shall have the right to approve the
maintenance personnel. If Tenant shall fail to maintain or repair Tenant's
Exterior Sign in the condition required hereunder within twenty (20) days after
written notice by Landlord, Landlord may so repair and maintain Tenant's
Exterior Sign, at Tenant's sole cost and expense (which Tenant shall pay to
Landlord as additional rent when billed by Landlord), without limiting
Landlord's other rights and remedies.

     4   Landlord shall permit Tenant reasonable access to the roof for the
purposes permitted hereunder, upon reasonable advance notice (except in cases of
emergency, in which case only such notice as is feasible under the circumstances
shall be given) and scheduling through Landlord's management and security
personnel. Access after normal business hours may be granted or required by
Landlord in its reasonable discretion, and for such reasonable charges as
Landlord shall impose to cover any out-of-pocket costs incurred by Landlord in
connection therewith.

     5   Landlord does not represent or warrant that installation of Tenant's
Exterior Sign hereunder will comply with any applicable federal, state, county
or local law or ordinances or the regulations of any of their agencies or any
quasi-governmental requirements or any other applicable

                                      -1-
<PAGE>

agreements. Landlord shall use its best efforts (without the expenditure of any
money unless paid by Tenant in advance of the required expenditure) to assist
Tenant in obtaining such approvals. Tenant shall at all times comply with any
applicable laws, ordinances, regulations and requirements pertaining to Tenant's
Exterior Sign.

     6   Except to the extent arising out of the negligence or intentional acts
of Landlord, its agents or employees, Tenant shall defend, indemnify and hold
Landlord harmless from and against any and all loss, cost, claim, damage,
liability or expense which Landlord may incur as a direct or indirect result of
Tenant's Exterior Sign or Tenant's installation, maintenance or other activities
in connection therewith, including but not limited to Tenant's use of the roof
or Landlord's scaffolding or other equipment, and including but not limited to
reasonable attorneys' fees, whether or not any legal action is instituted. This
indemnity obligation shall include Landlord's partners, officers, directors,
employees, trustees, beneficiaries, affiliates and agents ("Indemnitees").
Tenant shall maintain commercial general liability insurance covering risks of
bodily injury, death or property damage arising directly or indirectly out of
Tenant's Exterior Sign or Tenant's installation, maintenance or other activities
in connection therewith, including, but not limited to, Tenant's use of the roof
or scaffolding or other equipment, in the amount of at least $2,000,000 combined
single limit per occurrence with a responsible insurance company having a rating
of not less than A-VIII in Best's Insurance Guide and licensed to do business in
the State of California, which policy shall include a contractual liability
endorsement and shall include Landlord and the other Indemnitees (as defined
above) as additional insureds. Tenant shall provide a certificate of such
insurance to Landlord prior to commencing the installation work for Tenant's
Exterior Sign, and such insurance policy shall not be cancelable without at
least fifteen (15) days written notice to Landlord. Except to the extent arising
out of the negligence or intentional acts of Landlord, its agents and employees,
Landlord shall not be responsible for Tenant's Exterior Sign in the event of
loss or damage thereto from any cause whatsoever.

     7   Landlord shall have the right to use photographs of the Project,
including Tenant's Exterior Sign, in Landlord's brochures and other advertising
materials without compensation to Tenant.

     8   Upon termination of the Lease or the sign rights hereunder by
expiration or otherwise, Tenant shall (and may at any time during the Current
Term upon three (3) months' prior written notice) disconnect and remove Tenant's
Exterior Sign and fully repair and restore the to the same condition than prior
to installation of Tenant's Exterior Sign. Tenant shall promptly and properly
repair during the Current Term, and upon termination of the Lease, or the sign
rights hereunder, any roof leaks or other damage or injury to the roof, or the
Project (or any portion thereof, contents thereof or equipment associated
therewith) caused by Tenant's Exterior Sign or its installation, use,
maintenance or removal, except to the extent arising out of the negligence or
intentional acts of Landlord, its agents or employees. If Tenant does not
commence to repair any such leaks, damage or injury, or does not commence to
remove (after Tenant's sign rights hereunder have terminated) Tenant's Exterior
Sign within seven (7) days after written request, or if Tenant does not
thereafter proceed to diligently complete such work, Tenant hereby authorizes
Landlord to make such repairs or remove and dispose of Tenant's Exterior Sign,
and Tenant shall promptly pay

                                      -2-
<PAGE>

Landlord's reasonable charges for doing so as additional rent. Landlord shall
not be liable for any property so disposed or removed by landlord.

     9   Tenant's rights to Tenant's Exterior Sign as set forth in this Exhibit
"B" shall constitute a license coupled with an interest. Landlord agrees not to
revoke this license until the Current Term (including any options to renew
thereunder validly exercised) expires or is sooner terminated, unless Tenant
shall be in default under the Lease.

                                      -3-
<PAGE>

                               CERTIFIED COPY OF

                       BOARD OF DIRECTORS RESOLUTIONS OF

                           JB OXFORD HOLDINGS, INC.

     The undersigned, being the duly elected Corporate Secretary of JB Oxford
Holdings, Inc., a Utah corporation ("Corporation"), hereby certifies that the
following is a true, full and correct copy of the resolutions adopted by the
Corporation by unanimous written consent in lieu of a special meeting of its
Board of Directors, and that said resolutions have not been amended or revoked
as of the date hereof.

     RESOLVED, that the Corporation is hereby authorized to execute, deliver and
fully perform that certain document entitled Amendment No. 6 to Lease
("Amendment") by and between the Corporation and Arden Realty Limited
Partnership, a Maryland limited partnership, for the lease of space at 9665
Wilshire Boulevard, Beverly Hills, California.

     RESOLVED FURTHER that the Corporation is hereby authorized and directed to
make, execute and deliver any and all consents, certificates, documents,
instruments, amendments, confirmations, guarantees, papers or writings as may be
required in connection with or in furtherance of the Amendment (collectively
with the Amendment, the "Documents") or any transactions described therein, and
to do any and all other acts necessary or desirable to effectuate the foregoing
resolution.

     RESOLVED FURTHER that the following officers acting together: ____________
as _______________________ and ________________________ as ____________________
are authorized to execute and deliver the Documents on behalf of the
Corporation, together with any other documents and/or instruments evidencing or
ancillary to the Documents, and in such forms and on such terms as such
officer(s) shall approve, the execution thereof to be conclusive evidence of
such approval and to execute and deliver on behalf of the Corporation all other
documents necessary to effectuate said transaction in conformance with these
resolutions.

Dated: __________________________

                                     ___________________________________________
                                     ______________________, Corporate Secretary

                                      -1-
<PAGE>

                               CERTIFIED COPY OF

                       BOARD OF DIRECTORS RESOLUTIONS OF

                              JB OXFORD & COMPANY

     The undersigned, being the duly elected Corporate Secretary of JB Oxford &
Company, a Utah corporation ("Corporation"), hereby certifies that the following
is a true, full and correct copy of the resolutions adopted by the Corporation
by unanimous written consent in lieu of a special meeting of its Board of
Directors, and that said resolutions have not been amended or revoked as of the
date hereof.

     RESOLVED, that the Corporation is hereby authorized to execute, deliver and
fully perform that certain document entitled Amendment No. 6 to Lease
("Amendment") by and between the Corporation and Arden Realty Limited
Partnership, a Maryland limited partnership, for the lease of space at 9665
Wilshire Boulevard, Beverly Hills, California.

     RESOLVED FURTHER that the Corporation is hereby authorized and directed to
make, execute and deliver any and all consents, certificates, documents,
instruments, amendments, confirmations, guarantees, papers or writings as may be
required in connection with or in furtherance of the Amendment (collectively
with the Amendment, the "Documents") or any transactions described therein, and
to do any and all other acts necessary or desirable to effectuate the foregoing
resolution.

     RESOLVED FURTHER that the following officers acting together:
_____________ as _______________________ and ________________________ as
____________________ are authorized to execute and deliver the Documents on
behalf of the Corporation, together with any other documents and/or instruments
evidencing or ancillary to the Documents, and in such forms and on such terms as
such officer(s) shall approve, the execution thereof to be conclusive evidence
of such approval and to execute and deliver on behalf of the Corporation all
other documents necessary to effectuate said transaction in conformance with
these resolutions.

Dated: __________________________

                                     ___________________________________________
                                     ______________________, Corporate Secretary

                                      -1-

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