Document:

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                                                                   EXHIBIT 10.7

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                                    FORM OF

                            EQUITYHOLDERS AGREEMENT

                                 BY AND AMONG

                              GOTHAM GOLF CORP.,

                               GOTHAM GOLF LLC,

                             GOTHAM PARTNERS, L.P.

                        FLORIDA GOLF ASSOCIATES, L.P.,

                        FLORIDA GOLF PROPERTIES, INC.,

                                      AND

                         CERTAIN EQUITYHOLDERS OF EACH

                            DATED AS OF [        ]

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                               TABLE OF CONTENTS

<TABLE>
<S>               <C>                                                      <C>
ARTICLE I

   CERTAIN DEFINITIONS                                                     PAGE
                                                                           ----
   Section 1.1    Definitions.............................................    1
   Section 1.2    Construction............................................    4

ARTICLE II

   BOARD OF DIRECTORS
   Section 2.1    Composition of the Corporation Board....................    5
   Section 2.2    Removal and Replacement of Directors....................    5
   Section 2.3    Removal of Founders Director by Shareholders............    5

ARTICLE III

   OTHER AGREEMENTS
   Section 3.1    Right of Co-Sale........................................    5
   Section 3.2    Structure of Redemptions................................    6

ARTICLE IV

   TRANSFER RESTRICTIONS
   Section 4.1    Restrictions on Transfers...............................    7
   Section 4.2    Affiliate Transfers.....................................    8
   Section 4.3    Pledge to a Loan Bank...................................    8
   Section 4.4    Void Transfers..........................................    8
   Section 4.5    Open-Market Trades......................................    8

ARTICLE V

   REGISTRATION RIGHTS
   Section 5.1.   Demand Registrations....................................    8
   Section 5.2.   Piggy-Back Registration.................................    9
   Section 5.3.   Termination of Registration Obligations.................   10
   Section 5.4.   Registration Procedures.................................   11
   Section 5.5.   Registration Expenses...................................   14
   Section 5.6.   Indemnification; Contribution...........................   15

ARTICLE VI

   TERMINATION
   Section 6.1    Termination.............................................   17

ARTICLE VII

   MISCELLANEOUS
   Section 7.1    Counterparts............................................   17
   Section 7.2    Governing Law...........................................   17
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<TABLE>
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<C>                <S>                                                     <C>
   Section 7.3     Jurisdiction and Forum.................................  17
   Section 7.4     Entire Agreement.......................................  17
   Section 7.5     Expenses...............................................  17
   Section 7.6     Notices................................................  18
   Section 7.7     Successors and Assigns.................................  19
   Section 7.8     Headings; Definitions..................................  19
   Section 7.9     Amendments and Waivers.................................  19
   Section 7.10    Severability...........................................  20
   Section 7.11    Interpretation.........................................  20
   Section 7.12    Specific Performance...................................  20
   Section 7.13    No Third-Party Beneficiaries...........................  20
</TABLE>

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   This EQUITYHOLDERS AGREEMENT, dated as of [           ], 2002 (this
"AGREEMENT"), is entered into by and among (i) Gotham Golf Corp., a Delaware
corporation (the "CORPORATION"), in its individual capacity and in its capacity
as a Limited Partner of Gotham Golf Partners, L.P., a Delaware limited
partnership (the "PARTNERSHIP"), (ii) Gotham Golf, LLC, a single-member
Delaware limited liability company and wholly owned subsidiary of the
Corporation (the "GENERAL PARTNER"), in its individual capacity and in its
capacity as general partner of the Partnership, (iii) Gotham Partners, L.P., a
Delaware limited partnership ("GOTHAM"), individually and on behalf of its
Controlled Affiliates, each in its capacity as a shareholder of the
Corporation, (iv) Florida Golf Associates, L.P., a Virginia limited partnership
("FGA"), (v) Florida Golf Properties, Inc., a Virginia corporation ("FGPI"),
and (vi) certain Limited Partners of the Partnership and shareholders of the
Corporation as identified on EXHIBIT A (each a "FOUNDER", collectively
"FOUNDERS", and together with Gotham, FGA, FGPI and their respective Controlled
Affiliates, the "EQUITYHOLDERS").

                                   RECITALS

   WHEREAS, the Partnership, Gotham, FGA, FGPI and certain other Persons have
entered into that certain Agreement and Plan of Merger and Contribution, dated
as of February 13, 2002 (the "MERGER AGREEMENT"), which provides, among other
things, that Gotham, FGA, FGPI and certain of Gotham's Affiliates shall
contribute their respective rights, titles and interests in the Partnership to
the Corporation, which in turn shall contribute certain of these rights, titles
and interests to the General Partner, in exchange for the Common Stock of the
Corporation;

   WHEREAS, in connection with those matters, the partners of the Partnership
have resolved to amend and restate their agreement of limited partnership in
the form of the Third Amended and Restated Agreement of Limited Partnership of
Gotham Golf Partners, L.P. (the "PARTNERSHIP AGREEMENT");

   WHEREAS, the execution of this Agreement is a condition of the obligation of
the parties to the Merger Agreement to consummate the transactions contemplated
thereby; and

   WHEREAS, the Corporation, the Partnership and the Equityholders desire to
establish in this Agreement certain terms and conditions concerning their
holdings of Partnership Units and Common Stock and concerning provisions
related to the Equityholders' relationship with and investment in the
Partnership and the Corporation, as the case may be, immediately following the
consummation of the transactions contemplated by the Merger Agreement.

   NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties hereto agree as follows:

                                   ARTICLE I

                              CERTAIN DEFINITIONS

   Section 1.1 DEFINITIONS.  As used in this Agreement, the following terms
shall have the respective meanings set forth below:

   "AFFILIATE" shall have the meaning set forth in the Partnership Agreement.

   "AGREEMENT" shall have the meaning set forth in the Preamble.

   "BANK" shall mean any bank whose deposits are insured under the Federal
Deposit Insurance Act, as amended.

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   "BANK DEMAND RIGHT" shall have the meaning set forth in Section 5.1.

   "BLACKOUT PERIOD" shall have the meaning set forth in Section 5.1.

   "BUSINESS DAY" shall have the meaning set forth in the Partnership Agreement.

   "COMMON STOCK" shall mean the common stock, par value $0.01 per share, of
the Corporation.

   "COMMON STOCK EQUIVALENTS" shall mean shares of Common Stock issuable upon
redemption of the Partnership Units.

   "CONTROL" (including terms with correlative meanings such as "CONTROLLED",
"CONTROLLING", "CONTROLLED BY" and "UNDER COMMON CONTROL") shall mean, with
respect to any Person, the possession, directly or indirectly, of (i) greater
than 51% of the economic interests of a Person and (ii) the power to direct or
cause the direction of the management policies of that Person, whether through
ownership of voting securities or otherwise.

   "CORPORATION" shall have the meaning set forth in the Preamble.

   "CORPORATION BOARD" shall have the meaning set forth in Section 2.1.

   "CORPORATION INTEREST" shall mean, with respect to any Person, such Person's
percentage ownership (direct and indirect) of the outstanding Common Stock at
the time of measurement, including (i) that number of shares of Common Stock
for which such Person's Partnership Units can be redeemed pursuant to the
Partnership Agreement and (ii) that number of shares of Common Stock arising
from Transfers from another Equityholder to such Person, but in any case, shall
not include any Market Shares owned (directly or indirectly) by such Person.

   "DEMAND REGISTRATION" shall have the meaning set forth in Section 5.1.

   "DEMAND REQUEST" shall have the meaning set forth in Section 5.1.

   "DEMAND SHARES" shall have the meaning set forth in Section 5.1.

   "DIRECTOR" shall mean one or more of the members of the Corporation Board,
as the context may require.

   "EFFECTIVE PERIOD" shall have the meaning set forth in Section 5.4.

   "EQUITYHOLDERS" shall have the meaning set forth in the Preamble.

   "FAIR MARKET VALUE" shall mean, with respect to any Person's Common Stock or
Partnership Units redeemable for Common Stock, the average of the daily market
price for the Common Stock or the Common Stock issued upon redemption of the
Partnership Units, as the case may be, for the ten (10) consecutive trading
days immediately preceding the relevant time of measurement. The market price
for each such trading day shall be: (i) if the Common Stock is listed or
admitted to trading on any securities exchange or inter-dealer quotation system
of a registered securities association, the closing price, regular way, on such
day or, if no such sale takes place on such day, the average of the closing bid
and asked prices on such day; (ii) if the Common Stock is not listed or
admitted to trading on any securities exchange or the inter-dealer quotation
system of a registered securities association, the last reported sale price on
such day or, if no sale takes place on such day, the average of the closing bid
and asked prices on such day, as reported by a reliable quotation source
designated by the General Partner, in its sole discretion, or (iii) if the
Common Stock is not listed or admitted to trading on any securities exchange or
the inter-dealer quotation system of a registered securities association and no
such last reported sale price or closing bid and asked prices are available,
the average of the reported high bid and low asked prices on such day, as
reported by a reliable quotation source designated by the General Partner, in
its sole

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discretion, or, if there shall be no bid and asked prices on such day, the
average of the high bid and low asked prices, as so reported, on the most
recent day (not more than ten (10) days prior to the date in question) for
which prices have been so reported; PROVIDED that if there are no bid and asked
prices reported during the ten (10) days prior to the date in question, the
Fair Market Value of the Common Stock shall be determined by the General
Partner acting in good faith on the basis of such quotations and other
information as it considers appropriate.

   "FAMILY" shall mean, with respect to a particular Equityholder, such
Equityholder's estate and heirs and current and former spouse(s), parents,
parents-in-law, children, children-in-law, siblings, nephews, nieces and
grandchildren and any trust, entity or estate, all of the beneficiaries and/or
actual and beneficial owners of which consist solely of such Equityholder or
such Equityholder's current or former spouse(s), parents, parents-in-law,
children, children-in-law, siblings, nephews, nieces and grandchildren.

   "FGA" shall have the meaning set forth in the Preamble.

   "FGPI" shall have the meaning set forth in the Preamble.

   "FOUNDER" AND "FOUNDERS" shall have the meanings set forth in the Preamble.

   "FOUNDERS DIRECTOR" shall have the meaning set forth in Section 2.1.

   "GENERAL PARTNER" shall have the meaning set forth in the Preamble.

   "GOTHAM" shall have the meaning set forth in the Preamble.

   "GOTHAM DEMAND RIGHT" shall have the meaning set forth in Section 5.1.

   "GOVERNMENTAL ENTITY" shall mean any federal, state or local political
subdivision or other governmental agency or instrumentality, foreign or
domestic.

   "LIMITED PARTNER" shall have the meaning set forth in the Partnership
Agreement.

   "LOAN BANK" shall have the meaning set forth in Section 4.1(a).

   "MARKET SHARES" shall mean Common Stock purchased by a Person through an
Open-Market Trade.

   "MAXIMUM NUMBER" shall have the meaning set forth in Section 5.2.

   "MERGER AGREEMENT" shall have the meaning set forth in the Recitals.

   "OPEN-MARKET TRADE" shall mean any purchase or sale on (i) a securities
exchange or inter-dealer quotation system on which or through which the Common
Stock is traded or (ii) the over-the-counter market.

   "OPTION" shall have the meaning set forth in Section 3.1(b).

   "OTHER HOLDER" shall have the meaning set forth in Section 5.2.

   "PARTNERSHIP" shall have the meaning set forth in the Preamble.

   "PARTNERSHIP AGREEMENT" shall have the meaning set forth in the Recitals.

   "PARTNERSHIP UNITS" shall have the meaning set forth in the Partnership
Agreement.

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   "PARTY" shall mean each of the parties hereto and any Persons who become a
party hereto in accordance with Section 4.2.

   "PERMITTED TRANSFERS" shall have the meaning set forth in Section 4.1.

   "PERSON" shall mean any individual, partnership, limited liability company,
firm, corporation, association, joint venture, trust or other entity or any
Governmental Entity.

   "PIGGY-BACK REGISTRATION" shall have the meaning set forth in Section 5.2.

   "PIGGY-BACK REQUEST" shall have the meaning set forth in Section 5.2.

   "PROHIBITED SALE" shall have the meaning set forth in Section 3.1(b).

   "PURCHASER" shall have the meaning set forth in Section 3.1(a).

   "PROSPECTIVE SELLER" shall have the meaning set forth in Section 3.1(a).

   "REDEMPTION RIGHT" shall have the meaning set forth in the Partnership
Agreement.

   "REGISTRABLE SHARES" shall have the meaning set forth in Section 5.1.

   "SEC" shall mean the Securities and Exchange Commission.

   "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

   "SUBSIDIARY" shall mean, when used with respect to any Person, any Affiliate
of such Person that is Controlled by such Person.

   "TOTAL CORPORATION INTEREST" shall mean, with respect to any Person, the sum
of (i) such Person's Corporation Interest and (ii) any Market Shares owned
(directly or indirectly) by such Person (expressed as a percentage of the
outstanding Common Stock at the time of measurement).

   "TRANSFER" shall mean, in verb or noun form, any direct or indirect sale,
assignment, gift, encumbrance, hypothecation, mortgage, tender, exchange, any
other disposition by law or otherwise or other derivative transaction that has
the effect of materially changing the economic benefits and risks of ownership.

   Section 1.2  CONSTRUCTION.   Unless the context requires otherwise: (a) the
gender (or lack of gender) of all words used in this Agreement includes the
masculine, feminine and neuter; (b) references to Articles and Sections refer
to Articles and Sections of this Agreement; (c) references to Exhibits refer to
the Exhibits attached to this Agreement; (d) references to laws refer to such
laws as they may be amended from time to time, and references to particular
provisions of a law include any corresponding provisions of any succeeding law;
(e) references to money refer to legal currency of the United States of
America; (f) the word "including" means "including, without limitation"; (g)
wherever the words "in its sole discretion", "in the General Partner's
discretion" (including, with correlative meanings, the terms "absolute
discretion" or "individual discretion" or similar words or phrases), as applied
to decisions, determinations, judgments, actions, undertakings or exercises of
power and/or authority by the General Partner or the Corporation (whether on
behalf of the Partnership or otherwise), shall be interpreted to mean that (i)
the General Partner or the Corporation (as the case may be) may decide, make
determinations, adjudge, act, undertake undertakings or exercise its power
and/or authority with respect to such matters without reference to its
fiduciary or other duties, whether arising under law, equity or otherwise owing
to the Partnership, or the partners and Limited Partners thereof or any other
Persons, other than contractual duties arising on account hereof and (ii) the
Founders, in their capacity as Limited Partners of the

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Partnership, shall be deemed to have consented to and/or approved all such
matters without any further action on their or the General Partner's part; and
(h) all capitalized terms defined herein are equally applicable to both the
singular and plural forms of such terms. For the avoidance of doubt, nothing
contained in this Section 1.2 shall be deemed to be a waiver by any
Equityholder or as an admission by the General Partner, in connection with any
claims for breach of fiduciary duty against the General Partner for any acts or
omissions occurring after the date hereof.

                                  ARTICLE II

                              BOARD OF DIRECTORS

   Section 2.1 COMPOSITION OF THE CORPORATION BOARD.  Each of the Equityholders
shall, and shall cause its Controlled Affiliates to, make nominations and vote
their respective Total Corporation Interest, so that the Corporation shall be
managed by a board of directors (the "CORPORATION BOARD") that, subject to the
Corporation's Certificate of Incorporation and Bylaws (in each case, as amended
from time to time), shall be comprised of seven (7) Persons, including, one (1)
individual designated by those Founders who have a Corporation Interest greater
than zero, acting as a single group (the "FOUNDERS DIRECTOR"). The Founders
Director shall serve as a Director until his or her successor is duly elected
and qualified or until his or her earlier resignation or removal. The Founders
shall, among themselves, establish the terms and conditions for designating the
Founders Director and, if no such agreement is reached, the designee required
by this Section 2.1 shall be designated by that certain Founders Agreement,
dated as of the date hereof, by and among the Founders.

   Section 2.2 REMOVAL AND REPLACEMENT OF DIRECTORS.  Each Equityholder shall,
and shall cause its Affiliates to, vote their respective Total Corporation
Interest to remove the Founders Director at the request of the Founders, acting
as a single group, at any time and for any reason (or for no reason). Subject
to the Corporation's Certificate of Incorporation and Bylaws, as amended from
time to time, should the Founders Director be unwilling or unable to continue
to serve, or otherwise cease to serve (including by reason of his or her
involuntary removal or at the expiration of any applicable term of office),
then each of the Equityholders shall, and shall cause its Affiliates to, make
nominations and vote their respective Total Corporation Interest to fill the
resulting vacancy on the Corporation Board by a Person designated by the
Founders, as provided in Section 2.1.

   Section 2.3 REMOVAL OF FOUNDERS DIRECTOR BY SHAREHOLDERS.  None of the
Equityholders or their Controlled Affiliates shall participate in, nor shall
they cooperate with, any effort, or execute any resolution proposed by
shareholders of the Corporation other than the Equityholders, to remove the
Founders Director so long as the Founders Director is either John Caporaletti
or R. Daniel Mays.

                                  ARTICLE III

                               OTHER AGREEMENTS

   Section 3.1 RIGHT OF CO-SALE.

   (a) None of the Equityholders nor their respective Affiliates (each, a
"PROSPECTIVE SELLER") shall Transfer any part or all of its Corporation
Interest to any Person unless the prospective transferee (the "PURCHASER")
offers to purchase from each other Equityholder on terms no less favorable than
those offered to the Prospective Seller up to a number of shares of Common
Stock such that, in the case of a Transfer of a Person's Corporation Interest,
if each Equityholder accepts such offer in full, the ratio of the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by the Prospective Seller immediately before such Transfer to
the aggregate number of shares of Common Stock and Common Stock Equivalents
directly or indirectly held by the Prospective Seller immediately after such
Transfer shall be equal to the ratio of the aggregate number of shares of
Common Stock and Common Stock Equivalents directly or indirectly held by the
other Equityholders immediately before such Transfer to the aggregate number of
shares of Common Stock and

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Common Stock Equivalents directly or indirectly held by such Equityholders
immediately after such Transfer. The Prospective Seller shall send to each
other Equityholder a written notice of the Purchaser's offer to purchase shares
of Common Stock (including Common Stock Equivalents that are redeemed for
Common Stock) pursuant to this Section 3.1 at least 30 days prior to the
closing of any sale of shares of Corporation Interests by any Prospective
Seller. Such other Equityholders may accept the Purchaser's offer in whole or
in part and shall evidence its acceptance of the Purchaser's offer by sending a
notice of acceptance to the Prospective Seller and the Purchaser within 30 days
after receipt of the notice of the Purchaser's offer. An Equityholder that does
not accept the Purchaser's offer (in whole or in part) in accordance with the
foregoing sentence shall be deemed to have rejected the Purchaser's offer.

   (b) If a Prospective Seller Transfers any Corporation Interest to any Person
in contravention of the preceding Section 3.1(a) (a "PROHIBITED SALE"), each
other Equityholder shall have the option (the "OPTION") to sell to such
Prospective Seller up to a number of shares of Common Stock equal to the number
of shares that such Equityholder would have had the right to sell in connection
with the Prohibited Sale had such Prospective Seller and such Purchaser
complied with the terms of this Agreement. The price per share of Common Stock
that the Prospective Seller shall pay to each Equityholder in the event any
such Equityholder exercises its Option shall be equal to the price per share of
Common Stock paid to the Prospective Seller in the Prohibited Sale. An Option
may be exercised by an Equityholder within 30 days after it has received notice
or otherwise become aware of the Prohibited Sale, and may be exercised in whole
or in part. The Prospective Seller shall reimburse each Equityholder for any
reasonable expenses, including attorneys' fees, in exercising an Option.

   (c) The Corporation and the Partnership shall not consummate or facilitate
the consummation of any Transfer of Corporation Interest that is subject to
this Section 3.1 unless the prospective transferee simultaneously consummates
its corresponding purchase from each of the Equityholders that has exercised
its right to participate in such Transfer.

   (d) In the event that any Equityholder elects not to sell the full number of
shares of Common Stock that it is entitled to sell pursuant to paragraph (a) or
(b) above, the unexercised portion of its right to participate in such a sale
shall be allocated to and among the other Equityholders on a pro rata basis
according to their holdings of Common Stock (and Partnership Units redeemable
for Common Stock) or as such other Equityholders otherwise agree to allocate
such unexercised portion. An Equityholder may exercise its foregoing right to
sell an increased number of shares of Common Stock in whole or in part. In the
event that the Equityholders do not elect to sell the full number of shares of
Common Stock that they are entitled to sell pursuant to paragraphs (a), (b) and
(d), (i) such remaining unexercised portion may be sold by the Prospective
Seller to the Purchaser on terms no more favorable to the Prospective Seller
than those originally proposed, and (ii) such sale must take place during the
period ending 45 days after delivery of the notice required to be sent to the
Equityholders pursuant to Section 3.1(a).

   (e) Anything to the contrary herein notwithstanding, it is acknowledged and
agreed that Sections 3.1(a), (b) and (c) shall not apply to (i) Transfers of
Common Stock by the Corporation to any Person, (ii) Transfers of Partnership
Units by the Partnership, (iii) Transfers by Equityholders to any of their
Affiliates, (iv) Transfers from an Equityholder to any other Equityholder, or
(v) Open-Market Trades of Common Stock, and (vi) distributions of Common Stock
by Gotham or its Affiliates to their respective limited partners or beneficial
owners.

   Section 3.2 STRUCTURE OF REDEMPTIONS.  At the request of any Equityholder,
the General Partner shall use its reasonable commercial efforts to structure
any redemption on account of the exercise of an Equityholder's Redemption Right
as a purchase of such Equityholder's interest in the Partnership by the
Partnership. For purposes of clarity, it is acknowledged and agreed that,
irrespective of whether a redemption is structured as a purchase by the
Partnership or as a purchase by the General Partner, the General Partner shall
determine, in its sole discretion, whether the Redemption Amount is the Cash
Amount or the GGC Shares Amount (each as defined in the Partnership Agreement).

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                                  ARTICLE IV

                             TRANSFER RESTRICTIONS

   Section 4.1 RESTRICTIONS ON TRANSFERS.  (a) Except as otherwise provided
herein (including Article III), for a period ending 18 months after the date
hereof, each Founder agrees that he or she shall not Transfer or commit to
Transfer (including engaging in any derivative or hedging transaction (such as
short-selling or buying or selling options) that has the effect of changing the
economic benefits or risks of ownership of) any of his or her Corporation
Interests or Partnership Units. The foregoing notwithstanding, each Founder may
engage in the following Transfers (the "PERMITTED TRANSFERS"):

      (1) subject to paragraph (c) of this Section 4.1 and Section 4.2, each
   Founder may Transfer all or any portion of his or her Common Stock or
   Partnership Units to any of his or her Controlled Affiliates;

      (2) subject to applicable law and the Partnership Agreement, each of FGA,
   FGPI, Stephen J. Garchik, the Sydne Michael Garchik Trust, the Jessica
   Katherine Garchik Trust, the Michael Ross Garchik Trust, the Matthew Jay
   Katzman 1996 Trust and the David Eric Katzman 1997 Trust shall not be
   restricted in any way from Transferring all or any portion of their Common
   Stock or Partnership Units;

      (3) subject to paragraph (c) of this Section, each Founder may Transfer
   all or any portion of his or her Common Stock or Partnership Interest to (a)
   any other Limited Partner, or (b) such Founder's Family;

      (4) subject to paragraph (c) of this Section, in the event that, pursuant
   to clauses (i), (ii)(B) and (ii)(C) of Section 5.1.E of the Partnership
   Agreement, a Tax Loan (as such term is defined in the Partnership Agreement)
   is not made to an Equityholder, then any such Equityholder that otherwise
   would have been entitled to a Tax Loan under the Partnership Agreement on
   account of a sale of assets by the Partnership shall have the right to
   Transfer that portion of its Common Stock that it then owns in an amount
   equal to the number of shares of Common Stock having a Fair Market Value
   less than or equal to the Tax Loan that otherwise would have been made but
   for the application of clauses (i), (ii)(B) and (ii)(C) of Section 5.1.E of
   the Partnership Agreement; and

      (5) subject to Section 4.3, any Founder may pledge as collateral for
   loans, including loans provided by any Bank (any such Bank that provides
   such loan hereinafter referred to as the "LOAN BANK") up to an amount equal
   to the difference between (A) two-thirds (66 2/3%) of the Fair Market Value
   (measured as of the time of the pledge) of his or her Corporation Interests
   and (B) any of his or her outstanding debt to the Partnership, the
   Corporation, the General Partner or any other Person (including any other
   Loan Bank), secured by Corporation Interests and/or Partnership Units.

   For purposes of clarity, it is acknowledged and agreed that this Section
4.1(a) constitutes an agreement in respect of pledges and Transfers as
contemplated by Section 11.1.B of the Partnership Agreement.

      (b) In the event of a foreclosure by the Loan Bank, a subsequent Transfer
   of Common Stock shall only be permitted hereunder if the Loan Bank becomes a
   party to this Agreement, but only for purposes of Article V, by executing an
   adoption agreement in substantially the form of EXHIBIT B; PROVIDED that
   EXHIBIT B shall be revised to reflect that the Loan Bank's obligation is
   limited to the matters described in Article V.

      (c) If any Founder desires to Transfer all or any portion of his or her
   Corporation Interests pursuant to clauses (1), (3), (4) or (5) of Section
   4.1(a), such Transfer shall be permitted only if, after giving effect to
   such Transfer: (X) two-thirds (66 2/3%) or less of the Fair Market Value
   (measured as of the time of the Transfer) of such Founder's remaining
   Corporation Interest remains subject to any lien including as collateral to
   or security for any outstanding debt to the Partnership, the Corporation,
   the General Partner, a Loan Bank or any other Person and (Y) in the case of
   clauses (3), (4) and (5) of Section 4.1(a) hereof, the transferee executes
   an Assumption Agreement in the form of EXHIBIT C.

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   Section 4.2 AFFILIATE TRANSFERS.  If any Equityholder desires to Transfer
all or any portion of its Corporation Interest to a Controlled Affiliate, such
Transfer shall be permitted hereunder only if the transferee executes an
adoption agreement substantially in the form of EXHIBIT B.

   Section 4.3 PLEDGE TO A LOAN BANK.  If any Founder pledges all or any
portion of his or her Corporation Interests, Common Stock or Partnership Units
to a Loan Bank pursuant to clause (5) of Section 4.1(a), and the Loan Bank
forecloses or is reasonably expected to foreclose on the loan, at such time
such Founder shall be deemed to have exercised his or her Redemption Right
under Section 8.6 of the Partnership Agreement for any Partnership Units
collateralizing the pledge in advance of any Transfer of any Corporation
Interest or Common Stock to the Loan Bank on account of such foreclosure. In
advance of entering into any pledge arrangement as contemplated by this Section
4.1, the subject Founder shall inform the subject Loan Bank in writing of the
restrictions contained herein.

   Section 4.4 VOID TRANSFERS.  Any purported Transfer of all or any portion of
a Corporation Interest shall be void if: (1) such Transfer is not explicitly
permitted hereby; (2) such Transfer would violate or otherwise require any
registration or similar action or undertaking under any of the Securities Act
of 1933, the Securities Exchange Act of 1934, the Investment Company Act of
1940, the Investment Advisors Act of 1940 (collectively, the "SECURITIES ACTS")
or any regulations promulgated under any of the Securities Acts; or (3) such
Transfer would result in the Partnership being deemed a "publicly traded
partnership" as defined under Section 7704(b) of the Internal Revenue Code of
1986, as amended. The provisions hereof with respect to Corporation Interests
shall apply equally to any rights or options to purchase, or securities
convertible into or exchangeable for, Corporation Interests.

   Section 4.5 OPEN-MARKET TRADES.  Anything contained herein to the contrary
notwithstanding (including any restrictions in Article III and Article IV),
following the consummation of the transactions contemplated by the Merger
Agreement, subject to applicable securities laws, (i) each Equityholder and its
Affiliates may make Open-Market Trades of Common Stock or any other equity
interest without restriction, and (ii) any purchase or sale of Market Shares
shall not be subject to any restrictions contained herein.

                                   ARTICLE V

                              REGISTRATION RIGHTS

   Section 5.1 DEMAND REGISTRATIONS.  (a) (i) Gotham may, on its own behalf and
on behalf of its Controlled Affiliates (the "GOTHAM DEMAND RIGHT"), at any time
after the date hereof and on an unlimited number of occasions but not more
frequently than once during any nine-month period, and (ii) separately, subject
to Section 5.3, any Loan Bank may, on its own behalf (the "BANK DEMAND RIGHT"),
at any time following the foreclosure of a pledge collateralized by a Founder's
Corporation Interests and consequential Transfer of Common Stock to the Loan
Bank, on not more than three (3) separate occasions in the aggregate and not
more frequently than once during any nine-month period, require the Corporation
to file a registration statement under the Securities Act in respect of all or
a portion of the Common Stock then held by Gotham and its Controlled Affiliates
or the Loan Bank, as the case may be (the "REGISTRABLE SHARES"), by delivering
to the Corporation written notice stating that such right is being exercised,
specifying the number of shares of Common Stock to be included in such
registration (the shares subject to such request, the "DEMAND SHARES") and
describing the intended method of distribution thereof, which may include an
underwritten offering (a "DEMAND REQUEST"). With respect to any Demand Request
or any registration of Demand Shares on account thereof, the Corporation may
condition its compliance with its obligations hereunder on Gotham's and its
Controlled Affiliates' or the Loan Bank's, as the case may be, agreeing in
writing to keep confidential all matters related hereto. Upon receiving a
Demand Request, the Corporation shall (i) use reasonable best efforts to file
as promptly as reasonably practicable a registration statement on such form as
the Corporation, in its sole discretion, may reasonably deem appropriate
(provided that the Corporation shall not be obligated to register any
securities on a "shelf" registration statement

                                      8

<PAGE>

or otherwise to register securities for offer or sale on a continuous or
delayed basis), providing for the registration of the sale of such Demand
Shares pursuant to the intended method of distribution (a "DEMAND
REGISTRATION") and (ii) after the filing of an initial version of the
registration statement, use reasonable best efforts to cause such registration
statement to be declared effective under the Securities Act as promptly as
practicable after the date of filing of such registration statement.

   (b) Notwithstanding anything in this Agreement to the contrary, the
Corporation shall be entitled to postpone and delay, for reasonable periods of
time, but in no event more than an aggregate of 180 days during any 12-month
period (a "BLACKOUT PERIOD"), the filing or effectiveness of any Demand
Registration if the Corporation shall determine that any such filing or the
offering of any Registrable Shares would (i) in the good faith judgment of the
Corporation Board, impede, delay or otherwise interfere with any pending or
contemplated material acquisition, disposition, corporate reorganization or any
other transaction involving the Corporation, (ii) based upon advice from the
Corporation's investment banker or financial advisor, adversely affect any
pending or contemplated financing, offering or sale of any class of securities
by the Corporation or any of its Affiliates or (iii) in the good-faith judgment
of the Corporation Board, require disclosure of material non-public information
(other than information relating to an event described in clauses (i) or (ii)
above) that, if disclosed at such time, would be harmful to the best interests
of the Corporation and its equityholders; PROVIDED, HOWEVER, that the
Corporation shall give written notice to Gotham (on its behalf and its
Controlled Affiliates) or the subject Loan Bank, as the case may be, of its
determination to postpone or delay the filing of any Demand Registration; and
PROVIDED, FURTHER, that in the event that the Corporation proposes to register
Common Stock, whether or not for sale for its own account, during a Blackout
Period, Gotham and its Controlled Affiliates or the Loan Bank, as the case may
be, shall have the right to exercise their respective rights under Section 5.2
of this Agreement with respect to such registration, subject to the limitations
contained in this Agreement on the exercise of such rights. Upon notice by the
Corporation to Gotham and its Controlled Affiliates or the Loan Bank, as the
case may be, of any such determination, such persons shall keep the fact of any
such notice strictly confidential, and during any Blackout Period, promptly
halt any offer, sale, trading or Transfer by it of any Common Stock for the
duration of the Blackout Period set forth in such notice (or until such
Blackout Period shall be earlier terminated in writing by the Corporation) and
promptly halt any use, publication, dissemination or distribution of the Demand
Registration, each prospectus included therein, and any amendment or supplement
thereto by it for the duration of the Blackout Period set forth in such notice
(or until such Blackout Period shall be earlier terminated in writing by the
Corporation) and, if so directed by the Corporation, will deliver to the
Corporation any copies then in its possession of the prospectus covering such
Registrable Shares.

   (c) In connection with an underwritten offering, if the managing underwriter
or co-managing underwriter reasonably and in good faith shall have advised the
Corporation that, in its opinion, the number of Demand Shares subject to a
Demand Request exceeds the number that can be sold in such offering, then the
Corporation shall include in such registration the number of Demand Shares
that, in the opinion of such managing underwriter or underwriters, can be sold
in such offering.

   (d) In connection with any underwritten offering, the managing underwriter
for such Demand Registration shall be selected by the Corporation, PROVIDED
that such managing underwriter shall be a nationally recognized investment
banking firm and shall be reasonably acceptable to Gotham (on its own behalf
and on behalf of its Controlled Affiliates) and the Loan Bank, as applicable.
The Corporation may, at its option and in its sole discretion, select a
nationally recognized investment banking firm to act as co-managing underwriter.

   (e) Nothing in this Article V shall affect or supersede any of the transfer
restrictions set forth in Article IV hereof or any of the other provisions of
this Agreement.

   Section 5.2 PIGGY-BACK REGISTRATION.  (a) If, at any time following (i) the
exercise of a Gotham Demand Right or (ii) the foreclosure of a pledge
collateralized by a Founder's Corporation Interests and consequential Transfer
of Common Stock to the Loan Bank, the Corporation proposes to register any
Common Stock under the Securities Act on its behalf or on behalf of any of its
equityholders, on a form and in a manner that would permit

                                      9

<PAGE>

registration of the Registrable Shares (other than in connection with dividend
reinvestment plans, rights offerings or a registration statement on Form S-4 or
S-8 or any similar successor form), the Corporation shall give reasonably
prompt written notice to (A) the Founders (but only in the case of the exercise
by Gotham of a Gotham Demand Right) and (B) the Loan Bank, of the Corporation's
intention to do so, which notice shall be given to such persons not less than
fifteen (15) Business Days prior to the contemplated filing date for such
registration statement. Upon the written election of (i) the Founders (but only
in the case of the exercise by Gotham of a Gotham Demand Right) or (ii) the
Loan Bank (in either case, a "PIGGY-BACK REQUEST"), given to the Corporation
within ten (10) Business Days following the receipt of any such written notice
(which election shall specify the number of the Registrable Shares intended to
be disposed of by the Founders or the Loan Bank, as the case may be), the
Corporation shall include in such registration statement (a "PIGGY-BACK
REGISTRATION"), subject to the provisions of this Section 5.2 and, in the case
of a registration on behalf of any of the Corporation's equityholders, subject
to the rights of such equityholders, such number of the Registrable Shares as
shall be set forth in such Piggy-Back Request; PROVIDED, HOWEVER, that in the
case of a Piggy-Back Request by any Founders, the number of Registrable Shares
available for registration on account of such Piggy-Back Request shall not
exceed a number of shares of Common Stock such that, if each Founder exercised
its Piggy-Back Request in full, the ratio of the aggregate number of shares of
Common Stock and Common Stock Equivalents directly or indirectly held by such
Founder immediately before the subject Piggy-Back Registration to the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by such Founder immediately after such Piggy-Back Registration
shall be equal to the ratio of the aggregate number of shares of Common Stock
and Common Stock Equivalents directly or indirectly held by Gotham and its
Controlled Affiliates immediately before a Demand Registration to the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by Gotham and its Controlled Affiliates immediately after such
Demand Registration. In the event any Founder elects to submit a Piggy-Back
Request for less than the full number of shares of Common Stock that it is
entitled to request pursuant to this Section 5.2, the unexercised portion of
its right to so request shall be allocated to and among the other Founders on a
pro rata basis according to their holdings of Common Stock and Common Stock
Equivalents, or as such other Founders otherwise agree to allocate such
unexercised portion. A Founder may exercise its Piggy-Back Request in whole or
in part. Any registration effected under this Section 5.2 shall decrease the
obligations of the Corporation to effect a Demand Registration in respect of a
Bank Demand Right required under Section 5.1(a) by one.

   (b) In the event that the Corporation proposes to register Common Stock in
connection with an underwritten offering, and a nationally recognized
investment banking firm selected by the Corporation to act as managing
underwriter thereof reasonably and in good faith has advised the Corporation or
any other holder of Common Stock intending to offer Common Stock in the
offering (each, an "OTHER HOLDER") that, in its opinion, the inclusion in the
registration statement of some or all of the Registrable Shares sought to be
registered by Gotham (and its Controlled Affiliates), the Founders or the Loan
Bank would adversely affect the price or success of the offering, then the
Corporation shall include in such registration statement such number of shares
of Common Stock that the Corporation was advised can be sold in such offering
without such an effect (the "MAXIMUM NUMBER") as follows and in the following
order of priority: (A) FIRST, such number of shares of Common Stock as the
Corporation intended to be registered and sold by the Corporation if such
registration was initiated by the Corporation or, if such registration is on
behalf of any Other Holders, such number of shares of Common Stock as such
Other Holders intended to be registered and sold, and (B) SECOND, if and to the
extent that the number of shares of Common Stock to be registered under clause
(A) is less than the Maximum Number, such number of shares of Common Stock as
Gotham and its Controlled Affiliates, the Loan Bank, the Corporation (if such
registration was not initiated by the Corporation) and any Other Holders (or
additional Other Holders), as the case may be, shall have intended to register
that, when added to the number of shares of Common Stock to be registered under
clause (A), is less than or equal to the Maximum Number on a pro rata basis
according to the total number of shares of Common Stock intended to be
registered by each such Person.

   Section 5.3 TERMINATION OF REGISTRATION OBLIGATIONS.  Anything in this
Agreement to the contrary notwithstanding, if at any time the Corporation shall
obtain a written opinion of legal counsel to the effect that the Registrable
Shares may be publicly offered for sale in the United States by Gotham and its
Controlled

                                      10

<PAGE>

Affiliates or the Loan Bank without restriction as to manner of sale and amount
of securities sold and without registration under the Securities Act, the
Corporation shall no longer be obligated to file or maintain a registration
statement with respect to the Registrable Shares pursuant to this Agreement,
unless at a later date Gotham or the Loan Bank, as the case may be, delivers to
the Corporation an opinion of counsel to Gotham or the Loan Bank, as the case
may be, which opinion is reasonably satisfactory in form and substance to
counsel to the Corporation, that registration is then required as a result of a
change in applicable law.

   Section 5.4 REGISTRATION PROCEDURES.  (a) In connection with each
registration statement prepared pursuant to this Article V, and in accordance
with the intended method or methods of distribution of the Registrable Shares
as described in such registration statement, the Corporation shall, as soon as
reasonably practicable and to the extent practicable:

      (i) prepare and file with the SEC a registration statement on an
   appropriate registration form of the SEC and use reasonable efforts to cause
   such registration statement to become and remain effective promptly, which
   registration statement shall comply as to form in all materials respects
   with the requirements of the applicable form and include all financial
   statements required by such form to be filed therewith; PROVIDED that before
   filing a registration statement or prospectus or any amendments or
   supplements thereto, the Corporation shall furnish to separate counsel
   selected by each of Gotham (on its own behalf and on behalf of its
   Controlled Affiliates) and the Loan Bank (on its own behalf) draft copies of
   all such documents proposed to be filed at least ten (10) Business Days (in
   the case of a Demand Registration) or seven (7) days (in the case of any
   other registration) prior to such filing, which documents will be subject to
   the reasonable review and comment of Gotham or the Loan Bank and their
   respective agents and representatives and the underwriters, if any, and the
   Corporation shall not file any registration statement in respect of a Demand
   Registration or amendment or supplement thereto to which Gotham, the Loan
   Bank or the underwriters, if any, shall reasonably object;

      (ii) furnish separately to Gotham, the Loan Bank, and the underwriters,
   if any, at least one conformed copy of the registration statement and each
   post-effective amendment or supplement thereto (including all schedules and
   exhibits but excluding all documents incorporated or deemed incorporated
   therein by reference) and such number of copies of the registration
   statement and each amendment or supplement thereto and the summary,
   preliminary, final, amended or supplemented prospectuses included in such
   registration statement as Gotham, the Loan Bank or such underwriter may
   reasonably request in order to facilitate the public sale or other
   disposition of the Registrable Shares being sold by Gotham, the Loan Bank
   (the Corporation hereby consents to the use in accordance with the U.S.
   securities laws of such registration statement (or post-effective amendment
   thereto) and each such prospectus (or preliminary prospectus or supplement
   thereto) by Gotham, the Loan Bank and the underwriters, if any, in
   connection with the offering and sale of the Registrable Shares covered by
   such registration statement or prospectus);

      (iii) use reasonable efforts to keep such registration statement
   effective for the earlier of (A) 60 days and (B) such time as all of the
   securities covered by the registration statement have been disposed (the
   "EFFECTIVE PERIOD"); prepare and file with the SEC such amendments,
   post-effective amendments and supplements to the registration statement and
   the prospectus as may be necessary to maintain the effectiveness of the
   registration for the Effective Period and to cause the prospectus (and any
   amendments or supplements thereto) to be filed;

      (iv) use reasonable best efforts to register or qualify the Registrable
   Shares covered by such registration statement under such other securities or
   "Blue Sky" laws of such jurisdictions in the United States as are reasonably
   necessary, keep such registrations or qualifications in effect for so long
   as the registration statement remains in effect, and do any and all other
   acts and things which may be reasonably necessary to enable Gotham, the Loan
   Bank or any underwriter to consummate the disposition of the Registrable
   Shares in such jurisdictions; PROVIDED, HOWEVER, that in no event shall the
   Corporation be required to qualify to do business as a foreign corporation
   in any jurisdiction where it would not, but for the requirements of this
   subparagraph (iv), be required to be so qualified; to execute or file any
   general consent to service of process under the laws of any jurisdiction; to
   take any action that would subject it to service of

                                      11

<PAGE>

   process in suits other than those arising out of the offer and sale of the
   securities covered by the registration statement; or to subject itself to
   taxation in any jurisdiction where it would not otherwise be obligated to do
   so, but for this paragraph (iv);

      (v) use reasonable best efforts to cause the Registrable Shares to be
   registered with or approved by such other governmental agencies or
   authorities as may be reasonably necessary to enable Gotham and its
   Controlled Affiliates and the Loan Bank to consummate the disposition of the
   Registrable Shares;

      (vi) use reasonable best efforts to cause all Registrable Shares covered
   by such registration statement to be listed on the principal securities
   exchange on which the Common Stock is then listed, or if no similar
   securities are then so listed, cause all such Registrable Shares to be
   listed on a United States national securities exchange or secure designation
   of each such Registrable Share as a Nasdaq National Market "national market
   system security" within the meaning of Rule 11 Aa2-1 of the Securities Act
   or secure National Association of Securities Dealers Automated Quotation
   authorization for such shares and, without limiting the generality of the
   foregoing, use reasonable efforts to take such actions as may be required by
   the Corporation as the issuer of such Registrable Shares in order to
   facilitate the registration of at least one market maker as such with
   respect to such shares with the National Association of Securities Dealers,
   Inc.;

      (vii) promptly notify Gotham, the Loan Bank and the managing underwriter
   or underwriters, if any, after becoming aware thereof, (A) when the
   registration statement or any related prospectus or any amendment or
   supplement thereto has been filed, and, with respect to the registration
   statement or any post-effective amendment, when the same has become
   effective, (B) of any request by the SEC or any United States state
   securities authority for amendments or supplements to the registration
   statement or the related prospectus or for additional information, (C) of
   the issuance by the SEC of any stop order suspending the effectiveness of
   the registration statement or the initiation of any proceedings for that
   purpose, (D) of the receipt by the Corporation of any notification with
   respect to the suspension of the qualification of the Registrable Shares for
   sale in any jurisdiction or the initiation of any proceeding for such
   purpose or (E) within the Effective Period of the happening of any event or
   the existence of any fact which makes any statement in the registration
   statement or any post-effective amendment thereto, prospectus or any
   amendment or supplement thereto, or any document incorporated therein by
   reference untrue in any material respect or which requires the making of any
   changes in the registration statement or post-effective amendment thereto or
   any prospectus or amendment or supplement thereto so that they will not
   contain any untrue statement of a material fact or omit to state any
   material fact required to be stated therein or necessary to make the
   statements therein, in light of the circumstances under which they were
   made, not misleading;

      (viii) during the Effective Period, use its reasonable best efforts to
   obtain, as promptly as practicable, the withdrawal of any order enjoining or
   suspending the use or effectiveness of the registration statement or any
   post-effective amendment thereto or the lifting of any suspension of the
   qualification of any of the Registrable Shares for sale in any jurisdiction;

      (ix) deliver promptly to Gotham, the Loan Bank and the managing
   underwriters, if any, copies of all correspondence between the SEC and the
   Corporation, its counsel or auditors and all memoranda relating to
   discussions with the SEC or its staff with respect to the registration
   statement and permit Gotham and the Loan Bank to do such investigation, with
   respect to information contained in or omitted from the registration
   statement as each deems reasonably necessary for the purpose of conducting
   customary due diligence with respect to the Corporation, PROVIDED any such
   investigation shall not interfere unreasonably with the Corporation's
   business;

      (x) if applicable, use reasonable efforts to provide and cause to be
   maintained a transfer agent and registrar for all such Registrable Shares
   covered by such registration statement not later than the effective date of
   such registration statement;

      (xi) cooperate with Gotham, the Loan Bank and the managing underwriter or
   underwriters, if any, to facilitate the timely preparation and delivery of
   certificates representing such Registrable Shares to be sold

                                      12

<PAGE>

   under the registration statement in a form eligible for deposit with the
   Depository Trust Corporation not bearing any restrictive legends and not
   subject to any stop transfer order with any transfer agent, and cause such
   Registrable Shares to be issued in such denominations and registered in such
   names as the managing underwriters, if any, may request in writing or, if
   not an underwritten offering, in accordance with the instructions of Gotham,
   the Loan Bank, in each case at least two (2) Business Days prior to any sale
   of Registrable Shares;

      (xii) in the case of an underwritten offering, use reasonable efforts to
   enter into an underwriting agreement customary in form and scope for
   underwritten secondary offerings of the nature contemplated by the
   applicable registration statement;

      (xiii) use reasonable efforts to obtain an opinion from the Corporation's
   counsel and a "cold comfort" letter from the Corporation's independent
   public accountants (and, if necessary, any other independent certified
   public accountants of any Subsidiary of the Corporation or of any business
   acquired by the Corporation for which financial statements and financial
   data is, or is required to be, included in the registration statement) in
   customary form and covering such matters as are customarily covered by such
   opinions and "cold comfort" letters in connection with an offering of the
   nature contemplated by the applicable registration statement;

      (xiv) not later than the effective date of the applicable registration
   statement, provide a CUSIP number for all Registrable Shares;

      (xv) in connection with any underwritten offering of Registrable Shares,
   provide reasonable assistance to the underwriters in the marketing of such
   Registrable Shares, including by making reasonably available its employees
   and personnel and by participating reasonably in road shows; and

      (xvi) use reasonable efforts to provide to counsel to Gotham (and its
   Controlled Affiliates), the Loan Bank and to the managing underwriters, if
   any, no later than the time of filing of any document which is to be
   incorporated by reference into the registration statement or prospectus
   (after the initial filing of such registration statement), copies of any
   such document.

   (b) In the event that the Corporation would be required, pursuant to clause
(vii)(E) of Section 5.4(a) above, to notify Gotham, the Loan Bank or the
managing underwriter or underwriters, if any, of the happening of any event
specified therein, the Corporation shall, subject to the provisions of Section
5.1(b) hereof, as promptly as practicable, prepare and furnish to Gotham, the
Loan Bank and to each such underwriter a reasonable number of copies of a
prospectus supplemented or amended so that, as thereafter delivered to
purchasers of Registrable Shares that have been registered pursuant to this
Agreement, such prospectus shall not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Gotham and the Loan Bank shall,
upon receipt of any notice from the Corporation pursuant to Section
5.4(a)(vii)(E) hereof, use their respective reasonable best efforts to cause
any sales or placement agent or agents for the Registrable Shares and the
underwriters, if any, to forthwith discontinue disposition of the Registrable
Shares until such Person shall have received copies of such amended or
supplemented prospectus and, if so directed by the Corporation, to destroy or
to deliver to the Corporation all copies then in its possession of the
prospectus (prior to such amendment or supplement) covering such Registrable
Shares as soon as practicable after Gotham's or the Loan Bank's, as the case
may be, receipt of such notice.

   (c) Each of Gotham and the Loan Bank separately shall furnish to the
Corporation in writing such information regarding Gotham or the Loan Bank, as
the case may be, and their respective intended method of distribution of the
Registrable Shares as the Corporation may from time to time reasonably request
in writing, but only to the extent that such information is relevant in order
for the Corporation to comply with its obligations under all applicable
securities and other laws and to ensure that the prospectus relating to such
Registrable Shares conforms to the applicable requirements of the Securities
Act and the rules and regulations thereunder. Each of Gotham and the Loan Bank
separately shall notify the Corporation as promptly as practicable of any
inaccuracy

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<PAGE>

or change in information previously furnished to the Corporation or of the
occurrence of any event, in either case as a result of which any prospectus
relating to the Registrable Shares contains or would contain an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and promptly furnish
to the Corporation any additional information required to correct and update
any previously furnished information or required so that such prospectus shall
not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

   (d) (i) Each of Gotham (and its Controlled Affiliates), the applicable
Founders (and their Controlled Affiliates) and the Loan Bank, as the case may
be, shall not effect any public sale or distribution of any Registrable Shares,
including any sale pursuant to Rule 144 under the Securities Act, and not
effect any such public sale or distribution of any other equity security of the
Corporation or of any security convertible into or exchangeable or exercisable
for any equity security of the Corporation (in each case, other than as part of
such underwritten public offering) during the 10 days prior to, and during the
60 day period (or such longer period as Gotham, the applicable Founders and the
Loan Bank agree with the underwriter of such offering) beginning on, the
consummation of any underwritten public offering of the Registrable Shares
covered by a registration statement referred to in Section 5.2, if any of and
to the extent that Registrable Shares (or any other equity security of the
Corporation or any security convertible into or exchangeable or exercisable for
any equity security of the Corporation owned by any of the foregoing) of Gotham
(and/or its Controlled Affiliates'), the Founders (and/or their Controlled
Affiliates) or the Loan Bank, as the case may be, are being sold thereunder.

   (ii) The Corporation hereby agrees that if it receives a request pursuant to
Section 5.1 or 5.2 for registration of Registrable Shares in an underwritten
offering, and if the registration made pursuant to that request is not
withdrawn or abandoned, the Corporation shall not Transfer or otherwise dispose
of any Common Stock, any other equity security of the Corporation or any
security convertible into or exchangeable for any equity security of the
Corporation until the earlier of (A) 60 days after the effective date of such
registration statement and (B) such time as all of the Registrable Shares
covered by such registration statement have been distributed, other than (x) as
part of such underwritten offering, (y) pursuant to a registration statement on
Form S-8 or Form S-4 under the Securities Act or any successor or similar form
or (z) in one or more private transactions that would not interfere with the
method of distribution contemplated by such registration statement.

   (e) In the case of any registration under Section 5.1 pursuant to an
underwritten offering, or in the case of a registration under Section 5.2 if
the Corporation has entered into an underwriting agreement in connection
therewith, all shares of Common Stock to be included in such registration shall
be subject to the applicable underwriting agreement and no Person may
participate in such registration unless such Person agrees to sell such
Person's securities on the basis provided therein and completes and executes
all questionnaires, indemnities, underwriting agreements and other documents
(other than powers of attorney) which must be executed in connection therewith,
and provides such other information to the Corporation or the underwriter as
may be reasonably requested to register such Person's Common Stock.

   Section 5.5 REGISTRATION EXPENSES.  In the case of any Demand Registration
by Gotham (on behalf of itself or its Affiliates) and related Piggy-Back
Request by Founders, the Corporation shall bear all costs, fees and expenses,
including, agent fees and commissions, underwriting discounts and commissions,
and fees and disbursements of counsel and accountants, in connection with any
registration of any Registrable Shares pursuant to Article V. Notwithstanding
the foregoing, the Loan Bank shall bear its proportionate share of costs, fees
and expenses, including, agent fees and commissions, underwriting discounts and
commissions, and fees and disbursements of counsel and accountants, in
connection with any registration of any Registrable Shares pursuant to Article
V in which Gotham or the Founders also participate, and the full amount of such
costs, fees and expenses in connection with any other registration of any
Registrable Shares pursuant to Article V.

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<PAGE>

   Section 5.6 INDEMNIFICATION; CONTRIBUTION.  (a) The Corporation shall, and
it hereby agrees to, indemnify and hold harmless Gotham and its Controlled
Affiliates, the Loan Bank and their respective directors, officers, employees
and Controlling Persons, if any, and each underwriter, its partners, directors,
officers, employees and controlling Persons, if any, in any offering or sale of
the Registrable Shares, against any losses, claims, damages or liabilities,
actions or proceedings (whether commenced or threatened) in respect thereof and
expenses (including attorneys' fees) (collectively, "CLAIMS") to which each
such indemnified party may become subject, insofar as such Claims (including
any amounts paid in settlement effected with the consent of the Corporation as
provided herein), or actions or proceedings in respect thereof, arise out of or
are based upon an untrue statement or alleged untrue statement of a material
fact contained in any registration statement, or any preliminary or final
prospectus contained therein, or any amendment or supplement thereto, or any
document incorporated by reference therein, or arise out of or are based upon
any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, and the Corporation
shall, and it hereby agrees to, reimburse periodically Gotham and its
Controlled Affiliates, the Loan Bank or any such underwriter for any legal or
other out-of-pocket expenses reasonably incurred by them in connection with
investigating or defending any such Claims; PROVIDED, HOWEVER, that the
Corporation shall not be liable to any such Person in any such case to the
extent that any such Claims arise out of or are based upon an untrue statement
or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary or final prospectus, or amendment or
supplement thereto, in reliance upon and in conformity with information
furnished to the Corporation by such Person or any underwriter or
representative of such Person expressly for use therein, or by such Person's
failure to furnish the Corporation, promptly upon request, with the information
with respect to such Person, or any underwriter or representative of such
Person, or such Person's intended method of distribution, that is the subject
of the untrue statement or omission or if the Corporation shall sustain the
burden of proving that such Person or such underwriter sold securities to the
Person alleging such Claims without sending or giving, at or prior to the
written confirmation of such sale, a copy of the applicable prospectus
(excluding any documents incorporated by reference therein) or of the
applicable prospectus, as then amended or supplemented (excluding any documents
incorporated by reference therein), if the Corporation had previously furnished
copies thereof to Gotham, the Loan Bank or such underwriter, and such
prospectus corrected such untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement.

   (b) Each of Gotham, the applicable Founders and the Loan Bank shall
separately (i.e., not on a joint or severable basis) (i) indemnify and hold
harmless the Corporation, its directors, officers, employees, Affiliates and
Controlling Persons, if any, and each underwriter, its partners, officers,
directors, employees and Controlling Persons, if any, in any offering or sale
of Registrable Shares, against any Claims to which each such indemnified party
may become subject, and only to the extent that such Claims (including any
amounts paid in settlement as provided herein), or actions or proceedings in
respect thereof, arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in such registration statement,
or any preliminary or final prospectus contained therein, or any amendment or
supplement thereto, or any document incorporated by reference therein, or arise
out of or are based upon any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case only to the extent that such untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Corporation by Gotham, the applicable Founders or the Loan Bank, as the case
may be, expressly for use therein, and (ii) reimburse the Corporation for any
legal or other out-of-pocket expenses reasonably incurred by the Corporation in
connection with investigating or defending any such Claim.

   (c) Promptly after receipt by an indemnified party under Section 5.6(a) or
Section 5.6(b) of written notice of the commencement of any action or
proceeding for which indemnification under Section 5.6(a) or Section 5.6(b) may
be requested, such indemnified party shall notify such indemnifying party in
writing of the commencement of such action or proceeding; but the omission so
to notify the indemnifying party shall not relieve it from any liability which
it may have to any indemnified party in respect of such action or proceeding
hereunder unless the indemnifying party was materially prejudiced by such
failure of the indemnified party to

                                      15

<PAGE>

give such notice, and in no event shall such omission relieve the indemnifying
party from any other liability it may have to such indemnified party. In case
any such action or proceeding shall be brought against any indemnified party
and it shall notify an indemnifying party of the commencement thereof, such
indemnifying party shall be entitled to participate therein and, to the extent
that it shall determine, jointly with any other indemnifying party similarly
notified, to as sume the defense thereof, with counsel reasonably satisfactory
to such indemnified party, and, after notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof, such
indemnifying party shall not be liable to such indemnified party for any legal
or any other expenses subsequently incurred by such indemnified party in
connection with the defense thereof other than reasonable costs of
investigation; PROVIDED, HOWEVER, that (i) if the indemnifying party fails to
take reasonable steps necessary to defend diligently the action or proceeding
within 20 days after receiving notice from such indemnified party that the
indemnified party believes it has failed to do so; (ii) if such indemnified
party who is a defendant in any action or proceeding which is also brought
against the indemnifying party reasonably shall have concluded that there may
be one or more legal defenses available to such indemnified party which are not
available to the indemnifying party; or (iii) if representation of both parties
by the same counsel is otherwise inappropriate under applicable standards of
professional conduct, then, in any such case, the indemnified party shall have
the right to assume or continue its own defense as set forth above (but with no
more than one firm of counsel for all indemnified parties in each jurisdiction)
and the indemnifying party shall be liable for any expenses therefor (including
any such reasonable counsel's fees). If the indemnifying party is not entitled
to, or elects not to, assume the defense of a claim, it will not be obligated
to pay the fees and expenses of more than one counsel for each indemnified
party with respect to such claim. The indemnifying party will not be subject to
any liability for any settlement made without its consent, which consent shall
not be unreasonably withheld or delayed. No indemnifying party shall, without
the prior written consent of the indemnified party, compromise or consent to
entry of any judgment or enter into any settlement agreement with respect to
any action or proceeding in respect of which indemnification is sought under
Section 5.6(a) or Section 5.6(b) (whether or not the indemnified party is an
actual or potential party thereto), unless such compromise, consent or
settlement includes an unconditional release of the indemnified party from all
liability in respect of such claim or litigation, does not subject the
indemnified party to any material injunctive relief or other material equitable
remedy and does not include a statement or admission of fault, culpability or a
failure to act, by or on behalf of the indemnified party.

   (d) Gotham, the applicable Founders, the Loan Bank and the Corporation agree
that if, for any reason, the indemnification provisions contemplated by
Sections 5.6(a) or 5.6(b) hereof are unavailable to or are insufficient to hold
harmless an indemnified party in respect of any Claims referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such Claims in such proportion as is
appropriate to reflect the relative fault of, the indemnifying party, on the
one hand, and the indemnified party, on the other hand, with respect to such
offering of securities. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. If, however, the allocation in the second preceding
sentence is not permitted by applicable law, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative faults, but also
the relative benefits of the indemnifying party and the indemnified party, as
well as any other relevant equitable considerations. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this
Section 5.6(d) were to be determined by pro rata allocation or by any other
method of allocation which does not take into account the equitable
considerations referred to in the preceding sentences of this Section 5.6(d).
The amount paid or payable by an indemnified party as a result of the Claims
referred to above shall be deemed to include (subject to the limitations set
forth in Section 5.6(c) hereof) any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or
defending any such action, proceeding or claim. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

                                      16

<PAGE>

                                  ARTICLE VI

                                  TERMINATION

   Section 6.1 TERMINATION.  (a) With respect to any obligations of Gotham and
its Controlled Affiliates related hereto, this Agreement shall terminate and
any obligations of Gotham (and, to the extent applicable, the obligations of
any of its Controlled Affiliates) shall cease in their entirety, become void
and have no effect immediately after Gotham's Total Corporation Interest is
less than 11.25% of the issued and outstanding Common Stock; PROVIDED, HOWEVER,
that the Gotham Demand Right (and the related Founder's rights under Section
5.2) shall persist until Gotham's Total Corporation Interests is less than 5%
of the issued and outstanding Common Stock.

   (b) Upon termination in accordance with this Section 6.1, this Agreement
shall become void and have no effect; PROVIDED, HOWEVER, that such termination
shall not relieve any Party of any liability for any breach of this Agreement
that occurred prior to such termination.

                                  ARTICLE VII

                                 MISCELLANEOUS

   Section 7.1 COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more counterparts have been signed by each
of the Parties and delivered (including by facsimile) to the other Parties.

   Section 7.2 GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED IN ALL
RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY
WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH
STATE.

   Section 7.3 JURISDICTION AND FORUM.  Each Party hereto (a) consents to
submit itself to the personal jurisdiction of the Court of Chancery or other
Courts of the State of Delaware in the event any dispute arises out of this
Agreement or the transactions contemplated by this Agreement; (b) agrees that
it will not attempt to deny or defeat such personal jurisdiction by motion or
other request for leave from any such court; (c) agrees that it will not bring
any action relating to this Agreement or the transactions contemplated by this
Agreement in any court other than the Court of Chancery or other Courts of the
State of Delaware, and each of the parties irrevocably waives the right to
trial by jury; (d) agrees to waive any bonding requirement under any applicable
law, in the case any other party seeks to enforce the terms by way of equitable
relief; (e) irrevocably consents to service of process by first class certified
mail, return receipt requested, postage prepaid, to the address at which such
Party is to receive notice; and (f) to the extent that any Party has or
hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself
or its property, irrevocably waives such immunity in respect of its obligations
with respect to this Agreement.

   Section 7.4 ENTIRE AGREEMENT.  This Agreement and the Partnership Agreement
constitute the entire agreement between the Parties with respect to the subject
matter hereof and there are no agreements, understandings, representations or
warranties between the parties other than those set forth or referred to
herein. This Agreement is not intended to confer upon any person not a Party
hereto any rights or remedies hereunder.

   Section 7.5 EXPENSES.  Except as set forth in this Agreement, all legal and
other costs and expenses incurred in connection with this Agreement and the
transactions contemplated by this Agreement shall be paid by the Party
incurring such costs and expenses; PROVIDED, HOWEVER, that in the event that
any dispute arises out of this Agreement or the transactions contemplated by
this Agreement, the non-prevailing Party in such dispute

                                      17

<PAGE>

shall pay all reasonable legal fees and other reasonable costs and expenses
incurred by the prevailing Party in connection with investigating, prosecuting
and/or defending such dispute.

   Section 7.6 NOTICES.  All notices and other communications to be given to
any Party hereunder shall be sufficiently given for all purposes hereunder if
in writing and delivered by hand, courier or overnight delivery service or
three days after being mailed by certified or registered mail, return receipt
requested, with appropriate postage prepaid, or when received in the form of a
telegram or facsimile and shall be directed, if to a Party hereunder, to the
address or facsimile number set forth below (or at such other address or
facsimile number as such Party shall designate by like notice):

   (a) If to Gotham:

      Gotham Partners, L.P.
      110 East 42nd Street
      New York, New York 10017
      Attention:   David S. Klafter, Esq.,
                   General Counsel
      Facsimile:   (212) 286-1133

      With a copy to:

      Wachtell, Lipton, Rosen & Katz
      51 West 52nd Street
      New York, New York 10019
      Attention:   Adam O. Emmerich
      Facsimile:   (212) 403-2000

   (b) If to the Partnership:

      Gotham Golf Partners, L.P.
      575 East Chocolate Avenue
      Hershey, PA 17033
      Attention:   President
      Facsimile:   (717) 520-4249

      With a copy to:

      Hale and Dorr, LLP
      1445 Pennsylvania Avenue, N.W.
      Washington, District of Columbia 20004
      Attention:   Steven S. Snider, Esq.
      Facsimile:   (202) 942-8484

      And to:

      Gotham Partners, L.P.
      110 East 42nd Street
      New York, New York 10017
      Attention:   David S. Klafter, Esq.,
                   General Counsel
      Facsimile:   (212) 286-1133

                                      18

<PAGE>

      If to FGA or FGPI:

      Stephen J. Garchik
      9001 Congressional Court
      Potomac, Maryland 20854
      Attention:   Stephen J. Garchik
      Facsimile:  (301) 365-9184

      With a copy to:

      Hale and Dorr, LLP
      1445 Pennsylvania Avenue, N.W.
      Washington, District of Columbia 20004
      Attention:   Steven S. Snider, Esq.
      Facsimile:   (202) 942-8484

   (c) If to the Founders:

      To the address and fax set forth on EXHIBIT A

      With a copy to:

      Hale and Dorr, LLP
      1445 Pennsylvania Avenue, N.W.
      Washington, District of Columbia 20004
      Attention:   Steven S. Snider, Esq.
      Facsimile:   (202) 942-8484

   (d) If to the Corporation:

      Gotham Golf Corp.
      [insert address]

      With a copy to:

      [Insert name and address]

   SECTION 7.7 SUCCESSORS AND ASSIGNS.  This Agreement shall be binding upon
and inure to the benefit of the Parties and their respective permitted
successors and permitted assigns; PROVIDED, HOWEVER, that no Party will assign
its rights or delegate any or all of its obligations under this Agreement
without the express prior written consent of each other Party.

   SECTION 7.8 HEADINGS; DEFINITIONS.  The section and article headings
contained in this Agreement are inserted for convenience of reference only and
will not affect the meaning or interpretation of this Agreement. All references
to Sections or Articles contained herein mean Sections or Articles of this
Agreement unless otherwise stated. All capitalized terms defined herein are
equally applicable to both the singular and plural forms of such terms.

   SECTION 7.9 AMENDMENTS AND WAIVERS.  This Agreement may not be modified or
amended except by an instrument or instruments in writing signed by all
Parties. Any Party may, only by an instrument in writing,

                                      19

<PAGE>

waive compliance by the other Parties with any term or provision of this
Agreement on the part of such other Parties to be performed or complied with.
The waiver by any Party of a breach of any term or provision of this Agreement
shall not be construed as a waiver of any subsequent breach. Except as
otherwise expressly provided herein, no failure to exercise, delay in
exercising or single or partial exercise of any right, power or remedy by any
Party, and no course of dealing between the Parties, shall constitute a waiver
of any such right, power or remedy.

   SECTION 7.10 SEVERABILITY.  If any provision of this Agreement shall be held
invalid, illegal or unenforceable, the validity, legality or enforceability of
the other provisions of this Agreement shall not be affected thereby, and there
shall be deemed substituted for the provision at issue a valid, legal and
enforceable provision as similar as possible to the provision at issue.

   SECTION 7.11 INTERPRETATION.  In the event an ambiguity or question of
intent or interpretation arises with respect to this Agreement, this Agreement
shall be construed as if it was drafted jointly by the Parties, and no
presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provisions of this Agreement.

   SECTION 7.12 SPECIFIC PERFORMANCE.  The Parties agree that irreparable
damage would occur in the event that any Party fails to consummate the
transactions contemplated by this Agreement in accordance with the terms of
this Agreement and that the Parties shall be entitled to specific performance
in such event, in addition to any other remedy at law or in equity, including
temporary restraining orders or temporary or permanent injunctions.

   SECTION 7.13 NO THIRD-PARTY BENEFICIARIES.  Neither this Agreement nor any
provision hereof is intended to confer upon any person other than the parties
hereto any rights or remedies hereunder except for Indemnitees that are not
parties hereto.

                                      20

<PAGE>

   IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be
duly executed and delivered on the date first set forth above.

                                          GOTHAM GOLF CORP.

                                          By:________________________________
                                             William A. Ackman
                                             Chairman, Board of Directors

                                          GOTHAM GOLF, LLC

                                          By:________________________________
                                             [name]
                                             [title]

                                          GOTHAM PARTNERS, L.P.

                                          By: Section H Partners, L.P.,
                                                its general partner

                                          By: Karenina Corporation,
                                                a general partner of Section H
                                            Partners, L.P.

                                          By:________________________________
                                             William A. Ackman
                                             President

                                          FLORIDA GOLF ASSOCIATES, L.P.

                                          By: GGP, Inc.,
                                                its general partner

                                          By:________________________________
                                             Stephen J. Garchik
                                             President

                                      21

<PAGE>

                                          FLORIDA GOLF PROPERTIES, INC.

                                          By:________________________________
                                             John Caporaletti
                                             President

                                          _____________________________________
                                          R. Daniel Mays

                                          _____________________________________
                                          Stephen J. Garchik

                                          _____________________________________
                                          John Caporaletti

                                          _____________________________________
                                          Michael S. Armel

                                          _____________________________________
                                          Allen DePuy

                                          _____________________________________
                                          Andrew Bonus

                                          _____________________________________
                                          Daniel Stonionis

                                          _____________________________________
                                          William F. Leahy

                                          GOTHAM PARTNERS III, L.P.

                                          By: Section H Partners, L.P.,
                                                its general partner

                                          By: Karenina Corporation,
                                                a general partner of Section H
                                            Partners, L.P.

                                          By:________________________________
                                          William A. Ackman
                                          President

                                          SYDNE MICHELLE GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                      22

<PAGE>

                                          JESSICA KATHERINE GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                          MICHAEL ROSS GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                          MATTHEW J. KATZMAN 1996 TRUST

                                          By:________________________________
                                             Stephen J. Garchik, Trustee

                                          DAVID ERIC KATZMAN 1997 TRUST

                                          By:________________________________
                                             Stephen J. Garchik, Trustee

                                      23

<PAGE>

                                   EXHIBIT A

                                 FOUNDERS LIST

                               John Caporaletti

                              Stephen J. Garchik

                                R. Daniel Mays

                                      24

<PAGE>

                                   EXHIBIT B

                              ADOPTION AGREEMENT

   This Adoption Agreement ("ADOPTION") is executed pursuant to the terms of
the Equityholders Agreement by and among by and among Gotham Golf Corp., a
Delaware corporation, Gotham Golf, LLC, a Delaware limited liability company,
Gotham Partners, L.P., a Delaware limited partnership, Florida Golf Associates,
L.P., a Virginia limited partnership, Florida Golf Properties, Inc., a Virginia
corporation, Florida Golf Properties, L.P., a Florida limited partnership and
certain other persons described therein, dated as of [          ], 2002, as
amended to date, a copy of which is attached hereto (the "EQUITYHOLDERS
AGREEMENT"), by the transferee ("TRANSFEREE") executing this Adoption. By the
execution of this Adoption, the Transferee agrees as follows:

   1. ACKNOWLEDGMENT.  Transferee acknowledges that Transferee is acquiring
certain [describe securities acquired] (the "SUBJECT SECURITIES") from
[identity of Transferor] (the "TRANSFEROR"), pursuant to clause (1) of Section
4.1(a) of the Equityholders Agreement and subject to the terms and conditions
of the Equityholders Agreement. In addition, Transferee (i) acknowledges that
the Subject Securities may be encumbered by a security interest granted to the
Partnership, the General Partner or the Corporation and (ii) agrees that the
Subject Securities shall remain subject to any such security interest unless
otherwise released by the Partnership, the General Partner or the Corporation,
as applicable. Capitalized terms used herein without definition are defined in
the Equityholders Agreement.

   2. AGREEMENT.  Transferee (i) agrees that the Subject Securities acquired by
Transferee shall be bound by and subject to the terms of the Equityholders
Agreement in the same capacity as the Transferor was bound by such agreement
and (ii) hereby joins in, and agrees to be bound by, the Equityholders
Agreement in that same capacity with the same force and effect as if it were
originally a party thereto.

   3. NOTICE.  Any notice required by the Equityholders Agreement shall be
given to Transferee at the address listed beside Transferee's signature below.

   EXECUTED AND DATED on this ____ day of ________ , ____ .

                                          TRANSFEREE:

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

                                          NOTICE:

                                          Address:

                                          --------------------------------------

                                          --------------------------------------

                                          Telecopy:
                                                  ------------------------------

                                      25

<PAGE>

                                   EXHIBIT C

                             ASSUMPTION AGREEMENT

   This Assumption Agreement ("ASSUMPTION") is executed pursuant to the terms
of the Equityholders Agreement by and among by and among Gotham Golf Corp., a
Delaware corporation, Gotham Golf, LLC, a Delaware limited liability company,
Gotham Partners, L.P., a Delaware limited partnership, Florida Golf Associates,
L.P., a Virginia limited partnership, Florida Golf Properties, Inc., a Virginia
corporation, Florida Golf Properties, L.P., a Florida limited partnership and
certain other persons described therein, dated as of [        ], 2002, as
amended to date, a copy of which is attached hereto (the "EQUITYHOLDERS
AGREEMENT"), by the transferee ("TRANSFEREE") executing this Assumption. By the
execution of this Assumption, the Transferee agrees as follows:

   1. ACKNOWLEDGMENT.  Transferee acknowledges that Transferee is acquiring
certain [describe securities acquired] (the "SUBJECT SECURITIES") from
[identity of Transferor] (the "TRANSFEROR"), pursuant to clauses (3), (4) and
(5) of Section 4.1(a) of the Equityholders Agreement and subject to the terms
and conditions of the Equityholders Agreement. In addition, Transferee (i)
acknowledges that the Subject Securities may be encumbered by a security
interest granted to the Partnership, the General Partner or the Corporation and
(ii) agrees that the Subject Securities shall remain subject to any such
security interest unless otherwise released by the Partnership, the General
Partner or the Corporation, as applicable. Capitalized terms used herein
without definition are defined in the Equityholders Agreement.

   2. AGREEMENT.  Transferee agrees that it shall not Transfer the Subject
Securities (including, for the purposes hereof, pledging the Subject Securities
as collateral for loans), unless otherwise agreed to in writing by the General
Partner, acting in its sole discretion. The foregoing notwithstanding, if and
to the extent that Transferee has been admitted as a limited partner of the
Partnership, nothing contained herein shall limit such Transferee's ability to
exercise his or her rights pursuant to Section 8.6 of the Partnership Agreement.

   3. NOTICE.  Any notice required by the Equityholders Agreement shall be
given to Transferee at the address listed beside Transferee's signature below.

   EXECUTED AND DATED on this  ____ day of ________ , ____ .

                                          TRANSFEREE:

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

                                          NOTICE:

                                          Address:

                                          --------------------------------------

                                          --------------------------------------

                                          Telecopy:
                                                 -------------------------------

                                      26<PAGE>

                                                                   EXHIBIT 10.8

                           FORM OF GOTHAM GOLF CORP.

                            2002 STOCK OPTION PLAN

SECTION 1.  PURPOSE; DEFINITIONS

   The purpose of the Plan is to give the Company a competitive advantage in
attracting, retaining and motivating officers, employees, directors and/or
consultants and to provide the Company and its Subsidiaries and Affiliates with
a stock option plan providing incentives directly linked to the profitability
of the Company's businesses and increases in Company shareholder value.

   For purposes of the Plan, the following terms are defined as set forth below:

      (a) "AFFILIATE" means a corporation or other entity controlled by,
   controlling or under common control with the Company and designated by the
   Committee from time to time as such.

      (b) "BOARD" means the Board of Directors of the Company.

      (c) "CAUSE" means, unless otherwise provided by the Board, (1) "Cause" as
   defined in any Individual Agreement to which the participant is a party, or
   (2) if there is no such Individual Agreement or if it does not define Cause:
   (A) conviction of the participant for committing a felony under federal law
   or the law of the state in which such action occurred, (B) dishonesty in the
   course of fulfilling the participant's employment duties, (C) willful and
   deliberate failure on the part of the participant to perform his or her
   employment duties in any material respect, or (D) such other events as shall
   be determined by the Board. The Board shall, notwithstanding anything to the
   contrary in an Individual Agreement with the participant, have the sole
   discretion to determine whether "Cause" exists, and its determination shall
   be final.

      (d) "CODE" means the Internal Revenue Code of 1986, as amended from time
   to time, and any successor thereto.

      (e) "COMMISSION" means the Securities and Exchange Commission or any
   successor agency.

      (f) "COMMITTEE" means the Committee referred to in Section 2.

      (g) "COMMON STOCK" means common stock of the Company.

      (h) "COMPANY" means Gotham Golf Corp., a Delaware corporation.

      (i) "DISABILITY" means, unless otherwise provided by the Committee, (1)
   "Disability" as defined in any Individual Agreement to which the participant
   is a party, or (2) if there is no such Individual Agreement or it does not
   define "Disability," permanent and total disability as determined under the
   Company's Long-Term Disability Plan applicable to the participant.

      (j) "EARLY RETIREMENT" means retirement from active employment with the
   Company, a Subsidiary or Affiliate pursuant to the early retirement
   provisions, if any, of the applicable pension plan of such employer.

      (k) "ELIGIBLE INDIVIDUALS"  means directors, officers, employees and
   consultants of the Company or any of its Subsidiaries or Affiliates, and
   prospective employees and consultants who have accepted offers of employment
   or consultancy from the Company or its Subsidiaries or Affiliates, in each
   case as determined by the Committee.

      (l) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended
   from time to time, and any successor thereto.

      (m) "FAIR MARKET VALUE" means, except as otherwise provided by the
   Committee, as of any given date, the average of the highest and lowest
   per-share sales prices for shares of Common Stock during normal business
   hours on the Stock Exchange for the immediately preceding date, or if shares
   of Common Stock were not traded on the Stock Exchange on such date, then on
   the next preceding date on which shares of Common Stock were traded, all as
   reported by such source as the Committee may select.

                                      1

<PAGE>

      (n) "INCENTIVE STOCK OPTION" means any Stock Option designated as, and
   qualified as, an "incentive stock option" within the meaning of Section 422
   of the Code.

      (o) "INDIVIDUAL AGREEMENT" means an employment, consulting or similar
   agreement between a participant and the Company or one of its Subsidiaries
   or Affiliates.

      (p) "NONQUALIFIED STOCK OPTION" means any Stock Option that is not an
   Incentive Stock Option.

      (q) "NORMAL RETIREMENT" means retirement from active employment with the
   Company, a Subsidiary or Affiliate at or after age 65.

      (r) "PLAN" means the Gotham Golf Corp. 2002 Stock Option Plan, as set
   forth herein and as hereinafter amended from time to time.

      (s) "RETIREMENT" means Normal or Early Retirement.

      (t) "STOCK EXCHANGE" means the stock exchange or interdealer market upon
   which the shares of Common Stock are listed or traded.

      (u) "STOCK OPTION" means a NonQualified Option or an Incentive Stock
   Option granted under the Plan.

      (v) "SUBSIDIARY" means any corporation, partnership, joint venture or
   other entity during any period in which at least a 50% voting or profits
   interest is owned, directly or indirectly, by the Company or any successor
   to the Company.

      (w) "TERMINATION OF EMPLOYMENT" means the termination of the
   participant's employment with, or performance of services for, the Company
   and any of its Subsidiaries or Affiliates. A participant employed by, or
   performing services for, a Subsidiary or an Affiliate shall also be deemed
   to incur a Termination of Employment if the Subsidiary or Affiliate ceases
   to be such a Subsidiary or an Affiliate, as the case may be, and the
   participant does not immediately thereafter become an employee of, or
   service provider for, the Company or another Subsidiary or Affiliate.
   Temporary absences from employment because of illness, vacation or leave of
   absence and transfers among the Company and its Subsidiaries and Affiliates
   shall not be considered Terminations of Employment.

   In addition, certain other terms used herein have definitions given to them
in the first place in which they are used.

SECTION 2.  ADMINISTRATION

   The Plan shall be administered by the Compensation Committee or such other
committee of the Board as the Board may from time to time designate (the
"Committee"), which shall be composed of not less than two members, each member
of which shall be an "outside director" within the meaning of Section 162(m) of
the Code and a "non-employee director" as defined in Rule 16b-3 promulgated
under the Exchange Act, and shall be appointed by and serve at the pleasure of
the Board.

   The Committee shall have plenary authority to grant Stock Options pursuant
to the terms of the Plan to Eligible Individuals.

   Among other things, the Committee shall have the authority, subject to the
terms of the Plan:

      (a) To select the Eligible Individuals to whom Stock Options may from
   time to time be granted;

      (b) To determine whether and to what extent Incentive Stock Options or
   NonQualified Stock Options, or a combination thereof, are to be granted
   hereunder;

      (c) To determine the number of shares of Common Stock to be covered by
   each Stock Option granted hereunder;

                                      2

<PAGE>

      (d) To determine the terms and conditions of any Stock Option granted
   hereunder (including, but not limited to, the option price (subject to
   Section 5(a)), any vesting condition, restriction or limitation and any
   vesting acceleration or forfeiture waiver regarding any Stock Option and the
   shares of Common Stock relating thereto, based on such factors as the
   Committee shall determine;

      (e) To modify, amend or adjust the terms and conditions of any Stock
   Option, at any time or from time to time;

      (f) To determine to what extent and under what circumstances Common Stock
   and any other amounts payable with respect to a Stock Option shall be
   deferred; and

      (g) To determine under what circumstances a Stock Option may be settled
   in cash or Common Stock.

   The Committee shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it shall
from time to time deem advisable, to interpret the terms and provisions of the
Plan and any Stock Option issued under the Plan (and any agreement relating
thereto) and to otherwise supervise the administration of the Plan.

   The Committee may act only by a majority of its members then in office,
except that the Committee may, except to the extent prohibited by applicable
law or the applicable rules of a stock exchange, allocate all or any portion of
its responsibilities and powers to any one or more of its members and may
delegate all or any part of its responsibilities and powers to any person or
persons selected by it; PROVIDED, that no such delegation may be made that
would cause Stock Options or other transactions under the Plan to cease to be
exempt from Section 16(b) of the Exchange Act. Any such allocation or
delegation may be revoked by the Committee at any time.

   Any determination made by the Committee or pursuant to delegated authority
pursuant to the provisions of the Plan with respect to any Stock Option shall
be made in the sole discretion of the Committee or such delegate at the time of
the grant of the Stock Option or, unless in contravention of any express term
of the Plan, at any time thereafter. All decisions made by the Committee or any
appropriately delegated officer pursuant to the provisions of the Plan shall be
final and binding on all persons, including the Company and Plan participants.

   Any authority granted to the Committee may also be exercised by the full
Board, except to the extent that the grant or exercise of such authority would
cause any Stock Option or transaction to become subject to (or lose an
exemption under) the short-swing profit recovery provisions of Section 16 of
the Exchange Act. To the extent that any permitted action taken by the Board
conflicts with action taken by the Committee, the Board action shall control.

SECTION 3.  COMMON STOCK SUBJECT TO PLAN

   Subject to the discussion below, the maximum number of shares of Common
Stock that may be delivered to participants and their beneficiaries under the
Plan shall be [      ]. No participant may be granted Stock Options covering in
excess of [      ] shares of Common Stock in any fiscal year of the Company.
This per-participant limit shall be construed and applied consistently with
Section 162(m) of the Code. Shares subject to a Stock Option under the Plan may
be authorized and unissued shares or may be treasury shares.

   If any Stock Option is forfeited, or if any Stock Option terminates, expires
or lapses without being exercised, shares of Common Stock subject to such Stock
Options shall again be available for distribution in connection with Stock
Options under the Plan, except, in the case of Incentive Stock Options, to the
extent prohibited under the Code. To the extent any shares of Common Stock
subject to a Stock Option are not delivered to a participant because such
shares are used to satisfy an applicable tax-withholding obligation, such
shares shall not be deemed to have been delivered for purposes of determining
the maximum number of shares of Common Stock available for delivery under the
Plan.

                                      3

<PAGE>

   In the event of any change in corporate capitalization (including, but not
limited to, a change in the number of shares of Common Stock outstanding), such
as a stock split or a corporate transaction (including any merger,
consolidation, separation, including a spin-off, or other distribution of stock
or property of the Company), any reorganization (whether or not such
reorganization comes within the definition of such term in Section 368 of the
Code) or any partial or complete liquidation of the Company, the Committee or
Board may make such substitution or adjustments in the aggregate number and
kind of shares reserved for issuance under the Plan, and the maximum limitation
upon Stock Options to be granted to any participant, in the number, kind and
option price of shares subject to outstanding Stock Options, and/or such other
equitable substitution or adjustments as it may determine to be appropriate in
its sole discretion; PROVIDED, HOWEVER, that the number of shares subject to
any Stock Option shall always be a whole number.

SECTION 4.  ELIGIBILITY

   Stock Options may be granted under the Plan to Eligible Individuals.

SECTION 5.  STOCK OPTIONS

   Stock Options granted under the Plan may be of two types: Incentive Stock
Options and NonQualified Stock Options. Any Stock Option granted under the Plan
shall be in such form as the Committee may from time to time approve.

   The Committee shall have the authority to grant any optionee Incentive Stock
Options, NonQualified Stock Options or both types of Stock Options; PROVIDED,
HOWEVER, that grants hereunder are subject to the aggregate limit on grants to
individual participants set forth in Section 3. Incentive Stock Options may be
granted only to employees of the Company and its subsidiaries or parent
corporation (within the meaning of Section 424(f) of the Code). To the extent
that any Stock Option is not designated as an Incentive Stock Option or even if
so designated does not qualify as an Incentive Stock Option on or subsequent to
its grant date, it shall constitute a NonQualified Stock Option.

   Stock Options shall be evidenced by option agreements, the terms and
provisions of which may differ. An option agreement shall indicate on its face
whether it is intended to be an agreement for an Incentive Stock Option or a
NonQualified Stock Option. The grant of a Stock Option shall occur on the date
the Committee by resolution selects an Eligible Individual to receive a grant
of a Stock Option, determines the number of shares of Common Stock to be
subject to such Stock Option to be granted to such Eligible Individual and
specifies the terms and provisions of the Stock Option. The Company shall
notify an Eligible Individual of any grant of a Stock Option, and a written
option agreement or agreements shall be duly executed and delivered by the
Company to the participant. Such agreement or agreements shall become effective
upon execution by the Company and the participant.

   Stock Options granted under the Plan shall be subject to the following terms
and conditions and shall contain such additional terms and conditions as the
Committee shall deem desirable:

      (a) OPTION PRICE.  The option price per share of Common Stock purchasable
   under a Stock Option shall be determined by the Committee and set forth in
   the option agreement, and shall not be less than the Fair Market Value of
   the Common Stock subject to the Stock Option on the date of grant. Except
   for actions taken pursuant to the third paragraph of Section 3,
   notwithstanding any other provision of this Plan, neither the Board nor the
   Committee shall have the power to (i) reduce the per-share option price of a
   Stock Option below the Fair Market Value of a share of Common Stock on the
   date of grant of the Stock Option or (ii) cancel any Stock Options in
   exchange for new Stock Options with a lower per-share option price.

      (b) OPTION TERM.  The term of each Stock Option shall be fixed by the
   Committee, but no Incentive Stock Option shall be exercisable more than 10
   years after the date the Stock Option is granted.

                                      4

<PAGE>

      (c) EXERCISABILITY.  Except as otherwise provided herein, Stock Options
   shall be exercisable at such time or times and subject to such terms and
   conditions as shall be determined by the Committee. If the Committee
   provides that any Stock Option is exercisable only in installments, the
   Committee may at any time waive such installment exercise provisions, in
   whole or in part, based on such factors as the Committee may determine. In
   addition, the Committee may at any time accelerate the exercisability of any
   Stock Option.

      (d) METHOD OF EXERCISE.  Subject to the provisions of this Section 5,
   Stock Options may be exercised, in whole or in part, at any time during the
   option term by giving written notice of exercise to the Company specifying
   the number of shares of Common Stock subject to the Stock Option to be
   purchased.

      Such notice shall be accompanied by payment in full of the purchase price
   by certified or bank check or such other instrument as the Committee may
   accept.

      No shares of Common Stock shall be issued until full payment therefor has
   been made. Except as otherwise provided in Section 5(k) below, an optionee
   shall have all of the rights of a shareholder of the Company holding the
   class or series of Common Stock that is subject to such Stock Option
   (including, if applicable, the right to vote the shares and the right to
   receive dividends), when the optionee has given written notice of exercise,
   has paid in full for such shares and, if requested, has given the
   representation described in Section 8(a).

      (e) NONTRANSFERABILITY OF STOCK OPTIONS.  No Stock Option shall be
   transferable by the optionee other than (i) by will or by the laws of
   descent and distribution; or (ii) in the case of a NonQualified Stock
   Option, as otherwise expressly permitted by the Committee including, if so
   permitted, pursuant to a transfer to such optionee's child or spouse,
   whether directly or indirectly or by means of a trust or partnership or
   otherwise. All Stock Options shall be exercisable, subject to the terms of
   this Plan, only by the optionee, the guardian or legal representative of the
   optionee, or any person to whom such option is transferred pursuant to this
   paragraph, it being understood that the terms "holder" and "optionee"
   include such guardian, legal representative and other transferee.

      (f) TERMINATION BY DEATH.  Unless otherwise determined by the Committee,
   if an optionee incurs a Termination of Employment by reason of death, any
   Stock Option held by such optionee may thereafter be exercised, to the
   extent exercisable at death, or on such accelerated basis as the Committee
   may determine, for a period of one year (or such other period as the
   Committee may specify in the option agreement) from the date of such death
   or until the expiration of the stated term of such Stock Option, whichever
   period is the shorter.

      (g) TERMINATION BY REASON OF DISABILITY.  Unless otherwise determined by
   the Committee, if an optionee incurs a Termination of Employment by reason
   of Disability, any Stock Option held by such optionee may thereafter be
   exercised by the optionee, to the extent it was exercisable at the time of
   termination, or on such accelerated basis as the Committee may determine,
   for a period of two years (or such other period as the Committee may specify
   in the option agreement) from the date of such Termination of Employment or
   until the expiration of the stated term of such Stock Option, whichever
   period is the shorter; PROVIDED, HOWEVER, that if the optionee dies within
   such period, any unexercised Stock Option held by such optionee shall,
   notwithstanding the expiration of such period, continue to be exercisable to
   the extent to which it was exercisable at the time of death for a period of
   12 months from the date of such death or until the expiration of the stated
   term of such Stock Option, whichever period is the shorter. In the event of
   Termination of Employment by reason of Disability, if an Incentive Stock
   Option is exercised after the expiration of the exercise periods that apply
   for purposes of Section 422 of the Code, such Stock Option will thereafter
   be treated as a NonQualified Stock Option.

      (h) TERMINATION BY REASON OF RETIREMENT.  Unless otherwise determined by
   the Committee, if an optionee incurs a Termination of Employment by reason
   of Retirement, any Stock Option held by such optionee may thereafter be
   exercised by the optionee, to the extent it was exercisable at the time of
   such

                                      5

<PAGE>

   Retirement, or on such accelerated basis as the Committee may determine, for
   a period of two years (or such other period as the Committee may specify in
   the option agreement) from the date of such Termination of Employment or
   until the expiration of the stated term of such Stock Option, whichever
   period is the shorter; PROVIDED, HOWEVER, that if the optionee dies within
   such period, any unexercised Stock Option held by such optionee shall,
   notwithstanding the expiration of such period, continue to be exercisable to
   the extent to which it was exercisable at the time of death for a period of
   12 months from the date of such death or until the expiration of the stated
   term of such Stock Option, whichever period is the shorter. In the event of
   Termination of Employment by reason of Retirement, if an Incentive Stock
   Option is exercised after the expiration of the exercise periods that apply
   for purposes of Section 422 of the Code, such Stock Option will thereafter
   be treated as a NonQualified Stock Option.

      (i) OTHER TERMINATION.  Unless otherwise determined by the Committee: (A)
   if an optionee incurs a Termination of Employment for Cause, all Stock
   Options held by such optionee shall thereupon terminate; and (B) if an
   optionee incurs a Termination of Employment for any reason other than death,
   Disability, Retirement or for Cause, any Stock Option held by such optionee,
   to the extent it was then exercisable at the time of termination, or on such
   accelerated basis as the Committee may determine, may be exercised for the
   lesser of three months from the date of such Termination of Employment or
   the balance of such Stock Option's term; PROVIDED, HOWEVER, that if the
   optionee dies within such three-month period, any unexercised Stock Option
   held by such optionee shall, notwithstanding the expiration of such
   three-month period, continue to be exercisable to the extent to which it was
   exercisable at the time of death for a period of 12 months from the date of
   such death or until the expiration of the stated term of such Stock Option,
   whichever period is the shorter. If an Incentive Stock Option is exercised
   after the expiration of the post-termination exercise periods that apply for
   purposes of Section 422 of the Code, such Stock Option will thereafter be
   treated as a NonQualified Stock Option.

      (j) CASHING OUT OF STOCK OPTION.  On receipt of written notice of
   exercise, the Committee may elect to cash out all or part of the portion of
   the shares of Common Stock for which a Stock Option is being exercised by
   paying the optionee an amount, in cash or Common Stock, equal to the excess
   of the Fair Market Value of the Common Stock over the option price times the
   number of shares of Common Stock for which the Option is being exercised on
   the effective date of such cash-out.

      (k) DEFERRAL OF OPTION SHARES.  The Committee may from time to time
   establish procedures pursuant to which an optionee may elect to defer, until
   a time or times later than the exercise of a Stock Option, receipt of all or
   a portion of the shares of Common Stock subject to such Stock Option and/or
   to receive cash at such later time or times in lieu of such deferred shares,
   all on such terms and conditions as the Committee shall determine. If any
   such deferrals are permitted, then notwithstanding Section 5(d) above, an
   optionee who elects such deferral shall not have any rights as a stockholder
   with respect to such deferred shares unless and until shares are actually
   delivered to the optionee with respect thereto, except to the extent
   otherwise determined by the Committee.

      (l) COMPANY RIGHT OF SET-OFF.  Except as provided otherwise in any
   applicable Individual Agreement, upon the exercise of any Option, the
   Committee may elect to offset against any principal or interest balance of
   any debt owing to the Company or any of its controlled Affiliates by the
   optionee (including a Tax Loan, as defined in the Third Amended and Restated
   Partnership Agreement of Gotham Golf Partners, L.P.) the amount that would
   have been payable to such optionee had the Option been cash settled pursuant
   to Section 5(j) (less any applicable income and withholding taxes). To the
   extent the Committee exercises its right of offset under this Section 5(l),
   the optionee shall not be entitled to receive any shares of Common Stock,
   cash or other property upon exercise of an Option.

SECTION 6.  TERM, AMENDMENT AND TERMINATION

   The Plan will terminate on the tenth anniversary of the effective date of
the Plan. Under the Plan, Stock Options outstanding as of such date shall not
be affected or impaired by the termination of the Plan.

                                      6

<PAGE>

   The Board may amend, alter, or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made which would impair the rights of an
optionee under a Stock Option without the optionee's consent, except such an
amendment made to comply with applicable law, stock exchange rules or
accounting rules. In addition, no such amendment shall be made without the
approval of the Company's stockholders to the extent such approval is required
by applicable law or stock exchange rules.

   The Committee may amend the terms of any Stock Option theretofore granted,
prospectively or retroactively, but no such amendment shall impair the rights
of any holder without the holder's consent except such an amendment made to
cause the Plan or Stock Option to comply with applicable law, stock exchange
rules or accounting rules.

   Subject to the above provisions, the Board shall have authority to amend the
Plan as it deems appropriate, including to take into account changes in law and
tax and accounting rules as well as other developments, and to grant Stock
Options that qualify for beneficial treatment under such rules without
stockholder approval.

SECTION 7.  UNFUNDED STATUS OF PLAN

   It is presently intended that the Plan constitute an "unfunded" plan for
incentive and deferred compensation. The Committee may authorize the creation
of trusts or other arrangements to meet the obligations created under the Plan
to deliver Common Stock or make payments; PROVIDED, HOWEVER, that unless the
Committee otherwise determines, the existence of such trusts or other
arrangements is consistent with the "unfunded" status of the Plan.

SECTION 8.  GENERAL PROVISIONS

   (a) The Committee may require each person purchasing or receiving shares
pursuant to a Stock Option to represent to and agree with the Company in
writing that such person is acquiring the shares without a view to the
distribution thereof. The certificates for such shares may include any legend
which the Committee deems appropriate to reflect any restrictions on transfer.

   Notwithstanding any other provision of the Plan or agreements made pursuant
thereto, the Company shall not be required to issue or deliver any certificate
or certificates for shares of Common Stock under the Plan prior to fulfillment
of all of the following conditions:

      (1) Listing or approval for listing upon notice of issuance of such
   shares on the Stock Exchange, or such other securities exchange as may at
   the time be the principal market for the Common Stock;

      (2) Obtaining any registration or other qualification of such shares of
   the Company under any state or federal law or regulation, or the maintaining
   in effect of any such registration or other qualification which the
   Committee shall, in its absolute discretion upon the advice of counsel, deem
   necessary or advisable; and

      (3) Obtaining any other consent, approval, or permit from any state or
   federal governmental agency which the Committee shall, in its absolute
   discretion after receiving the advice of counsel, determine to be necessary
   or advisable.

   (b) Nothing contained in the Plan shall prevent the Company or any
Subsidiary or Affiliate from adopting other or additional compensation
arrangements for its employees.

   (c) The Plan shall not constitute a contract of employment, and adoption of
the Plan shall not confer upon any employee any right to continued employment,
nor shall it interfere in any way with the right of the Company or any
Subsidiary or Affiliate to terminate the employment of any employee at any time.

   (d) No later than the date as of which an amount first becomes includible in
the gross income of the participant for federal income tax purposes with
respect to any Stock Option under the Plan, the participant shall pay to the
Company, or make arrangements satisfactory to the Company regarding the payment
of, any federal, state, local or foreign taxes of any kind required by law to
be withheld with respect to such amount. Unless otherwise determined by the
Company, withholding obligations may be settled with Common Stock; PROVIDED,

                                      7

<PAGE>

that not more than the legally required minimum withholding may be settled with
Common Stock. The obligations of the Company under the Plan shall be
conditional on such payment or arrangements, and the Company and its Affiliates
shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment otherwise due to the participant. The Committee may establish
such procedures as it deems appropriate, including making irrevocable
elections, for the settlement of withholding obligations with Common Stock.

   (e) The Committee shall establish such procedures as it deems appropriate
for a participant to designate a beneficiary to whom any amounts payable in the
event of the participant's death are to be paid or by whom any rights of the
participant, after the participant's death, may be exercised.

   (f) In the case of a grant of a Stock Option to any employee of a Subsidiary
of the Company, the Company may, if the Committee so directs, issue or transfer
the shares of Common Stock, if any, covered by the Award to the Subsidiary, for
such lawful consideration as the Committee may specify, upon the condition or
understanding that the Subsidiary will transfer the shares of Common Stock to
the employee in accordance with the terms of the Stock Option specified by the
Committee pursuant to the provisions of the Plan. All shares of Common Stock
underlying Stock Options that are forfeited or canceled should revert to the
Company.

   (g) The Plan and all Stock Options made and actions taken thereunder shall
be governed by and construed in accordance with the laws of the State of
Delaware, without reference to principles of conflict of laws.

   (h) Except as otherwise provided by the Committee, Stock Options under the
Plan are not transferable except by will or by laws of descent and distribution.

   (i) In the event an Award is granted to an Eligible Individual who is
employed or providing services outside the United States and who is not
compensated from a payroll maintained in the United States, the Committee may,
in its sole discretion, modify the provisions of the Plan as they pertain to
such individual to comply with applicable foreign law.

SECTION 9.  EFFECTIVE DATE OF PLAN

   The Plan shall be effective as of the date it is adopted by the Board,
subject to the approval by at least a majority of the outstanding shares of
Common Stock of the Company.

                                      8

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