Document:

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                                                                   Exhibit 10.16

                          ASSIGNMENT OF PATENT RIGHTS
                          ---------------------------

FOR AND IN CONSIDERATION of the payment of ten dollars ($10 USD) to Guy Cramer
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Guy Cramer, whose address for notice and delivery is
1335 Sutherland Ave., Port Coquitlam, B.C., V3B 7G7, and being the holder of the
Canadian Patent Pending #2,282,155 and the U.S. Patent Pending #09/661,288, does
hereby transfer and assign seventy-five percent (75%) of his rights, title and
interest in and to Canadian Patent Pending #2,282,155 and U.S. Patent Pending
#09/661,288 equally to Robert Dymont, S.O. (Roy) Tjelta and Gino Gemma.

IN WITNESS WHEREOF, Guy Cramer has executed effective the 1/st/ day of March,
2000.

/s/ Guy Cramer
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GUY CRAMER<PAGE>

NUMBER                                                                    SHARES
------                                                                    ------
FWF

                                                                    COMMON STOCK

                         FIRST WASHINGTON FINANCIALCORP

                         INCORPORATED UNDER THE LAWS OF
                             THE STATE OF NEW JERSEY

                                                         CUSIP 33748R  10  8

THIS CERTIFIES THAT __________________________ is the owner of
_______________________ fully paid and non-assessable shares of the common
stock, no par value per share, of First Washington FinancialCorp transferable on
the books of the Corporation by the holder hereof, in person or by duly
authorized attorney, upon surrender of this certificate properly endorsed. This
certificate is not valid unless countersigned by the Transfer Agent and
registered by the Registrar.

Witness the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers.

Dated:

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Secretary                                                  President<PAGE>

First Washington State Bank 1997 Stock Option Plan
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                           First Washington State Bank
                             1997 Stock Option Plan
                                Table of Contents

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

          Section                                                    Page
          Number                                                     ----
          ------

          1.   Definitions                                              1
          2.   Purpose                                                  4
          3.   Administration                                           4
          4.   Grants                                                   5
          5.   Stock Option Agreements                                  5
          6.   Stock Option Price                                       5
          7.   Vesting of Stock Options                                 6
          8.   Expiration of Stock Options                              6
          9.   Stock Option Adjustments                                 6
          10.  Amendment and Termination of the Plan                    7
          11.  Miscellaneous Provisions                                 7

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First Washington State Bank 1997 Stock Option Plan
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         (m) "Involuntary Termination" shall mean separation from service as an
Employee or Director at the request or demand of the Company or the Subsidiary
to whom such services were rendered for any reason other than Misconduct, death
or Disability.

         (n) "Key Employee"' shall mean an Employee whose decisions, actions and
counsel will have a substantial impact on the future success of the Company
and/or its Subsidiaries.

         (o) "Misconduct" shall mean willful and continued failure by the
Participant to perform the Participant's duties for the Company or a Subsidiary
after a warning in writing from the Committee specifically identifying any such
failure; the willful engaging by the Participant in an act which causes material
injury to the Company or a Subsidiary as specified in a written notice from the
Committee; conviction of a crime (other than a traffic violation); habitual
drunkenness, drug abuse or excessive absenteeism (other than for illness), after
a warning in writing from the Committee. No act or failure to act on the part of
a Participant shall be considered willful unless done, or omitted to be done,
not in good faith and without reasonable belief that the action or omission was
in the best interest of the Company.

         (p) "Non-qualified Stock Option" shall mean a Stock Option which is not
an Incentive Stock Option.

         (q) " Outside Director" shall mean a Director who is not also an
Employee.

         (r) " Participant " shall mean an Employee or Director who has received
a Grant.

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First Washington State Bank 1997 Stock Option Plan
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         1. Definitions

         Wherever used in this Plan, the following capitalized terms shall have
the meaning set forth below:

              (a) "Board" shall mean the Company's Board of Directors.

              (b) "Change of Control" shall mean any of the following:

                  (i) The acquisition of the beneficial ownership of at least
25% of the Stock or all or substantially all of the assets of the Company by a
single person or entity or a group of persons or entities acting in concert;

                  (ii) The merger, consolidation or combination of the Company
with an unaffiliated corporation in which the Directors immediately prior to
such transaction constitute less than a majority of the board of directors of
the surviving new or combined entity in such transaction;

                  (iii) The transfer of all or substantially all of the
Company's assets to an unaffiliated corporation;

                  (iv) The election to the Board during any consecutive
three-year period of a group of individuals constituting a majority of the Board
who were not serving as directors of either of such boards immediately prior to
such consecutive three-year period.

              (c) "Code" shall mean the Internal Revenue Code of 1986, as
amended.

              (d) "Committee" shall mean the Personnel and Compensation
Committee of the Board or such other Committee so designated by the Board.

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First Washington State Bank 1997 Stock Option Plan
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              (e) "Company" shall mean First Washington State Bank, a banking
corporation chartered under the laws of the State of New Jersey.

              (f) "Director" shall mean an individual duly elected to serve as a
member of the Board or the board of directors of a Subsidiary.

              (g) " Disability " shall mean the permanent disability of a
Participant or the failure of a Participant to perform substantially all of the
services to the Company or a Subsidiary performed by the Participant prior to
such failure for a period of six months commencing with the first date of such
failure for reasons other than Voluntary or Involuntary Termination, termination
for misconduct, death or approved retirement.

              (h) "Effective Date" shall mean February 12, 1997.

              (i) "Employee" shall mean a person in the employ, under common
law, of the Company or any of its Subsidiaries.

              (j) "Grant" shall mean the award of a Stock Option to a
Participant.

              (k) "Grant Date" shall mean the date on which the Committee acts
to award the Stock Option in question in the case of a Grant to an Employee and
the date on which an option is awarded to an Outside Director under the Plan
notwithstanding any initial 6-month prohibition against exercise.

              (l) "Incentive Stock Option" shall mean a Stock Option which
qualifies under section 422(b) of the Code.

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First Washington State Bank 1997 Stock Option Plan
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              (s) " Plan " shall mean this First Washington State Bank 1997
Stock Option Plan.

              (t) "Stated Expiration Date', shall mean the date set forth in a
Stock Option agreement on which the related Stock Option expires absent the
Participant's termination of service to the Company or a Subsidiary.

              (u) "Stock" shall mean the Common Stock of the Company par value
$5.00.

              (v) "Stock Option" shall mean a right to purchase Stock.

              (w) "Stock Option Price" shall mean the purchase price for a share
of Stock subject to a Stock Option.

              (x) "Subsidiary " shall mean a subsidiary corporation of the
Company, as defined in Sections 424(f) and 424(g) of the Code.

              (y) "Voluntary Termination"' shall mean a termination of service
as an Employee or Director which is not an Involuntary Termination, a
termination for Misconduct, a termination by reason of death, a termination by
reason of retirement approved by the Company or a termination by reason of
Disability.

         2. Purpose

         The purpose of the Plan is to make provision for the Grant of Stock
Options to acquire up to 141,000 shares of Stock to Key Employees and Outside
Directors as a means of compensating them for service provided to the Company
and its Subsidiaries in addition to any other compensation provided to them. Of
the number of Stock Options available for Grant, 50,000 shall be available for
Grant to Directors and 91,000 shall be available for Grant to Key Employees.

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First Washington State Bank 1997 Stock Option Plan
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         3. Administration

         The Plan shall be administered by the Committee. Except as otherwise
provided in the Plan, the Committee shall have full and final authority in its
sole discretion to interpret provisions of the Plan, decide all questions of
fact arising in its application, and to make all other determinations necessary
or advisable for the administration of the Plan. The Committee may authorize any
of its members to execute and deliver documents on behalf of the Committee. No
member of the Committee shall be liable for any action or determination made in
good faith. The Committee shall also have discretion to determine the Key
Employees who shall receive Grants, the times at which Grants shall be made, the
number of shares of Stock to make available to each Key Employee in the form of
a Grant, whether Grants to Key Employees shall be Incentive Stock Options or
Non-Qualified Stock Options and the terms of Grants to Key Employees. However,
the Committee shall not have authority to take action inconsistent with other
provisions of the Plan.

         4. Grants

         Grants may be made from time to time by the Committee to Key Employees.
Each person serving as an Outside Director on February 12, 1997 shall receive a
Non-Qualified Stock Option to purchase 6,250 shares of Stock which shall be
deemed to be awarded on the date of adoption of the Plan by the Board.

         5 . Stock Option Agreements

         Each Grant shall be evidenced by a written Stock Option agreement which
shall specify the number of shares of Stock available for purchase, the Stock
Option Price pertaining to such Grant, the date of expiration of the Stock
Option, that the Stock Option is not transferable except pursuant to the laws of
decent and distribution on the death of the Participant, that during the
Participant's lifetime the Stock Option is exercisable only by the Participant
or, fir. the event of the Participant's disability by the Participant's attorney
in fact.

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First Washington State Bank 1997 Stock Option Plan
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         6. Stock Option Price

         The Stock Option Price shall be equal to the fair market value of a
share of Stock on the Grant Date. The fair market value of a share of Stock on
the Grant Date (or any other date on which such fair market value is relevant)
shall be the bid price last quoted by Ryan Beck & Co., or any other recognized
brokerage company or a combination thereof, on such Grant Date or other relevant
date. If no such bid price is available on the Grant Date or other relevant
date, the fair market value of a share of Stock on the Grant Date or other
relevant date shall be the bid price last quoted on the next succeeding business
day on which such bid price is quoted. If no such bid price is available on the
Grant Date or any of the next succeeding five consecutive business days, the
fair market value shall be determined by the Committee in good faith.

         7. Vesting of Stock Options

         No Stock Option shall be exercisable prior to the date which is six
months after the Grant Date.

         8. Expiration of Stock Options

         Notwithstanding the Stated Expiration Date of a Stock option set forth
in a Stock Option agreement, the related Stock Option shall expire as follows in
the event the Participant terminates service as an Employee or Director. If the
Participant's service is terminated by the Company or Subsidiary for Misconduct,
the Stock Option shall expire immediately effective with the act of termination.
If the Participant's service is terminated pursuant to an Involuntary
Termination, the Stock Option shall expire no later than the date which is six
months after the effective date of the act of termination. If the Participant's
service is terminated in a Voluntary Termination, the Stock Option shall expire
not later than the ninetieth day following the effective date of the act of
termination. Notwithstanding the foregoing, if the Participant's service is
terminated (in a Voluntary or Involuntary Termination) within two years
following a Change in Control, the Stock Option shall expire in accordance with
its Stated Expiration Date.

         9. Stock Option Adjustments

         The aggregate number of shares of Stock with respect to which Stock
Options may be granted, the aggregate number of shares of Stock subject to each
outstanding Stock Option, and the Stock Option Price of each outstanding Stock
Option shall be appropriately adjusted for any increase or decrease in the
number of shares of issued Stock resulting from a division or consolidation of
shares, whether through a reorganization, recapitalization, stock split, stock
distribution or combination of shares outstanding effected without receipt of
consideration by the Company.

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First Washington State Bank 1997 Stock Option Plan
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         10. Amendment and Termination of the Plan

         The Board may amend the Plan from time to time (including amendment to
terminate the Plan) at its discretion. However, no amendment shall adversely
affect any outstanding Stock Option without the consent of the Participant.

         11. Miscellaneous Provisions

              (a) A Participant shall not enjoy the rights of a shareholder with
respect to any shares of Stock subject to a Stock Option until such shares are
acquired by the Participant through exercise of the Stock Option.

              (b) Neither the Plan nor any action taken pursuant to the Plan
shall be construed as giving any person the right to be retained in the service
of the Company or Subsidiary in any capacity whatsoever.

              (c) Any legal issue arising in respect of the Plan shall be
decided by applying the law of the State of New Jersey.

              (d) If any Stock Option expires for any reason, the shares
represented by such Stock Option shall again be available to be made the subject
of another Grant.

              (e) The First Washington State Bank 1991 Stock Option Plan is
terminated effective as of the Effective Date pursuant to section 10 of that
plan. All outstanding stock options granted under that plan shall remain
outstanding in accordance with the provisions of that plan and the respective
stock option agreements evidencing their grant and shall continue to be subject
to the provisions of that plan and such agreements. Solely for purposes of
determining the number of Stock Options available for Grant under the Plan,
stock options outstanding on the Effective Date granted pursuant to the First
Washington State Bank 1991 Stock Option Plan shall be deemed to have been
Granted pursuant to the Plan.

Established as of February 12, 1997 by
the Personnel and Compensation Committee

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Abraham S. Opatut
Chairman of the Committee

Adopted as of February 12, 1997
by the Board of Directors of
First Washington State Bank

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Abraham S. Opatut
Chairman of the Board

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