Document:

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                                 EXHIBIT 10.4

                      1999 COMMERCE NATIONAL CORPORATION
                             DIRECTORS' STOCK PLAN

                                   ARTICLE I
                                  Definitions

     As used herein, the following terms have the meanings hereinafter set forth
unless The context clearly indicates to the contrary:

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

          (b)  "Company" shall mean Commerce National Corporation.

          (c)  "Directors" shall mean any individual who serves on the Board of
               Directors of the Company.

          (d)  "Equity Per Share" shall mean the Company's shareholders equity
               per common share outstanding as of January 1, 1999.

          (e)  Option" shall mean an option to purchase Stock granted pursuant
               to the provisions of Article IV hereof.

          (f)  "Optionee" shall mean a director to whom an Option has been
               granted hereunder.

          (g)  "Plan" shall mean the 1999 Commerce National Corporation
               Directors' Stock Plan, the terms of which are set forth herein.

          (h)  "Service" shall mean the tenure of an individual as a director of
               the Company.

          (i)  "Stock" or "Shares" shall mean the common stock, par value $0.10
               per share, of the Company or, in the event that the outstanding
               shares of Stock are hereafter changed into or exchanged for
               shares of a different stock or securities of the Company or some
               other corporation, such other stock or securities.

          (j)  "Stock Option Agreement" shall mean the agreement between the
               Company and the Optionee under which the Optionee may purchase
               Stock hereunder.

          (k)  "Subsidiary" shall mean any corporation, the majority of the
               outstanding capital stock of which is owned, directly or
               indirectly, by the Company.

          (l)  "Year" shall mean any calendar year during the term of this
               Agreement from January 1 to December 31, inclusive.
<PAGE>

                                  ARTICLE II
                                   The Plan

1.1. Name.  This Plan shall be known as the "1999 Commerce National Corporation
     ----
     Directors' Stock Plan".

1.2. Purpose.  The purpose of the Plan is to advance the interests of the
     -------
     Company and its shareholders by affording to the Directors of the Company
     an opportunity to acquire or increase their proprietary interest in the
     Company by the grant of Options to such Directors under the terms set forth
     herein. By thus encouraging such Directors to become owners of Stock, the
     Company seeks to motivate, retain and attract those highly competent
     individuals upon whose judgment, initiative, leadership and continued
     efforts the success of the Company and Subsidiaries in large measure
     depends.

1.3. Effective Date. The Plan shall become effective as of January 1, 1999, upon
     --------------
     its approval by the Board of Directors of the Company.

1.4. Participants.  Any director of the Company shall be eligible to participate
     ------------
     in the Plan.

                                  ARTICLE III
                        Shares of Stock Subject to Plan

2.1. Limitations.  Subject to adjustment pursuant to the provisions of Section
     -----------
     3.3 hereof, the number of shares of Stock which may be issued pursuant to
     Options granted hereunder shall not exceed 100,000 shares. Such Shares may
     be either authorized and unissued shares or shares issued and thereafter
     acquired by the Company.

2.2. Option Granted Under Plan.  Stock with respect to which an Option granted
     -------------------------
     hereunder shall have been exercised shall not again be available for Option
     hereunder. If Options granted hereunder shall terminate for any reason
     without being wholly exercised, new Options may be granted to directors
     hereunder covering the number of Shares to which such Option termination
     relates.

2.3. Antidilution.  In the event that the outstanding shares of Stock hereafter
     ------------
     are changed into or exchanged for a different number or kind of shares or
     other securities of the Company or of another corporation by reason of
     merger, consolidation, other reorganization, recapitalization,
     reclassification, combination of shares, stock split-up, or stock dividend:

               (5)  The aggregate number and kind of shares subject to Options
          which may be granted hereunder shall be adjusted so that no dilution
          of the Optionee's Shares shall result;

               (6)  Rights under outstanding Options granted hereunder, both as
          to the number of subject shares and the Option price, shall be
          adjusted so that no dilution of the Optionee's shares shall result;
          and
<PAGE>

               (7)  Where dissolution or liquidation of the Company or any
          merger or combination in which the Company is not a surviving
          corporation is involved, each outstanding Option granted hereunder
          shall terminate, but the Optionee shall have the right, immediately
          prior to such dissolution, liquidation, merger or combination, to
          exercise his Option in whole or in part, to the extent that it shall
          not have been exercised.

                                  ARTICLE IV
                                    Options

7.1. Option Grant and Agreement. Each Option granted hereunder shall be
     --------------------------
     evidenced by minutes of a meeting of the Board authorizing same and by a
     written Stock Option Agreement dated as of the date of grant and executed
     by the Company and the Optionee, which Agreement shall set forth such terms
     and conditions as may be determined by the Company to be consistent with
     the Plan.

7.2. Number of Shares per Stock Option Agreement.  The number of shares of Stock
     -------------------------------------------
     covered by each Stock Option Agreement that shall be granted to each
     Director shall not exceed five hundred (500) shares per year and five
     thousand (5,000) shares during the term of the Plan. Grants shall be
     awarded in the amount of 260 shares for each Year the Optionee is eligible
     for participation at the beginning of the Year. Additional grants of
     twenty-four (24) shares shall be awarded for each Board meeting attended by
     a director during the Year, to a maximum of two hundred forty (240) shares
     for meeting attendance each Year. All grants shall be awarded at the end of
     the Year, effective at the beginning of the Year.

7.3. Option Exercise.
     ---------------

     (a)  Terms of Option. Each Stock Option Agreement shall expire December 31,
          ---------------
          2008. The purchase price of each share of Stock subject to Option
          shall be the Equity Per Share.

     (b)  Options may be exercised in whole or in part with respect to whole
          shares only, within the period permitted for the exercise thereof, and
          shall be exercised by written notice of intent to exercise the Option
          with respect to a specific number of shares, and delivered to the
          Company at its principal office in the State of Florida, and payment
          in full to the Company at said office of the amount of the Option
          price for the number of shares of Stock with respect to which the
          Option is then being exercised. Optionee shall not exercise his Option
          or part thereof more often than once every sixty (60) days. In
          addition to and at the time of payment of the Option price, Optionees
          shall pay to the Company in cash the full amount of all federal and
          state withholding or other employment taxes applicable to the taxable
          income of such Optionee resulting from such exercise, if any.
<PAGE>

          (1)  Nontransferability of Option. No Option shall be transferred by
               ----------------------------
               an Optionee otherwise than by will or the laws of descent and
               distribution without first obtaining the written consent of the
               Board. In the event an Option is transferred in accordance with
               this section, the Optionee shall provide to the Company all
               details of the terms and conditions of such transfer as may be
               requested by the Company.

4.5. Effect of Termination of Service.
     --------------------------------

          (a)  If an Optionee's service with the Company shall be terminated for
               any reason, including the disability or death of the Optionee,
               his Option shall remain exercisable to the same extent and for
               the same duration it was exercisable prior to the termination for
               those number of Shares for which the Option is deemed vested as
               described in Section 4.6 below, and for three months after the
               date of such termination or one year after the date of death,
               respectively, for the number of Shares for which the Option is
               not deemed vested.

          (b)  No transfer of an Option by the Optionee by will or by the laws
               of descent and distribution shall be effective to bind the
               Company unless the Company shall have been furnished with written
               notice thereof and an authenticated copy of the will and/or such
               other evidence as the Company may deem necessary to establish the
               validity of the transfer and the acceptance by the transferee or
               transferees of the terms and conditions of such Option.

     4.6  Vesting of Option Rights. An Optionee will be deemed to be fully
          ------------------------
          vested in his option rights at the date the Option is granted.

     4.7  Rights as Shareholder.  An Optionee or a transferee of an Option shall
          ---------------------
          have no rights as a shareholder with respect to any Shares subject to
          such Option prior to the purchase of such Shares by exercise of such
          Option as provided herein.

                                   ARTICLE V
                              Stock Certificates

     The Company shall not be required to issue or deliver any certificate for
shares of Stock purchased upon the exercise of any Option granted hereunder, or
any portion thereof, prior to fulfillment of all of the following conditions:

          (a)  The admission of such Shares to listing on all stock exchanges on
               which the Stock is then listed, if any;

          (b)  The completion of any registration or other qualification of such
               Shares under any federal or state law or under the rulings or
               regulations of the Securities and Exchange Commission or any
               other governmental regulatory body, which the Company shall in
               its sole discretion deem necessary or advisable;
<PAGE>

          (c)  The obtaining of any approval or other clearance from any federal
               or state governmental agency which the Company shall in its sole
               discretion determine to be necessary or advisable; and

          (d)  The lapse of such reasonable period of time following the
               exercise of the Option as the Company from time to time may
               establish for reasons of administrative convenience.

                                  ARTICLE VI
                Termination, Amendment and Modification of Plan

     The Board may at any time terminate and may at any time and from time to
time and in any respect amend or modify, the Plan; provided, however, that no
such action of the Board without approval of the shareholder of the Company may
increase the total number of shares of Stock subject to the Plan except as
contemplated in Article III hereof and provided further that no termination,
amendment or modification of the Plan shall in any manner affect any Option
theretofore granted under the Plan without the consent of the Optionee of the
Option.

                                  ARTICLE VII
                                 Miscellaneous

          (1)  Service. Nothing in the Plan or in any Option granted hereunder
               -------
               or in any Stock Option Agreement relating thereto shall confer
               upon any director the right to continue in the service of the
               Company or any Subsidiary.

          (2)  Other Compensation Plans. The adoption of the Plan shall not
               ------------------------
               affect any other stock option, incentive or other compensation
               plans in effect for the Company or any Subsidiary, nor shall the
               Plan preclude the Company from establishing any other forms of
               incentive or other compensation for directors of the Company or
               any Subsidiary.

          (3)  Plan Binding on Successors. The Plan shall be binding upon the
               --------------------------
               successors and assigns of the Company.

          (4)  Singular, Plural; Gender. Whenever used herein, nouns in the
               ------------------------
               singular shall include the plural, and the masculine pronoun
               shall include the feminine gender.

          (5)  Applicable Law. This Plan shall be governed by and construed in
               --------------
               accordance with the laws of the State of Florida.

          (6)  Headings, etc., No Part of Plan. Headings of Articles and
               -------------------------------
               Sections hereof are inserted for convenience and reference only;
               they constitute no part of the Plan.
<PAGE>

          (7)  Severability. If any provision or provisions of the Plan shall be
               ------------
               held to be invalid, illegal or unenforceable, the validity,
               legality and enforceability of the remaining provisions shall not
               in any way be affected or impaired thereby.

                                 CERTIFICATION

          I, the undersigned Secretary of Commerce National Corporation, certify
          that the 1999 Commerce National Corporation Directors' Stock Plan was
          dully adopted by the board of directors of Commerce National
          Corporation on November 15, 1999.

                              /s/ Alan M. Scarboro
                              --------------------------------------------
                              Alan M. Scarboro, Secretary<PAGE>

                                 EXHIBIT 10.5

                      1999 COMMERCE NATIONAL CORPORATION
                       DIRECTOR'S STOCK OPTION AGREEMENT

     THIS AGREEMENT is made this 1st day of January, 1999, by and between
COMMERCE NATIONAL CORPORATION, a Florida corporation having offices at Orlando,
Florida (hereafter "Company"), and Guy D. Colado, residing in Winter Park,
Florida, currently serving as a director of the Company (hereafter "Optionee").

                                  WITNESSETH:

          WHEREAS, Optionee is a valuable and trusted director of the Company,
and the Company considers it desirable and in its best interest that Optionee be
given an inducement to acquire further proprietary interest in the Company; and

          WHEREAS, the Company desires to encourage, motivate, retain and
attract highly competent individuals such as Optionee upon whose judgment,
initiative, leadership and continued efforts the success of the Company in large
measure depends; and

          WHEREAS, the options to purchase Stock of the Company hereunder are
granted in accordance with the 1999 Commerce National Corporation Directors'
Stock Plan.

          NOW THEREFORE, in consideration of the premises, and of the mutual
covenants herein contained, the parties hereto agree as follows:

                                   ARTICLE I
                                  Definitions

          As used herein, the following terms have the meanings hereinafter set
forth unless the context clearly indicates to the contrary:

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

          (b)  "Company" shall mean Commerce National Corporation.

          (c)  "Director" shall mean any individual who serves on the Board of
               Directors of the Company and has entered into or is eligible to
               enter into a Stock Option Agreement with the Company.

          (d)  "Equity Per Share" shall mean the Company's shareholders equity
               per common share outstanding as of January 1, 1999.

          (e)  Option" shall mean an option to purchase Stock granted pursuant
               to the provisions of Article IV hereof.
<PAGE>

          (f)  "Plan" shall mean the 1999 Commerce National Corporation
               Directors' Stock Plan.

          (g)  "Service" shall mean the tenure of Optionee as a director of the
               Company.

          (h)  "Stock" or "Shares" shall mean the common stock, par value $0.10
               per share, of the Company or, in the event that the outstanding
               shares of Stock are hereafter changed into or exchanged for
               shares of a different stock or securities of the Company or some
               other corporation, such other stock or securities.

          (i)  "Stock Option Agreement" or "Agreement" shall mean this agreement
               between the Company and the Optionee under which the Optionee may
               purchase Stock hereunder, the terms of which are set forth
               herein.

          (j)  "Subsidiary" shall mean any corporation, the majority of the
               outstanding capital stock of which is owned, directly or
               indirectly, by the Company.

          (k)  "Year" shall mean any calendar year during the term of this
               Agreement from January 1 to December 31, inclusive.

                                  ARTICLE II
                            Name and Effective Date

1.1  Name.  This Agreement shall be known as the "1999 Commerce National
     ----
     Corporation - Guy D. Colado Stock Option Agreement".

1.2. Effective Date.  The Plan shall become effective as of the date indicated,
     --------------
     above.

                                  ARTICLE III
                        Shares of Stock Subject to Plan

2.1. Limitations.  Subject to adjustment pursuant to the provisions of Section
     -----------
     3.3 hereof, the Optionee may purchase up to Five Hundred (500) Shares
     hereunder, which shall be issued and sold pursuant to the provisions of
     this Agreement. Such Shares may be either authorized and unissued shares or
     shares issued and thereafter acquired by the Company.

2.2. Option Granted Under Agreement.  Shares with respect to which the Option
     ------------------------------
     granted hereunder shall have been exercised shall not again be available
     for Option hereunder.

2.3. Antidilution.  In the event that the outstanding shares of Stock hereafter
     ------------
     are changed into or exchanged for a different number or kind of shares of
     Stock or other securities of the Company or of another corporation by
     reason of merger, consolidation, other reorganization, recapitalization,
     reclassification, combination of shares, stock split-up, or stock dividend:
<PAGE>

               (7)  The aggregate number and kind of shares subject to Option
          granted hereunder shall be adjusted so that no dilution of the
          Optionee's Shares shall result;

               (8)  Rights under outstanding Options granted hereunder, both as
          to the number of subject shares and the Option price, shall be
          adjusted so that no dilution of the Optionee's shares shall result;
          and

               (9)  Where dissolution or liquidation of the Company or any
          merger or combination in which the Company is not a surviving
          corporation is involved, each outstanding Option granted hereunder
          shall terminate, but the Optionee shall have the right, immediately
          prior to such dissolution, liquidation, merger or combination, to
          exercise his Option in whole or in part, to the extent that it shall
          not have been exercised prior thereto.

                                  ARTICLE IV
                                    Options

9.1. Terms of Option.  This Agreement shall expire December 31, 2008.  The
     ---------------
     purchase price of each share of Stock subject to Option hereunder shall be
     the Equity Per Share.

9.2. Option Exercise.  This Option may be exercised in whole or in part with
     ---------------
     respect to whole shares only, within the period permitted for the exercise
     thereof, and shall be exercised by written notice of intent to exercise the
     Option with respect to a specific number of shares desired to be purchased,
     and delivered to the Company at its principal office in the State of
     Florida, with payment in full to the Company at said office of the amount
     of the Option price for the number of shares of Stock with respect to which
     the Option is then being exercised. Optionee shall not exercise his Option
     or part thereof more often than once every sixty (60) days. In addition to
     and at the time of payment of the Option price, Optionees shall pay to the
     Company in cash the full amount of all federal and state withholding or
     other employment taxes applicable to the taxable income of Optionee
     resulting from such exercise, if any.

9.3. Nontransferability of Option.  No Option shall be transferred by Optionee
     ----------------------------
     otherwise than by will or the laws of descent and distribution without
     first obtaining the written consent of the Board. In the event an Option is
     transferred in accordance with this section, the Optionee shall provide to
     the Company all details of the terms and conditions of such transfer as may
     be requested by the Company.
<PAGE>

     9.1. Effect of Termination of Service.
          --------------------------------

               (a)  If Optionee's service with the Company shall be terminated
                    for any reason, including the disability or death of the
                    Optionee, his Option shall remain exercisable to the same
                    extent and for the same duration it was exercisable prior to
                    the termination for those number of Shares for which the
                    Option is deemed vested as described in Section 4.5 below,
                    and for three months after the date of such termination or
                    one year after the date of death, respectively, for the
                    number of Shares for which the Option is not deemed vested.

               (b)  No transfer of an Option by the Optionee by will or by the
                    laws of descent and distribution shall be effective to bind
                    the Company unless the Company shall have been furnished
                    with written notice thereof and an authenticated copy of the
                    will and/or such other evidence as the Company may deem
                    necessary to establish the validity of the transfer and the
                    acceptance by the transferee or transferees of the terms and
                    conditions of such Option.

          4.5       Vesting of Option Rights. Optionee will be deemed to be
                    ------------------------
                    fully vested in his option rights under this Agreement on
                    the Effective date of this Agreement.

          4.6       Rights as Shareholder. Optionee or transferee of an Option
                    ---------------------
                    shall have no rights as a shareholder with respect to any
                    Shares subject to such Option prior to the purchase of such
                    Shares by exercise of such Option as provided herein.

                                   ARTICLE V
                              Stock Certificates

          The Company shall not be required to issue or deliver any certificate
for shares of Stock purchased upon the exercise of any Option granted hereunder,
or any portion thereof, prior to fulfillment of all of the following conditions:

               (a)  The admission of such Shares to listing on all stock
                    exchanges on which the Stock is then listed, if any;

               (b)  The completion of any registration or other qualification of
                    such Shares under any federal or state law or under the
                    rulings or regulations of the Securities and Exchange
                    Commission or any other governmental regulatory body, which
                    the Company shall in its sole discretion deem necessary or
                    advisable;

               (c)  The obtaining of any approval or other clearance from any
                    federal or state governmental agency which the Company shall
                    in its sole discretion determine to be necessary or
                    advisable; and

               (d)  The lapse of such reasonable period of time following the
                    exercise of the Option as the Company from time to time may
                    establish for reasons of administrative convenience.
<PAGE>

                                  ARTICLE VI
                Termination, Amendment and Modification of Plan

     The Board may at any time terminate, and may at any time and from time to
time and in any respect amend or modify, the Plan; provided, however, that no
such action of the Board without approval of the shareholders of the Company may
increase the total number of shares of Stock subject to the Plan except as
contemplated in Article III hereof and provided further that no termination,
amendment or modification of the Plan shall in any manner affect this Agreement
under the Plan without the written consent of the Optionee which consent will be
deemed granted upon the Optionee's execution of a new Option Agreement
incorporating the changes.

                                  ARTICLE VII
                                 Miscellaneous

     6.1. Service. Nothing in Stock Option Agreement shall confer upon Optionee
          -------
          the right to continue in the service of the Company or any Subsidiary.

     6.2. Other Compensation Plans. The adoption of the Plan and the execution
          ------------------------
          of this Stock Option Agreement shall not affect any other stock
          option, incentive or other compensation plans in effect for the
          Company or any Subsidiary, nor shall the Plan or Stock Option
          Agreement preclude the Company from establishing any other forms of
          incentive or other compensation for directors of the Company or any
          Subsidiary.

     6.3. Agreement Binding on Successors. This Agreement shall be binding upon
          -------------------------------
          the successors and assigns of the Company and the Optionee.

     6.4. Singular, Plural; Gender.  Whenever used herein, nouns in the singular
          ------------------------
          shall include the plural, and the masculine pronoun shall include the
          feminine gender.

     6.5. Applicable Law. This Plan shall be governed by and construed in
          --------------
          accordance with the laws of the State of Florida.

     6.6. Headings, etc., No Part of Plan. Headings of Articles and Sections
          -------------------------------
          hereof are inserted for convenience and reference only; they
          constitute no part of the Stock Option Agreement.

     6.7. Severability. If any provision or provisions of the Plan or this
          ------------
          Agreement shall be held to be invalid, illegal or unenforceable, the
          validity, legality and enforceability of the remaining provisions
          shall not in any way be affected or impaired thereby.
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have set forth their hands and
     seals.

     Dated this _________________ day of ___________________, __________.

                                   OPTIONEE
Witnesses:

________________________________        _________________________________
                                        Guy D. Colado

________________________________

(CORPORATE SEAL)

                                        COMMERCE NATIONAL CORPORATION
Attest:

________________________________        By: _______________________________
Secretary                                   President

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