Document:

<PAGE>   1
                                                                Exhibit 10.76

                   INSURANCE MANAGEMENT SOLUTIONS GROUP, INC.

                            2000 STOCK INCENTIVE PLAN

                       (Effective as of October 19, 2000,
                        subject to shareholder approval)

SECTION 1. PURPOSE AND DEFINITIONS

         (a) PURPOSE. The purpose of the Insurance Management Solutions Group,
Inc. 2000 Stock Incentive Plan is to promote the best interests of Insurance
Management Solutions Group, Inc., its Subsidiaries and shareholders by providing
for the acquisition of an equity interest in the Company by employees and
certain consultants, advisors and other persons providing services to the
Company and its Subsidiaries and to enable the Company and its Subsidiaries to
retain the services of such individuals upon whose judgment, interests, skills
and efforts the successful conduct of their operations is largely dependent.

         (b) DEFINITIONS. The following terms shall have the following
respective meanings unless the context requires otherwise:

                  (1) The term "Board" shall mean the Board of Directors of the
Company.

                  (2) A "Change of Control" of the Company shall be deemed to
have occurred if the event set forth in any one of the following paragraphs
shall have occurred:

                  (A)  any "Person" (as such term is defined in Section 3(a)(9)
                       of the Exchange Act, as modified and used in Sections
                       13(d) and 14(d) thereof, except that the term "Person"
                       shall not include (1) the Company or any of its
                       subsidiaries, (2) Bankers Financial Corporation, Bankers
                       Insurance Group, Inc. or any of their Subsidiaries, (3) a
                       trustee or other fiduciary holding securities under an
                       employee benefit plan of the Company or any of its
                       Subsidiaries, (4) an underwriter temporarily holding
                       securities pursuant to an offering of such securities, or
                       (5) a corporation owned, directly or indirectly, by the
                       shareholders of the Company in substantially the same
                       proportions as their ownership of stock in the Company)
                       is or becomes the "Beneficial Owner" (as defined in Rule
                       13d-3 under the Exchange Act), directly or indirectly, of
                       securities of the Company (not including in the
                       securities beneficially owned by such Person any
                       securities acquired directly from the Company or its
                       affiliates) representing 25% or more of either the then
                       outstanding shares of Stock of the Company or the
                       combined voting power of the Company's then outstanding
                       voting securities; or

<PAGE>   2

                  (B)  during any period of two consecutive years, individuals
                       who, at the beginning of such period, constituted the
                       Board cease, for any reason, to constitute at least a
                       majority thereof, unless the election or nomination for
                       election of each new director was approved by a vote of
                       at least two-thirds (2/3) of the directors then still in
                       office who were directors of the Company at the beginning
                       of the period; or

                  (C)  the shareholders of the Company approve a merger or
                       consolidation of the Company with any other corporation
                       or person as a result of which less than 50% of the
                       outstanding voting securities of the surviving or
                       resulting person would be owned by the former
                       shareholders of the Company (other than a shareholder who
                       is an "affiliate," as defined in the Exchange Act, of any
                       party to such consolidation or merger); or

                  (D)  the shareholders of the Company approve a plan of
                       complete liquidation or dissolution of the Company or an
                       agreement for the sale or disposition by the Company of
                       all or substantially all of the Company's assets (in one
                       transaction or a series of related transactions within
                       any period of 24 consecutive months), other than a sale
                       or disposition by the Company of all or substantially all
                       of the Company's assets to an entity, at least 75% of the
                       combined voting power of the voting securities of which
                       are owned by Persons in substantially the same
                       proportions as their ownership of the Company immediately
                       prior to such sale.

Notwithstanding the foregoing, no "Change of Control" shall be deemed to have
occurred if there is consummated any transaction or series of integrated
transactions immediately following which the record holders of the shares of
Stock of the Company immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in
an entity which owns all or substantially all of the assets of the Company
immediately following such transaction or series of transactions.

                  (3) The term "Code" shall mean the Internal Revenue Code of
1986, or any successor thereto, as the same may be amended and in effect from
time to time.

                  (4) The term "Committee" shall mean the committee appointed
pursuant to Section 2 to administer the Plan.

                  (5) The term "Company" shall mean Insurance Management
Solutions Group, Inc. and any successor thereto.

                  (6) The term "Covered Executive" shall mean the Chief
Executive Officer and the other four highest compensated officers of the Company
and its Subsidiaries at year-end whose compensation is required to be reported
in the Summary Compensation Table of the Company's Proxy Statement.

                                      -2-
<PAGE>   3

                  (7) The term "Eligible Individual" shall mean any employee of
the Company or a Subsidiary and any consultant, advisor or other person who
provides services to the Company or a Subsidiary, including any person who
provides services to the Company or its Subsidiaries pursuant to a lease or
similar arrangement.

                  (8) The term "Exchange Act" shall mean the Securities Exchange
Act of 1934, as the same may be amended and in effect from time to time.

                  (9) For purposes of determining the "Fair Market Value" of a
share of Stock as of any date, the following rules shall apply:

                  (A)  if the principal market for the Stock is a national
                       securities exchange or the Nasdaq Stock Market, then the
                       "Fair Market Value" as of that date shall be the average
                       of the high and low sale prices of the Stock on that date
                       on the principal exchange or market on which the Stock is
                       then listed or admitted to trading;

                  (B)  if sale prices are not available or if the principal
                       market for the Stock is not a national securities
                       exchange and the Stock is not quoted on the Nasdaq Stock
                       Market, the average between the highest bid and lowest
                       asked prices for the Stock on such day as reported on the
                       Nasdaq OTC Bulletin Board Service or by the National
                       Quotation Bureau Incorporated or a comparable service; or

                  (C)  if the day is not a business day, and as a result,
                       paragraphs (A) and (B) next above are inapplicable, the
                       Fair Market Value of the Stock shall be determined as of
                       the next earlier business day. If paragraphs (A) and (B)
                       next above are otherwise inapplicable, then the Fair
                       Market Value of the Stock shall be determined in good
                       faith by the Committee.

                  (10) The term "Net Tangible Book Value Per Share" shall mean
the Net Tangible Book Value of a share of Stock as of the end of the Company's
most recent fiscal quarter ended on or prior to the relevant date, as reported
on the most recent Form 10-Q or Form 10-K filed by the Company with the
Securities and Exchange Commission. The term Net Tangible Book Value per share
of Stock shall be determined by dividing (1) the Company's tangible net worth
(total tangible assets less total liabilities) by (2) the total number of shares
of Stock outstanding. For purposes of determining Net Tangible Book Value,
tangible assets shall exclude (A) intangible assets (including without
limitation goodwill), that cannot be sold separately from all other assets of
the business and (B) any other intangible asset for which recovery of book value
is subject to significant uncertainty or illiquidity.

                                      -3-
<PAGE>   4

                  (11) The term "Option" or "Options" shall mean the option to
purchase Stock in accordance with Section 5 and such other terms and conditions
as may be prescribed by the Committee. An Option may be either an "incentive
stock option", as such term is defined in the Code, or shall otherwise be
designated as an option entitled to favorable treatment under the Code ("ISO"),
or a "nonqualified stock option". ISOs and nonqualified stock options are
individually called an "Option" and collectively called "Options".

                  (12) The term "Other Stock Based Awards" shall mean awards of
Stock or other rights made in accordance with Section 6.

                  (13) The term "Participant" shall mean an Eligible Individual
who has been designated for participation in the Plan.

                  (14) The term "Plan" shall mean the "Insurance Management
Solutions Group, Inc. 2000 Stock Incentive Plan" as the same may be amended and
in effect from time to time.

                  (15) The term "Stock Appreciation Right" shall mean the right
to receive, without payment to the Company, an amount of cash or Stock as
determined in accordance with Section 5 based upon the amount by which the Fair
Market Value of a share of Stock on the relevant valuation date exceeds the
grant price.

                  (16) The term "Subsidiary" shall mean any corporation during
any period in which it is a "subsidiary corporation," as that term is defined in
Section 424(f) of the Code, with respect to the Company.

                  (17) The term "Stock" shall mean shares of the Company's
common stock, par value $.01 per share.

SECTION 2. ADMINISTRATION

         (a) COMMITTEE. The Plan shall be administered by a committee of the
Board consisting of not less than two (2) members of the Board who meet the
"outside" director requirements of Section 162(m) of the Code and the
"non-employee director" requirements of Rule 16b-3 of the Exchange Act. The
Committee shall administer the Plan and perform such other functions as are
assigned to it under the Plan. The Committee is authorized, subject to the
provisions of the Plan, to determine those individuals to whom awards will be
granted, to determine the types of awards and the number of shares covered by
awards, to determine the terms, conditions and other provisions of such awards,
to establish such rules and regulations as it may deem appropriate for the
proper administration of the Plan, and to make such determinations under, and
such interpretations of, and to take such steps in connection with, the Plan and
the awards as it may deem necessary or advisable, in each case in its sole
discretion. The Committee's decisions and determinations under the Plan need not

                                      -4-
<PAGE>   5

be uniform and may be made selectively among Participants, whether or not they
are similarly situated. Any authority granted to the Committee may also be
exercised by the Board, except to the extent that the grant or exercise of such
authority would cause any qualified performance-based award to cease to qualify
for exemption under Section 162(m) of the Code. To the extent that any permitted
action taken by the Board conflicts with action taken by the Committee, the
Board action shall control.

         (b) DELEGATION OF AUTHORITY. To the extent permitted by applicable law,
the Committee may delegate any or all of its powers and duties under the Plan,
including, but not limited to, its authority to make awards under the Plan, to
one or more executive officers of the Company, pursuant to such conditions or
limitations as the Committee may establish; PROVIDED, HOWEVER, that the
Committee shall not delegate its authority to (1) act on matters affecting any
Participant who is subject to Section 16 of the Exchange Act, or (2) amend or
modify the Plan pursuant to the provisions of Section 11. To the extent of any
such delegation, the term "Committee" when used herein shall mean and include
any such delegate.

SECTION 3. STOCK AVAILABLE FOR PLAN AWARDS

         (a) SHARES AVAILABLE. Subject to adjustment as provided in Section
3(b):

                  (1) NUMBER OF SHARES AVAILABLE. The number of shares of Stock
with respect to which awards may be granted under the Plan shall be 1,000,000,
plus up to 750,000 shares of Stock that are represented by awards granted under
the Insurance Management Solutions Group, Inc. Long Term Incentive Plan, which
are forfeited, expire or are cancelled without delivery of shares of Stock or
which result in the forfeiture of shares of Stock back to the Company. If any
shares of Stock covered by an award granted under the Plan, or to which any
award relates, are forfeited or if an award otherwise terminates, expires or is
cancelled prior to the delivery of all of the shares or of other consideration
issuable or payable pursuant to such award, then the number of shares of Stock
counted against the number of shares available under the Plan in connection with
the grant of such award, to the extent of any such forfeiture, termination,
expiration or cancellation, shall again be available for the granting of
additional awards under the Plan.

                  (2) LIMITATIONS ON AWARDS TO INDIVIDUAL PARTICIPANTS. No
Covered Executive shall be granted, during any calendar year, (A) Options for
more than 100,000 shares of Stock and (B) Stock Appreciation Rights with respect
to more than 50,000 shares of Stock under the Plan. Such number of shares as
specified in the preceding sentence shall be subject to adjustment in accordance
with the terms of Section 3(b) hereof. In all cases, determinations under this
Section 3(a)(2) shall be made in a manner that is consistent with the exemption
for performance-based compensation provided by Section 162(m) of the Code (or
any successor provision thereto) and any regulations promulgated thereunder.

                  (3) ACCOUNTING FOR AWARDS. The number of shares of Stock
covered by an award under the Plan, or to which such award relates, shall be
counted on the date of grant of such award against the number of shares
available for granting awards under the Plan.

                  (4) SOURCES OF SHARES DELIVERABLE UNDER AWARDS. Any shares of
Stock delivered pursuant to an award under the Plan may consist, in whole or in
part, of authorized and unissued shares or of treasury shares.

                                      -5-
<PAGE>   6

         (b) ADJUSTMENTS. In the event that the Committee shall determine that
any dividend or other distribution (whether in the form of cash, shares of
Stock, other securities, or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of shares or other securities of the
Company, issuance of warrants or other rights to purchase shares or other
securities of the Company, or other similar corporate transaction or event
affects the shares of Stock such that an adjustment is determined by the
Committee to be appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan,
then the Committee may, in such manner as it may deem equitable, adjust any or
all of (1) the number and type of shares of Stock subject to the Plan and which
thereafter may be made the subject of awards under the Plan, (2) the number and
type of shares of Stock which may be granted to an individual participant under
the Plan, (3) the number and type of shares of Stock subject to outstanding
awards, and (4) the grant, purchase, or exercise price with respect to any
award; or, if deemed appropriate, make provision for a cash payment to the
holder of an outstanding award in lieu of such adjustment or in exchange for
cancellation of such award; PROVIDED, HOWEVER, in each case, that with respect
to awards of ISOs no such adjustment shall be authorized to the extent that such
authority would cause the Plan to violate Section 422(b) of the Code (or any
successor provision thereto); and PROVIDED FURTHER that the number of shares
subject to any award payable or denominated in shares shall always be a whole
number.

SECTION 4. ELIGIBILITY

         Participants in the Plan shall be selected by the Committee from among
those Eligible Individuals as the Committee may designate from time to time. The
Committee shall consider such factors as it deems appropriate in selecting
Participants and in determining the type and amount of their respective awards.
The Committee's designation of a Participant in any year shall not require the
Committee to designate such person to receive an award in any other year.

SECTION 5. OPTIONS AND STOCK APPRECIATION RIGHTS

         (a) GRANT OF OPTIONS.

                  (1) The Committee, at any time and from time to time while the
Plan is in effect, may authorize the granting of Options to Eligible Individuals
for such number of shares as it shall designate, subject to the provisions of
this Section 5 and Section 3. Each Option granted pursuant to the Plan shall be
designated at the time of grant as either an ISO or a nonqualified stock option;
PROVIDED, HOWEVER, that only Eligible Individuals who are employees of the
Company or one of its Subsidiaries at the time of grant may receive grants of
ISOs.

                  (2) The date on which an Option is granted shall be the date
of authorization of such grant or such later date as may be determined at the
time such grant is authorized. Any individual may hold more than one Option.

                                      -6-
<PAGE>   7

         (b) EXERCISE PRICE. The exercise price per share of an Option granted
under the Plan shall not be less than 100% of the Fair Market Value of a share
of Stock on the date of grant of such Option, or, if greater, the Net Tangible
Book Value Per Share on the date of grant of such Option.

         (c) GRANT OF STOCK APPRECIATION RIGHTS.

                  (1) The Committee, at any time and from time to time while the
Plan is in effect, may authorize the granting of Stock Appreciation Rights to
Eligible Individuals for such numbers of shares as it shall designate, subject
to the provisions of this Section 5 and Section 3. Each Stock Appreciation Right
may relate to all or a portion of a specific Option granted under the Plan and
may be granted concurrently with the Option to which it relates or at any time
prior to the exercise, termination or expiration of such Option (a "Tandem
SAR"), or may be granted independently of any Option, as determined by the
Committee. If the Stock Appreciation Right is granted independently of an
Option, the grant price of such right shall be the Fair Market Value of Stock on
the date of grant, or, if greater, the Net Tangible Book Value Per Share on the
date of grant; PROVIDED, HOWEVER, that the Committee may, in its discretion, fix
a grant price in excess of the Fair Market Value of Stock on such grant date.

                  (2) Upon exercise of a Stock Appreciation Right, the
Participant shall be entitled to receive, without payment to the Company, either
(A) that number of shares of Stock determined by dividing (i) the total number
of shares of Stock subject to the Stock Appreciation Right being exercised by
the Participant, multiplied by the amount by which the Fair Market Value of a
share of Stock on the day the right is exercised exceeds the grant price (such
amount being hereinafter referred to as the "Spread"), by (ii) the Fair Market
Value of a share of Stock on the exercise date; or (B) cash in an amount
determined by multiplying (i) the total number of shares of Stock subject to the
Stock Appreciation Right being exercised by the Participant, by (ii) the amount
of the Spread; or (C) a combination of shares of Stock and cash, in amounts
determined as set forth in clauses (A) and (B) above, as determined by the
Committee in its sole discretion; PROVIDED, HOWEVER, that, in the case of a
Tandem SAR, the total number of shares which may be received upon exercise of a
Stock Appreciation Right for Stock shall not exceed the total number of shares
subject to the related Option or portion thereof, and the total amount of cash
which may be received upon exercise of a Stock Appreciation Right for cash shall
not exceed the Fair Market Value on the date of exercise of the total number of
shares subject to the related Option or portion thereof.

         (d) TERMS AND CONDITIONS.

                  (1) Each Option and Stock Appreciation Right granted under the
Plan shall be exercisable on such date or dates, during such period, for such
number of shares of Stock and subject to such further conditions as shall be
determined pursuant to the provisions of the award agreement with respect to
such Option and Stock Appreciation Right; PROVIDED, HOWEVER, that a Tandem SAR
shall not be exercisable prior to or later than the time the related Option
could be exercised; and PROVIDED, FURTHER, that in any event no ISO shall be
exercised beyond ten years from the date of grant.

                                      -7-
<PAGE>   8

                  (2) The Committee may impose such conditions as it may deem
appropriate upon the exercise of an Option or a Stock Appreciation Right,
including, without limitation, a condition that the Stock Appreciation Right may
be exercised only in accordance with rules and regulations adopted by the
Committee from time to time.

                  (3) With respect to Options issued with Tandem SARs, the right
of a Participant to exercise a Stock Appreciation Right shall be cancelled if
and to the extent the related Option is exercised, and the right of a
Participant to exercise an Option shall be cancelled if and to the extent that
shares covered by such Option are used to calculate shares or cash received upon
exercise of the Tandem SAR.

                  (4) If any fractional share of Stock would otherwise be
payable to a Participant upon the exercise of an Option or Stock Appreciation
Right, the Participant shall be paid a cash amount equal to the same fraction of
the Fair Market Value of the Stock on the date of exercise.

         (e) REDESIGNATION AS NONQUALIFIED STOCK OPTION. If an ISO at any time
fails to meet the requirements of Section 422 of the Code, such option, to the
extent the requirements of Section 422 of the Code are not met, shall be treated
as a nonqualified stock option for Federal income tax purposes automatically
without further action by the Committee, effective as of the first date on which
any such requirement is not met.

         (f) AWARD AGREEMENT. Each Option and Stock Appreciation Right shall be
evidenced by an award agreement in such form and containing such provisions not
inconsistent with the provisions of the Plan as the Committee from time to time
shall approve.

         (g) PAYMENT FOR OPTION SHARES.

                  (1) Payment for shares of Stock purchased upon exercise of an
Option granted hereunder shall be made, either in full or, if the Committee
shall so determine and at the election of the Participant, in installments, in
such manner as provided in the applicable award agreement.

                  (2) The Committee shall determine the methods and the forms
for payment of the exercise price, including (A) by delivery of cash or shares
of Stock (either actual delivery or by attestation) which have been beneficially
owned by the Participant for a period of not less than six months prior to the
date of exercise, (B) by delivery (including by fax) to the Company or its
designated agent of an executed option exercise form together with irrevocable
instructions to a broker-dealer to sell or margin a sufficient portion of the
Stock and deliver the sale or margin loan proceeds directly to the Company to
pay the exercise price, or (C) by a combination of cash and Stock. Any shares of
Stock so delivered shall be valued at their Fair Market Value on the date of
such exercise.

         (h) CERTAIN REPLACEMENT OPTIONS. Without in any way limiting the
authority of the Committee to make grants of Options to Participants hereunder,
and in order to induce Participants to retain ownership of the Stock acquired
upon the exercise of Options, the Committee shall have the authority (but not an
obligation) to include within any agreement setting forth the terms of any
Options (or any amendment thereto) a provision entitling a Participant to
further Options ("Replacement Options") in the event the Participant exercises

                                      -8-
<PAGE>   9

any Options (including a Replacement Option) under the Plan, in whole or in
part, by surrendering previously acquired shares of Stock. Any such Replacement
Options shall (1) be nonqualified stock options, exercisable at an exercise
price, unless otherwise determined by the Committee, of one hundred percent
(100%) of the Fair Market Value of the shares of Stock on the date the
Replacement Options are granted, (2) be for a number of shares of Stock equal to
the number of shares surrendered, (3) only become exercisable on the terms
specified by the Committee in the event the Participant holds, for a minimum
period of time prescribed by the Committee, the shares of Stock the Participant
acquired upon the exercise in connection with which the Replacement Options were
issued, and (4) be subject to such other terms and conditions as the Committee
may determine.

SECTION 6. STOCK AND OTHER STOCK-BASED AND COMBINATION AWARDS

         (a) GRANTS OF OTHER STOCK-BASED AWARDS. The Committee, at any time and
from time to time while the Plan is in effect, may grant Other Stock Based
Awards to Eligible Individuals, as it may select. Such awards pursuant to which
Stock is or may in the future be acquired, or awards valued or determined in
whole or part by reference to, or otherwise based on, Stock, may include, but
are not limited to awards of restricted Stock or awards denominated in the form
of "stock units", grants of so-called "phantom stock" and options containing
terms or provisions differing in whole or in part from Options granted pursuant
to Section 5. Other Stock-Based Awards may be granted either alone, in addition
to, in tandem with or as an alternative to any other kind of award, grant or
benefit granted under the Plan or under any other employee plan of the Company,
including a plan of any acquired entity.

         (b) TERMS AND CONDITIONS. Subject to the provisions of the Plan, the
Committee shall have authority to determine the time or times at which Other
Stock-Based Awards shall be made, the number of shares of Stock or stock units
and the like to be granted or covered pursuant to such awards (subject to the
provisions of Section 3) and all other terms and conditions of such awards,
including, but not limited to, whether such awards shall be payable or paid in
cash, Stock or otherwise.

         (c) CONSIDERATION FOR OTHER STOCK-BASED AWARDS. In the discretion of
the Committee, any Other-Stock Based Award may be granted as a Stock bonus for
no consideration other than services rendered.

SECTION 7. NON-TRANSFERABILITY OF AWARDS; RESTRICTIONS ON DISPOSITION AND
           EXERCISE OF AWARDS

         (a) RESTRICTIONS ON TRANSFER OF OPTIONS OR STOCK APPRECIATION RIGHTS.
Unless the Committee determines otherwise, no Option or Stock Appreciation Right
shall be transferable by a Participant otherwise than by will or the laws of

                                      -9-
<PAGE>   10

descent and distribution, and during the lifetime of a Participant the Option or
Stock Appreciation Right shall be exercisable only by such Participant or such
Participant's guardian or legal representative.

         (b) RESTRICTIONS ON TRANSFER OF CERTAIN OTHER STOCK-BASED AWARDS.
Unless the Committee determines otherwise, no Other-Stock Based Award shall be
transferable by a Participant otherwise than by will or the laws of descent and
distribution, and during the lifetime of a Participant any such Other-Stock
Based Award shall be exercisable only by such Participant or such Participant's
guardian or legal representative.

         (c) ATTACHMENT AND LEVY. No award shall be subject, in whole or in
part, to attachment, execution or levy of any kind, and any purported transfer
in violation hereof shall be null and void. Without limiting the generality of
the foregoing, no domestic relations order purporting to authorize a transfer of
an award, or to grant to any person other than the Participant the authority to
exercise or otherwise act with respect to an award, shall be recognized as
valid.

SECTION 8. DESIGNATION OF BENEFICIARIES

         Anything contained in the Plan to the contrary notwithstanding, a
Participant may file with the Company a written designation of a beneficiary or
beneficiaries under the Plan (subject to such limitations as to the classes and
number of beneficiaries and contingent beneficiaries and such other limitations
as the Committee from time to time may prescribe). A Participant may from time
to time revoke or change any such designation of beneficiary. Any designation of
beneficiary under the Plan shall be controlling over any other disposition,
testamentary or otherwise; PROVIDED, HOWEVER, that if the Committee shall be in
doubt as to the entitlement of any such beneficiary to any Option, Stock
Appreciation Right or Other Stock-Based Award, or if applicable law requires the
Company to do so, the Committee may determine to recognize only the legal
representative of such Participant, in which case the Company, the Committee and
the members thereof shall not be under any further liability to anyone. In the
event of the death of any Participant, the term "Participant" as used in the
Plan shall thereafter be deemed to refer to the beneficiary designated pursuant
to this Section 8 or, if no such designation is in effect, the executor or
administrator of the estate of such Participant, unless the context otherwise
requires.

SECTION 9. CHANGE OF CONTROL

         In the event of a Change of Control, the Board in its discretion may,
at the time an award is made or at anytime thereafter, take one or more of the
following actions: (a) provide for the acceleration of any time period relating
to the exercise or realization of the award; (b) provide for the purchase of the
award for an amount of cash or other property that could have been received upon
the exercise or realization of the award had the award been currently
exercisable or payable; (c) adjust the terms of the award in the manner
determined by the Board to reflect the Change of Control; (d) cause the award to
be assumed, or new right substituted therefor, by another entity; or (e) make
such other provision as the Board may consider equitable and in the best
interests of the Company.

                                      -10-
<PAGE>   11

         Notwithstanding anything contained in this Section 9, the Board may, in
its sole and absolute discretion, amend, modify or rescind the provisions of
this Section 9 if it determines that the operation of this Section 9 may prevent
a transaction in which the Company or any Subsidiary is a party from being
accounted for on a pooling-of-interests basis; PROVIDED, HOWEVER, that in such
event, the Board shall take such action as it deems appropriate in order to
maintain the benefits intended to be provided by awards granted under the Plan,
based on the value (as determined by the Board) reflected by any awards
outstanding under the Plan prior to the date such action is taken by the Board.

SECTION 10. RIGHTS AS A SHAREHOLDER

         A Participant shall not have any rights as a shareholder with respect
to any share covered by any award until such Participant shall have become the
holder of record of such share.

SECTION 11. TERM, AMENDMENT, MODIFICATION AND TERMINATION OF THE PLAN AND
            AGREEMENTS

         (a) TERM. Unless terminated earlier pursuant to subsection (b), the
Plan shall terminate on October 18, 2010 (the "Termination Date"). However,
unless otherwise expressly provided in the Plan or in an applicable award
agreement, any award granted before the Termination Date may extend beyond the
Termination Date and, to the extent set forth in the Plan, the authority of the
Board to amend, alter, suspend, discontinue or terminate any such award, or to
waive any conditions or restrictions with respect to any such award, and the
authority of the Board to amend the Plan, shall extend beyond the Termination
Date.

         (b) AMENDMENT, MODIFICATION AND TERMINATION OF PLAN. The Board may,
from time to time, amend or modify the Plan or any outstanding award, including
without limitation, to authorize the Committee to make awards payable in other
securities or other forms of property of a kind to be determined by the
Committee, and such other amendments as may be necessary or desirable to
implement such awards, or terminate the Plan or any provision thereof, PROVIDED,
HOWEVER, shareholder approval of any amendment of the Plan shall be obtained if
otherwise required by the Code or any rules promulgated thereunder or any
securities laws.

         (c) AMENDMENT OF AWARD AGREEMENT. The Committee may, at any time, amend
any award agreement, subject to any restrictions or limitations provided herein
or in such agreement. The Committee may, in whole or in part, waive any
conditions or other restrictions with respect to any award granted under the
Plan.

         (d) NO ADVERSE EFFECT. No amendment to or termination of the Plan or
any provision hereof, and no amendment or cancellation of any outstanding award,
by the Board or the shareholders of the Company, shall, without the written
consent of the affected Participant, adversely affect any outstanding award,
except as specifically provided in Section 3(b) or Section 9. The Committee's
authority to act with respect to any outstanding award shall survive termination
of the Plan.

                                      -11-
<PAGE>   12

         (e) CHANGES FOR LAWS. Notwithstanding the foregoing provisions, the
Board shall have authority to amend outstanding awards and the Plan to take into
account changes in law and tax and accounting rules as well as other
developments, and to grant awards that qualify for beneficial treatment under
such rules without shareholder approval.

SECTION 12. TAXES

         The Company shall be entitled to withhold the amount of any tax
attributable to any amount payable or shares of Stock deliverable under the Plan
after giving the person entitled to receive such amount or shares of Stock
notice as far in advance as practicable, and the Company may defer making
payment or delivery if any such tax may be pending unless and until indemnified
to its satisfaction. The Committee may, in its discretion and subject to such
rules as it may adopt, permit a Participant to pay all or a portion of the
federal, state and local withholding taxes arising in connection with (a) the
exercise of a nonqualified stock option or (b) a disqualifying disposition of
Stock received upon the exercise of an ISO by electing to (i) have the Company
withhold shares of Stock, (ii) tender back shares of Stock received in
connection with such benefit, or (iii) deliver other previously owned shares of
Stock, in each case having a Fair Market Value equal to the amount to be
withheld; PROVIDED, however, that the amount to be withheld shall not exceed the
Participant's minimum total federal, state and local tax obligations associated
with the transaction. The election must be made on or before the date as of
which the amount of tax to be withheld is determined and the payment of such
amount is otherwise required by the Committee. The Fair Market Value of
fractional shares of Stock remaining after payment of the withholding taxes
shall be paid to the Participant in cash.

SECTION 13. FINALITY OF DETERMINATIONS

         Each determination, interpretation, or other action made or taken
pursuant to the provisions of the Plan by the Board, the Committee or any
executive officers of the Company administering the Plan shall be final and
shall be binding and conclusive for all purposes and upon all persons,
including, but without limitation thereto, the Company, the shareholders, the
Committee and each of the members thereof, and the directors, officers, and
employees of the Company and its Subsidiaries, the Participants, and their
respective successors in interest.

SECTION 14. NO RIGHTS TO CONTINUED EMPLOYMENT OR TO PLAN AWARD

         (a) NO RIGHT TO EMPLOYMENT. Nothing contained in this Plan, or in any
booklet or document describing or referring to the Plan, shall be deemed to
confer on any Participant the right to continue as an employee or director of
the Company or a Subsidiary, whether for the duration of any vesting period
under an award, or otherwise, or affect the right of the Company or a Subsidiary
to terminate the employment or service of any Participant for any reason.

                                      -12-
<PAGE>   13

         (b) NO RIGHT TO AWARD. No employee or other person shall have any claim
or right to be granted an award under the Plan. Having received an award under
the Plan shall not give a Participant or any other person any right to receive
any other award under the Plan. A Participant shall have no rights in any award,
except as set forth herein and in the applicable award grant.

SECTION 15. GOVERNING LAW AND CONSTRUCTION

         (a) GOVERNING LAW. The Plan and all actions taken hereunder shall be
governed by, and the Plan shall be construed in accordance with, the laws of the
State of Florida without regard to the principle of conflict of laws. Titles and
headings to Sections are for purposes of reference only, and shall in no way
limit, define or otherwise affect the meaning or interpretation of the Plan. Any
legal action or proceeding with respect to this Plan, any award or any award
agreement, or for recognition and enforcement of any judgment in respect
thereof, may only be brought and determined in a court sitting in the County of
Hillsborough or the County of Pinellas, in the State of Florida.

         (b) SEVERABILITY. If any provision of the Plan or any award agreement
or any award (1) is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person or award, or (2) would
disqualify the Plan, any award agreement or any award under any law deemed
applicable by the Committee, then such provision shall be construed or deemed
amended to conform to applicable laws, or if it cannot be so construed or deemed
amended without, in the determination of the Committee, materially altering the
intent of the Plan, any award agreement or the award, such provision shall be
stricken as to such jurisdiction, person or award, and the remainder of the
Plan, any such award agreement and any such award shall remain in full force and
effect.

SECTION 16. OTHER PROVISIONS AND SECURITIES AND STOCK EXCHANGE REQUIREMENTS

         (a) OTHER PROVISIONS. The grant of any award under the Plan may also be
subject to other provisions (whether or not applicable to the benefit awarded to
any other Participant) as the Committee determines appropriate, including,
without limitation, provisions for (1) the Participant's agreement to abide by
any non-disclosure or non-compete requirements or restrictions as specified in
the Participant's award agreement; (2) one or more means to enable Participants
to defer recognition of taxable income relating to awards or cash payments
derived therefrom, which means may provide for a return to a Participant on
amounts deferred as determined by the Committee (PROVIDED that no such deferral
means may result in an increase in the number of shares of Stock issuable
hereunder); (3) the purchase of Stock under options in installments; or (4) the
financing of the purchase of Stock under the options in the form of a promissory
note issued to the Company by a Participant on such terms and conditions as the
Committee determines.

         (b) RESTRICTIONS ON RESALE. Notwithstanding any other provision of the
Plan, no person who acquires Stock pursuant to the Plan may, during any period
of time that such person is an affiliate of the Company (within the meaning of
the rules and regulations of the Securities Exchange Commission), sell or

                                      -13-
<PAGE>   14

otherwise transfer such Stock, unless such offer and sale or transfer is made
(1) pursuant to an effective registration statement under the Securities Act of
1933 ("1933 Act"), which is current and includes the Stock to be sold, or (2)
pursuant to an appropriate exemption from the registration requirements of the
1933 Act, such as that set forth in Rule 144 promulgated pursuant thereto.

         (c) REGISTRATION, LISTING AND QUALIFICATION OF SHARES OF COMMON STOCK.
Notwithstanding any other provision of the Plan, if at any time the Committee
shall determine that the registration, listing or qualification of the Stock
covered by an award upon any securities exchange or under any foreign, federal,
state or local law or practice, or the consent or approval of any governmental
regulatory body, is necessary or desirable as a condition of, or in connection
with, the granting of such award or the purchase or receipt of Stock in
connection therewith, no Stock may be purchased, delivered or received pursuant
to such award unless and until such registration, listing, qualification,
consent or approval shall have been effected or obtained free of any condition
not acceptable to the Committee. Any person receiving or purchasing Stock
pursuant to an award shall make such representations and agreements and furnish
such information as the Committee may request to assure compliance with the
foregoing or any other applicable legal requirements. The Company shall not be
required to issue or deliver any certificate or certificates for Stock under the
Plan prior to the Committee's determination that all related requirements have
been fulfilled. The Company shall in no event be obligated to register any
securities pursuant to the 1933 Act or applicable state or foreign law or to
take any other action in order to cause the issuance and delivery of such
certificates to comply with any such law, regulation, or requirement.

SECTION 17. EFFECTIVE DATE

         The Plan shall become effective on October 19, 2000, subject to the
approval of the Plan by the shareholders of the Company within twelve (12)
months before or after the date of adoption of the Plan by the Board. To the
extent that any awards are made under the Plan prior to its approval by
shareholders, the awards shall be contingent on approval of the Plan by the
shareholders of the Company.

                                      -14-<PAGE>   1
                                                                Exhibit 10.77

                   INSURANCE MANAGEMENT SOLUTIONS GROUP, INC.

                      2000 NON-EMPLOYEE DIRECTOR STOCK PLAN

SECTION 1. ESTABLISHMENT

         INSURANCE MANAGEMENT SOLUTIONS GROUP, INC. hereby establishes a stock
plan for Non-employee Directors, as described herein, which shall be known as
the "INSURANCE MANAGEMENT SOLUTIONS GROUP, INC. 2000 NON-EMPLOYEE DIRECTOR STOCK
PLAN" (the "Plan").

SECTION 2. PURPOSE

         The purpose of the Plan is to promote the long-term growth and
financial success of the Company. The Plan is intended to secure for the Company
and its shareholders the benefits of the long-term incentives inherent in
increased common stock ownership by members of the Board who are not employees
of the Company or its Subsidiaries. It is intended that the Plan will induce and
encourage highly experienced and qualified individuals to serve on the Board and
assist the Company in promoting a greater identity of interest between the
Non-employee Directors and the shareholders of the Company.

SECTION 3. DEFINITIONS

         The following terms shall have the respective meanings set forth below,
unless the context otherwise requires:

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

         (b) A "Change of Control" of the Company shall be deemed to have
occurred if the event set forth in any one of the following paragraphs shall
have occurred:

                  (i) any "Person" (as such term is defined in Section 3(a)(9)
         of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
         thereof, except that the term "Person" shall not include (1) the
         Company or any of its subsidiaries, (2) Bankers Financial Corporation,
         Bankers Insurance Group, Inc. or any of their Subsidiaries, (3) a
         trustee or other fiduciary holding securities under an employee benefit
         plan of the Company or any of its Subsidiaries, (4) an underwriter
         temporarily holding securities pursuant to an offering of such
         securities, or (5) a corporation owned, directly or indirectly, by the
         shareholders of the Company in substantially the same proportions as
         their ownership of stock in the Company) is or becomes the "Beneficial
         Owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
         indirectly, of securities of the Company (not including in the
         securities beneficially owned by such Person any securities acquired
         directly from the Company or its affiliates) representing 25% or more
         of either the then outstanding Shares of the Company or the combined
         voting power of the Company's then outstanding voting securities; or

<PAGE>   2

                  (ii) during any period of two consecutive years, individuals
         who, at the beginning of such period, constituted the Board cease, for
         any reason, to constitute at least a majority thereof, unless the
         election or nomination for election of each new director was approved
         by a vote of at least two-thirds (2/3) of the directors then still in
         office who were directors of the Company at the beginning of the
         period; or

                  (iii) the shareholders of the Company approve a merger or
         consolidation of the Company with any other corporation or person as a
         result of which less than 50% of the outstanding voting securities of
         the surviving or resulting person would be owned by the former
         shareholders of the Company (other than a shareholder who is an
         "affiliate," as defined in the Exchange Act, of any party to such
         consolidation or merger); or

                  (iv) the shareholders of the Company approve a plan of
         complete liquidation or dissolution of the Company or an agreement for
         the sale or disposition by the Company of all or substantially all of
         the Company's assets (in one transaction or a series of related
         transactions within any period of 24 consecutive months), other than a
         sale or disposition by the Company of all or substantially all of the
         Company's assets to an entity, at least 75% of the combined voting
         power of the voting securities of which are owned by Persons in
         substantially the same proportions as their ownership of the Company
         immediately prior to such sale.

         Notwithstanding the foregoing, no "Change of Control" shall be deemed
to have occurred if there is consummated any transaction or series of integrated
transactions immediately following which the record holders of the Shares of the
Company immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in an entity which owns
all or substantially all of the assets of the Company immediately following such
transaction or series of transactions.

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

         (d) "Company" shall mean Insurance Management Solutions Group, Inc.

         (e) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

         (f) For purposes of determining the "Fair Market Value" of a Share as
of any date, the following rules shall apply:

                  (i) if the principal market for the Shares is a national
         securities exchange or the Nasdaq Stock Market, then the "Fair Market
         Value" as of that date shall be the average of the high and low sale
         prices of the Shares on that date on the principal exchange or market
         on which the Shares are then listed or admitted to trading;

                                      -2-
<PAGE>   3

                  (ii) if sale prices are not available or if the principal
         market for the Shares is not a national securities exchange and the
         Shares are not quoted on the Nasdaq Stock Market, the average between
         the highest bid and lowest asked prices for the Shares on such day as
         reported on the Nasdaq OTC Bulletin Board Service or by the National
         Quotation Bureau Incorporated or a comparable service; or

                  (iii) if the day is not a business day, and as a result,
         paragraphs (i) and (ii) next above are inapplicable, the Fair Market
         Value of the Shares shall be determined as of the next earlier business
         day. If paragraphs (i) and (ii) next above are otherwise inapplicable,
         then the Fair Market Value of the Shares shall be determined in good
         faith by the Board.

         (g) "Non-employee Director" shall mean a member of the Board who is not
an employee of the Company or any Subsidiary.

         (h) "Shares" shall mean shares of common stock of the Company, $.01 par
value per share, and such other securities or property as may become subject to
awards pursuant to an adjustment made under Section 12 of the Plan.

         (i) "Subsidiary" shall mean any corporation during any period in which
it is a "subsidiary corporation," as that term is defined in Section 424(f) of
the Code, with respect to the Company.

SECTION 4. EFFECTIVE DATE OF THE PLAN

         The Plan shall become effective on October 19, 2000, subject to the
approval and ratification of the Plan by the shareholders of the Company.

SECTION 5. SHARES AVAILABLE FOR OPTIONS

         The number of Shares which may be issued pursuant to the Plan shall not
exceed 250,000, subject to adjustment in accordance with the provisions of
Section 12. Such Shares may be authorized and unissued Shares or treasury
shares. The maximum number of shares of Stock that may be issued as
discretionary awards pursuant to Section 7(b)(ii) shall be 100,000 Shares,
subject to adjustment in accordance with the provisions of Section 12. If any
awards terminate, expire or are canceled prior to the delivery of all of the
Shares issuable thereunder, then the number of Shares counted against the number
of Shares available under the Plan in connection with the grant of such award,
to the extent of any such termination, expiration or cancellation, shall again
be available for the granting of additional awards under the Plan. If the
exercise price of any option granted under the Plan is satisfied by tendering
Shares (by either actual delivery or by attestation), only the number of Shares
issued net of the Shares tendered shall be deemed delivered for purposes of
determining the maximum number of Shares available for issuance under the Plan.

                                      -3-
<PAGE>   4

SECTION 6. ADMINISTRATION

         The Plan shall be administered by the Board. The Board may, by
resolution, delegate part or all of its administrative powers with respect to
the Plan. The Board shall have all of the powers vested in it by the terms of
the Plan, such powers to include the authority, within the limits prescribed
herein, to establish the form of the agreement embodying grants of options made
under the Plan. The Board shall, subject to the provisions of the Plan, have the
power to construe the Plan, to determine all questions arising thereunder and to
adopt and amend such rules and regulations for the administration of the Plan as
it may deem desirable, such administrative decisions of the Board to be final
and conclusive. Except to the extent prohibited by applicable law, the Board may
authorize any one or more of its members or the Secretary or any other officer
of the Company to execute and deliver documents on behalf of the Board.

SECTION 7. STOCK AWARDS

         (a) ELIGIBILITY. Non-employee Directors shall be granted awards under
the Plan in the manner set forth in this Section 7. All options granted to
Non-employee Directors pursuant to the Plan shall be nonqualified stock options
which do not qualify for special tax treatment under Sections 421 and 422 of the
Code.

         (b) GRANT OF AWARDS.

                  (i) AUTOMATIC OPTION GRANTS. Commencing on the date of the
         Company's 2001 annual meeting of shareholders, and thereafter on the
         date of each succeeding annual meeting of shareholders of the Company,
         each Non-employee Director, if elected, reelected or retained as a
         Non-employee Director, shall be granted an option to purchase Five
         Thousand (5,000) Shares under the Plan (which number of Shares shall be
         subject to adjustment as provided in Section 12 hereof) (hereinafter
         referred to as an "Annual Option").

                  (ii) DISCRETIONARY AWARDS. At such times as the Board may
         determine while this Plan is in effect, the Board may, in its
         discretion, grant a stock-based award to a Non-employee Director, which
         award may include restricted Stock and options containing terms and
         provisions differing in whole or in part from the Annual Options
         granted pursuant to Section 7(b)(i) above. The Board shall have the
         authority to determine the number of Shares of Stock to be granted or
         covered pursuant to such awards and all other terms and conditions of
         such awards.

         (c) EXERCISE PRICE. Subject to adjustment as provided in Section 12
hereof, the exercise price per share of each option shall not be less than 100%
of the Fair Market Value of a share of Stock on the date of grant of such
option, or, if greater, the Net Tangible Book Value of a share of Stock as of
the end of the Company's most recent fiscal quarter ended on or prior to the
date of grant of such option, as reported on the most recent Form 10-Q or Form
10-K filed by the Company with the Securities and Exchange Commission. The term
Net Tangible Book Value per share of Stock shall be determined by dividing (i)

                                      -4-
<PAGE>   5

the Company's tangible net worth (total tangible assets less total liabilities)
by (ii) the total number of shares of Stock outstanding. For purposes of
determining Net Tangible Book Value, tangible assets shall exclude (A)
intangible assets (including without limitation goodwill) that cannot be sold
separately from all other assets of the business and (B) any other intangible
asset for which recovery of book value is subject to significant uncertainty or
illiquidity.

         (d) TERM. The term of each option granted to a Non-employee Director
shall be for ten (10) years from the date of grant, unless terminated earlier
pursuant to the provisions of Section 9 hereof.

         (e) OPTION AGREEMENT. Each option granted under the Plan shall be
evidenced by a written agreement in such form as the Board shall from time to
time approve. Each agreement shall be subject to, and incorporate, by reference
or otherwise, the applicable terms of the Plan.

         (f) OPTION PERIOD. No option shall be granted under the Plan after the
tenth anniversary of the effective date of the Plan. However, the term of any
option theretofore granted may extend beyond such date. Options shall be granted
to Non-employee Directors under the Plan only for so long as the Plan remains in
effect and a sufficient number of Shares are available hereunder for the
granting of such options.

         (g) VESTING. Except as otherwise provided in Section 9 hereof, an
Annual Option cannot be exercised prior to the first anniversary of the date of
grant and thereafter may be exercised in full.

SECTION 8. EXERCISE OF OPTIONS.

         An option that has vested may be exercised, subject to the provisions
of Section 9 with respect to Annual Options, from time to time, only by (a)
providing written notice of intent to exercise the option with respect to a
specified number of Shares; and (b) payment in full to the Company of the
exercise price at the time the option is exercised (except that, in the case of
an exercise under paragraph (iii) below, payment may be made as soon as
practicable after the exercise). Payment of the exercise price may be made:

                  (i) in cash or by certified check,

                  (ii) by delivery to the Company of Shares which shall have
         been beneficially owned by the Non-employee Director for at least six
         (6) months and have a Fair Market Value per Share on the date of
         surrender equal to the exercise price, or

                  (iii) by delivery (including by fax) to the Company or its
         designated agent of a properly executed exercise notice together with
         irrevocable instructions to a broker-dealer to sell or margin a
         sufficient portion of the option Shares and promptly deliver to the
         Company the sale or margin loan proceeds required to pay the exercise
         price.

                                      -5-
<PAGE>   6

SECTION 9. EFFECT OF TERMINATION OF MEMBERSHIP ON BOARD.

         The right to exercise an Annual Option granted to a Non-employee
Director shall be limited as follows, provided the actual date of exercise is in
no event after the expiration of the term of the Annual Option:

         (a) If a Non-employee Director ceases being a director of the Company
by reason of death, the Annual Option shall become immediately exercisable upon
the Non-employee Director's death and the Annual Option may be exercised for a
period of one year after the date of death and not thereafter; PROVIDED,
HOWEVER, that no Annual Option shall be exercisable after the expiration of the
term of the Annual Option.

         (b) If a Non-employee Director ceases being a director of the Company
by reason of disability, the Annual Option shall become immediately exercisable
and the Non-employee Director (or his or her legal representative) may exercise
the Annual Option for a period of one year after the date of such termination of
service and not thereafter; PROVIDED, HOWEVER, that no Annual Option or portion
thereof shall be exercisable after the expiration of the term of the Annual
Option. For purposes hereof, the term "disability" shall mean a total and
permanent disability as determined by the Board in its sole discretion.

         (c) If a Non-employee Director ceases being a director of the Company
without Cause (as hereinafter defined) or for any reason other than death or
disability on or after the first anniversary of the date of grant of the Annual
Option, the Non-employee Director (or his or her legal representative) may
exercise the Annual Option for a period of six months after the date of such
termination of service and not thereafter; PROVIDED, HOWEVER, that no Annual
Option or portion thereof shall be exercisable after the expiration of the term
of the Annual Option.

         (d) If a Non-employee Director ceases being a director of the Company
without Cause or for any reason other than death or disability prior to the
first anniversary of the date of grant of the Annual Option, a pro rata portion
of the Annual Option shall become vested, which portion shall be determined by
multiplying (i) the number of Shares of Stock subject to the Annual Option by
(ii) a fraction, the numerator of which equals the number of calendar days from
the date of grant of the Annual Option to the termination date of the
Non-employee Director and the denominator of which equals 365, and the vested
portion of the Annual Option may be exercised for a period of six months after
the date of such termination of service and not thereafter.

         (e) If a Non-employee Director ceases being a director of the Company
for Cause (as hereinafter defined), then forthwith from the happening of any
such event, the entire Annual Option (whether vested or non-vested) shall be
immediately forfeited and become null and void. For purposes hereof, "Cause"
shall mean termination as a director as a result of: (i) removal as a director
for dishonesty or violation of his or her fiduciary duty to the Company; (ii)
voluntary resignation under or followed by such circumstances as would
constitute a violation of his or her fiduciary duty to the Company; or (iii)
Company discovery that the director has committed an act of dishonesty not

                                      -6-
<PAGE>   7

discovered by the Company prior to the cessation of his or her services as a
Non-employee Director that would have resulted in his or her removal if
discovered prior to such date.

SECTION 10. TRANSFERABILITY OF AWARDS

         Options and awards under the options granted hereunder are not
assignable, alienable, saleable or transferable by a Non-employee Director
otherwise than by will or by the laws of descent and distribution, and may be
exercised during the lifetime of the Non-employee Director only by such
individual or, if permissible under applicable law, by such individual's
guardian or legal representative, except that a Non-employee Director may, to
the extent allowed by the Board and in a manner specified by the Board, transfer
any option or award.

SECTION 11. DESIGNATION OF BENEFICIARIES

         Anything contained in the Plan to the contrary notwithstanding, a
Non-employee Director may file with the Company a written designation of a
beneficiary or beneficiaries under the Plan (subject to such limitations as to
the classes and number of beneficiaries and contingent beneficiaries and such
other limitations as the Board from time to time may prescribe). A Non-employee
Director may from time to time revoke or change any such designation of
beneficiary. Any designation of beneficiary under the Plan shall be controlling
over any other disposition, testamentary or otherwise; PROVIDED, HOWEVER, that
if the Board shall be in doubt as to the entitlement of any such beneficiary to
any option or award if applicable law requires the Company to do so, the Board
may determine to recognize only the legal representative of such Non-employee
Director, in which case the Company, the Board and the members thereof shall not
be under any further liability to anyone. In the event of the death of any
Non-employee Director, the term "Non-employee Director" as used in the Plan
shall thereafter be deemed to refer to the beneficiary designated pursuant to
this Section 11 or, if no such designation is in effect, the executor or
administrator of the estate of such Non-employee Director, unless the context
otherwise requires.

SECTION 12. CAPITAL ADJUSTMENT PROVISIONS

         In the event that the Board shall determine that any dividend or other
distribution (whether in the form of cash, Shares, other securities or other
property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange
of Shares or other securities of the Company, issuance of warrants or other
rights to purchase Shares or other securities of the Company, or other similar
corporate transaction or event (individually referred to as "Event" and
collectively referred to as "Events") affects the Shares such that an adjustment
is determined by the Board to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan, then the Board may, in such manner as it may deem equitable,
adjust any or all of (i) the number and type of Shares subject to the Plan and

                                      -7-
<PAGE>   8

which thereafter may be made the subject of options and awards under the Plan;
(ii) the number and type of Shares subject to outstanding options and awards;
and (iii) the exercise price with respect to any option or award (collectively
referred to as "Adjustments"); PROVIDED, HOWEVER, that Annual Options subject to
grant or previously granted to Non-employee Directors under the Plan at the time
of any such Event shall be subject to only such Adjustments as shall be
necessary to maintain the proportionate interest of the Non-employee Directors
and preserve, without exceeding, the value of such Annual Options.

SECTION 13. CHANGE OF CONTROL

         Upon the occurrence of a Change of Control, all outstanding options
granted pursuant to Section 7 hereof shall become fully exercisable.

SECTION 14. AMENDMENT AND TERMINATION OF THE PLAN

         The Plan shall terminate on October 18, 2010, unless sooner terminated
as herein provided. The Board may at any time amend, alter, suspend, discontinue
or terminate the Plan. Termination of the Plan shall not affect the rights of
Non-employee Directors with respect to options or awards previously granted to
them, and all unexpired options or awards shall continue in force and effect
after termination of the Plan, except as they may lapse or be terminated by
their own terms and conditions. Any amendment to the Plan shall become effective
when adopted by the Board, unless specified otherwise. Rights and obligations
under any option or award granted before any amendment of this Plan shall not be
materially and adversely affected by amendment of the Plan, except with the
consent of the person who holds the option or award, which consent may be
obtained in any manner that the Board deems appropriate.

SECTION 15. GENERAL PROVISIONS

         (a) OTHER COMPENSATION. Nothing contained in the Plan shall prevent the
Company or any Subsidiary from adopting or continuing in effect other or
additional compensation arrangements for Non-employee Directors, and such
arrangements may be either generally applicable or applicable only in specific
cases.

         (b) RIGHTS OF DIRECTORS. The grant of an option or award to a
Non-employee Director pursuant to the Plan shall confer no right on such
Non-employee Director to continue as a director of the Company. Except for
rights accorded under the Plan, Non-employee Directors shall have no rights as
shareholders with respect to Shares covered by any option or award until the
date of issuance of the stock certificates to the Non-employee Director and only
after such Shares are fully paid. No adjustment will be made for dividends or
other rights for which the record date is prior to the date such stock is
issued.

         (c) SECURITIES LAWS. Notwithstanding any other provision of the Plan,
the Company shall have no liability to deliver any Shares under the Plan or make
any other distribution of benefits under the Plan unless such delivery or
distribution would comply with all applicable laws (including, without
limitation, the requirements of the Securities Act of 1933), and the applicable
requirements of any securities exchange or similar entity.

                                      -8-
<PAGE>   9

         (d) TAXES. The Company shall be entitled to withhold the amount of any
tax attributable to any amount payable or Shares deliverable under the Plan
after giving the person entitled to receive such amount or Shares reasonable
notice, and the Company may defer making payment or delivery if any such tax may
be pending unless and until indemnified to its satisfaction.

         (e) GOVERNING LAW. The validity, construction and effect of the Plan
and any rules and regulations relating to the Plan shall be determined in
accordance with the internal laws of the State of Florida and applicable federal
law. Any legal action or proceeding with respect to this Plan, any award, or any
award agreement, or for recognition and enforcement of any judgment in respect
thereof, may only be brought and determined in a court sitting in the County of
Hillsborough or the County of Pinellas in the State of Florida.

         (f) MISCELLANEOUS. Headings are given to the Sections and subsections
of the Plan solely as a convenience to facilitate reference. Such headings shall
not be deemed in any way material or relevant to the construction or
interpretation of the Plan or any provision hereof.

                                      -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}]]