Document:

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                                                                   EXHIBIT 10.42

                         EXECUTIVE TRANSITION AGREEMENT

         This EXECUTIVE TRANSITION AGREEMENT (this "Agreement"), dated as of
December 14, 2001 (the "Effective Date"), is by and between NationsRent, Inc., a
Delaware corporation ("Parent"), and James L. Kirk (the "Executive").

                                   BACKGROUND

A.       The Executive is: (i) a Director, the Chairman of the Board, and Chief
         Executive Officer of Parent; and (ii) the President of Parent's direct
         and indirect corporate subsidiaries.

B.       Parent and each of its direct and indirect subsidiaries (the
         "Subsidiaries" and, collectively with Parent, "Nations") intend to file
         a voluntary petition initiating cases under chapter 11 of the
         Bankruptcy Code, 11 U.S.C. ss.ss. 101-1330, on or about December 17,
         2001 (with the actual date of such filing being referred to as the
         "Filing Date").

C.       Subject to the terms and conditions of this Agreement, Nations and the
         Executive have determined that it is in the best interests of Nations
         and its stakeholders that the Executive resign all of his director and
         officer positions with Nations.

                                    AGREEMENT

         In consideration of the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt and sufficiency of
which are acknowledged, the Executive and Nations agree as follows:

1.       RESIGNATION. The Executive will unconditionally and irrevocably resign
         all of his director and officer positions with Nations on the earlier
         to occur of the following dates (with the earlier to occur of such
         dates being referred to as the "Resignation Date"): (i) the sixtieth
         (60th) day after the Effective Date; or (ii) the date that Parent
         appoints an interim or new President and Chief Restructuring Officer or
         President and Chief Operating Officer. On the Effective Date, the
         Executive will execute and deliver to Parent an irrevocable letter of
         resignation (in substantially the form set forth as EXHIBIT C hereto),
         which will be effective upon the Resignation Date.

2.       SEVERANCE PAYMENT. The Executive will receive a severance payment from
         Parent in the amount of Two Million Dollars ($2,000,000) (the
         "Severance Payment") in the manner set forth in this Section 2.
         Specifically, prior to the Filing Date, the Parent will pay the
         Severance Payment to the Executive in the following manner:

         (a)      Parent will pay the Executive One Million Dollars ($1,000,000)
                  (less applicable taxes and other amounts required by law to be
                  withheld) in cash; and

         (b)      Parent will issue a promissory note (the "Note"), in the
                  aggregate principal amount of One Million Dollars ($1,000,000)
                  to the Executive, which Note will become due and payable on
                  the Resignation Date, and will be in substantially the form
                  attached as EXHIBIT A hereto.
<PAGE>

3.       SECURITY FOR THE NOTE. Prior to the Filing Date, as security for the
         Note, Parent will cause an irrevocable letter of credit in the amount
         of One Million Dollars ($1,000,000) (the "L/C") to be issued to the
         Executive by Fleet National Bank. The L/C will: (i) be in form and
         substance reasonably satisfactory to Parent and the Executive; (ii)
         expire no sooner than twenty (20) days after the Resignation Date; and
         (iii) provide that the Executive will be entitled to draw on the L/C if
         he certifies that: (A) Parent has not paid the outstanding principal on
         the Note on or before the seventh day after the Resignation Date; (B)
         the Executive has fully and completely performed all of his obligations
         arising under Sections 1 and 6 of this Agreement; and (C) the Release
         (as defined below) has not been revoked by Executive (and the 7 day
         rescission period applicable thereto has lapsed), has not been
         modified, and it constitutes a legal, valid, and binding obligation of
         Executive, enforceable in accordance with its terms.

4.       BENEFITS. During the period commencing on the Resignation Date and
         ending on the first anniversary of the Resignation Date, the Executive
         will be entitled to health and medical benefits substantially similar
         to those offered by Parent to other executive officers of Parent.
         During the period between the Effective Date and the Resignation Date,
         the Executive will be entitled to an office (located at 450 E. Las Olas
         Blvd., Suite 1400, Ft. Lauderdale, Florida) and secretarial services.

5.       D&O INSURANCE. For a period of three years following the Resignation
         Date, Parent will name the Executive as an insured under policies
         maintained by Parent for tail D&O insurance covering the Executive for
         liability resulting from acts and omissions of the Executive while he
         served as a director or officer of Nations.

6.       RELEASES. On the Resignation Date, the Executive will execute and
         deliver to Nations a release in substantially the form set forth in
         EXHIBIT B hereto (the "Release"); PROVIDED, HOWEVER, that, if the
         Executive refuses to execute, revokes, or challenges the Release or any
         provision thereof, the Executive will forfeit any and all rights to the
         Severance Payment and will immediately return all or any portion of the
         Severance Payment received by the Executive. In addition, pursuant to a
         confirmed plan of reorganization of Parent, the Executive will receive
         customary releases and indemnification for liability resulting from
         acts and omissions of the Executive while he served as a director or
         officer of Nations.

7.       EXPENSES. Parent will pay the reasonable out-of-pocket costs and
         expenses actually incurred by the Executive in connection with the
         negotiation, documentation, and defense of this Agreement, which costs
         will be prefunded by Parent by the deposit of a retainer with the
         Executive's counsel; PROVIDED, however, that the Executive will cause
         any unused portion of such retainer to be returned to the Parent on
         later of: (i) the third anniversary of the Filing Date, or (ii) the
         date on which any action challenging this Agreement is resolved (but
         only if such action is brought prior to the applicable statute of
         limitations).

8.       WAIVER. No failure or delay by any party in exercising any right,
         power, or privilege under or with respect to this Agreement will
         operate as a waiver thereof, nor will any single or partial exercise
         thereof preclude any other or further exercise thereof or the exercise
         of any other right, power, or privilege.

                                       2
<PAGE>

9.       FURTHER ASSURANCES. Each party hereto agrees to take such further
         actions, and to execute and deliver such further documents and
         instruments, as the other party may reasonably request to consummate
         and evidence the transactions and agreements contemplated by this
         Agreement.

10.      GOVERNING LAW. The validity, construction, and enforcement of this
         Agreement are governed by the internal laws of Florida.

11.      INTERPRETATION; MISCELLANEOUS. This Agreement may be executed by the
         parties hereto in one or more counterparts, each of which will be
         deemed to be an original, but all of which together will constitute one
         and the same agreement. Invalidity of any provision of this Agreement
         will not affect the validity of any other provision. The headings in
         this Agreement are solely for convenience of reference and are not to
         be given any effect in the construction or interpretation of this
         Agreement.

12.      NOTICES. Any notice required by this Agreement or the Note will be in
         writing and will deemed to have been duly given when delivered in
         person or two business days after having been dispatched by an
         internationally recognized overnight courier service, and also as of
         the date the notice is transmitted by telecopier if the sender obtains
         and retains an electronic confirmation of receipt printed by the
         sender's telecopier. Any notice deposited in the United States mail
         will be deemed to have been delivered only if: (a) it is actually
         received by the party to which it is addressed in the ordinary course
         of delivery, or (b) it is sent by registered or certified mail, return
         receipt requested, postage prepaid, and addressed as follows:

         If to the Executive:               James L. Kirk
                                            600 San Marco Drive
                                            Ft. Lauderdale, FL 33301

         with a copy to:                    Kluger, Peretz, Kaplan & Berlin, PA
                                            201 S. Biscayne Blvd., 17th Floor
                                            Miami, FL 33131
                                            Attention: Howard J. Berlin, Esq.
                                            Telecopier: 305-379-3428

         If to Parent:                      NationsRent, Inc.
                                            450 East Las Olas, Suite 1400
                                            Ft. Lauderdale, FL 33301
                                            Attention: Joseph H. Izhakoff, Esq.
                                            Telecopier: 954-759-5838

         with a copy to:                    Jones, Day, Reavis, & Pogue
                                            77 West Wacker Drive
                                            Chicago, IL 60601
                                            Attention: Paul E. Harner, Esq.
                                            Telecopier: 312-782-8585

         However, notice may be delivered to such other address or addresses as
         either party may from time to time designate as to itself by like
         notice.

                                       3
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         IN WITNESS WHEREOF, Parent and the Executive have duly executed and
delivered this Agreement as of the Effective Date.

                                                NATIONSRENT, INC.

                                                By:
                                                    ----------------------------
                                                Name:
--------------------------------------------          --------------------------
James L. Kirk, in his individual capacity       Title:
                                                       -------------------------

                                       4
<PAGE>

                                    EXHIBIT A

                                  FORM OF NOTE

         FOR VALUE RECEIVED, NationsRent, Inc., a Delaware corporation
("Maker"), promises to pay to James L. Kirk ("Payee"), in lawful money of the
United States of America, the principal sum of One Million Dollars ($1,000,000)
(the "Principal Amount").

1.       AGREEMENT. This promissory note ("Note") is: (i) issued pursuant to
         Section 2(b) of that certain Executive Transition Agreement, dated as
         of December 14, 2001 (the "Agreement"), by and between Maker and Payee;
         and (ii) subject to the terms and conditions of the Agreement.

2.       PAYMENT. Subject to Section 3, Maker will pay Payee the entire
         Principal Amount on the Resignation Date (as defined in the Agreement).
         This Note will not bear any interest.

3.       PREPAYMENT. Maker may repay this Note, in whole or in part, at any time
         without any prepayment penalty and other charges or fees.

4.       NOTICES. All notices or other communications required or permitted
         under this Note to Payee or Maker will be sent in accordance with
         Section 12 of the Agreement.

5.       ASSIGNMENT. This Note, or any interest in this Note, may not be
         assigned by either party without the prior written consent of the other
         party to this Note.

6.       GOVERNING LAW; INTERPRETATION. This Note will be governed and
         controlled as to interpretation, enforcement, validity, construction,
         and in all other respects by the laws, statutes and decisions of the
         State of Florida.

7.       INVALIDITY. If any one or more of the provisions contained in this Note
         is determined to be invalid, illegal, or unenforceable in any respect,
         the validity, legality, or enforceability of all the remaining
         provisions will not be in any way be affected or impaired.

8.       MISCELLANEOUS. To the extent Maker pays Payee the Principal Amount due
         and owing on this Note and is required by applicable law to withhold
         taxes and other applicable withholdings therefrom, Maker will be
         entitled to hold such amounts from such payment.

         IN WITNESS WHEREOF, the Maker has caused this Note to be duly executed
and delivered as of December 14, 2001.

                                                NATIONSRENT, INC.

                                                By:
                                                    ----------------------------
                                                Name:
                                                      --------------------------
                                                Title:
                                                       -------------------------

                                      A-1

<PAGE>

                                    EXHIBIT B

                                 FORM OF RELEASE

         I, James L. Kirk, in consideration of the obligations of NationsRent,
Inc., a Delaware corporation ("Parent" and, together with each of its
affiliates, the "Company"), under that certain Executive Transition Agreement,
dated as of December 14, 2001 (the "Agreement"), by and between Parent and me,
do hereby release and forever discharge as of the date hereof the Company and
all present and former directors, officers, creditors, representatives,
employees, successors and assigns of the Company, its direct or indirect owners,
and any of their agents or advisors (collectively, the "Released Parties") to
the extent provided below.

1.       I understand that any payments or benefits paid or granted to me under
         the Agreement represent, in part, consideration for signing this
         General Release and are not salary, wages, or benefits to which I was
         already entitled. I understand and agree that I would not have
         otherwise received the payments and benefits specified in the Agreement
         unless I agreed to execute this General Release and to refrain from
         revoking this General Release.

2.       Except for obligations of Parent arising under the Agreement and the
         Note, and except as provided in Section 4 of this General Release, I
         knowingly and voluntarily release and forever discharge the Company and
         the other Released Parties from any and all agreements, instruments,
         arrangements, claims, controversies, actions, causes of action,
         cross-claims, counter-claims, demands, debts, compensatory damages,
         liquidated damages, punitive or exemplary damages, other damages,
         claims for costs and attorneys' fees, or liabilities of any nature
         whatsoever in law and in equity, both past and present (through the
         date of this General Release) and whether known or unknown, suspected,
         or claimed against the Company or any of the Released Parties that I,
         my spouse, or any of my heirs, executors, administrators or assigns,
         may have, which arise out of or are connected with my employment with,
         or my separation from, the Company (including, but not limited to, any
         allegation, claim or violation, arising under: Title VII of the Civil
         Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age
         Discrimination in Employment Act of 1967, as amended (including the
         Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as
         amended; the Americans with Disabilities Act of 1990; the Family and
         Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended;
         the Worker Adjustment Retraining and Notification Act; the Employee
         Retirement Income Security Act of 1974; any applicable Executive Order
         Programs; the Fair Labor Standards Act; or their state or local
         counterparts; or under any other federal, state or local civil or human
         rights law, or under any other local, state, or federal law, regulation
         or ordinance; or under any public policy, contract or tort, or under
         common law; or arising under any policies, practices or procedures of
         the Company; or any claim for wrongful discharge, breach of contract,
         infliction of emotional distress, defamation; or any claim for costs,
         fees, or other expenses, including attorneys' fees incurred in these
         matters) (all of the foregoing collectively referred to herein as the
         "Claims").

3.       I represent that I have made no assignment or transfer of any right,
         claim, demand, cause of action, or other matter covered by Section 2 of
         this General Release.

                                      B-1
<PAGE>

4.       I agree that this General Release does not waive or release any rights
         or claims that I may have under the Age Discrimination in Employment
         Act of 1967, as amended, that arise after the date I execute this
         General Release. I acknowledge and agree that my separation from
         employment with the Company in compliance with the terms of the
         Agreement shall not serve as the basis for any claim or action
         (including, without limitation, any claim under the Age Discrimination
         in Employment Act of 1967, as amended).

5.       In signing this General Release, I acknowledge and intend that it shall
         be effective as a bar to each and every one of the Claims hereinabove
         mentioned or implied. I expressly consent that this General Release
         shall be given full force and effect according to each and all of its
         express terms and provisions, including those relating to unknown and
         unsuspected Claims (notwithstanding any state statute that expressly
         limits the effectiveness of a general release of unknown, unsuspected
         and unanticipated Claims), if any, as well as those relating to any
         other Claims hereinabove mentioned or implied. I acknowledge and agree
         that this waiver is an essential and material term of this General
         Release and that without such waiver the Company would not have agreed
         to the terms of the Agreement. I further agree that in the event I
         should bring a Claim seeking damages against the Company, or in the
         event I should seek to recover against the Company in any Claim brought
         by a governmental agency on my behalf, this General Release shall serve
         as a complete defense to such Claims. I further agree that I am not
         aware of any pending charge or complaint of the type described in
         Section 2 of this General Release as of the execution of this General
         Release.

6.       I agree that neither this General Release, nor the furnishing of the
         consideration for this General Release, shall be deemed or construed at
         any time to be an admission by the Company, any Released Party or
         myself of any improper or unlawful conduct.

7.       I agree that I will forfeit all amounts payable by the Company pursuant
         to the Agreement if I challenge the validity of this General Release. I
         also agree that if I violate this General Release by suing the Company
         or the other Released Parties, I will pay all costs and expenses of
         defending against the suit incurred by the Released Parties, including
         reasonable attorneys' fees, and return all payments received by me
         pursuant to the Agreement.

8.       I agree that this General Release is confidential and agree not to
         disclose any information regarding the terms of this General Release,
         except to my immediate family and any tax, legal or other counsel I
         have consulted regarding the meaning or effect hereof or as required by
         law, and I will instruct each of the foregoing not to disclose the same
         to anyone.

9.       Any non-disclosure provision in this General Release does not prohibit
         or restrict me (or my attorney) from responding to any inquiry about
         this General Release or its underlying facts and circumstances by the
         Securities and Exchange Commission (SEC), the National Association of
         Securities Dealers, Inc. (NASD), any other self-regulatory organization
         or governmental entity.

10.      I agree to reasonably cooperate with the Company in any internal
         investigation or administrative, regulatory, or judicial proceeding. I
         understand and agree that my cooperation may include, but not be
         limited to, making myself available to the Company upon reasonable

                                      B-2
<PAGE>

         notice for interviews and factual investigations; appearing at the
         Company's request to give testimony without requiring service of a
         subpoena or other legal process; volunteering to the Company pertinent
         information; and turning over to the Company all relevant documents
         that are or may come into my possession all at times and on schedules
         that are reasonably consistent with my other permitted activities and
         commitments. I understand that in the event the Company asks for my
         cooperation in accordance with this provision, the Company will
         reimburse me solely for reasonable travel expenses, including lodging
         and meals, upon my submission of receipts.

11.      Whenever possible, each provision of this General Release shall be
         interpreted in such a manner as to be effective and valid under
         applicable law, but if any provision of this General Release is held to
         be invalid, illegal or unenforceable in any respect under any
         applicable law or rule in any jurisdiction, such invalidity, illegality
         or unenforceability shall not affect any other provision or any other
         jurisdiction, but this General Release shall be reformed, construed and
         enforced in such jurisdiction as if such invalid, illegal or
         unenforceable provision had never been contained herein.

12.      BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

         (A)      I HAVE READ IT CAREFULLY.

         (B)      I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP
                  IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER
                  THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED;
                  TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE
                  EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF
                  1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
                  AS AMENDED.

         (C)      I VOLUNTARILY CONSENT TO EVERYTHING IN IT.

         (D)      I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE
                  EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND
                  CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION.

         (E)      I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF
                  THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM TO CONSIDER IT
                  AND ANY CHANGES MADE SINCE THE EFFECTIVE DATE (AS DEFINED IN
                  THE AGREEMENT) VERSION OF THIS RELEASE ARE NOT MATERIAL (OR
                  WERE MADE AT MY REQUEST) AND WILL NOT RESTART THE REQUIRED
                  21-DAY PERIOD.

         (F)      I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF
                  THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT
                  BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD
                  HAS EXPIRED.

                                      B-3
<PAGE>

         (G)      I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY
                  AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH
                  RESPECT TO IT.

         (H)      I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE
                  AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT
                  IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE
                  COMPANY AND BY ME.

DATE: __________ ___, 200__                      BY:
                                                     ---------------------------
                                                    James L. Kirk

                                      B-4
<PAGE>

                                    EXHIBIT C

                              LETTER OF RESIGNATION

         I, James L. Kirk, hereby irrevocably resign all of my director and
officer positions with NationsRent, Inc. ("Parent") and any and all of its
direct and indirect subsidiaries effective as of the Resignation Date (as
defined in that certain Executive Transition Agreement, dated as of December 14,
2001 (the "Agreement"), by and between Parent and me).

                                                   -----------------------------
                                                   James L. Kirk

                                      C-1<PAGE>
                                                                  EXHIBIT 10.10

                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT (this "AGREEMENT"), dated as of March
22, 2002, by and between SUMMIT BROKERAGE SERVICES, INC., a Florida corporation
(the "COMPANY"), RICHARD PARKER, an individual ("PARKER") and MARSHALL T.
LEEDS, an individual (the "PURCHASER").

                                  WITNESSETH:

         WHEREAS, the Company desires to sell to the Purchaser and the
Purchaser desires to purchase from the Company Four Million (4,000,000) shares
of Company's common stock, $.0001 par value per share (the "COMPANY SHARES");
and

         WHEREAS, Richard Parker, an affiliate of the Company ("PARKER")
borrowed $100,000 from Purchaser ("BRIDGE LOAN") all of which funds were used
by Parker to acquire from the Company 1,000,000 shares of the Company's common
stock, $.0001 par value (the "PARKER SHARES"), which Parker Shares are pledged
for the Bridge Loan and which Bridge Loan is evidenced by, among other
documents, a promissory note from Parker in favor of Purchaser, a stock pledge
agreement from Parker in favor of Purchaser (the "BRIDGE LOAN DOCUMENTS").

         WHEREAS, Parker desires to sell to the Purchaser and the Purchaser
desires to purchase from the Company and Parker all of the Company Shares and
the Parker Shares (5,000,000 shares of common stock) (hereinafter collectively
referred to as the "SHARES"), pursuant to the terms hereof.

         NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein, the parties hereto do hereby agree as follows:

         1.       Recitals. The foregoing recitals are true and correct and are
incorporated herein by this reference.

         2.       Purchase and Sale of Shares. Company and Parker hereby agree
to sell and transfer to the Purchaser, and the Purchaser hereby agrees to
purchase and accept from Company and Parker, the Shares at a purchase price of
$0.10 per share, for an aggregate purchase price of Five Hundred Thousand
Dollars and No/100 ($500,000.00) (the "PURCHASE PRICE") for all the Shares.

         3.       Purchase Price; Transfer of Shares.

                  (a)      Escrow; Closing Date. (a)On the date hereof, the
Purchaser shall deliver to his counsel, Kilpatrick Stockton LLP ("KP"), by wire
transfer or cashier's check, the sum of $400,000.00, (the "ESCROWED FUNDS"),
which funds are to be held in escrow by KP (the "KP ESCROW") pursuant to the
Escrow Agreement (defined below).

                  (b)      On the date hereof, the Company shall instruct its
Transfer Agent to deliver to its counsel, Greenberg Traurig, P.A. ("GT"),
4,000,000 shares of Seller's common stock, $.0001 par value (the "ESCROWED
SHARES"), which shares are to be held in escrow by GT

<PAGE>

(the "GT ESCROW") pursuant to the escrow agreement by and among Purchaser,
Company, KP and GT dated of even date herewith (the "ESCROW AGREEMENT").
Purchaser shall not have any rights as an owner of the Escrowed Shares until
the conditions set forth in Section 3(d) below are met, at which time the
closing of the transactions contemplated herein and the release of escrow (the
"CLOSING") shall be held at the offices of Greenberg Traurig, P.A., 450 S.
Orange Avenue, Orlando, Florida at 1:00 p.m., or at such other time and place
upon which the Company and the Purchaser shall agree (the date of the Closing
is hereinafter referred to as the "CLOSING DATE"). At the Closing, Parker shall
deliver the certificate representing the Parker Shares and the parties hereto
shall, as applicable, execute and deliver such other documents as required
under Sections 7, 8 and 9 of this Agreement.

                  (c)      At Closing, the Escrowed Funds will be released to
the Company, the Escrowed Shares and the Parker Shares will be released to
Purchaser and such release of the Escrowed Funds and the Escrowed Shares shall
be governed by, and subject to, the Escrow Agreement.

                  (d)      If the Company shall require from time to time the
use of a portion of the Escrowed Funds, such Escrowed Funds shall be released
to the Company from the KP Escrow (the "RELEASED ESCROW FUNDS") upon written
consent of the Company and the Purchaser, which consent may be withheld in
either party's sole discretion (the "PARTIES CONSENT") and in each such event,
a number of Escrowed Shares shall be released to KP (as counsel for Purchaser)
from the GT Escrow as specified in the Parties Consent, such number of shares
to be derived by dividing $0.10 into the amount of Escrowed Funds requested to
be released (the "RELEASED ESCROW SHARES"). Concurrent with the delivery of the
Parties Consent to KP and GT, Parker shall execute and deliver to KP for the
benefit of Purchaser amendments to the Bridge Loan Documents increasing the
principal balance of the promissory note and the number of pledged shares of
stock by the amount of the Released Escrow Funds and Released Escrow Shares,
respectively. Any such amounts of Released Escrow Funds and Released Escrow
Shares will decrease the number of Shares to be bought from the Company by
Purchaser and will increase the number of Shares to be bought from Parker by
Purchaser hereunder (which increased Shares shall be included in the definition
of the "Parker Shares."

                  (e)      The Closing is conditioned on (i) the Company
receiving approval of the National Association of Securities Dealers, Inc. (the
"NASD") of the change of control of the Company contemplated herein (the "NASD
Approval") and (ii) the Purchaser receiving from the First Union Consent (as
defined in Section 4(o) below. If the NASD Approval and the First Union Consent
are not obtained by May 15, 2002, this Agreement shall terminate and the
parties hereto shall be released from their obligations hereunder, except the
obligations of Purchaser under Section 11 hereof shall survive and Parker's
obligations under the Bridge Loan Documents shall survive.

         4.       Representations and Warranties of Purchaser. The Purchaser
hereby represents, warrants and covenants to the Company that, in connection
herewith:

                  (a)      Review and Evaluation of Information Regarding the
Company. The Purchaser and his agents have had an opportunity to examine the
governing instruments and the material disclosure and other documents and
records of the Company, including without

                                       2
<PAGE>

limitation, the Company's Form 10-KSB for fiscal 2000, all subsequent reports
on Form 10-QSB, all current reports on Form 8-K filed during 2001, the
Company's proxy statement for its Annual Shareholders' Meeting held in August
2001, the Company's audited financial statements for fiscal 2001, the Company's
unaudited interim profit and loss statement for the two months ended February
28, 2002, and such additional financial and other information as requested by
Purchaser and Purchaser's agents. The Purchaser and his agents have had an
opportunity to ask questions and receive answers from the Company and its
representatives concerning the Company's financial condition and business and
to obtain such other information that Purchaser and his agents have deemed
necessary to make a fully informed decision. Purchaser and his agents have
conducted such investigations of Company as Purchaser deems appropriate for
Purchaser's investment in the Shares.

                  (b)      Purchaser's Financial Experience. The Purchaser is
sufficiently experienced in financial and business matters to be capable of
evaluating the merits and risks of his investment in the Shares and he has had
substantial experience in previous private and public purchases of securities.

                  (c)      Suitability of Investment. The Purchaser understands
that the Shares are speculative investments and involve a high degree of risk,
including but not limited to: there is no guarantee of success of the business
of the Company; he may not receive any return (economic or otherwise) on his
investment, and management and the majority shareholders of the Company have
extreme latitude and generally, the sole discretion, to determine the financial
picture, operations and potential dissolution of the Company. The Purchaser has
evaluated the merits and risks of the Purchaser's proposed investment in the
Shares, including those risks particular to the Purchaser's personal situation,
and he has determined that this investment is suitable for the Purchaser. The
Purchaser has adequate financial resources for an investment of this character,
and, at this time, the Purchaser could bear a complete loss of his investment.
In addition, Purchaser will continue to have, after making his investment in
the Shares, adequate means of providing for his current needs, the needs of
those dependent on him, and possible personal contingencies. Further, Purchaser
is an "accredited investor" as that term is defined under Rule 501(a) of
Regulation D promulgated under the Securities Act of 1933, as amended (the
"SECURITIES ACT"), in that Purchaser has an individual net worth, or joint net
worth with his spouse, that exceeds $1,000,000.

                  (d)      Investment Intent. The Purchaser is purchasing the
Shares for investment purposes only and for his own account, and has no present
commitment, agreement or intention to sell, distribute or otherwise dispose of
any of them or to enter into any such commitment or agreement.

                  (e)      Unregistered Shares; Limitations on Disposition. The
Purchaser understands that the Shares are "restricted securities" under the
Securities Act and are being sold without registration under federal or any
state securities laws ("SECURITIES LAWS") by reason of specific exemptions from
registration, and that the Company is relying on the information given herein
in its determination of whether such specific exemptions are available. The
Purchaser understands that because the Shares have not been and will not be
registered under the Securities Laws, they cannot be sold unless and until they
are subsequently registered or an exemption from registration is available. The
Purchaser acknowledges and understands that neither the

                                       3
<PAGE>

Company, nor any representative of the Company, is under any obligation to
register the Shares or the common stock of the Company. The Purchaser
acknowledges and understands that the certificates evidencing the Shares will
bear a restrictive legend to the effect of subsection 4(j) below. The Purchaser
represents that he can afford to hold the Shares for an indefinite period of
time. The Purchaser understands that although the Company's common stock is
quoted over the NASD Electronic Bulletin Board ("OTCBB"), there is not an
active trading market for Company's common stock and that an active trading
market for the Shares may never exist.

                  (f)      Rule 144. The Purchaser is familiar with the
provisions of Rule 144 promulgated under the Securities Act, which, in
substance, permits limited public resale of "restricted securities" acquired,
directly or indirectly, from the issuer thereof, in a nonpublic offering
subject to the satisfaction of certain conditions. The Shares may be resold in
certain limited circumstances subject to the provisions of Rule 144, which
requires among other things: (i) the availability of certain public information
about the Company; (ii) the resale occurring not less than one year after the
party has purchased, and made full payment for, within the meaning of Rule 144,
the securities to be sold; and (iii) in the case of an affiliate, or of a
non-affiliate who has held the securities less than two years, the sale being
made through a broker in an unsolicited "broker's transaction" or in
transactions directly with a market maker (as defined in the Securities
Exchange Act of 1934) and the amount of securities being sold during any three
month period not exceeding the specified limitation therein, if applicable.

                  (g)      Non-Reliance Regarding Tax Consequences. The
Purchaser is not relying on the Company, its principals, employees or agents,
or any representation contained herein with respect to the tax effect of his
investment in the Shares or the other transactions contemplated in this
Agreement. The Purchaser has reviewed with the Purchaser's own tax advisors the
federal, state, local and foreign tax consequences of this investment and the
transactions contemplated by this Agreement. The Purchaser is relying solely on
such advisors and not on any statements or representations of the Company, or
any of its representatives. The Purchaser understands that the Purchaser (and
not the Company) shall be responsible for the Purchaser's own tax liability
that may arise as a result of this investment or the transactions contemplated
by this Agreement.

                  (h)      Risks of Investment in the Shares. Purchaser
understands and has been advised by Company that the business activities of the
Company and an investment in Company are subject to substantial risks,
including those described in Company's Annual Report on Form 10-KSB for its
fiscal year ended December 31, 2000, a copy of which has been delivered to and
reviewed by Purchaser.

                  (i)      Authority to Enter into Agreement; No
Disqualification. Subject to NASD Approval and the First Union Consent (defined
below), the Purchaser has the full right, power and authority to execute and
deliver this Agreement and perform his obligations hereunder, and when executed
and delivered, this Agreement will constitute a valid and legally binding
obligation of such Purchaser.

                  (j)      Legends. Each certificate representing the Shares
may be endorsed with the following legends:

                                       4
<PAGE>

                  The shares represented by this certificate have not been
                  registered under the Securities Act of 1933, as amended (the
                  "Act"), or any state securities laws. The shares may not be
                  sold, transferred or assigned in the absence of an effective
                  registration statement for these shares under the Act and
                  applicable state securities laws or an opinion of counsel
                  satisfactory to the Corporation that such registration is not
                  required.

                  (k)      Residence. Purchaser is a resident of the State of
Florida.

                  (l)      NASD Affiliation. Purchaser has served as a
principal of other broker/dealer firms. Purchaser is familiar with the rules of
the National Association of Securities Dealers, Inc. ("NASD") and is in good
standing with the NASD. Further, Purchaser is not subject to any of the
disqualification provisions set forth in 17 C.F.R. 230.252, et. seq.

                  (m)      NASD Approval. Purchaser understands and agrees that
the Purchaser's acquisition of the Shares will be deemed a "change of control"
of the Company requiring the approval of the NASD.

                  (n)      '34 Act Filings. After the Closing Date and in
accordance with the requirements of the Securities Exchange Act of 1934, as
amended (the "Exchange Act") and rules promulgated thereunder, Purchaser shall
complete and cause to be timely filed with the SEC on his behalf a Form 3 and a
Schedule 13D in connection with the securities he will receive hereunder and
his appointment as a director and officer of this Company.

                  (o)      No Breach. The execution and delivery of this
Agreement, and the other documents, instruments and agreements contemplated
hereby, and the consummation of the transactions contemplated hereby, will not
(i) conflict with or result in a breach of the terms, conditions or provisions
of, or constitute a default (or an event which, with notice or lapse of time,
would constitute a default) under, or result in the creation of any security
interest upon any of the properties or assets of Purchaser under, any note,
mortgage, indenture, deed of trust, lien, lease, agreement, contract, license,
permit or other instrument or restriction to which Purchaser is a party or by
which it or any of its properties or assets may be bound or affected; or (ii)
subject to NASD Approval, result in a material violation of any law, statute,
rule, regulation, instrument, order, judgment or decree to which Purchaser or
any of its properties is subject. Notwithstanding the foregoing, Purchaser is
subject to a non-competition agreement with First Union Securities Financial
Network ("First Union Securities") and Purchaser specifically represents,
warrants and covenants to the Company that he has been advised by First Union
Securities that it will modify the non-competition agreement to permit him to
enter into this Agreement and the transactions contemplated herein ("FIRST
UNION Consent"). In that regard, Purchaser will diligently pursue obtaining
such consent in writing and delivering same to the Company.

         5.       Representations and Warranties of Company. The Company hereby
represents, warrants and covenants to the Purchaser that, in connection
herewith:

                  (a)      Organization and Standing. Company is a corporation
duly organized and validly existing, and its status is active, under the laws
of the State of Florida. Company has all requisite corporate power and
authority to own and operate its properties and assets, and to carry

                                       5
<PAGE>

on its business as presently conducted and as currently proposed to be
conducted. Company is duly qualified and authorized to transact business and is
in good standing as a foreign corporation in each jurisdiction in which the
failure so to qualify would have a material adverse effect on its business,
properties, prospects or financial condition.

                  (b)      Corporate Power. Company has all requisite legal and
corporate power and authority to (i) execute and deliver this Agreement, (ii)
sell and issue the Shares hereunder, and (iii) carry out and perform its
obligations under the terms of this Agreement and the Escrow Agreement and the
transactions contemplated hereby and thereby.

                  (c)      Capitalization. The authorized capital stock of
Company consists of 20,000,000 shares of common stock, par value $.0001 per
share (the "COMMON STOCK"), of which 5,700,064 shares are issued and
outstanding; and, 5,000,000 shares of blank check preferred stock, par value
$.0001 per share, of which 5,000,000 shares have been designated as, Series A
Convertible Preferred Stock ("Series A Preferred Stock"), of which 125,000
shares of Series A Preferred Stock are issued and outstanding. (On or before
the Closing Date, the Company will amend its Articles of Incorporation to
re-designate 4,875,000 Series A Preferred Stock as blank check preferred stock,
leaving a total of 125,000 shares of designated Series A Preferred Stock.) The
Company has reserved 150,000 shares of Common Stock for issuance upon
conversion of the issued and outstanding Series A Convertible Preferred Stock.
Company has also reserved 900,000 shares of Common Stock for issuance of stock
options and other stock awards under its 2000 Incentive Compensation Plan (the
"PLAN"). Non-qualified options to purchase an aggregate of 755,641 shares of
Common Stock pursuant to the Plan are presently outstanding and unexercised,
and the Company has reserved 755,641 shares of Common Stock for issuance upon
exercise of these options. The Company additionally has outstanding
non-qualified options to purchase an aggregate of up to 1,088,478 shares of
Common Stock which are not subject to the Plan, and Company has reserved
1,088,478 shares of Common Stock for issuance upon exercise of these options.
Except as contemplated herein and the exhibits hereto, there are no options,
warrants, conversion rights, preemptive rights, rights of first refusal, or
similar rights presently outstanding to purchase or otherwise acquire from the
Company any of the Company's securities. Immediately after the Closing, the
capitalization of the Company will be as set forth in SCHEDULE 5(C) attached
hereto.

                  (d)      Use of Proceeds. Company intends to use the
$400,000.00 from the sale of the Company Shares substantially the purposes set
forth on SCHEDULE 5(D) attached hereto; provided, however, Company does not
represent that uses of such proceeds will not vary, subject to unforeseen
events. In addition, Company shall not deviate from the use of proceeds for any
item listed on SCHEDULE 5(D) by more than $2,500.00 in excess of the amount
specified therein, without the consent of Mr. Leeds.

                  (e)      Authorization. All corporate action on the part of
the Company, its officers, directors and shareholders necessary for the
authorization, execution, delivery and performance of this Agreement by the
Company, the authorization, sale, issuance (or reservation for issuance) and
delivery of the Shares and the performance of all of the Company's obligations
hereunder have been taken or will be taken prior to the Closing. Upon execution
and delivery by the Company and the Purchaser, this Agreement will constitute
the valid and legally binding obligation of the Company, enforceable in
accordance with its terms, subject to (i) laws of

                                       6
<PAGE>

general application relating to bankruptcy, insolvency and the relief of
debtors and rules of law governing specific performance, injunctive relief or
other equitable remedies and (ii) NASD approval of this Agreement.

                  (f)      Valid Issuance of Shares. The Shares when issued,
sold and delivered in compliance with the provisions of this Agreement, will be
duly and validly issued, fully paid and nonassessable and issued in compliance
with all applicable federal and state securities laws. The Shares will be free
and clear of any liens or encumbrances (except as such derive from Purchaser,
as to which no representation and warranty is made by Company herein);
provided, however, that the Shares may be subject to restrictions on transfer
under applicable state and/or federal securities laws. The Shares are not
subject to any preemptive rights, rights of first refusal or restrictions on
transfer, except as such transfer restrictions may be imposed by federal and
state securities laws..

                  (g)      Offering. Subject to the accuracy of the Purchaser's
representations in Schedule 4 hereof, and to its compliance with all applicable
state and federal securities laws relating to its purchase of the Shares, the
offer, sale and issuance of the Shares pursuant to the terms of this Agreement
constitute transactions exempt from the registration requirements of Section 5
of the Securities Act of 1933, as amended (the "SECURITIES ACT"), and Florida
state blue sky laws.

                  (h)      Broker-Dealer Registration; Etc.

                           (i)      The Company is registered as a
broker-dealer with the Securities and Exchange Commission (the "COMMISSION")
and the Securities Division of the Florida Department of Banking and Finance,
and is a member in good standing of the NASD.

                           (ii)     The Company and, to the extent applicable,
its subsidiaries, has filed all Form BDs and Form ADVs (including all
amendments thereto) required to be filed with the Commission, each of which has
complied with the Securities Exchange Act of 1934, as amended (the "EXCHANGE
ACT") or the Investment Advisers Act of 1940, as amended, as the case may be,
each as in effect on the date so filed. The Company has heretofore furnished to
the Purchaser correct and complete copies of such Form BDs and Form ADVs
(including all amendments thereto). None of such Form BDs or Form ADVs
contained, when filed, any untrue statement of material fact required to be
stated or incorporated by reference therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading. Except to the extent amended or superseded by a subsequent filing
with the Commission (a copy of which has been provided to the Company prior to
the date hereof), none of the Form BDs or Form ADVs (including all amendments
thereto) contains any untrue statement of a material fact required to be stated
or incorporated by reference therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading. All copies of such Form BDs and Form ADVs (including all
amendments thereto) required to be filed with any state have been filed in a
timely manner.

                           (iii)    Company and, to the extent applicable, its
subsidiaries, has filed all SRO Reports required to be filed with any
self-regulatory organizations since January 1, 1999, each of which has complied
with the rules of the self-regulatory organization, each as in effect

                                       7
<PAGE>

on the date so filed. Company has heretofore furnished to the Purchaser correct
and complete copies of the SRO Reports. None of the SRO Reports contained, when
filed, any untrue statement of material fact required to be stated or
incorporated by reference therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.
Except to the extent revised or superseded by a subsequent filing with the
self-regulatory organization (a copy of which has been provided to the
Purchaser prior to the date thereof), none of the SRO Reports contains any
untrue statement of a material fact or omits to state a material fact required
to be stated or incorporated by reference therein or necessary in order to make
the statements therein, in the light of the circumstances under which they were
made, not misleading.

                           (iv)     Company and, to the extent applicable, its
subsidiaries, has registered as a broker-dealer and investment adviser in each
jurisdiction in which such registration has been required since January 1,
1999. Company and, to the extent applicable, its subsidiaries, has filed or
caused to be filed all forms, reports, statements, and documents (including all
Form U-4s on behalf of registered representatives) required to be filed with
any state since January 1, 1999. All such forms, reports, statements, and
documents are accurate in all material respects.

                  (i)      Material Changes. Other than continuing operating
losses incurred in the ordinary course of business, there has been no material
adverse change in the Company's assets, liabilities or net worth as reported in
Company's Form 10-QSB for the nine months ended September 30, 2001, as
supplemented by the Company's audited financial statements for fiscal 2001 and
as further supplemented by an unaudited interim profit and loss statement for
the two months ended February 28, 2002, nor has there been a material adverse
change in the Company's relationship with its lenders, suppliers, customers,
employees, or its securities clearing firm, whether occurring in the ordinary
course of business or otherwise; provided, however, no representation or
warranty is given with respect to the aftereffects of events occurring on
September 11, 2001 or the affect on the Company of current economic and market
conditions generally.

                  (j)      Tax Matters. The provisions made for Taxes reflected
in the audited balance sheet at December 31, 2001 are sufficient for the
payment of all Taxes of the Company through the date of the Closing. For the
purposes hereof, "Taxes" means all net or gross income, gross receipts, net
proceeds, sales, use, ad valorem, value added, franchise, bank shares,
withholding, payroll, employment, excise, property, deed, stamp, alternative or
add-on minimum, environmental, or other taxes, assessments, duties, fees,
levies, or other governmental charges or assessments of any nature whatever
imposed by any governmental requirement, whether disputed or not, together with
any interest, penalties, or additional amounts with respect thereto.

                  (k)      Certain Related Party Obligations. The information
set forth on SCHEDULE 5(K) attached hereto is true, correct and complete as to
any and all amounts payable by the Company to, or receivable by the Company
from, in each case as a debt or other financial obligation (whether or not
evidenced by a formal or other written instrument) any of its officers,
directors, other affiliates or Educational Seminars of America, Inc.

                                       8
<PAGE>

                  (l)      Subsidiaries. Except as set forth in SCHEDULE 5(L)
attached hereto, the Company has no subsidiaries or affiliated companies and
does not otherwise own or control, directly or directly, any equity interest in
any corporation, association or other business entity. The Company is not a
participant in any joint venture, partnership or similar arrangement.

                  (m)      Beneficial Equity Ownership of Richard Parker.
Richard Parker's beneficial equity ownership of the Company is as set forth on
SCHEDULE 5(M) attached hereto.

                  (n)      Litigation. There are no actions, suits, proceedings
or investigations pending or, to the Company's knowledge, threatened, which
would seek to delay or prevent the consummation of the transactions
contemplated herein or which may adversely affect or restrict the Company's
ability to consummate the transactions contemplated herein. Except as set forth
on SCHEDULE 5(N) hereto, no action, suit, proceeding or investigation is
pending, or to the Company's knowledge, threatened, against the Company
affecting or involving the Company's business, and the Company is not subject
to any unsatisfied judgment, order, award, decision, injunction, or ruling
entered, issued, made or rendered by any court, arbitrator or other
governmental authority that would restrict the Company's ability to enter into
this Agreement.

                  (o)      Consents. Other than the NASD Approval, which as of
this date has not been obtained, no consent, approval, qualification, order or
authorization of, or filing with, any governmental authority is required in
connection with the Company's valid execution, delivery or performance of this
Agreement and the transactions contemplated herein, or the offer, sale or
issuance of the Shares by the Company, or the consummation of any other
transaction contemplated on the part of the Company hereby.

                  (p)      No Breach. Subject to NASD Approval, the execution
and delivery of this Agreement, and the other documents, instruments and
agreements contemplated hereby, and the consummation of the transactions
contemplated hereby, will not (i) conflict with or result in a breach of the
terms, conditions or provisions of, or constitute a default (or an event which,
with notice or lapse of time, would constitute a default) under, or result in
the creation of any security interest upon any of the properties or assets of
the Company under, any note, mortgage, indenture, deed of trust, lien, lease,
agreement, contract, license, permit or other instrument or restriction to
which the Company is a party or by which it or any of its properties or assets
may be bound or affected; or (ii) result in a material violation of any law,
statute, rule, regulation, instrument, order, judgment or decree to which the
Company or any of its properties is subject. Notwithstanding the foregoing, the
change of control that will occur upon consummation of this Agreement will
result in the acceleration of the vesting of options for 145,752 shares of
Company common stock as set forth in SCHEDULE 5(P) hereto.

                  (q)      Branch Offices; Licenses. The Company has, in
addition to its home office located in Indialantic, Florida, a total of 54
branch and non-branch locations, of which 33 are NASD registered branches. The
Company has 102 NASD registered representatives. The Company is licensed as a
broker/dealer in 46 States (all except for North Dakota, New Hampshire, Maine
and Vermont). Through certain of its subsidiaries, the Company is licensed as
an insurance broker in 24 States. The Company has filed an investment adviser
notice in 20 States.

                                       9
<PAGE>

                  (r)      Existing Employment Agreements. The only employment
agreements currently existing between the Company and management are agreements
with Michael Dujovne dated on or about September 2000 and Ronald Caprilla dated
December 1, 2000, and letters pertaining to same from each of Michael Dujovne
(dated January 25, 2002) and Ronald Caprilla (dated January 25, 2002) have been
provided to Purchaser.

                  (s)      Permits and Licenses. The Company has all required
permits, licenses, certificates and approvals from all local, state and federal
governmental authorities having jurisdiction over the Company that are material
to the operation of the Company's business and use of its assets.

                  (t)      Compliance with Laws. The Company is in compliance
with all local, state and federal laws, ordinances, rules and regulations
applicable to, and material to, the operation of the Company's business and use
of its assets.

                  (u)      Material Contracts. Except as disclosed in SCHEDULE
5(U) hereto, the Company is not a party to any management, service, supply,
maintenance or other contracts which are material to the operation of the
Company's business or use of its assets.

         6.       Representations and Warranties of Parker as to Parker Shares.

                  (a)      Title to Parker Shares. Parker has good, valid and
marketable title to the Parker Shares, all of which stock has been duly
authorized and validly issued and is fully paid and non-assessable, and is (and
on the Closing Date will be) free and clear of all pledges, liens, claims,
charges, options, calls, encumbrances, restrictions and assessments whatsoever
(except any restrictions which may be created by operation of state or federal
securities laws). Parker is sole owner of the Parker Shares.

                  (b)      Validity. Parker has the full legal right, power and
authority to execute and deliver this Agreement and to consummate the transfer
of the Parker Shares to Purchaser. Upon execution and delivery by Parker,
Parker's agreement to transfer the Parker Shares will constitute the valid and
legally binding obligation of Parker, enforceable in accordance with its terms,
subject to (i) laws of general application relating to bankruptcy, insolvency
and the relief of debtors and rules of law governing specific performance,
injunctive relief or other equitable remedies and (ii) NASD approval of this
Agreement.

         7.       Purchaser's Conditions to Closing.

                  The Purchaser's obligations to purchase the Shares at the
Closing are subject to the fulfillment on or prior to the Closing Date of the
following conditions:

                  (a)      Representations and Warranties Correct. The
representations and warranties made by the Company in Section 5 hereof shall be
true and correct in all material respects as of the Closing Date with the same
force and effect as if made on such date.

                  (b)      Covenants. All covenants, agreements and conditions
contained in this Agreement to be performed by the Company on or prior to the
Closing Date shall have been performed or complied with.

                                      10
<PAGE>

                  (c)      Conditions. The NASD Approval and the First Union
Consent shall have been obtained on or before the Closing Date.

                  (d)      Additional Documents. The following agreements and
documents shall be executed and delivered at Closing:

                           (i)      an employment agreement, signed by the
Company, pursuant to which Purchaser is employed by the Company as its CEO and
Chairman and containing such other terms and conditions in substantially the
form attached hereto as EXHIBIT A (the "LEEDS EMPLOYMENT AGREEMENT");

                           (ii)     a stock option agreement, signed by the
Company, evidencing an option grant to Purchaser (the "LEEDS OPTION") for
7,000,000 shares of the Company's common stock, exercisable at $0.25 per share,
expiring December 31, 2007 (unless otherwise terminated under its terms) and
containing such additional terms and conditions in substantially the form
attached hereto as EXHIBIT B (the "LEEDS OPTION AGREEMENT"); and

                           (iii)    a shareholders voting agreement and
irrevocable proxy, signed by Richard Parker, pursuant to which Mr. Parker
grants to Purchaser the right to vote (i) all shares of the Company's common
stock owned by Richard Parker individually and as joint tenants with his spouse
(who shall join in the voting agreement as to such jointly held shares), and
(ii) all shares of the Company's common stock that may be issued to Richard
Parker upon exercise of stock options for 904,440 shares he currently holds or
will hold pursuant to this Agreement, which shareholders voting agreement and
irrevocable proxy shall expire on the fifth anniversary of the date of such
agreement or as otherwise provided under the terms the agreement, and shall be
in substantially the form attached hereto as EXHIBIT C (the "VOTING
AGREEMENT").

         8.       Company's Conditions to Closing. The Company's obligation to
sell and issue the Shares at the Closing is, at the option of the Company,
subject to the fulfillment as of the Closing Date of the following conditions:

                  (a)      Representations. The representations and warranties
made by the Purchaser in Section 4 hereof shall be true and correct in all
material respects as of the Closing Date with the same force and effect as if
made on such date.

                  (b)      Covenants. All covenants, agreements and conditions
contained in this Agreement to be performed by the Purchaser on or prior to the
Closing Date shall have been performed or complied with.

                  (c)      Conditions. The NASD Approval and the First Union
Consent shall have been obtained on or before the Closing Date.

                  (d)      Purchase Price. The Company shall have received, in
addition to the $100,000.00 previously delivered to the Company by the
Purchaser, the balance of the purchase price of $400,000.00 on the Closing
Date.

                  (e)      Employment Agreement. Purchaser shall have executed
and delivered to the Company the Leeds Employment Agreement. and delivered to
the Company the Leeds Employment Agreement.

                                      11
<PAGE>

         9.       Additional Closing Matters. In addition to the agreements and
documents to be delivered at Closing under Sections 5 and 6, above, the
following agreements and documents shall be executed and delivered to their
respective parties at Closing:

                  (a)      Parker Option Agreements. The Company and Richard
Parker shall execute and deliver stock option agreements evidencing options
granted by the Company in favor of Richard Parker permitting him to purchase
400,000 shares of the Company's common stock at $0.50 per share and 500,000
shares of the Company's common stock at $.10 per share, each expiring on
December 31, 2007 (unless otherwise terminated under their terms), and
containing such additional terms and conditions as substantially set forth in
the form stock option agreements attached hereto as EXHIBIT D-1 and EXHIBIT D-2
(the "PARKER OPTION AGREEMENTS").

                  (b)      Parker Employment Agreement. The Company and Richard
Parker shall execute and deliver an employment agreement substantially in the
form attached hereto as "EXHIBIT E" ("PARKER EMPLOYMENT AGREEMENT").

                  (c)      Company Lease. The current lease of the Company's
headquarters located at 25 Fifth Avenue, Indialantic, Florida 32903
("Headquarters') between the Company as lessee and First America Living Trust,
Inc. as landlord shall be terminated and replaced at Closing with a new lease
for 85% of the Headquarters space, with lease terms structured so as to
reimburse the landlord only for its costs associated with the building
ownership without any markup or profit, which new lease shall be in
substantially the form attached hereto as "EXHIBIT F" (the "MASTER LEASE")

                  (d)      ESA Lease. A lease between Educational Seminars of
America, Inc. ("ESA") as lessee and First America Living Trust, Inc., as
landlord for 15% of the Headquarters space, with lease terms structured the
same as for the Company Lease, which ESA lease shall be in substantially the
form attached hereto "EXHIBIT G" (the "ESA LEASE").

                  (e)      Cancellation and Delivery of Bridge Loan Documents.
Purchaser shall cancel and deliver to Parker at Closing the Bridge Loan
Documents, including but not limited to the Bridge Promissory Note and Pledge
Agreement.

                  (f)      Board Resolutions. The Company shall deliver a copy
of resolutions adopted by the Company's Board of Directors effective as of the
Closing Date and certified by the Secretary of the Company: (A) approving this
Agreement and the transactions contemplated herein, (B) approving the Leeds and
Parker Employment Agreements; (C) granting the Leeds Option and Parker Options
and approving the Leeds and Parker Option Agreements, (D) approving the Voting
Agreement; (E) approving the Summit Lease and ESA Lease; (F) adjusting the size
of the Board of Directors to five (5) members, (G) accepting the resignations
of two directors; (H) appointing Purchaser and two of Purchaser's
representatives to the Company's Board of Directors, and (I) electing Purchaser
as the Chairman and Chief Executive Officer of the Company.

                                      12
<PAGE>

         10.      Additional Agreements of the Parties.

                  (a)      D&O Insurance: The Company shall obtain a minimum of
$1,000,000 of Directors' and Officers' ("D&O") liability insurance coverage for
its directors and executive officers as soon as possible after the Closing.

                  (b)      Diligence in Obtaining Consents. The Company and
Purchaser shall work diligently toward obtaining the NASD Approval and the
First Union Consent.

                  (c)      No Material Adverse Change. From the date of this
Agreement until the earlier of the Closing Date or the termination of this
Agreement, Company will:

                           (i)      operate its business only in the "ordinary
course" in the same manner as it has been conducted in the recent past, which
would include no change in Company's securities clearing firm relationship;

                           (ii)     purchase no capital equipment or other
capital items with a price greater than $1,000 individually or $2,000 in the
aggregate without the prior approval of Purchaser;

                           (iii)    not sell, encumber, or otherwise remove any
of the assets of the Company other than in the ordinary course of its business.

                           (iv)     not increase salaries, pay bonuses, pay
dividends, pay shareholder distributions, make either interest or principal
payments on shareholder or related party notes or loans, or otherwise withdraw
funds from the business other than in the ordinary course;

                           (v)      sell or issue any shares or other equity
securities of the Company, except shares that might be purchased as the result
of an exercise of any options outstanding on the date of this Agreement; and

                           (vi)     take no actions which might be materially
adverse to the interests of the Company, its business, Purchaser, or the
transactions contemplated herein

         11.      Confidentiality. Purchaser agrees that (except as may be
required by law) he will not disclose or use and he will cause his agents,
employees, representatives and advisers (the "PURCHASER'S AGENTS") not to
disclose or use, any Confidential Information (as defined below) with respect
to the Company furnished, or to be furnished by the Company, its agents,
employees, representatives or advisers to Purchaser or Purchaser's Agents in
connection herewith at any time or in any manner and will not use such
information other than in connection with his evaluation of the transactions
contemplated herein. For the purposes of this Section 11, "Confidential
Information" means the Company business plans, customer lists, methods of
operation, employee and independent contractor information, and any other
information identified as confidential in writing to Purchaser or Purchaser's
Agents by the Company. If the Closing is not consummated, Purchaser and
Purchaser's Agents will promptly return all Company's documents, contracts,
records, or properties and any copies thereof, to Company. Notwithstanding the
foregoing, any such Confidential Information may be disclosed: (a) to
Purchaser's employees, representatives, agents and advisers who need to know
such information

                                      13
<PAGE>

for the purpose of evaluating the transactions contemplated herein; (b) if the
Company consents to such disclosure in writing; or (c) the information becomes
public knowledge through no fault of Purchaser; or (d) if required by law.

         12.      Indemnification.

                  (a)      The Company shall indemnify the Purchaser and hold
him harmless, upon demand, from and against any losses, damages, expenses or
liabilities, including without limitation reasonable attorneys' fees and
expenses (individually and collective defined in this Section 12 as "Losses"),
which the Purchaser may sustain, suffer or incur arising from or in connection
with the Company's material breach of any covenant, representation, warranty,
agreement, obligation or undertaking of the Company hereunder.

                  (b)      Parker shall indemnify the Purchaser and hold him
harmless upon demand, from and against any Losses which the Purchaser may
sustain, suffer or incur arising from or in connection with his material breach
of any covenant, representation, warranty, agreement, obligation or undertaking
of Parker hereunder.

                  (c)      The Purchaser shall indemnify the Company and Parker
and hold them harmless, upon demand, from and against any Losses which the
Company or Parker may sustain, suffer or incur arising from or in connection
with the Purchaser's material breach of any covenant, representation, warranty,
agreement, obligation or undertaking of Purchaser hereunder.

                  (d)      A party hereunder shall have no liability under this
Agreement to indemnify under either Section 12(a), Section 12(b) or Section
12(c) above, in each case unless the party against whom such claim is asserted
(the "Indemnifying Party') receives notice of claim in writing from the party
seeking indemnification (the "Indemnified Party") on or before the two-year
anniversary of the Closing Date, or, (i) with respect to Losses relating to a
breach of any warranties under Section 5(j) above, the expiration of the final
statute of limitations for the those tax returns to which the Taxes reflected
in the audited balance sheet for December 31, 2001 relate; and (ii) with
respect to the warranties under Sections 4(i), (5(a), 5(b), 5(c), 5(e), 5(f),
6(a) and 6(b) above, such warranties shall survive Closing indefinitely.
Notwithstanding the foregoing, no party hereto shall seek indemnification from
another party for failure to obtain the First Union Consent or the NASD
Approval. Further, the Company and shall hold Purchaser harmless with respect
to such failure to obtain the First Union Consent or the NASD approval.

                  (e)      All claims by any Indemnified Party hereunder shall
be asserted and resolved in accordance with the following provisions. If any
claim or demand for which an Indemnifying Party would be liable to an
Indemnified Party is asserted against or sought to be collected from such
Indemnified Party by such third party, said Indemnified Party shall with
reasonable promptness notify in writing the Indemnifying Party of such claim or
demand stating with reasonable specificity the circumstances of the Indemnified
Party's claim for indemnification; provided, however, that any failure to give
such notice will not waive any rights of the Indemnified Party except to the
extent the rights of the Indemnifying Party are actually prejudiced or to the
extent that any applicable period set forth in Section 12(d) has expired
without such notice being given. After receipt by the Indemnifying Party of
such notice, then upon reasonable notice from the Indemnifying Party to the
Indemnified Party, or upon the

                                      14
<PAGE>

request of the Indemnified Party, the Indemnifying Party shall defend, manage
and conduct any proceedings, negotiations or communications involving any
claimant whose claim is the subject of the Indemnified Party's notice to the
Indemnifying Party as set forth above, and shall take all actions necessary,
including but not limited to the posting of such bond or other security as may
be required by any governmental authority, so as to enable the claim to be
defended against or resolved without expense or other action by the Indemnified
Party. Upon request of the Indemnifying Party, the Indemnified Party shall, to
the extent it may legally do so and to the extent that it is compensated in
advance by the Indemnifying Party for any costs and expenses thereby incurred,

                           (i)      take such action as the Indemnifying Party
may reasonably request in connection with such action,

                           (ii)     allow the Indemnifying Party to dispute
such action in the name of the Indemnified Party and to conduct a defense to
such action on behalf of the Indemnified Party, and

                           (iii)    render to the Indemnifying Party all such
assistance as the Indemnifying Party may reasonably request in connection with
such dispute and defense.

         13.      Publicity. The Company is subject to the public disclosure
requirements of the Exchange Act of 1934, as amended, and the rules promulgated
thereunder. With respect to this Agreement and the transactions contemplated
hereby, Purchaser consents to such disclosures and will reasonably assist the
Company in the preparation of such disclosures and any other documents or
filings required by either federal or state securities laws or regulations.
However, in no event shall Purchaser release any information to the public
regarding this Agreement or the transactions contemplated herein without the
prior written consent of the Company.

         14.      Governing Law; Jurisdiction. This Agreement will be governed
by, construed and enforced in accordance with the laws of the State of Florida.

         15.      Entire Agreement; Amendment. This Agreement constitutes the
entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes and terminates any prior communication, agreement or
understanding, whether written or oral. This Agreement may be modified only by
a writing signed by all parties.

         16.      Notices. Whenever notice is provided for in this Agreement,
it shall be given in writing and hand delivered, or mailed by registered or
certified mail, return receipt requested, or sent by facsimile to the party or
parties to whom addressed at the addresses or facsimile numbers set forth
below: The date of delivery shall be the date received if delivered by hand or
sent by facsimile, or within three (3) days of mailing, if mailed. Any party
may change the address to which notice shall be delivered or mailed by notice
given pursuant to this Section 14.

         If to Purchaser:           Marshall T. Leeds
                                    4040 Sanctuary Lane
                                    Boca Raton, Florida 33431
                                    Facsimile:  (561) 347-6705

                                      15
<PAGE>

         With copy to:              W. Randy Eaddy, Esq.
                                    Kilpatrick Stockton LLC
                                    1100 Peachtree Street, Suite 1100
                                    Atlanta, Georgia 30309
                                    Facsimile:  (404) 815-6555

         If to Company:             Summit Brokerage Services, Inc.
                                    25 Fifth Avenue
                                    Indialantic, Florida 32903
                                    Attn:  Richard Parker, Chairman
                                    Facsimile:  (321) 724-2303

         With copy to:              Sandra C. Gordon, Esq.
                                    Greenberg Traurig, P.A.
                                    450 S. Orange Avenue, Suite 650
                                    Orlando, Florida 32801
                                    Facsimile:  (407) 420-5909

         17.      Benefits. This Agreement shall inure to the benefit of, and
be binding upon, the parties hereto and their respective heirs, beneficiaries,
legal representatives, successors, and assigns (including successive as well
immediate successors to and assigns of said parties).

         18.      Severability. In the event that any of the provisions of this
Agreement, or portions thereof, are held to be unenforceable or invalid by any
court of competent jurisdiction, the validity and enforceability of the
remaining provisions, or portions thereof, shall not be affected thereby.

         19.      Section Headings. The section headings contained herein are
for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

         20.      Execution in Counterparts; Facsimile Signatures. This
Agreement may be executed in several counterparts, each of which shall be an
original and all of which together shall constitute but one and the same
instrument. Facsimile signatures hereto or signed signature pages transmitted
and received by facsimile shall have the same legal force and effect as
original signatures.

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and the year first set forth above.

                                    COMPANY:

                                    SUMMIT BROKERAGE SERVICES, INC.,
                                    a Florida corporation

                                    By:  /s/ Richard Parker
                                       ----------------------------------------
                                       Richard Parker, Chairman and
                                       Chief Executive Officer

                                    PURCHASER:

                                    /s/ Marshall T. Leeds
                                    -------------------------------------------
                                    Marshall T. Leeds

                                      16
<PAGE>

                                 SCHEDULE 5(C)

                          CAPITALIZATION POST-CLOSING

The following will be the capitalization of Company upon the closing of the
sale of the Shares:

The authorized capital stock of Company consists of 20,000,000 shares of common
stock, par value $.0001 per share (the "COMMON STOCK"), of which 9,700,064
shares are issued and outstanding; and, 4,875,000 shares of blank check
preferred stock, par value $.0001 per share, of which 125,000 shares have been
designated as, and are issued and outstanding as, Series A Convertible
Preferred Stock. Company has reserved 150,000 shares of Common Stock for
issuance upon conversion of the issued and outstanding Series A Convertible
Preferred Stock. Company has also reserved 900,000 shares of Common Stock for
issuance of stock options and other stock awards under its 2000 Incentive
Compensation Plan (the "PLAN"). Non-qualified options to purchase an aggregate
of 755,641 shares of Common Stock pursuant to the Plan are presently
outstanding and unexercised, and the Company has reserved 755,641 shares of
Common Stock for issuance upon exercise of these options. The Company
additionally has outstanding non-qualified options to purchase an aggregate of
up to 1,008,478 shares of Common Stock which are not subject to the Plan, and
Company has reserved 1,008,478 shares of Common Stock for issuance upon
exercise of these options. In addition, the Company has reserved 7,900,000
shares of Common Stock for non-qualified stock options pursuant to the Stock
Purchase Agreement. Except as contemplated herein, there are no options,
warrants, conversion rights, preemptive rights, rights of first refusal, or
similar rights presently outstanding to purchase or otherwise acquire from the
Company any of the Company's securities.

                                      17
<PAGE>

                           SCHEDULE 5(D) - CONTINUED

                           USE OF PROCEEDS - CLOSING

Proceeds (Balance of purchase price)                                $400,000.00

Uses:
         Additional Salaries                         $48,000
         Accounts Payable                            $65,000
         Dividends - Preferred Stock                 $15,000
         Legal fees(1)                               $70,000
         D&O Insurance renewal(2)                    $20,000
         Monthly Business Expansion(3)               $40,000
         Working Capital                             $72,000
         Reserve for increase net capital            $70,000
                                                     -------
                                                                    $400,000.00

---------
(1)      Greenberg Traurig, P.A. - to be paid on account for Leeds transaction
         and existing accounts receivable

(2)      Monthly payments for four months on D&O Ins. renewal

(3)      Burn rate of $10,000 per month for four months

                                      18
<PAGE>

                                 SCHEDULE 5(K)

                           RELATED PARTY OBLIGATIONS
                  (PAYABLES TO OR RECEIVABLES FROM AFFILIATES)

OWED TO:                              $ AMOUNT
Summit Group of Companies, Inc.       $40,000.00  Non-cash obligaton (WalMart
                                      common stock)
Richard Parker                        $12,500.00  Balance of Advance to Company
                                      (to be repaid in monthly installments
                                      over six months)
Richard Parker                        $  6,024.99  Commissions Due

OWED FROM:
Summit Group of Companies, Inc.       $14,982.92  Balance from transfer of
                                      office Furniture, etc. (when management
                                      company relationship was terminated).

                                      19
<PAGE>

                                 SCHEDULE 5(L)

                                  SUBSIDIARIES

1.       SBS Insurance Agency of Florida, Inc.

2.       SBS of California Insurance Agency, Inc.

3.       Summit Financial Group, Inc.

4.       Summit Holding Group, Inc.

                                      20
<PAGE>

                                 SCHEDULE 5(M)

                     BENEFICIAL OWNERSHIP OF RICHARD PARKER

                       (AS OF 03/22/02; PRIOR TO CLOSING)

A.       COMMON STOCK

         3,743,920         Solely and directly by Richard
            45,000         As Trustee of two foundations and one charitable
                           remainder trust
           497,675         Jointly with Wife
            27,000         Solely and directly by Wife

         4,313,595         TOTAL

B.       OPTIONS

         549,170           Solely and directly by Richard
         160,000           Solely and directly by Wife
         -------

         709,170

C.       COMMON STOCK AND OPTIONS

         5,022,765, which is approximately 80% beneficial ownership of the
         outstanding.

                                      21
<PAGE>

                                 SCHEDULE 5(N)

                          LITIGATION/OTHER PROCEEDINGS

         1.       On March 6, 2002, the Company learned that it had not meet
its net capital requirements on December 31, 2001 and in respect thereof, the
Company contacted the NASD and will be filing by March 26, 2002, with the NASD
an amended FOCUS report for the quarter ended December 31, 2001. In connection
with the forgoing, the Company expects its outside auditing firm to conduct its
normal quarterly review at the Company's offices in April, 2002 to review the
Company's records.

         2.       CURRENT LITIGATION: The following NASD arbitrations are
currently pending against the Company:

                  A.       Nock v. Summit Brokerage Services, Inc., NASD Case
No. 01-0229

                  B.       Loiselle v. Summit Brokerage Services, Inc., NASD
Case No. 01-03640

         Purchaser acknowledges that the Company has disclosed to Purchaser,
and Purchaser has reviewed, summaries and actual documents relating to these
arbitrations.

         3.       THREATENED LITIGATION: The following customer(s) have
submitted a written complaint which the Company has reason to believe may
result in litigation, but no action has been taken by the customer as of the
date of this agreement: Carol Jones.

         Purchaser acknowledges that the Company has disclosed to Purchaser,
and Purchaser has reviewed, summaries and actual documents relating to these
complaint(s).

         4.       PAST ACTIONS WHICH MAY RESTRICT THE COMPANY'S ABILITY TO DO
BUSINESS: As a result of Consent Order No. 09-11-S entered by the Arkansas
Securities Division in 1999, the Company may not open new branch offices,
solicit new customers or open new accounts, or conduct options activities in
Arkansas or with Arkansas customers until that portion of the order expires on
April 30, 2002.

         Purchaser acknowledges that the Company has disclosed to Purchaser,
and Purchaser has reviewed, summaries and the actual Consent Order in this
administrative case.

                                      22
<PAGE>

                                 SCHEDULE 5(P)

                           ACCELERATED OPTION VESTING

<TABLE>
<CAPTION>
                                                                                   CUMULATIVE         EXERCISE
                                              1999                2000                TOTAL            PRICE*
                                              ----                ----             ----------         --------

<S>                                          <C>                 <C>               <C>                <C>
John Barton                                     686               1,624              2,310
John Howard                                     925                 790              1,715
Tom Massebeau                                 3,790               3,903              7,693
Tom Musbach                                   1,511               1,161              2,672
Matt Repass                                   1,005                  --              1,005
Jim Suits                                       694                  --                694
Tim Wells                                     1,262                  --              1,262
Charles Newman                                7,200               8,000             15,200
Denise Mortellaro                             1,800               2,000              3,800
Jeff Hopper                                  18,000              20,000             38,000
JoAnn Russell                                 1,800               2,000              3,800
Neal Hughes                                  18,000              20,000             38,000
Renee Iverson                                 9,800              10,000             19,800
Susan DiBartolo                               1,800              10,000             11,800
         TOTAL ACCELERATED OPTIONS                                                 145,752
</TABLE>

*        All of the foregoing options have exercise prices of $2.50 per share.

                                      23
<PAGE>

                                 SCHEDULE 5(U)

                               MATERIAL CONTRACTS

TECHMATE                                  Software rental monthly - WinOps
Florida Copy                              Copier maintenance
Atlantic Business                         Copier lease/maint
Panthus                                   Computer lease
Advantage leasing                         Furniture and equipment lease
GE Capital                                Furniture and equipment lease
Jaguar Finance                            Auto Lease
CQG                                       Stock quotes
Private Mini Storage                      Storage space
Bell South                                Yellow pages advertising
FAST                                      Stock transfer agent
Health First                              Group health insurance plan - staff
Allied National Ins.                      Group dental plan
AFLAC                                     Group supplemental ins. Plan
Blue Cross                                Group health insurance plan - reps
First Insurance Funding                   Finance agreement - E & O policy
Dain Correspondent Services               Clearing firm
First Clearing Corp.                      Clearing firm

                                      24
<PAGE>

                                   EXHIBIT A

                          [LEEDS EMPLOYMENT AGREEMENT}

                                   EXHIBIT B

                            [LEEDS OPTION AGREEMENT]

                                   EXHIBIT C

                               [VOTING AGREEMENT]

                                  EXHIBIT D-1

                           [PARKER OPTION AGREEMENT]

                                  EXHIBIT D-2

                           [PARKER OPTION AGREEMENT]

                                   EXHIBIT E

                         [PARKER EMPLOYMENT AGREEMENT]

                                   EXHIBIT F

                                 [SUMMIT LEASE]

                                   EXHIBIT G

                                  [ESA LEASE]

                                      25

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