Document:

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EXHIBIT 10.1   FORM OF JEFFERSON BANCSHARES, INC. ASSUMPTION AGREEMENT FOR THE
               JEFFERSON FEDERAL SAVINGS AND LOAN ASSOCIATION OF MORRISTOWN
               1995 STOCK OPTION PLAN

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                          JEFFERSON BANCSHARES, INC.
                       STOCK OPTION ASSUMPTION AGREEMENT

OPTIONEE:   ___________________________________

      THIS STOCK OPTION ASSUMPTION AGREEMENT is hereby issued as of the ____ day
of June, 2003, by Jefferson Bancshares, Inc., a Tennessee corporation (the
"Company"), in connection with the conversion of JEFFERSON FEDERAL SAVINGS AND
LOAN ASSOCIATION OF MORRISTOWN (the "Association") from the mutual holding
company form of organization to the stock holding company form and the exchange
of Association shares for Company shares.

      WHEREAS, the undersigned individual ("Optionee") holds one or more
outstanding options to purchase shares of Association common stock, pursuant to
the Amended and Restated Jefferson Federal Savings and Loan Association of
Morristown 1995 Stock Option Plan (the "Plan"); and

      WHEREAS, in connection with the conversion of the Association and offering
of Company common stock, each option to purchase shares of Association common
stock issued and outstanding pursuant to the Plan shall be converted into an
option to purchase shares of Company common stock.

      NOW, THEREFORE, it is hereby agreed as follows:

      (1)   The shares of Association common stock subject to outstanding stock
            options under the Plan, and the exercise price per share, held by
            Optionee immediately prior to the Effective Time are set forth in
            Exhibit A hereto.

      (2)   The Company hereby assumes, as of the closing date of the conversion
            and public offering, the duties and obligations of the Association
            under the Plan, the award agreements issued pursuant to the Plan, or
            similar documentation containing the terms and conditions of the
            stock option grants.

      (3)   The number of shares of Company common stock subject to each
            outstanding option, and the exercise price per share, shall be
            adjusted in accordance with the conversion exchange ratio.
            Accordingly, the number of shares and the exercise price per share
            of the Company common stock held by the former Association option
            holders following such adjustment is as specified in Exhibit A
            hereto.

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      (4)   The following additional provisions shall govern each Association
            option hereby assumed by the Company:

            (1)   Unless the context otherwise requires, henceforth references
                  to the "Association" in the plan document or award agreements
                  shall mean the Company, to "Common Stock" or "Stock" shall
                  mean Company common stock, to the "Board of Directors" shall
                  mean the Board of Directors of the Company, to the "Committee"
                  shall mean to the Committee of the Company that administers
                  the Plan and to the "Association" shall mean to Jefferson
                  Federal Bank.

            (2)   The grant date and the expiration date for each assumed
                  Company stock option and all other provisions governing either
                  the exercise, termination or expiration of the stock options
                  shall remain in effect, and shall accordingly govern
                  Optionee's rights with respect to such stock options.

            (3)   The adjusted exercise price payable for the Company common
                  stock subject to each assumed Association stock option shall
                  be payable in any of the forms authorized by the Plan or award
                  agreement issued by the Association.

            (4)   In order to exercise each assumed stock option, Optionee must
                  deliver to the Company a written notice of exercise,
                  indicating the number of shares of Company common stock to be
                  purchased, accompanied by payment of the adjusted exercise
                  price. Such notice and payment shall be delivered to Company
                  at the following address:

                        Jefferson Bancshares, Inc.
                        120 Evans Avenue
                        Morristown, Tennessee 37814

      (5)   Except to the extent specifically modified by this Stock Option
            Assumption Agreement, the terms and conditions of each award
            agreement in effect prior to the Association's conversion and the
            Company's public offering shall continue in full force and effect.

                                      2

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      IN WITNESS WHEREOF, the Company has caused this Stock Option Assumption
Agreement to be executed on its behalf by its duly authorized officer as of the
____ day of _____________________, 2003.

                              JEFFERSON BANCSHARES, INC.

                              By:   ____________________________________

                              Title:____________________________________

                                ACKNOWLEDGMENT

      The undersigned Optionee acknowledges receipt of this Stock Option
Assumption Agreement and understands and acknowledges that all rights and
liabilities with respect to each Association stock option hereby assumed by the
Company are as set forth only in the applicable award agreement, the Plan or
this Stock Option Assumption Agreement, and that no other agreements exist with
respect to such Association stock options. The undersigned Optionee also
acknowledges that, except to the extent specifically modified by this Stock
Option Assumption Agreement, all of the terms and conditions of the award
agreement in effect immediately prior to the closing date of the conversion and
public offering shall continue in full force and effect and shall not be
otherwise affected by this Stock Option Assumption Agreement. The undersigned
further acknowledges that the Association stock options described in Exhibit A
hereto constitute all of the options to purchase Association common stock that
the undersigned Optionee held immediately prior to the closing date of the
conversion and public offering.

                              OPTIONEE

                              __________________________________________

                              DATE:       ______________________________

                                      3

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                                   EXHIBIT A

             Optionee's Outstanding Options to Purchase Shares of
   Jefferson Federal Savings and Loan Association of Morristown Common Stock
                         (Pre-Second Step Conversion)

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

                                                                      Exercise
                                                                      --------
                            Number of Outstanding                     Price Per
                            ---------------------                     ---------
   Date of Option Grant         Stock Options       Type of Option      Share
   --------------------         -------------       --------------      -----
--------------------------------------------------------------------------------

             Optionee's Outstanding Options to Purchase Shares of
                    Jefferson Bancshares, Inc. Common Stock
                         (Post-Second Step Conversion)

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

                                                                      Exercise
                                                                      --------
                            Number of Outstanding                     Price Per
                            ---------------------                     ---------
   Date of Option Grant         Stock Options       Type of Option      Share
   --------------------         -------------       --------------      -----
--------------------------------------------------------------------------------<PAGE>

                                                                    EXHIBIT 10.1

                            [GTECH CORPORATION LOGO]

                    SENIOR STAFF OFFICER STOCK OWNERSHIP PLAN
                                    DOCUMENT

                                   1 JULY 2003

                                       1

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PURPOSE AND PHILOSOPHY:

Grants of restricted shares and stock options of GTECH Holdings Corporation are
a valuable tool for the Company to reward high impact individuals and align key
leaders' interests with those of the shareholders. As such, the Company will
require that Senior Staff Officers maintain ownership of stock equivalent to a
percentage of their base salary.

APPROVALS:

This Senior Staff Officer Stock Ownership Plan was approved by the Compensation
Committee of the Board of Directors as documented in secretary minutes for
February 27, 2003.

PARTICIPANTS:

Senior Staff Officers required to participate in the Plan are:
CEO, COO, SVP and CTO, SVP Business Development and Government Affairs, SVP
Global Services, SVP Corporate Development, SVP and General Counsel, CFO, SVP
Human Resources and such other Officers who may be appointed to the Senior
Staff.

PLAN DESIGN:

Stock ownership requirements are based on a multiple of the participant's salary
as adjusted for the applicable fiscal year. The CEO is required to attain
ownership equal to two times (2X) base salary. All other Senior Staff Officers
are required to attain ownership equal to one times (1X) base salary.

                  Required participation will commence at the beginning of the
                  fiscal year (including for new hires). Fiscal Year 2004 is the
                  first year of the Plan. Participants will be required to meet
                  the ownership target under the following schedule:

<TABLE>
<CAPTION>
---------------------------------------------
Year    % Ownership Requirement   % of Salary
---------------------------------------------
<S>     <C>                       <C>     <C>
                                  CEO     SVP
---------------------------------------------
1                   20             40      20
---------------------------------------------
2                   40             80      40
---------------------------------------------
3                   60            120      60
---------------------------------------------
4                   80            160      80
---------------------------------------------
5                  100            200     100
---------------------------------------------
</TABLE>

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VALUE DETERMINATION:

Target achievement compliance will be measured at the end of each fiscal year
based on the participants' fiscal year-end salary and the value of Qualifying
Shares, as defined below, determined utilizing the average closing stock price
for the 30 trading days prior to the fiscal year-end. Compliance will also be
measured in the manner set forth below before any sales of stock or exercises of
options are approved by the Legal Department under the Insider Trading Policy.

OWNERSHIP:

In order to satisfy the ownership guidelines, the participant must own and hold
Unencumbered Qualifying Shares, which may include any combination of the
following:

                  1.       The vested portion of stock awarded under the
                           Management Incentive Plan, (irrespective of transfer
                           restrictions).

                  2.       The vested portion of annual restricted stock awards,
                           if any, granted as part of the Long-term Incentive
                           Plan.

                  3.       Shares acquired through the ESPP (irrespective of
                           transfer restrictions).

                  4.       Shares purchased by the participant in the open
                           market.

                  5.       Exercised options to the extent they are retained by
                           the participant.

                  6.       Any other vested and unencumbered shares owned or
                           earned by the participant.

The following are excluded from the definition of Qualifying Shares:

                  1.       Unexercised options or options which have been
                           exercised if the acquired shares are sold.

                  2.       Unvested restricted stock grants.

                  3.       The unvested portion of any restricted stock awards,
                           including the discounted portion under the Management
                           Incentive Plan.

                  4.       Other encumbered shares. An "Encumbered" share is
                           defined as any share of GTECH stock in which the
                           individual owns less than 100% of the ownership
                           interest or which possesses a substantial risk of
                           forfeiture, including shares held on margin, shares
                           pledged as collateral and shares held in joint
                           ownership or contributed to a trust. However, stock
                           transfer restrictions alone do not cause stock to be
                           considered encumbered for purposes of this plan.

                                       3

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SALE OR TRANSFER OF SHARES:

                  1.       The sale and/or transfer of shares of stock,
                           including options or shares acquired by the exercise
                           of options, is allowed for the amount of the value of
                           shares in excess of the ownership requirement in
                           effect at the time of the proposed sale or transfer.

                  2.       Sale and/or transfer of stock, including options or
                           shares acquired by the exercise of options, is
                           prohibited if the participant is not in compliance
                           with the target or a sale or transfer will result in
                           the participant falling out of compliance.

                  3.       For the purposes of a sale or transfer, compliance
                           will be measured at the time of the proposed sale or
                           transfer. The ownership requirement will be based on
                           a quarterly measurement at the point in time during
                           the year in which the sale or transfer is to be made.
                           (For example, if the transfer is proposed in the
                           first quarter, 25% of the requirement for that fiscal
                           year will apply.) The stock value used for
                           measurement will be the market value on the date of a
                           request for approval to sell or transfer shares.

                  4.       Nothing in this plan requires the participant to
                           enter the market and purchase additional shares in
                           the event the executive is not in compliance with the
                           ownership guidelines.

                  5.       Participants must receive approval from the Legal
                           Department, in accordance with the Insider Trading
                           Policy and this plan, before executing any sale of
                           transfer of GTECH stock or options.

                  6.       Participants are permitted to sell shares,
                           irrespective of this Plan, solely for the purpose of
                           paying applicable taxes on any vesting shares.

HARDSHIP:

                           The participant may petition the Compensation
                           Committee for relief from the plan requirements in
                           cases of hardship or exceptional circumstances. The
                           Compensation Committee has sole discretion to grant
                           an exception to the plan.

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