Document:

EXHIBIT F
                               SPDV-SC1987A - 001

THE TRANSFER OF THIS WARRANT IS SUBJECT TO RESTRICTIONS CONTAINED HEREIN. THIS
WARRANT HAS BEEN ISSUED IN RELIANCE UPON THE REPRESENTATION OF THE HOLDER THAT
IT HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TOWARDS THE
RESALE OR OTHER DISTRIBUTION THEREOF. NEITHER THIS WARRANT NOR THE SHARES
ISSUABLE UPON THE EXERCISE OF THIS WARRANT, HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS.

W- 001                                                             28,236 SHARES
   ---

                                 SPACEDEV, INC.
                          COMMON STOCK PURCHASE WARRANT

         ISSUED AS OF: FEBRUARY 1, 2000 ("DATE OF THE INITIAL ISSUANCE")

         THIS CERTIFIES that for value received, Phillips Aerospace, (the
"Holder") is entitled to purchase from SPACEDEV, INC., a Colorado corporation
(the "Corporation"), at a purchase price of One Dollar and forty-four ($1.06)
per share (the "Warrant Price"), within thirty-six (36) months from the date of
the initial issuance of this Warrant, one share of Common Stock, par value
$.0001, of the Corporation ("Common Stock") for each Warrant comprising the
total number of Warrants set forth above. The Warrant Price per share shall be
subject to adjustment from time to time as set forth herein. The shares of
Common Stock to be issued upon exercise of Warrants are referred to herein as
"Warrant Shares."

         This Warrant evidencing the right to purchase an aggregate of up to
28,236 shares of Common Stock, is issued in connection with the agreement
between the Corporation and Holder regarding the purchase of certain electronic
components purchased by the Corporation from the Holder at a reduced price. The
sufficiency and adequacy of the Warrant is hereby acknowledged by Corporation.

                                    SECTION 1
                               EXERCISE OF WARRANT
                               -------------------

The rights represented by this Warrant may be exercised by the Holder, in whole
at any time or from time to time in part, but not as to a fractional share of
Common Stock, by the completion of the Notice of Exercise attached hereto and by
the surrender of this Warrant (properly endorsed) at the office of the
Corporation as it may designate by notice in writing to the Holder hereof at the
address of the Holder appearing on the books of the Corporation, and by payment
to the Corporation of the Warrant Price in cash or by certified or official bank
check, for each share being purchased.

In the event of any exercise of the rights represented by this Warrant, a
certificate or certificates for the shares of Common Stock so purchased,
registered in the name of the Holder, or its nominee or other party designated
in the purchase form by the Holder hereof, shall be delivered to the Holder
within thirty (30) business days after the date in which the rights represented
by this Warrant shall have been so exercised; and, unless this Warrant has
expired or has been exercised in full, a new Warrant representing the number of
shares (except a remaining fractional share), if any, with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder
within such time.

<PAGE>

The person in whose name any certificate for shares of Common Stock is issued
upon exercise of this Warrant shall for all purposes be deemed to have become
the Holder of record of such shares on the date on which this Warrant was
surrendered and payment of the Warrant Price, except that, if the date of such
surrender and payment is a date on which the stock transfer books of the
Corporation are closed, such person shall be deemed to have become the Holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open. No fractional shares shall be issued upon
exercise of this Warrant and no payment or adjustment shall be made upon any
exercise on account of any cash dividends on the Common Stock issued upon such
exercise. If any fractional interest in a share of Common Stock would, except
for the provision of this Section 1, be delivered upon such exercise, the
Corporation, in lieu of delivery of a fractional share thereof, shall pay to the
Holder an amount in cash equal to the current market price of such fractional
share as determined in good faith by the Board of Directors of the Corporation
(the "Board").

                                    SECTION 2
                  STOCK SPLITS, CONSOLIDATION, MERGER AND SALE
                  --------------------------------------------

In the event the outstanding shares of Common Stock shall be split, combined or
consolidated, by dividend, reclassification or otherwise, into a greater or
lesser number of shares of Common Stock, the Warrant Price in effect immediately
prior to such combination or consolidation and the number of shares purchasable
under this Warrant shall, concurrently with the effectiveness of such
combination or consolidation, be proportionately adjusted.

If there shall be effected any consolidation or merger of the Corporation with
another corporation, or a sale of all or substantially all of the Corporation's
assets to another corporation, and if the holders of Common Stock shall be
entitled pursuant to the terms of any such transaction to receive stock,
securities or assets with respect to or in exchange for Common Stock, then, as a
condition of such consolidation, merger or sale, lawful and adequate provisions
shall be made whereby the Holder of this Warrant shall thereafter have the right
to receive, upon the basis and upon the terms and conditions specified herein
and in lieu of the shares of Common Stock immediately theretofore receivable
upon the exercise of such Warrant, such shares of stock, securities or assets as
may be issuable or payable with respect to or in exchange for a number of
outstanding shares of such Common Stock equal to the number of shares of such
Common Stock immediately theretofore so receivable had such consolidation,
merger or sale not taken place, and in any such case appropriate provisions
shall be made with respect to the rights and interests of the Holder to the end
that the provisions hereof shall thereafter be applicable, as nearly as may be,
in relation to any shares of stock, securities or assets thereafter deliverable
upon the exercise of this Warrant.

         (a) STOCK TO BE RESERVED. The Corporation will at all times reserve and
         keep available out of its authorized Common Stock, solely for the
         purpose of issue upon the exercise of this Warrant as herein provided,
         such number of shares of Common Stock as shall then be issuable upon
         the exercise of this Warrant. The Corporation shall from time to time
         in accordance with applicable law increase the authorized amount of its
         Common Stock if at any time the number of shares of Common Stock
         remaining unissued and available for issuance shall not be sufficient
         to permit exercise of this Warrant. The Corporation covenants that all
         shares of Common Stock which shall be so issued shall be duly and
         validly issued and fully paid and nonassessable and free from all
         taxes, liens and charges with respect to the issue thereof, and,
         without limiting the generality of the foregoing, the Corporation will
         take all such action as may be necessary to assure that all such shares
         of Common Stock may be so issued without violation of any applicable
         law or regulation, or of any requirements of any national securities
         exchange upon which the Common Stock of the Corporation may be listed.

         (b) ISSUE TAX. The issuance of certificates for shares of Common Stock
         upon exercise of this Warrant shall be made without deduction to the
         Holders of this Warrant for any issuance tax in respect thereof
         provided that the Corporation shall not be required to pay any tax
         which may be payable in respect of any transfer involved in the
         issuance and delivery of any certificate in a name other than that of
         Holder of this Warrant.

                                       2

<PAGE>

         (c) CLOSING OF BOOKS. The Corporation will at no time close its
         transfer books against the transfer of the shares of Common Stock
         issued or issuable upon the exercise of this Warrant in any manner
         which interferes with the timely exercise of this Warrant.

                                    SECTION 3
                             NOTICES OF RECORD DATES
                             -----------------------

In the event of:

         (1)      any taking by the Corporation of a record of the Holders of
                  any class of securities for the purpose of determining the
                  Holders thereof who are entitled to receive any dividend or
                  other distribution (other than cash dividends out of earned
                  surplus), or any right to subscribe for, purchase or otherwise
                  acquire any shares of stock of any class or any other
                  securities or property, or to receive any other right;

         (2)      any capital reorganization of the Corporation, any
                  reclassification, or recapitalization of the capital stock of
                  the Corporation, or any transfer of all or substantially all
                  the assets of the Corporation to, or consolidation or merger
                  of the Corporation with or into any other corporation; or

         (3)      any voluntary or involuntary dissolution, liquidation or
                  winding-up of the Corporation;

then and in each such event the Corporation will give notice to the Holder of
this Warrant specifying (i) the date on which any such record is to be taken for
the purpose of such dividend, distribution or right and stating the amount and
character of such dividend, distribution or right, and (ii) the date on which
any such reorganization, reclassification, recapitalization, transfer,
consolidation, merger, dissolution, liquidation or winding-up is to take place,
and the time, if any is to be fixed, as of which the Holders of record of Common
Stock will be entitled to exchange their shares of Common Stock for securities
or other property deliverable upon such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or
winding-up. Such notice shall be given at least 10 days and not more than 90
days prior to the date therein specified, and such notice shall state that the
action in question or the record date is subject to the effectiveness of a
registration statement under the Securities Act of 1933 or to a favorable vote
of shareholders, if either is required.

                                    SECTION 4
                      NO SHAREHOLDER RIGHTS OR LIABILITIES
                      ------------------------------------

This Warrant shall not entitle the Holder hereof to any voting rights or other
rights as a shareholder of the Corporation. No provision hereof, in the absence
of affirmative action by the Holder hereof to purchase shares of Common Stock,
and no mere enumeration hereon of the rights or privileges of the Holder hereof,
shall give rise to any liability of such Holder for the Warrant Price or as a
shareholder of the Corporation, whether such liability is asserted by the
Corporation or by creditors of the Corporation.

                                    SECTION 5
                            REPRESENTATIONS OF HOLDER
                            -------------------------

The Holder hereby represents and acknowledges to the Corporation that:

         (1)      this Warrant, the Common Stock issuable upon exercise of this
                  Warrant, and any securities issued with respect to either of
                  them by way of a stock dividend or stock split or in
                  connection with a recapitalization, merger, consolidation or
                  other reorganization will be "restricted securities" as such

                                       3

<PAGE>

                  term is used in the rules and regulations under the Securities
                  Act and that such securities have not been and will not be
                  registered under the Securities Act or any state securities
                  law, and that such securities must be held indefinitely unless
                  registration is effected or transfer can be made pursuant to
                  appropriate exemptions;

         (2)      it has read, and fully understands, the terms of this Warrant
                  set forth on its face and the attachment hereto, including the
                  restrictions on transfer contained herein;

         (3)      it has either a pre-existing personal or business relationship
                  with the Corporation or one of its officers, directors or
                  controlling persons;

         (4)      it is receiving this Warrant for investment and for its own
                  account and not with a view to or for sale in connection with
                  any distribution of this Warrant or the Common Stock of the
                  Corporation issuable upon exercise of this Warrant, and it has
                  no intention of selling such securities in a public
                  distribution in violation of the federal securities laws or
                  any applicable state securities laws; provided that nothing
                  contained herein will prevent Holder from transferring such
                  securities in compliance with the terms of this Warrant and
                  the applicable federal and state securities laws;

         (5)      it is an "accredited investor" within the meaning of paragraph
                  (a) of Rule 501 of Regulation D promulgated by the Securities
                  and Exchange Commission and an "excluded purchaser" within the
                  meaning of Section 25102 of the California Corporate
                  Securities Law of 1968;

         (6)      it has been afforded access to the Corporation's financial and
                  business information through disclosure meetings or otherwise,
                  and has had an opportunity to ask the Corporation's officers
                  questions regarding the Corporation and its financial and
                  business condition and to get independent advice from a
                  professional or investment advisor concerning the investment;
                  and it will not exercise the Warrant unless the same is true
                  with respect to its decision to exercise;

         (7)      it has the knowledge and experience in financial and business
                  matters to be capable of evaluating the merits and risks of
                  this investment and to protect its own interest;

         (8)      it acknowledges that an investment in the Corporation and this
                  Warrant involves a high degree of risk; and

         (9)      the Warrant, or any substitution warrant, issued to Holder (or
                  his assigns) will be imprinted with a legend in substantially
                  the form provided below:

                           "The transfer of this Warrant is subject to
                           restrictions contained herein. This Warrant has been
                           issued in reliance upon the representation of the
                           Holder that it has been acquired for investment
                           purposes and not with a view towards the resale or
                           other distribution thereof. Neither this Warrant nor
                           the shares issuable upon the exercise of this Warrant
                           have been registered under the Securities Act of
                           1933."

         (10)     the Corporation may affix the following legend (in addition to
                  any other legend(s), if any, required by applicable state
                  corporate and/or securities laws) to certificates for shares
                  of Common Stock (or other securities) issued upon exercise of
                  this Warrant ("Warrant Shares"):

                           "The securities represented by this certificate have
                           not been registered under the Securities Act of 1933
                           as amended or any state securities law, and may not
                           be sold, transferred or assigned in the absence of an
                           effective registration statement or an opinion of the
                           company's counsel that registration is not required
                           under said act."

                                       4

<PAGE>

                                    SECTION 6
                          NOTICE OF PROPOSED TRANSFERS
                          ----------------------------

The Holder of this Warrant, by acceptance hereof, agrees to comply in all
respects with the provisions of this Section 6. Prior to any proposed transfer
of this Warrant or any Warrant Shares, unless there is in effect a registration
statement under the Securities Act of 1933, as amended (the "Securities Act")
covering the proposed transfer, the Holder of such securities shall give written
notice to the Corporation of such Holder's intention to effect such transfer.
Each such notice shall describe the manner and circumstances of the proposed
transfer in sufficient detail, and shall be accompanied (except in transactions
in compliance with Rule 144) by either (i) a written opinion of legal counsel
who shall be reasonably satisfactory to the Corporation addressed to the
Corporation and reasonably satisfactory in form and substance to the
Corporation's counsel, to the effect that the proposed transfer of the Warrant
and/or Warrant Shares may be effected without registration under the Securities
Act, or (ii) a "no action" letter from the U.S. Securities and Exchange
Commission (the "Commission") to the effect that the transfer of such securities
without registration will not result in a recommendation by the staff of the
Commission that enforcement action be taken with respect thereto, whereupon the
Holder of such securities shall be entitled to transfer such securities in
accordance with the terms of the notice delivered by the Holder to the
Corporation. Each new certificate evidencing the Warrant and/or Warrant Shares
so transferred shall bear the appropriate restrictive legends set forth in
Section 5 above, except that such certificate shall not bear such restrictive
legend if, in the opinion of counsel for the Corporation, such legend is not
required in order to establish or assist in compliance with any provisions of
the Securities Act or any applicable state securities laws.

                                    SECTION 7
                  LOST, STOLEN, MUTILATED OR DESTROYED WARRANT
                  --------------------------------------------

If this Warrant is lost, stolen, mutilated or destroyed, the Corporation may, on
such terms as to indemnity or otherwise as it may in its discretion reasonably
impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as the Warrant so
lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an
original contractual obligation of the Corporation, whether or not the allegedly
lost, stolen, mutilated or destroyed. The Warrant shall be at any time
enforceable by anyone.

                                    SECTION 8
                                   PRESENTMENT
                                   -----------

Prior to due presentment for registration of transfer of this Warrant, the
Corporation may deem and treat the Holder as the absolute owner of the Warrant,
notwithstanding any notation of ownership or other writing thereon, for the
purpose of any exercise thereof and for all other purposes, and the Corporation
shall not be affected by any notice to the contrary.

                                    SECTION 9
                                     NOTICE
                                     ------

Notice or demand pursuant to this Warrant shall be sufficiently given or made,
if sent by first-class mail, postage prepaid, addressed, if to the Holder of
this Warrant, to the Holder at has last known address as it shall appear in the
records of the Corporation, and if to the Corporation, at 4180 La Jolla Village
Drive, Suite 315, La Jolla, California 92037, Attention: SpaceDev Corporate
Counsel. The Corporation may alter the address to which communications are to be
sent by giving notice of such change of address in conformity with the
provisions of this Section 9 for the giving of notice.

                                       5

<PAGE>

                                   SECTION 10
                                  GOVERNING LAW
                                  -------------

The validity, interpretation and performance of this Warrant shall be governed
by the laws of the State of California without regard to principles of conflicts
of laws.

                                   SECTION 11
                               SUCCESSORS, ASSIGNS
                               -------------------

Subject to the restrictions on transfer by Holder set forth in Section 6 hereof,
all the terms and provisions of the Warrant shall be binding upon and inure to
the benefit of and be enforceable by the respective successors and assigns of
the parties hereto.

                                   SECTION 12
                                  SEVERABILITY
                                  ------------

Should any part but not the whole of this Warrant for any reason be declared
invalid, such decision shall not affect the validity of any remaining portion,
which remaining portion shall remain in force and effect as if this Warrant had
been executed with the invalid portion thereof eliminated, and it is hereby
declared the intention of the parties hereto that they would have executed the
remaining portion of this Warrant without including therein any such part which
may, for any reason, be hereafter declared invalid.

                                   SECTION 13
                                GENDER AND NUMBER
                                -----------------

In this Warrant, the masculine, feminine and neuter genders and the singular and
plural shall be deemed to include one another as appropriate.

                                   SECTION 14
                                    CAPTIONS
                                    --------

The descriptive headings of the various Sections or parts of this Warrant are
for convenience only and shall not affect the meaning or construction of any of
the provisions hereof.

                           [SIGNATURE PAGES TO FOLLOW]

                                       6

<PAGE>

         IN WITNESS WHEREOF, the Corporation has caused this Warrant to be duly
executed and delivered on and as of the day and year first above written by one
of its officers thereunto duly authorized.

Dated: February 1, 2000                        SPACEDEV, INC.
                                               A COLORADO CORPORATION

                                               By: /S/ Stan Dubyn
                                               --------------------------------
                                               Stan Dubyn, President

     The undersigned Holder agrees and accepts this Warrant and acknowledges
that he/she/it has read and confirms each of the representations contained in
Section 5.

                                               PHILLIPS AEROSPACE

                                               /S/ Don McKenna
                                               --------------------------------
                                               By:  Don McKenna
                                               Its:  President

                                       7EXHIBIT 10.2

                             STOCK OPTION AGREEMENT

         THIS STOCK OPTION AGREEMENT (the "AGREEMENT") is made and entered into
as of the "Date of Grant" specified below by and between BANK PLUS CORPORATION,
a Delaware corporation (the "COMPANY"), and person specified below as the
"Optionee," an employee of the Company or its wholly-owned subsidiary, Fidelity
Federal Bank, A Federal Savings Bank ("FIDELITY").

                               W I T N E S S E T H
                               -------------------

         WHEREAS, the Company maintains the Bank Plus Corporation Stock Option
and Equity Incentive Plan, as amended (the "PLAN"), a copy of which is attached
hereto as Exhibit A and the terms of which are incorporated herein by reference;
and

         WHEREAS, the Plan is administered by a committee (the "COMMITTEE")
appointed by the Board of Directors of the Company as provided in Section 3 of
the Plan; and

         WHEREAS, the Committee has determined that the Optionee shall be
granted the option hereinafter set forth upon the terms and conditions
hereinafter contained.

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants hereinafter set forth and other good and valuable consideration, the
Company and the Optionee agree as follows:

                                A G R E E M E N T
                                -----------------

         1. Subject to the terms and conditions of this Agreement and the Plan,
and subject to the surrender and cancellation of all stock options previously
granted to the Optionee under the Plan, (which previously granted stock options
shall be automatically deemed cancelled upon the execution and delivery of this
Agreement by Optionee) the Company hereby grants to the Optionee the option (the
"OPTION") to purchase, from time to time, all or a portion of the number of
shares specified below (the "OPTION SHARES") of the Company's common stock, par
value $0.01 per share (the "COMMON STOCK"), at the purchase price per Option
Share specified below (the "EXERCISE PRICE"). The Option shall expire at the
time and on the expiration date specified below ("EXPIRATION DATE"), unless
sooner terminated pursuant to Sections 3 or 4 of this Agreement.

                             OPTIONEE:  JAMES E. STUTZ

                        DATE OF GRANT:  JANUARY 26, 2000

                        OPTION SHARES:  250,000

                       EXERCISE PRICE:  $3.00

                      EXPIRATION DATE:  5:00 P.M. (LOS ANGELES TIME)
                                        ON JANUARY 25, 2010

<PAGE>

The Option shall be exercisable for Option Shares only on the terms specified
below:

                  (a) The Option shall vest and become exercisable for a
cumulative percentage (the "VESTED PERCENTAGE") of the original number of Option
Shares when the Average Share Price (as defined below) reaches specified prices;
provided, however, that, as of the date of this Agreement, the Average Share
Price of $5.00 shall be deemed to have been reached and the Vested Percentage
shall be deemed to be 25% of the original number of Option shares. As used
herein, the "AVERAGE SHARE PRICE" shall mean the average of the closing prices
per share of Common Stock on the Nasdaq Stock Market ("NASDAQ") (or other stock
exchange on which the Common Stock then trades) for any twenty (20) consecutive
trading days on such market or exchange. The following table sets forth the
Vested Percentage attributable each of certain specified Average Share Prices:

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

                   AVERAGE SHARE PRICE            VESTED PERCENTAGE
              ----------------------------- -----------------------------
                         $  4.00                         10%
              ----------------------------- -----------------------------
                            5.00                         25%
              ----------------------------- -----------------------------
                            6.00                         40%
              ----------------------------- -----------------------------
                            7.00                         55%
              ----------------------------- -----------------------------
                            8.00                         70%
              ----------------------------- -----------------------------
                            9.00                         85%
              ----------------------------- -----------------------------
                           10.00                        100%
              ----------------------------- -----------------------------

                  (b) Notwithstanding Section 1(a), the Option shall become
immediately exercisable in its entirety for all Option Shares upon the earlier
of (i) the date a "CHANGE IN CONTROL" (as defined in the Plan) occurs and (ii)
July 28, 2006.

         2. The Option is intended to qualify as an incentive stock option under
Section 422 of the Internal Revenue Code of 1986 (the "CODE"); PROVIDED,
HOWEVER, that if, in any calendar year, vesting were to occur under the terms of
Section 1 hereof with respect to a number of Option Shares exceeding the maximum
limit imposed by the Code for annual vesting of incentive stock options, then
this Option shall only be deemed an incentive stock option with respect to the
earliest Option Shares to vest in such year in the amount of such maximum limit,
and this Option shall be deemed to be a be non-qualified stock option with
respect to the remaining shares that vest in such year. In such event, upon each
subsequent exercise of this Option, the Optionee shall designate in writing to
the Company which, if any, of the Option Shares being acquired were subject to
an incentive stock option and which were subject to a non-qualified stock
option.

         3. If Nasdaq threatens any sanctions against the Company attributable
to this Agreement or the number of Option Shares hereunder, the Company and the
Optionee agree to restructure the Optionee's compensation package to eliminate
Nasdaq's objection and yet retain the equivalent economic benefit to the
Optionee.

                                       2
<PAGE>

         4. The Option is not transferable by the Optionee otherwise than by
will or the laws of descent and distribution, and is exercisable, during the
Optionee's lifetime, only by the Optionee.

         5. In the event of the termination of the employment of the Optionee
with the Company or Fidelity for any reason other than Cause (as defined below),
the Optionee may exercise the Option, to the extent that the Optionee was
entitled to do so on the date of termination, at any time until the earlier of
(i) the close of business on the 90th day following the effective date of such
termination or (ii) the date of expiration of the Option. In the event of the
termination of employment of the Optionee for Cause, the Option shall be
canceled as of the effective date of such termination. For purposes of this
Section, "CAUSE" shall mean the continued failure, either willful or due to
gross negligence, of the Optionee to substantially perform his/her duties as an
employee of the Company or its subsidiaries in a faithful and competent manner;
dishonesty; incompetence; willful misconduct; breach of fiduciary duty involving
personal profit; willful violation of any law, rule or regulation (other than
traffic violations or similar violations) or final cease-and-desist order,
PROVIDED, HOWEVER, that if the Optionee is subject to an employment agreement
with the Company or Fidelity, "Cause" shall have the meaning set forth in such
employment agreement.

         6. In the event the Optionee dies while employed by the Company or
Fidelity, the person or persons to whom the Option is transferred by will or the
laws of descent and distribution may exercise the Option, to the extent that the
Optionee was entitled to do so on the date of the Optionee's death, at any time
until the earlier of (i) the first anniversary of the date of death or (ii) the
date of expiration of the Option.

         7. The Option may be exercised only by written notice to the Secretary
of the Company at its office at 4565 Colorado Boulevard, Los Angeles, California
90039. Such notice shall state the election to exercise the Option and the
number of Option Shares in respect of which it is being exercised and shall be
signed by the Optionee. In no event may the Option be exercised for less than
500 Option Shares unless there are fewer than 500 Option Shares remaining for
exercise under the Option. The certificate or certificates of the Option Shares
as to which the Option shall have been exercised will be registered only in the
Optionee's name. In the event the Option becomes exercisable by another person
or persons upon the death of the Optionee, the notice of exercise shall be
accompanied by appropriate proof of the right to exercise the Option.

         8. At the time of exercise of the Option and prior to the delivery of
the purchased Option Shares, the Optionee shall pay in cash to the Company the
sum of the aggregate purchase price for all Option Shares purchased pursuant to
such exercise of the Option and any Withholding Liability pursuant to Section 11
hereof. All payments shall be made by check payable to the order of the Company.
In lieu of making payment in cash for the aggregate purchase price for all
Option Shares purchased pursuant to the exercise of the Option or any
Withholding Liability, the Optionee may, if the Common Stock is actively traded
on an established market, make such payment (i) by delivery to the Company of
shares of Common Stock owned by the Optionee having a fair market value of at
least equal to the aggregate purchase price for the Option Shares, (ii) partly
in cash and partly by delivery of shares of Common Stock or (iii) such other
method permitted by the Committee so long as such method complies with the
applicable provisions of the Code for incentive stock options. The fair market
value shall be established in accordance with any reasonable valuation methods
determined by the Committee. If the fair market value of the shares of Common
Stock so delivered exceeds the aggregate purchase price for the Option Shares

                                       3
<PAGE>

(or part thereof) and such Withholding Liability, the Company will pay to the
Optionee in cash an amount equal to the fair market value of the fractional
portion of any share of Common Stock so delivered and not applied by the Company
in payment of the purchase price and such Withholding Liability and a
certificate for any whole shares of Common Stock not required to be applied by
the Company in payment of the purchase price and such Withholding Liability. The
Optionee shall not have any of the rights and privileges of a stockholder of the
Company with respect to the Option Shares deliverable upon any exercise of the
Option unless and until certificates representing such shares shall have been
delivered to the Optionee.

         9. The Optionee agrees that any resale of the shares received upon any
exercise of the Option shall be made in compliance with the registration
requirements of the Securities Act of 1933 or an applicable exemption therefrom,
including without limitation the exemption provided by Rule 144 promulgated
thereunder (or any successor rule). The Optionee agrees that the Optionee will
give notice to the Company of any "disposition" (within the meaning of Section
424(c) of the Code) of the shares received upon exercise of the Option which is
made within the two-year period beginning on the Date of Grant or within the
one-year period beginning on the date of the issuance of such shares to the
Optionee. Such notice shall be given in writing within ten days after such
disposition and shall contain a representation by the Optionee of the net amount
realized by the Optionee from the disposition, or, if no amount is realized, a
representation as to the nature of the disposition.

         10. In the event that, prior to the exercise of the Option with respect
to all of the Option Shares, the number of outstanding shares of Common Stock
shall be increased or decreased or changed into or exchanged for a different
number or kind of shares of stock or other securities through a merger,
consolidation, stock dividend, stock split, reverse stock split,
recapitalization or other capital restructuring affecting the outstanding Common
Stock, the number and nature of unpurchased Option Shares hereunder, the
Exercise Price, and the Average Share Price for each Vested Percentage shall be
appropriately adjusted by the Committee.

         11. If the Company or any affiliate of the Company becomes obligated to
withhold an amount on account of any tax imposed as a result of the exercise of
this Option, including, without limitation, any federal, state, local or other
income tax, or any F.I.C.A., state disability insurance tax or other employment
tax (the "WITHHOLDING LIABILITY"), then the Optionee shall, on the date of
exercise and as a condition to the issuance of the Option Shares, pay the
Withholding Liability to the Company in cash or by check payable to the Company.
The Optionee hereby consents to the Company withholding the full amount of the
Withholding Liability from any compensation or other amounts otherwise payable
to the Optionee if the Optionee does not pay the Withholding Liability to the
Company on the date of exercise of the Option, and the Optionee agrees that the
withholding and payment of any such amount by the Company to the relevant taxing
authority shall constitute full satisfaction of the Company's obligation to pay
such compensation or other amounts to the Optionee.

         12. If any of the terms of this Agreement are inconsistent with the
terms of the Plan, the terms of the Plan shall be controlling. The Committee
shall have authority to interpret the Plan and this Agreement and to make any
and all determinations under them, and its decisions shall be binding and
conclusive upon the Optionee and the Optionee's legal representative in respect
of any questions arising under the Plan or this Agreement.

                                       4
<PAGE>

         13. Any notice to be given to the Company shall be addressed to the
Secretary of the Company at 4565 Colorado Boulevard, Los Angeles, California
90039 and any notice to be given to the Optionee shall be addressed to the
Optionee at the Optionee's residence as it may appear on the records of the
Company or at such other address as either party may hereafter designate in
writing to the other.

         14. The Agreement shall be binding upon and inure to the benefit of the
parties hereto and any successors to the business of the Company and any
successors to the Optionee by will or the laws of descent and distribution, but
this Agreement shall not otherwise be assignable by the Optionee.

         15. This Agreement shall be governed by, and construed in accordance
with, the internal laws, and not the laws of conflicts or choice of law, of the
State of California and applicable Federal law.

         16. The Optionee hereby agrees and consents to the surrender and
cancellation of all stock options previously granted to him under the Plan.

         IN WITNESS WHEREOF, this Agreement has been executed by the parties
hereto as of the date and year first above written.

                                                     BANK PLUS CORPORATION

                                                     By:
                                                        ------------------------
                                                        Chief Executive Officer

                                                        /S/ James E. Stutz
                                                        ------------------------
                                                            James E. Stutz

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