Document:

EXHIBIT 4.2

                             STOCK OPTION AGREEMENT
                     [Director and Consultant Non-Qualified]

                  AGREEMENT  made as of the 13th day of  December  1999,  by and
between GBI CAPITAL MANAGEMENT CORP., a Florida corporation (the "Company"), and
______ (the "Director").

                  WHEREAS,  on December 13th, 1999 (the "Grant Date"),  pursuant
to the terms and conditions of the Company's 1999  Performance  Equity Plan (the
"Plan"),  the Board of  Directors  of the  Company  authorized  the grant to the
Director of an option (the  "Option") to purchase an aggregate of 20,000  shares
of the  authorized  but unissued  Common Stock of the Company,  $.0001 par value
(the "Common Stock"),  conditioned upon the Director's  acceptance  thereof upon
the terms and conditions set forth in this Agreement and subject to the terms of
the Plan; and

                  WHEREAS,  the  Director  desires to acquire  the Option on the
terms and conditions set forth in this Agreement and subject to the terms of the
Plan;

                  IT IS AGREED:

                  1.  GRANT OF STOCK  OPTION.  The  Company  hereby  grants  the
Director the Option to purchase all or any part of an aggregate of 20,000 shares
of Common  Stock (the  "Option  Shares") on the terms and  conditions  set forth
herein and subject to the provisions of the Plan.

                  2.  NON-INCENTIVE  STOCK OPTION. The Option represented hereby
is not intended to be an option which  qualifies as an "Incentive  Stock Option"
under Section 422 of the Internal Revenue Code of 1986, as amended.

                  3. EXERCISE  PRICE.  The exercise price of the Option shall be
$3.00 per share, subject to adjustment as hereinafter provided.

                  4. EXERCISABILITY.  This Option is exercisable, subject to the
terms and  conditions  of the Plan,  on and after  December 13, 1999.  After the
Option  becomes  exercisable,  it shall remain  exercisable  except as otherwise
provided herein, until the close of business on December 12, 2009 (the "Exercise
Period").

                  5.  TERMINATION DUE TO DEATH.  Upon the death of the Director,
the portion of the Option,  if any, that was exercisable as of the date of death
may thereafter be exercised by the legal  representative of the estate or by the
legatee of the Director under the will of the Director, for a period of one year
from the date of such  death or until the  expiration  of the  Exercise  Period,
whichever period is shorter. The portion of the Option,

<PAGE>

if any,  that was not  exercisable  as of the date of  death  shall  immediately
terminate upon death.

                  6.  WITHHOLDING  TAX.  Not later  than the date as of which an
amount first becomes  includable in the gross income of the Director for Federal
income tax purposes  with respect to the Option,  the Director  shall pay to the
Company,  or make  arrangements  satisfactory  to the  Committee  regarding  the
payment of, any Federal, state and local taxes of any kind required by law to be
withheld or paid with respect to such  amount.  The  obligations  of the Company
under the Plan and pursuant to this  Agreement  shall be  conditional  upon such
payment or  arrangements  with the Company and the Company shall,  to the extent
permitted  by law,  have the right to deduct any such taxes from any  payment of
any kind otherwise due to the Director from the Company.

                  7.  ADJUSTMENTS.  In the event of any merger,  reorganization,
consolidation,  recapitalization,  dividend  (other than cash  dividend),  stock
split, reverse stock split, or other change in corporate structure affecting the
number of issued shares of Common Stock, the Company shall proportionally adjust
the number and kind of Option  Shares  and the  exercise  price of the Option in
order to prevent the dilution or  enlargement  of the  Director's  proportionate
interest in the Company and her rights  hereunder,  provided  that the number of
Option Shares shall always be a whole number.

                  8.       METHOD OF EXERCISE.

                           8.1.     NOTICE TO THE COMPANY.  The Option shall be
exercised  in whole  or in part by  written  notice  in  substantially  the form
attached  hereto as Exhibit A directed to the Company at its principal  place of
business  accompanied  by full payment as  hereinafter  provided of the exercise
price for the number of Option Shares specified in the notice.

                           8.2.     DELIVERY OF OPTION SHARES.  The Company
shall  deliver a  certificate  for the Option  Shares to the Director as soon as
practicable after payment therefor.

                           8.3.     PAYMENT OF PURCHASE PRICE.

                                    8.3.1.  CASH PAYMENT.  The Director shall
make cash payments by wire transfer,  certified or bank check or personal check,
in each case  payable  to the order of the  Company;  the  Company  shall not be
required  to  deliver  certificates  for Option  Shares  until the  Company  has
confirmed  the receipt of good and  available  funds in payment of the  purchase
price thereof.

                                    8.3.2.  CASHLESS PAYMENT.  Provided that
prior  approval of the Company has been  obtained,  the  Director may use Common
Stock of the  Company  owned  by him or her to pay the  purchase  price  for the
Option Shares by delivery of stock

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<PAGE>

certificates  in negotiable  form which are effective to transfer good and valid
title  thereto  to the  Company,  free of any liens or  encumbrances.  Shares of
Common Stock used for this purpose shall be valued at the Fair Market Value.

                                    8.3.3.  PAYMENT PRICE OF WITHHOLDING TAX.
Any  required  withholding  tax may be paid in  cash  or with  Common  Stock  in
accordance with Sections 8.3.1. and 8.3.2.

                                    8.3.4.  EXCHANGE ACT COMPLIANCE.  Notwith-
standing  the  foregoing,  the  Company  shall  have   the  right   to   reject
payment  in the  form of  Common  Stock if in the  opinion  of  counsel  for the
Company,  (i) it could result in an event of "recapture"  under Section 16(b) of
the Securities Exchange Act of 1934; (ii) such shares of Common Stock may not be
sold or  transferred  to the Company;  or (iii) such transfer could create legal
difficulties for the Company.

                  9.  NONASSIGNABILITY.  The Option shall not be  assignable  or
transferable  except by will or by the laws of descent and  distribution  in the
event of the death of the Director. No transfer of the Option by the Director by
will or by the laws of descent and  distribution  shall be effective to bind the
Company unless the Company shall have been furnished with written notice thereof
and a copy of the will and such other evidence as the Company may deem necessary
to establish the validity of the transfer and the  acceptance by the  transferee
or transferees of the terms and conditions of the Option.

                  10. COMPANY REPRESENTATIONS. The Company hereby represents and
warrants to the Director that:

                           (i) the  Company,  by  appropriate  and all  required
         action,  is duly authorized to enter into this Agreement and consummate
         all of the transactions contemplated hereunder; and

                           (ii) the Option Shares,  when issued and delivered by
         the Company to the Director in accordance with the terms and conditions
         hereof,   will  be  duly  and   validly   issued  and  fully  paid  and
         non-assessable.

                  11.  DIRECTOR REPRESENTATIONS.  The Director hereby represents
and warrants to the Company that

                           (i) he or she is acquiring the Option and shall
         acquire the Option Shares for his or her own account and not with a
         view towards the distribution thereof;

                           (ii) he or she has received a copy of all reports and
         documents  required  to be filed  by the  Company  with the  Commission
         pursuant to the Exchange

                                        3

<PAGE>

         Act within the last 12 months and all reports issued by the Company to\
         its stockholders;

                           (iii) he or she understands  that he or she must bear
         the economic risk of the investment in the Option Shares,  which cannot
         be sold by him or her unless they are  registered  under the Securities
         Act of 1933 (the "1933 Act") or an  exemption  therefrom  is  available
         thereunder and that the Company is under no obligation  to register the
         Option Shares for sale under the 1933 Act;

                           (iv) in his or her position  with the Company,  he or
         she has had both the  opportunity to ask questions and receive  answers
         from the officers and  directors of the Company and all persons  acting
         on its behalf  concerning  the terms and  conditions  of the offer made
         hereunder and to obtain any  additional  information  to the extent the
         Company  possesses  or may possess such  information  or can acquire it
         without unreasonable effort or expense necessary to verify the accuracy
         of the information obtained pursuant to clause (ii) above;

                           (v) he or she is aware that the  Company  shall place
         stop  transfer  orders with its transfer  agent against the transfer of
         the Option Shares in the absence of registration  under the 1933 Act or
         an exemption therefrom as provided herein; and

                           (vi) The  certificates  evidencing  the Option Shares
         shall bear the following legends:

                           "The shares represented by this certificate have been
                           acquired for investment and have not been  registered
                           under the  Securities Act of 1933. The shares may not
                           be  sold  or  trans  ferred  in the  absence  of such
                           registration  or an  exemption  therefrom  under said
                           Act."

                           "The shares represented by this certificate have been
                           acquired pursuant to a Stock Option Agreement,  dated
                           as of December  13,  1999, a copy of which is on file
                           with the Company, and may not be transferred, pledged
                           or  disposed of except in  accordance  with the terms
                           and conditions thereof."

                  12. RESTRICTION ON TRANSFER OF OPTION SHARES. Anything in this
Agreement to the contrary notwithstanding, the Director hereby agrees that he or
she shall not sell,  transfer  by any means or  otherwise  dispose of the Option
Shares acquired by him or her without registration under the 1933 Act, or in the
event that they are not so registered, unless (i) an exemption from the 1933 Act
registration  requirements  is available  thereunder,  and (ii) the Director has
furnished the Company with notice of such proposed

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<PAGE>

transfer and the Company's legal counsel, in its reasonable opinion,  shall deem
such proposed transfer to be so exempt.

                  13.      MISCELLANEOUS.

                           13.1.    NOTICES.  All notices, requests, deliveries,
payments, demands and other communications which are required or permitted to be
given under this  Agreement  shall be in writing  and shall be either  delivered
personally  or sent by  registered  or certified  mail,  or by private  courier,
return  receipt  requested,  postage  prepaid to the  Company  at its  principal
executive  office and to the Director at his address set forth below, or to such
other  address as either party shall have  specified by notice in writing to the
other.  Notice shall be deemed duly given  hereunder when delivered or mailed as
provided herein.

                           13.2.    PLAN PARAMOUNT; CONFLICTS WITH PLAN.  This
Agreement  and the Option shall,  in all  respects,  be subject to the terms and
conditions of the Plan, whether or not stated herein. In the event of a conflict
between the  provisions of the Plan and the  provisions of this  Agreement,  the
provisions of the Plan shall in all respects be controlling.

                           13.3.    STOCKHOLDER RIGHTS.  The Director shall not
have any of the rights of a stockholder  with respect to the Option Shares until
such shares have been issued after the due exercise of the Option.

                           13.4.    WAIVER.  The waiver by any party hereto of a
breach of any provision of this Agreement shall not operate or be construed as a
waiver of any other or subsequent breach.

                           13.5.    ENTIRE AGREEMENT.  This Agreement
constitutes the entire agreement between the parties with respect to the subject
matter hereof.  This Agreement may not be amended except by writing  executed by
the Director and the Company.

                           13.6.    BINDING EFFECT; SUCCESSORS.  This Agreement
shall inure to the benefit of and be binding upon the parties hereto and, to the
extent not prohibited herein,  their respective heirs,  successors,  assigns and
representatives. Nothing in this Agreement, expressed or implied, is intended to
confer on any person other than the parties hereto and as provided above,  their
respective heirs, successors,  assigns and representatives any rights, remedies,
obligations or liabilities.

                           13.7.    GOVERNING LAW.  This Agreement shall be
governed by and construed in accordance  with the laws of the State of New York
(without regard to choice of law provisions).

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<PAGE>

                           13.8.    HEADINGS.  The headings contained herein are
for the sole purpose of  convenience  of reference,  and shall not in any way
limit or affect the  meaning  or  interpretation  of any of the  terms  or
provisions  of  this Agreement.

                  IN WITNESS  WHEREOF,  the  parties  hereto  have  signed  this
Agreement as of the day and year first above written.

DIRECTOR:                                           GBI Capital Management Corp.

____________________________                        By:______________________
                                                       Joseph Berland
                                                       Chairman of the Board and
                                                       Chief Executive Officer

Address of Director:

____________________________

____________________________

                                        6

<PAGE>

                                                                     EXHIBIT A

                      FORM OF NOTICE OF EXERCISE OF OPTION

--------------------
      DATE

GBI Capital Management Corp.

Attention:  Board of Directors

                          RE: PURCHASE OF OPTION SHARES

Gentlemen:

                  In  accordance  with my  Stock  Option  Agreement  dated as of
December  13,  2000   ("Agreement")  with  GBI  Capital  Management  Corp.  (the
"Company"),  I  hereby  irrevocably  elect to  exercise  the  right to  purchase
_________  shares of the  Company's  common  stock,  par value  $.0001 per share
("Common Stock"), which are being purchased for investment and not for resale.

                  As payment  for my  shares,  enclosed  is (check and  complete
applicable box[es]):

         |_|      a [personal check] [certified check] [bank check] payable to
                  the order of "GBI Capital Management Corp." in the sum
                  of $_________;

         |_|      confirmation of wire transfer in the amount of $_____________;
                  and/or

         |_|      [IF  PRIOR  APPROVAL  OF  THE  COMPANY  HAS  BEEN   OBTAINED,]
                  certificate  for ____ shares of the  Company's  Common  Stock,
                  free and clear of any  encumbrances,  duly endorsed,  having a
                  Fair  Market  Value (as such term is defined in the  Company's
                  1999 Performance Equity Plan) of $_________.

                  I hereby  represent,  warrant to, and agree with,  the Company
that

                           (i)      I am acquiring the Option Shares for my own
account and not with a view towards the distribution thereof;

                           (ii)     I have received a copy of all reports and
documents required to be filed by the Company with the Commission pursuant to
the Exchange Act within the last 12 months and all reports issued by the Company
 to its stockholders;

                           (iii) I understand that I must bear the economic risk
of the investment in the Option Shares,  which cannot be sold by me unless they
are registered  under the Securities  Act of 1933 (the "1933 Act") or an
exemption  therefrom is available thereunder  and that the Company is under no
obligation  to register the Option Shares for sale under the 1933 Act;

<PAGE>

                           (iv)     in my position with the Company, I have had
both the opportunity to ask questions and receive answers from the officers and
directors of the Company and all persons acting on its behalf  concerning the
terms and conditions of the offer made hereunder and to obtain any additional
information to the extent the Company  possesses  or may possess  such
information  or can acquire it without unreasonable  effort  or  expense
necessary  to  verify  the  accuracy  of  the information obtained pursuant to
clause (ii) above;

                           (v) I am aware  that the  Company  shall  place  stop
transfer orders with its transfer  agent  against  the  transfer  of the Option
Shares in the absence of registration under the 1933 Act or an exemption
therefrom as provided herein;

                           (vi)     my rights with respect to the Option Shares
shall, in all respects, be subject to the terms and conditions of this Company's
1999 Performance Equity Plan and this Agreement; and

                           (vii) the  certificates  evidencing the Option Shares
shall bear the following legends:

                           "The shares represented by this certificate have been
                           acquired for investment and have not been  registered
                           under the  Securities Act of 1933. The shares may not
                           be  sold  or  transferred  in  the  absence  of  such
                           registration  or an  exemption  therefrom  under said
                           Act."

                           "The shares represented by this certificate have been
                           acquired pursuant to a Stock Option Agreement,  dated
                           as of December  13,  1999, a copy of which is on file
                           with the Company, and may not be transferred, pledged
                           or  disposed of except in  accordance  with the terms
                           and conditions thereof."

                  Kindly  forward  to  me  my  certificate  at  your  earliest
convenience.

                                                      Very truly yours,

------------------------------                       ---------------------------
(Signature)                                          (Address)

------------------------------                       ---------------------------
(Print Name)                                         (Address)

                                                     --------------------------
                                                     (Social Security Number)

                                        2PART-TIME EMPLOYMENT AGREEMENT

         This Part-Time Employment  Agreement  ("Agreement") is made and entered
into between David S. Loeb ("Employee") and Countrywide Credit Industries,  Inc.
("Countrywide") as of February 28, 2000.

1. In exchange for a salary of $500 per month, subject to applicable Federal and
State payroll tax and other  required  withholdings,  Employee  shall provide to
Countrywide,  on no less  than a  quarterly  basis,  a summary  of his  economic
forecast for the United  States and global  economies.  This  forecast  shall be
provided to  Countrywide's  General  Counsel no later than thirty days following
the end of each calendar  quarter during the term of this Agreement,  commencing
on June 30, 2000.  Employee and  Countrywide  further  agree that this  position
shall require no more than 10 hours per month of Employee's  time.  Employee and
Countrywide  further  agree that  Employee is not  entitled  to any  benefits of
employment  other  than what is  specifically  agreed to by the  parties  in the
letter agreement from Sandor E. Samuels dated February 28, 2000.

2. This Agreement shall be effective until July 31, 2005 unless terminated,  and
it may be  terminated  by either  party at any time,  with or without  notice or
cause.  In the event this Agreement is terminated by  Countrywide  other than a)
for "Cause" (as defined in Employee's Third Restated Employment  Agreement dated
March 1, 1999), or b) as a result of Employee's  death,  Countrywide shall cause
all the remaining  outstanding option agreements  covering the options listed on
Exhibit  "A"  (attached  hereto)  which are  outstanding  as of the date of such
employment termination to be amended to provide that the options shall expire at
the  termination  of the  respective  terms  without  regard to any  accelerated
expiration  by reason of  retirement  or other  termination  of  employment.  In
addition, upon employment termination as described in the previous sentence, any
options   contained  in  Exhibit  A  which  are  not  exercisable  shall  become
immediately exercisable.

     3. This Agreement may not be amended without the express written consent of
both parties hereto.

 IN WITNESS  HEREOF,  the parties have executed this Agreement as of the
date first above written.

                      COUNTRYWIDE CREDIT INDUSTRIES, INC.

    By:__________________________________

Title:_________________________________

                                            ------------------------------------
                                      David S. Loeb, in his individual capacity

                                    Exhibit A
<TABLE>

David S. Loeb

Option Agreements

------------------------------------- ----------------------------------- -----------------------------------
             Grant Date                        Expiration Date                        Number of
                                                                                    Option Shares

------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
<S>          <C>   <C>                            <C>   <C>                                            <C>
             03/24/1992                           03/24/2002                                           2,675
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             03/24/1992                           03/24/2002                                         109,948
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             04/07/1993                           04/07/2003                                         283,806
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             06/01/1995                           06/01/2005                                          18,890
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             06/01/1995                           06/01/2005                                         100,607
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             06/01/1995                           06/01/2005                                          59,749
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
            06/03/1996*                           06/03/2006                                         358,089
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
            06/03/1996*                           06/03/2006                                           6,004
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             07/11/1996                           07/11/2006                                       1,000,000
------------------------------------- ----------------------------------- -----------------------------------

                                          Total Number of Option Shares:                           1,939,768

     As of February 28, 2000

* CONTAINS OPTIONS WHICH HAVE NOT VESTED AS OF FEBRUARY 28, 2000
</TABLE>

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