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                                                                   EXHIBIT 10.18

                              EMPLOYMENT AGREEMENT

            THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into
by and between REGENERATION TECHNOLOGIES, INC. a Florida for-profit corporation
(the "Corporation") and NANCY R. HOLLAND ("Employee").

            WHEREAS, the Corporation is engaged in the business of manufacturing
products from human and animal tissue in Alachua, Florida; and

            WHEREAS, the Corporation desires to employ Employee and Employee
desires to accept such employment during the term of this Agreement and upon the
terms and conditions set forth herein.

            NOW, THEREFORE, in consideration of the mutual promises and the
benefits accruing to the parties hereto, the parties agree as follows:

            1. Employment. The Corporation hereby agrees to employ Employee, and
Employee hereby agrees to accept such employment, to render services on behalf
of the Corporation as Vice President of Business Development. The duties of
Employee shall be those established by the Corporation's Board of Directors, or
its officers, from time to time.

            2. Devotion to Employment. During the term of this Agreement,
Employee shall devote approximately fifty percent (50%) of her time on behalf of
the Corporation, it being understood and agreed between the Corporation and
Employee that Employee shall devote the remaining fifty percent (50%) of her
time on behalf of University of Florida Tissue Bank, Inc. ("Tissue Bank") and
Employee shall not engage in any other gainful employment without the written
consent of the Corporation. Provided, however, that nothing contained herein
shall prohibit Employee from investing or trading in stocks, bonds, commodi-

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ties or other forms of investment, including real property. Employee and
Corporation agree to review, on a semi-annual basis, the actual division of
Employee's time between Corporation and Tissue Bank.

            3. Term of Agreement. This Agreement shall be effective as of
February 13, 1998, and it shall continue in full force and effect for a period
of five (5) years unless sooner terminated as hereinafter provided.

            4. Compensation.

                  (a) Annual Salary. The Corporation shall pay to Employee as
compensation for her services a salary of Seventy-Five Thousand Dollars
($75,000.00) per year, payable in equal monthly installments. Employee's salary
shall be reviewed annually by the Corporation's Board of Directors, at which
time Employee's salary may be adjusted as agreed upon by the Corporation's Board
of Directors.

                  (b) Performance Bonus. To provide greater incentive for
Employee by rewarding her with additional compensation, a cash bonus may be paid
to Employee at any time during the year, or after the close of the year, based
upon the performance of the Corporation and the performance of Employee during
such year; provided, however, that the payment of any such bonus and the amount
thereof shall be within the sole discretion of the Corporation's Board of
Directors. In making such determination, the Directors will consider the
following:

                        (i) The net profits of the Corporation for the year;

                        (ii) The base salary of Employee;

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                        (iii) Employee's overall performance as an employee of
      the Corporation;

                        (iv) A comparison of Employee's performance with the
      performance of the other employees of the Corporation; and

                        (v) Such other matters as may be considered appropriate
      by the Directors.

                  (c) Stock of the Corporation. The Corporation shall issue to
Employee Two Hundred Twenty Thousand (220,000) shares of common stock of the
Corporation (the "Shares"). The Shares shall be issued as described herein only
upon Employee's execution of a Stock Restriction Agreement for Regeneration
Technologies, Inc. (the "Stock Restriction Agreement"), which, inter alia,
restricts the transfer of the Shares and contains certain buy-back provisions
regarding the Shares upon the termination of Employee's employment with the
Corporation.

                  (d) Withholding, FICA, FUTA. Employee's salary and performance
bonus, if any, shall be subject to, and reduced by, applicable federal income
tax withholding and FICA tax, and any other taxes imposed by law.

            5. Fringe Benefits. During the term of this Agreement, Employee
shall be entitled to all fringe benefits offered generally to the Corporation's
managerial employees as established or modified from time to time by the
Corporation, pro rated based on the percentage of time Employee devotes to the
Corporation, subject always to the rules in effect regarding participation in
such plans. In addition, the Corporation shall obtain and maintain in force
during the term of this Agreement a life insurance policy covering Employee's
life in a

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face value of not less than one million dollars ($1,000,000.00). The death
benefit of such policy shall be made payable to the beneficiary or beneficiaries
Employee may from time to time designate in writing.

            6. Business Expenses. Except as otherwise provided herein, the
Corporation shall pay, either directly or by reimbursement to Employee, such
reasonable and necessary business expenses incurred by Employee in the course
of her employment by the Corporation as are consistent with the Corporation's
policies in existence from time to time, subject to such dollar limitations and
verification and record keeping requirements as may be established from time to
time by the Corporation.

            7. Vacation. Employee shall be entitled to two (2) weeks paid
vacation time each year. All vacations shall be taken by Employee at such time
or times as may be approved by the Corporation. There will be no carryover of
unused vacation time or sick leave from one year to another, and no compensation
for such unused vacation or sick leave, if any.

            8. Time Off. Employee shall be entitled to such time off with pay
for attendance at seminars, courses, meetings and conventions as is authorized
by the Corporation from time to time. The specific seminars, courses, meetings
and conventions to be attended by Employee shall be subject to the Corporation's
prior approval.

            9. Termination of Employment.

                  (a) Voluntary Termination. Employee or the Corporation may
voluntarily terminate Employee's employment with the Corporation (and, except as
otherwise specifically provided hereunder, this Agreement) at any time, by
delivering to the other party

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written notice of such intention not less than thirty (30) days prior to the
effective date of termination. Notwithstanding the foregoing, if notice of
termination is given by Employee to the Corporation, then the Corporation shall
have the option of advancing the effective date of such termination to any date
after receipt of such notice from Employee, which option shall be exercised by
the Corporation within three (3) business days of receipt of such notice.

                  (b) Termination for Cause. The Corporation may immediately
terminate Employee's employment with the Corporation (and, except as otherwise
specifically provided hereunder, this Agreement) for "cause" by giving written
notice (without regard to the thirty (30) day period provided above) of such
termination to Employee specifying the grounds therefor. A termination for
"cause" shall only be for any one or more of the following reasons:

                        (i) Willfully or negligently damaging the Corporation's
      property, business, reputation or goodwill.

                        (ii) Willfully injuring any employee of the Corporation.

                        (iii) Willfully injuring any person in the course of the
      performance of services for the Corporation.

                        (iv) Lawfully charged with commission of a felony.

                        (v) Stealing, dishonesty, fraud or embezzlement.

                        (vi) Deliberate and continuous neglect of duty.

                        (vii) Use of alcohol or narcotics to the extent it
      prevents, in the sole judgment of the Corporation's Board of Directors,
      Employee from effectively performing the duties set forth in Paragraph 1
      above.

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                        (viii) Violating the covenants set forth in Paragraphs
      10 or 11 of this Agreement.

                  The decision to terminate Employee's employment for "cause"
shall be made by the Corporation's Board of Directors in its sole discretion.

                  (c) Termination Upon Death, Incompetency or Disability.
Notwithstanding Subparagraph 9(a) above, the Corporation shall have the right to
terminate Employee's employment with the Corporation (and, except as otherwise
specifically provided hereunder, this Agreement) immediately and without prior
written notice to Employee in the event that Employee dies, or is adjudicated
incompetent, or is "permanently disabled", as hereinafter defined. As used
herein, the term "permanently disabled" shall mean that Employee is unable to
adequately perform her regular duties hereunder as a result of sickness or
accident and such condition appears to be permanent. The determination of
"permanent disability" shall be made by the Corporation's Board of Directors in
its sole and absolute discretion and its decision shall be final and binding on
Employee unless found to be arbitrary or capricious by a court of competent
jurisdiction.

                  (d) Performance of Duties During Notice Period. In the event
that Employee terminates Employee's employment with the Corporation in
accordance with the terms of Subparagraph 9(a), Employee, if requested by the
Corporation, shall continue to render services hereunder on behalf of the
Corporation for the thirty (30) day period until the effective date of
termination, and shall, in such event, be paid the compensation due Employee
hereunder for the remainder of such period.

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            10. Confidential Information. Employee acknowledges and recognizes
that, in connection with the performance of Employee's duties and obligations
for the Corporation, Employee has and will have access to certain confidential
information of the Corporation, including, but not limited to, any intellectual
property of the Corporation, the identity of the Corporation's clients, the
identity of prospective clients, the existence of negotiations with prospective
clients of the Corporation, all drawings, records, sketches, models, financial
information, customer information, trade secrets, and trade secrets relating to
services of the Corporation, and products being developed by the Corporation
(the "Confidential Information"). Employee hereby acknowledges that the
maintenance of the confidentiality of the Confidential Information and
restrictions on the use of the Confidential Information is essential to the
Corporation. Employee shall not, at any time, whether during the term of this
Agreement or after the termination of Employee's employment with the Corporation
for any reason whatsoever, divulge or reveal any of the Confidential Information
to any person, party or entity, directly or indirectly. In addition, Employee
shall not utilize any of the Confidential Information for Employee's own
benefit, or for the benefit of any subsequent employer or competitor of the
Corporation. Employee shall maintain the Confidential Information in strict
confidence and shall not copy, duplicate or otherwise reproduce, in whole or in
part, such Confidential Information, except as necessary for Employee to perform
services for the Corporation. Upon the termination of Employee's employment by
the Corporation, or at the earlier request of the Corporation, Employee shall
immediately surrender to the Corporation any and all memoranda, records, files
or other documents and any other materials (including photocopies or other
reproductions) containing or relating to the Confidential Information.

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Employee shall indemnify and hold the Corporation harmless from any loss,
damage, expense, cost or liability arising out of any unauthorized use or
disclosure of the Confidential Information by Employee. The provisions of this
Paragraph 10 shall survive the termination of Employee's employment with the
Corporation and the termination of this Agreement.

            11. Employee Developments. Employee is aware and understands that,
during the term of Employee's employment with the Corporation or with the
financial and other assistance that may be provided by the Corporation, Employee
may invent, create, develop and improve certain valuable property such as, but
not limited to, patents, trademarks, inventions, other patentable inventions and
other trade secrets and formula, where such valuable property is (1) created
during Employee's normal work hours; (2) created using the equipment or
facilities of the Corporation; (3) created by Employee under the supervision or
guidance of the Corporation; or (4) within the field of use which includes human
or animal allograft tissue ("Employee Developments"). Employee agrees that all
Employee Developments that may be developed or produced by Employee during
Employee's employment by the Corporation are and will be the property of the
Corporation and that Employee further agrees that she will, at the request of
the Corporation, execute such documents as the Corporation may reasonably
request from time to time, to assign and transfer all of the right, title and
interest in Employee Developments to the Corporation and she will cooperate with
the Corporation in connection with any patent applications. In this regard,
Employee will, at all times, fully advise and inform the Corporation of all
matters that Employee may be developing or working on while employed by the
Corporation. Employee

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further agrees that upon the termination of her employment with the Corporation
for any reason whatsoever, Employee shall immediately deliver and surrender to
the Corporation any and all plans, documents and other materials of any nature
relating to the Employee Developments. The Corporation may provide additional
compensation to Employee as consideration for Employee Developments in
accordance with any patent policy of the Corporation. The provisions of this
Paragraph 11 shall survive the termination of this Agreement.

            12. Limitation of Employment.

                  (a) In the event of the termination of Employee's employment
with the Corporation by the Corporation for cause (as defined in Subparagraph
9(b) above), Employee agrees that for a period of one (1) year following the
effective date of such termination, Employee will not engage any business which
receives, processes, or distributes human tissue within the United States. In
the event of the termination of Employee's employment with the Corporation by
the Corporation without cause, Employee agrees that for a period of one (1) year
following the effective date of such termination, Employee will not engage in
any business which receives, processes, or distributes human tissue within the
United States; provided, however, that Employee shall then be entitled to a
severance payment in the amount of one (1) times Employee's annual salary
(computed without reference to shares of stock in the Corporation, fringe
benefits, or any other form of compensation). The Corporation may require
Employee to execute a release of claims against the Corporation as a condition
precedent to its obligation to make the severance payment described herein.

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                  (b) Employee acknowledges that this restrictive covenant is
reasonably necessary to protect the Corporation's legitimate business interests,
which are represented by, among other things, the substantial relationships
between the Corporation and its licensees and tissue sources, as well as the
goodwill established by the Corporation with licensees and tissue sources in the
United States and other countries where the Corporation's tissues are
distributed over a protracted period.

                  (c) Employee recognizes the fact that the Corporation would
not sign this Agreement without the inclusion of this covenant, and Employee
confirms the sufficiency of the consideration received by Employee, in the form
of employment by the Corporation, in accepting this covenant as a material term
of the Agreement.

                  (d) The parties acknowledge and agree that no amount of money
would adequately compensate the Corporation for damages which the parties
acknowledge would be suffered as a result of the violation of the terms of this
provision by Employee, and they confirm that any such violation would result in
irreparable injury to the Corporation because of the reduction in its income
caused by the loss of or damage to the aforesaid relationships. It is agreed
that the Corporation will be entitled to specific performance of this provision,
and to injunctive relief, in view of the fact that the actual harm is not
readily ascertainable or compensable by money damages.

                  (e) The period set forth in subparagraph (a) above will be
tolled during any time in which Employee is in violation of the restrictive
covenant contained in this Paragraph 12, and that period will begin to run again
from the date Employee ceases such violation.

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                  (f) This Paragraph 12 will survive the termination of this
Agreement and the termination of Employee's employment with the Corporation.

            13. Remedies For Breach. It is understood and agreed by the parties
that no amount of money would adequately compensate the Corporation for damages
which the parties acknowledge would be suffered as a result of a violation by
the Employee of the covenants contained in Paragraphs 10, 11 and 12 above, and
that, therefore, the Corporation shall be entitled, upon application to a court
of competent jurisdiction, to obtain injunctive relief to enforce the provisions
of Paragraphs 10, 11 and 12, which injunctive relief shall be in addition to any
other rights or remedies available to the Corporation. If such a violation
occurs, Employee shall be responsible for the payment of reasonable attorney's
fees and other costs and expenses incurred by the Corporation in enforcing the
covenants contained in Paragraphs 10, 11 and 12 above, whether incurred at the
trial level or in any appellate proceeding. The provisions of this Paragraph 13
shall survive the termination of this Agreement.

            14. Limitations on Authority. Without the express written consent of
the Corporation's Board of Directors, Employee shall have no authority to do any
of the following:

                  (a) Pledge the credit of the Corporation or any of its other
employees;

                  (b) Bind the Corporation under any contract, agreement, note,
mortgage or other obligation, except as provided in the Corporation's Standard
Operating Procedures;

                  (c) Release or discharge any debt due the Corporation unless
the Corporation has received the full amount thereof; or

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                  (d) Sell, mortgage, transfer or otherwise dispose of any
assets of the Corporation.

      Notwithstanding the foregoing, Employee may bind the Corporation under
contracts, agreements, notes, mortgages or other obligations up to a value of
$100,000, provided the approval and signature of either the Corporation's
President or Chief Financial Officer is also obtained with respect to same.

            15. Severability. If any provision of this Agreement shall be
declared invalid or unenforceable by a court of competent jurisdiction, the
invalidity or unenforceability of such provision shall not affect the other
provisions hereof, and this Agreement shall be construed and enforced in all
respects as if such invalid or unenforceable provision was omitted.

            16. Attorney's Fees and Costs. Except as provided in Paragraph 13
above, in the event a dispute arises between the parties hereto and suit is
instituted, the prevailing party in such litigation shall be entitled to recover
reasonable attorney's fees and other costs and expenses from the nonprevailing
party, whether incurred at the trial level or in any appellate proceeding.

            17. Governing Law; Venue. This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida, and venue for any
legal proceeding or action at law arising out of or construing this Agreement
shall lie in the state courts of Alachua County, Florida, or the United States
District Court for the Northern District of Florida, Gainesville Division.

            18. Completeness of Agreement. All understandings and agreements
heretofore made between the parties hereto with respect to the subject matter of
this Agreement are merged into this document which alone fully and completely
expresses their agreement. No

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change or modification may be made to this Agreement except by instrument in
writing duly executed by the parties hereto with the same formalities as this
document.

            19. Notices. Any and all notices or other communications provided
for herein shall be given in writing and shall be hand delivered or sent by
United States mail, postage prepaid, registered or certified, return receipt
requested, addressed as follows:

                   If to the Corporation:
                   Regeneration Technologies, Inc.
                   One Innovation Drive
                   Alachua, Florida 32615
                   Attn: President

                   If to Employee:

                   Nancy R. Holland
                   11530 NW 67th
                   Alachua, Florida 32615

provided, however, that any party may, from time to time, give notice to the
other party of some other address to which notices or other communications to
such party shall be sent, in which event, notices or other communications to
such party shall be sent to such address. Any notice or other communication
shall be deemed to have been given and received hereunder as of the date the
same is actually hand delivered or, if mailed, when deposited in the United
States mail, postage prepaid, registered or certified, return receipt requested.

            20. Assignment. Neither party to this Agreement may assign its
rights or obligations hereunder without the prior written consent of the other
party.

            21. Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the respective parties hereto, their heirs, legal
representatives, successors and permitted assigns.

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            22. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed an original, and all of which shall
constitute but one and the same instrument.

            23. Captions. The captions appearing in this Agreement are inserted
only as a matter of convenience and in no way define, limit, construe or
describe the scope or intent of any provisions of this Agreement or in any way
affect this Agreement.

            24. Employee Handbook. Employee agrees to follow and be bound by the
guidelines contained in the Corporation's Employee Handbook, as same may be
modified from time to time.

                         (Signatures on following page)

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            IN WITNESS WHEREOF, the undersigned have executed this Agreement on
this 14th day of December, 1998.

WITNESSES:                           "CORPORATION"

                                     Regeneration Technologies, Inc.

/s/ [ILLEGIBLE]                      By: /s/ James M. Grooms
---------------------------------        ---------------------------------------
                                         James M. Grooms, President

                                     "EMPLOYEE"

/s/ [ILLGIBLE]                       /s/ Nancy R. Holland
---------------------------------    ---------------------------------------
                                     Nancy R. Holland

/s/ [ILLEGIBLE]
---------------------------------

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                                                                   Exhibit 10.19

                         REGENERATION TECHNOLOGIES, INC.
                               OMNIBUS STOCK PLAN

1. Establishment, Purpose and Types of Awards

      REGENERATION TECHNOLOGIES, INC. (the "Corporation') hereby establishes the
REGENERATION TECHNOLOGIES INC. OMNIBUS STOCK PLAN (the "Plan"). The purpose of
the Plan is to promote the long-term growth and profitability of the Corporation
by (i) providing key people with incentives to improve stockholder value and to
contribute to the growth and financial success of the Corporation, and (ii)
enabling the Corporation to attract, retain and reward the best-available
persons for positions of substantial responsibility.

      The Plan permits the granting of stock options (including incentive stock
options qualifying under Code section 422 and nonqualified stock options), stock
appreciation rights, restricted or unrestricted stock awards, phantom stock,
performance awards, or any combination of the foregoing.

2. Definitions

      Under this Plan, except where the context otherwise indicates, the
following definitions apply:

      (a) "Affiliate shall mean any entity, whether now or hereafter existing,
which controls, is controlled by, or is under common control with, the
Corporation (including, but not limited to, joint ventures, limited liability
companies, and partnerships). For this purpose, "control" shall mean ownership
of 50% or more of the total combined voting power or value of all classes of
stock or interests of the entity.

      (b) "Award" shall mean any stock option, stock appreciation right, stock
award, phantom stock award, or performance award.

      (c) "Board" shall mean the Board of Directors of the Corporation.

      (d) "Code" shall mean the Internal Revenue Code of 1986, as amended,
regulations promulgated thereunder.

      (e) "Common Stock" shall mean shares of the Corporation's Common Stock,
par value of $.001 per share.

      (f) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

      (g) "Fair Market Value" of a share of the Corporation's Common Stock for
any purpose on a particular date shall be determined in a manner such as the
Administrator shall in good faith determine to be appropriate; provided that in
the event the Common Stock shall become registered under Section 12 of the
Exchange Act, then thereafter the Fair Market Value of the Corporation's Common
Stock for any purpose on a particular date shall mean the last reported sale
price per share of Common Stock, regular way, on such date or, in case no such
sale takes place on such date, the average of the closing bid and asked prices,
regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to
trading on a national securities exchange or included for quotation on the
Nasdaq-National Market, or if the Common Stock

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is not so listed or admitted to trading or included for quotation, the last
quoted price, or if the Common Stock is not so quoted, the average of the high
bid and low asked prices, regular way, in the over-the-counter market, as
reported by the National Association of Securities Dealers, Inc. Automated
Quotation System or, if such system is no longer in use, the principal other
automated quotations system that may then be in use or, if the Common Stock is
not quoted by any such organization, the average of the closing bid and asked
prices, regular way, as furnished by a professional market maker making a market
in the Common Stock as selected in good faith by the Administrator or by such
other source or sources as shall be selected in good faith by the Administrator.
If, as the case may be, the relevant date is not a trading day, the
determination shall be made as of the next preceding trading day. As used
herein, the term "trading day" shall mean a day on which public trading of
securities occurs and is reported in the principal consolidated reporting system
referred to above, or if the Common Stock is not listed or admitted to trading
on a national securities exchange or included for quotation on the
Nasdaq-National Market, any business day.

      (h) "Grant Agreement" shall mean a written document memorializing the
terms and conditions of an Award granted pursuant to the Plan and shall
incorporate the terms of the Plan.

      (i) "Rule 16b-3" shall mean Rule 16b-3 as in effect under the Exchange Act
on the effective date of the Plan, or any successor provision prescribing
conditions necessary to exempt the issuance of securities under the Plan (and
further transactions in such securities) from Section 16(b) of the Exchange Act.

      (j) "Stockholders' Agreement" shall mean the Corporation's Stockholders'
Agreement dated February 12, 1998, as it may be amended and/or restated from
time to time.

3. Administration

      (a) Administration of the Plan. The Plan shall be administered by the
Board or by such committee or committees as may be appointed by the Board from
time to time (the Board, committee or committees hereinafter referred to as the
"Administrator").

      (b) Powers of the Administrator. The Administrator shall have all the
powers vested in it by the terms of the Plan, such powers to include authority,
in its sole and absolute discretion, to grant Awards under the Plan, prescribe
Grant Agreements evidencing such Awards and establish programs for granting
Awards.

      The Administrator shall have full power and authority to take all other
actions necessary to carry out the purpose and intent of the Plan, including,
but not limited to, the authority to: (i) determine the eligible persons to
whom, and the time or times at which Awards shall be granted; (ii) determine the
types of Awards to be granted; (iii) determine the number of shares to be
covered by or used for reference purposes for each Award; (iv) impose such
terms, limitations, restrictions and conditions upon any such Award as the
Administrator shall deem appropriate; (v) modify, amend, extend or renew
outstanding Awards, or accept the surrender of outstanding Awards and substitute
new Awards (provided however, that, except as provided in Section 7(d) of the
Plan, any modification that would materially adversely affect any outstanding
Award shall not be made without the consent of the holder); (vi) accelerate or
otherwise change the time in which an Award may be exercised or becomes payable
and to waive or accelerate the lapse, in whole or in part, of any restriction or
condition with

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respect to such Award, including, but not limited to, any restriction or
condition with respect to the vesting or exercisability of an Award following
termination of any grantee's employment; and (vii) establish objectives and
conditions, if any, for earning Awards and determining whether Awards will be
paid after the end of a performance period.

      The Administrator shall have full power and authority, in its sole and
absolute discretion, to administer and interpret the Plan and to adopt and
interpret such rules, regulations, agreements, guidelines and instruments for
the administration of the Plan and for the conduct of its business as the
Administrator deems necessary or advisable.

      (c) Non-Uniform Determinations. The Administrator's determinations under
the Plan (including without limitation, determinations of the persons to receive
Awards, the form, amount and timing of such Awards, the terms and provisions of
such Awards and the Grant Agreements evidencing such Awards) need not be uniform
and may be made by the Administrator selectively among persons who receive, or
are eligible to receive, Awards under the Plan, whether or not such persons are
similarly situated.

      (d) Limited Liability. To the maximum extent permitted by law, no member
of the Administrator shall be liable for any action taken or decision made in
good faith relating to the Plan or any Award thereunder.

      (e) Indemnification. To the maximum extent permitted by law and by the
Corporation's charter and by-laws, the members of the Administrator shall be
indemnified by the Corporation in respect of all their activities under the
Plan.

      (f) Effect of Administrator's Decision. All actions taken and decisions
and determinations made by the Administrator on all matters relating to the Plan
pursuant to the powers vested in it hereunder shall be in the Administrator's
sole and absolute discretion and shall be conclusive and binding on all parties
concerned, including the Corporation, its stockholders, any participants in the
Plan and any other employee of the Corporation, and their respective successors
in interest.

4. Shares Available for the Plan; Maximum Awards

      Subject to adjustments as provided in Section 7(d) of the Plan, the shares
of Common Stock that may be issued with respect to Awards granted under the Plan
shall not exceed an aggregate of two hundred thousand (200,000) shares of Common
Stock. The Corporation shall reserve such number of shares for Awards under the
Plan, subject to adjustments as provided in Section 7(d) of the Plan. If any
Award, or portion of an Award, under the Plan expires or terminates unexercised,
becomes unexercisable or is forfeited or otherwise terminated, surrendered or
canceled as to any shares, or if any shares of Common Stock are surrendered to
the Corporation in connection with any Award (whether or not such surrendered
shares were acquired pursuant to any Award), the shares subject to such Award
and the surrendered shares shall thereafter be available for further Awards
under the Plan; provided, however, that any such shares that are surrendered to
the Corporation in connection with any Award or that are otherwise forfeited
after issuance shall not be available for purchase pursuant to incentive stock
options intended to qualify under Code section 422.

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5. Participation

      Participation in the Plan shall be open to all employees, officers, and
directors of the Corporation, or of any Affiliate of the Corporation and to
third parties which provide services to the Corporation, their employees and
officers, as may be selected by the Administrator from time to time.

6. Awards

      The Administrator, in its sole discretion, establishes the terms of all
Awards granted under the Plan. Awards may be granted individually or in tandem
with other types of Awards. All Awards are subject to the terms and conditions
provided in the Grant Agreement.

      (a) Stock Options. The Administrator may from time to time grant to
eligible participants Awards of incentive stock options as that term is defined
in Code section 422 or nonqualified stock options; provided, however, that
Awards of incentive stock options shall be limited to employees of the
Corporation or of any Parent or Subsidiary of the Corporation. Options intended
to qualify as incentive stock options under Code section 422 must have an
exercise price at least equal to Fair Market Value on the date of grant, but
nonqualified stock options may be granted with an exercise price less than Fair
Market Value. No stock option shall be an incentive stock option unless so
designated by the Administrator at the time of grant or in the Grant Agreement
evidencing such stock option.

      (b) Stock Appreciation Rights. The Administrator may from time to time
grant to eligible participants Awards of Stock Appreciation Rights ("SAR"). An
SAR entitles the grantee to receive, subject to the provisions of the Plan and
the Grant Agreement, a payment having an aggregate value equal to the product of
(i) the excess of (A) the Fair Market Value on the exercise date of one share of
Common Stock over (B) the base price per share specified in the Grant Agreement,
times (ii) the number of shares specified by the SAR, or portion thereof, which
is exercised. Payment by the Corporation of the amount receivable upon any
exercise of an SAR may be made by the delivery of Common Stock or cash, or any
combination of Common Stock and cash, as determined in the sole discretion of
the Administrator. If upon settlement of the exercise of an SAR a grantee is to
receive a portion of such payment in shares of Common Stock, the number of
shares shall be determined by dividing such portion by the Fair Market Value of
a share of Common Stock on the exercise date. No fractional shares shall be used
for such payment and the Administrator shall determine whether cash shall be
given in lieu of such fractional shares or whether such fractional shares shall
be eliminated.

      (c) Stock Awards. The Administrator may from time to time grant restricted
or unrestricted stock Awards to eligible participants in such amounts, on such
terms and conditions, and for such consideration, including no consideration or
such minimum consideration as may be required by law, as it shall determine. A
stock Award may be paid in Common Stock, in cash, or in a combination of Common
Stock and cash, as determined in the sole discretion of the Administrator.

      (d) Phantom Stock. The Administrator may from time to time grant Awards to
eligible participants denominated in stock-equivalent units ("phantom stock") in
such amounts and on such terms and conditions as it shall determine. Phantom
stock units granted to a participant shall be credited to a bookkeeping reserve
account solely for accounting purposes and shall not require a segregation of
any of the Corporation's assets. An Award of phantom stock may be settled in
Common Stock, in cash, or in a combination of Common Stock and cash, as
determined in the sole

                                      -4-
<PAGE>

discretion of the Administrator. Except as otherwise provided in the applicable
Grant Agreement, the grantee shall not have the rights of a stockholder with
respect to any shares of Common Stock represented by a phantom stock unit solely
as a result of the grant of a phantom stock unit to the grantee.

      (e) Performance Awards. The Administrator may, in its discretion, grant
performance awards which become payable on account of attainment of one or more
performance goals established by the Administrator. Performance awards may be
paid by the delivery of Common Stock or cash, or any combination of Common Stock
and cash, as determined in the sole discretion of the Administrator. Performance
goals established by the Administrator may be based on the Corporation's or an
Affiliate's operating income or one or more other business criteria selected by
the Administrator that apply to an individual or group of individuals, a
business unit, or the Corporation or an Affiliate as a whole, over such
performance period as the Administrator may designate.

7. Miscellaneous

      (a) Withholding of Taxes. Grantees and holders of Awards shall pay to the
Corporation, or make provision satisfactory to the Administrator for payment of,
any taxes required to be withheld in respect of Awards under the Plan no later
than the date of the event creating the tax liability. The Corporation may, to
the extent permitted by law, deduct any such tax obligations from any payment of
any kind otherwise due to the grantee or holder of an Award. In the event that
payment to the Corporation of such tax obligations is made in shares of Common
Stock, such shares shall be valued at Fair Market Value on the applicable date
for such purposes.

      (b) Loans. The Corporation may make or guarantee loans to grantees to
assist grantees in exercising Awards and satisfying any withholding tax
obligations.

      (c) Transferability. Except as otherwise determined by the Administrator,
and in any event in the case of an incentive stock option or a stock
appreciation right granted with respect to an incentive stock option, no Award
granted under the Plan shall be transferable by a grantee otherwise than by will
or the laws of descent and distribution. Unless otherwise determined by the
Administrator in accord with the provisions of the immediately preceding
sentence, an Award may be exercised during the lifetime of the grantee, only by
the grantee or, during the period the grantee is under a legal disability, by
the grantee's guardian or legal representative.

      (d) Adjustments; Business Combinations. In the event of changes in the
Common Stock of the Corporation by reason of any stock dividend, split-up,
recapitalization, merger, consolidation. business combination or exchange of
shares and the like, the Administrator shall, in its discretion, make
appropriate adjustments to the maximum number and kind of shares reserved for
issuance or with respect to which Awards may be granted under the Plan as
provided in Section 4 of the Plan and to the number, kind and price of shares
covered by Awards granted, and shall, in its discretion and without the consent
of holders of Awards, make any other adjustments in Awards, including but not
limited to reducing the number of shares subject to Awards or providing or
mandating alternative settlement methods such as settlement of the Awards in
cash or in shares of Common Stock or other securities of the Corporation or of
any other entity, or in any other matters which relate to Awards as the
Administrator shall, in its sole discretion, determine to be necessary or
appropriate.

                                      -5-
<PAGE>

      Notwithstanding anything in the Plan to the contrary and without the
consent of holders of Awards, the Administrator, in its sole discretion, may
make any modifications to any Awards, including but not limited to cancellation,
forfeiture, surrender or other termination of the Awards in whole or in part
regardless of the vested status of the Award, in order to facilitate any
business combination that is authorized by the Board to comply with requirements
for treatment as a pooling of interests transaction for accounting purposes
under generally accepted accounting principles.

      The Administrator is authorized to make, in its discretion and without the
consent of holders of Awards, adjustments in the terms and conditions of, and
the criteria included in, Awards in recognition of unusual or nonrecurring
events affecting the Corporation, or the financial statements of the Corporation
or any Subsidiary, or of changes in applicable laws, regulations, or accounting
principles, whenever the Administrator determines that such adjustments are
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan.

      (e) Stockholders' Agreement. As a condition precedent to the grant of any
Award under the Plan or the exercise pursuant to such an Award or to the
delivery of certificates for shares issued pursuant to any Award, the
Administrator may require the grantee or the grantee's successor or permitted
transferee, as the case may be, to become a party to the Stockholders' Agreement
of the Corporation and/or to a stock restriction agreement substantially in the
form attached hereto as Attachment A.

      (f) Termination, Amendment and Modification of the Plan. The Board may
terminate, amend or modify the Plan or any portion thereof at any time.

      (g) Non-Guarantee of Employment or Service. Nothing in the Plan or in any
Grant Agreement thereunder shall confer any right on an individual to continue
in the service of the Corporation or shall interfere in any way with the right
of the Corporation to terminate such service at any time.

      (h) Compliance with Securities Laws; Listing and Registration. Common
Stock shall not be issued with respect to an Award granted under the Plan unless
the exercise of such Award and the issuance and delivery of stock certificates
for such Common Stock pursuant thereto shall comply with all relevant provisions
of law, including, without limitation, the Securities Act of 1933 and the
Exchange Act, the rules and regulations promulgated thereunder, and the
requirements of any national securities exchange or any listing or quotation
system established by the National Association of Securities Dealers, Inc.
("Nasdaq System") upon which the Common Stock may then be listed or quoted, and
shall be further subject to the approval of counsel for the Corporation with
respect to such compliance to the extent such approval is sought by the
Administrator. The Corporation may require that a grantee, as a condition to
exercise of an Award, and as a condition to the delivery of any share
certificate, provide to the Corporation, at the time of each such exercise and
each such delivery, a written representation that the shares of Common Stock
being acquired shall be acquired by the grantee solely for investment and will
not be sold or transferred without registration or the availability of an
exemption from registration under the Securities Act and applicable state
securities laws. The Corporation may also require that a grantee submit other
written representations which will permit the Corporation to comply with federal
and applicable state securities laws in connection with the issuance of the
Common Stock, including representations as to the knowledge and experience in
financial and business matters of the grantee and the grantee's ability to bear
the economic risk of the grantee's

                                      -6-
<PAGE>

investment. The Corporation may require that the grantee obtain a "purchaser
representative" as that term is defined in applicable federal and state
securities laws. The stock certificates for any shares of Common Stock issued
pursuant to this Plan may bear a legend restricting transferability of the
shares of Common Stock unless such shares are registered or an exemption from
registration is available under the Securities Act and applicable state
securities laws. The Corporation may notify its transfer agent to stop any
transfer of shares of Common Stock not made in compliance with these
restrictions. If the Corporation determines that the listing, registration or
qualification upon any securities exchange or upon the Nasdaq System or under
any law, of shares subject to any Award is necessary or desirable as a condition
of, or in connection with, the granting of the Award or the issuance or purchase
of shares thereunder, no such Award may be exercised in whole or in part and no
restrictions on such Award shall lapse, unless such listing, registration or
qualification is effected free of any conditions not acceptable to the
Corporation.

      (i) No Trust or Fund Created. Neither the Plan nor any Award shall create
or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between the Corporation and a grantee or any other person. To the
extent that any grantee or other person acquires a right to receive payments
from the Corporation pursuant to an Award, such right shall be no greater than
the right of any unsecured general creditor of the Corporation.

      (j) Governing Law. The validity, construction and effect of the Plan, of
Grant Agreements entered into pursuant to the Plan, and of any rules,
regulations, determinations or decisions made by the Administrator relating to
the Plan or such Grant Agreements, and the rights of any and all persons having
or claiming to have any interest therein or thereunder, shall be determined
exclusively in accordance with applicable federal laws and the laws of Florida
without regard to its conflict of laws principles.

      (k) Effective Date; Termination Date. The Plan is effective as of the
date on which the Plan was adopted by the Board, subject to approval of the
stockholders within twelve months before or after such date. No Award shall be
granted under the Plan after the close of business on the day immediately
preceding the tenth anniversary of the effective date of the Plan. Subject to
other applicable provisions of the Plan, all Awards made under the Plan prior to
such termination of the Plan shall remain in effect until such Awards have been
satisfied or terminated in accordance with the Plan and the terms of such
Awards.

Date Approved by the Board: ___________________________

Date Approved by the Stockholders: ____________________

                                      -7-

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