Document:

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                                                                    EXHIBIT 10.4

                              EMPLOYMENT AGREEMENT

    THIS EMPLOYMENT AGREEMENT (this "Agreement"), dated this 15 day of June,
1999, between Mortgage Investment Corporation ("MIC"), a Virginia corporation
and direct wholly-owned subsidiary of Access National Bank, a national banking
association ("Access") (collectively with MIC, the "Employer") and Michael
Rebibo (the "Executive").

                                   WITNESSETH
    WHEREAS, the Executive has heretofore been employed, and currently is
rendering services to MIC, as President;

    WHEREAS, MIC has as of this date become a subsidiary of Access pursuant to
the Agreement and Plan of Reorganization, dated as of ________, 1999, which
agreement contemplates that, among other things, the Executive will enter into
this Employment Agreement as a condition to the closing of the transaction;

    WHEREAS, the Employer considers the continued availability of the
Executive's services to be important to the management and conduct of the
Employer's business and desires to secure for themselves the continued
availability of the Executive's services; and

    WHEREAS, the Executive is willing to make his services available to the
Employer and Access on the terms and subject to the conditions set forth herein.

    NOW THEREFORE, in consideration of the premises and the mutual agreements
herein contained, the parties hereby agree as follows:

1.  EMPLOYMENT.  The Executive shall be employed as President of MIC and Senior
Vice President of Access. The Executive shall have such duties and
responsibilities as are commensurate with such positions and shall also render
such other services and duties as may be reasonably assigned to him from time to
time by the Employer, consistent with his positions, including but not limited
to (A) establishment and implementation of an effective quality control program;
(B) establishment and implementation of an effective bank/mortgage division
referral program in concert with the Access Executive Vice President in charge
of lending; (C) the Executive launching and maintaining of the Access Mortgage
website for soliciting/producing mortgage loans. The Executive hereby accepts
and agrees to such employment.

    2.  TERM OF EMPLOYMENT.  The term of employment shall begin on the effective
date of merger (the "Commencement Date") and continue for three years; provided,
however, that the

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term shall be extended automatically for an additional period of two years at
the end of the initial three years and all subsequent two-year terms, unless
either the Executive or the Employer gives written notice to the other at lest
120 days prior to the end of any such term of such party's election not to
extend the term of this Agreement. The last day of the last term or extended the
term of this Agreement is referred to herein as the "Expiration Date."

    3.  COMPENSATION AND BENEFITS.

    (a) Base Salary.  For all services rendered by the Executive under this
Agreement, the Employer shall pay the Executive an annual base salary of $90,000
(the "Base Salary"), which shall be increased by seven percent (7%) each year if
annual performance goals are reached. The Executive's salary shall be payable in
accordance with payroll practices of Employer applicable to officers of the
company and will be payable at an annual rate of $150,000 with $60,000 treated
as an advance against commissions.

    (b) Commissions.  Employer shall pay commissions to Executive in the amount
equal to fifty percent (50%) of gross commissions as defined by company policy,
on loans originated by Executive. The commissions shall be paid monthly as
described in (a) above, up to a total of $60,000 per year, with any paid but
unearned bonus netted against the cash bonus described in (c) below annually
beginning with one year after the commence date.

    (c) Annual Cash Bonus.  As additional compensation, the Employer shall pay
to the Executive an annual cash bonus equal to 20% of the pretax, prebonus,
precommission net income of MIC which exceeds $445,000 but is less than
$1,000,000, plus 25% of the amount by which the pretax, prebonus net income of
MIC exceeds $1,000,000. The bonus shall be paid annually beginning one year
after the commencement date. The bonus payment requires a minimum personal
production by Executive equal to the lower of $1,000,000 in loan originations or
$10,000 in average loan origination fees per month (determined at the end of
each annual term).

    (d) Benefits and Vacation.  During the term of the Agreement, Executive
shall be entitled to participate in and receive the benefits of certain pension
or other retirement benefit plan, profit sharing, stock option, or other plans,
benefits, sick leave, and privileges given to executives of Employer or Access,
to the extent commensurate with his then duties and responsibilities as fixed by
the Board of Directors of MIC or Access CEO including, but not limited to,
family paid health insurance (including dental), existing disability, and $1
million term life. The Employer agrees to give effect to years of service with
MIC for purposes of eligibility to participate, eligibility for benefits, and
vesting in the Access pension, health and welfare benefit and similar plans. The
Executive shall also be entitled to four (4) weeks of vacation per year.

    (e) Business Expenses.  The Employer shall reimburse Executive or otherwise
provide for or pay for all reasonable expenses incurred by Executive in
furtherance of, or in connection with the business of the Employer, including,
but not by way of limitation, travel expenses, car allowance of $600 per month,
and memberships in professional organizations, subject to such reasonable
documentation and other limitations as may be established by the Board of
Directors of the Employer.

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    4.  TERMINATION AND TERMINATION BENEFITS.

    (a) Termination for Cause.  The Executive's employment may be terminated for
Cause at any time without further liability on the part of the Employer. Only
the following shall constitute "Cause" for such termination:

        (i) gross incompentence, gross negligence, willful misconduct in office
or breach of material fiduciary duty owed to the Employer;

        (ii) conviction of a felony, a crime of moral turpitude or commission of
an act of embezzlement or fraud against the Employer or any subsidiary or
affiliate thereof;

        (iii) failure to cure a material breach by the Executive of a material
term of this Agreement after sixty (60) days written notice of the breach; or

        (iv) deliberate dishonesty of the Executive with respect to the Employer
or any subsidiary or affiliate thereof.

    (b) Termination as a Consequence of Death or Disability.  If the Executive
dies or becomes disabled while employed by Employer, Executive and/or his estate
shall be entitled to the following:

        (i) Employer shall pay Executive or his estate commission and bonus
payments accrued by Executive prior to his death or disability, regardless of
their closing date, together with information indicating the manner and basis
upon which such commissions and bonuses were calculated; and

        (ii) Employer shall pay Executive or his estate any bonuses that would
have been paid to Executive for a period of six (6) months following his death
or disability, together with information indicating the manner and basis upon
which such bonuses were calculated

For purposes of this Section 4, Executive is "disabled" if he is unable to
perform substantially all of his duties and responsibilities hereunder, which
disability lasts for an uninterrupted period of at least 180 days or a total of
at least 240 days in any calendar year (as determined by the opinion of an
independent physician mutually agreed upon by the employee and Board of
Directors of Access).

    (c) Termination by the Executive.  The Executive may terminate his
employment hereunder with or without Good Reason (as defined below) by written
notice to the Board of Directors of the Employer effective thirty (30) days
after receipt of such notice by the Board of Directors. In the event the
Executive terminates his employment hereunder for Good Reason, the Executive
shall be entitled to the benefits specified in Section 4(d) and the Executive
shall not be required to render any further services to the Employer. Upon
termination of employment by the

                                       3
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Executive without Good Reason, the Executive shall be entitled to no further
compensation or benefits under this Agreement. "Good Reason" includes:

        (i) the failure by the Employer to comply with the provisions of Section
    3 or material breach by the Employer of any other provision of this
    Agreement, which failure or breach shall continue for more than sixty (60)
    days after the date on which the Board of Directors of the Employer receives
    a written notice;

        (ii) the assignment of the Executive without his consent to a position,
    responsibilities, or duties of a materially lesser status or degree of
    responsibility than his position, responsibilities, or duties at the
    Commencement Date;

        (iii) the requirement by the Employer that the Executive be based at any
    office location that is greater than thirty (15) miles from Executive's
    current office location;

        (iv) actions on the part of the Employer that are designed to or have
    the effect of making it impossible for Executive to materially impair
    Executive's ability to perform his duties and responsibilities hereunder;

        (v) any transaction or series of related transactions in which the MIC
    ceases to be a direct or indirect wholly-owned subsidiary of Access; or

        (vi) any Change of Control (as defined in Section 14) of Access.

A transaction described in clause (v) or (vi) above shall only be deemed to be
"Good Reason" if the Executive terminates his employment by written notice to
the Board of Directors of the Employer within 180 days after the occurrence
thereof.

    (d) Certain Termination Benefits.  In the event of termination by the
Employer without Cause, or by the Executive with Good Reason, the Executive
shall be entitled to the following benefits:

        (i) For the period subsequent to the date of termination until the
    Expiration Date, Employer shall continue to pay the Executive his Base
    Salary in effect on the date of termination, such payments to be made on the
    same periodic dates as salary payments would have been made to the Executive
    had this employment not been terminated, unless the Employer elects to make
    a lump sum severance payment in an equivalent amount within thirty (30) days
    of the date of termination; provided, however, that the Employer shall be
    required to make a lump sum severance payment in an equivalent amount within
    thirty (30) days of the date of termination in the event the Executive
    terminates his employment for Good Reason as a result of a Change of
    Control.

        (ii) To the extent the Executive is eligible for commissions, Employer
    shall pay Executive commissions for any loans originated by Executive prior
    to the date of

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    termination, regardless of their closing date, together with information
    indicating the manner and basis upon which such commissions were calculated.

        (iii) For the period subsequent to the date of termination until the
    Expiration Date, Employer shall pay Executive any bonuses that would have
    been paid to Executive from the date of termination to the Expiration Date,
    together with information indicating the manner and basis upon which such
    bonuses were calculated.

        (iv) For the period subsequent to the date of termination until the
    Expiration Date, the Executive shall continue to receive medical, life and
    liability insurance benefits pursuant to plans made available by the
    Employer to its employees at the expense of the Employer to substantially
    the same extent the Executive received such benefits on the date of
    termination (it being acknowledged that the post-termination plans may be
    different from the plans in effect on the date of termination). For purposes
    of application of such benefits, the Executive shall be treated as if he had
    remained in the employ of the Employer, with an annual Base Salary plus
    commission and bonus at the rate in effect on the date of termination.

        (v) The Employer's obligation to provide the Executive with medical and
    other insurance benefits pursuant to Section 4(d)(iv) hereof shall terminate
    with respect to each particular type of insurance in the event the Executive
    becomes employed and has made available to him in connection with such
    employment that particular type of insurance, so long as such insurance is
    substantially similar to the insurance provided by the Employer.

    5.  POST-TERMINATION AUDIT RIGHTS.  Following receipt of any payment to the
Executive or his estate or the related information delivered under Section
4(b)(i), 4(b)(ii), 4(d)(ii) or 4(d)(iii) hereof (each a "Post-Termination
Payment"), the Employer shall provide one or more representatives of the
Executive or his estate (as the case may be, the "Executive Representative")
with an opportunity to audit and review the employer's books and records. The
Executive or his estate (as the case may be) shall then have sixty (60) days to
give notice to the Employer that, based on the review of the Executive
Representative, the Executive or his estate has a disagreement ("Disagreement
Notice") with Employer regarding the amount of any such Post-Termination Payment
and/or the mariner or basis upon which any such Post-Termination Payment was
calculated. The Executive or his estate and the Employer will use reasonable
efforts to resolve between themselves any items of disagreement contained in the
Disagreement Notice. If the Employer and the Executive or his estate do not
finally resolve any of the objections within fifteen (15) days after the
Employer has received the Disagreement Notice, however, the Employer and the
Executive shall use arbitration as described in Section 15 hereof as the method
for resolving the objections. Promptly following the delivery of any such
determination of the Arbitrator, in the event that the Arbitrator determines
that any amount owing to the Executive or his estate under Section 4(b)(i),
4(b)(ii), 4(d)(ii) or 4(d)(iii) hereof exceeds the amount of any
Post-Termination Payment paid to the Executive or his estate, the Employer shall
promptly pay to the Executive or his estate (as the case may be) the amount of
any such difference.

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    6.  NONCOMPETITION AND CONFIDENTIAL INFORMATION.

    (a) Noncompetition.  During the initial term and any successive term of
this Agreement and for two years following the termination or cessation of his
employment for any reason other than a termination by Employer without Cause or
a termination by Executive for Good Reason (other than a termination by the
Executive pursuant to Sections 4(c)(v) and (vi) in which case this Section 6(a)
will apply) (the "Restricted Period"), Executive will not, directly or
indirectly, whether as owner, partner, shareholder (except as a passive investor
owning less than 5% of any class of voting securities of any entity),
consultant, agency, executive, co-venturer or otherwise, or through any Person
compete with Employer's business (as defined below) in any location within a
twenty-five (25) mile radius of an office in which the Employer is conducting
business at the time of the termination or cessation. In addition, during the
Restricted Period, Executive will not (i) hire or attempt to hire any officer or
employee of Employer or encourage any such officer or employee to terminate his
or her relationship with Employer, (ii) solicit or encourage any customer of
Employer to terminate its relationship with Employer, omit (iii), (iv)
organize a business that will engage in any business activity of the
employer's business. For purposes of this Employment Agreement, the Employer's
business shall be defined to include retail mortgage originations or the
management of a retail mortgage origination operation. OMIT END OF SENTENCE.

    (b) Confidential Information.  Executive acknowledges and agrees that all
Confidential Information (as defined below) and all physical manifestations
thereof, are confidential to and shall be and remain the sole and exclusive
property of Employer. Upon request by Employer, and in any event upon
termination of Executive's employment with Employer for any reason, Executive
shall promptly deliver to Employer all property belonging to Employer including,
without limitation, all Confidential Information (and all manifestations thereof
then in his custody, control or possession). Executive agrees that during the
term of this contract with Employer and for a period of two years following the
termination of such employment, Executive shall not disclose or make available,
directly or indirectly, any Confidential Information to any Person, except in
the proper performance of his duties and responsibilities hereunder, with the
prior written consent of the Board of Directors of Employer, or as required by
law.

    (c) Definition of Confidential Information.  For purposes of this
Agreement, "Confidential Information" shall mean any and all data and
information relating to the business of Employer and its affiliated companies,
which (i) is disclosed to Executive during the course of his employment with
Employer, and (ii) has value to Employer and is not generally known by its
competitors. Confidential Information shall not include any data or information
that (i) has been voluntarily disclosed to the public by Employer or has become
generally known to the public (except where such public disclosure has been made
by or through Executive or by a third person or entity with the knowledge of
Executive in violation of this Agreement), (ii) has been independently developed
and disclosed by parties other than Executive or Employer to Executive or the
public generally without breach of any obligation of confidentiality by any such
person running directly or indirectly to Employer, or (iii) otherwise enters the
public domain through lawful means. Confidential information may include, but is
not limited to information relating to the financial affairs, customers,
products, processes, services, executives, Executive

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compensation, and marketing of Employer and its affiliated companies, or public
information that has been assembled and analyzed by Employer or its affiliated
companies so as to make its use unique and beneficial to Employer or its
affiliated companies and not available to the public in the manner, format or
methods developed by Employer or its affiliated companies.

    (d) Specific Performance.  The Executive recognizes and agrees that the
violation of Section 6(a) or Section 6(b) (collectively, the "Restrictive
Covenants") may not be reasonably or adequately compensated in damages and that,
the employer may be entitled to additional remedies as provided for under
applicable law.

    (e) Definition of "Person".  For all purposes of this Section 6, the term
"Person" shall mean an individual, a corporation, a limited liability company,
an association, a partnership, an estate, a trust and any other entity or
organization.

    7.  WITHHOLDING.  All payments required to be made by the Employer hereunder
to the Executive shall be subject to the withholding of such amounts, if any,
relating to tax and other payroll deductions as the Employer may reasonably
determine should be withheld pursuant to any applicable law or regulation.

    8.  CERTAIN DAMAGES.  If Executive terminates his employment under this
Agreement without Good Reason (as defined in Section 4(c)) or if the Employer
terminates such employment with Cause (as defined in Section 4(a)), then
notwithstanding anything to the contrary in this or any other agreement between
the parties; (i) Executive shall forfeit all rights to any benefits under this
Agreement except as required by law to be granted to such a former employee;
(ii) Executive shall continue to abide by the provisions of Section 6; and (iii)
Executive shall pay within fifteen (15) days of such termination the Damage
Amount. For purposes of this Agreement, the parties agree Executive's continued
employment under the terms of this Agreement is essential to the Employer, and
the damages from his termination as described in this Section 8 would be
difficult to quantify. The parties agree, therefore, that the Damage Amount
shall equal $500,000 during the first year, $420,000 during the second year, and
$330,000 during the third year. No Damage Amount will be payable after the third
anniversary date of this Employment Agreement. Either party may elect to pay the
Damage Amount through offset, in the case of the Employer, or through
cancellation, in the case of Executive, of any note payable to the Executive
from the Employer. If such note does not bear interest, the present value of
such effect or cancellation shall be determined using a 5.00% discount factor.
The parties agree that this amount to be paid will be the entire damage for such
termination, although it will not affect the Employer's other rights against the
Executive for, among other things, breaches of Section G. The parties agree that
the provisions of this Section 8 are not a penalty but are a good faith attempt
to ascertain the amount of damage here described.

    9.  ASSIGNABILITY.  Subject to Section 4(c) hereof, the Employer may assign
this Agreement and its rights and obligations hereunder in whole, but not in
part, to any corporation, company or other entity with or into which the
Employer may hereafter merge or consolidate or to which the employer may
transfer all or substantially all of its assets, if in any such case said
corporation, company or other entity shall by operation of law or expressly in
writing assume all obligations of the Employer hereunder as fully as if it had
been originally made a party hereto, but

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may not otherwise assign this Agreement or their rights and obligations
hereunder. The Executive may not assign or transfer this Agreement or any rights
or obligations hereunder.

    10. NOTICE.  For the purposes of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when sent via regular mail or certified mail,
facsimile, or overnight delivery addressed to the respective addresses set forth
below:

        To the Employer:

        Michael W. Clarke, Spokesperson
        Access National Bank
        Post Office Box 785
        Vienna, Virginia 22183-0785

        Copy to:

        Jacob A. Lutz, III, Esquire
        Mays & Valentine, L.L.P.
        Post Office Box 1122
        Richmond, Virginia 23208-1122

        To the Executive:

        Michael Rebibo
        Mortgage Investment Corporation
        8401 Old Courthouse Road, Suite 320
        Vienna, Virginia 22182

    11. AMENDMENTS; WAIVER.  No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by the Executive and such officer or officers as may be
specifically designated by the Board of Directors of the Employer to sign on
their behalf. No waiver by any party hereto at any time of any breach by any
party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.

    12. GOVERNING LAW.  This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Virginia.

    13. NATURE OF OBLIGATIONS.  Nothing contained herein shall create or require
the Employer to create a trust of any kind to fund any benefits which may be
payable hereunder, and

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to the extent that the Executive acquires a right to receive benefits from the
Employer hereunder, such right shall be no greater than the right of any
unsecured general creditor of the Employer.

    14. CHANGE IN CONTROL.  For all purposes of this Agreement, a "Change of
Control" shall mean:

    (a) The acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act")) (a "Person"), of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the then
outstanding shares of common stock of Access (the "Outstanding Access Common
Stock"); provided, however, that the following acquisitions shall not constitute
a Change of Control; (i) any acquisition directly from Access (excluding an
acquisition by virtue of the exercise of a conversion privilege), (ii) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by Access, or (iii) any acquisition by any corporation pursuant to a
transaction described in subsection (c) of this Section 14 if, upon
consummation of the transaction, all of the conditions described in subsection
(c) are satisfied;

    (b) Individuals who, as of the date hereof, constitute the Board of (the
"Incumbent Board") cease for any reason to constitute a majority of such Board;
provided, however, that any individual becoming a director subsequent to the
date hereof whose election, or nomination for election by Access's shareholders,
was approved by a vote of at least two-thirds of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member
of the Incumbent Board, but excluding for this purpose any such individual whose
initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of Regulation
14A promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board; or

    (c) Approval by the shareholders of Access of either (1) a reorganization,
merger, share exchange or consolidation of Access by, with or into any other
corporation or (2) the sale or disposition of all or substantially all of the
assets of Access (any of the foregoing transactions, a "Reorganization");
provided, however, that approval by the shareholders of a Reorganization shall
not constitute a Change in Control if, upon consummation of the Reorganization,
each of the following conditions is satisfied:

        (i) more than 60% of the then outstanding shares of common stock of the
    corporation resulting from the Reorganization (including the transferee in
    the case of a sale or disposition of assets) is then beneficially owned,
    directly or indirectly, by all or substantially all of the individuals and
    entities who were beneficial owners of the Outstanding Access Common Stock
    immediately prior to the Reorganization in substantially the same
    proportions as their ownership, immediately prior to such transaction, of
    the Access Company Common Stock;

        (ii) no Person (excluding any employee benefit plan (or related trust)
    of Access) beneficially owns, directly or indirectly, 20% or more of either
    (1) the then

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    outstanding shares of common stock of the corporation resulting from the
    Reorganization (including the transferee in the case of a sale or
    disposition of assets), or (2) the combined voting power of the then
    outstanding voting securities of such corporation entitled to vote generally
    in the election of directors; and

        (iii) at least a majority of the members of the board of directors of
    the corporation resulting from the Reorganization (including the transferee
    in the case of a sale or disposition of assets) were members of the
    Incumbent Board at the time of the execution of the initial agreement
    providing for the Reorganization.

    15. ARBITRATION.  If any dispute between Employer and Executive shall arise
under this agreement, the Executive or his estate will select, within 5 days, a
nationally or regionally recognized independent accounting firm mutually
acceptable to each party (the agreement to the selection of which shall not be
unreasonably withheld) to resolve any such differences (the "Arbitrator"). The
Arbitrator shall settle any remaining disputed items by selecting the position
of the party that the Arbitrator determines, in its sole discretion, to be the
most correct, and the fees and expenses of such Arbitrator shall be borne by the
party whose position was not selected by the Arbitrator. The determination of
the Arbitrator shall be set forth in writing, delivered to each of the Employer
and the Executive or his estate and shall be final and binding on the parties
hereto.

    16. NO MITIGATION.  The Executive shall not be required to mitigate the
amount of any benefits hereunder by seeing other employment or otherwise, nor
shall the amount of any such benefits be reduced by any compensation earned by
the Executive as a result of employment by another employer after the Date of
Termination or otherwise.

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

    18. VALIDITY.  The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, which shall remain in full force and effect.

    19. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

    IN WITNESS WHEREOF, this Agreement has been executed as of the date first
above written.

                                        MORTGAGE INVESTMENT CORPORATION, INC.

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                                        By: /s/ Michael J. Rebibo
                                        --------------------------
                                        Michael J. Rebibo

                                        ACCESS NATIONAL BANK

                                        By: /s/ Michael W. Clarke
                                        --------------------------
                                        Michael W. Clarke

                                        EXECUTIVE

                                        By: /s/ Michael Rebibo
                                        --------------------------
                                        Michael Rebibo

622536v4

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<TABLE>

<S>                     <C>                 <C>                                         <C>
Agreed by:              Compensation Summary - Michael J. Rebibo

                        Current                 Proposed
Positions               President             (b) MIC - President
                        CEO                       ANB - SVP

Base Rate                  $150,000           (c)  $90,000
Draw Rate                  $150,000               $150,000 - recoverable draw

Warrant                 n/a                 Open  $20,163    Yr3        $23,525
 Values                                     Yr 1  $20,163    Yr4        $10,082
                                            Yr 2  $23,525    Yr5         $6,721
                                            Future option pool participation as
                                            may be estab.

Contract
 Term                      n/a                      3 yrs

Commission                 $31,229          50% up to recoverable draw

Annual                     $98,688          20% of pre-tax, pre-bonus/commission        Note (a)
 Cash                                       Net Income over $445M to $1,000M
 Bonus                                      25% of pre-tax, pre-bonus/commission
                                            Net Income over $1,000M

Health Insurance        Family Paid               Family Paid
Disability Coverage     Yes                       Same
Life Insurance          $2MM funds          1 Million Term Life
                        buy/sell
Transportation          Co vehicle                $600/mo allowance

Vacation                no firm plan                 4 weeks
(a)  Bonus payment requires minimum personal production equal to lower of $1MM/month or $10M fees.
(b)  Responsibilities specifically to include:
     1)  Establish and implement an effective quality contract program with review and support of ANB CEC
     2)  Establish & maintain an effective bank/mortgage referral program(s) w/EVP - Lending
     3)  Launch & maintain the Access NB Web Site for solictations processing of mortgages
(c)  Minimum salary increase of 7% if goals are reached as established.
</TABLE><PAGE>
                                                                    Exhibit 10.5

                              ACCESS NATIONAL BANK
                             1999 STOCK OPTION PLAN

                                    ARTICLE I
                      ESTABLISHMENT, PURPOSE, AND DURATION

        1.1 Establishment of the Plan. Access National Bank, a national banking
association (the "Company"), hereby establishes an incentive compensation plan
for the Company and its subsidiaries to be known as the "Access National Bank
1999 Stock Option Plan", as set forth in this document. Unless otherwise defined
herein, all capitalized terms shall have the meanings set forth in Section 2.1
herein. The Plan permits the grant of Incentive Stock Options and Non-Qualified
Stock Options.

        The Plan was adopted by the Board of Directors of the Company on, and
shall become effective as of, November 11, 1999 (the "Effective Date"), subject
to the approval by vote of shareholders of the Company in accordance with
applicable laws. Awards may be granted prior to shareholder approval of the
Plan, but each such Award shall be subject to the approval of the Plan by the
shareholders.

        1.2 Purpose of the Plan. The purpose of the Plan is to promote the
success of the Company and its Subsidiaries by providing incentives to Employees
that will promote the identification of their personal interest with the
long-term financial success of the Company and with growth in shareholder value.
The Plan is designed to provide flexibility to the Company, including its
Subsidiaries, in its ability to motivate, attract, and retain the services of
Employees upon whose judgment, interest, and special effort the successful
conduct of its operation is largely dependent. The Plan is also intended to
promote a greater identity of interest between Initial Directors and the
Company's shareholders by increasing the Initial Directors' proprietary interest
in the Company through receipt of Awards.

        1.3 Duration of the Plan. The Plan shall commence on the Effective Date,
as described in Section 1.1 herein, and shall remain in effect, subject to the
right of the Board of Directors of the Company to terminate the Plan at any time
pursuant to Article X herein, until November 10, 2009 (the "Term"), at which
time it shall terminate except with respect to Awards made prior to, and
outstanding on, that date which shall remain valid in accordance with their
terms.

                                   ARTICLE II
                                   DEFINITIONS

        2.1 Definitions. Except as otherwise defined in the Plan, the following
terms shall have the meanings set forth below:

                (a) "Agreement" means a written agreement implementing the grant
        of each Award signed by an authorized officer of the Company and by the
        Participant.

                (b) "Award" means, individually or collectively, a grant under
        this Plan of Options.

                (c) "Award Date" or "Grant Date" means the date on which the
        grant of an Award is made under this Plan.

                (d) "Board" or "Board of Directors" means the Board of Directors
        of the Company, unless otherwise indicated.

                (e) "Change in Control" means the occurrence, after the
        Effective Date, of either an "Acquisition of Controlling Ownership" (as
        defined in clause (i) below), a "Change in the

<PAGE>

        Incumbent Board" (as defined in clause (ii) below), a "Business
        Combination" (as defined in clause (iii) below), or a "Liquidation or
        Dissolution" (as defined in clause (iv) below).

                        (i) "Acquisition of Controlling Ownership" means the
        acquisition by any individual, entity or group (within the meaning of
        Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of
        beneficial ownership (within the meaning of Rule 13d-3 promulgated under
        the Exchange Act) of 25% or more of either (x) the then outstanding
        shares of common stock of the Company (the "Outstanding Common Stock")
        or (y) the combined voting power of the then outstanding voting
        securities of the Company entitled to vote generally in the election of
        directors (the "Outstanding Voting Securities"). Notwithstanding the
        foregoing, for purposes of this clause (i), the following acquisitions
        shall not constitute a Change in Control:

                                (A) any acquisition directly from the Company;

                                (B) any acquisition by the Company;

                                (C) any acquisition by any employee benefit plan
        (or related trust) sponsored or maintained by the Company or any
        corporation controlled by the Company; or

                                (D) any acquisition by any corporation pursuant
        to a transaction which complies with paragraphs (A), (B) and (C) of
        clause (iii) of this Section 2.1(e).

                        (ii) "Change in the Incumbent Board" means that
        individuals who, as of the Effective Date, constitute the Board (the
        "Incumbent Board") cease for any reason to constitute at least a
        majority of the Board. For this purpose, any individual who becomes a
        director subsequent to the Effective Date whose election, or nomination
        for election by the Company's shareholders, was approved by a vote of at
        least a majority of the directors then comprising the Incumbent Board
        shall be thereupon considered a member of the Incumbent Board (with his
        predecessor thereafter ceasing to be a member), but excluding, for this
        purpose, any such individual whose initial assumption of office occurs
        as a result of an actual or threatened election contest with respect to
        the election or removal of directors or other actual or threatened
        solicitation of proxies or consents by or on behalf of a Person other
        than the Board.

                        (iii) "Business Combination" means the consummation of a
        reorganization, merger or consolidation or sale or other disposition of
        all or substantially all of the assets of the Company (a "Business
        Combination") unless all of the following occur:

                                (A) all or substantially all of the individuals
        and entities who were the beneficial owners respectively, of the
        Outstanding Common Stock and Outstanding Voting Securities immediately
        prior to such Business Combination beneficially own, directly or
        indirectly, more than 60% of, respectively, the then outstanding shares
        of common stock and the combined voting power of the then outstanding
        voting securities entitled to vote generally in the election of
        directors, as the case may be, of the corporation resulting from such
        Business Combination (including, without limitation, a corporation which
        as a result of such transaction owns the Company or all or substantially
        all of the Company's assets either directly or through one or more
        subsidiaries, in substantially the same proportions as their ownership,
        immediately prior to such Business Combination of the Outstanding Common
        Stock and Outstanding Voting Securities, as the case may be,

                                (B) no Person (excluding any corporation
        resulting from such Business Combination or any employee benefit plan
        (or related trust) of the Company or such corporation resulting from
        such Business Combination) beneficially owns, directly or indirectly,
        25% or more

                                      -2-
<PAGE>

        of, respectively, the then outstanding shares of common stock of the
        corporation resulting from such Business Combination, or the combined
        voting power of the then outstanding voting securities of such
        corporation except to the extent that such ownership existed prior to
        the Business Combination, and

                                (C) at least a majority of the members of the
        board of directors of the corporation resulting from such Business
        Combination were members of the Incumbent Board or were elected by such
        majority at the time of the execution of the initial agreement, or of
        the action of the Board, providing for such Business Combination.

                        (iv) "Liquidation or Dissolution" means the approval by
        the shareholders of the Company of a complete liquidation or dissolution
        of the Company.

                (f) "Code" means the Internal Revenue Code of 1986, as amended
        from time to time.

                (g) "Committee" means the committee of the Board to administer
        the Plan pursuant to Article III herein, determined separately for the
        portion of the Plan pertaining to Awards to Employees (including any
        Initial Director Option Award to an Initial Director who is an Employee)
        and the portion of the Plan pertaining to Awards to Non-Employee
        Directors.

                                (A) The Committee for the portion of the Plan
        pertaining to Awards to Employees shall consist only of "non-employee
        directors" as defined in Rule l6b-3, as amended, under the Exchange
        Act or any similar or successor rule, and unless otherwise determined by
        the Board, the Committee for such portion of the Plan shall consist of
        all non-employee director members of the Board meeting the above
        requirements.

                                (B) The Committee for the portion of the Plan
        pertaining to Awards to Non-Employee Directors shall consist only of
        members of the Board, and unless otherwise determined by the Board, the
        Committee for such portion of the Plan shall consist of all of the
        members of the Board.

                (h) "Company" means Access National Bank or any successor
        thereto as provided in Article XII herein.

                (i) "Employee" means a common law employee of the Company or its
        Subsidiaries. Employee does not include Non-Employee Directors.

                (j) "Exchange Act" means the Securities Exchange Act of 1934, as
        amended.

                (k) "Fair Market Value" of a Share means the mean between the
        high and low sales price of the Stock on the relevant date if it is a
        trading date, or if not, on the most recent date on which the Stock was
        traded prior to such date, as reported by NASDAQ National Market System,
        or if, in the opinion of the Committee, this method is inapplicable or
        inappropriate for any reason, the fair market value as determined
        pursuant to a reasonable method adopted by the Committee in good faith
        for such purpose.

                (l) "Incentive Stock Option" or "ISO" means an option to
        purchase Stock, granted under Article VI or VII herein, which is
        designated as an Incentive Stock Option or ISO and is intended to meet
        the requirements of Section 422 of the Code.

                (m) "Initial Director" means a member of the Board on the first
        business day after the approval of the Plan by shareholders of the
        Company.

                                      -3-
<PAGE>

                (n) "Initial Director Option" means an Option granted to an
        Initial Director under Article VII herein, which is not intended to be
        an Incentive Stock Option unless so designated in the case of an Initial
        Director who is an Employee.

                (o) "Non-Employee Director" means, with respect to Initial
        Director Options, an individual who is a member of the Board of
        the Company on the applicable Grant Date and who is not an Employee.

                (p) "Non-Qualified Stock Option" or "NQSO" means an option to
        purchase Stock, granted under Article VI or VII (except where designated
        as an Incentive Stock Option in the case of an Initial Director who is
        an Employee) herein, which is not intended to be an Incentive Stock
        Option.

                (q) "Option" means an Incentive Stock Option or a Non-Qualified
        Stock Option.

                (r) "Participant" means an Employee or Non-Employee Director who
        is granted an Award under the Plan.

                (s) "Person" shall have the meaning ascribed to such term in
        Section(3)(a)(9) of the Exchange Act and used in Sections 13(d) and
        14(d) thereof, including a "group" as defined in Section 13(d).

                (t) "Plan" means the Access National Bank 1999 Stock Option
        Plan, as described and as hereafter from time to time amended.

                (u) "Stock" or "Shares" means the common stock of the Company.

                (v) "Subsidiary" shall mean a corporation at least 50% of the
        total combined voting power of all classes of stock of which is owned by
        the Company, either directly or through one or more of its Subsidiaries.

                                   ARTICLE III
                                 ADMINISTRATION

        3.1 The Committee. The Plan shall be administered by the Committee which
shall have all powers necessary or desirable for such administration. Except as
otherwise provided in Article VII, the express grant in this Plan of any
specific power to the Committee shall not be construed as limiting any power or
authority of the Committee. In addition to any other powers and, subject to the
provisions of the Plan, the Committee shall have the following specific powers:
(i) to determine the terms and conditions upon which the Awards may be made and
exercised; (ii) to determine all terms and provisions of each Agreement, which
need not be identical; (iii) to construe and interpret the Agreements and the
Plan; (iv) to establish, amend or waive rules or regulations for the Plan's
administration; (v) to accelerate the exercisability of any Award; and (vi) to
make all other determinations and take all other actions necessary or advisable
for the administration of the Plan.

        3.2 Delegation of Certain Duties. The Committee may in its sole
discretion delegate all or part of its duties and obligations to designated
officer(s) to administer the Plan with respect to Awards to Employees who are
not subject to Section 16 of Exchange Act.

                                      -4-
<PAGE>

        3.3 Selection of Participants. The Committee shall have the authority to
grant Awards under the Plan, from time to time, to such Employees as may be
selected by it. Each Award shall be evidenced by an Agreement.

        3.4 Decisions Binding. All determinations and decisions made by the
Committee pursuant to the provisions of the Plan shall be final, conclusive and
binding.

        3.5 Rule 16b-3 Requirements. Notwithstanding any other provision of the
Plan, the Board or the Committee may impose such conditions on any Award, and
amend the Plan in any such respects, as may be required to satisfy the
requirements of Rule 16b-3, as amended (or any successor or similar rule), under
the Exchange Act. Any provision of the Plan to the contrary notwithstanding, and
except to the extent that the Committee determines otherwise: (i) transactions
by and with respect to officers and directors of the Company who are subject to
Section 16(b) of the Exchange Act (hereafter, "Section 16 Persons") shall comply
with any applicable conditions of SEC Rule 16b-3 and (ii) every provision of the
Plan shall be administered, interpreted and construed to carry out the foregoing
provisions of this sentence and any provision that cannot be so administered,
interpreted and construed shall to that extent be disregarded.

        3.6 Indemnification. In addition to such other rights of indemnification
as they may have as directors or as members of the Committee and the members of
the Committee or their delegate shall be indemnified by the Company against
reasonable expenses, including attorneys' fees, actually and reasonably incurred
in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection with the
Plan or any Award granted or made hereunder, and against all amounts reasonably
paid by them in settlement thereof or paid by them in satisfaction of a judgment
in any such action, suit or proceeding, if such members acted in good faith and
in a manner which they believed to be in, and not opposed to, the best interests
of the Company and its Subsidiaries.

                                   ARTICLE IV
                            STOCK SUBJECT TO THE PLAN

        4.1 Number of Shares. Subject to adjustment as provided in Section 4.3
herein, the maximum aggregate number of Shares that may be issued pursuant to
Awards made under the Plan shall not exceed 15,003. Except as provided in
Sections 4.2 and 4.3 herein, the issuance of Shares in connection with the
exercise of, or as other payment for Awards, under the Plan shall reduce the
number of Shares available for future Awards under the Plan.

        4.2 Lapsed Awards or Forfeited Shares. If any Award granted under this
Plan (for which no material benefits of ownership have been received)
terminates, expires, or lapses for any reason other than by virtue of exercise
of the Award, any Stock subject to such Award again shall be available for the
grant of an Award under the Plan.

        4.3 Delivery of Shares as Payment. In the event a Participant pays the
Option Price for Shares pursuant to the exercise of an Option with previously
acquired Shares, the number of Shares available for future Awards under the Plan
shall be reduced only by the net number of new Shares issued upon the exercise
of the Option.

        4.4 Capital Adjustments. The number and class of Shares subject to each
outstanding Award, the Option Price (as hereinafter defined) and the aggregate
number and class of Shares for which Awards thereafter may be made shall be
subject to such adjustment, if any, as the Committee in its sole discretion
deems appropriate to reflect such events as stock dividends, stock splits,
recapitalizations, mergers, consolidations or reorganizations of or by the
Company.

                                      -5-
<PAGE>

                                    ARTICLE V
                                   ELIGIBILITY

        Persons eligible to participate in the Plan include (i) all Employees
who are selected for participation by the Committee in the case of discretionary
Awards under the Plan pursuant to Article VI, and (ii) Initial Directors in the
case of Awards of Initial Director Options under the Plan pursuant to Article
VII.

                                   ARTICLE VI
                    DISCRETIONARY STOCK OPTIONS FOR EMPLOYEES

        6.1 Grant of Options. Subject to the terms and provisions of the Plan,
Options may be granted to Employees at any time and from time to time as shall
be determined by the Committee. The Committee shall have complete discretion in
determining the number of Shares subject to Options granted to each Participant,
provided, however, that (i) no Employee may be granted Options in any calendar
year for more than 1,000 Shares (determined without regard to Options which may
be granted pursuant to Article VII hereof) and (ii) that the aggregate Fair
Market Value (determined at the time the Award is made) of Shares with respect
to which any Participant may first exercise ISOs granted under the Plan
during any calendar year may not exceed $100,000 or such amount as shall be
specified in Section 422 of the Code and rules and regulation thereunder
(determined with regard to Options designated as ISOs which may be granted
pursuant to Article VII hereof).

        6.2 Option Agreement. Each Option grant to an Employee shall be
evidenced by an Agreement that shall specify the type of Option granted, the
Option Price, the duration of the Option, the number of Shares to which the
Option pertains, any conditions imposed upon the exercisability of Options in
the event of retirement, death, disability or other termination of employment,
and such other provisions as the Committee shall determine. Unless otherwise
provided in the Agreement pursuant to which they are received, one-third (1/3rd)
of the Shares in each Option grant shall become exercisable on the first, second
and third anniversaries of their Grant Date, provided however that, unless
otherwise provided in the Agreement pursuant to which they are received, an
Option shall be immediately exercisable upon a Change in Control. Unless
otherwise provided in the Agreement pursuant to which they arc received, each
such Award will be forfeited (whether or not then vested and exercisable) if the
Employee to which awarded ceases to be an Employee. The Agreement shall specify
whether the Option is intended to be an Incentive Stock Option within the
meaning of Section 422 of the Code, or Non-Qualified Stock Option not intended
to be within the provisions of Section 422 of the Code.

        6.3 Option Price. The exercise price per share of Stock ("Option Price")
covered by an Option granted to an Employee shall be determined by the Committee
subject to the following limitations. The Option Price shall not be less than
100% of the Fair Market Value of such Stock on the Grant Date. In addition, an
ISO granted to an Employee who, at the time of grant, owns (within the meaning
of Section 425(d) of the Code) Stock possessing more than 10% of the total
combined voting power of all classes of Stock of the Company, shall have an
Option Price which is at least equal to 110% of the Fair Market Value of the
Stock.

        6.4 Duration of Options. Each Option granted to an Employee shall expire
at such time as the Committee shall determine at the time of grant provided,
however, that no Option shall be exercisable later than the seventh (7th)
anniversary date of its Award Date. In addition, no ISO granted to an Employee
who, at the time of grant, owns (within the meaning of Section 425(d) of the
Code) Stock possessing more than

                                      -6-
<PAGE>

10% of the total combined voting power of all classes of Stock of the Company,
shall be exercisable later than the fifth (5th) anniversary date of its Award
Date.

        6.5 Exercisability. Options granted to an Employee under the Plan shall
be exercisable at such times and be subject to such restrictions and conditions
as the Committee shall determine, which need not be the same for all
Participants.

        6.6 Method of Exercise. Options shall be exercised by the delivery of a
written notice to the Company in the form prescribed by the Committee setting
forth the number of Shares with respect to which the Option is to be exercised,
accompanied by full payment for the Shares which shall be deemed to include any
arrangements approved by the Committee for the delivery to the Company of the
proceeds of a sale or margin loan in the case of a "cashless" exercise. The
Option Price shall be payable to the Company in full either in cash (including
where approved by the Committee, the proceeds of a cashless exercise in the
Committee's discretion), by delivery of Shares of Stock valued at Fair Market
Value at the time of exercise (in the Committee's discretion), delivery of a
promissory note (in the Committee's discretion) or by a combination of the
foregoing. As soon as practicable after receipt of written notice and payment,
the Company shall deliver to the Participant, stock certificates in an
appropriate amount based upon the number of Options exercised, issued in the
Participant's name. No Participant who is awarded Options shall have rights as a
shareholder until the date of exercise of the Options.

        6.7 Restrictions on Stock Transferability. The Committee may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option
granted under the Plan as it may deem advisable, including, without limitation,
restrictions under the applicable Federal securities law, under the requirements
of the National Association of Securities Dealers, Inc. or any stock exchange
upon which such Shares are then listed and under any blue sky or state
securities laws applicable to such Shares.

        6.8 Nontransferability of Options. Except as specifically provided in an
Agreement pursuant to 6.9 below, no Option granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated,
otherwise than by will or by the laws of descent and distribution, and all
Options granted under the Plan shall be exercisable during his lifetime only by
such Participant or his guardian or legal representative.

        6.9 Transferability of Certain Options. In addition to nontransferable
Options, Non-Qualified Stock Options may be granted that are transferable during
the lifetime of the Participant, provided that no consideration is paid for the
transfer. The transferee of an Option shall be subject to all restrictions
applicable to the Option prior to its transfer. The Agreement granting the
Option shall set forth the transfer conditions and restrictions. The Committee
may impose on any transferable Option and on Stock issued upon the exercise of
any Option such limitations and conditions as the Committee deems appropriate.

                                      -7-
<PAGE>

                                   ARTICLE VII
                          OPTIONS FOR INITIAL DIRECTORS

        7.1 Initial Director Options. On the later of the first business day
after the Organizing Meeting of the shareholders of the Company (if the Plan is
approved by the shareholders of the Company at that meeting), the first day on
which the Bank is open for business or such later date as the Committee may
determine, the following Options may be granted in consideration of the
following persons' services rendered in the organization of the Bank and of
future services to be rendered to the Bank:

                (a) Fixed Grants - All Initial Directors shall receive an Award
        of Initial Director Options which shall be Non-Qualified Stock Options
        in the case of Initial Directors who are Non-Employee Directors or ISOs
        (if the terms thereof qualify for treatment as an ISO and the Committee
        designates such Options as ISOs) and/or Non-Qualified Stock Options (as
        determined by the Committee) in the case of Initial Directors who are
        Employees for the following number of Shares:

                         Name                         Number of Shares

                   J. Randolph Babbitt                       300
                   Michael W. Clarke                         367
                   John W. Edgemond                          367
                   Thomas M. Kody                            317
                   Jerry W. Leonard                           38
                   Jacques Rebibo                            367
                   Robert C. Shoemaker                       350

                   Total                                   2,106

                (b) Discretionary Grants to Chief Executive Officer and/or Chief
        Credit Officer -- The Committee is authorized to grant at one time or
        from time to time one or more Awards of Initial Director Options for not
        more than 3,449 Shares in the aggregate to the person who is the Chief
        Executive Officer of the Company and a Director on the first business
        day after the Organizing Meeting of the shareholders of the Company
        and/or for not more than 2,448 Shares in the aggregate to the person who
        is the Chief Credit Officer of the Company and a Director on the first
        business day after the Organizing Meeting of the shareholders of the
        Company, which Options shall be ISOs (if the terms thereof qualify for
        treatment as an ISO and the Committee designates such Options as ISOs)
        and/or Non-Qualified Stock Options (as determined by the Committee).

        7.2 Option Agreement. Each Initial Director Option grant shall be
evidenced by an Agreement that shall specify the type of Option granted, the
Option Price, the duration of the Option, the number of Shares to which the
Option pertains, any conditions imposed upon the exercisability of Options in
the event of retirement, death, disability or other termination of Board
service, and such other provisions as the Committee shall determine.

        7.3 Option Price. The Option Price of the Initial Director Options
granted pursuant to this Article shall be $100.00 per share.

        7.4 Exercisability. One-third (1/3rd) of the Shares in each Initial
Director Option Award granted pursuant to Section 7.1 shall become exercisable
on the first, second and third anniversaries of their Grant Date, provided
however that an Initial Director Option Award shall be immediately exercisable
if the Initial Director's membership on the Board terminates on account of his
death, his retirement in accordance with any Company policy on mandatory
retirement for directors, his disability which in the view of the

                                      -8-
<PAGE>

Committee prevents or materially impairs his ability to continue service on the
Board or his failure to be reelected after requesting to stand for reelection or
upon a Change in Control.

        7.5 Forfeiture of Initial Director Options. An Initial Director Option
which is not then exercisable (including, without limitation, Options granted to
an Initial Director who is the Chief Executive Officer or the Chief Credit
Officer of the Company pursuant to Section 7.1(b)) shall be forfeited if the
Initial Director's membership on the Board ceases on account of his resignation,
his failure to be reelected due to his unwillingness to stand for reelection
or his removal for cause (as determined by the Committee).

        7.6 Duration of Initial Director Options. An Initial Director Option
shall not be exercisable later than the seventh (7th) anniversary date of its
Grant Date. Initial Director Options that are exercisable or that become
exercisable upon the Initial Director's termination of membership on the Board
will remain exercisable until the seventh (7th) anniversary of the Initial
Director Option's Grant Date.

        7.7 Method of Exercise and Other Rules. An Initial Director Option may
be exercised with respect to any number of whole shares less than the full
number for which the Option could be exercised. A partial exercise of an Initial
Director Option shall not affect the right to exercise the Initial Director
Option from time to time in accordance with this Plan and the applicable
Agreement with respect to the shares remaining subject to the Option. The
provisions of Sections 6.6, 6.7, 6.8 and 6.9 shall be applicable to Initial
Director Options.

                                  ARTICLE VIII
                                CHANGE IN CONTROL

        In the event of a Change in Control of the Company, the Committee, as
constituted before such Change in Control, in its sole discretion may, as to any
outstanding Award, either at the time the Award is made or any time thereafter,
take any one or more of the following actions: (i) provide for the acceleration
of any time periods relating to the exercise or realization of any such Award so
that such Award may be exercised or realized in full on or before a date
initially fixed by the Committee (assuming the Agreement with respect to the
Award does not already provide for such acceleration); (ii) provide for the
purchase or settlement of any such Award by the Company, upon a Participant's
request, for an amount of cash equal to the amount which could have been
obtained upon the exercise of such Award or realization of such Participant's
rights had such Award been currently exercisable or payable; (iii) make such
adjustment to any such Award then outstanding as the Committee deems appropriate
to reflect such Change in Control; or (iv) cause any such Award then outstanding
to be assumed, or new rights substituted therefor, by the acquiring or surviving
corporation in such Change in Control.

                                   ARTICLE IX
                 MODIFICATION, EXTENSION AND RENEWALS OF AWARDS

        Subject to the terms and conditions and within the limitations of the
Plan, the Committee may modify, extend or renew outstanding Awards, or, if
authorized by the Board, accept the surrender of outstanding Awards (to the
extent not yet exercised) granted under the Plan and authorize the granting of
new Awards pursuant to the Plan in substitution therefor, and the substituted
Awards may specify a lower exercise price than the surrendered Awards, a longer
term than the surrendered Awards or may contain any other provisions that are
authorized by the Plan. The Committee may also modify the terms of any
outstanding Agreement. Notwithstanding the foregoing, however, no modification
of an Award, shall, without the consent of the Participant, adversely affect the
rights or obligations of the Participant.

                                      -9-
<PAGE>

                                    ARTICLE X
               AMENDMENT, MODIFICATION AND TERMINATION OF THE PLAN

        10.1 Amendment, Modification and Termination. At any time and from time
to time, the Board may terminate, amend, or modify the Plan. Such amendment or
modification may be without shareholder approval except to the extent that such
approval is required by the Code, pursuant to the rules under Section 16 of the
Exchange Act, by any national securities exchange or system on which the Stock
is then listed or reported, by any regulatory body having jurisdiction with
respect thereto or under any other applicable laws, rules or regulations.

        10.2 Awards Previously Granted. No termination, amendment or
modification of the Plan other than pursuant to Section 4.4 herein shall in any
manner adversely affect any Award theretofore granted under the Plan, without
the written consent of the Participant.

                                   ARTICLE XI
                                  WITHHOLDING

        11.1 Tax Withholding. The Company shall have the power and the right to
deduct or withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy Federal, State and local taxes (including the
Participant's FICA or other employment tax obligation) required by law to be
withheld with respect to any grant, exercise, or payment made under or as a
result of this Plan.

        11.2 Stock Withholding. With respect to withholding required upon the
exercise of Non-Qualified Stock Options or upon the occurrence of any other
similar taxable event, Participants may elect, subject to the approval of the
Committee, to satisfy the withholding requirement, in whole or in part, by
having the Company withhold Shares of Stock having a Fair Market Value equal
to the amount required to be withheld. The value of the Shares to be
withheld shall be based on Fair Market Value of the Shares on the date that the
amount of tax to be withheld is to be determined. All elections shall be
irrevocable and be made in writing, signed by the Participant on forms approved
by the Committee in advance of the day that the transaction becomes taxable.

                                   ARTICLE XII
                                   SUCCESSORS

        All obligations of the Company under the Plan, with respect to Awards
granted hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the business
and/or assets of the Company.

                                  ARTICLE XIII
                                     GENERAL

        13.1 Requirements of Law. The granting of Awards and the issuance of
Shares of Stock under this Plan shall be subject to all applicable laws, rules,
and regulations, and to such approvals by any governmental agencies as may be
required.

        13.2 Effect of Plan. The establishment of the Plan shall not confer upon
any Employee any legal or equitable right against the Company, a Subsidiary or
the Committee, except as expressly provided in the Plan. The Plan does not
constitute an inducement or consideration for the employment of any Employee,

                                      -10-
<PAGE>

nor is it a contract between the Company or any of its Subsidiaries and any
Employee. Participation in the Plan shall not give any Employee any right to be
retained in the service of the Company or any of its Subsidiaries.

        13.3 Creditors. The interests of any Participant under the Plan or any
Agreement are not subject to the claims of creditors and may not, in any way, be
assigned, alienated or encumbered.

        13.4 Governing Law. The Plan, and all Agreements hereunder, shall be
governed, construed and administered in accordance with and governed by the laws
of the Commonwealth of Virginia and the intention of the Company is that ISOs
granted under the Plan qualify as such under Section 422 of the Code.

        13.5 Severability. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

        13.6 Required Exercise or Forfeiture of Options by Regulators. All
Options shall automatically be subject to exercise or forfeiture if the
Company's capital falls below its minimum requirements, as determined by its
state or federal primary regulator, and the Company's primary federal regulator
so directs the Company to require such exercise or forfeiture.

Adopted by the Board of Directors:

November 11, 1999

646661 v2

                                      -11-

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