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                                                                    EXHIBIT 10.8

                           HOMEPLACE OF AMERICA, INC.
                    AMENDED AND RESTATED STOCK INCENTIVE PLAN

                                    ARTICLE I
                      PURPOSE; EFFECTIVE DATE; DEFINITIONS

         1.1      Purpose. This Amended and Restated Stock Incentive Plan (the
"HomePlace Stock Incentive Plan" or the "Plan") is intended to secure for the
Company and its shareholders the benefits of the incentives inherent in common
stock ownership by employees, consultants and directors of the Company and its
Subsidiaries who are largely responsible for the Company's future growth and
continued financial success and to afford such persons the opportunity to obtain
or increase their proprietary interest in the Company on a favorable basis and
thereby have an opportunity to share in its success.

         1.2      Effective Date. This Plan was effective on December 1, 1995
and shall be amended and restated as set forth herein upon the consummation of
the Merger.

         1.3      Definitions. Throughout the Plan, the following terms shall
have the meanings indicated:

                  (a)      "Appraised Value Per Share" shall mean the value per
share of Common Stock determined on a basis consistent with the valuation of
Common Stock dated March 1999, by Peter J. Solomon Company Ltd. The Appraised
Value Per Share shall be determined as of the end of each fiscal year of the
Company by independent appraisers selected by the Board.

                  (b)      "Benefits" shall mean Options (including ISOs and
NQSOs) that may be granted to key employees, consultants, officers and
Non-Employee Directors under the Plan.

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

                  (d)      "Code" shall mean the Internal Revenue Code of 1986,
as amended, any successor revenue laws of the United States, and the rules and
regulations promulgated thereunder.

                  (e)      "Committee" shall mean the Compensation and Stock
Option Committee of the Board.

                  (f)      "Common Stock" shall mean the common stock, par value
$.001 per share, of the Company.

                  (g)      "Company" shall mean HomePlace of America, Inc., a
Delaware corporation, as successor in interest to Waccamaw Corporation.

                  (h)      "Director" shall mean any person who, at the time of
the grant of a Benefit, is a member of the Board.

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                  (i)      "Disability" shall mean the inability or failure of a
person to perform those duties for the Company or any of its Subsidiaries
traditionally assigned to and performed by such person because of the person's
then-existing physical or mental condition, impairment or incapacity. The fact
of disability shall be determined by the Committee, which may consider such
evidence as it deems desirable under the circumstances, the determination of
which shall be final and binding upon all parties.

                  (j)      "Employee" shall mean any person engaged or proposed
to be engaged as an employee of the Company or any of its Subsidiaries or as a
consultant to the Board or the Company.

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

                  (l)      "Fair Market Value" shall mean the value per share of
the Common Stock as follows: Until such time as Common Stock is registered
pursuant to Section 13 or Section 15 of the Exchange Act and traded on a
national securities market, Fair Market Value at any time will be the Appraised
Value Per Share as of the end of the Company's fiscal year immediately preceding
the date of determination. Once Common Stock is registered pursuant to either
Section 13 or 15 of the Exchange Act and traded on a national securities market,
Fair Market Value at any time will be the average of the closing sales price per
share of Common Stock as reported by a national securities market for the twenty
trading days prior to the date of determination.

                  (m)      "ISO" shall mean an Option that qualifies as an
incentive stock option under Code Section 422. Any Option that is intended to be
an ISO and fails to qualify as an ISO shall be deemed to be an NQSO.

                  (n)      "Merger" shall mean the Merger of Waccamaw
Corporation with and into HomePlace of America, Inc. pursuant to that certain
Merger Agreement dated as of March 16, 1999, by and among HomePlace of America,
Inc., HomePlace Holdings, Inc. and Waccamaw Corporation.

                  (o)      "Non-Employee Director" shall mean any Director other
than a Director who is a full-time employee of the Company or any of its
Subsidiaries.

                  (p)      "Non-Employee Director Options" shall mean the
Benefits granted to Non-Employee Directors pursuant to Article V of this Plan.

                  (q)      "NQSO" shall mean an Option that does not qualify as
an incentive stock option under Code Section 422.

                  (r)      "Option" shall mean an option to purchase shares of
Common Stock granted pursuant to the Plan. An Option may be an ISO or an NQSO.

                  (s)      "Option Agreement" shall mean an agreement between
the Company and an Employee or Non-Employee Director evidencing an Option grant.

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                  (t)      "Option Shares" shall mean the shares of Common Stock
underlying an Option.

                  (u)      "Option Value" shall mean the amount, if any, by
which the Fair Market Value of the shares of Common Stock underlying the Option
is greater than the Option exercise price for such shares.

                  (v)      "Plan" shall mean the HomePlace Stock Incentive Plan,
as the same may be amended from time to time.

                  (w)      "Securities Act" shall mean the Securities Act of
1933, as amended.

                  (x)      "Subsidiary" shall mean a corporation of which more
than 50 percent of the voting stock is, or in the future becomes, owned or
controlled, directly or indirectly, by the Company.

                  (y)      "10% Stockholder" shall mean an individual owning
(directly or by attribution as provided in Code Section 424(d)) stock possessing
more than 10% of the total combined voting power of all classes of stock of the
Company.

                                   ARTICLE II
                             ADMINISTRATION OF PLANS

         2.1      Administration. The Plan and the Benefits awarded hereunder as
they relate to Employees shall be interpreted, construed and administered by the
Committee. The Plan and the Benefits awarded hereunder as they relate to
Non-Employee Directors shall be interpreted, construed and administered by the
Board. The interpretation and construction by the Committee or the Board, as the
case may be, of any provisions of the Plan or of any Benefits shall be
conclusive and binding on all parties.

         2.2      Committee Composition. The Committee shall be the Compensation
and Stock Option Committee of the Board.

         2.3      Quorum. A majority of the entirety of the Committee shall
constitute a quorum, and the action of a majority of the members present at any
meeting at which a quorum is present shall be deemed the action of the
Committee. In addition, any decision or determination reduced to writing and
signed by all of the members of the Committee shall be fully as effective as if
it had been made by a majority vote at a meeting duly called and held. Subject
to the provisions of the Plan and the Company's by-laws, the Committee may make
such additional rules and regulations for the conduct of its business as it
shall deem advisable. The Committee shall hold meetings at such times and places
as it may determine.

         2.4      Committee Powers. The Committee shall have authority to grant
Options to Employees pursuant to an Option Agreement providing for such terms
(not inconsistent with the provisions of the Plan) as the Committee may consider
appropriate. Such terms shall include,

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without limitation, as applicable, the Option price, the medium and time of
payment, the term of each award and any vesting requirements, and may include
conditions (in addition to those contained in the Plan) on the exercisability of
all or any part of an Option. Notwithstanding any such conditions, the Committee
may, in its discretion, accelerate the time at which any Option (other than
Non-Employee Director Options) may be exercised. In addition, the Committee
shall have complete discretionary authority to prescribe the form of Option
Agreements (other than with respect to Non-Employee Director Options); to adopt,
amend and rescind rules and regulations pertaining to the administration of the
Plan (other than rules and regulations affecting Non-Employee Director Options);
and to make all other determinations necessary or advisable for the
administration of the Plan (other than with respect to Non-Employee Director
Options). The express grant in the Plan of any specific power to the Committee
shall not be construed as limiting any power or authority of the Committee. All
expenses of administering the Plan shall be borne by the Company.

         2.5      Good Faith Determinations. No member of the Committee or the
Board, as the case may be, shall be liable for any action or determination made
in good faith with respect to the Plan or any Benefits granted hereunder.

                                   ARTICLE III
             ELIGIBILITY; TYPES OF BENEFITS; SHARES SUBJECT TO PLAN

         3.1      Eligibility for Plan. The Committee shall from time to time
determine and designate the Employees of the Company and its Subsidiaries to
receive Benefits under the Plan and the number of Options to be awarded to each
such Employee or the formula or other basis upon which such Benefits shall be
awarded to Employees. In making any such award, the Committee may take into
account the nature of services rendered by the Employee, regular, incentive or
other compensation earned by the Employee, the capacity of the Employee to
contribute to the success of the Company and other factors that the Committee
may consider relevant. All Non-Employee Directors shall be eligible only for the
grant of Non-Employee Director Options, as provided in Article V of this Plan.

         3.2      Types of Benefits. Benefits under the Plan may be granted as
Options (either ISOs or NQSOs).

         3.3      Shares Subject to the Plan. Subject to the provisions of
Section 4.1(e) (relating to adjustment for changes in Common Stock), the maximum
number of shares of Common Stock that may be issued under the Plan shall not
exceed 2,000,000 shares. Such shares may be authorized and unissued shares or
authorized and issued shares that have been reacquired by the Company. If any
Options granted under this Plan shall for any reason terminate or expire or be
surrendered without having been exercised in full, then the underlying shares
shall be available again for grant hereunder.

         3.4      Waccamaw Stock Options. Upon the consummation of the Merger,
each option to purchase shares of the common stock of Waccamaw Corporation which
was outstanding immediately prior to the Merger (a "Waccamaw Stock Option"),
whether vested or unvested, shall be adjusted as follows: (a) each Waccamaw
Stock Option shall be deemed to constitute an option to acquire one-half of a
share of Common Stock for each share of common stock of Waccamaw Corporation
subject to a Waccamaw Stock Option, and (b) the option exercise price per share
of

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Common Stock at which such option is exercisable shall be the exercise price of
the Waccamaw Stock Options multiplied by two. Adjustments pursuant to this
section resulting in options to purchase fractional shares shall be rounded down
to the nearest whole share and adjustments pursuant to this section resulting in
an exercise price of fractional cents shall be rounded up to the nearest whole
cent. The adjusted options shall be deemed to have been granted pursuant to the
Plan.

                                   ARTICLE IV
                                  STOCK OPTIONS

         4.1      Grant; Terms and Conditions. The Committee, in its discretion
and subject to Section 4.3 below, may from time to time grant ISOs and/or NQSOs
to any Employee who is eligible to receive Benefits under the Plan. Non-Employee
Directors shall receive Benefits under the Plan only as provided in Article V of
the Plan. Each Employee or Non-Employee Director who is granted an Option shall
enter into an Option Agreement with the Company in a form specified by the
Committee or, with respect to Non-Employee Directors, the Board, and containing
such provisions as the Committee or, with respect to Non-Employee Directors, the
Board, each in its sole discretion, shall from time to time approve consistent
with the Plan. The Option Agreements need not be identical, but each Option
Agreement by appropriate language shall include the substance of all of the
following terms and conditions:

                  (a)      Number of Shares. Each Option Agreement shall state
the number of shares to which it pertains.

                  (b)      Option Price. Each Option Agreement shall state the
Option exercise price, which, in the case of an Option intended to be an ISO,
shall not be less than 100% of the Fair Market Value of the shares of Common
Stock subject to the Option on the date of grant of the Option. In the case of
an ISO granted to a 10% Stockholder, the price at which each share of Common
Stock covered by the Option may be purchased shall not be less than 110% of the
Fair Market Value per share of Common Stock on the date of grant of the Option.
The date of the grant of an Option to an Employee shall be the date specified by
the Committee in the grant of the Option. The price at which each share of
Common Stock covered by an NQSO granted to an Employee under the Plan may be
purchased shall be the price determined by the Committee in its absolute
discretion, to be suitable to attain the purposes of the Plan. The price at
which each share of Common Stock covered by an NQSO granted to an Non-Employee
Director under the Plan may be purchased shall be as provided in Article V.

                  (c)      Medium and Time of Payment. Upon the exercise of an
Option, the Option exercise price shall be payable in United States dollars, in
cash (including by check) or (unless the Committee otherwise prescribes) in
shares of Common Stock owned by the optionee, in NQSOs granted to the optionee
under the Plan (provided that the purchase price of Common Stock under an ISO
may not be paid in NQSOs), or in a combination of cash, Common Stock and such
Options. If all or any portion of the Option exercise price is paid in Common
Stock owned by the optionee, then that stock shall be valued at its Fair Market
Value as of the date the Option is exercised. If all or any portion of the
Option exercise price is paid in NQSOs granted to the optionee under the Plan,
then such NQSOs shall be valued at their Option Value as of the date the Option
is exercised.

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                  (d)      Term and Exercise of Options. The term of each Option
shall be determined by the Committee or the Board, as the case may be, provided
that the exercise of an Option shall in no event be more than ten years from the
date of grant or, in the case of an ISO granted to a 10% Stockholder, more than
five years from the date of grant. Not less than one hundred shares may be
purchased at any one time unless the number purchased is the total number at the
time underlying the Option. During the lifetime of the optionee, the Option
shall be exercisable only by him or her and shall not be assignable or
transferable by him or her and no person shall acquire any rights therein. An
Option may be transferred (unless the Committee or the Board, as the case may
be, otherwise prescribes) by will or the laws of descent distribution.

                  (e)      Recapitalization; Reorganization. Subject to any
action that may be required on the part of the shareholders of the Company, the
maximum number of shares of Common Stock that may be issued under the Plan
pursuant to Section 3.3 above, the number of shares of Common Stock covered by
each outstanding Option, the kind of shares subject to outstanding Options and
the per share exercise price under each outstanding Option shall be adjusted, in
each case, to the extent and in the manner the Committee or the Board, as the
case may be, deems appropriate for any increase or decrease in the number of
issued shares of Common Stock resulting from a reorganization, recapitalization,
stock split, stock dividend, combination of shares, merger, consolidation,
rights offering subdivision or consolidation of shares or the payment of a stock
dividend (but only on the Common Stock) or any other change in the corporate
structure or shares of the Company.

                  Subject to any action that may be required on the part of the
shareholders of the Company, upon a merger or consolidation of the Company, each
outstanding Option shall pertain to and apply to the securities or other
consideration that a holder of the number of shares of Common Stock subject to
the Option would have been entitled to receive in the merger. A dissolution or
liquidation of the Company shall cause each outstanding Option to terminate,
provided that each holder shall, in such event, have the right immediately prior
to such dissolution or liquidation, to exercise his or her Option in whole or in
part without regard to any vesting provision contained in his or her Agreement.
The last sentence shall apply to any outstanding Options which are ISOs to the
extent permitted by Code Section 422(d), and such outstanding ISOs in excess
thereof shall, immediately upon the occurrence of such event be treated for all
purposes of the Plan as NQSOs and shall be immediately exercisable as such as
provided in such sentence. Notwithstanding the foregoing, in no event shall any
Option be exercisable after the date of termination of the exercise period of
such Option.

                  In the event of a change in the Common Stock as presently
constituted, which change is limited to a change of all of the authorized shares
with par value into the same number of shares with a different par value or
without par value, the shares resulting from any such change shall be deemed to
be the Common Stock within the meaning of the Plan.

                  The foregoing adjustments shall be made by the Committee or
the Board, as the case may be, whose determination shall be final, binding and
conclusive.

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                  Except as expressly provided in this subsection, the holder of
an Option shall have no rights by reason of (i) any subdivision or consolidation
of shares of any class, (ii) any stock dividend, (iii) any other increase or
decrease in the number of shares of stock of any class, (iv) any dissolution,
liquidation, merger, or consolidation or spin-off, split-off or split-up of
assets of the Company or stock of another corporation or (v) any issuance by the
Company of shares of stock of any class or securities convertible into shares of
stock of any class. Moreover, except as expressly provided in this subsection,
the occurrence of one or more of such events shall not affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to the Option.

                  The grant of an Option pursuant to the Plan shall not affect
in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business
structure or to merge or to consolidate or to dissolve, liquidate, sell or
otherwise transfer all or any part of its business or assets.

                  (f)      Rights as a Shareholder. An optionee or a transferee
of an Option shall have no rights as a shareholder with respect to any shares
covered by his or her Option until the date of the issuance of a stock
certificate to him or her for those shares upon payment of the exercise price.
No adjustments shall be made for dividends (ordinary or extraordinary, whether
in cash, securities or other property) or distributions or other rights for
which the record date is prior to the date such stock certificate is issued,
except as provided in subsection 4.1(e).

                  (g)      Modification, Extension and Renewal of Options.
Subject to the terms and conditions and within the limitations of the Plan, the
Committee may modify, extend or renew outstanding Options granted under the Plan
or accept the surrender of outstanding Options (to the extent not theretofore
exercised) and authorize the granting of new Options in substitution therefor
(to the extent not theretofore exercised). No modification of an Option shall,
without the consent of the optionee, alter or impair any rights or obligations
under any Option theretofore granted under the Plan.

                  (h)      Exercisability and Term of Options. Every Option
Agreement shall provide that, unless earlier terminated, Options granted
pursuant to the Plan shall be exercisable at any time on or after the date of
exercise set forth in the Option Agreement and before the date that is ten years
after the date of grant or, in the case of an ISO granted to a 10% Stockholder,
before the date that is five years after the date of grant. Notwithstanding the
foregoing, an Option shall terminate and may not be exercised if the Employee to
whom it is granted ceases to be employed by the Company or any of its
Subsidiaries, except that the Option Agreement may, in the discretion of the
Committee, provide: (1) that, if such Employee's employment terminates for any
reason other than conduct that in the judgment of the Committee involves
dishonesty or action by the Employee that is detrimental to the best interest of
the Company or any of its Subsidiaries, then the Employee may at any time within
three months after termination of his or her employment exercise his or her
Option but only to the extent that the Option was exercisable by him or her on
the date of termination of employment; (2) that, if such Employee's employment
terminates on account of Disability or the Employee's retirement at or after age
60, then the Option shall be fully vested and immediately exercisable and the
Employee may at any time within a period of up to thirty-six months or, in the

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case of an ISO granted to an Employee whose employment terminates on account of
Disability, within a period of twelve months (as specified in the Option
Agreement) after termination of his or her employment, or, in the case of an ISO
granted to an Employee whose employment terminates on account of the Employee's
retirement at or after age 60, within a period of three months (as specified in
the Option Agreement) after termination of his or her employment, exercise his
or her Option; (3) that, if such Employee dies while in the employ of the
Company or any of its Subsidiaries, the Option shall be fully vested and
immediately exercisable and his or her Option may be exercised at any time
within a period of up to thirty-six months (as specified in the Option
Agreement) following his or her death by the person or persons to whom his or
her rights under the Option shall pass by will or by the laws of descent and
distribution; and (4) that, if such Employee dies within the periods providing
for exercise following termination of his or her employment as described in
clause (1) or (2) above, then his or her Option may be exercised at any time
within the time remaining in the periods providing for exercise in clause (1) or
(2), or a period of twelve months after such death, whichever is longer, by the
person or persons to whom his or her rights under the Option shall pass by will
or by the laws of descent and distribution. The last sentence shall apply to any
outstanding Options which are ISOs to the extent permitted by Code Section
422(d), and such outstanding ISOs in excess thereof shall, immediately upon the
occurrence of the event described in such sentence, be treated for all purposes
of the Plan as NQSOs and shall be immediately exercisable as such as provided in
such sentence. Each Option Agreement may provide for acceleration of
exercisability upon the events described in clauses (2), (3) or (4) above.
Options granted to Non-Employee Directors shall be subject to the terms set
forth in the Option Agreement approved by the Board with respect to such
Options. Notwithstanding anything to the contrary in this subsection, an Option
may not be exercised by anyone after the expiration of its term.

         4.2      Other Terms and Conditions. Through the Option Agreements for
Employees authorized under this Plan, the Committee may impose such other terms
and conditions, not inconsistent with the terms hereof, on the grant or exercise
of Options, as it deems advisable.

         4.3      Additional Provisions Applicable to Incentive Stock Options.
The Committee may, in its discretion, grant Options under the Plan to eligible
Employees which Options constitute ISOs; provided, however, that the aggregate
Fair Market Value of the Common Stock (determined at the time the Option is
granted) with respect to which ISOs are exercisable for the first time by the
optionee during any calendar year (under all plans of the Company and its
Subsidiaries) shall not exceed the limitation set forth in Code Section 422(d);
provided, further, that ISOs may be granted under the Plan to individuals who
are employees of the Company or any of its Subsidiaries within the meaning of
Code Section 422. No ISOs may be granted under this Plan more than 10 years from
the Effective Date of the Plan.

         4.4      Redemption of Common Stock Underlying Options. An Employee or
Non- Employee Director who exercises his or her Options shall be deemed to have
offered such Options for redemption by the Company, at its option, unless and
until (i) the Common Stock is registered pursuant to Section 13 or Section 15 of
the Exchange Act and is authorized for trading by a national securities exchange
or a national securities association, and (ii) the Option Shares either (a) can
be issued and sold upon Option exercise, and resold by the initial holder
thereof, all without registration under the Securities Act, or (b) are then
registered under the Securities Act for such issuance, sale

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and resale, in each case as determined by the Company. The Company may exercise
its option to redeem by written notice to the Employee or Non- Employee Director
within sixty days of exercise. The redemption price shall be equal to the Option
Value at the time of exercise. The redemption price shall be paid in cash within
sixty days of the date of exercise of the Options or, at the Company's option,
over a period of two years with interest on the unpaid balance at a rate equal
to the rate published by Bank of America for two year certificates of deposit
($10,000 deposit) on the date of redemption. If the foregoing rate is not
readily ascertainable, a comparable rate may be selected by the Board. If the
Company chooses to pay the purchase price over two years, one-third of the
purchase price shall be paid on the date of redemption which shall be within
sixty days of the date of exercise, one third plus accrued interest shall be
paid on the first anniversary of the date of redemption and one-third plus
accrued interest shall be paid on the second anniversary of the date of
redemption.

                                    ARTICLE V
                          NON-EMPLOYEE DIRECTOR OPTIONS

         5.1      Formula. Non-Employee Director Options shall be awarded as
follows: (a) a one-time grant of NQSOs to purchase Five Thousand (5,000) shares
of Common Stock to each person who is an Non-Employee Director of the Company
immediately following the consummation of the Merger and, thereafter, to each
new Non-Employee Director upon his or her initial election as an Non-Employee
Director (the "Initial Grant"), and (b) commencing in 2000, One Thousand (1,000)
shares of Common Stock on June 30 of each year to each Non-Employee Director who
is then currently serving on the Board and has been an Non-Employee Director for
a minimum of six (6) months, in all cases at an exercise price per share equal
to the Fair Market Value per share of Common Stock as of the date of such award.
Non-Employee Directors who, prior to the Merger, were eligible for benefits
pursuant to the Non-Employee Directors Compensation Plan of Waccamaw Corporation
shall receive the Initial Grant as consideration for the cancellation of all
benefits pursuant to such plan. All of the Option awards referred to in this
Section 5.1 shall be made by operation of the provisions of this Plan and shall
require no further action by the Company, the Board, the Committee or any other
person except as specifically provided for elsewhere in this Plan.

                                   ARTICLE VI
                                  MISCELLANEOUS

         6.1      Withholding Taxes. An Employee or Non-Employee Director
granted Options under the Plan shall be conclusively deemed to have authorized
the Company to withhold from the salary or other compensation of such Employee
or Non-Employee Director funds in amounts or property (including Common Stock)
in value equal to any federal, state and local income, employment or other
withholding taxes applicable to the income recognized by such Employee or
Non-Employee Director and attributable to the Options as, when and to the
extent, if any, required by law; provided, however, that, in lieu of the
withholding of federal, state and local taxes as herein provided, the Company
may require that the Employee or Non-Employee Director (or other person
exercising such Option) pay the Company an amount equal to the federal, state
and local withholding taxes on such income at the time such withholding is
required or such other time as shall be satisfactory to the Company.

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         6.2      Amendment, Suspension, Discontinuance or Termination of Plan.
The Committee may from time to time amend, suspend or discontinue the Plan or
revise it in any respect whatsoever for the purpose of maintaining or improving
the effectiveness of the Plan as an incentive program, for the purpose of
conforming the Plan to applicable governmental regulations or to any change in
applicable law or regulations or for any other purpose permitted by law;
provided, however, that no such action by the Committee shall adversely affect
any Benefit theretofore granted under the Plan without the consent of the holder
so affected.

         6.3      Governing Law. The Plan and all rights and obligations
hereunder shall be construed in accordance with and governed by the laws of the
State of Delaware; provided, that in the event that the Company is
reincorporated in some other state through merger, consolidation or otherwise,
then the Plan and all rights and obligations hereunder shall be construed in
accordance with and governed by the laws of such other state.

         6.4      Indemnification of Committee Members. In addition to such
other rights of indemnification as they may have as Directors or as members of
the Committee, the members of the Committee shall be indemnified by the Company
against the reasonable expenses, including attorneys' fees, actually and
necessarily incurred in connection with the defense of any investigation,
action, suit or proceeding, or in connection with any appeal therefrom, 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 Benefit, and against all amounts
paid by them in settlement thereof (provided such settlement is approved by
independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in or dismissal or other discontinuance of any such
investigation, action, suit or proceeding, except in relation to matters as to
which it shall be adjudged in such investigation, action, suit or proceeding
that such Committee member is liable for negligence or misconduct in the
performance of his or her duties; provided that, within 60 days after
institution of any such investigation, action, suit or proceeding, a Committee
member shall in writing offer the Company the opportunity, at its own expense,
to handle and defend the same.

         6.5      Reservation of Shares. The Company shall at all times during
the term of the Plan, and so long as any Benefits shall be outstanding, reserve
and keep available (and will seek or obtain from any regulatory body having
jurisdiction any requisite authority in order to issue) such number of shares of
its Common Stock as shall be sufficient to satisfy the requirements of the Plan.
Inability of the Company to obtain from any regulatory body of appropriate
jurisdiction authority considered by the Company to be necessary or desirable to
the lawful issuance of any shares of its Common Stock hereunder shall relieve
the Company of any liability in respect of the nonissuance or sale of such
Common Stock as to which such requisite authority shall not have been obtained.

         6.6      Application of Funds. The proceeds received by the Company
from the sale of Common Stock pursuant to Options will be used for general
corporate purposes.

         6.7      No Obligation to Exercise. The granting of a Benefit shall
impose no obligation upon the holder to exercise or otherwise realize the value
of that Benefit.

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         6.8      Other Actions. Nothing contained in the Plan shall be
construed to limit the authority of the Company to exercise its corporate rights
and powers, including, without limitation, the right of the Company to grant or
assume options for proper corporate purposes other than under the Plan with
respect to any employee or other person, firm, corporation or association.

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                                                                   EXHIBIT 10.9

                            INDEMNIFICATION AGREEMENT

         THIS INDEMNIFICATION AGREEMENT is made as of the ____ day of
____________, 1999 between HomePlace of America, Inc., a Delaware corporation
(the "Corporation") and _____________________ ("Indemnitee").

                                   WITNESSETH:

         WHEREAS, the Corporation has adopted Sections 12.1 through 12.9 of
Article XII of its bylaws which grant to its officers, directors, employees and
agents the indemnification protection described in copies of these Sections of
the bylaws which are set forth on Schedule 1 attached hereto (the "Bylaw
Indemnification");

         WHEREAS, Indemnitee is a director of the Corporation and as such is
performing valuable services for the Corporation; and

         WHEREAS, pursuant to authority granted to the Corporation by its bylaws
and to induce Indemnitee to continue to serve as a director of the Corporation,
the Corporation is willing to contractually bind itself to extend to Indemnitee
the Bylaw Indemnification in accordance with and subject to the terms and
conditions of this Agreement;

         NOW, THEREFORE, the parties hereto agree as follows:

         1.       COVENANT TO INDEMNIFY INDEMNITEE. The Corporation hereby
covenants and agrees to obligate itself to extend to the Indemnitee the Bylaw
Indemnification notwithstanding any modification or repeal of any bylaw
provision of the Corporation subsequent to the date hereof. Indemnitee agrees to
comply with the obligations imposed on him thereunder and, in the event that
expenses are to be advanced to Indemnitee by the Corporation pursuant to Section
12.2 of the attached provisions, Indemnitee shall sign and present to the
Corporation an undertaking to repay the advance if it shall ultimately be
determined that he is not entitled under this Agreement or under law
substantially in the form of Schedule 2 attached hereto.

         2.       LIMITATION ON IMPACT OF AGREEMENT. Notwithstanding anything
contained herein to the contrary, the Corporation shall not in any event be
required to indemnify Indemnitee in violation of any applicable provision of the
General Corporation Laws of the State of Delaware, as amended, nor shall any
provision of this Agreement be construed to deny Indemnitee any rights that he
may be entitled to under the laws of the State of Delaware or otherwise.

         3.       CONTINUED COVERAGE. The indemnification rights granted herein
shall continue after Indemnitee has ceased to be a director, officer, employee
or agent of the Corporation for all causes of action against Indemnitee arising
out of acts and events occurring prior to the termination of his relationship
with the Corporation.

<PAGE>   2

         4.       SEVERABILITY. Each of the provisions of this Agreement is a
separate and distinct agreement and independent of the others, so that if any
provision hereof shall be held to be invalid or unenforceable for any reason,
such invalidity or unenforceability shall not affect the validity or
enforceability of the other provisions and the invalid and unenforceable
provision shall be severed from this Agreement.

         5.       MISCELLANEOUS.

         (a)      This Agreement shall be interpreted, construed and enforced in
accordance with the laws of the State of Delaware.

         (b)      This Agreement shall be binding upon Indemnitee and upon the
Corporation, its successors and assigns, and shall inure to the benefit of
Indemnitee, his heirs and personal representatives and to the benefit of the
Corporation, its successors and assigns.

         (c)      No amendment, modification, termination or cancellation of
this Agreement shall be effective, unless contained in a written instrument
signed by the parties hereto. No waiver of any breach or default hereunder shall
be deemed to constitute a waiver of any other breach or default nor of the same
breach or default on a future occasion.

         (d)      Any notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed duly delivered if hand
delivered or mailed, postage prepaid, by certified mail, return receipt
requested, addressed as set forth hereinafter or to such other address as the
party may designate in writing:

<TABLE>

        <S>                           <C>
        To the Corporation:           HomePlace of America, Inc.
                                      3200 Pottery Drive
                                      Myrtle Beach, SC 29577
                                      Attention: President

        To Indemnitee:
                                      ----------------------------------

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

                                      ----------------------------------
</TABLE>

                                       2
<PAGE>   3

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

                           HOMEPLACE OF AMERICA, INC.

                           By:
                               -------------------------------------------------

                               -------------------------------------------------
                               Its:
                                    --------------------------------------------

                           -----------------------------------------------------
                                               Indemnitee

                                       3
<PAGE>   4

                                   SCHEDULE 1

                                   ARTICLE XII

                    INDEMNIFICATION OF OFFICERS AND DIRECTORS

         SECTION 12.1. RIGHT TO INDEMNIFICATION.

         (a)      Each person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action, suit, or proceeding,
whether civil, criminal, administrative, or investigative (other than an action
by or in the right of the Corporation), by reason of the fact that he or she is
or was a director or officer of the Corporation, or is or was serving at the
request of the Corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise, shall be
entitled to indemnification against expenses (including attorneys' fees),
judgments, fines, and amounts paid in settlement to the fullest extent now or
hereafter permitted by applicable law as long as such person acted in good faith
and in a manner that such person reasonably believed to be in or not be opposed
to the best interests of the Corporation; provided, however, that the
Corporation shall indemnify any such person seeking indemnity in connection with
an action, suit or proceeding (or part thereof) initiated by such person only if
such action, suit or proceeding (or part thereof) was authorized by the Board of
Directors.

         (b)      The Corporation may, but shall not be obligated to, indemnify
any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit, or proceeding, whether civil,
criminal, administrative, or investigative (other than an action by or in the
right of the Corporation), by reason of the fact that he or she is or was an
employee or agent of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, employee, or agent of another corporation,
partnership, joint venture, trust, or other enterprise, against expenses
(including attorneys' fees), judgments, fines, and amounts paid in settlement to
the fullest extent now or hereafter permitted by applicable law.

         SECTION 12.2. ADVANCE PAYMENT OF EXPENSES. Expenses (including
reasonable attorneys' fees) incurred by any person who is or was an officer or
director of the corporation, or who is or was serving at the request of the
Corporation as an officer or director or another corporation, partnership, joint
venture, trust or other enterprise, in defending any civil, criminal,
administrative or investigative action, suit or proceeding, shall be paid by the
Corporation in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such person to
repay such amount if it is ultimately determined that he or she is not entitled
under applicable law to be indemnified by the corporation. Such expenses
incurred by other employees and agents may be so paid upon such terms and
conditions, if any, as the Board of Directors deems appropriate.

         SECTION 12.3. EMPLOYEES OR AGENTS. Persons who are not covered by
Section 12.1 and who are or were employees or agents of the Corporation, or who
are or were serving at the request of the Corporation as employees or agents of
another corporation, partnership, joint

<PAGE>   5

venture, trust, employee benefit plan or other enterprise, may be indemnified to
the extent authorized at any time or from time to time by the Board of
Directors.

         SECTION 12.4. CONTRACT RIGHTS. The provisions of this Article shall be
a contract between the Corporation and each director or officer to which this
Article applies. No repeal or modification of these Bylaws shall invalidate or
detract from any right or obligations with respect to any state of facts
existing prior to the time of such repeal or modification.

         SECTION 12.5. RIGHTS NON-EXCLUSIVE. The indemnification and advancement
of expenses provided by or granted pursuant to this Article shall not be deemed
exclusive of any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any bylaw, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in his
or her official capacity and as to action in another capacity while holding such
office.

         SECTION 12.6. INSURANCE. The Corporation may purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the Corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise against any liability asserted against
him or her and incurred by him or her in any such capacity, or arising out of
his or her status as such, whether or not the Corporation would have the power
to indemnify him or her against such liability under the provisions of this
Article or of applicable law.

         SECTION 12.7. DEFINITIONS. For purposes of this Article, references to
"the Corporation" shall include, in addition to the resulting corporation, any
constituent Corporation (including any constituent of a constituent) absorbed in
a consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, and employees
or agents, so that any person who is or was a director, officer, employee or
agent of such constituent corporation, or is or was serving at the request of
such constituent Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
shall stand in the same position under this Article with respect to the
resulting or surviving Corporation as he or she would have with respect to such
constituent Corporation if its separate existence had continued, and references
to "other enterprises" shall include employee benefit plans; references to
"fines" shall include any excise taxes assessed on a person with respect to any
employee benefit plan; and references to "serving at the request of the
Corporation" shall include any service as a director, officer, employee or agent
of the Corporation which imposes duties on, or involves services by, such
director, officer, employee, or agent with respect to an employee benefit plan,
its participants, or beneficiaries; and a person who acted in good faith and in
a manner he or she reasonably believed to be in the interest of the participants
and beneficiaries of an employee benefit plan shall be deemed to have acted in a
manner "not opposed to the best interests of the corporation" as referred to in
this Article.

        SECTION 12.8. CONTINUED COVERAGE. The indemnification and advancement of
expenses

                                       2
<PAGE>   6

provided by, or granted pursuant to this Article shall, unless otherwise
provided when authorized or ratified, continue as to a person who has ceased to
be a director or officer and shall inure to the benefit of the heirs, executors
and administrators of such person.

         SECTION 12.9. CERTAIN LIMITATIONS. Notwithstanding any provision of
this Article XII to the contrary, no person who was a director or officer of
HomePlace Holding, Inc. or HomePlace of America, Inc., or any of their
respective subsidiaries, prior to the effective time of the merger of Waccamaw
Corporation with and into HomePlace of America, Inc. shall be entitled to
indemnification or advancement of expenses for events or occurrences that
occurred prior to such effective time solely by operation of this Article XII.

                                       3
<PAGE>   7

                                   SCHEDULE 2

                              UNDERTAKING TO REPAY

         RE: [Description of Action]

         I, ________________, by execution of this instrument do hereby promise
and agree to repay all defense costs and expenses advanced to me by HomePlace of
America, Inc. (the "Corporation") in connection with the above-referenced action
or proceeding if it shall be ultimately determined that I am not entitled under
this Agreement or applicable law to be indemnified by the Corporation.

         IN WITNESS WHEREOF, I have hereunto affixed my hand this ___ day of

_________________.

                                       __________________________________ (SEAL)

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