COMMERCIAL FEDERAL CORPORATION
                      2002 STOCK OPTION AND INCENTIVE PLAN
 
 
     1.   PURPOSE OF THE PLAN.
 
     The purpose of this Plan is to advance the interests of the Company through
providing select key Employees and Directors of the Bank, the Company, and their
Affiliates  with the opportunity to acquire  Shares.  By encouraging  such stock
ownership,  the Company seeks to attract, retain and motivate the best available
personnel for positions of substantial  responsibility and to provide additional
incentives to Directors and Employees of the Company or any Affiliate to promote
the success of the business.
 
     2.   DEFINITIONS.
 
     As used herein, the following definitions shall apply.
 
     (a)  "Affiliate"  shall  mean  any  "parent   corporation"  or  "subsidiary
corporation"  of the  Company,  as such terms are defined in Section  424(e) and
(f), respectively, of the Code.
 
     (b) "Agreement"  shall mean a written  agreement entered into in accordance
with Paragraph 5(c).
 
     (c)  "Awards"  shall  mean,  collectively,  Options,  SARs  and  Shares  of
Restricted Stock, unless the context clearly indicates a different meaning.
 
     (d) "Bank" shall mean Commercial Federal Bank, a Federal Savings Bank.
 
     (e) "Board" shall mean the Board of Directors of the Company.
 
     (f) "Change in Control" shall mean any one of the following events: (i) the
acquisition  of ownership,  holding or power to vote more than 20% of the Bank's
or the Company's  voting stock,  (ii) the  acquisition of the ability to control
the election of a majority of the Bank's or the Company's  directors,  (iii) the
acquisition  of a controlling  influence  over the management or policies of the
Bank or the Company by any person or by persons acting as a "group"  (within the
meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during
any period of two consecutive  years,  individuals (the "Continuing  Directors")
who at the  beginning  of such period  constitute  the Board of Directors of the
Bank or the Company (the "Existing Board") cease for any reason to constitute at
least  two-thirds  thereof,  provided  that any  individual  whose  election  or
nomination for election as a member of the Existing Board was approved by a vote
of at least  two-thirds  of the  Continuing  Directors  then in office  shall be
considered a Continuing Director.  Notwithstanding the foregoing, in the case of
(i),  (ii) and (iii)  hereof,  ownership  or control of the Bank by the  Company
itself shall not constitute a Change in Control.  For purposes of this paragraph
only, the term "person"  refers to an individual or a corporation,  partnership,
trust,  association,   joint  venture,  pool,  syndicate,  sole  proprietorship,
unincorporated  organization or any other form of entity not specifically listed
herein.
 
     (g) "Code" shall mean the Internal Revenue Code of 1986, as amended.
 
     (h)  "Committee"  shall mean the Stock  Option  Committee  appointed by the
Board in accordance with Paragraph 5(a) hereof.
 
     (i) "Common Stock" shall mean the common stock of the Company.
 
     (j) "Company" shall mean Commercial Federal Corporation.
 
     (k)  "Continuous  Service"  shall mean the absence of any  interruption  or
termination  of  service  as an  Employee  or  Director  of  the  Company  or an
Affiliate. Continuous Service shall not be considered interrupted in the
 
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case of sick leave, military leave or any other leave of absence approved by the
Company,  in the case of transfers  between payroll  locations of the Company or
between the Company, an Affiliate or a successor, or in the case of a Director's
performance of services in an emeritus or advisory capacity.
 
     (l)  "Director"  shall mean any member of the Board,  and any member of the
board of directors of any Affiliate that the Board has by resolution  designated
as being eligible for participation in this Plan.
 
     (m) "Disability" has the meaning ascribed to it in Section 22 (e)(3) of the
Code
 
     (n) "Effective Date" shall mean the date specified in Paragraph 15 hereof.
 
     (o) "Employee" shall mean any person employed by the Company,  the Bank, or
an Affiliate.
 
     (p)  "Exercise  Price" shall mean the price per Optioned  Share at which an
Option or SAR may be exercised.
 
     (q)  "ISO"  means an  option  to  purchase  Common  Stock  which  meets the
requirements  set  forth  in  the  Plan,  and  which  is  intended  to be and is
identified as an "incentive  stock option"  within the meaning of Section 422 of
the Code.
 
     (r) "Market Value" shall mean the fair market value of the Common Stock, as
determined under Paragraph 7(b) hereof.
 
     (s) "Non-Employee Director" shall have the meaning provided in Rule 16b-3.
 
     (t)  "Non-ISO"  means an option to  purchase  Common  Stock which meets the
requirements  set forth in the Plan but which is not  intended  to be and is not
identified as an ISO.
 
     (u) "Option" means an ISO and/or a Non-ISO.
 
     (v)  "Optioned  Shares"  shall  mean  Shares  subject  to an Award  granted
pursuant to this Plan.
 
     (w)  "Participant"  shall mean any person who receives an Award pursuant to
the Plan.
 
     (x) "Plan" shall mean this Commercial Federal  Corporation Stock Option and
Incentive Plan.
 
     (y) "Restricted  Stock" means Common Stock which is subject to restrictions
against  transfer and forfeiture and such other terms and conditions  determined
by the Committee, as provided in Paragraph 10.
 
     (z) "Rule 16b-3" shall mean Rule 16b-3 of the General Rules and Regulations
under the Securities Exchange Act of 1934, as amended.
 
     (aa) "Share" shall mean one share of Common Stock.
 
     (bb) "SAR" (or "Stock  Appreciation  Right")  means a right to receive  the
appreciation in value, or a portion of the appreciation in value, of a specified
number of shares of Common Stock.
 
     3.   TERM OF THE PLAN AND AWARDS.
 
     (a) Term of the Plan.  The Plan shall  continue in effect for a term of ten
years from the Effective Date, unless sooner terminated pursuant to Paragraph 17
hereof.  No Award  shall be  granted  under the Plan  after  ten years  from the
Effective Date.
 
     (b) Term of Awards.  The term of each Award granted under the Plan shall be
established by the Committee, but shall not exceed 10 years; provided,  however,
that in the case of an Employee  who owns Shares
 
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representing more than 10% of the outstanding Common Stock at the time an ISO is
granted, the term of such ISO shall not exceed five years.
 
     4.   SHARES SUBJECT TO THE PLAN.
 
     (a) General  Rule.  Except as otherwise  required  under  Paragraph 12, the
aggregate  number of Shares  deliverable  pursuant  to Awards  shall not  exceed
2,100,000  Shares.  Such Shares may either be  authorized  but unissued  Shares,
Shares held in treasury,  or Shares held in a grantor  trust created by the Bank
or the  Company.  If any  Awards  should  expire,  become  unexercisable,  or be
forfeited for any reason  without  having been  exercised,  the Optioned  Shares
shall, unless the Plan shall have been terminated, be available for the grant of
additional Awards under the Plan.
 
     (b) Special  Rule for SARs.  The number of Shares with  respect to which an
SAR is granted, but not the number of Shares which the Company delivers or could
deliver to an Employee or individual  upon exercise of an SAR,  shall be charged
against  the  aggregate  number of Shares  remaining  available  under the Plan;
provided,  however,  that in the case of an SAR granted in  conjunction  with an
Option,  under  circumstances  in  which  the  exercise  of the SAR  results  in
termination  of the Option and vice versa,  only the number of Shares subject to
the Option shall be charged  against the  aggregate  number of Shares  remaining
available  under the Plan.  The Shares  involved in an Option as to which option
rights have  terminated  by reason of the exercise of a related SAR shall not be
available for the grant of further Options under the Plan.
 
     5.   ADMINISTRATION OF THE PLAN.
 
     (a)  Composition of the Committee.  The Plan shall be  administered  by the
Committee, which shall consist of not less than two (2) members of the Board who
are Non-Employee  Directors and who are "outside directors" under Section 162(m)
of the Code and the regulations thereunder. Members of the Committee shall serve
at the  pleasure of the Board.  In the  absence at any time of a duly  appointed
Committee,  the Plan shall be administered by those members of the Board who are
Non-Employee Directors and "outside directors".
 
     (b) Powers of the Committee. Except as limited by the express provisions of
the Plan or by resolutions  adopted by the Board,  the Committee shall have sole
and complete  authority  and  discretion  (i) to select  Participants  and grant
Awards,  (ii) to  determine  the form and  content of Awards to be issued in the
form of  Agreements  under  the  Plan,  (iii) to  interpret  the  Plan,  (iv) to
prescribe, amend and rescind rules and regulations relating to the Plan, and (v)
to make other  determinations  necessary or advisable for the  administration of
the Plan.  The  Committee  shall  have and may  exercise  such  other  power and
authority  as may be  delegated to it by the Board from time to time. A majority
of the entire  Committee shall  constitute a quorum and the action of a majority
of the  members  present at any  meeting at which a quorum is  present,  or acts
approved in writing by a majority of the Committee  without a meeting,  shall be
deemed the action of the Committee.
 
     (c)  Agreement.  Each  Award  shall be  evidenced  by a  written  agreement
containing  such  provisions  as may be  approved  by the  Committee.  Each such
Agreement  shall  constitute  a binding  contract  between  the  Company and the
Participant, and every Participant,  upon acceptance of such Agreement, shall be
bound by the terms and restrictions of the Plan and of such Agreement. The terms
of each such Agreement  shall be in accordance with the Plan, but each Agreement
may include  such  additional  provisions  and  restrictions  determined  by the
Committee,  in its  discretion,  provided that such  additional  provisions  and
restrictions are not inconsistent with the terms of the Plan. In particular, the
Committee  shall set forth in each Agreement (i) the Exercise Price of an Option
or SAR, (ii) the number of Shares  subject to, and the  expiration  date of, the
Award, (iii) the manner,  time and rate (cumulative or otherwise) of exercise or
vesting of such Award, and (iv) the restrictions, if any, to be placed upon such
Award,  or upon  Shares  which may be issued  upon  exercise  of such  Award.The
Chairman of the  Committee  and such other  Directors  and  officers as shall be
designated  by the  Committee  are hereby  authorized  to execute  Agreements on
behalf of the Company and to cause them to be  delivered  to the  recipients  of
Awards.
 
     (d) Effect of the Committee's Decisions. All decisions,  determinations and
interpretations  of the Committee  shall be final and  conclusive on all persons
affected thereby.
 
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     (e) Indemnification. In addition to such other rights of indemnification as
they may have, the members of the Committee  shall be indemnified by the Company
in connection with any claim,  action, suit or proceeding relating to any action
taken or  failure  to act  under or in  connection  with the Plan or any  Award,
granted hereunder to the full extent provided for under the Company's  governing
instruments with respect to the indemnification of Directors.
 
     6.   GRANT OF OPTIONS.
 
     (a) General Rule. The Committee shall have the discretion to make Awards to
Employees and Directors (including members of the Committee). In selecting those
Employees  and Directors to whom Awards will be granted and the number of shares
covered by such Awards,  the Committee  shall consider the position,  duties and
responsibilities  of the eligible  Employees and  Directors,  the value of their
services to the Company and its Affiliates,  and any other factors the Committee
may deem relevant.
 
     (b) Special Rules for ISOs. The aggregate  Market Value, as of the date the
Option is granted,  of the Shares with respect to which ISOs are exercisable for
the first time by an Employee  during any  calendar  year  (under all  incentive
stock option plans, as defined in Section 422 of the Code, of the Company or any
present  or  future  Affiliate  of  the  Company)  shall  not  exceed  $100,000.
Notwithstanding the foregoing,  the Committee may grant Options in excess of the
foregoing  limitations,  in which  case such  Options  granted in excess of such
limitation shall be Options which are Non-ISOs.
 
     (c) Discounted Non-ISOs.  Notwithstanding any provision of this Plan to the
contrary,  the Committee may, at the election of a Director or Employee selected
by the Committee, grant Non-ISOs to such individual in lieu of cash compensation
otherwise payable by the Company or the Bank. An individual's  election pursuant
to this  Paragraph  6(c) shall be made prior to the calendar year for which such
election will be deemed effective, and in accordance with regulations prescribed
by the Committee.  Elections  shall be approved or disapproved in the discretion
of the  Committee  and in  accordance  with the terms of the Plan.  Changes to a
Participant's  election  pursuant to this  Paragraph  6(c) shall be  prospective
only.  Pursuant  to an  election  accepted  and  approved  by the  Committee,  a
Participant  may  elect to forgo  the  receipt  of cash  compensation  otherwise
expected from the Company or the Bank and instead receive, as of the last day of
the calendar  year,  Non-ISOs  with an aggregate  difference  between the Market
Value of the  underlying  shares and the Exercise  Price  (determined  as of the
first day of the calendar year) equal to the amount of cash compensation forgone
by the  Participant  pursuant to an election  covering the calendar  year.  Such
Non-ISOs will be at all times fully  exercisable  following their date of grant,
and shall otherwise be subject to the terms of the underlying Agreement and this
Plan. In no event however,  may a Non-ISO be granted  pursuant to this Paragraph
6(c) with an Exercise  Price  which is less than 50% of the Market  Value of the
underlying shares on the date of grant.
 
     A Participant's  interest in receiving  Non-ISOs pursuant to this Paragraph
6(c)  shall not be  subject in any  manner to  anticipation,  alienation,  sale,
transfer,  assignment, pledge, encumbrance, or charge; and the Company shall not
be obligated to make any Awards to persons other than as  specifically  provided
in the Plan. A Participant  shall not have a secured claim against the assets of
the Company,  and such Participant shall rely solely on the unsecured promise of
the Company for the payment of any compensation  deferred through an election to
receive a Non-ISO  pursuant to the Plan.  Nothing  herein  shall be construed to
give any person  any  right,  title,  interest,  or claim in or to any  specific
asset, fund, reserve,  account, or property of any kind whatsoever owned by them
or in which it may have any right,  title or interest now or in the future;  but
such  persons  shall  have the right to  enforce  his or her claim  against  the
Company in the same manner as any unsecured creditor.
 
     7.   EXERCISE PRICE FOR OPTIONS.
 
     (a) Limits on Committee  Discretion.  Except as provided in Paragraph  6(c)
hereof,  the Exercise Price as to any  particular  Option shall not be less than
100% of the Market  Value of the  Optioned  Shares on the date of grant.  In the
case of an Employee who owns Shares  representing more than 10% of the Company's
outstanding  Shares of Common Stock at the time an ISO is granted,  the Exercise
Price shall not be less than 110% of the Market Value of the Optioned  Shares at
the time the ISO is granted.
 
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<PAGE>
 
     (b) Standards for Determining Exercise Price. If the Common Stock is listed
on a national  securities exchange (or the NASDAQ National Market System) on the
date in  question,  then the Market  Value per Share shall be the average of the
highest and lowest selling price on such exchange on such date, or if there were
no sales on such date, then the Exercise Price shall be the mean between the bid
and asked price on such date. If the Common Stock is traded  otherwise than on a
national securities exchange on the date in question,  then the Market Value per
Share shall be the mean  between  the bid and asked  price on such date,  or, if
there is no bid and asked  price on such date,  then on the next prior  business
day on which there was a bid and asked price.  If no such bid and asked price is
available,  then the Market  Value per Share shall be its fair  market  value as
determined by the Committee, in its sole and absolute discretion.
 
     8.   EXERCISE OF OPTIONS.
 
     (a) Generally.  Unless otherwise  provided by the Committee  pursuant to an
applicable Agreement,  each Option shall be fully (100%) exercisable immediately
upon the date of its grant.
 
     (b) Procedure for Exercise. A Participant may exercise Options,  subject to
provisions relative to its termination and limitations on its exercise,  only by
(1) written  notice of intent to exercise the Option with respect to a specified
number  of  Shares,  and (2)  payment  to the  Company  (contemporaneously  with
delivery  of such  notice)  in cash,  in  Common  Stock  owned for more than six
months,  or a  combination  of cash and  Common  Stock  owned  for more than six
months,  of the  amount  of the  Exercise  Price for the  number of Shares  with
respect to which the  Option is then  being  exercised.  Each such  notice  (and
payment where required) shall be delivered,  or mailed by prepaid  registered or
certified  mail,  addressed  to the  Treasurer  of the Company at its  executive
offices. Common Stock owned for more than six months utilized in full or partial
payment of the Exercise Price for Options shall be valued at its Market Value at
the date of exercise.
 
     (c)  Period of  Exercisability  for ISOs.  Except to the  extent  otherwise
provided in the terms of an Agreement,  an ISO may be exercised by a Participant
only while he is an Employee and has maintained Continuous Service from the date
of the grant of the ISO,  or  within  three  months  after  termination  of such
Continuous Service (but not later than the date on which the ISO would otherwise
expire), except if the Employee's Continuous Service terminates by reason of --
 
          (1) "Just Cause" which for purposes  hereof shall have the meaning set
     forth in any  unexpired  employment  or  severance  agreement  between  the
     Employee and the Bank and/or the Company  (and,  in the absence of any such
     agreement,  shall  mean  termination  because  of the  Employee's  personal
     dishonesty,  incompetence,  willful  misconduct,  breach of fiduciary  duty
     involving  personal profit,  intentional  failure to perform stated duties,
     willful  violation  of any law,  rule or  regulation  (other  than  traffic
     violations or similar offenses) or final cease-and-desist  order), then the
     Employee's  rights to  exercise  such ISO shall  expire on the date of such
     termination;
 
          (2)  death,  then to the  extent  that the  Employee  would  have been
     entitled to exercise the ISO  immediately  prior to his death,  such ISO of
     the deceased  Employee  may be exercised  within two years from the date of
     his  death  (but not later  than the date on which the ISO would  otherwise
     expire) by the personal  representatives of his estate or person or persons
     to whom his rights  under such ISO shall have  passed by will or by laws of
     descent and distribution;
 
          (3)  Disability,  then to the extent that the Employee would have been
     entitled to exercise the ISO  immediately  prior to his or her  Disability,
     such ISO may be exercised  within one year from the date of  termination of
     employment due to Disability,  but not later than the date on which the ISO
     would otherwise expire.
 
     (d) Period of Exercisability for Non-ISOs.  Except as otherwise provided in
an Agreement, a Non-ISO may be exercised by a Participant only during the period
during which he has maintained  Continuous Service from the date of grant of the
Non-ISO,  provided  that  such  Non-ISO  shall  (i)  expire  immediately  if the
Participant's Continuous Service terminates due to Just Cause, and (ii) continue
to be exercisable for one year following his  termination of Continuous  Service
for any reason other than death. In the event of the  Participant's  death, then
to the extent that the  Participant  would have been  entitled  to exercise  the
Non-ISO immediately prior to his death, such
 
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Non-ISO of the deceased  Participant may be exercised  within two years from the
date of his  death  (but not  later  than the date on which  the  Non-ISO  would
otherwise  expire) by the  personal  representatives  of his estate or person or
persons to whom his rights  under such  Non-ISO  shall have passed by will or by
laws of descent and distribution.  Notwithstanding the foregoing,  a Non-ISO may
not be  exercised  later  than the date on which  the  Non-ISO  would  otherwise
expire.
 
     (e) Effect of the  Committee's  Decisions.  The  Committee's  determination
whether a Participant's  Continuous  Service has ceased,  and the effective date
thereof, shall be final and conclusive on all persons affected thereby.
 
     9.   SARS (STOCK APPRECIATION RIGHTS)
 
     (a) Granting of SARs. In its sole  discretion,  the Committee may from time
to time grant SARs to Employees either in conjunction with, or independently of,
any Options granted under the Plan. An SAR granted in conjunction with an Option
may be an  alternative  right wherein the exercise of the Option  terminates the
SAR to the extent of the number of shares  purchased upon exercise of the Option
and,  correspondingly,  the  exercise  of the SAR  terminates  the Option to the
extent of the  number  of Shares  with  respect  to which the SAR is  exercised.
Alternatively, an SAR granted in conjunction with an Option may be an additional
right  wherein both the SAR and the Option may be  exercised.  An SAR may not be
granted in conjunction with an ISO under  circumstances in which the exercise of
the SAR affects the right to exercise the ISO or vice versa,  unless the SAR, by
its terms, meets all of the following requirements:
 
     (1)  The SAR will expire no later than the ISO;
 
     (2)  The SAR may be for no more than the  difference  between the  Exercise
          Price of the ISO and the Market Value of the Shares subject to the ISO
          at the time the SAR is exercised;
 
     (3)  The SAR is transferable  only when the ISO is transferable,  and under
          the same conditions;
 
     (4)  The SAR may be exercised only when the ISO may be exercised; and
 
     (5)  The SAR may be  exercised  only when the  Market  Value of the  Shares
          subject to the ISO exceeds the Exercise Price of the ISO.
 
     (b) Exercise  Price.  The Exercise Price as to any particular SAR shall not
be less than the Market Value of the Optioned Shares on the date of grant.
 
     (c) The  provisions  of  Paragraphs  8(c) and 8(d)  regarding the period of
exercisability  of Options  are  incorporated  by  reference  herein,  and shall
determine the period of exercisability of SARs.
 
     (d) Exercise of SARs. An SAR granted hereunder shall be exercisable at such
times and under such  conditions as shall be permissible  under the terms of the
Plan and of the Agreement granted to a Participant, provided that an SAR may not
be exercised for a fractional  Share.  Upon exercise of an SAR, the  Participant
shall be  entitled  to  receive,  without  payment  to the  Company  except  for
applicable  withholding  taxes,  an amount  equal to the  excess of (or,  in the
discretion  of the  Committee  if provided in the  Agreement,  a portion of) the
excess of the then aggregate  Market Value of the number of Optioned Shares with
respect to which the Participant  exercises the SAR, over the aggregate Exercise
Price of such number of  Optioned  Shares.  This amount  shall be payable by the
Company, in the discretion of the Committee,  in cash or in Shares valued at the
then Market Value thereof, or any combination thereof.
 
     (e) Procedure for Exercising SARs. To the extent not inconsistent herewith,
the provisions of Paragraph 8(b) as to the procedure for exercising  Options are
incorporated  by reference,  and shall  determine  the procedure for  exercising
SARs.
 
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     10.  RESTRICTED STOCK AWARDS.
 
     Any Share of  Restricted  Stock which the  Committee may grant to Employees
and Directors  shall be subject to the following  terms and  conditions,  and to
such other terms and conditions as are either applicable generally to Awards, or
prescribed by the Committee in the applicable Agreement:
 
     (a)  Restriction  Period.  At the time of each award of  Restricted  Stock,
there shall be established for the Restricted Stock a restriction period,  which
shall be no greater than 5 years (the  "Restriction  Period").  Such Restriction
Period may differ among  Participants  and may have different  expiration  dates
with  respect to  portions  of shares of  Restricted  Stock  covered by the same
award.
 
     (b) Vesting  Restrictions.  The Committee shall determine the  restrictions
applicable  to the award of  Restricted  Stock,  including,  but not limited to,
requirements  of Continuous  Service for a specified  term, or the attainment of
specific  corporate,  divisional or individual  performance  standards or goals,
which  restrictions may differ with respect to each  Participant.  The Agreement
shall  provide  for  forfeiture  of  Shares  covered  thereby  if the  specified
restrictions  are not met during the  Restriction  Period,  and may  provide for
early termination of any Restriction  Period in the event of satisfaction of the
specified restrictions prior to expiration of the Restricted Period.
 
     (c) Vesting upon Death, Disability, or Retirement.  The Committee shall set
forth in the  Agreement the  percentage  of the award of Restricted  Stock which
shall vest in the  Participant  in the event of death,  disability or retirement
prior to the expiration of the  Restriction  Period or the  satisfaction  of the
restrictions applicable to an award of Restricted Stock.
 
     (d) Acceleration of Vesting. Notwithstanding the Restriction Period and the
restrictions imposed on the Restricted Stock, as set forth in any Agreement, the
Committee may shorten the Restriction  Period or waive any restrictions,  if the
Committee concludes that it is in the best interests of the Company to do so.
 
     (e) Ownership;  Voting.  Stock  certificates  shall be issued in respect of
Restricted  Stock  awarded  hereunder and shall be registered in the name of the
Participant, whereupon the Participant shall become a stockholder of the Company
with respect to such Restricted  Stock and shall, to the extent not inconsistent
with  express  provisions  of the Plan,  have all the  rights of a  stockholder,
including  but not  limited to the right to receive all  dividends  paid on such
Shares  and the right to vote such  Shares.  Said  stock  certificates  shall be
deposited with the Company or its designee, together with a stock power endorsed
in  blank,  and the  following  legend  shall be placed  upon such  certificates
reflecting  that the shares  represented  thereby  are  subject to  restrictions
against transfer and forfeiture:
 
          "The  transferability  of this  certificate  and the  shares  of stock
     represented  thereby  are  subject to the terms and  conditions  (including
     forfeiture)  contained  in the 2002  Stock  Option  and  Incentive  Plan of
     Commercial Federal  Corporation,  and an agreement entered into between the
     registered owner and Commercial  Federal  Corporation.  Copies of such Plan
     and  Agreement  are on file in the offices of the  Secretary of  Commercial
     Federal  Corporation,  450 Regency Parkway,  Atrium West,  Omaha,  Nebraska
     68114".
 
     (f) Lapse of  Restrictions.  At the  expiration  of the  Restricted  Period
applicable  to  the  Restricted   Stock,   the  Company  shall  deliver  to  the
Participant,  or the legal representative of the Participant's estate, or if the
personal  representative  of the  Participant's  estate shall have  assigned the
estate's  interest in the Restricted Stock, to the person or persons to whom his
rights under such Stock shall have passed by assignment  pursuant to his will or
to the laws of descent and distribution,  the stock certificates  deposited with
it or its  designee  and as to which the  Restricted  Period has expired and the
requirements of the  restrictions  have been met. If a legend has been placed on
such  certificates,  the Company  shall cause such  certificates  to be reissued
without the legend.
 
     (g)  Forfeiture  of  Restricted  Stock.  The  Agreement  shall  provide for
forfeiture of any Restricted Stock which is not vested in the Participant or for
which the restrictions have not been satisfied during the Restriction Period.
 
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     11.  CHANGE IN CONTROL
 
     Notwithstanding the provisions of any Award which provides for its exercise
or vesting in  installments,  all Shares of Restricted  Stock shall become fully
vested upon a Change in Control,  and all Options and SARs shall be  immediately
exercisable and fully vested.  With respect to Options,  at the time of a Change
in Control,  the  Participant  shall,  at the  discretion of the  Committee,  be
entitled to receive cash in an amount equal to the excess of the Market Value of
the Common Stock subject to such Option over the Exercise  Price of such Shares,
in exchange for the cancellation of such Options by the Participant.
 
     12.  EFFECT OF CHANGES IN COMMON STOCK SUBJECT TO THE PLAN.
 
     (a)  Recapitalizations;  Stock  Splits,  Etc. The number and kind of shares
reserved for issuance  under the Plan, and the number and kind of shares subject
to outstanding Awards, and the Exercise Price thereof,  shall be proportionately
adjusted  for any  increase,  decrease,  change  or  exchange  of  Shares  for a
different  number or kind of shares or other  securities  of the  Company  which
results  from  a  merger,   consolidation,   recapitalization,   reorganization,
reclassification,  stock dividend,  split-up,  combination of shares, or similar
event in which the number or kind of shares is changed  without  the  receipt or
payment of consideration by the Company.
 
     (b) Transactions in which the Company is Not the Surviving  Entity.  In the
event of (i) the  liquidation or  dissolution  of the Company,  (ii) a merger or
consolidation  in which the Company is not the  surviving  entity,  or (iii) the
sale or disposition of all or substantially  all of the Company's assets (any of
the  foregoing  to be referred to herein as a  "Transaction"),  all  outstanding
Awards,  together with the Exercise Prices thereof,  shall be equitably adjusted
for any change or exchange of Shares for a different number or kind of shares or
other securities which results from the Transaction.
 
     (c) Special Rule for ISOs.  Any adjustment  made pursuant to  subparagraphs
(a) or  (b)(1)  hereof  shall be made in such a manner  as not to  constitute  a
modification,  within the meaning of Section  424(h) of the Code, of outstanding
ISOs.
 
     (d) Conditions and Restrictions on New, Additional,  or Different Shares or
Securities.  If, by reason of any adjustment made pursuant to this Paragraph,  a
Participant becomes entitled to new, additional, or different shares of stock or
securities,  such new,  additional,  or different  shares of stock or securities
shall thereupon be subject to all of the conditions and restrictions  which were
applicable to the Shares pursuant to the Award before the adjustment was made.
 
     (e) Other Issuances.  Except as expressly  provided in this Paragraph,  the
issuance by the Company or an Affiliate  of shares of stock of any class,  or of
securities  convertible  into  Shares  or stock of  another  class,  for cash or
property or for labor or services  either upon direct sale or upon the  exercise
of rights or warrants to subscribe therefor, shall not affect, and no adjustment
shall be made with respect to, the number,  class,  or Exercise  Price of Shares
then subject to Awards or reserved for issuance under the Plan.
 
     13.  NON-TRANSFERABILITY OF AWARDS.
 
     Awards may not be sold,  pledged,  assigned,  hypothecated,  transferred or
disposed  of in any  manner  other  than by will or by the laws of  descent  and
distribution.  Notwithstanding any other provision of this Plan to the contrary,
to the  extent  permissible  under  Rule  16b-3,  a  Participant  who is granted
Non-ISOs  pursuant to this Plan may transfer such Non-ISOs to his or her spouse,
lineal ascendants,  lineal descendants, or to a duly established trust, provided
that  Non-ISOs so  transferred  may not again be  transferred  other than to the
Participant  originally  receiving  the grant of Non-ISOs or to an individual or
trust to whom such Participant could have transferred  Non-ISOs pursuant to this
Paragraph 13. Non-ISOs which are transferred pursuant to this Paragraph 13 shall
be  exercisable  by the  transferee  subject to the same terms and conditions as
would have applied to such Non-ISOs in the hands of the  Participant  originally
receiving the grant of such Non-ISOs.
 
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     14.  TIME OF GRANTING AWARDS.
 
     The date of grant of an Award shall, for all purposes,  be the later of the
date on which the Committee makes the  determination of granting such Award, and
the  Effective  Date.  Notice  of the  determination  shall  be  given  to  each
Participant  to whom an Award is so granted  within a reasonable  time after the
date of such grant.
 
     15.  EFFECTIVE DATE.
 
     The  Plan  shall  become  effective  immediately  upon  its  approval  by a
favorable  vote of  stockholders  owning at least a majority  of the total votes
cast at a duly called meeting of the Company's  stockholders  held in accordance
with applicable laws. No Awards may be made prior to approval of the Plan by the
stockholders of the Company.
 
     16.  MODIFICATION OF AWARDS.
 
     At any time,  and from time to time,  the Board may authorize the Committee
to direct  execution of an  instrument  providing  for the  modification  of any
outstanding  Award,  provided no such modification shall confer on the holder of
said Award any right or benefit which could not be conferred on him by the grant
of a new Award at such time,  or impair  the Award  without  the  consent of the
holder  of the  Award.  In no event,  however,  may the  Committee  or the Board
reprice any outstanding Option.
 
     17.  AMENDMENT AND TERMINATION OF THE PLAN.
 
     The  Board may from  time to time  amend  the  terms of the Plan and,  with
respect to any Shares at the time not  subject to Awards,  suspend or  terminate
the Plan. No amendment, suspension or termination of the Plan shall, without the
consent  of any  affected  holders  of an Award,  alter or impair  any rights or
obligations under any Award theretofore granted.
 
     18.  CONDITIONS UPON ISSUANCE OF SHARES.
 
     (a) Compliance  with Securities  Laws.  Shares of Common Stock shall not be
issued with respect to any Award unless the issuance and delivery of such Shares
shall comply with all relevant provisions of law, including, without limitation,
the Securities Act of 1933, as amended,  the rules and  regulations  promulgated
thereunder,  any applicable  state  securities law, and the  requirements of any
stock exchange upon which the Shares may then be listed.
 
     (b) Special Circumstances.  The inability of the Company to obtain approval
from any  regulatory  body or authority  deemed by the  Company's  counsel to be
necessary to the lawful issuance and sale of any Shares  hereunder shall relieve
the  Company of any  liability  in respect of the  non-issuance  or sale of such
Shares.  As a condition  to the  exercise  of an Option or SAR,  the Company may
require the person exercising the Option or SAR to make such representations and
warranties as may be necessary to assure the  availability  of an exemption from
the registration requirements of federal or state securities law.
 
     (c)  Committee  Discretion.  The  Committee  shall  have the  discretionary
authority to impose in  Agreements  such  restrictions  on Shares as it may deem
appropriate or desirable, including but not limited to the authority to impose a
right  of first  refusal  or to  establish  repurchase  rights  or both of these
restrictions.
 
     19.  RESERVATION OF SHARES.
 
     The Company, during the term of the Plan, will reserve and keep available a
number of Shares sufficient to satisfy the requirements of the Plan.
 
     20.  WITHHOLDING TAX.
 
     The Company's  obligation to deliver Shares upon exercise of Options and/or
SARs  or  upon  the  vesting  of  Restricted  Stock  shall  be  subject  to  the
Participant's satisfaction of all applicable federal, state and local income and
 
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<PAGE>
 
employment tax withholding  obligations.  The Committee, in its discretion,  may
permit  the  Participant  to satisfy  the  obligation,  in whole or in part,  by
irrevocably  electing to have the Company withhold Shares,  or to deliver to the
Company Shares that he already owns, having a value equal to the amount required
to be  withheld.  The  amount  of  the  withholding  requirement  shall  be  the
applicable statutory minimum federal,  state or local income tax with respect to
the Award on the date that the amount of tax is to be withheld. The value of the
Shares to be withheld, or delivered to the Company, shall be based on the Market
Value of the  Shares  on the  date the  amount  of tax to be  withheld  is to be
determined. As an alternative, the Company may retain, or sell without notice, a
number of such Shares sufficient to cover the amount required to be withheld.
 
     21.  NO EMPLOYMENT OR OTHER RIGHTS.
 
     In no event shall an Employee's or Director's eligibility to participate or
participation  in the Plan create or be deemed to create any legal or  equitable
right of the Employee, Director, or any other party to continue service with the
Company,  the Bank,  or any  Affiliate  of such  corporations.  No  Employee  or
Director shall have a right to be granted an Award or, having received an Award,
the right to again be granted an Award. However, an Employee or Director who has
been granted an Award may, if otherwise eligible, be granted an additional Award
or Awards.
 
     22.  GOVERNING LAW.
 
     The Plan shall be governed by and construed in accordance  with the laws of
the State of Nebraska,  except to the extent that federal law shall be deemed to
apply.
 
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