[FORM]

EXHIBIT 10.2

[FORM]

COAST FINANCIAL HOLDINGS, INC.

2005 STOCK INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”), made on the      day of                     , 200    , by and between Coast Financial Holdings, Inc., a Florida corporation (the “Corporation”) and                      (the “Optionee”).

1. Grant of Option. Subject to terms and conditions of this Agreement and those set forth in the Coast Financial Holdings, Inc. 2005 Stock Incentive Plan (the “Plan”), the Corporation, with the approval and at the direction of its Board of Directors, hereby grants to Optionee an option (the “Option”) to purchase from the Corporation a total of                      (            ) shares of common stock, $5.00 par value per share (“Common Shares” or “Shares”), of the Corporation, at the Exercise Price set forth in this Agreement. The Shares that may be purchased upon the exercise of the Option are sometimes referred to in this Agreement as the “Option Shares”. Capitalized terms not otherwise defined in this Agreement shall have the meaning ascribed to them in the Plan.

2. Exercise Price. The Exercise Price of the Option is $                     per Option Share.

3. Terms of the Option.

(a) Type of Option. The Option is intended to be a nonstatutory option and is NOT an incentive share option within the meaning of Section 422 of the Internal Revenue Code.

(b) Exercise Period. Subject to Section 3(c) of this Agreement, during the period commencing on the Date of Grant and terminating ten (10) years after the Date of Grant (the “Exercise Period”), the Option may be exercised with respect to all or a portion of the Option Shares (in full Shares) to the extent that the Option has not previously been exercised.

(c) Termination of Service; Change of Control. Notwithstanding the provisions of Section 3(b) of this Agreement:

(i) Termination Of Service By Reason Of Death. If the Optionee’s service with the Corporation or its Subsidiaries terminates due to the death of the Optionee, then the Option may be exercised only for a period of one year from the date of such death or until the end of the Exercise Period, whichever period is shorter.

1

(ii) Termination Of Service By Reason Of Disability. If the Optionee’s service with the Corporation or its Subsidiaries terminates by reason of a permanent and total disability of the Optionee, as determined by the Committee under the Plan, then the Option may be exercised only for a period of one year from the date of such termination of service or until the end of the Exercise Period, whichever is shorter; provided, however, that if the Optionee should die during such one year period, the unexercised portion of the Option shall thereafter be exercisable for a period of one year from the date of death or until the end of the Exercise Period, whichever is shorter.

(iii) Termination Of Service By Reason Of Retirement. If the Optionee’s service with the Corporation or its Subsidiaries terminates by reason of normal or late retirement of the Optionee under any retirement plan of the Corporation or its Subsidiaries, then the Option may be exercised only for a period of three months from the date of such termination of service, or until the end of the Exercise Period, whichever is shorter; provided, however, that if the Optionee should die during such three month period, the unexercised portion of the Option shall thereafter be exercisable for a period of one year from the date of such death or until the end of the Exercise Period, whichever is shorter.

(iv) Director Resignation or Termination of Service. Except as otherwise covered by Sections 3(c)(i), (ii) or (iii) of this Agreement, if the Director Optionee’s service as a Director of the Corporation terminates by his or her resignation from the Board of Directors (unless such resignation was at the written request of the Board of Directors) or by failing to run for election to an additional term as Director after being offered nomination for such additional term by a nominating or similar committee of the Board of Directors (or in lieu of such committee the entire Board of Directors), then the Option may be exercised only for a period of three months from the date of such resignation or, in the case of a failure to run for election to an additional term, from the date of the stockholder meeting at which such election of Directors takes place (such resignation or stockholder meeting date referenced to herein as “Director Termination Date”), or in either case, until the end of the Exercise Period, whichever is shorter. Except as otherwise covered by Sections 3(c)(i), (ii), or (iii) of this Agreement, in the event that the Director Optionee does not resign as Director of the Corporation (or resigns at the written request of the Board of Directors) and is removed from office or is not offered nomination for an additional term, then the Option may be exercised until the end of the Exercise Period.

(v) Change of Control. In the event of a termination of the Optionee following a Change of Control, the Option shall not be terminated as a result of a termination of service covered by Sections 3(c)(i) through 3(c)(iv) of this Agreement, and in each case the Option shall continue to be exercisable in accordance with the original terms of this Agreement, except in the case of the Optionee’s death, the Option shall be exercisable only for a period of one year from the date of death or the end of the Exercise Period, whichever is shorter.

4. Method of Exercise.

(a) Notice of Exercise. In order to exercise any portion of this Option, the Optionee shall notify the Corporation in writing of the election to exercise the Option and the number

2

of Option Shares in respect of which the Option is being exercised. Such notice shall be delivered to the Secretary of the Corporation and shall be accompanied with the Exercise Price payable in the manner set forth in Section 4(b) below. The date specified in Optionee’s notice as the date of exercise of the Option shall be deemed to be the Date of Exercise; provided, that, such date is at least five (5) days after the giving of such notice and that payment in full for the Option Shares to be purchased upon such exercise shall have been received by such date. Otherwise, the Date of Exercise shall be the date on which all conditions for issuance of Option Shares have been satisfied and such Option Shares have been issued by the Corporation. The certificate or certificates for Shares as to which the Option has been exercised shall be registered in the name of the Optionee.

(b) Payment of Exercise Price. The Exercise Price for the Option Shares to be purchased upon exercise of an Option, in whole or in part, shall be paid to the Corporation in full on or before the Date of Exercise. The Exercise Price shall be paid by Optionee in cash or by check deemed acceptable to the Committee. [Optional: Include provisions for cashless exercise or payment with unrestricted Common Shares]

(c) Failure to Pay or Accept Delivery. If the Optionee fails to pay for any of the Option Shares specified in its notice to exercise or fails to accept delivery thereof, the Optionee’s right to purchase such Option Shares may be terminated by the Committee.

5. Restrictions on Exercise. This Option may not be exercised if the issuance of the Option Shares upon such exercise or the method of payment of consideration for such Option Shares would constitute a violation of any applicable federal or state securities law or any other law or regulation. As a condition to the exercise of this Option, the Corporation may require the Optionee to make any representation or warranty to the Corporation at the time of exercise of the Option as in the opinion of legal counsel for the Corporation may be required by any applicable law or regulation, including those representations and warranties set forth in Section 13.1 of the Plan. Accordingly, if necessary, the stock certificates for the Option Shares issued upon exercise of this Option may bear appropriate legends restricting transfer.

6. Non-Transferability of Option. Except as otherwise provided by the Plan, this Option may be exercised during the lifetime of the Optionee only by the Optionee and may not be transferred in any manner other than by will or by the laws of descent and distribution. The terms of this Option shall be binding upon the executors, administrators, heirs, and successors of the Optionee.

7. Adjustments Upon Changes in Capitalization or Merger. In the event of changes in the capitalization or organization of the Corporation (including, without limitation, a stock split or a stock dividend) or, if the Corporation is a party to a merger or other corporate reorganization, the number of Shares covered by this Option shall be adjusted in accordance with the provisions of Section 4.4 of the Plan.

8. Term of Option. Unless modified, extended, or renewed in accordance with Article XI of the Plan, this Option may not be exercised after the expiration of the Exercise Period and may be exercised during such term only in accordance with the Plan and the terms of this Option.

9. Amendment of Option. The Board of Directors or the Committee may amend the Option and Plan at anytime, subject only to the limitations set forth in Articles X and XI of the Plan and by applicable law.

3

10. Not Employment or Consulting Contract. Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue in the employ or service of the Corporation (or continue as a consultant of the Corporation). This is not an employment or consulting contract.

11. Income Tax Withholding. The Optionee authorizes the Corporation to withhold in accordance with applicable law from any compensation payable to him or her any taxes required to be withheld by Federal, state or local laws as a result of the exercise of this Option. Furthermore, in the event of any determination that the Corporation has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the exercise of this Option, the Optionee agrees to pay the Corporation the amount of any such deficiency in cash within five (5) days after receiving a written demand from the Corporation to do so, whether or not Optionee is an employee of the Corporation at that time.

12. Notice. Any notice to the Corporation provided for in this Agreement shall be delivered to the Secretary of the Corporation at the executive offices located at 2412 Cortez Road West, Bradenton, Florida 34207, and any notice to the Optionee shall be delivered to the Optionee at the current address shown on the records of the Corporation. Any notice shall be deemed to be duly given (i) three business days after deposit into the U.S. Mails by registered or certified mail if and when properly addressed, postage prepaid, or (ii) on the date delivered if and when hand delivered to the appropriate address as determined above.

13. Incorporation by Reference. The Option is granted, and the Option Shares will be issued, pursuant to the Plan, the terms and conditions of which are incorporated herein by reference, and the Options and this Agreement shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the Plan and this Agreement, and its interpretations and determinations shall be conclusive and binding on the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder.

14. Governing Laws. The validity, construction, interpretation, and effect of this Agreement shall be governed by and determined in accordance with the laws of the State of Florida.

The Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board of Directors or the Committee upon any questions arising

Signature Page to 2005 Nonqualified Stock Option Agreement

4

[FORM]

NOTICE OF EXERCISE

OF NONQUALIFIED STOCK OPTION

The undersigned holder of a Nonqualified Stock Option to purchase Common Shares (“Shares”) of Coast Financial Holdings, Inc., a Florida corporation (the “Corporation”), hereby elects to purchase, pursuant to the provisions of the Coast Financial Holdings, Inc. 2005 Stock Incentive Plan (the “2005 Plan”) and the Nonqualified Stock Option Agreement, dated                      , 20     (the “NSO Agreement”), by and between the Corporation and the undersigned, the following number of such Shares                      (            ); and requests that a stock certificate for such Shares be issued in the name of, and delivered to                     , whose address is                                         ; and further requests, if the number of Shares transferred are not all the Shares that may be acquired pursuant to the unexercised portion of this Nonqualified Stock Option, that a new Nonqualified Stock Option of like tenor for the remaining Shares that may be acquired pursuant to the NSO Agreement be issued and delivered to the undersigned.

Any capitalized term not defined herein shall have the meaning ascribed to such term in the 2005 Plan.

The undersigned hereby elects to pay the exercise price for the Shares in the manner set forth herein (check the applicable box): [Note: Revise if cashless exercise is permissible.]

(Signature must conform in all respects to the name of holder as specified in the NSO Agreement.)