Document:

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                                                                    EXHIBIT 10.6

                             ORIGEN FINANCIAL, INC.

                           2003 EQUITY INCENTIVE PLAN

                      NON-QUALIFIED STOCK OPTION AGREEMENT

         Pursuant to the Origen Financial, Inc. 2003 Equity Incentive Plan (the
"Plan"), Origen Financial, Inc., a Delaware corporation (the "Company"), hereby
grants to ________________ (the "Optionee") a non-qualified stock option (the
"Option") to purchase ______ shares of the Company's common stock, $0.01 par
value per share (the "Shares"), at a price of $10.00 per share (the "Option
Price"), on the terms and conditions contained in this Non-Qualified Stock
Option Agreement (the "Agreement") and subject to all the terms and conditions
of the Plan. The Option is granted as of __________, 200__ (the "Date of Grant")
and shall expire on __________, 201__ (the "Expiration Date"). The Option is
designated as a Performance Based Option but this Option is not intended to, and
does not, constitute an Incentive Stock Option. All capitalized terms used but
not otherwise defined in this Agreement shall have the meanings ascribed to such
terms in the Plan.

         1.       Timing of Exercise. Subject to the discretion of the
Administrator to accelerate the vesting schedule hereunder, the Option shall
become vested and exercisable with respect to the following whole number of
Shares according to the following schedule:

                  (a)      One third (1/3) of the Shares, on the earlier of (i)
         the consummation of the Company's initial public offering of its common
         stock, or (ii) that date which is three years from the Date of Grant
         (in either case, the "Initial Vesting Date");

                  (b)      One third (1/3) of the Shares, on the first
         anniversary of the Initial Vesting Date; and

                  (c)      The final one third (1/3) of the Shares, on the
         second anniversary of the Initial Vesting Date.

Any Shares not purchased by Optionee at the time Optionee is first eligible to
exercise the Option for such Shares, as determined by this Section 1, may be
purchased by Optionee at any time thereafter but, in no event, later than the
Expiration Date.

         2.       Termination of Service. If the Optionee ceases to be an
employee, consultant or independent contractor of the Company or any Subsidiary,
the Option is subject to earlier termination in accordance with Section 8.02 of
the Plan.

         3.       Manner of Exercise. Subject to paragraph 4 below, the Option
may be exercised, in accordance with paragraph 1 above, in whole or in part by
delivery of a written notice to the Company's Secretary specifying the number of
Shares to be purchased and accompanied by payment for those Shares and any
applicable withholding taxes. The Option Price shall be paid in cash, by
certified or bank check or other instrument acceptable to the Administrator. The
Administrator may also permit payment to be made in such other manner as the
Administrator deems appropriate and in compliance with applicable law. The
Option shall be exercised in accordance with such administrative regulations as
the Administrator of the Plan shall from time to time adopt. Payment
instructions will be received subject to collection. The delivery of
certificates

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representing the shares of Common Stock to be purchased pursuant to the exercise
of the Option will be contingent upon receipt by the Company of the full Option
Price for such shares and any required withholding taxes, and the fulfillment of
any other requirements contained in the Plan, this Agreement or applicable
provisions of law.

         4.       Trading Policy Restrictions. Option exercises shall be subject
to such Company trading-policy-related restrictions, terms and conditions as may
be established by the Administrator, or in accordance with policies set by the
Administrator, from time to time.

         5.       Rights as a Stockholder. The Optionee shall have the rights of
a stockholder only as to shares of Common Stock acquired upon exercise of the
Option and not as to any shares of Common Stock covered by unexercised Options.

         6.       Tax Withholding. No later than the date on which part or all
of the value of any shares of Common Stock received under the Plan first becomes
includible in the Optionee's gross income for federal income tax purposes, the
Optionee shall make arrangements with the Administrator in accordance with
Section 12.04 of the Plan regarding the payment of any federal, state or local
taxes required to be withheld with respect to such income.

         7.       No Right to Employment. Neither the Company nor any Subsidiary
is obligated by or as a result of the Plan or this Agreement to continue the
Optionee in the employment of, or service to, the Company, and neither the Plan
nor this Agreement shall interfere in any way with the right of the Company or
any Subsidiary to terminate the employment of, or consulting relationship with,
the Optionee at any time.

         8.       Notices. Notices hereunder shall be mailed or delivered to the
Company at its principal place of business and shall be mailed or delivered to
the Optionee at the address on file with the Company or, in either case, at such
other address as one party may subsequently furnish to the other party in
writing.

         9.       Purchase Only for Investment. To insure the Company's
compliance with the Securities Act of 1933, as amended, the Optionee agrees for
himself or herself, the Optionee's legal representative and estate, or other
persons who acquire the right to exercise this Option upon his or her death,
that Shares will be purchased in the exercise of the Option for investment
purposes only and not with a view to their distribution, as that term is used in
the Securities Act of 1933, as amended, unless in the opinion of counsel to the
Company such distribution is in compliance with or exempt from the registration
and prospectus delivery requirements of that Act.

         10.      Governing Law. This Agreement and the Option shall be governed
by, and construed in accordance with, the laws of the State of Delaware, applied
without regard to conflict of law principles.

         11.      Optionee's Acceptance of Agreement. The Option is conditioned
upon the acceptance by Optionee of the terms of this Agreement and of the Plan,
as evidenced by Optionee's execution of this Agreement and the return of an
executed copy to the Secretary of the Company no later than thirty days after
the date set forth in the following paragraph. For the convenience of the
parties and to facilitate execution, this Agreement may be executed in two or
more counterparts,

                                       -2-
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each of which shall be deemed an original, but all of which shall constitute one
and the same document.

         IN WITNESS WHEREOF, the Company hereby executes this Agreement as of
the Date of Grant.

                                       ORIGEN FINANCIAL, INC., a Delaware
                                       corporation

                                       By: ____________________________________

                                       Its: ___________________________________

         The undersigned hereby acknowledges receipt of the foregoing Option and
agrees to all of the terms and conditions of the Agreement and the Plan.

                                       _________________________________________
                                       Signature of Optionee

                                       _________________________________________
                                       Name of Optionee

                                       _________________________________________
                                       Date

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                                                                    EXHIBIT 10.7

                             ORIGEN FINANCIAL, INC.

                           2003 EQUITY INCENTIVE PLAN

                        RESTRICTED STOCK AWARD AGREEMENT

NAME OF PARTICIPANT:  __________________ (the "Participant")

NO. OF SHARES:        __________________ Shares of Common Stock ("Shares")

GRANT DATE:           _________, 200__ (the "Date of Grant")

                  Pursuant to the Origen Financial, Inc. 2003 Equity Incentive
Plan (the "Plan"), Origen Financial, Inc., a Delaware corporation (the
"Company"), hereby grants, sells and issues to the Participant, the Shares,
subject to the terms and conditions contained in this Restricted Stock Award
Agreement (the "Agreement") and in the Plan. The Participant agrees to the
provisions set forth herein and in the Plan and acknowledges that each such
provision is a material condition of the Company's agreement to issue and sell
the Shares to him or her. All references to share prices and amounts herein
shall be equitably adjusted to reflect stock splits, reverse stock splits, stock
dividends, recapitalizations, reclassifications, mergers, reorganizations and
similar changes affecting the capital stock of the Company, and any shares of
capital stock of the Company received on or in respect of Shares in connection
with any such event (including any shares of capital stock or any right, option
or warrant to receive the same or any security convertible into or exchangeable
for any such shares or received upon conversion of any such shares) shall be
subject to this Agreement on the same basis and extent at the relevant time as
the Shares in respect of which they were issued, and shall be deemed Shares as
if and to the same extent they were issued at the date hereof. All capitalized
terms used but not otherwise defined in this Agreement shall have the meanings
ascribed to such terms in the Plan.

         1.       Vesting Schedule.

                  (a)      Subject to the restrictions and conditions set forth
         in this Agreement and the Plan, the Shares shall vest as follows:

                  (i)      1/3 of the Shares vest on the earlier of (a) the
                           consummation of the Company's initial public offering
                           of its common stock, or (b) that date which is three
                           years from the Date of Grant (in either case, the
                           "Initial Vesting Date");

                  (ii)     1/3 of the Shares vest on the first anniversary of
                           the Initial Vesting Date; and

                  (iii)    1/3 of the Shares vest on the second anniversary of
                           the Initial Vesting Date;

                  (b)      In addition to the restrictions on Shares set forth
         in this Agreement, until a Share (an "Unvested Share") vests pursuant
         to this Section 1 (a "Vested Share"), it shall not be liable for the
         debts, contracts or obligations of Participant nor be subject to
         disposition by assignment, transfer, sale, alienation, pledge,
         encumbrance or any other means, whether such

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         disposition is voluntary or involuntary or by operation of law by
         judgment, levy, attachment, garnishment or other legal or equitable
         proceeding (including bankruptcy), and any attempted disposition of an
         Unvested Share shall be null and void and of no force or effect;
         provided, however, that this does not prevent transfers by will or by
         the applicable laws of descent and distribution, or pursuant to the
         terms of a Qualified Domestic Relations Order.

                  (c)      In the event of Participant's Termination of Service
         at any time for any reason other than the death of Participant, all
         Unvested Shares shall be automatically forfeited to the Company and,
         accordingly, Participant shall forfeit all right, title and interest in
         and to such forfeited Shares. For purposes hereof, "Disability" shall
         mean physical or mental incapacity for an aggregate period of at least
         120 days within any period of 365 consecutive days.

                  (d)      Notwithstanding anything to the contrary herein, upon
         the death of Participant or the occurrence of a Change of Control
         Event, all Unvested Shares shall immediately become fully vested and
         not subject to forfeiture.

                  (e)      Until such time as the Shares vest in accordance with
         this Section 1, the stock certificate or certificates evidencing the
         Shares shall be registered in the name of Participant but held in
         escrow by the Company. As soon as practicable after the date upon which
         any Shares become Vested Shares, the Company shall deliver to
         Participant a certificate or certificates representing such Vested
         Shares, registered in the name of Participant.

         3.       Plan Provisions Control. In the event that any provision of
this Agreement shall conflict with any term in the Plan as constituted on the
Date of Grant, the term in the Plan on the Date of Grant shall control. In
addition to the rights and restrictions contained in this Agreement, the Plan
contains additional restrictions on Shares, including, but not limited to,
limitations on vesting of Shares after a Termination of Service.

         4.       Investment Representations. In connection with the purchase
and sale of the Shares contemplated by this Agreement, the Participant hereby
represents and warrants to the Company as follows:

                  (a)      The Participant is purchasing the Shares for the
         Participant's own account for investment only, and not for resale or
         with a view to the distribution thereof.

                  (b)      The Participant has had such an opportunity as he or
         she has deemed adequate to obtain from the Company such information as
         is necessary to permit him or her to evaluate the merits and risks of
         the Participant's investment in the Company and has consulted with the
         Participant's own advisers with respect to the Participant's investment
         in the Company.

                  (c)      The Participant has sufficient experience in
         business, financial and investment matters to be able to evaluate the
         risks involved in the purchase of the Shares and to make an informed
         investment decision with respect to such purchase.

                  (d)      The Participant can afford a complete loss of the
         value of the Shares and is able to bear the economic risk of holding
         such Shares for an indefinite period.

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                  (e)      The Participant understands that the Shares are not
         registered under the Securities Act of 1933, as amended (the "Act") (it
         being understood that the Shares are being issued and sold in reliance
         on an exemption provided the Act or the rules promulgated thereunder)
         or any applicable state securities or "blue sky" laws and may not be
         sold or otherwise transferred or disposed of in the absence of an
         effective registration statement under the Act and under any applicable
         state securities or "blue sky" laws (or exemptions from the
         registration requirements thereof). The Participant further
         acknowledges that certificates representing the Shares will bear
         restrictive legends reflecting the foregoing.

         5.       Withholding Taxes; 83(b) Election. In accordance with the
terms of the Plan, the Company is entitled to withhold (or secure payment from
Participant in lieu of withholding) the amount of any withholding or other tax
required by law to be withheld or paid by the Company with respect to the award
or issuance of the Shares. Participant understands that the taxable income
recognized by Participant as a result of the award of the Shares would be
affected by a decision by Participant to make an election under Section 83(b) of
the Code (the "83(b) Election"), with respect to the Shares within thirty (30)
days after the Date of Grant. Participant acknowledges and agrees that he will
have the sole responsibility for determining whether to make an 83(b) Election
with respect to the Shares and for properly making such election and filing such
election with the relevant taxing authorities on a timely basis.

         6.       No Right to Employment. Neither the Company nor any Subsidiary
is obligated by or as a result of the Plan or this Agreement to continue the
Participant in the employment of, or service to, the Company, and neither the
Plan nor this Agreement shall interfere in any way with the right of the Company
or any Subsidiary to terminate the employment of, or consulting relationship
with, the Participant at any time.

         7.       Notices. Notices hereunder shall be mailed or delivered to the
Company at its principal place of business and shall be mailed or delivered to
the Participant at the address on file with the Company or, in either case, at
such other address as one party may subsequently furnish to the other party in
writing.

         8.       Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, applied without
regard to conflict of law principles.

         9.       Participant's Acceptance of Agreement. The issuance of the
Shares is conditioned upon the acceptance by Participant of the terms of this
Agreement and of the Plan, as evidenced by Participant's execution of this
Agreement and the return of an executed copy, to the Secretary of the Company no
later than thirty days after the date set forth in the following paragraph. For
the convenience of the parties and to facilitate execution, this Agreement may
be executed in two or more counterparts, each of which shall be deemed an
original, but all of which shall constitute one and the same document.

                                      -3-

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         IN WITNESS WHEREOF, this Restricted Stock Award Agreement is hereby
executed as of ______________, 200__.

                                ORIGEN FINANCIAL, INC., a Delaware corporation

                                By: ____________________________________________

                                Its: ___________________________________________

         The undersigned Participant hereby accepts the Agreement and agrees to
all of the terms and conditions of the Agreement and the Plan.

                                ________________________________________________
                                Signature of Participant

                                ________________________________________________
                                Name of Participant

                                ________________________________________________
                                Date

                                      -4-

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