Document:

Exhibit 10.2  (00157528.DOC;1)

Exhibit 10.2

PSB HOLDINGS, INC.

RESTRICTED STOCK AGREEMENT

This Restricted Stock Agreement (“Agreement”) by and between Peoples State Bank, a Wisconsin state banking association (the “Bank”), and ___________ (“Employee”) is made this ___ day of _________, 2007 (hereafter referred to as the “Grant Date”), pursuant to which the Bank grants to the Employee a number of restricted shares of the common stock (the “Restricted Stock”) of PSB Holdings, Inc., a Wisconsin corporation and registered bank holding company with respect to the Bank (the “Company”), subject to the terms and conditions hereinafter set forth.

1.

NUMBER OF SHARES.  Pursuant to this Agreement, the Company has agreed to grant to Employee _________ shares of Restricted Stock for performance during the ____ calendar year.  The Restricted Stock shall be subject to all the terms, conditions, and restrictions set forth in this Agreement.  In the event of any stock dividend, stock split, recapitalization or other change affecting the outstanding common stock of the Company as a class is effected without consideration, then any new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) that is by reason of any such transaction distributed with respect to the shares of Restricted Stock that remain unvested (the “Unvested Shares”) will be immediately subject to the provisions of this Agreement in the same manner and to the same extent as the Restricted Stock with respect to which such change was effected.

2.

VESTING, FORFEITURE AND TRANSFER RESTRICTIONS.  All Restricted Stock granted to Employee shall be issued and delivered on the Grant Date.  Restricted Stock is comprised of “Unvested Shares” and “Vested Shares.”  As of the Grant Date, all of the shares of Restricted Stock granted under this Agreement are “Unvested Shares” and will continue to be Unvested Shares for purposes of this Agreement until the Unvested Shares become Vested Shares in accordance with the following schedule:

		
	Date

	Vested Shares

	1

	0%

	2

	20%

	3

	40%

	4

	60%

	5

	80%

	6

	100%

Notwithstanding the preceding, in the event Employee terminates employment with the Bank, or the Employee is terminated for any reason whatsoever prior to the date any Unvested Shares become Vested Shares, or if Employee, Employee’s legal representative, or other holder of the Restricted Stock attempts to sell, exchange, transfer, pledge, or otherwise dispose of any Unvested Shares, other than by the Last Will and Testament of the Employee or the laws of descent, prior to the date Unvested Shares become Vested Shares, any Unvested Shares will be immediately forfeited by the Employee without any further action by the Bank or Company.

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3.

SECURITIES LAW COMPLIANCE.  Notwithstanding anything to the contrary contained herein, Restricted Stock may not be granted unless the Restricted Stock is registered under the Securities Act of 1933, as amended (the “Securities Act”) or, if such Restricted Stock is not so registered, the Company has determined that the grant and issuance of the Restricted Stock would be exempt from the registration requirements of the Securities Act.  The grant of Restricted Stock must also comply with other applicable laws and regulations governing the grant, and no grant of Restricted Stock will be permitted if the Bank or Company determines that such grant would not be in material compliance with such laws and regulations.

4.

STOCK LEGEND.  The Company and Employee agree that all certificates representing all shares of Restricted Stock that at any time are subject to the provisions of this Agreement will have endorsed upon them in bold-faced type a legend substantially in the following form:

THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER OF THE SHARES.  THE RESTRICTED STOCK AGREEMENT PROVIDES FOR FORFEITURE OF THE STOCK IN CERTAIN CIRCUMSTANCES, AND IMPOSES RESTRICTIONS ON THE TRANSFER OF THESE SHARES.  A COPY OF THE RESTRICTED STOCK AGREEMENT IS ON DEPOSIT AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED BY THE COMPANY TO THE REGISTERED HOLDER HEREOF UPON WRITTEN REQUEST. 

5.

AGREEMENT NOT A SERVICE CONTRACT.  This Agreement is not an employment or service contract, and nothing in this Agreement shall be deemed to create in any way whatsoever any obligation for the Employee to continue in the employ of the Company or the Bank, or of the Company or the Bank to continue the Employee’s employment.  In addition, nothing in this Agreement shall obligate the Company, any of its subsidiaries, their respective shareholders, Boards of Directors, or officers or other employees to continue any relationship that the Employee has with any of the foregoing.

6.

SECTION 83(B) ELECTION.  The Employee acknowledges that, under Section 83 of the Code, the difference between the amount paid by the Employee for the Restricted Stock, if any (the “Grant Price”), and the fair market value of the Restricted Stock at the time any forfeiture restrictions applicable to such Restricted Stock lapse, is reportable as ordinary income at the time the forfeiture restrictions lapse.  For this purpose, the term “forfeiture restrictions” includes the forfeiture provisions and restrictions described in Section 2 of this Agreement.  

Notwithstanding the preceding, the Employee understands that he or she may elect to be taxed at the time the Restricted Stock is granted hereunder, rather than when and as such Restricted Stock ceases to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30 days after the Grant Date.  If the Grant Price equals the fair market value of the Restricted Stock on such date, or if it is likely that the fair market value of the Restricted Stock at the time any forfeiture restrictions 

2

lapse will exceed the Grant Price, the election may avoid adverse tax consequences in the future.  A form for making this election is attached as Exhibit A.  The Employee understands that the failure to make this filing within said 30 day period will result in the recognition of ordinary income by the Employee (in the event the fair market value of the Restricted Stock increases after Grant Date) as the date the forfeiture restrictions lapse.  The Employee acknowledges that it is his or her sole responsibility, and not the Company’s, to file a timely election under Section 83(b).

7.

NOTICES.  Any notices provided for in this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to the Employee, five (5) days after deposit in the United States mail, postage prepaid, addressed to the Employee at the last address the Employee provided to the Company.

8.

RIGHTS AS A SHAREHOLDER.  The Employee shall be entitled to all of the rights of a shareholder with respect to the shares of Restricted Stock awarded pursuant to this Agreement, whether Vested or Unvested, including the right to vote such shares of Restricted Stock and to receive dividends and other distributions (if any) payable with respect to such shares; provided, however, that to the extent dividends or other distributions are paid with respect to Unvested Shares, the dividend or other distribution will be taxed as ordinary compensation income, subject to withholding, and not as dividend or distribution income.

9.

TAX WITHHOLDING.  On or immediately prior to the Grant Date, Executive shall be required to pay in cash to the Company the amount which the Company reasonably determines to be necessary in order for the Company to comply with applicable federal or state tax withholding requirements, and the collection of employment taxes, if applicable.

10.

GOVERNING LAW.  All questions arising with respect to the provisions of the Plan shall be determined by application of the laws of the State of Wisconsin, except to the extent such governing law is preempted by Federal law.  Questions arising with respect to the provisions of an Agreement that are matters of contract law shall be governed by the laws of the State of Wisconsin.  The obligation of the Company to sell and deliver Restricted Stock under this Agreement is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Restricted Stock.

11.

SEVERABILITY.  If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of the Agreement, but such provision shall be fully severable and the Agreement shall be construed and enforced as if the illegal or invalid provision had never been included in the Agreement.

12.

SUCCESSORS.  This Agreement shall be binding upon the Employee, his legal representatives, heirs, legatees, distributees, and shall be binding upon the Company and its successors and assigns.

*******

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IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of this ____ day of __________, 2007.

PSB HOLDINGS, INC.

______________________________

EMPLOYEE:

______________________________

 

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EXHIBIT A

Section 83(b) Statement

This statement is being made under Section 83(b) of the Internal Revenue Code, pursuant to Treas. Reg. Section 1.83-2.

The person who performed the services is:

Name:

___________________________________

Address:

___________________________________

___________________________________

Taxpayer Identification No.:  ______________

Taxable Year:  Calendar Year

The property with respect to which the election is being made is ______ shares of Common Stock of PSB Holdings, Inc. (the “Restricted Stock”).

The property was issued on __________, 20__.

The property is subject to forfeiture if for any reason stockholder’s employment with the issuer is terminated prior to vesting of the property.  The forfeiture provision lapses according to Section 2 of the Agreement.

The fair market value of such property was $_____ per share on the Grant Date.

A copy of this statement is being furnished to Peoples State Bank, for whom employee rendered the service underlying the transfer of property.

This statement is executed as of ___________________, 20__.

___________________________________

EmployeeExhibit 10(a)

Escrow Agreement

Boston Data Financial Services, Inc.

2 Heritage Drive 

North Quincy, Massachusetts 02171

      
Re:       TIAA-CREF U.S. Real Estate Fund I, L.P.

      
TIAA-CREF USREF I GP, LLC, a Delaware limited liability company, is the general partner (the “General Partner”) of TIAA-CREF U.S. Real Estate Fund I, L.P., a Delaware limited partnership (the “Fund”), which is
to be the issuer of units of limited partnership interest (the “Units”) to the public pursuant to a registration statement originally filed with the Securities and Exchange Commission (“SEC”) on March 15, 2007 (File No.
333-141315) (as amended from time to time, the “Registration Statement”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Amended and Restated Limited Partnership Agreement of the Fund (as
amended from time to time, the “Partnership Agreement”). 

      
 Teachers Personal Investors Services, Inc. (“TPIS”), a registered broker-dealer and an affiliate of the General Partner, will act as the broker-dealer participating in the offering of the Units on a “best
efforts” basis (the “Offering”). The Fund will sell a minimum of 150,000 Units to the public at a price of $1,000 per Unit for a total minimum capital raise from the public of $150,000,000 (the “First Closing
Threshold”) (for purposes of such determination, subscriptions received from affiliates of the General Partner (including officers and trustees of TIAA) shall not be counted for purposes of satisfying the First Closing Threshold). If the First
Closing Threshold is achieved, and all conditions to the General Partner conducting a closing are satisfied (including as contained in this Agreement), the Fund will conduct its initial closing (the “First Admission”) and admit public
investors as limited partners in the Fund on the terms set forth in the Partnership Agreement.  Following the First Admission, the Fund intends also to raise an additional amount of capital from the public in an amount, together with the
subscriptions of limited partners admitted at the First Admission (and for these purposes including subscriptions of affiliates of the General Partner), not to exceed $300,000,000, and may conduct one, but only one, subsequent closing on the
terms set forth in the Partnership Agreement (the “Final Admission”). 

      
 The Fund hereby appoints Boston Data Financial Services, Inc., a Massachusetts corporation and a registered transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended (the “Escrow Agent”),
for purposes of holding the subscription agreements (the “Subscription Agreements”) for the sale of Units prior to the General Partner conducting both the First Admission and the Final Admission (if applicable).  The Fund will deposit, or
cause to be deposited, the completed and executed Subscription Agreements from subscribers for the purchase of Units, and such Subscription Agreements are to be held by the Escrow Agent on the terms and conditions hereinafter set forth. 

	
      1.      	
	
Prior to the First Admission, and also between the First Admission and the Final Admission, following (i) the determination by TIPS or other soliciting broker-dealer

	
	 

	 	
participating in the Offering of a subscriber’s suitability to purchase Units, and (ii) the acceptance of the Subscription Agreement for such subscriber by the General Partner (on behalf of the Fund), TIPS
will, and will instruct any other soliciting broker-dealers participating in the Offering to, send each original Subscription Agreement for the sale of Units to the Escrow Agent as promptly as practicable, whereby the Escrow Agent will replicate or
image a copy of each Subscription Agreement, and also deposit each such Subscription Agreement in escrow (the “Escrow Account”), together with a list of each subscriber’s name, address and number of Units subscribed for and any other
information deemed appropriate by the Escrow Agent and the Fund.

	
	 
	
      2.      	
	
The original Subscription Agreements delivered to the Escrow Agent are to be held in the Escrow Account until (i) such Subscription Agreements are either returned to subscribers or, at the election of the Escrow
Agent, destroyed, in either case, in accordance with Section 3 of this Escrow Agreement or (ii) delivered to the Fund in accordance with Section 4 of this Escrow Agreement.

	
	 
	
      3.      	
	
In the event that the Escrow Agent is not in receipt of completed and executed Subscription Agreements that have been accepted by or on behalf of the Fund on or before the Expiration Date (as defined below) for the
subscription of not less than the First Closing Threshold, the Escrow Agent shall promptly notify the Fund in writing of such fact. Following that event, the Escrow Agent shall promptly (and in any event within ten (10) days) return the original
Subscription Agreements to the subscribers or, at the election of the Escrow Agent, destroy and certify to the Fund in writing, and give written notice to each subscriber, of such destruction of the Subscription Agreements then held in the Escrow
Account. In the event that prior to the Expiration Date the Fund determines to reject any subscription for which a Subscription Agreement has been deposited in the Escrow Account, upon notification in writing by the Fund of such rejection, the
Escrow Agent shall promptly return such Subscription Agreement to the subscriber. The “Expiration Date” means the close of business on the earlier of (i) the date that is exactly 18 months from the date (the “Effective Date”) on
which the SEC grants an effective order under Section 8(a) of the Securities Act of 1933 (which date may be extended by agreement of the General Partner and TPIS to a date not later than a date that is exactly 24 months after the Effective Date),
and (ii) the date on which the General Partner and TPIS terminate the Offering, whether or not any Units have been sold. The Fund will notify the Escrow Agent in writing of the Expiration Date as soon as practicable after its
determination.

	
	 
	
      4.      	
	
(a) First Admission.
    In the event that the Escrow Agent receives completed and executed Subscription
    Agreements that have been accepted by or on behalf of  the Fund on or before
    the Expiration Date for the subscription of not less than the First Closing
    Threshold, the Escrow Agent shall promptly notify the Fund in writing of
    such fact. Upon receipt of (i) Subscription Agreements representing not less
    than the First Closing Threshold in accordance with this Escrow Agreement
    and (ii) letter instructions from the Fund directing delivery to it of the
    Subscription Agreements then held in the Escrow Account, the Escrow Agent
    shall promptly deliver to the Fund the original Subscription Agreements then
    held in the Escrow Account. In delivering such Subscription Agreements to
    the Fund, the Escrow Agent is authorized to rely solely

	
	 
	 	
 

	
	 

	
	
upon such letter instructions that the Escrow Agent receives, whether or not such letter instructions are true or authentic.

	
	 	 
	
	
(b) Final Admission. In the event the General Partner elects to raise an additional amount of capital from the public following the First Admission, TPIS
shall cause each received, accepted and approved original Subscription Agreement to be delivered to the Escrow Agent on the terms set forth in Section 1 of this Agreement, and upon receipt of letter instructions from the Fund (i) indicating its
determination to conduct the Final Admission in accordance with the terms set forth in the Partnership Agreement and (ii) directing delivery to it of the Subscription Agreements then held in the Escrow Account, the Escrow Agent shall promptly
deliver to the Fund the Subscription Agreements then held in the Escrow Account. In delivering such Subscription Agreements to the Fund, the Escrow Agent is authorized to rely solely upon such letter instructions that the Escrow Agent receives,
whether or not such letter instructions are true or authentic.

	
	     

	
      5.      	
	
As compensation for serving as Escrow Agent hereunder, the Escrow Agent shall receive a fee payable by the Fund, as has been agreed separately in writing as between the parties.

	
	     

	
      6.      	
	
In performing any of the Escrow Agent’s duties hereunder, the Escrow Agent shall not incur any liability to anyone for any damages, losses or expenses, except for its willful default, breach of trust, or gross
negligence, and accordingly the Escrow Agent shall not incur any such liability with respect to any action taken or omitted (i) in good faith upon advice of the Escrow Agent’s counsel given with respect to any questions relating to the Escrow
Agent’s duties and responsibilities under this Escrow Agreement, or (ii) in reliance upon any instrument, including any written instrument or instruction provided for in this Escrow Agreement, not only as to its due execution and validity and
effectiveness of its provisions but also as to the truth and accuracy of information contained therein, which Escrow Agent in good faith believes to be genuine, to have been signed or presented by a proper person or persons and to conform to the
provisions of this Escrow Agreement.

	
	     

	
      7.      	
	
The Fund hereby agrees to indemnify and hold the Escrow Agent harmless from and against any and all losses, claims, damages, liabilities and expenses, including the reasonable cost of attorneys’ fees and the
expenses and disbursements, that may be imposed on the Escrow Agent or incurred by the Escrow Agent in connection with the Escrow Agent’s acceptance of appointment as the Escrow Agent hereunder, or the performance of the Escrow Agent’s
duties hereunder, including any litigation arising from this Escrow Agreement or involving the subject matter hereof, except where such losses, claims, damages, liabilities and expenses result from willful default, breach of trust or gross
negligence of the Escrow Agent.

	
	     

	
      8.      	
	
In the event of a dispute between the parties hereto sufficient in the Escrow Agent’s reasonable discretion to justify doing so, the Escrow Agent shall be entitled to tender into the registry or custody of any
court of competent jurisdiction all documents or other property in the Escrow Agent’s hands under this Escrow Agreement, together

	
	

	
	
with such legal pleadings as the Escrow Agent deems appropriate, and thereupon be discharged from all further duties and liabilities under this Escrow Agreement. In the event of any uncertainty as to the Escrow
Agent’s duties hereunder, the Escrow Agent may refuse to act under the provisions of this Escrow Agreement pending order of a court of competent jurisdiction, and the Escrow Agent shall have no liability to the Fund or to any other person as a
result of such action. Any such legal action may be brought in such court as the Escrow Agent shall determine to have jurisdiction thereof. The filing of any such legal proceedings shall not deprive the Escrow Agent of compensation earned prior to
such filing.

	
	     

	
      9.      	
	
Except as otherwise provided in Sections 19 and 20 hereof, all written notices and letters required hereunder shall only be effective if delivered personally, by nationally recognized overnight courier or by
certified mail, return receipt requested (i) if to Escrow Agent, to __________, __________, Attn: _____________________, and (ii) if to the Fund, the General Partner or TPIS, to such entity c/o Teachers Insurance and Annuity
Association, 730 Third Avenue, New York, New York 10017-3206, Attn: _______________________.

	
	     

	
      10.      	
	
This Escrow Agreement shall be governed by the laws of the State of New York as to both interpretation and performance.

	
	     

	
      11.      	
	
The provisions of this Escrow Agreement shall be binding upon the legal representatives, heirs, successors and assigns of the parties hereto.

	
	     

	
      12.      	
	
The Fund hereby acknowledges that the Escrow Agent is serving as escrow agent only for the limited purposes herein set forth, and hereby agrees that it will not represent or imply that the Escrow Agent, by serving
as escrow agent hereunder or otherwise, has investigated the desirability or advisability of investment in the Fund, or has approved, endorsed or passed upon the merits of the Units or the Fund. The Fund further agrees to instruct TPIS, and each of
its representatives, and any other representatives who may offer Units to persons from time to time, that they shall not represent or imply that the Escrow Agent has investigated the desirability or advisability of investment in the Fund, or has
approved, endorsed or passed upon the merits of the Units or the Fund, nor shall they use the Escrow Agent’s name in any manner whatsoever in connection with the offer or sale of the Units other than by acknowledgment that the Escrow Agent has
agreed to serve as escrow agent for the limited purposes herein set forth.

	
	     

	
      13.      	
	
This Escrow Agreement and any amendment hereto may be executed by the parties hereto in one or more counterparts, each of which shall be deemed to be an original.

	
	     

	
      14.      	
	
The Escrow Agent shall be bound only by the terms of this Escrow Agreement and shall not be bound or incur any liability with respect to any other agreements or understanding between any other parties with respect
to the subject matter hereof, whether or not the Escrow Agent has knowledge of any such agreements or understandings.

	
	

	
      15.      	
	
The indemnification provision set forth herein shall survive the termination of this Escrow Agreement.

	
	     

	
      16.      	
	
Upon the return (or destruction) of Subscription Agreements in accordance with Section 3 of this Escrow Agreement or the delivery of Subscription Agreements in accordance with Section 4 of this Escrow Agreement,
this Escrow Agreement shall terminate and the Escrow Agent shall have no further responsibility or liability with regard to the terms of this Escrow Agreement.

	
	     

	
      17.      	
	
The Escrow Agent has no responsibility for accepting, rejecting or approving subscriptions for Units.

	
	     

	
      18.      	
	
This Escrow Agreement shall not be modified, revoked, released or terminated unless such modification, revocation or termination has been reduced to writing and signed by all parties hereto, subject to Section 19
hereof.

	
	     

	
      19.      	
	
The Escrow Agent may resign at any time from its obligations under this Escrow Agreement by providing written notice to the Fund by certified mail, return receipt requested. Such resignation shall be effective on
the date specified in such notice which shall be not less than thirty (30) days after such written notice has been received by the Fund. The Escrow Agent shall have no responsibility for the appointment of a successor escrow agent.

	
	     

	
      20.      	
	
The Escrow Agent may be removed for cause by the Fund by written notice sent by certified mail, return receipt requested, to the Escrow Agent effective on the date specified in such notice. The removal of the
Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal.

	
	     

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
 

Agreed to as of the ___ day of ____________, 2007.

	 	
TIAA-CREF U.S. Real Estate Fund I, L.P., a
	
	 	
Delaware limited partnership
	
	 	 

	
	 	 

	
	 	 

	
	 	
By: TIAA-CREF USREF I GP, LLC,
	
	 	
a Delaware limited liability company
	
	 	
(General Partner)
	
	 	 

	
	 	 

	
	 	
By:   
		 
	 	
Name:
		 
	 	
Its:
		 
	 	 

	
	 	 

	
	 	 

	
	 	
Teacher Personal Investors Services, Inc., a
	
	 	
Delaware corporation
	
	 	 

	
	 	 

	
	 	By:    	 
	 	Name: 	 
	 	Its: 	 
	 	 

	
	 	 

	
	 	 

	
	 	
The terms and conditions contained above are
	
	 	
hereby accepted and agreed to by:
	
	 	 

	
	 	 

	
	 	
Boston Data Financial Services, Inc.,
	
	 	
a Massachusetts corporation
	
	 	
(Escrow Agent)
	
	 	 

	
	 	 

	
	 	By:    	 
	 	Name: 	 
	 	Its:

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