Document:

Exhibit 10.2

TEXAS REGIONAL BANCSHARES, INC.

 

NONSTATUTORY STOCK OPTION AGREEMENT

(Granted under the 2006 Incentive Plan)

 

This
Nonstatutory Stock Option Agreement (the “Agreement”) is executed to be
effective                                   ,
2006, by and between Texas Regional Bancshares, Inc., a Texas corporation (the “Corporation”),
and                                         (the “Contractor/Advisor”).

 

The
Corporation desires to provide the Contractor/Advisor an opportunity to
purchase shares of the Corporation’s Class A Voting Common Stock, $1.00 par
value per share (hereinafter referred to as “Common Stock” or “Stock”) pursuant
to the Texas Regional Bancshares, Inc. 2005 Nonstatutory Stock Option Plan (the
“Plan”). This Agreement represents an Award Statement or option agreement for
purposes of the Plan.

 

The
grant made pursuant to this Agreement represents an award of a Nonstatutory
Stock Option for purposes of Section 4.3(d)(2) of the Plan and other applicable
provisions of the Plan. The Corporation intends that any stock option granted
or exercised under this Agreement not qualify as an “incentive stock option”
under Section 422 of the Internal Revenue Code of 1986, as amended from time to
time (the “Code”), and pertinent regulations.

 

Now,
therefore, in consideration of the mutual covenants hereinafter set forth and
for other good and valuable consideration, the parties hereto agree as follows.

 

1.             Grant of Option. The
Corporation hereby irrevocably grants to the Contractor/Advisor the right and option
(the “Option”), to purchase all or any part of an aggregate of                                  
shares of Common Stock (such number being subject to adjustment as provided in
this Agreement) on the terms and conditions herein set forth.

 

2.             Purchase Price. The purchase
price of the Common Stock covered by the Option shall be $                             
per share (the “Exercise Price”).

 

3.             Term of Option; Vesting Schedule.
The Option herein granted may be exercised  according to the following vesting schedule
(subject to earlier vesting as may otherwise be provided in this Agreement):  the Contractor/Advisor may exercise the
Option to purchase, beginning on each date set forth under the heading Commencement Date below, the number of shares of Stock set
forth under the heading Number of Shares
that corresponds to that commencement date (the date upon which the option
herein granted first becomes exercisable as to any share is herein called the “Commencement
Date”):

 

	
  Number of Shares

  	
   

  	
  Commencement Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

The
number of shares as set forth above is subject to adjustment for stock splits,
stock dividends and other changes as provided in this Agreement.

 

 

In
each case the Option must be exercised prior to ten (10) years from the date of
the execution of this Agreement (the “Expiration Date”), subject to earlier
termination as provided in this Agreement. The Option may be exercised within
the above limitations, at any time or from time to time, as to any part of or
all the shares covered hereby; provided, however, that the Option may not be
exercised as to less than 30 shares at any one time (or the remaining shares
then purchasable under the Option, if less than 30 shares) or with respect to
any fractional share.

 

The
purchase price of the shares as to which the Option is exercised shall be paid
in full in cash or check at the time of exercise, or the Contractor/Advisor may
effect a cashless exercise as herein provided.

 

If
the engagement of the Contractor/Advisor as a contractor or advisor to the
Corporation terminates by formal written termination agreement for any reason, subject
to the termination provisions below, the Contractor/Advisor may thereafter
exercise his option as provided herein, but only to the extent he was entitled to
exercise the option on the date when his engagement terminated. The holder of
the Option shall not have any of the rights of a shareholder with respect to
the shares covered by the Option except to the extent that one or more
certificates for such shares are delivered to him or her upon the due exercise
of the Option.

 

If
registration is required by law, the Option may not be exercised unless at the
date of exercise an appropriate registration statement under the Securities Act
of 1933, as amended, relating to the shares covered by the Option shall be in
effect. If such registration is required by law, the Corporation will endeavor
to obtain prior to the time when the Option would otherwise be exercisable the
registration of the shares covered by the Option under the Act, as amended, but
the exercise period shall not extend to or beyond the Expiration Date.

 

4.             Nontransferability. The
Option shall not be transferable otherwise than by will or by the laws of
descent and distribution, and the Option may be exercised, during the lifetime
of the Contractor/Advisor, only by him. More particularly (but without limiting
the generality of the foregoing), the Option may not be assigned, transferred
(except as provided above), pledged, or hypothecated in any way, shall not be
assignable by operation of law, and shall not be subject to execution,
attachment, or similar process. Any attempted assignment, transfer, pledge,
hypothecation, or other disposition of the Option contrary to the provisions
hereof, and the levy of any execution, attachment, or similar process upon the
Option, shall be null and void and without effect.

 

5.             Engagement. In consideration
of the granting of the Option and regardless of whether or not the Option shall
be exercised, the Contractor/Advisor will devote an appropriate amount of time,
energy, and skill, in such Contractor/Advisor’s professional judgment, to the
service of the Corporation or its parent or one or more of the Corporation’s
subsidiaries while he remains engaged as a contractor or advisor to the Corporation.
The Contractor/Advisor’s engagement as a contractor or advisor shall be subject
to the provisions of any contract between the Corporation or any such parent or
subsidiary and the Contractor/Advisor, but shall otherwise be at the pleasure
of the Board of Directors of the corporation which has engaged him, and for
such compensation or consideration as such engaging corporation or corporations
shall determine.

 

6.             Exercise Period. Any or all
Common Stock purchasable under the Option will be purchasable at any time
following the Commencement Date, and prior to the Expiration Date, subject to
any other limitation provided in this Agreement.

 

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7.             Termination of Engagement. The
following provisions will govern the ability of a Contractor/Advisor to
exercise any portion of the Option that is outstanding following termination of
his engagement:

 

(a)           If
the engagement of a Contractor/Advisor with the Corporation is terminated for
reasons other than (i) death, or (ii) discharge for Cause, such Contractor/Advisor’s
outstanding Options may be exercised at any time within three months after such
termination, to the extent of the number of shares which were exercisable at
the date of such termination; except that this Option shall not be exercisable
on any date beyond the expiration date of the Option.

 

(b)           If
the engagement of a Contractor/Advisor with the Corporation is terminated for
Cause by prior written notice to the Contractor/Advisor, this Option (whether
or not then exercisable) shall expire and any rights hereunder shall terminate
immediately upon termination of the engagement.

 

(c)           Should
the Contractor/Advisor die prior to the vesting of this Option, any installment
or installments not then exercisable shall become fully exercisable and vested
as of the date of the Contractor/Advisor’s death and the Options may be
exercised by the Contractor/Advisor’s Personal Representative at any time
within one year after the Contractor/Advisor’s death.

 

 (d)          “Cause”, with respect to any Contractor/Advisor,
means (i) the definition of Cause as set forth in any individual engagement
agreement applicable to such Contractor/Advisor, or (ii) in the case of a Contractor/Advisor
who does not have an individual engagement agreement that defines Cause, then
Cause means the termination of a Contractor/Advisor’s engagement by reason of
his or her (1) engaging in gross misconduct that is injurious to the
Corporation, monetarily or otherwise, (2) misappropriation of funds,
(3) willful misrepresentation to the directors or officers of the
Corporation, (4) gross negligence in the performance of the Contractor/Advisor’s
duties having an adverse effect on the business, operations, assets, properties
or financial condition of the Corporation, (5) conviction of a crime
involving moral turpitude. The determination of whether a Contractor/Advisor’s engagement
was terminated for Cause shall be made by the Corporation in its sole
discretion.

 

(e)           For purposes of this
agreement, the Contractor/Advisor’s engagement shall not be considered
terminated in the case of sick leave or other bona fide leave of absence
approved by the Corporation or a subsidiary, or in the case of the transfer to
the engagement of a subsidiary or to the engagement of the Corporation. So long
as the Contractor/Advisor shall continue to be a Contractor/Advisor of the
Corporation or a parent corporation or one or more of the Corporation’s
subsidiaries, the Option shall not be affected by any change of the nature or
extent of the Contractor/Advisor’s engagement. Nothing in this Option Agreement
shall confer upon the Contractor/Advisor any right to continue to be a
contractor or advisor to the Corporation or of any of its subsidiaries or
interfere in any way with the right of the Corporation or any such subsidiary
to terminate his or her engagement at any time.

 

8.             Changes in Capital Structure.
If all or any portion of the Option shall be exercised subsequent to any share
dividend, split-up, recapitalization, merger, consolidation, combination or
exchange of shares, separation, reorganization, or liquidation occurring after
the date hereof, as a result of which shares

 

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of
any class shall be issued in respect of outstanding Common Shares or Common
Shares shall be changed into the same or a different number of shares of the
same or another class or classes, the following adjustment shall be made:  The person or persons exercising the Option
shall receive, for the aggregate price calculated and paid upon such exercise
as provided in Sections 2 and 3 above, the aggregate number and class of shares
which such person or persons would be holding at the time of such exercise, as
a result of such purchase and as a result of all such share dividends,
split-ups, recapitalizations, mergers, consolidations, combinations or
exchanges of shares, separations, reorganizations, or liquidations; provided,
however, that no fractional share shall be issued upon any such exercise, and
the number of shares subject to the Option and the aggregate price to be paid
shall be appropriately reduced on account of any fractional share not issued. The
foregoing shall be determined as if Common Shares (as authorized at the date
hereof) had been purchased at the date hereof for the same aggregate price (on
the basis of the price per share set forth in Section 2 applicable at the date
hereof), and had not been disposed of. No adjustment shall be made in the
minimum number of shares which may be purchased at any one time, as fixed by Section
3 hereof.

 

9.             Method of Exercising Option.

 

(a)           Exercise Procedure. Subject
to the terms and conditions of this Option Agreement, the Option may be
exercised by written notice to the Corporation, in care of the Chief Executive
Officer, at 3900 North Tenth Street, 11th Floor, McAllen, Texas
78501. Such notice shall state the election to exercise the Option and the
number of shares in respect of which it is being exercised, and shall be signed
by the person or persons so exercising the Option. At the option of the
Corporation, the Corporation may make available means of electronic
transmission of notice of exercise and provided that the Contractor/Advisor
follows such instructions the Option will be deemed exercised upon compliance
with the electronic exercise procedures. Such notice shall either: (i) be
accompanied by payment of the full purchase price of such shares, in which
event the Corporation shall deliver a certificate or certificates representing
such shares as soon as practicable after the notice is received; or (ii) fix a
date (not less than five nor more than ten business days from the date such
notice is received by the Corporation) for the payment of the full purchase
price of such shares, against delivery of a certificate or certificates
representing such shares; or (iii) be accompanied by a notice of cashless
exercise as provided in subparagraph (b) below. Payment of the purchase price
shall, in either case, be made by check payable to the order of the Corporation
unless the exercise notice is accompanied by a cashless exercise notice as
provided in subparagraph (b) below. The certificate or certificates for the
share as to which the Option is exercised shall be registered in the name of
the person or persons exercising the Option (or, if the Option is exercised by
the Contractor/Advisor and if the Contractor/Advisor requests in the notice
exercising the Option, shall be registered in the name of the Contractor/Advisor
and another person jointly, with right of survivorship) and shall be delivered
as provided above to or upon the written order of the person or persons
exercising the Option. In the event the Option is exercised, pursuant to this
Agreement, by any person or persons other than the Contractor/Advisor, such
notice shall be accompanied by appropriate proof of the right of such person or
persons to exercise the Option. All shares purchased upon the exercise of the
Option as provided herein shall be fully paid and nonassessable.

 

(b)           Cashless Exercise. In
the discretion of the Contractor/Advisor, provided that the fair market value
of the Shares exceeds the exercise price of the Option, in lieu of exercising
this Option by payment of the Exercise Price by delivering cash or check, the Contractor/Advisor
may elect to exercise the Option and pay for Shares in a cashless exercise. In
order to effect a cashless exercise, the Contractor/Advisor shall indicate in
the exercise notice or other written communication acceptable to the
Corporation that he or she intends to make a cashless exercise, and the Contractor/Advisor
shall deliver a number of shares equal to the value (as determined below) of
this Option (or the portion thereof being

 

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exercised).
In such event the Shares that the Corporation shall issue to the Contractor/Advisor
with respect to such exercise shall be computed using the following formula:

 

	
  X= 

  	
   

  	
  Y
  * (A - B)

  	
   

  
	
   

  	
  A

  	
   

  

 

	
  where:

  	
   

  	
  X
  = the number of Shares to be issued to the Contractor/Advisor

  
	
   

  	
   

  	
  Y
  = the number of Shares being exercised under this Option, to the extent that
  this Option is being exercised

  
	
   

  	
   

  	
  A
  = the fair market value of one Share as of the date of exercise

  
	
   

  	
   

  	
  B
  = the Exercise Price per Share

  

 

For
purposes of this calculation, the fair market value shall mean, on any
specified date, an amount equal to the mean between the reported high and low prices
of the Corporation’s Stock as traded on or reported through the NASDAQ Stock
Market, Inc. (“NASDAQ”) National Market System on the specified date or, if no
shares of the Corporation’s Stock have been traded on any such dates, the mean
between the reported high and low prices of the Corporation’s Stock traded on
or reported through NASDAQ as reported on the first day prior thereto on which
shares of the Corporation’s Stock were so traded. If shares of the Corporation’s
Stock are no longer traded on or reported through NASDAQ, Fair Market Value
shall be determined in good faith by the Committee using other reasonable
means.

 

10.           Change of Control and other
Reorganizations. In the event of a Change of Control, as that term is
defined in the Plan, the provisions of Article X of the Plan shall control,
provided that, notwithstanding any provisions in the Plan to the contrary
(which provisions may be varied by this Agreement as set forth in the Plan),
upon a Change of Control, whether or not the Corporation is the surviving
corporation in such Change in Control and whether or not the surviving
corporation proposes to assume this Option, the Option shall effective prior to
the Change in Control (or such number of days prior thereto as the Board of
Directors may fix and determine) immediately vest and be fully exercisable as
to all shares of stock for which this Option has been granted, without regard to
the vesting schedule set forth in section 3 above. In such event, the
Commencement Date for any portion of the Option vested as a result of the
Change in Control shall be either immediately prior to the Change in Control or
such earlier vesting acceleration date set by the Board of Directors. The
existence of this Option shall not in any way prevent any change of control or
other transaction described in Article X of the Plan, and the Contractor/Advisor
shall not have the right to prevent any such transaction.

 

11.           Notice of Disposition. The Contractor/Advisor shall immediately notify the Corporation in writing of any disposition of the stock acquired pursuant to the Option. The notice shall state the number of shares disposed of, the dates of acquisition and disposition of the shares, and the consideration received upon that disposition.
 

12.           Derivative Securities. Notwithstanding
anything herein to the contrary (and in addition to any limitations on
transferability as otherwise contained herein, including any such limitations
as are contained in Section 4 hereof), a derivative security, as that term is
defined for purposes of Rule 16b-3 promulgated by the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended, issued
under the Plan, including any issued pursuant to this Agreement, is not
transferable by the Contractor/Advisor other than by will or the laws of
descent and distribution or pursuant to a qualified domestic relations order as
defined by the Internal Revenue Code of 1986, as amended, 26 U.S.C. § 1 et
seq.

 

5

 

(“Internal
Revenue Code”) or Title I of the Employee Retirement Income Security Act, or
the rules thereunder.

 

13.           General. The Corporation shall
at all times during the term of the Option reserve and keep available such
number of shares of Common Stock as will be sufficient to satisfy the
requirements of this Option Agreement, shall pay all original issue and
transfer taxes with respect to the issue and transfer of shares pursuant hereto
and all other fees and expenses necessarily incurred by the Corporation in
connection therewith, and will from time to time use its best efforts to comply
with all laws and regulations which, in the opinion of counsel for the
Corporation, shall be applicable thereto.

 

14.           Parent and Subsidiary. As used
herein, the terms “parent” and “subsidiary” shall mean any present or future
corporation which would be a “parent corporation” or a “subsidiary corporation”
of the Corporation, as those terms are defined in Section 424 of the Internal
Revenue Code of 1986.

 

15.           Conditions of Plan. This
Agreement is executed pursuant to the Plan, which is defined above as the Texas
Regional Bancshares, Inc. 2006 Incentive Plan. The Plan may contain other
conditions not contained in this Agreement, and the Contractor/Advisor enters
into this Agreement subject to any conditions and limitations contained in the
Plan. In the event of any inconsistency between any provision of this Agreement
and mandatory terms and conditions of the Plan, the terms and conditions of the
Plan shall control. To the extent that the Plan does not address an issue or
allows the option agreement to vary from the terms and conditions of the Plan,
the terms and conditions of this Agreement shall control. Defined terms used in
this Agreement and not otherwise defined herein shall have the meanings
assigned to them in the Plan.

 

[Remainder of page left blank intentionally;

signature lines follow.]

 

6

 

IN
WITNESS WHEREOF, the Corporation and the Contractor/Advisor enter into this
Agreement to be effective as of the day and year first above written.

 

	
   

  	
  TEXAS
  REGIONAL BANCSHARES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Glen
  E. Roney, Chairman of the Board

  	
   

  
	
   

  	
   

  	
  and
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CONTRACTOR/ADVISOR:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

7Exhibit
10.5(b)

 

AMENDMENT
2006-1

CB
RICHARD ELLIS 401(k) PLAN

 

CB
RICHARD ELLIS SERVICE, INC., 

a Delaware corporation

 

ACTION
OF THE

CHIEF
EXECUTIVE OFFICER

 

March
31, 2006

 

The undersigned Chief Executive
Officer of CB Richard Ellis Services, Inc. (the “Corporation”) acting in
accordance with the bylaws and resolutions adopted by the Board of Directors of
the Corporation, hereby consents to the following as of the date set forth
above:

 

AMENDMENT
TO 401(K) PLAN

 

WHEREAS, pursuant to Section 13.2 to the Corporation’s
401(k) Plan (the “Plan”), the Chief Executive Officer has reviewed the
proposed amendment to the Plan as recommended by the Committee (as defined in
the Plan); and

 

WHEREAS, the Chief Executive Officer deems it
advisable and in the best interest of the Corporation, its stockholders and the
Plan participants that the Corporation adopt this amendment to the Plan.

 

NOW,
THEREFORE, BE IT RESOLVED, that effective as of the date hereof, the Plan shall be amended by
adding the following paragraph at the end of Section 17.3 Allocations to
Participants’ Accounts:

 

“Notwithstanding any other
provision of the Plan, in no event shall any Participant’s Account have more
than 25 percent of the assets allocated to such Participant’s Account invested
in the CB Richard Ellis Group, Inc. Stock Fund as of the last business day of
any Plan Year. If on the last business day of any Plan Year, a Participant has
more than 25 percent of the assets allocated to such Participant’s Account
invested in the CB Richard Ellis Group, Inc. Stock Fund, the Trustee will
redirect the investment of that portion of the Participant’s Account in excess
of such 25 percent limitation from the CB Richard Ellis Group, Inc. Stock Fund
to the Plan’s default fund, as designated by the Committee, in its sole
discretion.”

 

 

RESOLVED
FURTHER, that any and
all actions taken by any officer or director of the Corporation in connection
with the matters contemplated by the foregoing resolution be, and they hereby are, adopted, approved, ratified and confirmed
in all respects.

 

 

	
   

  	
  /s/ Brett White

  	
   

  
	
   

  	
  Brett White

  
	
   

  	
  Chief Executive Officer

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