Document:

EXHIBIT 4.2

FIRST INVESTORS FINANCIAL SERVICES GROUP, INC.

NON-QUALIFIED
STOCK OPTION AGREEMENT

Under
2002 Non-Employee Director Stock Option Plan

This Non-Qualified
Stock Option Agreement (“Agreement”) is between First Investors Financial
Services Group, Inc., a Texas corporation (the “Company”), and                              
(the “Optionee”).

WHEREAS, the
Optionee is an eligible participant under the Company’s 2002 Non-Employee
Director Stock Option Plan (the “Plan”); and

WHEREAS, the Plan
provides for the automatic grant of an option to purchase 20,000 shares of
common stock, $0.001 par value per share (“Common Stock”) immediately following
approval of the Plan by the shareholders of the Company, which approval was
received at the annual meeting of shareholders held September 10, 2002.

NOW
THEREFORE, for and in consideration of these premises, it is agreed as follows:

1.             The
Plan.  It is understood that the Plan
is incorporated herein by reference and made a part of this Agreement as if
fully set forth herein.  The Plan shall
control in the event there shall be any conflict between the Plan and this
Agreement, and it shall control as to any matters not contained in this
Agreement.  Terms used in this Agreement
which are defined in the Plan shall have the same meanings in this Agreement as
are assigned to such terms in the Plan. 
The Board shall have authority to make constructions of this Agreement,
and to correct any defect or supply any omission or reconcile any inconsistency
in this Agreement, and to prescribe rules and regulations relating to the
administration of this Agreement and other options granted under the Plan.

2.             Option.  The Company hereby grants to Optionee,
subject to the terms and conditions set forth herein and in the Plan, an option
(the “Option”) to purchase from the Company up to twenty thousand (20,000)
shares (“Shares”) of its Common Stock. 
Notwithstanding the foregoing, this Option shall not be considered
granted unless and until the Optionee delivers to the Company a fully executed
counterpart hereof.  Thereafter, this
Option shall be exercisable in accordance with the terms set forth herein.

3.             Effectiveness.  The Option shall be effective as of the date
set forth on the signature page hereof.

4.             Exercise
Price.  The price for which the
Optionee may purchase Shares upon exercise of the Option (the “Exercise Price”)
shall be $           per
share.

5.             Exercise.  The Option shall vest in equal installments
on each of first three anniversaries of the Automatic Grant Date (as defined in
the Plan).  The Option may be exercised
in whole at any time, or in part from time to time, as to the vested portion
thereof.  This Option shall be deemed to
have been exercised on the first date upon which the Company receives the
notice of exercise specified in Section 8 hereof, payment in full of the
exercise price in accordance with Section 8 hereof, and all other documents,
information and amounts required in respect of such exercise by the Plan or
this Agreement.

6.             Option
Period.  The Option shall terminate
and be of no further force or effect with respect to any Shares not previously
purchased by the Optionee from and after the first to occur of: (i) the tenth
anniversary of the issuance of the Option; (ii) the expiration of one year from
the date the Optionee shall have ceased to be a member of the Board of
Directors of the Company, other than on account of Optionee’s death while
serving as a director; and (iii) in the event of the death of the Optionee
while serving as a member of the Board of Directors of the Company, upon the
expiration of two years following the date of death.  If the expiration date of this Option shall
fall on a Saturday,

 

Sunday or a day on
which the executive offices of the Company are not open for business, then such
expiration shall be deemed to be the last normal business day of the Company at
its executive offices preceding such Saturday, Sunday or day on which such
offices are closed.

7.             Non-transferability.  The Option may not be transferred, assigned
or otherwise alienated by the Optionee other than by will or pursuant to the
applicable laws of descent and distribution. 
This Option shall be exercisable during the lifetime of Optionee only by
him or his guardian or legal representative. 
In the case of the death of Optionee or other person entitled to
exercise this Option, the Company may require, as a condition to the transfer
of this Option by will or pursuant to the laws of descent and distribution or
the exercise hereof, that the person entitled to exercise this Option execute
and deliver to the Company such instruments and documents as may be reasonably
requested by the Company to evidence and confirm such person’s right and title
to this Option.

8.             Payment
of Exercise Price.  The Option may be
exercised by written notice given by Optionee to the Company at its principal
executive office (to the attention of the President) by registered or certified
mail or by hand delivery, which notice shall be effective upon receipt by the
Company.  The Exercise Price of the
Shares as to which the Option is exercised shall be paid in full in cash at the
time of the exercise.

9.             Withholding
Tax.  Prior to the exercise of this
Option, and as a condition to the Company’s obligation to deliver Shares upon
such exercise, or in connection with any disposition of shares acquired
pursuant to such exercise, the holder of this Option shall make arrangements
satisfactory to the Company for the payment of any applicable federal or other
withholding taxes payable as a result thereof.

10.           Certain
Dispositions or Purchases.  In
addition to any restrictions on transferability of Shares pursuant to Section 7
hereof, the Optionee agrees that (i) Optionee shall make no sale or other
disposition of any Shares purchased pursuant to exercise of the Option within a
period of six (6) months following such exercise, and (ii) Optionee shall
not exercise the Option, in whole or in part, within a period of six (6) months
following or preceding any sale or other disposition of Common Stock by
Optionee.  Provided, however, that the
restrictions of this Section 10 shall lapse and be of no further effect upon
the expiration of six months after Optionee shall have ceased to be a member of
the Board of Directors of the Company.

11.           Investment
Representations.  Unless the Option
and any Shares covered hereby have been registered under the Securities Act of
1933, as amended, and the registration provisions of any applicable state
securities laws, the Optionee (as a condition to the purchase of Shares
hereunder) may be required by the Company to (i) give a representation in
writing that the Optionee is acquiring such Shares for the Optionee’s own
account for investment and not with a view to, or for sale in connection with,
the distribution of any part thereof, (ii) agree in writing not to sell or
otherwise dispose of such Shares without registration in the absence of an
opinion of counsel satisfactory to the Company that such registration is not
required, and (iii) agree in writing that the certificate or certificates evidencing
such Shares may bear restrictive legends to the foregoing effect.

12.           Certain
Transactions.  If the Company is
merged or consolidated with another corporation while the Option remains
outstanding, or if the Company should adopt a plan of liquidation while the
Option remains outstanding, the Option may be canceled by the Company as of the
effective date of any such merger, consolidation or plan of liquidation by
giving notice to the Optionee of its intention to do so and by permitting the
Optionee to exercise this Option during the 30-day period next preceding such
effective date.

 

13.           Certain
Adjustments.  The existence of this
Option shall not affect in any way the right or power of the Company to make or
authorize any and all capital adjustments, recapitalizations, reorganizations
or other changes in the Company’s capital structure or its business, or any
merger or consolidation of the Company, or any issuance of Common Stock or
subscription rights thereto, or any issuance of bonds, debentures, preferred or
prior preference stock having priority over or affecting the Common Stock or
the rights thereof, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of its assets or business, or any other
corporate act or proceedings, whether of a similar character or otherwise.  Provided, however, that if the outstanding
shares of Common Stock of the Company shall at any time be changed or exchanged
by declaration of a stock dividend, stock split, combination of Shares, or recapitalization,
the number and kind of Shares subject to this Option, and the Exercise Price,
if applicable, shall be appropriately and equitably adjusted.

14.           No
Shareholder Rights.  Nothing in this
Option shall confer on the Optionee any rights or privileges of a shareholder
of the Company with respect to any Shares purchasable hereunder unless and
until such Shares have been purchased and certificates evidencing such Shares
have been issued to the Optionee.

15.           Option
Subject to Applicable Law and Exchange Rules.  This Agreement and the Option granted hereby
are subject to all applicable laws, rules and regulations and to such approvals
by any governmental agencies or national securities exchanges as may be
required.  Notwithstanding any other
provision hereof, the Optionee agrees that the Optionee shall not exercise this
Option, and that the Company shall not be obligated to issue any Shares
hereunder, if the same would constitute a violation by the Optionee or the
Company of any law, rule or regulation of any governmental authority or any
applicable rule, bylaw or listing agreement of any national securities
exchange.

16.           Governing
Law.  This Agreement shall be
governed by and construed in accordance with the internal laws (and not the
principles relating to conflicts of laws) of the State of Texas, except as
superceded by applicable federal law.

[Signature Page Follows]

 

IN
WITNESS WHEREOF this Agreement has been executed as of the           
day of                            ,
200  .

	
   

  	
  FIRST INVESTORS FINANCIAL
  SERVICES GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Bennie H. Duck

  
	
   

  	
   

  	
  Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  OPTIONEE:Exhibit
10.1

WAIVER

As of October 4, 2006

CELLSTAR
CORPORATION, 

as Administrative Borrower

1730 Briercroft Court

Carrollton, Texas 75006

Ladies and Gentlemen:

Reference is
hereby made to that certain Amended and Restated Loan and Security Agreement
(as amended, restated, supplemented or otherwise modified from time to time,
the “Loan Agreement”), dated as of March 31, 2006, by and among CellStar
Corporation, a Delaware corporation (the “Parent”), certain of its
Subsidiaries (as defined therein) signatory thereto (together with the Parent,
each a “Borrower” and collectively the “Borrowers”), the lenders
signatory thereto (“Lenders”) and Wells Fargo Foothill, Inc., as
Administrative Agent for the Lenders (the “Agent”).  All capitalized terms not otherwise defined
herein shall have the meanings set forth in the Loan Agreement.

The Borrowers have
violated the terms and conditions of Section 7.1(e)(ii) of the Loan Agreement
as a result of CellStar Mexico permitting the aggregate outstanding obligations
under CellStar Mexico’s accounts receivable factoring facility to exceed
$30,000,000 as of July 31, 2006 (and at certain other times prior to August 31,
2006) resulting in an Event of Default under Section 8.2 of the Loan Agreement
(the “Specified Event of Default”). 
As such, CellStar Corporation, as Administrative Borrower, has requested
that the Agent and the Lenders waive the Specified Event of Default.

The Required Lenders and
Agent hereby waive the Specified Event of Default and their rights and remedies
under the Loan Agreement arising as a result of the Specified Event of Default;
provided, however, that such waiver shall not waive any other
requirement or hinder, restrict or otherwise modify the rights and remedies of
the Lenders or Agent following the occurrence of any other failure to comply
with Section 7.1(e)(ii) of the Loan Agreement, or the occurrence of any other
Event of Default under the Loan Agreement.

Except as otherwise
expressed herein, the text of the Loan Agreement and the other Loan Documents shall
remain in full force and effect, and the Agent and the Lenders hereby reserve
the right to require strict compliance in the future with all terms and
conditions of the Loan Agreement and the other Loan Documents.

This Waiver may be
executed in any number of counterparts, each of which shall be deemed an
original but all of which, when taken together, shall constitute one in the
same agreement.  Delivery of a
counterpart hereto by facsimile transmission or by

transmission of an Adobe portable document format file
(also known as a “PDF file”) shall be as effective as delivery of an original
counterpart hereto.

This
Waiver shall be deemed to be made pursuant to the laws of the State of Georgia
with respect to agreements made and to be performed wholly in the State of
Georgia, and shall be construed, interpreted, performed and enforced in
accordance therewith.

This Waiver shall be
effective as of the date set forth above upon the execution hereof by the
Agent, the Required Lenders and the Borrowers.

This Waiver shall
constitute a Loan Document for all purposes.

[the remainder of this page intentionally left blank]

 2

 

	
  AGENT AND LENDERS:

  	
   

  	
  WELLS FARGO FOOTHILL, INC., a

  California corporation, as Agent and as a

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Bernier

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Robert Bernier

  
	
   

  	
   

  	
   

  	
  Title:

  	
  VP

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK OF AMERICA, N.A. (successor
  to

  Fleet Capital Corporation), as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ H Michael Wills

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  H Michael Wills

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TEXTRON FINANCIAL

  CORPORATION, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Textron Financial Corporation

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Stuart A. Hall

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Account Executive

  
								

 

[SIGNATURE
PAGE TO WAIVER LETTER]

Acknowledged and agreed
to

as of the date first written above:

	
  BORROWERS:

  	
   

  	
  CELLSTAR CORPORATION, a

  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CELLSTAR,
  LTD., a Texas limited

  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  National Auto Center, Inc., its

  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NATIONAL
  AUTO CENTER, INC., a

  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CELLSTAR
  FINANCO, INC., a Delaware

  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
								

 

 

	
   

  	
  CELLSTAR INTERNATIONAL

  CORPORATION/SA, a Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CELLSTAR
  FULFILLMENT, INC., a

  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CELLSTAR
  INTERNATIONAL

  CORPORATION/ASIA, a Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AUDIOMEX
  EXPORT CORP., a Texas

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
  Title:

  	
  Sr. VP and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NAC
  HOLDINGS, INC., a Nevada

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
  Title:

  	
  President

  
					

 

 

	
   

  	
  CELLSTAR FULFILLMENT LTD., a

  Texas limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  CellStar Fulfillment, Inc., its General

  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elaine Flud Rodriguez

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Elaine Flud Rodriguez

  
	
   

  	
   

  	
  Title:

  	
  Sr. VP and General Counsel

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