Document:

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                                  EXHIBIT 10.25

TEXAS REGIONAL BANCSHARES, INC.
2000 INCENTIVE STOCK OPTION PLAN

              Texas Regional Bancshares, Inc., a Texas corporation (hereinafter
called the "Corporation") believes that allowing certain key employees to
obtain shares of the Class A Voting Common Stock of the Corporation through the
use of stock options hereinafter provided for will be beneficial to the initial
and continued success of the Corporation. In furtherance of the foregoing, the
Corporation hereby establishes the Texas Regional Bancshares, Inc. 2000
Incentive Stock Option Plan (the "Plan").

         1.   PURPOSE. The purpose of the Plan is to secure for the Corporation
and its stockholders the benefits which flow from providing key employees of
the Corporation and its subsidiaries with the incentive inherent in common
stock ownership. It is generally recognized that stock option plans aid in
retaining competent employees and furnish a device to attract employees of
exceptional ability to the Corporation because of the opportunity offered to
acquire a proprietary interest in the business. For purposes of the Plan, a
subsidiary is any corporation in which the Corporation owns, directly or
indirectly, stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock or over which the Corporation has
effective operating control. The Corporation intends that any stock option
granted or exercised under this Plan qualify as an "incentive stock option"
which is given favorable income tax treatment under Section 422 of the Internal
Revenue Code of 1986, as amended from time to time, and pertinent regulations.

         2.   AMOUNT OF STOCK. The total number of shares of Class A Voting
Common Stock to be subject to options granted pursuant to the Plan shall not
exceed two hundred seventy-five thousand (275,000)* shares of the Corporation's
Class A Voting Common Stock (hereinafter referred to as the "Common Stock" or
the "Stock") each having a par value of $1.00. This total number of shares
shall be subject to appropriate increase or decrease in the event of a stock
dividend upon, or a subdivision, split-up, combination or reclassification of,
the shares purchasable under such options. In the event that options granted
under this Plan shall lapse without being exercised in whole or in part, other
options may be granted covering the shares not purchased under such lapsed
options.

         3.   STOCK OPTION COMMITTEE. The Board of Directors shall from time to
time appoint a Stock Option Committee (hereinafter called the "Committee") to
serve under this Plan. The Committee shall consist of either:

         (i)  Three or more directors, none of whom are, on the date selected
              for the Committee, and for one year prior thereto, eligible for
              selection under the Plan, any other plan of the Corporation or any
              affiliate of the Corporation to acquire stock, stock options or
              stock appreciation rights of the Corporation or any of its
              affiliates; or

         (ii) The entire Board of Directors of the Corporation, so long as a
              majority of the Board and a majority of the Directors acting as
              members of the Committee are not, at the time of selection for the
              Committee, and for one year prior thereto, eligible for selection
              under the Plan, any other plan of the Corporation or any affiliate
              of the Corporation to acquire stock, stock options or stock
              appreciation rights of the Corporation or any of its affiliates.

* After giving effect to the 10% stock dividend declared by the Texas Regional
Bancshares, Inc. Board of Directors on December 18, 2000. Any stock dividend
upon, or subdivision, split-up, combination or reclassification of, the shares
subject to this Plan made after that date shall result in an appropriate
increase or decrease of the number of shares covered by and subject to this Plan
and any option granted hereunder.

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              A person serving on the Committee shall not be considered as
being eligible to acquire stock, stock options, or stock appreciation rights if
such eligibility is under the terms of an employee benefit plan of the
Corporation which is open to all employees of the Corporation and the
eligibility and allocation criteria are fixed and uniform for all employees.

              Persons serving on the Committee may receive options if such
options being granted to any such person are subject to shareholder approval
and are independent of any type of plan.

         4.   ELIGIBILITY AND PARTICIPATION. Options may be granted pursuant to
the Plan to key employees of the Corporation and any parent or subsidiary of
the Corporation (hereinafter sometimes called "employee" or "employees");
provided that no option may be granted under the Plan to an employee who,
immediately before or at the time such option is granted, owns stock possessing
more than ten percent (10%) of the total combined voting power or value of all
classes of stock of the employer corporation or of any parent or subsidiary
corporation. For the purposes of the preceding sentence: (a) the employee shall
be considered as owning the stock owned directly or indirectly by or for
himself, the stock which the employee may purchase under outstanding options,
and the stock owned, directly or indirectly, by or for his brothers and sisters
(whether of the whole or half blood), spouse, ancestors, and lineal
descendants; and (b) stock owned, directly or indirectly, by or for a
corporation, partnership, estate, or trust shall be considered as being owned
proportionately by or for its shareholders, partners, or beneficiaries.

         From time to time the Committee shall select the key employees to whom
options may be granted by the Board of Directors and shall determine the number
of shares to be covered by each option so granted. Future as well as present key
employees (including key employees who are directors) shall be eligible to
participate in the Plan. If the entire Board of Directors constitutes the
Committee, then members of the Committee that are otherwise eligible to
participate in the Plan shall be allowed to participate in the Plan, provided
that such eligible members constitute a minority of the Board of Directors, and
provided further, that any individual member of the Committee allowed to
participate will be prohibited from voting upon or in any way influencing the
other members of the Committee in designating such individual member as a
recipient of option grants or in exercising any other discretion granted to the
Committee regarding the option grants to such individual member. If the
Committee is appointed under the terms of subparagraph (i) of Section 3 hereof,
then any members of the Committee (including those who are key employees of the
Corporation or a subsidiary corporation of the Corporation) shall not be
eligible to participate in the Plan.

         5.   OPTION AGREEMENT. The terms and provisions of options granted
pursuant to the Plan shall be set forth in an agreement, herein called Option
Agreement, between the Corporation and the employee receiving the same. The
Option Agreement may be in such form, not inconsistent with the terms of this
Plan, as shall be approved by the Board of Directors.

         6.   PRICE. The purchase price per share of Common Stock purchasable
under options granted pursuant to the Plan shall be an amount equal to one
hundred percent (100%) of the fair market value of the stock, as determined by
the Board of Directors, at the time the options are granted. The full purchase
price of shares purchased shall be paid upon exercise of the option. Under
certain circumstances such purchase price per share shall be subject to
adjustment as referred to in Section 11 of this Plan.

         7.   EXERCISE PERIOD. The right to purchase any Common Stock pursuant
to the exercise of an option granted under this Plan may be either cumulative
or non-cumulative, as determined by the Board of Directors. Any Common Stock
purchasable pursuant to the exercise of an option granted under this Plan will
be purchasable in accordance with the schedule set forth in the Option
Agreement between the Corporation and the employee receiving the option,
subject to any other limitation provided in this Plan. In the event the portion
of Common Stock purchasable per the Option Agreement involves a fraction of a
share, the amount purchasable at that time shall be rounded upward to the next
complete share to allow the purchase of a complete share of Common Stock.

         8.   OPTION PERIOD. No option granted pursuant to the Plan shall be
exercisable after the expiration of ten (10) years from the date the option is
first granted. The expiration date for any option or portion thereof, which may
be any period not in excess of ten (10) years following the date of grant of
the option, shall be stated in the Option Agreement and is hereinafter called
the "Expiration Date".

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              Notwithstanding any other provision of this Plan, no option shall
be granted under this Plan more than ten (10) years after the date this Plan is
adopted by the Board of Directors, or the date this Plan is approved by the
Common Stock stockholders, whichever is earlier.

         9.   TERMINATION OF EMPLOYMENT. The Option Agreement may provide that:

              (a) If, prior to the Expiration Date for any option granted
         hereunder, the employee shall for any reason whatever, other than (1)
         his permanent and total disability as defined in (c) below, or (2) his
         death, cease to be employed by the Corporation, or a parent or
         subsidiary corporation of the Corporation, then any unexercised portion
         of such option shall automatically terminate upon the date of such
         termination of employment.

              (b) If, prior to the Expiration Date for any option granted
         hereunder, the employee shall die at a time when he had been employed
         by the Corporation, or a parent or subsidiary corporation of the
         Corporation, from the date of granting of such option until the date of
         his death, then the legal representatives of his estate or a legatee or
         legatees of the option shall have the right, for a period of three (3)
         months after his death, to purchase all or any part of the Stock
         subject to the option outstanding and unexpired as of his date of
         death.

              (c) If, prior to the Expiration Date for any option granted
         hereunder, the employee shall cease to be employed by the Corporation,
         or a parent or subsidiary corporation of the Corporation, because he
         becomes permanently and totally disabled, as hereinafter defined, and
         prior to such termination of employment by reason of disability, the
         employee had been employed by the Corporation, or a parent or
         subsidiary corporation of the Corporation, at all times since the date
         of the granting of such option, then such employee or his legal
         representative shall have the right, for a period of one (1) year from
         the date of such termination of employment by reason of disability, to
         exercise any right to purchase Stock pursuant to the option.

         An employee is "permanently and totally disabled" if he is unable to
         engage in any substantial gainful activity by reason of any medically
         determinable physical or mental impairment which can be expected to
         result in death or which has lasted or can be expected to last for a
         continuous period of not less than twelve (12) months. Such
         determination of permanent and total disability shall be made as
         allowable under Section 22, and applicable regulations, of the Internal
         Revenue Code of 1986, as amended, or any other applicable method
         necessary for the continued qualification of this Plan under Section
         422 of the Internal Revenue Code. In the absence of any specific
         requirements for this determination, the decision of the Board of
         Directors, as aided by any physicians they designate, shall be
         conclusive.

         Nothing in (a), (b), or (c) shall extend the time for exercising any
option granted pursuant to the Plan beyond the Expiration Date for the option.
Any Option Agreement may contain or otherwise provide for conditions giving rise
to the forfeiture of Stock or a repurchase right with respect to Stock acquired
pursuant to an Option Agreement executed pursuant to this Plan, and may also
provide for such restrictions on the transferability of shares of Stock acquired
pursuant to an Option Agreement executed pursuant to this Plan, that the Board
of Directors or the Committee in its sole and absolute discretion may deem
proper or advisable. The conditions giving rise to forfeiture or right of
repurchase may include, but need not be limited to, the requirement that the
optionee render substantial services to the Corporation or any subsidiary of the
Corporation for a specified period of time. The restrictions on transferability
may include, but need not be limited to, options and rights of first refusal in
favor of the Corporation.

         10.  ASSIGNABILITY. The Option Agreement shall provide that the option
granted thereby shall not be transferable or assignable by the employee
otherwise than by will or by the laws of descent and distribution, and during
the lifetime of the employee shall be exercisable only by him. The Option
Agreement shall further provide that the holder of an option granted pursuant
to this Plan shall immediately notify the Corporation in writing of any
disposition of the stock acquired pursuant to the option that would disqualify
the option from the incentive option tax treatment afforded by Section 422 of
the Code. 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.

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         11.  ADJUSTMENT IN CASE OF STOCK SPLITS, STOCK DIVIDENDS, ETC. The
Option Agreement may contain such provisions as the Board of Directors may
approve as equitable concerning the effect upon the option granted thereby and
upon the per share or per unit option price, of (a) stock dividends upon, or
subdivisions, split-ups, combinations or reclassifications of, the securities
purchasable under the option, or (b) proposals to merge or consolidate the
Corporation or to sell all or substantially all of its assets or to liquidate
or dissolve the Corporation.

         12.  INVESTMENT PURPOSE. As a condition to the exercise of any portion
of an option, the Corporation may require the person exercising such option to
represent and warrant at the time of any such exercise that the shares are
being purchased for investment and not with a view to the distribution or
resale of such shares if, in the opinion of the Corporation or its counsel,
such representation is required under the Securities Act of 1933 or any other
applicable law, regulation or rule of any governmental agency. A legend to this
effect shall be affixed to the certificates evidencing such shares.

         13.  CORPORATE MERGER, CONSOLIDATION, REORGANIZATION, ETC. In the
event of a dissolution or liquidation of the Corporation or a merger or
consolidation in which the Corporation is not the surviving corporation, any
outstanding options hereunder may be terminated by the Corporation as of the
effective date of such dissolution, liquidation, merger or consolidation by
giving notice to each holder thereof or his personal representative of its
intention to do so and by permitting the exercise during a period of not more
than a specified number of days determined by the Board next preceding such
effective date, or the Expiration Date, whichever is earlier, of all of such
outstanding options in whole or in part without regard to the provisions of
Section 7 hereof. Subject to the preceding sentence, if the Corporation is
reorganized or merged or consolidated with another corporation, while
unexercised options are outstanding under the Plan, and the Corporation is not
the surviving corporation, there shall be substituted for the Common Stock
subject to the unexercised and outstanding options an appropriate number of
shares of each class of stock or other securities of the reorganized or merged
or consolidated corporation which were distributed to shareholders of the
Corporation in respect of the Common Stock, in accordance with Section 424(a)
of the Internal Revenue Code. Such substitution may be accomplished by the
assumption of such options by the surviving corporation or the substitution for
the old options of new options by the surviving corporation. The existence of
this Plan or of options hereunder shall not in any way prevent any transaction
described herein and no optionee shall have the right to prevent any such
transaction.

         14.  AMENDMENT OF THE PLAN. The Board of Directors of the Corporation
may from time to time alter, amend, suspend or discontinue the Plan and make
rules for its administration, except that the Board of Directors shall not
amend the Plan in any manner which would have the effect of preventing options
issued under the Plan from being "incentive stock options" as defined in
Section 422 of the Internal Revenue Code of 1986 (as amended).

         15.  OPTIONS DISCRETIONARY. The granting of options under the Plan
shall be entirely discretionary and nothing in the Plan shall be deemed to give
any key employee any right to participate in the Plan or to receive options.

         16.  STOCKHOLDER APPROVAL. The Plan will be submitted to the Common
Stock stockholders of the Corporation within twelve (12) months of the date of
the adoption of the Plan by the Board of Directors.

         17.  EFFECTIVE DATE OF PLAN. This Plan shall become effective upon its
adoption by the favorable vote of the holders of a majority of the outstanding
shares of the Common Stock of the Corporation.

         18.  TERMINATION OF PLAN. This Plan shall terminate ten (10) years
after its approval by the Common Stock stockholders or adoption by the Board of
Directors, whichever is earlier. Any option outstanding under this Plan at the
time of its termination shall remain in effect until the option shall have been
exercised or the Expiration Date, whichever is earlier.

         19.  ADOPTION OF PLAN BY BOARD OF DIRECTORS. The undersigned hereby
certifies that this Plan is the true and correct 2000 Texas Regional
Bancshares, Inc., Incentive Stock Option Plan of the Corporation voted upon and
adopted at a meeting of the Board of Directors duly held on the 14th day of
November, 2000.

                                    PAGE 31<PAGE>   1

                                                                     EXHIBIT 4.1

                        FORM OF SUBSCRIPTION CERTIFICATE

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S
PROSPECTUS DATED AUGUST __, 2001 (THE "PROSPECTUS") AND ARE INCORPORATED HEREIN
BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM AMERICAN
STOCK TRANSFER & TRUST COMPANY AS THE SUBSCRIPTION AGENT.

STOCKHOLDER NAME AND ADDRESS:       ___________________________________

                                    ___________________________________

                                    ___________________________________

CERTIFICATE NO.:__________

                         CERTIFICATE FOR ________ RIGHTS

                           GUNTHER INTERNATIONAL, LTD.
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                            SUBSCRIPTION CERTIFICATE

       EVIDENCING ____ NON-TRANSFERABLE SUBSCRIPTION RIGHTS TO PURCHASE
              A COMPARABLE NUMBER OF SHARES OF THE COMMON STOCK OF
                           GUNTHER INTERNATIONAL, LTD.

                       SUBSCRIPTION PRICE: $.50 PER SHARE

                VOID IF NOT EXERCISED BEFORE THE EXPIRATION DATE
                         (AS DEFINED IN THE PROSPECTUS)

     REGISTERED OWNER: _____________________________

     THIS CERTIFIES THAT the registered owner whose name is inscribed herein is
the owner of the number of Subscription Rights set forth above, each of which
entitles the owner to subscribe for and purchase one share of the Common Stock,
par value $.001 per share (the "Common Stock"), of Gunther International, Ltd.,
a Delaware corporation (the "Company"), on the terms and subject to the
conditions set forth in the Company's Prospectus dated August __, 2001 and
instructions relating thereto on the reverse side hereof. The non-transferable
Subscription Rights represented by this Subscription Certificate may be
exercised by duly completing Section 1 on the reverse side hereof. Special
issuance or delivery instructions may be specified by completing Section 2 on
the reverse side hereof.

      THE SUBSCRIPTION RIGHTS EVIDENCED BY THIS SUBSCRIPTION CERTIFICATE ARE NOT
TRANSFERABLE. THE SUBSCRIPTION RIGHTS MAY NOT BE EXERCISED UNLESS THE REVERSE
SIDE HEREOF IS COMPLETED AND SIGNED.

Dated: ________ __, 2001

_______________________________________    ____________________________________
Marc I. Perkins                            Michael M. Vehlies
President and Chief Executive Officer      Secretary
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                      SECTION 1 - EXERCISE AND SUBSCRIPTION

The undersigned irrevocably exercises Subscription Rights to subscribe for
shares of the Company's Common Stock, as indicated below, on the terms and
subject to the conditions specified in the Company's Prospectus dated August __,
2001, relating to the offering of such Subscription Rights, receipt of which is
hereby acknowledged.

      (a) Number of shares of the Company's Common Stock subscribed for pursuant
to the Basic Subscription Privilege:
                                       ______________________

      (b) Number of shares of the Company's Common Stock subscribed for pursuant
to the Over-Subscription Privilege:
                                       ______________________

      (c) Total Subscription Price (total number of shares subscribed for
pursuant to both the Basic Subscription Privilege plus the Over-Subscription
Privilege multiplied by the Subscription Price of $.50 per share):

                                      $______________________

YOU SHOULD EXERCISE YOUR BASIC SUBSCRIPTION RIGHTS IN FULL IF YOU WISH TO
MAXIMIZE THE LIKELIHOOD THAT YOU WILL RECEIVE THE TOTAL NUMBER OF SHARES YOU
SEEK TO PURCHASE IN THE OFFERING.

      METHOD OF PAYMENT (CHECK ONE)

      [_]   Uncertified personal check, payable to American Stock Transfer &
            Trust Company as Subscription Agent for the Company. Please note
            that funds paid by uncertified personal check may take at least five
            business days to clear. Accordingly, subscription rights holders who
            wish to pay the purchase price by means of an uncertified personal
            check are urged to make payment sufficiently in advance of the
            expiration date to ensure that such payment is received and clears
            by the expiration date, and are urged to consider payment by means
            of a certified or bank check, money order or wire transfer of
            immediately available funds.

      [_]   Certified check or bank check drawn on a U.S. bank or money order,
            payable to American Stock Transfer & Trust Company as Subscription
            Agent for the Company.

      [_]   Wire transfer directed to the account maintained by American Stock
            Transfer & Trust Company at

                      [BANK NAME]
                      [ADDRESS]
                      ABA # [__________]
                      Credit Account #[_____________]
                      Account Name:  American Stock Transfer & Trust Company
                                     Escrow Agent

If the amount enclosed or transmitted is not sufficient to pay the purchase
price for all shares of Common Stock that are stated to be subscribed for, or if
the number of shares of Common Stock being subscribed for is not specified, the
number of shares of Common Stock subscribed for will be assumed to be the
maximum number that could be subscribed for upon payment of such amount. If the
amount enclosed or transmitted exceeds the purchase price for all shares of
Common Stock that the undersigned has the right to subscribe for under the Basic
Subscription Privilege plus the Over-Subscription Privilege (such excess amount,
the "Subscription Excess"), the Subscription Agent shall return the Subscription
Excess to the subscriber without interest or deduction.

                                       2
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            SECTION 2 - SPECIAL ISSUANCE OR DELIVERY INSTRUCTIONS FOR
                          SUBSCRIPTION RIGHTS HOLDERS:

To be completed ONLY if the certificate representing the Common Stock is to be
issued in a name other than that of the registered holder or is to be sent to an
address other than that shown above. (See the Instructions included with this
Rights Certificate.) Do not forget to complete the guarantee of signature(s)
section below.

Please issue the certificate representing the Common Stock in the following name
and/or deliver to the following address:

Name: ______________________________  Soc. Sec.#/Tax ID#: ______________________

Address: _______________________________________________________________________

                   ACKNOWLEDGMENT--THE SUBSCRIPTION ORDER FORM
                       IS NOT VALID UNLESS YOU SIGN BELOW

I/We acknowledge receipt of the Prospectus and understand that after delivery of
this Subscription Certificate to the Company's Subscription Agent, I/we may not
modify or revoke this Subscription Certificate. Under penalties of perjury, I/we
certify that the information contained herein, including the social security
number or taxpayer identification number given above, is correct. If the Special
Issuance or Delivery Instructions for Subscription Rights Holders are completed,
I/we certify that although the certificate representing the Common Stock is to
be issued in a name other than the registered holder, beneficial ownership of
the Common Stock will not change.

The signatures below must correspond with the name of the registered holder
exactly as it appears on the books of the Company's transfer agent without any
alteration or change whatsoever.

Subscriber's Signature(s): _______________________________ Date:________________

                           _______________________________ Date:________________

If signature is by trustee(s), executor(s), administrator(s), guardian(s),
attorney(s)-in-fact, agent(s), officer(s) of a corporation or another acting in
a fiduciary or representative capacity, please provide the following information
(please print). (See the Instructions included with this Rights Certificate.)

Name: _______________________________  Capacity: _______________________________

Address: ____________________________  Phone: __________________________________

                                       Soc. Sec. # or Tax ID#: _________________

                            GUARANTEE OF SIGNATURE(S)

All Subscription Rights Holders who specify special issuance or delivery
instructions must have their signatures guaranteed by an Eligible Institution,
as defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended.
(See the Instructions.)

                  Signature Guaranteed by:___________________________________
                                                  Eligible Institution

                                       3

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