1. (a) In this section, a "proxy coupled with an interest" includes the appointment as proxy of:

   1. (1) a pledgee;
   2. (2) a person who purchased or agreed to purchase the shares subject to the proxy;
   3. (3) a person who owns or holds an option to purchase the shares subject to the proxy;
   4. (4) a creditor of the real estate investment trust who extended the real estate investment trust credit under terms requiring the appointment;
   5. (5) an employee of the real estate investment trust whose employment contract requires the appointment; or
   6. (6) a party to a voting agreement created under Section 6.252.

2. (b) A proxy is revocable unless:

   1. (1) the proxy form conspicuously states that the proxy is irrevocable; and
   2. (2) the proxy is coupled with an interest.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.