Document:

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                                                                    EXHIBIT 10.2
                                    PROPOSED
                               ESOP LOAN AGREEMENT

      THIS LOAN AGREEMENT ("Loan Agreement") is made and entered into as of the
___ day of ________________, 2006, by and between the LIBERTY SAVINGS BANK,
F.S.B. EMPLOYEE STOCK OWNERSHIP PLAN TRUST ("Borrower"), a trust forming part of
the Liberty Savings Bank, F.S.B. Employee Stock Ownership Plan ("ESOP"); and
LIBERTY BANCORP, INC. ("Lender"), a corporation organized and existing under the
laws of the United States of America. FOLLOWING THE CONVERSION OF LIBERTY
SAVINGS BANK, F.S.B. FROM THE MUTUAL HOLDING COMPANY FORM OF ORGANIZATION TO
STOCK FORM, THE BORROWER WILL BE REFERRED TO AS THE BANKLIBERTY EMPLOYEE STOCK
OWNERSHIP PLAN TRUST AND THE ESOP WILL BE REFERRED TO AS THE BANKLIBERTY
EMPLOYEE STOCK OWNERSHIP PLAN.

                               W I T N E S S E T H

      WHEREAS, the Borrower is authorized to purchase shares of common stock of
__________________________("Common Stock"), either directly from
__________________________ or in open market purchases in an amount not to
exceed ______________________ (_______) shares of Common Stock.

      WHEREAS, the Borrower is authorized to borrow funds from the Lender for
the purpose of financing authorized purchases of Common Stock; and

      WHEREAS, the Lender is willing to make a loan to the Borrower for such
purpose.

      NOW, THEREFORE, the parties agree hereto as follows:

                                    ARTICLE I
                                   DEFINITIONS

      The following definitions shall apply for purposes of this Loan Agreement,
except to the extent that a different meaning is plainly indicated by the
context:

      "BUSINESS DAY" means any day other than a Saturday, Sunday or other day on
which banks are authorized or required to close under federal or local law or
regulation.

      "CODE" means the Internal Revenue Code of 1986, as amended (including the
corresponding provisions of any succeeding law).

      "DEFAULT" means an event or condition which would constitute an Event of
Default. The determination as to whether an event or condition would constitute
an Event of Default shall be determined without regard to any applicable
requirements of notice or lapse of time.

      "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended (including the corresponding provisions of any succeeding law).

      "EVENT OF DEFAULT" means an event or condition described in Article 5.

      "LOAN" means the loan described in section 2.1.

      "LOAN DOCUMENTS" means, collectively, the Loan Agreement, the Promissory
Note and the Pledge Agreement and all other documents now or hereafter executed
and delivered in connection with such documents, including all amendments,
modifications and supplements of or to all such documents.

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      "PLEDGE AGREEMENT" means the agreement described in section 2.8(a).

      "PRINCIPAL AMOUNT" means the face amount of the Promissory Note,
determined as set forth in section 2.1(c).

      "PROMISSORY NOTE" means the promissory note described in section 2.3.

      "REGISTER" means the register described in section 2.9.

                                   ARTICLE II
                           THE LOAN; PRINCIPAL AMOUNT;
                       INTEREST; SECURITY; INDEMNIFICATION

      SECTION 2.1 THE LOAN; PRINCIPAL AMOUNT.

      (a)   The Lender hereby agrees to lend to the Borrower such amount, and at
such time, as shall be determined under this Section 2.1; provided, however,
that in no event shall the aggregate amount lent under this Loan Agreement from
time to time exceed the greater of (i) $___________ or (ii) the aggregate amount
paid by the Borrower to purchase up to ________ shares of Common Stock.

      (b)   Subject to the limitations of Section 2.1(a), the Borrower shall
determine the amounts borrowed under this Agreement, and the time at which such
borrowings are effected. Each such determination shall be evidenced in a writing
which shall set forth the amount to be borrowed and the date on which the Lender
shall disburse such amount, and such writing shall be furnished to the Lender by
notice from the Borrower. The Lender shall disburse to the Borrower the amount
specified in each such notice on the date specified therein or, if later, as
promptly as practicable following the Lender's receipt of such notice; provided,
however, that the Lender shall have no obligation to disburse funds pursuant to
this Agreement following the occurrence of a Default or an Event of Default
until such time as such Default or Event of Default shall have been cured.

      (c)   For all purposes of this Loan Agreement, the Principal Amount on any
date shall be equal to the excess, if any, of:

            (i)   the aggregate amount disbursed by the Lender pursuant to
                  Section 2.1(b) on or before such date; over

            (ii)  the aggregate amount of any repayments of such amounts made
                  before such date.

The Lender shall maintain on the Register a record of, and shall record in the
Promissory Note, the Principal Amount, any changes in the Principal Amount and
the effective date of any changes in the Principal Amount.

      SECTION 2.2 INTEREST.

      (a)   The Borrower shall pay to the Lender interest on the Principal
Amount, for the period commencing with the first disbursement of funds under
this Loan Agreement and continuing until the Principal Amount shall be paid in
full, at the rate of ___________ percent (___%) per annum. Interest payable
under this Agreement shall be computed on the basis of a year of 365 days and
actual days elapsed (including the first day but excluding the last) occurring
during the period to which the computation relates.

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      (b)   Accrued interest on the Principal Amount shall be payable by the
Borrower on the dates set forth in Schedule I to the Promissory Note. All
interest on the Principal Amount shall be paid by the Borrower in immediately
available funds.

      (c)   Anything in the Loan Agreement or the Promissory Note to the
contrary notwithstanding, the obligation of the Borrower to make payments of
interest shall be subject to the limitation that payments of interest shall not
be required to be made to the Lender to the extent that the Lender's receipt
thereof would not be permissible under the law or laws applicable to the Lender
limiting rates of interest which may be charged or collected by the Lender. Any
such payment referred to in the preceding sentence shall be made by the Borrower
to the Lender on the earliest interest payment date or dates on which the
receipt thereof would be permissible under the laws applicable to the Lender
limiting rates of interest which may be charged or collected by the Lender. Such
deferred interest shall not bear interest.

      SECTION 2.3 PROMISSORY NOTE.

      The Loan shall be evidenced by the Promissory Note of the Borrower
attached hereto as an exhibit payable to the order of the lender in the
Principal Amount and otherwise duly completed.

      SECTION 2.4 PAYMENT OF TRUST LOAN.

      The Principal Amount of the Loan shall be repaid in accordance with
Schedule I to the Promissory Note on the dates specified therein until fully
paid.

      SECTION 2.5 PREPAYMENT.

      The Borrower shall be entitled to prepay the Loan in whole or in part, at
any time and from time to time; provided, however, that the Borrower shall give
notice to the Lender of any such prepayment; and provided, further, that any
partial prepayment of the Loan shall be in an amount not less than $1,000. Any
such prepayment shall be: (a) permanent and irrevocable; (b) accompanied by all
accrued interest through the date of such prepayment; (c) made without premium
or penalty; and (d) applied on the inverse order of the maturity of the
installment thereof unless the Lender and the Borrower agree to apply such
prepayments in some other order.

      SECTION 2.6 METHOD OF PAYMENTS.

      (a)   All payments of principal, interest, other charges (including
indemnities) and other amounts payable by the Borrower hereunder shall be made
in lawful money of the United States, in immediately available funds, to the
Lender at the address specified in or pursuant to this Loan Agreement for
notices to the Lender, on the date on which such payment shall become due. Any
such payment made on such date but after such time shall, if the amount paid
bears interest, and except as expressly provided to the contrary herein, be
deemed to have been made on, and interest shall continue to accrue and be
payable thereon until, the next succeeding Business Day. If any payment of
principal or interest becomes due on a day other than a Business Day, such
payment may be made on the next succeeding Business Day, and when paid, such
payment shall include interest to the day on which payment is in fact made.

      (b)   Notwithstanding anything to the contrary contained in this Loan
Agreement or the Promissory Note, the Borrower shall not be obligated to make
any payment, repayment or pre-payment on the Promissory Note if doing so would
cause the ESOP to cease to be an employee stock ownership plan within the
meaning of section 4975(e)(7) of the Code or qualified under section 401(a) of
the Code or cause the Borrower to cease to be a tax exempt trust under section
501(a) of the Code or if such act or failure to act would cause the Borrower to
engage in any "prohibited transaction" as such term is defined in the section
4975(c) of the Code and the regulations promulgated thereunder which is not
exempted by section 4975(c)(2) or (d) of the Code and the regulations
promulgated thereunder or in section 406 of ERISA and the regulations
promulgated thereunder which is not exempted by section 408(b) of ERISA

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and the regulations promulgated thereunder; provided, however, that in each
case, the Borrower, may act or refrain from acting pursuant to this section
2.6(b) on the basis of an opinion of counsel. The Borrower may consult with
counsel, and any opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such opinion of
counsel. Nothing contained in this section 2.6(b) shall be construed as imposing
a duty on the Borrower to consult with counsel. Any obligation of the Borrower
to make any payment, repayment or prepayment on the Promissory Note or refrain
from taking any other act hereunder or under the Promissory Note which is
excused pursuant to this section 2.6(b) shall be considered a binding obligation
of the Borrower, or both, as the case may be, for the purposes of determining
whether a Default or Event of Default has occurred hereunder or under the
Promissory Note and nothing in this section 2.6(b) shall be construed as
providing a defense to any remedies otherwise available upon a Default or an
Event of Default hereunder (other than the remedy of specific performance).

      SECTION 2.7 USE OF PROCEEDS OF LOAN.

      The entire proceeds of the Loan shall be used solely for acquiring shares
of Common Stock, and for no other purpose whatsoever.

      SECTION 2.8 SECURITY.

      (a)   In order to secure the due payment and performance by the Borrower
of all of its obligations under this Loan Agreement, simultaneously with the
execution and delivery of this Loan Agreement by the Borrower, the Borrower
shall:

            (i)   pledge to the Lender as Collateral (as defined in the Pledge
                  Agreement), and grant to the Lender a first priority lien on
                  and security interest in, the Common Stock purchased with the
                  Principal Amount, by the execution and delivery to the lender
                  of the Pledge Agreement attached hereto as an exhibit; and

            (ii)  execute and deliver, or cause to be executed and delivered,
                  such other agreement, instruments and documents as the Lender
                  may reasonably require in order to effect the purposes of the
                  Pledge Agreement and this Loan Agreement.

      (b)   The Lender shall release from encumbrance under the Pledge Agreement
and transfer to the Borrower, as of the date on which any payment or repayment
of the Principal Amount is made, a number of shares of Common Stock held as
Collateral determined pursuant to the applicable provisions of the ESOP.

      SECTION 2.9 REGISTRATION OF THE PROMISSORY NOTE.

      (a)   The Lender shall maintain a Register providing for the registration
of the Principal Amount and any stated interest and of transfer and exchange of
the Promissory Note. Transfer of the Promissory Note may be effected only by the
surrender of the old instrument and either the reissuance by the Borrower of the
old instrument to the new holder or the issuance by the Borrower of a new
instrument to the new holder. The old Promissory Note so surrendered shall be
canceled by the Lender and returned to the Borrower after such cancellation.

      (b)   Any new Promissory Note issued pursuant to section 2.9(a) shall
carry the same rights to interest (unpaid and to accrue) carried by the
Promissory Note so transferred or exchanged so that there will not be any loss
or gain of interest on the note surrender. Such new Promissory Note shall be
subject to all of the provisions and entitled to all of the benefits of this
Agreement. Prior to due presentment for registration or transfer, the Borrower
may deem and treat the registered holder of any Promissory Note as

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the holder thereof for purposes of payment and other purposes. A notation shall
be made on each new Promissory Note of the amount of all payments of principal
and interest theretofore paid.

                                   ARTICLE III
                 REPRESENTATIONS AND WARRANTIES OF THE BORROWER

      The Borrower hereby represents and warrants to the Lender as follows:

      SECTION 3.1 POWER, AUTHORITY, CONSENTS.

      The Borrower has the power to execute, deliver and perform this Loan
Agreement, the Promissory Note and Pledge Agreement, all of which have been duly
authorized by all necessary and proper corporate or other action.

      SECTION 3.2 DUE EXECUTION, VALIDITY, ENFORCEABILITY.

      Each of the Loan Documents, including, without limitation, this Loan
Agreement, the Promissory Note and the Pledge Agreement, has been duly executed
and delivered by the Borrower; and each constitutes the valid and legally
binding obligation of the Borrower, enforceable in accordance with its terms.

      SECTION 3.3 PROPERTIES, PRIORITY OF LIENS.

      The liens which have been created and granted by the Pledge Agreement
constitute valid, first liens on the properties and assets covered by the Pledge
Agreement, subject to no prior or equal lien.

      SECTION 3.4 NO DEFAULTS, COMPLIANCE WITH LAWS.

      The Borrower is not in default in any material respect under any
agreement, ordinance, resolution, decree, bond, note, indenture, order or
judgment to which it is a party or by which it is bound, or any other agreement
or other instrument by which any of the properties or assets owned by it is
materially affected.

      SECTION 3.5 PURCHASE OF COMMON STOCK.

      Upon consummation of any purchase of Common Stock by the Borrower with the
proceeds of the Loan, the Borrower shall acquire valid, legal and marketable
title to all of the Common Stock so purchased, free and clear of any liens,
other than a pledge to the Lender of the Common Stock so purchased pursuant to
the Pledge Agreement. Neither the execution and delivery of the Loan Documents
nor the performance of any obligation thereunder violates any provisions of law
or conflicts with or results in a breach of or creates (with or without the
giving of notice of lapse of time, or both) a default under any agreement to
which the Borrower is a party or by which it is bound or any of its properties
is affected. No consent of any federal, state, or local governmental authority,
agency, or other regulatory body, the absence of which could have a materially
adverse effect on the Borrower or the Trustee, is or was required to be obtained
in connection with the execution, delivery, or performance of the Loan Documents
and the transaction contemplated therein or in connection therewith, including
without limitation, with respect to the transfer of the shares of Common Stock
purchased with the proceeds of the Loan pursuant thereto.

      SECTION 3.6 ESOP; CONTRIBUTIONS.

      The ESOP was implemented effective _____________ and was subsequently
amended and restated in its entirety effective January 1, 2006. The ESOP sponsor
intends the ESOP to qualify as an "employee stock ownership plan" as defined in
section 4975(e)(7) of the Code. The ESOP provides that

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the ESOP sponsor may make contributions to the ESOP in an amount necessary to
enable the Trustee to amortize the Loan in accordance with the terms of the
Promissory Note; provided, however, that no such contributions shall be required
if they would adversely affect the qualification of the ESOP under section
401(a) of the Code.

      SECTION 3.7 TRUSTEE.

      The trustee of the ESOP has been duly appointed by the ESOP sponsor.

      SECTION 3.8 COMPLIANCE WITH LAWS; ACTIONS.

      Neither the execution and delivery by the Borrower of this Loan Agreement
or any instruments required thereby, nor compliance with the terms and
provisions of any such documents by the lender, constitutes a violation of any
provision of any law or any regulation, order, writ, injunction or decree of any
court or governmental instrumentality, or an event of default under any
agreement, to which the Borrower is a party, to which the Borrower is bound or
to which the Borrower is subject, which violation or event of default would have
a material adverse effect on the Borrower. There is no action or proceeding
pending or threatened against either the ESOP or the Borrower before any court
or administrative agency.

                                   ARTICLE IV
                  REPRESENTATIONS AND WARRANTIES OF THE LENDER

      The Lender hereby represents and warrants to the Borrower as follows:

      SECTION 4.1 POWER, AUTHORITY, CONSENTS.

      The Lender has the power to execute, deliver and perform this Loan
Agreement, the Pledge Agreement and all documents executed by the Lender in
connection with the Loan, all of which have been duly authorized by all
necessary and proper corporate or other action. No consent, authorization or
approval or other action by any governmental authority or regulatory body, and
no notice by the Lender to, or filing by the Lender with, any governmental
authority or regulatory body is required for the due execution, delivery and
performance of this Loan Agreement.

      SECTION 4.2 DUE EXECUTION, VALIDITY, ENFORCEABILITY.

      This Loan Agreement and the Pledge Agreement have been duly executed and
delivered by the Lender, and each constitutes a valid and legally binding
obligation of the Lender, enforceable in accordance with its terms.

                                    ARTICLE V
                                EVENTS OF DEFAULT

      SECTION 5.1 EVENTS OF DEFAULT UNDER LOAN AGREEMENT.

      Each of the following events shall constitute an "Event of Default"
hereunder:

      (a)   Failure to make any payment or mandatory prepayment of principal of
the Promissory Note when due, or failure to make any payment of interest on the
Promissory Note not later than five (5) Business Days after the date when due.

      (b)   Failure by the Borrower to perform or observe any term, condition or
covenant of this Loan Agreement or of any of the other Loan Documents,
including, without limitation, the Promissory Note and the Pledge Agreement.

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      (c)   Any representation or warranty made in writing to the Lender in any
of the Loan Documents, or any certificate, statement or report made or delivered
in compliance with this Loan Agreement, shall have been false or misleading in
any material respect when made or delivered.

      SECTION 5.2 LENDER'S RIGHTS UPON EVENT OF DEFAULT.

      If an Event of Default under this Loan Agreement shall occur and be
continuing, the Lender shall have no rights to assets of the Borrower other
than: (a) contributions (other than contributions of Common Stock) that are made
by the ESOP sponsor to enable the Borrower to meet its obligations pursuant to
this Loan Agreement and earnings attributable to the investment of such
contributions and (b) "Eligible Collateral" (as defined in the Pledge
Agreement); provided, however, that: (i) the value of the Borrower's assets
transferred to the Lender following an Event of Default in satisfaction of the
due and unpaid amount of the Loan shall not exceed the amount in default
(without regard to amounts owing solely as a result of any acceleration of the
Loan); (ii) the Borrower's assets shall be transferred to the Lender following
an Event of Default only to the extent of the failure of the Borrower to meet
the payment schedule of the Loan; and (iii) all rights of the Lender to the
Common Stock purchased with the proceeds of the Loan covered by the Pledge
Agreement following an Event of Default shall be governed by the terms of the
Pledge Agreement.

                                   ARTICLE VI
                            MISCELLANEOUS PROVISIONS

      SECTION 6.1 PAYMENTS DUE TO THE LENDER.

      If any amount is payable by the Borrower to the Lender pursuant to any
indemnity obligation contained herein, then the Borrower shall pay, at the time
or times provided therefor, any such amount and shall indemnify the Lender
against and hold it harmless from any loss or damage resulting from or arising
out of the nonpayment or delay in payment of any such amount. If any amounts as
to which the Borrower has so indemnified the Lender hereunder shall be assessed
or levied against the Lender, the Lender may notify the Borrower and make
immediate payment thereof, together with interest or penalties in connection
therewith, and shall thereupon be entitled to and shall receive immediate
reimbursement therefor from the Borrower, together with interest on each such
amount as provided for in section 2.2(c). Notwithstanding any other provision
contained in this Loan Agreement, the covenants and agreements of the Borrower
contained in this section 6.1 shall survive: (a) payment of the Promissory Note
and (b) termination of this Loan Agreement.

      SECTION 6.2 PAYMENTS.

      All payments hereunder and under the Promissory Note shall be made without
set-off or counterclaim and in such amounts as may be necessary in order that
all such payments shall not be less than the amounts otherwise specified to be
paid under this Loan Agreement and the Promissory Note, subject to any
applicable tax withholding requirements. Upon payment in full of the Promissory
Note, the Lender shall mark such Promissory Note "Paid" and return it to the
Borrower.

      SECTION 6.3 SURVIVAL.

      All agreements, representations and warranties made herein shall survive
the delivery of this Loan Agreement and the Promissory Note.

      SECTION 6.4 MODIFICATIONS, CONSENTS AND WAIVERS; ENTIRE AGREEMENT.

      No modification, amendment or waiver of or with respect to any provision
of this Loan Agreement, the Promissory Note, the Pledge Agreement, or any of the
other Loan Documents, nor

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consent to any departure from any of the terms or conditions thereof, shall in
any event be effective unless it shall be in writing and signed by the party
against whom enforcement thereof is sought. Any such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No
consent to or demand on a party in any case shall, of itself, entitle it to any
other or further notice or demand in similar or other circumstances. This Loan
Agreement embodies the entire agreement and understanding between the Lender and
the Borrower and supersedes all prior agreements and understandings relating to
the subject matter hereof.

      SECTION 6.5 REMEDIES CUMULATIVE.

      Each and every right granted to the Lender hereunder or under any other
document delivered hereunder or in connection herewith, or allowed it by law or
equity, shall be cumulative and may be exercised from time to time. No failure
on the part of the Lender or the holder of the Promissory Note to exercise, and
no delay in exercising, any right shall operate as a waiver thereof, nor shall
any single or partial exercise of any right preclude any other or future
exercise thereof or the exercise of any other right. The due payment and
performance of the obligations under the Loan Documents shall be without regard
to any counterclaim, right of offset or any other claim whatsoever which the
Borrower may have against the Lender and without regard to any other obligation
of any nature whatsoever which the Lender may have to the Borrower, and no such
counterclaim or offset shall be asserted by the Borrower in any action, suit or
proceeding instituted by the Lender for payment or performance of such
obligations.

      SECTION 6.6 FURTHER ASSURANCES; COMPLIANCE WITH COVENANTS.

      At any time and from time to time, upon the request of the Lender, the
Borrower shall execute, deliver and acknowledge or cause to be executed,
delivered and acknowledged, such further documents and instruments and do such
other acts and things as the Lender may reasonably request in order to fully
effect the terms of this Loan Agreement, the Promissory Note, the Pledge
Agreement, the other Loan Documents and any other agreements, instruments and
documents delivered pursuant hereto or in connection with the Loan.

      SECTION 6.7 NOTICES.

      Except as otherwise specifically provided for herein, all notices,
requests, reports and other communications pursuant to this Loan Agreement shall
be in writing, either by letter (delivered by hand or commercial messenger
service or sent by registered or certified mail, return receipt requested,
except for routine reports delivered in compliance with Article VI hereof which
may be sent by ordinary first-class mail) or telex or telecopier addressed as
follows:

      (a)   If to the Borrower:

      (b)   If to the Lender:

Any notice, request or communication hereunder shall be deemed to have been
given on the day on which it is delivered by hand or by commercial messenger
service, or sent by telex or telecopier, to such party at its address specified
above, or, if sent by mail, on the third Business Day after the day deposited in
the mail, postage prepaid, addressed as aforesaid. Any party may change the
person or address to whom or which notices are to be given hereunder, by notice
duly given hereunder; provided, however, that any such notice shall be deemed to
have been given only when actually received by the party to whom it is
addressed.

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      SECTION 6.8 COUNTERPARTS.

      This Loan Agreement may be signed in any number of counterparts which,
when taken together, shall constitute one and the same document.

      SECTION 6.9 CONSTRUCTION; GOVERNING LAW.

      The headings used in the table of contents and in this Loan Agreement are
for convenience only and shall not be deemed to constitute a part hereof. All
uses herein of any gender or of singular or plural terms shall be deemed to
include uses of the other genders or plural or singular terms, as the context
may require. All references in this Loan Agreement of an Article or section
shall be to an Article or section of this Loan Agreement, unless otherwise
specified. This Loan Agreement, the Promissory Note, the Pledge Agreement and
the other Loan Documents shall be governed by, and construed and interpreted in
accordance with, the laws of the State of Missouri.

      SECTION 6.10 SEVERABILITY.

      Wherever possible, each provision of this Loan Agreement shall be
interpreted in such manner as to be effective and valid under applicable law;
however, the provisions of this Loan Agreement are severable, and if any clause
or provision hereof shall be held invalid or unenforceable in whole or in part
in any jurisdiction, then such invalidity or unenforceability shall affect only
such clause or provision, or part thereof, in such jurisdiction and shall not in
any manner affect such clause or provision in any other jurisdiction, or any
other clause or provisions in this Loan Agreement in any jurisdiction. Each of
the covenants, agreements and conditions contained in this Loan Agreement are
independent, and compliance by a party with any of them shall not excuse
non-compliance by such party with any other. The Borrower shall not take any
action the effect of which shall constitute a breach or violation of any
provision of this Loan Agreement.

      SECTION 6.11 BINDING EFFECT: NO ASSIGNMENT OR DELEGATION.

      This Loan Agreement shall be binding upon and inure to the benefit of the
Borrower and its successors and the Lender and its successors and assigns. The
rights and obligations of the Borrower under this Agreement shall not be
assigned or delegated without the prior written consent of the Lender, and any
purported assignment or delegation without such consent shall be void.

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      IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be
executed as of the date first written above.

                                LIBERTY SAVINGS BANK, F.S.B.
                                EMPLOYEE STOCK OWNERSHIP PLAN TRUST

                                _____________________________________________
                                Authorized Trust Officer

                                LIBERTY BANCORP, INC.

                                By: _________________________________________
                                    Brent M. Giles
                                    President and Chief Executive Officer

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                                    PROPOSED
                                PLEDGE AGREEMENT

      THIS PLEDGE AGREEMENT ("Pledge Agreement") is made as of the _____ day of
_________________, 2006, by and between the LIBERTY SAVINGS BANK, F.S.B.
EMPLOYEE STOCK OWNERSHIP PLAN TRUST ("Pledgor"), AND LIBERTY BANCORP, INC.
("Pledgee"). FOLLOWING THE CONVERSION OF LIBERTY SAVINGS BANK, F.S.B. FROM THE
MUTUAL HOLDING COMPANY FORM OF ORGANIZATION TO STOCK FORM, THE PLEDGOR WILL BE
REFERRED TO AS THE BANKLIBERTY EMPLOYEE STOCK OWNERSHIP PLAN TRUST AND THE ESOP
WILL BE REFERRED TO AS THE BANKLIBERTY EMPLOYEE STOCK OWNERSHIP PLAN.

                               W I T N E S S E T H

      WHEREAS, this Pledge Agreement is being executed and delivered to the
Pledgee pursuant to the terms of a Loan Agreement ("Loan Agreement"), by and
between the Pledgor and the Pledgee;

      NOW, THEREFORE, in consideration of the mutual agreements contained herein
and in the Loan Agreement, the parties hereto do hereby covenant and agree as
follows:

      Section 1. DEFINITIONS. The following definitions shall apply for purposes
of this Pledge Agreement, except to the extent that a different meaning is
plainly indicated by the context; all capitalized terms used but not defined
herein shall have the respective meanings assigned to them in the Loan
Agreement:

      COLLATERAL shall mean the Pledged Shares and, subject to section 5 hereof,
and to the extent permitted by applicable law, all rights with respect thereto,
and all proceeds of such Pledged Shares and rights.

      ESOP shall mean the Liberty Savings Bank, F.S.B. Employee Stock Ownership
Plan.

      EVENT OF DEFAULT shall mean an event so defined in the Loan Agreement.

      LIABILITIES shall mean all the obligations of the Pledgor to the Pledgee,
howsoever created, arising or evidenced, whether direct or indirect, absolute or
contingent, now or hereafter existing, or due or to become due, under the Loan
Agreement and the Promissory Note.

      PLEDGED SHARES shall mean all the Shares of Common Stock of the Pledgee
purchased by the Pledgor with the proceeds of the loan made by the Pledgee to
the Pledgor pursuant to the Loan Agreement, but excluding any such shares
previously released pursuant to section 4.

      Section 2. Pledge. To secure the payment of and performance of all the
Liabilities, the Pledgor hereby pledges to the Pledgee, and grants to the
Pledgee, a security interest in, and lien upon, the Collateral.

      Section 3. Representations and Warranties of the Pledgor. The Pledgor
represents, warrants, and covenants to the Pledgee as follows:

      (a)   the execution, delivery and performance of this Pledge Agreement and
the pledging of the Collateral hereunder do not and will not conflict with,
result in a violation of, or constitute a default under, any agreement binding
upon the Pledgor;

<PAGE>

      (b)   the Pledged Shares are and will continue to be owned by the Pledgor
free and clear of any liens or rights of any other person except the lien
hereunder and under the Loan Agreement in favor of the Pledgee, and the security
interest of the Pledgee in the Pledged Shares and the proceeds thereof is and
will continue to be prior to and senior to the rights of all others;

      (c)   this Pledge Agreement is the legal, valid, binding and enforceable
obligation of the Pledgor in accordance with its terms;

      (d) the Pledgor shall, from time to time, upon request of the Pledgee,
promptly deliver to the Pledgee such stock powers, proxies, and similar
documents, satisfactory in form and substance to the Pledgee, with respect to
the Collateral as the Pledgee may reasonably request; and

      (e)   subject to the first sentence of section 4(b), the Pledgor
shall not, so long as any Liabilities are outstanding, sell, assign, exchange,
pledge or otherwise transfer or encumber any of its rights in and to any of the
Collateral.

      Section 4. Eligible Collateral.

      (a)   As used herein the term "Eligible Collateral" shall mean the amount
of Collateral which has an aggregate fair market value equal to the amount by
which the Pledgor is in default (without regard to any amounts owing solely as
the result of an acceleration of the Loan Agreement) or such lesser amount of
Collateral as may be required pursuant to section 13 of this Pledge Agreement.

      (b)   The Pledged Shares shall be released from this Pledge Agreement in a
manner conforming to the requirements of Treasury Regulations Section
54.4975-7(b)(8), as the same may be from time to time amended or supplemented,
and the applicable provisions of the ESOP. Subject to such Regulations, the
Pledgee may from time to time, after any Default or Event of Default, and
without prior notice to the Pledgor, transfer all or any part of the Eligible
Collateral in the name of the Pledgee or its nominee, without disclosing that
such Eligible Collateral is subject to any rights of the Pledgor and may from
time to time, whether before or after any of the Liabilities shall become due
and payable, without notice to the Pledgor, take all or any of the following
actions: (i) notify the parties obligated on any of the Eligible Collateral to
make payment to the Pledgee of any amounts due or due to become due thereunder,
(ii) release or exchange all or any part of the Eligible Collateral, or
compromise or extend or renew for any period (whether or not longer than the
original period) any obligations of any nature of any party with respect
thereto, and (iii) take control of any proceeds of the Eligible Collateral.

      Section 5. Delivery.

      (a)   The Pledgor shall deliver to the Pledgee upon execution of this
Pledge Agreement (i) either (A) certificates for the Pledged Shares, each
certificate duly signed in blank by the Pledgor or accompanied by a stock
transfer power duly signed in blank by the Pledgor and each such certificate
accompanied by all required documentary or stock transfer tax stamps or (B) if
the Trustee does not yet have possession of the Pledged Shares, an assignment by
the Pledgor of all the Pledgor's rights to and interest in the Pledged Shares
and (ii) an irrevocable proxy, in form and substance satisfactory to the
Pledgee, signed by the Pledgor with respect to the Pledged Shares.

      (b)   So long as no Default or Event of Default shall have occurred and be
continuing, (i) the Pledgor shall be entitled to exercise any and all voting and
other rights pertaining to the Collateral or any part thereof for any purpose
not inconsistent with the terms of this Pledge

                                       2
<PAGE>

Agreement, and (ii) the Pledgor shall be entitled to receive any and all cash
dividends or other distributions paid in respect of the Collateral.

      Section 6. Events of Default.

      (a)   If a Default or Event Default shall be existing, in addition to the
rights it may have under the Loan Agreement, the Promissory Note, and this
Pledge Agreement, or by virtue of any other instrument, (i) the Pledgee may
exercise, with respect to the Eligible Collateral, from time to time, any rights
and remedies available to it under the Uniform Commercial Code as in effect from
time to time in the State of Missouri or otherwise available to it and (ii) the
Pledgee shall have the right, for and in the name, place and stead of the
Pledgor, to execute endorsement, assignments, stock powers and other instruments
of conveyance or transfer with respect to all or any of the Eligible Collateral.
Written notification of intended disposition of any of the Eligible Collateral
shall be given by the Pledgee to the Pledgor at least three (3) Business Days
before such disposition. Subject to section 13 below, any proceeds of any
disposition of Eligible Collateral may be applied by the Pledgee to the payment
of expenses in connection with the Eligible Collateral, including, without
limitation, reasonable attorneys' fees and legal expenses, and any balance of
such proceeds may be applied by the Pledgee toward the payment of such of the
Liabilities as are in Default, and in such order of application, as the Pledgee
may from time to time elect. No action of the Pledgee permitted hereunder shall
impair or affect its rights in and to the Eligible Collateral. All rights and
remedies of the Pledgee expressed hereunder are in addition to all other rights
and remedies possessed by it, including, without limitation, those contained in
the documents referred to in the definition of Liabilities in section 1 hereof.

      (b)   In any sale of any of the Eligible Collateral after a Default or an
Event of Default shall have occurred, the Pledgee is hereby authorized to comply
with any limitation or restriction in connection with such sale as it may be
advised by counsel if necessary in order to avoid violation of applicable law
(including, without limitation, compliance with such procedures as may restrict
the number of prospective bidders and purchasers or further restrict such
prospective bidders or purchasers to persons who will represent and agree that
they are purchasing for their own account for investment and not with a view to
the distribution or resale of such Eligible Collateral), or in order to obtain
such required approval of the sale or of the purchase by any governmental
regulatory authority or official, and the Pledgor further agrees that such
compliance shall not result in such sale's being considered or deemed not to
have been made in a commercially reasonable manner, nor shall the Pledgee be
liable or accountable to the Pledgor for any discount allowed by reason of the
fact that such Eligible Collateral is sold in compliance with any such
limitation or restriction.

      Section 7. Payment in Full. Upon the payment in full of all outstanding
Liabilities, this Pledge Agreement shall terminate and the Pledgee shall
forthwith assign, transfer and deliver to the Pledgor, against receipt and
without recourse to the Pledgee, all Collateral then held by the Pledgee
pursuant to the Pledge Agreement.

      Section 8. No Waiver. No failure or delay in the part of the Pledgee in
exercising any right or remedy hereunder or under any other document which
confers or grants any rights to the Pledgee in respect of the Liabilities shall
operate as a waiver thereof nor shall any single or partial exercise of any such
rights or remedy preclude any other or further exercise thereof or the exercise
of any other right or remedy of the Pledgee.

      Section 9. Binding Effect; No Assignment or Delegation. This Pledge
Agreement shall be binding upon and inure to the benefit of the Pledgor, the
Pledgee and their respective successors and assigns, except that the Pledgor may
not assign or transfer its rights hereunder without the prior written consent of
the Pledgee (which consent shall not unreasonably be

                                       3
<PAGE>

withheld). Each duty or obligation of the Pledgor to the Pledgee pursuant to the
provisions of this Pledge Agreement shall be performed in favor of any person or
entity designated by the Pledgee, and any duty or obligation of the Pledgee to
the Pledgor may be performed by any other person or entity designated by the
Pledgee.

      Section 10. Governing Law. This Pledge Agreement shall be governed by and
construed in accordance with the laws of the State of Missouri applicable to
agreements to be performed wholly within the State of Missouri.

      Section 11. Notices. All notices, requests, instructions or documents
hereunder shall be in writing and delivered personally or sent by United States
mail, registered or certified, return receipt requested, with proper postage
prepaid as follows:

            (a)   If to the Pledgee:

            (b)   If to the Pledgor:

or at such other address as either of the parties may designate by written
notice to the other party. If delivered personally, the date on which a notice,
request, instruction or document is delivered shall be the date on which such
delivery is made, and, if delivered by mail, the date on which such notice,
request, instruction, or document is deposited in the mail shall be the date of
delivery. Each notice, request, instruction or document shall bear the date on
which it is delivered.

      Section 12. Interpretation. Wherever possible each provision of this
Pledge Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision herein shall be prohibited by
or invalid under such law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions hereof.

      Section 13. Construction. All provisions hereof shall be construed so as
to maintain (a) the ESOP as a qualified leveraged employee stock ownership plan
under section 401(a) and 4975(e)(7) of the Internal Revenue Code of 1986 (the
"Code"), (b) the Trust as exempt from taxation under section 501(a) of the Code
and (c) the Trust Loan as an exempt loan under section 54.4975-7(b) of the
Treasury Regulations and as described in Department of Labor Regulation section
2550.408b-3.

                                       4
<PAGE>

      IN WITNESS WHEREOF, this Pledge Agreement has been duly executed by the
parties hereto as of the day and year first above written.

                                    LIBERTY SAVINGS BANK, F.S.B.
                                    EMPLOYEE STOCK OWNERSHIP PLAN TRUST

                                    ________________________________________
                                    Authorized Trust Officer

                                    LIBERTY BANCORP, INC.

                                    By:   __________________________________
                                          Brent M. Giles
                                          President and Chief Executive Officer

                                       5
<PAGE>

                                     FORM OF
                                 PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned, LIBERTY SAVINGS BANK, F.S.B. EMPLOYEE STOCK
OWNERSHIP PLAN TRUST (the "Borrower"), hereby promises to pay to the order of
LIBERTY BANCORP, INC. (the "Lender") up to $_____________________________
payable in accordance with the Loan Agreement made and entered into between the
Borrower and the Lender of even date herewith ("Loan Agreement") pursuant to
which this Promissory Note is issued. FOLLOWING THE CONVERSION OF LIBERTY
SAVINGS BANK, F.S.B. FROM THE MUTUAL HOLDING COMPANY FORM OF ORGANIZATION TO
STOCK FORM, THE BORROWER WILL BE REFERRED TO AS THE BANKLIBERTY EMPLOYEE STOCK
OWNERSHIP PLAN TRUST.

      The Principal Amount of this Promissory Note shall be payable in
accordance with the schedule attached hereto ("Schedule I").

      This Promissory Note shall bear interest at the rate per annum set forth
or established under the Loan Agreement, such interest to be payable in
accordance with Schedule I.

      Anything herein to the contrary notwithstanding, the obligation of the
Borrower to make payments of interest shall be subject to the limitation that
payments of interest shall not be required to be made to the Lender to the
extent that the Lender's receipt thereof would not be permissible under the law
or laws applicable to the Lender limiting rates on interest which may be charged
or collected by the Lender. Any such payments on interest which are not made as
a result of the limitation referred to in the preceding sentence shall be made
by the Borrower to the Lender on the earliest interest payment date or dates on
which the receipt thereof would be permissible under the laws applicable to the
Lender limiting rates of interest which may be charged or collected by the
Lender. Such deferred interest shall not bear interest.

      Payments of both principal and interest on this Promissory Note are to be
made at the principal office of the Lender or such other place as the holder
hereof shall designate to the Borrower in writing, in lawful money of the United
States of America in immediately available funds.

      Failure to make any payments of principal on this Promissory Note when
due, or failure to make any payment of interest on this Promissory Note not
later than five (5) Business Days after the date when due, shall constitute a
default hereunder, whereupon the principal amount of accrued interest on this
Promissory Note shall immediately become due and payable in accordance with the
terms of the Loan Agreement.

      This Promissory Note is secured by a Pledge Agreement between the Borrower
and the Lender of even date herewith and is entitled to the benefits thereof.

                                    LIBERTY SAVINGS BANK, F.S.B.
                                    EMPLOYEE STOCK OWNERSHIP PLAN TRUST

                                    _______________________________________
                                    Authorized Trust Officer<PAGE>

                                                                    EXHIBIT 10.3

                               FORM OF THREE-YEAR
                              EMPLOYMENT AGREEMENT

      THIS AGREEMENT (the "Agreement"), made this ___ day of ______________,
200__, by and among LIBERTY BANCORP, INC., a Missouri-chartered corporation (the
"Company") BANKLIBERTY, a federally-chartered financial institution (the
"Bank"), and ____________________("Executive").

                                   WITNESSETH

      WHEREAS, Executive serves in a position of substantial responsibility;

      WHEREAS, the Company and the Bank wish to assure the services of Executive
for the period provided in this Agreement; and

      WHEREAS, Executive is willing to serve in the employ of the Bank on a
full-time basis for said period.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereby
agree as follows:

      1. EMPLOYMENT. Executive is employed as the President and Chief Executive
Officer of the Company and the Bank. Executive shall perform all duties and
shall have all powers which are commonly incident to the office of President and
Chief Executive Officer or which, consistent with those offices, are delegated
to him by the Board of Directors of the Bank or the Company.

      2. LOCATION AND FACILITIES. The Executive will be furnished with the
working facilities and staff customary for executive officers with the title and
duties set forth in Section 1 and as are necessary for him to perform his
duties. The location of such facilities and staff shall be at the principal
administrative offices of the Company and the Bank, or at such other site or
sites customary for such offices.

      3. TERM.

      a.    The term of this Agreement shall be (i) the initial term, consisting
            of the period commencing on the date of this Agreement (the
            "Effective Date") and ending on the third anniversary of the
            Effective Date, plus (ii) any and all extensions of the initial term
            made pursuant to this Section 3.

      b.    Commencing on the first year anniversary date of this Agreement, and
            continuing on each anniversary thereafter, the disinterested members
            of the boards of directors of the Bank and the Company may extend
            the Agreement an additional year such that the remaining term of the
            Agreement shall be thirty six (36) months, unless Executive elects
            not to extend the term of this Agreement by

<PAGE>

            giving written notice in accordance with Section 19 of this
            Agreement. The Boards of Directors of the Bank and the Company (the
            "Boards") will review the Agreement and Executive's performance
            annually for purposes of determining whether to extend the
            Agreement. The Executive shall receive notice as soon as possible
            after such review as to whether the Agreement is to be extended.

      4. BASE COMPENSATION.

      a.    The Bank and the Company agree to pay the Executive during the term
            of this Agreement an aggregate base salary at the rate of
            $_____________________ per year, payable in accordance with
            customary payroll practices of the Bank.

      b.    The Boards shall review annually the rate of the Executive's base
            salary based upon factors they deem relevant, and may maintain or
            increase his salary, provided that no such action shall reduce the
            rate of salary below the rate in effect on the Effective Date.

      c.    In the absence of action by the Boards, the Executive shall continue
            to receive salary at the annual rate specified on the Effective Date
            or, if another rate has been established under the provisions of
            this Section 4, the rate last properly established by action of the
            Boards under the provisions of this Section 4.

      5. BONUSES. The Executive shall be entitled to participate in
discretionary bonuses or other incentive compensation programs that the Company
and the Bank may award from time to time to senior management employees pursuant
to bonus plans or otherwise.

      6. BENEFIT PLANS. The Executive shall be entitled to participate in such
life insurance, medical, dental, pension, profit sharing, retirement and
stock-based compensation plans and other programs and arrangements as may be
approved from time to time by the Company and the Bank for the benefit of their
employees.

      7. VACATION AND LEAVE.

      a.    The Executive shall be entitled to vacation and other leave in
            accordance with policy for senior executives, or otherwise as
            approved by the Boards.

      b.    In addition to paid vacation and other leave, the Executive shall be
            entitled, without loss of pay, to absent himself voluntarily from
            the performance of his employment for such additional periods of
            time and for such valid and legitimate reasons as the Boards may in
            their discretion determine. Further, the Boards may grant to the
            Executive a leave or leaves of absence, with or without pay, at such
            time or times and upon such terms and conditions as the Boards in
            their discretion may determine.

                                       2
<PAGE>

      8. EXPENSE PAYMENTS AND REIMBURSEMENTS. The Executive shall be reimbursed
for all reasonable out-of-pocket business expenses that he shall incur in
connection with his services under this Agreement upon substantiation of such
expenses in accordance with applicable policies of the Company and the Bank.

      9. AUTOMOBILE. During the term of this Agreement, the Executive shall be
entitled to use of an automobile. Executive shall comply with reasonable
reporting and expense limitations on the use of such automobile as may be
established by the Company or the Bank from time to time, and the Company or the
Bank shall annually include on Executive's Form W-2 any amount of income
attributable to Executive's personal use of such automobile.

      10. LOYALTY AND CONFIDENTIALITY.

      a.    During the term of this Agreement Executive: (i) shall devote all
            his time, attention, skill, and efforts to the faithful performance
            of his duties hereunder; provided, however, that from time to time,
            Executive may serve on the boards of directors of, and hold any
            other offices or positions in, companies or organizations which will
            not present any conflict of interest with the Company or the Bank or
            any of their subsidiaries or affiliates, unfavorably affect the
            performance of Executive's duties pursuant to this Agreement, or
            violate any applicable statute or regulation and (ii) shall not
            engage in any business or activity contrary to the business affairs
            or interests of the Company and the Bank.

      b.    Nothing contained in this Agreement shall prevent or limit
            Executive's right to invest in the capital stock or other securities
            of any business dissimilar from that of the Company and the Bank,
            or, solely as a passive, minority investor, in any business.

      c.    Executive agrees to maintain the confidentiality of any and all
            information concerning the operation or financial status of the
            Company and the Bank; the names or addresses of any of its
            borrowers, depositors and other customers; any information
            concerning or obtained from such customers; and any other
            information concerning the Company and the Bank to which he may be
            exposed during the course of his employment. The Executive further
            agrees that, unless required by law or specifically permitted by the
            Boards in writing, he will not disclose to any person or entity,
            either during or subsequent to his employment, any of the
            above-mentioned information which is not generally known to the
            public, nor shall he employ such information in any way other than
            for the benefit of the Company and the Bank.

      11. TERMINATION AND TERMINATION PAY. Subject to Section 12 of this
Agreement, Executive's employment under this Agreement may be terminated in the
following circumstances:

                                       3
<PAGE>

      a.    Death. Executive's employment under this Agreement shall terminate
            upon his death during the term of this Agreement, in which event
            Executive's estate shall be entitled to receive the compensation due
            to the Executive through the last day of the calendar month in which
            his death occurred.

      b.    Retirement. This Agreement shall be terminated upon Executive's
            retirement under the retirement benefit plan or plans in which he
            participates pursuant to Section 6 of this Agreement or
            otherwise.

      c.    Disability.

            i.    The Boards or Executive may terminate Executive's employment
                  after having determined Executive has a Disability. For
                  purposes of this Agreement, "Disability" means a physical or
                  mental infirmity that impairs Executive's ability to
                  substantially perform his duties under this Agreement and that
                  results in Executive becoming eligible for long-term
                  disability benefits under any long-term disability plans of
                  the Company and the Bank (or, if there are no such plans in
                  effect, that impairs Executive's ability to substantially
                  perform his duties under this Agreement for a period of one
                  hundred eighty (180) consecutive days). The Boards shall
                  determine whether or not Executive is and continues to be
                  permanently disabled for purposes of this Agreement in good
                  faith, based upon competent medical advice and other factors
                  that they reasonably believe to be relevant. As a condition to
                  any benefits, the Boards may require Executive to submit to
                  such physical or mental evaluations and tests as it deems
                  reasonably appropriate.

            ii.   In the event of such Disability, Executive's obligation to
                  perform services under this Agreement will terminate. The Bank
                  will pay Executive, as Disability pay, an amount equal to 100%
                  of Executive's bi-weekly rate of base salary in effect as of
                  the date of his termination of employment due to Disability.
                  Disability payments will be made on a monthly basis and will
                  commence on the first day of the month following the effective
                  date of Executive's termination of employment for Disability
                  and end on the earlier of: (A) the date he returns to
                  full-time employment at the Bank in the same capacity as he
                  was employed prior to his termination for Disability; (B) his
                  death; or (C) upon attainment of age 65. Such payments shall
                  be reduced by the amount of any short- or long-term disability
                  benefits payable to the Executive under any other disability
                  programs sponsored by the Company and the Bank. In addition,
                  during any period of Executive's Disability, Executive and his
                  dependents shall, to the greatest extent possible, continue to
                  be covered under all benefit plans (including, without
                  limitation, retirement plans and medical, dental and life
                  insurance plans) of the Company and the Bank, in which

                                       4
<PAGE>

                  Executive participated prior to his Disability on the same
                  terms as if Executive were actively employed by the Company
                  and the Bank.

      d.    Termination for Cause.

            i.    The Boards may, by written notice to the Executive in the form
                  and manner specified in this paragraph, terminate his
                  employment at any time, for "Cause". The Executive shall have
                  no right to receive compensation or other benefits for any
                  period after termination for Cause. Termination for "Cause"
                  shall mean termination because of, in the good faith
                  determination of the Boards, Executive's:

                  (1)   Personal dishonesty;

                  (2)   Incompetence;

                  (3)   Willful misconduct;

                  (4)   Breach of fiduciary duty involving personal profit;

                  (5)   Intentional failure to perform stated duties;

                  (6)   Willful violation of any law, rule or regulation (other
                        than traffic violations or similar offenses) or a final
                        cease-and-desist order; or

                  (7)   Material breach by Executive of any provision of this
                        Agreement.

            ii.   Notwithstanding the foregoing, Executive shall not be deemed
                  to have been terminated for Cause by the Company and the Bank
                  unless there shall have been delivered to Executive a copy of
                  a resolution duly adopted at a meeting of such Boards where in
                  the good faith opinion of the Boards, Executive was guilty of
                  the conduct described above and specifying the particulars
                  thereof.

      e.    Voluntary Termination by Executive. In addition to his other rights
            to terminate under this Agreement, Executive may voluntarily
            terminate employment during the term of this Agreement upon at least
            sixty (60) days prior written notice to the Boards, in which case
            Executive shall receive only his compensation, vested rights and
            employee benefits up to the date of his termination.

      f.    Without Cause or With Good Reason.

            i.    In addition to termination pursuant to Sections 11(a) through
                  11(e) the Boards, may, by written notice to Executive,
                  immediately terminate his

                                       5
<PAGE>

                  employment at any time for a reason other than Cause (a
                  termination "Without Cause") and Executive may, by written
                  notice to the Boards, immediately terminate this Agreement at
                  any time within ninety (90) days following an event
                  constituting "Good Reason" as defined below (a termination
                  "With Good Reason").

            ii.   Subject to Section 12 of this Agreement, in the event of
                  termination under this Section 11(f), Executive shall be
                  entitled to receive his base salary for the remaining term of
                  the Agreement paid in one lump sum within ten (10) calendar
                  days of such termination. Also, in such event, Executive
                  shall, for the remaining term of the Agreement, receive the
                  benefits he would have received during the remaining term of
                  the Agreement under any retirement programs (whether
                  tax-qualified or non-qualified) in which Executive
                  participated prior to his termination (with the amount of the
                  benefits determined by reference to the benefits received by
                  the Executive or accrued on his behalf under such programs
                  during the twelve (12) months preceding his termination) and
                  continue to participate in any benefit plans of the Company or
                  the Bank that provide health (including medical and dental),
                  or life insurance, or similar coverage upon terms no less
                  favorable than the most favorable terms provided to senior
                  executives of the Company and the Bank during such period. In
                  the event that the Company and the Bank are unable to provide
                  such coverage by reason of Executive no longer being an
                  employee, the Company and the Bank shall provide Executive
                  with comparable coverage on an individual policy basis.

            iii.  "Good Reason" shall exist if, without Executive's express
                  written consent, the Company and the Bank materially breach
                  any of their respective obligations under this Agreement.
                  Without limitation, such a material breach shall be deemed to
                  occur upon any of the following:

                  (1)   A material reduction in Executive's responsibilities or
                        authority in connection with his employment with the
                        Company or the Bank;

                  (2)   Assignment to Executive of duties of a non-executive
                        nature or duties for which he is not reasonably equipped
                        by his skills and experience;

                  (3)   A reduction in salary or benefits contrary to the terms
                        of this Agreement, or, following a Change in Control, as
                        defined in Section 12 of this Agreement, any reduction
                        in salary or material reduction in benefits below the
                        amounts to which he was entitled prior to the Change in
                        Control;

                                       6
<PAGE>

                  (4)   Termination of incentive and benefit plans, programs or
                        arrangements, or reduction of Executive's participation
                        to such an extent as to materially reduce their
                        aggregate value below their aggregate value as of the
                        Effective Date;

                  (5)   A requirement that Executive relocate his principal
                        business office or his principal place of residence
                        outside of the area consisting of a fifty (50) mile
                        radius from the current main office and any branch of
                        the Bank, or the assignment to Executive of duties that
                        would reasonably require such a relocation; or

                  (6)   Liquidation or dissolution of the Company or the Bank.

            iv.   Notwithstanding the foregoing, a reduction or elimination of
                  the Executive's benefits under one or more benefit plans
                  maintained by the Company or the Bank as part of a good faith,
                  overall reduction or elimination of such plans or plans or
                  benefits thereunder applicably to all participants in a manner
                  that does not discriminate against Executive (except as such
                  discrimination may be necessary to comply with law) shall not
                  constitute an event of Good Reason or a material breach of
                  this Agreement, provided that benefits of the type or to the
                  general extent as those offered under such plans prior to such
                  reduction or elimination are not available to other officers
                  of the Company and the Bank or any company that controls
                  either of them under a plan or plans in or under which
                  Executive is not entitled to participate.

      g.    Continuing Covenant Not to Compete or Interfere with Relationships.
            Regardless of anything herein to the contrary, following a
            termination by the Company and the Bank or Executive pursuant to
            Section 11(f):

            i.    Executive's obligations under Section 10(c) of this Agreement
                  will continue in effect; and

            ii.   During the period ending on the first anniversary of such
                  termination, the Executive shall not serve as an officer,
                  director or employee of any bank holding company, bank,
                  savings bank, savings and loan holding company, or mortgage
                  company (any of which, a "Financial Institution") which
                  Financial Institution offers products or services competing
                  with those offered by the Bank from any office within fifty
                  (50) miles from the main office or any branch of the Bank and
                  shall not interfere with the relationship of the Company and
                  the Bank and any of its employees, agents, or representatives.

                                       7
<PAGE>

      12. TERMINATION IN CONNECTION WITH A CHANGE IN CONTROL. For purposes of
this Agreement, a Change in Control means any of the following events:

          (i) Merger: The Company merges into or consolidates with another
          corporation, or merges another corporation into the Company, and as a
          result less than a majority of the combined voting power of the
          resulting corporation immediately after the merger or consolidation is
          held by persons who were stockholders of the Company immediately
          before the merger or consolidation.

          (ii) Acquisition of Significant Share Ownership: There is filed or
          required to be filed a report on Schedule 13D or another form or
          schedule (other than Schedule 13G) required under Sections 13(d) or
          14(d) of the Securities Exchange Act of 1934, if the schedule
          discloses that the filing person or persons acting in concert has or
          have become the beneficial owner of 25% or more of a class of the
          Company's voting securities, but this clause (ii) shall not apply to
          beneficial ownership of Company voting shares held in a fiduciary
          capacity by an entity of which the Company directly or indirectly
          beneficially owns 50% or more of its outstanding voting securities.

          (iii) Change in Board Composition: During any period of two
          consecutive years, individuals who constitute the Company's Board of
          Directors at the beginning of the two-year period cease for any reason
          to constitute at least a majority of the Company's Board of Directors;
          provided, however, that for purposes of this clause (iii), each
          director who is first elected by the board (or first nominated by the
          board for election by the stockholders) by a vote of at least
          two-thirds (2/3) of the directors who were directors at the beginning
          of the two-year period shall be deemed to have also been a director at
          the beginning of such period; or

          (iv) Sale of Assets: The Company sells to a third party all or
          substantially all of its assets.

     a.   Termination. If within the period ending two (2) years after a Change
          in Control, (i) the Company or the Bank shall terminate the
          Executive's employment Without Cause, or (ii) Executive
          voluntarily terminates his employment With Good Reason, the Company or
          the Bank shall, within ten calendar days of the termination of
          Executive's employment, make a lump-sum cash payment to him equal to
          three (3) times the Executive's average Annual Compensation over the
          five (5) most recently completed calendar years ending with the year
          immediately preceding the effective date of the Change in Control. In
          determining Executive's average Annual Compensation, Annual
          Compensation shall include base salary and any other taxable income
          (paid by the Company and the Bank), including but not limited to
          amounts related to the granting, vesting or exercise of restricted

                                       8
<PAGE>

          stock or stock option awards, commissions, bonuses (whether paid or
          accrued for the applicable period), as well as, retirement benefits,
          director or committee fees and fringe benefits paid or to be paid to
          Executive or paid for Executive's benefit during any such year, profit
          sharing, employee stock ownership plan and other retirement
          contributions or benefits, including to any tax-qualified plan or
          arrangement (whether or not taxable) made or accrued on behalf of
          Executive of such year. The cash payment made under this Section 12(a)
          shall be made in lieu of any payment also required under Section 11(f)
          of this Agreement because of a termination in such period. Executive's
          rights under Section 11(f) are not otherwise affected by this Section
          12. Also, in such event, the Executive shall, for a thirty-six (36)
          month period following his termination of employment, receive the
          benefits he would have received over such period under any retirement
          programs (whether tax-qualified or nonqualified) in which the
          Executive participated prior to his termination (with the amount of
          the benefits determined by reference to the benefits received by the
          Executive or accrued on his behalf under such programs during the
          twelve (12) months preceding the Change in Control) and continue to
          participate in any benefit plans of the Company and the Bank that
          provide health (including medical and dental), or life insurance, or
          similar coverage upon terms no less favorable than the most favorable
          terms provided to senior executives of the Bank during such period. In
          the event that the Company and the Bank are unable to provide such
          coverage by reason of the Executive no longer being an employee, the
          Company and the Bank shall provide the Executive with comparable
          coverage on an individual policy.

     b.   The provisions of Section 12 and Sections 14 through 25, including the
          defined terms used is such sections, shall continue in effect until
          the later of the expiration of this Agreement or two (2) years
          following a Change in Control.

     13.  INDEMNIFICATION AND LIABILITY INSURANCE. Subject to and limited by
          Section 26(f) of this Agreement, the Bank and the Company shall
          provide the following:

     a.   Indemnification. The Company and the Bank agree to indemnify the
          Executive (and his heirs, executors, and administrators), and to
          advance expenses related thereto, to the fullest extent permitted
          under applicable law and regulations against any and all expenses and
          liabilities reasonably incurred by him in connection with or arising
          out of any action, suit, or proceeding in which he may be involved by
          reason of his having been a director or Executive of the Company, the
          Bank or any of their affiliates (whether or not he continues to be a
          director or Executive at the time of incurring any such expenses or
          liabilities) such expenses and liabilities to include, but not be
          limited to, judgments, court costs, and attorney's fees and the cost
          of reasonable settlements, such settlements to be approved by the
          Boards, if such action is brought against the Executive in his
          capacity as an Executive or director of the Company or the Bank or any
          of their

                                       9
<PAGE>

          subsidiaries. Indemnification for expense shall not extend to matters
          for which the Executive has been terminated for Cause. Nothing
          contained herein shall be deemed to provide indemnification prohibited
          by applicable law or regulation. Notwithstanding anything herein to
          the contrary, the obligations of this Section 13 shall survive the
          term of this Agreement by a period of six (6) years.

      b.  Insurance. During the period in which indemnification of the Executive
          is required under this Section, the Company and the Bank shall provide
          the Executive (and his heirs, executors, and administrators) with
          coverage under a directors' and Executives' liability policy at the
          expense of the Company and the Bank, at least equivalent to such
          coverage provided to directors and senior Executives of the Company
          and the Bank.

      14. REIMBURSEMENT OF EXECUTIVE'S EXPENSES TO ENFORCE THIS AGREEMENT. The
Company and the Bank shall reimburse the Executive for all reasonable
out-of-pocket expenses, including, without limitation, reasonable attorney's
fees, incurred by the Executive in connection with successful enforcement by the
Executive of the obligations of the Company and the Bank to the Executive under
this Agreement. Successful enforcement shall mean the grant of an award of money
or the requirement that the Company and the Bank take some action specified by
this Agreement: (i) as a result of court order; or (ii) otherwise by the Company
and the Bank following an initial failure of the Company and the Bank to pay
such money or take such action promptly after written demand therefor from the
Executive stating the reason that such money or action was due under this
Agreement at or prior to the time of such demand.

      15. LIMITATION OF BENEFITS UNDER CERTAIN CIRCUMSTANCES. If the payments
and benefits pursuant to Section 12 of this Agreement, either alone or together
with other payments and benefits which the Executive has the right to receive
from the Company and the Bank, would constitute a "parachute payment" under
Section 280G of the Code, the payments and benefits pursuant to Section 12 shall
be reduced or revised, in the manner determined by the Executive, by the amount,
if any, which is the minimum necessary to result in no portion of the payments
and benefits under Section 12 being non-deductible to the Company and the Bank
pursuant to Section 280G of the Code and subject to the excise tax imposed under
Section 4999 of the Code. The determination of any reduction in the payments and
benefits to be made pursuant to Section 12 shall be based upon the opinion of
the Company and the Bank's independent public accountants and paid for by the
Company and the Bank. In the event that the Company, the Bank and/or the
Executive do not agree with the opinion of such counsel, (i) the Company and the
Bank shall pay to the Executive the maximum amount of payments and benefits
pursuant to Section 12, as selected by the Executive, which such opinion
indicates there is a high probability of such payments and benefits being
deductible to the Company and the Bank and not subject to the imposition of the
excise tax imposed under Section 4999 of the Code and (ii) the Company and the
Bank may request, and the Executive shall have the right to demand that they
request, a ruling from the IRS as to whether the disputed payments and benefits
pursuant to Section 12 have such consequences. Any such request for a ruling
from the IRS shall be promptly prepared

                                       10
<PAGE>

and filed by the Company and the Bank, but in no event later than thirty (30)
days from the date of the opinion of counsel referred to above, and shall be
subject to the Executive's approval prior to filing, which shall not be
unreasonably withheld. The Company, the Bank and the Executive agree to be bound
by any ruling received from the IRS and to make appropriate payments to each
other to reflect any such rulings, together with interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code.

      16. INJUNCTIVE RELIEF. If there is a breach or threatened breach of
Section 11(g) of this Agreement or the prohibitions upon disclosure contained in
Section 10(c) of this Agreement, the parties agree that there is no adequate
remedy at law for such breach, and that the Company and the Bank shall be
entitled to injunctive relief restraining the Executive from such breach or
threatened breach, but such relief shall not be the exclusive remedy hereunder
for such breach. The parties hereto likewise agree that the Executive, without
limitation, shall be entitled to injunctive relief to enforce the obligations of
the Company and the Bank under this Agreement.

      17. SUCCESSORS AND ASSIGNS.

      a.    This Agreement shall inure to the benefit of and be binding upon any
            corporate or other successor of the Company and the Bank which shall
            acquire, directly or indirectly, by merger, consolidation, purchase
            or otherwise, all or substantially all of the assets or stock of the
            Company and the Bank.

      b.    Since the Company and the Bank are contracting for the unique and
            personal skills of Executive, Executive shall be precluded from
            assigning or delegating his rights or duties hereunder without first
            obtaining the written consent of the Company and the Bank.

      18. NO MITIGATION. Executive shall not be required to mitigate the amount
of any payment provided for in this Agreement by seeking other employment or
otherwise and no such payment shall be offset or reduced by the amount of any
compensation or benefits provided to Executive in any subsequent employment.

      19. NOTICES. All notices, requests, demands and other communications in
connection with this Agreement shall be made in writing and shall be deemed to
have been given when delivered by hand or 48 hours after mailing at any general
or branch United States Post Office, by registered or certified mail, postage
prepaid, addressed to the Company and/or the Bank at their principal business
offices and to Executive at his home address as maintained in the records of the
Company and the Bank.

      20. NO PLAN CREATED BY THIS AGREEMENT. Executive, the Company and the Bank
expressly declare and agree that this Agreement was negotiated among them and
that no provision or provisions of this Agreement are intended to, or shall be
deemed to, create any plan for purposes of the Employee Retirement Income
Security Act or any other law or regulation,

                                       11
<PAGE>

and each party expressly waives any right to assert the contrary. Any assertion
in any judicial or administrative filing, hearing, or process that such a plan
was so created by this Agreement shall be deemed a material breach of this
Agreement by the party making such an assertion.

      21. AMENDMENTS. No amendments or additions to this Agreement shall be
binding unless made in writing and signed by all of the parties, except as
herein otherwise specifically provided.

      22. APPLICABLE LAW. Except to the extent preempted by Federal law, the
laws of the State of Missouri shall govern this Agreement in all respects,
whether as to its validity, construction, capacity, performance or otherwise.

      23. SEVERABILITY. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof.

      24. HEADINGS. Headings contained herein are for convenience of reference
only.

      25. ENTIRE AGREEMENT. This Agreement, together with any understanding or
modifications thereof as agreed to in writing by the parties, shall constitute
the entire agreement among the parties hereto with respect to the subject matter
hereof, other than written agreements with respect to specific plans, programs
or arrangements described in Sections 5 and 6.

      26. REQUIRED PROVISIONS. In the event any of the foregoing provisions of
this Section 26 are in conflict with the terms of this Agreement, this Section
26 shall prevail.

            a.    The Bank's board of directors may terminate Executive's
                  employment at any time, but any termination by the Bank, other
                  than Termination for Cause, shall not prejudice Executive's
                  right to compensation or other benefits under this Agreement.
                  Executive shall not have the right to receive compensation or
                  other benefits for any period after Termination for Cause as
                  defined in Section 11(d) hereinabove.

            b.    If Executive is suspended from office and/or temporarily
                  prohibited from participating in the conduct of the Bank's
                  affairs by a notice served under Section 8(e)(3) or 8(g)(1) of
                  the Federal Deposit Insurance Act, 12 U.S.C. Section
                  1818(e)(3) or (g)(1); the Bank's obligations under this
                  contract shall be suspended as of the date of service, unless
                  stayed by appropriate proceedings. If the charges in the
                  notice are dismissed, the Bank may in its discretion: (i) pay
                  Executive all or part of the compensation withheld while their
                  contract obligations were suspended; and (ii) reinstate (in
                  whole or in part) any of the obligations which were suspended.

                                       12
<PAGE>

            c.    If Executive is removed and/or permanently prohibited from
                  participating in the conduct of the Bank's affairs by an order
                  issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit
                  Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all
                  obligations of the Bank under this contract shall terminate as
                  of the effective date of the order, but vested rights of the
                  contracting parties shall not be affected.

            d.    If the Bank is in default as defined in Section 3(x)(1) of the
                  Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1)
                  all obligations of the Bank under this contract shall
                  terminate as of the date of default, but this paragraph shall
                  not affect any vested rights of the contracting parties.

            e.    All obligations under this contract shall be terminated,
                  except to the extent determined that continuation of the
                  contract is necessary for the continued operation of the Bank:
                  (i) by the Director of the OTS (or his designee), at the time
                  the FDIC enters into an agreement to provide assistance to or
                  on behalf of the Bank under the authority contained in Section
                  13(c) of the Federal Deposit Insurance Act, 12 U.S.C.
                  Section 1823(c); or (ii) by the Director of the OTS (or his
                  designee) at the time the Director (or his designee) approves
                  a supervisory merger to resolve problems related to the
                  operations of the Bank or when the Bank is determined by the
                  Director to be in an unsafe or unsound condition. Any rights
                  of the parties that have already vested, however, shall not be
                  affected by such action.

            f.    Any payments made to employees pursuant to this Agreement, or
                  otherwise, are subject to and conditioned upon their
                  compliance with 12 U.S.C. Section 1828(k) and FDIC regulation
                  12 C.F.R. Part 359, Golden Parachute and Indemnification
                  Payments.

            g.    Notwithstanding anything in this Agreement to the contrary, if
                  the Company or the Bank in good faith determines that amounts
                  that, as of the effective date of the Executive's termination
                  of employment are or may become payable to the Executive upon
                  termination of his employment hereunder are required to be
                  suspended or delayed for six (6) months in order to satisfy
                  the requirements of Section 409A of the Internal Revenue Code,
                  then the Company or the Bank will so advise the Executive, and
                  any such payments shall be suspended and accrued for six
                  months, whereupon they shall be paid to the Executive in a
                  lump sum (together with interest thereon at the
                  then-prevailing prime rate).

                                       13
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first set forth above.

Attest:                                          LIBERTY BANCORP, INC.

                                                 By:
-----------------------------                        ---------------------------

Attest:                                          BANKLIBERTY

                                                 By:
-----------------------------                        ---------------------------

Witness:                                         EXECUTIVE

-----------------------------                    -------------------------------

                                       14

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