Document:

exv10w65

Exhibit 10.65

DATED 22 February 2012

ASPEN INSURANCE UK SERVICES LIMITED (1)

and

RICHARD HOUGHTON (2)

 

COMPROMISE AGREEMENT

 

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THIS AGREEMENT is made as of the 22nd day of February 2012

BETWEEN:

	(1)	 	ASPEN INSURANCE UK SERVICES LIMITED (Registered in England No. 1184193) of 30 Fenchurch
Street, London EC3M 3BD (the “Company”); and
	 
	(2)	 	RICHARD DAVID HOUGHTON of [Address intentionally omitted]
(hereinafter referred to as the “Executive”).

IT IS AGREED AS FOLLOWS:

1. INTERPRETATION

     In this Agreement:

	 	(a)	 	“Group Company” shall mean the Company, its subsidiaries and subsidiary
undertakings and any holding company or parent undertaking of the Company and all
other subsidiaries and subsidiary undertakings of any holding company or parent
undertaking of the Company, in each case as at the Termination Date (as defined
below), where “holding company”, “parent undertaking”, “subsidiary” and “subsidiary
undertaking” have the meanings given to them in the Companies Act 2006. Any reference
to the Companies Act 2006 includes any consolidation or re-enactment, modification or
replacement of this Act; and
	 
	 	(b)	 	“Service Agreement” shall mean the service agreement entered into between the
Executive and the Company dated 3 April 2007.

2. TERMINATION DATE

	 	 	The Executive’s employment with the Company will end on 29 February 2012 (the “Termination
Date”). The Executive will be specifically required to perform his duties of employment
between the date of this Agreement and the Termination Date as they relate to the final
review, execution and filing of the annual report on form 10-K of Aspen Insurance Holdings
Limited for the period ended 31 December 2011. The Executive may also be called upon prior
to the Termination Date to assist with outstanding projects and with handover, as
appropriate. The Executive will therefore ensure the Company is notified of his
whereabouts during the period of his paid suspension. The Executive’s Form P45 will be made
up to the Termination Date and issued to the Executive as soon as practicable after the
Termination Date.

3. PAYMENT OF SALARY ETC

	 	 	The Company will continue to provide the Executive with his salary and all other
contractual benefits up to the Termination Date in the normal way. Within 14 days of the
Termination Date the Company will also pay the Executive in respect

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		 	of his accrued but untaken holiday (less such deductions for income tax and national
insurance as are required by law).

4. TERMINATION SUMS AND BENEFITS AFTER THE TERMINATION DATE

	 	(a)	 	Subject to the Executive agreeing to all of the conditions set out below, and
receipt by the Company of a copy of this Agreement signed by the Executive and the
attached certificate signed by the Executive’s legal adviser, the Company will,
without admission of liability:

	 	(i)	 	subject to clause 4(a)(ii) below, pay to the Executive a sum
of up to £657,804 (the “Agreed Payment”) in respect of any
entitlement to a Severance Payment which might otherwise be due in accordance
with Clause 19.2 of the Service Agreement. The Agreed Payment shall be made up
of two components: (i) an annual salary replacement component of £382,000 (the
“Salary Component”); and (ii) a bonus replacement component of £275,804 (the
“Bonus Component”);
	 
	 	(ii)	 	the Agreed Payment will become due to the Executive in 12
equal monthly instalments of £54,817 per month, each instalment comprising
1/12th of each of the Salary and Bonus Components (subject to any applicable
modification by the remainder of clause 4(a)(ii) below) (the “Monthly
Instalments”), the first such Monthly Instalment being paid on the Company’s
first normal payroll payment date following the Termination Date, with
subsequent Monthly Instalments being repeated on each subsequent monthly
payroll date. On the date on which 12 consecutive full, reduced or nil (as may
be reduced or modified in accordance with the remainder of clause 4(a)(ii)
below) Monthly Instalments have been made to the Executive (this 12 month
period being the “Payment Period”), the Monthly Instalments shall cease and
the Executive shall have no further right to receive any additional amounts
either pursuant to Clause 4(a)(i) above or in relation to Clause 19.2 of the
Service Agreement. If, during the Payment Period, the Executive commences
employment with another employer (“New Employment”) on a base salary of
£382,000 per annum or greater, then the Salary and Bonus Components will be
zero for any month in which the Executive receives 1/12th of such a base
salary from New Employment. If in any month of the Payment Period the base
salary the Executive receives from New Employment is less than 1/12th of
£382,000 (as a result of receiving an annual base salary of less than £382,000
from New Employment), then the Salary Component of the Monthly Instalment for
that month shall be reduced by the amount of the base salary paid to the
Executive from New Employment in that month but the Bonus Component of

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	 	 	 	that Monthly Instalment shall be paid in full. The Executive undertakes
to notify the Company, as soon as he starts New Employment, of: (i) the
date that New Employment commenced; and (ii) the amount of the annual base
salary to be paid to him in relation to that New Employment (including any
changes, should the monthly base salary vary during the Payment Period).
Notwithstanding the foregoing, the Company and the Executive agree that
the minimum guaranteed number of Monthly Instalments paid to the Executive
without any adjustment to the Salary and Bonus Components shall not be
less than three, covering the period March — May 2012 inclusive.; and
	 
	 	(iii)	 	make a payment to the Executive of £30,000 as compensation
for loss of employment, including in respect of any Statutory Claim that he
may have (as defined in paragraph 9(b) (Satisfaction of Statutory
Conditions)). This payment will be made to the Executive at the same time as
the Monthly Instalment for March 2012 is paid.

	 	(b)	 	For the avoidance of doubt, the provisions of clause 4(a) above shall be
deemed to be in full satisfaction of any and all Severance Payments otherwise due to
the Executive under clause 19 of the Service Agreement or otherwise. Without prejudice
to the generality of the foregoing no further cash payments shall be due to the
Executive in respect of any previously earned cash bonus or other incentive awards
with respect to performance periods which have been completed as at the Termination
Date but not yet paid.
	 
	 	(c)	 	The sum set out in 4(a)(i) above will be subject to such deductions for
income tax and employees’ national insurance as are required by law and the Company
will account to HM Revenue & Customs for such deductions via PAYE. The Company will
pay the sum at 4(a)(iii) free of income tax and national insurance. The Executive will
account to HM Revenue & Customs for any additional income tax and employees’ national
insurance (not due via PAYE) payable in respect of any of the payments set out at this
clause 4. The sums set out in this clause 4 will be paid to the Executive on the dates
set out above subject to signature by him of this Agreement and signature by his legal
adviser of the attached certificate. Payment will be made by transfer to the
Executive’s bank account.
	 
	 	(d)	 	The Executive, his spouse and any dependent children will remain in the
Company’s private medical insurance scheme (or an equivalent continuation scheme) at
its expense and on the same basis as cover is provided to other employees until 28
February 2013 or, if earlier, until the Executive starts new employment providing an
equivalent benefit. This will be subject to the rules of the scheme. The Company
warrants and

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	 	 	 	represents to the Executive that the provider of the Company’s private medical
insurance scheme has confirmed to the Company that the insurance can be continued
as contemplated by this clause 4(d). The Executive undertakes to notify the Company
as soon as he starts new employment.
	 
	 	(e)	 	At all times during the Payment Period (as defined in clause 4(a)(ii) above)
when the Executive receives a Monthly Instalment of greater than zero, the Company
will continue to make payments into its pension scheme in respect of the Executive (or
another scheme nominated by the Executive) at the same level as contributions were
made by the Company on behalf of the Executive. The Executive shall not be required
to make any contributions to the Company pension scheme (or another scheme nominated
by the Executive) in respect of any period after the Termination Date. If, however,
the Company cannot make such contributions without being in breach of any appropriate
limit prescribed by law, its obligations will be limited to paying into the scheme
such part of the contributions (if any) which can be paid without exceeding the
relevant legal limit and it will pay the Executive the balance of the contribution,
but subject to such deductions as it is required by law to make because it is making
such payment directly to the Executive. The Executive will be liable for any special
annual allowance charge relating to any of these pension payments or credits. For the
avoidance of doubt, the Company will cease to be liable to pay any further pension
contributions on behalf of the Executive (i) after the Payment Period; or (ii) in
respect of a particular month only, in any month during the Payment Period when the
Executive is due to receive a Monthly Instalment of zero as result of the adjustments
set out in Clause 4(a)(ii). .

5. PERFORMANCE SHARES AND SHARE OPTIONS

	 	(a)	 	Notwithstanding the terms of the relevant award agreements, the Executive
will retain the 41,995 shares in Aspen Insurance Holdings Limited (the “Eligible
Shares”) currently eligible for vesting in his name in accordance with the 2009 and
2010 Aspen Insurance Holdings Limited Performance Share awards granted to the
Executive. The Eligible Shares will be issued to the Executive following the filing
of the annual report on Form 10-K of Aspen Insurance Holdings Limited for the year
ended 31 December 2011, subject to the Executive providing due “sale to cover”
instructions to the Group’s share plan administrator, Merrill Lynch, to meet the tax
charge to the Executive on the vesting of the Eligible Shares and to Merrill Lynch
being able to effect such a sale in the market. All other Performance Share Awards
granted to the Executive by Aspen Insurance Holdings Limited will lapse on the date of
execution of this Agreement.

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	 	(b)	 	The extent to which share options in Aspen Insurance Holdings Limited held by
the Executive as at the Termination Date will be exercisable following the Termination
Date will be determined solely in accordance with the terms of the agreements under
which such share options were granted. The Company confirms (and will if necessary
procure) that the Executive shall be treated as a “good leaver”, or equivalent, for
the purposes of vesting, exercise and other entitlements under any such agreements.
For the avoidance of doubt, the Executive will have 12 months following the
Termination Date to exercise his current 12,158 share options at an exercise price of
$27.28 per share, after which stage those options will lapse.
	 
	 	(c)	 	Notwithstanding any rights that the Company may have in any agreement
relating to either the Eligible Shares or the share options referred to in this clause
5 (collectively, the “Shares”), the Company (acting for itself and as agent for all
other Group Companies) warrants and represents to the Executive that neither it nor
any other Group Company will or will seek to transfer to the Executive any secondary
class 1 (employer) national insurance contributions that may be payable in relation to
any taxable event relating to the Shares.

6. WAIVER OF CLAIMS

	 	(a)	 	The Executive accepts the terms set out in this Agreement in full and final
settlement of all and any claims that he has or may have against the Company or any
other Group Company or any of its or their current or former shareholders, directors,
officers, employees or agents, whether contractual (whether known or unknown, existing
now or in the future), statutory or otherwise, arising out of or in connection with
his employment with the Company or the termination of his employment. The Executive
also agrees to waive irrevocably and release the Company and all Group Companies (and
all of its or their current or former shareholders, directors, officers, employees or
agents) from and against any claims whether contractual (whether known or unknown,
existing now or in the future), statutory or otherwise, arising out of or in
connection with his employment with the Company or the termination of his employment.
This waiver shall not apply to any claim relating to:

	 	(i)	 	the Executive’s pension rights that have accrued up to the
Termination Date;
	 
	 	(ii)	 	the Executive’s entitlements conferred by clause 5 of this
Agreement;
	 
	 	(iii)	 	any other of the sums and benefits due to the Executive
pursuant to this Agreement; or

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	 	(iv)	 	the Executive enforcing any other term of this Agreement.

	 	(b)	 	The Company (acting for itself and as agent for all other Group Companies)
confirms to the Executive that neither it nor any other Group Company has any claim or
right of action against the Executive (whether known or unknown, existing now or in
the future) arising out of or in connection with his holding office with (as director
or otherwise), or being employed by, any Group Company or the termination of any such
office or employment. To the extent that any such claim or right of action exists or
may exist, the Company (acting for itself and as agent for all other Group Companies)
irrevocably:

	 	(i)	 	waives any such claim or right of action; and
	 
	 	(ii)	 	releases the Executive from any such liability.

	 	(c)	 	The Company will maintain directors’ and officers’ liability insurance for
the benefit of the Executive in relation to any periods during which he was a director
or office-holder of any Group Company.

7. CONFIRMATION OF NO BREACHES

	 	 	The Executive confirms and warrants to the Company that as far as he is aware he has not at
any time during his employment committed a fundamental breach of the terms of the Service
Agreement.

8. LEGAL ADVICE AND FEES

	 	(a)	 	The Executive confirms that he has received advice from Chris Bracebridge of
Covington & Burling LLP, 265 Strand, London WC2R 1BH, a relevant independent adviser
as defined in each statute or statutory instrument in the Employment Legislation as
defined in paragraph 9(a) below and an independent adviser as defined in s147 of the
Equality Act 2010, as to the terms and effect of this Agreement and, in particular,
its effect on his ability to pursue his rights before an employment tribunal. The
Executive will procure that his legal adviser signs the attached legal adviser’s
certificate, which forms part of this Agreement.
	 
	 	(b)	 	The Company agrees to pay the Executive’s reasonable legal fees incurred in
taking advice concerning his departure from the Company and the negotiation of this
Agreement. The Company will pay such fees within 14 days of receipt of a VAT invoice
from the Executive’s adviser that is addressed to the Executive but expressed to be
payable by the Company.

9. SATISFACTION OF STATUTORY CONDITIONS

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	 	(a)	 	This Agreement satisfies the conditions for regulating compromise agreements
under Section 203 of the Employment Rights Act 1996, Regulation 35 of the Working Time
Regulations 1998, Section 77 of the Sex Discrimination Act 1975, Section 72 of the
Race Relations Act 1976, Paragraph 2(2), Schedule 3A of the Disability Discrimination
Act 1995, Regulation 35 Working Time Regulations 1998, Section 288 Trade Union and
Labour Relations (Consolidation) Act 1992, Regulation 41 Transnational Information and
Consultation of Employees Regulations 1999, Regulation 9 of the Part-Time Workers
(Prevention of Less Favourable Treatment) Regulations 2000, Regulation 10 of the Fixed
Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, Section 49
of the National Minimum Wage Act 1998, Paragraph 2(2) of Schedule 4 to the Employment
Equality (Religion or Belief) Regulations 2003 and Paragraph 2(2) of Schedule 4 to the
Employment Equality (Sexual Orientation) Regulations 2003, Regulation 40 Information
and Consultation of Employees Regulations 2004 and Paragraph 2 of Schedule 5 of the
Employment Equality (Age) Paragraph 13 of the Schedule to the Occupational and
Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment)
Regulations 2006 and s147 of the Equality Act 2010 (collectively the “Employment
Legislation”).
	 
	 	(b)	 	A “Statutory Claim” means any claim for or relating to unfair dismissal, a
redundancy payment, equal pay, sex, race or disability discrimination, discrimination
on the grounds of age, religion, belief or sexual orientation or any protected
characteristic under the Equality Act 2010, working time, unauthorised deduction from
wages or any claim for the infringement of any other statutory employment rights which
the Executive may have under the Employment Rights Act 1996, the Equal Pay Act 1970,
the Sex Discrimination Act 1975, the Race Relations Act 1976, the Trade Union and
Labour Relations (Consolidation) Act 1992, the Disability Discrimination Act 1995, the
Human Rights Act 1998, the Working Time Regulations 1998, the National Minimum Wage
Act 1998, the Employment Relations Act 1999, Part VII Transnational Information and
Consultation of Employees Regulations 1999, the Part-time Workers (Prevention of Less
Favourable Treatment) Regulations 2000, the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002, the Employment Equality (Religion or Belief)
Regulations 2003, the Employment Equality (Sexual Orientation) Regulations 2003, Part
VIII Information and Consultation of Employees Regulations 2004, the Employment
Equality (Age) Regulations 2006 the Transfer of Undertakings (Protection of
Employment) Regulations 2006, the Schedule to the Occupational and Personal Pension
Schemes (Consultation by employers and Miscellaneous Amendment) Regulations 2006, the
Equality Act 2010 or, in relation to all such matters, any claims under related
European law or legislation.

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	 	(c)	 	The Executive represents and warrants that his only Statutory Claims or
particular complaints are for: unfair dismissal under the Employment Rights Act 1996
and wrongful dismissal.

10. POST-TERMINATION RESTRAINTS

	 	(a)	 	The Executive acknowledges that the provisions of Clauses 11
(Confidentiality) and 14.2 (non-solicitation of Restricted Persons and Key Employees)
of the Service Agreement will remain in full force and effect notwithstanding the
termination of his employment.
	 
	 	(b)	 	In addition, in consideration of the payment of £5,000 to the Executive
(subject to such deductions for income tax and employees’ national insurance as are
required by law, and to be paid at the same time as the Monthly Instalment for March
2012), the Executive and the Company agree that the restriction set out in Clause 14.3
of the Service Agreement shall be amended so that its period of effect after the
Termination Date is reduced from twelve to three months.

11. RETURN OF COMPANY PROPERTY

	 	 	Before any payment under Clause 4 above is made, the Executive will, in accordance with
Clause 19.1(a) of the Service Agreement, deliver up to the Company all vehicles, keys,
credit cards, correspondence, documents, specifications, reports, papers and records
(including any computer materials such as discs or tapes) and all copies thereof and any
other property (whether or not similar to the foregoing or any of them) belonging to the
Company or any other Group Company which may be in his possession or under his control, and
(unless prevented by the owner thereof) any such property belonging to others which may be
in his possession or under his control and which relates in any way to the business or
affairs of the Company or any other Group Company or any supplier, agent, distributor or
customer of the Company or any other Group Company, and he confirms that he has not
retained any copies thereof.

12. CONFIDENTIALITY/STATEMENTS

	 	(a)	 	In consideration of the payment of £5,000 to the Executive (subject to such
deductions for income tax and employees’ national insurance as are required by law,
and to be paid at the same time as the Monthly Instalment for March 2012), and save by
reason of any legal obligation or to enforce the terms of this Agreement, the
Executive will not:

	 	(i)	 	directly or indirectly disseminate, publish or
otherwise disclose (or allow to be disseminated, published or otherwise
disclosed) by any means (whether oral, written or otherwise) or medium
(including without limitation electronic, paper, radio or television) any
information directly or indirectly relating to the termination of the
Executive’s employment

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	 	 	 	(save to prospective employers, when the Executive may state solely
that his employment with the Company ended by mutual agreement); or
	 
	 	(ii)	 	make any derogatory or disparaging comments about the
Company, any Group Company or any of its or their shareholders, directors,
officers, employees or agents.

	 	(b)	 	The Company will procure that:

	 	(i)	 	those senior Company employees with knowledge of this
Agreement will not disclose its terms or existence to others within or
outside the Company (except as required by law; in particular, but without
limitation, in the circumstances provided for in clause 12(c) below) and
will not make any derogatory or disparaging comments about the Executive;
and
	 
	 	(ii)	 	Chris O’Kane, Glyn Jones and/or Mike Cain will respond
to any requests for an oral reference.

	 	(c)	 	The Executive acknowledges that the Company will be required to file a copy
of this Agreement once executed with the US Securities and Exchange Commission.

13. NO ADMISSION OF LIABILITY

	 	 	This agreement is made without any admission on the part of the Company or any Group
Company that it has or they have in any way breached any law or regulation or that the
Executive has any claims against the Company or any Group Company.

14. TAX INDEMNITY

	 	 	The Executive hereby agrees to be responsible for the payment of any tax and employees’
national insurance contributions imposed by any competent taxation authority in respect of
any of the payments and benefits provided under this Agreement (other than for the
avoidance of doubt, any tax and/or employees’ national insurance or social security
contributions which have or should have been deducted or withheld by the Company or any
other Group Company in paying the sums to the Executive). The Executive further agrees to
indemnify the Company and all Group Companies and keep them indemnified on an ongoing basis
against any claim or demand which is made by any competent taxation authority against the
Company or any Group Company in respect of tax and employees’ national insurance
contributions due on the payments made and benefits provided under this Agreement other
than where the Company or any other Group Company should have or did deduct an amount in
respect of tax or any employees’ national insurance or other social security contributions
from the

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	 	 	payments made and benefits provided under this Agreement, including any related interest or
penalties imposed by any competent taxation authority save where such interest or penalties
arise as a result of the Company’s or any other Group Company’s own default or delay.

15. ENTIRE AGREEMENT

	 	 	This Agreement sets out the entire agreement between the Executive and the Company in
relation to the termination of the Executive’s employment and other matters referred to in
this Agreement and supersedes all prior arrangements, proposals, representations,
statements and/or understandings between the Executive, the Company and any Group Company
in relation to such matters.

16. THIRD PARTY RIGHTS

	 	 	Notwithstanding the Contracts (Rights of Third Parties) Act 1999 this Agreement may be
varied by agreement between the Executive and the Company.

17. APPLICABLE LAW

	 	 	This agreement is subject to English law and the exclusive jurisdiction of the English
courts.

	 	 	 

	     /s/ Richard Houghton
 

Richard Houghton

	 	 
	 
	 	 
	     22 February 2012
 

	 	 
	Dated
	 	 

	 	 	 

	      /s/ Michael Cain
 

For and on behalf of Aspen Insurance UK Services Limited

	 	 
	 
	 	 
	     22 February 2012
 

	 	 
	Dated
	 	 

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SCHEDULE 1

LEGAL ADVISER’S CERTIFICATE

I, Chris Bracebridge of Covington & Burling LLP, 265 Strand, London WC2R 1BH hereby confirm to
Aspen Insurance UK Services Limited (the “Company”) that I am a relevant independent adviser as
defined in each statute or statutory instrument in the Employment Legislation, as defined in
paragraph 9(a) of the Compromise Agreement dated 22 February 2012 between the Company and Richard
Houghton (the “Agreement”) and an independent adviser as defined in s147 of the Equality Act 2010
and that I have advised Richard Houghton as to the terms and effect of the Agreement and its effect
on his ability to pursue his rights before an employment tribunal. There was in force, when such
advice was given, a policy of insurance covering the risk of a claim by Richard Houghton in respect
of loss arising in consequence of such advice.

	 	 	 

	     /s/ Chris Bracebridge
 

	 	 
	Chris Bracebridge
	 	 
	 
	 	 
	     22 February 2012
 

Date

	 	 

12Exhibit 10.11

Exhibit 10.11

RESIGNATION, CONSULTING, NONCOMPETITION, NON-SOLICITATION AND

CONFIDENTIALITY AGREEMENT AND RELEASE

This Resignation, Consulting, Non-Competition, Non-Solicitation and Confidentiality Agreement
(this “Agreement”) is entered into this 28th day of December, 2011 (but shall be
effective at the Effective Time (as hereinafter defined) by and between ViewPoint Financial Group,
Inc. (“VPFG”) and Garold R. Base (“Base”).

WHEREAS, Base is a member of the boards of directors of VPFG and ViewPoint Bank (the “Bank”)
and is the President and Chief Executive Officer of each of VPFG and Bank;

WHEREAS, Base has previously announced his retirement as President and Chief Executive Officer
of VPFG and the Bank effective as of December 31, 2011;

WHEREAS, Base has agreed with the boards of directors of VPFG and the Bank to retire from both
boards effective simultaneously with his retirement from VPFG and the Bank;

WHEREAS, following such retirement, VPFG desires to obtain from Base and Associates, of which
Base is the principal (the “Consultant”), certain consulting services as described herein, and the
Consultant is willing to provide such services on the terms set forth herein;

WHEREAS, Base and the Bank and VPFG intend that this Agreement shall be in complete settlement
of all rights and claims of Base relating to his employment by VPFG and its affiliated entities
except to the extent herein provided otherwise;

WHEREAS, the parties have agreed that, as consideration for benefits to be forfeited by Base
as a result of retiring from the Board at this time, Base will receive a lump sum cash payment of
$488,179.84 (the “Cash Payment”) to be paid by VPFG at the Effective Time, and

WHEREAS, the Board of Directors of VPFG has approved the execution of this Agreement,

NOW THEREFORE, in consideration of the mutual covenants contained herein and upon the terms
and considerations set forth below, the parties agree as follows:

I. Resignation. Base does hereby resign as a member of the board of directors of each
of VPFG and the Bank effective as of the close of business on December 31, 2011 (the “Effective
Time”). Base’s employment with such entities shall likewise cease at the Effective Time.

II. Term. The term of this Agreement shall be the period of four months (the
“Term”) commencing on the day following the Effective Time (January 1, 2012).

 

 

 

III. Consulting Services.

A. The Consultant shall render consulting and advisory services to VPFG and any of its
affiliates concerning:

1. integration of the operations of Highlands Bancshares, Inc. and its subsidiary
into the operations of VPFG and the Bank,

2. the market area of and community served by the Bank prior to the Effective Time,

3. the customers and potential customers of VPFG and its affiliates,

4. long term strategic planning for VPFG and its affiliates generally, and

5. such other matters as may be requested from time to time by the Chief Executive
Officer of VPFG.

B. The Consultant shall, to the extent requested by VPFG, provide services under this
Agreement at places and times reasonably designated by VPFG. VPFG agrees that Base, acting as a
sole proprietor or in connection with a consulting business established by him, may render
consulting services to others not affiliated with VPFG so long as (i) such activities do not
interfere with the proper rendering of services to VPFG pursuant to this Agreement and (ii) the
Consultant does not violate Section V of this Agreement.

C. The parties agree that the Consultant shall have the status of independent contractor and
that nothing in this Agreement shall be construed or interpreted as creating a relationship of
employer and employee or principal and agent between them.

D. During the Term, the Consultant shall render such consulting and advisory services for up
to thirty (30) hours per month.

IV. Compensation for Consulting Services. During the Term, VPFG shall pay the
Consultant fees at a monthly rate of $7,067.40. Such fees shall be payable in regular increments
not less frequently than monthly. VPFG shall reimburse the Consultant for reasonable expenses
incurred in connection with the provision of services under this Agreement in accordance with
VPFG’s policies on reimbursement of expenses applicable to its officers generally.

V. Covenant Not to Compete; Confidential Information.

A. Base hereby agrees that during the Term, without the prior written consent of VPFG, he
shall not serve as a director, employee or officer of, or, except as previously disclosed to VPFG,
provide personal services to, any institution insured by the Federal Deposit Insurance Corporation
or the National Credit Union Administration which has an office within fifty (50) miles of VPFG’s
home office. Notwithstanding the
foregoing, it is expressly understood by the parties that during the Term, the
Consultant may render consulting services to others as set forth in
Section III.B of this
Agreement.

 

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B. The parties agree that by reason of his employment as President and Chief Executive
Officer of VPFG and the Bank and his services hereunder, Base has and will have special knowledge
of the business and plans of VPFG and its affiliates received during
such employment and/or the Term which has not been disclosed by VPFG or any
affiliate and which constitutes confidential and proprietary business information
(“Confidential Information”). Base agrees that, without the prior written consent of
VPFG, he shall not in any way disclose to any person or entity other than VPFG and its affiliates
any Confidential Information or written or other form of record containing Confidential
Information. Nothwithstanding the foregoing, the Consultant may, consistent with the performance
of consulting services for persons and entities other than the Company and its affiliates as
permitted under Section III.B of this Agreement, disclose knowledge of general financial and
economic principles that do not reflect Confidential Information.

C. At the conclusion of the Term or upon earlier termination of this Agreement, Base shall
deliver to the Company all copies of all written or other records containing Confidential
Information which are in his possession or control.

D. The
provisions of Subsections B and C of this Section V shall survive termination of this Agreement. In the
event of a breach or threatened breach of this Section V, VPFG shall be entitled to an injunction
restraining the Consultant and Base from violating this Section V in addition to any other remedies
available to VPFG, including but not limited to recovery of damages from the Consultant and Base.

VI. Health Benefits and Other Benefit Plans. Base
shall be eligible to continue group health insurance coverage
consistent with VPFG employee policy, but shall cease to accrue benefits
under the other benefit plans of VPFG and its affiliates and his participation in such plans shall
terminate. Nothing contained herein shall limit or otherwise impair Base’s right to receive
benefits which are vested prior to the Effective Time under any benefit plans of VPFG and its
affiliates in which Base participated prior to the Effective Time, which vested benefits shall be
provided to Base in accordance with the terms of such plans and applicable laws, rules and
regulations. Base will pay standard coverage cost less retirement
benefits that reduce the monthly premium to Base.

VII. Consideration. In consideration for the above obligations of Base, VPFG agrees
to pay the Cash Payment to Base at the Effective Time.

VIII. Release.

A. Base, on behalf of Base and for anyone else who may make a claim on behalf of Base,
knowingly and voluntarily releases and discharges VPFG, the Bank and any subsidiary companies,
affiliates, operating groups and their predecessors, successors and assigns, and their current and
former officers, directors, employees, trustees, shareholders, members, partners, attorneys,
agents, representatives, benefit plan administrators and successors and assigns of the foregoing
(“Released Parties”) from any and all claims, causes of action, demands, lawsuits, or other charges
whatsoever, known or unknown, directly or indirectly, from the beginning of the World through the
Effective Date, whether related to or arising out of Base’s employment with VPFG, the Bank and any of

 

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their affiliated entities, or relating or arising out of other
matters. The claims or actions released herein include, but are not limited to, those based on
allegations of wrongful discharge, breach of contract, promissory estoppel, defamation, infliction
of emotional distress, and those alleging discrimination on the basis of race, color, sex,
religion, national origin, age, disability, or any other basis, including, but not limited to, any
claim or action under Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act of 1967 (as amended by the Old Workers’ Benefit Protection Act), the Rehabilitation
Act of 1973, the Americans with Disabilities Act of 1990, the Equal Pay Act of 1963, the Civil
Rights Act of 1991, the Employee Retirement Income Security Act of 1974, any civil rights act of
the State of Texas, the Texas Fair Employment and Housing Act, the Texas Commission on Human Rights
Act, the Texas Labor Code, any state statute relating to employee benefits or pensions, and any and
all other federal, state or local statutes and any other applicable civil rights laws or
regulations, the common laws of the State of Texas, any applicable municipal civil rights
ordinance, the Family and Medical Leave Act and any applicable state family and medical leave
statute, any express or implied contract right, including under Base’s employment agreement, or any
other federal, state or local law, rule, ordinance, or regulation as presently enacted or adopted
and as each may hereafter be amended.

The foregoing release does not apply to, and Base does not waive any rights he may have
relating to: (1) payments or benefits to be provided to Base pursuant to this Agreement or any
claim against VPFG and the Bank based on a breach of this Agreement; (2) Base’s vested benefits
under any benefit plan of VPFG and its affiliates in which he has participated prior to the
Effective Date, including without limitation VPFG’s: (i) Nonqualified Deferred Compensation Plan;
(ii) Supplemental Executive Retirement Plan; (iii) 401(k) plan; and (iv) any cash incentive earned
under the 2011 Cash Incentive Plan; or (3) any claims by Base for indemnification pursuant to (i)
provisions of the charter or bylaws or equivalent documents of VPFG, the Bank and any affiliated
entities; (ii) applicable law; and (iii) any directors’ and officers’ liability, general liability
or other insurance policy carried by VPFG, the Bank and any affiliated entities in the event any
third party claims are asserted against Base by virtue of his service as a director, officer or
employee of VPFG, the Bank or any affiliated entities.

With respect to any claim that Base might have under the Age Discrimination in Employment Act
of 1967, as amended:

	 	(i)	 	Base’s waiver of said rights or claims under
the Age Discrimination in Employment Act of 1967 is in exchange for the
consideration reflected in this Agreement;

	 	(ii)	 	Base acknowledges that he has been advised in
writing to consult with an attorney prior to executing this Agreement;

 

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	 	(iii)	 	Base acknowledges that he was given a period
of at least twenty one (21) calendar days within which to consider this
Agreement, and to the extent Base has taken less than twenty one (21)
days to consider this Agreement, Base acknowledges that he has had
sufficient time to consider this Agreement and to consult with counsel
and that he did not desire additional time; and

	 
	 	(iv)	 	The parties agree that Base has a period of
seven (7) calendar days following his execution of this Agreement
within which to revoke this Agreement.

The parties also acknowledge and agree that this Agreement shall not be
effective or enforceable until the eighth (8th) calendar day following
Base’s execution of this Agreement, which day is herein referred to as the
“Effective Date.”

b.
Base acknowledges and represents that VPFG and the Bank have paid, or
will pay on or before December 31, 2011, all
salary, wages, compensation, bonuses, accrued vacation, commissions and any
and all other benefits due to Base.

IX. Covenant Not to Sue. Except for actions excluded from Section VIII above and for
any breach of this Agreement, Base agrees not to file or commence any action or proceeding against
any Related Parties with any local, state or Federal agency or in state or federal court with
respect to any matter that is the subject of the release given in Section VIII above.

X. Termination of Agreement. This Agreement may be terminated by VPFG prior to the
conclusion of the Term if the Consultant or Base violates the provisions of Section V or Base dies,
or in the event of Base’s personal dishonesty, incompetence, willful misconduct, breach of a
fiduciary duty involving personal profit, intentional failure to perform duties, willful violation
of any law, rule, or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order, or material breach of any provision of this Agreement. In the event of
such termination of this Agreement, VPFG shall be obligated under Section IV of this Agreement only
to pay fees and reimburse expenses accrued through the date of termination, and shall have no
further obligation to the Consultant or Base.

XI. Assignment; Successors. This Agreement may not be assigned by either party,
whether by agreement, operation of law or otherwise, without the consent of the other, except that
(i) VPFG may assign this Agreement to a subsidiary wholly owned by it, either directly or
indirectly, or to a successor by operation of law, and (ii) Base may assign this Agreement to a
corporation or other entity which he controls if such entity agrees that the services to be
provided under this Agreement shall be provided by Base personally. This Agreement shall be
binding upon and inure to the benefit of Base and VPFG and their respective permitted successors
and assigns.

 

5

 

XII. Prior Agreements; Amendments; Severability; Waiver; Headings. This Agreement
contains the entire agreement between the parties with respect to services to be rendered by the
Consultant during the Term and supersedes any prior oral or written agreements or understandings
between them with respect to such services. This Agreement may be modified or amended only by an
instrument in writing executed by both parties. If any provision of this Agreement is determined
to be invalid, such invalidity shall not affect any other provisions, and such other provisions
shall continue in full force and effect to the full extent consistent with applicable law. No term
or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel
against enforcement of any provision of this Agreement, except
by a writing signed by the party charged with waiver or estoppel. No written waiver shall be
deemed a continuing waiver unless specifically stated therein and each waiver shall operate only as
to the specific term or condition waived. The headings used in this Agreement are included solely
for convenience and shall not affect, or be used in connection with, the interpretation of this
Agreement.

XIII. Arbitration. Except in the event that VPFG alleges a breach or threatened
breach of Section V of this Agreement, any dispute or controversy arising under or in connection
with this Agreement shall be settled exclusively by arbitration in accordance with the rules of the
American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award
in any court having jurisdiction.

XIV. Notices. Any notices pursuant to this Agreement shall be sent (i) if to the
Consultant, to the home address he has most recently provided to the Company and (ii) if to VPFG,
to 1309 W. 15th Street, Suite 400, Plano, Texas 75075, attention: Mark E. Hord.

XV. Governing Law. This Agreement shall be governed by the law of the State of Texas
to the extent not pre-empted by federal law.

 

6

 

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first written above.

	 	 	 	 	 	 	 
	 	 	VIEWPOINT FINANCIAL GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James McCarley
 

James McCarley, Chairman of the Board
	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Garold R. Base	 	 
	 	 	 	 	 
	 	 	Garold R. Base, individually and on behalf of Base and Associates	 	 

 

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