Document:

Exhibit
      10.24

    EMPLOYMENT
      AGREEMENT

    

    AGREEMENT
      entered into as of this 23rd
      day of
      May, 2008, by and between WEST BANCORPORATION, INC., an Iowa corporation (the
      “Company”), and THOMAS E. STANBERRY (“Stanberry”), to be effective as of the
      date stated above (“Effective Date”).

    

    WITNESSETH:

    

    WHEREAS,
      Stanberry has been employed as the Company’s Chairman, President, and Chief
      Executive Officer (“CEO”), as West Bank’s Chairman and CEO, and as WB Capital
      Management Inc.’s Chairman; and

    

    WHEREAS,
      the Company wishes that Stanberry continue such employment pursuant to the
      terms
      and conditions hereof, and in order to induce Stanberry to enter into this
      agreement (the “Agreement”) and to secure the benefits to accrue from his
      performance hereunder, is willing to undertake the obligations assigned to
      it
      herein; and

    

    WHEREAS,
      Stanberry is willing to continue his employment as described above under the
      terms hereof and to enter into the Agreement;

    

    NOW
      THEREFORE, in consideration of the premises and mutual covenants contained
      herein and for other good and valuable consideration, the receipt of which
      is
      hereby acknowledged, the parties hereto agree as follows:

    

    1. Positions;
      Duties; Responsibilities.

    

    1.1 Stanberry
      shall serve as Chairman, President, and CEO of the Company, Chairman and CEO
      of
      West Bank, and Chairman of the Board of Directors of WB Capital Management
      Inc.
      Stanberry shall at all times report to and be subject to the supervision,
      control, and direction of the Board of Directors of the Company (the “Board”).
      Stanberry shall at all times be the most senior executive officer of the Company
      and its subsidiaries. Subject only to Stanberry’s duty to report to the Board,
      Stanberry’s responsibilities and authorities hereunder shall include day-to-day
      and strategic authority over the Company and its subsidiaries, authority over
      all operations of the Company and its subsidiaries, and the duty and authority
      to hire, make employment decisions, and terminate all subordinates employed
      by
      the Company or its subsidiaries. Stanberry shall report directly and exclusively
      to the Board, and all other officers, employees, and consultants of the Company
      shall (except to the extent otherwise prescribed by law, regulation, or
      principles of good corporate governance) report directly (or indirectly through
      subordinates) to Stanberry. Stanberry shall also promote, to the extent
      permitted by law, the business of the Company. Stanberry shall have such other
      responsibilities and authorities consistent with the status, titles, and
      reporting requirements set forth herein as are appropriate to said positions,
      subject to change (other than diminution in position, authority, duties, or
      responsibilities) from time to time by the Board. 

    

    1.2 During
      the course of his employment, Stanberry agrees to devote his full time and
      attention and give his best efforts and skills to furthering the business and
      interests of the Company, which—subject to the mutual agreement of Stanberry and
      the Board, which shall not be unreasonably withheld—may include Stanberry
      allocating reasonable time and efforts on behalf of charitable, civic,
      professional organizations, and boards of other corporations.

    

    2. Term.

    

    Subject
      to the terms and conditions hereof, the Company agrees to employ, and Stanberry
      hereby accepts employment, for an Initial Term commencing on the Effective
      Date
      and ending December 31, 2010. This Agreement will be renewed annually without
      written notice on each January 1 hereafter for a three year period, provided
      the
      Company has not given notice of nonrenewal by November 30 of the preceding
      year.
      Accordingly, and by way of example, the intent of the parties is that as of
      January 1, 2009, the Term will be a rolling three year term beginning on each
      subsequent January 1, unless timely notice of nonrenewal is given. In the event
      of a timely notice of nonrenewal, this Agreement will expire at the end of
      the
      Initial Term or any then existing three-year term. References to “Initial Term”
or “Term” in this Agreement mean either the Initial Term or any subsequent Term
      as the context requires.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Compensation
      and Benefits.

    

    3.1 Base
      Salary.
      The
      Company shall pay Stanberry a base salary during the Term of this Agreement
      at
      the minimum annual rate of Two-hundred fifty thousand Dollars ($250,000) (“Base
      Salary”), payable in accordance with the standard payroll practices of the
      Company. It is understood that the Base Salary is to be Stanberry’s minimum
      annual compensation during the Term. Stanberry’s Base Salary will be reviewed by
      the Compensation Committee of the Board at least annually, and may be increased
      (but not reduced). If the Base Salary stated above is increased, the new Base
      Salary shall be noted in Board minutes and shall become a term of this Agreement
      by reference without need for attachment or addendum. 

    

    3.2 Annual
      Bonus/Incentive Target/Incentive Payment.
      In
      addition to other compensation to be paid under Section 3, each year during
      the
      Term of this Agreement, Stanberry shall be eligible for an annual incentive
      bonus (“Annual Bonus”). An annual incentive bonus target (“Incentive Target”)
      shall be set for each year by the Board, based on a recommendation of the
      Compensation Committee. The annual incentive payment actually awarded and paid
      to Stanberry for each year (“Incentive Payment”) will be determined by the Board
      in its sole discretion, with consideration to the Compensation Committee
      recommendation, and paid by the Company as soon as reasonably possible after
      the
      end of each fiscal year.

    

    3.3 Equity
      Appreciation Plans.
      In
      addition to other compensation to be paid under this Section 3, the Company
      may
      grant stock options, stock appreciation rights, restricted stock, or other
      forms
      of equity participation rights to Stanberry as a participant, if a plan is
      adopted by the Company.

    

    3.4 Vacation.
      Stanberry shall be entitled to not less than 25 days of paid time off, plus
      all
      Company-recognized holidays, during each full year of employment hereunder
      in
      accordance with the general terms of the vacation policy adopted by the Company.
      Upon Termination under Section 4 of this Agreement, Stanberry will be paid
      for
      any accrued vacation that has not been taken through the date of
      Termination.

    

    3.5 Reimbursement
      of Expenses.
      The
      Company shall reimburse Stanberry in accordance with Company’s expense
      reimbursement policies for all reasonable, ordinary, and necessary business
      expenses incurred by Stanberry while performing duties on behalf of the Company.
      In addition, the Company shall pay Stanberry’s monthly dues at Des Moines Golf
      and Country Club, or one other similar club, and expenses related to Stanberry’s
      use of such club for matters related to the Company’s business.

    

    3.6 Employee
      Benefits.
      Stanberry shall be entitled to receive any perquisites and participate in any
      employee benefit plans, including profit-sharing plans, now existing or
      established hereafter generally available to employees and/or senior officers
      of
      the Company, provided Stanberry is otherwise qualified and eligible for such
      benefits. As part of its normal course of business, the Company may amend and/or
      terminate any such employee benefits or plans.

    

    3.7 Benefits
      Not in Lieu of Compensation.
      No
      benefit or perquisite provided to Stanberry shall be deemed to be in lieu of
      Base Salary, Annual Bonus, or other compensation, provided that the reporting
      of
      any benefits shall be consistent with IRS regulations.

    

    3.8 Short-Term
      Disability.
      Any
      period of short-term disability experienced by Stanberry shall be treated under
      the Company’s Short-Term Disability benefits policy(ies).

    

    3.9 Indemnification
      and Insurance.
      Except
      for disputes between the parties concerning this Agreement, the Company shall
      protect and indemnify Stanberry against any and all legal claims or actions
      involving him as a consequence of his employment hereunder to the maximum extent
      allowed under the Iowa Business Corporation Act. The Company shall provide
      Stanberry the maximum insurance coverage provided any other employee or director
      of the Company. The Company agrees to continue Stanberry’s coverage under such
      directors and officers’ liability insurance policies as shall from time to time
      be in effect for Company officers and employees for not less than six years
      following Stanberry’s termination of employment.

    
      
        
        

      

      
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    4. Consequences
      of Termination of Employment and/or Change of Control.

    

    4.1 Death.
      In the
      event of Stanberry’s death during the Term of this Agreement, this Agreement
      shall terminate, and all obligations to Stanberry shall cease as of the date
      of
      death except that, (a) within ten (10) business days of termination, the Company
      shall pay to Stanberry’s designated beneficiary, as defined below in this
      Section, or the legal representative of his estate a sum equal to one month
      of
      Base Salary and Seventy-Five percent (75%) of the amount of his Incentive Target
      prorated to the date of death—provided, however, that if Stanberry’s death is
      preceded by a leave of absence associated with a period of disability, any
      Incentive Target shall be restricted to the fiscal year in which such leave
      commenced and prorated to the last date worked. All rights and benefits of
      Stanberry under the benefit plans and programs of the Company in which Stanberry
      is a participant, will be provided as determined in accordance with the terms
      and provisions of such plans and programs. All awards of restricted stock,
      stock
      options, and any other benefits under any long-term incentive plans shall be
      handled in accordance with the terms of the relevant plan and agreements entered
      into between Stanberry and the Company with respect to such awards.

    

    Stanberry
      may designate a beneficiary by filing a written designation with the head of
      personnel of the Company. Stanberry may revoke or modify the designation at
      any
      time by filing a new designation. However, designations will only be effective
      if signed by Stanberry and received by the Company during Stanberry’s lifetime.
      Stanberry’s beneficiary designation shall be deemed automatically revoked if the
      beneficiary predeceases Stanberry, or if Stanberry names a spouse as beneficiary
      and the marriage is subsequently dissolved. If Stanberry dies without a valid
      beneficiary designation, all payments shall be made to Stanberry’s
      estate.

    

    If
      a
      benefit is payable to a minor, to a person declared incompetent, or to a person
      incapable of handling the disposition of his or her property, the Company may
      pay such benefit to the guardian, legal representative, or person having the
      care or custody of such minor, incompetent, or incapable person. The Company
      may
      require proof of incompetence, minority, or guardianship as it may deem
      appropriate prior to distribution of the benefit. Such distribution shall
      completely discharge the Company from all liability with respect to such
      benefit.

    

    4.2 Permanent
      Disability.
      If
      Stanberry shall become permanently incapacitated by reasons of sickness,
      accident, or other physical or mental disability (“Permanent Disability”) as
      defined hereunder during the Term of this Agreement, this Agreement and all
      obligations to Stanberry shall cease except as provided below. Permanent
      Disability shall be determined in one of two ways: (1) Stanberry shall be
      considered to be Permanently Disabled for purposes of this Agreement if he
      becomes entitled to Long-Term Disability benefits under the Company’s Long-Term
      Disability Plan, in which case, this Agreement and all obligations to Stanberry
      shall cease except that for a period of twelve (12) months, the Company shall
      supplement Stanberry’s Long-Term Disability payments to the extent necessary for
      the Long-Term Disability payments plus the supplemental payments to equal
      Stanberry’s Base Pay as defined in Section 3.1 herein; (2) alternatively, if
      Stanberry becomes permanently incapacitated and such incapacitation is certified
      by a physician chosen by the Company and reasonably acceptable to Stanberry
      (if
      he is then able to exercise sound judgment), and Stanberry shall therefore
      be
      unable to perform his normal duties hereunder, then the employment of Stanberry
      hereunder and this Agreement may be terminated by Stanberry or the Company
      upon
      thirty (30) days’ written notice to the other party following such
      certification. Should Stanberry not acquiesce (or should he be unable to
      acquiesce) in the selection of the certifying doctor, a doctor chosen by
      Stanberry (or if he is not then able to exercise sound judgment, by his spouse
      or personal representative) and reasonably acceptable to the Company shall
      be
      required to concur in the medical determination of incapacitation, failing
      which, the two doctors shall designate a third doctor whose decision shall
      be
      determinative as of the end of the calendar month in which such concurrence
      or
      third-doctor decision, as the case may be, is made. After the final
      certification is made and the 30-day written notice is provided, the Company
      shall pay to Stanberry, at such times as Base Salary provided for in Section
      3.1
      of this Agreement would normally be paid, Stanberry’s then-current Base Salary
      for a period of twelve (12) months. Under either determination of Permanent
      Disability, Stanberry shall be paid the amount of Seventy-Five percent (75%)
      of
      the Incentive Target for the year in which disability is certified prorated
      to
      the last day worked. If no Incentive Target has been determined for the year
      in
      which final certification occurs, the last determined Incentive Target shall
      apply. 

    

    Following
      termination pursuant to either of the above alternatives, any rights and
      benefits Stanberry may have under the employee benefit plans and programs of
      the
      Company in which Stanberry is a participant shall be determined in accordance
      with the terms and provisions of such plans and programs. All awards of
      restricted stock, stock options and any other benefits under any long-term
      incentive plans shall be handled in accordance with the terms of the relevant
      plan and agreements entered into between Stanberry and the Company with respect
      to such awards.

    
      
        
        

      

      
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    4.3 Due
      Cause.
      The
      Company may terminate Stanberry’s employment, remove him as an officer and
      director of the Company and its subsidiaries, and terminate this Agreement
      at
      any time for Due Cause. In the event of such termination for Due Cause,
      Stanberry shall continue to receive Base Salary payments provided for in this
      Agreement only through the date of such termination for Due Cause, and Stanberry
      shall be entitled to no further compensation under this Agreement, except that
      any rights and benefits Stanberry may have under the employee benefit plans
      and
      programs of the Company or its subsidiaries in which Stanberry is a participant
      shall be determined in accordance with the terms and provisions of such plans
      and programs. Stanberry understands and agrees that in the event of the
      termination of employment, removal as an officer and director, and termination
      of this Agreement pursuant to this Section 4.3: (a) all awards of restricted
      stock, stock options, and any other benefits under long-term incentive plans
      shall be handled in accordance with the terms of the relevant plan and
      agreements entered into between Stanberry and the Company with respect to such
      awards; and (b) the Company shall have no obligation to pay any Annual Bonus
      to
      Stanberry under the terms of this Agreement; but (c) the obligations of
      Stanberry under Sections 7 and 8 of this Agreement shall remain in full force
      and effect. 

    

    The
      term
“Due Cause” shall mean (i) the willful and continued failure of Stanberry to
      substantially perform his duties with the Company (other than any such failure
      resulting from Permanent Disability), after a demand for substantial performance
      is delivered to Stanberry by the Board that specifically identifies the manner
      in which Stanberry has not substantially performed his duties; (ii) willful
      misconduct by Stanberry that is materially injurious to the Company or its
      subsidiaries, monetarily or otherwise; (iii) gross negligence in the performance
      of duties assumed pursuant to this Agreement or gross neglect of such duties;
      or
      (iv) conviction for a felony or a serious misdemeanor involving moral turpitude.
      For purposes of this definition, no act, or failure to act, on the part of
      Stanberry shall be considered “willful” unless it is done, or omitted to be
      done, by Stanberry in bad faith and without reasonable belief that Stanberry’s
      action or omission was in the best interests of the Company or its subsidiaries.
      Any act, or failure to act, based upon authority given pursuant to a resolution
      duly adopted by the Board or based upon the advice of the General Counsel of
      the
      Company shall be conclusively presumed to be done, or omitted to be done, by
      Stanberry in good faith and in the best interests of the Company.
      Notwithstanding the foregoing, Stanberry shall not be deemed to have been
      terminated for Due Cause unless and until there has been delivered to him a
      copy
      of a resolution duly adopted by the affirmative vote of at least 3⁄4 (three
      quarters) of the Board (excluding Stanberry) at a meeting of the Board called
      and held for such purpose. 

    

    4.4 Without
      Cause.
      The
      other provisions of this Agreement notwithstanding, the Company may terminate
      Stanberry’s employment, remove him as an officer and director, and terminate
      this Agreement at any time for whatever reason it deems appropriate with or
      without cause and with or without prior notice. In the event of such a
      termination of Stanberry’s employment and this Agreement, Stanberry shall have
      no further obligations of any kind under or arising out of the Agreement (except
      for the obligations of Stanberry under Sections 7 and 8 of this Agreement),
      and
      the Company shall be obligated to promptly pay Stanberry only the following
      “Severance Payment”: Three times Stanberry’s Base Salary as of the date of
      Termination Without Cause —provided, however, that in the event that as a result
      of such termination of employment, Stanberry would otherwise be entitled to
      a
      Change of Control Benefit under Section 4.7 of this Agreement, Stanberry shall
      be entitled to elect either: (i) the Severance Payment described above, or
      (ii)
      the Change of Control Benefit described in Section 4.7 of this Agreement, but
      in
      no event shall he be entitled to both payments. Payment shall be made in a
      lump
      sum within 60 days of the date of termination. In addition, the Company shall
      pay the insurance premiums to provide Stanberry family health coverage under
      COBRA for one year after Stanberry ceases employment by the
      Company.

    

    Stanberry
      agrees that the payments described in this Section 4.4 shall be full and
      adequate compensation to Stanberry for all damages Stanberry may suffer as
      a
      result of the termination of his employment pursuant to this Section 4.4, and
      in
      consideration of the payments and benefits provided in this Section 4.4,
      Stanberry agrees to execute a waiver and release agreement acceptable to the
      Company—provided, however, that except as specifically provided for under this
      Section 4.4, any rights and benefits Stanberry may have under the employee
      benefit plans and programs of the Company or its subsidiaries in which Stanberry
      is a participant shall be determined in accordance with the terms and provisions
      of such plans and programs. All awards of restricted stock, stock options,
      and
      any other benefits under any long-term incentive plans shall be handled in
      accordance with the terms of the relevant plan and agreements entered into
      between Stanberry and the Company with respect to such awards.

    
      
        
        

      

      
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    4.5 Employee
      Voluntary.
      In the
      event Stanberry terminates his employment of his own volition prior to the
      end
      of the Term of this Agreement, except for a termination for Good Reason as
      specifically defined in Section 4.6 below, such termination shall constitute
      a
      voluntary termination and in such event the Company’s only obligation to
      Stanberry shall be to make Base Salary payments provided for in this Agreement
      through the date of such voluntary termination. Stanberry understands and agrees
      that in the event of termination of employment pursuant to this Section 4.5:
      (a)
      any rights and benefits Stanberry may have under the employee benefit plans
      and
      programs of the Company or its subsidiaries in which he is a participant shall
      be determined in accordance with the terms and provisions of such plans and
      programs; (b) all awards of restricted stock, stock options, and any other
      benefits under any long-term incentive plans shall be handled in accordance
      with
      the terms of the relevant plan and agreements entered into between Stanberry
      and
      the Company with respect to such awards; (c) the Company shall have no
      obligation to pay any Annual Bonus, Incentive Target, or Incentive Payment
      to
      Stanberry under the terms of this Agreement and (d) the obligations of Stanberry
      under Sections 7 and 8 of this Agreement shall remain of full force and
      effect.

    

    4.6 Good
      Reason.
      Stanberry may terminate this Agreement on ninety (90) days’ notice for Good
      Reason. 

    

    (a) For
      purposes of this Agreement, “Good Reason” shall mean:

    

    
      	 	
              (1)

            	
              Without
                Stanberry’s express written consent, the assignment to Stanberry of any
                duties or responsibilities materially inconsistent with the employment
                described in Section 1.1 above, or a material change in the reporting
                responsibilities, titles, or offices as described in Section 1.1,
                or any
                removal of Stanberry from, or any failure to re-elect Stanberry to,
                any of
                such responsibilities or positions, except in connection with the
                termination of Stanberry’s employment for Due Cause, Permanent Disability,
                retirement, or Death or except in connection with employment under
                the
                Six-Month Rule set forth in Section 4.7(c)(1)
                herein.

            

    

    

    
      	 	
              (2)

            	
              A
                material reduction in Stanberry’s Base
                Salary;

            

    

    

    
      	 	
              (3)

            	
              Failure
                of the Company to obtain the assumption of, or the agreement to perform,
                this Agreement by any successor as defined in Section 9.3 hereof;
                or

            

    

    

    
      	 	
              (4)

            	
              The
                Company requiring Stanberry to be based anywhere other than Polk
                County,
                Iowa, or a county contiguous thereto, except
                for required travel for Company business to an extent substantially
                consistent with Stanberry’s duties as described under Section 1.1, or in
                the event Stanberry consents to any relocation, the failure by the
                Company
                to pay (or reimburse Stanberry) for all reasonable moving and relocation
                expenses incurred by Stanberry relating to a change of Stanberry’s
                principal residence in connection with such
                relocation.

            

    

    

    (b) Good
      Reason Severance Payment:

    

    In
      the
      event Stanberry appropriately terminates his employment and this Agreement
      for
      Good Reason (after having giving notice to the Board of the “Good Reason” and
      allowing the Board at least a 30 day period to cure the Good Reason), Stanberry
      shall have no further obligations of any kind under or arising out of the
      Agreement (except for the obligations of Stanberry under Sections 7 and 8 of
      this Agreement), and the Company shall be obligated only to pay Stanberry his
      then-current Base Salary and Seventy-Five percent (75%) of the Incentive Target
      described in Section 3 of this Agreement through the then-current end of the
      Term (the “Remaining Term”) as provided for under Section 2 of this Agreement,
      but no less than a total of one year of Base Salary and Seventy-Five percent
      (75%) of the Incentive Target (“Good Reason Severance Payment”)—provided,
      however, that in the event that as a result of such termination of employment
      by
      Stanberry for Good Reason, Stanberry would otherwise be entitled to a Change
      of
      Control Benefit under Section 4.7 of this Agreement, Stanberry shall be entitled
      to elect either: (i) the Good Reason Severance Payment described in this Section
      4.6(b) or (ii) the Change of Control Benefit described in Section 4.7 of this
      Agreement, but in no event shall he be entitled to both payments. Any Good
      Reason Severance Benefit paid pursuant to this Section 4.6 shall be paid as
      soon
      as reasonably possible (i.e. within sixty days) after the expiration of any
      revocation period following Stanberry’s execution of the release referred to in
      Section 4.6(c) below. In addition, the Company shall pay the insurance premiums
      to provide Stanberry family health coverage under COBRA for one year after
      Stanberry ceases employment by the Company.

    
      
        
        

      

      
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    (c) Release
      of Claims

    

    Stanberry
      agrees that the payments described in this Section 4.6 shall be full and
      adequate compensation to Stanberry for all damages Stanberry may suffer as
      a
      result of his termination of employment for Good Reason pursuant to Section
      4.6
      of this Agreement, and in consideration of the payments and benefits provided
      in
      this Section 4.6, Stanberry agrees to execute a waiver and release agreement
      acceptable to the Company—provided, however, that except as specifically
      provided for under this Section 4.6, any rights and benefits Stanberry may
      have
      under the employee benefit plans and programs of the Company or its subsidiaries
      in which Stanberry is a participant shall be determined in accordance with
      the
      terms and provisions of such plans and programs. All awards of restricted stock,
      stock options, and any other benefits under any long-term incentive plans shall
      be handled in accordance with the terms of the relevant plan and agreements
      entered into between Stanberry and the Company with respect to such
      awards.

    

    4.7 Change
      in Control.
      If
      within 12 months after, or 2 months prior to, a Change in Control of the Company
      as defined below, the Company terminates Stanberry’s employment for reasons
      other than those under Sections 4.1, 4.2, or 4.3 herein or if Stanberry
      terminates his employment for Good Reason as defined in Section 4.6 herein,
      the
      Company shall pay to Stanberry a benefit as defined in Section 4.7(b) (“Change
      in Control Benefit”).

    

    
      	 	
              (a)

            	
              Change
                in Control.
                The term “Change in Control” shall have the following meaning:
                

            

    

    

    
      	(1)  	
              Any
                person or entity or group of affiliated persons or entities (other
                than
                the Company) becomes a beneficial owner, directly or indirectly,
                of 30% or
                more of the Company’s voting securities or all or substantially all of the
                assets of the Company; or

            

    

    

    
      	(2)  	
              The
                Company enters into a definitive agreement that contemplates the
                merger,
                consolidation, or combination of the Company with an unaffiliated
                entity
                in which either or both of the following is to occur: (i) the Board
                of
                Directors of the Company, immediately prior to such merger, consolidation,
                or combination will constitute less than a majority of the board
                of
                directors of the surviving, new, or combined entity; or (ii) less
                than 50%
                of the outstanding voting securities of the surviving, new, or combined
                entity will be beneficially owned by the stockholders of the Company
                immediately prior to such merger, consolidation, or combination—provided,
                however, that if any definitive agreement to merge, consolidate,
                or
                combine is terminated without consummation of the transaction, then
                no
                Change in Control shall be deemed to have occurred pursuant to this
                paragraph; or

            

    

    

    
      	(3)  	
              The
                Company enters into a definitive agreement that contemplates the
                transfer
                of all or substantially all of the Company’s assets, other than to a
                wholly-owned subsidiary of the Company—provided, however, that if any
                definitive agreement to transfer assets is terminated without consummation
                of the transfer, then no Change in Control shall be deemed to have
                occurred pursuant to this paragraph;
                or

            

    

    

    
      	(4)  	
              A
                majority of the members of the Board of Directors of the Company
                shall be
                persons who: (i) were not members of such Board on the Effective
                Date
                (“current members”); or (ii) were not nominated by a vote of such Board
                which included the affirmative vote of a majority of the current
                members
                on such Board at the time of their nomination (“future designees”); or
                (iii) were not nominated by a vote of such Board which included the
                affirmative vote of a majority of the current members and future
                designees, taken as a group, on such Board at the time of their
                nomination.

            

    

    

    
      
        	
              	(b)	
                Change
                  in Control Benefit.
                  Upon a termination of Stanberry’s employment under the circumstances
                  described in Section 4.7, Stanberry will be eligible for a Change
                  in
                  Control Benefit of three times Stanberry’s “Current Annual Compensation”
                  as of the date of the Change in Control.

              

      

    

    
      
        
        

      

      
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      	(1)  	
              Current
                Annual Compensation.
                For purposes of this Agreement “Current Annual Compensation” means the sum
                of Stanberry’s annual Base Salary for the fiscal year in which termination
                occurs, plus
                Seventy-Five
                percent (75%) of the Incentive Target established for Stanberry in
                the
                fiscal year in which termination occurs. This definition covers amounts
                includible in compensation prior to any cash or deferred
                arrangements.

            

    

    
      	(2)  	
              Insurance
                Benefit. In addition, the Company shall pay the insurance premiums
                to
                provide Stanberry family health coverage under COBRA for one year
                after
                Stanberry ceases employment by the
                Company.

            

    

    

    
      	
            	(c)	
              Consideration
                of Benefit. 

            

    

    

    
      	(1)  	
              Six-Month
                Rule.
                Notwithstanding any other provision of this Agreement, in the event
                of a
                termination by the Company or a successor or termination by Stanberry
                for
                Good Reason in conjunction with a Change in Control, as consideration
                for
                the benefit created in Section 4.7(b), at the discretion of the Company
                or
                the successor as defined in Section 9.3, Stanberry must make himself
                available to work with the Company and/or the successor for a transition
                period of not more than six months after a Change of Control has
                occurred
                (“Transition Period”). If Stanberry fails to remain employed for said
                period, (unless he terminates for Good Reason under Section 4.6(a)(2),
                (3)
                or (4) herein), or if the Company or the successor terminates Stanberry’s
                employment for Due Cause during said period, then no Change in Control
                Benefit shall be paid to Stanberry. Any Change of Control Benefit
                paid
                pursuant to this Section 4.7 shall be paid as soon as reasonably
                possible
                (i.e. within sixty days) after the waiver or the expiration of the
                Transition Period and after the expiration of any revocation period
                following Stanberry’s execution of the release referred to in Section
                4.7(c)(2) below.

            

    

    

    
      	(2)  	
              Release
                of Claims.
                Stanberry agrees that the payments described in Section 4.7(b) shall
                be
                full and adequate compensation to Stanberry for all damages Stanberry
                may
                suffer as a result of the termination of his employment or his resignation
                for Good Reason in conjunction with a Change in Control, and in
                consideration of the payments and benefits provided in Section 4.7(b),
                Stanberry agrees to execute a waiver and release agreement acceptable
                to
                the Company, and, if applicable, to the successor—provided, however, that
                any rights and benefits Stanberry may have under the employee benefit
                plans and programs of the Company or its subsidiaries in which Stanberry
                is a participant shall be determined in accordance with the terms
                and
                provisions of such plans and programs. All awards of restricted stock,
                stock options, and any other benefits under any long-term incentive
                plans
                shall be handled in accordance with the terms of the relevant plan
                and
                agreements entered into between Stanberry and the Company with respect
                to
                such awards.

            

    

    

    5. Limited
      Benefit. 

    

    Notwithstanding
      any of the provisions of Section 4.7 or other provisions in this Agreement
      to
      the contrary, if any payments or benefits received, or to be received, by
      Stanberry (whether pursuant to the terms of this Agreement or any other plan,
      arrangement, or agreement with the Company or its subsidiaries; any person
      whose
      actions result in a Change of Control; or any person affiliated with the Company
      or such person) constitute “parachute payments” within the meaning of Section
      280G(b)(2)(A) of the Internal Revenue Code (the “Code”), and the value thereof
      exceeds 2.99 times Stanberry’s “base amount,” as defined in Section 280G(b)(3)
      of the Code, then in lieu thereof, the Company shall pay Stanberry, as soon
      as
      practicable following the termination of Stanberry’s employment by the Company
      but in no event later than thirty (30) days after the expiration of any
      revocation period following Stanberry’s execution of any release referred to in
      this Agreement, a lump-sum cash payment equal to 2.99 times his “base amount”
(the “Alternative Severance Payment”), reduced as provided below. The value of
      the payments to be made under Section 4.7(b) and Stanberry’s base amount shall
      be determined in accordance with temporary or final regulations, if any,
      promulgated under Section 280G of the Code and based upon the advice of the
      tax
      counsel referred to below.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    The
      Alternative Severance Payment shall be reduced by the amount of any other
      payment or the value of any benefit received, or to be received, by Stanberry
      in
      connection with a Change of Control of the Company or his termination of
      employment unless (i) Stanberry shall have effectively waived his receipt or
      enjoyment of such payment or benefit prior to the date of payment of the
      Alternative Severance Payment; (ii) in the opinion of tax counsel selected
      by
      the Company’s independent auditors, such other payment or benefit does not
      constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the
      Code; or (iii) in the opinion of such tax counsel, the Alternative Severance
      Payment plus all other payments or benefits that constitute “parachute payments”
within the meaning of Section 280G(b)(2) of the Code are reasonable compensation
      for services actually rendered within the meaning of Section 280G(b)(4) of
      the
      Code or are otherwise not subject to disallowance as a deduction by reason
      of
      Section 280G of the Code. The value of any non-cash benefit or any deferred
      payment or benefit shall be determined in accordance with the principles of
      Section 280G(d)(3) and (4) of the Code.

    

    6. Section
      162(m) Limitation.
      

    

    In
      the
      event and to the extent that the payments due to Stanberry under this Agreement
      exceed the “reasonable compensation” limitations of Section 162(m) of the Code,
      the portion thereof that would not be deductible by the Company in the taxable
      year in which the payment is due shall be deferred by the Company and paid
      to
      Stanberry on the date that is sixteen (16) months following the termination
      of
      Stanberry’s employment, together with interest thereon at the rate provided in
      Section 7872(f)(2) of the Code.

    

    7. Covenants
      of Stanberry.

    

    7.1 Confidential
      Information.
      Stanberry acknowledges that as a result of the services to be rendered to the
      Company hereunder, Stanberry will be brought into close contact with many
      confidential affairs of the Company, its subsidiaries and affiliates, not
      readily available to the public. Stanberry further acknowledges that the
      services to be performed under this Agreement are of a special, unique, unusual,
      extraordinary, and intellectual character; that the Company’s goods and services
      are marketed throughout Iowa and various parts of the United States; and that
      the Company competes with other organizations that are or could be located
      in
      nearly any part of the United States or various parts of the world.

    

    7.2 Restriction
      on Use of Confidential Information.
      In
      recognition of the foregoing, Stanberry covenants and agrees that, except as
      is
      necessary in providing services under this Agreement or to the extent necessary
      to comply with law or the valid order of a court or government agency of
      competent jurisdiction, Stanberry will neither knowingly use for his own
      benefit, nor knowingly divulge any Confidential Information and Trade Secrets
      of
      the Company, its subsidiaries, or affiliated entities that are not otherwise
      in
      the public domain and, so long as they remain Confidential Information and
      Trade
      Secrets not in the public domain, will not intentionally disclose them to anyone
      outside of the Company either during or after his employment. For the purposes
      of this Agreement, “Confidential Information and Trade Secrets of the Company”
means information that is secret to the Company, its subsidiaries, or affiliated
      entities. It may include, but is not limited to, information relating to the
      products, services, new and future concepts, and business of the Company, its
      subsidiaries, or affiliates, in the form of memoranda, reports, computer
      software and data banks, customer lists, employee lists, books, records,
      financial statements, manuals, papers, contracts and strategic plans. As a
      guide, Stanberry is to consider as being secret and confidential information
      originated, owned, controlled, or possessed by the Company, its subsidiaries,
      or
      affiliated entities that is not disclosed in printed publications stated to
      be
      available for distribution outside the Company, its subsidiaries, or affiliated
      entities. In instances where doubt does or should reasonably be understood
      to
      exist in Stanberry’s mind as to whether information is secret and confidential
      to the Company, its subsidiaries, or affiliated entities, Stanberry agrees
      to
      request an opinion, in writing, from the Company before disclosing such
      information.

    

    7.3 Public
      Information.
      Anything to the contrary in this Section 7 notwithstanding, Stanberry shall
      disclose to the public and discuss such information as is customary or legally
      required to be disclosed by a Company whose stock is publicly traded, or that
      is
      otherwise legally required to be disclosed, or that is in the best interests
      of
      the Company to disclose.

    

    7.4 Company
      Property.
      Stanberry will deliver promptly to the Company on the termination of his
      employment with the Company, or at any other time the Company may so request,
      all memoranda, notes, records, reports, and other documents relating to the
      Company, its subsidiaries, or affiliated entities, and all property owned by
      or
      originating from the Company, its subsidiaries, or affiliated entities that
      Stanberry may then possess or have under his control.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    7.5 No
      Competition, Solicitation, or Tampering.
      Throughout the Term of the Agreement and for a period of one (1) year
      immediately following any termination or resignation of Stanberry’s employment
      under this Agreement (except that the time period of such restrictions shall
      be
      extended by any period during which Stanberry is in violation of this Section
      7.5), Stanberry shall not directly or indirectly engage in any other business
      in
      which the Company engages during the Term of the Agreement—provided, however,
      that the restriction in Section 7.5 shall apply only to counties in which the
      Company or its subsidiaries have offices or in contiguous counties. For purposes
      of Section 7.5, Stanberry shall be deemed to engage in a business if he directly
      or indirectly engages or invests in, owns, manages, operates, controls, or
      participates in the ownership, management, operation or control of, is employed
      by, associated or in any manner connected with, or renders services or advice
      to, any business in which the Company engages—provided, however, that Stanberry
      may invest in the securities of any enterprise (but without otherwise
      participating in the activities of such enterprise) if two conditions are met:
      (a) such securities are listed on any national or regional securities exchange
      (or have been registered under Section 12(g) of the Securities Exchange Act
      of
      1934) and (b) Stanberry does not beneficially own (as defined by Rule 13d-3
      promulgated under the Securities Exchange Act of 1934) in excess of 5% of the
      outstanding capital stock of such enterprise. The provisions of this paragraph
      shall survive and apply regardless of the reason for Stanberry’s
      termination.

    

    During
      the period described in the first paragraph of Section 7.5, Stanberry will
      not,
      directly or indirectly, for the benefit of any bank or financial institution
      or
      any company or other entity affiliated, directly or indirectly, with another
      bank or financial institution other than the Company, solicit the employment
      or
      services of, hire, or assist in the hiring of any person eligible for the
      Company’s or its subsidiaries’ compensation or benefit plans for senior officers
      or executives.

    

    During
      the period described in the first paragraph of Section 7.5, Stanberry shall
      not
      directly or indirectly request, induce, or attempt to influence any existing
      or
      prospective customers, vendors, or licensors of the Company or its subsidiaries
      to curtail or cancel any business they may transact with the Company. For
      purposes of this Section 7.5, “prospective customers” shall mean individuals or
      entities who the Company or its subsidiaries have contacted within the twelve
      (12) months immediately preceding the termination of this Agreement. The
      provisions of this paragraph shall survive regardless of the reason for
      Stanberry’s termination or resignation. 

    

    7.6 Intellectual
      Property.
      Stanberry will promptly disclose to the Company all inventions, processes,
      original works of authorship, trademarks, patents, improvements, and discoveries
      related to the business of the Company, its subsidiaries, or affiliated entities
      (collectively “Developments”), conceived or developed during Stanberry’s
      employment with the Company and based upon information to which he had access
      during the term of employment, whether or not conceived during regular working
      hours, through the use of Company time, material, or facilities or otherwise.
      All such Developments shall be the sole and exclusive property of the Company,
      and upon request, Stanberry shall deliver to the Company all outlines,
      descriptions, and other data and records relating to such Developments, and
      shall execute any documents deemed necessary by the Company to protect the
      Company’s rights thereunder. Stanberry agrees upon request to assist the Company
      to obtain United States or foreign letters patent and copyright registrations
      covering inventions and original works of authorship belonging to the Company
      hereunder. If the Company is unable because of Stanberry’s mental or physical
      incapacity to secure Stanberry’s signature to apply for or to pursue any
      application for any United States or foreign letters patent or copyright
      registrations covering inventions and original works of authorship belonging
      to
      the Company hereunder, then Stanberry hereby irrevocably designates and appoints
      the Company and its duly authorized officers and agents as his agent and
      attorney in fact, to act for and in his behalf and stead to execute and file
      any
      such applications and to do all other lawfully permitted acts to further the
      prosecution and issuance of letters patent or copyright registrations thereon
      with the same legal force and effect as if executed by him. Stanberry hereby
      waives and quitclaims to the Company any and all claims, of any nature
      whatsoever, that he may hereafter have for infringement of any patents or
      copyright resulting from any such application for letters patent or copyright
      registrations belonging to the Company hereunder.

    

    7.7 Equitable
      Remedies.
      Stanberry agrees that the remedy at law for any breach or threatened breach
      of
      any covenant contained in this Section 7 may be inadequate and that the Company,
      in addition to such other remedies as may be available to it in law or in
      equity, shall be entitled to injunctive relief without bond or other
      security.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    7.8 Modification
      of Remedies.
      Although the covenants contained in this Section 7 above are considered by
      the
      parties hereto to be fair and reasonable in the circumstances, it is recognized
      that restrictions of such nature may fail for technical reasons, and
      accordingly, it is hereby agreed that if any of such restrictions shall be
      adjudged to be void or unenforceable for whatever reason, but would be valid
      if
      part of the wording thereof were deleted, or the period thereof reduced or
      the
      area dealt with reduced in scope, the restrictions contained herein shall be
      enforced to the maximum extent permitted by law, and the parties consent and
      agree that such scope or wording may be accordingly judicially modified in
      any
      proceeding brought to enforce such restrictions.

    

    7.9 Survival
      of Rights and Obligations.
      Notwithstanding that Stanberry’s employment hereunder may expire or be
      terminated as provided in Sections 2 or 4 above, this Agreement shall continue
      in full force and effect insofar as is necessary to enforce the covenants and
      agreements of Stanberry contained in this Section 7. In addition, the Company’s
      obligations under Sections 4 and 7 shall continue in full force and effect
      with
      respect to Stanberry or his estate.

    

    8. Dispute
      Resolution.
      

    

    The
      parties shall use their best efforts and good will to settle any and all
      disputes by amicable negotiations. Subject to the Company’s right to seek
      injunctive relief in court as provided in Section 7.7 of this Agreement, any
      dispute, controversy, or claim arising out of or in relation to or in connection
      with this Agreement, including without limitation, any dispute as to the
      construction, validity, interpretation, enforceability, or breach of this
      Agreement, including a claim for indemnification under Section 3.9 or disability
      under Section 3.8 or 4.2, that cannot be resolved by negotiation shall be
      resolved by impartial binding arbitration. In the event that either the Company
      or Stanberry demands arbitration, Stanberry and the Company agree that such
      arbitration shall be the exclusive, final, and binding forum for resolution
      of
      such claims, subject to any rights of appeal that either party may have under
      any controlling law dealing with the review of arbitration
      decisions.

    

    8.1 Arbitration.
      Arbitration shall be heard and determined in Des Moines, Iowa by one arbitrator,
      who shall be impartial and who shall be selected by mutual agreement of the
      parties. If the parties cannot agree to selection of an arbitrator, the
      arbitrator shall be appointed by a Judge of the Iowa District Court for Polk
      County. Either party to this Agreement may commence an action in the Iowa
      District Court for Polk County for the limited purpose of appointment of an
      arbitrator hereunder. The Court shall select the arbitrator from candidates
      nominated by the parties hereto. Each party may nominate up to two candidates.
      In determining the arbitrator, the Court should give due consideration to the
      impartiality, background, and experience of the nominees relating to the issues
      to be resolved in the arbitration. The Court’s decision as to the identity of
      the arbitrator shall be final. It is intended that controversies or claims
      submitted to arbitration under this Section 8 shall remain confidential, and
      to
      that end, it is agreed by the parties, and must be agreed to by the arbitrator,
      that neither the facts disclosed in the arbitration, the issues arbitrated,
      nor
      the views or opinions of any persons concerning them, shall be disclosed to
      third persons at any time, except to the extent necessary to enforce an award
      or
      judgment or as required by law or in response to legal process or in connection
      with such arbitration. The parties shall be entitled to disclose the facts
      disclosed in arbitration, the issues arbitrated, and the views or opinions
      of
      any person concerning them to legal or tax advisors as long as such advisors
      agree to be bound by the confidentiality terms of this Section. Either party
      to
      this Agreement may initiate arbitration by serving a written demand for
      arbitration upon the other party. Such a demand must be served within twelve
      months of the events giving rise to the dispute and specifically identify and
      describe the dispute to be arbitrated. Any claim that is not timely made, as
      defined herein, by written notice to the other party shall be deemed absolutely
      and finally waived. The cost of the arbitration proceeding (including attorneys’
fees and expenses) shall be allocated by the arbitrator. Any award of money
      damages shall be increased by interest at the rate of 6% per annum from the
      date
      that the arbitrator finds any such money was due and payable until paid in
      full.
      Stanberry and the Company agree that the hearing, if any, for any arbitration
      commenced pursuant to this Section shall be submitted to the arbitrator for
      decision within 180 days of the notice demanding arbitration.

    

    8.2 Acknowledgement
      of Parties.
      The
      Company and Stanberry understand and acknowledge that this Section 8 means
      that
      neither of them can pursue a claim against the other in a court of law regarding
      or related to this Agreement, except as specifically stated above in Sections
      7.7 or 8.1. 

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    9. Successors
      and Assigns.

    

    9.1 Assignment
      by the Company.
      This
      Agreement shall inure to the benefit of, and shall be binding upon, the
      successors and assigns of the Company.

    

    9.2 Assignment
      by Stanberry.
      Stanberry may not assign this Agreement or any part thereof—provided, however,
      that nothing herein shall preclude one or more beneficiaries of Stanberry from
      receiving any amount that may be payable following the occurrence of his legal
      incompetency or his death and shall not preclude the legal representative of
      his
      estate from receiving such amount or from assigning any right hereunder to
      the
      person(s) entitled thereto under his will or, in the case of intestacy, to
      the
      person or persons entitled thereto under the laws of intestate succession
      applicable to his estate.

    

    9.3 Successors
      of the Company.
      The
      Company will require any successor to all or substantially all of the business
      and/or assets of the Company (whether direct or indirect by purchase, merger,
      consolidation, or otherwise), by agreement in form and substance acceptable
      to
      Stanberry, expressly to assume and agree to perform this Agreement in the same
      manner and to the same extent that the Company would be required to perform
      it
      if no such succession had taken place. As used in this Agreement, “Company” as
      heretofore defined shall include any successor to its business and/or assets
      as
      aforesaid that executes and delivers the agreement provided for in this Section
      9.3 or that otherwise becomes bound by all the terms and provisions of this
      Agreement by operation of law.

    

    10. Governing
      Law.
      

    

    This
      Agreement shall be deemed a contract made under, and for all purposes shall
      be
      construed in accordance with, the laws of the State of Iowa without reference
      to
      the principles of conflict of laws.

    

    11. Entire
      Agreement.
      

    

    This
      Agreement and those plans and agreements referenced herein contain all the
      understandings and representations between the parties hereto pertaining to
      the
      subject of the employment of Stanberry by the Company and its subsidiaries
      and
      supersede all undertakings and agreements, whether oral or in writing, if any
      there be, previously entered into by them with respect thereto.

    

    12. Amendment
      or Modification; Waiver.
      

    

    No
      provision of this Agreement may be amended or modified unless such amendment
      or
      modification is agreed to in writing, signed by Stanberry and by a duly
      authorized officer or director of the Company, and approved in advance and
      authorized by the Board. Except as otherwise specifically provided in this
      Agreement, no waiver by either party hereto of any breach by the other party
      of
      any condition or provision of the Agreement to be performed by such other party
      shall be deemed a waiver of a similar or dissimilar provision or condition
      at
      the same or any prior or subsequent time.

    

    13. Notices.
      

    

    Any
      notice to be given hereunder shall be in writing and delivered personally or
      sent by overnight mail, such as Federal Express, addressed to the party
      concerned at the address indicated below or to such other address as such party
      may subsequently give notice of hereunder in writing:

    

    If
      to
      Company:

    

    Chairman
      of the Compensation Committee

    Board
      of
      Directors

    West
      Bancorporation, Inc. 

    1601
      22nd
      Street

    West
      Des
      Moines, Iowa 50266

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    If
      to
      Stanberry:

    

    Thomas
      E.
      Stanberry

    4211
      Cherrywood Court

    West
      Des
      Moines, IA 50265

     

    14. Severability.
      

    

    In
      the
      event that any provision or portion of this Agreement is determined to be
      invalid or unenforceable for any reason, the remaining provisions or portions
      of
      this Agreement shall be unaffected thereby and shall remain in full force and
      effect to the fullest extent permitted by law.

    

    15. Withholding.
      

    

    Anything
      in this Agreement to the contrary notwithstanding, all payments required to
      be
      made by the Company hereunder to Stanberry or his beneficiaries, including
      his
      estate, shall be subject to withholding and deductions as the Company may
      reasonably determine it should withhold or deduct pursuant to any applicable
      law
      or regulation. In lieu of withholding or deducting such amounts, in whole or
      in
      part, the Company may, in its sole discretion, accept other provision for
      payment as permitted by law, provided it is satisfied in its sole discretion
      that all requirements of law affecting its responsibilities to withhold or
      deduct such amounts have been satisfied.

    

    16. Deferred
      Payments.

    

    Any
      amounts required under this Agreement to be paid to Stanberry that Stanberry
      can
      and does elect to defer under any Company benefit plan or program shall be
      deemed to have been paid to him for purposes of this Agreement—provided,
      however, that if the Company breaches the terms of any deferred compensation
      plan, arrangement, or agreement with respect to which such amounts are to be
      paid, Stanberry may claim a breach of this Agreement.

    

    Notwithstanding
      anything in this Agreement or elsewhere to the contrary:

    

    (a) If
      payment or provision of any amount or other benefit that is “deferred
      compensation” subject to Section 409A of the Code at the time otherwise
      specified in this Agreement or elsewhere would subject such amount or benefit
      to
      additional tax pursuant to Section 409A(a)(1)(B) of the Code, and if payment
      or
      provision thereof at a later date would avoid any such additional tax, then
      the
      payment or provision thereof shall be postponed to the earliest date on which
      such amount or benefit can be paid or provided without incurring any such
      additional tax. In the event this Section requires a deferral of any payment,
      such payment shall be accumulated and paid in a single lump sum on such earliest
      date together with interest for the period of delay, compounded annually, equal
      to the prime rate (as published in The Wall Street Journal), and in effect
      as of
      the date the payment should otherwise have been provided.

    

    (b) If
      any
      payment or benefit permitted or required under this Agreement, or otherwise,
      is
      reasonably determined by either party to be subject for any reason to a material
      risk of additional tax pursuant to Section 409A(a)(1)(B) of the Code, then
      the
      parties shall promptly agree in good faith on appropriate provisions to avoid
      such risk without materially changing the economic value of this Agreement
      to
      either party.

    

    17. Survival.
      

    

    The
      respective rights and obligations of the parties hereunder shall survive any
      termination of this Agreement to the extent necessary to the intended
      preservation of such rights and obligations.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    18. Duty
      to Mitigate; Set-off; Reimbursement.

    

    Stanberry
      shall not be required to seek employment, nor shall the amount of any payment
      provided for under this Agreement be reduced by any compensation earned by
      Stanberry as the result of employment by another employer, as allowed and
      without violating this Agreement, after the date of termination of Stanberry’s
      employment pursuant to this Agreement. The Company’s obligation to make the
      payments provided for in this Agreement and otherwise to perform its obligations
      hereunder shall not be affected by any set-off, counterclaim, recoupment,
      defense, right of reimbursement, or other claim, right, or action that the
      Company may have against Stanberry or others, except to the extent that
      Stanberry violates Section 7.5 of this Agreement or Stanberry is obligated
      to
      reimburse the Company pursuant to Section 304 of the Sarbanes-Oxley Act of
      2002.

    

    19. Headings.

    

    Headings
      of the sections of this Agreement, where used, are intended solely for
      convenience, and no provision of this Agreement is to be construed by reference
      to the title of any section.

    

    20. Knowledge
      and Representation.

    

    The
      Company and Stanberry acknowledge that they understand the terms of this
      Agreement, that they understand the nature and extent of the rights and
      obligations provided under this Agreement, and that they have been represented
      by legal counsel and other professional advisors in the negotiation and
      preparation of this Agreement to the extent of their wishes.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

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

    

    THOMAS
      E.
      STANBERRY

     

    /s/
      Thomas E.
      Stanberry                                                

    Thomas
      E.
      Stanberry

    

    WEST
      BANCORPORATION, INC.

     

    By:
      /s/
      Robert G.
      Pulver                                                

    Robert
      G.
      Pulver

    Chair,
      Compensation Committee

    West
      Bancorporation, Inc.

     

    
      
        
        

      

      
        14Exhibit
      10.25

    EMPLOYMENT
      AGREEMENT

    

    AGREEMENT
      entered into as of this 23rd day of May, 2008, by and between WEST
      BANCORPORATION, INC., an Iowa corporation (the “Company”), and DOUGLAS R.
      GULLING (“Gulling”), to be effective as of the date stated above (“Effective
      Date”).

    

    WITNESSETH:

    

    WHEREAS,
      Gulling has been employed as the Company’s Executive Vice President and Chief
      Financial Officer (“CFO”), as West Bank’s Director and Chief Financial Officer,
      and as WB Capital Management Inc.’s Director and Treasurer; and

    

    WHEREAS,
      the Company wishes that Gulling continue such employment pursuant to the terms
      and conditions hereof, and in order to induce Gulling to enter into this
      agreement (the “Agreement”) and to secure the benefits to accrue from his
      performance hereunder, is willing to undertake the obligations assigned to
      it
      herein; and

    

    WHEREAS,
      Gulling is willing to continue his employment as described above under the
      terms
      hereof and to enter into the Agreement;

    

    WHEREAS,
      Gulling desires that his current Employment Agreement dated January 9, 2003,
      as
      amended, be replaced and superseded in its entirety with this
      Agreement.

    

    NOW
      THEREFORE, in consideration of the premises and mutual covenants contained
      herein and for other good and valuable consideration, the receipt of which
      is
      hereby acknowledged, the parties hereto agree as follows:

     

    1. Positions;
      Duties; Responsibilities.

    

    1.1 Gulling
      shall serve as Executive Vice-President and CFO of the Company, Director and
      CFO
      of West Bank, and Director and Treasurer of WB Capital Management Inc. Gulling
      shall report to the Chief Executive Officer of the Company. He shall perform
      the
      duties ordinarily expected of the positions that he is assigned. Gulling shall
      have such other responsibilities consistent with the status, titles, and
      reporting requirements set forth herein and under state and federal law as
      are
      applicable or appropriate to said position, subject to change from time to
      time
      by the Chief Executive Officer or the Board of Directors of the Company or
      West
      Bank.

    

    1.2 During
      the course of his employment, Gulling agrees to devote his full time and
      attention to the business affairs of the Company and West Bank. 

    

    2. Term.

    

    Subject
      to the terms and conditions hereof, the Company agrees to employ, and Gulling
      hereby accepts employment, for an Initial Term commencing on the Effective
      Date
      and ending December 31, 2010. This Agreement will be renewed annually without
      written notice on each January 1 hereafter for a three year period, provided
      the
      Company has not given notice of nonrenewal by November 30 of the preceding
      year.
      Accordingly, and by way of example, the intent of the parties is that as of
      January 1, 2009, the Term will be a rolling three year term beginning on each
      subsequent January 1, unless timely notice of nonrenewal is given. In the event
      of a timely notice of nonrenewal, this Agreement will expire at the end of
      the
      Initial Term or any then existing three-year term. References to “Initial Term”
or “Term” in this Agreement mean either the Initial Term or any subsequent Term
      as the context requires.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3. Compensation
      and Benefits.

    

    3.1 Base
      Salary.
      The
      Company shall pay Gulling a base salary during the Term of this Agreement at
      the
      minimum annual rate of Two-hundred ten thousand Dollars ($210,000) (“Base
      Salary”), payable in accordance with the standard payroll practices of the
      Company. It is understood that the Base Salary is to be Gulling’s minimum annual
      compensation during the Term. Gulling’s Base Salary will be reviewed by the
      Compensation Committee of the Board at least annually, and may be increased
      (but
      not reduced). If the Base Salary stated above is increased, the new Base Salary
      shall be noted in Board minutes and shall become a term of this Agreement by
      reference without need for attachment or addendum. 

    

    3.2 Annual
      Bonus/Incentive Target/Incentive Payment.
      In
      addition to other compensation to be paid under Section 3, each year during
      the
      Term of this Agreement, Gulling shall be eligible for an annual incentive bonus
      (“Annual Bonus”). An annual incentive bonus target (“Incentive Target”) shall be
      set for each year by the Board, based on a recommendation of the Compensation
      Committee. The annual incentive payment actually awarded and paid to Gulling
      for
      each year (“Incentive Payment”) will be determined by the Board in its sole
      discretion, with consideration to the Compensation Committee recommendation,
      and
      paid by the Company as soon as reasonably possible after the end of each fiscal
      year.

    

    3.3 Equity
      Appreciation Plans.
      In
      addition to other compensation to be paid under this Section 3, the Company
      may
      grant stock options, stock appreciation rights, restricted stock, or other
      forms
      of equity participation rights to Gulling as a participant, if a plan is adopted
      by the Company.

    

    3.4 Vacation.
      Gulling
      shall be entitled to not less than 25 days of paid time off, plus all
      Company-recognized holidays, during each full year of employment hereunder
      in
      accordance with the general terms of the vacation policy adopted by the Company.
      Upon Termination under Section 4 of this Agreement, Gulling will be paid for
      any
      accrued vacation that has not been taken through the date of
      Termination.

    

    3.5 Reimbursement
      of Expenses.
      The
      Company shall reimburse Gulling in accordance with Company’s expense
      reimbursement policies for all reasonable, ordinary, and necessary business
      expenses incurred by Gulling while performing duties on behalf of the Company.
      In addition, the Company shall pay Gulling’s monthly dues at one local country
      club or one other similar club, and expenses related to Gulling’s use of such
      club for matters related to the Company’s business. 

    

    3.6 Employee
      Benefits.
      Gulling
      shall be entitled to receive any perquisites and participate in any employee
      benefit plans, including profit-sharing plans, now existing or established
      hereafter generally available to employees and/or senior officers of the
      Company, provided Gulling is otherwise qualified and eligible for such benefits.
      As part of its normal course of business, the Company may amend and/or terminate
      any such employee benefits or plans.

    

    3.7 Benefits
      Not in Lieu of Compensation.
      No
      benefit or perquisite provided to Gulling shall be deemed to be in lieu of
      Base
      Salary, Annual Bonus, or other compensation, provided that the reporting of
      any
      benefits shall be consistent with IRS regulations.

    

    3.8 Short-Term
      Disability.
      Any
      period of short-term disability experienced by Gulling shall be treated under
      the Company’s Short-Term Disability benefits policy(ies).

    

    3.9 Indemnification
      and Insurance.
      Except
      for disputes between the parties concerning this Agreement, the Company shall
      protect and indemnify Gulling against any and all legal claims or actions
      involving him as a consequence of his employment hereunder to the maximum extent
      allowed under the Iowa Business Corporation Act. The Company shall provide
      Gulling the maximum insurance coverage provided any other employee or director
      of the Company. The Company agrees to continue Gulling’s coverage under such
      directors and officers’ liability insurance policies as shall from time to time
      be in effect for Company officers and employees for not less than six years
      following Gulling’s termination of employment.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    4. Consequences
      of Termination of Employment and/or Change of Control.

    

    4.1 Death.
      In the
      event of Gulling’s death during the Term of this Agreement, this Agreement shall
      terminate, and all obligations to Gulling shall cease as of the date of death
      except that, (a) within ten (10) business days of termination, the Company
      shall
      pay to Gulling’s designated beneficiary, as defined below in this Section, or
      the legal representative of his estate a sum equal to one month of Base Salary
      and Seventy-Five Percent (75%) of the amount of his Incentive Target prorated
      to
      the date of death—provided, however, that if Gulling’s death is preceded by a
      leave of absence associated with a period of disability, any Incentive Target
      shall be restricted to the fiscal year in which such leave commenced and
      prorated to the last date worked. All rights and benefits of Gulling under
      the
      benefit plans and programs of the Company in which Gulling is a participant,
      will be provided as determined in accordance with the terms and provisions
      of
      such plans and programs. All awards of restricted stock, stock options, and
      any
      other benefits under any long-term incentive plans shall be handled in
      accordance with the terms of the relevant plan and agreements entered into
      between Gulling and the Company with respect to such awards.

    

    Gulling
      may designate a beneficiary by filing a written designation with the head of
      personnel of the Company. Gulling may revoke or modify the designation at any
      time by filing a new designation. However, designations will only be effective
      if signed by Gulling and received by the Company during Gulling’s lifetime.
      Gulling’s beneficiary designation shall be deemed automatically revoked if the
      beneficiary predeceases Gulling, or if Gulling names a spouse as beneficiary
      and
      the marriage is subsequently dissolved. If Gulling dies without a valid
      beneficiary designation, all payments shall be made to Gulling’s
      estate.

    

    If
      a
      benefit is payable to a minor, to a person declared incompetent, or to a person
      incapable of handling the disposition of his or her property, the Company may
      pay such benefit to the guardian, legal representative, or person having the
      care or custody of such minor, incompetent, or incapable person. The Company
      may
      require proof of incompetence, minority, or guardianship as it may deem
      appropriate prior to distribution of the benefit. Such distribution shall
      completely discharge the Company from all liability with respect to such
      benefit.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    4.2 Permanent
      Disability.
      If
      Gulling shall become permanently incapacitated by reasons of sickness, accident,
      or other physical or mental disability (“Permanent Disability”) as defined
      hereunder during the Term of this Agreement, this Agreement and all obligations
      to Gulling shall cease except as provided below. Permanent Disability shall
      be
      determined in one of two ways: (1) Gulling shall be considered to be Permanently
      Disabled for purposes of this Agreement if he becomes entitled to Long-Term
      Disability benefits under the Company’s Long-Term Disability Plan, in which
      case, this Agreement and all obligations to Gulling shall cease except that
      for
      a period of twelve (12) months, the Company shall supplement Gulling’s Long-Term
      Disability payments to the extent necessary for the Long-Term Disability
      payments plus the supplemental payments to equal Gulling’s Base Pay as defined
      in Section 3.1 herein; (2) alternatively, if Gulling becomes permanently
      incapacitated and such incapacitation is certified by a physician chosen by
      the
      Company and reasonably acceptable to Gulling (if he is then able to exercise
      sound judgment), and Gulling shall therefore be unable to perform his normal
      duties hereunder, then the employment of Gulling hereunder and this Agreement
      may be terminated by Gulling or the Company upon thirty (30) days’ written
      notice to the other party following such certification. Should Gulling not
      acquiesce (or should he be unable to acquiesce) in the selection of the
      certifying doctor, a doctor chosen by Gulling (or if he is not then able to
      exercise sound judgment, by his spouse or personal representative) and
      reasonably acceptable to the Company shall be required to concur in the medical
      determination of incapacitation, failing which, the two doctors shall designate
      a third doctor whose decision shall be determinative as of the end of the
      calendar month in which such concurrence or third-doctor decision, as the case
      may be, is made. After the final certification is made and the 30-day written
      notice is provided, the Company shall pay to Gulling, at such times as Base
      Salary provided for in Section 3.1 of this Agreement would normally be paid,
      Gulling’s then-current Base Salary for a period of twelve (12) months. Under
      either determination of Permanent Disability, Gulling shall be paid Seventy-Five
      Percent (75%) of the amount of his Incentive Target for the year in which
      disability is certified prorated to the last day worked. If no Incentive Target
      has been determined for the year in which final certification occurs, the last
      determined Incentive Target shall apply. 

    

    Following
      termination pursuant to either of the above alternatives, any rights and
      benefits Gulling may have under the employee benefit plans and programs of
      the
      Company in which Gulling is a participant shall be determined in accordance
      with
      the terms and provisions of such plans and programs. All awards of restricted
      stock, stock options and any other benefits under any long-term incentive plans
      shall be handled in accordance with the terms of the relevant plan and
      agreements entered into between Gulling and the Company with respect to such
      awards.

     

    4.3 Due
      Cause.
      The
      Company may terminate Gulling’s employment, remove him as an officer and
      director of the Company and its subsidiaries, and terminate this Agreement
      at
      any time for Due Cause. In the event of such termination for Due Cause, Gulling
      shall continue to receive Base Salary payments provided for in this Agreement
      only through the date of such termination for Due Cause, and Gulling shall
      be
      entitled to no further compensation under this Agreement, except that any rights
      and benefits Gulling may have under the employee benefit plans and programs
      of
      the Company or its subsidiaries in which Gulling is a participant shall be
      determined in accordance with the terms and provisions of such plans and
      programs. Gulling understands and agrees that in the event of the termination
      of
      employment, removal as an officer and director, and termination of this
      Agreement pursuant to this Section 4.3: (a) all awards of restricted stock,
      stock options, and any other benefits under long-term incentive plans shall
      be
      handled in accordance with the terms of the relevant plan and agreements entered
      into between Gulling and the Company with respect to such awards; and (b) the
      Company shall have no obligation to pay any Annual Bonus to Gulling under the
      terms of this Agreement; but (c) the obligations of Gulling under Sections
      7 and
      8 of this Agreement shall remain in full force and effect. 

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    The
      term
“Due Cause” shall mean (i) the willful and continued failure of Gulling to
      substantially perform his duties with the Company (other than any such failure
      resulting from Permanent Disability), after a demand for substantial performance
      is delivered to Gulling by the Board that specifically identifies the manner
      in
      which Gulling has not substantially performed his duties; (ii) willful
      misconduct by Gulling that is materially injurious to the Company or its
      subsidiaries, monetarily or otherwise; (iii) gross negligence in the performance
      of duties assumed pursuant to this Agreement or gross neglect of such duties;
      or
      (iv) conviction for a felony or a serious misdemeanor involving moral turpitude.
      For purposes of this definition, no act, or failure to act, on the part of
      Gulling shall be considered “willful” unless it is done, or omitted to be done,
      by Gulling in bad faith and without reasonable belief that Gulling’s action or
      omission was in the best interests of the Company or its subsidiaries. Any
      act,
      or failure to act, based upon authority given pursuant to a resolution duly
      adopted by the Board or based upon the advice of the General Counsel of the
      Company shall be conclusively presumed to be done, or omitted to be done, by
      Gulling in good faith and in the best interests of the Company. 

    

    4.4 Without
      Cause.
      The
      other provisions of this Agreement notwithstanding, the Company may terminate
      Gulling’s employment, remove him as an officer and director, and terminate this
      Agreement at any time for whatever reason it deems appropriate with or without
      cause and with or without prior notice. In the event of such a termination
      of
      Gulling’s employment and this Agreement, Gulling shall have no further
      obligations of any kind under or arising out of the Agreement (except for the
      obligations of Gulling under Sections 7 and 8 of this Agreement), and the
      Company shall be obligated to promptly pay Gulling only the following “Severance
      Payment”: Three times Gulling’s Base Salary as of the date of Termination
      Without Cause —provided, however, that in the event that as a result of such
      termination of employment, Gulling would otherwise be entitled to a Change
      of
      Control Benefit under Section 4.7 of this Agreement, Gulling shall be entitled
      to elect either: (i) the Severance Payment described above, or (ii) the Change
      of Control Benefit described in Section 4.7 of this Agreement, but in no event
      shall he be entitled to both payments. Payment shall be made in a lump sum
      within 60 days of the date of termination. In addition, the Company shall pay
      the insurance premiums to provide Gulling family health coverage under COBRA
      for
      one year after Gulling ceases employment by the Company.

    

    Gulling
      agrees that the payments described in this Section 4.4 shall be full and
      adequate compensation to Gulling for all damages Gulling may suffer as a result
      of the termination of his employment pursuant to this Section 4.4, and in
      consideration of the payments and benefits provided in this Section 4.4, Gulling
      agrees to execute a waiver and release agreement acceptable to the
      Company—provided, however, that except as specifically provided for under this
      Section 4.4, any rights and benefits Gulling may have under the employee benefit
      plans and programs of the Company or its subsidiaries in which Gulling is a
      participant shall be determined in accordance with the terms and provisions
      of
      such plans and programs. All awards of restricted stock, stock options, and
      any
      other benefits under any long-term incentive plans shall be handled in
      accordance with the terms of the relevant plan and agreements entered into
      between Gulling and the Company with respect to such awards.

    

    4.5 Employee
      Voluntary.
      In the
      event Gulling terminates his employment of his own volition prior to the end
      of
      the Term of this Agreement, except for a termination for Good Reason as
      specifically defined in Section 4.6 below, such termination shall constitute
      a
      voluntary termination and in such event the Company’s only obligation to Gulling
      shall be to make Base Salary payments provided for in this Agreement through
      the
      date of such voluntary termination. Gulling understands and agrees that in
      the
      event of termination of employment pursuant to this Section 4.5: (a) any rights
      and benefits Gulling may have under the employee benefit plans and programs
      of
      the Company or its subsidiaries in which he is a participant shall be determined
      in accordance with the terms and provisions of such plans and programs; (b)
      all
      awards of restricted stock, stock options, and any other benefits under any
      long-term incentive plans shall be handled in accordance with the terms of
      the
      relevant plan and agreements entered into between Gulling and the Company with
      respect to such awards; (c) the Company shall have no obligation to pay any
      Annual Bonus, Incentive Target, or Incentive Payment to Gulling under the terms
      of this Agreement and (d) the obligations of Gulling under Sections 7 and 8
      of
      this Agreement shall remain of full force and effect.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    4.6 Good
      Reason.
      Gulling
      may terminate this Agreement on ninety (90) days’ notice for Good Reason.

    

    (a) For
      purposes of this Agreement, “Good Reason” shall mean:

    

    
      	 	
              (1)

            	
              Without
                Gulling’s express written consent, the assignment to Gulling of any duties
                or responsibilities materially inconsistent with the employment described
                in Section 1.1 above, or a material change in the reporting
                responsibilities, titles, or offices as described in Section 1.1,
                or any
                removal of Gulling from, or any failure to re-elect Gulling to, any
                of
                such responsibilities or positions, except in connection with the
                termination of Gulling’s employment for Due Cause, Permanent Disability,
                retirement, or Death or except in connection with employment under
                the
                Six-Month Rule set forth in Section 4.7(c)(1)
                herein.

            

    

    

    
      	 	
              (2)

            	
              A
                material reduction in Gulling’s Base
                Salary;

            

    

    

    
      	 	
              (3)

            	
              Failure
                of the Company to obtain the assumption of, or the agreement to perform,
                this Agreement by any successor as defined in Section 9.3 hereof;
                or

            

    

    

    
      	 	
              (4)

            	
              The
                Company requiring Gulling to be based anywhere other than Polk County,
                Iowa, or a county contiguous thereto, except
                for required travel for Company business to an extent substantially
                consistent with Gulling’s duties as described under Section 1.1, or in the
                event Gulling consents to any relocation, the failure by the Company
                to
                pay (or reimburse Gulling) for all reasonable moving and relocation
                expenses incurred by Gulling relating to a change of Gulling’s principal
                residence in connection with such
                relocation.

            

    

    

    (b) Good
      Reason Severance Payment:

    

    In
      the
      event Gulling appropriately terminates his employment and this Agreement for
      Good Reason (after having giving notice to the Board of the “Good Reason” and
      allowing the Board at least a 30 day period to cure the Good Reason), Gulling
      shall have no further obligations of any kind under or arising out of the
      Agreement (except for the obligations of Gulling under Sections 7 and 8 of
      this
      Agreement), and the Company shall be obligated to pay Gulling an amount equal
      to
      his Base Salary plus $100,000 per year for the remainder of the then-existing
      Term of this Agreement, but no less than a total of one year of Base Salary
      plus
      $100,000 (“Good Reason Severance Payment”)—provided, however, that in the event
      that as a result of such termination of employment by Gulling for Good Reason,
      Gulling would otherwise be entitled to a Change of Control Benefit under Section
      4.7 of this Agreement, Gulling shall be entitled to elect either: (i) the Good
      Reason Severance Payment described in this Section 4.6(b) or (ii) the Change
      of
      Control Benefit described in Section 4.7 of this Agreement, but in no event
      shall he be entitled to both payments. Any Good Reason Severance Benefit paid
      pursuant to this Section 4.6 shall be paid as soon as reasonably possible (i.e.
      within sixty days) after the expiration of any revocation period following
      Gulling’s execution of the release referred to in Section 4.6(c) below. In
      addition, the Company shall pay the insurance premiums to provide Gulling family
      health coverage under COBRA for one year after Gulling ceases employment by
      the
      Company.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    (c) Release
      of Claims

    

    Gulling
      agrees that the payments described in this Section 4.6 shall be full and
      adequate compensation to Gulling for all damages Gulling may suffer as a result
      of his termination of employment for Good Reason pursuant to Section 4.6 of
      this
      Agreement, and in consideration of the payments and benefits provided in this
      Section 4.6, Gulling agrees to execute a waiver and release agreement acceptable
      to the Company—provided, however, that except as specifically provided for under
      this Section 4.6, any rights and benefits Gulling may have under the employee
      benefit plans and programs of the Company or its subsidiaries in which Gulling
      is a participant shall be determined in accordance with the terms and provisions
      of such plans and programs. All awards of restricted stock, stock options,
      and
      any other benefits under any long-term incentive plans shall be handled in
      accordance with the terms of the relevant plan and agreements entered into
      between Gulling and the Company with respect to such awards.

    

    4.7 Change
      in Control.
      If
      within 12 months after, or 2 months prior to, a Change in Control of the Company
      as defined below, the Company terminates Gulling’s employment for reasons other
      than those under Sections 4.1, 4.2, or 4.3 herein or if Gulling terminates
      his
      employment for Good Reason as defined in Section 4.6 herein, the Company shall
      pay to Gulling a benefit as defined in Section 4.7(b) (“Change in Control
      Benefit”).

    

    
      	 	
              (a)

            	
              Change
                in Control.
                The term “Change in Control” shall have the following meaning:
                

            

    

    

    
      	 	
              (1)

            	
              Any
                person or entity or group of affiliated persons or entities (other
                than
                the Company) becomes a beneficial owner, directly or indirectly,
                of 30% or
                more of the Company’s voting securities or all or substantially all of the
                assets of the Company; or

            

    

    

    
      	 	
              (2)

            	
              The
                Company enters into a definitive agreement that contemplates the
                merger,
                consolidation, or combination of the Company with an unaffiliated
                entity
                in which either or both of the following is to occur: (i) the Board
                of
                Directors of the Company, immediately prior to such merger, consolidation,
                or combination will constitute less than a majority of the board
                of
                directors of the surviving, new, or combined entity; or (ii) less
                than 50%
                of the outstanding voting securities of the surviving, new, or combined
                entity will be beneficially owned by the stockholders of the Company
                immediately prior to such merger, consolidation, or combination—provided,
                however, that if any definitive agreement to merge, consolidate,
                or
                combine is terminated without consummation of the transaction, then
                no
                Change in Control shall be deemed to have occurred pursuant to this
                paragraph; or

            

    

    

    
      	 	
              (3)

            	
              The
                Company enters into a definitive agreement that contemplates the
                transfer
                of all or substantially all of the Company’s assets, other than to a
                wholly-owned subsidiary of the Company—provided, however, that if any
                definitive agreement to transfer assets is terminated without consummation
                of the transfer, then no Change in Control shall be deemed to have
                occurred pursuant to this paragraph;
                or

            

    

    

    
      	 	
              (4)

            	
              A
                majority of the members of the Board of Directors of the Company
                shall be
                persons who: (i) were not members of such Board on the Effective
                Date
                (“current members”); or (ii) were not nominated by a vote of such Board
                which included the affirmative vote of a majority of the current
                members
                on such Board at the time of their nomination (“future designees”); or
                (iii) were not nominated by a vote of such Board which included the
                affirmative vote of a majority of the current members and future
                designees, taken as a group, on such Board at the time of their
                nomination.

            

    

    

    
      	 	
              (b)

            	
              Change
                in Control Benefit.
                Upon a termination of Gulling’s employment under the circumstances
                described in Section 4.7, Gulling will be eligible for a Change in
                Control
                Benefit of three times Gulling’s Current Annual Compensation as defined in
                Section 4.7(b) as of the date of the Change in Control.
                

            

    

     

    
      	
            	(1)	
              Current
                Annual Compensation.
                For purposes of this Agreement “Current Annual Compensation” means the sum
                of Gulling’s annual Base Salary for the fiscal year in which termination
                occurs, plus
                $100,000. This definition covers amounts includible in compensation
                prior
                to any cash or deferred
                arrangements.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
            	(2)	
              Insurance
                Benefit. In addition, the Company shall pay the insurance premiums
                to
                provide Gulling family health coverage under COBRA for one year after
                Gulling ceases employment by the
                Company.

            

    

    

    (c) Consideration
      of Benefit. 

    

    
      	 	
              (1)

            	
              Six-Month
                Rule.
                Notwithstanding any other provision of this Agreement, in the event
                of a
                termination by the Company or a successor or termination by Gulling
                for
                Good Reason in conjunction with a Change in Control, as consideration
                for
                the benefit created in Section 4.7(b), at the discretion of the Company
                or
                the successor as defined in Section 9.3, Gulling must make himself
                available to work with the Company and/or the successor for a transition
                period of not more than six months after a Change of Control has
                occurred
                (“Transition Period”). If Gulling fails to remain employed for said
                period, (unless he terminates for Good Reason under Section 4.6(a)(2),
                (3)
                or (4) herein), or if the Company or the successor terminates Gulling’s
                employment for Due Cause during said period, then no Change in Control
                Benefit shall be paid to Gulling. Any Change of Control Benefit paid
                pursuant to this Section 4.7 shall be paid as soon as reasonably
                possible
                (i.e. within sixty days) after the waiver or the expiration of the
                Transition Period and after the expiration of any revocation period
                following Gulling’s execution of the release referred to in Section
                4.7(c)(2) below.

            

    

    

    
      	 	
              (2)

            	
              Release
                of Claims.
                Gulling agrees that the payments described in Section 4.7(b) shall
                be full
                and adequate compensation to Gulling for all damages Gulling may
                suffer as
                a result of the termination of his employment or his resignation
                for Good
                Reason in conjunction with a Change in Control, and in consideration
                of
                the payments and benefits provided in Section 4.7(b), Gulling agrees
                to
                execute a waiver and release agreement acceptable to the Company,
                and if
                applicable, to the successor—provided, however, that any rights and
                benefits Gulling may have under the employee benefit plans and programs
                of
                the Company or its subsidiaries in which Gulling is a participant
                shall be
                determined in accordance with the terms and provisions of such plans
                and
                programs. All awards of restricted stock, stock options, and any
                other
                benefits under any long-term incentive plans shall be handled in
                accordance with the terms of the relevant plan and agreements entered
                into
                between Gulling and the Company with respect to such
                awards.

            

    

    

    5. Limited
      Benefit. 

    

    Notwithstanding
      any of the provisions of Section 4.7 or other provisions in this Agreement
      to
      the contrary, if any payments or benefits received, or to be received, by
      Gulling (whether pursuant to the terms of this Agreement or any other plan,
      arrangement, or agreement with the Company or its subsidiaries; any person
      whose
      actions result in a Change of Control; or any person affiliated with the Company
      or such person) constitute “parachute payments” within the meaning of Section
      280G(b)(2)(A) of the Internal Revenue Code (the “Code”), and the value thereof
      exceeds 2.99 times Gulling’s “base amount,” as defined in Section 280G(b)(3) of
      the Code, then in lieu thereof, the Company shall pay Gulling, as soon as
      practicable following the termination of Gulling’s employment by the Company but
      in no event later than thirty (30) days after the expiration of any revocation
      period following Gulling’s execution of any release referred to in this
      Agreement, a lump-sum cash payment equal to 2.99 times his “base amount” (the
“Alternative Severance Payment”), reduced as provided below. The value of the
      payments to be made under Section 4.7(b) and Gulling’s base amount shall be
      determined in accordance with temporary or final regulations, if any,
      promulgated under Section 280G of the Code and based upon the advice of the
      tax
      counsel referred to below.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    The
      Alternative Severance Payment shall be reduced by the amount of any other
      payment or the value of any benefit received, or to be received, by Gulling
      in
      connection with a Change of Control of the Company or his termination of
      employment unless (i) Gulling shall have effectively waived his receipt or
      enjoyment of such payment or benefit prior to the date of payment of the
      Alternative Severance Payment; (ii) in the opinion of tax counsel selected
      by
      the Company’s independent auditors, such other payment or benefit does not
      constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the
      Code; or (iii) in the opinion of such tax counsel, the Alternative Severance
      Payment plus all other payments or benefits that constitute “parachute payments”
within the meaning of Section 280G(b)(2) of the Code are reasonable compensation
      for services actually rendered within the meaning of Section 280G(b)(4) of
      the
      Code or are otherwise not subject to disallowance as a deduction by reason
      of
      Section 280G of the Code. The value of any non-cash benefit or any deferred
      payment or benefit shall be determined in accordance with the principles of
      Section 280G(d)(3) and (4) of the Code.

    

    6. Section
      162(m) Limitation.
      

    

    In
      the
      event and to the extent that the payments due to Gulling under this Agreement
      exceed the “reasonable compensation” limitations of Section 162(m) of the Code,
      the portion thereof that would not be deductible by the Company in the taxable
      year in which the payment is due shall be deferred by the Company and paid
      to
      Gulling on the date that is sixteen (16) months following the termination of
      Gulling’s employment, together with interest thereon at the rate provided in
      Section 7872(f)(2) of the Code.

    

    7. Covenants
      of Gulling.

    

    7.1 Confidential
      Information.
      Gulling
      acknowledges that as a result of the services to be rendered to the Company
      hereunder, Gulling will be brought into close contact with many confidential
      affairs of the Company, its subsidiaries and affiliates, not readily available
      to the public. Gulling further acknowledges that the services to be performed
      under this Agreement are of a special, unique, unusual, extraordinary, and
      intellectual character; that the Company’s goods and services are marketed
      throughout Iowa and various parts of the United States; and that the Company
      competes with other organizations that are or could be located in nearly any
      part of the United States or various parts of the world.

    

    7.2 Restriction
      on Use of Confidential Information.
      In
      recognition of the foregoing, Gulling covenants and agrees that, except as
      is
      necessary in providing services under this Agreement or to the extent necessary
      to comply with law or the valid order of a court or government agency of
      competent jurisdiction, Gulling will neither knowingly use for his own benefit,
      nor knowingly divulge any Confidential Information and Trade Secrets of the
      Company, its subsidiaries, or affiliated entities that are not otherwise in
      the
      public domain and, so long as they remain Confidential Information and Trade
      Secrets not in the public domain, will not intentionally disclose them to anyone
      outside of the Company either during or after his employment. For the purposes
      of this Agreement, “Confidential Information and Trade Secrets of the Company”
means information that is secret to the Company, its subsidiaries, or affiliated
      entities. It may include, but is not limited to, information relating to the
      products, services, new and future concepts, and business of the Company, its
      subsidiaries, or affiliates, in the form of memoranda, reports, computer
      software and data banks, customer lists, employee lists, books, records,
      financial statements, manuals, papers, contracts and strategic plans. As a
      guide, Gulling is to consider as being secret and confidential information
      originated, owned, controlled, or possessed by the Company, its subsidiaries,
      or
      affiliated entities that is not disclosed in printed publications stated to
      be
      available for distribution outside the Company, its subsidiaries, or affiliated
      entities. In instances where doubt does or should reasonably be understood
      to
      exist in Gulling’s mind as to whether information is secret and confidential to
      the Company, its subsidiaries, or affiliated entities, Gulling agrees to request
      an opinion, in writing, from the Company before disclosing such
      information.

    

    7.3 Public
      Information.
      Anything to the contrary in this Section 7 notwithstanding, Gulling shall
      disclose to the public and discuss such information as is customary or legally
      required to be disclosed by a Company whose stock is publicly traded, or that
      is
      otherwise legally required to be disclosed, or that is in the best interests
      of
      the Company to disclose.

    

    7.4 Company
      Property.
      Gulling
      will deliver promptly to the Company on the termination of his employment with
      the Company, or at any other time the Company may so request, all memoranda,
      notes, records, reports, and other documents relating to the Company, its
      subsidiaries, or affiliated entities, and all property owned by or originating
      from the Company, its subsidiaries, or affiliated entities that Gulling may
      then
      possess or have under his control.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    7.5 No
      Competition, Solicitation, or Tampering.
      Throughout the Term of the Agreement and for a period of one (1) year
      immediately following any termination or resignation of Gulling’s employment
      under this Agreement (except that the time period of such restrictions shall
      be
      extended by any period during which Gulling is in violation of this Section
      7.5), Gulling shall not directly or indirectly engage in any other business
      in
      which the Company engages during the Term of the Agreement—provided, however,
      that the restriction in Section 7.5 shall apply only to counties in which the
      Company or its subsidiaries have offices or in contiguous counties. For purposes
      of Section 7.5, Gulling shall be deemed to engage in a business if he directly
      or indirectly engages or invests in, owns, manages, operates, controls, or
      participates in the ownership, management, operation or control of, is employed
      by, associated or in any manner connected with, or renders services or advice
      to, any business in which the Company engages—provided, however, that Gulling
      may invest in the securities of any enterprise (but without otherwise
      participating in the activities of such enterprise) if two conditions are met:
      (a) such securities are listed on any national or regional securities exchange
      (or have been registered under Section 12(g) of the Securities Exchange Act
      of
      1934) and (b) Gulling does not beneficially own (as defined by Rule 13d-3
      promulgated under the Securities Exchange Act of 1934) in excess of 5% of the
      outstanding capital stock of such enterprise. The provisions of this paragraph
      shall survive and apply regardless of the reason for Gulling’s
      termination.

    

    During
      the period described in the first paragraph of Section 7.5, Gulling will not,
      directly or indirectly, for the benefit of any bank or financial institution
      or
      any company or other entity affiliated, directly or indirectly, with another
      bank or financial institution other than the Company, solicit the employment
      or
      services of, hire, or assist in the hiring of any person eligible for the
      Company’s or its subsidiaries’ compensation or benefit plans for senior officers
      or executives.

    

    During
      the period described in the first paragraph of Section 7.5, Gulling shall not
      directly or indirectly request, induce, or attempt to influence any existing
      or
      prospective customers, vendors, or licensors of the Company or its subsidiaries
      to curtail or cancel any business they may transact with the Company. For
      purposes of this Section 7.5, “prospective customers” shall mean individuals or
      entities who the Company or its subsidiaries have contacted within the twelve
      (12) months immediately preceding the termination of this Agreement. The
      provisions of this paragraph shall survive regardless of the reason for
      Gulling’s termination or resignation. 

    

    7.6 Intellectual
      Property.
      Gulling
      will promptly disclose to the Company all inventions, processes, original works
      of authorship, trademarks, patents, improvements, and discoveries related to
      the
      business of the Company, its subsidiaries, or affiliated entities (collectively
      “Developments”), conceived or developed during Gulling’s employment with the
      Company and based upon information to which he had access during the term of
      employment, whether or not conceived during regular working hours, through
      the
      use of Company time, material, or facilities or otherwise. All such Developments
      shall be the sole and exclusive property of the Company, and upon request,
      Gulling shall deliver to the Company all outlines, descriptions, and other
      data
      and records relating to such Developments, and shall execute any documents
      deemed necessary by the Company to protect the Company’s rights thereunder.
      Gulling agrees upon request to assist the Company to obtain United States or
      foreign letters patent and copyright registrations covering inventions and
      original works of authorship belonging to the Company hereunder. If the Company
      is unable because of Gulling’s mental or physical incapacity to secure Gulling’s
      signature to apply for or to pursue any application for any United States or
      foreign letters patent or copyright registrations covering inventions and
      original works of authorship belonging to the Company hereunder, then Gulling
      hereby irrevocably designates and appoints the Company and its duly authorized
      officers and agents as his agent and attorney in fact, to act for and in his
      behalf and stead to execute and file any such applications and to do all other
      lawfully permitted acts to further the prosecution and issuance of letters
      patent or copyright registrations thereon with the same legal force and effect
      as if executed by him. Gulling hereby waives and quitclaims to the Company
      any
      and all claims, of any nature whatsoever, that he may hereafter have for
      infringement of any patents or copyright resulting from any such application
      for
      letters patent or copyright registrations belonging to the Company
      hereunder.

    

    7.7 Equitable
      Remedies.
      Gulling
      agrees that the remedy at law for any breach or threatened breach of any
      covenant contained in this Section 7 may be inadequate and that the Company,
      in
      addition to such other remedies as may be available to it in law or in equity,
      shall be entitled to injunctive relief without bond or other
      security.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    7.8 Modification
      of Remedies.
      Although the covenants contained in this Section 7 above are considered by
      the
      parties hereto to be fair and reasonable in the circumstances, it is recognized
      that restrictions of such nature may fail for technical reasons, and
      accordingly, it is hereby agreed that if any of such restrictions shall be
      adjudged to be void or unenforceable for whatever reason, but would be valid
      if
      part of the wording thereof were deleted, or the period thereof reduced or
      the
      area dealt with reduced in scope, the restrictions contained herein shall be
      enforced to the maximum extent permitted by law, and the parties consent and
      agree that such scope or wording may be accordingly judicially modified in
      any
      proceeding brought to enforce such restrictions.

    

    7.9 Survival
      of Rights and Obligations.
      Notwithstanding that Gulling’s employment hereunder may expire or be terminated
      as provided in Sections 2 or 4 above, this Agreement shall continue in full
      force and effect insofar as is necessary to enforce the covenants and agreements
      of Gulling contained in this Section 7. In addition, the Company’s obligations
      under Sections 4 and 7 shall continue in full force and effect with respect
      to
      Gulling or his estate.

    

    8. Dispute
      Resolution.
      

    

    The
      parties shall use their best efforts and good will to settle any and all
      disputes by amicable negotiations. Subject to the Company’s right to seek
      injunctive relief in court as provided in Section 7.7 of this Agreement, any
      dispute, controversy, or claim arising out of or in relation to or in connection
      with this Agreement, including without limitation, any dispute as to the
      construction, validity, interpretation, enforceability, or breach of this
      Agreement, including a claim for indemnification under Section 3.9 or disability
      under Section 3.8 or 4.2, that cannot be resolved by negotiation shall be
      resolved by impartial binding arbitration. In the event that either the Company
      or Gulling demands arbitration, Gulling and the Company agree that such
      arbitration shall be the exclusive, final, and binding forum for resolution
      of
      such claims, subject to any rights of appeal that either party may have under
      any controlling law dealing with the review of arbitration
      decisions.

    

    8.1 Arbitration.
      Arbitration shall be heard and determined in Des Moines, Iowa by one arbitrator,
      who shall be impartial and who shall be selected by mutual agreement of the
      parties. If the parties cannot agree to selection of an arbitrator, the
      arbitrator shall be appointed by a Judge of the Iowa District Court for Polk
      County. Either party to this Agreement may commence an action in the Iowa
      District Court for Polk County for the limited purpose of appointment of an
      arbitrator hereunder. The Court shall select the arbitrator from candidates
      nominated by the parties hereto. Each party may nominate up to two candidates.
      In determining the arbitrator, the Court should give due consideration to the
      impartiality, background, and experience of the nominees relating to the issues
      to be resolved in the arbitration. The Court’s decision as to the identity of
      the arbitrator shall be final. It is intended that controversies or claims
      submitted to arbitration under this Section 8 shall remain confidential, and
      to
      that end, it is agreed by the parties, and must be agreed to by the arbitrator,
      that neither the facts disclosed in the arbitration, the issues arbitrated,
      nor
      the views or opinions of any persons concerning them, shall be disclosed to
      third persons at any time, except to the extent necessary to enforce an award
      or
      judgment or as required by law or in response to legal process or in connection
      with such arbitration. The parties shall be entitled to disclose the facts
      disclosed in arbitration, the issues arbitrated, and the views or opinions
      of
      any person concerning them to legal or tax advisors as long as such advisors
      agree to be bound by the confidentiality terms of this Section. Either party
      to
      this Agreement may initiate arbitration by serving a written demand for
      arbitration upon the other party. Such a demand must be served within twelve
      months of the events giving rise to the dispute and specifically identify and
      describe the dispute to be arbitrated. Any claim that is not timely made, as
      defined herein, by written notice to the other party shall be deemed absolutely
      and finally waived. The cost of the arbitration proceeding (including attorneys’
fees and expenses) shall be allocated by the arbitrator. Any award of money
      damages shall be increased by interest at the rate of 6% per annum from the
      date
      that the arbitrator finds any such money was due and payable until paid in
      full.
      Gulling and the Company agree that the hearing, if any, for any arbitration
      commenced pursuant to this Section shall be submitted to the arbitrator for
      decision within 180 days of the notice demanding arbitration.

    

    8.2 Acknowledgement
      of Parties.
      The
      Company and Gulling understand and acknowledge that this Section 8 means that
      neither of them can pursue a claim against the other in a court of law regarding
      or related to this Agreement, except as specifically stated above in Sections
      7.7 or 8.1. 

    

    9. Successors
      and Assigns.

    

    9.1 Assignment
      by the Company.
      This
      Agreement shall inure to the benefit of, and shall be binding upon, the
      successors and assigns of the Company.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    9.2 Assignment
      by Gulling.
      Gulling
      may not assign this Agreement or any part thereof—provided, however, that
      nothing herein shall preclude one or more beneficiaries of Gulling from
      receiving any amount that may be payable following the occurrence of his legal
      incompetency or his death and shall not preclude the legal representative of
      his
      estate from receiving such amount or from assigning any right hereunder to
      the
      person(s) entitled thereto under his will or, in the case of intestacy, to
      the
      person or persons entitled thereto under the laws of intestate succession
      applicable to his estate.

    

    9.3 Successors
      of the Company.
      The
      Company will require any successor to all or substantially all of the business
      and/or assets of the Company (whether direct or indirect by purchase, merger,
      consolidation, or otherwise), by agreement in form and substance acceptable
      to
      Gulling, expressly to assume and agree to perform this Agreement in the same
      manner and to the same extent that the Company would be required to perform
      it
      if no such succession had taken place. As used in this Agreement, “Company” as
      heretofore defined shall include any successor to its business and/or assets
      as
      aforesaid that executes and delivers the agreement provided for in this Section
      9.3 or that otherwise becomes bound by all the terms and provisions of this
      Agreement by operation of law.

    

    10. Governing
      Law.
      

    

    This
      Agreement shall be deemed a contract made under, and for all purposes shall
      be
      construed in accordance with, the laws of the State of Iowa without reference
      to
      the principles of conflict of laws.

    

    11. Entire
      Agreement.
      

    

    This
      Agreement and those plans and agreements referenced herein contain all the
      understandings and representations between the parties hereto pertaining to
      the
      subject of the employment of Gulling by the Company and its subsidiaries and
      supersede all undertakings and agreements, whether oral or in writing, if any
      there be, previously entered into by them with respect thereto, including all
      prior Employment Agreements and any amendments thereto.

    

    12. Amendment
      or Modification; Waiver.
      

    

    No
      provision of this Agreement may be amended or modified unless such amendment
      or
      modification is agreed to in writing, signed by Gulling and by a duly authorized
      officer or director of the Company, and approved in advance and authorized
      by
      the Board. Except as otherwise specifically provided in this Agreement, no
      waiver by either party hereto of any breach by the other party of any condition
      or provision of the Agreement to be performed by such other party shall be
      deemed a waiver of a similar or dissimilar provision or condition at the same
      or
      any prior or subsequent time.

    

    13. Notices.
      

    

    Any
      notice to be given hereunder shall be in writing and delivered personally or
      sent by overnight mail, such as Federal Express, addressed to the party
      concerned at the address indicated below or to such other address as such party
      may subsequently give notice of hereunder in writing:

    

    If
      to
      Company:

    

    Chairman
      of the Compensation Committee

    Board
      of
      Directors

    West
      Bancorporation, Inc. 

    1601
      22nd
      Street

    West
      Des
      Moines, Iowa 50266

    

    If
      to
      Gulling:

    

    Douglas
      R. Gulling

    9620
      Hammontree Drive

    Urbandale,
      Iowa 50322

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    14. Severability.
      

    

    In
      the
      event that any provision or portion of this Agreement is determined to be
      invalid or unenforceable for any reason, the remaining provisions or portions
      of
      this Agreement shall be unaffected thereby and shall remain in full force and
      effect to the fullest extent permitted by law.

    

    15. Withholding.
      

    

    Anything
      in this Agreement to the contrary notwithstanding, all payments required to
      be
      made by the Company hereunder to Gulling or his beneficiaries, including his
      estate, shall be subject to withholding and deductions as the Company may
      reasonably determine it should withhold or deduct pursuant to any applicable
      law
      or regulation. In lieu of withholding or deducting such amounts, in whole or
      in
      part, the Company may, in its sole discretion, accept other provision for
      payment as permitted by law, provided it is satisfied in its sole discretion
      that all requirements of law affecting its responsibilities to withhold or
      deduct such amounts have been satisfied.

    

    16. Deferred
      Payments.

    

    Any
      amounts required under this Agreement to be paid to Gulling that Gulling can
      and
      does elect to defer under any Company benefit plan or program shall be deemed
      to
      have been paid to him for purposes of this Agreement—provided, however, that if
      the Company breaches the terms of any deferred compensation plan, arrangement,
      or agreement with respect to which such amounts are to be paid, Gulling may
      claim a breach of this Agreement.

    

    Notwithstanding
      anything in this Agreement or elsewhere to the contrary:

    

    (a) If
      payment or provision of any amount or other benefit that is “deferred
      compensation” subject to Section 409A of the Code at the time otherwise
      specified in this Agreement or elsewhere would subject such amount or benefit
      to
      additional tax pursuant to Section 409A(a)(1)(B) of the Code, and if payment
      or
      provision thereof at a later date would avoid any such additional tax, then
      the
      payment or provision thereof shall be postponed to the earliest date on which
      such amount or benefit can be paid or provided without incurring any such
      additional tax. In the event this Section requires a deferral of any payment,
      such payment shall be accumulated and paid in a single lump sum on such earliest
      date together with interest for the period of delay, compounded annually, equal
      to the prime rate (as published in The Wall Street Journal), and in effect
      as of
      the date the payment should otherwise have been provided.

    

    (b) If
      any
      payment or benefit permitted or required under this Agreement, or otherwise,
      is
      reasonably determined by either party to be subject for any reason to a material
      risk of additional tax pursuant to Section 409A(a)(1)(B) of the Code, then
      the
      parties shall promptly agree in good faith on appropriate provisions to avoid
      such risk without materially changing the economic value of this Agreement
      to
      either party.

    

    17. Survival.
      

    

    The
      respective rights and obligations of the parties hereunder shall survive any
      termination of this Agreement to the extent necessary to the intended
      preservation of such rights and obligations.

    

    18. Duty
      to Mitigate; Set-off; Reimbursement.

    

    Gulling
      shall not be required to seek employment, nor shall the amount of any payment
      provided for under this Agreement be reduced by any compensation earned by
      Gulling as the result of employment by another employer, as allowed and without
      violating this Agreement, after the date of termination of Gulling’s employment
      pursuant to this Agreement. The Company’s obligation to make the payments
      provided for in this Agreement and otherwise to perform its obligations
      hereunder shall not be affected by any set-off, counterclaim, recoupment,
      defense, right of reimbursement, or other claim, right, or action that the
      Company may have against Gulling or others, except to the extent that Gulling
      violates Section 7.5 of this Agreement or Gulling is obligated to reimburse
      the
      Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    19. Headings.

    

    Headings
      of the sections of this Agreement, where used, are intended solely for
      convenience, and no provision of this Agreement is to be construed by reference
      to the title of any section.

    

    20. Knowledge
      and Representation.

    

    The
      Company and Gulling acknowledge that they understand the terms of this
      Agreement, that they understand the nature and extent of the rights and
      obligations provided under this Agreement, and that they have been represented
      by legal counsel and other professional advisors in the negotiation and
      preparation of this Agreement to the extent of their wishes.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

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

    

    DOUGLAS
      R. GULLING

    

    
      	
              /s/
                Douglas R. Gulling 

            
	
              Douglas
                R. Gulling

            

    

    

    WEST
      BANCORPORATION, INC.

    

    
      	
              By:

            	
              /s/
                Robert G. Pulver

            
	
              Robert
                G. Pulver

            
	
              Chair,
                Compensation Committee

            
	
              West
                Bancorporation, Inc.

            

    

     

    
      
        
        

      

      
        15

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