Document:

exv10w2

EXHIBIT 10.2

[FORM OF 3 YEAR EMPLOYMENT AGREEMENT]

EMPLOYMENT AGREEMENT

     This Employment Agreement (the “Agreement”) is made effective as of the                      day of
                                        , 2009 (the “Effective Date”), by and between OmniAmerican Bank (the “Bank”),
a federally chartered stock savings bank with its principal administrative office at 1320 S.
University Dr., Suite 900, Fort Worth, Texas 76107, and Tim Carter (“Executive”). The Bank is a
wholly-owned subsidiary of OmniAmerican Bancorp, Inc., a Maryland corporation (the “Company”). The
Company has executed this Agreement for the sole purpose of guaranteeing the Bank’s financial
performance hereunder.

     WHEREAS, Executive is currently employed as the President and Chief Executive Officer of the
Bank, and the Bank wishes to assure itself of the continued services of Executive as President and
Chief Executive Officer of the Bank for the period provided in this Agreement; and

     WHEREAS, in order to induce Executive to remain in the employ of the Bank and to provide
further incentive for Executive to achieve the financial and performance objectives of the Bank,
the parties desire to enter into this Agreement; and

     WHEREAS, the Board of Directors of the Bank finds it to be in the best interest of the Bank to
enter into this Agreement with Executive.

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

1. POSITION AND RESPONSIBILITIES

     During the term of this Agreement, Executive agrees to serve as President and Chief Executive
Officer of the Bank, and will perform all duties and will have all powers that are generally
incident to the office of the President and Chief Executive Officer. Without limiting the
generality of the foregoing, Executive will be responsible for the overall management of the Bank,
and will be responsible for establishing the business objectives, policies and strategic plans of
the Bank in conjunction with the Board of Directors (the “Board”) of the Bank. Executive also will
be responsible for providing leadership and direction to all departments or divisions of the Bank,
and will be the primary contact between the Board and other officers and employees of the Bank. As
President and Chief Executive Officer, Executive will report directly to the Board.

     Executive also agrees to serve, if appointed or elected, as a director of the Bank or the
Company, and as an officer and/or director of any subsidiary or affiliate of the Bank or the
Company.

 

 

2. TERM

     (a) Term and Annual Review. The term of this Agreement will begin as of the Effective
Date and will continue for thirty-six (36) full calendar months thereafter. Commencing on the
first anniversary date of this Agreement (the “Anniversary Date”) and continuing on each
Anniversary Date thereafter, the disinterested members of the Board may extend the term of this
Agreement for an additional year such that the remaining term shall be thirty-six (36) months,
unless written notice of non-renewal is provided to Executive at least thirty (30) days prior to
any such Anniversary Date, in which case the term of this Agreement will become fixed and will
terminate at the end of the thirty-six (36) months following such Anniversary Date. Prior to each
Anniversary Date, the disinterested members of the Board will conduct a comprehensive performance
evaluation and review of Executive for purposes of determining whether to extend this Agreement,
and the results thereof will be included in the minutes of the Board’s meeting.

     (b) Continued Employment Following Expiration of Term. Nothing in this Agreement
shall mandate or prohibit a continuation of Executive’s employment following the expiration of the
term of this Agreement, upon such terms and conditions as the Bank and Executive may mutually
agree.

3. LOYALTY AND OUTSIDE ACTIVITIES

     During the period of his employment hereunder, except for periods of absence occasioned by
illness, reasonable vacation periods, and reasonable leaves of absence, Executive will devote all
of his business time, attention, skill and efforts to the faithful performance of his duties under
this Agreement, including activities and duties directed by the Board. Notwithstanding the
preceding sentence, subject to the approval of the Board, Executive may serve as a member of the
board of directors of business, community and charitable organizations, provided that in each case
such service shall not materially interfere with the performance of his duties under this
Agreement, adversely affect the reputation of the Bank, or present any conflict of interest.
Executive will present annually to the Board for its review and approval a list of organizations in
which Executive is participating or proposes to participate. The Bank will reimburse Executive his
reasonable expenses associated therewith, in accordance with the Bank’s policy for such
reimbursements or as determined by the Bank’s Board, to the extent the Bank deems Executive’s
participation therein to be in the best interest of the Bank. Notwithstanding the foregoing, the
Bank shall pay the monthly dues of Executive’s membership in Colonial Country club, the Fort Worth
Exchange Club, the Fort Worth Club, and the Rotary Club of Fort Worth, all in Tarrant County,
Texas. Notwithstanding anything herein to the contrary, no reimbursement shall be made later than
March 15 of the calendar year following the calendar year in which the expense was incurred.

4. COMPENSATION AND REIMBURSEMENT

     (a) Base Salary. In consideration of Executive’s performance of the responsibilities
and duties set forth in Section 1, the Bank will provide Executive the compensation specified in
this Agreement. The Bank will pay Executive a salary of $450,000.00 per year (“Base Salary”).
Such Base Salary will be payable in accordance with the customary payroll practices of the Bank.
During the period of this Agreement, the Board, or a Committee designated by the Board,

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will review Executive’s Base Salary at least annually, and the Board may increase, but not
decrease Executive’s Base Salary (except for a decrease that is not in excess of any decrease that
is generally applicable to “Executive Officers” of the Bank, as such term is defined in 12 U.S.C. §
251.2(e) (Regulation O)). Any increase in Base Salary will become the “Base Salary” for purposes
of this Agreement.

     To the extent that Executive performs any services for the Company or an affiliate or
subsidiary, any compensation paid to Executive for such services shall be paid to Executive by such
entity and shall not be paid by the Bank unless the Bank receives reimbursement for such payment
from such entity, as required by Section 23A and 23B of the Federal Reserve Act.

     (b) Bonus and Incentive Compensation. Executive will be entitled to participate in
any incentive compensation and bonus plans or arrangements of the Bank. Such incentive
compensation will be paid in cash in accordance with the terms of such plans or arrangements, or on
a discretionary basis by the Board or a Committee designated by the Board. Nothing paid to
Executive under any such plans or arrangements will be deemed to be in lieu of other compensation
to which Executive is entitled under this Agreement.

     (c) Benefit Plans. Executive will be entitled to participate in all employee benefit
plans, arrangements and perquisites substantially equivalent to those in which Executive was
participating or otherwise deriving benefit from immediately prior to the beginning of the term of
this Agreement. The Bank will not, without Executive’s prior written consent, make any changes in
such plans, arrangements or perquisites which would adversely affect Executive’s rights or benefits
thereunder (other than a change or reduction that would apply uniformly to other participating
officers and employees of the Bank). Without limiting the generality of the foregoing provisions
of this Section 4(c), Executive also will be entitled to participate in or receive benefits under
any employee benefit plans including but not limited to, stock benefit plans, retirement plans,
supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident plans,
medical coverage or any other employee benefit plan or arrangement made available by the Bank in
the future to its senior executives and key management employees, subject to and on a basis
consistent with the terms, conditions and overall administration of such plans and arrangements.

     (d) Life, Health, Dental and Disability Coverage. Bank shall provide Executive with
life, medical, dental and disability coverage made available by the Bank to its senior executives
and key management employees, subject to and on a basis consistent with the terms and overall
administration of such coverage.

     (e) Use of Automobile. During the term of the Agreement, the Bank shall provide
Executive with an automobile, or shall reimburse Executive for the use of his personal automobile
in accordance with the Bank’s normal policy. In the event an automobile is furnished by the Bank,
it shall be fully maintained by the Bank, and the Bank shall provide insurance against liability
that results from the use of such automobile. Executive shall be responsible for properly
preventing the loss, theft, or destruction of the automobile, including its garaging at the Bank’s
place of business, the expense of which, however, shall be paid by the Bank.

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     (f) Vacation and Leave. Executive will be entitled to no less than four (4) weeks
paid vacation time each year during the term of this Agreement (measured on a fiscal or calendar
year basis, in accordance with the Bank’s usual practices), as well as sick leave, holidays and
other paid absences in accordance with the Bank’s policies and procedures for senior executives.
Any unused paid time off during an annual period will be treated in accordance with the Bank’s
personnel policies as in effect from time to time.

     (e) Expense Reimbursements. During the term of this Agreement, the Bank will
reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred
by Executive during the course of performing his obligations under this Agreement, including,
without limitation, fees for memberships in such organizations as Executive and the Board mutually
agree are necessary and appropriate in connection with the performance of his duties under this
Agreement, upon substantiation of such expenses in accordance with applicable policies and
procedures of the Bank.

5. WORKING FACILITIES

     Executive’s principal place of employment will be at the Bank’s principal executive offices.
The Bank will provide Executive at his principal place of employment, a private office, secretarial
and other support services and facilities suitable to his position with the Bank and necessary or
appropriate in connection with the performance of his duties under this Agreement.

6. TERMINATION AND TERMINATION PAY

     Subject to Section 7 of this Agreement which governs a termination in the event of a Change in
Control, Executive’s employment under this Agreement may be terminated in the following
circumstances:

     (a) Death. Executive’s employment under this Agreement will terminate upon his death
during the term of this Agreement, in which event Executive’s estate or beneficiary will receive
the compensation due to Executive through the last day of the calendar month in which his death
occurred. Upon Executive’s death, Executive’s family shall be entitled to the continued health
care coverage rights provided under the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended (“COBRA”) and Texas health care continuation laws for the maximum period permitted under
applicable law and, for the first 12 months of such period, the Bank shall reimburse Executive’s
family for the premiums paid no less frequently than quarterly and within 15 days following the end
of each quarter, such that premiums paid in the first quarter of a calendar year shall be
reimbursed by April 15, premiums paid in the second quarter shall be reimbursed by July 15, etc.

     (b) Retirement. This Agreement will terminate upon Executive’s “Retirement” under the
retirement benefit plan or plans of the Bank in which he participates. Executive will not be
entitled to the termination benefits specified in Section 6 or 7 hereof in the event of termination
due to Retirement. For purposes of this Agreement, termination of Executive’s employment based on
Retirement shall include termination of Executive’s employment by the Board for any reason after
Executive attains the age of sixty-five (65).

     (c) Disability.

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	 	(i)	 	The Board may terminate Executive’s employment after having
determined that Executive is “Disabled.” For purposes of this Agreement,
Executive will be considered “Disabled” and the Board will have the right to
terminate this Agreement due to Executive’s Disability in any case in which it
is determined: (A) by a duly licensed physician selected by the Bank that
Executive is unable to engage in any substantial gainful employment for which
he is reasonably suited by education, training or experience by reason of any
medically determinable physical or mental impairment which can be expected to
result in death, or last for a period of not less than 12 months, (B), or by
reason of the condition described in “(A),” the Executive is receiving income
replacement benefits for a period of not less than three months under an
accident and health plan covering employees of the Bank, or (C) by the Social
Security Administration that Executive is disabled.
	 
	 	(ii)	 	In the event the Board determines that Executive is Disabled,
Executive will no longer be obligated to perform services under this Agreement.
Upon Executive’s termination due to Disability, the Bank will cause to be
continued for a period of three (3) years, life insurance coverage
substantially comparable to the coverage maintained by the Bank for Executive
prior to his termination. Notwithstanding the foregoing, with respect to the
individually-owned life insurance policy for which the Bank co-pays the premium
for Executive, the Bank shall only be obligated to continue to make such
payments for such three year period in accordance with the same co-pay
arrangement in effect immediately prior to Executive’s Disability. In
addition, Executive shall also have the right to purchase such continued health
care coverage for himself and his family as is customarily available to
employees of the Bank under COBRA and Texas health care continuation laws for
the maximum period provided by law and the Bank shall reimburse the Executive
for the premiums paid by Executive no less frequently than quarterly and within
15 days following the end of a quarter, such that premiums paid in the first
quarter of a calendar year shall be reimbursed by April 15, premiums paid in
the second quarter shall be reimbursed by July 15, etc.

     (d) Termination for Cause.

	 	(i)	 	The Board may, by written notice to Executive in the form and
manner specified in this paragraph, immediately terminate his employment at any
time for “Cause.” Executive shall have no right to receive compensation or
other benefits for any period after termination for Cause, except for already
vested benefits. Termination for Cause shall mean termination because of, in
the good faith determination of the Board, Executive’s:

	 	(1)	 	personal dishonesty;
	 
	 	(2)	 	incompetence;

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	 	(3)	 	willful misconduct;
	 
	 	(4)	 	breach of fiduciary duty involving personal
profit;
	 
	 	(5)	 	material breach of the Bank’s Code of Ethics;
	 
	 	(6)	 	material violation of the Sarbanes-Oxley
requirements for officers of public companies that in the reasonable
opinion of the Board will likely cause substantial financial harm or
substantial injury to the reputation of the Bank;
	 
	 	(7)	 	intentional failure to perform stated duties
under this Agreement;
	 
	 	(8)	 	willful violation of any law, rule or
regulation (other than traffic violations or similar offenses), any
felony conviction, any violation of law involving moral turpitude, or
any violation of a final cease-and-desist order; or
	 
	 	(9)	 	material breach by Executive of any provision
of this Agreement.

	 	(ii)	 	Notwithstanding the foregoing, Executive’s termination for
Cause will not become effective unless Executive has received a notice of
termination as required by Section 8 hereof, following a meeting of the Board
at which a majority of the entire membership of the Board has determined that,
in the good faith opinion of the Board, Executive was guilty of the conduct
described above. In lieu of such meeting, such determination can be made in
any other method permitted by the By-laws of the Bank.

     (e) Voluntary Termination by Executive. In addition to his other rights to terminate
his employment under this Agreement, Executive may voluntarily terminate employment during the term
of this Agreement upon at least sixty (60) days prior written notice to the Board. Upon
Executive’s voluntary termination, he will receive only his compensation and vested rights and
benefits to the date of his termination. Following his voluntary termination of employment under
this Section 6(e), Executive will be subject to the restrictions set forth in Sections 9(a) and
9(b) of this Agreement.

     (f) Termination Without Cause or With Good Reason.

	 	(i)	 	In addition to termination pursuant to Sections 6(a) through
6(e), the Board may, by written notice to Executive, immediately terminate his
employment at any time for a reason other than Cause (a termination “Without
Cause”), and Executive may, by written notice to the Board, terminate this
Agreement at any time within sixty (60) days following an event constituting
“Good Reason,” as defined below (a termination “With Good Reason”); provided,
however, that the Bank shall have thirty (30) days to cure the “Good Reason”
condition, but the Bank may waive its right to cure. Any termination of
Executive’s employment, other than Termination for Cause, shall have no effect
on or prejudice the vested

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	 	 	 	rights of Executive under the Bank’s qualified or non-qualified retirement,
pension, savings, thrift, profit-sharing or stock bonus plans, group life,
health (including hospitalization, medical and major medical), dental,
accident and long term disability insurance plans or other employee benefit
plans or programs, or compensation plans or programs in which Executive was
a participant.
	 
	 	(ii)	 	In the event of termination under this Section 6(f), Executive
will receive a cash lump sum payment equal to three (3) times the sum of (i)
his Base Salary and (ii) average rate of bonus paid during the three years
prior to his termination of employment. Such severance payment shall be paid
within thirty (30) days following Executive’s termination of employment.
	 
	 	(iii)	 	In addition, the Bank will reimburse Executive for a period of
three (3) years at no cost to Executive, for life insurance coverage
substantially comparable to the coverage maintained by the Bank for Executive
prior to his termination, and with respect to the group term life insurance
coverage provided to Executive, subject to all of the provisions of the group
term life insurance policy provided by OmniAmerican Bank to its employees as of
the date of termination. Notwithstanding the foregoing, with respect to the
individually-owned life insurance policy for which the Bank co-pays the premium
for Executive, the Bank shall only be obligated to continue to make such
payments for such three year period in accordance with the same co-pay
arrangement as in effect immediately prior to Executive’s termination of
employment. In addition, Executive shall have the right to purchase such
continued health care coverage for himself and his family as is customarily
available to employees of the Bank under COBRA and Texas health care
continuation laws for the maximum period permitted by law and the Bank shall
reimburse the Executive for the premiums paid by Executive no less frequently
than quarterly and within 15 days following the end of a quarter, such that
premiums paid in the first quarter of a calendar year shall be reimbursed by
April 15, premiums paid in the second quarter shall be reimbursed by July 15,
etc. Following the end of the applicable COBRA and Texas health care
continuation periods and for the remainder of the three year period following
Executive’s termination of employment, the Bank shall reimburse Executive, on a
quarterly basis by no later than the 15th day following the end of
such quarter, the cost of purchasing individual coverage for himself and his
family, up to $5,000 per month. In the event Executive obtains employment
elsewhere and is eligible for and is offered health care coverage as an
employee of such new employer, the Bank’s obligation to provide health care
coverage hereunder shall cease.
	 
	 	(iv)	 	“Good Reason” exists if, without Executive’s express written
consent, any of the following occurs:

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	 	(1)	 	a failure to elect or reelect or to appoint or
reappoint Executive as President and Chief Executive Officer;
	 
	 	(2)	 	a material change in Executive’s position to
become one of lesser responsibility, importance, or scope from the
position and attributes thereof described in Section 1 above;
	 
	 	(3)	 	a liquidation or dissolution of the Bank other
than liquidations or dissolutions that are caused by reorganizations
that do not affect the status of Executive;
	 
	 	(4)	 	a material reduction in Executive’s Base
Salary; provided however, that except following a Change in Control,
any decrease that is not in excess of a decrease that is generally
applicable to Executive Officers as a group shall not violate this
provision;
	 
	 	(5)	 	a material reduction in the aggregate welfare
and/or fringe benefits provided to Executive from those provided at the
effective date of this Agreement, provided however, that except
following a Change in Control, any elimination or modification of any
fringe benefit program that is applicable to Executive Officers as a
group shall not violate this provision; or
	 
	 	(6)	 	a relocation of Executive’s principal place of
employment by more than 50 miles from its location as of the date of
this Agreement without the Executive’s express written consent.

	 	(v)	 	Notwithstanding anything else in this Section 6(f), Executive’s
employment shall not be deemed to have been terminated pursuant to this Section
6(f) or for purposes of Code Section 409A, unless and until the Executive has a
Separation from Service within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”). For purposes of this Agreement,
a “Separation from Service” shall have occurred if the Bank and Executive
reasonably anticipate that either no further services will be performed by
Executive after the date of the termination (whether as an employee or as an
independent contractor) or the level of further services performed will not
exceed 49% of the average level of bona fide services in the thirty-six (36)
months immediately preceding the termination. For all purposes hereunder, the
definition of Separation from Service shall be interpreted consistent with
Treasury Regulation Section 1.409A-1(h)(ii). If Executive is a “Specified
Employee,” as defined in Code Section 409A, to the extent necessary to avoid
penalties under Code Section 409A, such payment or a portion of such payment
(to the minimum extent possible) shall be delayed and shall be paid on the
first day of the seventh month following Executive’s Separation from Service.

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     (g) Termination and Board Membership. To the extent Executive is a member of the
Board on the date of termination of employment with the Bank (other than a termination due to
Retirement or in connection with a Change in Control), Executive will resign from the Board
immediately following such termination of employment with the Bank. Executive will be obligated to
tender this resignation regardless of the method or manner of termination (other than termination
due to Retirement or in connection with a Change in Control), and such resignation will not be
conditioned upon any event or payment.

     (h) Release. Notwithstanding the foregoing, Executive shall not be entitled to any
payments or benefits under this Section 6 unless and until Executive executes a release of his
claims against the Bank, the Company and any affiliate, and their officers, directors, successors
and assigns, releasing said persons from any and all claims, rights, demands, causes of action,
suits, arbitrations or grievances relating to the employment relationship, including claims under
the Age Discrimination in Employment Act, but not including claims for benefits under tax-qualified
plans or other benefit plans in which Executive is vested, claims for benefits required by
applicable law or claims with respect to obligations set forth in this Agreement that survive the
termination of this Agreement.

     (i) No Duplication of Benefits. In the event Executive becomes entitled to severance
benefits under this Agreement due to a termination of employment compensable under this Section 6
or Section 7, Executive shall receive such benefits under this Section or under Section 7 below, as
applicable, but shall not be entitled to receive benefits under both Sections of this Agreement.

7. TERMINATION IN CONNECTION WITH A CHANGE IN CONTROL

     (a) Change in Control Defined. For purposes of this Agreement, a “Change in Control”
means any of the following events:

	 	(i)	 	Merger: The Company or the Bank merges into or
consolidates with another entity, or merges another bank or corporation into
the Bank or the Company, and as a result, less than a majority of the combined
voting power of the resulting corporation immediately after the merger or
consolidation is held by persons who were stockholders of the Company or the
Bank immediately before the merger or consolidation;
	 
	 	(ii)	 	Acquisition of Significant Share Ownership: There is
filed, or is required to be filed, a report on Schedule 13D or another form or
schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of
the Securities Exchange Act of 1934, as amended, if the schedule discloses that
the filing person or persons acting in concert has or have become the
beneficial owner of 25% or more of a class of the Company’s or the Bank’s
voting securities; provided, however, this clause (ii) shall not apply to
beneficial ownership of the Company’s or the Bank’s voting shares held in a
fiduciary capacity by an entity of which the Company directly or indirectly
beneficially owns 50% or more of its outstanding voting securities;

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

     (b) Termination. If after a Change in Control, (i) the Bank terminates Executive’s
employment Without Cause, or (ii) Executive voluntarily terminates his employment With Good Reason,
the Bank will, within ten (10) calendar days of the termination of Executive’s employment, make a
lump-sum cash payment to him equal to three (3) times the sum of (i) Executive’s Base Salary and
(ii) highest rate of bonus paid during the calendar year in which termination occurs or any of the
three years prior to his termination of employment. Such severance payment shall be paid within
thirty (30) days following Executive’s termination of employment. In addition, the Bank will
provide, at no cost to Executive, life insurance coverage substantially comparable to the coverage
maintained by the Bank for Executive prior to his termination for a period of three (3) years, and
with respect to the group term life insurance coverage provided to Executive, subject to all of the
provisions of the group term life insurance policy provided by OmniAmerican Bank to its employees
as of the date of termination. Notwithstanding the foregoing, with respect to the
individually-owned life insurance policy for which the Bank co-pays the premium for Executive, the
Bank shall only be obligated to continue to make such payments for such three year period in
accordance with the same co-pay arrangement as in effect immediately prior to Executive’s
termination of employment. In addition, the Bank shall pay for or, if the Bank is self-insured at
such time, Executive shall have the right to purchase such continued health care coverage for
himself and his family as is customarily available to employees of the Bank under COBRA and Texas
health care continuation laws for the maximum period permitted by law. If Executive pays for such
coverage, the Bank shall reimburse the Executive for the premiums paid by Executive no less
frequently than quarterly, within 15 days following the end of a quarter, such that premiums paid
in the first quarter of a calendar year shall be reimbursed by April 15, premiums paid in the
second quarter shall be reimbursed by July 15, and so on. Following the end of the applicable
COBRA and Texas health care continuation periods and for the remainder of the three year period
following Executives termination of employment, the Bank shall reimburse Executive, on a quarterly
basis by no later than the 15th day following the end of such quarter, the cost of
purchasing individual coverage for himself and his family, up to $5,000 per month.

     (c) Separation from Service. Notwithstanding Sections 7(a) or 7(b) above, Executive
shall not be deemed to have been terminated following a Change in Control unless and until the
Executive has a Separation from Service within the meaning of Code Section 409A. For purposes of
this Agreement, a “Separation from Service” shall have occurred if the Bank and

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Executive reasonably anticipate that either no further services will be performed by the
Executive after the date of the termination (whether as an employee or as an independent
contractor) or the level of further services performed will not exceed 49% of the average level of
bona fide services in the thirty-six (36) months immediately preceding the termination. For all
purposes hereunder, the definition of Separation from Service shall be interpreted consistent with
Treasury Regulation Section 1.409A-1(h)(ii). If Executive is a “Specified Employee,” as defined in
Code Section 409A, then to the extent necessary to avoid penalties under Code Section 409A, such
payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be
paid on the first day of the seventh month following Executive’s Separation from Service.

     (d) Survival. The provisions of this Section 7 and Sections 10 through 20, including
the defined terms used in such sections, shall continue in effect until the later of the expiration
of this Agreement or one year following a Change in Control.

8. NOTICE

     (a) Notice of Termination. A “notice of termination” shall mean a written notice
which shall indicate the specific termination provision in this Agreement relied upon and shall set
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of Executive’s employment under the provision so indicated.

     (b) Date of Termination. “Date of termination” shall mean (i) if Executive’s
employment is terminated for Disability, thirty (30) days after a notice of termination is given
(provided that he shall not have returned to the performance of his duties on a full-time basis
during such thirty (30) day period), or (ii) if Executive’s employment is terminated for any other
reason, the date specified in the notice of termination.

     (c) Good Faith Resolution. If the party receiving a notice of termination desires to
dispute or contest the basis or reasons for termination, the party receiving the notice of
termination must notify the other party within thirty (30) days after receiving the notice of
termination that such a dispute exists, and shall pursue the resolution of such dispute in good
faith and with reasonable diligence pursuant to Section 17 of this Agreement. During the pendency
of any such dispute, the Bank shall not be obligated to pay Executive compensation or other
payments beyond the date of termination. Any amounts paid to Executive upon resolution of such
dispute under this Section shall be offset against or reduce any other amounts due under this
Agreement.

9. POST-TERMINATION OBLIGATIONS/NON-COMPETE.

     (a) Non-Solicitation/Non-Compete. Executive hereby covenants and agrees that, for a
period of two (2) years following his termination of employment with the Bank (other than a
termination of employment following a Change in Control), he shall not, without the written consent
of the Bank, either directly or indirectly:

	 	(i)	 	solicit, offer employment to, or take any other action intended
(or that a reasonable person acting in like circumstances would expect) to have
the effect of causing any officer or employee of the Bank, or of any holding

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	 	 	 	company of the Bank, or any of their respective subsidiaries or affiliates,
to terminate his or her employment and accept employment or become
affiliated with, or provide services for compensation in any capacity
whatsoever to, any business whatsoever that competes with the business of
the Bank, or of any holding company of the Bank, or any of their direct or
indirect subsidiaries or affiliates, that has headquarters or offices within
twenty-five (25) miles of any location(s) in which the Bank, or any holding
company of the Bank, has business operations or has filed an application for
regulatory approval to establish an office;
	 
	 	(ii)	 	become an officer, employee, shareholder (except Executive
shall be permitted to own non-voting preferred stock or up to 5% of the
outstanding common stock of any entity if such common stock is publicly
traded), consultant, director, independent contractor, agent, joint venturer,
partner or trustee of any savings bank, savings and loan association, savings
and loan holding company, credit union, bank or bank holding company, insurance
company or agency, any mortgage or loan broker or any other entity that
competes with the business of the Bank, or any holding company of the Bank, or
any of their direct or indirect subsidiaries or affiliates that: (i) has a
headquarters within twenty-five (25) miles of any location(s) in which the
Bank, or any holding company of the Bank, has business operations or has filed
an application for regulatory approval to establish an office (the “Restricted
Territory”) or (ii) has one or more offices, but is not headquartered, within
the Restricted Territory, but in the latter case, only if Executive would be
employed, conduct business or have other responsibilities or duties within the
Restricted Territory; or
	 
	 	(iii)	 	solicit, provide any information, advice or recommendation or
take any other action intended (or that a reasonable person acting in like
circumstances would expect) to have the effect of causing any customer of the
Bank or its affiliates to terminate an existing business or commercial
relationship with the Bank.

     (b) Confidentiality. Executive recognizes and acknowledges that the knowledge of the
business activities, plans for business activities, and all other proprietary information of the
Bank, or any holding company of the Bank, as it may exist from time to time, are valuable, special
and unique assets of the business of the Bank, or any holding company of the Bank. Executive will
not, during or after the term of his employment, disclose any knowledge of the past, present,
planned or considered business activities or any other similar proprietary information of the Bank,
or any holding company of the Bank, to any person, firm, corporation, or other entity for any
reason or purpose whatsoever unless expressly authorized by the Board or required by law.
Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or
economic principles, concepts or ideas which are not solely and exclusively derived from the
business plans and activities of the Bank, or any holding company of the Bank. Further, Executive
may disclose information regarding the business activities of the Bank, or any holding company of
the Bank, to any bank regulator having regulatory jurisdiction over the activities of the Bank, or
any holding company of the Bank, pursuant to a formal

12

 

regulatory request. In the event of a breach or threatened breach by Executive of the
provisions of this Section, the Bank, or any holding company of the Bank, will be entitled to an
injunction restraining Executive from disclosing, in whole or in part, the knowledge of the past,
present, planned or considered business activities of the Bank, or any holding company of the Bank,
or any other similar proprietary information, or from rendering any services to any person, firm,
corporation, or other entity to whom such knowledge, in whole or in part, has been disclosed or is
threatened to be disclosed. Nothing herein will be construed as prohibiting the Bank, or any
holding company of the Bank, from pursuing any other remedies available to the Bank, or any holding
company of the Bank, for such breach or threatened breach, including the recovery of damages from
Executive.

     (c) Information/Cooperation. Executive shall, upon reasonable notice, furnish such
information and assistance to the Bank as may be reasonably required by the Bank, in connection
with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a
party; provided, however, that Executive shall not be required to provide information or assistance
with respect to any litigation between the Executive and the Bank or any of its subsidiaries or
affiliates.

     (d) Reliance. All payments and benefits to Executive under this Agreement shall be
subject to Executive’s compliance with this Section 9, to the extent applicable. The provisions of
this Section 9 shall survive the termination of this Agreement. The parties hereto, recognizing
that irreparable injury will result to the Bank, its business and property in the event of
Executive’s breach of this Section 9, agree that, notwithstanding Section 17 hereof, in the event
of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and
damages available, to an injunction to restrain the violation hereof by Executive and all persons
acting for or with Executive. Executive acknowledges that, without the necessity of proving actual
damages or posting bond or other security, the Bank shall be entitled to temporary or permanent
injunction or injunctions to prevent breaches of such performance and to specific enforcement of
such covenants in addition to any other remedy to which the Bank may be entitled, at law or in
equity. Executive represents and admits that Executive’s experience and capabilities are such that
Executive can obtain employment in a business engaged in other lines of business than the Bank, and
that the enforcement of a remedy by way of injunction will not prevent Executive from earning a
livelihood. Nothing herein will be construed as prohibiting the Bank, or any holding company of
the Bank, from pursuing any other remedies available to them for such breach or threatened breach,
including the recovery of damages from Executive.

10. SOURCE OF PAYMENTS

     All payments provided in this Agreement shall be timely paid in cash or check from the general
funds of the Bank, provided, however, that the Company hereby guarantees payment and provision of
all amounts and benefits due hereunder to Executive.

11. REQUIRED REGULATORY PROVISIONS

     (a) If Executive is suspended from office and/or temporarily prohibited from participating in
the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) (12 USC §1818(e)(3)) or
8(g)(1) (12 USC §1818(g)(1)) of the Federal Deposit Insurance Act

13

 

(“FDIA”), the Bank’s obligations under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the
Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its
contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations
which were suspended.

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

     (c) If the Bank is in default as defined in Section 3(x)(1) (12 U.S.C. §1813(x)(1)) of FDIA,
all obligations under this Agreement shall terminate as of the date of default, but this paragraph
shall not affect any vested rights of the contracting parties.

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

     (e) Notwithstanding anything herein to the contrary, any payments to Executive by the Company
or the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon
their compliance with Section 18(k) of FDIA, 12 U.S.C. Section 1828(k), and the regulations
promulgated thereunder in 12 C.F.R. Part 359.

     (f) Notwithstanding anything herein to the contrary, payments to or for the benefit of
Executive hereunder shall not exceed three times Executive’s annual average compensation for the
five most recent taxable years, within the meaning of Section 310 of the Office of Thrift
Supervision Examination Handbook.

12. NO ATTACHMENT; SUCCESSORS AND ASSIGNS

     (a) Except as required by law, no right to receive payments under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and
of no effect.

     (b) This Agreement shall be binding upon, and inure to the benefit of Executive, the Bank and
the Bank’s successors and assigns.

14

 

13. ENTIRE AGREEMENT; MODIFICATION AND WAIVER

     (a) This Agreement contains the entire agreement of the parties relating to the subject matter
hereof, and supercedes in its entirety any and all prior agreements, understandings or
representations relating to the subject matter hereof, except that the parties acknowledge that
this Agreement shall not affect any of the rights and obligations of the parties under any
agreement or plan entered into with or by the Bank pursuant to which the Executive may receive
compensation or benefits except as set forth in Section 6(d) hereof.

     (b) This Agreement may not be modified or amended except by an instrument in writing signed by
each of the parties hereto.

     (c) No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel. No such written waiver shall be
deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future as to any act other than that specifically waived.

14. SEVERABILITY

     If, for any reason, any provision of this Agreement, or any part of any provision, is held
invalid, such invalidity shall not affect any other provision of this Agreement or any part of such
provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect.

15. HEADINGS FOR REFERENCE ONLY

     The headings of sections and paragraphs herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement.

16. GOVERNING LAW

     This Agreement shall be governed by the laws of the State of Texas but only to the extent not
superseded by federal law.

17. ARBITRATION

     Any dispute or controversy arising under or in connection with this Agreement, other than a
dispute arising under Section 9 hereof, shall be settled exclusively by binding arbitration, as an
alternative to civil litigation and without any trial by jury to resolve such claims, conducted by
a single arbitrator, mutually acceptable to the Bank and Executive, sitting in a location selected
by the Bank within fifty (50) miles from the main office of the Bank, in accordance with the rules
of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes
(“National Rules”) then in effect. Judgment may be entered on the arbitrator’s award in any court
having jurisdiction.

15

 

18. PAYMENT OF LEGAL FEES

     All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of
interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that
the dispute or interpretation has been settled by Executive and the Bank or resolved in Executive’s
favor, and such reimbursement shall occur no later than sixty (60) days after the end of the year
in which the dispute is settled or resolved in Executive’s favor.

19. INDEMNIFICATION

     (a) Indemnification. The Bank agrees to indemnify Executive (and his heirs,
executors, and administrators), and to advance expenses related to this indemnification, to the
fullest extent permitted under Section 11(e) of this Agreement and applicable law and regulations,
including 12 C.F.R. Section 545.121, against any and all expenses and liabilities that Executive
reasonably incurs in connection with or arising out of any action, suit, or proceeding in which he
may be involved by reason of his service as a director or officer of the Bank or any of its
subsidiaries (whether or not he continues to be a director or officer at the time of incurring any
such expenses or liabilities). Covered expenses and liabilities include, but are not limited to,
judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to
Board approval, if the action is brought against Executive in his capacity as an officer or
director of the Bank or any of its subsidiaries. Indemnification for expenses will not extend to
matters related to Executive’s termination for Cause. Notwithstanding anything in this Section 19
to the contrary, the Bank will not be required to provide indemnification prohibited by applicable
law or regulation. The obligations of this Section 19 will survive the term of this Agreement by a
period of six (6) years.

     (b) Insurance. During the period for which the Bank must indemnify Executive, the
Bank will provide Executive with coverage under a directors’ and officers’ liability policy at the
Bank’s expense, that is at least equivalent to the coverage provided to directors and senior
executives of the Bank.

20. SUCCESSORS AND ASSIGNS

     The Bank shall require any successor or assignee, whether direct or indirect, by purchase,
merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank,
expressly and unconditionally to assume and agree to perform the Bank’s obligations under this
Agreement, in the same manner and to the same extent that the Bank would be required to perform if
no such succession or assignment had taken place.

[Remainder of Page Intentionally Blank]

16

 

SIGNATURES

     IN WITNESS WHEREOF, the Bank and the Company have caused this Agreement to be executed by
their duly authorized officers, and Executive has signed this Agreement, on the day and date first
above written.

	 	 	 	 	 	 
	ATTEST:	 	OMNIAMERICAN BANK	 
	 	 	 	 
	 	 	By:  	
 	 
	 	 	 	Name  	 	 
	 	 	 	Title  	 	 
	 

	 	 	 	 	 	 
	ATTEST:	 	OMNIAMERICAN BANCORP, INC.	 
	 	 	 	 
	 	 	By:  	
 	 
	 	 	 	Name  	 	 
	 	 	 	Title  	 	 
	 

	 	 	 	 	 	 
	WITNESS:	 	EXECUTIVE	 
	 	 	 	 
	 	 	By:  	
 	 
	 	 	 	Tim Carter, 	 
	 	 	 	President and Chief Executive Officer 	 
	 

17exv10w3

EXHIBIT 10.3

FORM OF

TWO-YEAR CHANGE IN CONTROL AGREEMENT

     This
Change in Control Agreement (the “Agreement”) is made effective as of the ___ day of
                    , 2009 (the “Effective Date”), by and between OmniAmerican Bank (the “Bank”), a
federally chartered stock savings bank that is headquartered in Fort Worth, Texas, and
                                         (“Executive”).

WITNESSETH

     WHEREAS, the Bank is a wholly owned subsidiary of OmniAmerican Bancorp, Inc., a corporation
organized under the laws of the State of Maryland (the “Company”);

     WHEREAS, Executive is currently employed as [                    ] of the Bank;

     WHEREAS, the Company and the Bank desire to be ensured of Executive’s continued active
participation in the business of the Bank;

     WHEREAS, in order to induce Executive to remain in the employ of the Bank and in consideration
of Executive’s agreeing to remain in the employ of the Bank, the parties desire to specify the
severance benefits which shall be due Executive in the event that his employment with the Bank is
terminated under specified circumstances.

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

1. TERM OF AGREEMENT

     (a) The term of this Agreement shall begin as of the Effective Date and shall continue for
twenty-four (24) full calendar months hereafter.

     (b) Commencing on the first anniversary date of this Agreement (the “Anniversary Date”) and
continuing on each Anniversary Date thereafter, the disinterested members of the Board will conduct
a comprehensive evaluation and review of Executive for purposes of determining whether to extend
this Agreement, and the results thereof will be included in the minutes of the Board’s meeting. On
the basis of the results of the comprehensive performance evaluation, the disinterested members of
the Board may extend the term of this Agreement for an additional year such that the remaining term
shall be twenty-four (24) months (“Renewal Term”), unless written notice of non-renewal is provided
to Executive at least thirty (30) days prior to any such Anniversary Date, in which case the term
of this Agreement shall be fixed and shall terminate at the end of the twenty-four (24) months
following such Anniversary Date.

2. DEFINITIONS

     (a) Change in Control. For purposes of this Agreement, a “Change in Control” means
any of the following events:

 

 

	 	(i)	 	Merger: The Company or the Bank merges into or consolidates with
another entity, or merges another bank or corporation into the Bank or the Company,
and as a result, less than a majority of the combined voting power of the resulting
corporation immediately after the merger or consolidation is held by persons who
were stockholders of the Company or the Bank immediately before the merger or
consolidation;
	 
	 	(b)	 	Acquisition of Significant Share Ownership: There is
filed, or is required to be filed, a report on Schedule 13D or another form or
schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of
the Securities Exchange Act of 1934, as amended, if the schedule discloses that
the filing person or persons acting in concert has or have become the
beneficial owner of 25% or more of a class of the Company’s or the Bank’s
voting securities; provided, however, this clause (b) shall not apply to
beneficial ownership of the Company’s or the Bank’s voting shares held in a
fiduciary capacity by an entity of which the Company directly or indirectly
beneficially owns 50% or more of its outstanding voting securities;
	 
	 	(c)	 	Change in Board Composition: During any period of two
consecutive years, individuals who constitute the Company’s or the Bank’s Board
of Directors at the beginning of the two-year period cease for any reason to
constitute at least a majority of the Company’s or the Bank’s Board of
Directors; provided, however, that for purposes of this clause (c), each
director who is first elected by the board (or first nominated by the board for
election by the stockholders or corporators) by a vote of at least two-thirds
(2/3) of the directors who were directors at the beginning of the two-year
period shall be deemed to have also been a director at the beginning of such
period; or
	 
	 	(d)	 	Sale of Assets: The Company or the Bank sells to a
third party all or substantially all of its assets.

     (b) Good Reason shall mean a termination by Executive following a Change in Control
if, without Executive’s express written consent, any of the following occurs:

	 	(1)	 	failure to elect or reelect or to appoint or reappoint
Executive as [                    ];
	 
	 	(2)	 	a material change in Executive’s position to become one of
lesser responsibility, importance or scope then the position Executive held
immediately prior to the Change in Control;
	 
	 	(3)	 	a liquidation or dissolution of the Bank other than
liquidations or dissolutions that are caused by reorganizations that do not
affect the status of Executive;
	 
	 	(4)	 	a material reduction in Executive’s base salary;

2

 

	 	(5)	 	a material reduction in the aggregate welfare and/or fringe
benefits provided to Executive from those provided at the effective date of the
Change in Control (except in the event of an employer-wide reduction in such
benefits, provided that the reduction in Executive’s benefits is not in excess
of the average percentage applicable to other executive officers of the
employer as a group); or
	 
	 	(6)	 	a relocation of Executive’s principal place of employment by
more than 50 miles from its location as of the date of this Agreement.

provided, however, that prior to any termination of employment for Good Reason,
Executive must first provide written notice to the Bank (or its successor) within
ninety (90) days following the initial existence of the condition, describing the
existence of such condition, and the Bank shall thereafter have the right to remedy
the condition within thirty (30) days of the date the Bank received the written
notice from Executive. If the Bank remedies the condition within such thirty (30)
day cure period, then no Good Reason shall be deemed to exist with respect to such
condition. If the Bank does not remedy the condition within such thirty (30) day
cure period, then Executive may deliver a Notice of Termination for Good Reason at
any time within sixty (60) days following the expiration of such cure period.

     (c) Termination for Cause shall mean termination because of, in the good faith
determination of the Board, Executive’s:

	 	(1)	 	personal dishonesty;
	 
	 	(2)	 	incompetence;
	 
	 	(3)	 	willful misconduct;
	 
	 	(4)	 	breach of fiduciary duty involving personal profit;
	 
	 	(5)	 	material breach of the Bank’s Code of Ethics;
	 
	 	(6)	 	material violation of the Sarbanes-Oxley requirements for
officers of public companies that in the reasonable opinion of the Board will
likely cause substantial financial harm or substantial injury to the reputation
of the Bank;
	 
	 	(7)	 	intentional failure to perform stated duties;
	 
	 	(8)	 	willful violation of any law, rule or regulation (other than
traffic violations or similar offenses), any felony conviction, any violation
of law involving moral turpitude, or any violation of a final cease-and-desist
order; or

3

 

	 	(9)	 	material breach by Executive of any provision of this
Agreement.

     A determination of whether Executive’s employment shall be terminated for Cause shall be made
at a meeting of the Board called and held for such purpose, or in such other manner as is permitted
under the By-laws of the Bank, upon a finding that in good faith opinion of the Board an event set
forth in clauses (1), (2), (3), (4), (5), (6), (7), (8), or (9) above has occurred and specifying
the particulars thereof in detail.

     (d) For purposes of this Agreement, any termination of Executive’s employment for which a
payment or benefit is due under this Agreement, shall be construed to require a “Separation from
Service” in accordance with Section 409A of the Internal Revenue Code (“Code”) and the regulations
promulgated thereunder, such that the Bank and Executive reasonably anticipate that the level of
bona fide services Executive would perform after termination of employment would permanently
decrease to a level that is less than 20% of the average level of bona fide services performed
(whether as an employee or an independent contractor) over the immediately preceding thirty-six
(36)-month period.

3. BENEFITS UPON TERMINATION

     (a) The Board or the President of the Bank may terminate Executive’s employment at any time
prior to the occurrence of a Change in Control and Executive shall not be entitled to any payments
or benefits hereunder. This Agreement shall terminate upon Executive’s termination of employment
prior to the occurrence of a Change in Control. Following the occurrence of a Change in Control,
the Board may terminate Executive’s employment at any time, but any such termination, other than
termination for Cause, shall not prejudice Executive’s right to compensation or other benefits
under this Agreement. If Executive’s employment by the Bank shall be terminated subsequent to a
Change in Control and during the term of this Agreement by (i) the Bank for other than Cause, or
(ii) Executive for Good Reason, then the Bank, or its successor, shall:

(1) pay Executive, or in the event of Executive’s subsequent death, Executive’s
beneficiary or beneficiaries or estate, as applicable, a cash severance amount equal
to two times:

     (i) Executive’s base salary in effect as of the Date of Termination, and

     (ii) the highest rate of bonus earned by Executive from the Bank (including
amounts deferred at the Executive’s election) during the calendar year in which
termination occurs or either of the two calendar years immediately preceding the
year in which the termination occurs,

payable by lump sum within thirty (30) business days of the Date of Termination.

(2) pay for or permit Executive to purchase such continued health care coverage for
Executive and Executive’s family as is customarily available to employees of the
Bank and as required under the Consolidated Omnibus Budget Reconciliation

4

 

Act of 1985, as amended from time to time (“COBRA”) and the Texas health care
continuation laws for the maximum period required under applicable law. In the
event Executive is required to purchase such coverage, the Bank shall reimburse the
Executive for the premiums paid by Executive, no less frequently than quarterly and
within 15 days following the end of a quarter, such that premiums paid in the first
quarter of a calendar year shall be reimbursed by April 15, premiums paid in the
second quarter shall be reimbursed by July 15, etc., provided that the Bank shall
only be obligated to reimburse Executive for such premiums for the lesser of: (i)
the aggregate period required by COBRA and the Texas health care continuation laws,
or (ii) two years from the date of Executive’s termination of employment.

     (b) In no event shall the payments or benefits to be made or provided to Executive under
Section 3 hereof (the “Termination Benefits”) constitute an “excess parachute payment” under
Section 280G of the Code or any successor thereto, and in order to avoid such a result, Termination
Benefits will be reduced, if necessary, to an amount, the value of which is one dollar ($1.00) less
than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with
Section 280G of the Code. The reduction of the Termination Benefits provided by this Section 3
shall be applied to the cash severance benefits otherwise payable under Section 3(a) hereof.

4. NOTICE OF TERMINATION

     Any purported termination by the Bank or by Executive in connection with or following a Change
in Control shall be communicated by Notice of Termination to the other party hereto. For purposes
of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the
Date of Termination and, in the event of termination by Executive, the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Executive’s employment under the
provision so indicated. “Date of Termination” shall mean the date specified in the Notice of
Termination (which, in the case of a termination for Cause, shall be immediate). In no event shall
the Date of Termination exceed thirty (30) days from the date the Notice of Termination is given.

5. SOURCE OF PAYMENTS

     All payments provided in this Agreement shall be timely paid in cash or check from the general
funds of the Bank.

6. REQUIRED REGULATORY PROVISIONS

     (a) If Executive is suspended from office and/or temporarily prohibited from participating in
the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) (12 USC §1818(e)(3)) or
8(g)(1) (12 USC §1818(g)(1)) of the Federal Deposit Insurance Act (“FDIA”), the Bank’s obligations
under this Agreement shall be suspended as of the date of service, unless stayed by appropriate
proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay
Executive all or part of the compensation withheld while its

5

 

contract obligations were suspended and (ii) reinstate (in whole or in part) any of its
obligations which were suspended.

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

     (c) If the Bank is in default as defined in Section 3(x)(1) (12 U.S.C. §1813(x)(1)) of FDIA,
all obligations under this Agreement shall terminate as of the date of default, but this paragraph
shall not affect any vested rights of the contracting parties.

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

     (e) Notwithstanding anything herein to the contrary, any payments to Executive by the
Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon
their compliance with Section 18(k) of FDIA, 12 U.S.C. Section 1828(k), and the regulations
promulgated thereunder in 12 C.F.R. Part 359.

     (f) Notwithstanding anything herein to the contrary, payments to or for the benefit of
Executive hereunder shall not exceed three times Executive’s annual average compensation for the
five most recent taxable years, within the meaning of Section 310 of the Office of Thrift
Supervision Examination Handbook.

7. NO ATTACHMENT

     Except as required by law, no right to receive payments under this Agreement shall be subject
to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and
of no effect.

8. ENTIRE AGREEMENT; MODIFICATION AND WAIVER

     (a) This Agreement contains the entire understanding between the parties hereto and supersedes
any prior agreement between the Bank and Executive, except that this Agreement shall not affect or
operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No
provision of this Agreement shall be interpreted to mean that Executive

6

 

is subject to receiving fewer benefits than those available to her without reference to this
Agreement.

     (b) This Agreement may not be modified or amended except by an instrument in writing signed by
the parties hereto.

     (c) No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel. No such written waiver shall be
deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future or as to any act other than that specifically waived.

9. SEVERABILITY

     If, for any reason, any provision of this Agreement, or any part of any provision, is held
invalid, such invalidity shall not affect any other provision of this Agreement or any part of such
provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect.

10. HEADINGS FOR REFERENCE ONLY

     The headings of sections and paragraphs herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement.

11. GOVERNING LAW

     This Agreement shall be governed by the laws of the State of Texas but only to the extent not
superseded by federal law.

12. ARBITRATION

     Any dispute or controversy arising under or in connection with this Agreement shall be settled
exclusively by binding arbitration, as an alternative to civil litigation and without any trial by
jury to resolve such claims, conducted by a single arbitrator, mutually acceptable to the Bank and
Executive, sitting in a location selected by the Bank within fifty (50) miles from the main office
of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules
for the Resolution of Employment Disputes then in effect. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction.

13. PAYMENT OF LEGAL FEES

     To the extent that such payment(s) may be made without triggering penalty under Code Section
409A, all reasonable legal fees paid or incurred by Executive pursuant to any dispute or question
of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that
the dispute or interpretation has been resolved in Executive’s favor, and such

7

 

reimbursement shall occur no later than sixty (60) days after the end of the year in which the
dispute is settled or resolved in Executive’s favor.

14. OBLIGATIONS OF BANK

     The termination of Executive’s employment, other than following a Change in Control, shall not
result in any obligation of the Bank under this Agreement.

15. SUCCESSORS AND ASSIGNS

     The Bank shall require any successor or assignee, whether direct or indirect, by purchase,
merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank,
expressly and unconditionally to assume and agree to perform the Bank’s obligations under this
Agreement, in the same manner and to the same extent that the Bank would be required to perform if
no such succession or assignment had taken place.

[Signature Page Follows]

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SIGNATURES

     IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed by its duly authorized
officer, and Executive has signed this Agreement, as of the Effective Date.

	 	 	 	 	 
	 	OMNIAMERICAN BANK

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 

	 	 	 	 	 
	 	      EXECUTIVE

 	 
	 	By:  	 	 
	 	 	 	 

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