Document:

<PAGE>
EXHIBIT 10.2

                                    FORM OF
                   NON-STATUTORY STOCK OPTION AWARD AGREEMENT
                          OTTAWA SAVINGS BANCORP, INC.
                           2006 EQUITY INCENTIVE PLAN

This Award Agreement ("Agreement") is provided to ________________ (the
"Participant") by Ottawa Savings Bancorp, Inc. (the "Company") as of _________,
2006 (the "Grant Date"), the date the Compensation Committee of the Board of
Directors (the "Committee") granted the Participant the right and option to
purchase Shares pursuant to the Ottawa Savings Bancorp, Inc. 2006 Equity
Incentive Plan (the "Plan"), subject to the terms and conditions of the Plan and
this Agreement:
<TABLE>
<CAPTION>
         <S>      <C>                                <C>
         1.       OPTION GRANT:                      You have been granted a NON-STATUTORY STOCK OPTION
                                                     (referred to in this Agreement as your "Option"). Your
                                                     Option is NOT intended to qualify as an "incentive stock
                                                     option" under Section 422 of the Internal Revenue Code
                                                     of 1986, as amended.
         2.       NUMBER OF SHARES
                  SUBJECT TO YOUR OPTION:            ________  Shares  (subject to  adjustment  as may be
                                                     necessary pursuant to the terms of the Plan).

         3.       GRANT DATE:                        __________________, 2006

         4.       EXERCISE PRICE:                    You may purchase  Shares  covered by your Option at a
                                                     price of $_________ PER SHARE.
</TABLE>

Unless vested sooner pursuant to Section 2 of the attached Terms and Conditions
or otherwise in the discretion of the Committee, your Option will vest (become
exercisable) according to the following schedule:
<TABLE>
<CAPTION>
      Continuous Status
      as a Participant              Percentage of            Number of Shares
      after Grant Date              Option Vested         Available for Exercise      Vesting Date
      ----------------             ----------------       ----------------------      ------------
      <S>                               <C>                     <C>                   <C>
      Less than 1 year                    0%                    [     ]                 -------

           1 year                        20%                    [     ]               __________, 2007
           2 years                       40%                    [     ]               __________, 2008
           3 years                       60%                    [     ]               __________, 2009
           4 years                       80%                    [     ]               __________, 2010
           5 years                      100%                    [     ]               __________, 2011
</TABLE>

         IN WITNESS WHEREOF, Ottawa Savings Bancorp, Inc., acting by and through
the Committee, has caused this Agreement to be executed.

                                            OTTAWA SAVINGS BANCORP, INC.

ACCEPTED BY PARTICIPANT:                    By: ________________________________
                                                On behalf of the Committee

___________________________
[insert Participant's name]

___________________________
Date

<PAGE>

TERMS AND CONDITIONS

1.       GRANT OF OPTION. The Grant Date, Exercise Price and number of Shares
         subject to your Option are stated on page 1 of this Agreement.
         Capitalized terms used in this Agreement and not otherwise defined have
         the same meanings assigned to such terms by the Plan.

2.       VESTING OF OPTIONS. The Option will vest (become exercisable) according
         to the schedule shown on page 1 of this Agreement. Notwithstanding the
         vesting schedule on page 1, the Option will also vest and become
         exercisable:

         (a)      Upon your death or Disability during your Continuous Status as
                  a Participant; or

         (b)      Upon a Change in Control.

3.       TERM OF OPTIONS AND LIMITATIONS ON RIGHT TO EXERCISE. The Option term
         will be for a period of ten (10) years, expiring at 5:00 p.m., Central
         Time, on the tenth anniversary of the Grant Date (the "Expiration
         Date"). To the extent not previously exercised, the vested Options will
         lapse prior to the Expiration Date upon the earliest to occur of the
         following circumstances:

         (a)      Three (3) months after termination of your Continuous Status
                  as a Participant for any reason other than death or
                  Disability;

         (b)      Twelve (12) months after termination of your Continuous Status
                  as a Participant by reason of Disability;

         (c)      Twelve (12) months after the date of your death, if you die
                  while employed, or during the three-month period described in
                  subsection (a) above or during the twelve-month period
                  described in subsection (b) above and before the Options
                  otherwise lapse. Upon your death, a beneficiary designated
                  pursuant to the Plan may exercise your Options; or

         (d)      At the end of the remaining original term of the Option, if
                  your employment is involuntarily or constructively terminated
                  within twelve (12) months of a Change in Control.

         Prior to the lapse of the Options under the circumstances described in
         paragraphs (a), (b), (c) or (d) above, the Committee may extend the
         time to exercise the Options as determined in writing. If you return to
         employment with the Company during the designated post-termination
         exercise period, you will be restored to the status you held prior to
         termination but no vesting credit will be earned for any period you
         were not in Continuous Status as a Participant. If you or your
         beneficiary exercises an Option after termination of service, the
         Option may be exercised only with respect to the Shares that were
         otherwise vested on the date of your termination of service.

                                       2

<PAGE>

4.       EXERCISE OF OPTION. You may exercise your Option by providing:

         (a)      written notice of your intent to exercise to __________ in the
                  Human Resources Department at the address and in the form
                  specified by the Company from time to time; and

         (b)      payment to the Company in full for the Shares subject to the
                  exercise (unless the exercise is a cashless exercise). Payment
                  for the Shares can be made in cash, Company common stock
                  ("stock swap"), a combination of cash and Company common stock
                  or a "cashless exercise" (if permitted by the Committee).

5.       BENEFICIARY DESIGNATION. You may designate a beneficiary to exercise
         your rights under the Plan and receive any distribution with respect to
         the Option upon your death. Your beneficiary and any legal
         representative or other person claiming any rights under the Plan is
         subject to all terms and conditions of this Agreement and the Plan, and
         to any additional restrictions deemed necessary or appropriate by the
         Committee. If you do not designate a beneficiary and none survives you,
         the legal representative of your estate may exercise the Option. You
         may change or revoke a beneficiary designation at any time by filing
         the change or revocation with the Company.

6.       WITHHOLDING. The Company or any Affiliate employer has the authority
         and the right to deduct or withhold, or require you to remit to the
         Company, an amount sufficient to satisfy federal, state, and local (if
         any) withholding taxes and employment taxes (I.E., FICA and FUTA).
         OUTSIDE DIRECTORS OF THE COMPANY ARE SELF-EMPLOYED AND ARE NOT SUBJECT
         TO TAX WITHHOLDING.

7.       LIMITATION OF RIGHTS. The Option does not confer upon you or your
         beneficiary any shareholder rights, unless and until you or your
         beneficiary receives Share of Company stock in connection with an
         Option exercise. Nothing in this Agreement will interfere with or limit
         in any way the right of the Company or any Affiliate to terminate your
         employment or service at any time.

8.       RESTRICTIONS ON TRANSFER AND PLEDGE. You may not pledge, encumber,
         transfer or hypothecate your rights or interest in the Option to or in
         favor of any party other than the Company or an Affiliate, and your
         Option may not become subject to any lien, obligation, or liability to
         any party other than Company or an Affiliate. You may not transfer or
         assign the Option, other than by will or the laws of descent and
         distribution or pursuant to a domestic relations order that would
         satisfy Section 414(p)(1)(A) of the Code as applied to an Option under
         the Plan; provided, however, that the Committee may (but need not)
         permit other transfers. Only you or a permitted transferee may exercise
         the Option during your lifetime.

9.       PLAN CONTROLS. The terms of the Plan are incorporated into and made a
         part of this Agreement. In the event of any actual or alleged conflict
         between the provisions of the Plan and the provisions of this
         Agreement, the provisions of the Plan shall control.

                                       3
<PAGE>

10.      SUCCESSORS. This Agreement shall be binding upon any successor to the
         Company, in accordance with the terms of the Agreement and the Plan.

11.      SEVERABILITY. If any provision of this Agreement is invalid, illegal or
         unenforceable, the other provisions of the Agreement will be construed
         and enforced as if the invalid, illegal or unenforceable provision was
         never included in the Agreement.

12.      NOTICE. Notices and communications under this Agreement must be in
         writing and either personally delivered or sent by registered or
         certified United States mail, return receipt requested, postage
         prepaid. Notices to the Company must be addressed to:

                        Ottawa Savings Bancorp, Inc.
                        925 La Salle Street
                        Ottawa, IL  61350
                        Attn:   Compensation Committee of the Board of Directors
                                c/o Human Resources Department

         or any other address designated by the Company in a written notice to
         you. The Company will direct notices to you at your address as then
         currently on file with the Company, or at any other address that you
         provide in a written notice to the Company.

13.      STOCK RESERVE. The Company will at all times during the term of this
         Agreement reserve and keep available a sufficient number of Shares to
         satisfy the requirements of this Agreement.

                                       4<PAGE>
EXHIBIT 10.3

                                    FORM OF
                        RESTRICTED STOCK AWARD AGREEMENT
                          OTTAWA SAVINGS BANCORP, INC.
                           2006 EQUITY INCENTIVE PLAN

This Award Agreement ("Agreement") is provided to ________________ (the
"Participant") by Ottawa Savings Bancorp, Inc. (the "Company") as of
________________, 2006 (the "Grant Date"), the date the Compensation Committee
of the Board of Directors (the "Committee") awarded the Participant a Restricted
Stock Award pursuant to the Ottawa Savings Bancorp, Inc. 2006 Equity Incentive
Plan (the "Plan"), subject to the terms and conditions of the Plan and this
Agreement:
<TABLE>
<CAPTION>
         <S>      <C>                                         <C>
         1.       NUMBER OF SHARES SUBJECT
                  TO YOUR RESTRICTED STOCK AWARD:             ________  Shares  (subject  to  adjustment  as may be
                                                              necessary pursuant to the Plan).
</TABLE>
         2.       VESTING. Unless sooner vested according to Section 3 of the
         attached Terms and Conditions or otherwise in the discretion of the
         Committee, the restrictions imposed under Section 2 of the attached
         Terms and Conditions will expire in the following percentages and on
         the following dates, provided the Participant is then still employed by
         or in service with the Company or any of its Affiliates:
<TABLE>
<CAPTION>
                Percentage of
                Shares Vested             Number of Shares Vesting         Vesting Date
                -------------             ------------------------         ------------
                    <S>                            <C>                   <C>
                     20%                           [ ]                     _________, 2007
                     40%                           [ ]                     _________, 2008
                     60%                           [ ]                     _________, 2009
                     80%                           [ ]                     _________, 2010
                    100%                           [ ]                     _________, 2011
</TABLE>

         IN WITNESS WHEREOF, Ottawa Savings Bancorp, Inc., acting by and through
the Committee, has caused this Agreement to be executed.

                                            OTTAWA SAVINGS BANCORP, INC.

ACCEPTED BY PARTICIPANT:                    By: ________________________________
                                                On behalf of the Committee

___________________________
[insert Participant's name]

___________________________
Date

<PAGE>

TERMS AND CONDITIONS

1.       GRANT OF SHARES. The Grant Date and number of Shares underlying your
         Restricted Stock Award are stated on page 1 of this Agreement.
         Capitalized terms used in this Agreement and not otherwise defined
         shall have the meanings assigned to such terms by the Plan.

2.       RESTRICTIONS. The unvested Shares underlying your Restricted Stock
         Award ("Restricted Shares") are subject to the following restrictions
         until they expire or terminate.

         (a)      Restricted Shares are subject to the vesting schedule set
                  forth on page 1 of this Award Agreement.

         (b)      Restricted Shares may not be sold, transferred, exchanged,
                  assigned, pledged, hypothecated or otherwise encumbered.

(c)      If your employment or service with the Company or any Affiliate
         terminates for any reason other than as set forth in paragraph (b) of
         Section 3 hereof, then you forfeit all rights, title and interest in
         and to the unvested Restricted Shares as of your termination date.

3.       EXPIRATION AND TERMINATION OF RESTRICTIONS. The restrictions imposed
         under Section 2 above will expire on the earliest to occur of the
         following (the period prior to such expiration is referred to as the
         "Restricted Period"):

         (a)      As to the percentages of the Restricted Shares specified on
                  page 1 of this Award Agreement, on the respective dates
                  specified on page 1; provided you remain employed by or in
                  service to the Company or an Affiliate; or

         (b)      Termination of your employment or service by reason of death
                  or Disability; or

         (c)      Upon a Change in Control.

4.       DELIVERY OF SHARES. Once the Restricted Shares are fully vested, the
         Company will distribute the Shares (and accumulated dividends and
         earnings, if any) in accordance with your instructions.

5.       VOTING AND DIVIDEND RIGHTS. As beneficial owner of the Restricted
         Shares, you have full voting and dividend rights with respect to the
         Restricted Shares during and after the Restricted Period. If you
         forfeit your rights under this Agreement in accordance with Section 2,
         you will no longer have any rights as a shareholder with respect to the
         Restricted Shares or be entitled to receive dividends on the Restricted
         Shares.

6.       CHANGES IN CAPITAL STRUCTURE.  In the event of a corporate event or
         transaction involving the Company (including, without limitation, any
         stock dividend, stock split, extraordinary cash dividend,
         recapitalization, reorganization, merger, consolidation, split-up,
         spin-off, combination or exchange of shares), the Committee may adjust
         your Restricted Stock Award to preserve its benefits or potential
         benefits. Without limiting the foregoing, however, in the event of a
         subdivision of the outstanding Stock (stock-split), a declaration of a
         dividend payable in Stock, or a combination or consolidation of the
         outstanding Stock into a lesser number of Shares, the Shares subject to
         this Agreement will automatically be adjusted proportionately.

                                       2

<PAGE>

7.       NO RIGHT OF CONTINUED EMPLOYMENT. Nothing in this Award Agreement will
         interfere with or limit in any way the right of the Company or any
         Affiliate to terminate your employment or service at any time.

8.       PAYMENT OF TAXES.  You may elect to be taxed upon your  Restricted
         Stock Award at the time of grant under Section 83(b) of the Code within
         30 days of the Grant Date. If you do not make this election, you will
         be taxed upon vesting of your Restricted Stock Award. At that time, the
         Committee is entitled to require as a condition of delivery that: (i)
         you remit an amount sufficient to satisfy any and all federal, state
         and local (if any) tax withholding requirements and employment taxes
         (I.E., FICA and FUTA), (ii) the withholding of such sums come from
         compensation otherwise due to you or from Shares due to you under the
         Plan, or (iii) any combination of (i) or (ii) above. OUTSIDE DIRECTORS
         OF THE COMPANY ARE SELF-EMPLOYED AND NOT SUBJECT TO TAX WITHHOLDING.

9.       PLAN CONTROLS. The terms of the Plan are incorporated into and made a
         part of this Agreement. In the event of any actual or alleged conflict
         between the provisions of the Plan and the provisions of this
         Agreement, the provisions of the Plan shall control.

10.      SEVERABILITY. If any provision of this Agreement is deemed to be
         invalid, illegal or unenforceable, the other provisions of the
         Agreement will be construed and enforced as if the invalid, illegal or
         unenforceable provision was never included in the Agreement.

11.      NOTICE. Notices and communications under this Agreement must be in
         writing and either personally delivered or sent by registered or
         certified United States mail, return receipt requested, postage
         prepaid. Notices to the Company must be addressed to:

                       Ottawa Savings Bancorp, Inc.
                       925 La Salle Street
                       Ottawa, IL  61350
                       Attn:    Compensation Committee of the Board of Directors
                                c/o Human Resources Department

         or any other address designated by the Company in a written notice to
         you. The Company will direct notices to you at your address as then
         currently on file with the Company, or at any other address that you
         provide in a written notice to the Company.

12.      SUCCESSORS. This Award Agreement will be binding upon any successor to
         the Company, in accordance with the terms of this Agreement and the
         Plan.

                                       3

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