Document:

EXHIBIT 10.3

EMPLOYMENT AGREEMENT entered into by and between ViewPoint Financial Group
("Company") and GAROLD ROBERT BASE ("Executive").

IT IS AGREED:

1.             EMPLOYMENT TERM:

             1.1             RETENTION OF EXECUTIVE - Company hires and retains Executive as its
President and Chief Executive Officer.

             1.2             TERM AND EXTENSION -- The term of this Agreement shall be the period
commencing on the date on which ViewPoint Bank ("Bank") converts to stock form as the
subsidiary of Company (the "Commencement Date") and ending on December 31, 2009, subject
to earlier termination as provided herein.  Beginning on January 1, 2007, and on each January 1
thereafter during the term, the term shall be extended by one additional year such that the term as
so extended shall be a period of three years, provided that (1) Company has not given notice to
Executive in writing at least 90 days prior to such January 1 that the term of this Agreement shall
not be extended further; and (2) at least 90 days prior to such January 1, the Board of Directors of
Company explicitly reviews and approves the extension based upon a performance review in
which the Board has determined that Executive's performance has been satisfactory or better.

2.             DUTIES AND RESPONSIBILITIES:

             2.1             GENERAL DUTIES AND RESPONSIBILITIES -- Executive shall perform the
duties and responsibilities of President and Chief Executive Officer of Company in accordance
with applicable federal laws and regulations and the bylaws, rules and regulations of Company
and shall provide executive management services for Company. Executive, subject to the
direction and approval of the Board of Directors of Company (the "Board of Directors"), shall
formulate, approve, supervise and direct the methods of keeping the records of Company,
statistical or otherwise, and shall prepare or cause to be prepared all such reports as are required
by law or regulation, including, but not limited to statements and reports to the Board of
Directors and the stockholders of Company, and shall, from time to time, and at any time upon
request, make reports to the Board of Directors on the business affairs and financial condition of
Bank and Company. This shall not be deemed to limit the powers of the Board of Directors to
engage at any time public accountants, counsel and consultants to examine and report concerning
the accounts and financial and other affairs of Company, and for the purpose of making such
examination such public accountants, counsel and consultants shall have access to all records of
Company. Executive shall perform such other duties and services as may be entrusted to
Executive by Company in accordance with its bylaws and consistent with Executive's office and
the terms of this Agreement. Executive shall report and be responsible to the Board of Directors.

             2.2             ADDITIONAL DUTIES AND RESPONSIBILITIES -- In addition, Executive
shall:

                          2.2.1             Have full and exclusive authority to hire, compensate and terminate
Company staff within the framework of the approved budget for Company.

Next Page

                          2.2.2             In consultation with the Board of Directors, retain outside legal counsel
and other consultants for Company, except to the extent that the Board of Directors or an
authorized committee of the Board of Directors retains outside counsel or consultants.

                          2.2.3             Recommend as appropriate the selection of outside certified public
accountants.

                          2.2.4             Be provided by Company or Bank on Company's behalf with a private
office, secretarial assistance and such other facilities and equipment, consistent with Executive's
position and adequate for the performance of Executive's duties under this agreement.

3.             COMPENSATION - For his services under this Agreement, Executive shall be entitled
to the same cash and other compensation and benefits as he is entitled to under the Employment
Agreement by and between Bank and Executive entered into as of the same date as this
Agreement (the "Bank Employment Agreement").  There shall be no duplication of benefits by
Company and Bank and whatever is provided by Company shall be credited to the obligation of
Bank under the Bank Employment Agreement and vice versa.  In addition, Executive shall be
entitled to participate in all compensation plans of Company in which compensation is provided
in the form of Company stock or options for Company stock, or is otherwise Company stock-related.

4.             OTHER ACTIVITIES -- Executive, during the term of this Agreement, except as
otherwise agreed to by Executive and the Board of Directors, shall not work with or accept or
receive any compensation or consideration from any other organization, firm, bank, savings
association, credit union, person, corporation, or otherwise, for services to be performed or
performed by Executive unless the work or services can be performed by Executive without
materially interfering with Executive's duties set forth in this Agreement and otherwise do not
represent a conflict of interest as set forth in Bank's employee handbook. However, Executive
may serve, with or without compensation, as a lecturer, consultant to others or as a director of a
non-banking related company, and engage in other activities which do not materially interfere
with Executive's ability to perform the duties and responsibilities under this Agreement and
otherwise do not represent a conflict of interest under Bank's employee handbook. In all cases,
the Bank should be informed of these activities for purposes of complying with securities and
regulatory disclosure obligations.

             Executive shall be expected to and encouraged to continue Executive's education in areas
and general subject matter which can be beneficial and advantageous to the current and future
operation of Company, at the expense of Company. Included among such educational programs
which are deemed beneficial and advantageous to Company (without limitation) are education
and management programs and chapter attendance and programs of trade associations and similar
organizations of banks and thrift institutions and conferences, conventions and educational and
related programs of such organizations and organizations of bank and thrift executives, and other
educational and related programs deemed by Company to be of benefit to Company.  Company
shall pay all annual membership dues and fees, and travel and related costs associated with
Executive's participation in such programs, including his spouse's travel and related costs when
she accompanies him.

2
Next Page

5.             NONDISCLOSURE OF CONFIDENTIAL INFORMATION -- Executive shall not,
during the term of this Agreement, or any time thereafter, impart to anyone any confidential
information which Executive may acquire in the performance of Executive's duties under this
Agreement, except as permitted by Company or under compulsion of law.

6.             INDEMNIFICATION -- Executive shall be entitled to indemnification to the maximum
extent permitted under Company's bylaws.

7.             EFFECT OF AGREEMENT -- This Agreement shall be binding upon the parties and
their respective heirs, executors, administrators, successors and assigns. Executive shall not
assign any part of Executive's rights under this Agreement without the written consent of
Company. In the event of a merger, transfer, consolidation, or reorganization involving
Company, this Agreement shall continue in force and become an obligation of Company's
successor.

8.             AMENDMENT AND TERMINATION:

             8.1              MUTUAL AGREEMENT -- This Agreement may be altered, amended or
terminated at any time by the mutual written agreement of Executive and Company.

             8.2             TERMINATION -- The Board of Directors may terminate Executive's
employment at any time, but, except in the case of termination for cause (as defined below),
termination of employment shall not prejudice Executive's right to compensation or other
benefits under this Agreement.  In the event that the Board of Directors terminates the
employment of Executive not for cause and not due to his death, retirement or disability, he shall
be entitled to liquidated damages as specified in Section 14.1 of the Bank Employment
Agreement, subject to the same conditions as apply to liquidated damages under the Bank
Employment Agreement, including without limitation an offer by Executive to continue to
provide services to Company on the terms contemplated by this Agreement which offer is
declined by Company, mitigation of such damages as provided for in Section 14.2 of Bank
Employment Agreement to the extent that payments in mitigation are not made to Bank,
execution of a release as provided for in Section 14.3 of Bank Employment Agreement, and
compliance with the noncompetition requirements of Section 15 of Bank Employment
Agreement.  To the extent that Executive receives such liquidated damages from Bank, Company
shall have no liability for damages under this Agreement. 

             For purposes of this Agreement, Executive's employment shall be deemed to have been
terminated by Company, if, in the absence of termination for cause or termination due to
disability pursuant to Section 8.2.3 of this Agreement, he resigns following:

                          (i)             relocation of his principal workplace outside a radius of 50 miles from
Company's main office location at the date of this Agreement;

                          (ii)             a reduction in Executive's responsibilities and authorities inconsistent with
the position of President and Chief Executive Officer of Company;

                          (iii)             a demotion from the position of President and Chief Executive Officer; or

3
Next Page

                          (iv)             a material reduction in Executive's compensation and benefits except as
part of an overall program applied to all members of Company's senior management.

                          8.2.1             In the event of termination of Executive's employment for cause Company
shall pay Executive his Base Salary (as defined in Bank Employment Agreement) through the
date of termination, to the extent that Bank has not done so, and Company shall have no further
obligation to him under this Agreement.  For purposes of this Agreement 'termination for cause'
or 'termination of Executive's employment for cause' shall mean termination of the employment
of Executive because of his personal dishonesty, incompetence, willful misconduct, breach of a
fiduciary duty involving personal profit, intentional failure to perform stated duties, willful
violation of any law, rule or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order, or material breach of any provision of this Agreement.  Executive shall
not be deemed to have been terminated for cause unless and until there shall have been delivered
to him a copy of a resolution, duly adopted by the affirmative vote of not less than a majority of
the entire membership of the Board of Directors at a meeting of the Board called and duly held
for such purpose (after reasonable notice to Executive and an opportunity for him, together with
his counsel, to be heard before the Board), stating that in the good faith opinion of the Board,
Executive has engaged in conduct described in the preceding sentence and specifying the
particulars thereof.

                          8.2.2             Executive may terminate his employment voluntarily at any time upon 90
days' written notice to Company or such shorter period as may be agreed upon between
Executive and the Board of Directors.  In the event of such voluntary termination, Company shall
be obligated to continue to pay him his Base Salary and benefits accrued only through the date of
termination, at the time such payments are due, to the extent that Bank has not done so, and
Company shall have no further obligation to him under this Agreement.

                          8.2.3             If Executive becomes permanently disabled as defined in Section 13.2.4 of
the Bank Employment Agreement, Company shall be entitled to terminate this Agreement and
his employment, but he shall be entitled to receive benefits under such disability plan.

                          8.2.4             If Executive is suspended and/or temporarily prohibited from participating
in the conduct of Bank's affairs by a notice served under Section 8(e)(3) or (g)(1) of the FDIA, 12
U.S.C. § 1818(e)(3) and (g)(1), Company'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, Company may in its discretion (i) pay Executive all or part of the compensation
withheld while its obligations under this Agreement were suspended and (ii) reinstate in whole or
in part any of its obligations which were suspended.

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

                          8.2.6             If Bank is in default (as defined in Section 3(x)(1) of the FDIA), all
obligations of Company under this Agreement shall terminate as of the date of default, but this
provision shall not affect any vested rights of the contracting parties.

4
Next Page

                          8.2.7             Any payments made to Executive pursuant to this Agreement, or
otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) and
any regulations promulgated thereunder.

                          8.2.8              Company and Executive hereby stipulate that the damages which may be
incurred by Executive following termination of employment such that he is entitled to damages
under Section 8.2 are not capable of accurate measurements as of the date this Agreement is
entered into and that the payments and benefits contemplated by Section 8.2 constitute
reasonable liquidated damages under the circumstances and shall be payable without any
requirement of proof of actual damage but shall be subject to mitigation as provided in Section
8.2.  Company and Executive further agree that the payments and benefits due under Section 8.2
are conditioned on the receipt of Executive's resignation from any and all positions which he
holds as an employee of Company or any of its subsidiaries or affiliates.

9.             RELEASE OF CLAIMS - No damages shall be due under Section 8.2 of this Agreement
unless Executive executes a release of claims against Company which shall provide that
Executive waives, releases and covenants not to sue or otherwise institute legal or administrative
proceedings, or make any claim of any nature against Company, its subsidiaries or affiliates,
successors, assigns, directors, officers, employees or agents with respect to any matter arising out
of or related to Executive's employment relationship with Company and its subsidiaries or
affiliates.

10.             NONCOMPETITION - During the term of this Agreement and for a period of eighteen
(18) months from or after the expiration or earlier termination of this Agreement, Executive
agrees that he will not, directly or indirectly, as employee, partner, individual proprietor, officer,
director, consultant or otherwise, participate in any enterprise (including, without limitation, any
financial institution) engaged in the delivery of financial services located within a 40 mile radius
of Bank corporate headquarters, which competes with Company, its subsidiaries or its affiliates.

11.             SECTION 280G REDUCTION -- Notwithstanding any other provision of this
Agreement, if the value and amounts of benefits under this Agreement, together with any other
amounts and the value of benefits received or to be received by Executive in connection with a
change in control would cause any amount to be nondeductible for federal income tax purposes
pursuant to 26 U.S.C. Section 280G of the Code, then amounts and benefits under this
Agreement shall be reduced (not less than zero) to the extent necessary so as to maximize
amounts and the value of benefits to Executive without causing any amount to become
nondeductible pursuant to or by reason of such Section 280G.  Executive shall determine the
allocation of such reduction among payments and benefits to Executive.

12.             LEGAL FEES -- In the event of a dispute arising out of this Agreement, reasonable
attorneys fees and costs to Executive resulting from such dispute shall be paid by Company only
if Executive prevails in such dispute.

5
Next Page

13.             OTHER PROVISIONS

             13.1             JOINT EFFECT OF AGREEMENT -- Nothing in this Agreement shall be
deemed to create a partnership or agency relationship between Company and Executive to make
Executive jointly liable with Company for any obligation arising out of the activities and services
contemplated by this Agreement.

             13.2             SECTION HEADINGS -- Section headings and numbers have been inserted for
convenience of reference only, and if there shall be any conflict between any such headings or
numbers and the text of this Agreement, the text shall control.

             13.3             WAIVER -- Waiver by either party of any term or condition of this Agreement or
any breach shall not constitute a waiver of any other term or condition or breach of this
Agreement.

             13.4             EXECUTION AND APPLICABLE LAW -- This Agreement has been executed in
the City of Plano, Collin County, Texas and shall be governed in accordance with the laws of the
State of Texas in every respect except to the extent that federal law controls.

             13.5             NOTICES -- Any notice of communication permitted or required by this
Agreement shall be in writing and shall become effective two days after the mailing thereof by
certified mail, return receipt requested, postage prepaid addressed:

                          13.5.1             If to Company, to: 1309 West 15th Street, Plano, Texas 75075, or such
address as Company may specify in writing delivered to Executive, with a copy to the general
counsel for Company.

                          13.5.2             If to Executive, to 2100 Crown Knoll, Plano, Texas 75093, or such
address as Executive may specify in writing delivered to Company.

14.             ENTIRE AGREEMENT -- This Agreement, insurance agreement, retirement plans and
supplementary employment agreements providing for deferred compensation contain all of the
terms agreed upon by the parties with respect to the subject matter of this Agreement and
supersede all prior agreements, arrangements and communications between the parties
concerning such subject matter, whether oral or written.

6
Next Page

IN WITNESS WHEREOF, the parties to the Agreement have signed it on this the _______ day
of __________________________, 2006.

		VIEWPOINT BANK
	
	
	Attest ____________________

Sherrie Tawwater

Executive Assistant	By	______________________________

James McCarley

Chairman

Executive

______________________________

Garold R. Base

President and Chief Executive Officer

7
End.EXHIBIT 10.4

Feldman Financial Advisors, Inc.

1725 K Street, NW Suite 205

Washington, DC 20006

(202) 467-6862, Fax (202) 467-6963

November 10, 2005                    

Confidential

Board of Directors

ViewPoint Bank

1309 West 15th Street, Suite 400

Plano, Texas 75075

Members of the Board:

          This letter sets forth the agreement between ViewPoint Bank ("ViewPoint" or the "Company") and Feldman Financial Advisors, Inc. ("FFA"), whereby ViewPoint has engaged FFA to provide an independent
appraisal of the estimated aggregate pro forma market value (the "Valuation") of the shares of common stock that are to be issued in conjunction with the Company's Minority Stock Offering. Pursuant
to the Minority Stock Offering, ViewPoint will reorganize from a mutual savings bank to a mutual holding company structure and offer for sale a minority interest of its shares of common stock to
eligible depositors of ViewPoint and to other qualifying investors.

          FFA agrees to deliver the Valuation, in a written report, to ViewPoint at the address above on or before a mutually agreed upon date. Further, FFA agrees to perform such other services as are
necessary or required of the independent appraiser in connection with comments from ViewPoint's regulatory authorities and subsequent updates of the Valuation as from time to time may be necessary,
both after initial approval by the Company's regulatory authorities and prior to the time the Minority Stock Offering is completed. If requested, FFA will assist ViewPoint in responding to all
regulatory inquiries regarding the Valuation and will also assist the Company at all meetings with the regulatory authorities concerning the Valuation.

          ViewPoint agrees to pay FFA a professional consulting fee for FFA's appraisal services related to preparation of the initial appraisal report and subsequent appraisal updates. ViewPoint also
agrees to reimburse FFA for certain out-of-pocket expenses necessary and incident to the completion of the services described above. These expenses shall not exceed $3,500 without the prior consent
of ViewPoint. Reimbursable expenses for copying, report reproduction, data materials, express mail delivery and travel shall be paid to FFA as incurred and billed. Payment of the consulting fee shall
be made according to the following schedule:

	$15,000 upon execution of this Agreement;

	$50,000 upon delivery of the completed appraisal report to ViewPoint; and,

	$10,000 upon completion of each updated appraisal as necessary.

NEXT PAGE

Feldman Financial Advisors, Inc.

Board of Directors

ViewPoint Bank

November 10, 2005

Page 2

          If, during the course of the Minority Stock Offering, unforeseen events occur so as to materially change the nature of the work content of the appraisal services described above such that FFA must
supply services beyond that contemplated at the time this contract was executed, the terms of this agreement shall be subject to renegotiation by ViewPoint and FFA. Such unforeseen events shall
include, but not be limited to, major changes in regulations governing the Minority Stock Offering, appraisal guidelines or processing procedures as they relate to Minority Stock Offering appraisals,
major changes in ViewPoint's management or operating policies, and excessive delays or suspension of processing of the Minority Stock Offering.

          In the event ViewPoint shall for any reason discontinue the Minority Stock Offering prior to delivery of the completed appraisal report and payment of the progress payment fee totaling $50,000,
ViewPoint agrees to compensate FFA according to FFA's standard billing rates for professional consulting services based on accumulated and verifiable time expended, provided that the total of such
charges shall not exceed $65,000 plus reimbursable expenses.

          In order to induce FFA to render the aforesaid services, ViewPoint agrees to the following:

	ViewPoint agrees to supply FFA such information with respect to ViewPoint's business and financial condition as FFA may reasonably request in order for FFA to perform the appraisal services.
Such information shall include, without limitation: annual financial statements, periodic regulatory filings and material agreements, corporate books and records, and such other documents as are
material for the performance by FFA of the appraisal services.

	ViewPoint hereby represents and warrants to FFA (i) that to its best knowledge any information provided to FFA by or on behalf of ViewPoint, will not, at any relevant time, contain any untrue
statement of a material fact or fail to state a material fact necessary to make the information or statements therein not false or misleading, (ii) that ViewPoint will not use the product of FFA's
services in any manner, including in a proxy or offering prospectus, in connection with any untrue statement of a material fact or in connection with the failure to state a material fact necessary to
make other statements not false or misleading, and (iii) that all documents incorporating or relying upon FFA's services or the product of FFA's services will otherwise comply with all applicable
federal and state laws and regulations.

NEXT PAGE

Feldman Financial Advisors, Inc.

Board of Directors

ViewPoint Bank

November 10, 2005

Page 3

	Any valuations or opinions issued by FFA may be included in its entirety in any communication by ViewPoint in any application, proxy statement or prospectus; however, such valuations or
opinions may not be excerpted or otherwise publicly referred to without FFA's prior written consent nor shall FFA be publicly referred to without FFA's prior written consent; however, such consent
shall not be unreasonably withheld.

	FFA's Valuation will be based upon ViewPoint's representation that the information contained in the Minority Stock Offering application and additional information furnished to us by ViewPoint
and its independent auditors is truthful, accurate, and complete in all material respects. FFA will not independently verify the financial statements and other information provided by ViewPoint and
its independent auditors, nor will FFA independently value the assets or liabilities of ViewPoint. The Valuation will consider ViewPoint only as a going concern and will not be considered as an
indication of the liquidation value of ViewPoint.

	FFA's Valuation is not intended, and must not be represented to be, a recommendation of any kind as to the advisability of purchasing shares of common stock in the Minority Stock Offering.
Moreover, because the Valuation is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, FFA will give no assurance that
persons who purchase shares of common stock in the Minority Stock Offering will thereafter be able to sell such shares at prices related to FFA's Valuation.

	ViewPoint agrees to indemnify FFA and its affiliates and all persons employed by or associated with FFA or its affiliates against all claims, liabilities and related expenses, as incurred,
arising out of this engagement, unless, upon final adjudication, such claims, liabilities and expenses are found to have resulted primarily from FFA's bad faith or willful misconduct. No termination,
completion or modification hereof shall limit or affect such indemnification obligation. In the event FFA becomes aware of a claim or a possible claim arising out of this agreement, it shall notify
ViewPoint as soon as possible. ViewPoint will attempt to resolve the claim. In the event ViewPoint is not able to resolve the claim, it has the option to retain legal counsel on behalf of FFA to
defend the claim.

NEXT PAGE

Feldman Financial Advisors, Inc.

Board of Directors

ViewPoint Bank

November 10, 2005

Page 4

	ViewPoint and FFA are not affiliated, and neither ViewPoint nor FFA has an economic interest in, or is held in common with, the other and has not derived a significant portion of its gross
revenues, receipts or net income for any period from transactions with the other. It is understood that FFA is not a seller of securities within the scope of any federal or state securities law and
any report prepared by FFA shall not be used as an offer or solicitation with respect to the purchase or sale of any security, it being understood that the foregoing shall not be construed to
prohibit the filing of any such report as part of the Minority Stock Offering application or SEC and blue sky filings or customary references thereto in applications, filings, proxy statements and
prospectuses.

          Please acknowledge your agreement to the foregoing by signing as indicated below and returning to FFA a signed copy of this letter.

			
		Yours very truly,

Feldman Financial Advisors, Inc.

		By:	/s/ Trent R. Feldman
Trent R. Feldman
President
	Agreed and Accepted:

ViewPoint Bank

		
	By:     /s/ Gary R. Base

Title:    Pres/CEO

Date:    12-7-05

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]