Document:

Filed by Bowne Pure Compliance

 

EXHIBIT 10.3

ViewPoint Bank has entered into the attached form of severance agreement with the following
officers:

	 	 	 	 	 	 	 
	Employee	 	Position	 	Term	 	Payment
	Mark E. Hord

	 	EVP
	 	27 months, 2 days
	 	18 months
	Pathie E. McKee

	 	EVP
	 	27 months, 2 days
	 	18 months
	James C. Parks

	 	EVP
	 	27 months, 2 days
	 	18 months
	Rick M. Robertson

	 	EVP
	 	27 months, 2 days
	 	18 months

SEVERANCE AGREEMENT

THIS SEVERANCE AGREEMENT (the “Agreement”) is made and entered into this 29th day of September
2007, by and between ViewPoint Bank (the “Bank”), and
 _____ 
(the “Employee”).

WHEREAS, the Employee is serving as ________________of the Bank;

WHEREAS, the parties desire to enter into this Severance Agreement (“Agreement”) setting forth
the terms and conditions of the severance relationship which may arise under certain defined
circumstances between the Bank and the Employee at some future date;

WHEREAS, the Compensation Committee of the Board of Directors of the Bank believes it is in
the best interests of the Bank to enter into this Agreement with the Employee in order to afford
the Employee protection against termination of employment due to a change in control of the Bank.
The Compensation Committee believes such protection is necessary and appropriate to induce the
Employee to remain in his or her position;

WHEREAS, this Agreement is not intended to apply to the severance relationship between the
Bank and the Employee where no change in control of the Bank has occurred, which situation will
continue to be governed by the Bank’s employee manual;

WHEREAS, the Compensation Committee of the Board of Directors of the Bank has approved and
authorized the execution of this Agreement with the Employee and such approval is set forth in the
minutes of the meeting of the Compensation Committee of the Board of Directors;

NOW THEREFORE, in consideration of the foregoing and of the respective covenants and
agreements of the parties herein, it is AGREED as follows:

1. Definitions.

The term “Cause” shall mean the Employee’s 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.

 

 

 

The term “Involuntary Termination” shall mean (i) termination of employment of the Employee
without Cause such that the Employee is no longer employed by the Bank or any affiliate thereof;
(ii) a reduction of 10% or more in the amount of the Employee’s base salary compared to the amount
of Employee’s base salary as of the date of this Agreement; (iii) a material adverse change in the
Employee’s benefits, contingent benefits or vacation, other than as part of an overall program
applied uniformly and with equitable effect on all senior officers of the Bank; (iv) a requirement
that the Employee perform services principally at a location more than 50 miles from Plano, Texas;
or (v) a material demotion of the Employee, including, but not limited to, a material diminution of
the Employee’s title, duties or responsibilities.

The term “Change in Control” means any of the following events:

(a) any third person, including a “group” as defined in Section 13(d)(3) of the Securities
Exchange Act of 1934, becomes the beneficial owner of shares of the Bank or the Company with
respect to which 25% or more of the total number of votes for the election of the Board may be
cast;

(b) as a result of, or in connection with, any cash tender offer, merger or other business
combination, sale of assets or contested election, or combination of the foregoing, the persons who
were directors of the Bank or the Company shall cease to constitute a majority of the Board of the
Bank or the Company, respectively; or

(c) the stockholders of the Company approve an agreement providing either for a transaction in
which the Company will cease to be an independent publicly owned corporation or for a sale or other
disposition of all or substantially all the assets of the Company.

The term “person” refers to an individual, corporation, company or other entity.

The term “Company” shall mean ViewPoint Financial Group.

2. Change in Control.

If there is a Change in Control of the Bank or of the Company during the term of this
Agreement, Employee shall be entitled to a severance payment in the event the Employee suffers an
Involuntary Termination in connection with or within 12 months after the Change in Control, unless
such termination is for Cause. The amount of such severance payment shall equal eighteen (18)
months of Employee’s then current salary.

3. Reduction of Compensation and Benefits.

Notwithstanding any other provision of this Agreement, if amounts and the value of benefits
under this Agreement, together with any other amounts and the value of benefits received or to be
received by the Employee in connection with a Change in Control would cause any amount to be nondeductible by the Bank or any of its affiliates for federal income tax
purposes pursuant to or by reason of Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”), then 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 the Employee without
causing any amount to become nondeductible by the Bank or any of its affiliates pursuant to or by
reason of such Section 280G. The Employee shall determine the allocation of such reduction among
payments and benefits to the Employee.

 

 

 

4. Notice of Involuntary Termination.

In the event that the Employee determines in good faith that he or she has experienced an
Involuntary Termination, the Employee shall send a written notice to the Bank stating the
circumstances that constitute such Involuntary Termination and the date of such Involuntary
Termination.

5. Term of this Agreement.

The term of this Agreement shall extend until December 31, 2009.

6. Attorneys Fees.

In the event the Bank or any subsidiary thereof purports to terminate the employment of the
Employee for Cause, but it is determined by a court of competent jurisdiction or by an arbitrator
pursuant to Section 14 of this Agreement that Cause did not exist for such termination, or if in
any event it is determined by any such court or arbitrator that the Bank has failed to make timely
payment of any amounts owed to the Employee under this Agreement, the Employee shall be entitled to
reimbursement for all reasonable costs, including attorneys’ fees, incurred in challenging such
termination or collecting such amounts. Such reimbursement shall be in addition to all rights to
which the Employee is otherwise entitled under this Agreement.

7. Successors and Assigns.

This Agreement is personal to each of the parties hereto, and neither party may assign or
delegate any of its rights or obligations hereunder without first obtaining the written consent of
the other party in the other party’s sole discretion; provided, however, that the Bank may assign
or delegate its rights or obligations hereunder without the Employee’s consent if the successor or
assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) by an
assumption agreement expressly assumes and agrees to perform this Agreement in the same manner and
to the same extent that the Bank, as applicable, would be required to perform it if no such
succession or assignment had taken place.

This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be
enforceable by the Employee’s personal and legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

 

 

 

8. Regulatory Provisions.

(1) Temporary Suspension or Prohibition. If the Employee is suspended and/or
temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served
under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (the “FDIA”), 12 U.S.C. §
18l8(e)(3) and (g)(1), the Company’s and 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 the Employee 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.

(2) Permanent Suspension or Prohibition. If the Employee 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) or (g)(1) of the FDIA, 12 U.S.C. § 18l8(e)(4) and (g)(1), all obligations of the Company
and 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.

(3) Default of the Bank. If the Bank is in default (as defined in Section 3(x)(1) of
the FDIA), all obligations 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) Termination by Regulators. 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 the Office of Thrift Supervision (the
“Director”) or his or her designee, at the time the Federal Deposit Insurance Corporation enters
into an agreement to provide assistance to or on behalf of the Bank under the authority contained
in Section 12(c) of the FDIA; or (ii) by the Director of his or her designee, at the time the
Director or his or her designee approves a supervisory merger to resolve problems related to
operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound
condition. Any rights of the parties that have already vested, however, shall not be affected by
any such action.

(5) Prohibited Payments. Any payments made to the Employee 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.

9. Notices.

For the purposes of this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given when personally delivered
or sent by certified mail, return receipt requested, postage prepaid, to the Bank’s Chairman of the
Board, or, if to the Employee, to such home or other address as the Employee has most recently
provided in writing to the Bank.

 

 

 

10. Amendments.

No amendments or additions to this Agreement shall be binding unless in writing and signed by
both parties.

11. Headings.

The headings used in this Agreement are included solely for convenience and shall not affect,
or be used in connection with, the interpretation of this Agreement.

12. Severability.

The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof.

13. Governing Law.

This Agreement shall be governed by the laws of the State of Texas.

14. Arbitration.

Any dispute or controversy arising under or in connection with this Agreement, including but
not limited to whether the Employee was properly terminated for Cause, shall be settled exclusively
by arbitration in accordance with the rules of the American Arbitration Association then in effect.
Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

IN WITNESS WHEREOF, the parties have executed this Agreement as of this day and year first
above written.

THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.

VIEWPOINT BANK
 

 

EMPLOYEEex10-1.htm

    Exhibit
      10.1

     

    Acquisition
      & Participation Agreement

    

    

    1.          In
      2006 Polaris Holdings, Inc. of 2411 Fountainview Drive Suite
      120, Houston TX 77057 (“Polaris” or the “Seller”) purchased
      various oil and gas leases (the “Leases”) from Sunray Operating Company
      LLC (“Sunray” or the “Operator”).

    

    2.          Velocity
      Oil & Gas, Inc., a company incorporated in Nevada with offices at
      595 Howe Street, Suite 323, Vancouver BC Canada V6C 2T5 (“Velocity”, the
“Company” or the “Buyer”), agrees to purchase from Polaris,
      individually or jointly referred to as the Party or Parties, specific interests
      in the Leases and secure participation in the further development of the Leases
      as detailed in Section 5 and Exhibit “A” of this Agreement (“the
      Properties”).

    

    3.          The
      agreed total consideration payable by Buyer to Seller for the Properties is
      FOUR
      MILLION (4,000,000) common shares in Velocity (the “Purchase Shares”) and SIXTY
      THOUSAND United States dollars ($ 60,000) (the “Purchase Cash”) (together the
“Consideration”). The Buyer hereby agrees to tender to the Seller the
      Consideration as follows:

    

    
      	
               

            	
              (i)

            	
              Upon
                execution of this Agreement the Buyer will issue to the Seller the
                Purchase Shares which will be credited against the Consideration.
                These
                shares are non-returnable and for the Seller to keep even if the
                Buyer
                doesn’t complete the transaction as contemplated under this Agreement
                other than for reasons relating to Clauses 4 and 6 of this
                Agreement;

            

    

    

    
      	
               

            	
              (ii)

            	
              At
                Closing TWENTY THOUSAND United States dollars ($
                20,000);

            

    

    

    
      	
               

            	
              (iii)

            	
              On
                or before January 1, 2008 the balance of the Purchase Cash FOURTY
                THOUSAND
                United States dollars ($ 40,000). If the balance of $40,000 is not
                paid on
                or before January 1, 2008 the Seller can elect to convert the debt
                into
                stock at a conversion price of $0.01 per share or the lowest price
                quoted
                for the stock in the last six months – whichever is lower. Alternatively,
                the Seller can elect to take the “Leases” back and forfeit the $40,000 or
                the stock but keep the original $20,000 payment as
                compensation.

            

    

    

    

    4.          The
      “Effective Date” shall be September 1, 2007 and the “Closing Date” of the sale
      and purchase shall be September 1, 2007. Closing shall occur at a mutually
      agreed location on the Closing Date. At Closing the Buyer shall tender, as
      hereinafter set forth, the part-Consideration detailed in Section 2 (ii).
      Simultaneously, Seller, as Assignor, shall execute and deliver to the Buyer
      two
      counterpart originals of an assignment or assignments conveying the Property
      to
      the Buyer as of the Effective Date. Buyer agrees to execute the assignment
      as
      Assignee therein. One set of the original and fully executed assignment shall
      be
      sent for recording in the relevant county in Texas immediately following
      Closing. Buyer shall retain the other set of the original executed assignment.
      Seller shall prepare and submit to Buyer for its review the proposed form of
      assignment at least 5 days prior to the Closing Date.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.          Buyer
      will acquire and participate as follows:

    

    
      	
               

            	
              (i)

            	
              A
                ten percent (10%) Working Interest (“WI”) in the Davis No. 1 well;
                and

            

    

    
      	
               

            	
              (ii)

            	
              A
                ten percent (10%) WI in the Express No. 1 Fite
                well.

            

    

    

    The
      specific interests in the Properties are detailed in Exhibit “A” of this
      Agreement.

    

    6.          Buyer
      will acquire the Properties on the following conditions:

    

    
      	
               

            	
              (i)

            	
              A
                satisfactory review of the technical and commercial data substantiating
                the Consideration paid for the Properties under this Agreement to
                the
                satisfaction of the Buyer;

            

    

    

    
      	
               

            	
              (ii)

            	
              A
                satisfactory review of the Joint Venture Operating Agreement by the
                Buyer.

            

    

    

    Buyer,
      and its representatives, shall be entitled to conduct a due-diligence review
      of
      the Leases at the sole risk and expense of Buyer. Such due-diligence review
      must
      be completed by Buyer not less than five days prior to Closing. Seller shall
      provide Buyer and its representatives access to all data pertaining to the
      Leases. Buyer shall satisfy itself as to title and physical condition of the
      Leases including the environmental condition.

    

    7.          On
      June 30, 2007 the total issued capital of Velocity was 10,882,000 shares. The
      Purchase Shares increase the issued capital to 14,882,000 and represents 26.9%
      of the shares of Velocity. If, on or before September 1, 2009 (a period of
      two
      years), the number of issued shares increases, Velocity shall issue such number
      of additional shares to Polaris as to keep Polaris shareholding at a minimum
      of
      25% of the total issued shares of the Company.

    

    8.          All
      expenses incurred by Buyer in connection with or related to the submission
      of
      this offer, the contemplated transaction, and all other matters relevant to
      Closing, including without limitation, all fees and expenses of counsel,
      accountants and financial advisors employed by the Buyer shall be borne solely
      and entirely by the Buyer.

    

    9.          Buyer
      and Seller agree that the terms and conditions of this Agreement as well as
      all
      data and information provided to Buyer by Seller shall be treated as
      confidential and shall not be disclosed to any third party without the prior
      written consent of the parties hereto, except as may be required by law. In
      the
      event Closing does NOT occur or this Agreement otherwise becomes null and void
      Buyer agrees to return to Seller any and all information regarding the Leases
      that were provided to Buyer by Seller.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.          The
      Buyer of the Properties shall be based solely on the Buyer’s evaluation of the
      Leases within the agreed period and Seller warrants no other disclosure. The
      election to complete the acquisition and funding of the Leases shall reside
      in
      the sole election of the Buyer.

    

    11.          This
      Agreement shall be interpreted under the Laws of the State of
      Texas.

    

    12.          This
      Agreement and the exhibits hereto constitute the full and entire understanding
      and agreement between the Parties and no Party shall be liable or bound to
      any
      other in any manner by any representations, warranties, covenants and agreements
      except as specifically set forth herein.

    

    13.          The
      parties hereto agree to comply with any and all applicable laws, rules and
      regulations affecting the Properties and the contemplated
      transaction.

    

    

    Agreed
      to
      and accepted this 8th day of
      August,
      2007

    

    for
      Buyer:

    

    Velocity
      Oil & Gas, Inc.

    

    

    By:          
      /S/ Frank A. Jacobs

    Frank
      A. Jacobs, President &
CEO

    

    

    

    Agreed
      to
      and accepted this 8th day of
      August,
      2007

    

    for
      Seller:

    

    Polaris
      Holdings, Inc.

    

    

    

    

    

    By:          
      /S/ Ingolf Grinde, August 20, 2007

    

    Ingolf
      Grinde, President &
CEO

     

    Agree
      to contract only Exhibit "A" to be verified.

    It
      looks ok, but the operator Sunray would have to
      verify the correct names.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      “A”

    

    Attached
      to and made a part of that certain Agreement between Velocity Oil & Gas,
      Inc, as Buyer, and Polaris Holdings, Inc., as Seller, regarding the purchase
      and
      sale of the hereinafter described “Leases.”

    

    The
      Leases:

    

    
      	
               

            	
              o

            	
              Manvel
                Field - Davis No. 1 well

            

    

    
      	
               

            	
              Leases
                covering approximately 80 acres of land in Brazoria County, Texas.
                Buyer
                will acquire an undivided 10% interest in the leases, subject to
                existing
                overriding royalty interests equal to 25% of 8/8.  Additionally,
                Gulf Coast Energy is entitled to a 25% working interest after the
                payout
                of the Davis No. 1 well on the
                leases.

            

    

    

    
      	
               

            	
              o

            	
              Sandy
                Point – Express No. 1 Fite
                well

            

    

    
      	
               

            	
              Leases
                covering approximately 160 acres of land in Brazoria County, Texas.
                Buyer
                will acquire an undivided 10% interest in the leases, subject to
                existing
                overriding royalty interests equal to 25% of 8/8.  Additionally,
                Sunray is entitled to a one-eighth of eight-eights (12.50% of 8/8)
                working
                interest, proportionally reduced at
                payout.

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