SEC Contract Filing

Filing Date: 2021-11-24

Document Content:
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<TYPE>EX-10.2
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<FILENAME>d264366dex102.htm
<DESCRIPTION>EX-10.2
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<TITLE>EX-10.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Execution Version</I></B><B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RESTRICTIVE COVENANT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Restrictive Covenant Agreement (this &#147;<U>Agreement</U>&#148;), dated as of November&nbsp;18, 2021 (the &#147;<U>Effective
Date</U>&#148;), is entered into by Spirit of Texas Bancshares, Inc. a Texas corporation (the &#147;<U>Company</U>&#148;), and Dean O. Bass (&#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive is the Chief Executive Officer of the Company and its subsidiary bank, Spirit of Texas Bank, SSB (the
&#147;<U>Bank</U>&#148;) and the Chairman of the Board of Directors of the Company (the &#147;<U>Board</U>&#148;), and has entered into an Employment Agreement with the Company, dated as of February&nbsp;2, 2021 (the &#147;<U>Employment
Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties to this Agreement wish to memorialize herein certain restrictions that will be imposed
upon Executive and certain benefits he will receive in the event of a Change in Control (as defined below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the
mutual promises set forth below and other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge, the Company and Executive agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. </B><B>Term</B>. The term of this Agreement (the &#147;<U>Term</U>&#148;) shall begin on the Effective Date and shall expire on the
second (2nd) anniversary of the Effective Date; provided, however, that if the Executive experiences an earlier Disqualifying Termination (as defined below), the Term will expire as of such Disqualifying Termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2. Restrictive Covenants</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.1. <U>Restricted Activities</U>. Effective upon a Change in Control that occurs during the Term and for a period of three (3)&nbsp;years
thereafter (the &#147;<U>Restricted Period</U>&#148;), Executive shall not, directly or indirectly, either as an officer, director, employee, agent, adviser, consultant, principal or partner, in the Restricted Area (as defined below) engage in a
Restricted Activity (as defined below). For purposes of clarity, if a Change in Control occurs during the Term, the Restricted Period will last for the time period set forth above, even if after the expiration of the Term, and the continuation of
the Restricted Period shall not depend on Executive&#146;s continued service after a Change in Control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2. &#147;<U>Restricted
Area</U>&#148; means the geographic area comprised of Bee, Bexar, Brazos, Cherokee, Comanche, Dallas, DeWitt, Fort Bend, Gregg, Harris, Henderson, Kaufman, Montgomery, Palo Pinto, Parker, Seguin, Tarrant and Travis Counties in Texas, and any
additional county in which the Company has established a branch office. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.3. &#147;<U>Restricted Activity</U>&#148; means taking any of
the following actions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) competing or engaging, anywhere in the Restricted Area, in a financial services business similar to that of the
Group (as defined below); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) taking any action to invest in, own, manage, operate, control, participate in, be
employed or engaged by or be connected in any manner with any partnership, association, corporation, limited liability company, trust, unincorporated organization or any other business entity (an &#147;<U>Entity</U>&#148;) engaging in a financial or
depository institution, financial planning or investment advisory business similar to that of the Group anywhere within the Restricted Area; provided, however, that Executive shall be permitted to own, directly or indirectly, up to two percent (2%)
of the issued and outstanding securities of any publicly traded financial institution conducting business in the Restricted Area; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
within the Restricted Area (i)&nbsp;entering into, or facilitating any other Entity to enter into, an agreement with any customer of the Group to provide goods and services of the same or similar type as the Group provides, (ii)&nbsp;accepting
business from, or facilitating any other Entity to