STOCK OPTION Granted by SP BANCORP, INC. under the SP BANCORP, INC. 2012 EQUITY INCENTIVE PLAN

EXHIBIT 10.2

STOCK OPTION

Granted by

SP BANCORP, INC.

under the

SP BANCORP, INC.

2012 EQUITY INCENTIVE PLAN

This stock option agreement (“Option” or “Agreement”) is and will be subject in every respect to the provisions of the 2012 Equity Incentive Plan (the “Plan”) of SP Bancorp, Inc. (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided to each person granted a stock option pursuant to the Plan. The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns. Capitalized terms used herein but not defined will have the same meaning as in the Plan.

                     (subject to adjustment pursuant to Section 10 hereof). The Option will be an Incentive Stock Option to the maximum extent permitted under the tax laws, which means that up to $100,000 of Options that vest in any one calendar year will be Incentive Stock Options (based on the exercise price of the Option).

Example: A participant is granted 15,000 Options that vest in equal installments of 3,000 Options per year over a 5 year period. The exercise price is $12.50, which is equal to the fair market value of the stock on the date of grant. Since $12.50 multiplied by 3,000 (the number of Options that vest each year) is $36,600.00, all Options that vest each year will be Incentive Stock Options. Based on a $12.50 exercise price, the maximum number of Options that can vest in any one year is 8,000 ($100,000 ÷ $12.50 = 8,000.00).

(subject to adjustment pursuant to Section 10 below)

The Options granted under this Agreement shall vest in five (5) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or                     , and succeeding installments on each anniversary thereafter, through                     . To the extent the Options awarded to me are not equally divisible by “5,” any excess Options shall vest on                     .

This Option may not be exercised at any time on or after the Option’s expiration date. Vesting will automatically accelerate pursuant to Section 2.3, 2.9 and 4.1 of the Plan (in the event of death or Disability or Involuntary Termination of Employment following a Change in Control).

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This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.3 of the Plan.

This Option will terminate upon the expiration date, except as set forth in the following provisions:

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IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

PARTICIPANT’S ACCEPTANCE

The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2012 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company’s 2012 Equity Incentive Plan.

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EXHIBIT A

NOTICE OF EXERCISE OF OPTION

(BY EMPLOYEE)

I hereby exercise the stock option (the “Option”) granted to me by SP Bancorp, Inc. (the “Company”) or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the “Agreement”) and the SP Bancorp, Inc. 2012 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to purchase                      shares of common stock of the Company (“Common Stock”) for a purchase price of $             per share.

I wish to pay the purchase price by (check one or more, as applicable):

[Any payment to be delivered must accompany this Notice of Exercise of Option]

I understand that after this exercise,              shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

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EXHIBIT B

ACKNOWLEDGMENT OF RECEIPT OF SHARES

I hereby acknowledge the delivery to me by SP Bancorp, Inc. (the “Company”) or its affiliate on                     , of stock certificates for                      shares of common stock of the Company purchased by me pursuant to the terms and conditions of the Stock Option Agreement and the SP Bancorp, Inc. 2012 Equity Incentive Plan, as applicable, which shares were transferred to me on the Company’s stock record books on                     .

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