AMENDMENT TO EMPLOYMENT AGREEMENT
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This Amendment to Employment Agreement (the "Amendment") is made and
entered into on this 16th day of September, 1997, by and between Bank of the
Ozarks, Inc., an Arkansas Corporation (the "Corporation"), and Xxxxxx X.
Xxxxxxx, XX, an individual and resident of Arkansas ("Xxxxxxx").
W I T N E S S E T H:
WHEREAS, the Corporation and Xxxxxxx entered into an Employment Agreement
(the "Agreement") dated May 22, 1997;
WHEREAS, the Corporation and Xxxxxxx have negotiated this Amendment of the
Agreement to expand the criteria by which Xxxxxxx'x performance will be
evaluated for purposes of determining the amount of bonus, if any, to be paid to
him;
NOW, THEREFORE, in consideration of the premises, the mutual covenants
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Paragraph 3(b) of the Agreement is hereby amended and restated as
follows:
(b) A bonus for each fiscal year of the Corporation, commencing with
the fiscal year ended December 31, 1997, in a maximum aggregate amount
not to exceed 1% of the Corporation's Net Income (on a consolidated
basis) for the fiscal year. The actual amount of such bonus will be
subjectively determined by majority vote of the Compensation Committee
of the Board of Directors of the Corporation, with members of the
Xxxxxxx family or any other interested director abstaining. Such
bonus will be based on, among other things, individual merit and
performance, taking into account Xxxxxxx'x contribution to the overall
success of the Corporation and its subsidiaries and various measures
of corporate performance including long-term growth in deposits, loans
and assets, return on average assets, return on average stockholders'
equity, net interest margin, overhead ratio, efficiency ratio, net
charge-offs ratio, other measures of growth, earnings, asset quality
and risk and other factors deemed appropriate by the Compensation
Committee. As used herein, the term "Net Income"
means, for a fiscal year, the Corporation's income after federal and
state income taxes. Each bonus shall be payable to Xxxxxxx no later
than the end of the first quarter of the succeeding fiscal year.
2. Except as explicitly amended hereby, all other terms, provisions and
conditions of the Agreement remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment in duplicate
original the day and year first above recited.
ATTEST: BANK OF THE OZARKS, INC.
By: /s/ Xxxx X. Xxxx
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/s/ Xxxxx Xxxxxx Xxxx X. Xxxx, President
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Xxxxx Xxxxxx, Secretary
/s/ Xxxxxx X. Xxxxxxx, XX
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Xxxxxx X. Xxxxxxx, XX
