Contract
Exhibit
10.3
AMENDED
AND RESTATED EMPLOYMENT AGREEMENT
THIS
AMENDED AND RESTATED EMPLOYMENT
AGREEMENT, dated this 14th day of
December
2007, between First Federal Bancshares of Arkansas, Inc., a Texas chartered
corporation (the "Corporation"), First Federal Bank, a federally chartered
savings bank and a wholly owned subsidiary of the Corporation (the "Bank"),
and
Xxxxxx X. Xxxxxxxx (the "Executive").
WITNESSETH
WHEREAS,
the Bank was previously known
as First Federal Bank of Arkansas, F.A.;
WHEREAS,
the Executive is currently
employed as the Executive Vice President and Chief Financial Officer of the
Corporation and the Bank, and the Corporation, the Bank and the Executive
have
previously entered into an employment agreement dated April 25, 2002 (the
“Prior
Agreement”);
WHEREAS,
the Corporation and the Bank
(together the “Employers”) desire to amend and restate the Prior Agreement in
order to make changes to comply with Section 409A of the Internal Revenue
Code
of 1986, as amended (the “Code”), as well as certain other changes;
WHEREAS,
the Employers desire to be
ensured of the Executive's continued active participation in the business
of the
Employers; and
WHEREAS,
in order to induce the
Executive to remain in the employ of the Employers and in consideration of
the
Executive's agreeing to remain in the employ of the Employers, the parties
desire to specify the severance benefits which shall be due the Executive
in the
event that her employment with the Employers is terminated under specified
circumstances;
NOW
THEREFORE, in consideration of the
premises and the mutual agreements herein contained, the parties hereby agree
as
follows:
1. Definitions. The
following words and terms shall have the meanings set forth below for the
purposes of this Agreement:
(a) Average
Annual Compensation. The Executive's "Average Annual
Compensation" for purposes of this Agreement shall be deemed to mean the
average
level of compensation paid to the Executive by the Employers or any subsidiary
thereof during the most recent five taxable years preceding the year in which
the Date of Termination occurs (or such shorter period as the Executive was
employed), and which was included in the Executive’s gross income for tax
purposes, including but not limited to Base Salary, bonuses, director’s fees, if
applicable, and all other amounts taxable to the Executive pursuant to any
employee benefit plans of the Employers.
(b) Base
Salary. "Base Salary" shall have the meaning set forth in
Section 3(a) hereof.
1
(c) Cause.
Termination of the Executive's employment for "Cause" shall mean termination
because of personal dishonesty, incompetence, willful misconduct, breach
of
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. For purposes of this
paragraph, no act or failure to act on the Executive's part shall be considered
"willful" unless done, or omitted to be done, by the Executive not in good
faith
and without reasonable belief that the Executive's action or omission was
in the
best interest of the Employers.
(d) Change
in Control. "Change in Control" shall mean a change in the
ownership of the Corporation or the Bank, a change in the effective control
of
the Corporation or the Bank or a change in the ownership of a substantial
portion of the assets of the Corporation or the Bank, in each case as provided
under Section 409A of the Code and the regulations thereunder.
(e) Date
of Termination. "Date of Termination" shall mean (i) if the
Executive's employment is terminated for Cause, the date on which the Notice
of
Termination is given, (ii) if the Executive’s employment is terminated due to
death, the date of death, and (iii) if the Executive's employment is terminated
for any other reason, the date specified in such Notice of
Termination.
(f) Disability. “Disability”
shall mean the Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected
to
result in death or can be expected to last for a continuous period of not
less
than 12 months, receiving income replacement benefits for a period of not
less
than three months under an accident and health plan covering employees of
the
Employers.
(g) Effective
Date. The Effective Date of this Agreement shall mean the
date first written above.
(h) Good
Reason. Termination by the Executive of the Executive's
employment for "Good Reason" shall mean termination by the Executive based
on
the occurrence of any of the following events:
(i)
any
material breach of this Agreement by the Employers, including without limitation
any of the following: (A) a material diminution in the Executive’s base
compensation, (B) a material diminution in the Executive’s authority, duties or
responsibilities as prescribed in Section 2, or (C) a material diminution
in the
authority, duties or responsibilities of the officer to whom the Executive
is
required to report; or
(ii)
any
material change in the geographic location at which the Executive must perform
her services under this Agreement;
2
provided,
however, that prior to any termination of employment for Good Reason, the
Executive must first provide written notice to the Employers within ninety
(90)
days of the initial existence of the condition, describing the existence
of such
condition, and the Employers shall thereafter have the right to remedy the
condition within thirty (30) days of the date the Employers received the
written
notice from the Executive. If the Employers remedy the condition
within such thirty (30) day cure period, then no Good Reason shall be deemed
to
exist with respect to such condition. If the Employers do not remedy
the condition within such thirty (30) day cure period, then the Executive
may
deliver a Notice of Termination for Good Reason at any time within sixty
(60)
days following the expiration of such cure period.
(i) IRS. IRS
shall mean the Internal Revenue Service.
(j) Notice
of Termination. Any purported termination of the Executive's
employment by the Employers for any reason, including without limitation
for
Cause, Disability or Retirement, or by the Executive for any reason, including
without limitation for Good Reason, shall be communicated by a written "Notice
of Termination" to the other party hereto. For purposes of this
Agreement, a "Notice of Termination" shall mean a dated notice which (i)
indicates the specific termination provision in this Agreement relied upon,
(ii)
sets forth in reasonable detail the facts and circumstances claimed to provide
a
basis for termination of the Executive's employment under the provision so
indicated, (iii) specifies a Date of Termination, which shall be not less
than
thirty (30) nor more than ninety (90) days after such Notice of Termination
is
given, except in the case of the Employers' termination of Executive's
employment for Cause; and (iv) is given in the manner specified in Section
10
hereof.
(k) Retirement. "Retirement"
shall mean voluntary termination by the Executive in accordance with the
Employers' retirement policies, including early retirement, generally applicable
to the Employers' salaried employees.
2. Term
of Employment.
(a) The
Employers hereby employ the Executive as Executive Vice President and Chief
Financial Officer and the Executive hereby accepts said employment and agrees
to
render such services to the Employers on the terms and conditions set forth
in
this Agreement. Unless extended as provided in this Section 2, this Agreement
shall terminate three (3) years after December 14, 2007 (the "Commencement
Date"). Prior to the first annual anniversary of the Commencement
Date and each annual anniversary thereafter, the Boards of Directors of the
Employers shall consider, review (with appropriate corporate documentation
thereof, and after taking into account all relevant factors, including the
Executive's performance) and, if appropriate, explicitly approve a one-year
extension of the remaining term of this Agreement. The term of this
Agreement shall continue to extend each year if the Boards of Directors so
approve such extension unless the Executive gives written notice to the
Employers of the Executive's election not to extend the term, with such notice
to be given not less than thirty (30) days prior to any such anniversary
date. If the Boards of Directors elect not to extend the term, they
shall give written notice of such decision to the Executive not less than
thirty
(30) days prior to any such anniversary date. If any party gives
timely notice that the term will not be extended as of any annual anniversary
date, then this Agreement shall terminate at the conclusion of its remaining
term. References herein to the term of this Agreement shall refer
both to the initial term and successive terms.
3
(b) During
the term of this Agreement, the Executive shall perform such executive services
for the Employers as are consistent with her title of Executive Vice President
and Chief Financial Officer.
3.
Compensation and Benefits.
(a) The
Employers shall compensate and pay Executive for her services during the
term of
this Agreement at a minimum base salary of $210,000 per year ("Base Salary"),
which may be increased from time to time in such amounts as may be determined
by
the Boards of Directors of the Employers. In addition to her Base
Salary, the Executive shall be entitled to receive during the term of this
Agreement such bonus payments as may be determined by the Boards of Directors
of
the Employers.
(b) During
the term of the Agreement, Executive shall be entitled to participate in
and
receive the benefits of any pension or other retirement benefit plan, profit
sharing, stock option, employee stock ownership, or other plans, benefits
and
privileges given to employees and executives of the Employers, to the extent
commensurate with her then duties and responsibilities, as fixed by the Boards
of Directors of the Employers. The Employers shall not make any
changes in such plans, benefits or privileges which would adversely affect
Executive's rights or benefits thereunder, unless such change occurs pursuant
to
a program applicable to all executive officers of the Employers and does
not
result in a proportionately greater adverse change in the rights of or benefits
to Executive as compared with any other executive officer of the
Employers. Nothing paid to Executive under any plan or arrangement
presently in effect or made available in the future shall be deemed to be
in
lieu of the salary payable to the Executive pursuant to Section 3(a)
hereof.
(c) During
the term of this Agreement, the Executive shall be entitled to paid annual
vacation in accordance with the policies as established from time to time
by the
Boards of Directors of the Employers. The Executive shall not be
entitled to receive any additional compensation from the Employers for failure
to take a vacation, nor shall the Executive be able to accumulate unused
vacation time from one year to the next, except to the extent authorized
by the
Boards of Directors of the Employers.
(d) During
the term of this Agreement, in keeping with past practices, the Employers
shall
continue to provide the Executive with the automobile he presently drives.
The
Employers shall be responsible and shall pay for all costs of insurance
coverage, repairs, maintenance and other incidental expenses, including license,
fuel and oil. If such costs or expenses are initially paid by the
Executive, the Employers shall reimburse the Executive therefor. Such
reimbursement shall be paid promptly by the Employers and in any event no
later
than March 15 of the year immediately following the year in which such expenses
were incurred. The Employers shall provide the Executive with a
replacement automobile of a similar type as selected by the Executive at
approximately the time that her present automobile reaches three (3) years
of
age and approximately every three (3) years thereafter, upon the same terms
and
conditions.
4
(e) During
the term of this Agreement, in keeping with past practices, the Employers
shall
continue to pay the annual membership dues at the country clubs at which
the
Executive is currently a member. If such dues are initially paid by
the Executive, the Employers shall reimburse the Executive
therefor. Such reimbursement shall be paid promptly by the Employers
and in any event no later than March 15 of the year immediately following
the
year in which such dues were paid.
(f) The
Employers shall provide continued medical insurance in the Employers' health
plan for the benefit of the Executive and her spouse for a period of five
years
from the date of the Executive’s Retirement, and such insurance shall be
comparable to that which is provided by the Employers to comparable executive
officers and regardless of whether the Executive is eligible to participate
in
the Employers' health plan. In the event of the Executive's death
before the expiration of such five year period, the Employers shall provide
the
Executive's spouse continued medical insurance in the Employers' health plan
comparable to that which is being provided to the Executive's spouse at such
time for the remainder of such five year period. Any insurance
premiums payable by the Employers or any successors pursuant to this Section
3(f) shall be payable at such times and in such amounts as if the Executive
was
still an employee of the Employers, subject to any increases in such amounts
imposed by the insurance company or COBRA, and the amount of insurance premiums
required to be paid by the Employers in any taxable year shall not affect
the
amount of insurance premiums required to be paid by the Employers in any
other
taxable year; and provided further that if the Executive’s participation in any
group insurance plan is barred, the Employers shall either arrange to provide
the Executive with insurance benefits substantially similar to those which
the
Executive was entitled to receive under such group insurance plan or, if
such
coverage cannot be obtained, pay a lump sum cash equivalency amount within
thirty (30) days following the Date of Termination based on the annualized
rate
of premiums being paid by the Employers as of the Date of
Termination. This Section 3(f) shall not apply if the Executive is or
becomes employed full-time by an employer other than the Corporation or the
Bank.
(g) In
the event of the Executive's death during the term of this Agreement, the
Executive's spouse, estate, legal representative or named beneficiaries (as
directed by the Executive in writing) shall be paid on a monthly basis the
Executive's Base Salary (as defined in Section 3(a) hereof) in effect at
the
time of the Executive's death for a period of twelve (12) months from the
date
of the Executive's death.
(h) The
Executive's compensation and expenses shall be paid by the Corporation and
the
Bank in the same proportion as the time and services actually expended by
the
Executive on behalf of each respective Employer.
4. Expenses. The
Employers shall reimburse Executive or otherwise provide for or pay for all
reasonable expenses incurred by Executive in furtherance of, or in connection
with the business of the Employers, including, but not by way of limitation,
automobile and traveling expenses, and all reasonable entertainment expenses
(whether incurred at the Executive's residence, while traveling or otherwise),
subject to such reasonable documentation and other limitations as may be
established by the Boards of Directors of the Employers. If such
expenses are paid in the first instance by Executive, the Employers shall
reimburse the Executive therefor. Such reimbursement shall be paid
promptly by the Employers and in any event no later than March 15 of the
year
immediately following the year in which such expenses were
incurred.
5
5.
Termination.
(a) The
Employers shall have the right, at any time upon prior Notice of Termination,
to
terminate the Executive's employment hereunder for any reason, including
without
limitation termination for Cause, Disability or Retirement, and the Executive
shall have the right, upon prior Notice of Termination, to terminate her
employment hereunder for any reason.
(b) In
the event that (i) Executive's employment is terminated by the Employers
for
Cause, or (ii) the Executive terminates her employment hereunder other than
for
Good Reason, the Executive shall have no right pursuant to this Agreement
to
compensation or other benefits for any period after the applicable Date of
Termination. In the event that the Executive's employment is
terminated due to Disability or Retirement, the Executive's rights shall
be as
provided in Section 3(f) hereof. In the event the Executive's
employment is terminated due to the Executive's death, the Executive's rights
shall be as provided in Section 3(g) hereof.
(c) In
the event that (i) the Executive's employment is terminated by the Employers
for
other than Cause, Disability, Retirement or the Executive's death or (ii)
such
employment is terminated by the Executive for Good Reason, then the Employers
shall, subject to the provisions of Section 6 hereof, if
applicable,
(A) pay
to the Executive, in a lump sum within ten (10) business days following the
Date
of Termination, a cash severance amount equal to three (3) times the Executive's
Average Annual Compensation, and
(B) maintain
and provide for a period ending at the earlier of (i) the expiration of the
remaining term of employment pursuant hereto prior to the Notice of Termination
or (ii) the date of the Executive's full-time employment by another employer
(provided that the Executive is entitled under the terms of such employment
to
benefits substantially similar to those described in this subparagraph (B)),
at
no cost to the Executive, the Executive's continued participation in all
group
insurance, life insurance, health and accident insurance, and disability
insurance in which the Executive was participating immediately prior to the
Date
of Termination; provided that any insurance premiums payable by the Employers
or
any successors pursuant to this Section 5(c)(B) shall be payable at such
times
and in such amounts as if the Executive was still an employee of the Employers,
subject to any increases in such amounts imposed by the insurance company
or
COBRA, and the amount of insurance premiums required to be paid by the Employers
in any taxable year shall not affect the amount of insurance premiums required
to be paid by the Employers in any other taxable year; and provided further
that
if the Executive’s participation in any group insurance plan is barred, the
Employers shall either arrange to provide the Executive with insurance benefits
substantially similar to those which the Executive was entitled to receive
under
such group insurance plan or, if such coverage cannot be obtained, pay a
lump
sum cash equivalency amount within thirty (30) days following the Date of
Termination based on the annualized rate of premiums being paid by the Employers
as of the Date of Termination; and
6
(C) pay
to the Executive, in a lump sum within thirty (30) days following the Date
of
Termination, a cash amount equal to the projected cost to the Employers of
providing benefits to the Executive for the remaining term of employment
under
this Agreement (prior to giving effect to the Notice of Termination) pursuant
to
any other employee benefit plans, program or arrangements offered by the
Employers in which the Executive was entitled to participate immediately
prior
to the Date of Termination (excluding (y) stock option plans, restricted
stock
plans and employee stock ownership plans of the Employers and (z) bonuses
and
other items of cash compensation), with the projected cost to the Employers
to
be based on the costs incurred for the calendar year immediately preceding
the
year in which the Date of Termination occurs and with any automobile-related
costs to exclude any depreciation on Bank-owned automobiles.
6. Limitation
of Benefits under Certain Circumstances. If the payments and
benefits pursuant to Section 5 hereof, either alone or together with other
payments and benefits which the Executive has the right to receive from the
Employers, would constitute a "parachute payment" under Section 280G of the
Code, then the payments and benefits pursuant to Section 5 hereof shall be
reduced by the minimum amount necessary to result in no portion of the payments
and benefits under Section 5 being non-deductible to either of the Employers
pursuant to Section 280G of the Code and subject to the excise tax imposed
under
Section 4999 of the Code. If the payments and benefits under Section
5 are required to be reduced, the cash severance shall be reduced first,
followed by a reduction in the fringe benefits. The determination of
any reduction in the payments and benefits to be made pursuant to Section
5
shall be based upon the opinion of independent tax counsel selected by the
Employers and paid by the Employers. Such counsel shall promptly
prepare the foregoing opinion, but in no event later than thirty (30) days
from
the Date of Termination, and may use such actuaries as such counsel deems
necessary or advisable for the purpose. Nothing contained in this
Section 6 shall result in a reduction of any payments or benefits to which
the
Executive may be entitled upon termination of employment under any circumstances
other than as specified in this Section 6, or a reduction in the payments
and
benefits specified in Section 5 below zero.
7. Mitigation;
Exclusivity of Benefits.
(a) The
Executive shall not be required to mitigate the amount of any benefits hereunder
by seeking other employment or otherwise, nor shall the amount of any such
benefits be reduced by any compensation earned by the Executive as a result
of
employment by another employer after the Date of Termination or otherwise,
except as set forth in sections 3(f) and 5(c)(B)(ii) hereof.
(b) The
specific arrangements referred to herein are not intended to exclude any
other
benefits which may be available to the Executive upon a termination of
employment with the Employers pursuant to employee benefit plans of the
Employers or otherwise.
8. Withholding. All
payments required to be made by the Employers hereunder to the Executive
shall
be subject to the withholding of such amounts, if any, relating to tax and
other
payroll deductions as the Employers may reasonably determine should be withheld
pursuant to any applicable law or regulation.
7
9. Assignability. The
Employers may assign this Agreement and its rights and obligations hereunder
in
whole, but not in part, to any corporation, bank or other entity with or
into
which the Employers may hereafter merge or consolidate or to which the Employers
may transfer all or substantially all of its assets, if in any such case
said
corporation, bank or other entity shall by operation of law or expressly
in
writing assume all obligations of the Employers hereunder as fully as if
it had
been originally made a party hereto, but may not otherwise assign this Agreement
or its rights and obligations hereunder. The Executive may not assign
or transfer this Agreement or any rights or obligations hereunder.
10. Notice. 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 delivered or mailed by certified or registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth
below:
|
|
To
the Employers:
|
Board
of Directors
|
|
First
Federal Bancshares of Arkansas, Inc.
|
||
|
Xxxxxxxx,
Xxxxxxxx 00000
|
||
|
0000
Xxxxxxx 00-00 Xxxxx
|
||
|
|
To
the Executive:
|
Xxxxxx
Xxxxxxxx
|
|
At
his last address on file with the
Employers
|
||
11. Amendment;
Waiver. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed
to
in writing and signed by the Executive and such officer or officers as may
be
specifically designated by the Boards of Directors of the Employers to sign
on
their behalf. No waiver by any party hereto at any time of any breach
by any other party hereto of, or compliance with, any condition or provision
of
this Agreement to be performed by such other party shall be deemed a waiver
of
similar or dissimilar provisions or conditions at the same or at any prior
or
subsequent time. In addition, notwithstanding anything in this
Agreement to the contrary, the Employers may amend in good faith any terms
of
this Agreement, including retroactively, in order to comply with Section
409A of
the Code.
12. Governing
Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the United
States
where applicable and otherwise by the substantive laws of the State of
Arkansas.
13. Nature
of Obligations. Nothing contained herein shall create or
require the Employers to create a trust of any kind to fund any benefits
which
may be payable hereunder, and to the extent that the Executive acquires a
right
to receive benefits from the Employers hereunder, such right shall be no
greater
than the right of any unsecured general creditor of the Employers.
14. Interpretation
and Headings. This agreement shall be interpreted in order
to achieve the purposes for which it was entered into. The section
headings contained in this Agreement are for reference purposes only and
shall
not affect in any way the meaning or interpretation of this
Agreement.
8
15. Validity. The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement,
which shall remain in full force and effect.
16. Changes
in Statutes or Regulations. If any statutory or regulation provision
referenced herein is subsequently changed or re-numbered, or is replaced
by a
separate provision, then the references in this Agreement to such statutory
or
regulatory provision shall be deemed to be a reference to such section as
amended, re-numbered or replaced.
17. Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall
be
deemed to be an original but all of which together will constitute one and
the
same instrument.
18. Regulatory
Actions. The following provisions shall be applicable to the
parties to the extent that they are required to be included in employment
agreements between a savings association and its employees pursuant to Section
563.39(b) of the Regulations Applicable to all Savings Banks, 12 C.F.R. §
563.39(b), or any successor thereto, and shall be controlling in the event
of a
conflict with any other provision of this Agreement, including without
limitation Section 5 hereof.
(a) If
Executive is suspended from office and/or temporarily prohibited from
participating in the conduct of the Employers' affairs by a notice served
under
Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act ("FDIA")
(12 U.S.C. §§1818(e)(3) and 1818(g)(1)), the Employers' 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 Employers may, in their discretion: (i) pay the 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.
(b) If
the Executive is removed from office and/or permanently prohibited from
participating in the conduct of the Employers' affairs by an order issued
under
Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. §§1818(e)(4) and
(g)(1)), all obligations of the Employers under this Agreement shall terminate
as of the effective date of the order, but vested rights of the Executive
and
the Employers as of the date of termination shall not be affected.
(c) If
the Bank is in default, as defined in Section 3(x)(1) of the FDIA (12 U.S.C.
§1813(x)(1)), all obligations under this Agreement shall terminate as of the
date of default, but vested rights of the Executive and the Employers as
of the
date of termination shall not be affected.
(d) All
obligations under this Agreement shall be terminated pursuant to 12 C.F.R.
§563.39(b)(5), except to the extent that it is determined that continuation
of
the Agreement for the continued operation of the Employers is necessary:
(i) by
the Director of the Office of Thrift Supervision ("OTS"), or her or her
designee, at the time the Federal Deposit Insurance Corporation ("FDIC")
enters
into an agreement to provide assistance to or on behalf of the Bank under
the
authority contained in Section 13(c) of the FDIA (12 U.S.C. §1823(c)); or (ii)
by the Director of the OTS, or her or her designee, at the time the Director
or
her 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 of the
OTS
to be in an unsafe or unsound condition, but vested rights of the Executive
and
the Employers as of the date of termination shall not be affected.
9
19. Regulatory
Prohibition. Notwithstanding any other provision of this
Agreement to the contrary, any payments made to the Executive pursuant to
this
Agreement, or otherwise, are subject to and conditioned upon their compliance
with Section 18(k) of the FDIA (12 U.S.C. §1828(k)) and any regulations
promulgated thereunder, including 12 C.F.R. Part 359.
20. Entire
Agreement. This Agreement embodies the entire agreement
between the Employers and the Executive with respect to the matters agreed
to
herein. All prior agreements between the Employers and the Executive
with respect to the matters agreed to herein are hereby superseded and shall
have no force or effect, including the Prior Agreement.
10
IN
WITNESS WHEREOF, this Agreement has
been executed as of the date first above written.
|
Attest:
|
FIRST
FEDERAL BANCSHARES OF ARKANSAS, INC.
|
||
| /s/ Xxxxx X. Xxxxxxxxxx |
By:
|
/s/ Xxxxx X. Xxxxxx | |
| Xxxxx X. Xxxxxxxxxx |
Xxxxx
X. Xxxxxx, President and Chief Executive Officer
|
||
|
Attest:
|
FIRST
FEDERAL BANK OF ARKANSAS, FA
|
||
| /s/ Xxxxx X. Xxxxxxxxxx |
By:
|
/s/ Xxxxx X. Xxxxxx | |
| Xxxxx X. Xxxxxxxxxx |
Xxxxx
X. Xxxxxx, Chief Executive Officer
|
||
|
EXECUTIVE
|
|||
|
By:
|
/s/ Xxxxxx X. Xxxxxxxx | ||
|
Xxxxxx
X. Xxxxxxxx
|
|||
11
