EXHIBIT 10
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
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This Second Amendment to Employment Agreement (the "Second Amendment") is
made and entered into on this 21st day of July, 1998 to be effective as of July
16, 1998, 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
dated May 22, 1997 which was amended by that certain Amendment to Employment
Agreement dated September 16, 1997 (collectively the "Agreement");
WHEREAS, the Corporation and Xxxxxxx have negotiated this Second Amendment
of the Agreement to reduce Xxxxxxx'x base salary from $324,613.92 to $225,000
effective July 16, 1998 as part of a plan to reduce Xxxxxxx'x cash compensation
and increase his equity compensation to more closely align his interests with
those of the Corporation's shareholders;
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(a) of the Agreement is hereby amended and restated as
follows:
(a) Effective July 16, 1998, the sum of Two Hundred Twenty-Five
Thousand Dollars ($225,000) per annum, with such base salary to be
prorated for the remaining portion of the 1998 calendar year and to be
payable in semi-monthly installments. The base salary shall be
increased (but not decreased) commencing on January 1, 1999 and
annually thereafter by the same percentage as the percentage increase,
if any, in the Consumer Price Index for the twelve months ending on
the preceding October 31st. As used herein, the term "Consumer Price
Index" means the Consumer Price Index for All Urban Consumers (CPI-U),
All Items, U.S. Average (1982-84=100), which is now compiled with the
U.S. Department of Labor, and shall mean and include such other index
or statistics as may succeed it, as adjusted to account for any change
in the standard reference base 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 Second Amendment in
duplicate original the day and year first above recited.
ATTEST: BANK OF THE OZARKS, INC.
By:/s/ XXXX X. XXXX, PRESIDENT
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Xxxx X. Xxxx, President
/s/ XXXXX XXXXXX, SECRETARY
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Xxxxx Xxxxxx, Secretary
/s/ XXXXXX X. XXXXXXX, XX
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Xxxxxx X. Xxxxxxx, XX
