Exhibit 10.2 AMENDMENT AND WAIVER REGARDING COMPENSATION ARRANGEMENTS This Agreement is entered into by and among Guaranty Federal Bancshares, Inc., Guaranty Bank (together with Guaranty Federal Bancshares, Inc., the "Company"), and the undersigned...And Waiver Regarding Compensation Arrangements • February 3rd, 2009 • Guaranty Federal Bancshares Inc • State commercial banks • Missouri
