A description of the current salary and bonus arrangements for the Registrants executive officers for 2023 is attached as Exhibit 10.7
Exhibit 10.7
Current Executive Officer Salary and Bonus Arrangements for 2023
Base Salaries
The base salaries for 2023 for the following executive officers of Great Southern Bancorp, Inc. (the "Company") and Great Southern Bank (the "Bank") currently are as follows:
Name and Title |
| Base Salary |
| |
| | | | |
| | | | |
William V. Turner | | $ | 200,000 | |
Chairman of the Board of | | | | |
the Company and the Bank | | | | |
| | | | |
Joseph W. Turner | | $ | 435,000 | |
President and Chief | | | | |
Executive Officer of the | | | | |
Company and the Bank | | | | |
| | | | |
Rex A. Copeland | | $ | 470,000 | |
Treasurer of the Company | | | | |
and Senior Vice President and | | | | |
Chief Financial Officer of the Bank | | | | |
| | | | |
Kevin L. Baker | | $ | 470,000 | |
Vice President and Chief | | | | |
Credit Officer of the Bank | | | | |
| | | | |
John M. Bugh | | $ | 470,000 | |
Vice President and Chief | | | | |
Lending Officer of the Bank | | | | |
| | | | |
Mark A. Maples | | $ | 180,000 | |
Vice President and Chief Operations | | | | |
Officer of the Bank | | | | |
| | | | |
Description of Bonus Arrangements
Pursuant to his employment agreement with the Company, Mr. Joseph W. Turner is entitled to an annual cash bonus equal to one percent of the Company's fiscal year pre-tax earnings. Mr. William V. Turner is not entitled to an annual cash bonus pursuant to his employment agreement. Mr. Rex A. Copeland does not have a bonus arrangement governed by contract; however, the Company has established an annual cash bonus for Mr. Copeland equal to 0.06 percent of the Company’s fiscal year pre-tax earnings. Additionally, Mr. Copeland may earn a separate cash bonus of up to 9.35 percent of his annual base salary based on the extent to which the Company achieves targeted earnings per share results. Mr. Kevin L. Baker and Mr. John M. Bugh do not have bonus arrangements governed by contract; however, they each may earn a cash bonus of up to 9.35 percent of each of their annual base salary based on the extent to which the Company achieves targeted earnings per share results. Mr. Mark A. Maples does not have a bonus arrangement governed by contract; however, the Company has maintained an incentive bonus arrangement under which he and certain other officers may earn a cash bonus of up to 17.85 percent of the officer's annual base salary, with up to 9.35 percent based on the extent to which the Company achieves targeted earnings per share results and up to 8.50 percent based on the officer's individual performance.
Certain executive officers nearing retirement age may be given the choice of receiving an additional cash bonus in lieu of any stock options they would otherwise be granted under the Company’s 2022 Omnibus Incentive Plan. Any such bonus will generally be payable over time in annual installments, subject to continued service with the Company.
