2007 Executive Officer Salary and Bonus Arrangements for Great Southern Bancorp, Inc. and Great Southern Bank
This document outlines the 2007 base salaries and bonus arrangements for key executive officers of Great Southern Bancorp, Inc. and Great Southern Bank. It specifies the annual salaries for five named executives and details their eligibility for cash bonuses based on company performance and individual achievements. Notably, William V. Turner waived his right to a bonus, while Joseph W. Turner's bonus is tied to a percentage of the company's pre-tax net income. Other executives may receive bonuses up to 15% of their base salary, contingent on company earnings growth and personal performance.
Exhibit 10.8
Named Executive Officer Salary and Bonus Arrangements for 2007
Base Salaries
The base salaries for 2007 for the following executive officers of Great Southern Bancorp, Inc. (the "Company") and Great Southern Bank (the "Bank") are as follows:
| Name and Title | Base Salary |
| William V. Turner | $216,667(1) |
| Chairman of the Board of | |
| the Company and the Bank | |
| Joseph W. Turner | $228,800 |
| President and Chief | |
| Executive Officer of the | |
| Company and the Bank | |
| Rex A. Copeland | $173,040 |
| Treasurer of the Company | |
| and Senior Vice President and | |
| Chief Financial Officer of the Bank | |
| Steven G. Mitchem | $174,688 |
| Senior Vice President and Chief | |
| Lending Officer of the Bank | |
| Douglas W. Marrs | $103,175 |
| Vice President -- Operations of the Bank | |
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(1) During 2007, William V. Turner will receive payments of salary previously deferred totaling approximately $16,667.
Description of Bonus Arrangements
For 2007, William V. Turner waived his right (as he did in 2006) to receive the annual cash bonus provided for in his employment agreement (one-half of one percent of the Company's pre-tax net income). For 2007 (as it was in 2006), the annual cash bonus payable to Joseph W. Turner under his employment agreement will be three-fourths of one percent of the Company's pre-tax net income. For 2007, as for 2006, each of Messrs. Copeland, Mitchem and Marrs, along with the other executive officers of the Company and the Bank, will be eligible for a cash bonus of up to 15% of base annual salary, with one half of this possible bonus payable if the Company achieves targeted growth in earnings per share for 2007 and one-half of the possible bonus awarded based on individual performance in 2007.
