Compensatory Arrangement Description for Carter Peters as Executive Vice President and COO of Guaranty Federal Bancshares and Guaranty Bank
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Summary
Guaranty Federal Bancshares and Guaranty Bank have appointed Carter Peters as Executive Vice President and Chief Operating Officer, effective August 8, 2005. Mr. Peters will receive an annual salary of $125,000, subject to annual review and possible increase. He may also be eligible for a performance bonus in 2006, depending on the Bank's profit plan and earnings per share growth. There is no formal written employment agreement between Mr. Peters and the Bank.
EX-10.19 2 ex10-19.htm WRITTEN DESCRIPTION OF COMPENSATORY ARRANGEMENT Written Description of Compensatory Arrangement
Exhibit 10.19
Written Description of Compensatory Arrangement with Carter Peters
Carter Peters was appointed as Executive Vice President and Chief Operating Officer of Guaranty Federal Bancshares and of Guaranty Bank (the “Bank”) effective August 8, 2005. The Bank has agreed to pay Mr. Peters an annual salary of $125,000, which will be reviewed annually, and may be increased, by the Bank. Mr. Peters may also receive a performance bonus in 2006 based on the Bank achieving profit plan and earnings per share growth. There is no written employment agreement between the parties.
