Exhibit 10.3
FIRST AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT
AGREEMENT
THIS FIRST AMENDMENT to the AMENDED
AND RESTATED EMPLOYMENT AGREEMENT, dated as of this 14
th day of December, 2007, is between First
Federal Bancshares of Arkansas, Inc., a Texas chartered
corporation (the “Corporation”), First Federal Bank, a
federally chartered savings bank and a wholly owned subsidiary of
the Corporation (the “Bank”), and
(the “Executive”) (the “Amended and Restated
Agreement”).
WITNESSETH
WHEREAS, the Employers desire to
amend the Amended and Restated Agreement in order to make changes
to comply with certain executive compensation restrictions imposed
on the Corporation in connection with its participation in the
Capital Purchase Program (“CPP”) of the U.S. Department
of Treasury’s (the “Treasury”) Troubled Asset
Relief Program and specifically Section 111 of the Emergency
Economic Stabilization Act of 2008 (the “EESA”), as
amended by Section 7001 of the American Recovery and
Reinvestment Act of 2009 (the “ARRA”).
NOW THEREFORE, in consideration of
the mutual agreements herein contained, and upon the other terms
and conditions hereinafter provided, the parties hereby agree as
follows:
1.
Section 20 of the Amended
and Restated Agreement shall become Section 21 and the
following new Section 20 added
20.
Compliance with the Troubled
Asset Relief Program (“TARP”)
(i)
Notwithstanding any provision to
the contrary herein, during the period that any obligation arising
from financial assistance provided to the Corporation under the
TARP remains outstanding pursuant to the TARP Capital Purchase
Program (“CPP”) (excluding any period in which the
Federal Government only holds warrants to purchase common stock of
the Corporation), Executive will not receive and will not be
entitled to receive any payment or compensation pursuant to this
Agreement if the receipt of such payment or compensation alone or
when added to any other payment or compensation received or to be
received by Executive from the Corporation would cause Executive to
receive a “golden parachute payment” within the meaning
of Section 111 of the Emergency Economic Stabilization Act of
2008 (the “EESA”), as amended by Section 7001 of
the American Recovery and Reinvestment Act of 2009 (the
“ARRA”) or any of the r
