0001046203-05-000011 Sample Contracts

EMPLOYMENT AGREEMENT
Employment Agreement • March 30th, 2005 • Guaranty Federal Bancshares Inc • State commercial banks • Missouri

This Employment Agreement ("Agreement") is effective as of November 1, 2004, by and between Guaranty Bank (the "Bank") and Eldon Erwin (the "Executive").

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NON-INCENTIVE STOCK OPTION AGREEMENT GUARANTY FEDERAL BANCSHARES, INC.
Non-Incentive Stock Option Agreement • March 30th, 2005 • Guaranty Federal Bancshares Inc • State commercial banks

A STOCK OPTION (the "Option") for a total of _____________ shares of common stock $______ par value ("Common Stock") of Guaranty Federal Bancshares, Inc. (the "Corporation"), is hereby granted to ___________________________ (the "Optionee"). The Option in all respects is subject to the terms and conditions of the Guaranty Federal Bancshares, Inc. 2004 Stock Option Plan (the "Plan"), which is incorporated by reference herein, receipt of which is hereby acknowledged by Optionee. The Option is not intended to qualify as an Incentive Stock Option. Any capitalized terms that are not defined in this Agreement shall have the same meaning as in the Plan.

INCENTIVE STOCK OPTION AGREEMENT GUARANTY FEDERAL BANCSHARES, INC.
Incentive Stock Option Agreement • March 30th, 2005 • Guaranty Federal Bancshares Inc • State commercial banks

A STOCK OPTION (the "Option") for a total of _____________ shares of common stock $______ par value ("Common Stock") of Guaranty Federal Bancshares, Inc. (the "Corporation"), is hereby granted to ___________________________ (the "Optionee"). The Option in all respects is subject to the terms and conditions of the Guaranty Federal Bancshares, Inc. 2004 Stock Option Plan (the "Plan"), which is incorporated by reference herein, receipt of which is hereby acknowledged by Optionee. The Option is intended to qualify as an Incentive Stock Option. Any capitalized terms that are not defined in this Agreement shall have the same meaning as in the Plan.

Guaranty Federal Savings Bank Restricted Stock Plan and Trust Agreement
Guaranty Federal Bancshares Inc • March 30th, 2005 • State commercial banks • Missouri
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