On January 24, 2008, upon the recommendation of the Compensation Committee of the Registrant’s Board of Directors, the Board adopted a Bonus Award Program for the Registrant’s salaried employees, including its executive officers, effective November 1, 2007. If the Registrant meets net income per share and minimum return on average stockholders’ equity goals for the fiscal year ended October 31, 2008, the program provides for the award of bonuses to eligible participants equal to a percentage of their base salary. The total award a participant can receive has two components: a percentage based on the Registrant’s earnings per share, and a percentage based on the Registrant’s operational performance. The fiscal 2008 program is substantially similar to the program that was in effect for fiscal 2007, which was filed as Exhibit 10 to the Registrant’s Current Report on Form 8-K filed January 29, 2007. A copy of the Bonus Award Program as it affects the Registrant’s executive officers is filed herewith as Exhibit 10 and is incorporated herein by reference.

Also on January 24, 2008, upon the recommendations of the Compensation Committee, the Registrant’s Board of Directors ratified the payment of certain miscellaneous items of compensation during fiscal 2007 to the Registrant’s executive officers, as follows:

		Joe F. Sanderson,								D. Michael				James A.
		Jr.,				Lampkin Butts,				Cockrell,				Grimes,
Type		Chairman & CEO				President & COO				Treasurer & CFO				Secretary
Personal Use of Company and Charter Aircraft		$	47,616			$	19,831			$	6,450			$	0
Reimbursement of Estimated Income Tax Liability			3,259				0				0				0
Other Travel Related Expenses			1,266				2,437				0				0
401(k) Plan Matching Contribution			8,900				8,900				8,900				5,228
Life Insurance			204				204				204				204
ESOP Allocation			8,288				8,288				8,288				7,663
Health Insurance			6,460				6,460				6,460				6,460
Medical Physicals			0				192				0				0
Income Tax Preparation			650				0				0				0
Total		$	76,643			$	46,312			$	30,302			$	19,555