8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) January 2, 2007

Bank of the Ozarks, Inc.

(Exact name of registrant as specified in its charter)

Arkansas

(State or other jurisdiction of incorporation)

0-22759	71-0556208
(Commission File Number)	(IRS Employer Identification No.)

12615 Chenal Parkway, Little Rock, Arkansas	72211
(Address of principal executive offices)	(Zip Code)

(501) 978-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry Into a Material Agreement

On January 2, 2007 Bank of the Ozark, Inc. (the “Company”) entered into a new Employment Agreement (the “Agreement”) with George G. Gleason, II Chairman and Chief Executive Officer of the Company and its wholly owned subsidiary, Bank of the Ozarks (the “Bank”). This Agreement provides that Mr. Gleason will be employed by the Company and the Bank for the period commencing January 1, 2007 and ending December 31, 2009. The base salary under this Agreement will be $575,000 per annum from January 1, 2007 through March 24, 2007 and $592,250 per annum thereafter. This base salary will be evaluated and increased, if appropriate, each year thereafter for the term of the Agreement. The Agreement also provides a bonus for each year of the Agreement. The determination of any salary increase and the amount, if any, of the annual bonus will be made by a majority vote of the Personnel and Compensation Committees of the Boards of Directors of the Company and the Bank. Under the Agreement, Mr. Gleason agrees to refrain from engaging in any business competitive with the Company and the Bank during the term of the agreement.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10 (iii) (A) – Employment Agreement between Bank of the Ozarks, Inc., Bank of the Ozarks and George G. Gleason, II dated

                     January 2, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Bank of the Ozarks, Inc.
	(Registrant)
Date: January 3, 2007	/s/ Paul Moore
	Paul Moore
	Chief Financial Officer and
	Chief Accounting Officer

EX-10.(III).(A)

Exhibit 10 (iii) (A)

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into on this 2nd day of January, 2007 to be effective as of the 1^st day of January, 2007, by and between Bank of the Ozarks, Inc., an Arkansas corporation, (the “Corporation”), Bank of the Ozarks, a state chartered bank, (the “Bank”), and George G. Gleason, II, an individual and resident of Arkansas (“Gleason”).

W I T N E S S E T H:

WHEREAS, the Corporation, Bank and Gleason are parties to an employment agreement dated January 3, 2006 to be effective as of January 1, 2006 (the “Existing Agreement”);

WHEREAS, the Boards of Directors of the Corporation and Bank (acting by and through their Personnel and Compensation Committees) believe that the future services of Gleason will be of great value to the Corporation and Bank and, by this Agreement, propose to ensure his continued employment for a certain period as set forth below;

WHEREAS, Gleason hereby expresses his willingness to continue in the employment of the Corporation and Bank as is hereby provided;

NOW, THEREFORE, in consideration of the premises, the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Period of Active Employment. Gleason shall continue in the active employment of the Corporation and Bank commencing on January 1, 2007 and ending on December 31, 2009 (the “Term”).

2. Duties. During the period of this contract, and subject to the limitations hereinafter expressed, Gleason agrees to serve the Corporation and Bank faithfully and to the best of his ability, under the direction of the Boards of Directors of the Corporation and Bank, devoting his time, energy and skill to the management of the Corporation’s and Bank’s business.

3. Compensation. The Corporation and Bank agree to pay to Gleason during the term as defined in Section 1 above, as compensation for his full-time services:

(a) An aggregate minimum base salary of Five Hundred Seventy-Five Thousand Dollars ($575,000) per annum from January 1, 2007 through March 24, 2007 and Five Hundred Ninety-Two Thousand Two Hundred Fifty Dollars ($592,250) per annum thereafter. Gleason’s base salary will be evaluated and increased, if appropriate, each year thereafter for the term of this contract by majority vote of the Personnel and Compensation Committees of the Boards of Directors of the Corporation and Bank, with members of the Gleason family or any other interested director abstaining. Consideration will be given to increases in Gleason’s base salary based on, among other things, individual merit and performance, assigned duties and scope of responsibility and relative compensation of comparable positions within the industry.

(b) A bonus for each fiscal year during the term of this contract, the amount of which will be subjectively determined by majority vote of the Personnel and Compensation Committees of the Boards of Directors of the Corporation and Bank, with members of the Gleason family or any other interested director abstaining. Such bonus will be based on, among other things, individual merit and performance, taking into account Gleason’s contribution to the overall success of the Corporation and Bank and various measures of corporate performance including long-term growth in deposits, loans and assets, return on average assets, return on average stockholders’ equity, net interest margin, overhead ratio, efficiency ratio, net charge-offs ratio, other measures of growth, earnings, asset quality and risk and other factors deemed appropriate by the Personnel and Compensation Committees. Such bonus, if any, shall be payable to Gleason no later than the end of the first quarter of the succeeding fiscal year.

Additional benefits may be provided and additional equity based compensation may be paid Gleason from time to time by majority vote of the Personnel and Compensation Committees of the Boards of Directors of the Corporation and Bank, with members of the Gleason family or any other interested director abstaining. Nothing herein shall prohibit Gleason from being reimbursed for reasonable and customary business expenses or from receiving an allowance therefore.

4. Restrictive Covenant. Gleason expressly agrees, as a condition to the performance by the Corporation and Bank of their obligations hereunder, that during the term of this Agreement he will not, directly or indirectly, enter into or in any manner take part in any business competitive with any business of the Corporation or Bank, without the prior written consent of the Corporation and Bank.

5. Prohibition Against Assignment. Gleason shall have no right to commute, encumber or dispose of the right to receive payments hereunder, which payments and the right thereto are expressly declared to be non-assignable and non-transferable and, in the event of any attempted assignment or transfer, neither the Corporation nor Bank shall have any further liability hereunder.

6. Reorganization. Neither the Corporation nor the Bank shall merge or consolidate with any other organization or organizations until such organization or organizations expressly assume the duties of the Corporation and Bank herein set forth.

7. Independence of Other Agreements. This Agreement is hereby declared to be independent of all other benefits and retirement or deferred compensation plans now or hereafter adopted by the Corporation or Bank, including the Corporation’s stock option plan, Corporation’s and Bank’s 401(k) plan currently existing and Bank of the Ozarks, Inc. Deferred Compensation Plan adopted 12/14/04 and shall not, unless mutually agreed upon in writing, be supplanted or replaced by any other such plan or agreement.

8. This Agreement replaces and supersedes in its entirety the Existing Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement in duplicate original the day and year first above recited.

ATTEST:	BANK OF THE OZARKS, INC.
/s/ Donna Quandt	By:	/s/ Mark D. Ross
Donna Quandt, Corporate Secretary		Mark D. Ross, President

ATTEST:	BANK OF THE OZARKS
/s/ Donna Quandt	By:	/s/ Mark D. Ross
Donna Quandt, Corporate Secretary		Mark D. Ross, President
	GEORGE G. GLEASON, II
	/s/ George G. Gleason, II
	George G. Gleason, II