Document:

Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”), dated as of [•], 202[•] (the “Effective Date”), is made by
and between Simmons First National Corporation, an Arkansas corporation (“Company”), and the undersigned indemnitee
(“Indemnitee”).

 

RECITALS 

 

		A.	The Company recognizes that competent and experienced persons are increasingly reluctant to serve
or to continue to serve as directors or officers of corporations unless they are protected by comprehensive liability insurance
or indemnification, or both, due to increased exposure to litigation costs and risks resulting from their service to such corporations,
and due to the fact that the exposure frequently bears no reasonable relationship to the compensation of such directors and officers;

 

		B.	The statutes and judicial decisions regarding the duties of directors and officers are often difficult
to apply, ambiguous, or conflicting, and therefore fail to provide such directors and officers with adequate, reliable knowledge
of legal risks to which they are exposed or information regarding the proper course of action to take;

 

		C.	The Company believes that it is unfair for its directors and officers to assume the risk of large
judgments and other expenses which may occur in cases in which the director or officer received no personal profit and in cases
where the director or officer was not culpable;

 

		D.	The Company, after reasonable investigation, has determined that the liability insurance coverage
presently available to the Company may be inadequate in certain circumstances to cover all possible exposure for which Indemnitee
should be protected. The Company believes that the interests of the Company and its shareholders would best be served by a combination
of such insurance and the indemnification by the Company of the directors and officers of the Company;

 

		E.	The indemnification provisions applicable to directors and officers contained in the Company’s
Amended and Restated Articles of Incorporation (“Articles”) and the Company’s By-laws (“By-laws”)
expressly provide that such right of indemnification is not exclusive, and contemplate that agreements may be entered into between
the Company and its directors and officers with respect to indemnification;

 

		F.	Section 850 of the Arkansas Business Corporation Act of 1987 (“Act”) (Arkansas Code
Section 4-27-850) (“Section 850”) empowers the Company to indemnify its officers, directors, employees and agents by
agreement and to indemnify persons who serve, at the request of the Company, as the directors, officers, employees or agents of
other corporations or enterprises, and expressly provides that the indemnification provided by Section 850 is not exclusive;

 

		G.	The Board of Directors of the Company (“Board”) has determined that contractual indemnification
as set forth herein is not only reasonable and prudent but also promotes the best interests of the Company and its shareholders;

 

		H.	The Company desires and has requested Indemnitee to serve or continue to serve as a director and/or
officer of the Company, or an affiliate or subsidiary thereof, free from undue concern for unwarranted claims for damages arising
out of or related to such services to the Company, or an affiliate or subsidiary thereof; and

 

		I.	Indemnitee is willing to serve, continue to serve or to provide additional service for or on behalf
of the Company, or an affiliate or subsidiary thereof, on the condition that Indemnitee is furnished the indemnity provided for
herein.

 

AGREEMENT 

 

NOW, THEREFORE, in
consideration of Indemnitee’s service or continued service as a director, officer, and/or other key employee of the Company
or an affiliate or subsidiary thereof, the mutual covenants and agreements set forth below, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

     

     

    

		1.	Generally. To the fullest extent permitted by the laws of the State of Arkansas:

 

		a.	The Company shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made
a party to, or is involved in, any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason
of the fact that Indemnitee is or was a director, officer, employee or agent of the Company (or is or was serving at the request
of the Company as a director, officer, employee or agent (which, for purposes of this Agreement, shall include, without limitation,
a trustee, partner or manager or similar capacity) of another corporation, partnership, joint venture, trust, employee benefit
plan, limited liability company or other enterprise). For the avoidance of doubt, the foregoing indemnification obligation includes,
without limitation, claims for monetary damages against Indemnitee in respect of an alleged breach of fiduciary duties, to the
fullest extent permitted under Section 202(b)(3) of the Act as in existence on the date hereof.

 

		b.	The indemnification provided by this Section 1 shall be from and against all expenses, liabilities
and losses (including, without limitation, attorneys’ fees, judgments, fines and amounts paid or to be paid in settlement)
reasonably incurred or suffered by Indemnitee or on Indemnitee’s behalf in connection with such action, suit or proceeding,
but shall only be provided if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company, and, with respect to any criminal action, suit or proceeding, had no reasonable cause to
believe Indemnitee’s conduct was unlawful.

 

		c.	The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good
faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with
respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

		d.	[Include only for ERISA fiduciaries] The provisions of the attached Addendum A are hereby
incorporated into and made a part of the Agreement.

 

		2.	Partial Indemnification. If Indemnitee is entitled under any provision of the Agreement
to indemnification by the Company for some or a portion of the expenses, liabilities and losses (including, without limitation,
attorneys’ fees, judgments, fines and amounts paid or to be paid in settlement) reasonably incurred or suffered by Indemnitee
or on Indemnitee’s behalf in connection with any action, suit or proceeding, but not, however, for the total amount thereof,
the Company shall nevertheless indemnify Indemnitee for the portion of such expenses, liabilities and losses (including, without
limitation, attorneys’ fees, judgments, fines and amounts paid or to be paid in settlement) to which Indemnitee is entitled.

 

		3.	Advance Payment of Expenses; Notification and Defense of Claim.

 

		a.	Expenses incurred by Indemnitee or on Indemnitee’s behalf in defending any action, suit or
proceeding by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Company (or is or was
serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan, limited liability company or other enterprise) or in connection with an enforcement action pursuant
to Section 4(b) shall be paid by the Company in advance of the final disposition of such action, suit or proceeding within ten
(10) days after receipt by the Company of (i) a statement or statements from Indemnitee requesting such advance or advances from
time to time, and (ii) an undertaking by or on behalf of Indemnitee to repay such amount if it shall ultimately be determined that
Indemnitee is not entitled to be indemnified by the Company as authorized by the Act, the Agreement or otherwise. Such undertaking
shall be accepted without reference to the financial ability of Indemnitee to make such repayment. Advances shall be unsecured
and interest-free. For the avoidance of doubt, advances shall include, without limitation, any and all expenses incurred pursuing
an action to enforce this right of advancement.

 

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		b.	Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding,
Indemnitee shall, if a claim thereof is to be made against the Company hereunder, notify the Company of the commencement thereof.
The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s request
for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder or otherwise.

 

		c.	In the event the Company shall be obligated to pay the expenses of Indemnitee with respect to an
action, suit or proceeding as provided in the Agreement, the Company, if appropriate, shall be entitled to assume the defense of
such action, suit or proceeding with counsel reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice
of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel
by the Company, the Company will not be liable to Indemnitee under the Agreement for any fees of counsel subsequently incurred
by Indemnitee with respect to the same action, suit or proceeding, provided that (1) Indemnitee shall have the right to employ
Indemnitee’s own counsel in such action, suit or proceeding at Indemnitee’s expense and (2) if (i) the employment of
counsel by Indemnitee has been previously authorized in writing by the Company, (ii) counsel to the Company or Indemnitee shall
have reasonably concluded that there may be a conflict of interest or position, or reasonably believes that a conflict is likely
to arise, on any significant issue between the Company and Indemnitee in the conduct of any such defense or (iii) the Company shall
not, in fact, have employed counsel to assume the defense of such action, suit or proceeding, then the fees and expenses of Indemnitee’s
counsel shall be at the expense of the Company, except as otherwise expressly provided by the Agreement. The Company shall not
be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company or
as to which counsel for the Company or Indemnitee shall have reasonably made the conclusion provided for in clause (ii) above.

 

		d.	Notwithstanding any other provision of the Agreement to the contrary, to the extent that Indemnitee
is, by reason of Indemnitee’s corporate status with respect to the Company or any corporation, partnership, joint venture,
trust, employee benefit plan, limited liability company or other enterprise which Indemnitee is or was serving or has agreed to
serve at the request of the Company, a witness or otherwise participates in any action, suit or proceeding at a time when Indemnitee
is not a party in the action, suit or proceeding, the Company shall indemnify Indemnitee against all expenses (including, without
limitation, attorneys’ fees) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith.

 

		4.	Procedure for Indemnification.

 

		a.	To obtain indemnification, Indemnitee shall promptly submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification. The Company shall, promptly upon receipt of such
a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

		b.	The Company shall determine whether to grant Indemnitee’s indemnification request promptly,
and in any event within sixty (60) days following receipt of a request for indemnification pursuant to Section 4(a), and in accordance
with applicable law. The right to indemnification as granted by the Agreement shall be enforceable by Indemnitee in any court of
competent jurisdiction if the Company denies such request, in whole or in part, or fails to respond within such 60-day period.
Any such action shall be conducted as a de novo trial, on the merits. It shall be a defense to any such action (other than an action
brought to enforce a claim for the advancement of expenses under Section 3 hereof where the required undertaking, if any, has been
received by the Company) that Indemnitee has not met the standard of conduct set forth in Section 1 hereof, but the burden of proving
such defense by clear and convincing evidence shall be on the Company. Neither the failure of the Company (including its Board,
its independent legal counsel, and its shareholders) to have made a determination prior to the commencement of such action that
indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct set
forth in Section 1 hereof, nor the fact that there has been an actual determination by the Company (including its Board, its independent
legal counsel, or its shareholders) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the
action or create a presumption that Indemnitee has or has not met the applicable standard of conduct or otherwise prejudice Indemnitee.
The Company shall also indemnify the Indemnitee from and against the Indemnitee’s expenses (including, without limitation,
attorneys’ fees) incurred in connection with (1) successfully establishing Indemnitee’s right to indemnification, in
whole or in part, in any such proceeding or otherwise, and (2) successfully establishing Indemnitee’s right to advancement
of expenses, in whole or in part, in any proceeding or otherwise.

 

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		c.	The Indemnitee shall be presumed to be entitled to indemnification under the Agreement upon submission
of a request for indemnification pursuant to this Section 4, and the Company shall have the burden of proof in overcoming that
presumption in reaching a determination contrary to that presumption. Such presumption shall be used as a basis for a determination
of entitlement to indemnification unless the Company overcomes such presumption by clear and convincing evidence. If a determination
that Indemnitee is entitled to indemnification has been made pursuant this Section 4 or otherwise pursuant to the terms of this
Agreement, the Company shall be bound by such determination in the absence of (i) misrepresentation of a material fact by Indemnitee
or (ii) a specific finding (which has become final) by an appropriate court that all or any part of such indemnification is expressly
prohibited by law.

 

		5.	Insurance and Subrogation.

 

		a.	The Company may purchase and maintain insurance on behalf of Indemnitee who is or was a director
or officer of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust, employee benefit plan, limited liability company or other enterprise) against any
liability asserted against Indemnitee and incurred by Indemnitee or on Indemnitee’s behalf in any such capacity or arising
out of such status, whether or not the Company would have the power to indemnify Indemnitee against such liability. To the extent
that the Company maintains liability insurance for directors and officers of the Company or of any other corporation, partnership,
joint venture, trust, employee benefit plan, limited liability company or other enterprise on which any such person serves at the
request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for such director or officer under such policy or policies. If the Company has such insurance
in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit or proceeding, the
Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the
procedures set forth in the policy. The Company shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of the Indemnitee, all amounts payable as a result of such action, suit or proceeding in accordance with the
terms of such policy.

 

		b.	In the event of any payment by the Company under the Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy, who shall execute
all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company to bring suit to enforce such rights in accordance with the terms of such insurance policy. The Company shall
pay or reimburse all expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
such subrogation.

 

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		c.	The Company shall not be liable under the Agreement to make any payment of amounts otherwise indemnifiable
hereunder (including, without limitation, ERISA excise taxes or penalties, judgments, fines and amounts paid or to be paid in settlement)
if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
or otherwise.

 

		6.	Certain Definitions. For purposes of the Agreement:

 

		a.	The term “action, suit or proceeding” shall be broadly construed and shall include,
without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving
of testimony in, any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative
or investigative, and whether instituted by, in the right of, or on behalf of the Company or any other party or parties.

 

		b.	The term “by reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, employee benefit plan, limited liability company or other enterprise)” shall be broadly
construed and shall include, without limitation, any actual or alleged act or omission to act by Indemnitee in such capacity.

 

		c.	The term “expenses” shall be broadly and reasonably construed and shall include, without
limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’
fees and related disbursements, appeal bonds, other out-of-pocket costs and reasonable compensation for time spent by Indemnitee
for which Indemnitee is not otherwise compensated by the Company or any third party, provided that the rate of compensation and
estimated time involved is approved by the Board, which approval shall not be unreasonably withheld) actually and reasonably incurred
by Indemnitee in connection with the investigation, preparation, prosecution, defense, settlement, arbitration or appeal of (or
the giving of testimony in) an action, suit or proceeding or establishing or enforcing a right to indemnification or advancement
under the Agreement, Section 850 or otherwise.

 

		d.	The term “judgments, fines and amounts paid or to be paid in settlement” shall be broadly
construed and shall include, without limitation, all direct and indirect payments of any type or nature whatsoever (including,
without limitation, all penalties and amounts required to be forfeited or reimbursed to the Company), as well as any penalties
or excise taxes assessed on a person with respect to an employee benefit plan.

 

		e.	The term “Company” shall include, without limitation and in addition to the resulting
corporation, any constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation
or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers,
so that any person who is or was a director or officer of such constituent corporation (or is or was serving at the request of
such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust,
employee benefit plan, limited liability company or other enterprise) shall stand in the same position under the provisions of
the Agreement with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation
if its separate existence had continued.

 

		f.	The term “other enterprise” shall include, without limitation, employee benefit plans.

 

		g.	The term “fines” shall include, without limitation, any excise taxes assessed on a
person with respect to an employee benefit plan.

 

		h.	The term “serving at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust, employee benefit plan, limited liability company or other enterprise”,
as well as variations thereof, shall include (without limitation) in each case service to or actions taken while a director, officer,
trustee, employee or agent of any subsidiary or affiliate of the Company.

 

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		i.	The term “serving at the request of the Company” shall also include, without limitation,
any service as a director, officer, employee or agent of the Company or an affiliate or subsidiary thereof which imposes duties
on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants
or beneficiaries.

 

		j.	With respect to matters involving employee benefit plans, a person who acted in good faith and
in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in
the Agreement.

 

		7.	Limitations on Indemnification. Notwithstanding any other provision herein to the contrary,
the Company shall not be obligated pursuant to the Agreement:

 

		a.	Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect
to an action, suit or proceeding (or part thereof) initiated by Indemnitee, except with respect to an action, suit or proceeding
brought to establish or enforce a right to indemnification or advancement of expenses under this Agreement, any other agreement,
any insurance policy, the Articles, the By-laws, any law or otherwise, unless such action, suit or proceeding (or part thereof)
was authorized or consented to by the Board.

 

		b.	Improper Benefits. To indemnify or advance expenses to Indemnitee with respect to an action,
suit or proceeding (or part thereof) based upon or attributable to the Indemnitee gaining in fact any remuneration, personal profit
or advantage to which Indemnitee was not legally entitled.

 

		c.	Section 16 Violations. To indemnify Indemnitee on account of any action, suit or proceeding
with respect to which final judgment is rendered against Indemnitee for payment or an accounting of profits arising from the purchase
or sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar
successor statute.

 

		d.	Reimbursement of the Company. To indemnify Indemnitee for any reimbursement of the Company
by Indemnitee of any bonus, other incentive-based or equity-based compensation, or of any profits realized by Indemnitee from the
sale of securities of the Company, in each case as may be required pursuant to any applicable federal or other law or regulation
(including, without limitation, any such reimbursements that arise from an accounting restatement of the Company pursuant to Section
304 of the Sarbanes-Oxley Act of 2002, or the payment to the Company of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 306 of the Sarbanes-Oxley Act of 2002), any applicable listing standard of a national securities
exchange or system on which the common stock of the Company is then listed or reported or pursuant to any incentive compensation
recovery or clawback policy as may be adopted from time to time by the Board or one of its committees, or any expenses incurred
by Indemnitee in connection with any action, suit or proceeding to enforce such reimbursement obligation.

 

		e.	Non-compete, Non-solicitation, Non-disclosure, Non-disparagement. To indemnify Indemnitee
in connection with any action, suit or proceeding involving the enforcement of non-compete, non-solicitation, non-disclosure and/or
non-disparagement agreements, or the non-compete, non-solicitation, non-disclosure and/or non-disparagement provisions of employment,
consulting, severance or similar agreements, to which the Indemnitee may be a party with the Company, or any subsidiary of the
Company or any other applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any.

 

		f.	Payments Prohibited by Law. To indemnify or advance expenses to Indemnitee where such indemnification
or advancement of expenses related thereto are prohibited by any applicable law or regulation promulgated by any federal or state
legislation or banking regulatory agency.

 

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		8.	Certain Settlement Provisions. The Company shall have no obligation to indemnify Indemnitee
under the Agreement for amounts paid in settlement of any action, suit or proceeding without the Company’s prior written
consent, which shall not be unreasonably withheld. The Company shall not settle any action, suit or proceeding in any manner that
would impose any fine, judgment, penalty, liability, loss, expense, limitation or other obligation on Indemnitee without Indemnitee’s
prior written consent; provided, however, that, with respect to settlements requiring solely the payment of money either by the
Company or by Indemnitee for which the Company is obligated to reimburse Indemnitee promptly and completely, in either case without
recourse to Indemnitee, no such consent of Indemnitee shall be required.

 

		9.	Severability. If any provision or provisions of the Agreement shall be held to be invalid,
illegal, void, or unenforceable on any ground by any court of competent jurisdiction, then (1) this Agreement shall be deemed automatically
modified to the extent necessary to (a) make such provision or provisions valid, legal, and enforceable and (b) as closely as possible
maintain and accomplish the original intent of the provision or provisions in question, and (2) the remaining provisions of this
Agreement shall not be affected and shall remain in full force and effect.

 

		10.	Contribution. In order to provide for just and equitable contribution in circumstances in
which the indemnification provided for herein is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole
or in part, it is agreed that, in such event, the Company shall, to the fullest extent permitted by law, contribute to the payment
of Indemnitee’s costs, charges and expenses (including, without limitation, attorneys’ fees), judgments, fines and
amounts paid or to be paid in settlement with respect to any action, suit or proceeding, whether civil, criminal, administrative
or investigative, in an amount that is just and equitable in light of all the circumstances in order to reflect (1) the relative
benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such action, suit
or proceeding; and (2) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in
connection with such event(s) and/or transaction(s); provided, that, without limiting the generality of the foregoing, such contribution
shall not be required where such holding by the court is due to any limitation on indemnification set forth in Section 5(c), 7
or 8 hereof. The relative fault of the Company and of Indemnitee shall be determined by reference to, among other things, the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such action,
suit or proceeding. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 10 were
determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

 

		11.	Form and Delivery of Communications. Any notice, request or other communication required
or permitted to be given to the parties under the Agreement shall be in writing and either delivered in person or sent by overnight
mail or courier service, or certified or registered mail, return receipt requested, postage prepaid, addressed to Indemnitee at
Indemnitee’s most recent address on the Company’s records, and to the Company as follows:

 

Simmons First National Corporation

501 Main Street

Pine Bluff, Arkansas 71601

Attention: General Counsel

 

or to such other address as the
Company or Indemnitee may, from time to time, designate in writing by notice hereunder.

 

		12.	Subsequent Legislation. If the Act is amended after the Effective Date to expand further
the indemnification permitted to directors or officers, then the Company shall indemnify Indemnitee to the fullest extent permitted
by the Act, as so amended.

 

		13.	Additional Indemnification Rights; Non-exclusivity.

 

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		a.	Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify the
Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by
the other provisions of this Agreement, the Articles, the By-Laws or by statute.

 

		b.	The provisions for indemnification and advancement of expenses set forth in the Agreement shall
not be deemed exclusive of any other rights which Indemnitee may have under any provision of law, the Articles, the By-laws, the
vote of the Company’s shareholders or disinterested directors, insurance policies, other agreements or otherwise; and nothing
in this Agreement shall be used to interpret or otherwise affect such other rights. Indemnitee’s rights hereunder shall continue
after Indemnitee has ceased acting as a director, officer, employee or agent of the Company and shall inure to the benefit of the
heirs, executors and administrators of Indemnitee. However, no amendment or alteration after the Effective Date of the Articles
or By-laws or any other agreement shall adversely affect the rights provided to Indemnitee under the Agreement.

 

		14.	Enforcement. The Company shall be precluded from asserting in any judicial proceeding that
the procedures and presumptions of the Agreement are not valid, binding and enforceable. The Company agrees that its execution
of the Agreement shall constitute a stipulation by which it shall be irrevocably bound in any court of competent jurisdiction in
which a proceeding by Indemnitee for enforcement of Indemnitee’s rights hereunder shall have been commenced, continued or
appealed, that its obligations set forth in the Agreement are unique and special, and that failure of the Company to comply with
the provisions of the Agreement will cause irreparable and irremediable injury to Indemnitee, for which a remedy at law will be
inadequate. As a result, in addition to any other right or remedy Indemnitee may have at law or in equity with respect to breach
of the Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Company
of its obligations under the Agreement.

 

		15.	Interpretation of Agreement. It is understood that the parties hereto intend the Agreement
to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted
by law.

 

		16.	Modification and Waiver. No supplement, modification or amendment of the Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of the Agreement shall
be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute
a continuing waiver. No waiver of any of the provisions of the Agreement shall be effective unless in a writing signed by the party
against whom enforcement of the waiver is sought.

 

		17.	Successor and Assigns. All of the terms and provisions of the Agreement shall be binding
upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs,
executors, administrators and legal representatives. The Company shall require and cause any direct or indirect successor (whether
by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written
agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to perform the Agreement in
the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

		18.	Service of Process and Venue. For purposes of any claims or proceedings to enforce
the Agreement, the Company consents to the jurisdiction and venue of any federal or state court of competent jurisdiction in the
State of Arkansas, and waives and agrees not to raise any defense that any such court is an inconvenient forum or any similar claim.

 

		19.	Governing Law. The Agreement shall be governed exclusively by and construed according
to the laws of the State of Arkansas, as applied to contracts between Arkansas residents entered into and to be performed entirely
within Arkansas. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state
other than Arkansas govern indemnification by the Company of its directors and officers, then the indemnification provided under
the Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision
of the Agreement to the contrary.

 

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		20.	Employment Rights; Board Service. Nothing in the Agreement is intended to create in
Indemnitee any right to employment or continued employment. Nothing in the Agreement is intended to create in Indemnitee any right
to continued service on the Board.

 

		21.	Counterparts. The Agreement shall become legally binding when the last party hereto executes
and delivers the Agreement. The Agreement may be executed and delivered in multiple counterparts (including, without limitation,
by Docusign/Echosign or a similarly accredited secure signature service or other electronic transmission or signature), each of
which when so executed and delivered shall be deemed to be an original, and all of which together shall constitute one and the
same instrument. Counterparts may be delivered by facsimile, e-mail (including, without limitation, .pdf) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and shall be valid and effective
for all purposes.

 

		22.	Headings. The section and subsection headings contained in the Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of the Agreement.

 

[Signature Page Follows]

 

 

 

 

 

    	 	9	 

     

    

IN WITNESS WHEREOF, the parties hereto
have executed and delivered the Agreement to be effective as of the Effective Date.

 

	 	 	 	 
	 	SIMMONS FIRST NATIONAL CORPORATION
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 
	 	INDEMNITEE
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Printed or Typed Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Indemnification Agreement]

 

    	 	10	 

     

    

Addendum
A

 

FIDUCIARY INDEMNITY ADDENDUM

 

This Fiduciary
Indemnity Addendum (this “Addendum”) is entered into as part of, and is specifically incorporated into, the
Agreement by reference under Section 1(d) of the Agreement and provides the following additional contractual provisions (with all
capitalized terms having the meaning as provided in the Agreement):

 

RECITALS

 

Indemnitee is currently
serving as a member of the committee (“Committee”) that constitutes the Administrator as defined in Section 3(16)(A)
of the Employee Retirement Income Security Act (“ERISA”) and is a "named fiduciary" within the meaning of
Section 402(a)(2) of ERISA of the Simmons First National Corporation 401(k) Plan (the “Plan”). The Company and Indemnitee
agree that the scope of liability arising from ERISA as a fiduciary to the Plan can be unclear; the Company wishes Indemnitee to
continue in such capacity; and wishes the Agreement to cover Indemnitee as a member of the Committee and as a named fiduciary.

 

AGREEMENT

 

1.       In
order to induce Indemnitee to continue to serve as a member of the Committee and in consideration for such continued service, the
Company hereby agrees to indemnify Indemnitee, and Indemnitee’s executors, administrators or assigns, for any amount which
Indemnitee is or becomes legally obligated to pay because of any claim or claims made against Indemnitee because of any act or
omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or misleading
statement, which Indemnitee commits or suffers while acting in Indemnitee’s capacity as a member of the Committee and solely
because of Indemnitee’s being a member of the Committee.

 

2.       All
provisions of the Agreement shall apply to the additional indemnification provided in Section 1 of this Addendum as if this Addendum
were included in Section 1(a) of the Agreement.

 

3.       The
Company expressly confirms and agrees that it has entered into the Agreement, including this Addendum, and assumed the obligations
imposed on the Company thereunder and hereunder in order to, without limitation, induce Indemnitee to continue as a member of the
Committee that constitutes the Administrator of the Plan, and acknowledges that Indemnitee is relying upon the Agreement, including
this Addendum, in continuing in such capacity.

 

4.       The
Agreement, including this Addendum, is not to be construed as an exculpatory provision intended to relieve Indemnitee from responsibility
or liability under the Plan in violation of Section 410(a) of the ERISA, but is intended to be a contract of private indemnification
between the Company, as an employer with employees covered by the Plan, or an affiliate (as defined in Section 407(d)(7) of ERISA)
of such employer, and a fiduciary of the Plan as permitted by the Department of Labor Regulation §2509.75-4.

 

 

11Exhibit 10.2

 

FIRST AMENDED AND RESTATED EXECUTIVE

CHANGE IN CONTROL SEVERANCE AGREEMENT

 

THIS FIRST AMENDED
AND RESTATED EXECUTIVE CHANGE IN CONTROL SEVERANCE AGREEMENT ("Agreement") is made and entered into as of
March 26, 2021 (the “Effective Date”), by and among Simmons First National Corporation ("Company"),
an Arkansas corporation, Simmons Bank (“Bank” and together with the Company (as more fully described in Article
12), “Simmons”), an Arkansas state bank and George Makris Jr. ("Executive").

 

R E C I T A L S:

 

WHEREAS, Simmons acknowledges
that the Executive is to significantly contribute to the growth and success of Simmons, and as a publicly held corporation, a Change
in Control of the Company may occur with or without the approval of the Board of Directors of the Company ("Company Board"),
and the Company Board also recognizes that the possibility of such a Change in Control may contribute to uncertainty on the part
of senior management resulting in distraction from their operating responsibilities or in the departure of senior management;

 

WHEREAS, the Company
Board believes that outstanding management is critical to advancing the best interests of the Bank, the Company and its shareholders
and that it is essential that the management of Simmons’ business be continued with a minimum of disruption during any proposed
bid to acquire Simmons or to engage in a business combination with Simmons, and Simmons believes that the objective of securing
and retaining outstanding management will be achieved if certain of Simmons’ senior management employees are given assurances
of employment security so they will not be distracted by personal uncertainties and risks created by such circumstances;

 

WHEREAS, the Company
and the Executive previously entered into an Executive Severance Agreement effective February 11, 2016 (“Prior Agreement”),
which is hereby superseded in its entirety by this Agreement; and

 

WHEREAS, concurrently
with executing this Agreement, the Company and the Executive have executed and delivered an indemnification agreement providing
the Executive with indemnification with respect to his service to Simmons as a member of senior management.

 

NOW, THEREFORE, in
consideration of the mutual covenants and obligations herein and the compensation Simmons agrees herein to pay the Executive, and
of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Simmons and the Executive
agree as follows:

 

    	 	1	 

     

    
ARTICLE 1

TERM OF AGREEMENT

 

1.1       Term.
This Agreement shall be effective for thirty-six (36) months from the Effective Date and will automatically be extended for
twelve (12) months as of each anniversary date of the Effective Date ("Agreement Term") unless the Agreement is
terminated by Simmons upon written notification to the Executive, within thirty (30) days before an anniversary date of the Effective
Date, that the Agreement will terminate as of last day of the Agreement Term as in effect immediately prior to such anniversary
date.

 

Unless Simmons has
effectively terminated this Agreement as prescribed above in this Section 1.1, in the event of a Change in Control, the Agreement
Term shall be amended to twenty-four (24) months commencing upon the Control Change Date (as defined in Section 1.3) and shall
then expire at the end of such twenty-four (24) month period.

 

1.2       Change
in Control. Change in Control shall mean a change in ownership or effective control of the Company, or a change in the ownership
of a substantial portion of the assets of the Company, each as defined in Treasury Regulation Section 1.409A-3(i)(5) or any subsequently
applicable Treasury Regulation.

 

1.3       Control
Change Date. Control Change Date means the date on which an event described in Section 1.2 occurs. If a Change in Control occurs
on account of a series of transactions, the Control Change Date is the date of the last of such transactions.

 

ARTICLE 2

TERMINATION OF EMPLOYMENT

 

2.1       General.
The Executive shall be entitled to receive Termination Compensation, as defined in Section 2.5, according to this Article if:

 

(a) the Executive's
employment is involuntarily terminated as specified in Section 2.2, or

 

(b) the Executive voluntarily
terminates employment as specified in Section 2.3;

 

provided, however, that no Termination
Compensation shall be payable to the Executive, and the Executive shall forfeit all rights, under Section 2.5 of this Agreement
unless a Release in substantially the form attached as Exhibit A (the “Release”) is signed and becomes
irrevocable within the time period specified by the Release for review and revocation. To the extent any Termination Compensation
under Section 2.5 has been paid and the Release requirement of this Section 2.1 is not met, then any such Termination Compensation
previously paid shall be forfeited and the Executive shall repay such forfeited Termination Compensation to Simmons within thirty
(30) days following demand by Simmons.

 

    	 	2	 

     

    
2.2       Termination
by Simmons.

 

(a) The Executive shall
be entitled to receive Termination Compensation (as described in Section 2.5) if during an Agreement Term, all employment of the
Executive is terminated by Simmons without Cause on or after a Control Change Date.

 

(b) The Executive shall
be entitled to receive Termination Compensation (as described in Section 2.5) if during an Agreement Term, all employment of the
Executive is terminated by Simmons without Cause within the 180 days immediately preceding a Control Change Date.

 

(c) Cause means, for
purposes of this Agreement, (i) willful and continued failure by the Executive to perform his duties as established by Simmons;
(ii) a material breach by the Executive of his fiduciary duties of loyalty or care to Simmons; (iii) conviction of a felony; or
(iv) willful, flagrant, deliberate and repeated infractions of material published policies and procedures of Simmons of which the
Executive has actual knowledge ("Cause Exception"). If Simmons desires to discharge the Executive under the Cause
Exception, it shall give notice to the Executive as provided in Section 2.7 and the Executive shall have thirty (30) days after
notice has been given to him in which to cure the reason for Simmons' exercise of the Cause Exception. If the reason for Simmons’
exercise of the Cause Exception is timely cured by the Executive (as determined by a committee appointed by the Board of Directors
of Simmons), Simmons’ notice shall become null and void.

 

2.3       Voluntary
Termination.  The Executive shall be entitled to receive Termination Compensation (as defined in Section 2.5) if a Change in
Control occurs during an Agreement Term, and the Executive voluntarily terminates employment after a Control Change Date during
an Agreement Term and within six (6) months following the occurrence of a Trigger Event.

 

2.4       Trigger
Event. A Trigger Event means, for purposes of this Agreement, the occurrence of any one of the following events:

 

		(a)	the failure by the Company or the Bank to reelect or appoint the Executive to a position with duties,
functions and responsibilities substantially equivalent to the position held by the Executive on the Control Change Date;

 

		(b)	a material modification by the Company or the Bank of the title, duties, functions or responsibilities
of the Executive without his written consent;

 

		(c)	the failure of the Company or the Bank to permit the Executive to exercise such responsibilities
as are consistent with the Executive's position and of such a nature as are usually associated with such office of a corporation
engaged in substantially the same business as Simmons;

 

		(d)	the Company or the Bank requires the Executive to relocate his employment more than fifty (50)
miles from his place of employment, without the written consent of the Executive, excluding reasonably required business travel
or temporary assignments for a reasonable period of time;

 

    	 	3	 

     

    

		(e)	any decrease, without the Executive’s written consent, in the Executive’s (i) annual
base salary, (ii) target or maximum annual cash incentive award opportunity or (iii) target annual equity incentive award opportunity;

 

		(f)	the Company or the Bank shall fail to make a payment when due to the Executive; or

 

		(g)	a breach by Simmons of the obligations set forth in Article 15 of this Agreement.

 

2.5       Termination
Compensation. Termination Compensation equal to three (3) times the Executive's Base Period Income shall be paid to the Executive
in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date
and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment
the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first
day of the seventh (7th) month following the Executive's employment termination.

 

2.6       Base
Period Income. The Executive's Base Period Income equals the sum of (a) his annual base salary as of the Executive's termination
date, and (b) the greater of: (i) the average of any annual cash incentive award paid or payable to the Executive for the Company's
last two completed fiscal years prior to the Executive’s employment termination or (ii) the Executive's target annual cash
incentive award opportunity for the year in which the Executive’s employment termination occurs.

 

2.7       Notice
of Termination. Any termination by Simmons under the Cause Exception or by the Executive after a Trigger Event shall be communicated
by Notice of Termination to the other party hereto. A "Notice of Termination" shall be a written notice which
(a) indicates the specific termination provision in this Agreement relied upon, (b) sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated and (c)
if the termination date is other than the date of receipt of such notice, specifies the effective date of termination.

 

2.8       Specified
Employee.  Specified Employee is a “specified employee” (within the meaning of Section 409A (as defined below))
of Simmons (or any related “service recipient” within the meaning of Section 409A).

 

ARTICLE 3

ATTORNEYS’ FEES

 

In the event that the
Executive incurs any attorneys’ fees in protecting or enforcing his rights under this Agreement and the Executive prevails
on at least one material point in such dispute or claim, Simmons shall reimburse the Executive for such reasonable attorneys' fees
and for any other reasonable expenses related thereto. Such reimbursement shall be made within thirty (30) days following the Executive’s
written request (which must include a detailed description of such fees and expenses) which must be submitted within thirty (30)
days following final resolution of the dispute or claim giving rise to such fees and expenses.

 

    	 	4	 

     

    

ARTICLE 4

LIFE INSURANCE POLICIES

 

In connection
with the Executive’s termination of employment, the life insurance and accidental death and dismemberment coverage provided
by Simmons for the Executive and his or her eligible dependents will terminate as of the date specified in the applicable policy
or contract unless the Executive elects to convert such coverage to an individual policy in accordance with the terms of such policy
or contract; provided, however, that the Executive will be responsible for payment of any premiums on any such continued coverage
elected. Upon the Executive’s termination of employment, Simmons shall not be obligated to continue the Executive's participation
in the Simmons First Endorsement Split-Dollar Life Insurance Program or provide any alternative benefits to such program after
termination of the Executive's employment, except as specifically provided pursuant to the terms of the program documents governing
such program.

 

ARTICLE 5

MITIGATION OF PAYMENT

 

Simmons and the Executive
agree that, following the termination of employment by the Executive with Simmons, the Executive has no obligation to take any
steps whatsoever to secure other employment and such failure by the Executive to search for or to find other employment upon termination
from Simmons shall in no way impact the Executive's right to receive payment under any of the provisions of this Agreement.

 

ARTICLE 6

DECISIONS BY SIMMONS; FACILITY OF PAYMENT

 

Any powers granted
to the Board of Directors of Simmons hereunder may be exercised by a committee, appointed by the Board of Directors of Simmons,
and such committee, if appointed, shall have general responsibility for the administration and interpretation of this Agreement.
If the Board of Directors of Simmons or the committee shall find that any person to whom any amount is or was payable hereunder
is unable to care for his affairs because of illness or accident, or has died, then the Board of Directors of Simmons or the committee,
if it so elects, may direct that any payment due him or his estate (unless a prior claim therefore has been made by a duly appointed
legal representative) or any part thereof be paid or applied for the benefit of such person or to or for the benefit of his spouse,
children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Board
of Directors of Simmons or committee to be a proper recipient on behalf of such person otherwise entitled to payment, or any of
them, in such manner and proportion as the Board of Directors of Simmons or committee may deem proper. Any such payment shall be
in complete discharge of the liability of Simmons therefor.

 

    	 	5	 

     

    

ARTICLE 7

SOURCE OF PAYMENTS; NO TRUST

 

The obligations of
Simmons to make payments hereunder shall constitute an unsecured liability of Simmons to the Executive. Such payments shall be
made from the general funds of Simmons, and Simmons shall not be required to establish or maintain any special or separate fund,
or otherwise to segregate assets to assure that such payments shall be made, and neither the Executive nor his designated beneficiary
shall have any interest in any particular asset of Simmons by reason of its obligations hereunder. Nothing contained in this Agreement
shall create or be construed as creating a trust of any kind or any other fiduciary relationship between Simmons and the Executive
or any other person. To the extent that any person acquires a right to receive payments from Simmons hereunder, such right shall
be no greater than the right of an unsecured creditor of Simmons.

 

ARTICLE 8

REDUCTION IN BENEFITS, EXCISE TAX

 

In
the event that the severance and other benefits provided for in this Agreement or otherwise payable to the Executive (a) constitute
"parachute payments" within the meaning of Section 280G of the Code and (b) but for this Article 8, would be
subject to the excise tax imposed by Section 4999 of the Code, then the Executive's payments and benefits will be either:

 

(i)    
delivered in full, or

 

(ii)    
delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under
Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local
income taxes and the excise tax imposed by Section 4999, results in the receipt by the Executive on an after-tax basis, of
the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under
Section 4999 of the Code.

 

If
a reduction in severance and other payments and benefits constituting "parachute payments" is necessary so that benefits
are delivered to a lesser extent, reduction will occur in the following order: (I) reduction of cash payments; (II) cancellation
of awards granted "contingent on a change in ownership or control" (within the meaning of Code Section 280G), (III) cancellation
of accelerated vesting of equity awards, and (IV) reduction of employee benefits. In the event that acceleration of vesting
of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date
of grant of the Executive's equity awards.

 

Any
determination required under this Article 8 will be made in writing by Simmons’ independent tax accountants engaged by Simmons
for general tax purposes immediately prior to the Change in Control ("Accountants"), whose good faith determination
will be conclusive and binding upon the Executive and Simmons for all purposes. If the tax accounting firm so engaged by Simmons
is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, or if such firm otherwise
cannot perform the calculations, Simmons shall appoint a nationally recognized independent registered public accounting firm to
make the determinations required hereunder. For purposes of making the calculations, the Accountants may make reasonable assumptions
and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application
of Sections 280G and 4999 of the Code. Simmons and the Executive will furnish to the Accountants such information and documents
as the Accountants may reasonably request in order to make a determination under this Section. Simmons will bear all costs the
Accountants may reasonably incur in connection with any calculations contemplated by this Article 8.

 

    	 	6	 

     

    

ARTICLE 9

SEVERABILITY

 

All agreements and
covenants contained herein are severable, and in the event any of them shall be held to be invalid by any competent court, this
Agreement shall be interpreted as if such invalid agreements or covenants were not contained herein.

 

ARTICLE 10

ASSIGNMENT PROHIBITED

 

This Agreement is personal
to each of the parties hereto, and no party may assign or delegate any of his or its rights or obligations hereunder except as
specified in Article 15. Any attempt to assign any rights or delegate any obligations under this Agreement shall be void.

 

ARTICLE 11

NO ATTACHMENT

 

Except as otherwise
provided in this Agreement or required by applicable law, no right to receive payments under this Agreement shall be subject to
anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment,
levy, or similar process or assignment by operation of law and any attempt, voluntary or involuntary, to effect any such action
shall be null, void and of no effect.

 

ARTICLE 12

HEADINGS AND INTERPRETATION

 

The headings of articles,
paragraphs and sections herein are included solely for convenience of reference and shall not control the meaning or interpretation
of any of the provisions of this Agreement. References herein to “Simmons” shall refer to both the Company and the
Bank or the Company or the Bank, as the context requires, and the Company and the Bank shall have the option to perform the obligations
provided herein, in their sole discretion, through either entity; provided, however, that for purposes of such obligations and
the rights of Simmons under this Agreement, the Company and Bank shall be treated as one and the same; provided, further, that
this statement shall not be deemed ineffective or construed to have any effect other than the effect expressly stated herein by
reference in this Agreement to both the Company and the Bank, such references included solely to emphasize in certain places the
intent of this statement and the Agreement as a whole. The Executive may enforce his rights against either the Company, the Bank,
or both the Company and the Bank.

 

    	 	7	 

     

    

ARTICLE 13

GOVERNING LAW

 

The parties intend
that this Agreement and the performance hereunder and all suits and special proceedings hereunder shall be construed in accordance
with and under and pursuant to the laws of the State of Arkansas, and that in any action, special proceeding or other proceeding
that may be brought arising out of, in connection with, or by reason of this Agreement, the laws of the State of Arkansas, shall
be applicable and shall govern to the exclusion of the law of any other forum, without regard to the jurisdiction in which any
action or special proceeding may be instituted.

 

ARTICLE 14

BINDING EFFECT

 

This Agreement shall
be binding upon, and inure to the benefit of, the Executive and his heirs, executors, administrators and legal representatives
and Simmons and its permitted successors and assigns.

 

ARTICLE 15

MERGER OR CONSOLIDATION

 

Simmons shall require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company or the Bank (“Successor Corporation”) to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that Simmons would be required to perform it if no such succession
had taken place. Upon such assumption, the Executive and the Successor Corporation shall become obligated to perform the terms
and conditions of this Agreement.

 

ARTICLE 16

ENTIRE AGREEMENT

 

This Agreement expresses
the whole and entire agreement between the parties with reference to the Executive’s change in control-related severance
and, as of the Effective Date, supersedes and replaces any prior employment agreement, understanding or arrangement (whether written
or oral) between Simmons and the Executive on this subject, including the Prior Agreement; provided, however, that, for the avoidance
of doubt, nothing herein shall affect the rights of the Executive and the Company under (a) the Indemnification Agreement dated
as of March 26, 2021 between the Company and the Executive, (b) any Associate Agreement and (c) the terms and conditions associated
with any grant of restricted stock units or other equity award. Each of the parties hereto has relied on his or its own judgment
in entering into this Agreement.

 

    	 	8	 

     

    

ARTICLE 17

NOTICES

 

All notices, requests
and other communications to any party under this Agreement shall be in writing and shall be given to such party at its address
set forth below or such other address as such party may hereafter specify for the purpose by notice to the other party:

 

	(a) If to the Executive:	 	George Makris, Jr.
	 	 	29 St. John’s Place
	 	 	Little Rock, Arkansas 72207

 

	(b) If to the Company or the Bank:
	 	 	 
	 	 	Simmons First National Corporation / Simmons Bank
	 	 	Attention: Chairman
	 	 	P. O. Box 7009
	 	 	Pine Bluff, Arkansas 71611

 

Each such notice, request
or other communication shall be effective (i) if given by mail, 72 hours after such communication is deposited in the mail with
first class postage prepaid, addressed as aforesaid or (ii) if given by any other means, when delivered at the address specified
in this Article 17.

 

ARTICLE 18

MODIFICATION OF AGREEMENT

 

No waiver or modification
of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed
by the party to be charged therewith. No evidence of any waiver of modification shall be offered or received in evidence at any
proceeding, arbitration, or litigation between the parties hereto arising out of or affecting this Agreement, or the rights or
obligations of the parties hereunder, unless such waiver or modification is in writing, duly executed as aforesaid. The parties
further agree that the provisions of this Article 18 may not be waived except as herein set forth.

 

    	 	9	 

     

    

ARTICLE 19

TAXES

 

To the extent required
by applicable law, Simmons shall deduct and withhold all necessary Social Security taxes and all necessary federal and state withholding
taxes and any other similar sums required by laws to be withheld from any payments made pursuant to the terms of this Agreement.
This term shall be construed in conjunction with Article 8 and shall not supersede or modify it in any way.

 

ARTICLE 20

409A COMPLIANCE

 

(a)               
The intent of the parties is that payment and benefits under this Agreement comply with Section 409A of the Internal
Revenue Code of 1986, as amended, and the applicable Treasury regulations and administrative guidance issued thereunder (collectively,
“Section 409A”) or comply with an exemption from the application of Section 409A and, accordingly, all provisions
of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section
409A.

 

(b)              
Neither the Executive, the Company, nor the Bank shall take any action to accelerate or delay the payment of any
monies and/or provision of any benefits in any matter which would not be in compliance with Section 409A.

 

(c)               
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the form or timing of payment of any amounts or benefits upon or following a termination of employment unless such
termination is also a “separation from service” (within the meaning of Section 409A) and, for purposes of any such
provision of this Agreement under which (and to the extent) deferred compensation subject to Section 409A is paid, references to
a “termination” or “termination of employment” or like references shall mean separation from service. A
“separation from service” shall not occur under Section 409A unless such Executive has completely severed the Executive’s
relationship with the Company and Bank or the Executive has permanently decreased Executive’s services to twenty percent
(20%) or less of the average level of bona fide services over the immediately preceding thirty-six (36) month period (or the full
period if the Executive has been providing services for less than thirty-six (36) months). A leave of absence shall only trigger
a termination of employment that constitutes a separation from service at the time required under Section 409A.

 

(d)              
Notwithstanding any other provision of this Agreement, the Executive shall be solely liable, and neither the Company
nor the Bank shall be liable in any way to the Executive if any payment or benefit which is to be provided pursuant to this Agreement
and which is considered deferred compensation subject to Section 409A otherwise fails to comply with, or be exempt from, the requirements
of Section 409A.

 

    	 	10	 

     

    

ARTICLE 21

RECITALS

 

The Recitals to this
Agreement are incorporated herein and shall constitute an integral part of this Agreement.

 

ARTICLE 22

COUNTERPARTS

 

This Agreement shall
become legally binding when the last party hereto executes and delivers this Agreement. This Agreement may be executed and delivered
in multiple counterparts (including by Docusign/Echosign or a similarly accredited secure signature service or other electronic
transmission or signature), each of which when so executed and delivered shall be deemed to be an original, and all of which together
shall constitute one and the same instrument. Counterparts may be delivered by facsimile, e-mail (including .pdf) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and shall be valid and effective
for all purposes.

 

 

 

 

 

 

[Remainder of page intentionally blank.
Signatures on next page]

 

    	 	11	 

     

    

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the day and year first above written.

 

	EXECUTIVE:	 	 
	 	/s/ George Makris, Jr.
	 	George Makris, Jr.
	 	 	 
	COMPANY:	SIMMONS FIRST NATIONAL CORPORATION 
	 	 	 
	 	 	 
	 	By: 	/s/
Bob Fehlman
	 	Title: 	SEVP
    CFO, COO and Treasurer
	 	 	 
	BANK:	SIMMONS BANK 
	 	 	 
	 	 	 
	 	By: 	/s/
    Jena Compton
	 	Title: 	EVP
    Chief People and Strategy Officer

 

 

 

    	 	12	 

     

    

Exhibit A

 

RELEASE

 

In consideration of
the benefits promised in the First Amended and Restated Executive Change in Control Severance Agreement to which this Release is
attached as Exhibit A (and further defined below), George Makris Jr. (the “Executive”), hereby irrevocably
and unconditionally releases, acquits, and forever discharges Simmons First National Corporation (the “Company”)
and Simmons Bank (the “Bank”), and each of their agents, directors, members, shareholders, affiliated entities,
officers, employees, former employees, attorneys, and all persons acting by, through, under or in concert with any of them (collectively
“Releasees”) from any and all charges, complaints, claims, liabilities, grievances, obligations, promises, agreements,
controversies, damages, policies, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature
whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, any rights arising out of alleged violations
or breaches of any contracts, express or implied, or any tort, or any legal restrictions on Releasees’ right to terminate
employees, or any federal, state or other governmental statute, regulation, law or ordinance, including without limitation, (1)
Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, (2) the Americans with Disabilities Act,
(3) 42 U.S.C. § 1981, (4) the federal Age Discrimination in Employment Act (age discrimination), (5) the Older Workers Benefit
Protection Act, (6) the Equal Pay Act, (7) the Family and Medical Leave Act, (8) the Employee Retirement Income Security Act, and
(9) the Arkansas Civil Rights Act (“Claim” or “Claims”), which the Executive now has, owns
or holds, or claims to have, own or hold, or which the Executive at any time heretofore had owned or held, or claimed to have owned
or held, against each or any of the Releasees at any time up to and including the date of the execution of this Release.

 

Nothing in this Release
shall restrict or prohibit the Executive or the Executive’s counsel from filing a charge or complaint with, initiating communications
directly with, responding to any inquiry from, volunteering information to, or providing testimony before a self-regulatory authority
or a governmental, law enforcement or other regulatory authority, including the U.S. Equal Employment Opportunity Commission, the
Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the
Financial Industry Regulatory Authority, the Congress, and any Office of Inspector General (collectively, the “Regulators”),
from participating in any reporting of, investigation into, or proceeding regarding suspected violations of law, or from making
other disclosures that are protected under or from receiving an award for information provided under the whistleblower award programs
administered by a state or federal agency. The Executive does not need the prior authorization of the Company or the Bank to engage
in such communications with the Regulators, respond to such inquiries from the Regulators, provide confidential information or
documents containing confidential information to the Regulators, or make any such reports or disclosures to the Regulators. The
Executive is not required to notify the Company or the Bank that the Executive has engaged in such communications with the Regulators.
The Executive recognizes and agrees that, in connection with any such activity outlined above, the Executive must inform the Regulators
that the information the Executive is providing is confidential. To the extent, that any such charge or complaint is made against
the Releasees, the Executive expressly waives any claim or right to any form of monetary relief or other damages, or any form of
individual recovery or relief in connection with any such charge or complaint, except that the Executive does not waive his right
with respect to any government-issued award for information provided under the whistleblower award programs administered by a state
or federal agency.

     

     

    

In addition, pursuant
to the Defend Trade Secrets Act of 2016, the Executive is notified that an individual will not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state,
or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a
suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only
if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the
trade secret, except pursuant to court order.

 

The Executive hereby
acknowledges and agrees that the execution of this Release and the cessation of the Executive’s employment and all actions
taken in connection therewith are in compliance with the federal Age Discrimination in Employment Act and the Older Workers Benefit
Protection Act and that the releases set forth above shall be applicable, without limitation, to any claims brought under these
Acts. The Executive further acknowledges and agrees that:

 

a.                  
The Release given by the Executive is given solely in exchange for the benefits set forth in the First Amended and Restated
Executive Change in Control Severance Agreement dated as of March 26, 2021 between the Company, the Bank and the Executive to which
this Release was initially attached and such consideration is in addition to anything of value which the Executive was entitled
to receive prior to entering into this Release;

 

b.                 
By entering into this Release, the Executive does not waive any rights the Executive may have to indemnification, including
without limitation indemnification for attorneys’ fees, costs and/or expenses, pursuant to applicable statute,
the articles of incorporation and by-laws of the Company or the Bank or pursuant to the Indemnification Agreement dated as
of March 26, 2021 between the Company and the Executive;

 

c.                  
By entering into this Release, the Executive does not waive rights or claims that may arise after the date this Release
is executed;

 

d.                 
By entering into this Release, and subject to the limitations above, the Executive agrees not to knowingly make any statement
or engage in any conduct which may reasonably be expected to have the effort of disparaging the Company or the Bank to any: (i)
media; (ii) potential, current or former employees; or (iii) third parties. The Executive acknowledges that the Company and the
Bank will be irreparably harmed by a breach of this provision and that there may be no adequate remedy at law;

     

     

    

e.                  
The Executive has been advised to consult an attorney prior to entering into this Release, and this provision of the Release
satisfies the requirements of the Older Workers Benefit Protection Act that the Executive be so advised in writing;

 

f.                   
The Executive has been offered twenty-one (21) days [or 45 days if applicable] from receipt of this Release within which
to consider whether to sign this Release; and

 

g.                 
For a period of seven (7) days following the Executive’s execution of this Release, the Executive may revoke this
Release by delivering the revocation to the Chief People Officer of the Company, and it shall not become effective or enforceable
until such seven (7) day period has expired.

 

This Release shall
be binding upon the heirs and personal representatives of the Executive and shall inure to the benefit of the successors and assigns
of the Company and the Bank.

 

 

	 	 	 
	Date ___________	  	 
	 	George Makris Jr.

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