Document:

Exhibit

Exhibit 10.85

Chubb Limited
Performance Based Restricted Stock Award Terms
under the
Chubb Limited 2016 Long-Term Incentive Plan
The Participant has been granted a Performance Based Restricted Stock Award by Chubb Limited (the “Company”) under the Chubb Limited 2016 Long-Term Incentive Plan (the “Plan”).  The shares of Stock granted as Covered Performance Shares and Premium Performance Shares pursuant to this Performance Based Restricted Stock Award shall be subject to the following Performance Based Restricted Stock Award Terms:
1.Terms of Award.  The following words and phrases used in these Performance Based Restricted Stock Award Terms shall have the meanings set forth in this paragraph 1:
		
	(a)
	The “Participant” is [Insert Name], who is the individual recipient of the Performance Based Restricted Stock Award on the specified Grant Date.

		
	(b)
	The “Grant Date” is [Insert Date].

		
	(c)
	The “Commencement Date” is [Insert Date].

		
	(d)
	The number of “Covered Performance Shares” is [Insert Number], which is 60% of that portion of the Participant’s annual Long-Term Incentive Award which is granted in the form of restricted shares for the year in which the Grant Date occurs, as reflected in the corporate records and shown in the Record-Keeping System in the Participant’s individual account records.

		
	(e)
	The number of Premium Performance Shares is [Insert number equal to 65% of the number of Covered Performance Shares].

Other words and phrases used in these Performance Based Restricted Stock Award Terms are defined pursuant to paragraph 11 or elsewhere in these Performance Based Restricted Stock Award Terms.
2.Restricted Period.  Subject to the limitations of these Performance Based Restricted Stock Award Terms, the “Restricted Period” for the Covered Performance Shares of the Performance Based Restricted Stock Award shall begin on the Grant Date and end on the Vesting Date as described below (but only if the Date of Termination has not occurred before the Vesting Date):
		
	(a)
	If the Cumulative Performance of the Company during the Performance Period is 50 percent or greater than 50 percent, the Restricted Period shall end for any Covered Performance Shares on the later of the three-year anniversary of the Grant Date and the date the Committee certifies that the requisite Cumulative Performance has been achieved during the Performance Period (the date of certification is referred to as the “Certification Date” and the later of the three-year anniversary of the Grant Date and the Certification Date referred to as the “Vesting Date”).    If the Cumulative Performance of the Company during the Performance Period is less than 50 percent, the Restricted Period shall end with respect to a number of the Covered Performance Shares determined by multiplying the total number of Covered Performance Shares by the Performance Percentage (as determined below) on the Vesting Date.

		
	(b)
	The term “Performance Percentage” shall mean the applicable Performance Percentage determined based on the achievement of the Cumulative Performance over the Performance  Period by Chubb Limited:

	
		
	If the Satisfaction of Chubb
Limited of the Cumulative Performance during the applicable Performance  Period:
	The Performance Percentage will be:

	Does not exceed the 25%
	0%

	Exceeds 25%, but does not meet or exceed
50%
	50%, as increased to the extent, if any, provided pursuant to the following provisions of this paragraph (b)

	Meets or exceeds 50%
	100%

If the performance of Chubb Limited exceeds 25 percent but does not meet or exceed 50 percent of the satisfaction of the Cumulative Performance during the applicable Performance Period, then the Performance Percentage will be a percentage between 50 percent and 100 percent, based on an interpolation of the Chubb Limited performance falling between the 25th percentile and 50th percentile of the satisfaction of the Cumulative Performance during the applicable Performance Period.
		
	(c)
	For the avoidance of doubt, the Restricted Period shall end only on or after the Committee’s certification that the Cumulative Performance for the Performance Period has been satisfied.  Any Covered Performance Shares that have not vested as of the end of the Restricted Period shall be forfeited by the Participant as of the Vesting Date.

3.Retirement.  If the Participant’s Date of Termination occurs because of Retirement, then for any Covered Performance Shares and any Premium Performance Shares as to which the Restricted Period has not otherwise ended prior to the Date of Termination, the Participant shall become vested and the Restricted Period shall end for any Covered Performance Shares if and when the terms of paragraph 2 are satisfied with respect to such Covered Performance Shares and for any Premium Performance Shares if and when the terms of paragraph 6 are satisfied with respect to such Premium Performance Shares, in each case, determined as though the Participant had remained employed and the Date of Termination had not occurred prior to the end of any applicable Restricted Period for purposes of this Agreement.
4.Death, Long-Term Disability and Change in Control.  Notwithstanding the provisions of paragraph 2, the Restricted Period for Covered Performance Shares shall end prior to the date specified in the schedule set forth in paragraph 2 to the extent set forth below:
		
	(a)
	For Covered Performance Shares as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Covered Performance Shares shall end upon the Participant’s Date of Termination, and the Covered Performance Shares shall fully vest upon the Date of Termination, if the Date of Termination occurs by reason of the Participant’s death.

		
	(b)
	For Covered Performance Shares as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Covered Performance Shares shall end upon the Participant’s Date of Termination, and the Covered Performance Shares shall fully vest upon the Date of Termination, if the Date of Termination occurs by reason of the Participant’s Long-Term Disability.

		
	(c)
	For Covered Performance Shares as to which the Restricted Period has not ended prior to the date of a Change in Control, the Restricted Period for such Covered Performance Shares shall end upon a Change in Control, and the Covered Performance Shares shall vest upon the Change in Control, provided that such Change in Control occurs on or before the Date of Termination.

5.Transfer and Forfeiture of Shares.  The transfer and forfeiture of shares shall be subject to the following:
		
	(a)
	Except as provided in paragraphs 3 and 4 above, the Participant will be vested in any Covered Performance Shares if the Date of Termination has not occurred prior to the last day of the Restricted Period with respect to those shares and the requirements of paragraph 2 have been satisfied.  Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions.

		
	(b)
	Except as otherwise determined by the Committee and as provided in paragraphs 3 and 4 above, the Participant shall forfeit any Covered Performance Shares as of the Date of Termination, if such Date of Termination occurs prior to the Vesting Date.  

		
	(c)
	Notwithstanding anything to the contrary in any employment agreement between the Participant and the Company or a Subsidiary or any severance plan maintained by the Company or a Subsidiary in which the Participant participates, the Participate acknowledges and agrees that the Covered Performance Shares and Premium Performance Shares shall vest (and the Restricted Period shall end) only as provided by, and subject to the terms of, this Performance Based Restricted Stock Award.

6.Premium Performance Shares.  The vesting of the Premium Performance Shares  under this paragraph 6 will be based on the Cumulative Performance of Chubb Limited during the Performance Period and will be determined as follows:
		
	(a)
	The Restricted Period shall end on the Vesting Date for the number of the Premium Performance Shares determined by multiplying the number of Premium Performance Shares by the Premium Award Performance Percentage (as determined below).

		
	(b)
	The Premium Award Performance Percentage will be determined in accordance with the following schedule:

	
		
	If the Cumulative Performance of 
Chubb Limited during the Performance
Period:
	The Premium Award
Performance Percentage will be:

	Does not meet or exceed 50% 
	0%

	Meets or exceeds 50%, but does not exceed
the 75%
	0%, as increased to the extent, if any, provided pursuant to the following provisions of this paragraph (b) up to 77%

	Exceeds 75% and the Total Shareholder Return of Chubb Limited during the Performance Period meets or exceeds the 55th percentile of the Total Shareholder Return of the Peer Companies. 
	100%

If the Cumulative Performance of Chubb Limited meets or exceeds 50 percent but does not exceed 75 percent during the Performance Period, then the Premium Award Performance Percentage will be a percentage between 0 percent and 77 percent, based on an interpolation of the Chubb Limited Cumulative Performance falling between 50 percent and 75 percent of the Cumulative Performance during the Performance Period.  If the Cumulative Performance of Chubb Limited exceeds 75 percent during the Performance Period but the Total Shareholder Return of Chubb Limited during the Performance Period does not meet or exceed the 55th percentile of the Total Shareholder Return of the Peer Companies, then the Premium Award Performance Percentage will be 77 percent.
		
	(c)
	Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions.  Except as provided in paragraph 3 for a Date of Termination that occurs 

because of Retirement, the Participant shall not be entitled to vesting of any Premium Performance Shares if the Date of Termination occurs before the Vesting Date for any reason.
7.Withholding.  All deliveries and distributions and the vesting of shares of stock under these Performance Based Restricted Stock Award Terms are subject to withholding of all applicable taxes.  At the election of the Participant, and subject to such rules and limitations as may be established by the Committee from time to time, such withholding obligations may be satisfied through the surrender of shares of Stock which the Participant already owns, or to which the Participant is otherwise entitled under the Plan; provided, however, that such shares may be used to satisfy not more than the Company’s minimum statutory withholding obligation (based on minimum statutory withholding rates for Federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).
8.Transferability.  Except as otherwise provided by the Committee, awards under these Performance Based Restricted Stock Award Terms may not be sold, assigned, transferred, pledged or otherwise encumbered prior to vesting and delivery.
9.Dividends.  Dividends paid with respect to the Covered Performance Shares and the Premium Performance Shares with respect to record dates on or after the Grant Date for such shares but prior to the end of the Restricted Period for such shares shall be accumulated and distributed to the Participant on the date that the Restricted Period ends with respect to the share pursuant to which such dividend was paid; provided, however that no dividends or distributions shall be payable to or for the benefit of the Participant with respect to any Covered Performance Shares or Premium Performance Shares which the Participant has forfeited.  Notwithstanding the foregoing, if the right to the payment of dividends with respect to a Covered Performance Share or a Premium Performance Share would otherwise constitute nonqualified deferred compensation subject to Section 457A of the Internal Revenue Code (“Code Section 457A”), then, (i) any dividends accumulated in relation to Covered Performance Shares and Premium Performance Shares as of the date that the right to receive such payments is no longer treated as subject to a substantial risk of forfeiture for purposes of Code Section 457A (the “457A Vesting Date”) shall be used to purchase additional Covered Performance Shares and Premium Performance Shares subject to the same vesting provisions of the original Covered Performance Shares and Premium Performance Shares to which such accumulated dividends relate and any remaining unused cash amounts that are not sufficient to purchase an additional share shall be distributed to the Participant and (ii) any dividends that are paid on or after the 457A Vesting Date but prior to the vesting of the Covered Performance Shares and Premium Performance Shares shall be used to purchase additional Covered Performance Shares and Premium Performance Shares subject to the same vesting provisions of the original Covered Performance Shares and Premium Performance Shares to which such dividends relate and any remaining unused cash amounts that are not sufficient to purchase an additional share shall be distributed to the Participant.
10.Voting.  The Participant shall not be prevented from voting the Covered Performance Shares merely because those shares are subject to the restrictions imposed by these Performance Based Restricted Stock Award Terms and the Plan; provided, however, that the Participant shall not be entitled to vote Covered Performance Shares with respect to record dates for any Covered Performance Shares occurring on or after the date, if any, on which the Participant has forfeited those shares. The Participant acknowledges and agrees that he or she shall not be entitled to vote any Premium Performance Shares if the record date for entitlement to voting occurs prior to the date on which such shares become vested pursuant to paragraphs 7 or 8.
11.Deposit of Performance Based Restricted Stock Award.  Each certificate issued in respect of the Covered Performance Shares and Premium Performance Shares awarded under these Performance Based Restricted Stock Award Terms shall be registered in the name of the Participant and shall be deposited in a bank designated by the Committee.
12.Definitions.  For purposes of these Performance Based Restricted Stock Award Terms, words and phrases shall be defined as follows:

		
	(a)
	Change in Control.  The term “Change in Control” shall be defined as set forth in the Plan.

		
	(b)
	Combined Ratio.  The “Combined Ratio” for a given period is determined as the sum of the loss and loss expense ratio, the policy acquisition cost ratio and the administrative expense ratio in relation to the P& C insurance business. For Chubb the Combined Ratio is determined as the P&C combined ratio disclosed in the 10-K for such period (or the average of the disclosed combined ratios for each year if the period is longer than one year). For Peer Group Companies for purposes of this Agreement, the Combined Ratio is determined as the combined ratio publicly disclosed for such company, on a comparable basis, for such period (or the average of the disclosed combined ratios for each year if the period is longer than one year). 

		
	(c)
	Cumulative Performance.  The term “Cumulative Performance” means, as to Chubb Limited,  a percentage equal to the sum of (A) and (B) where (A) equals the First Performance Goal multiplied by seven-tenths (0.70) and where (B) equals the Second Performance Goal multiplied by three-tenths (0.30).  For example, if the First Performance Goal equals eighty percent (80%) and the Second Performance goal Equals fifty percent (50%), then the Cumulative Performance would equal seventy-one percent (71%) determined as the sum of (80%*.7) and (50% *.3).  The determination of the Cumulative Performance and its parameters is subject to rules established by the Committee within 90 days of the beginning of the Performance Period.  

		
	(d)
	Date of Termination.  A Participant’s “Date of Termination” means, with respect to an employee, the date on which the Participant’s employment with the Company and the Subsidiaries terminates for any reason, and with respect to a Director, the date immediately following the last day on which the Participant serves as a Director; provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s transfer of employment between the Company and a Subsidiary or between two Subsidiaries; further provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s cessation of service as a Director if immediately following such cessation of service the Participant becomes or continues to be employed by the Company or a Subsidiary, nor by reason of a Participant’s termination of employment with the Company or a Subsidiary if immediately following such termination of employment the Participant becomes or continues to be a Director; and further provided that a Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Company or a Subsidiary approved by the Participant’s employer.

		
	(e)
	Director.  The term “Director” means a member of the Board, who may or may not be an employee of the Company or a Subsidiary.

		
	(f)
	First Performance Goal.  The term “First Performance Goal” for the Performance Period means the achievement by Chubb Limited of growth in tangible book value per common shares outstanding as reported under GAAP during the Performance Period, as compared to the growth in tangible book value per common shares outstanding as reported under GAAP during the same Performance Period by the Peer Companies expressed as a percentile rank as compared to the Peer Group.  The determination of the First Performance Goal and its parameters is subject to rules established by the Committee within 90 days of the beginning of the applicable Performance Period.  The Committee, in its discretion, may adjust the reported tangible book value for Chubb Limited or the Peer Companies for the Performance Period; provided, however, that no such adjustment may result in an increase in the number of Covered Performance Shares and Premium Performance Shares which are earned and vested at the end of the Performance Period over the number of Covered Performance Shares and Premium Performance Shares that would have been earned and vested had the reported tangible book value for either Chubb Limited or the Peer Companies not been adjusted.

		
	(g)
	Long-Term Disability.  A Participant shall be considered to have a “Long-Term Disability” if the Participant is determined to be eligible for long-term disability benefits under the long-term disability plan in which the Participant participates and which is sponsored by the Company or a 

Subsidiary; or if the Participant does not participate in a long-term disability plan sponsored by the Company or a Subsidiary, then the Participant shall be considered to have a “Long-Term Disability” if the Committee determines, under standards comparable to those of the Company’s long-term disability plan, that the Participant would be eligible for long-term disability benefits if he or she participated in such plan.
		
	(h)
	Peer Companies.  The term “Peer Companies” means the companies which are in the Chubb Financial Performance Peer Group as determined by the Committee within 90 days of the beginning of the Performance Period and for which financial information is available for all year(s) in the Performance Period.  

		
	(i)
	Performance Period.  The term “Performance Period” shall mean the three-year period beginning on the Commencement Date and ending on the third anniversary of the Commencement Date.

		
	(j)
	Retirement.  The term “Retirement” means the Participant’s Date of Termination that occurs on or after the Participant has both completed at least ten years of service with the Company or a Subsidiary and attained at least age 62; provided, however, that a Date of Termination will not be treated as a Retirement unless the Participant (i) has terminated employment in good standing with the Company or a Subsidiary, and (ii) executes an agreement and release as required by the Company which will include, without limitation, a general release, and non-competition and non-solicitation provisions.  A Participant shall be deemed to have executed a release as described in clause (ii) above only if such release is returned by such time as is established by the Company; provided that to the extent benefits provided pursuant to the Plan would be considered to be provided under a nonqualified deferred compensation plan as that term is defined in Treas. Reg. §1.409A-1, such benefits shall be paid to the Participant only if the release is returned in time to permit the distribution of the benefits to satisfy the requirements of Section 409A of the Internal Revenue Code with respect to the time of payment.

		
	(k)
	Second Performance Goal.  The term “Second Performance Goal” for the Performance Period means the achievement by Chubb Limited of its Combined Ratio during the Performance Period, as compared to the Combined Ratio reported publicly during the same Performance Period by the Peer Companies expressed as a percentile rank as compared to the Peer Group.  The determination of the Second Performance Goal and its parameters is subject to rules established by the Committee within 90 days of the beginning of the applicable Performance Period.  The Committee, in its discretion, may adjust the Combined Ratio for Chubb Limited or the combined ratio reported publicly for the Peer Companies for the Performance Period; provided, however, that no such adjustment may result in an increase in the number of Covered Performance Shares and Premium Performance Shares which are earned and vested at the end of the Performance Period over the number of Covered Performance Shares and Premium Performance Shares that would have been earned and vested had the Combined Ratio for either Chubb Limited or the Peer Companies not been adjusted.

		
	(l)
	Total Shareholder Return. The term “Total Shareholder Return” means the total return per share of stock to the Company’s shareholders or the shareholders of the applicable Peer Company, inclusive of dividends paid (regardless of whether paid in cash or property, which dividends shall be deemed reinvested in the stock), during the Performance Period.  The value of the applicable company’s stock at the beginning and end of the Performance Period shall be established based on the average of the averages of the high and low trading prices of the applicable stock on the principal exchange on which the stock trades for the 15 trading days occurring immediately prior to the beginning or end of the Performance Period, as the case may be.  The Committee shall make or shall cause to be made such appropriate adjustments to the calculation of total shareholder return for such entity (including adjusting the average at the beginning of the Performance Period) as shall be necessary or appropriate to avoid an artificial increase or decrease in such return as a result of a stock split (including a reverse stock split), recapitalization, or other similar event 

affecting the capital structure of such entity that does not involve the issuance of the entity’s securities in exchange for money, property, or other consideration.
13.Plan Definitions.  Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in these Performance Based Restricted Stock Award Terms.
14.Heirs and Successors.  These Performance Based Restricted Stock Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.  If any benefits deliverable to the Participant under these Performance Based Restricted Stock Terms have not been delivered at the time of the Participant’s death, such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of these Performance Based Restricted Stock Terms and the Plan.  The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require.  If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be distributed to the legal representative of the estate of the Participant.  If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the complete distribution of benefits to the Designated Beneficiary under these Performance Based Restricted Stock Terms, then any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.
15.Administration.  The authority to manage and control the operation and administration of these Performance Based Restricted Stock Award Terms shall be vested in the Committee, and the Committee shall have all powers with respect to these Performance Based Restricted Stock Award Terms as it has with respect to the Plan.  Any interpretation of these Performance Based Restricted Stock Award Terms by the Committee and any decision made by it with respect to these Performance Based Restricted Stock Award Terms are final and binding on all persons.
16.Plan and Corporate Records Govern.  Notwithstanding anything in these Performance Based Restricted Stock Award Terms to the contrary, these Performance Based Restricted Stock Award Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company; and these Performance Based Restricted Stock Award Terms are subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.  Notwithstanding anything in the Performance Based Restricted Stock Terms to the contrary, in the event of any discrepancies between the corporate records regarding this award and the Record-Keeping System, the corporate records shall control.
17.Not An Employment Contract.  The Performance Based Restricted Stock Award will not confer on the Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time.
18.Notices.  Any written notices provided for in these Performance Based Restricted Stock Award Terms or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail.  Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt.  Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.
19.Fractional Shares.  In lieu of issuing a fraction of a share, resulting from an adjustment of the Performance Based Restricted Stock Award pursuant to paragraph 5.2(f) of the Plan or otherwise, the 

Company will be entitled to pay to the Participant an amount equal to the fair market value of such fractional share.
20.Amendment.  These Performance Based Restricted Stock Award Terms may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person.

IN WITNESS WHEREOF, the Company has caused these presents to be executed in its name and on its behalf, all as of the Grant Date.
CHUBB LIMITED

By:    
Its:    

I hereby agree to all the terms, restrictions and conditions set forth in the Agreement:

                        
ParticipantExhibit 10.24

 

DEFERRED 

COMPENSATION AGREEMENT

 

THIS DEFERRED COMPENSATION AGREEMENT made and
entered into by and between Simmons First National Corporation ("Company") and Barry K. Ledbetter ("Employee")
is an amendment and restatement of the “Deferred Compensation Agreement” executed by the parties on June 1, 2014.

 

WHEREAS, Employee is presently employed
by Simmons First National Bank ("SFNB"), a wholly owned subsidiary of Company, in the capacity of Executive Vice
President and Chief Banking Officer and is a person whom Company considers to possess significant ability, experience and valuable
contacts in matters relating to the business of Company; and

 

WHEREAS, Company and its subsidiaries
(collectively "Employer") desire to obtain the continued services of Employee and to provide certain deferred,
contingent benefits to Employee as more particularly hereinafter provided; and

 

NOW, THEREFORE, for and in consideration
of the premises and Employee's continued employment, it is agreed as follows, to-wit:

 

1. Definitions. As used herein,
the following terms shall have the definitions set forth below:

 

Benefit Period - For the purposes of
Section 5, the period commencing on the first day of the next succeeding calendar month following the Separation from Service of
Employee and ending one hundred eighty (180) months thereafter.

 

Change in Control - shall mean a change
in ownership or control of the Employer as defined in Treasury Regulation 1.409A-3(i)(5) or any subsequently applicable Treasury
Regulation.

 

Designated Beneficiary - Employee may
designate a beneficiary on a form supplied by the Employer (attached hereto as Exhibit A) and, may change or revoke that designation
by filing written notice with the Employer.  In the absence of a designation, Employee will be deemed to have designated the
following beneficiaries (if then living) in the following order: (1) his or her spouse, (2) his or her children in equal shares,
and (3) his or her estate.

 

Disabled - A participant shall be considered
disabled if the participant (a) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for
a period of not less than 3 months under an accident and health plan covering employees of the Company, (iii) is determined to
be totally disabled by the Social Security Administration or (iv) is determined to be disabled by the Employer's disability insurance
program, provided the criteria utilized by the insurance program complies with the criteria set forth under (a) above.

 

     

     

    

 

Final Average Compensation - The average
of the sum of the salary and cash bonus (inclusive of all discretionary bonuses and cash incentive programs in which Employee participated)
for the last five (5) consecutive, completed calendar years of service. Stock options, restricted stock or other equity compensation
grants, programs or plans shall not be included in the computation of Final Average Compensation. However, all sums earned under
the SFNC Executive Incentive Plan ("EIP") shall be considered as cash compensation, even if in future years some part
or all of the EIP may be paid in stock rather than cash.

 

Monthly Benefit - The monthly benefit
payable upon death, Disability or Normal Retirement shall be one-twelfth (1/12th) of an amount equal to thirty percent (30%) of
the Final Average Compensation of Employee.

 

Separation from Service - shall mean
Employee has experienced a termination of employment with Employer. For purposes of this Agreement, whether a termination of employment
or service has occurred is determined based on whether the facts and circumstances indicate that Employer and Employee reasonably
anticipated that no further services would be performed after a certain date or that the level of bona fide services Employee would
perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty
percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the
immediately preceding thirty-six (36) month period (or the full period of services to Employer if Employee has been providing services
to Employer less than 36 months). Facts and circumstances to be considered in making this determination include, but are not limited
to, whether Employee continues to be treated as an executive for other purposes (such as continuation of salary and participation
in executive benefit programs), whether similarly situated service providers have been treated consistently, and whether Employee
is permitted, and realistically available, to perform services for other service recipients in the same line of business. Employee
will be presumed not to have separated from service where the level of bona fide services performed continues at a level that is
fifty percent (50%) or more of the average level of service performed by Employee during the immediately preceding thirty-six (36)
month period.

 

Specified Employee - is a key employee
(as defined in section 416(i) of the Internal Revenue Code without regard to section 416(i)(5)) of the Employer (and all persons
with whom the Employer would be considered a single employer under section 414(b) or 414(c) of the Internal Revenue Code) any stock
of which is publicly traded on an established securities market or otherwise. For this purpose, an employee is a key employee if
he or she meets the requirements of section 416(i) at any time during the calendar year. If a person is a key employee as of December
31 of any year, the person is treated as a specified employee for the 12-month period beginning on the first day of April of the
next calendar year. The determination whether the stock is publicly traded on an established securities market or otherwise shall
be made as of the date of the Employee's separation from service.

 

2. Continued Employment of Employee.
Employee shall continue in the employ of Employer subject to termination at any time by the Employer.

 

    	2

     

    

 

3. Normal Retirement, Disability or Death.
(a) Upon the first to occur of the following:

 

i. Employee's Separation from Service at or after age 60
("Normal Retirement"),

 

ii. Employee's Disability prior to age 60 while still in
the employ of Employer, or

 

iii. Employee's death prior to age 60 while still in the
employ of Employer --

 

Employer shall pay to Employee (or Employee's Designated Beneficiary
in the case of death of the Employee) the Monthly Benefit, as defined herein, each month beginning on the first day of the month
following Employee's Normal Retirement, Disability or death, and ending upon the expiration of 180 consecutive months after the
commencement of payments.

 

(b) If Employee dies prior to receiving 180
monthly payments, the remaining payments (not to exceed 180), shall be made to Employee's Designated Beneficiary or, if none, to
Employee's estate.

 

4. Payments to Specified Employees.
If at the time of the Employee's death, Disability, or Normal Retirement, Employee is a Specified Employee, then notwithstanding
any provision herein, including Sections 3 and 5, concerning the date of the commencement of payments, all payments that Employee
would otherwise have been entitled to receive hereunder during the first six (6) months after his death, Disability or Normal Retirement
shall be retained by the Employer and paid to the Employee (or his beneficiary, as the case may be) upon the first day of the seventh
(7th) month next following the event giving rise to the commencement of the payments. All payments due on any date more than six
(6) months after the event giving rise to the commencement of the payments shall not be delayed and shall be made on the dates
as originally set forth herein.

 

5. Separation from Service after Change
in Control. In the event of a Change in Control and Employee's Separation from Service prior to his entitlement to the
Monthly Benefit, then Employer shall pay to Employee the Monthly Benefit each month during the Benefit Period, beginning on the
first day of the calendar month following such Separation from Service. If Employee dies prior to the end of the Benefit Period,
the remaining payments, through the end of the Benefit Period, shall be made to Employee's Designated Beneficiary.

 

6. Consultation and Advice. Employee
agrees that, following Separation from Service due to disability or Normal Retirement, Employee shall, upon request by the Board
of Directors of Employer, render consultation and advice to Employer on a part time basis. Such consultation and advice may be
performed at such place and time as may be designated by Employee. Employee shall be obligated to perform his duties under this
Section only as long as Employee's health shall permit provided, however, the inability of Employee to perform these duties due
to poor health or death shall not impair any benefit payable hereunder to the Employee, his Designated Beneficiary or his estate.

 

7. Forfeiture. Employee shall
forfeit the right to payment of any further deferred compensation benefits hereunder if:

 

    	3

     

    

 

(a) Employee shall fail to continue in the full
time employ of Employer until the earlier of a Change in Control or the attainment of age 60 for any reason other than death or
Disability;

 

(b) Employee shall fail to provide any required
consultation services under Section 6 above; or

 

(c) Employee, while receiving payments hereunder,
shall, directly or indirectly, as owner, employee, independent contractor, agent or in any other capacity, take part or engage
in any manner in any business, activity or endeavor within the State of Arkansas which, in the sole determination of the Board
of Directors of Employer, shall be in competition with the business of Employer.

 

8. Administration. This deferred
compensation agreement shall be administered by the Nominating, Compensation and Corporate Governance Committee of the Board of
Directors of the Company, which Committee shall have all rights and powers as may be necessary or appropriate for the discharge
of its duties in the administration of this agreement.

 

9. No Trust or Security. It is
specifically understood and agreed that no trust or fiduciary relationship of any kind or character is created by this agreement
and that Employer's liability hereunder is an unsecured obligation of Employer.

 

10. Prohibition against Assignment.
Employee may not assign, encumber or in any other manner transfer or dispose of any rights of Employee hereunder, except that Employee
may designate a beneficiary or beneficiaries to receive payments in the event of Employee's death.

 

11. Benefit and Binding Effect.
This agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal representatives
and successors.

 

12. Purpose of Amendment and Restatement.
For clarification and avoidance of doubt, this Amendment and Restatement merely substitutes a new vesting date of Employee’s
attainment of age 60 for the original vesting date of Employee’s attainment of age 65, and has no effect on the payment timing
of the Monthly Benefit upon the earlier of death, Disability or Separation from Service.

 

13. Section 409A. This Agreement
is intended to comply with Internal Revenue Code (“Code”) § 409A or an exemption. Severance benefits under this
Agreement are intended to be exempt from Code § 409A under the “separation pay exception” to the maximum extent
possible. Any payments that qualify for the “short-term deferral” exception or another exception under Code §
409A will be paid under the applicable exception. Payments may only be made under this Agreement upon an event and in a manner
permitted by Code § 409A to the extent applicable, including the requirement, if applicable, that payments upon Separation
from Service be delayed for six months if the Employee is considered a “key employee” of a public company for purposes
of Code § 409A. Payments to be made upon a termination of employment under this Agreement may only be made upon a “separation
from service” under Code § 409A. For purposes of Code § 409A, the right to a series of installment payments under
this Agreement will be treated as a right to a series of separate payments. In no event may the Employee, directly or indirectly,
designate the calendar year of a payment.

 

 

    	4

     

    

 

IN WITNESS WHEREOF, the parties have executed
this instrument this 27th day of February, 2017.

 

	 	 	SIMMONS FIRST NATIONAL CORPORATION
	 	 	 
	 	 	By  	/s/ Jena Compton
	 	 	 	 
	 	 	 	Title:  	EVP, Chief People Officer
	 	 	 
	 	 	 
	 	 	 	/s/ Barry K. Ledbetter
	 	 	 	Barry K. Ledbetter
	 	 	 

 

 

 

 

 

 

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]