Document:

Exhibit 10.2

 

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	 

 

 

 

 

 

 

 

 

 

 

 

5pmt-ex1036_2280.htm

 

Exhibit 10.36

EXECUTION

AMENDMENT NUMBER TWENTY-FOUR

to the

MASTER REPURCHASE AGREEMENT

Dated as of December 9, 2010,

among

PENNYMAC CORP., PENNYMAC HOLDINGS, LLC and PENNYMAC LOAN SERVICES, LLC

and

CITIBANK, N.A.

This AMENDMENT NUMBER TWENTY-FOUR (this “Amendment Number Twenty-Four”) is made this 2nd day of December, 2016 among PENNYMAC CORP. and PENNYMAC HOLDINGS, LLC f/k/a PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC (each, a “Seller” and jointly and severally, the “Seller” or “Sellers”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of December 9, 2010, among Sellers, Servicer and Buyer, as such agreement may be amended from time to time (the “Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

RECITALS

WHEREAS, Sellers and Buyer have agreed to extend the term of the facility as more specifically set forth herein; and

WHEREAS, as of the date hereof, each Seller and Servicer represents to Buyer that the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.

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

SECTION 1.Amendments. Effective as of December 2, 2016 (the "Amendment Effective Date"), the Agreement is hereby amended as follows:

(a)Section 2 of the Agreement is hereby amended by adding the new definitions of “2017 1Q Extension Fee” and  "2017 1Q Installment Amount" in the appropriate alphabetical order to read as follows: 

“2017 1Q Extension Fee” shall have the meaning assigned to it in the Pricing Side Letter.

"2017 1Q Installment Amount" shall have the meaning assigned to it in the Pricing Side Letter.  

(b)Section 2 of the Agreement is hereby amended by deleting the definition of "Termination Date" in its entirety and replacing it as follows:

 

 

“Termination Date” shall mean February 2, 2017 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.”

 

(c)Section 4(c) of the Agreement is hereby amended by adding the following language at the end of such section:

In connection with the extension of the Termination Date from December 2, 2016 to February 2, 2017, Sellers agree to pay to Buyer an additional commitment fee for the period beginning on December 2, 2016 through February 2, 2017, equal to the 2017 1Q Extension Fee (reduced by any amount of the 2017 1Q Extension Fee paid to Buyer under Amendment Seventeen to the PMAC Agency Agreement).  The 2017 1Q Extension Fee shall be payable in two installments each equal to the 2017 1Q Installment Amount.  The first installment shall be due and payable on or prior to December 2, 2016, and the second installment shall be due and payable on or prior to January 3, 2017.  Each such payment to be made in Dollars, in immediately available funds, without deduction, set off or counterclaim.  Buyer may, in its sole discretion, net all or any portion of the 2017 1Q Extension Fee then due and payable from the proceeds of any Purchase Price paid to Sellers.  The 2017 1Q Extension Fee is and shall be deemed to be fully earned and non-refundable as of December 2, 2016. 

Section 2.Fees and Expenses.  Sellers agree to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Twenty-Four (including any 2017 1Q Extension Fee and all reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement.

Section 3.Representations.  Each Seller and Servicer hereby represents to Buyer that as of the date hereof, the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.

Section 4.Binding Effect; Governing Law.  This Amendment Number Twenty-Four shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER TWENTY-FOUR SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

Section 5.Counterparts.  This Amendment Number Twenty-Four may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.

Section 6.Limited Effect.  Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.  Reference to this Amendment Number Twenty-Four need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby.

 

 

 

IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Twenty-Four to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.

 

	
PENNYMAC CORP.

	
(Seller)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC HOLDINGS, LLC

	
(Seller)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC LOAN SERVICES, LLC,

	
(Servicer)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:  
	
 
	
Pamela Marsh

	
Title:   
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
CITIBANK, N.A.

	
(Buyer and Agent, as applicable)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Susan Mills

	
Name:
	
 
	
Susan Mills

	
Title:
	
 
	
Vice President

	
 
	
 
	
Citibank, N.A.

 

	
Acknowledged:

	
 
	
 
	
 

	
PENNYMAC MORTGAGE INVESTMENT TRUST

	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name: 
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

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