Document:

Exhibit 10.10

Exhibit
    10.10
    LONG
      TERM EXECUTIVE 

    INCENTIVE
      AGREEMENT

    

    

    This
      Long
      Term Executive Incentive Agreement (the "Agreement")
      is made
      and entered into effective as of January 1, 2005, by and between Simmons First
      National Corporation (the "Company"),
      an
      Arkansas corporation, and J. Thomas May ("May").

    

    R
      E C I T A L S:

    

    The
      Company acknowledges that May has significantly contributed to the performance,
      growth and success of the Company and is expected to continue to do so. The
      Company desires to provide a long term economic incentive for May to continue
      to
      raise the economic performance and growth of the Company.

    

    The
      Board
      believes that outstanding management is critical to advancing the best interests
      of the Company and its shareholders. It is essential that the management of
      the
      Company's business be undertaken with a view toward maximizing long term
      performance rather than short term performance of the Company. The Company
      believes that this goal can best be achieved by providing incentive compensation
      to the corporate management based on achieving longer term economic
      goals.

    

    NOW,
      THEREFORE, in consideration of the mutual covenants and obligations herein
      set
      forth, the receipt and sufficiency of which is hereby acknowledged, the Company
      and May agree as follows:

    

    1.
      Duties
      of May.
      May
      currently holds the positions of Chairman, President and Chief Executive Officer
      of the Company and Chairman and Chief Executive Officer of Simmons First
      National Bank. May shall perform in foregoing capacity, or in any other senior
      officer capacity assigned by the Board, pursuant to his employment arrangement
      with the Company and agrees to devote substantially all his time to performing
      the responsibilities of such positions, or other assignments, to perform such
      other reasonable services and duties as may from time to time be assigned to
      him
      by the Board and to grant the Company his undivided loyalty as long as he
      continues to be employed by the Company.

    

    2.
      Effective
      Date and Term.
      This
      Agreement shall be effective on January 1, 2005 (the "Effective
      Date").
      Except
      as otherwise provided herein, the term of this Agreement shall be from the
      Effective Date through December 31, 2007 ("Expiration
      Date").
      This
      Agreement is not an employment contract. The existence of this Agreement shall
      not affect in any way the Company's right to discharge May. 

    

    3.
      Long
      Term Incentive Compensation.
      The
      Company has established a Long Term Incentive Compensation pool in the amount
      of
      $350,000.00 ("Bonus
      Pool")
      for the
      benefit of May, provided that his entitlement to receive any part or all of
      the
      Bonus Pool shall be subject to the conditions described herein. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a)
      May
      shall be entitled to receive an amount equal to one third (1/3) of the Bonus
      Pool, if the Return on Average Tangible Equity of the Company computed for
      the
      fiscal year ended December 31, 2007 equals or exceeds 17.00%. The Return on
      Average Tangible Equity shall equal the Operating Earnings of the Company less
      core deposit amortization divided by the average equity of the Company for
      2007
      less intangible assets. 

    

    (b)
      May
      shall be entitled to receive an amount equal to one third (1/3) of the Bonus
      Pool, if the Return on Average Tangible Assets of the Company computed for
      the
      fiscal year ended December 31, 2007 equals or exceeds 1.25%. The Return on
      Average Tangible Assets shall equal the Operating Earnings of the Company less
      core deposit amortization divided by the average assets of the Company for
      2007
      less intangible assets. 

    

    (c)
      May
      shall be entitled to receive an amount equal to one third (1/3) of the Bonus
      Pool, if the 5 year Compounded Average Growth Rate of the Company's Basic
      Earnings per Share commencing on January 1, 2003 and ending on December 31,
      2007
      equals or exceeds 9.00%. The Company's Diluted Operating Earnings per share
      for
      2003 were $1.62, thereby requiring the 2007 Diluted Operating Earnings per
      share
      to equal or exceed $2.49 to satisfy this criteria.

    

    (d)
      Each
      of the foregoing are separate conditions. If all of the conditions are
      satisfied, May shall be entitled to receive the entire Bonus Pool. In the event
      one or more, but not all, of the conditions are satisfied, then May shall be
      entitled to receive that fraction of the Bonus Pool representing the conditions
      which were satisfied and shall forfeit that portion of the Bonus Pool
      representing the conditions which were not satisfied. Any sum due May from
      the
      Bonus Pool shall be paid on February 15, 2008 and shall be subject to all
      required withholding and taxes.

    

    4.
      Termination
      and Severance.
      It is
      the intent of the parties hereto that this Agreement shall not be terminated
      prior to the expiration of the term set forth in Section 2 hereof. 

    

    (a)
      Termination
      by the Company.
      Notwithstanding the foregoing, the Company shall have the immediate right to
      terminate this Agreement upon the happening of any of the following events:
      

    

    (i)
      voluntary termination of employment by May, an act by May, in the good faith
      judgment of the Board, of dishonesty, embezzlement or fraud against the Company
      and/or a subsidiary; May's conviction of a misdemeanor involving dishonesty
      or
      breach of trust; May's conviction of a felony; or the issuance of any order
      for
      May's removal as an employee of the Company or a subsidiary by any state or
      federal regulatory agency or court of competent jurisdiction; or

    

    (ii)
      the
      death of May or the mental or physical illness, disability or incapacity of
      May
      which, in the reasonable and good faith judgment of the Board, prevents May
      from
      performing his duties hereunder and the continuance of such illness, disability
      or incapacity for a period of 90 days. 

    

    

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (b)
      Termination
      upon a Change in Control.
      Upon the
      occurrence of a Change in Control, as defined below, all conditions set forth
      in
      section 3(a), (b) and (c) shall be deemed satisfied. Thereafter, May shall
      be
      fully vested in the Bonus Pool, which shall continue to be payable as set forth
      in Section 3(d).

    

    (c)
      In the
      event this Agreement is terminated by the Company pursuant to Section 4(a)(i)
      hereof prior to the Expiration date, then May shall forfeit all rights and
      claims to any part of the Bonus Pool.

    

    (d)
      In the
      event this Agreement is terminated by the Company pursuant to Section 4(a)(ii)
      hereof prior to the Expiration Date, then the conditions set forth in Section
      3(a), (b) and (c) shall be deemed to be satisfied, but the sum payable to May
      from the Bonus Pool shall be a prorated amount equal to the Bonus Pool
      multiplied by a fraction the numerator of which equals the number of months
      which has elapsed from the Effective Date of the Plan to the termination of
      the
      Plan and the denominator of which shall be 36. May shall forfeit any right
      and
      claim to any part of the Bonus Pool in excess of the foregoing prorated
      amount.

    

    (e)
      "Change
      in Control",
      means
      if: (i) after the date of the Agreement, any person, including a "group" as
      defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes
      the
      owner or beneficial owner of Company securities having 25% or more of the
      combined voting power of the then outstanding Company securities that may be
      cast for the election of the Company's directors (other than as a result of
      an
      issuance of securities initiated by the Company, or open market purchases
      approved by the Board, as long as the majority of the Board approving the
      purchases are directors at the time the purchases are made); or (ii) as the
      direct or indirect result of, or in connection with, a cash tender or exchange
      offer, a merger or other business combination, a sale of assets, a contested
      election of directors, or any combination of these transactions, the persons
      who
      were directors of the Company before such transactions cease to constitute
      a
      majority of the Board, or any successor's board, within two years of the last
      of
      such transactions.

    

    5.
      Withholding.
      Whenever
      May shall recognize compensation income as a result of the payment of any part
      or all of the Bonus Pool, the minimum amount of federal and state income and
      employment tax withholding shall be withheld from any payments due him and
      shall
      be remitted to the Internal Revenue Service or applicable state department
      of
      revenue in accordance with the then current provisions of the Code or applicable
      state law.

    

    6.
      Nonassignment.
      No party
      hereto may assign any rights hereunder. Any such purported delegation or
      assignment shall be void.

    

    

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.
      Severability.
      The
      provisions of this Agreement shall be enforced to the fullest extent permissible
      under the laws of the State of Arkansas, but the unenforceability (or the
      modification to conform with such laws or public policies) of any provisions
      hereof shall not render unenforceable or impair the remainder of this Agreement.
      Accordingly, if any provision of this Agreement shall be determined to be
      invalid or unenforceable, either in whole or in part, this Agreement shall
      be
      deemed amended to delete or modify, as necessary, the offending provisions
      and
      to alter the balance of this Agreement in order to render the same valid and
      enforceable to the fullest extent permissible as aforesaid. 

    

    8.
      Certain
      Additional Payments. In
      the
      event that any amounts required to be paid or distributed to May from the Bonus
      Pool shall constitute a parachute payment within the meaning of Section 280G
      of
      the Internal Revenue Code of 1986, as amended (the "Code"), or any successor
      statutory provision ("Excess
      Parachute Payments")
      and the
      aggregate of such parachute payments and any other amounts or property otherwise
      required to be paid or distributed to May by the Company would cause May to
      be
      subject to the excise tax on excess parachute payments under Section 4999 of
      the
      Code, or any successor or similar provision thereof, the Company shall pay
      to
      May such additional amounts as are necessary so that, after taking into account
      any tax imposed by such Section 4999 or any successor statutory provision,
      on
      any Excess Parachute Payments, as well as on payments made pursuant to this
      section, and any federal or state income taxes payable as a result of any
      payments due to May pursuant to this section, May is in the same after-tax
      position as he would have been in if such Section 4999 or any successor
      statutory provision did not apply and no payments were made pursuant to this
      section.

    

    9.
      Miscellaneous.
      (a) The
      existence of this Agreement shall not affect in any way the right or power
      of
      the Company to make or authorize any adjustment, reclassification,
      reorganization or other change in its capital or business structure, any merger
      or consolidation of the Company, any issue or debt or equity securities having
      preferences or priorities as to the Common Stock or the rights thereof, the
      dissolution or liquidation of the Company, any sale or transfer of all or any
      part of its business or assets, or any other corporate act or proceeding.

    

    (b)
      This
      Agreement may only be amended or modified in writing as agreed upon by all
      the
      parties hereto.

    

    (c)
      All
      notices or other communications pursuant to this Agreement shall be in writing
      and shall be deemed to have been duly given, if by hand delivery, upon receipt
      thereof, or if mailed by certified or registered mail, postage prepaid, three
      days following deposit in the United States mail, and in any event, to be
      addressed to all of the parties as follows: 

    

    

      
        	
                To
                  the Company: 

              	
                Simmons
                  First National Corporation 

              
	 	
                Attention:
                  Chairman

              
	 	
                501
                  Main St

              
	 	
                P.
                  O. Box 7009

              
	 	
                Pine
                  Bluff, Arkansas 71611

              
	 	 
	
                To
                  May:

              	
                J.
                  Thomas May

              
	 	
                2111
                  Country Club Lane

              
	 	
                Pine
                  Bluff, Arkansas 71603

              
	 	 

      

      
 

    

    
      
        4

      

      
        
        

        
          

        

      

      
        
        

      

    

    or
      to such
      other address as shall hereafter be provided by proper notice to the other
      parties. 

    

    (d)
      The
      captions and headings herein are for convenience of reference only and shall
      not
      be deemed to be a part of the substance of this Agreement. 

    

    (e)
      This
      Agreement shall be construed and interpreted according to the laws of the State
      of Arkansas, without regard to the principles of conflicts of laws thereof.
      

    

    (f)
      The
      foregoing contains the entire and only agreement between the parties respecting
      the subject matter hereof, and any representation, promise or condition in
      connection therewith not incorporated herein shall not be binding upon either
      party. 

    

    (g)
      The
      foregoing agreement shall be binding upon the parties hereto and their
      respective heirs, successors and assigns.

    

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

    

     

      	 	 	 
	 	
            
	 
 	 
 	 
 
	 	By:  	/s/ J.
              Thomas May
	 	
              

            
	 	 J.
              Thomas May

      	 	 	 
	 	SIMMONS
              FIRST NATIONAL CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Robert
              A. Fehlman
	 	
              
 Robert
              A. Fehlman
	
              Title:

            	
               Senior
                Vice President and Chief Financial
                Officer

            

    

     

     

    
      
        5Unassociated Document

    Exhibit
      10(o)

    

    AMENDED
      AND RESTATED

    RESTRICTED
      STOCK AWARD AGREEMENT

    

    

    THIS
      AMENDED AND RESTATED STOCK AWARD AGREEMENT is made as of this 1st day of March,
      2006 (the “Agreement”), by and between Tasty Baking Company (“Company”) and
      ______________________________ (“Grantee”).

    

    WHEREAS,
      the Company and Grantee entered into a Restricted Stock Award Agreement dated
      as
      of October 29, 2004 (the “Prior Agreement”), providing for a grant of shares of
      the Company’s common stock pursuant to the Tasty Baking Company 2003 Long Term
      Incentive Plan (the “Plan”), subject to the terms and conditions of the Plan and
      the Prior Agreement; and 

    

    WHEREAS,
      the parties intend to amend the Prior Agreement to properly reflect the terms
      of
      the subject stock award as authorized by the Compensation Committee of the
      Board
      of Directors of the Company. 

    

    NOW,
      THEREFORE, the Company and Grantee, intending to be legally bound, hereby agree
      as follows:

    

    1. As
      of
      October 29, 2004 (the “Grant Date”), the Company transferred __________________
      (________) shares of the Company’s common stock, par value $.50 per share
      (“Award Shares”), to the Grantee, and as of the Grant Date the Grantee became
      the beneficial owner of the Award Shares, with the right to vote the Award
      Shares and receive dividends with respect to the Award Shares, subject to the
      risk of forfeiture conditions and transfer restrictions set forth herein.

    

    2. (a) The
      Grantee’s right to beneficial ownership of the Award Shares shall become
      permanently vested and nonforfeitable, and they shall be released from the
      transfer restrictions set forth herein, upon the earlier of (i) the fifth
      anniversary of the Grant Date, provided that Grantee remains in the continuous
      employment of the Company through such date, or (ii) the later of (A) the close
      of the 10th
      consecutive trading day on which the closing price of the Company’s common
      stock, as reported on the NASDAQ National Market (or any national securities
      exchange or stock market on which the Company’s common stock is then listed), is
      at least fourteen dollars ($14.00) per share on each of said days, or (B) the
      third anniversary of the Grant Date, provided that Grantee remains in the
      continuous employment of the Company through such later date. 

    

    (b) Prior
      to
      the vesting of the Award Shares pursuant to Paragraph 2(a), above, no Award
      Share (including any shares received by Grantee with respect to the Award Shares
      as a result of stock dividends, stock splits or any other form of
      recapitalization or a similar transaction affecting the Company’s securities
      without receipt of consideration) may be sold, assigned, transferred, pledged,
      hypothecated or otherwise disposed of, alienated or encumbered. 

     

    (c) If
      the
      Grantee’s employment with the Company is terminated for any reason (including
      death) before he or she has become vested in the Award Shares pursuant to
      Paragraph 2(a), above, the Grantee shall forfeit the Award Shares, whether
      or
      not the Grantee is reemployed by the Company.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3. Unless
      the
      Grantee and the Company make other arrangements satisfactory to the Company
      with
      respect to the payment of withholding taxes, upon vesting of the Award Shares
      pursuant to Paragraph 2(a), above, the Award Shares shall be reduced by that
      number of Award Shares having a value, as of the date they become vested, equal
      to the minimum amount of Federal, state and local taxes required to be withheld
      with respect to such Award Shares.

    

    4. Nothing
      in
      this Agreement shall confer upon Grantee any right to continue in the employ
      of
      the Company or any affiliate thereof, or shall interfere with or restrict in
      any
      way the rights of such person to terminate Grantee’s employment at any time,
      subject to the terms of any employment agreement by and between the Company
      and
      Grantee.

    

    5.
       This
      Award
      Agreement is subject to the terms of the Plan, and the Grantee hereby
      acknowledges receipt of a copy of the Plan. All capitalized terms not defined
      herein shall have the definition set forth in the Plan.

    

    6. The
      Prior
      Agreement is superseded in its entirety by this Agreement.

    

    7. This
      Agreement shall be governed by the substantive law of the Commonwealth of
      Pennsylvania, without giving effect to the choice of law principles
      thereof.

    

    The
      parties hereby have entered into this Agreement with intent to be legally bound
      hereby, as of the first date set forth above.

    

    

    
      	
              ATTEST:

            	
              TASTY
                BAKING COMPANY

            
	 	 
	 	 
	
              ___________________________________

            	
              By:________________________________

            
	 	
              signature

            	title	
            
	 	 
	
              Witness:

            	
              GRANTEE

            
	 	 
	 	 
	
              ___________________________________

            	
              ___________________________________

            
	 	
              signature

            

    

    

    
      
        2

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