Document:

exh_101.htm

Exhibit 10.1

 

RESTRICTED STOCK AGREEMENT

PURSUANT TO THE

GSE HOLDING, INC. 2011 OMNIBUS INCENTIVE COMPENSATION PLAN

*  *  *  *  *

 

Participant:

Grant Date:                                

Number of Shares of

Restricted Stock Granted:

  *  *  *  *  *

 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between GSE Holding, Inc., a Delaware corporation (the “Company”), and the Participant specified above, pursuant to the GSE Holding, Inc. 2011 Omnibus Incentive Compensation Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

 

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the shares of Restricted Stock provided herein to the Participant.

 

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

1. Incorporation By Reference; Plan Document Receipt.  This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein.  Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan.  The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content.  In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

 

2. Grant of Restricted Stock Award.  The Company hereby grants to the Participant, as of the Grant Date specified above, the number of shares of Restricted Stock specified above.  Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. Subject to the provisions of Section 5 hereof, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until such shares are delivered to the Participant in accordance with the provisions of Section 4 hereof.

 

  

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3. Vesting.

 

(a) The Restricted Stock subject to this grant shall become unrestricted and vested as follows, provided that the Participant has not incurred a termination prior to each such vesting date:

 

	
Vesting Date

	
Number of Shares

	
First anniversary of Grant Date

	  
	
Second anniversary of Grant Date

	  
	
Third anniversary of Grant Date

	  

There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date.

 

(b) Notwithstanding the provisions of Section 3(a) hereof, if the Participant experiences a Qualifying Termination (as defined below) following a Change in Control (as defined in the Plan), then any unvested Restricted Stock granted hereunder shall immediately become unrestricted and vested.  For purposes of this Agreement, the following definitions shall apply:

 

	
(i)  

	
Qualifying Termination:  A “Qualifying Termination” shall mean the Executive is terminated without Cause upon or within six (6) months following a Change of Control.

 

	
(ii)  

	
Cause:  “Cause” shall mean conduct involving one or more of the following: (i) dishonesty, gross negligence, or breach of fiduciary duty; (ii) the Executive’s indictment of, conviction of, or no contest plea to, an act of theft, fraud or embezzlement; (iii) the commission of a felony; (iv) a material breach of the terms of any Company policy; or (v) the substantial and continuing failure of the Executive to render services to the Company or any subsidiary or affiliates in accordance with the Executive’s obligations and position with the Company; provided that the Company or any subsidiary or affiliates provides the Executive with adequate notice of such failure and, if such failure is capable of cure, the Executive fails to cure such failure within 30 days of the written notice.

 

(c) Committee Discretion to Accelerate Vesting.  Notwithstanding anything contained herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting of the Restricted Stock at any time and for any reason.

 

(d) Forfeiture.  Subject to the Committee’s discretion to accelerate vesting hereunder, and except as provided in Section 3(b) hereof, all unvested shares of Restricted Stock shall be immediately forfeited upon the Participant’s termination for any reason.

 

  

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4. Period of Restriction; Delivery of Unrestricted Shares.   During the Restriction Period, the Restricted Stock shall bear a legend as described in Section 8.2(c) of the Plan.  When shares of Restricted Stock awarded by this Agreement become vested, the Participant shall be entitled to receive unrestricted shares and if the Participant’s stock certificates contain legends restricting the transfer of such shares, the Participant shall be entitled to receive new stock certificates free of such legends (except any legends requiring compliance with securities laws).

 

5. Dividends and Other Distributions; Voting.  Participants holding Restricted Stock shall be entitled to receive all dividends and other distributions paid with respect to such shares, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Restricted Stock and shall be paid at the time the Restricted Stock becomes vested pursuant to Section 3 hereof.  If any dividends or distributions are paid in shares, the shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid. The Participant may exercise full voting rights with respect to the Restricted Stock granted hereunder.

 

6. Non-transferability.  The shares of Restricted Stock, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution.  Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way any of the Restricted Stock, or the levy of any execution, attachment or similar legal process upon the Restricted Stock, contrary to the terms and provisions of this Agreement and/or the Plan, shall be null and void and without legal force or effect.

 

7. Governing Law.  All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.

 

8. Withholding of Tax.  The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Restricted Stock and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required withholding obligation with regard to the Participant may be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable to the Participant hereunder.

 

9. Section 83(b).  If the Participant properly elects (as required by Section 83(b) of the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for federal income tax purposes in the year of issuance the Fair Market Value of such shares of Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to the Restricted Stock.  If the Participant shall fail to make such payment, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock, as well as the rights set forth in Section 8 hereof.  The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to make such election, and the Participant agrees to timely provide the Company with a copy of any such election.

 

  

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10. Legend.  All certificates representing the Restricted Stock shall have endorsed thereon the legend set forth in Section 8.2(c) of the Plan. Notwithstanding the foregoing, in no event shall the Company be obligated to deliver to the Participant a certificate representing the Restricted Stock prior to the vesting dates set forth above.

 

11. Securities Representations.  The shares of Common Stock are being issued to the Participant and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges, represents and warrants that:

 

(a) The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act of 1933, as amended (the “Act”), and in connection therewith the Company is relying in part on the Participant’s representations set forth in this Section 11.

 

(b) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Act, the shares of Common Stock must be held indefinitely unless an exemption from any applicable resale restriction is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the shares of Common Stock and the Company is under no obligation to register the shares of Common Stock (or to file a “re-offer prospectus”).

 

(c) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Act, the Participant understands that the exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock of the Company, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sale of the shares of Common Stock may be made only in limited amounts in accordance with such terms and conditions.

 

12. Entire Agreement; Amendment.  This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan.  This Agreement may also be modified or amended by a writing signed by both the Company and the Participant.  The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

 

  

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13. Notices.  Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Chief Financial Officer of the Company.  Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.

 

14. Acceptance.  As required by Section 8.2 of the Plan, the Participant shall forfeit the Restricted Stock if the Participant does not execute this Agreement within a period of sixty (60) days from the date the Participant receives this Agreement (or such other period as the Committee shall provide).

 

15. No Right to Employment.  Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee.  Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without cause.

 

16. Transfer of Personal Data.  The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Restricted Stock awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan).  This authorization and consent is freely given by the Participant.

 

17. Compliance with Laws.  The issuance of the Restricted Stock or unrestricted shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Act, the Securities Exchange Act of 1934, as amended, and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto.  The Company shall not be obligated to issue the Restricted Stock or any of the shares pursuant to this Agreement if any such issuance would violate any such requirements.

 

18. Section 409A.  Notwithstanding anything herein or in the Plan to the contrary, the shares of Restricted Stock are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.

 

19. Binding Agreement; Assignment.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns.  The Participant shall not assign (except as provided by Section 6 hereof) any part of this Agreement without the prior express written consent of the Company.

 

20. Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

 

21. Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

 

  

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22. Further Assurances.  Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

 

23. Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

 

24. Acquired Rights.  The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time; (b) the award of Restricted Stock made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Restricted Stock awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

GSE HOLDING, INC.

By: _____________________

Name: ___________________

Title: ____________________

PARTICIPANT

 

 

_____________________

Name: ___________________

 

 

7exh_101.htm

EXHIBIT  10.1

EXECUTIVE SEVERANCE AGREEMENT

BETWEEN COMPANY AND GEORGE A. MAKRIS

  

 

  

EXECUTIVE SEVERANCE AGREEMENT

THIS EXECUTIVE SEVERANCE AGREEMENT ("Agreement"), made and entered into on the 2nd day of January, 2013, by and between Simmons First National Corporation ("Company"), an Arkansas corporation, and George Makris, Jr., ("Executive").

R E C I T A L S:

Company acknowledges that Executive is expected to significantly contribute to the growth and success of Company. As a publicly held corporation, a Change in Control of Company may occur with or without the approval of the Board of Directors of Company ("Board"). The 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.

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

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

ARTICLE 1

TERM OF AGREEMENT

1.1  Term. This Agreement shall become effective as of the date on which it is executed by Company ("Effective Date"). The Agreement shall be effective for thirty-six months (36) and will automatically be extended for twelve (12) months as of each anniversary date of the Effective Date ("Agreement Term") unless the Agreement Term is terminated by Company upon written notification to 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 Company 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 Change in Control Date and shall then expire at the end of such twenty-four (24) month period.

 

  

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

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

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

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

2.2  Termination by the Company. (a) Executive shall be entitled to receive Termination Compensation (as described in Section 2.5) if during an Agreement Term, Executive's employment is terminated by the Company without Cause by reason of or after the occurrence of a Trigger Event (as defined in Section 2.4) which occurs on or after a Control Change Date.

(b) Executive shall be entitled to receive Termination Compensation (as described in Section 2.5) if during an Agreement Term, Executive's employment is terminated by the Company without Cause by reason of or after the occurrence of a Trigger Event (as defined in Section 2.4) which occurs 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 the Board of Directors of the Company; (ii) a material breach by the Executive of his fiduciary duties of loyalty or care to the Company; (iii) conviction of a felony; or (iv) willful, flagrant, deliberate and repeated infractions of material published policies and procedures of the Company of which the Executive has actual knowledge (the "Cause Exception"). If the Company 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 the Company's exercise of the Cause Exception. If the reason for the Company's exercise of the Cause Exception is timely cured by the Executive (as determined by a committee appointed by the Board of Directors), the Company's notice shall become null and void.

2.3  Voluntary Termination. 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 during an Agreement Term and within six (6) months following the occurrence of a Trigger Event.

  

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

	
  

	
(a)

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

	
  

	
(b)

	
material modification by the Board of the duties, functions or responsibilities of Executive without his consent;

	
  

	
(c)

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

	
  

	
(d)

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

	
  

	
(e)

	
reduction in Executive's compensation or benefits; or

	
  

	
(f)

	
Company shall fail to make a payment when due to the Executive.

2.5  Termination Compensation. Termination Compensation equal to 2.00 times Executive's Base Period Income shall be paid in a single sum payment in cash or in common stock of Company, at the election of Executive. Payment of Termination Compensation to Executive shall be made on the later of the thirtieth (30th) business day after Executive's employment termination or the first day of the month following his employment termination.

2.6  Base Period Income. Executive's Base Period Income equals Executive's annual base salary as of Executive's termination date, and (ii) the greater of the average of any incentive bonus payable to the Executive for the Company’s last two completed fiscal years or the Executive’s target bonus opportunity for the then current year under the Company’s annual incentive plan.

2.7  Notice of Termination. Any termination by Company under the Cause Exception or by 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 (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated and (iii) if the termination date is other than the date of receipt of such notice, specifies the effective date of termination.

  

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ARTICLE 3

ATTORNEY'S FEES

In the event that Executive incurs any attorney's fees in protecting or enforcing his rights under this Agreement, Company shall reimburse Executive for such reasonable attorneys' fees and for any other reasonable expenses related thereto. Such reimbursement shall be made within thirty (30) days following final resolution of the dispute or occurrence giving rise to such fees and expenses.

ARTICLE 4

WELFARE BENEFIT PLAN EQUIVALENTS

4.1  Continuation of Coverage of Welfare Benefit Plans.  If Executive is entitled to receive Termination Compensation under this Agreement, Company shall maintain in full force and effect for the continued benefit of Executive and his eligible dependents, for a period of thirty-six (36) months following the date of termination, each Welfare Benefit Plan in which Executive was entitled to participate immediately prior to the date of termination, at the benefit levels then in effect with Executive and Company sharing the cost of coverage in the same manner as in effect upon the Control Change Date. In the event that Executive's continued participation in any such plan is not permitted thereunder, then Company shall provide Executive and his eligible dependents a benefit substantially similar to and no less favorable than the benefit provided under such plan immediately prior to such termination of coverage and the cost to the executive shall not exceed the cost which Executive would have incurred had participation in the plan been permitted. At the termination of any period of coverage provided above, Executive shall have the option to have assigned to him, at no cost and no apportionment of prepaid premiums, any assignable insurance owned by Company and relating specifically to Executive. In lieu of being provided with the benefits as described in the preceding sentence, Executive may, at Executive's election and sole discretion, require Company to include in Executive's Termination Compensation a lump sum amount equal to the value of the benefits described in the preceding sentence.

4.2 Optional Additional Continuation of Coverage. If Executive is at least 55 years of age when he becomes entitled to receive Termination Compensation, then after the expiration of the period of extended coverage under the Welfare Benefit Plans as set forth in Section 4.1 above, Company shall permit Executive, at his option, to further continue participation in any Welfare Benefit Plan, if Executive is not then eligible to participate in any other plan sponsored by the then current employer of Executive or Executive's spouse offering substantially similar benefits.  Executive's continued participation under this Section 4.2 shall (i) be at the sole cost and expense of Executive, and (ii) shall terminate upon the earliest of (A) Executive becoming eligible to participate in a plan sponsored by the current employer of Executive or Executive's spouse offering substantially similar benefits, (B) upon the date that Executive is no longer eligible to participate in the Welfare Benefit Plan, or (C) Executive and Executive's spouse becoming eligible for Medicare coverage.  If the executive elects this continued coverage, Company shall use its best efforts to cause the Welfare Benefit Plan to maintain the eligibility of  Executive to participate therein or make alternative arrangements to provide Executive and his spouse coverage reasonably equivalent to that provided by the Welfare Benefit Plan at the equivalent cost to Executive.

  

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4.3  Welfare Benefit Plan.   The term Welfare Benefit Plan as used in this Article 4 refers to any plan, fund or program as defined under Section 3(1) of the Employee Retirement Income Security Act ("ERISA"), which has been established and is maintained by Company for the purpose of providing its employees or their beneficiaries, through the purchase of insurance or otherwise, medical, surgical, hospital care or benefits, or benefits in the event of sickness, accident, disability or death.

ARTICLE 5

MITIGATION OF PAYMENT

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

ARTICLE 6

DECISIONS BY COMPANY; FACILITY OF PAYMENT

Any powers granted to the Board hereunder may be exercised by a committee, appointed by the Board, and such committee, if appointed, shall have general responsibility for the administration and interpretation of this Agreement. If the Board 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 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 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 or committee may deem proper. Any such payment shall be in complete discharge of the liability of the Company therefor.

ARTICLE 7

INDEMNIFICATION

Company shall indemnify Executive during his employment and thereafter to the maximum extent permitted by applicable law for any and all liability of the Executive arising out of, or in connection with, his employment by Company or membership on the Board; provided, that in no event shall such indemnity of Executive at any time during the period of his employment by the Company be less than the maximum indemnity provided by Company at any time during such period to any other officer or director under an indemnification insurance policy or the bylaws or charter of Company or by agreement.

  

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ARTICLE 8

SOURCE OF PAYMENTS; NO TRUST

The obligations of Company to make payments hereunder shall constitute an unsecured liability of Company to Executive. Such payments shall be from the general funds of Company, and Company 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 Executive nor his designated beneficiary shall have any interest in any particular asset of Company 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 Company and Executive or any other person. To the extent that any person acquires a right to receive payments from Company hereunder, such right shall be no greater than the right of an unsecured creditor of Company.

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 neither party may assign nor delegate any of his or its rights or obligations hereunder.  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.

 

  

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ARTICLE 12

HEADINGS

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.

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 Executive and his heirs, executors, administrators and legal representatives and Company and its permitted successors and assigns.

ARTICLE 15

MERGER OR CONSOLIDATION

The Company will not consolidate or merge into or with another corporation, or transfer all or substantially all of its assets to another corporation (the "Successor Corporation") unless the Successor Corporation shall assume this Agreement, and 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 referenced to the employment of the Executive and, as of the effective date hereof, supersedes and replaces any prior employment agreement, understanding or arrangement (whether written or oral) between Company and Executive. Each of the parties hereto has relied on his or its own judgment in entering into this Agreement.

 

  

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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.

7 Arbor Dell

900 W. 46th

Pine Bluff, Arkansas  71603

           (b) If to the Company:

Simmons First National Corporation

Attention:  Chairman

501 Main Street

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 mails 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.

ARTICLE 19

TAXES

To the extent required by applicable law, Company 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.

 

  

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ARTICLE 20

RECITALS

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

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

EXECUTIVE:

/s/ George A. Makris, Jr.

George Makris, Jr.

SIMMONS FIRST NATIONAL CORPORATION

By: /s/ Sharon K. Burdine

Title: HR Director / SVP

 

 

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