Document:

exh_102.htm

EXHIBIT  10.2

DEFERRED COMPENSATION AGREEMENT

BETWEEN COMPANY AND GEORGE A. MAKRIS

 

 

  

 

  

DEFERRED

COMPENSATION AGREEMENT

THIS AGREEMENT made and entered into by and between Simmons First National Corporation ("Employer") and George A. Makris ("Employee"), WITNESSETH:

WHEREAS, upon the effective date if this Agreement Employee will be employed by Employer in the capacity of CEO-Elect and is expected to assume the position of CEO on January 1, 2014; and

WHEREAS Employee is a person whom Employer considers to possess significant ability, experience and valuable contacts in matters relating to the business of Employer; and

WHEREAS, Employer desires to obtain the 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 twenty (120) months thereafter.

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

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 participant's employer, (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.

Monthly Benefit - The monthly benefit payable shall be one-twelfth (1/12th) of an amount equal to $100,000.00

  

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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 until the earlier of a Change in Control or attainment of age 65, subject to termination at any time by the Board of Directors of Employer.

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

i.             Employee's normal retirement at or after age 65 ("Normal Retirement"),

	
  

	
ii.

	
Employee's disability prior to age 65 while still in the employ of Employer, or

iii.            Employee's death prior to age 65 while still in the employ of Employer --

Employer shall pay to Employee (or Employee's 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 120 consecutive months after the commencement of payments.

(b)  If Employee dies prior to receiving 120 monthly payments, the remaining payments (not to exceed 120), shall be made to Employee's designated beneficiary or, if none, to Employee's estate.

 

  

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4.  Payments to Specified Employees.    If at the time of the Employee's death, disability, or separation from service, Employee is a Specified Employee, then notwithstanding any provision in 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 separation from service 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 Monthly Benefit 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 or, if none, to Employee's estate.

6.   Consultation and Advice. Employee agrees that, following termination of employment 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:

(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 65 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 Employer, 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.

 

  

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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.

IN WITNESS WHEREOF, the parties have executed this instrument this 2nd day of January, 2013 to be effective on January 2, 2013.

SIMMONS FIRST NATIONAL CORPORATION

By: /s/ Sharon K. Burdine

Title: HR Director / SVP

/s/ George A. Makris, Jr.

George A. Makris

 

4exh_103.htm

EXHIBIT  10.3

SIMMONS FIRST NATIONAL CORPORATION

EXECUTIVE RETENTION PROGRAM - 2012

  

 

  

SIMMONS FIRST NATIONAL CORPORATION

EXECUTIVE RETENTION PROGRAM - 2012

ARTICLE I.   ADMINISTRATION AND ELIGIBILITY

Section 1.01.  Purpose.  This Executive Retention Program (the "Program") is intended as an incentive to certain members of the executive management of Simmons First National Corporation ("Company") to remain in the employ of the Company during and immediately following the transition of executive management due to the anticipated retirement of J. Thomas May as Chief Executive Officer on December 31, 2013 and the designation of George A. Makris as CEO-Elect. The purpose of the Program is to retain certain executive officers which have demonstrated with exemplary levels of performance, talent and ability in the performance of their assigned duties.  The Program consists of the payment of cash retention bonuses as described herein and the granting of Restricted Stock under the Simmons First National Corporation Executive Stock Incentive Plan – 2010 ("2010 Stock Plan") with terms and conditions on the grant as set forth in the Program.

Section 1.02.  Eligibility.  Eligibility for participation in the Plan shall include only those executive officers of the Company as are designated on Exhibit A hereto as may be amended from time to time. The initial participants under the Plan are: President and Chief Operating Officer, Executive Vice President - Administration and Chief Financial Officer.  The NCCGC may from time to time designate other executive officers of the Company to participate in the Program.

Section 1.03.  Administration.  The Nominating, Compensation and Corporate Governance Committee ("NCCGC") of the Board shall have the power and authority to supervise the administration of the Program.  All decisions made by the NCCGC pursuant to the Program shall be made by a majority of the members. The NCCGC may from time to time report its actions and recommendations concerning the Program to the Board. All cash and Restricted Stock shall be granted to the participants by resolution of the NCCGC. Such grant shall be in accordance with the terms of the Plan, and shall be final, without approval of the Board or shareholders of the Company.

Section 1.04. Notice of Award.   Upon the adoption of the Plan and subsequently, if any additional grants are made under the Program, the NCCGC shall advise the participant and the Company thereof by delivery of written notice thereof in such form of as the Company may from time to time specify.

ARTICLE II. CASH RETENTION BONUSES

Upon adoption of the program, each participant shall be granted a cash retention bonus in the amount specified on Exhibit A hereto.  The cash retention bonuses shall vest 50% on December 31, 2016 and the balance shall vest on December 31, 2017, subject to the acceleration of vesting, as described in Article IV below in the event of a change in control of the Company or the death or disability of the participant.  The bonus shall be payable as set forth in Article V below.

  

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ARTICLE III.   RESTRICTED STOCK GRANTS

Restricted stock grants under the 2010 Stock Plan have been made to the participants listed on Exhibit A contemporaneously with the adoption of this Program. Those grants shall be subject to the terms and conditions of the Program and shall vest 50% on December 31, 2016 and the balance shall vest on December 31, 2017, subject to the acceleration of vesting, as described in Article IV below in the event of a change in control of the Company or the death or disability of the participant. All restricted share grants shall be issued under and are subject to the terms, limitations and restrictions of the 2010 Stock Plan, as in effect from time to time.  In no event shall any participant receive a grant of restricted stock pursuant to this program for any calendar year in excess of 7,000 shares of the Company's Class A common stock.

 

ARTICLE IV.  VESTING

Section  4.01.  General.   The restricted stock and the cash retention bonus shall vest 50% on December 31, 2016 and the balance shall vest on December 31, 2017, if the participant shall remain actively employed by the Company through the specified vesting dates. If a participant ceases to be employed by the Company prior to a vesting date specified above, other than due to death, disability, involuntary termination without cause or after a change in control, as specified below, participant shall forfeit all right and claim to the unvested restricted stock grant and any unpaid cash retention bonus under this Program.

 

Section 4.02  Death,  Disability or Termination without Cause.  In the event of the death of a participant, disability of a participant or the termination of a participant's employment by the Company without cause prior to December 31, 2016, the participant shall be vested in the remaining unvested restricted stock grant and remaining unpaid cash retention bonus under the program in accordance with the following table:

Date of Event                                                                                     Vested Percentage

After 12/31 2012, but prior to 12/31/2013                                            22.5%

After 12/31 2013, but prior to 12/31/2014                                            45.0%

After 12/31 2014, but prior to 12/31/2015                                            67.5%

After 12/31 2015, but prior to 12/31/2016                                            90.0%

After 12/31 2016                                                                                     100.0%

Section  4.03  Change in Control  In the event of a change in control of the Company, the restricted stock grant and the cash retention bonus, shall immediately become 100% vested in the participant.

ARTICLE V.  DELIVERY AND PAYMENT

Section 5.01  Delivery of Certificates.  Pursuant to the terms of the 2010 Stock Plan, the Company shall cause its transfer agent to issue certificates evidencing the restricted stock grants to the participants as soon as is commercially practicable. The participant shall thereupon be a shareholder of all the shares represented by the certificate.  The certificates representing such shares will be imprinted with a legend stating that the shares represented thereby may not be sold, exchanged, transferred, pledged or hypothecated, unless in accordance with the terms of the Program and the 2010 Stock Plan, and if, in the opinion of counsel, satisfactory to the Company, such transfer at such time complies with applicable securities laws. The transfer agent for the Company's common stock shall be instructed to like effect in respect of such shares.

  

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Section 5.02.  Payment of Bonus.  (a) If the participant remains in the employment of the Company through December 31, 2016, thereby becoming 50% vested in the cash retention bonus, the Company shall pay 50% of the cash retention bonus to the participant through its payroll system on or before January 31, 2017. If a participant dies prior to December 31, 2016, the Company shall pay an amount equal to the product of such participant's vested percentage times such participant's cash retention bonus to the deceased participant's beneficiary (or if none to the deceased participant's estate) within thirty 30 days after the participant's date of death. If a participant becomes disabled prior to December 31, 2016, the Company shall pay an amount equal to the product of such participant's the vested percentage times such participant's cash retention bonus to the disabled participant within thirty 30 days after the participant's termination of employment due to disability.  If a participant's employment by the Company is terminated without cause prior to December 31, 2016,  the Company shall pay an amount equal to the product of such participant's the vested percentage times such participant's cash retention bonus to the disabled participant within thirty 30 days after the participant's termination of employment.

(b) If the participant remains in the employment of the Company through December 31, 2017, thereby becoming fully vested in the remaining 50% of the cash retention bonus, the Company shall pay the remainder of the cash retention bonus to the participant through its payroll system on or before January 31, 2018. If a participant dies after December 31, 2016 but prior to December 31, 2017, the Company shall pay the remainder of the participant's cash retention bonus to the deceased participant's beneficiary (or if none to the deceased participant's estate) within thirty 30 days after the participant's date of death. If a participant becomes disabled after December 31, 2106, but prior to December 31, 2017, the Company shall pay the remainder of such participant's cash retention bonus to the disabled participant within thirty 30 days after the participant's termination of employment due to disability.  If a participant's employment by the Company is terminated without cause after December 31, 2016 but prior to December 31, 2017, the Company shall pay the remainder of the participant's cash retention bonus to the disabled participant within thirty 30 days after the participant's termination of employment.

(c) In the event of a change in control of the Company prior to the payment in full of the cash retention bonus, the Company shall pay the remainder of the cash retention bonus to the participant through its payroll system within thirty (30) days after the effective date of the change in control.

 

Section 5.03  Withholding.  The Company shall withhold any taxes that are required to be withheld, under the Internal Revenue Code, any applicable state law and regulations thereunder, from the benefits provided under this Agreement.

 

  

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ARTICLE VI. GENERAL TERMS

Section 6.01  Definitions.  For purposes of the Program, the terms set forth below shall be defined as follows:

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

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 participant's employer, (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.

Section 6.02.  Investment Intent.  The Company may require that, in acquiring the restricted stock, the participant agree with, and represent to, the Company that the participant is acquiring the restricted stock for the purpose of investment and with no present intent to transfer, sell, or otherwise dispose of such shares except for such distribution by a legal representative as shall be required by will or the laws of any jurisdiction in winding up the estate of any participant. Upon receipt of the Notice of Award, the participant shall deliver to the Company, in duplicate, an agreement in writing, signed by the participant, in form and substance as set forth in Exhibit B, below, and the Company will promptly acknowledge its receipt thereof. Such shares shall be transferable thereafter only if the proposed transfer is permitted under the Plan and if, in the opinion of counsel (who shall be satisfactory to the Company), such transfer at such time complies with applicable securities laws.

Section 6.03. Restrictions.  (a) Prior to the vesting of cash retention bonus, the participant shall be deemed to hold only a contingent right to receive cash retention bonus in the future.  Upon the grant of the restricted stock the participant, prior to vesting, the participant shall be entitled to exercise the voting rights and receive dividends with respect to the restricted stock, but shall not be entitled to transfer, hypothecate or encumber the restricted stock until such shares are fully vested.

 

(b)  In the event of the death of a participant, disability of a participant or the termination of a participant's employment by the Company without cause prior to December 31, 2017, then the participant shall be fully vested in the number of shares of unvested restricted stock equal to the product of such participant's vested percentage times the number of shares of unvested restricted stock held by the participant.  All shares not vested at the participant's death, disability or involuntary termination without cause shall be cancelled and the participant's interest in the unvested shares shall be forfeited.  The participant (or in the event of the death of a participant, the participant's personal representative) shall deliver (by physical certificates or electronically) to the Company within thirty (30) days after the date of participant's death, disability or involuntary termination without cause, the number of shares of unvested restricted stock held by the deceased participant.  The Company may, at its option, withhold payment of the vested part of the cash retention bonus until the shares of unvested restricted stock are delivered for cancellation.

 

  

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 (c)    The rights of the participant to the cash retention bonus and the restricted stock may not be assigned or transferred except by beneficiary designation, will or by the laws of descent and distribution. If any attempt is made to sell, exchange, transfer, pledge, hypothecate, or otherwise dispose of the cash retention bonus or the restricted stock grant in which the participant is not vested, the bonus and the restricted stock shall be deemed to be cancelled and the participant shall forfeit all rights to compensation of any type under the Program.

Section 6.04.  Reorganizations and Recapitalization of the Company.   The existence of the Program and any compensation granted hereunder shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalization, reorganizations or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preferred stocks ahead of or affecting the common stock or the rights thereof, or the dissolution or the liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any corporate act or proceeding, whether of a similar character or otherwise.

Section 6.05.  Effective Date of Program.  This Program shall be effective on January 2, 2013.

Section 6.06.  Amendments or Termination.  The NCCGC may amend, alter or discontinue the Program, but no amendment, alteration or discontinuation of the Plan shall adversely affect any Awards granted prior to the time of such amendment, alteration or discontinuation.  Any amendment, alteration or other modification to the 2010 Stock Plan shall be effective, in accordance with the terms of such amendment, alteration or discontinuation, on the restricted stock grants described herein.

Section 6.07.  Government Regulations.  Notwithstanding any provisions hereof, the obligation of the Company to sell and deliver Restricted Stock shall be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required, and the participant shall agree that he or she shall not receive any Restricted Stock granted hereunder, and that the Company will not be obligated to issue any shares hereunder, if the receipt thereof or if the issuance of such shares shall constitute a violation by the participant or the Company of any applicable law or regulation.

VII.           ADMINISTRATIVE AND CLAIMS PROVISIONS

Section 7.01.  Plan Administrator.  The "Plan Administrator" of the Program shall be the Human Resources Group of the Company.  As Plan Administrator, the Human Resources Group shall be responsible for the management, control and administration of the Program.  The Plan Administrator may delegate to others certain aspects of the management and operation responsibilities of the Program including the employment of advisors and the delegation of ministerial duties to qualified individuals.

  

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Section 7.02.                      Claims Procedure.

(a)  Filing a Claim for Benefits. Any participant, beneficiary, or other individual, ("Claimant") entitled to benefits under the Program will file a claim request with the Plan Administrator.  The Plan Administrator will, upon written request of a Claimant, make available copies of all forms and instructions necessary to file a claim for benefits or advise the Claimant where such forms and instructions may be obtained.  If the claim relates to disability benefits, then the Plan Administrator shall designate a sub-committee to conduct the initial review of the claim (and applicable references below to the Plan Administrator shall mean such sub-committee).

 

(b)  Denial of Claim.   A claim for benefits under the Program will be denied if the Plan Administrator determines that the Claimant is not entitled to receive benefits under the Program. Notice of a denial shall be furnished the Claimant within a reasonable period of time after receipt of the claim for benefits by the Plan Administrator.  This time period shall not exceed more than ninety (90) days after the receipt of the properly submitted claim.  In the event that the claim for benefits pertains to disability, the Plan Administrator shall provide written notice within forty-five (45) days.  However, if the Plan Administrator determines, in its discretion, that an extension of time for processing the claim is required, such extension shall not exceed an additional ninety (90) days.  In the case of a claim for disability benefits, the forty-five (45) day review period may be extended for up to thirty (30) days if necessary due to circumstances beyond the Plan Administrator’s control, and for an additional thirty (30) days, if necessary.  Any extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render the determination on review.

 

(c)  Content of Notice.  The Plan Administrator shall provide written notice to every Claimant who is denied a claim for benefits which notice shall set forth the following:

	
  

	
i.

	
The specific reason or reasons for the denial;

	
  

	
ii.

	
Specific reference to the Program provisions on which the denial is based;

	
  

	
iii.

	
A description of any additional material or information necessary for the Claimant to perfect the claim, and any explanation of why such material or information is necessary; and

	
  

	
iv.

	
Any other information required by applicable regulations, including with respect to disability benefits.

(d)  Review Procedure.  The purpose of the Review Procedure is to provide a method by which a Claimant may have a reasonable opportunity to appeal a denial of a claim to the Plan Administrator for a full and fair review.  The Claimant, or his duly authorized representative, may:

  

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i.

	
Request a review upon written application to the Plan Administrator. Application for review must be made within sixty (60) days of receipt of written notice of denial of claim.  If the denial of claim pertains to disability, application for review must be made within one hundred eighty (180) days of receipt of written notice of the denial of claim;

	
  

	
ii.

	
Review and copy (free of charge) pertinent Agreement documents, records and other information relevant to the Claimant’s claim for benefits;

	
  

	
iii.

	
Submit issues and concerns in writing, as well as documents, records, and other information relating to the claim.

(e)   Decision on Review.   A decision on review of a denied claim shall be made in the following manner:

	
  

	
i.

	
The Plan Administrator may, in its sole discretion, hold a hearing on the denied claim. If the Claimant’s initial claim is for disability benefits, any review of a denied claim shall be made by members of the Plan Administrator other than the original decision maker(s) and such person(s) shall not be a subordinate of the original decision maker(s).  The decision on review shall be made promptly, but generally not later than sixty (60) days after receipt of the application for review.  In the event that the denied claim pertains to disability, such decision shall not be made later than forty-five (45) days after receipt of the application for review.  If the Plan Administrator determines that an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial sixty (60) day period.  In no event shall the extension exceed a period of sixty (60) days from the end of the initial period.  In the event the denied claim pertains to disability, written notice of such extension shall be furnished to the Claimant prior to the termination of the initial forty-five (45) day period.  In no event shall the extension exceed a period of thirty (30) days from the end of the initial period.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render the determination on review.

	
  

	
ii.

	
The decision on review shall be in writing and shall include specific reasons for the decision written in an understandable manner with specific references to the pertinent Program provisions upon which the decision is based.

	
  

	
iii.

	
The review will take into account all comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination.  Additional considerations shall be required in the case of a claim for disability benefits.  For example, the claim will be reviewed without deference to the initial adverse benefits determination and, if the initial adverse benefit determination was based in whole or in part on a medical judgment, the Plan Administrator will consult with a health care professional with appropriate training and experience in the field of medicine involving the medical judgment.  The health care professional who is consulted on appeal will not be the same individual who was consulted during the initial determination or the subordinate of such individual.  If the Plan Administrator obtained the advice of medical or vocational experts in making the initial adverse benefits determination (regardless of whether the advice was relied upon), the Plan Administrator will identify such experts.

	
  

	 

 

  

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The decision on review will include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records or other information relevant to the Claimant’s claim for benefits.

(f)  Exhaustion of Remedies: A Claimant must follow the claims review procedures under this Agreement and exhaust his or her administrative remedies before taking any further action with respect to a claim for benefits.

 

  

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EXHIBIT A

PARTICIPATION

	
Participant

	
Cash Retention Bonus

	
Restricted Stock

	  	  	  
	
David Bartlett

	
$125,000.00

	
[1]

	
Robert A Fehlman

	
$  25,000.00

	
[2]

	
Marty D. Casteel

	
$  25,000.00

	
[2]

[1]   The number of shares granted will equal the quotient of $125,000 divided by the closing price for SFNC shares on December 31, 2012, rounded to the next lowest whole share.  This grant will be physically made on January 2, 2013.

[2]   The number of shares granted will equal the quotient of $25,000 divided by the closing price for SFNC shares on December 31, 2012, rounded to the next lowest whole share.  This grant will be physically made on January 2, 2013.

  

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EXHIBIT B

Human Resources Group

Simmons First National Corporation

Pine Bluff, Arkansas

I hereby accept the allocation of _________ shares of the Class A $0.01 par value common stock of Simmons First National Corporation, allocated to me as under the Simmons First National Corporation Executive Retention Program ("Program") and the Simmons First National Corporation Executive Stock Incentive Plan - 2010 ("Plan").

I represent and agree that I am acquiring the restricted stock for investment and that I have no present intention to transfer, sell or otherwise dispose of such shares, except as permitted pursuant to the Program, the Plan and in compliance with applicable securities laws. I agree further that I am acquiring these shares in accordance with, and subject to, the terms of the program and the Plan, to all of which I hereby expressly assent.  These agreements will bind and inure to the benefit of my heirs, legal representatives, successors and assigns.

My address is:                      ______________________

______________________

My Social Security Number is: __________________________

Sincerely,

_______________________________________

Receipt of this instrument and the payment herein referred to is acknowledged this ______ day of ________________, _______.

SIMMONS FIRST NATIONAL CORPORATION

By________________________________

Title:______________________________

 

 

 

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