Document:

EXHIBIT 10.1

    

    

    

    
      SIMMONS FIRST NATIONAL CORPORATION
LONG TERM INCENTIVE PLAN

      

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT 10.1
    

    

    

    
      SIMMONS FIRST NATIONAL CORPORATION
LONG TERM INCENTIVE PLAN

      
    

    

    

    
      ARTICLE I. ADMINISTRATION AND ELIGIBILITY
    

    

    

    
      Section 1.01. Purpose of the Plan. This Long Term
      Incentive Plan (the "Plan") is intended as an incentive to
      certain members of the executive management of Simmons First National
      Corporation ("Company"). The purposes of the Plan are to
      retain executive officers with a high degree of training, experience and
      ability, to encourage the sense of proprietorship of such persons and to
      stimulate the active interest of such persons in the financial success
      of the Company. The Plan authorizes the payment of cash compensation and
      the granting of LTI Stock, as defined below.
    

    

    

    
      Section 1.02. Administration of the Plan. The Nominating,
      Compensation and Corporate Governance Committee ("NCCGC") of
      the Board shall have the power and authority to (i) determine the
      participants who will receive grants under the Plan, (ii) determine the
      performance criteria for vesting of benefits (iii) determine the levels
      of the performance criteria set forth in the Plan for vesting of
      benefits, (iv) interpret the provisions of the Plan, (v) certify whether
      the applicable level of the performance criteria for vesting has been
      satisfied, and (vi) supervise the administration of the Plan. All
      decisions made by the NCCGC pursuant to the Plan shall be made by a
      majority of the members. The NCCGC may from time to time report its
      actions and recommendations concerning the Plan to the Board. All cash
      and LTI 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 1.03. Eligibility. Eligibility for participation
      in the Plan shall include only those executive officers of the Company
      as are designated by the NCCGC. The initial participants under the Plan
      are: Chairman and Chief Executive Officer, 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 Plan, provided the
      participation of any such additional participant in the Plan shall be
      effective on the first day of the next calendar year after designation.
    

    

    

    
      Section 1.04. Shareholder Approval. It is the intention of
      the Company that the grants of compensation under this plan qualify as
      performance based compensation under the terms of Section 162(m) of the
      Internal Revenue Code and the regulations promulgated thereunder. This
      plan shall be submitted to the shareholders of SFNC for approval at its
      annual shareholders meeting to be held in 2009. In the event the
      shareholders fail to approve the plan, then the plan shall immediately
      terminate and all grants under the plan shall be void and without
      effect. Thereafter, any modifications, changes, revisions or amendments
      to the plan shall be conditioned upon the approval of the shareholders
      prior to payment of the compensation so effected, if such shareholder
      approval is necessary to maintain qualification of the plan as
      performance based compensation under Section 162 (m) of the Internal
      Revenue Code and the regulations promulgated thereunder.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      ARTICLE II. SHARES SUBJECT TO THE PLAN
    

    

    

    
      Subject to the adjustments as provided in Section 4.03 hereof, 100,000
      shares of authorized but unissued Class A common stock of the Company ("LTI
      Stock") shall be set aside and designated for issuance upon the
      vesting of LTI Stock under Plan. Any such shares which remain unvested
      and are not subject to outstanding Awards at the termination of the Plan
      shall cease to be subject to the Plan. Should any LTI Stock grant or
      part thereof fail to vest, such shares shall again be subject to the
      terms of the Plan and Awards for such shares may be granted to
      participants under the Plan.
    

    

    

    
      ARTICLE III. CASH AND LTI STOCK AWARDS
    

    

    

    
      Section 3.01. Granting of Awards. (a) Each calendar year
      during the operation of this Plan, the NCCGC may grant to some or all of
      the participants a Long Term Incentive Plan award ("Award").
      All Awards shall consist of the right to receive a sum of cash and a
      quantity of shares of LTI Stock from the Company, subject to vesting
      under the Performance Based Vesting formula. Each Award shall be in a
      maximum amount equal to 65% of the participant's Base Salary, as in
      effect on January 1 of such year. The award shall be equally divided
      between the right to receive cash and shares of LTI Stock. The number of
      shares of LTI Stock in the Award shall be computed by dividing an amount
      equal to 32.5% of the participant's Base Salary by the Grant Date Market
      Value of SFNC shares, as defined below. The NCCGC shall designate in
      writing the applicable Performance Criteria and the required levels of
      performance thereunder for vesting within the first ninety (90) days of
      each calendar year in which grants under the Plan are made.
    

    

    

    
      (b) The "Grant Date Market Value" of SFNC shares on a
      particular date shall be deemed to be (i) the closing price as reported
      by the National Association of Securities Dealers Automated Quotation
      System ("NASDAQ") on the last preceding date upon which a
      sale or sales were reported to NASDAQ, or (ii) if the stock hereafter
      becomes listed on a stock exchange, the closing price per share of the
      stock on the principal national securities exchange upon which the stock
      is listed from time to time on the last preceding date on which a sale
      or sales were effected on such exchange. In the event that the above
      method for determining the fair market value of the shares shall not be
      applicable or shall not remain consistent with the provisions of the
      Internal Revenue Code or the regulations promulgated thereunder, then
      the fair market value per share shall be determined by such other method
      consistent with the Internal Revenue Code or regulations as the NCCGC
      may in its discretion select and apply at the time of the grant of such
      award.
    

    

    

    
      (c) Section 3.01 shall be the exclusive method for granting Awards under
      the Plan. Neither the NCCGC nor the Board may make discretionary grants
      under the Plan.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      (d) No participant may receive a grant of LTI Stock for any calendar
      year in excess of 12,000 shares of the Company's Class A common stock.
    

    

    

    
      Section 3.02. Notice of Award. When an Award is made under
      the Plan, the NCCGC shall notify the Company's Human Resources Group,
      which shall advise the Participant thereof by delivery of written notice
      thereof not later than March 31 of each calendar year. The notice shall
      specify the material terms of the grant including the maximum amount of
      cash and LTI Stock granted, the vesting performance criteria, the
      required performance levels for vesting and such other terms as the
      Company may from time to time specify.
    

    

    

    
      Section 3.03. Performance Based Vesting. The vesting of
      the awards to the Participants shall be based on the Company's
      performance compared to the designated peer group ("Peer Group")
      for the Performance Criteria specified by the NCCGC for such grant
      computed over a three (3) calendar year performance period commencing in
      the year of the grant ("Performance Period"). The initial
      Performance Criteria shall be Core Deposit Growth, Total revenue Growth
      and Earnings per Share Growth, as defined below. "Core Deposit
      Growth" shall mean the percentage growth of non-time deposits during
      the Performance Period. "Total Revenue Growth" shall mean
      the percentage growth of the sum of net interest income plus
      non-interest income during the Performance Period. "Earnings per
      Share Growth" shall mean the compounded average growth of operating
      earnings per share (excluding non recurring and extraordinary items)
      during the Performance Period.
    

    

    

    
      Each grant (cash and LTI Stock) shall be divided into a number of equal
      sub-grants equal to the number of Performance Criteria applicable to
      such grant. Each sub-grant shall be identified with one of the
      Performance Criteria. If the Threshold level for any one or more of the
      Performance Criteria is not met at the end of the performance Period, no
      vesting will occur with respect to the sub-grant or sub-grants
      identified with such Performance Criteria and the participant will
      forfeit all compensation set forth in such sub-grant or sub-grants. If
      performance at or above the Threshold level is attained for one or more
      Performance Criteria for the Performance Period, the sub-grants
      identified to such Performance Criteria will vest in accordance with the
      formula set forth below.
    

    

    

    
      The Peer Group consists of publicly traded banking organizations
      with assets between $2 billion and $4 billion which are located in
      states contiguous to Arkansas or in states contiguous to states
      contiguous to Arkansas.
    

    

    

    
      Each sub-grant of a Participant's Award shall vest if, and only to the
      extent that the Company's results of operations (adjusted to eliminate
      any effects of any merger, acquisition or disposition transactions
      occurring within the Performance Period) over the Performance Period for
      the Performance Criteria identified to such sub-grant as compared to the
      Peer Group places the Company at or above the Threshold level for median
      percentile ranking within the Peer Group. Performance at the Threshold
      level for any Performance Criteria shall entitle the participant to 30%
      vesting in the sub-grant identified with that Performance Criteria.
      Performance above the Threshold shall result in a pro rata increase in
      the vesting of the sub-grant equal to the sum of 30% plus the product of
      the (actual performance level minus the Threshold vesting performance
      level) divided by the (Maximum vesting performance level - Threshold
      vesting performance level) times 70%. No additional benefit will accrue
      for performance above the Maximum vesting performance level. For
      example, if a participant has a sub-grant consisting of $8,000 in cash
      and 280 shares of LTI stock and the Company performs at the 62nd
      percentile of the Peer Group for the Performance Criteria identified to
      this sub-grant then the participant would be 58% vested in the sub-grant
      entitling the participant to $4,640 and 162 shares of LTI Stock.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      The vesting may be illustrated by the following table:
    

    	
           
        	
          
            Vesting
Level
          

        	
           
        	
          
            Core
Deposit
Growth
          

        	
           
        	
          
            Total
Revenue
Growth
          

        	
           
        	
          
            EPS
Growth
          

        	
           
        	
          
            Vesting Pct.
          

        
	
          
             
          

        	
          
            Threshold
          

        	

        	
          
            50th Percentile
          

        	

        	
          
            50th Percentile
          

        	
          
             
          

        	
          
            50th Percentile
          

        	

        	
          
            30.00%
          

        
	

        	
          
            Target
          

        	

        	
          
            60th Percentile
          

        	

        	
          
            60th Percentile
          

        	

        	
          
            60th Percentile
          

        	

        	
          
            53.33%
          

        
	

        	
          
            Target +
          

        	

        	
          
            70th Percentile
          

        	

        	
          
            70th Percentile
          

        	

        	
          
            70th Percentile
          

        	

        	
          
            76.67%
          

        
	

        	
          
            Maximum
          

        	

        	
          
            80th Percentile
          

        	

        	
          
            80th Percentile
          

        	

        	
          
            80th Percentile
          

        	

        	
          
            100.00%
          

        

    
      Section 3.04. Payment of Awards. Prior to February 28 of the
      calendar year following the end of a Performance Period, the NCCGC shall
      review the performance of the Company and the Peer Groups under
      Performance Criteria and certify the extent, if any, to which the
      sub-grants within the Awards to the participants have vested under the
      foregoing performance vesting formula. A copy of such certification
      shall be forwarded to the Company's Human Resources Group for payroll
      processing. All sums due shall be paid over and all vested LTI Stock
      shall be issued, as the case may be, on or before March 15 of the
      calendar year next following the end of each Performance Period.
    

    

    

    
      ARTICLE IV. TERMINATION OF EMPLOYMENT
    

    

    

    
      Section 4.01 Death or Disability. In the event of the
      death or disability of a participant during a Performance Period, each
      outstanding sub-grant from an Award for such Performance Period shall
      immediately vest in the participant to the extent that the Company has
      pursuant to Generally Accepted Accounting Principles, accrued in its
      accounting records a liability for a benefit to the participant for such
      sub-grant. It is the intention that benefit liabilities would be accrued
      over the Performance Period and only to the extent it is reasonably
      likely that the Company's performance for one or more of the Performance
      Criteria would equal or exceed the Threshold vesting level. The cash
      compensation shall be payable and the certificate for the LTI Stock
      shall be issued to the participant or his or her legal representative
      within thirty days (30) after the Company receives notice of the
      participant's death or disability.
    

    

    

    
      Section 4.02 Change in Control. (a) In the event of a
      Change in Control, as defined below, of the Company during a Performance
      Period, each sub-grant of all outstanding Awards for any Performance
      Period in which the Change in Controls occurs, shall immediately vest on
      a partial incremental basis in the participant at the Target level. The
      partial incremental vesting percentage shall be the product of the
      Target vesting level times a fraction, the numerator of which equals the
      number of whole months occurring between the start of the Performance
      Period and the month in which the Change in Control occurs and the
      denominator of which equals is 36. The cash compensation shall be
      payable and the certificate for the LTI Stock shall be issued to the
      participant within thirty days (30) after the Change in Control occurs.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      (b) "Change in Control" shall mean if: (i) after the
      effective date of this Plan, 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.
    

    

    

    
      Section 4.03. All Other Terminations. Except as set forth
      in Sections 4.01 or 4.02 above, in the event of the involuntary or
      voluntary termination of participant's employment including but not
      limited to retirement, then all unvested Awards shall be cancelled and
      the participant shall forfeit all rights to compensation of any type
      under the outstanding unvested Awards.
    

    

    

    
      ARTICLE V. GENERAL TERMS
    

    

    

    
      Section 5.01. Investment Intent. The Company may require
      that, in acquiring any LTI Stock, the participant agree with, and
      represent to, the Company that the participant is acquiring the LTI
      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 A, 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 5.02. Restrictions. (a) Prior to the completion of
      a Performance Period and the vesting of the Award under the Performance
      Based Vesting formula, the participant shall be deemed to hold only a
      contingent right to receive cash and shares of LTI Stock in the future
      No rights of ownership in the LTI Stock, including but not limited to
      voting rights and the right to receive dividends, shall arise until
      after the shares of LTI Stock are vested and certificates therefor have
      been duly issued to the participant.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      (b) After completion of a Performance Period and the certification by
      the NCCGC, a certificate or certificates for the vested shares, if any,
      of LTI Stock from an Award, shall be issued in the participant's name.
      The participant shall thereupon be a shareholder of all the shares
      represented by the certificate or certificates. As such, the participant
      will have all the rights of a shareholder with respect to such shares,
      including the right to vote them and to receive all dividends and other
      distributions paid with respect to them. Stock certificates representing
      LTI Stock will be imprinted with a legend stating that the shares
      represented thereby may not be sold, exchanged, transferred, pledged,
      hypothecated, or otherwise disposed of except in accordance with the
      terms of 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. The transfer agent for the Company's common
      stock shall be instructed to like effect in respect of such shares.
    

    

    

    
      (c) Participants receiving an Award will have no rights in respect
      thereof other than those set forth in the Plan. Such rights may not be
      assigned or transferred except by will or by the laws of descent and
      distribution. If any attempt is made to sell, exchange, transfer,
      pledge, hypothecate, or otherwise dispose of any cash or LTI Stock
      granted in one or more sub-grants within an Award in which the
      participant is not vested, the sub-grant(s) containing the cash
      compensation or LTI Stock that is the subject of such attempted
      disposition, shall be deemed to be cancelled and the participant shall
      forfeit all rights to compensation of any type under such sub-grant.
    

    

    

    
      Section 5.03. Reorganizations and Recapitalization of the Company.
      (a) The existence of the Plan and any Awards 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.
    

    

    

    
      (b) The shares with respect to which LTI Stock may be granted hereunder
      are shares of the common stock of the Company as presently constituted,
      but if and whenever, prior to the delivery by the Company of all of the
      LTI Stock granted hereunder, the Company shall effect a subdivision or
      consolidation of shares or other capital readjustments, the payment of a
      stock dividend or other increase or reduction in the number of shares of
      the common stock outstanding without receiving compensation therefor in
      money, services or property, the number of shares of common stock set
      aside for LTI Stock under Article II of the Plan, the maximum number of
      shares of LTI Stock which may be granted annually to any participant
      under Article II and the number of shares of LTI Stock set forth in an
      Award granted to any participant but not yet vested shall (i) in the
      event of an increase in the number of shares, be proportionately
      increased, and (ii) in the event of a reduction in the number of
      outstanding shares, be proportionately reduced.
    

    

    

    
      (c) In the event there shall be any change of the number, or kind of
      issued shares under any Award, or of any stock or other securities into
      which such stock shall have been changed, or for which it shall have
      been exchanged, then if the NCCGC shall, in its sole discretion,
      determine such changes equitably require an adjustment in the number or
      kind of shares under the Award, such adjustment shall be made by the
      NCCGC and shall be effective and binding for all purposes of the Plan.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      Section 5.04. Registration and Listing. The Company from
      time to time shall take such steps as may be necessary to cause the
      issuance of LTI Stock granted under the Plan to be registered under the
      Securities Act of 1933, as amended, and such other Federal or State
      Securities laws as may be applicable. The timing of such registration
      shall be at the sole discretion of the Company. Until such shares are
      registered, they shall bear a legend restricting the sale of such
      securities. Subject to the restrictions contained in the Plan, the
      Company shall also from time to time take such steps as may be necessary
      to list the LTI Stock granted under the Plan for trading on the same
      basis which the Company's then outstanding shares are admitted to
      trading on any public market.
    

    

    

    
      Section 5.05. Effective Date of Plan. This Plan shall be
      retroactively effective on January 1, 2008, provided that the NCCGC and
      the Board of Directors of the Company approve the Plan on or before
      March 31, 2008 and further provided that the Plan is approved by the
      holders of a majority of the outstanding shares of the Company's Class A
      Common Stock prior to the payment of any compensation under the Plan.
    

    

    

    
      Section 5.06. Amendments or Termination. The NCCGC may
      amend, alter or discontinue the Plan, but no amendment or alteration
      shall be made without the approval of the shareholders which:
    

    

    

    
      (a) Materially increases the benefits accruing to participants under the
      Plan; or
    

    

    

    
      (b) Increases the number of securities which may be issued under the
      Plan; or
    

    

    

    
      (c) Modifies the requirements as to eligibility for participants in the
      Plan; or
    

    

    

    
      (d) is required to be approved by the shareholders to qualify the
      compensation under the Plan as performance based compensation under
      Section 162 (m) of the Internal Revenue Code.
    

    

    

    
      No amendment, alteration or discontinuation of the Plan shall adversely
      affect any Awards granted prior to the time of such amendment,
      alteration or discontinuation.
    

    

    

    
      Section 5.07. Government Regulations. Notwithstanding any
      provisions hereof, the obligation of the Company to sell and deliver LTI
      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 LTI 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.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT A

    

    

    

    

    

    
      Chief Financial Officer
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 an Award for 20__ under the Simmons First National Corporation
      Long Term Incentive Plan ("Plan").
    

    

    

    
      I represent and agree that I am acquiring the LTI 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 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 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:EXHIBIT 10.2

    

    
      NOTICE OF GRANT OF LONG TERM
 INCENTIVE PLAN AWARD TO J.
      THOMAS MAY

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT 10.2

    

    
      NOTICE OF GRANT OF LONG TERM INCENTIVE PLAN AWARD

    

    	
          
            PARTICIPANT:  J. Thomas May
          

        	
           
        	
          
            DATE: March 24, 2008
          

        

    

    

    
      You are hereby notified that the Nominating, Compensation and Corporate
      Governance Committee ("NCCGC") of the Board of Directors of
      Simmons First National Corporation has granted to you an Award, pursuant
      to the Simmons First National Corporation Long Term Incentive Plan ("Plan")
      adopted by the Board on March 24, 2008.
    

    

    

    
      The Award provides you with a maximum compensation benefit equal to 65%
      of your Base Salary or $300,325.00. The Award is divided equally into a
      cash compensation segment in the maximum amount of $150,162.50 and an
      equity compensation segment consisting of up to 5,178 shares SFNC Class
      A common stock ("LTI Stock"), subject to performance vesting
      as described in the Plan.
    

    

    

    
      The vesting of the award shall be based on the Company's performance
      compared to the designated peer group ("Peer Group") for the
      three (3) Performance Criteria set forth below computed over a three (3)
      calendar year performance period commencing in January 1, 2008 ("Performance
      Period"). The Performance Criteria shall be Core Deposit Growth,
      Total revenue Growth and Earnings per Share Growth, as defined below. "Core
      Deposit Growth" shall mean the percentage growth of non-time
      deposits during the Performance Period. "Total Revenue Growth"
      shall mean the percentage growth of the sum of net interest income plus
      non-interest income during the Performance Period. "Earnings per
      Share Growth" shall mean the compounded average growth of earnings
      per share (excluding non recurring and extraordinary items) during the
      Performance Period.
    

    

    

    
      This grant (cash and LTI Stock) shall be divided into three (3) equal
      sub-grants. Each sub-grant, consisting of $50,108.33 and 1,726 shares of
      LTI Stock, shall be identified with one of the Performance Criteria. If
      the Threshold level for any one or more of the Performance Criteria is
      not met at the end of the performance Period, no vesting will occur with
      respect to the sub-grant or sub-grants identified with such Performance
      Criteria and the participant will forfeit all compensation set forth in
      such sub-grant or sub-grants. If performance at or above the Threshold
      level is attained for one or more Performance Criteria for the
      Performance Period, the sub-grants identified to such Performance
      Criteria will vest in accordance with the formula set forth below.
    

    

    

    
      Each sub-grant shall vest if, and only to the extent that the Company's
      results of operations (adjusted to eliminate any effects of any merger,
      acquisition or disposition transactions occurring within the Performance
      Period) over the Performance Period for the Performance Criteria
      identified to such sub-grant as compared to the Peer Group places the
      Company at or above the Threshold level for median percentile ranking
      within the Peer Group. Performance at the Threshold level for any
      Performance Criteria shall entitle the participant to 30% vesting in the
      sub-grant identified with that Performance Criteria. Performance above
      the Threshold shall result in a pro rata increase in the vesting of the
      sub-grant equal to the sum of 30% plus the product of the (actual
      performance level minus Threshold vesting performance level) divided by
      the (Maximum vesting performance level minus Threshold vesting
      performance level) times 70%. No additional benefit will accrue for
      performance above the Maximum vesting performance level. For example, if
      a participant has a sub-grant consisting of $8,000 in cash and 280
      shares of LTI stock and the Company performs at the 62nd
      percentile of the Peer Group for the Performance Criteria identified to
      this sub-grant then the participant would be 58% vested in the sub-grant
      entitling the participant to $4,640 and 162 shares of LTI Stock.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      The vesting may be illustrated by the following table:

    

    	
           
        	
          
            Vesting
Level
          

        	
           
        	
          
            Core
Deposit
Growth
          

        	
           
        	
          
            Total
Revenue
Growth
          

        	
           
        	
          
            EPS
Growth
          

        	
           
        	
          
            Vesting Pct.
          

        
	

        	
          
            Threshold
          

        	

        	
          
            50th Percentile
          

        	

        	
          
            50th Percentile
          

        	

        	
          
            50th Percentile
          

        	

        	
          
            30.00%
          

        
	

        	
          
            Target
          

        	

        	
          
            60th Percentile
          

        	

        	
          
            60th Percentile
          

        	

        	
          
            60th Percentile
          

        	

        	
          
            53.33%
          

        
	

        	
          
            Target +
          

        	

        	
          
            70th Percentile
          

        	

        	
          
            70th Percentile
          

        	

        	
          
            70th Percentile
          

        	

        	
          
            76.67%
          

        
	

        	
          
            Maximum
          

        	

        	
          
            80th Percentile
          

        	

        	
          
            80th Percentile
          

        	

        	
          
            80th Percentile
          

        	

        	
          
            100.00%
          

        

    

    

    
      Prior to February 28, 2011, the NCCGC shall review the performance of
      the Company and the Peer Groups under the Performance Criteria and
      certify the extent, if any, to which the sub-grants within the Awards
      have vested under the foregoing performance vesting formula. A copy of
      the certification shall be forwarded to the participant and to the
      Company's Human Resources Group for payroll processing. All sums due
      shall be paid over and all vested LTI Stock shall be issued, as the case
      may be, on or before March 15, 2011.
    

    

    

    
      This Award is in all respects limited and conditioned as provided in the
      Plan, including but not limited to the following:
    

    

    

    
      a. In the event of your death or disability, you shall be immediately
      vested in each outstanding sub-grant within this Award to the extent
      that the Company has pursuant to Generally Accepted Accounting
      Principles, accrued in its accounting records a liability for a benefit
      to you for such sub-grant. In such an event, the cash compensation shall
      be payable and the certificate for the LTI Stock shall be issued to you
      or your legal representative within thirty days (30) after the Company
      receives notice of your death or disability.
    

    

    

    
      b. In the event of a Change in Control, as defined in the Plan, during a
      Performance Period, each of the sub-grants within each of the
      outstanding Awards for any Performance Period in which the Change in
      Controls occurs, you shall be immediately vested on a partial
      incremental basis at the Target level. The partial incremental vesting
      percentage shall be the product of the Target vesting level times the
      percentage of the Performance Period which has elapsed as of the
      occurrence of the Change in Control. The cash compensation shall be
      payable and the certificate for the LTI Stock shall be issued to you
      within thirty days (30) after the Change in Control occurs.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      c. Your Award is nontransferable, otherwise than as may be occasioned by
      your death or disability discussed above. Any attempt to transfer an
      Award or any part thereof, will be void and of no effect. Further, the
      portion of the Award which was attempted to be transferred shall be
      forfeited.
    

    

    

    
      d. The Plan is subject to approval by the shareholders of the Company at
      the 2009 shareholders meeting. If the shareholders do not approve the
      Plan, then this award shall be void and without effect.
    

    

    

    	
           
        	
          
            /s/ Tommie Jones
          

        	

        
	

        	
          
            Tommie Jones, Senior Vice President,
          

        	

        
	

        	
          
            Human Resources Group,
          

        	

        
	

        	
          
            Simmons First National Corporation

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