Document:

EXHIBIT 10.5

    

    

    

    
      NOTICE OF GRANT OF LONG TERM
 INCENTIVE PLAN AWARD TO
      ROBERT A. FEHLMAN

    

    
      

      

      

      

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      EXHIBIT 10.5

    

    

    

    
      NOTICE OF GRANT OF LONG TERM INCENTIVE PLAN AWARD

    

    	
          
            PARTICIPANT: Robert A. Fehlman
          

        	
           
        	
          
            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 $130,000.00. The Award is divided equally into a
      cash compensation segment in the maximum amount of $65,000.00 and an
      equity compensation segment consisting of up to 2,241 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 $21,666.67 and 747 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 CorporationExhibit 10.1

                                MATECCORPORATION

                             1992 STOCK OPTION PLAN

1.     PURPOSE
       -------

             The Plan is intended to expand and improve the profitability and
prosperity of MATEC Corporation for the benefit of its stockholders by
permitting the Corporation to grant to officers and other key employees of, and
consultants and advisers to, the Corporation and its Subsidiaries, options to
purchase shares of the Corporation's Common Stock. These grants are intended to
provide additional incentive to such persons by offering them a greater stake in
the Corporation's continued success. The Plan is also intended as a means of
reinforcing the commonality of interest between the Corporation's stockholders
and such persons, and as an aid in attracting and retaining the services of
individuals of outstanding and specialized skills.

2.     DEFINITIONS
       -----------

             For Plan purposes, except where the context otherwise indicates,
the following terms shall have the meanings which follow:

             (a) "Agreement" shall mean a written instrument executed and
delivered on behalf of the Corporation which specifies the terms and conditions
of a Stock Option granted to a Participant.

             (b) "Beneficiary" shall mean the person or persons who may be
designated by a Participant from time to time in writing to the Committee, to
receive, if the Participant dies, any Option exercise rights held by the
Participant.

             (c) "Board" shall mean the Board of Directors of the Corporation.

             (d) "Code" shall mean the Internal Revenue Code of 1986, as it may
be amended from time to time, and the rules and regulations promulgated there
under.

             (e) "Committee" shall mean a Committee of the Board composed of
three or more persons which shall be designated by the Board to administer the
Plan. Each member of the Committee, while serving as such, shall be a member of
the Board and shall be a disinterested person within the meaning of Rule 16b-3
of the Securities Exchange Act of 1934.

             (f) "Common Stock" shall mean the Common Stock of the Corporation
having a par value of $0.05 per share.

             (g) "Corporation" shall mean MATEC Corporation, a Delaware
corporation.

                                       57
<PAGE>

             (h) "Employee" shall mean any person who is employed by the
Corporation or any Subsidiary corporation.

             (i) "Exercise Price" shall mean the per share price for which a
Participant upon exercise of a Stock Option may purchase a share of Common
Stock.

             (j) "Fair Market Value" shall mean the value of a share of Common
Stock to be determined by, and in accordance with procedures established by, the
Committee. Such fair market value shall be deemed conclusive upon the
determination of the Committee made in good faith. The preceding
notwithstanding, so long as the Common Stock is listed on a national stock
exchange, the "Fair Market Value" shall mean with respect to any given day, the
mean between the highest and lowest reported sales prices of the Common Stock on
the principal national stock exchange on which the Common Stock is listed, or if
such exchange was closed on such day or if it was open but the Common Stock was
not traded on such day, then on the next preceding day that the Common Stock was
traded on such exchange, as reported by a responsible reporting service.

             (k) "Incentive Stock Option" shall mean a Stock Option which is
intended to meet and comply with the terms and conditions for an "incentive
stock option" as set forth in Section 422 of the Code, or any other form of tax
qualified stock option which may be incorporated and defined in the Code as it
may from time to time be amended.

             (l) "Non-Qualified Option" shall mean a Stock Option which does not
meet the requirements of Section 422 of the Code or the terms of which provide
that it will not be treated as an Incentive Stock Option.

             (m) "Participant" shall mean any person who is granted a Stock
Option under the Plan.

             (n) "Plan" shall mean the MATEC Corporation 1992 Stock Option Plan
as set forth herein and as amended from time to time.

             (o) "Stock Option" or "Option" shall mean a right to purchase a
stated number of shares of Common Stock subject to such terms and conditions as
are set forth in the Plan and an Agreement.

             (p) "Subsidiary corporation" or "Subsidiary" shall mean any
corporation which is a subsidiary corporation of the Corporation as defined in
Section 424(f) of the Code.

3.     ADMINISTRATION
       --------------

             (a) The Committee shall administer the Plan and, accordingly, it
shall have full power to grant Stock Options under the plan, to construe and
interpret the Plan, and to establish rules and regulations and perform all other
acts it believes reasonable and proper, including the authority to delegate
responsibilities to others to assist in administering the Plan.

                                       58
<PAGE>

             (b) The determination of those eligible to receive Stock Options,
and the amount, type and terms and conditions of each Stock Option shall rest in
the sole discretion of the Committee, subject to the provisions of the Plan.

             (c) The Committee may permit the voluntary surrender of all or a
portion of any Option granted under the Plan to be conditioned upon the granting
to the Participant of a new Option for the same or a different number of shares
as the Option surrendered, or may require such voluntary surrender as a
condition precedent to a grant of a new Option to such Participant. Such new
Option shall be exercisable at the price, during the period and in accordance
with any other terms or conditions specified by the Committee at the time the
new Option is granted, all determined in accordance with the provisions of the
Plan without regard to the price, period of exercise, or any other terms or
conditions of the Option surrendered.

4.     COMMON STOCK LIMITS
       -------------------

             The total number of shares of Common Stock which may be issued on
exercise of Stock Options shall not exceed 300,000shares, subject to adjustment
in accordance with Paragraph 9 of the Plan. Shares issued under the Plan may be,
in whole or in part, as determined by the Committee, authorized but unissued or
treasury shares of Common Stock. If any Options granted under the Plan shall
expire or terminate without having been exercised, the shares subject to such
Options shall be added back to the number of shares of Common Stock which may be
issued on exercise of Stock Options.

5.     ELIGIBILITY FOR PARTICIPATION
       -----------------------------

             (a) Consistent with Plan objectives, the following persons shall be
eligible to become Participants in the Plan: officers and other key Employees
and consultants and advisers to the Corporation or any Subsidiary corporation,
provided that members of the Board who are not Employees shall not be eligible.

             (b) The foregoing subparagraph (a) notwithstanding, Incentive Stock
Options shall be granted only to officers and other key Employees, and no
Incentive Stock Options shall be granted to an Employee who owns more than 10%
of the Common Stock determined in accordance with the provisions of Section
422(b)(6) of the Code, unless the Option meets the requirements of Section
422(c)(5) of the Code.

             (c) Options shall be granted to consultants and advisers only for
bona fide services rendered other than in connection with the offer or sale of
securities.

                                       59
<PAGE>

6.     STOCK OPTIONS - TERMS AND CONDITIONS
       ------------------------------------

             All Stock Options granted under the Plan shall be evidenced by
Agreements which shall contain such provisions as shall be required by the Plan
together with such other provisions as the Committee may prescribe, including
the following provisions:

             (a) Price: The Committee shall establish the Exercise Price,
provided, however, that in the case of an Incentive Stock Option the Exercise
Price shall not be less than the Fair Market Value of a share of Common Stock on
the date of the grant of the Option.

             (b) Period: The Committee shall establish the term of any Option
awarded under the Plan, provided, however, that no Option shall be exercisable
after the expiration of 10 years from the date of the grant of the Option.

             (c) Time of Exercise: The Committee shall establish the time or
times at which an Option, or portion thereof, shall be exercisable. The
Committee, subsequent to the grant of an Option, may accelerate the date or
dates on which the Option may be exercisable.

             (d) Exercise: An Option, or portion thereof, shall be exercised by
delivery or a written notice of exercise to the Corporation together with
payment of the full purchase price of the shares as to which the Option is
exercised ("Purchase Price"). Payment may be made:

                   (i) in United States dollars by good check, bank draft or
money order payable to the order of the Corporation, or

                   (ii) at the discretion of the Committee by the transfer to
the Corporation of shares of Common Stock owned by the Participant having an
aggregate Fair Market Value on the date of exercise equal to the Purchase Price
or the portion thereof being so paid, or

                   (iii) at the discretion of the Committee and subject to any
restrictions or conditions as it deems appropriate (including any restrictions
as may be set forth in Rule 16b-3 under the Securities Exchange Act of 1934), by
electing to have the Corporation withhold from the shares issuable upon exercise
of the Option such number of shares of Common Stock as shall have an aggregate
Fair Market Value on the date of exercise equal to the Purchase Price or the
portion thereof being so paid, or

                   (iv) at the discretion of the Committee by a combination of
(i) and (ii) or (i) and (iii) above.

The Committee shall determine the procedures for the use of Common Stock in
payment of the Purchase Price and may impose such limitations and prohibitions
on such use as it deems appropriate.

             (e) Special Rules for Incentive Stock Options: Notwithstanding any
other provisions of the Plan, with respect to Incentive Stock Options granted
under the Plan), the following provisions will apply:

                                       60
<PAGE>

                   (i) To the extent that the aggregate Fair Market Value
(determined at the time of grant) of the shares of Common Stock with respect to
which Incentive Stock Options (whether granted hereunder or pursuant to any
other plan of the Corporation or a Subsidiary) are first exercisable by a
Participant during any calendar year exceeds $100,000 (or such other limit as
may be in effect from time to time under the Code), such Options shall be
treated as Non-Qualified Options.

                   (ii) Any Participant who disposes of shares of Common Stock
acquired on the exercise of an Incentive Stock Option by sale or exchange either
(a) within two years after the date of the grant of the Option under which such
shares were acquired or (b) within one year after the acquisition of such
shares, shall notify the Corporation in writing of such disposition and of the
amount realized upon such disposition promptly after the disposition.

7.     TERMINATION OF EMPLOYMENT
       -------------------------

             If a Participant holding an Option shall cease to be employed (or
in the case of a Participant who is not an Employee, shall cease to be engaged)
by the Corporation or any Subsidiary corporation by reason of death or any other
reason other than voluntary quitting, discharge for cause or permanent and total
disability as defined in Section 22(e)(3) of the Code (hereinafter called a
"Disability"), as determined by the Committee, such Participant (or, if
applicable, such Participant's Beneficiary) may, but only within the three
months next succeeding such cessation of employment, exercise such Option to the
extent that such Participant would have been entitled to do so on the date of
such cessation of employments. If a Participant holding an Option voluntarily
quits or is discharged for cause, such Option shall terminate on the date of
cessation of employment.

8.     DISABILITY
       ----------

             If a Participant holding an Option shall cease to be employed (or,
in the case of a Participant who is not an Employee, shall cease to be engaged)
by the Corporation or any Subsidiary corporation by reason of a Disability, the
Option shall be exercisable by such Participant or such Participant's duly
appointed guardian or other legal representative, to the extent that such
Participant would have been entitled to do so on the date of such cessation of
employment, but only within one year following such cessation of employment due
to said Disability.

9.     ADJUSTMENTS
       -----------

             In the event of a recapitalization, stock split, stock combination,
stock dividend, exchange of shares, or a change in the corporate structure or
shares of the Corporation, or similar event, the Board of Directors upon
recommendation of the Committee shall make appropriate adjustments in the kind
or number of shares which may be issued upon exercise of Options and in the kind
or number of shares issuable upon exercise of Options theretofore granted and in
the exercise price of such options.

                                       61
<PAGE>

10.    MERGER, CONSOLIDATION OR SALE OF ASSETS
       ---------------------------------------

             If the Corporation shall be a party to a merger or consolidation or
shall sell substantially all its assets, each outstanding Option shall pertain
and apply to the securities and/or property which a holder of the number of
shares of Common Stock subject to the Option immediately prior to such merger,
consolidation, or sale of assets would be entitled to receive in such merger,
consolidation or sale of assets.

11.    AMENDMENT AND TERMINATION OF PLAN
       ---------------------------------

             (a) The Board, without further approval of the stockholders, may at
any time, and from time to time, suspend or terminate the Plan in whole or in
part or amend it from time to time in such respects as the Board may deem
appropriate and in the best interests of the Corporation; provided, however,
that no such amendment shall be made, without approval of the stockholders,
which would:

                   (i) modify the eligibility requirements for participation in
the Plan;

                   (ii) increase the total number of shares of Common Stock
which may be issued pursuant to Stock Options, except as is provided for in
accordance with Paragraph 9 of the Plan; or

                   (iii) materially increase benefits accruing to Participants.

             (b) No amendment, suspension or termination of this Plan shall,
without the Participant's consent, alter or impair any of the rights or
obligations under any Stock Option theretofore granted to the Participant under
the Plan.

             (c) The Board may amend the Plan, subject to the limitations cited
above, in such manner as it deems necessary to permit the granting of Stock
Options meeting the requirements of future amendments to the Code.

12.    GOVERNMENT AND OTHER REGULATIONS
       --------------------------------

             The granting of Stock Options under the Plan and the obligation of
the Corporation to issue or transfer and deliver shares for Stock Options
exercised under the Plan shall be subject to all applicable laws, regulations,
rules and orders which shall then be in effect.

13.    MISCELLANEOUS PROVISIONS
       ------------------------

             (a) Rights to Continued Employment: No person shall have any claim
or right to be granted a Stock Option under the Plan, and the grant of an Option
under the Plan shall not be construed as giving any Participant the right to be
retained in the employ of the Corporation or any Subsidiary corporation (or to
be otherwise retained in the case of a Participant who is not an Employee) and
the Corporation expressly reserves the right at any time to dismiss a
Participant with or without cause, free of any liability or any claim under the
Plan, except as provided herein or in an Agreement.

                                       62
<PAGE>

             (b) Who Shall Exercise: Except as provided by the Plan, an
Incentive Stock Option shall be exercisable during the lifetime of the
Participant to whom it is granted only by such Participant, and it may be
exercised only if such Participant has been in the continuous employ of the
Corporation or any Subsidiary corporation from the date of grant of the Option
to the date of its exercise.

             (c) Non-Transferability: No right or interest of any Participant in
the Plan shall be assignable or transferable except by will or the laws of
descent and distribution, and no right or interest of any Participant shall be
liable for, or subject to, any lien, obligation or liability of such
Participant.

             (d) Withholding Taxes: The Corporation may require a payment to
cover applicable withholding for income and employment taxes in connection with
a Stock Option.

             (e) Rights as Stockholder: A Participant as such shall not have any
of the rights or privileges of a holder of Common Stock until such time as
shares of Common Stock are issued or are transferred to the Participant upon
exercise of an Option.

             (f) Plan Expenses: Any expenses of administering this Plan shall be
borne by the Corporation.

             (g) Legal Considerations: The Corporation shall not be required to
issue, transfer or deliver shares of Common Stock upon exercise of Options until
all applicable legal, listing or registration requirements, as determined by
legal counsel, have been satisfied, and any necessary or appropriate written
representations have been given by the Participant.

             (h) Other Plans: Nothing contained herein shall prevent the
Corporation from establishing other incentive and benefit plans in which
Participants in the Plan may also participate.

             (i) No Warranty of Tax Effect: Except as may be contained in any
Agreement, no opinion shall be deemed to be expressed or warranties made as to
the effect for federal, state or local tax purposes of any grants hereunder.

             (j) Construction of Plan: The validity, construction,
interpretation, administration and effect of the Plan and of its rules and
regulations, and rights relating to the Plan, shall be determined in accordance
with the laws of the State of New York.

                                       63
<PAGE>

14.    STOCKHOLDER APPROVAL - TERM OF PLAN
       -----------------------------------

             Upon approval by the stockholders of the Corporation, the Plan
shall become unconditionally effective as of December 4, 1992. No Option shall
be granted after December 3, 2002, provided, however, that the Plan and all
outstanding Options granted under the Plan prior to such date shall remain in
effect until the applicable Options have expired. If the stockholders shall not
approve the Plan, the Plan shall not be effective and any and all actions taken
prior thereto shall be null and void or shall, if necessary, be deemed to have
been fully rescinded.

                                       64

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