Document:

Exhibit

Exhibit 10.6

2019 ACCO BRANDS CORPORATION INCENTIVE PLAN
NONQUALIFIED STOCK OPTION AGREEMENT
THIS NONQUALIFIED STOCK OPTION AGREEMENT, including the Participant Covenants set forth in Exhibit A hereto (“Participant Covenants”), (collectively, the “Agreement”) is made and entered into and effective [______________] (the “Grant Date”) by and between ACCO Brands Corporation, a Delaware corporation (collectively with all Subsidiaries, the “Company”) and [___________________] (“Participant”).
WHEREAS, the Company desires to grant to the Participant an Award of Stock Options under the 2019 ACCO Brands Corporation Incentive Plan (the “Plan”) as set forth in this Agreement.
NOW THEREFORE, the Company and the Participant agree as follows:
1.Plan Governs; Capitalized Terms.  This Agreement is made pursuant to the Plan, and the terms of the Plan are incorporated into this Agreement, except as otherwise specifically stated herein.  Capitalized terms used in this Agreement that are not defined in this Agreement shall have the meanings as used or defined in the Plan.  References in this Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision.  To the extent any terms and conditions herein conflict with the terms and conditions of the Plan, the terms and conditions of the Plan shall control except to the extent the Plan provides that the Agreement may vary the terms of the Plan.
2.    Grant of Option.  The Company hereby grants to the Participant a Stock Option to purchase [____] Shares, at the price of [__________] per Share (“Option”), which price is the Fair Market Value of one Share on the Grant Date.  The Option is not intended to be an incentive stock option under Section 422 of the Code.  THIS AWARD IS CONDITIONED ON THE PARTICIPANT SIGNING THIS AGREEMENT VIA E-SIGNATURE (AS DESCRIBED AT THE END OF THIS AGREEMENT) WITHIN 45 DAYS OF THE GRANT DATE, WHICH THE PARTICIPANT ACCEPTS UPON HIS OR HER ELECTRONIC EXECUTION OF THIS AGREEMENT AS DESCRIBED BELOW, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE PARTICIPANT COVENANTS SET FORTH ON EXHIBIT A HERETO THAT APPLY DURING THE PARTICIPANT’S EMPLOYMENT AND FOLLOWING A TERMINATION OF THE PARTICIPANT’S EMPLOYMENT FOR ANY REASON.  
3.    Vesting, Exercise, Expiration and Termination of Option.
(a)    Term.  The Option shall have a term expiring on the seventh anniversary of the Grant Date (“Term”), or earlier as otherwise provided in this Section 3.
(b)    Vesting Generally.  Except as otherwise provided in this Section 3, the Option shall become vested and exercisable pursuant to the following schedule:

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	Vesting Date
	Portion of Option that is Vested and Exercisable

	First Anniversary of the Grant Date
	One-Third of the Option, rounded to the next higher whole number of Shares

	Second Anniversary of the Grant Date
	An Additional One-Third of the Option 
for a Total of Two-Thirds of the Option, rounded to the next higher whole number of Shares

	Third Anniversary of the Grant Date
	The remaining unvested portion of the Option

(c)    Death; Disability.  In the event that the Participant’s employment with the Company, Affiliate and/or any Subsidiary terminates due to the Participant’s death or Disability before the date on which the Option shall have become fully vested and exercisable, to the extent that an Option is not then exercisable, the Option shall immediately become vested and exercisable with respect to all Shares covered by the Participant’s Option, and the Option shall remain exercisable until the earlier of (i) the last day of the term of the Option set forth in Section (a) hereof, or (ii) 5 years after the date of such termination; provided, however that an Option may be exercised within one year following the date of death even if later than the expiration of the term of such Option.  In the case of the Participant’s death, the Participant’s beneficiary or estate may exercise the Option.
(d)    Retirement.  In the event that the Participant’s employment with the Company, Affiliate and/or any Subsidiary terminates due to the Participant’s Retirement after the first anniversary of the Grant Date, to the extent an Option is not then exercisable, the Option shall continue to vest and become vested and exercisable in accordance with the original vesting terms of Section 3(b) (as if the termination of employment had not occurred) and shall remain exercisable until the expiration of the term of the Option.  If the Participant dies or incurs a Disability before the Option is fully vested, Section 3(c) shall apply as if the Participant had been employed on the date of death or Disability.  For this purpose, whether a retired Participant has incurred a Disability will be determined by the Committee on a uniform basis employing criteria consistent with Section 2(q)(ii)(C) of the Plan. 
(e)    Change in Control.  
(i)    Article 17 of the Plan Governs.  The provisions of Article 17 of the Plan shall apply in the event of a Change in Control.  
(ii)    24 Months After Change in Control.  Any termination of the Participant's employment occurring more than 24 months after a Change in Control shall be governed by the provisions of Section 3 of this Agreement other than Section 3(e)(i).
(f)    Divestiture.  If the Participant’s employment with the Company ceases upon the occurrence of a Divestiture after the first anniversary of the Grant Date prior to the date on which the Option shall have become fully vested and exercisable, to the extent that an Option 

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is not then exercisable, each remaining portion of the Option shall immediately become vested and exercisable with respect to a number of Shares (rounded up to the next integer) equal to the fraction the numerator of which is the number of days that the Participant was continuously employed from the Grant Date through the date of the Divestiture and the denominator of which is the number of days from the Grant Date through the Vesting Date.
(g)    Other Terminations.  Except as otherwise provided under this Section 3, or under Section 11.2(b) of the Plan, in the event that the Participant’s employment with the Company, Affiliate and/or any Subsidiary terminates for any reason prior to the date on which the Option shall have become fully vested and exercisable, any unvested portion of the Option shall be immediately forfeited, automatically cancelled and terminated.
(h)    Exercise Period for Vested Portion of Option.  Except in the event of a termination of the Participant’s employment due to death, Disability or Retirement, upon a termination of the Participant’s employment with the Company, the vested portion of the Participant’s Option shall be exercisable for a period of 90 days following the date of such termination.  In the event of a termination of the Participant’s employment due to death or Disability, the Option shall be exercisable until the earlier to occur of (i) five years after the date of such termination or (ii) the last day of the term of the Option set forth in Section 3(a) hereof; provided, in the case of the death of the Participant during the Participant’s employment by the Company, to the extent that the Option otherwise would expire pursuant to Section 3(a) hereof, such expiration date shall be deemed extended for one year following the Participant’s date of death.  In the event of a termination of the Participant’s employment due to Retirement, the Option shall be exercisable until the last day of the term of the Option set forth in Section 3(a) hereof.
4.    Exercise Procedure.  The Participant may exercise the vested Option, or any vested portion thereof, by notice of exercise to the Company, in a manner (which may include electronic means) approved by the Committee and communicated to the Participant, together with payment of the Option price set forth in Section 2 in full to the Company for the portion of the Option so exercised, and payment of any required withholding taxes, (a) in cash or its equivalent or (b) by tendering (either by actual delivery or attestation) to the Company previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the Option Price.  Notwithstanding the foregoing, unless otherwise determined by the Committee at any time prior to such exercise, the Participant, at his or her election, may pay such Option price (and withholding taxes) pursuant to such exercise by a simultaneous exercise of the Option and sale of the Shares issuable upon such exercise pursuant to a broker-assisted transaction or other similar arrangement, and use the proceeds from such sale as payment of the purchase price of such shares (and withholding taxes), in accordance with the cashless exercise program adopted by the Committee or its delegate pursuant to Section 220.3(e) (4) of Federal Reserve Board Regulation T.  Upon the proper exercise of the Option, and satisfaction of required withholding taxes, the Company shall issue in the Participant’s name and deliver to the Participant (or to the Participant’s permitted representative and in its name upon the Participant’s death, above), in either book entry or certificate form (in the discretion of the Company) through the Company’s transfer agent, the number of shares acquired through the exercise.  Subject to the 

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prior approval of the Committee in its sole discretion, at the time of the Participant’s exercise of the Option the Participant may pay the Option price and satisfy the minimum withholding tax obligation required by law with respect to such exercise by causing the Company to withhold Shares otherwise issuable to the Participant upon such exercise having an aggregate Fair Market Value equal to the amount of the sum of such Option price plus the required withholding tax.
5.    Restrictions on Sale.  The Participant shall not sell any Shares, after issuance pursuant to Section 4, at any time when applicable laws or Company policies prohibit a sale.  This restriction shall apply as long as the Participant is an employee of the Company.
6.    Securities Laws.  The Participant’s Option shall not be exercised if the exercise would violate:
(a)    Any applicable state securities law;
(b)    Any applicable registration or other requirements under the Securities Act of 1933, as amended (the “Act”), the Exchange Act, as amended, or the listing requirements of the NYSE; or
(c)    Any applicable legal requirements of any governmental authority.
7.    Participant Covenants; Forfeiture.  In consideration of this Option, the Participant agrees to the covenants, the Company’s remedies for a breach thereof, and other provisions set forth in the Participant Covenants, attached hereto, incorporated into, and being a part of this Agreement.  The provisions of Section 3 to the contrary notwithstanding, in addition to any other remedy set forth in SECTION 7 of the Participant Covenants in Exhibit A, the Participant's Option, whether or not then vested and exercisable, shall be immediately forfeited and cancelled in the event of the Participant's breach of any covenant set forth in SECTIONS 3, 4.1 or 4.2 of Exhibit A.
8.    Miscellaneous Provisions.
(a)    Clawback.  The Option, any Shares or cash paid to the Participant, and the proceeds of the sale of any such Shares, shall be subject to any compensation deduction, cancellation, clawback or recoupment policies that are approved by the Board of Directors or by the Committee (whether approved prior to, on or after the grant or exercise of the Option) as such policies may be applicable to a covered employee from time to time, or as may be required to be made pursuant to any applicable currently effective or subsequently adopted law, government regulation or stock exchange listing requirement or any policy adopted by the Company or a subsidiary or affiliate of the Company pursuant to any such law, government regulation or stock exchange listing requirement which provides for such deduction, cancellation, clawback or recovery. Without limiting the generality of the foregoing, such policies may require the cancellation of an award to a Participant, or may require a Participant to repay amounts previously received by him or her pursuant to an award, in the event that either the Participant breaches any post-employment restrictive covenants or obligation, or if it is determined after termination of employment that the Participant could have been terminated for 

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Cause, and may also provide for any amounts payable under an award to be offset by any amounts previously paid to the Participant under any incentive plan that are required to be repaid pursuant to any such deduction, cancellation, clawback or recoupment policies. To the maximum extent permitted by applicable law, the Participant consents to any such offset, deduction, cancellation, clawback or recoupment.
(b)    No Fractional Shares.  Pursuant to Section 21.14 of the Plan, to the extent any fractional Share would otherwise be issuable to the Participant, the Participant shall be paid cash or a cash equivalent equal to the Fair Market Value of such fractional Share.
(c)    Rights as a Stockholder.  Neither the Participant nor the Participant’s representative shall have any rights as a stockholder with respect to any Shares underlying the Option until the date that the Company delivers such Shares to the Participant or the Participant’s representative pursuant to a timely exercise thereof.
(d)    No Retention Rights.  Nothing in this Agreement shall confer upon the Participant any right to continue in the employment or service of the Company for any period of time or interfere with or otherwise restrict in any way the rights of the Company or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her employment or service at any time and for any reason, with or without Cause. 
(e)    Notices.  Any notice required or permitted by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery, upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or upon deposit with a reputable overnight courier.  Notice shall be addressed to the Company, Attention: General Counsel, at its principal executive office and to the Participant at the address that he or she most recently provided to the Company.  To the extent provided by the Committee, notice may also be given by e-mail or other electronic means.
(f)    Entire Agreement; Amendment; Waiver.  This Agreement constitutes the entire agreement between the parties hereto with regard to the subject matter hereof.  This Agreement supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof; provided, if the Participant is bound by any restrictive covenant contained in a previously-executed agreement with the Company, such restrictions shall be read together with the Participant Covenants to provide the Company with the greatest amount of protection, and to impose on the Participant the greatest amount of restriction, allowed by law.  No alteration or modification of this Agreement shall be valid except by a subsequent written instrument executed by the parties hereto; provided that for the Company, the written instrument must be signed by a Senior Vice President or above of ACCO Brands Corporation.  No provision of this Agreement may be waived except by a writing executed and delivered by the party sought to be charged.  Any such written waiver shall be effective only with respect to the event or circumstance described therein and not with respect to any other event or circumstance, unless such waiver expressly provides to the contrary.

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(g)    Choice of Law; Venue; Jury Trial Waiver.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State, without giving effect to the choice of law provisions thereof.  The Company and the Participant stipulate and consent to personal jurisdiction and proper venue in the state or federal courts of Cook County, Illinois and waive each such party’s right to objection to an Illinois court’s jurisdiction and venue.  The Participant and the Company hereby waive their right to jury trial on any legal dispute arising from or relating to this Agreement, and consent to the submission of all issues of fact and law arising from this Agreement to the judge of a court of competent jurisdiction as otherwise provided for above.
(h)    Successors.
(i)    Limitation on Assignment.  This Agreement is personal to the Participant and shall not be assignable by the Participant otherwise than by will or the laws of descent and distribution, without the written consent of the Company executed by a Senior Vice President or above of ACCO Brands Corporation.  This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal representatives.
(ii)    Company and Successors.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors.
(i)    Severability.  If any provision of this Agreement for any reason shall be found by any court of competent jurisdiction to be invalid, illegal or unenforceable, in whole or in part, such declaration shall not affect the validity, legality or enforceability of any remaining provision or portion thereof, which remaining provision or portion thereof shall remain in full force and effect as if this Agreement had been adopted with the invalid, illegal or unenforceable provision or portion thereof eliminated; provided, however, if any provision of Exhibit A is found to be unenforceable, the entire Agreement will be null and void.
(j)    Headings; Interpretation.  The headings, captions and arrangements utilized in this Agreement shall not be construed to limit or modify the terms or meaning of this Agreement.  Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter.
By opening this Agreement and clicking the “Accept” button on the “Grant Acceptance: View/Accept Grant” screen (the Participant’s e-signature, the legal equivalent of his/her handwritten/wet signature), the Participant:
		
	(1)
	Acknowledges that he or she is the authorized recipient of this Agreement and that he or she has properly accessed the E*Trade online system by use of the username and password created by the Participant;

		
	(2)
	Acknowledges that he or she has read and understands the 2019 ACCO Brands Corporation Incentive Plan Nonqualified Stock Option Agreement in 

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its entirety, including Exhibit A, and has also read and understands the 2019 ACCO Brands Corporation Incentive Plan, which he or she understands will control in the event of any discrepancy between the Agreement and the Plan; and
		
	(3)
	Accepts and agrees to the terms and conditions of the 2019 ACCO Brands Corporation Incentive Plan Nonqualified Stock Option Agreement in its entirety, including Exhibit A, and the 2019 ACCO Brands Corporation Incentive Plan.

[Signature page follows]

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	ACCO    Brands Corporation   
	PARTICIPANT

	

Name: 

	

[Name]

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EXHIBIT A
Participant Covenants
Section 1  Position of Special Trust and Confidence.  
1.1    The Company is placing Participant in a special position of trust and confidence.  As a result of this Agreement and Participant’s position with the Company, Participant will receive Confidential Information (defined below) related to Participant’s position, authorization to communicate and develop goodwill with Company customers, and/or specialized training related to the Company’s business.  Participant agrees to use these advantages of employment to further the business of the Company and not to knowingly cause harm to the business of the Company.  The Company’s agreement to provide Participant with these benefits, and the Award hereunder, gives rise to an interest in reasonable restrictions on Participant’s competitive and post-employment conduct.       
1.2    Participant shall dedicate Participant’s full working time and efforts to the business of the Company and shall not undertake or prepare to undertake any conflicting business activities while employed with the Company.  These duties supplement and do not replace or diminish the common law duties Participant would ordinarily have to the Company as the employer.
SECTION 2      Consideration.  In exchange for Participant’s promises and obligations herein, the Company is granting Participant the Award hereunder. The Company also agrees to provide Participant with portions of its Confidential Information, authorization to communicate and develop goodwill with the Company customers, and/or specialized training related to the Company’s business.  Participant understands and agrees that the foregoing promises and benefits have material value and benefit to the Company, above and beyond any continuation of Company employment, and that Participant would not be entitled to such consideration or access to Confidential Information unless Participant signs and agrees to be bound by this Exhibit A.  The Company agrees to provide Participant the consideration described in this SECTION 2 only in exchange for Participant’s compliance with all the terms of this Exhibit A.
SECTION 3      Confidentiality and Business Interests.  
3.1    Participant agrees to keep secret and confidential and neither use nor disclose, by any means, either during or after a termination of Participant’s employment for any reason, any Confidential Information except as provided below or required in Participant’s employment with, or authorized in writing by, the Company.  Participant agrees to keep confidential and not disclose or use, either during or after a termination of Participant’s employment for any reason, any confidential information or trade secrets of others which Participant receives during the course of Participant’s employment with the Company for so long as and to the same extent as the Company is obligated to retain such information or trade secrets in confidence.
3.2    The obligations under this SECTION 3 shall not apply to Confidential Information to the extent that it:  (a) is or subsequently becomes publicly known through lawful 

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means; (b) was known to Participant prior to disclosure to Participant by or on behalf of the Company; or (c) is received by Participant in good faith from a third party (not an Affiliate) which has no obligation of confidentiality to the Company with respect thereto.  The Company’s confidential exchange of Confidential Information with a third party for business purposes shall not remove it from protection under this Exhibit A.
3.3    If disclosure of Confidential Information is compelled by law, Participant shall give the Company as much written notice as possible under the circumstances, shall refrain from use or disclosure for as long as the law allows, and shall cooperate with the Company to protect such information, including taking every reasonable step necessary to protect against unnecessary disclosure.  
3.4    Participant agrees not to disclose to the Company nor to utilize in Participant’s work for the Company any confidential information or trade secrets of others known to Participant and obtained prior to Participant’s employment by the Company (including prior employers).
3.5    Participant shall deliver to the Company promptly upon the end of Participant’s employment, or upon written request by the Company, all written and other materials which constitute or contain Confidential Information or which are the property of the Company (regardless of media), and shall not remove, erase, destroy, impede the Company’s access to, or take any such written and other materials.  Participant shall preserve records on the Company customers, prospects, vendors, suppliers, and other business relationships, and shall not knowingly use these records to harm the Company’s business interests.  Upon termination of Participant’s employment, Participant shall immediately return all such records, and any copies (tangible and intangible) to the Company.  The Company is only authorizing Participant to access and use the Company’s computers, email, or related computer systems to pursue matters that are consistent with the Company’s business interests.  Access or use of such systems to pursue personal business interests apart from the Company, to compete or to prepare to compete, or to otherwise knowingly undermine the Company’s interests (such as, by way of example, removing, erasing, impeding the Company’s access to, or destroying its records or programs) is strictly prohibited and outside the scope of Participant’s authorized use of the Company’s systems.
3.6    In accordance with 18 U.S.C. § 1833(b), nothing in this Exhibit A, including the duties, obligations and restrictions identified in Sections 3.1, 3.3, 3.4 and/or 3.5 of this Exhibit A, shall prevent Participant from disclosing information, including Confidential Information, to a Federal, State, or local government official, either directly or indirectly, or to an attorney, when the purpose of disclosing the Confidential Information is the reporting or investigation of a suspected violation of the law; nor shall this Attachment, including the duties, obligations and restrictions identified in Sections 3.1, 3.3, 3.4 and/or 3.5 of this Exhibit A, prevent Participant from disclosing Confidential Information in a complaint (made under seal) where such disclosure is made in the context of whistleblowing.
SECTION 4      Non-Interference Covenants.  Participant agrees that the following covenants are (a) ancillary to the other enforceable agreements contained in this Exhibit A, b) in exchange for 

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receiving and using Confidential Information and (c) reasonable and necessary to protect the Company’s legitimate business interests in, among other things, protecting its Confidential Information, customer relationships and/or employee relationships.
4.1    Restriction on Interfering with Employee Relationships.  Participant agrees that for a period of 12 months following the end of Participant’s employment with the Company for any reason, Participant shall not interfere with the Company’s business relationship with any Company employee, by soliciting or communicating with such an employee to induce or encourage him to leave the Company’s employ (regardless of who initiates the communication), by helping another person or entity evaluate a Company employee as an employment candidate, or by otherwise helping any person or entity hire an employee away from the Company.
4.2    Restriction on Interfering with Customer Relationships.  Participant agrees that for a period of 12 months following the end of Participant’s employment with the Company for any reason, Participant shall not interfere with the Company’s business relationships with a Covered Customer, by: (a) participating in, supervising, or managing (as an employee, consultant, contractor, officer, owner, director, or otherwise) any Competing Activities for, on behalf of, or with respect to a Covered Customer; or (b) soliciting or communicating (regardless of who initiates the communication) with a Covered Customer to induce or encourage the Covered Customer to:  (i) stop or reduce doing business with the Company, or (ii) to buy a Conflicting Product or Service.    
4.3    Notice and Survival of Restrictions.  
(a)    Before accepting new employment and if the restrictions in Sections 4.1 and 4.2 have not expired, Participant shall advise every future employer of the restrictions in this Exhibit A.  Participant agrees that the Company may advise a future employer or prospective employer of this Exhibit A and its position on the potential application of this Exhibit A.  
(b)    The post-employment obligations in this Exhibit A shall survive the termination of Participant’s employment with the Company for any reason.  If Participant violates one of the post-employment restrictions in this Exhibit A on which there is a specific time limitation, the time period for that restriction shall be extended by one day for each day Participant violates it, up to a maximum extension equal to the length of time prescribed for the restriction, so as to give the Company the full benefit of the bargained-for length of forbearance.  
(c)    It is the intention of the Parties that, if any court construes any provision or clause of this Exhibit A, or any portion thereof, to be illegal, void or unenforceable, because of the duration of such provision, the scope or the subject matter covered thereby, such court shall reduce the duration, scope, or subject matter of such provision, and, in its reduced form, such provision shall then be enforceable and shall be enforced.  
(d)    If Participant becomes employed with an Affiliate without entering into a new nondisclosure, nonsolicitation, noncompetition agreement that is substantially the same as this Exhibit A, the Affiliate shall be regarded as the Company for all purposes under this Exhibit A, and shall be entitled to the same protections and enforcement rights as the Company.

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4.4    California Modification (California Residents Only).  To the extent that Participant is a resident of California and subject to its laws, the restrictions in SECTIONS 4.1 and 4.2 shall only apply where Participant is aided by the use or disclosure of Confidential Information, and the jury trial waiver in Section 7(e) of the Agreement shall not apply.
SECTION 5      Definitions.  For purposes of Exhibit A, the following terms shall have the meanings assigned to them below:
5.1    “Affiliate” means the Company’s successors in interest, affiliates (as defined in Rule 12b-2 under Section 12 of the Securities and Exchange Act), subsidiaries, parents, purchasers, and assignees (collectively “Affiliates”).
5.2    “Competing Activities” are any activities or services undertaken on behalf of a Competitor that are the same or similar in function or purpose to those Participant performed for the Company in the two (2) year period preceding the end of Participant’s employment with the Company, or that are otherwise likely to result in the use or disclosure of Confidential Information. Competing Activities are understood to exclude: activities on behalf of an independently operated subsidiary, division, or unit of a diversified corporation or similar business that has common ownership with a Competitor so long as the independently operated business unit does not involve a Conflicting Product or Service; and, a passive and non-controlling ownership interest in a Competitor through ownership of less than 2% of the stock in a publicly traded company.
5.3    “Confidential Information” includes but is not limited to any technical or business information, know-how or trade secrets, in any form, including but not limited to data; diagrams; business, sourcing, marketing or sales plans; notes; drawings; models; prototypes; specifications; manuals; memoranda; reports; customer or vendor information; pricing or cost information; computer programs; and other non-public information of value to Company that Participant learned in connection with Participant’s employment with Company and that would be valuable to a Competitor and which are furnished to Participant by the Company or which Participant procures or prepares, alone or with others, in the course of his or her employment with the Company.
5.4    “Conflicting Product or Service” is a product or service that is the same or similar in function or purpose to a Company product or service, such that it would replace or compete with:  (a) a product or service the Company provides to its customers; or (b) a product or service that is under development or planning by the Company but not yet provided to customers and regarding which Participant was provided Confidential Information in the course of employment.  Conflicting Products or Services do not include a product or service of the Company if the Company is no longer in the business of providing such product or service to its customers at the relevant time of enforcement.
5.5    “Covered Customer” is a Company customer (natural person or entity) that Participant had business-related contact or dealings with, or received Confidential Information about, in the two (2) year period preceding the end of Participant’s employment with the 

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Company.  References to the end of Participant’s employment in this Exhibit A refer to the end, whether by resignation or termination, and without regard for the reason employment ended.
5.6    “Competitor”    is any person or entity engaged in the business of providing a Conflicting Product or Service or preparing to engage in the business of providing a Conflicting Product or Service. 
5.7    Section references in this Exhibit A are to sections of this Exhibit A.
SECTION 6      Notices.  While employed by the Company, and for two (2) years thereafter, Participant shall:  (a) give the Company written notice at least thirty (30) days prior to going to work for a Competitor; (b) provide the Company with sufficient information about his or her new position to enable the Company to determine if Participant’s services in the new position would likely lead to a violation of this Exhibit A; and (c) within thirty (30) days of any request made by the Company to do so, participate in a mediation or in-person conference to discuss and/or resolve any issues raised by Participant’s new position.  Such mediation or in-person conference will not prevent or delay any remedy available to Company under SECTION 7 of this Exhibit A.  Participant shall be responsible for all consequential damages caused by failure to give the Company notice as provided in this SECTION 6.
SECTION 7      Remedies.  If Participant breaches or threatens to breach this Exhibit A, the Company may recover:  (a) an order of specific performance or declaratory relief; (b) injunctive relief by temporary restraining order, temporary or preliminary injunction, and/or permanent injunction; (c) damages; (d) attorney's fees and costs incurred in obtaining relief; and (e) any other legal or equitable relief or remedy allowed by law.  One Thousand Dollars ($1,000.00) is the agreed amount for the bond to be posted if an injunction is sought by the Company to enforce the restrictions in this Exhibit A on Participant.     
SECTION 8      Return of Consideration.  Participant specifically recognizes and agrees that the covenants set forth in this Exhibit A are material and important terms of this Agreement, and Participant further agrees that should all or any part or application of SECTION 4.2 be held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction in an action between Participant and the Company (despite, and after application of, any applicable rights to reformation that could add or renew enforceability), the Company shall be entitled to receive from Participant the cash equivalent of the Fair Market Value of all Shares paid to Participant pursuant to the terms of this Agreement, which Fair Market Value shall be determined as of the date of payment to Participant pursuant to Section 4(a) of this Agreement. The return of consideration provided for in this SECTION 8 is in addition to the remedies for breach provided for in SECTION 7. 

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55944235v.6Exhibit 10.1

 

 

 

SUPPORT AND NON-COMPETITION AGREEMENT

 

This SUPPORT AND NON-COMPETITION AGREEMENT,
dated as of [July 30], 2019 (this “Agreement”), by and among Simmons First National Corporation (“Simmons”),
an Arkansas corporation, The Landrum Company (“Landrum”), a Missouri corporation, and the undersigned shareholder[
and director] (the “Individual”) of Landrum.

 

W I T N E S S E T H:

 

WHEREAS, concurrently with the execution of this
Agreement, Simmons and Landrum are entering into an Agreement and Plan of Merger, dated as of the date hereof (as amended, supplemented,
restated or otherwise modified from time to time, the “Merger Agreement”), pursuant to which, among other things,
Landrum will merge with and into Simmons, with Simmons as the surviving corporation (the “Merger”);

 

WHEREAS, as of the date hereof, the Individual
is a [director][shareholder] of Landrum and has Beneficial Ownership of, in the aggregate, those shares of Class A Voting Stock,
$0.01 par value per share, of Landrum (“Landrum Common Stock”) specified on Schedule 1 attached hereto,
which, by virtue of the Merger, will be converted into the right to receive shares of Simmons Common Stock (as such term is defined
in the Merger Agreement), and therefore the Merger is expected to be of substantial benefit to the Individual;

 

WHEREAS, as a material inducement to Simmons entering
into the Merger Agreement, Simmons has requested that the Individual agree, and the Individual has agreed, to enter into this Agreement
and abide by the covenants and obligations set forth herein; and

 

WHEREAS, other individuals, as a material inducement
to Simmons entering into the Merger Agreement, will enter into and abide by the covenants and obligations set forth in substantially
similar support and non-competition agreements.

 

NOW THEREFORE, in consideration of the foregoing
and the mutual representations, warranties, covenants and agreements herein contained, and intending to be legally bound hereby,
the parties hereto agree as follows:

 

ARTICLE
I

General

 

1.1.            
Defined Terms. The following capitalized terms, as used in this Agreement, shall have the meanings set forth below.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Merger Agreement.

 

“Affiliate” of a Person means
any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control
with such Person.

 

“Beneficial Ownership” by a
Person of any securities means ownership by any Person who, directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares (i) voting power which includes the power to vote, or to direct the voting of, such security;
and/or (ii) investment power which includes the power to dispose, or to direct the disposition, of such security; and shall otherwise
be interpreted in accordance with the term “beneficial ownership” as defined in Rule 13d-3 adopted by the Securities
and Exchange Commission under the Securities Exchange Act of 1934, as amended; provided, that for purposes of determining Beneficial
Ownership, a Person shall be deemed to be the Beneficial Owner of any securities which such Person has, at any time during the
term of this Agreement, the right to acquire pursuant to any agreement, arrangement or understanding or upon the exercise of conversion
rights, exchange rights, warrants or options, or otherwise (irrespective of whether the right to acquire such securities is exercisable
immediately or only after the passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions,
the occurrence of any event or any combination of the foregoing). The terms “Beneficially Own” and “Beneficially
Owned” shall have a correlative meaning.

 

    1

     

    

“Business” means the business
of acting as a commercial, community or retail banking business, including but not limited to entities which lend money and take
deposits.

 

“control” (including the terms
“controlling”, “controlled by” and “under common control with”), with
respect to the relationship between or among two or more Persons, means (i) the ownership, control, or power to vote 25 percent
or more of any class of voting securities of the other Person, (ii) control in any manner of the election of a majority of the
directors, trustees, managing members or general partners of the other Person, or (iii) the possession, directly or indirectly,
of the power to exercise a controlling influence over the management or policies of the other Person, whether through the ownership
of voting securities, as trustee or executor, by Contract or any other means.

 

“Constructive Sale” means,
with respect to any security, a short sale with respect to such security, entering into or acquiring an offsetting derivative Contract
with respect to such security, entering into or acquiring a futures or forward Contract to deliver such security or entering into
any other hedging or other derivative transaction that has the effect of either directly or indirectly materially changing the
economic benefits and risks of ownership of any security.

 

“Covered Shares” means, with
respect to the Individual, the Individual’s Existing Shares, together with any shares of Landrum Common Stock or other capital
stock of Landrum and any securities convertible into or exercisable or exchangeable for shares of Landrum Common Stock or other
capital stock of Landrum, in each case that the Individual acquires Beneficial Ownership of on or after the date hereof.

 

“Encumbrance” means any security
interest, pledge, mortgage, lien (statutory or other), charge, option to purchase, lease or other right to acquire any interest
or any claim, restriction, covenant, title defect, hypothecation, assignment, deposit arrangement or other encumbrance of any kind
or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including
any conditional sale or other title retention agreement), excluding restrictions under Securities Laws.

 

“Existing Shares” means, with
respect to the Individual, all shares of Landrum Common Stock Beneficially Owned by the Individual as specified on Schedule
1 hereto.

 

“Permitted Transfer” means
a Transfer (i) as the result of the death of the Individual by the Individual to a descendant, heir, executor, administrator, testamentary
trustee, lifetime trustee or legatee of the Individual, (ii) Transfers to Affiliates (including trusts) and family members in connection
with estate and tax planning purposes, and (iii) Transfers to any other shareholder and director and/or executive officer of Landrum
who has executed a copy of this Agreement or similar support and non-competition agreement on the date hereof; provided, that in
each case prior to the effectiveness of such Transfer, such transferee executes and delivers to Simmons and Landrum an agreement
that is identical to this Agreement or such other written agreement, in form and substance acceptable to Simmons and Landrum, to
assume all of Individual’s obligations hereunder in respect of the Covered Shares subject to such Transfer and to be bound
by the terms of this Agreement, with respect to the Covered Shares subject to such Transfer, to the same extent as the Individual
is bound hereunder and to make each of the representations and warranties hereunder in respect of the Covered Shares transferred
as the Individual shall have made hereunder.

 

    2

     

    

“Person” means a natural person
or any legal, commercial or governmental entity, such as, but not limited to, a corporation, general partnership, joint venture,
limited partnership, limited liability company, limited liability partnership, trust, business association, group acting in concert,
or any person acting in a Representative capacity.

 

“Representatives” means, with
respect to any Person, any officer, director, employee, investment banker, financial or other advisor, attorney, auditor, accountant,
consultant, or other representative or agent of or engaged or retained by such Person.

 

“Restricted Period” has the
meaning set forth in Section 2.3(a) hereof.

 

“Transfer” means, with respect
to any security, the direct or indirect assignment, sale, transfer, tender, exchange, pledge, hypothecation, or the grant, creation
or suffrage of an Encumbrance in or upon, or the gift, placement in trust, or the Constructive Sale or other disposition of such
security (including transfers by testamentary or intestate succession or otherwise by operation of Law) or any right, title or
interest therein (including, but not limited to, any right or power to vote to which the holder thereof may be entitled, whether
such right or power is granted by proxy or otherwise), or the record or Beneficial Ownership thereof, the offer to make such a
sale, transfer, Constructive Sale or other disposition, and each agreement, arrangement or understanding, whether or not in writing,
to effect any of the foregoing (other than a proxy for the purpose of voting the Individual’s Covered Shares in accordance
with Section 2.1 hereof).

 

ARTICLE
II

COVENANTS OF INDIVIDUAL

 

2.1.            
Agreement to Vote. The Individual hereby irrevocably and unconditionally agrees that during the term of this Agreement,
at Landrum’s Shareholders’ Meeting or at any other meeting of the shareholders of Landrum, however called, including
any adjournment or postponement thereof, and in connection with any written consent of the shareholders of Landrum, the Individual
shall, in each case to the fullest extent that such matters are submitted for the vote or written consent of the Individual and
that the Covered Shares are entitled to vote thereon or consent thereto:

 

(a)               
appear at each such meeting or otherwise cause the Covered Shares as to which the Individual controls the right to vote
to be counted as present thereat for purposes of calculating a quorum; and

 

(b)               
vote (or cause to be voted), in person or by proxy, or deliver (or cause to be delivered) a written consent covering, all
of the Covered Shares as to which the Individual controls the right to vote:

 

(i)                      
in favor of the adoption and approval of the Merger Agreement and the consummation of the transactions contemplated thereby,
including the Merger, and any actions required in furtherance thereof;

 

(ii)                    
against any action or agreement that could result in a breach of any covenant, representation or warranty or any other obligation
of Landrum under the Merger Agreement;

 

    3

     

    

(iii)                  
against any Acquisition Proposal; and

 

(iv)                   
against any action, agreement, amendment to any agreement or organizational document, transaction, matter or proposal submitted
for the vote or written consent of the shareholders of Landrum that is intended or would reasonably be expected to impede, interfere
with, prevent, delay, postpone, discourage, disable, frustrate the purposes of or adversely affect the Merger or the other transactions
contemplated by the Merger Agreement or this Agreement or the performance by Landrum of its obligations under the Merger Agreement
or by the Individual of his or her obligations under this Agreement.

 

2.2.            
No Inconsistent Agreements. The Individual hereby covenants and agrees that, except for this Agreement, the Individual
(a) has not entered into, and shall not enter into at any time while this Agreement remains in effect, any voting agreement or
voting trust or any other Contract with respect to the Covered Shares, (b) has not granted, and shall not grant at any time while
this Agreement remains in effect, a proxy, Consent or power of attorney with respect to the Covered Shares, (c) will not commit
any act, except for Permitted Transfers, that could restrict or affect his or her legal power, authority and right to vote any
of the Covered Shares then held of record or Beneficially Owned by the Individual or otherwise prevent or disable the Individual
from performing any of his or her obligations under this Agreement, and (d) has not taken and shall not take any action that would
make any representation or warranty of the Individual contained herein untrue or incorrect or have the effect of impeding, interfering
with, preventing, delaying, postponing, discouraging, disabling or adversely affecting the Individual’s performance of any
of his or her obligations under this Agreement.

 

2.3.            
Non-Competition.

 

(a)               
The Individual hereby covenants and agrees that, for a period commencing on the Closing Date and terminating on the second
anniversary of the Closing Date (the “Restricted Period”), such Individual shall not within 50 miles of any
branch or other office of Landmark Bank in operation as of the date of this Agreement, directly or indirectly, either for him or
herself or for any other Person other than for Simmons or its Affiliates, participate in any business (including, without limitation,
any division, group or franchise of a larger organization) that engages (or proposes to engage) in the Business; provided, that
if as of the date hereof the Individual holds not more than a 5% direct or indirect equity interest in such Person, then the Individual
may retain (but not increase) such ownership interest without being deemed to “participate” in the Business conducted
by such Person. For purposes of this Agreement, the term “participate” shall mean having more than 5% direct or indirect
ownership interest in any Person, whether as a sole proprietor, investor, owner, equity holder, partner, member, manager, joint
venturer, creditor or otherwise, or rendering any direct or indirect service or assistance to any Person (whether as a director,
officer, manager, member, supervisor, employee, agent, or otherwise), with respect to the Business. Further notwithstanding the
foregoing, the limitations set forth above shall not be effective with regard to service by the Individual with respect to consulting
or other professional (but not banking) services in a manner that is consistent with the same kinds of consulting or other professional
services provided by the Individual at any time during the two years prior to the date of this Agreement.

 

(b)               
The Individual covenants and agrees that during the Restricted Period, the Individual shall not directly or indirectly,
as employee, agent, consultant, director, equity holder, member, manager, partner or in any other capacity, without Simmons’s
prior written consent (other than for the benefit of Simmons or its Affiliates), solicit, call upon, communicate with or attempt
to communicate (whether by mail, telephone, electronic mail, personal meeting or any other means, excluding general solicitations
of the public that are not based in whole or in part on any list of customers of Landrum or any of its Affiliates) with any Person
that is or was a customer of Landrum or any of its Affiliates during the one-year period preceding the Closing Date for the purpose
of engaging in opportunities related to the Business or contracts related to the Business or, except in the ordinary course of
conducting the business described in Schedule 2, interfere with or damage (or attempt to interfere with or damage) any relationship
between Landrum or its Affiliates and any such customers.

 

    4

     

    

(c)               
The Individual covenants and agrees that during the Restricted Period, such Individual shall not directly or indirectly,
as employee, agent, consultant, director, equity holder, member, manager, partner or in any other capacity, without Simmons’
prior written consent, employ, engage, recruit, hire, solicit or induce, or cause others to solicit or induce, for employment or
engagement, any employee of Landrum or its Affiliates (excluding general solicitations of the public that are not based on any
list of, or directed at, employees of Landrum or its Affiliates).

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

3.1.            
Representations and Warranties of the Individual. The Individual hereby represents and warrants to Landrum and Simmons
as follows:

 

(a)               
Organization; Authorization; Validity of Agreement; Necessary Action. The Individual has the requisite power, capacity
and authority to execute and deliver this Agreement, to perform his or her obligations hereunder and to consummate the transactions
contemplated hereby. This Agreement has been duly and validly executed and delivered by the Individual and, assuming this Agreement
constitutes a valid and binding obligation of the other parties hereto, constitutes a legal, valid and binding obligation of the
Individual, enforceable against him or her in accordance with its terms (except as may be limited by the Bankruptcy and Equity
Exceptions).

 

(b)               
Ownership. Except for the Covered Shares, the Individual is not the Beneficial Owner or registered owner of any other
shares of Landrum Common Stock or rights to acquire Landrum Common Stock. The Existing Shares are, and all of the Covered Shares
owned by the Individual from the date hereof through and on the Closing Date will be, Beneficially Owned and owned of record by
the Individual except to the extent such Covered Shares are Transferred after the date hereof pursuant to a Permitted Transfer.
From the date hereof through and on the Closing Date, the Individual has and will have good and marketable title to the Existing
Shares, free and clear of any Encumbrances. As of the date hereof, the Individual has and will have at all times through the Closing
Date sole voting power (including the right to control such vote as contemplated herein), sole power of disposition, sole power
to issue instructions with respect to the matters set forth in ARTICLE II hereof, and sole power to agree to all of the matters
set forth in this Agreement, in each case with respect to all of the Individual’s Existing Shares and with respect to all
of the Covered Shares owned by the Individual at all times through the Closing Date. The Individual has possession of an outstanding
certificate or outstanding certificates representing all of the Covered Shares (other than Covered Shares held at the Depository
Trust Company and/or in book-entry form) and such certificate or certificates does or do not contain any legend or restriction
inconsistent with the terms of this Agreement, the Merger Agreement or the transactions contemplated hereby and thereby.

 

(c)               
No Violation. The execution and delivery of this Agreement by the Individual does not, and the performance by the
Individual of his or her obligations under this Agreement and the consummation by him or her of the transactions contemplated hereby
will not, (i) conflict with or violate, or require any Consent pursuant to, any Law or Order applicable to the Individual or by
which any of his or her Assets is bound, or (ii) conflict with, result in any Default, require any Consent pursuant to or result
in the creation of any Encumbrance on the Assets of the Individual pursuant to, any Contract to which the Individual is a party
or by which the Individual or any of his or her Assets or Covered Shares are bound.

 

    5

     

    

(d)               
Consents and Approvals. No Consent of the Individual’s spouse is necessary under any “community property”
or other laws in order for the Individual to enter into and perform his or her obligations under this Agreement.

 

(e)               
Legal Proceedings. There is no Litigation pending or, to the knowledge of the Individual, threatened against or affecting
the Individual or any of his or her Affiliates that could reasonably be expected to impair the ability of the Individual to perform
his or her obligations hereunder or to consummate the transactions contemplated hereby on a timely basis.

 

(f)                
Reliance by Simmons. The Individual understands and acknowledges that Simmons is entering into the Merger Agreement
in reliance upon the Individual’s execution and delivery of this Agreement and the representations and warranties of Individual
contained herein.

 

ARTICLE
IV

OTHER COVENANTS

 

4.1.            
Prohibition on Transfers; Other Actions.

 

(a)               
Until the earlier of the receipt of the Landrum Shareholder Approval or the date on which the Merger Agreement is terminated
in accordance with its terms, the Individual hereby agrees not to (i) Transfer any of the Covered Shares or any other interest
specifically in the Covered Shares unless such Transfer is a Permitted Transfer; (ii) enter into any Contract with any Person,
or take any other action, that violates or conflicts with or would reasonably be expected to violate or conflict with, or result
in or give rise to a violation of or conflict with, the Individual’s representations, warranties, covenants and obligations
under this Agreement; (iii) except as otherwise permitted by this Agreement or by Order, take any action that could restrict or
otherwise affect the Individual’s legal power, authority and right to vote all of the Covered Shares then Beneficially Owned
by him or her in accordance with this Agreement, or otherwise comply with and perform his or her covenants and obligations under
this Agreement; or (iv) publicly announce any intention to do any of the foregoing. Any Transfer in violation of this provision
shall be void. Following the date hereof, Landrum shall notify its transfer agent that there is a stop transfer order with respect
to all of the Covered Shares until the termination of this Agreement and that this Agreement places limits on the voting of the
Covered Shares subject to the provisions of this Agreement.

 

(b)               
The Individual understands and agrees that if the Individual attempts to Transfer, vote or provide any other Person with
the authority to vote any of the Covered Shares other than in compliance with this Agreement, Landrum shall not, and the Individual
hereby unconditionally and irrevocably instructs Landrum to not (i) permit such Transfer on its books and records, (ii) issue a
new certificate representing any of the Covered Shares, or (iii) record such vote unless and until the Individual shall have complied
with the terms of this Agreement.

 

(c)               
Statements. The Individual shall not make any statement, written or oral, to the effect that he or she does not support
the Merger or that other shareholders of Landrum should not support the Merger.

 

4.2.            
Certain Events. The Individual agrees that this Agreement and the obligations hereunder shall attach to the Covered
Shares and shall be binding upon any Person to which legal or Beneficial Ownership of the Covered Shares shall pass, whether by
operation of Law or otherwise, including the Individual’s successors or assigns. In the event of a stock split, stock dividend,
merger (other than the Merger), exchange, reorganization, recapitalization or distribution, or any change in the capital structure
of Landrum affecting the Landrum Common Stock, the terms “Existing Shares” and “Covered Shares” shall be
deemed to refer to and include such shares as well as all such additional securities of Landrum and any securities into which or
for which any or all of such securities may be changed or exchanged or which are received in such transaction.

 

    6

     

    

4.3.            
Notice of Acquisitions, etc. The Individual hereby agrees to notify Landrum as promptly as practicable (and in any
event within two Business Days after receipt) in writing of (i) the number of any additional shares of Landrum Common Stock or
other securities of Landrum of which the Individual acquires Beneficial Ownership on or after the date hereof and (ii) any proposed
Permitted Transfers of the Covered Shares, Beneficial Ownership thereof or other interest specifically therein.

 

4.4.            
Non-Solicit. In his or her capacity as a shareholder of Landrum, and not in his or her capacity as a [director][officer]
of Landrum, the Individual shall not, and shall use his or her reasonable best efforts to cause his or her Affiliates and each
of their respective Representatives not to, directly or indirectly, (a) solicit, initiate, encourage (including by providing information
or assistance), facilitate or induce any Acquisition Proposal, (b) engage or participate in any discussions or negotiations regarding,
or furnish or cause to be furnished to any Person any information or data in connection with, or take any other action to facilitate
any inquiries or the making of any offer or proposal that constitutes, or may reasonably be expected to lead to, an Acquisition
Proposal, (c) adopt, approve, agree to, accept, endorse or recommend any Acquisition Proposal, (d) solicit proxies or become a
“participant” in a “solicitation” (as such terms are defined in the Exchange Act) with respect to an Acquisition
Proposal or otherwise encourage or assist any party in taking or planning any action that would reasonably be expected to compete
with, restrain or otherwise serve to interfere with or inhibit the timely consummation of the Merger in accordance with the terms
of the Merger Agreement, (e) initiate a shareholders’ vote or action by consent of Landrum’s shareholders with respect
to an Acquisition Proposal, (f) except by reason of this Agreement, become a member of a “group” (as such term is used
in Section 13(d) of the Exchange Act) with respect to any voting securities of Landrum that takes any action in support of an Acquisition
Proposal, or (g) approve, endorse, recommend, agree to or accept, or propose to approve, endorse, recommend, agree to or accept,
any Acquisition Agreement contemplating or otherwise relating to any Acquisition Transaction.

 

4.5.            
Waiver of Appraisal Rights. To the fullest extent permitted by applicable Law, the Individual hereby waives any rights
of appraisal he or she may have under applicable Law.

 

4.6.            
Further Assurances. From time to time, at the request of Simmons and Landrum and without further consideration, the
Individual shall execute and deliver such additional documents and take all such further action as may be reasonably necessary
to effect the actions and consummate the transactions contemplated by this Agreement. Without limiting the foregoing, the Individual
hereby authorizes Simmons and Landrum to publish and disclose in any announcement or disclosure related to the Merger Agreement,
including the Proxy Statement/Prospectus, the Individual’s identity and Beneficial Ownership of the Covered Shares and the
nature of the Individual’s obligations under this Agreement.

 

ARTICLE
V

MISCELLANEOUS

 

5.1.            
Termination. This Agreement shall remain in effect until the earlier to occur of (a) the Closing and (b) the date
of termination of the Merger Agreement in accordance with its terms; provided, that (i) if the Closing occurs, the provisions of
Section 2.3 shall survive until the end of the Restricted Period, and (ii) the provisions of ARTICLE V shall survive any
termination of this Agreement. Nothing in this Section 5.1 and no termination of this Agreement shall relieve or otherwise
limit any party of liability for fraud, or willful or intentional breach of this Agreement.

 

5.2.            
No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Simmons or Landrum any direct
or indirect ownership or incidence of ownership of or with respect to any Covered Shares. All rights, ownership and economic benefits
of and relating to the Covered Shares, if any, shall remain vested in and belong to the Individual, and Simmons or Landrum shall
not have any authority to direct the Individual in the voting or disposition of any of the Covered Shares, except as otherwise
provided herein.

 

    7

     

    

5.3.            
Notices. All notices or other communications which are required or permitted hereunder shall be in writing and sufficient
if delivered by hand, by facsimile transmission (followed by overnight courier), by registered or certified mail, postage pre-paid,
or by courier or overnight carrier, or by email (with receipt confirmed) to the persons at the addresses set forth below (or at
such other address as may be provided hereunder), and shall be deemed to have been delivered as of the date so delivered:

 

(a)               
Simmons:

 

Simmons First National Corporation 

601 E. 3rd Street, 12th
Floor 

Little Rock, Arkansas 72201 

Facsimile Number: (870) 850-2605 

Attention: George A. Makris, Jr., Chairman &
CEO

Email: george.makris@simmonsbank.com

 

with a copy to:

 

Simmons First National Corporation 

601 E. 3rd Street, 12th
Floor 

Little Rock, Arkansas 72201 

Facsimile Number: (501) 558-3145 

Attention: Patrick A. Burrow, EVP & General
Counsel

Email: pat.burrow@simmonsbank.com

 

and

 

Covington & Burling LLP 

One CityCenter 

850 Tenth Street, NW 

Washington, DC 20001 

Facsimile Number: (202) 778-5988 

Attention: Frank M. Conner III 

Email: rconner@cov.com 

Attention: Michael P. Reed 

Email: mreed@cov.com

 

(b)               
Landrum:

 

The Landrum Company

801 East Broadway

Columbia, Missouri 65201

Facsimile Number: 573-875-1468

Attention: Kevin D. Gibbens

Email: kevin.gibbens@landmarkbank.com

 

    8

     

    

Copy to Counsel:

 

Polsinelli PC

100 South Fourth Street

St. Louis, Missouri 63102

Facsimile Number: 314-622-6701

Attention: Kenneth H. Suelthaus

Email: ksuelthaus@polsinelli.com

Attention: Larry K. Harris

Email: lharris@polsinelli.com

 

(c)               
 if to the Individual, to those persons indicated on Schedule 1.

 

5.4.            
Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against
any party hereto, whether under any rule of construction or otherwise. No party to this Agreement shall be considered the draftsman.
The parties hereto acknowledge and agree that this Agreement has been reviewed, negotiated, and accepted by all parties hereto
and their attorneys and, unless otherwise defined herein, the words used shall be construed and interpreted according to their
ordinary meaning so as fairly to accomplish the purposes and intentions of all parties hereto. Section headings of this Agreement
are for reference purposes only and are to be given no effect in the construction or interpretation of this Agreement. Whenever
the context may require, any pronoun used herein shall include the corresponding masculine, feminine or neuter forms. Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation.”

 

5.5.            
Counterparts; Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed
to be an original, but all of which together shall constitute one and the same instrument. This Agreement and any signed agreement
or instrument entered into in connection with this Agreement, and any amendments or waivers hereto or thereto, to the extent signed
and delivered by means of a facsimile machine or by e- mail delivery of a “.pdf” format data file, shall be treated
in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect
as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall
raise the use of a facsimile machine or e-mail delivery of a “.pdf” format data file to deliver a signature to this
Agreement or any amendment or waiver hereto or any agreement or instrument entered into in connection with this Agreement or the
fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or e-mail
delivery of a “.pdf” format data file as a defense to the formation of a contract and each party hereto forever waives
any such defense.

 

5.6.            
Entire Agreement. This Agreement and, to the extent referenced herein, the Merger Agreement, together with the several
agreements and other documents and instruments referred to herein or therein or annexed hereto or thereto, embody the complete
agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior
understandings, arrangements, agreements or representations by or among the parties hereto, written and oral, that may have related
to the subject matter hereof in any way.

 

5.7.            
Governing Law; Jurisdiction; Waiver of Jury Trial.

 

(a)               
The parties hereto agree that this Agreement shall be governed by and construed in all respects in accordance with the Laws
of the State of Arkansas without regard to any conflict of Laws or choice of Law principles that might otherwise refer construction
or interpretation of this Agreement to the substantive Law of another jurisdiction.

 

    9

     

    

(b)               
Each party hereto agrees that it will bring any action or proceeding in respect of any claim arising out of or related to
this Agreement or the transactions contemplated hereby exclusively in any federal or state court of competent jurisdiction located
in the State of Arkansas (the “Chosen Courts”), and, solely in connection with claims arising under this Agreement
or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the Chosen
Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection
that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service of process
upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 5.3.

 

(c)               
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
5.7.

 

5.8.            
Amendment; Waiver. To the extent permitted by Law, this Agreement may be amended or waived by a subsequent writing
signed by each of the parties hereto upon the approval of each of the parties hereto.

 

5.9.            
Enforcement of Agreement. The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement was not performed in accordance with its specific terms or was otherwise breached and that money damages
would be both incalculable and an insufficient remedy for any breach of this Agreement. It is accordingly agreed that the parties
hereto shall be entitled, without the requirement of posting bond, to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction,
this being in addition to any other remedy to which they are entitled at law or in equity. Each of the parties hereto waives any
defense in any action for specific performance that a remedy at law would be adequate.

 

5.10.         
Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall,
as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions
of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision
shall be interpreted to be only so broad as is enforceable.

 

    10

     

    

5.11.         
Assignment. Except as expressly contemplated hereby, neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned by any party hereto (whether by operation of Law or otherwise) without the prior written consent of
the other parties hereto. Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentences,
this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors
and assigns.

 

5.12.         
No Third Party Beneficiaries. Nothing in this Agreement (including the documents and instruments referred to herein)
expressed or implied, is intended to confer upon any Person, other than the parties hereto or their respective successors, any
rights, remedies, obligations, or liabilities under or by reason of this Agreement. The representations and warranties in this
Agreement are the product of negotiations among the parties hereto and are for the sole benefit of the parties hereto. Any inaccuracies
in such representations and warranties are subject to waiver by the parties hereto in accordance herewith without notice or liability
to any other Person. In some instances, the representations and warranties in this Agreement may represent an allocation among
the parties hereto of risks associated with particular matters regardless of the knowledge of any of the parties hereto. Consequently,
Persons other than the parties hereto may not rely upon the representations and warranties in this Agreement as characterizations
of actual facts or circumstances as of the date of this Agreement or as of any other date. Notwithstanding any other provision
hereof to the contrary, no Consent, approval or agreement of any third party beneficiary will be required to amend, modify to waive
any provision of this Agreement.

 

5.13.         
[Individual Capacity. The Individual is signing this Agreement solely in his or her capacity as a Beneficial Owner
of Landrum Common Stock, and nothing herein shall prohibit, prevent or preclude the Individual from taking or not taking any action
in the Individual’s capacity as an [officer][director] of Landrum to the extent permitted by the Merger Agreement.]

 

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    11

     

    

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be signed (where applicable, by their respective officers or other authorized Person thereunto duly authorized)
as of the date first written above.

 

SIMMONS FIRST NATIONAL CORPORATION

 

 

By: __________________________

Name:

Title:

 

 

 

 

 

THE Landrum COMPANY

 

 

By: __________________________

Name:

Title:

 

 

INDIVIDUAL

 

 

______________________________

Name:

 

 

 

 

 

 

 

 

 

 

[Signature Page to Support Agreement]

     

     

    

Schedule 1

 

Number of Existing Shares and Notice Information

 

 

	Name	 	Existing Shares
	 	 	 
	______________________________	 	_______________________________

         

 

 

Address for notice:

 

Name: ________________________

 

Street: ________________________

   ________________________

 

City, State: _____________________

 

ZIP Code: ______________________

 

Telephone: _____________________

 

Fax: __________________________

 

Email: ________________________

 

 

 

 

 

 

 

     

     

    

Schedule 2

 

[None.]

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