SIMMONS FIRST NATIONAL CORP
EXHIBIT 10.2
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<TYPE>EX-10.2
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<DESCRIPTION>EXHIBIT 10.2
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      EXHIBIT 10.2<br>
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      <b>NOTICE OF GRANT OF LONG TERM</b><br><b> INCENTIVE PLAN AWARD TO J.
      THOMAS MAY</b><br><br><br><br><br>
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      EXHIBIT 10.2<br>
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      <b>NOTICE OF GRANT OF LONG TERM INCENTIVE PLAN AWARD</b><br>
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            PARTICIPANT:&#160;&#160;J. Thomas May
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            DATE: March 24, 2008
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      You are hereby notified that the Nominating, Compensation and Corporate
      Governance Committee (&quot;<b>NCCGC</b>&quot;) 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 (&quot;<b>Plan</b>&quot;)
      adopted by the Board on March 24, 2008.
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      The Award provides you with a maximum compensation benefit equal to 65%
      of your Base Salary or $300,325.00. The Award is divided equally into a
      cash compensation segment in the maximum amount of $150,162.50 and an
      equity compensation segment consisting of up to 5,178 shares SFNC Class
      A common stock (&quot;<b>LTI Stock</b>&quot;), subject to performance vesting
      as described in the Plan.
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      The vesting of the award shall be based on the Company's performance
      compared to the designated peer group (&quot;<b>Peer Group</b>&quot;) for the
      three (3) Performance Criteria set forth below computed over a three (3)
      calendar year performance period commencing in January 1, 2008 (&quot;<b>Performance
      Period</b>&quot;). The Performance Criteria shall be Core Deposit Growth,
      Total revenue Growth and Earnings per Share Growth, as defined below. &quot;<b>Core
      Deposit Growth</b>&quot; shall mean the percentage growth of non-time
      deposits during the Performance Period. &quot;<b>Total Revenue Growth</b>&quot;
      shall mean the percentage growth of the sum of net interest income plus
      non-interest income during the Performance Period. &quot;<b>Earnings per
      Share Growth</b>&quot; shall mean the compounded average growth of earnings
      per share (excluding non recurring and extraordinary items) during the
      Performance Period.
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      This grant (cash and LTI Stock) shall be divided into three (3) equal
      sub-grants. Each sub-grant, consisting of $50,108.33 and 1,726 shares of
      LTI Stock, shall be identified with one of the Performance Criteria. If
      the Threshold level for any one or more of the Performance Criteria is
      not met at the end of the performance Period, no vesting will occur with
      respect to the sub-grant or sub-grants identified with such Performance
      Criteria and the participant will forfeit all compensation set forth in
      such sub-grant or sub-grants. If performance at or above the Threshold
      level is attained for one or more Performance Criteria for the
      Performance Period, the sub-grants identified to such Performance
      Criteria will vest in accordance with the formula set forth below.
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      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 62<sup>nd</sup>
      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.
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      The vesting may be illustrated by the following table:<br>
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            <b>Vesting<br><u>Level</u></b>
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            <b>Core<br>Deposit<br><u>Growth</u></b>
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          &#160;
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            <b>Total<br>Revenue<br><u>Growth</u></b>
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          &#160;
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            <b>EPS<br><u>Growth</u></b>
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          &#160;
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            <u><b>Vesting Pct.</b></u>
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            Threshold
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            50th Percentile
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            50th Percentile
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            50th Percentile
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            30.00%
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            Target
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            60th Percentile
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            60th Percentile
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            60th Percentile
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            53.33%
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            Target +
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            70th Percentile
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            70th Percentile
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            70th Percentile
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            76.67%
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            Maximum
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            80th Percentile
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            80th Percentile
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            80th Percentile
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            100.00%
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    <p style="text-indent: 30.0px; text-align: justify">
      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.
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      This Award is in all respects limited and conditioned as provided in the
      Plan, including but not limited to the following:
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    <p style="margin-left: 30.0px; text-indent: 30.0px; text-align: justify">
      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.
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      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.
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      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.
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      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.
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          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Tommie Jones
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            Tommie Jones, Senior Vice President,
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            Human Resources Group,
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            Simmons First National Corporation
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