Company: SFNC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001174947-25-000476
Chunk: 63

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 63
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 the benefits are fully vested. The Hobbs Plan provides a benefit upon normal retirement at or after age60, or upon death or disability prior to age60, a monthly sum equal to one twelfth (1/12) of thirty percent (30%) of the final average compensation (the average compensation paid to him by the Company for the most recent five consecutive calendar years). The benefit payments begin on the first day of the next succeeding calendar month following retirement, death or disability and continue for 180 consecutive months. Compensation for purposes of the Hobbs Plan includes salary but excludes bonus, short -termincentive compensation programs (CIP), equity compensation plans (stock options, RSAs, RSUs and PSUs) and long -termincentive compensation programs. Makris, Jr. Plan The supplemental executive defined benefit retirement agreement for George A. Makris, Jr. was established in 2013 and amended in 2018 (and amended again in January 2023). The Makris, Jr. Plan is designed to work with the other retirement arrangements of the Company, on an aggregated basis with Social Security benefits, to provide a targeted level of benefits for Mr. Makris, Jr. The Makris, Jr. Plan requires Mr. Makris, Jr. to remain in the employ of the Company until he attains age 65 to be eligible to receive benefits under the agreement (and, therefore, these benefits are fully vested), provided that in the event of a change in control the benefits are fully vested. The Makris, Jr. Plan provides a benefit upon normal retirement at or after age65, or upon death or disability prior to age65, a monthly sum equal to one twelfth (1/12) of twenty percent (20%) of the final average compensation (the average compensation paid to him by the Company for the most recent five consecutive calendar years; provided that, under the January 2023 amendment, the five year period ends with 2022), but in no event shall the monthly sum be less than $8,333.33. The benefit payments begin on the first day of the seventh month following retirement, death or disability and continue for 120 consecutive months. Compensation for purposes of the Makris, Jr. Plan includes salary, bonus and short -termincentive compensation programs (CIP), but excludes equity compensation plans (stock options, RSAs, RSUs and PSUs) and long -termincentive compensation programs. Additionally, under the January 2023 amendment, final average compensation is