Company: SFNC
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008639
Chunk: 60

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 9B
Chunk 60
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 of the Company, or a change in the ownership of a substantial portion of the assets of the Company, each as defined in Treasury Regulation Section 1.409A-3(i)(5). For purposes of the CIC Agreement, “termination compensation” means two times the sum of (1) Mr. Van Steenberg’s annual base salary as of his termination date and (2) the greater of (a) the average of any annual cash incentive award paid or payable to Mr. Van Steenberg for the Company’s last two completed fiscal years prior to his employment termination or (b) Mr. Van Steenberg’s target annual cash incentive award opportunity for the year in which Mr. Van Steenberg’s employment termination occurs. In order to receive termination compensation under the CIC Agreement, Mr. Van Steenberg must also execute a release of claims. The CIC Agreement provides that Mr. Van Steenberg may elect to continue any life insurance and accidental death and dismemberment coverage, provided that Mr. Van Steenberg will be responsible for payment of any premiums on any such continued coverage elected. The CIC Agreement has a three-year term that automatically renews for additional one-year periods unless the Company elects to terminate; provided that in the event of a change in control of the Company, if the CIC Agreement is still in effect, the CIC Agreement’s term will be amended to two years beginning on the date of the change in control.

The description of the CIC Agreement set forth in this Item 9B is not complete and is qualified in its entirety by reference to the full text of the CIC Agreement for Mr. Van Steenberg, which is included as Exhibit 10.40 to this Annual Report on Form 10-K and is incorporated herein by reference.

Bank Owned Life Insurance

The Company’s bank subsidiary, Simmons Bank, maintains the Simmons Bank Endorsement Split-Dollar Life Insurance Plan (“Split-Dollar Plan”) under which, among other things, Simmons Bank maintains life insurance on the lives of certain officers and provides, subject to certain terms and conditions set forth in the Split-Dollar Plan, a defined, lump sum life insurance benefit upon the death of the officer to such officer’s designated beneficiary, surviving spouse or estate (“Benefit”). Among certain other officers, George Makris, Jr., the Company’s chairman and chief executive officer, is a participant in the Split-Dollar Plan. Effective February 25, 2025, Mr. Makris’s Benefit was increased from $2,547,000 to