Company: SFNC
Filing Date: 2025-04-03
Form Type: DEFR14A
Source: 0001174947-25-000480
Chunk: 48

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-04-03
Form: DEFR14A
Chunk 48
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 within one year of the change in control. In the case of PSUs, if the change in control occurs after the first nine months of the applicable performance period then the PSU will vest and be payable at the target benefit level, with the remaining portion of the PSU terminated. Also, any CIP benefits become payable at the target benefit level and are pro -ratedfor the period elapsed. Further, upon a change in control, the requirement under the deferred compensation agreements for each of the named executive officers that the participant remain employed until retirement age (age 60 for Messrs. Fehlman, Hobbs, Brogdon, and Makris III, and age 65 for Mr. Makris, Jr.) is void, and the benefit is immediately vested. The Company believes that CIC Agreements should encourage retention of the executives during the negotiation and following a change in control transaction, compensate executives who are displaced by a change in control and not serve as an incentive to increase an executive’s personal wealth. Therefore, the CIC Agreements require that there be both a change in control and an involuntary termination without “Cause” or a voluntary termination within six months after a “Trigger Event” which is often referred to as a “double -trigger.” The double -triggerensures that the Company will become obligated to make payments under the CIC Agreements only if the executive is actually or constructively discharged as a result of the change in control. After a prior review of the existing CIC Agreements, the Company adopted a policy not to approve any new CIC Agreements containing a single trigger or a tax gross -upfeature or any amendments to existing CIC Agreements to implement a single trigger or tax gross -upfeature. The Compensation Committee reviews the change in control arrangements annually and makes adjustments from time to time to ensure that they are consistent with its compensation philosophies, current market practices, and assigned duties and responsibilities. Other Guidelines and Procedures Affecting Executive Compensation Stock-Based Compensation Procedures Regarding Compensation Committee and Board Approval. The Compensation Committee approves all grants of stock -basedcompensation, except that any proposed stock -basedcompensation to the CEO (and during 2023 and 2024, to the Executive Chairman) is originated and recommended by the Compensation Committee and then submitted to the Board for approval. Grants to the CEO (or, if applicable, the Executive Chairman) may or may not occur simultaneously with grants to other executives. Prospective grants of stock -basedcompensation to other executives are generally proposed to the Compensation