Simmons First National enters new compensatory agreements with CFO; awards discretionary cash incentives for 2023

SIMMONS FIRST NATIONAL CORP

CFO C. Daniel Hobbs receives new indemnification, change-in-control severance (2x salary+ avg bonus), and deferred comp (30% of avg 5-yr salary for 180 months) agreements.
2023 cash incentive awards paid at 35% of target: CEO Fehlman $262,500; President Brogdon $192,500; CAO Massanelli $63,350.
Threshold performance metrics for adjusted pre-provision net revenue and efficiency ratio were not met; committee exercised discretion based on individual performance and retention considerations.
Change-in-control severance agreement has three-year term with automatic renewal; deferred comp vests at age 60 with earlier vesting on death, disability, or change in control.

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