As discussed in its proxy statement for the 2020 annual meeting of shareholders, as part of its executive compensation program, Simmons First National Corporation (“Corporation”) provides annual cash incentive awards. For 2020, these awards were made under the cash incentive plan of the First Amended and Restated Simmons First National Corporation 2015 Incentive Plan (“Plan”). Consistent with the Corporation’s general practice, during the first quarter of 2020, the compensation committee (“Committee”) of the Corporation’s board of directors (“Board”) (and, in the case of the Corporation’s chief executive officer, the Board) approved the specific performance metrics – company-wide core diluted earnings per share (“Core EPS”) and efficiency ratio for the full year 2020 – and a “qualifying criterion” (i.e., a criterion that must be satisfied in order to receive a cash incentive award) applicable to the 2020 cash incentive awards. For each of the performance metrics, the Committee also approved threshold, target, and maximum payout opportunities. Cash incentive award opportunities were established for George Makris, Jr., the Corporation’s chief executive officer, Robert Fehlman, the Corporation’s chief financial officer, and Stephen Massanelli, the Corporation’s chief administrative officer (collectively, the “Named Executive Officers”), among certain other members of Corporation management. Under the Plan and the applicable award documents, the Committee retains the right to exercise discretion in determining the final amount of the 2020 cash incentive awards.

Largely due to the significant impact of the COVID-19 pandemic (“Pandemic”) on the Corporation’s business and operations and the economy generally, neither the threshold payout opportunity for the Core EPS performance metric nor the qualifying criterion applicable to the 2020 cash incentive awards for the Named Executive Officers was achieved. On January 20, 2021, the Committee (and, in the case of Mr. Makris, the Board, acting on January 21, 2021) exercised the discretion permitted under the Plan and the applicable award documents to allow for cash incentive awards to be paid to the Named Executive Officers and certain other members of Corporation management for 2020 performance. In exercising its discretion, the Committee, in consultation with its compensation consultant, considered a variety of factors, including, among others, the effect of the Pandemic on the Corporation’s business and operations, the extraordinary efforts of the Named Executive Officers and other members of management to respond timely and successfully to the challenges faced by the Corporation as a result of the Pandemic, the financial and operational performance of the Corporation in light of the Pandemic, the Corporation’s compensation philosophy, and the influence of compensation practices on the ability to attract and retain qualified executive leadership. To determine the final amount of the cash incentive awards, the Committee analyzed the Corporation’s Core EPS and efficiency ratio achieved during the first six months and the last six months of 2020 against performance standards associated with the Corporation’s budget for each period, based on the Committee’s determination that the impact of the Pandemic on the Corporation was strongest during the last six months of 2020. As a result of that review, the Committee (and, in the case of Mr. Makris, the Board) approved the payment of cash incentive awards for 2020 to the Named Executive Officers in the following amounts: George Makris, Jr. – $494,544; Robert Fehlman – $240,282; and Stephen Massanelli – $96,114. Each of these payments represents approximately 58% of the target payout opportunity for each Named Executive Officer’s 2020 cash incentive award.