SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Exchange Act of 1934 (Amendment No. )
ANNUAL MEETING OF SHAREHOLDERS
(as distributed on February 16, 2018)
Pine Bluff, Arkansas
February 16, 2018
SIMMONS FIRST NATIONAL CORPORATION
P. O. Box 7009
Pine Bluff, Arkansas 71611
Meeting to be held on April 19, 2018
17, 2019
Proxy and Proxy Statement furnished on or about March 14, 2018
12, 2019
If your shares are held in a brokerage account or by another nominee, you are considered the "beneficial owner"“beneficial owner” of shares held in "street“street name,"” and these proxy materials have been forwarded to you by your broker or nominee (the "record holder"“record holder”) along with a voting instruction card. As the beneficial owner, you have the right to direct your record holder how to vote your shares, and the record holder is required to vote your shares in accordance with your instructions. A broker non-vote occurs when a nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee has not received voting instructions from the beneficial owner and does not have discretionary voting power with respect to that item. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory rules of Financial Industry Regulatory Authority and New York Stock Exchange, brokers or other nominees may not exercise discretionary voting power on the election of directors, executive compensation or other significant matters as determined by the Securities and Exchange Commission. While brokers or other nominees might still be permitted to exercise discretionary voting power for Proposal 4 (the ratification of BKD, LLP as our independent auditor), brokers and other nominees may not exercise discretionary voting power for Proposals 1 through 3 (number of directors, election of directors and approval of executive compensation) or Proposal 5 (approval of increase in authorized shares)(amendments to the 2015 Employee Stock Purchase Plan). Due to the broad and indefinite scope of the discretionary voting prohibition, it is not expected that brokers or other nominees will attempt to exercise any discretionary voting power. As a result, if you do not provide specific voting instructions to your record holder, the record holder may not vote the shares on Proposals 1 through 3 or Proposal 5. Accordingly, it is particularly important that you provide voting instructions to your broker or other nominee so that your shares may be voted on the matters presented at the Annual Meeting.
Name and Address of Beneficial Owner | Shares Owned Beneficially [a] | Percent of Class | ||
BlackRock, Inc.[b] | 10,445,476 | 11.40% | ||
40 East 52nd Street | ||||
New York, New York 10022 | ||||
The Vanguard Group [c] | 7,389,146 | 8.03% | ||
100 Vanguard Blvd. | ||||
Malvern, PA 19355 | ||||
Dimensional Fund Advisors LP [d] | 4,674,730 | 5.08% | ||
Building One | ||||
6200 Bee Cave Road | ||||
Austin, TX 78746 | ||||
George A. Makris Jr. [e] | 529,728 | * | ||
Robert A. Fehlman [f] | 174,534 | * | ||
Marty D. Casteel [g] | 212,282 | * | ||
Mark W. Funke [h] | 129,650 | * | ||
Paul D. Kanneman | 5,536 | * | ||
All directors and officers as a group (28 persons) | 2,543,894 | 2.76% |
Name and Address of Beneficial Owner | | | Shares Owned Beneficially(a) | | | Percent of Class | | ||||||
BlackRock, Inc.(b) 40 East 52nd Street New York, New York 10022 | | | | | 13,561,463 | | | | | | 14.66% | | |
The Vanguard Group(c) 100 Vanguard Blvd. Malvern, PA 19355 | | | | | 8,632,444 | | | | | | 9.33% | | |
Dimensional Fund Advisors LP(d) Building One 6200 Bee Cave Road Austin, TX 78746 | | | | | 5,353,621 | | | | | | 5.79% | | |
Name and Address of Beneficial Owner | | | Shares Owned Beneficially(a) | | | Percent of Class | | ||||||
George A. Makris Jr.(e) | | | | | 565,967 | | | | | | * | | |
Robert A. Fehlman(f) | | | | | 160,533 | | | | | | * | | |
Marty D. Casteel(g) | | | | | 214,062 | | | | | | * | | |
Stephen C. Massanelli(h) | | | | | 72,114 | | | | | | * | | |
Patrick A. Burrow(i) | | | | | 86,341 | | | | | | * | | |
Mark W. Funke(j) | | | | | 118,503 | | | | | | * | | |
Barry K. Ledbetter(k) | | | | | 99,005 | | | | | | * | | |
All directors and officers as a group (22 persons) | | | | | 1,870,583 | | | | | | 2.02% | | |
Name | | | Board of Directors | | | Audit Committee | | | Compensation Committee | | | Nominating & Corporate Governance Committee | ||||
| Committee | |||||||||||||||
Jay D. Burchfield | | Independent | | | Independent | | | Independent | | | * | | * | | ||
William E. Clark, II | | | Independent | | | * | | * | | | * | | | Independent | | |
Steven A. Cossé | | Independent | | Independent | | | Independent | | | Independent | | | Independent | | ||
Mark C. Doramus | | | Independent | | | * | | | Independent | | | * | | | Independent | |
Edward Drilling | | Independent | | Independent | | | * | | | * | | | Independent | | ||
Eugene Hunt | | Independent | | Independent | | | * | | | * | | | Independent | | ||
Jerry Hunter | | | Independent | | | * | | Independent | | | Independent | | | * | | |
Christopher R. Kirkland | | | Independent | | | * | | * | | | * | | | * | | |
Susan Lanigan | | | Independent | | | * | | Independent | | Independent | | | Independent | | ||
W. Scott McGeorge | | Independent | | | Independent | | | Independent | | | Independent | | | * | ||
George A. Makris, Jr. | | | Not Independent | | * | | | * | | | * | | | * | | |
Tom Purvis | | | Independent | | | * | | * | | | * | | | * | | |
Robert L. Shoptaw | | Independent | | Independent | | | Independent | | | Independent | | | Independent | | ||
Russell W. Teubner | | | Independent | | | * | | | * | | | * | | | Independent | |
Mindy West | | Independent | | | Independent | | | Independent | | | * | | | * | |
Mr. Burchfield currently serves as a Director of O’Reilly Automotive, Inc. In this role, he serves as Chairman of its Compensation CommitteeLead Director and as a member of its Corporate GovernanceCompensation and Audit Committees. Mr. Burchfield also serves as Senior Principal of SilverTree Companies, a real estate company.
Young Presidents Organization, the Dean’s Executive Advisory Board for the Walton College of Business at the University of Arkansas, and Arkansas Executive Forum.
He is also a member of the Board of Trustees of Loyola University New Orleans.
Edward Drilling
Mr. Kirkland received a B.A. degree in economics from the University of Tennessee –— Knoxville in 1992 and an M.B.A. degree from the Owen Graduate School of Management at Vanderbilt University in 1998.
She also served as Executive Vice President of Chico’s FAS, Inc. (a NYSE company) from May 2016 to her retirement in July 2018.
The Board believes that Mr. Makris'Makris’ experience as the Chairman and Chief Executive Officer of the Company and his experience as a business executive and long-term resident of central and southeastern Arkansas provides needed skills and insight into the banking and financial services business conducted by the Company as well as the executive management of a separate successful business enterprise in Arkansas.
Mindy West
Name | | | Age | | | Principal Occupation | | | Director Since | | | Shares Owned(a) | | | Percent of Class | | ||||||
Jay Burchfield | | | 72 | | | Retired, formerly Chairman, Trust Company of the Ozarks | | | 2015 | | | | | 91,164 | | | | | | * | | |
William E. Clark, II | | | 49 | | | Chairman and CEO, Clark Contractors, LLC (Construction) | | | 2008 | | | | | 15,750(b) | | | | | | * | | |
Steven A. Cossé | | | 71 | | | Retired President and CEO Murphy Oil Corporation | | | 2004 | | | | | 61,412(c) | | | | | | * | | |
Mark C. Doramus | | | 60 | | | Chief Financial Officer, Stephens Inc. | | | 2015 | | | | | 11,856(d) | | | | | | * | | |
Edward Drilling | | | 63 | | | SVP of External and Regulatory Affairs, AT&T Inc. | | | 2008 | | | | | 10,625 | | | | | | * | | |
Eugene Hunt | | | 73 | | | Attorney | | | 2009 | | | | | 11,755(e) | | | | | | * | | |
Jerry Hunter | | | 66 | | | Partner, Bryan Cave Leighton Paisner LLP | | | 2017 | | | | | 3,110 | | | | | | * | | |
Christopher R. Kirkland | | | 49 | | | Principal, The Kirkland Group (Real Estate) | | | 2015 | | | | | 176,064(f) | | | | | | * | | |
Susan Lanigan | | | 56 | | | Retired EVP & General Counsel, Chico’s FAS, Inc. | | | 2017 | | | | | 3,555 | | | | | | * | | |
W. Scott McGeorge | | | 75 | | | Chairman, Pine Bluff Sand and Gravel Company | | | 2005 | | | | | 91,702 | | | | | | * | | |
George A. Makris, Jr. | | | 62 | | | Chairman and Chief Executive Officer of the Company | | | 1997 | | | | | 565,967(g) | | | | | | * | | |
Tom Purvis | | | 60 | | | Partner, L2L Development Advisors, LLC (Real Estate) | | | 2017 | | | | | 18,390 | | | | | | * | | |
Robert L. Shoptaw | | | 72 | | | Retired Executive, Arkansas Blue Cross and Blue Shield | | | 2006 | | | | | 58,681(h) | | | | | | * | | |
Russell W. Teubner | | | 62 | | | CEO, HostBridge Technology, LLC | | | 2017 | | | | | 97,316(i) | | | | | | * | | |
Mindy West | | | 50 | | | Executive Vice President, Chief Financial Officer and Treasurer Murphy USA Inc. | | | 2017 | | | | | 3,784 | | | | | | * | | |
Principal | Director | Shares | Percent | ||
Name | Age | Occupation | Since | Owned [a] | of Class |
Jay Burchfield | 71 | Retired, formerly Chairman, | 2015 | 107,666 | * |
Trust Company of the Ozarks | |||||
William E. Clark, II | 48 | Chairman and CEO, | 2008 | 14,110[b] | * |
Clark Contractors, LLC | |||||
(Construction) | |||||
Steven A. Cossé | 70 | Retired, President and CEO | 2004 | 59,772[c] | * |
Murphy Oil Corporation | |||||
Mark C. Doramus | 59 | Chief Financial Officer, | 2015 | 6,876[d] | * |
Stephens Inc. | |||||
Edward Drilling | 62 | Arkansas President, AT&T Corp. | 2008 | 8,985 | * |
Eugene Hunt | 72 | Attorney | 2009 | 9,678[e] | * |
Jerry Hunter | 65 | Partner, Bryan Cave LLP | 2017 | 1,470 | * |
Christopher R. Kirkland | 48 | Principal, The Kirkland Group | 2015 | 174,424[f] | * |
(Real Estate) | |||||
Susan Lanigan | 55 | EVP, General Counsel, | 2017 | 1,668 | * |
Chico’s FAS, Inc. | |||||
W. Scott McGeorge | 74 | Chairman, Pine Bluff | 2005 | 90,062 | * |
Sand and Gravel Company | |||||
George A. Makris, Jr. | 61 | Chairman and Chief Executive | 1997 | 529,728[g] | * |
Officer of the Company, formerly | |||||
President, M. K. Distributors, Inc. | |||||
(Beverage Distributor) | |||||
Tom Purvis | 59 | Partner, L2L Development | 2017 | 17,290 | * |
Advisors, LLC (Real Estate) | |||||
Robert L. Shoptaw | 71 | Retired Executive, Arkansas | 2006 | 56,546[h] | * |
Blue Cross and Blue Shield | |||||
Russell W. Teubner | 61 | CEO, HostBridge | 2017 | 80,772[i] | * |
Technology, LLC | |||||
Mindy West | 49 | Executive Vice President, Chief | 2017 | 1,638 | * |
Financial Officer and Treasurer | |||||
Murphy USA Inc. |
2018.
2018.
2018.
Role of Board in Risk Oversight
| Correspondence should be addressed to: | | | Simmons First National Corporation |
Board of Directors | ||||
Attention: (Chairman or Specific Director) | ||||
P. O. Box 7009 | ||||
Pine Bluff, Arkansas 71611 | |
The NCGC has not set any minimum qualifications for a proposed nominee to be eligible for recommendation to be elected as a director of the Company. The corporate governance principles provide that the NCGC shall consider the following criteria, without any specified priority or weighting, in evaluating proposed nominees for director:
In addition, none of the committee members were formerly officers of the Company.
The Compensation Committee also retained Korn/Ferry International as its compensation advisor for a portion of 2018, prior to the committee’s engagement of Pearl Meyer & Partners, LLC.
In determining the amount of named executive officer compensation each year, the Compensation Committee reviews competitive market data from the banking industry as a whole and the peer group specifically. It makes specific compensation decisions and grants based on such data, Company performance and individual performance and circumstances. For performance-based incentives, the committee sets performance targets using management'smanagement’s internal business plan, industry and market conditions and other factors.
Name | Age | Position | Years Served |
George A. Makris, Jr. | 61 | Chairman and Chief Executive Officer | 5 |
Robert A. Fehlman | 53 | Senior Executive Vice President, Chief | 29 |
Financial Officer and Treasurer | |||
Marty D. Casteel | 66 | Senior Executive Vice President (Company); | 29 |
Chairman, President and Chief Executive Officer (Bank) | |||
Stephen C. Massanelli [1] | 62 | Executive Vice President (Company and Bank) and | 3 |
Chief Administrative Officer (Bank) | |||
Patrick A. Burrow [2] | 64 | Executive Vice President, General Counsel | 3 |
and Secretary (Company and Bank) | |||
Barry K. Ledbetter | 55 | Executive Vice President and Chief | 32 |
Banking Officer (Bank) | |||
Steve C. Wade | 63 | Executive Vice President and Chief | 16 |
Credit Officer (Bank) | |||
Jennifer B. Compton [3] | 45 | Executive Vice President, Chief People Officer and | 2 |
Assistant General Counsel (Company and Bank) | |||
David W. Garner | 48 | Executive Vice President, Chief Accounting | 20 |
Officer (Company and Bank) and Controller (Bank) | |||
Paul D. Kanneman [4] | 60 | Executive Vice President and Chief Information Officer | 1 |
(Company and Bank) | |||
Johnny W. McCaleb [5] | 64 | Executive Vice President, Chief Audit Executive | 1 |
(Company and Bank) and Chief Risk Officer (Company) | |||
James P. Neeley [6] | 59 | Executive Director of Finance & Accounting (Bank) | 0 |
Mark W. Funke [7] | 62 | President, Bank SNB | 0 |
Vernon W. Bryant, Jr. [8] | 76 | President, North Texas Division (Bank) | 0 |
Name | | | Age | | | Position | | | Years Served | |
George A. Makris, Jr. | | | 62 | | | Chairman and Chief Executive Officer | | | 6 | |
Robert A. Fehlman | | | 54 | | | Senior Executive Vice President, Chief Financial Officer and Treasurer | | | 30 | |
Marty D. Casteel | | | 67 | | | Senior Executive Vice President (Company); Chairman, President and Chief Executive Officer (Bank) | | | 30 | |
Stephen C. Massanelli(1) | | | 63 | | | Executive Vice President (Company and Bank) and Chief Administrative Officer (Bank) | | | 4 | |
Patrick A. Burrow(2) | | | 65 | | | Executive Vice President, General Counsel and Secretary (Company and Bank) | | | 4 | |
Jennifer B. Compton(3) | | | 46 | | | Executive Vice President, Chief People and Marketing Officer and Assistant General Counsel (Company and Bank) | | | 3 | |
[1]
Name | | | Age | | | Position | | | Years Served | |
David W. Garner | | | 49 | | | Executive Vice President, Chief Accounting Officer (Company and Bank) and Controller (Bank) | | | 21 | |
Paul D. Kanneman(4) | | | 61 | | | Executive Vice President and Chief Information Officer (Company and Bank) | | | 2 | |
[2]
[3]
[4]
[5] Mr. McCaleb was hired as Executive Vice President and Chief Audit Executive on June 20, 2016. He was previously an Audit Partner at BKD, LLP, a national accounting and advisory firm.
[6] Mr. Neeley was hired as Executive Director of Finance & Accounting on August 14, 2017. He previously served as Under Secretary of Business Affairs, as well as Chief Business Officer, for the Chickasaw Nation Department of Commerce.
[7] Mr. Funke has served as president of Bank SNB since 2012. Bank SNB became a wholly-owned subsidiary of the Company after its former holding company, Southwest Bancorp, Inc., merged into the Company on October 19, 2017.
[8] Mr. Bryant was appointed North Texas Division President upon the merger of Southwest Bank, based in Fort Worth, TX, into Simmons Bank on February 20, 2018. Previously, Mr. Bryant served as Chairman and CEO of Southwest Bank.
Shoptaw, and Mindy West.
Prior to setting the peer group, the committee obtains the recommendation of its compensation consultants on the makeup of its peer group. Because of its growth strategy, the compensation consultant recommended a peer group of publicly traded regional banks with assets between approximately $3.8$7 billion to $15.1$28 billion (approximately one half to twice the Company’s size at the time of the recommendation) located in the states of Alabama, Arkansas, Colorado, Florida, Georgia, Iowa, Illinois, Kansas, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, Nebraska, Oklahoma, South Carolina, Tennessee, and Texas. In recent years, due to the consolidation in the banking industry, there has been a significant reduction in the number of organizations satisfying the peer group criteria. The Compensation Committee adopted the peer group as recommended by its compensation consultant. For our compensation analysis for 2017,2018, the peer group consisted of 21 banking organizations,organizations; the name and ticker symbol for each member of the peer group isare set forth below:
BancorpSouth Inc. (BXS) | | | Bank | | |
Capital Bank Financial Corp. (CBF) | | | Commerce Bancshares, Inc. (CBSH) | | |
First Midwest Bancorp Inc. (FMBI) | | | Hancock Whitney Corporation (HWC) | | |
| Heartland Financial USA Inc. (HTLF) | | | Home BancShares Inc. (HOMB) | |
| IBERIABANK Corp. (IBKC) | | | International Bancshares Corp. (IBOC) | |
The committee believes the peer group was indicative of the market in which the Company competed for the employment and retention of executive management in early 2017, as such institutions were of similar size and had similar numbers of employees, product offerings and geographic scope.
However, due to the Company’s recent growth, during 2017, the compensation consultant recommended adjustments to the peer group to consist of publicly traded regional banks with assets between approximately $7 billion to $28 billion (approximately one half to twice the Company’s size following the acquisitions of First Texas BHC, Inc. and Southwest Bancorp, Inc.) located in the same geographic area. In July 2017, the Compensation Committee approved the peer group changes recommended by its compensation consultant to be effective the following year. Therefore, for 2018, the peer group will consist of 21 banking organizations, the name and ticker symbol for each member of the peer group is set forth below:
Legacy Texas Financial Group, Inc. (LTXB) | | | MB Financial Inc. (MBFI) | | |
| Pinnacle Financial Partners Inc. (PNFP) | | | Prosperity Bancshares, Inc. (PB) | |
| Renasant Corp. (RNST) | | | South State Corporation (SSB) | |
| Texas Capital Bancshares Inc. (TCBI) | | | Trustmark Corp. (TRMK) | |
| UMB Financial Corp. (UMBF) | | | United Community Banks Inc. (UCBI) | |
| Wintrust Financial Corp. (WTFC) | | | | |
Decisions Regarding Composition of Total Direct Compensation
"
As discussed above, the Company'sCompany’s executive compensation program emphasizes targeting the total amount of compensation to peer group practices with a mix of compensation, including a significant component of incentive compensation. At lower executive levels, base salaries represent a larger proportion of total compensationcompensation; but at senior executive levels, total compensation contains a larger component of incentive compensation opportunities.
Historically,
, each of which were consummated during 2017 (collectively, the “2017 Acquisitions”) (the Compensation Committee also approved one-time, discretionary bonuses related to the 2017 Acquisitions for Messrs. Fehlman, Casteel, Massanelli, and Burrow in December 2017). While the Company does not have a practice of regularly utilizing discretionary bonuses as a significant part of the executive compensation program, the Company does believe that such compensation may be appropriate in special corporate situations, particularly in connection with the Company’s successful merger and acquisition activities. The Company believes that, although mergers and acquisitions are an important part of the Company’s overall growth strategy, these transactions are complex, opportunistic events that are difficult to predict from a timing perspective and that must be carefully evaluated when they arise, and the Company believes that building into the long-term incentive plan (discussed in greater detail below) an expectation that the Company must continue to engage in mergers and acquisitions over the course of a particular performance period could incent executive officers to seek transactions that may pose higher levels of risk to, and uncertainty for, the Company’s long-term performance. Therefore, the Company believes it is more appropriate to use one-time, discretionary bonuses to reward executives for exemplary leadership and service when deemed warranted in connection with important, strategic corporate transactions. Recently, these bonuses have been issued in the form of restricted stock units as a method for aligning shareholder interests with the interests of management.
• the executive’s target award; • the goals set for the Company; • the payout amounts established by |
Effective for 2017, the Compensation Committee approvedwhich correspond to Threshold, Target and Maximum levels of performance; and
Since 2016, With the exception of Mr. Ledbetter’s performance criteria, which were adjusted from a variety of individual performance factors in 2017 to the use of pre-tax earnings for the Company’s Southeast Division in 2018 (in order to better align his incentive with his area of oversight), the 2018 CIP plan design reflects changes to prior year practicesis consistent with the design implemented after thein 2017.
The committeeCommittee sets the performance measures in the first quarter of each year based on management'smanagement’s confidential business plan and budget for the coming year, which typically includes planned revenue growth, cost management and profit goals. The committee also sets threshold, target and maximum performance levels. Maximum performance levels reflect ambitious goals which can only be attained when business results are exceptional. Threshold performance levels for the components are usually set at the prior year'syear’s performance level (unless a higher threshold is determined to be appropriate due to unsatisfactory financial performance in the prior year) or based on an analysis of the budget for the coming year.
Targeted Benefit | Targeted Benefit | |
Executive Name & Title | (% of Base Salary) | ($) |
George A. Makris, Jr., Chief Executive Officer | 85.00% | $556,750 |
Robert A. Fehlman, Chief Financial Officer | 70.00% | $248,500 |
Marty D. Casteel, Senior Executive Vice President | 70.00% | $248,500 |
Mark W. Funke, President & CEO, Bank SNB | * | * |
Paul D. Kanneman, EVP, Chief Information Officer | 40.00% | $102,000 |
Executive Name & Title | | | Targeted Benefit (% of Base Salary) | | | Targeted Benefit ($) | | ||||||
George A. Makris, Jr., Chief Executive Officer | | | | | 100.00% | | | | | $ | 720,000 | | |
Robert A. Fehlman, Chief Financial Officer | | | | | 70.00% | | | | | $ | 262,500 | | |
Marty D. Casteel, Senior Executive Vice President | | | | | 70.00% | | | | | $ | 262,500 | | |
Stephen C. Massanelli, EVP, Chief Administrative Officer | | | | | 45.00% | | | | | $ | 135,000 | | |
Patrick A. Burrow, EVP, General Counsel, & Secretary | | | | | 40.00% | | | | | $ | 112,800 | | |
Mark W. Funke, Southwest Division President, Simmons Bank | | | | | 40.00% | | | | | $ | 186,000 | | |
Barry K. Ledbetter, Southeast Division President, Simmons Bank | | | | | 40.00% | | | | | $ | 131,207 | | |
* Mr. Funke was employed by the Company in October, 2017 following the Southwest Bancorp, Inc. acquisition and did not participate in the CIP program during 2017.
All NEOs | ||
Component | (except Kanneman) | Kanneman |
Core Diluted Earnings per Share | 50% | 35% |
Efficiency Ratio | 50% | 35% |
Individual Performance Criteria | 0% | 30% |
Component | | | All NEOs (except Ledbetter) | | | Ledbetter | | ||||||
Core Diluted Earnings per Share | | | | | 50% | | | | | | 0% | | |
Efficiency Ratio | | | | | 50% | | | | | | 0% | | |
Southeast Division Pre-Tax Earnings | | | | | 0% | | | | | | 100% | | |
The core diluted earnings per share is based upon the Company'sCompany’s core earnings (net income adjusted to exclude the tax adjusted merger related expense, branch right sizing expense, any FDIC Loss Share termination expense and any non-recurring expenses) divided by the diluted average number of shares outstanding for the period. For the participating named executive officers (except Mr. Ledbetter), this component is allocated 50% of the participant'sparticipant’s targeted CIP benefit. The performance levels for 20172018 were set by the Compensation Committee based upon the Company’s performance for 2016.2017, while also taking into account the impact of the 2017 Acquisitions and the 2017 revisions to the federal tax laws. The core earnings per share target is set at $1.775, representing$2.34, which represents an 8%approximately 37% increase from the Company’s diluted core earnings per share for 2016.2017. The threshold level is set at $1.64 (2016$1.71 (2017 actual diluted core earnings per share) and the maximum is set at $1.86$2.45 (105% of the target level). (Notably, for purposes of discussion, metrics throughout this proxy statement have been adjusted to reflect a 2-for-1 stock split, which was effected on February 8, 2018.) If the core earnings per share is below the threshold, there will be no core earnings per share entitlement. The prorated formula for performance in excess of the ThresholdTarget but less than TargetMaximum provided a benefit from the corporate core net income component of 74%127% of the allocated target benefit. A more detailed discussion on CIP qualifying and limitation criteria is set forth below.
2017 Prorated | ||||||||||||||||||||
Threshold | Target | Maximum | 2017 Results | Benefit Level | ||||||||||||||||
Benefit Level [1] | 50% | 100% | 200% | |||||||||||||||||
Core Diluted Earnings per share | $ | 1.64 | $ | 1.775 | $ | 1.86 | $ | 1.705 | 74.0 | % | ||||||||||
Efficiency Ratio | 59.0 | % | 56.0 | % | 53.0 | % | 55.3 | % | 123.0 | % | ||||||||||
Aggregate Benefit [2] | 98.5 | % |
[1]
Benefit Level(1) | | | Threshold 50% | | | Target 100% | | | Maximum 200% | | | 2018 Results | | | 2018 Prorated Benefit Level | | |||||||||||||||
Core Diluted Earnings per share | | | | $ | 1.71 | | | | | $ | 2.34 | | | | | $ | 2.45 | | | | | $ | 2.37 | | | | | | 127.0% | | |
Efficiency Ratio | | | | | 56.0% | | | | | | 53.0% | | | | | | 50.0% | | | | | | 52.9% | | | | | | 103.0% | | |
Aggregate Benefit(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 115.0% | | |
[2]
NEOs (except Mr. Ledbetter).
Benefit Level(1) | | | Threshold 50% | | | Target 100% | | | Maximum 200% | | | 2018 Results | | | 2018 Benefit Level | | |||||||||||||||
Southeast Division Pre-Tax Earnings | | | | $ | 211,814,000 | | | | | $ | 222,962,000 | | | | | $ | 234,110,000 | | | | | $ | 221,411,000 | | | | | | 93.0% | | |
Weighting | Targeted | Earned Benefit | Incentive | |||||||||||||
Factor | Incentive | Level | Earned | |||||||||||||
Name | Component | (%) | ($) | (%) | ($) | |||||||||||
George A. Makris, Jr. | Core Diluted Earnings per share | 50% | $ | 278,375 | 74.0% | $ | 205,998 | |||||||||
Efficiency Ratio | 50% | 278,375 | 123.0% | 342,401 | ||||||||||||
Total CIP Benefit | 98.5% | $ | 548,399 | |||||||||||||
Robert A. Fehlman | Core Diluted Earnings per share | 50% | $ | 124,250 | 74.0% | $ | 91,945 | |||||||||
Efficiency Ratio | 50% | 124,250 | 123.0% | 152,828 | ||||||||||||
Total CIP Benefit | 98.5% | $ | 244,773 | |||||||||||||
Marty D. Casteel | Core Diluted Earnings per share | 50% | $ | 124,250 | 74.0% | $ | 91,945 | |||||||||
Efficiency Ratio | 50% | 124,250 | 123.0% | 152,828 | ||||||||||||
Total CIP Benefit | 98.5% | $ | 244,773 | |||||||||||||
Mark W. Funke [a] | ||||||||||||||||
Paul D. Kanneman | Core Diluted Earnings per share | 35% | $ | 35,700 | 74.0% | $ | 26,418 | |||||||||
Efficiency Ratio | 35% | 35,700 | 123.0% | 43,911 | ||||||||||||
Individual Performance Factors | 30% | 30,600 | 66.7% | 20,400 | ||||||||||||
Total CIP Benefit | 89.0% | $ | 90,729 |
Name | | | Component | | | Weighting Factor (%) | | | Targeted Incentive ($) | | | Earned Benefit Level (%) | | | Incentive Earned ($) | | ||||||||||||
George A. Makris, Jr. | | | Core Diluted Earnings per share Efficiency Ratio Total CIP Benefit | | | | | 50% | | | | | $ | 360,000 | | | | | | 127.0% | | | | | $ | 457,200 | | |
| | | 50% | | | | | | 360,000 | | | | | | 103.0% | | | | | | 370,800 | | | |||||
| | | | | | | | | | | | | | | 115.0% | | | | | $ | 828,000 | | | |||||
Robert A. Fehlman | | | Core Diluted Earnings per share Efficiency Ratio Total CIP Benefit | | | | | 50% | | | | | $ | 131,250 | | | | | | 127.0% | | | | | $ | 166,688 | | |
| | | 50% | | | | | | 131,250 | | | | | | 103.0% | | | | | | 135,188 | | | |||||
| | | | | | | | | | | | | | | 115.0% | | | | | $ | 301,876 | | | |||||
Marty D. Casteel | | | Core Diluted Earnings per share Efficiency Ratio Total CIP Benefit | | | | | 50% | | | | | $ | 131,250 | | | | | | 127.0% | | | | | $ | 166,688 | | |
| | | 50% | | | | | | 131,250 | | | | | | 103.0% | | | | | | 135,188 | | | |||||
| | | | | | | | | | | | | | | 115.0% | | | | | $ | 301,876 | | |
[a] Mr.
Name | | | Component | | | Weighting Factor (%) | | | Targeted Incentive ($) | | | Earned Benefit Level (%) | | | Incentive Earned ($) | | ||||||||||||
Stephen C. Massanelli | | | Core Diluted Earnings per share Efficiency Ratio Total CIP Benefit | | | | | 50% | | | | | $ | 67,500 | | | | | | 127.0% | | | | | $ | 85,725 | | |
| | | 50% | | | | | | 67,500 | | | | | | 103.0% | | | | | | 69,525 | | | |||||
| | | | | | | | | | | | | | | 115.0% | | | | | $ | 155,250 | | | |||||
Patrick A. Burrow | | | Core Diluted Earnings per share Efficiency Ratio Total CIP Benefit | | | | | 50% | | | | | $ | 56,400 | | | | | | 127.0% | | | | | $ | 71,628 | | |
| | | 50% | | | | | | 56,400 | | | | | | 103.0% | | | | | | 58,092 | | | |||||
| | | | | | | | | | | | | | | 115.0% | | | | | $ | 129,720 | | | |||||
Mark W. Funke | | | Core Diluted Earnings per share Efficiency Ratio Negative Adjustment(a) Total CIP Benefit | | | | | 50% | | | | | $ | 93,000 | | | | | | 127.0% | | | | | $ | 118,110 | | |
| | | 50% | | | | | | 93,000 | | | | | | 103.0% | | | | | | 95,790 | | | |||||
| | | | | | | | | | | | | | | -26.0% | | | | | | (48,360) | | | |||||
| | | | | | | | | | | | | | | 89.0% | | | | | $ | 165,540 | | | |||||
Barry K. Ledbetter | | | SE Division Pre-Tax Earnings Negative Adjustment(a) Total CIP Benefit | | | | | 100% | | | | | $ | 131,207 | | | | | | 93.0% | | | | | $ | 122,023 | | |
| | | | | | | | | | | | | | | -3.0% | | | | | | (3,936) | | | |||||
| | | | | | | | | | | | | | | 90.0% | | | | | $ | 118,087 | | |
2018.Company'sCompany’s stock options generally have an exercise price equal to the closing price of the Company'sCompany’s stock at the time of the grant, a ten yearten-year term and vest in equal installments over three to five years after the date of grant. The Company'sCompany’s restricted stock grants generally do not require any payment from the participant and vest in equal installments over three to five years after the date of grant, although vesting may be over a shorter period if the participant is nearing retirement. On several occasions in the past, the committee has chosen to grant non-qualified stock options when under the specific circumstances the desired grants would not qualify as incentive stock options or the committee determined that stock appreciation rights should be granted with the options. Prior to 2009, the Company had generally utilized incentive stock options for most executives, but due to changes in the accounting rules regarding stock-based compensation and the turmoil in the banking industry during the Great Recession, the Company decided in 2009 to de-emphasize stock options and increase the use of restricted stock in making future grants. No stock options were granted as a component of executive compensation during 2017.Long TermLong-Term Incentive Plan (“LTIP”) under the Simmons First National Corporation 2015 Incentive Plan. The major components of the LTIP are non-qualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance sharesshare units (“PSUs”) that are settled in shares of common stock based on results over a three-year performance period.2017.2018. PSUs reward the achievement over a 3-year performance period of specified financial performance criteria specified in the PSU at the time of the grant. Achievement of a threshold level of performance results in a payout equal to 50% of each participant’s approved target opportunity. Target performance results in a payout equal to 100% of the targeted opportunity. The maximum number of
In order to transition into three-year performance cycles under the LTIP, for 2015, the initial year in which grants were made under the LTIP, each participant received three grants, based upon the Company’s performance under the specified performance metrics for performance periods ending December 31 of 2015, 2016, and 2017. The equity incentive grant for the 2015 performance period consisted of non-qualified stock options vesting in installments over three years and a performance based restricted stock grant based upon the Company’s performance under the specified performance criteria during the 2015 performance period. This restricted stock award vested immediately upon grant. Additionally, the LTIP utilized two shortened “stub” performance periods, one ending on December 31, 2016 and one ending on December 31, 2017 to create a rolling three-year cycle of LTIP grants. The grants for the stub periods (“Transition Grants”) consist of non-qualified stock options and PSUs. These stub periods have distinct performance goals, based on the shortened performance period, and payouts occurred at the end of each “stub” performance period based on performance against the stub period core earnings per share and core return on average tangible common equity goals. For LTIP grants made in 2016 and thereafter, the awards are based upon a regular three-year performance cycle.
20192020 Performance Period Grant
Targeted | Targeted | |||||||||||||||
Equity | Equity | RSU | PSU | |||||||||||||
Incentive | Incentive | Allocation | Allocation | |||||||||||||
Executive Name & Title | (% of Salary)* | ($) | ($) | ($) | ||||||||||||
George A. Makris, Jr., CEO | 125% | $ | 807,904 | $ | 403,952 | $ | 403,952 | |||||||||
Robert A. Fehlman, CFO | 80% | 276,472 | 138,236 | 138,236 | ||||||||||||
Marty D. Casteel, SEVP | 80% | 276,472 | 138,236 | 138,236 | ||||||||||||
Mark W. Funke, Pres. Bank SNB** | ||||||||||||||||
Paul D. Kanneman, EVP, CIO | 40% | 124,138 | 62,069 | 62,069 |
Executive Name & Title | | | Targeted Equity Incentive (% of Salary)* | | | Targeted Equity Incentive ($) | | | RSU Allocation ($) | | | PSU Allocation ($) | | ||||||||||||
George A. Makris, Jr., CEO | | | | | 125% | | | | | $ | 900,000 | | | | | $ | 450,000 | | | | | $ | 450,000 | | |
Robert A. Fehlman, CFO | | | | | 80% | | | | | | 300,000 | | | | | | 150,000 | | | | | | 150,000 | | |
Marty D. Casteel, SEVP | | | | | 80% | | | | | | 300,000 | | | | | | 150,000 | | | | | | 150,000 | | |
Stephen C. Massanelli, EVP | | | | | 55% | | | | | | 165,000 | | | | | | 82,500 | | | | | | 82,500 | | |
Patrick A. Burrow, General Counsel | | | | | 50% | | | | | | 141,000 | | | | | | 70,500 | | | | | | 70,500 | | |
Mark W. Funke, SW Division Pres. | | | | | 50% | | | | | | 232,500 | | | | | | 116,250 | | | | | | 116,250 | | |
Barry K. Ledbetter, SE Division Pres. | | | | | 50% | | | | | | 164,009 | | | | | | 82,005 | | | | | | 82,005 | | |
entitlement and no PSU payout.
20192020 Performance Period Performance Criteria
Threshold | Target | Maximum | |
Component | (50%) | (100%) | (200%) |
Core diluted earnings per share | $1.91 | $2.12 | $2.225 |
Threshold | Target | Maximum | |
Modifier | (80%) | (100%) | (120%) |
Total Shareholder Return Ratio | >90% | 90%-110% | >110% |
Component | | | Threshold (50%) | | | Target (100%) | | | Maximum (200%) | | |||||||||
Core diluted earnings per share | | | | $ | 2.32 | | | | | $ | 2.58 | | | | | $ | 2.84 | | |
Modifier | | | Threshold (80%) | | | Target (100%) | | | Maximum (120%) | | ||||||
Total Shareholder Return Ratio | | | | | <90% | | | | 90% – 110% | | | | | >110% | | |
Additionally, in 2017, the Company adopted the Simmons First National Corporation Deferred Compensation Plan (“NQDC Plan”). The NQDC Plan is as a non-qualified deferred compensation plan in the form of an excess contribution plan primarily open to Executive Officers and other highly compensated individuals whose compensation exceeds the annual tax code limit on compensation that can be taken into account for purposes of contributions to the Company’s 401(k) Plan. Under the NQDC Plan, participants may make contributions of up to 90 percent of base salary, bonus, commissions and cash incentive pay (“Plan Compensation”)Compensation on a nonqualified basis. The Company’s matching contribution under the plan is limited to four percent (4%) of PlanExcess Compensation, provided the Executive Officer has elected a deferral rate on base salaryExcess Compensation of at least five percent (5%) for the year.
“Plan Compensation” includes base salary, bonus, commissions and cash incentive pay; and “Excess Compensation” is the amount of Plan Compensation that exceeds the compensation limits under the federal tax laws applicable to qualified retirement plans.
Members of the Company’s board of directors are required to own shares of the Company’s common stock with a value equal to at least three (3) times the annual retainer paid to the director for service on the
It has been and continues to be the Compensation Committee's intent that all non-equity incentive payments be deductible, to the extent permitted by law, unless maintaining such deductibility would undermine the Company's ability to meet its primary compensation objectives or would otherwise not be in the Company's best interest.
| Jay D. Burchfield, Chairman | | | Steven A. Cossé, | | | Mark C. Doramus | |
| Jerry Hunter | | | Susan Lanigan | | | W. Scott McGeorge | |
| Robert L. Shoptaw | | | Mindy West | | |
20172018 SUMMARY COMPENSATION TABLE
”
Name | Year | Salary | Bonus | Stock | Option | Non- | Change in | All | Total | ||||||||||||||||||
and | ($) | ($) | Awards | Awards | Equity | Pension | Other | ($) | |||||||||||||||||||
Principal | ($) | ($) | Incentive | Value and | Compen- | ||||||||||||||||||||||
Position | Plan | Nonqualified | sation | ||||||||||||||||||||||||
Compen- | Deferred | ($) [a] | |||||||||||||||||||||||||
sation | Compensation | ||||||||||||||||||||||||||
($) | Earnings | ||||||||||||||||||||||||||
($) | |||||||||||||||||||||||||||
George A. Makris, Jr. | 2017 | $ | 687,500 | $ | 30,000 | $ | 807,903 | $ | 0 | $ | 563,168 | $ | 104,802 | $ | 100,462 | $ | 2,293,835 | ||||||||||
Chairman & CEO | 2016 | $ | 625,000 | $ | 0 | $ | 1,016,808 | $ | 158,828 | $ | 467,819 | $ | 93,546 | $ | 44,074 | $ | 2,406,075 | ||||||||||
2015 | $ | 595,000 | $ | 45,000 | $ | 1,113,397 | $ | 591,759 | $ | 622,668 | $ | 90,339 | $ | 42,282 | $ | 3,100,445 | |||||||||||
Robert A. Fehlman, | 2017 | $ | 365,000 | $ | 10,000 | $ | 990,221 | $ | 0 | $ | 250,767 | $ | 223,732 | $ | 65,722 | $ | 1,905,442 | ||||||||||
Chief Financial | 2016 | $ | 344,500 | $ | 0 | $ | 386,995 | $ | 57,094 | $ | 216,265 | $ | 111,859 | $ | 45,686 | $ | 1,162,399 | ||||||||||
Officer | 2015 | $ | 334,000 | $ | 0 | $ | 472,779 | $ | 262,780 | $ | 249,665 | $ | 89,440 | $ | 48,327 | $ | 1,456,991 | ||||||||||
Marty D. Casteel, | 2017 | $ | 365,000 | $ | 10,000 | $ | 990,221 | $ | 0 | $ | 250,767 | $ | 112,528 | $ | 37,714 | $ | 1,766,230 | ||||||||||
Senior Executive | 2016 | $ | 344,500 | $ | 0 | $ | 386,995 | $ | 57,094 | $ | 216,265 | $ | 95,878 | $ | 43,415 | $ | 1,144,147 | ||||||||||
Vice President, | 2015 | $ | 334,000 | $ | 0 | $ | 472,779 | $ | 262,780 | $ | 249,665 | $ | 94,502 | $ | 45,541 | $ | 1,459,267 | ||||||||||
Mark W. Funke, | 2017 | $ | 96,875 | $ | 325,000 | $ | 1,150,000 | $ | 0 | $ | 0 | $ | 0 | $ | 9,003 | $ | 1,580,878 | ||||||||||
President & CEO | |||||||||||||||||||||||||||
Bank SNB [b] | |||||||||||||||||||||||||||
Paul D. Kanneman, | 2017 | $ | 255,000 | $ | 0 | $ | 543,169 | $ | 0 | $ | 90,279 | $ | 0 | $ | 31,578 | $ | 920,475 | ||||||||||
Executive Vice President | |||||||||||||||||||||||||||
Chief Information Officer [c] |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus $(a) | | | Stock Awards ($)(b) | | | Option Awards ($)(b) | | | Non-Equity Incentive Plan Compensation ($) | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | | All Other Compensation ($)(c) | | | Total ($) | | |||||||||||||||||||||||||||
George A. Makris, Jr., Chairman & CEO | | | | | 2018 | | | | | $ | 745,000 | | | | | $ | 35,944 | | | | | $ | 2,337,741 | | | | | $ | 0 | | | | | $ | 828,000 | | | | | $ | 518,685 | | | | | $ | 120,220 | | | | | $ | 4,585,590 | | |
| | | 2017 | | | | | $ | 687,500 | | | | | $ | 30,000 | | | | | $ | 807,903 | | | | | $ | 0 | | | | | $ | 563,168 | | | | | $ | 104,802 | | | | | $ | 100,462 | | | | | $ | 2,293,835 | | | ||
| | | 2016 | | | | | $ | 625,000 | | | | | $ | 0 | | | | | $ | 1,016,808 | | | | | $ | 158,828 | | | | | $ | 467,819 | | | | | $ | 93,546 | | | | | $ | 44,074 | | | | | $ | 2,406,075 | | | ||
Robert A. Fehlman, Chief Financial Officer | | | | | 2018 | | | | | $ | 392,500 | | | | | $ | 45,427 | | | | | $ | 293,863 | | | | | $ | 0 | | | | | $ | 301,876 | | | | | $ | 273,113 | | | | | $ | 77,448 | | | | | $ | 1,384,227 | | |
| | | 2017 | | | | | $ | 365,000 | | | | | $ | 10,000 | | | | | $ | 990,221 | | | | | $ | 0 | | | | | $ | 250,767 | | | | | $ | 223,732 | | | | | $ | 65,722 | | | | | $ | 1,905,442 | | | ||
| | | 2016 | | | | | $ | 344,500 | | | | | $ | 0 | | | | | $ | 386,995 | | | | | $ | 57,094 | | | | | $ | 216,265 | | | | | $ | 111,859 | | | | | $ | 45,686 | | | | | $ | 1,162,399 | | | ||
Marty D. Casteel, Senior Executive Vice President, | | | | | 2018 | | | | | $ | 392,500 | | | | | $ | 25,427 | | | | | $ | 293,863 | | | | | $ | 0 | | | | | $ | 301,876 | | | | | $ | 261,007 | | | | | $ | 44,339 | | | | | $ | 1,319,012 | | |
| | | 2017 | | | | | $ | 365,000 | | | | | $ | 10,000 | | | | | $ | 990,221 | | | | | $ | 0 | | | | | $ | 250,767 | | | | | $ | 112,528 | | | | | $ | 37,714 | | | | | $ | 1,766,230 | | | ||
| | | 2016 | | | | | $ | 344,500 | | | | | $ | 0 | | | | | $ | 386,995 | | | | | $ | 57,094 | | | | | $ | 216,265 | | | | | $ | 95,878 | | | | | $ | 43,415 | | | | | $ | 1,144,147 | | | ||
Stephen C. Massanelli, Chief Administrative Officer & EVP | | | | | 2018 | | | | | $ | 304,500 | | | | | $ | 6,758 | | | | | $ | 161,613 | | | | | $ | 0 | | | | | $ | 155,250 | | | | | $ | 0 | | | | | $ | 42,903 | | | | | $ | 671,024 | | |
| | | 2017 | | | | | $ | 287,500 | | | | | $ | 0 | | | | | $ | 432,686 | | | | | $ | 0 | | | | | $ | 125,347 | | | | | $ | 0 | | | | | $ | 32,219 | | | | | $ | 877,752 | | | ||
| | | 2016 | | | | | $ | 262,500 | | | | | $ | 0 | | | | | $ | 210,885 | | | | | $ | 29,391 | | | | | $ | 104,063 | | | | | $ | 0 | | | | | $ | 35,183 | | | | | $ | 642,022 | | | ||
Patrick A. Burrow, EVP, General Counsel & Secretary | | | | | 2018 | | | | | $ | 298,500 | | | | | $ | 31,475 | | | | | $ | 138,076 | | | | | $ | 0 | | | | | $ | 129,720 | | | | | $ | 0 | | | | | $ | 45,449 | | | | | $ | 643,220 | | |
| | | 2017 | | | | | $ | 278,659 | | | | | $ | 0 | | | | | $ | 419,465 | | | | | $ | 0 | | | | | $ | 112,164 | | | | | $ | 0 | | | | | $ | 36,327 | | | | | $ | 846,615 | | | ||
| | | 2016 | | | | | $ | 271,310 | | | | | $ | 0 | | | | | $ | 215,351 | | | | | $ | 28,576 | | | | | $ | 98,901 | | | | | $ | 0 | | | | | $ | 41,923 | | | | | $ | 656,061 | | | ||
Mark W. Funke, Southwest Division President(d) | | | | | 2018 | | | | | $ | 465,000 | | | | | $ | 0 | | | | | $ | 227,680 | | | | | $ | 0 | | | | | $ | 165,540 | | | | | $ | 0 | | | | | $ | 41,210 | | | | | $ | 899,430 | | |
| | | 2017 | | | | | $ | 96,875 | | | | | $ | 325,000 | | | | | $ | 1,150,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 9,003 | | | | | $ | 1,580,878 | | | ||
Barry K. Ledbetter, Southeast Division President | | | | | 2018 | | | | | $ | 331,509 | | | | | $ | 7,528 | | | | | $ | 160,681 | | | | | $ | 0 | | | | | $ | 118,087 | | | | | $ | 247,645 | | | | | $ | 44,500 | | | | | $ | 909,950 | | |
| | | 2017 | | | | | $ | 324,174 | | | | | $ | 0 | | | | | $ | 170,119 | | | | | $ | 0 | | | | | $ | 116,705 | | | | | $ | 230,784 | | | | | $ | 38,900 | | | | | $ | 880,682 | | | ||
| | | 2016 | | | | | $ | 315,665 | | | | | $ | 0 | | | | | $ | 228,047 | | | | | $ | 33,232 | | | | | $ | 93,611 | | | | | $ | 106,549 | | | | | $ | 42,648 | | | | | $ | 819,752 | | |
[a]
Dividends | Total | |||||||||||||||||
Executive | Supplemental | Insurance | on Unvested | Other | ||||||||||||||
401(k) Plan | Exp. Stipend | Retirement Plan | Premiums | Restricted Shares | Compensation | |||||||||||||
Mr. Makris | $ | 16,848 | $ | 12,000 | $ | 58,552 | $ | 7,539 | $ | 5,525 | $ | 100,462 | ||||||
Mr. Fehlman | $ | 16,848 | $ | 12,000 | $ | 21,955 | $ | 10,164 | $ | 4,755 | $ | 65,722 | ||||||
Mr. Casteel | $ | 16,848 | $ | 9,000 | $ | 0 | $ | 7,479 | $ | 4,387 | $ | 37,714 | ||||||
Mr. Funke | $ | 6,048 | $ | 0 | $ | 0 | $ | 2,955 | $ | 0 | $ | 9,003 | ||||||
Mr. Kanneman | $ | 16,848 | $ | 12,000 | $ | 0 | $ | 2,730 | $ | 0 | $ | 31,578 |
[b] 2018:
| | | 401(k) Plan | | | Executive Exp. Stipend | | | Supplemental Retirement Plan | | | Insurance Premiums | | | Dividends on Unvested Restricted Shares | | | Total Other Compensation | | ||||||||||||||||||
Mr. Makris | | | | $ | 20,158 | | | | | $ | 12,000 | | | | | $ | 74,920 | | | | | $ | 10,260 | | | | | $ | 2,882 | | | | | $ | 120,220 | | |
Mr. Fehlman | | | | $ | 20,158 | | | | | $ | 12,000 | | | | | $ | 30,413 | | | | | $ | 13,206 | | | | | $ | 1,671 | | | | | $ | 77,448 | | |
Mr. Casteel | | | | $ | 20,158 | | | | | $ | 12,220 | | | | | $ | 0 | | | | | $ | 10,260 | | | | | $ | 1,701 | | | | | $ | 44,339 | | |
Mr. Massanelli | | | | $ | 20,158 | | | | | $ | 12,220 | | | | | $ | 0 | | | | | $ | 7,075 | | | | | $ | 3,450 | | | | | $ | 42,903 | | |
Mr. Burrow | | | | $ | 20,158 | | | | | $ | 12,000 | | | | | $ | 0 | | | | | $ | 10,250 | | | | | $ | 3,041 | | | | | $ | 45,449 | | |
Mr. Funke | | | | $ | 20,158 | | | | | $ | 10,802 | | | | | $ | 0 | | | | | $ | 10,250 | | | | | $ | 0 | | | | | $ | 41,210 | | |
Mr. Ledbetter | | | | $ | 20,158 | | | | | $ | 12,000 | | | | | $ | 0 | | | | | $ | 10,470 | | | | | $ | 1,872 | | | | | $ | 44,500 | | |
[c] Mr. Kanneman was employed by the Company on January 2, 2017.
2017
Name | Grant | Estimated Future Payouts | Estimated Future Payouts | All | All | Exercise | Grant | ||||
Date | Under Non-Equity | Under Equity Incentive | Other | Other | or Base | Date | |||||
Incentive Plan Awards | Plan Awards | Stock | Option | Price of | Fair | ||||||
Awards: | Awards: | Option | Value | ||||||||
Number | Number | Awards | of | ||||||||
of | of | ($/Sh) | Stock | ||||||||
Threshold | Target | Maximum | Threshold | Target | Maximum | Shares | Securities | and | |||
($) | ($) | ($) | (#) | (#) | (#) | of Stock | Under- | Option | |||
or Units | lying | Awards | |||||||||
(#) [a] | Options | ($) | |||||||||
(#) | |||||||||||
George A. Makris, Jr. | |||||||||||
CIP | 01-01-17 | $278,375 | $556,750 | $1,113,500 | |||||||
Equity Plans | 01-18-17 | 6,812 | 13,624[b] | 27,248 | $ 403,952 | ||||||
Equity Plans | 01-18-17 | 13,624[c] | $ 403,952 | ||||||||
Robert A. Fehlman | |||||||||||
CIP | 01-01-17 | $124,250 | $248,500 | $497,000 | |||||||
Equity Plans | 01-17-17 | 2,363 | 4,726[b] | 9,452 | $ 138,236 | ||||||
Equity Plans | 01-17-17 | 4,726 [c] | $ 138,236 | ||||||||
Equity Plans | 12-29-17 | 25,000 [d] | $ 713,750 | ||||||||
Marty D. Casteel | |||||||||||
CIP | 01-01-17 | $124,500 | $248,500 | $497,000 | |||||||
Equity Plans | 01-17-17 | 2,363 | 4,726[b] | 9.452 | $ 138,236 | ||||||
Equity Plans | 01-17-17 | 4,726 [c] | $ 138,236 | ||||||||
Equity Plans | 12-29-17 | 25,000 [d] | $ 713,750 | ||||||||
Mark W. Funke | |||||||||||
Equity Plan | 10-30-17 | 40,000 [e] | $1,150,000 | ||||||||
Paul D. Kanneman | |||||||||||
CIP | 01-01-17 | $ 51,000 | $102,000 | $204,000 | |||||||
Equity Plans | 01-10-17 | 12,000 [f] | $ 366,900 | ||||||||
Equity Plans | 01-17-17 | 1,061 | 2,122[b] | 4,244 | $ 62,069 | ||||||
Equity Plans | 01-17-17 | 2,122 [c] | $ 62,069 | ||||||||
Equity Plans | 12-29-17 | 4,000 [d] | $ 114,200 |
Name | | | Grant Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards(a) | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | | All Other Option Awards: Number of Securities Underlying Options (#) | | | Exercise or Base Price of Option Awards ($/Sh) | | | Grant Date Fair Value of Stock and Option Awards ($) | | |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||
George A. Makris, Jr. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
CIP | | | | | 01-18-18 | | | | | $ | 360,000 | | | | | $ | 720,000 | | | | | $ | 1,440,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | 7,563 | | | | | | 15,126 | | | | | | 30,252 | | | | | | | | | | | | | | | | | $ | 440,620 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,126(b) | | | | | | | | | | | $ | 440,620 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 50,000(c) | | | | | | | | | | | $ | 1,456,500 | | |
Robert A. Fehlman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CIP | | | | | 01-18-18 | | | | | $ | 131,250 | | | | | $ | 262,500 | | | | | $ | 525,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | 2,522 | | | | | | 5,044 | | | | | | 10,088 | | | | | | | | | | | | | | | | | $ | 146,932 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,044(b) | | | | | | | | | | | $ | 146,932 | | |
Marty D. Casteel | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CIP | | | | | 01-18-18 | | | | | $ | 131,250 | | | | | $ | 262,500 | | | | | $ | 525,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | 2,522 | | | | | | 5,044 | | | | | | 10,088 | | | | | | | | | | | | | | | | | $ | 146,932 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,044(b) | | | | | | | | | | | $ | 146,932 | | |
Stephen C. Massanelli | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CIP | | | | | 01-18-18 | | | | | $ | 67,500 | | | | | $ | 135,000 | | | | | $ | 270,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | 1,387 | | | | | | 2,774 | | | | | | 5,548 | | | | | | | | | | | | | | | | | $ | 80,807 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,774(b) | | | | | | | | | | | $ | 80,807 | | |
Patrick A. Burrow | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CIP | | | | | 01-18-18 | | | | | $ | 56,400 | | | | | $ | 112,800 | | | | | $ | 225,600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | 1,185 | | | | | | 2,370 | | | | | | 4,740 | | | | | | | | | | | | | | | | | $ | 69,038 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,370(b) | | | | | | | | | | | $ | 69,038 | | |
Mark W. Funke | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CIP | | | | | 01-18-18 | | | | | $ | 93,000 | | | | | $ | 186,000 | | | | | $ | 372,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | 1,954 | | | | | | 3,908 | | | | | | 7,816 | | | | | | | | | | | | | | | | | $ | 113,840 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,908(b) | | | | | | | | | | | $ | 113,840 | | |
Barry K. Ledbetter | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CIP | | | | | 01-18-18 | | | | | $ | 65,604 | | | | | $ | 131,207 | | | | | $ | 262,414 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | 1,379 | | | | | | 2,758 | | | | | | 5,516 | | | | | | | | | | | | | | | | | $ | 80,341 | | |
Equity Plans | | | | | 01-18-18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,758(b) | | | | | | | | | | | $ | 80,341 | | |
2018201720172018 for each of the named executive officers on an aggregated basis. The table reports the number of securities for which options were exercised; the aggregate dollar value realized upon exercise of options; the number of shares of stock that vested; and the aggregate dollar value realized upon vesting of stock.30
Option Awards | Stock Awards | |||||||||||||||
Name | Number of | Number of | ||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Acquired | Realized on | Acquired | Realized on | |||||||||||||
on Exercise | Exercise [a] | on Vesting | Vesting [b] | |||||||||||||
(#) | ($) | (#) | ($) | |||||||||||||
George A. Makris, Jr. | 0 | $ | 0 | 20,278 | $ | 587,279 | ||||||||||
Robert A. Fehlman | 0 | $ | 0 | 37,562 | $ | 1,079,401 | ||||||||||
Marty D. Casteel | 2,400 | $ | 31,133 | 37,574 | $ | 1,079,754 | ||||||||||
Mark W. Funke | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Paul D. Kanneman | 0 | $ | 0 | 4,000 | $ | 114,200 |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise(a) ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting(b) ($) | | ||||||||||||
George A. Makris, Jr. | | | | | 0 | | | | | $ | 0 | | | | | | 74,820 | | | | | $ | 2,181,195 | | |
Robert A. Fehlman | | | | | 8,760 | | | | | $ | 132,822 | | | | | | 12,302 | | | | | $ | 359,079 | | |
Marty D. Casteel | | | | | 8,420 | | | | | $ | 129,190 | | | | | | 11,514 | | | | | $ | 336,525 | | |
Stephen C. Massanelli | | | | | 0 | | | | | $ | 0 | | | | | | 7,178 | | | | | $ | 197,120 | | |
Patrick A. Burrow | | | | | 0 | | | | | $ | 0 | | | | | | 7,612 | | | | | $ | 226,742 | | |
Mark W. Funke | | | | | 0 | | | | | $ | 0 | | | | | | 5,000 | | | | | $ | 131,400 | | |
Barry K. Ledbetter | | | | | 0 | | | | | $ | 0 | | | | | | 7,136 | | | | | $ | 207,662 | | |
201820172017.2018. Each outstanding award is represented by a separate row which indicates the number of securities underlying the award, including awards that have been transferred other than for value (if any).Company'sCompany’s stock at the end of 2017, $28.55,2018, $24.13, by the number of shares.
Option Awards | Stock Awards | |||||||||||||||||||||||||||||
Name | Number | Number | Option | Option | Number of | Market Value | Equity | Equity | ||||||||||||||||||||||
of Securities | of Securities | Exercise | Expiration | Shares or | of Shares or | Incentive | Incentive | |||||||||||||||||||||||
Underlying | Underlying | Price | Date | Units of | Units of | Plan Awards: | Plan Awards: | |||||||||||||||||||||||
Unexercised | Unexercised | ($) | Stock That | Stock That | Number of | Market or | ||||||||||||||||||||||||
Options (#) | Options (#) | Have Not | Have Not | Unearned | Payout Value | |||||||||||||||||||||||||
Exercisable | Unexercisable | Vested (#) | Vested ($) | Shares or | of Unearned | |||||||||||||||||||||||||
Units That | Shares or | |||||||||||||||||||||||||||||
Have Not | Units That | |||||||||||||||||||||||||||||
Vested (#) | Have Not | |||||||||||||||||||||||||||||
Vested ($) | ||||||||||||||||||||||||||||||
George A. Makris, Jr. | 21,420 | 0 | $ | 20.285 | 12-31-24 | |||||||||||||||||||||||||
16,960 | 8,480 | [a] | $ | 22.20 | 03-25-25 | |||||||||||||||||||||||||
104,580 | 0 | $ | 22.75 | 08-09-25 | ||||||||||||||||||||||||||
9,096 | 18,194 | [b] | $ | 23.51 | 01-19-26 | |||||||||||||||||||||||||
4,000 | [c] | $ | 114,200 | |||||||||||||||||||||||||||
3,652 | [d] | $ | 104,265 | |||||||||||||||||||||||||||
1,628 | [a] | $ | 46,479 | |||||||||||||||||||||||||||
5,240 | [b] | $ | 149,602 | |||||||||||||||||||||||||||
13,624 | [e] | $ | 388,965 | |||||||||||||||||||||||||||
15,710 | [f] | $ | 448,521 | |||||||||||||||||||||||||||
13,624 | [g] | $ | 388,965 | |||||||||||||||||||||||||||
Robert A. Fehlman | 8,760 | 0 | $ | 15.155 | 05-29-18 | |||||||||||||||||||||||||
8,680 | 0 | $ | 20.285 | 12-31-24 | ||||||||||||||||||||||||||
10,180 | 2,545 | [b] | $ | 22.200 | 03-25-25 | |||||||||||||||||||||||||
42,410 | 0 | $ | 22.750 | 08-09-25 | ||||||||||||||||||||||||||
3,270 | 6,540 | [c] | $ | 23.510 | 01-19-26 | |||||||||||||||||||||||||
800 | [h] | $ | 22,840 | |||||||||||||||||||||||||||
1,022 | [i] | $ | 29,178 | |||||||||||||||||||||||||||
2,000 | [c] | $ | 57,100 | |||||||||||||||||||||||||||
2,060 | [d] | $ | 58,813 | |||||||||||||||||||||||||||
978 | [a] | $ | 27,922 | |||||||||||||||||||||||||||
1,886 | [b] | $ | 53,845 | |||||||||||||||||||||||||||
4,726 | [j] | $ | 134,927 | |||||||||||||||||||||||||||
5,650 | [f] | $ | 161,308 | |||||||||||||||||||||||||||
4,726 | [g] | $ | 134,927 | |||||||||||||||||||||||||||
Marty D. Casteel | 8,420 | 0 | $ | 15.155 | 05-29-18 | |||||||||||||||||||||||||
8,680 | 0 | $ | 20.285 | 12-31-24 | ||||||||||||||||||||||||||
10,180 | 5,090 | [b] | $ | 22.200 | 03-25-25 | |||||||||||||||||||||||||
42,410 | 0 | $ | 22.750 | 08-09-25 | ||||||||||||||||||||||||||
3,270 | 6,540 | [c] | $ | 23.510 | 01-19-26 | |||||||||||||||||||||||||
800 | [h] | $ | 22,840 | |||||||||||||||||||||||||||
984 | [i] | $ | 28,093 | |||||||||||||||||||||||||||
2,000 | [c] | $ | 57,100 | |||||||||||||||||||||||||||
2,160 | [d] | $ | 61,668 | |||||||||||||||||||||||||||
978 | [a] | $ | 27,922 | |||||||||||||||||||||||||||
1,886 | [b] | $ | 53,845 | |||||||||||||||||||||||||||
4,726 | [j] | $ | 134,927 | |||||||||||||||||||||||||||
5,650 | [f] | $ | 161,308 | |||||||||||||||||||||||||||
4,726 | [g] | $ | 134,927 | |||||||||||||||||||||||||||
Mark W. Funke | 40,000 | [k] | $ | 1,142,000 | ||||||||||||||||||||||||||
Paul D. Kanneman | 12,000 | [l] | $ | 342,600 | ||||||||||||||||||||||||||
2,122 | [m] | $ | 60,583 | |||||||||||||||||||||||||||
2,122 | [g] | $ | 60,583 |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | Equity Incentive Plan Awards: Number of Unearned Shares or Units That Nave Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares or Units That Have Not Vested ($) | | ||||||||||||||||||||||||
George A. Makris, Jr. | | | | | 21,420 | | | | | | 0 | | | | | $ | 20.29 | | | | | | 12-31-24 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 25,440 | | | | | | 0 | | | | | $ | 22.20 | | | | | | 03-25-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 104,580 | | | | | | 0 | | | | | $ | 22.75 | | | | | | 08-09-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 18,193 | | | | | | 9,097(a) | | | | | $ | 23.51 | | | | | | 01-19-26 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,000(b) | | | | | $ | 48,260 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,826(c) | | | | | $ | 44,061 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,620(a) | | | | | $ | 63,221 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,084(d) | | | | | $ | 219,197 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,126(e) | | | | | $ | 364,990 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,624(f) | | | | | $ | 328,747 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,126(g) | | | | | $ | 364,990 | | |
Robert A. Fehlman | | | | | 8,680 | | | | | | 0 | | | | | $ | 20.29 | | | | | | 12-31-24 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 15,270 | | | | | | 0 | | | | | $ | 22.20 | | | | | | 03-25-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 42,410 | | | | | | 0 | | | | | $ | 22.75 | | | | | | 08-09-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 6,540 | | | | | | 3,270(a) | | | | | $ | 23.51 | | | | | | 01-19-26 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,000(b) | | | | | $ | 24,130 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,030(c) | | | | | $ | 24,854 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 944(a) | | | | | $ | 22,779 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,152(h) | | | | | $ | 76,058 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,044(i) | | | | | $ | 121,712 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,726(f) | | | | | $ | 114,038 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,044(g) | | | | ��� | $ | 121,712 | | |
Marty D. Casteel | | | | | 8,680 | | | | | | 0 | | | | | $ | 20.29 | | | | | | 12-31-24 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 15,270 | | | | | | 0 | | | | | $ | 22.20 | | | | | | 03-25-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 42,410 | | | | | | 0 | | | | | $ | 22.75 | | | | | | 08-09-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 6,540 | | | | | | 3,270(a) | | | | | $ | 23.51 | | | | | | 01-19-26 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,000(b) | | | | | $ | 24,130 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,080(c) | | | | | $ | 26,060 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 944(a) | | | | | $ | 22,779 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,152(h) | | | | | $ | 76,058 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,044(i) | | | | | $ | 121,712 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,726(f) | | | | | $ | 114,038 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,044(g) | | | | | $ | 121,712 | | |
Stephen C. Massanelli | | | | | 5,000 | | | | | | 0 | | | | | $ | 20.29 | | | | | | 12-31-24 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 24,420 | | | | | | 0 | | | | | $ | 22.75 | | | | | | 08-09-25 | | | | | | | | | | | | | | | | | | | | | | |||||
| | | | | 3,366 | | | | | | 1,684(a) | | | | | $ | 23.51 | | | | | | 01-19-26 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,000(j) | | | | | $ | 72,390 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 488(a) | | | | | $ | 11,775 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,678(h) | | | | | $ | 40,490 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,774(k) | | | | | $ | 66,937 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,516(f) | | | | | $ | 60,711 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,774(g) | | | | | $ | 66,937 | | |
Patrick A. Burrow | | | | | 5,340 | | | | | | 0 | | | | | $ | 20.29 | | | | | | 12-31-24 | | | | | | | | | | | | | | | | | ||||||||||
| | | | | 5,090 | | | | | | 0 | | | | | $ | 22.20 | | | | | | 03-25-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 26,110 | | | | | | 0 | | | | | $ | 22.75 | | | | | | 08-09-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,273 | | | | | | 1,637(a) | | | | | $ | 23.51 | | | | | | 01-19-26 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,000(l) | | | | | $ | 72,390 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 474(a) | | | | | $ | 11,438 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,528(h) | | | | | $ | 36,871 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,370(m) | | | | | $ | 57,188 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,290(f) | | | | | $ | 55,258 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,370(g) | | | | | $ | 57,188 | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | Equity Incentive Plan Awards: Number of Unearned Shares or Units That Nave Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares or Units That Have Not Vested ($) | | ||||||||||||||||||||||||
Mark W. Funke | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 35,000(n) | | | | | $ | 844,550 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,908(o) | | | | | $ | 94,300 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,908(g) | | | | | $ | 94,300 | | |
Barry K. Ledbetter | | | | | 5,160 | | | | | | 0 | | | | | $ | 20.29 | | | | | | 12-31-24 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 25,280 | | | | | | 0 | | | | | $ | 22.75 | | | | | | 08-09-25 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 3,806 | | | | | | 1,904(a) | | | | | $ | 23.51 | | | | | | 01-19-26 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 520(c) | | | | | $ | 12,548 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,200(p) | | | | | $ | 28,956 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 550(a) | | | | | $ | 13,272 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,776(h) | | | | | $ | 42,855 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,758(q) | | | | | $ | 66,551 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,664(f) | | | | | $ | 64,282 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,758(g) | | | | | $ | 66,551 | | |
[m] The remainder of this award vests on January 19, 2019.
20172019 and 2020.
Compensation for purposes of the Makris Agreement includes salary, bonus and short-term incentive compensation programs (CIP), but excludes equity compensation plans (stock options, RSAs, RSUs and PSUs) and long-term incentive compensation programs.
ThePlans
Name | Plan | Number of | Present Value | Payments | ||||||||
Name | Years | of the | During | |||||||||
Credited | Accumulated | Last | ||||||||||
Service | Benefit | Fiscal Year | ||||||||||
(#) | ($) | ($) | ||||||||||
George A. Makris, Jr. | Makris Plan | [a] | $ | 432,661 | $ | 0 | ||||||
Robert A. Fehlman | Fehlman Plan | [a] | $ | 614,613 | $ | 0 | ||||||
Marty D. Casteel | Casteel Plan | [a] | $ | 607,596 | $ | 0 |
Name | | | Plan Name | | | Number of Years Credited Service (#) | | | Present Value of the Accumulated Benefit ($) | | | Payments During Last Fiscal Year ($) | | |||||||||
George A. Makris, Jr. | | | Makris Plan | | | | | (a ) | | | | | $ | 951,346 | | | | | $ | 0 | | |
Robert A. Fehlman | | | Fehlman Plan | | | | | (a ) | | | | | $ | 887,726 | | | | | $ | 0 | | |
Marty D. Casteel | | | Casteel Plans | | | | | (a ) | | | | | $ | 868,603 | | | | | $ | 0 | | |
Barry K. Ledbetter | | | Ledbetter Plan | | | | | (a ) | | | | | $ | 684,425 | | | | | $ | 0 | | |
compensation limits under the federal tax laws applicable to qualified retirement plans.base salary, bonus, commissions and cash incentive pay (“Plan Compensation”)Compensation on a nonqualified basis. The Company’s matching contribution under the plan is limited to four percent (4%) of PlanExcess Compensation, provided the Executive Officer has elected a deferral rate on base salaryExcess Compensation of at least five percent (5%) for the year. Of“Plan Compensation” includes base salary, bonus, commissions and cash incentive pay; and “Excess Compensation” is the named executive officers, only Messrs. Makris and Fehlman participated inamount of Plan Compensation that exceeds the NQDC Plan during 2017.2017,2018, a discretionary contribution has been made at a formula rate of 2.24%3.33% of Plan Compensation reduced by the amount of the discretionary contribution to the 401(k) Plan based upon the same formula rate. The discretionary contribution was made on February 26, 201821, 2019 and is not reflected in the Aggregate Balance in the table below. See footnote 2 to the table below.
Executive | Company | Aggregate | Aggregate | Aggregate | ||||||||||||||||
Contributions | Contributions | Earnings | Withdrawals/ | Balance at | ||||||||||||||||
in 2017 | in 2017 [1] | in 2016 | Distributions | December 31, | ||||||||||||||||
2017 [2] | ||||||||||||||||||||
Name | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
George A. Makris, Jr. | $ | 32,280 | $ | 36,294 | $ | 2,583 | $ | 0 | $ | 34,864 | ||||||||||
Robert A. Fehlman | $ | 20,886 | $ | 14,074 | $ | 225 | $ | 0 | $ | 21,111 | ||||||||||
Marty D. Casteel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
Mark Funke | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
Paul D. Kanneman | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Name | | | Executive Contributions in 2018 ($) | | | Company Contributions in 2018(1) ($) | | | Aggregate Earnings in 2018 ($) | | | Aggregate Withdrawals/ Distributions ($) | | | Aggregate Balance at December 31, 2018(2) ($) | | |||||||||||||||
George A. Makris, Jr. | | | | $ | 37,945 | | | | | $ | 40,053 | | | | | ($ | 10,837) | | | | | $ | 0 | | | | | $ | 120,523 | | |
Robert A. Fehlman | | | | $ | 28,444 | | | | | $ | 16,596 | | | | | $ | 1,762 | | | | | $ | 0 | | | | | $ | 73,272 | | |
Marty D. Casteel | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Stephen C. Massanelli | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Patrick A. Burrow | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Mark Funke | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Barry K. Ledbetter | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
[1]
[2] 21, 2019.
POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL
— $24.13.
Accelerated Vesting of Incentives. The Company has provided and continues to provide equity and non-equity incentives to the named executive officers through the Company'sCompany’s Executive Stock Incentive Plans and 2015 Incentive Plan (collectively "Stock Plans"“Stock Plans”) and the EIP. Please also refer to the discussion of equity and non-equity incentives above at "Compensation“Compensation Discussion and Analysis."
”
Equity Incentives -— Restricted Stock Awards. Unvested RSAs vest upon a change in control. Upon the retirement, death or disability of a named executive officer, the Compensation Committee has discretion to accelerate the vesting of unvested RSAs. Upon any termination, including the retirement, death or disability, the named executive officer forfeits his unvested RSAs, unless the Compensation Committee takes specific action to vest some or all of the unvested stock. Accordingly, the table below reflects the accelerated vesting of this stock upon a change in control. An executive forfeits all undistributed shares upon the termination of the executive'sexecutive’s employment for all other reasons.
Miscellaneous Benefits. Under the CIC Agreements, which are discussed above at "Compensation“Compensation Discussion and Analysis,"” the Company is obligated to pay certain other benefits. This includes continuation of medical, dental, life and long-term disability insurance coverage for three years from the date of the change in control and certain tax gross-up payments.payments for Messrs. Fehlman and Casteel only. The conditions to the Company'sCompany’s obligations under the CIC Agreements are discussed above. Except for the benefits payable under the CIC Agreements, the Company has no obligation to continue any other perquisites after a named executive officer'sofficer’s employment terminates.
Executive Benefits and Payments upon Termination | | | Retirement | | | Involuntary Not for Cause Termination | | | Change in Control Trigger Event Termination | | | Death or Disability | | ||||||||||||
George A. Makris, Jr., | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash compensation programs | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,470,000(a) | | | | | $ | 0 | | |
Accelerated Vesting of Incentives(b) | | | | $ | 1,439,106 | | | | | $ | 0 | | | | | $ | 1,439,106 | | | | | $ | 1,439,106 | | |
Retirement Plans(c) | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,937,115 | | | | | $ | 1,937,115 | | |
Other Benefits | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Robert A. Fehlman | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash compensation programs | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,345,000(d) | | | | | $ | 0 | | |
Accelerated Vesting of Incentives(b) | | | | $ | 507,310 | | | | | $ | 0 | | | | | $ | 507,310 | | | | | $ | 507,310 | | |
Retirement Plans(e) | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,981,682 | | | | | $ | 1,981,682 | | |
Other Benefits and Tax Gross-Up(f) | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,304,192(g) | | | | | $ | 0 | | |
Marty D. Casteel | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash compensation programs | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,345,000(d) | | | | | $ | 0 | | |
Accelerated Vesting of Incentives(b) | | | | $ | 508,516 | | | | | $ | 0 | | | | | $ | 508,516 | | | | | $ | 508,516 | | |
Retirement Plans(h) | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,251,185 | | | | | $ | 1,251,185 | | |
Other Benefits and Tax Gross-Up(f) | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 30,781(i) | | | | | $ | 0 | | |
Stephen C. Massanelli | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash compensation programs | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 888,000(d) | | | | | $ | 0 | | |
Accelerated Vesting of Incentives(b) | | | | $ | 320,284 | | | | | $ | 0 | | | | | $ | 320,284 | | | | | $ | 320,284 | | |
Retirement Plans | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Other Benefits | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Executive Benefits and | Involuntary Not for Cause | Change in Control Trigger Event | Death or | |||||||||||||
Payments upon Termination | Retirement | Termination | Termination | Disability | ||||||||||||
George A. Makris, Jr., | ||||||||||||||||
Cash compensation programs | $ | 0 | $ | $ | 3,752,004 | [a] | $ | 0 | ||||||||
Accelerated Vesting of Incentives [b] | $ | 1,331,882 | $ | 0 | $ | 1,331,882 | $ | 1,331,882 | ||||||||
Retirement Plans [c] | $ | 0 | $ | 0 | $ | 857,773 | $ | 857,773 | ||||||||
Other Benefits [j] | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Robert A. Fehlman | ||||||||||||||||
Cash compensation programs | $ | 0 | $ | 0 | $ | 1,231,534 | [d] | $ | 0 | |||||||
Accelerated Vesting of Incentives [b] | $ | 585,942 | $ | 0 | $ | 585,942 | $ 585, 942 | |||||||||
Retirement Plans [e] | $ | 0 | $ | 0 | $ | 1,901,881 | $ | 1,901,881 | ||||||||
Other Benefits and Tax Gross-Up [f] | $ | 0 | $ | 0 | $ | 1,365,235 | [g] | $ | 0 | |||||||
Marty D. Casteel | ||||||||||||||||
Cash compensation programs | $ | 0 | $ | 0 | $ | 1,231,534 | [d] | $ | 0 | |||||||
Accelerated Vesting of Incentives [b] | $ | 564,872 | $ | 0 | $ | 564,872 | $ | 564,872 | ||||||||
Retirement Plans [h] | $ | 0 | $ | 0 | $ | 643,330 | $ | 643,330 | ||||||||
Other Benefits and Tax Gross-Up [f] | $ | 0 | $ | 0 | $ | 27,837 | [i] | $ | 0 | |||||||
Mark W. Funke | ||||||||||||||||
Cash compensation programs | $ | 0 | $ | 0 | $ | 930,000 | [d] | $ | 0 | |||||||
Accelerated Vesting of Incentives [b] | $ | 1,142,000 | $ | 0 | $ | 1,142,000 | $ | 1,142,000 | ||||||||
Retirement Plans | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Other Benefits [j] | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Paul D. Kanneman | ||||||||||||||||
Cash compensation programs | $ | 0 | $ | 0 | $ | 691,458 | [d] | $ | 0 | |||||||
Accelerated Vesting of Incentives [b] | $ | 414,715 | $ | 0 | $ | 414,715 | $ | 414,715 | ||||||||
Retirement Plans | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Other Benefits [j] | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Executive Benefits and Payments upon Termination | | | Retirement | | | Involuntary Not for Cause Termination | | | Change in Control Trigger Event Termination | | | Death or Disability | | ||||||||||||
Patrick A. Burrow | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash compensation programs | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 855,600(d) | | | | | $ | 0 | | |
Accelerated Vesting of Incentives(b) | | | | $ | 291,348 | | | | | $ | 0 | | | | | $ | 291,348 | | | | | $ | 291,348 | | |
Retirement Plans | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Other Benefits | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Mark W. Funke | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash compensation programs | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,302,000(d) | | | | | $ | 0 | | |
Accelerated Vesting of Incentives(b) | | | | $ | 1,032,600 | | | | | $ | 0 | | | | | $ | 1,032,600 | | | | | $ | 1,032,600 | | |
Retirement Plans | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Other Benefits | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Barry K. Ledbetter | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash compensation programs | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 932,414(d) | | | | | $ | 0 | | |
Accelerated Vesting of Incentives(b) | | | | $ | 296,195 | | | | | $ | 0 | | | | | $ | 296,195 | | | | | $ | 296,195 | | |
Retirement Plans(j) | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,437,043 | | | | | $ | 1,437,043 | | |
Other Benefits | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
CEO Pay Ratio
•
All Directors received an annual retainer of $40,000,$50,000, payable in immediately vested SFNC Restricted Stock Units.Units that vest in four substantially equal installments. In order for an installment to vest, the director must be serving on the board at the scheduled time of vesting. The first installment vests upon a director’s acceptance of the grant, and the second, third, and fourth installments vest on July 2, 2018; October 1, 2018; and January 2, 2019, respectively. The RSUs were issued on May 9, 20171, 2018 and valued at the closing price of SFNC on that date, $27.225. The Lead Director received additional compensation in the amount of $20,000 for performing the duties of that position which was also payable as immediately vested SFNC RSUs.
$30.50.
Committee | Member Retainer | Chairman Stipend | | Member Retainer | | Chairman Stipend | | ||||||||||||||
Audit | $ | 10,000 | $ | 20,000 | | | $ | 10,000 | | | | $ | 20,000 | | | ||||||
Compensation | $ | 10,000 | $ | 10,000 | | | $ | 10,000 | | | | $ | 10,000 | | | ||||||
Executive | $ | 5,000 | $ | 5,000 | | | $ | 10,000 | | | | $ | 20,000 | | | ||||||
Nominating & Corporate Governance | $ | 5,000 | $ | 5,000 | | | $ | 10,000 | | | | $ | 10,000 | | | ||||||
Risk | $ | 10,000 | $ | 20,000 | | | $ | 10,000 | | | | $ | 20,000 | | |
The Company maintains a voluntary deferred compensation plan in which non-employee directors may defer receipt of any part or all of their respective directors’ fees, including retainer fees, meeting fees and committee fees. The director must elect to participate in the plan prior to the calendar year for which the deferral will be applicable. Upon election, a director must elect the form of payment (lump sum or annual installments over two to five years) and the date of payment (attainment of a specified age or cessation of serving as a director of the Company). The sums deferred under the plan are credited to an account for the director along with earnings on the deferred sum at an interest rate equal to the yield on the ten-year U. S. Treasury bond, computed quarterly. The table below summarizes the compensation the Company paid the Directors during 2017.
DIRECTOR COMPENSATION
Name | Fees Earned or | Stock | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(a) | | Total ($)(b) | | ||||||||||||||||||||||
Paid in Cash | Awards | Total | |||||||||||||||||||||||||||||
($) | ($) [a] | ($) [b] | |||||||||||||||||||||||||||||
Jay D. Burchfield | $ | 0 | $ | 92,027 | $ | 92,027 | | | $ | 62,000 | | | | $ | 50,020 | | | | $ | 112,020 | | | |||||||||
William E. Clark, II [c] | $ | 37,000 | $ | 40,021 | $ | 77,021 | |||||||||||||||||||||||||
William E. Clark, II | | | $ | 52,000 | | | | $ | 50,020 | | | | $ | 102,020 | | | |||||||||||||||
Steven A. Cossé | $ | 40,500 | $ | 72,038 | $ | 112,538 | | | $ | 92,000 | | | | $ | 50,020 | | | | $ | 142,020 | | | |||||||||
Mark C. Doramus | $ | 0 | $ | 102,035 | $ | 102,035 | | | $ | 0 | | | | $ | 122,073 | | | | $ | 122,073 | | | |||||||||
Edward Drilling | $ | 32,000 | $ | 40,021 | $ | 72,021 | | | $ | 52,000 | | | | $ | 50,020 | | | | $ | 102,020 | | | |||||||||
Eugene Hunt [c] | $ | 34,000 | $ | 40,021 | $ | 74,021 | |||||||||||||||||||||||||
Eugene Hunt | | | $ | 42,000 | | | | $ | 50,020 | | | | $ | 92,020 | | | |||||||||||||||
Jerry Hunter | $ | 35,333 | $ | 40,021 | $ | 75,354 | | | $ | 42,000 | | | | $ | 50,020 | | | | $ | 92,020 | | | |||||||||
Chris R. Kirkland c1] | $ | 47,000 | $ | 40,021 | $ | 87,021 | |||||||||||||||||||||||||
Chris R. Kirkland | | | $ | 52,000 | | | | $ | 50,020 | | | | $ | 102,020 | | | |||||||||||||||
Susan Lanigan | $ | 0 | $ | 45,535 | $ | 45,535 | | | $ | 42,000 | | | | $ | 50,020 | | | | $ | 92,020 | | | |||||||||
George A. Makris, Jr. [c] | $ | 0 | $ | 0 | $ | 8,186 | |||||||||||||||||||||||||
George A. Makris, Jr.(c) | | | $ | 0 | | | | $ | 0 | | | | $ | 9,763 | | | |||||||||||||||
W. Scott McGeorge | $ | 52,000 | $ | 40,021 | $ | 92,021 | | | $ | 57,000 | | | | $ | 50,020 | | | | $ | 107,020 | | | |||||||||
Tom Purvis | $ | 0 | $ | 20,052 | $ | 20,052 | | | $ | 58,000 | | | | $ | 50,020 | | | | $ | 108,020 | | | |||||||||
Robert L. Shoptaw | $ | 0 | $ | 112,043 | $ | 112,043 | | | $ | 82,000 | | | | $ | 50,020 | | | | $ | 132,020 | | | |||||||||
Russel Teubner | $ | 0 | $ | 20,052 | $ | 20,052 | |||||||||||||||||||||||||
Russell Teubner | | | $ | 51,375 | | | | $ | 50,020 | | | | $ | 101,395 | | | |||||||||||||||
Mindy West | $ | 35,333 | $ | 40,021 | $ | 75,354 | | | $ | 12,000 | | | | $ | 70,055 | | | | $ | 82,055 | | |
______________________
Director | SB Board | SB Committees | SB Total | |||||||||
Burchfield | $ | 12,000 | $ | 0 | $ | 12,000 | ||||||
Clark | $ | 12,000 | $ | 25,000 | $ | 37,000 | ||||||
Cossé | $ | 12,000 | $ | 500 | $ | 12,500 | ||||||
Doramus | $ | 12,000 | $ | 0 | $ | 12,000 | ||||||
Drilling | $ | 12,000 | $ | 0 | $ | 12,000 | ||||||
Hunt | $ | 12,000 | $ | 2,000 | $ | 14,000 | ||||||
Hunter | $ | 12,000 | $ | 0 | $ | 12,000 | ||||||
Kirkland | $ | 12,000 | $ | 25,000 | $ | 37,000 | ||||||
McGeorge | $ | 12,000 | $ | 0 | $ | 12,000 | ||||||
Shoptaw | $ | 12,000 | $ | 0 | $ | 12,000 | ||||||
West | $ | 12,000 | $ | 0 | $ | 12,000 |
(a)
Director | | | SB Board | | | SB Committees | | | SB Total | | |||||||||
Burchfield | | | | $ | 12,000 | | | | | $ | 0 | | | | | $ | 12,000 | | |
Clark | | | | $ | 12,000 | | | | | $ | 32,500 | | | | | $ | 44,500 | | |
Cosse | | | | $ | 12,000 | | | | | $ | 0 | | | | | $ | 12,000 | | |
Doramus | | | | $ | 12,000 | | | | | $ | 10,000 | | | | | $ | 22,000 | | |
Drilling | | | | $ | 12,000 | | | | | $ | 20,000 | | | | | $ | 32,000 | | |
Hunt | | | | $ | 12,000 | | | | | $ | 10,000 | | | | | $ | 22,000 | | |
Hunter | | | | $ | 12,000 | | | | | $ | 10,000 | | | | | $ | 22,000 | | |
Kirkland | | | | $ | 12,000 | | | | | $ | 40,000 | | | | | $ | 52,000 | | |
Lanigan | | | | $ | 12,000 | | | | | $ | 10,000 | | | | | $ | 22,000 | | |
McGeorge | | | | $ | 12,000 | | | | | $ | 5,000 | | | | | $ | 17,000 | | |
Purvis | | | | $ | 12,000 | | | | | $ | 40,000 | | | | | $ | 52,000 | | |
Shoptaw | | | | $ | 12,000 | | | | | $ | 0 | | | | | $ | 12,000 | | |
Teubner | | | | $ | 12,000 | | | | | $ | 10,000 | | | | | $ | 22,000 | | |
West | | | | $ | 12,000 | | | | | $ | 0 | | | | | $ | 12,000 | | |
Each of the listed committee members were independent as defined in Rule 5605 of the NASDAQ listing requirements when serving on the committee. The Board has determined that Messrs. Shoptaw Burchfield, and Kirkland,Cosse, along with Mrs. West, satisfy the requirements of "audit“audit committee financial expert"expert” as defined in Item 407(d)(5) of Regulation S-K promulgated by the Securities and Exchange Commission and the independence standards applicable to audit committee financial experts as set forth in Reg. S-K of the Securities and Exchange Commission. The Board
The Audit Committee has reviewed and discussed the audited financial statements of the Company for the year ended December 31, 2017,2018, with management.
The Audit Committee has received the written disclosures and the letter from independent accountants required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountants'accountants’ communications with the Audit Committee concerning independence, and has discussed with the independent accountants the independent accountants'accountants’ independence; and
| Robert L. Shoptaw, Chairman | | | Jay D. Burchfield | | | Steve Cosse | | | Mindy West | |
| Edward Drilling | | | Eugene Hunt | | | W. Scott McGeorge | | | |
"“RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed in the Proxy Statement pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, the compensation tables and narrative discussion, is hereby APPROVED."
”
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
$892,289.
$11,400.
PROPOSAL 5 -— TO AMEND THE SIMMONS FIRST NATIONAL CORPORATION
2015 EMPLOYEE STOCK PURCHASE PLAN TO INCREASE THE NUMBER OF AUTHORIZEDOFFERINGS
AND THE NUMBER OF SHARES
OF THE CLASS A COMMON STOCK OF THE CORPORATION
RESERVED FOR ISSUANCE THEREUNDER
This proposal is to authorize additionalpurchase shares of the Common Stock. Any additional authorized shares will be identical to the shares of Common Stock now authorized and outstanding, and there are no preemptive rights with respect to the shares of Common Stock.
The principal reason for the proposed amendment to increase the number of authorized sharescommon stock of the Common Stock isCompany at a favorable price through payroll deductions and to provide sufficient shares to enableensure that the Company has a sufficient reserve of common stock available under the 2015 ESPP to issue additional shares, if needed, to engageaccommodate participation by eligible employees in acquisitive transactions, effect future stock dividends or other general corporate purposes. As of February 14, 2018, the Company had 92,192,731 shares of Common Stock issued and outstanding.
Management believes the remaining number of authorized but unissued shares may not be sufficient for future needs of the Company.plan offerings. If the proposed amendment is approved by the shareholders, the additional authorized2015 ESPP will also be restated.
Thethe Company’s executive officers and employees as a result of the proposed amendment could, under certain circumstances,to the 2015 ESPP are not determinable, since the amounts of future purchases by participants are based on elective participant contributions. No purchase rights have an anti-takeover effect on the Company. The availability for issuance of the additional authorizedbeen granted, and no shares of common stock could deter a potential acquirer from pursuing a takeover transaction, duehave been issued, with respect to the possibility300,000-share increase for which shareholder approval is sought under this proposal. Should such shareholder approval not be obtained, then the 300,000-share increase will not be implemented.
Name and Position | | | Aggregate Number of Purchased Shares | |
George A. Makris, Jr. Chairman and CEO | | | 2,669 | |
Robert A. Fehlman Chief Financial Officer | | | 420 | |
Marty D. Casteel Senior Executive Vice President | | | 654 | |
Stephen C. Massanelli EVP, Chief Administrative Officer | | | 0 | |
Patrick A. Burrow EVP, General Counsel & Secretary | | | 1,469 | |
Mark W. Funke Southwest Division President | | | 0 | |
Barry K. Ledbetter Southeast Division President | | | 0 | |
All current executive officers as a group (8 persons) | | | 7,203 | |
All current and former employees, excluding current executive officers, as a group | | | 138,376 | |
Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(a) | | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in First Column) | | |||||||||
Equity Compensation Plans Approved by Stockholders | | | | | 694,778 | | | | | $ | 22.42 | | | | | | 2,428,376(b) | | |
Equity Compensation Plans Not Approved by Stockholders | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | | 694,778 | | | | | $ | 22.42 | | | | | | 2,428,376 | | |
The Board of Directors proposes to amend the Articles of Incorporation as set forth above and to restate the Articles of Incorporation of the Company with such amendment. If authority to amend and restate the Articles is granted by the shareholders at the Shareholders' Meeting, management intends to file the Amended and Restated Articles of Incorporation immediately following such approval, and the Amended and Restated Articles of Incorporation will become effective upon filing with the Arkansas Secretary of State.
ADOPTION OF THIS PROPOSAL REQUIRES THE VOTES CAST IN FAVOR OF THE PROPOSAL EXCEED THE VOTES CAST OPPOSING THE PROPOSAL AT A MEETING AT WHICH A MAJORITY OF THE SHARES OF COMMON STOCK OF THE COMPANY ARE PRESENT, IN PERSON OR BY PROXY.
FINANCIAL STATEMENTS
Accordingly, a shareholder who intends to raise a proposal to be acted upon at the 20192020 Annual Meeting of Shareholders, but who does not desire to include the same in the Company’s 20192020 proxy statement, must provide written notice to the Company’s Corporate Secretary no earlier than December 20, 201819, 2019 nor later than January 19, 2019.18, 2020. The persons named as proxies in the Company’s proxy for the 20192020 Annual Meeting of Shareholders may exercise their discretionary authority to act upon any proposal which is properly brought before a shareholder meeting, and the Company reserves the right to reject, rule out of order or take other appropriate action with respect to any proposal that does not comply with these and other applicable requirements.
OTHER MATTERS
Pine Bluff, Arkansas
March 14, 2018
PROXY BALLOT
FIRST AMENDED AND RESTATED
2015 EMPLOYEE STOCK PURCHASE PLAN
17, 2019
THE ANNUAL MEETING OF STOCKHOLDERS, APRIL 19, 2018
17, 2019
| | ☐ AGAINST | | | ☐ ABSTAIN | |
¨FOR ¨AGAINST¨ABSTAIN
|
Jay D. Burchfield | | ☐ FOR | | ☐ WITHHOLD | | | Susan Lanigan | | ☐ FOR | | ☐ WITHHOLD | | |||||
| William E. Clark, II | | ☐ FOR | | ☐ WITHHOLD | | | George A. Makris, Jr. | | ☐ FOR | | ☐ WITHHOLD | | ||||
| Steven A. Cosse | | ☐ FOR | | ☐ WITHHOLD | | | W. Scott McGeorge | | ☐ FOR | | ☐ WITHHOLD | | ||||
| Mark C. Doramus | | ☐ FOR | | ☐ WITHHOLD | | | Tom E. Purvis | | ☐ FOR | | ☐ WITHHOLD | | ||||
| Edward Drilling | | ☐ FOR | | ☐ WITHHOLD | | | Robert L. Shoptaw | | ☐ FOR | | ☐ WITHHOLD | | ||||
| Eugene Hunt | | ☐ FOR | | ☐ WITHHOLD | | | Russell Teubner | | ☐ FOR | | ☐ WITHHOLD | | ||||
| Jerry Hunter | | ☐ FOR | | ☐ WITHHOLD | | | Mindy West | | ☐ FOR | | ☐ WITHHOLD | | ||||
| Chris R. Kirkland | | ☐ FOR | | ☐ WITHHOLD | | | | |
"
¨FOR ¨AGAINST ¨ABSTAIN
| | ☐ AGAINST | | | ☐ ABSTAIN | |
¨FOR ¨AGAINST ¨ABSTAIN
| | ☐ AGAINST | | | ☐ ABSTAIN | |
¨FOR ¨AGAINST ¨ABSTAIN
| | ☐ AGAINST | | | ☐ ABSTAIN | |
Signature(s) of Shareholder(s) | | | Date | |
| ||||
Signature(s) of Shareholder(s) | | | Date | |