<SEC-DOCUMENT>0001174947-20-000484.txt : 20200402
<SEC-HEADER>0001174947-20-000484.hdr.sgml : 20200402
<ACCEPTANCE-DATETIME>20200402120521
ACCESSION NUMBER:		0001174947-20-000484
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200402
DATE AS OF CHANGE:		20200402
EFFECTIVENESS DATE:		20200402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIMMONS FIRST NATIONAL CORP
		CENTRAL INDEX KEY:			0000090498
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				710407808
		STATE OF INCORPORATION:			AR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06253
		FILM NUMBER:		20767927

	BUSINESS ADDRESS:	
		STREET 1:		501 MAIN STREET
		CITY:			PINE BLUFF
		STATE:			AR
		ZIP:			71601
		BUSINESS PHONE:		8705411000

	MAIL ADDRESS:	
		STREET 1:		501 MAIN STREET
		CITY:			PINE BLUFF
		STATE:			AR
		ZIP:			71601
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a-42955_sfnc.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>SCHEDULE 14A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><B>(RULE 14A-101) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>SCHEDULE 14A INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934 (Amendment
No. &nbsp;&nbsp;&nbsp;&nbsp;) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by a Party other than the Registrant
<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-left: 0.2in; font-size: 10pt; text-indent: -0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; Preliminary Proxy Statement</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp; Confidential, for Use of the Commission Only <BR>
(as&nbsp;permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;</TD>
    <TD>Definitive Additional Materials</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;</TD>
    <TD>Soliciting Material Pursuant to &sect;240.14a-12</TD></TR>
</TABLE>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>SIMMONS FIRST NATIONAL CORPORATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement,
if other than the Registrant) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify">Payment of Filing Fee (Check the appropriate
box):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 1pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">No fee required</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 2pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(1)&nbsp;</TD>
    <TD STYLE="text-align: justify">Title&nbsp;of each class of securities to which transaction applies:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(2)&nbsp;</TD>
    <TD STYLE="text-align: justify">Aggregate number of securities to which transaction applies:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(3)&nbsp;</TD>
    <TD STYLE="text-align: justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount
on which the filing fee is calculated and state how it was determined):</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(4)&nbsp;</TD>
    <TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(5)&nbsp;</TD>
    <TD STYLE="text-align: justify">Total fee paid:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 2pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 2pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which
the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule&nbsp;and
the date of its filing.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(1)&nbsp;</TD>
    <TD STYLE="text-align: justify">Amount Previously Paid:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(2)&nbsp;</TD>
    <TD STYLE="text-align: justify">Form, Schedule&nbsp;or Registration Statement No.:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(3)&nbsp;</TD>
    <TD STYLE="text-align: justify">Filing Party:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">(4)&nbsp;</TD>
    <TD STYLE="text-align: justify">Date Filed:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>SUPPLEMENT TO THE PROXY STATEMENT OF
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIMMONS FIRST NATIONAL CORPORATION DATED
MARCH 17, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE ANNUAL MEETING OF SHAREHOLDERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO BE HELD ON APRIL 23, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">On
February 27, 2020, the Board of Directors (the &ldquo;Board&rdquo;) of Simmons First National Corporation (the &ldquo;Company&rdquo;)
approved, subject to shareholder approval, certain amendments to the First Amended and Restated Simmons First National Corporation
2015 Incentive Plan (the &ldquo;2015 Plan&rdquo;). On or about March 17, 2020, the Company furnished a proxy statement (the &ldquo;Proxy
Statement&rdquo;) to its shareholders describing the matters to be voted on at the Annual Meeting of Shareholders to be held on
April 23, 2020 (the &ldquo;Annual Meeting&rdquo;), including the proposal to amend the 2015 Plan to increase the number of shares
reserved for issuance from 4,000,000 to 7,600,000 and extend the term thereof from June 30, 2025 to June 30, 2030 (&ldquo;Proposal
5&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">After
furnishing the Proxy Statement to shareholders, the Company was informed by Institutional Shareholder Services (&ldquo;ISS&rdquo;)
that Proposal 5 received an unfavorable recommendation in part because the shareholder value transfer (&ldquo;SVT&rdquo;) for the
proposed amended and restated 2015 Plan, as determined by ISS using its proprietary model, is greater than the benchmark calculated
by ISS. A component of the ISS model for SVT is the number of additional shares of common stock requested to be authorized under
a plan amendment proposal such as Proposal 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">Although
the Company disagrees with the ISS recommendation, it has decided to reduce the number of shares by which the shares reserved for
issuance under the 2015 Plan would be increased if Proposal 5 is approved and, thereby, reduce the SVT of the proposed amended
and restated 2015 Plan. Accordingly, on April 1, 2020, the Board approved the amendment of the 2015 plan, subject to shareholder
approval, to change the number of shares reserved for issuance thereunder to 6,800,000 instead of 7,600,000, and otherwise ratified
the amendments previously approved on February 27, 2020. The Board made no other changes to the 2015 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">As
a result of the Board&rsquo;s action, if Proposal 5 is approved, the 2015 Plan will be amended to increase the number of shares
reserved for issuance thereunder from 4,000,000 to 6,800,000 and extend the term thereof from June 30, 2025 to June 30, 2030. Except
as set forth herein, there are no changes to Proposal 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">The
complete text of the 2015 Plan, as proposed to be amended, is attached as Exhibit 10.1 to the Current Report on Form 8-K filed
by the Company on April 2, 2020 with the U.S. Securities and Exchange Commission, a free copy of which may be obtained at the SEC&rsquo;s
website, www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Key Considerations
in Approving the Amendment of the 2015 Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">In
considering Proposal 5, the Company believes that it is important for shareholders to consider the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The 2015 Plan provides the Company with the flexibility to develop and deliver short-term cash
incentive programs and long-term equity incentive programs that are competitive, that attract and retain key talent, and that meet
current and evolving compensation practices. The use of equity-based awards reflects the Board&rsquo;s belief that encouraging
stock ownership by executive officers and other key employees serves to attract, retain, and motivate them by providing a direct,
financial interest in the Company&rsquo;s continued success.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Since the beginning of 2017, the Company&rsquo;s total consolidated assets have increased from
approximately $8.4 billion to approximately $21.3 billion at the beginning of 2020. As the Company&rsquo;s assets have grown, so,
too, have its employees, from approximately 1,875 full time equivalent employees at the beginning of 2017 to approximately 3,270
full time equivalent employees at the beginning of 2020.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s rapid growth, combined with continued competition in the financial industry
for top-notch talent, has significantly increased the importance of equity-based compensation as a key component </TD></TR>                                                                      <TR STYLE="vertical-align: top">
<TD></TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify">for employee recruitment
and retention. It has also resulted in a faster-than-expected reduction in the number of shares set aside for issuance under the
2015 Plan. Consequently, if the Company does not receive shareholder approval for the amended 2015 Plan, the Company will need
to consider compensation alternatives for 2021 and beyond that do not include equity compensation, or include equity compensation
to a lesser degree, than is the case with current practices.</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In the Board&rsquo;s opinion, equity-based compensation has significantly contributed to the Company&rsquo;s
growth and success to date and should continue to do so in the future. Thus, the Board considers approval of the amendments to
the 2015 Plan critical to the Company&rsquo;s ability to continue to execute its strategic plans.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The additional 2,800,000 shares of Company common stock that will be reserved for issuance under
the 2015 Plan if shareholders approve the proposed amendments thereto represent approximately 2.47% of outstanding Company shares
as of February 25, 2020, and 2.46% of fully diluted Company shares as of the same date (which assumes the issuance of shares pursuant
to both outstanding stock options and restricted and performance stock units).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>ACCORDINGLY, THE BOARD
OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE &ldquo;FOR&rdquo; PROPOSAL 5.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">Any
vote &ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo; Proposal 5 using the proxy card or by the Internet site or telephone number made
available previously by the Company to shareholders, or using the voting instruction card or by the Internet site or telephone
number made available previously to beneficial owners by a broker, bank or other nominee, will be counted as a vote &ldquo;FOR&rdquo;
or &ldquo;AGAINST&rdquo; Proposal 5, as revised as described above. If any shareholder has already returned his or her properly
executed proxy card or voted via the Internet or by telephone and would like to change his or her vote on any matter, such shareholder
may revoke his or her proxy before it is voted at the Annual Meeting by submission of a proxy bearing a later date or by the Internet,
by telephone, by mail (if permitted by a broker, bank or other nominee) or by attending the Annual Meeting in person and casting
a ballot or as otherwise described in the Proxy Statement. If any shareholder would like a new proxy card, he or she should contact
the Company&rsquo;s transfer agent, Computershare, at 1-800-368-5948. If any shareholder has any questions, he or she should contact
Steve Massanelli, Executive Vice President, Chief Administrative Officer and Investor Relations Officer, at 870-541-1183 or steve.massanelli@simmonsbank.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 55.1pt; margin-right: 0; margin-left: 0">This
Supplement to the Proxy Statement is first being released to shareholders on or about April 2, 2020, and should be read together
with the Proxy Statement. The information contained in this Supplement to the Proxy Statement modifies or supersedes any inconsistent
information contained in the Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -1.1pt"><FONT STYLE="font-size: 10pt"><B><IMG SRC="image_002.gif" ALT="" STYLE="height: 49px; width: 122px"></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">George A. Makris III, Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pine Bluff, Arkansas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

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