SIMMONS FIRST NATIONAL CORP

As of March 4, 2024, 125,396,745 shares of Common Stock were outstanding and the closing market price per share of the Company’s Common Stock as reported on the Nasdaq stock market was $18.78. The 500,000 shares currently reserved for issuance under the First A&R ESPP represent 0.40% of the outstanding shares on that date. If the Second A&R ESPP with the additional 300,000 shares had been in effect as of March 4, 2024, the aggregate 800,000 shares reserved for issuance under the plan would have represented 0.64% of the outstanding shares on that date.

In determining the number of additional shares of Common Stock to request under the Second A&R ESPP, the Board evaluated a number of factors, including the size of the Company’s employee population, the Company’s recent share usage under the First A&R ESPP and the anticipated share usage under the Second A&R ESPP. The current offering period under the First A&R ESPP began on January 2, 2024; on that date, there were 94,897 shares of Common Stock available for issuance under the plan. If the Second A&R ESPP is not approved, the Company estimates that it would not have sufficient shares remaining under the First A&R ESPP to continue offering opportunities to purchase shares under the plan following the current offering period, assuming the Company continues to conduct Offerings and grant options consistent with employees’ historical usage and the Company’s expected practices, and noting that future circumstances may require the Company to make changes to its expected practices. In light of the factors described above, and the fact that the Board views the ability to

continue to offer an employee stock purchase plan as critical to the Company’s ability to continue to attract and retain employees in the competitive labor markets in which the Company operates, the Board has determined that the size of the requested share reserve under the Second A&R ESPP is reasonable and appropriate at this time.