Tom Purvis
SIMMONS FIRST NATIONALAbout Tom Purvis
Tom Purvis (age 66) is an independent director of Simmons First National Corporation (SFNC), serving since 2017. He is a partner in L2L Development Advisors, LLC and in multiple real estate development entities, with a 40+ year career in real estate and related services. He attended the Business College at the University of Texas and earned a B.B.A. from Texas Christian University in 1982 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| L2L Development Advisors, LLC | Partner | Current | Real estate development and financing expertise |
| Various real estate development entities | Partner | 40+ years | Real estate industry expertise across development and financing |
| First Texas BHC, Inc. | Director | Pre-2017 (acquired by SFNC in 2017) | Prior bank board experience; acquisition bolstered SFNC’s Texas footprint |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Fort Worth Zoo | Director | Not disclosed | Community leadership |
| Fort Worth Streams and Valleys | Director | Not disclosed | Civic engagement |
| Fort Worth Tax Increment Financing District | Director | Not disclosed | Urban development oversight |
Board Governance
- Independence: Independent director of SFNC; not a member of Audit or Compensation; member of Nominating & Corporate Governance Committee (NCGC) and Risk Committee .
- Committee activity and engagement in 2024:
- NCGC (Chair: Steven Cossé): Members included Purvis; met 4 times .
- Risk Committee (Chair: Mark Doramus): Members included Purvis; met 4 times .
- Attendance: Board met 8 times in 2024; all incumbent directors attended at least 75% of aggregate Board and committee meetings. All 2024 directors attended the 2024 annual shareholders’ meeting .
- Lead Independent Director: Steven Cossé serves as Lead Director and chairs executive sessions; continued in role following recombination of Chairman/CEO in 2025 .
| Committee | Membership | Role | 2024 Meetings | Notes |
|---|---|---|---|---|
| Audit | Not a member | — | 9 | Independent committee with financial experts; not applicable to Purvis |
| Compensation | Not a member | — | 6 | Independent committee; not applicable to Purvis |
| Nominating & Corporate Governance | Member | Member | 4 | Governance, nominations; Purvis participates |
| Risk | Member | Member | 4 | ERM oversight (credit, liquidity, cyber/IT, vendor/fraud); Purvis participates |
| Executive | Not disclosed as member | — | 4 | Independent-led; not applicable to Purvis |
Fixed Compensation
Director compensation (SFNC, 2024):
- Annual equity retainer paid in RSUs: approximately $70,000, granted May 1, 2024 at $17.33 per share, 4,040 RSUs, vesting in four installments (grant date, July 1, Oct 1, Jan 2) .
- Cash fees (SFNC and Simmons Bank combined): $75,000 for Purvis .
- All other compensation: $53 (primarily director life insurance premium cost) .
| Component (2024) | Amount/Units | Detail |
|---|---|---|
| Fees Earned or Paid in Cash | $75,000 | Includes SFNC and Simmons Bank board/committee cash retainers |
| Stock Awards (RSUs) | $70,013; 4,040 RSUs | RSUs awarded 5/1/2024; vest quarterly through 1/2/2025 |
| All Other Compensation | $53 | Term life insurance premium cost allocation |
| Total Director Compensation | $145,066 | Sum of cash, equity grant fair value, other |
| Simmons Bank (SB) Board Fees (included in totals) | $35,000 | SB board retainer |
| SB Committee Chair/Vice-Chair Fees (included in totals) | $5,000 | SB committee vice-chair/chair fee |
Committee chair/vice-chair retainer schedule (context):
| Committee | Chair Retainer | Vice-Chair Retainer |
|---|---|---|
| Audit | $20,000 | $5,000 |
| Compensation | $15,000 | $5,000 |
| Executive | $25,000 | N/A |
| NCGC | $10,000 | N/A |
| Risk | $15,000 | N/A |
Performance Compensation
- SFNC does not disclose performance-linked director compensation; non-employee director equity is time-vested RSUs (no PSUs for directors in 2024). Quarterly vesting tied to continued service (grant date, Jul 1, Oct 1, Jan 2) .
| Performance Metric | Target/Payout | Notes |
|---|---|---|
| None disclosed for directors | N/A | Director equity retainer consists of time-vested RSUs; continued service required |
Other Directorships & Interlocks
- Public company directorships: None disclosed for Purvis .
- Private/non-profit boards: Fort Worth Zoo, Fort Worth Streams and Valleys, Fort Worth Tax Increment Financing District .
- Interlocks: None disclosed; Board specifically assessed Stephens Inc. relationships for another director (Doramus), below NASDAQ thresholds, and found independence preserved; no similar related-party disclosure for Purvis .
| Company/Organization | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Fort Worth Zoo | Non-profit | Director | None disclosed |
| Fort Worth Streams and Valleys | Non-profit | Director | None disclosed |
| Fort Worth TIF District | Civic/government | Director | None disclosed |
Expertise & Qualifications
- Real estate development and financing expertise; geographic and market insight (Texas and other SFNC markets). Board cites his skills for analyzing real estate industry and credit allocation/lending policies .
Equity Ownership
- Beneficial ownership: 35,740 shares (as of Feb 7, 2025); less than 1% of outstanding shares .
- Unvested RSUs: As of Dec 31, 2024, each non-employee director had 1,010 unvested RSUs outstanding .
- Stock ownership guidelines: Directors must own shares equal to at least 3x the annual equity retainer; five years to comply; restrictions on sale of equity awards until compliant .
- Anti-hedging/pledging: Policy prohibits hedging and pledging by directors; exceptions require NCGC approval .
| Ownership Item | Value | Notes |
|---|---|---|
| Shares Beneficially Owned | 35,740 | <1% of class |
| Unvested RSUs (12/31/2024) | 1,010 | General for each non-employee director |
| Director Ownership Guideline | ≥3x annual equity retainer | Five-year compliance period |
| Anti-Hedging/Pledging Policy | Prohibited for directors | Exceptions require NCGC approval |
Insider Trades
| Date | Transaction | Securities | Post-Transaction Holdings | Source |
|---|---|---|---|---|
| 2025-10-01 | RSUs vested | 929 RSUs vested; convert 1:1 into SFNC shares | 38,527 shares | |
| 2026-01-02 (scheduled) | RSUs vest | 928 RSUs scheduled to vest | N/A |
Governance Assessment
- Independence and committee service: Purvis is independent and serves on NCGC and Risk—committees central to nominations, governance oversight, and enterprise risk management .
- Attendance and engagement: Board and committee attendance at or above 75% in 2024; full annual meeting attendance supports engagement .
- Compensation and alignment: Director pay mixes cash plus time-vested RSUs; RSU vesting is contingent on continued service and subject to director ownership guidelines, promoting alignment without short-term performance gaming .
- Ownership and trading policies: Anti-hedging/pledging policy and ownership guidelines strengthen investor alignment; no pledging disclosed for directors; beneficial ownership reported for Purvis at 35,740 shares .
- Related-party/conflicts: No Purvis-specific related-party transactions disclosed; SFNC’s policy and Regulation O framework govern director credit relationships, with NCGC oversight and independence assessments as needed .
RED FLAGS
- None disclosed specific to Tom Purvis: no related-party transactions, no pledging, and strong attendance reported .