DEF 14A of Hilltop Holdings Inc., Apr 30, 2026

DEF 14A of Hilltop Holdings Inc.

Filed Apr 30, 2026 · FY20250001104659-26-053118

Open on EDGAR

  1. Nominees for Election as Directors

    Nominees for Election as Directors

  2. Nominees for Election as Directors

    | = | | | | Rhodes R. Bobbitt | | Independent Director since November 2005 | | AGE: 80 COMMITTEES ● Investment (Chairman) | CAREER HIGHLIGHTS ● Mr. Bobbitt is currently retired CREDIT SUISSE FIRST BOSTON/DONALDSON LUFKIN & JENRETTE ● Managing Director & Regional Office Manager of the Private Client Service Group (1987-2004) GOLDMAN SACHS & COMPANY ● Vice President of Security Sales, Dallas office (1969-1987) | OTHER EXPERIENCE ● Former Director of First Acceptance Corporation SKILLS AND QUALIFICATIONS ● Mr. Bobbitt has an extensive investment background, which is particularly important given the investment portfolios at our subsidiaries | | Dana Bober | | Independent Director since April 2026 | | AGE: 56 COMMITTEES ● Audit | CAREER HIGHLIGHTS ERNST & YOUNG LLP ● Partner and Americas Practice Leader, Financial Accounting Advisory Services (2017-June 2025) ● Partner, Financial Services (2004-2017) ● Client Serving, Staff to Senior Manager (1992-2004) | OTHER EXPERIENCE ● Board, Executive Committee, and Treasurer of Girl Rising ● Former member of C200 ● Former member of Women’s Bond Club SKILLS AND QUALIFICATIONS ● Ms. Bober has 30 years of experience in audit and related services including strategic planning, financial management and corporate governance with a focus on investment banks, asset managers, hedge funds and other diversified financial institutions. | | J. Taylor Crandall | | Lead Independent Director since August 2025 Independent Director since April 2015 | | AGE: 72 COMMITTEES ● Executive ● Risk ● Nominating and Corporate Governance | CAREER HIGHLIGHTS OAK HILL CAPITAL MANAGEMENT, LLC ● Currently serves as Chairman Emeritus of Oak Hill Capital Management, a New York-based private equity firm ● Founding Managing Partner and has served with the firm since 1986 KEYSTONE, INC. ● Chief Operating Officer for the primary investment vehicle for Robert M. Bass FIRST NATIONAL BANK OF BOSTON ● Vice President | OTHER EXPERIENCE ● Director of Intermedia.net, Inc., Wave Division Holdings, LLC, Omada International, Pulsant Limited, Berlin Packaging LLC and Powdr Foundation ● Secretary-Treasurer of the Anne T. and Robert M. Bass Foundation ● Trustee of the Lucile Packard Foundation for Children’s Health ● Board trustee of The Park City Foundation and the U.S. Ski and Snowboard Team Foundation SKILLS AND QUALIFICATIONS ● Mr. Crandall has significant experience in finance and management and board governance, including his experience serving on the boards of directors of public and private companies |

  3. Nominees for Election as Directors

    | HILLTOP HOLDINGS 2026 Proxy Statement | 3 |

  4. Nominees for Election as Directors

    | Hill A. Feinberg | | Director since November 2012 | | AGE: 79 | CAREER HIGHLIGHTS HILLTOP SECURITIES ● Has served as Chairman Emeritus since 2019 ● Chairman and Chief Executive Officer (1991-2019) BEAR STERNS & CO ● Former Senior Managing Director | OTHER EXPERIENCE ● Former Director of PlainsCapital, Compass Bancshares, Inc. and Texas Regional Bancshares, Inc. ● Former Advisory Director of Hall Phoenix Energy, LLC ● Former Non-Executive Chairman and Director of General Cryogenics, Inc. ● Past Chairman of the Municipal Securities Rulemaking Board ● Mr. Feinberg was a member of the board of directors of Energy XXI (Bermuda) Limited, a public company that filed bankruptcy in 2016 SKILLS AND QUALIFICATIONS ● Mr. Feinberg has extensive knowledge and experience concerning the broker-dealer segment and the industry in which it operates through his extended period of service to First Southwest and Hilltop Securities |

  5. Nominees for Election as Directors

    | Jeremy B. Ford | | Chairman of the Board since April 2025 Director since March 2010 | | AGE: 51 COMMITTEES ● Executive (Chairman) | CAREER HIGHLIGHTS HILLTOP HOLDINGS INC. ● Chairman of the Board since April 2025 ● Currently serves as President and Chief Executive Officer since April 1, 2019 ● Chief Executive Officer of PlainsCapital Bank effective May 1, 2024 FORD FINANCIAL FUND, L.P. ● Principal (2008-2010) DIAMOND A-FORD CORPORATION ● Vice President (2004-2008) | OTHER EXPERIENCE ● Chairman and Director of First Acceptance Corporation SKILLS AND QUALIFICATIONS ● Mr. Jeremy B. Ford has worked in the financial services industry for over 25 years, primarily focused on operating and acquiring depository institutions and financial services companies ● Mr. Jeremy B. Ford has extensive executive officer experience and knowledge of our operations ● Additionally, he has been actively involved in numerous acquisitions, including those consummated by Hilltop |

  6. Nominees for Election as Directors

    | 4 | HILLTOP HOLDINGS 2026 Proxy Statement |

  7. Nominees for Election as Directors

    | Stephen Haworth | | Independent Director since April 2026 | | AGE: 64 COMMITTEES ● Audit ● Compensation | CAREER HIGHLIGHTS FLEXPOINT FORD LLC ● Vice Chairman (2025 – Present) ● Chief Financial Officer (2005 – 2025) ERNST & YOUNG LLP ● Partner (1985-2005) | OTHER EXPERIENCE ● Certified Public Accountant SKILLS AND QUALIFICATIONS ● Mr. Haworth has extensive audit and tax experience. He also has 20 years of experience as a Chief Financial Officer in private equity funds that focus on investing in buyouts, growth capital, turnaround, middle market and equity transactions. |

  8. Nominees for Election as Directors

    | Lee Lewis | | Director since November 2012 | | AGE: 74 COMMITTEES ● Investment | CAREER HIGHLIGHTS LEE LEWIS CONSTRUCTION, INC. ● Founder and Chief Executive Officer (1976-present) of Lee Lewis Construction, a construction firm based in Lubbock, Texas | OTHER EXPERIENCE ● Former Director of PlainsCapital ● Member of the American General Contractors Association, West Texas Chapter, Chancellors Council for the Texas Tech University System, and Red Raider Club SKILLS AND QUALIFICATIONS ● Through his service on our Board of Directors and former service on PlainsCapital’s Board of Directors, Mr. Lewis has many years of knowledge of PlainsCapital and the challenges and opportunities that the Company is presented ● The background of Mr. Lewis as an owner and chief executive officer of a Texas-based company also provides unique insight to the Board of Directors |

  9. Nominees for Election as Directors

    | Thomas C. Nichols | | Independent Director since August 2020 | | AGE: 78 COMMITTEES ● Audit (Chairman) ● Risk (Chairman) | CAREER HIGHLIGHTS CARLILE HOLDINGS, INC. ● Owner and Chief Executive Officer of family investment office since 2017 CARLILE BANCSHARES, INC. ● Served as Chairman and Chief Executive Officer (2008-2017) FDIC ● Former Bank Examiner | OTHER EXPERIENCE ● Former Director of Independent Bancshares, Inc. ● Mr. Nichols has acquired, merged and sold banking organizations and other financial services companies for over 30 years SKILLS AND QUALIFICATIONS ● Mr. Thomas C. Nichols has significant experience in managing and leading banking and other financial services enterprises, including merger and acquisition activities, which provides our Board of Directors with additional perspectives on our operations |

  10. Nominees for Election as Directors

    | HILLTOP HOLDINGS 2026 Proxy Statement | 5 |

  11. Nominees for Election as Directors

    | W. Robert Nichols, III | | Independent Director since April 2008 | | AGE: 81 COMMITTEES ● Nominating and Corporate Governance (Chairman) ● Compensation (Chairman) | CAREER HIGHLIGHTS CONLEY LOTT NICHOLS ● President of Conley Lott Nichols, a dealer for several manufacturers of construction machinery RUSTY’S OILFIELD SERVICES COMPANY ● Served as Chairman and President until January 2020 | OTHER EXPERIENCE ● Mr. W. Robert Nichols, III has been a leader in the construction machinery business since 1966 ● He has served on numerous bank and bank holding company boards, including United New Mexico Bancorp and Ford Bank Group ● Mr. W. Robert Nichols, III is active in civic and charitable activities, serving as an active director at M.D. Anderson Hospital, The Nature Conservancy of Texas and Mercy Street SKILLS AND QUALIFICATIONS ● Mr. W. Robert Nichols III has broad experience in managing and leading enterprises ● This significant experience provides our Board of Directors with additional perspectives on our operations |

  12. Nominees for Election as Directors

    | Kenneth D. Russell | | Director since August 2010 | | AGE: 77 COMMITTEES ● Risk | CAREER HIGHLIGHTS FIRST ACCEPTANCE CORPORATION ● Chief Executive Officer (2022-Present) ● Special Advisor (2021-2022) ● Chief Executive Officer (2019-2021) ● Interim President and Chief Executive Officer (2016-2019) MECHANICS BANK ● Chief Executive Officer (2015-2016) FORD FINANCIAL FUND II, L.P. ● Principal (2012-2016) FORD FINANCIAL FUND, L.P. ● Advisor (2010-2012) KPMG ● Rose from a staff accountant in the U.S. division to become a member of KPMG Germany’s managing Board of Directors ● During 20 years in KPMG LLP’s Dallas office, he led the engagement efforts with the firm’s regional banking, thrift and other financial services clients ● Mr. Russell joined KPMG’s national office in New York and led their financial services advisory unit, which supported many of the nation’s largest banks | OTHER EXPERIENCE ● Director of First Acceptance Corporation, Mechanics Bancorp and Mechanics Bank ● He joined the Managing Board for KPMG in Germany, where he served as the global lead partner in the firm’s relationship with Deutsche Bank ● Lead a new Partner Mentoring Program for KPMG’s offices throughout Europe, working to help young professionals become category and practice leaders SKILLS AND QUALIFICATIONS ● Mr. Russell’s extensive background in accounting and operating entities provides valuable insight to our Board of Directors ● Experience managing and consulting on banking operations in over 50 countries |

  13. Nominees for Election as Directors

    | 6 | HILLTOP HOLDINGS 2026 Proxy Statement |

  14. Nominees for Election as Directors

    | Jonathan S. Sobel | | Director since July 2019 | | AGE: 59 COMMITTEES ● Investment | CAREER HIGHLIGHTS HILLTOP SECURITIES INC. ● Non-executive Chairman (2019-Present) FORD MANAGEMENT II, L.P. AND FORD MANAGEMENT III, L.P. ● Partner (2012-2025) DTF HOLDINGS, LLC ● Managing Member (2008-Present) GOLDMAN SACHS & CO. (1987-2008) ● Partner and Managing Director ● Served in executive roles including Global Head of Mortgage Department, Global Head of Money Markets, head of the firm’s Global Bank Group and Chief Risk Officer for Goldman Sachs Asset Management | OTHER EXPERIENCE ● Current Senior Advisor to United States Secretary of Commerce ● Served as a member of Goldman Sachs’ Capital, Risk and Finance Committees ● He is a trustee of the Hospital for Special Surgery SKILLS AND QUALIFICATIONS ● Mr. Sobel has significant experience in the banking, mortgage and broker-dealer industries, as well as risk management ● He also possesses extensive knowledge regarding the Company and its operations, which makes him a valuable member of the Board of Directors |

  15. Nominees for Election as Directors

    | Robert C. Taylor, Jr. | | Independent Director since November 2012 | | AGE: 78 COMMITTEES ● Compensation ● Investment ● Nominating and Corporate Governance | CAREER HIGHLIGHTS UNITED SUPERMARKETS, LLC ● Currently serves on the executive team, with involvement in government relations, real estate, innovation and special projects ● Retired as Chief Executive Officer, with previous roles as Vice President of Manufacturing and Supply Chain (2009-2021) R.C. TAYLOR DISTRIBUTING, INC. ● Served as President until 2007 | OTHER EXPERIENCE ● Former Director of PlainsCapital Bank and United Supermarkets, LLC ● Director of Texas Tech Chancellors Advisory and Texas Tech Foundation ● Chairman of the Lubbock Downtown Tax Increment Finance Redevelopment Committee SKILLS AND QUALIFICATIONS ● Through his service on our Board of Directors and former service on PlainsCapital’s Board of Directors, Mr. Taylor has many years of knowledge of PlainsCapital and the challenges and opportunities that it is presented ● The background of Mr. Taylor as a manager of a Texas-based company also provides unique insight to the Board of Directors |

  16. Nominees for Election as Directors

    | HILLTOP HOLDINGS 2026 Proxy Statement | 7 |

  17. Nominees for Election as Directors

    | Carl B. Webb | | Director since June 2005 | | AGE: 76 COMMITTEES ● Executive | CAREER HIGHLIGHTS FORD FINANCIAL FUND II, L.P. AND FORD FINANCIAL FUND III, L.P. ● Sole Manager PACIFIC CAPITAL BANCORP ● Chief Executive Officer (2010-2012) SANTA BARBARA BANK & TRUST, N.A. ● Served as Chairman of the Board and Chief Executive Officer (2010-2012) FORD FINANCIAL FUND, L.P. ● Served as Senior Principal of private equity fund that was the parent company of SB Acquisition Company LLC, the majority stockholder of Pacific Capital Bancorp prior to its sale to UnionBanCal Corporation (2008-2012) VARIOUS FINANCIAL INSTITUTION AND BANK EXECUTIVE ROLES ● Served as President and Chief Operating Officer of Golden State Bancorp Inc. and its subsidiary, California Federal Bank, FSB ● Previously served as President and Chief Executive Officer of First Madison Bank, FSB and First Gibraltar Bank, FSB, as well as President of First National Bank at Lubbock | OTHER EXPERIENCE ● Executive Chairman of Mechanics Bancorp and Mechanics Bank ● Former Director of Pacific Capital Bancorp, M&F Worldwide Corp., Plum Creek Timber Company, Golden State Bancorp Inc., California Federal Bank, FSB, Prologis, Inc. and First National Bank at Lubbock SKILLS AND QUALIFICATIONS ● Mr. Webb possesses particular knowledge and experience in strategic planning and the financial industry, as well as expertise in bank management, that strengthen the Board of Directors’ collective qualifications, skills and experience |

  18. Director Compensation

    Director Compensation

  19. 2025 Director Compensation

    2025 Director Compensation

  20. Director Compensation Table for 2025

    Director Compensation Table for 2025

  21. Director Compensation Table for 2025

    | | Fees Earned or | Stock | All Other | | | | Paid in Cash | Awards | Compensation | Total | | Name | ($)(a) | ($)(a)(b) | ($) | ($) | | Rhodes R. Bobbitt | 88,000 | 30,012 | — | 118,012 | | Tracy A. Bolt (c) | 32 | 133,210 | — | 133,242 | | J. Taylor Crandall (d) | 92,117 | 30,012 | — | 122,128 | | Hill A. Feinberg | — | — | — | — | | Gerald J. Ford (e) | 48 | 1,036,278(f) | — | 1,036,326 | | Jeremy B. Ford | — | — | — | — | | J. Markham Green (g) | 39,000 | 30,012 | — | 69,012 | | Charlotte Jones (h) | 8,812 | 8,716 | — | 17,527 | | Lee Lewis | 53,000 | 30,012 | — | 83,012 | | W. Robert Nichols, III | 84,209 | 30,012 | — | 114,221 | | Thomas C. Nichols | 126,777 | 30,012 | — | 156,789 | | Kenneth D. Russell | 56,000 | 30,012 | — | 86,012 | | A. Haag Sherman (c) | 59,842 | 30,012 | — | 89,854 | | Jonathan S. Sobel | 26,590 | 56,421 | — | 83,012 | | Robert C. Taylor, Jr. | 30,790 | 60,619 | — | 91,408 | | Carl B. Webb | 52 | 82,960 | — | 83,012 |

  22. Director Compensation Table for 2025

    | (a) Fees earned for services performed in 2025 include annual retainers and chairperson remuneration. Aggregate fees paid to non-employee directors for annual retainers and committee chairmanships were paid quarterly. Cash was paid in lieu of the issuance of fractional shares. Service for any partial quarter is calculated and paid on the basis of time served during the applicable calendar quarter. Non-employee directors are solely responsible for the payment of taxes payable on remuneration paid by the Company. The number of shares awarded was determined based upon the average closing price per share of our common stock for the last ten consecutive trading days of the calendar quarter during which the stock was earned, and the dollar value reported in the table represents the aggregate dollar amount of cash fees forgone. |

  23. Director Compensation Table for 2025

    | (b) Non-employee directors serving immediately prior to the 2025 Annual Meeting also received a grant of 957 shares of common stock ($30,000) for their services as a director for the prior twelve months. |

  24. Director Compensation Table for 2025

    | (c) Messrs. Bolt and Sherman resigned from the Board of Directors on August 27, 2025. Mr. Bolt served as lead independent director from April 24, 2025 until his resignation from the Board of Directors on August 27, 2025. |

  25. Director Compensation Table for 2025

    | (d) Mr. Crandall was appointed lead independent director on August 29, 2025. |

  26. Director Compensation Table for 2025

    | (e) Mr. Gerald J. Ford was appointed Chairman Emeritus effective April 24, 2025 until his resignation as Chairman Emeritus on July 8, 2025. |

  27. Director Compensation Table for 2025

    | (f) Director fees paid in stock of $67,878 and the grant date fair value of $968,400 of an equity award calculated in accordance with the provisions of the Stock Compensation Topic 718 of the Accounting Standards Codification, or ASC. Such award represented a time-based RSU that was to cliff vest upon the earlier of February 5, 2028 and a change of control but were subsequently forfeited. |

  28. Director Compensation Table for 2025

    | (g) Mr. Green elected not to stand for re-election at the 2025 Annual Meeting of Stockholders; accordingly, Mr. Green was no longer on the Board or its committees following the Annual Meeting on July 24, 2025. |

  29. Director Compensation Table for 2025

    | (h) Ms. Jones resigned from the Board of Directors on April 19, 2025. |

  30. Director Compensation Table for 2025

    As described above, stock awards were issued to each non-employee director who elected to receive all or part of his or her director compensation in the form of our common stock generally within five days following each applicable calendar quarter-end. Commencing in 2025, non-employee directors serving immediately prior to each annual meeting were eligible to receive a grant of shares of common stock for their services as a director for the prior year. In July 2025, the non-employee directors received a grant of shares of common stock valued at approximately $30,000. All of our

  31. Director Compensation Table for 2025

    | 12 | HILLTOP HOLDINGS 2026 Proxy Statement |

  32. Director Compensation Table for 2025

    personnel, as well as non-employee directors, are subject to trading restrictions with regard to our common stock, and trading may only occur during a “trading window.” Provided that any such party does not possess material, non-public information about us, this trading period generally commences on the next trading day following two trading days after the public release of quarterly or annual financial information and continues until the close of business on the 10th calendar day of the last month of a fiscal quarter. The following numbers of shares of our common stock were issued to our directors as director fees for services performed during 2025:

  33. Director Compensation Table for 2025

    | | Number of | | Name | Shares | | Rhodes R. Bobbitt | 957 | | Tracy A. Bolt | 4,228 | | J. Taylor Crandall | 957 | | Gerald J. Ford | 2,222 | | J. Markham Green | 957 | | Charlotte Jones | 285 | | Lee Lewis | 957 | | W. Robert Nichols, III | 957 | | Thomas C. Nichols | 957 | | Kenneth D. Russell | 957 | | A. Haag Sherman | 957 | | Jonathan S. Sobel | 1,778 | | Robert C. Taylor, Jr. | 1,905 | | Carl B. Webb | 2,603 |

  34. Director Compensation Table for 2025

    For further information about the stockholdings of these directors and our management, see “Security Ownership of Certain Beneficial Owners and Management” commencing on page 24 of this Proxy Statement.

  35. Key Compensation Program Highlights

    | ● | No discretionary bonuses were awarded for 2025 performance; |

  36. Key Compensation Program Highlights

    | ● | Despite earning a payout under the 2025 annual incentive plan, Mr. Jeremy B. Ford elected not to receive any cash incentive compensation for the 2025 fiscal year to acknowledge the low say-on-pay vote at our 2025 Annual Meeting of Stockholders; |

  37. Key Compensation Program Highlights

    | ● | Other NEOs received cash incentive compensation between 72% and 130% of target based on the achievement of performance goals under our 2025 annual incentive plan; |

  38. Key Compensation Program Highlights

    | ● | Performance-Based Restricted Stock Units, or PRSUs, granted to our executives in 2023 vested at 80.5% of target reflecting EPS and relative TSR results, following a 0% payout from our 2022 PRSUs; |

  39. Key Compensation Program Highlights

    | ● | NEOs continued to receive grants of equity through a mix of PRSUs and Time-Based Restricted Stock Units, or TRSUs (weighted equally), with the equity representing 64% of our CEO’s target compensation; |

  40. Elements of Total Direct Compensation

    | FIXED | Base Salary ● Intended to compensate the individual fairly for the responsibility level of the position held. | Over 80% of our CEO’s total target compensation is variable based on performance. | | INCENTIVE-BASED | Annual Incentives ● Variable component of pay intended to motivate and reward the individual’s contributions to achieving our short-term/annual objectives; ● Payouts are determined based on financial results (weighted 70%) and each executive’s performance with respect to strategic and individual goals (weighted 30%); ● Financial results are based on our consolidated net income and, for executives of our subsidiaries other than Mr. Jeremy Ford, the net income or pre-tax earnings of their respective business unit; and ● Discretionary bonuses are awarded only in exceptional circumstances. | | | | Long-Term Incentives ● Variable component of pay intended to retain, motivate and reward the individual’s contributions to achieving our long-term objectives and creating stockholder value; ● Delivered through a grant value mix of Performance-Based Restricted Stock Units, or PRSUs, and Time-Based Restricted Stock Units, or TRSUs; and ● The vesting of PRSUs varies based on performance results with respect to cumulative earnings per share, or EPS, goals over a three-year period, with a modifier based on our three-year total shareholder return, or TSR, relative to other banks in the KBW Regional Banking Index. | |

  41. Compensation Determination Process

    Compensation Determination Process The Committee establishes target compensation opportunities for the NEOs at the beginning of the year, and then both annual and long-term incentives are awarded based on performance during the year. This enhances our ability to align pay with performance, as the amount of long-term incentives granted is based on prior year performance, while the value ultimately received from long-term incentives will be impacted by stock price and financial performance during the 3-year vesting period.

  42. 2025 Compensation Outcomes

    2025 Compensation Outcomes Based upon its review of corporate performance and the individual performance of each NEO, as discussed further in this CD&A, the Committee approved the compensation amounts outlined in the table below. This table provides a comprehensive summary of each NEOs total direct compensation as determined by the Committee for the 2025 and 2024 performance years. It should be noted that the table below is not intended to be a substitute for the Summary Compensation Table on page 56, as certain amounts in the table below are different than the amounts in the Summary Compensation Table. The most significant difference is that this table reflects long-term incentive awards granted in February 2026 and February 2025 for the 2025 and 2024 performance years, respectively, while the Summary Compensation Table provides the value of the equity awards for the year in which they were granted. Additionally, PRSUs are shown below based on the face value of target shares on the date of grant, while they are included in the Summary Compensation Table based on the accounting fair value, which is impacted by the valuation of the relative TSR modifier.

  43. 2025 Compensation Outcomes

    | | | | | Long-Term Incentives (b) | | | | | | | | Annual | | | Total Direct | Target Total | | | | Base Salary | Incentive | PRSUs | TRSUs | Compensation | Compensation | | Name | Year | (a)($000s) | ($000s) | ($000s) | ($000s) | ($000s) | ($000s) | | Jeremy B. Ford | 2025 | 800 | — | 1,450 | 1,450 | 3,700 | 4,500 | | | 2024 | 800 | 850 | 1,305 | 1,305 | 4,260 | 4,500 | | William B. Furr | 2025 | 575 | 683 | 340 | 340 | 1,938 | 1,800 | | | 2024 | 575 | 581 | 330 | 330 | 1,816 | 1,800 | | M. Bradley Winges | 2025 | 500 | 2,260 | 763 | 688 | 4,210 | 3,750 | | | 2024 | 500 | 2,066 | 675 | 625 | 3,866 | 3,550 | | Stephen Thompson | 2025 | 800 | 572 | 388 | 388 | 2,148 | 2,500 | | | 2024 | 800 | 562 | 375 | 375 | 2,112 | 2,500 | | Corey G. Prestidge | 2025 | 455 | 553 | 235 | 235 | 1,478 | 1,360 | | | 2024 | 455 | 470 | 228 | 228 | 1,380 | 1,360 |

  44. 2025 Compensation Outcomes

    | (b) Reflects the value of equity awards based on the grant date stock price, with PRSUs based on the target number of shares awarded. |

  45. Aligning Pay and Performance Over Time

    Aligning Pay and Performance Over Time The Committee has designed our executive compensation programs to effectively align compensation outcomes with business performance and stockholder outcomes over time. The Committee has included a number of elements in our compensation programs to drive this alignment, including our annual incentive program based on financial and strategic goals, long-term incentives granted solely in equity based on prior year performance, and granting at least 50% of long-term incentives as PRSUs based on 3-year EPS and relative total shareholder return results. As a result, realizable pay, reflecting the current value of prior incentives granted (as defined below), reflects our stockholder experience. The graphs below illustrate this relationship for our CEO’s compensation delivered for the 2022-2024 performance years. Given the decrease in net income since 2021, the Committee has awarded incentive compensation below target in 2022, 2023 and 2024. The increase in value of equity incentives awarded for the performance years of 2023 and 2024, however, has been positively impacted by our stock price performance, which reflects a higher realizable amount. The value ultimately received by our CEO (as well as our other NEOs) will continue to be impacted by changes in our stock price prior to vesting. While the graphs below summarize how the Committee views the alignment of pay with performance for our CEO over time, they are not a substitute for the tables and disclosures required by SEC rules.

  46. Compensation Program Philosophy and Objectives

    | ● | Management’s interests should be aligned with those of our stockholders. Our long-term incentive compensation is delivered in the form of RSUs to support our goals for alignment, ownership and retention. At least half of the RSUs awarded vest upon achievement of predefined performance goals, based first on |

  47. Governance Highlights

    | WHAT WE DO | | WHAT WE DON’T DO | | | | We tie a significant portion of NEO compensation to our performance through a balance of annual and long-term incentives with multiple performance measures | | Executive officers are prohibited from entering into hedging, short sale and derivative transactions and are subject to restrictions on pledging our securities | | | We maintain robust stock ownership guidelines for executive officers and directors | | We do not provide for any excise tax gross-ups in any employment agreements | | | We require all equity awarded to executive officers to be held for one year following vesting (effectively a four-year vesting period) | | All equity grants have double trigger (as opposed to single trigger) change of control provisions | | | We maintain an incentive compensation clawback policy, which is compliant with applicable rules | | We do not pay dividends on unvested equity awards | | | We subject annual incentives to downward adjustment for improper risk taking or significant compliance issues | | We do not provide excessive perquisites | | | We annually conduct a risk assessment of our compensation programs | | | | | We retain an independent compensation consultant reporting directly to the Committee | | |

  48. Role of Stockholder Say-on-Pay Votes and Stockholder Engagement

    | ● | Revised our compensation peer group to better reflect our mix of businesses; and |

  49. Role of Stockholder Say-on-Pay Votes and Stockholder Engagement

    | ● | Elected, at the CEO’s request, to not pay the CEO his annual cash bonus for the 2025 fiscal year despite achievement of performance relative to our Annual Incentive Plan. |

  50. Annual Incentive Program

    Annual Incentive Program

  51. Target Incentive Opportunities

    Target Incentive Opportunities Target incentive awards are defined at the start of the year in consideration of market data provided by the Committee’s consultant, each NEO’s total compensation package and the Company’s budgetary considerations. In February 2025, the Committee adjusted the annual incentive target for Mr. Winges to 390% (as a percentage of salary) based upon 2025 budget expectations for Hilltop Securities Inc. and market data. His annual incentive target is set higher than other NEOs based on market pay practices for the securities industry. The following table sets forth information concerning Annual Incentive Plan opportunities for 2025:

  52. Target Incentive Opportunities

    | | Annual Incentive Opportunity | | | | | | | Target | | | | | Threshold | Amount | % of | Maximum | | Name | ($) | ($) | Base Salary | ($)(a) | | Jeremy B. Ford | 400,000 | 800,000 | 100% | 1,480,000 | | William B. Furr | 262,500 | 525,000 | 91% | 971,250 | | M. Bradley Winges | 975,000 | 1,950,000 | 390% | 3,607,500 | | Stephen Thompson | 400,000 | 800,000 | 100% | 1,480,000 | | Corey G. Prestidge | 212,500 | 425,000 | 93% | 786,250 |

  53. Plan Structure and Performance Measures

    Plan Structure and Performance Measures Each NEO had pre-defined performance objectives based upon measurable performance of both the Company and the individual. At least 70% of each executive’s incentive was based on the net income of the Company and/or their relevant business unit earnings. The Committee and management believe that by using these metrics we are encouraging profitable top line growth and value for stockholders without creating excessive risk. The measures and weights of the performance objectives for 2025 are summarized in the following graph:

  54. Plan Structure and Performance Measures

    | CORPORATE EXECUTIVES (Messrs. Ford, Furr and Prestidge) | BUSINESS UNIT EXECUTIVES (Messrs. Thompson(1) and Winges(2)) | | | |

  55. Plan Structure and Performance Measures

    ________

  56. Plan Structure and Performance Measures

    | (1) With respect to Mr. Thompson, the 50% Business Unit Earnings component consists of 20% business unit net income less minority interest and 30% funded mortgage origination volume. |

  57. Plan Structure and Performance Measures

    | (2) With respect to Mr. Winges, the 50% Business Unit Earnings component consists of 35% business unit pre-tax income excluding TBA/MBS and 15% pre-tax earnings from TBA/MBS. |

  58. Plan Structure and Performance Measures

    In addition to the above criteria, payouts are subject to potential reduction for Risk Management and Compliance. Payouts also are subject to forfeiture and clawback pursuant to the Hilltop Incentive Compensation Clawback Policy. For 2026, no changes were made to the structure and metrics of the Annual Incentive Plan.

  59. 2025 Goals and Results

    2025 Goals and Results The Committee, in its sole discretion, determines the final amount of each participant’s annual cash incentive award based on attainment of the applicable performance goals and assessments of individual and strategic performance. Each element of the annual cash incentive award is independent of the other. Accordingly, the executive officer may achieve certain performance goals, while at the same time failing to achieve others. In that case, the executive officer will be entitled to receive the award for the performance goal achieved, but not an award for a performance goal for which threshold performance is not achieved. Potential awards range from 50% for threshold performance to a maximum of 185% for stretch performance (with a 200% maximum for financial performance and a 150% maximum for strategic goals). Early in 2025, the Committee established earnings goals for Hilltop and each business unit. Our 2025 goals were intended to be realistic and reasonable, but challenging in order to drive performance. Our 2025 net income target was set slightly below our 2024 actual performance based upon the expected continuation of challenging economic conditions impacting our lines of business. At the end of the fiscal year, the Committee determined a payout based on

  60. 2025 Goals and Results

    | (a) Reflects performance as a percent of target. No payouts are earned for performance below 60% of the target, and awards are capped at 200% of the target amount under the plan. |

  61. 2025 Goals and Results

    The Committee evaluated the individual performance of each executive, including the factors noted in the table above, and recognized the results each executive achieved that drove the Company’s performance during the continuation of a challenged environment in 2025. Based upon these evaluations of each NEO’s individual performance in 2025, the Committee awarded Messrs. Jeremy B. Ford, Furr and Prestidge 100% of target, Mr. Winges 115% of target and Mr. Thompson 95% of target for their strategic and individual goals. The Committee also assessed risk and compliance performance for each NEO and determined that no reductions were warranted. As noted previously, Mr. Jeremy B. Ford elected to not receive a 2025 annual cash incentive payment to acknowledge the low say-on-pay support at the Company’s 2025 Annual Meeting of Stockholders. Based on the above financial and individual performance measures and the Committee’s discretion, the 2025 annual cash incentive payments were awarded as follows relative to the 2025 target value in accordance with their respective scorecard on the terms discussed above:

  62. 2025 Goals and Results

    | | 2025 Annual | % of 2025 Target | | Name | Incentive Payment ($) | Annual Incentive | | Jeremy B. Ford | — | —% | | William B. Furr | 683,252 | 130% | | M. Bradley Winges | 2,259,584 | 116% | | Stephen Thompson | 572,454 | 72% | | Corey G. Prestidge | 553,108 | 130% |

  63. 2025 Goals and Results

    See “NEO Compensation — Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table — Annual Incentive Plan” for more information with respect to our stockholder-approved Annual Incentive Plan.

  64. Discretionary Cash Bonuses

    Discretionary Cash Bonuses No discretionary cash bonuses were paid for 2025 performance.

  65. Long-Term Incentives

    Long-Term Incentives As described above, we believe that a portion of each NEO’s compensation should be tied to the performance of our stock price, aligning the officer’s interest with that of our stockholders. Additionally, we grant at least 50% of each executive’s long-term incentives through PRSUs that vest based upon performance. When the Committee determines that it is appropriate to award long-term incentives above the target opportunity based on prior year performance, at least 75% of the amount in excess of the target award is granted as PRSUs.

  66. PRSU Performance Metrics

    PRSU Performance Metrics PRSUs granted in 2025 will be earned and cliff vest, subject to certain performance goals being met, after the three-year performance period from January 1, 2025 through December 31, 2027. The PRSUs provide that the percentage of performance-based shares that will vest at the end of the performance period will be determined based on Hilltop’s cumulative EPS relative to pre-established performance objectives, multiplied by a modifier that is determined based on Hilltop’s TSR relative to banks in the KBW Regional Banking Index. The Committee establishes the EPS goal to be appropriately challenging relative to the economic environment and expectations for the 3-year period.

  67. PRSU Performance Metrics

    | HILLTOP HOLDINGS 2026 Proxy Statement | 45 |

  68. PRSU Performance Metrics

    During 2025, the Committee, with assistance from its compensation consultant, reviewed the design of the PRSUs. Based on this review, the Committee affirmed its view that EPS remains appropriate as the primary driver of PRSU payouts given our diverse mix of businesses and importance in reflecting profitability and capital allocation. The Committee also affirmed the continued use of the relative TSR modifier to further align payouts with shareholder value. The table below outlines the structure of goals for the PRSUs:

  69. PRSU Performance Metrics

    | 3-YEAR CUMULATIVE EPS | | | RELATIVE TSR MODIFIER | | | | PERFORMANCE | RESULT | PAYOUT | PERFORMANCE | RANK | MODIFIER | | Below Threshold | <75% of EPS Goal | 0% | Below Threshold | < 25th percentile | 80% | | Threshold | 75% of EPS Goal | 50% | Threshold | 25th percentile | 80% | | Target | EPS Goal | 100% | Target | 50th percentile | 100% | | Stretch | ≥125% of Target | 150% | Stretch | ≥75th percentile | 120% |

  70. PRSU Performance Metrics

    Payouts are interpolated for results between Threshold and Stretch Accordingly, the total number of shares earned from the performance awards can range from 40% to 180% of the target number of PRSUs granted. No shares will be awarded if EPS results are below threshold. The calculation for the vesting of PRSUs is as follows:

  71. PRSU Performance Metrics

    | 3-YEAR EPS (50% to 150%)X | 3-YEAR TSR (80% to 120%) | = | PAYOUT PERCENTAGE (40% to 180%) |

  72. PRSU Performance Metrics

    TRSUs cliff vest on the third anniversary of the date of grant. All shares of common stock delivered pursuant to the RSUs granted to NEOs are subject to a one-year holding period requirement after vesting. Since July 2020, all equity-based awards have been made pursuant to the 2020 Equity Incentive Plan, which was adopted by stockholders at the 2020 Annual Meeting of Stockholders held in July 2020. All equity-based awards made to the NEOs are approved by the Committee and not pursuant to delegated authority. Further discussion of the 2020 Equity Incentive Plan pursuant to which such RSUs were awarded is found under “NEO Compensation — Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table” below.

  73. 2025 Long-Term Incentive Grants

    2025 Long-Term Incentive Grants In 2025, long-term incentive awards were made in consideration of each executive’s role, competitive market practice, and 2024 performance. Awards for all NEOs were made below target levels, except for (i) Mr. Jeremy Ford , who received target award, and (ii) Mr. Winges, who received above target awards, though below the value of his prior year grants, based on the continued strong performance of Hilltop Securities in 2024. An equal mix of TRSUs and PRSUs were granted to all of the NEOs, other than Mr. Winges who was awarded 75% PRSUs for the amount in excess of his target. Grants were made on February 5, 2025, to the following NEOs in the table below.

  74. 2025 Long-Term Incentive Grants

    | 46 | HILLTOP HOLDINGS 2026 Proxy Statement |

  75. 2025 Long-Term Incentive Grants

    | | | PRSUs | | TRSUs | | Total RSUs | Target | | | PRSUs | Awarded | TRSUs | Awarded | Total RSUs | Awarded | LTI Value | | Name | Awarded (#)(a) | Value ($000s)(a) | Awarded (#) | Value ($000s) | Awarded (#) | Value ($000s) | ($000s) | | Jeremy B. Ford | 40,428 | 1,305 | 40,428 | 1,305 | 80,856 | 2,610 | 2,900 | | William B. Furr | 10,223 | 330 | 10,224 | 330 | 20,447 | 660 | 700 | | M. Bradley Winges | 20,910 | 675 | 19,363 | 625 | 40,273 | 1,300 | 1,200 | | Stephen Thompson | 11,617 | 375 | 11,618 | 375 | 23,235 | 750 | 900 | | Corey G. Prestidge | 7,048 | 228 | 7,048 | 228 | 14,096 | 455 | 480 |

  76. 2025 Long-Term Incentive Grants

    | (a) Reflects number of shares that will vest upon achieving performance at target level and value determined by multiplying number of shares by the closing stock price on the date of grant, which may differ from the accounting grant date fair value included in the Summary Compensation Table and Grants of Plan Based Awards Table below. |

  77. 2026 Long-Term Incentive Grants

    2026 Long-Term Incentive Grants On February 11, 2026, the Committee awarded long-term incentives through grants of RSUs as set forth in the table below. Grant values were again based on each executive’s role and competitive market practice, as well as 2025 performance. Awards for all NEOs were made below target levels. The Committee continued to grant an equal mix of TRSUs and PRSUs to the NEOs, other than Mr. Winges who was awarded 75% PRSUs for the amount in excess of his target.

  78. 2026 Long-Term Incentive Grants

    | | | PRSUs | | TRSUs | | Total RSUs | Target | | | PRSUs | Awarded | TRSUs | Awarded | Total RSUs | Awarded | LTI Value | | Name | Awarded (#)(a) | Value ($000s)(a) | Awarded (#) | Value ($000s) | Awarded (#) | Value ($000s) | ($000s) | | Jeremy B. Ford | 37,075 | 1,450 | 37,075 | 1,450 | 74,150 | 2,900 | 2,900 | | William B. Furr | 8,695 | 340 | 8,695 | 340 | 17,390 | 680 | 700 | | M. Bradley Winges | 19,500 | 763 | 17,580 | 688 | 37,080 | 1,450 | 1,300 | | Stephen Thompson | 9,910 | 388 | 9,910 | 388 | 19,820 | 775 | 900 | | Corey G. Prestidge | 6,010 | 235 | 6,010 | 235 | 12,020 | 470 | 480 |

  79. 2026 Long-Term Incentive Grants

    | (a) Reflects number of shares that will vest upon achieving performance at target level and value determined by multiplying number of shares by the closing stock price on the date of grant, which may differ from the accounting grant date fair value included in the Summary Compensation Table and Grants of Plan Based Awards Table below. |

  80. Payout of the 2023-2025 PRSUs

    Payout of the 2023-2025 PRSUs The following table provides the calculation of the payout for the PRSUs granted in 2023, which resulted in 80.5% of the target number of shares being earned. Similar to the 2025 awards described above, the PRSUs granted in 2023 cliff vested in three years, or February 8, 2026, based on three-year cumulative EPS performance multiplied by a modifier of the payout based on our three-year TSR relative to the banks in the KBW Regional Banking Index.

  81. Payout of the 2023-2025 PRSUs

    | Metric | Threshold | Target | Maximum | Actual | | Cumulative EPS | $5.06 | $6.75 | $8.44 | $6.07 | | % of Target Payout | 50% | 100% | 150% | 80% | | | | | | x | | Relative TSR percentile ranking | 25th | 50th | 75th | 51st | | Modifier | 80% | 100% | 120% | 101% | | Final Payout | | | | 80.5% |

  82. Payout of the 2023-2025 PRSUs

    | HILLTOP HOLDINGS 2026 Proxy Statement | 47 |

  83. Severance and Other Post-Termination Arrangements

    Severance and Other Post-Termination Arrangements We generally do not maintain any severance or change in control programs other than the change in control provisions in our 2020 Equity Incentive Plan (with exceptions noted below). We have, however, historically paid severance, the amount of which is generally determined based on both length of tenure and level of compensation, when termination occurs other than for cause and pursuant to which certain benefits may be provided to the NEOs. Absent the negotiation of specific agreements with the NEOs, severance benefits generally will be provided on the same basis as provided to other employees of the Company.

  84. Furr Employment Agreement

    Furr Employment Agreement Pursuant to our employment agreement with Mr. Furr, as amended, upon termination of his employment by us other than for cause, Mr. Furr is entitled to receive his base salary through the effective date of such termination, all earned and unpaid and/or vested, nonforfeitable amounts owed to him at such time under the employment agreement, RSU award agreements or under any compensation or benefit plans, and reimbursement for any unreimbursed business expenses incurred prior to the effective date of such termination (collectively, the “Furr Accrued Amounts”) and a lump-sum cash payment equal to the sum of (i) his annual base salary rate immediately prior to the effective date of such termination, and (ii) an amount equal to the annual incentive cash bonus paid to him in respect of the calendar year immediately preceding the year of the termination, provided that Mr. Furr executes and delivers a release to the Company. If his employment is terminated without “cause” within the twelve months immediately following, or the six months immediately preceding, a “change in control,” he will be entitled to receive the Furr Accrued Amounts and a lump-sum cash payment equal to two times the sum of (i) his annual base salary rate immediately prior to the effective date of such termination and (ii) an amount equal to the annual incentive cash bonus paid to him in respect of the calendar year immediately preceding the year of the termination, provided that Mr. Furr executes and delivers a release to the Company. Pursuant to RSU award agreements, any unvested RSU awards also will vest if Mr. Furr is terminated without “cause” within the twelve months immediately following, or the six months immediately preceding, a “Change in Control.” The immediately foregoing cash amount represents a “double trigger” benefit. Finally, if any payment made as a result of a change in control would constitute a “parachute payment” as defined under Section 280G of the Internal Revenue Code, or the Code, the benefits payable will be reduced to $1 below the parachute limit. Mr. Furr’s employment agreement was further amended on August 30, 2022, to extend the term of the agreement to August 31, 2025, and extend the employee non-solicitation provision, among other changes, to be consistent with other employment agreements with the Company. In connection with Mr. Furr entering into the amendment to his employment agreement, he received an additional grant of 11,258 TRSUs that vested on August 30, 2025.

  85. Furr Employment Agreement

    | 48 | HILLTOP HOLDINGS 2026 Proxy Statement |

  86. Furr Employment Agreement

    Mr. Furr’s employment agreement was further amended on December 8, 2025, to extend the term of the agreement to August 31, 2028, and expand the employee non-interference/solicit provisions and removed the non-competition provision, among other changes, including in the event of Mr. Furr’s death or disability, Mr. Furr (or his estate) will be entitled to receive (i) the Furr Accrued Amounts and (ii) a pro rata portion of his target Incentive Bonus for such period, provided that Mr. Furr (or his estate) executes and delivers a release to the Company.

  87. Winges Employment Agreement

    Winges Employment Agreement The Company entered into an employment agreement with Mr. Winges that became effective upon his commencement of his employment with us on February 20, 2019. The employment agreement remained in effect until February 20, 2022. On March 31, 2022, the employment agreement was amended to extend its term until February 20, 2025, to remove certain provisions no longer applicable and add and modify other provisions to be consistent with other employment agreements. On April 25, 2025, the employment agreement was further amended to extend the term until February 29, 2028, and to make certain additional changes addressed below. If the employment agreement, as amended, is terminated by the Company for “cause” (as such term is defined in the amended employment agreement), Mr. Winges will be entitled to receive his base salary through the effective date of such termination, all earned and unpaid and/or vested, nonforfeitable amounts owed to him at such time under the employment agreement, RSU award agreements or under any compensation or benefit plans, and reimbursement for any unreimbursed business expenses incurred prior to the effective date of such termination (collectively, the “Winges Accrued Amounts”), provided that Mr. Winges executes and delivers a release to the Company. With respect to a termination resulting from Mr. Winges’s death or disability, Mr. Winges (or his estate) will be entitled to receive (i) the Winges Accrued Amounts and (ii) a pro rata portion of his target Incentive Bonus for such period, provided that Mr. Winges (or his estate) executes and delivers a release to the Company. If Mr. Winges reaches the age of 65 and retires from employment with the Company, Mr. Winges will be entitled to receive (i) the Winges Accrued Amounts and (ii) a pro rata portion of his target Incentive Bonus for such period. If Mr. Winges’s employment is terminated by the Company without “cause” (other than pursuant to a “Change in Control” (as such term is defined in the amended employment agreement)), Mr. Winges will be entitled to receive the Winges Accrued Amounts and, subject to his execution and delivery to the Company of a release, a lump-sum cash payment equal to the sum of (A) his annual base salary rate immediately prior to the effective date of such termination and (B) an amount equal to the average of the Incentive Bonuses paid to him in respect of the three calendar years immediately preceding the year of the termination. If Mr. Winges’s employment is terminated without “cause” within the twelve months immediately following, or the six months immediately preceding, a “Change in Control,” Mr. Winges will be entitled to receive the Winges Accrued Amounts and a lump-sum cash payment equal to two times the sum of (A) his annual base salary rate immediately prior to the effective date of such termination and (B) an amount equal to the average Incentive Bonuses paid to him in respect of the three calendar years immediately preceding the year of the termination; provided that Mr. Winges executes and delivers a release to the Company. Pursuant to RSU award agreements, any unvested RSU awards also will vest if Mr. Winges is terminated without “cause” within the twelve months immediately following, or the six months immediately preceding, a “Change in Control.” The foregoing benefits described in this paragraph represent “double trigger” benefits. Notwithstanding the above, any amounts payable to Mr. Winges upon a “Change in Control” shall not constitute a “parachute payment” and will be reduced accordingly.

  88. Winges Employment Agreement

    | HILLTOP HOLDINGS 2026 Proxy Statement | 49 |

  89. Thompson Employment Agreement

    Thompson Employment Agreement In connection with the promotion of Mr. Thompson as President and Chief Executive Officer of PrimeLending on October 25, 2019, the Company and Mr. Thompson entered into an employment agreement that became effective as of January 1, 2020. The employment agreement remained in effect until December 31, 2022. On December 31, 2022, the employment agreement was amended to extend its term until December 31, 2025, to remove certain provisions no longer applicable and modify other provisions to be consistent with other employment agreements. On February 2, 2026, the employment agreement was further amended to extend its term until December 31, 2028. If the employment agreement, as amended, is terminated by the Company for “cause” (as such term is defined in the amended employment agreement), Mr. Thompson will be entitled to receive his base salary through the effective date of such termination, all earned and unpaid and/or vested, nonforfeitable amounts owed to him at such time under the employment agreement, RSU award agreements or under any compensation or benefit plans, and reimbursement for any unreimbursed business expenses incurred prior to the effective date of such termination (collectively, the “Thompson Accrued Amounts”), provided that Mr. Thompson executes and delivers a release to the Company. With respect to a termination resulting from Mr. Thompson’s death or disability, Mr. Thompson (or his estate) will be entitled to receive (i) the Thompson Accrued Amounts, (ii) an amount equal to the cost of COBRA for Mr. Thompson and his immediate family for a period of twelve months following such termination of employment and (iii) a pro rata portion of his target Incentive Bonus for such period, provided that Mr. Thompson (or his estate) executes and delivers a release to the Company. If Mr. Thompson’s employment is terminated by the Company without “cause” (other than pursuant to a “Change in Control” (as such term is defined in the amended employment agreement)), Mr. Thompson will be entitled to receive the Thompson Accrued Amounts and, subject to his execution and delivery to the Company of a release, (i) a lump-sum cash payment equal to the sum of (A) his annual base salary rate immediately prior to the effective date of such termination and (B) an amount equal to the Incentive Bonus paid to him in respect of the calendar year immediately preceding the year of the termination, and (ii) an amount equal to the cost of COBRA for his immediate family and himself for a period of twelve months following such termination of employment. If Mr. Thompson’s employment is terminated without “cause” within the twelve months immediately following, or the six months immediately preceding, a “Change in Control,” Mr. Thompson will be entitled to receive the Thompson Accrued Amounts and (i) a lump-sum cash payment equal to two times the sum of (A) his annual base salary rate immediately prior to the effective date of such termination and (B) an amount equal to the Incentive Bonus paid to him in respect of the calendar year immediately preceding the year of the termination and (ii) an amount equal to the cost of COBRA for his immediate family and himself for a period of twelve months following such termination of employment, provided that Mr. Thompson executes and delivers a release to the Company. Pursuant to RSU award agreements, any unvested RSU awards also will vest if Mr. Thompson is terminated without “cause” within the twelve months immediately following, or the six months immediately preceding, a “Change in Control.” The foregoing benefits described in this paragraph represent “double trigger” benefits. Notwithstanding the above, any amounts payable to Mr. Thompson upon a “Change in Control” shall not constitute a “parachute payment” and will be reduced accordingly.

  90. Thompson Employment Agreement

    | 50 | HILLTOP HOLDINGS 2026 Proxy Statement |

  91. Incentive Plans

    Incentive Plans

  92. 2020 Equity Incentive Plan

    2020 Equity Incentive Plan The 2020 Equity Incentive Plan was approved by the Board of Directors on April 30, 2020, and approved by our stockholders on July 23, 2020. Upon a change in control of Hilltop, awards will not vest unless the participant incurs a termination of service by us without cause or by the participant for good reason within six months prior to or twelve months following the change in control. A change in control generally includes (i) the acquisition by a third-party of 33% or more of the outstanding voting stock or equity securities of Hilltop, (ii) a merger, reorganization, consolidation, or similar transaction with a third-party after which the stockholders of Hilltop do not retain over 50% of the outstanding voting stock or equity securities following the transaction, (iii) a majority of the members of our Board of Directors are members who were not appointed by the then existing Board of Directors, or (iv) the complete liquidation or dissolution of Hilltop. In connection with a change in control, outstanding awards may be converted into new awards; exchanged or substituted for new awards; or canceled for no consideration, provided participants were given notice and an opportunity to purchase or exercise such awards, or cancelled and cashed out based on the positive difference between the per share amount to be received in connection with the transaction and the purchase/exercise price per share of the award, if any. Further discussion of the change in control payments that may be made pursuant to the 2020 Equity Incentive Plan may be found in the “Executive Compensation — Potential Payments Upon Termination or Change-in-Control” section below.

  93. Annual Incentive Plan

    Annual Incentive Plan The Annual Incentive Plan, pursuant to which annual incentive bonuses are awarded, does not contain specific change in control provisions. Accordingly, the Committee, in its discretion, may determine what constitutes a change in control and what effects such an event may have on any awards made pursuant to such plan.

  94. Role of the Compensation Committee

    | ● | Approval of any changes to the total compensation package, including, but not limited to, base salary, annual and long-term incentive award opportunities and payouts and retention programs; and |

  95. Role of Compensation Consultant

    Role of Compensation Consultant Pursuant to its charter, the Committee is authorized to retain and terminate any consultant, as well as to approve the consultant’s fees and other terms of the engagement. The Committee also has the authority to obtain advice and assistance from internal or external legal, accounting or other advisors. In 2025, the Committee continued its engagement of Meridian Compensation Partners, LLC, or Meridian, as its independent compensation consultant. Meridian is engaged directly by the Committee. Pursuant to its engagement, Meridian provides research, data analyses, survey information and design expertise in developing compensation programs for executives and incentive programs for eligible employees. In addition, Meridian keeps the Committee apprised of regulatory developments and market trends related to executive compensation practices. Meridian does not determine or recommend the exact amount or form of executive compensation for any of the NEOs. A representative of Meridian generally attends meetings of the Committee, participates in executive sessions of the Committee and communicates directly with the Committee and the Chairman of the Committee. Pursuant to the Committee’s charter, if the Committee elects to use a compensation consultant, the Committee must assess the consultant’s independence, taking into account the following factors:

  96. Role of Compensation Consultant

    | ● | The provision of other services to the Company by the consultant; |

  97. Role of Compensation Consultant

    | ● | The amount of fees the consultant received from the Company; |

  98. Role of Compensation Consultant

    | ● | The policies and procedures the consultant has in place to prevent conflicts of interest; |

  99. Role of Compensation Consultant

    | ● | Any business or personal relationships between the consulting firm and the members of the Committee; |

  100. Role of Compensation Consultant

    | ● | Any ownership of Company stock by the individuals at the firm performing consulting services for the Committee; and |

  101. Role of Compensation Consultant

    | 52 | HILLTOP HOLDINGS 2026 Proxy Statement |

  102. Role of Compensation Consultant

    | ● | Any business or personal relationship of the firm with an executive officer of the Company. |

  103. Role of Compensation Consultant

    Meridian has provided the Committee with appropriate assurances and confirmation of its independent status pursuant to these and other factors. The Compensation Committee evaluated whether the work provided by Meridian raised any conflict of interest and determined that Meridian has been independent throughout its service to the Committee and no conflict of interest was raised by the work of Meridian described in this Proxy Statement.

  104. Peer Group and Benchmarking Approach

    Peer Group and Benchmarking Approach The Committee regularly assesses the components of the executive compensation program with advice from its independent compensation consultant. In October 2024, Meridian provided an analysis of base salary, annual incentive and long-term incentive practices of comparable companies in the financial industry. Meridian considered individual compensation elements as well as the total compensation package. This analysis was considered by the Committee when it established 2025 pay opportunities for executives. In performing this analysis, Meridian developed market data using publicly disclosed compensation information from a peer group of comparable financial institutions, as well as compensation surveys. Survey data reflected financial institutions of similar size to Hilltop and its operating subsidiaries. The Committee did not review the specific companies included in the survey data. The compensation peer group includes institutions of generally similar asset size and, to the extent possible, organizations with significant other operating segments and noninterest income. In evaluating the peer group, the Committee considers that our combination of businesses adds complexity relative to other banks with similar asset sizes. The following banks were included in the peer group for Meridian’s market study in October 2024:

  105. Peer Group and Benchmarking Approach

    | Ameris Bancorp | First Financial Bankshares, Inc. | Simmons First National Corporation | | BancFirst Corporation | Hancock Whitney Corporation | Texas Capital Bancshares, Inc. | | Commerce Bancshares, Inc. | Independent Bank Group, Inc. | TowneBank | | Community Financial System, Inc. | International Bancshares Corporation | Trustmark Corporation | | Eastern Bankshares, Inc. | Merchants Bancorp | United Bankshares, Inc. | | FB Financial Corporation | NBT Bancorp Inc. | WesBanco, Inc. | | First Busey Corporation | Prosperity Bancshares, Inc. | WSFS Financial Corporation | | First Financial Bancorp. | Renasant Corporation | |

  106. Peer Group and Benchmarking Approach

    With Meridian’s assistance, the Committee reviewed the peer group in October 2025 and December 2025 and determined to make changes to the group based upon merger and acquisition and other activity among the peers, as well as to add peers from each of the commercial and residential mortgage finance and investment banking and brokerage to better reflect the Company’s business lines. The review resulted in the removal of BancFirst Corporation, Commerce Bancshares, Inc., Eastern Bankshares, Inc., Hancock Whitney Corporation, Independent Bank Group, Inc., International Bancshares Corporation, Prosperity Bancshares, Inc., Renasant Corporation, TowneBank, United Bankshares Inc., and WesBanco, Inc., and the addition of Banner Corporation, Enterprise Financial Services Corp. First Merchants Corporation, Home Bancshares, Inc., Oppenheimer Holdings Inc., Piper Sandler Companies, Seacoast Banking Corporation of Florida, Stellar Bancorp, Inc. and Walker & Dunlap, Inc.

  107. Peer Group and Benchmarking Approach

    | HILLTOP HOLDINGS 2026 Proxy Statement | 53 |

  108. Risk Considerations in Our Compensation Program

    | ● | Base salary is fixed and the only compensation components that are variable are the annual incentives and RSUs awarded to NEOs, which were awarded based upon attainment of pre-determined levels of earnings. |

  109. Risk Considerations in Our Compensation Program

    | ● | Annual Incentive Plan payments to the NEOs were determined or approved following the substantial completion of the audit of the Company’s consolidated financial statements by the Company’s independent registered public accounting firm. Thus, the Committee had ample knowledge of the financial condition and results of the Company, as well as reports of other committees of the Board of Directors, upon which to base its decisions. |

  110. Risk Considerations in Our Compensation Program

    | ● | We have a balanced program that includes multiple performance goals, rewards short-term and multi-year performance, pays in cash and equity and provides a meaningful portion of pay in stock, which is tied to our long-term performance. |

  111. Risk Considerations in Our Compensation Program

    | ● | Annual Incentive Plan and 2020 Equity Incentive Plan awards are subject to clawback in accordance with our Incentive Compensation Clawback Policy. |

  112. Clawback Policy

    Clawback Policy On October 19, 2023, the Board of Directors of Hilltop adopted the Incentive Compensation Clawback Policy in order to maintain a culture of focused, diligent and responsible management that discourages conduct detrimental to the growth of the Company and to ensure that incentive-based compensation paid by the Company is based upon accurate financial data. The Incentive Compensation Clawback Policy is designed to comply, and is interpreted consistently with, Section 10D of the Exchange Act, Rule 10D-1 promulgated under the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual. In January 2025, the Incentive Compensation Clawback Policy was amended to include items in addition to financial information that require clawback of incentive compensation. All RSUs are subject to this policy, as well. A copy of this policy, as most recently approved by the Board of Directors of Hilltop on January 30, 2025, can be found as Exhibit 97 to our Annual Report on Form 10-K. Our compensation program also includes a clawback from any annual cash or long-term incentive award for improper risk taking and significant compliance issues.

  113. Summary Compensation Table

    Summary Compensation Table

  114. Grants of Plan-Based Awards

    Grants of Plan-Based Awards

  115. Grants of Plan-Based Awards Table

    Grants of Plan-Based Awards Table

  116. Fiscal Year 2025

    | (a) Represent the value of potential payments under the Annual Incentive Plan to the NEOs based on 2025 performance. Management incentive award amounts shown above represent potential awards that may have been earned based on performance during 2025. The actual amounts earned pursuant to Annual Incentive Plan awards for 2025 are reported in the “Summary Compensation Table” above. For more information regarding the Annual Incentive Plan, see below and also refer to “Compensation Discussion and Analysis” in this Proxy Statement. |

  117. Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table

    Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table

  118. Outstanding Equity Awards at Fiscal Year End

    Outstanding Equity Awards at Fiscal Year End The following table presents information pertaining to all outstanding equity awards held by the NEOs as of December 31, 2025.

  119. Outstanding Equity Awards at Fiscal Year End

    | | Stock Awards | | | | | | | | | Equity Incentive | | | | | Equity Incentive | Plan Awards: | | | | | Plan Awards: | Market or Payout of | | | Number of | Market Value of | Number of Unearned | Value of Unearned | | | Shares or Units | Shares or Units | Shares, Units or | Shares, Units or | | | of Stock That | of Stock That | Other Rights That | Other Rights That | | | Have Not Vested | Have Not Vested | Have Not Vested | Have Not Vested | | Name | (#) | (a)($) | (a)(#) | (a)($) | | Jeremy B. Ford | 38,147(b) | 1,294,709 | 30,707(c) | 1,042,196 | | | 42,565(d) | 1,444,656 | 76,617(e) | 2,600,381 | | | 40,428(f) | 1,372,126 | 72,770(g) | 2,469,814 | | William B. Furr | 9,208(b) | 312,520 | 7,412(c) | 251,563 | | | 10,275(d) | 348,734 | 18,495(e) | 627,720 | | | 10,224(f) | 347,003 | 18,401(g) | 624,530 | | M. Bradley Winges | 13,154(b) | 446,447 | 10,588(c) | 359,357 | | | 20,385(d) | 691,867 | 51,372(e) | 1,743,566 | | | 19,363(f) | 657,180 | 37,638(g) | 1,277,434 | | Stephen Thompson | 10,523(b) | 357,151 | 8,471(c) | 287,506 | | | 11,745(d) | 398,625 | 21,141(e) | 717,526 | | | 11,618(f) | 394,315 | 20,910(g) | 709,685 | | Corey G. Prestidge | 6,314(b) | 214,297 | 5,082(c) | 172,483 | | | 7,050(d) | 239,277 | 12,690(e) | 430,699 | | | 7,048(f) | 239,209 | 12,686(g) | 430,563 |

  120. Outstanding Equity Awards at Fiscal Year End

    | 62 | HILLTOP HOLDINGS 2026 Proxy Statement |

  121. Outstanding Equity Awards at Fiscal Year End

    | (a) Value based upon the closing price of $33.94 for our common stock on December 31, 2025. With respect to performance-based RSUs, the number of shares underlying each award was calculated based on the achievement of maximum level performance due to certain modifiers utilized in the performance calculation. |

  122. Outstanding Equity Awards at Fiscal Year End

    | (b) Represents time-based RSUs that cliff vested on February 8, 2026. |

  123. Outstanding Equity Awards at Fiscal Year End

    | (c) Represents shares underlying performance-based RSUs that vested on February 8, 2026 upon the achievement of certain performance goals during the three-year period beginning January 1, 2023 and ending December 31, 2025. Actual shares issued under performance awards were 80.5% of unvested shares, as approved by the Compensation Committee on February 11, 2026. |

  124. Outstanding Equity Awards at Fiscal Year End

    | (d) Represents time-based RSUs that cliff vest upon the earlier of February 8, 2027 and a termination of employment without cause within the twelve months following or six months preceding a change of control. |

  125. Outstanding Equity Awards at Fiscal Year End

    | (e) Represents performance-based RSUs that vest upon the achievement of maximum level performance during the three-year period beginning January 1, 2024 and ending December 31, 2026. |

  126. Outstanding Equity Awards at Fiscal Year End

    | (f) Represents time-based RSUs that cliff vest upon the earlier of February 5, 2028 and a termination of employment without cause within the twelve months following or six months preceding a change of control. |

  127. Outstanding Equity Awards at Fiscal Year End

    | (g) Represents performance-based RSUs that vest upon the achievement of maximum level performance during the three-year period beginning January 1, 2025 and ending December 31, 2027. |

  128. Option Exercises and Stock Vested in 2025

    Option Exercises and Stock Vested in 2025 The following table presents information pertaining to any outstanding RSU awards held by the NEOs that vested during 2025. There were no option awards outstanding during 2025.

  129. Option Exercises and Stock Vested in 2025

    | | Stock Awards | | | | Number of | Value | | | Shares Acquired | Realized on | | Name | on Vesting (#) | Vesting ($) | | Jeremy B. Ford | 45,940 | 1,475,133(a) | | William B. Furr | 23,485 | 787,540(b) | | M. Bradley Winges | 13,338 | 428,283(a) | | Stephen Thompson | 23,254 | 765,311(c) | | Corey G. Prestidge | 8,151 | 261,729(a) |

  130. Option Exercises and Stock Vested in 2025

    | (a) Value based upon the closing price of $32.11 for our common stock on February 7, 2025 multiplied by the respective number of vested RSUs. |

  131. Option Exercises and Stock Vested in 2025

    | (b) Value based upon the closing prices of $32.11 and $35.08 for our common stock on February 7, 2025 and August 29, 2025, respectively, multiplied by the respective number of vested RSUs. |

  132. Option Exercises and Stock Vested in 2025

    | (c) Value based upon the closing prices of $32.11 and $34.14 for our common stock on February 7, 2025 and December 30, 2025, respectively, multiplied by the respective number of vested RSUs. |

  133. Potential Payments Upon Termination or Change-in-Control

    Potential Payments Upon Termination or Change-in-Control The 2020 Equity Incentive Plan, under which we have granted awards to the NEOs, contain specific termination and change in control provisions. We determined to include a change in control provision in the plans to be competitive with what we believe to be the standards for the treatment of equity upon a change in control for similar companies and so that employees who remain after a change in control would be treated the same with regard to equity as the general stockholders who could sell or otherwise transfer their equity upon a change in control. Under the terms of the 2020 Equity Incentive Plan, all equity award agreements contain “double trigger” provisions, which require termination of employment within the six months preceding or the twelve months following a change in control in order for the equity awards to vest in connection with a change in control.

  134. Potential Payments Upon Termination or Change-in-Control

    | HILLTOP HOLDINGS 2026 Proxy Statement | 63 |

  135. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE As required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between “compensation actually paid” to our principal executive officer, or PEO, and our other NEOs and certain Company financial performance metrics. The SEC-defined “compensation actually paid” data set forth in the table below does not reflect the actual amount of compensation earned by or paid to our executive officers during a covered year or how the Compensation Committee evaluates compensation decisions in light of the Company’s performance or individual performance. For further information concerning our pay-for-performance philosophy and how we align executive compensation with Company financial performance, refer to the Compensation Program Philosophy and Objectives in the “Compensation Discussion and Analysis” section of this Proxy Statement. Information presented in this section will not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, or the Exchange Act, except as we may expressly do so.

  136. PAY VERSUS PERFORMANCE

    | 68 | HILLTOP HOLDINGS 2026 Proxy Statement |

  137. PAY VERSUS PERFORMANCE

    | | Pay | | | | Performance | | | | | | | | | | Cumulative Total | | | | | | | | | | Shareholder Return | | | | | | PEO | | Average of Non-PEO NEOs | | (Value of Initial Fixed $100 Investment) | | | | | | SCT Total | Compensation | SCT Total | Compensation | Cumulative | Peer Group | Net | Basic Earnings | | Year (a) | Compensation | Actually Paid (b) | Compensation | Actually Paid (b) | TSR | TSR (c) | Income ($M) | Per Share (d) | | 2025 | $3,527,281 | $4,857,856 | $2,416,170 | $2,905,154 | $136 | $143 | $166 | $2.64 | | 2024 | $4,386,912 | $2,287,072 | $2,524,190 | $2,022,813 | $112 | $130 | $113 | $1.74 | | 2023 | $4,230,757 | $5,062,081 | $2,443,749 | $2,460,899 | $135 | $109 | $110 | $1.69 | | 2022 | $4,889,906 | $1,531,156 | $2,445,127 | $2,237,700 | $113 | $118 | $113 | $1.61 | | 2021 | $6,678,697 | $11,966,446 | $2,690,782 | $3,667,347 | $130 | $139 | $374 | $4.64 |

  138. PAY VERSUS PERFORMANCE

    | (a) For each covered year, the PEO was Mr. Jeremy B. Ford. For 2021-2023, the other NEOs were Messrs. Furr, Winges and Thompson and former NEO Mr. Jerry L. Schaffner. For 2024, the other NEOs were Messrs. Furr, Winges, Thompson, Prestidge and former NEO Mr. Schaffner. For 2025, the NEOs were Messrs. Furr, Winges, Thompson and Prestidge. |

  139. PAY VERSUS PERFORMANCE

    | (b) Amounts reported in this column are based on total compensation reported for our PEO and other NEOs in the Summary Compensation Table for the indicated fiscal years and adjusted as shown in the table below. Fair value of equity awards was computed in accordance with the Company’s methodology used for financial reporting purposes. |

  140. PAY VERSUS PERFORMANCE

    | (c) Pursuant to Item 402(v) of Regulation S-K, the Company used the same peer group used for purposes of Item 201(e) of Regulation S-K, S&P Regional Banks Select Industry Index. In prior year disclosures, the Company used the KBW NASDAQ Regional Bank Index which would have resulted in cumulative TSR of $123, $114, $113 and $127 for 2021 through 2024. The change in peer group was due to there no longer being a suitable ETF to use to calculate total returns. |

  141. PAY VERSUS PERFORMANCE

    | (d) Represent Basic Earnings per Share as presented in our audited financial statements. |

  142. PAY VERSUS PERFORMANCE

    | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | | | | Non-PEO | | Non-PEO | | Non-PEO | | Non-PEO | | Non-PEO | | Adjustments | PEO | NEOs | PEO | NEOs | PEO | NEOs | PEO | NEOs | PEO | NEOs | | Total from Summary Compensation Table | $3,527,281 | $2,416,170 | $4,386,912 | $2,524,190 | $4,230,757 | $2,443,749 | $4,889,906 | $2,445,127 | $6,678,697 | $2,690,782 | | Subtract grant date fair value of equity awards reported in Summary Compensation Table for the covered year | (2,610,436) | (791,396) | (2,588,803) | (650,762) | (2,645,459) | (771,852) | (3,451,471) | (1,064,840) | (4,322,657) | (791,874) | | Add fair value at year-end of any equity awards granted in the covered year that are outstanding and unvested as of the end of the covered year | 3,562,515 | 1,083,941 | 2,133,572 | 530,845 | 2,167,801 | 651,786 | 2,655,725 | 777,458 | 6,062,446 | 1,106,608 | | Add/subtract change in fair value of awards granted in any prior year that are outstanding and unvested at end of covered year | 1,693,758 | 516,532 | (844,265) | (245,833) | 1,643,710 | 345,122 | (2,049,477) | (317,180) | 2,884,432 | 579,188 | | Add fair value as of the vesting date of any awards granted in the covered year that vested during the covered year | — | — | — | — | — | — | — | — | — | — | | Add/subtract change in fair value as of the vesting date of any equity awards granted in any prior year for which all applicable vesting conditions were satisfied during the covered year | (1,315,262) | (320,093) | (800,344) | (135,628) | 942,338 | 135,916 | (513,527) | 397,135 | 663,528 | 82,643 | | Subtract fair value of awards forfeited in current covered year determined at end of prior covered year | — | — | — | — | (1,277,066) | (343,821) | — | — | — | — | | Total Impact: Adjustments for stock and option awards | $1,330,575 | $488,984 | $(2,099,840) | $(501,378) | $831,324 | $17,150 | $(3,358,750) | $(207,427) | $5,287,749 | $976,565 | | Compensation Actually Paid (as calculated) | $4,857,856 | $2,905,154 | $2,287,072 | $2,022,813 | $5,062,081 | $2,460,899 | $1,531,156 | $2,237,700 | $11,966,446 | $3,667,347 |

  143. PAY VERSUS PERFORMANCE

    Stock awards for our NEOs consist of a combination of time-based restricted stock units and performance-based restricted stock units. Equity fair values are calculated in accordance with the provisions of the Stock Compensation Topic of the ASC. The fair value of unvested time-based restricted stock units, as well as the fair value of all share-based awards upon vesting, is based upon the closing price of a share on the NYSE as of the applicable measurement date. The fair value of unvested performance-based restricted stock units is based upon the probable outcome of the applicable performance conditions as of the measurement date. We do not grant stock options to our NEOs. Additionally, none of our NEOs participate in a defined benefit or actuarial pension plan.

  144. PAY VERSUS PERFORMANCE

    | HILLTOP HOLDINGS 2026 Proxy Statement | 69 |

  145. Description of the Relationship Between Compensation Actually Paid to our Named Executive Officers and Company Performance

    Description of the Relationship Between Compensation Actually Paid to our Named Executive Officers and Company Performance The charts below describe the relationship between compensation actually paid to our Chief Executive Officer and the average of the compensation actually paid to our other NEOs (as calculated above) and our financial and stock performance for the indicated years. In addition, the first chart below compares our cumulative TSR and peer group cumulative TSR for the indicated years.

  146. Description of the Relationship Between Compensation Actually Paid to our Named Executive Officers and Company Performance

    | 70 | HILLTOP HOLDINGS 2026 Proxy Statement |

  147. Description of the Relationship Between Compensation Actually Paid to our Named Executive Officers and Company Performance

    | HILLTOP HOLDINGS 2026 Proxy Statement | 71 |

  148. CEO Pay Ratio

    CEO Pay Ratio Item 402(u) of Regulation S-K, implementing a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act, requires that we disclose a ratio that compares the annual total compensation of our median employee to that of our CEO. In order to determine the median employee, we prepared a list of all employees as of December 31, 2025, along with their gross income as reported on IRS form W-2 for 2025. We included all employees, whether employed on a full-time, part-time, or seasonal basis. Gross income as reported on IRS form W-2 for 2025 was annualized for those employees that were permanent employees but were not employed for the full year. No assumptions, adjustments or estimates were made with respect to total compensation. We believe that W-2 income is a consistently applied compensation measure because we do not widely distribute annual equity awards to employees. The annual compensation for 2025 for Jeremy B. Ford, who served as our President and Chief Executive Officer, was $3,181,480. The annual compensation for the median employee for 2025 was $81,523. The resulting ratio of Mr. Jeremy B. Ford’s pay to that of our median employee for 2025 was 39:1. We believe executive pay must be internally consistent and equitable to motivate our employees to create stockholder value. We are committed to internal pay equity, and the Compensation Committee monitors the relationship between the pay our executive officers receive and the pay our non-managerial employees receive.