DEF 14A of Home Bancshares Inc, Feb 27, 2026

DEF 14A of Home Bancshares Inc

Filed Feb 27, 2026 · FY20250001331520-26-000055

Open on EDGAR

  1. Our Board

    Our Board

  2. Our Board

    | 67.5 | 21% | 71% | | Average Age | Diverse | Independent |

  3. Our Board

    * Persons of color

  4. Our Board

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  5. Proposal One – Election of Directors

    Proposal One – Election of Directors Our Restated Articles of Incorporation, as amended, provide that the number of directors shall not be less than two nor more than seventeen, with the exact number to be fixed by the shareholders or the Board. The Board of Directors proposes that the nominees for directors described below be elected for a term of one year and until their successors are duly elected and qualified. All nominees are currently serving as directors. Each of the nominees has consented to serve the term for which he or she is nominated. If any nominee becomes unavailable for election, which is not anticipated, the directors’ proxies will vote for the election of such other person as the Board may nominate, unless the Board resolves to reduce the number of directors to serve on the Board and thereby reduce the number of directors to be elected at the Annual Meeting.

  6. The Board of Directors Recommends that Shareholders Vote

    The Board of Directors Recommends that Shareholders Vote

  7. FOR

    FOR

  8. Each of the Nominees Listed Herein

    Each of the Nominees Listed Herein

  9. Each of the Nominees Listed Herein

    | Directors and Executive Officers of the Company |

  10. Each of the Nominees Listed Herein

    The names of the Company’s directors and executive officers and their respective ages and positions as of February 12, 2026, are listed in the table below.

  11. Each of the Nominees Listed Herein

    | Name | Age | Positions Held with Home BancShares, Inc. | Positions Held with Centennial Bank | | John W. Allison | 79 | Chairman of the Board and Chief Executive Officer | Chairman of the Board | | Brian S. Davis | 60 | Chief Financial Officer, Treasurer and Director | Chief Financial Officer, Treasurer and Director | | Jennifer C. Floyd | 51 | Chief Accounting Officer | Chief Accounting Officer | | Kevin D. Hester | 62 | President and Chief Lending Officer | President, Chief Lending Officer and Director | | J. Stephen Tipton | 44 | Chief Operating Officer | Chief Executive Officer | | Donna J. Townsell | 55 | Senior Executive Vice President, Director of Investor Relations and Director | Senior Executive Vice President and Director | | Russell D. Carter, III | 50 | Executive Officer | Regional President | | Milburn Adams | 82 | Director | Director | | Robert H. Adcock, Jr. | 77 | Director | Vice Chairman of the Board | | John W. Allison II | 34 | Director | Director | | Mike D. Beebe | 79 | Director | — | | Jack E. Engelkes | 76 | Vice Chairman of the Board | Director | | Karen E. Garrett | 53 | Director | — | | James G. Hinkle | 77 | Director | — | | Alex R. Lieblong | 75 | Director | Advisory Director | | Thomas J. Longe | 63 | Director | — | | Jim Rankin, Jr. | 57 | Director | Director | | Larry W. Ross | 78 | Director | Advisory Director |

  12. Each of the Nominees Listed Herein

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  13. Each of the Nominees Listed Herein

    | NOMINEES FOR DIRECTOR |

  14. Each of the Nominees Listed Herein

    The director nominees consist of the fourteen current members of the Board listed below. The biography of each of the nominees below contains information regarding the person’s service as a director, business experience, including but not limited to director positions held currently or at any time during the last five years, and the experiences, qualifications, attributes or skills that caused the Nominating Committee and the Board to determine that the person should serve as a director. In the biographies of our directors and executive officers below, and elsewhere in this Proxy Statement, we from time to time refer to certain former separately chartered bank subsidiaries that we merged into a single charter during 2008 and 2009 under the name Centennial Bank. These subsidiaries included First State Bank, Community Bank, Twin City Bank, Marine Bank, Bank of Mountain View and Centennial Bank (of Little Rock).

  15. Each of the Nominees Listed Herein

    | JOHN W. ALLISON AGE: 79 DIRECTOR SINCE: 1998 COMMITTEES: Asset/Liability Committee | EXPERIENCE John W. Allison is the co-founder and has been the Executive Chairman of the Board of Home BancShares since 1998. During 2019, Mr. Allison was appointed President and Chief Executive Officer of Home Bancshares, which he had previously served as from 1998 to 2009. He also serves on the Asset/Liability Committee of Home BancShares. Mr. Allison has more than 40 years of banking experience, including service as Chairman of First National Bank of Conway from 1983 until 1998, and as a director of First Commercial Corporation from 1985 (when First Commercial acquired First National Bank of Conway) until 1998. At various times during his tenure on First Commercial’s board, Mr. Allison served as the Chairman of that company’s Executive Committee and as Chairman of its Asset Quality Committee. Prior to its sale to Regions Financial Corporation in 1998, First Commercial was a publicly traded company and the largest bank holding company headquartered in Arkansas, with approximately $7.3 billion in assets. SKILLS & EXPERTISE Mr. Allison is a successful business owner with extensive experience in the management of banks and bank holding companies. As the co-founder and Chief Executive Officer of Home BancShares, he has intimate knowledge of the issues facing our management, and he has been a guiding figure in the development of Home BancShares and its growth strategy. He is also the largest individual shareholder of Home BancShares, which the Board of Directors believes aligns his interests with those of our shareholders. Mr. Allison is the father of John W. Allison II, one of our directors, and the brother-in-law of Donna J. Townsell, one of our directors and executive officers. | | BRIAN S. DAVIS AGE: 60 DIRECTOR SINCE: 2015 COMMITTEES: Asset/Liability Committee (Chair) | EXPERIENCE Brian S. Davis has served as the Chief Financial Officer and Treasurer of Home BancShares and Centennial Bank and as a director of Home BancShares and Centennial Bank since July 2015. He also serves as Chairman of the Asset/Liability Committee of Home BancShares. Mr. Davis joined Home BancShares in 2004 as Director of Financial Reporting and added Investor Relations Officer to his responsibilities in 2006. In 2010, he was promoted to Chief Accounting Officer while continuing to serve as Investor Relations Officer until his promotion to Chief Financial Officer and Treasurer in 2015. He is a Certified Public Accountant with more than 30 years of banking experience, which includes serving as Vice President of Finance for Simmons First National Corporation, Controller of Simmons First Mortgage Company, and Assistant Vice President of Finance for Worthen Banking Corporation. Mr. Davis is a graduate of the University of Arkansas at Fayetteville. SKILLS & EXPERTISE Mr. Davis has extensive experience in financial and accounting matters relating to banks and bank holding companies. Through his current and previous roles with the Company, he provides an in-depth understanding of the Company’s financial condition on a current and historical basis, as well as knowledge and experience with internal controls, risk assessment, shareholder relations and management of the financial affairs of a public company. |

  16. Each of the Nominees Listed Herein

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  17. Each of the Nominees Listed Herein

    | MILBURN ADAMS AGE: 82 DIRECTOR SINCE: 2011 COMMITTEES: Audit and Risk Committee and Compensation and Leadership Development Committee | EXPERIENCE Milburn Adams has been a director of Home BancShares since October 2011 and a director of Centennial Bank (formerly First State Bank) since 2004. He was appointed to the Audit and Risk Committee and the Compensation and Leadership Development Committee of Home BancShares in January 2012. Prior to Mr. Adams’ service with First State Bank, he spent 13 years with the Arkansas Department of Education, serving as an Area Supervisor of Special Education and Director of Evaluation and Admissions at the Arkansas School for the Deaf. This experience was followed by 19 years of service in the manufactured home business. From 1982 to 1986, he was responsible for the administration, sales, manufacturing, and distribution of manufactured homes throughout an eight state area as General Manager of Squire Homes. Mr. Adams was the President of Spirit Homes, Inc. of Conway, Arkansas, from 1986 to 1997. He served as a Division President of Cavalier Homes, Inc. from 1997 to 2000, when Spirit Homes was acquired by Cavalier Homes, Inc. of Alabama. From 2005 to the present, Mr. Adams has been an Operations Consultant for Reliance Health Care. Reliance, founded in 1998, provides administrative services to 41 skilled nursing facilities in Arkansas and Missouri. SKILLS & EXPERTISE Mr. Adams is an experienced business person, managing and operating several businesses in the central Arkansas area and has substantial knowledge of the banking business through his 20 years of service on the board of our bank subsidiary. | | ROBERT H. ADCOCK, JR. AGE: 77 DIRECTOR From 1998 to 2003 and Since 2007 COMMITTEES: Asset/Liability Committee | EXPERIENCE Robert H. Adcock, Jr. has been a director since July 2007. Mr. Adcock served as Vice Chairman of Home BancShares from 2007 to 2019. He also serves on the Asset/Liability Committee of Home BancShares. Mr. Adcock is a co-founder of Home BancShares with Mr. Allison. He previously served as a director and Vice Chairman of Home BancShares from 1998 to 2003. In June 2003, Mr. Adcock stepped down from the Board of Directors of Home BancShares to become the Arkansas State Bank Commissioner. He was reappointed as Vice Chairman of Home BancShares in July 2007 upon completion of his four-year term as Arkansas State Bank Commissioner. Mr. Adcock retired from the First National Bank of Conway, Arkansas, in 1996 after more than 20 years of service. He presently operates a farming operation in Gould (Lincoln County), Arkansas, and has many real estate holdings in the Conway, Arkansas, area. SKILLS & EXPERTISE Mr. Adcock has an extensive background in banking, and as a co-founder of Home BancShares, he has a vast knowledge of the Company and our markets. His experience as Arkansas State Bank Commissioner gives him particular insight into regulatory matters affecting the Company and the bank, as well as contacts in the banking industry throughout Arkansas. | | JOHN W. ALLISON II AGE : 34 DIRECTOR SINCE: 2026 COMMITTEES: None | EXPERIENCE John W. Allison II has been a director since January 2026. Mr. Allison is a private investor and has maintained a private investment portfolio focused on banking institutions for over a decade. He previously worked at Centennial Bank as both a teller and loan assistant and has attended bank investor conferences with Chairman, John W. Allison. Mr. Allison studied finance at both the University of Arkansas and the University of Central Arkansas. He is the son the Company’s Chairman and Chief Executive Officer, John W. Allison, and the nephew of Donna J. Townsell, one of our directors and executive officers. SKILLS & EXPERTISE Through his private investment experience and his familiarity with the Company and its business, Mr. Allison offers a unique perspective on the Company’s historic challenges and opportunities which the Board of Directors believes is valuable to the Company. |

  18. Each of the Nominees Listed Herein

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  19. Each of the Nominees Listed Herein

    | MIKE D. BEEBE AGE: 79 DIRECTOR SINCE: 2016 COMMITTEES: Compensation and Leadership Development Committee (Chair) and Asset/Liability Committee | EXPERIENCE Mike D. Beebe has served as a director of Home BancShares since 2016. He is currently the Chairman of the Compensation and Leadership Development Committee and a member of the Asset/Liability Committee of Home BancShares. Mr. Beebe serves as a director of Tyson Foods, Inc. and a member of the Governors’ Council of the Bipartisan Policy Center in Washington, D.C. He previously served as Of Counsel for the Roberts Law Firm, P.A. in Little Rock, Arkansas. Mr. Beebe was the Governor of the State of Arkansas from 2007 to 2015 and the state’s Attorney General from 2003 to 2007, prior to which he served as a state senator for 20 years. Mr. Beebe began his law career in 1972, practicing law until 2002 at Lightle, Beebe, Raney, Bell and Simpson in Searcy, Arkansas. From 1974 to 1979, he was a member of the Board of Trustees at Arkansas State University. After receiving a Bachelor of Arts degree in political science from Arkansas State University in 1968, Mr. Beebe completed law school at the University of Arkansas while serving in the U.S. Army Reserve from 1968 to 1974. SKILLS & EXPERTISE Mr. Beebe’s extensive leadership experience, ability to collaborate and his long-time support and understanding of business bring an important perspective to the Board. | | JACK E. ENGELKES AGE: 76 DIRECTOR SINCE: 2004 COMMITTEES: Audit and Risk Committee (Chair) and Compensation and Leadership Development Committee | EXPERIENCE Jack E. Engelkes has served as Vice Chairman of Home BancShares since 2019 and has been a director of Home BancShares since 2004 and a director of Centennial Bank (formerly First State Bank) since 1998. He serves as Chairman of the Audit and Risk Committee and a member of the Compensation and Leadership Development Committee of Home BancShares. He also serves as Chairman of the Audit and Risk Committee of Centennial Bank. From 1995 to 1998, he served as a director of First National Bank of Conway. Mr. Engelkes served as managing partner in the accounting firm of Engelkes and Felts, Ltd. from 1990 through 2015. He was a director of the Conway Regional Medical Center from 2005 through 2016, and served as Chairman of the Conway Regional Medical Center Board during 2011 and 2012. He also served as Chairman of the Board of Conway Regional Health Foundation in 2006. Mr. Engelkes holds a bachelor’s degree in Business and Economics from Hendrix College in Conway. SKILLS & EXPERTISE Mr. Engelkes is a Certified Public Accountant and has extensive knowledge and experience in accounting, auditing and financial reporting. He has a strong understanding of the banking business, and particularly the Company, through his combined service over the past 30 years as a director of Home BancShares, our subsidiary bank and First National Bank of Conway. Based on that service and his other directorships, he offers valuable experience with respect to corporate governance and compensation matters. | | KAREN E. GARRETT AGE: 53 DIRECTOR SINCE: 2017 COMMITTEES: Audit and Risk Committee and Asset/Liability Committee | EXPERIENCE Karen E. Garrett has served as a director of Home BancShares since 2017. She serves on the Audit and Risk Committee and the Asset/Liability Committee of Home BancShares. Ms. Garrett currently serves as the Managing Partner of HCJ CPA’s & Advisors, PLLC (“HCJ”) (formerly known as Hudson, Cisne & Co., LLP), a certified public accounting firm in Little Rock, Arkansas. Ms. Garrett has been a Certified Public Accountant with HCJ since 1996 and previously served as the firm’s personnel and recruiting coordinator for ten years. She has been a member of the Accounting Advisory Board for both the University of Central Arkansas and the University of Arkansas at Little Rock, and she served a five-year term on the Arkansas State Board of Accountancy from 2010 to 2015. She currently serves on the Conway Development Corporation Board. SKILLS & EXPERTISE Ms. Garrett is a graduate of the University of Central Arkansas in Conway, Arkansas. She provides valuable leadership experience and expertise in tax accounting, auditing, financial statement analysis, leadership succession planning, business consulting and personnel management and recruiting. |

  20. Each of the Nominees Listed Herein

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  21. Each of the Nominees Listed Herein

    | JAMES G. HINKLE AGE: 77 DIRECTOR SINCE: 2005 COMMITTEES: Nominating and Corporate Governance Committee and Audit and Risk Committee | EXPERIENCE James G. Hinkle has been a director of Home BancShares since 2005. Mr. Hinkle currently serves as a member of the Nominating and Corporate Governance Committee and the Audit and Risk Committee of Home BancShares and has previously served on our Asset/Liability Committee. He has over 40 years of banking experience. Mr. Hinkle currently serves on the Arkansas State Police Commission. He served as Chairman of the former Bank of Mountain View from 2005 until its charter was merged into Centennial Bank in 2009. From 1995 to 2005, he served as President of Mountain View BancShares, Inc., until the company’s merger into Home BancShares. He served as President of the Bank of Mountain View from 1981 to 2005. From 1996 to 2003, Mr. Hinkle served on the Arkansas Game and Fish Commission. From 2003-2018, Mr. Hinkle was a director of the National Wild Turkey Federation, a national nonprofit conservation and hunting organization. SKILLS & EXPERTISE Mr. Hinkle has a lengthy background in banking and executive management through his long-time service as an officer and director of the former Bank of Mountain View and Mountain View Bancshares. In addition, he has particular knowledge of the Company’s customer base in North Central Arkansas. | | ALEX R. LIEBLONG AGE: 75 DIRECTOR SINCE: 2003 COMMITTEES: Nominating and Corporate Governance Committee and Audit and Risk Committee | EXPERIENCE Alex R. Lieblong has been a director of Home BancShares since 2003. He has served as an advisory director of Centennial Bank (formerly First State Bank) since 2002, and he served as a director of First State Bank from 1998 to 2002. He also serves as a member of the Audit and Risk Committee of Home BancShares and has previously served as Chairman of the Nominating and Corporate Governance Committee. Mr. Lieblong currently serves on the board of directors of Ballard Petroleum, a privately held energy company. Since 1997, Mr. Lieblong has been an owner and general principal in the brokerage firm of Lieblong & Associates, Inc. Prior to Lieblong & Associates, Inc., he held management positions with Paine Webber, Merrill Lynch, and E.F. Hutton. Mr. Lieblong was a founder and has been managing partner of Key Colony Fund, L.P., a hedge fund, since 1998. He served as a director of Deltic Timber from 1997 to February 2007. He also served as a director of Lodgian, Inc., a publicly traded owner and operator of hotels, from 2006 to 2010. SKILLS & EXPERTISE Mr. Lieblong has extensive experience in the financial services industry and over a decade of experience as a director of other publicly traded and privately held companies. He has substantial knowledge of financial, regulatory, corporate governance and other matters affecting public companies which the Board of Directors believes is valuable to the Company. | | THOMAS J. LONGE AGE: 63 DIRECTOR SINCE: 2014 COMMITTEES: Audit and Risk Committee and Nominating and Corporate Governance Committee | EXPERIENCE Thomas J. Longe has served as a director of Home BancShares since 2014. He currently serves on the Audit and Risk Committee and the Nominating and Corporate Governance Committee. Mr. Longe is the President and Chief Executive Officer of The Trianon Companies, which is involved in the acquisition, development, management and financing of commercial and residential real estate developments. He is the former Chairman, CEO and President of TIB Financial Corporation (“TIB Financial”), which was a publicly traded bank holding company in Florida with $1.8 billion in assets. SKILLS & EXPERTISE Mr. Longe began his career as a loan officer and credit analyst at Bank One, Columbus, N.A. and Comerica Bank. He graduated from Albion College with a Bachelor of Arts in Economics and from the University of Detroit with a Masters of Business Administration. Mr. Longe brings a wealth of knowledge and experience in banking and real estate development, as well as experience managing a publicly held bank holding company and particular familiarity with our South Florida markets and the Florida Keys. |

  22. Each of the Nominees Listed Herein

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  23. Each of the Nominees Listed Herein

    | JIM RANKIN, JR. AGE: 57 DIRECTOR SINCE: 2017 COMMITTEES: Nominating and Corporate Governance Committee (Chair), Compensation and Leadership Development Committee and Asset/Liability Committee | EXPERIENCE Jim Rankin, Jr. has served as a director of Home BancShares since 2017. He serves as Chairman of the Nominating and Corporate Governance Committee, and a member of the Compensation and Leadership Development Committee and the Asset/Liability Committee of Home BancShares. Mr. Rankin has served as President of Trinity Development Company and Four Winds, Inc., two family-owned real estate development and management companies with primary business interests in Faulkner County, Arkansas, since 1999. Mr. Rankin is also an attorney serving in private practice since 1993. Mr. Rankin has been a director of our bank subsidiary, Centennial Bank, since 2001. He is a former director and former chairman of the Conway Regional Health System, a director of the Conway Development Corporation and a former chair of the board of directors of the Conway Regional Health System Foundation. Mr. Rankin was also appointed to serve on the Board of Trustees for the University of Central Arkansas He is a graduate of the University of Arkansas at Fayetteville and received his Juris Doctor from the University of Arkansas at Little Rock School of Law. SKILLS & EXPERTISE Mr. Rankin brings substantial experience and expertise in residential and commercial real estate, law and banking, and health services in addition to his knowledge and understanding of our business as a current director of Centennial Bank. | | LARRY W. ROSS AGE: 78 DIRECTOR SINCE: 2021 COMMITTEES: Audit and Risk Committee and Asset/Liability Committee | EXPERIENCE Larry W. Ross was appointed as a director of Home BancShares, Inc. in January 2021. Mr. Ross serves on the Audit and Risk Committee and the Asset/Liability Committee of Home BancShares. He also serves as a member of the Centennial Bank Little Rock regional advisory board of directors where he has served since 2005. Mr. Ross is a member of the North Little Rock Rotary Club, where he served as Past President. Mr. Ross is the former President of Ross Consulting Service, LLC and is a retired executive from AT&T/Southwestern Bell with more than 30 years of service. He is a retired Presiding Elder in the Christian Methodist Church, where he presided over 75 pastors and congregations in Arkansas. Mr. Ross is the former Chair of the Arkansas Independent Citizens Commission and former Chair of the State of Arkansas Ethics Commission. He is a graduate of Philander Smith College in Little Rock, Arkansas, with a Bachelor of Arts Degree, and a Masters of Science in Education Degree from State College of Arkansas, now the University of Central Arkansas in Conway, with additional graduate studies at the University of Indiana-Bloomington and Arkansas State University in Jonesboro. SKILLS & EXPERTISE Mr. Ross’ extensive business and leadership experience, his extensive community involvement and his knowledge of our Little Rock market through his membership on our Little Rock Region Advisory Board bring valuable insight to the Board. | | DONNA J. TOWNSELL AGE: 55 DIRECTOR SINCE: 2019 COMMITTEES: Asset/Liability Committee | EXPERIENCE Donna J. Townsell was appointed as a director of Home BancShares, Inc. and Centennial Bank in February 2019. She serves on the Asset/Liability Committee of Home BancShares. Ms. Townsell has served as the Senior Executive Vice President of Home BancShares and Centennial Bank since October 2015. Since May 2018, she has served as Director of Investor Relations for Home BancShares, and from August 2016 to May 2018, she served as Director of Marketing for Centennial Bank. Prior to becoming Senior Executive Vice President, Ms. Townsell served as Project Manager for Centennial Bank and led the bank’s Build-A-Better-Bank (“B3”) campaign, which included the successful effort to improve the Company’s efficiency ratio, a long-term corporate goal of the Company. SKILLS & EXPERTISE Ms. Townsell joined the Company in 2007. She is a graduate of the University of Central Arkansas in Conway, Arkansas, and is the sister-in-law of the Company’s Chairman, John W. Allison, and the aunt of John W. Allison II, one of our directors. Ms. Townsell provides significant knowledge of the Company and its operations, along with experience and understanding of shareholder and investor relations, which the Board believes are valuable to the Company. |

  24. Each of the Nominees Listed Herein

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  25. Each of the Nominees Listed Herein

    | Executive Officers |

  26. Each of the Nominees Listed Herein

    The biography below of each of our executive officers who is not a member of our Board of Directors contains information regarding the person’s business experience, including but not limited to positions held currently or at any time during the last five years.

  27. Russell D. Carter, III

    Russell D. Carter, III Russell D. Carter, III was named Executive Officer of Home BancShares in January 2018 and has served as a Regional President for Centennial Bank since 2013. He currently serves on the bank’s Executive Loan Committee and Executive Risk Committee and is Chairman of the bank’s regional board of directors for North Arkansas. Mr. Carter was appointed to the board of directors of the Federal Reserve Bank Memphis Branch in 2019. Mr. Carter has over 20 years of banking experience and is a licensed attorney. He holds a Juris Doctor degree with honors from the University of Arkansas at Little Rock’s William H. Bowen School of Law and a bachelor’s degree in finance from Arkansas State University in Jonesboro, Arkansas. He is an alumnus of the Graduate School of Banking at Louisiana State University in Baton Rouge. Mr. Carter served as a state representative in the Arkansas House of Representatives from January 2009 to January 2015 and served as the Speaker of the House from January 2013 to January 2015

  28. Jennifer C. Floyd

    Jennifer C. Floyd Jennifer C. Floyd has served as the Chief Accounting Officer of Home BancShares and Centennial Bank since July 2015. From July 2015 to May 2018, she also served as Investor Relations Officer for Home BancShares. Ms. Floyd joined the Company in June 2015 as Director of Financial Reporting. She began her career with Deloitte & Touche, LLP in 1997, primarily auditing public and private financial institutions, and served as Senior Manager until joining the Company. Ms. Floyd is a Certified Public Accountant and a graduate of Harding University in Searcy, Arkansas, where she received a bachelor’s degree in accounting and marketing.

  29. Kevin D. Hester

    Kevin D. Hester Kevin D. Hester was named President of Home BancShares and Centennial Bank in May 2024 in addition to his role as Chief Lending Officer. Mr. Hester joined Centennial Bank (formerly First State Bank) in 1998 as Executive Vice President of Lending and became Chief Lending Officer of Home BancShares in 2010. He has more than 35 years of banking experience. From 1985 to 1998, Mr. Hester held various positions at First Commercial Corporation, including Executive Vice President of Lending at First Commercial’s Kilgore, Texas, affiliate. Mr. Hester is a graduate of the University of Central Arkansas with a bachelor’s degree in accounting and is an honor graduate of the National Commercial Lending School in Norman, Oklahoma. He is a former board member of the National Association of Government Guaranteed Lenders (NAGGL) and is still active within the organization.

  30. J. Stephen Tipton

    J. Stephen Tipton J. Stephen Tipton was named Chief Executive Officer of Centennial Bank in May 2024 and continues to serve as the Chief Operating Officer of Home BancShares. Mr. Tipton has served as Chief Operating Officer since 2015 and previously served as a Regional Vice President of Centennial Bank. He began his banking career in 2005 and joined Centennial Bank in 2006. Prior to becoming Regional Vice President, Mr. Tipton served as Director of Credit Risk Management during 2013 and as a Commercial Lender from 2009 to 2012. Mr. Tipton has a vast array of experience in retail, business development, lending and acquisitions. He is a graduate of the University of Arkansas at Fayetteville.

  31. J. Stephen Tipton

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  32. Board Meetings and Committees of the Board

    | Director Compensation |

  33. Director Compensation

    Director Compensation The following table sets forth elements of compensation awarded to or paid by us to our directors, other than our directors who are named executive officers, during the fiscal year ended December 31, 2025:

  34. Director Compensation

    | Director Compensation Table |

  35. Director Compensation

    | Name | Fees earned or paid in cash (1) | Stock awards (2)(3) | Option awards (2)(3) | Non-equity incentive plan compensation | Change in pension value and nonqualified compensation earnings | All other compensation (4) | Total | | Milburn Adams | $82,650 | $91,200 | $— | $— | $— | $9,256 | $183,106 | | Robert H. Adcock, Jr. | 72,400 | 91,200 | — | — | — | 10,246 | 173,846 | | Mike D. Beebe | 56,000 | 91,200 | — | — | — | 9,784 | 156,984 | | Jack E. Engelkes | 243,625 | 91,200 | — | — | — | 9,784 | 344,609 | | Tracy M. French (5)(6) | — | 91,200 | — | — | 76,992 | 452,027 | 620,219 | | Karen E. Garrett | 73,250 | 91,200 | — | — | — | 9,784 | 174,234 | | J. Pat Hickman (7) | 9,250 | 91,200 | — | — | — | 2,000 | 102,450 | | James G. Hinkle | 51,600 | 91,200 | — | — | — | 9,784 | 152,584 | | Alex R. Lieblong | 45,750 | 91,200 | — | — | — | 9,784 | 146,734 | | Thomas J. Longe | 273,580 | 91,200 | — | — | — | 9,784 | 374,564 | | Jim Rankin, Jr. | 208,350 | 91,200 | — | — | — | 9,784 | 309,334 | | Larry W. Ross | 56,600 | 91,200 | — | — | — | 9,784 | 157,584 |

  36. Director Compensation

    (1)Includes Company Board of Directors and committee retainers and fees, subsidiary bank director fees, subsidiary bank advisory board fees and subsidiary bank committee fees. (2)Restricted stock awards and stock options are based on the grant date fair value and are calculated pursuant to the provisions of FASB ASC Topic 718 “Compensation – Stock Compensation.” On January 17, 2025, each of our then serving directors was granted 3,000 restricted shares of our common stock with a grant date fair value of $30.40 per share. (3)As of December 31, 2025, each of our non-employee directors held 6,000 restricted shares of our common stock and each held no options to acquire our common stock as of December 31, 2025. (4)Includes income realized from dividends on unvested restricted, $4,830, for each of our non-employee directors, except for Mr. Hickman and cell phone expenses for Mr. Adcock. Includes income realized from restricted stock dividends of $1,170 for Mr. Hickman. (5)Mr. French did not stand for reelection upon the completion of his term as a director in April 2025 and became an advisor to senior management of the Company and Centennial Bank effective February 27, 2025. Except for the reported stock award received in 2025 for his service as a director, the 2025 compensation reported for Mr. French was for his services as an executive officer and employee. He did not receive any additional compensation for service as a director of the Company or its bank subsidiary. (6)Includes salary, $408,385; personal use of Company car, $3,061; 401(k) contribution, $9,900; income realized from restricted stock dividends, $29,830;and Company-owned life insurance ownership, $851. The incremental cost of the car was determined by multiplying the percentage of personal miles times the annual lease value of the car. (7)Mr. Hickman served on the Board for a portion of 2025 before his passing on March 1, 2025. During 2025, we paid the following compensation to each of our non-employee directors and our Chairman for their service on the holding company Board and Board committees: •an annual cash retainer of $14,000. •an additional annual cash retainer of $2,500 to the chairmen of the Audit and Compensation Committees. •$5,000 ($7,500 for our Chairman of the Board) for each Board meeting attended. •$1,500 ($3,000 for the chairman) for the January Compensation Committee meeting. •$1,000 ($2,000 for the chairman) for each other Compensation Committee meeting attended. •$750 ($1,500 for the chairman) for each Audit and Risk Committee meeting attended. •$750 for each Asset/Liability Committee meeting attended. •$500 ($1,000 for the chairman) for each Nominating and Corporate Governance Committee meeting attended. Only our non-employee directors and our Chairman of the Board received committee attendance fees during 2025. In addition, on January 17, 2025, we granted each of our then-serving directors 3,000 restricted shares of our common stock which will vest annually in three equal installments beginning on January 17, 2026. The compensation paid to our Chairman of the Board and our other employee directors who are named executive officers of the Company is included in the Compensation Discussion and Analysis and the related executive compensation tables in this Proxy Statement.

  37. Director Compensation

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  38. Director Compensation

    | Certain Relationships and Related Transactions |

  39. Record Revenue, Earnings and Book Value

    Our compensation policies and practices are designed to align the interests of our employees with the interests of our shareholders. We seek to attract, retain, incent, and reward individuals who contribute to our long-term success. We strive to link pay to Company performance for all executive officers, including our Chairman and CEO. ✓ A majority of our Chairman and CEO’s compensation consists of equity awards and is therefore at risk and aligned with our shareholders’ interests. Our Chairman and CEO remains the largest individual shareholder of the Company. ✓ Two-thirds of the Chairman and CEO’s annual equity-based compensation is subject to predetermined relative performance metrics compared to a peer group and measured annually over a 3-year performance period. ✓ Our Executive Incentive Plan allows our named executive officers to earn short-term incentive compensation based on predetermined performance metrics and goals, including a mix of absolute and relative performance targets compared to a peer group. ✓ Our performance measures reflect key financial performance indicators that we believe drive value to our shareholders. ✓ Compensation to our Chairman and CEO is aligned with Company performance. ✓ Our cash and equity incentive programs, including the 2022 Equity Incentive Plan, contain meaningful clawback features and are subject to our Clawback Policy adopted in accordance with NYSE listing rules. ✓ We utilize a performance peer group of U.S. banks and bank holding companies with $10 billion to $50 billion in total assets for our cash and equity incentive programs.

  40. Record Revenue, Earnings and Book Value

    Our Chairman of the Board and CEO, John W. Allison, co-founded the Company in 1998 and has served as executive Chairman of the Board throughout the Company’s history. Mr. Allison has provided invaluable strategic direction and management of a talented team of bankers leading the Company to exponential growth since its founding, the successful completion of 25 bank and loan portfolio acquisitions, and sustained strong financial performance that included a period of over 30 consecutive quarters of record quarterly earnings and resulted in the Company’s consistent recognition as one of the nation’s top-performing bank holding companies for 12 consecutive years. In addition to his role as Chairman of the Board, Mr. Allison served as the Company’s Chief Executive Officer from 1998 to 2009 prior to reassuming the CEO role in 2019. During the first 10 years of the Company’s history, Mr. Allison declined to receive a salary or bonus as Chairman and CEO and instead relied on dividends and appreciation in the value of his existing stock holdings and stock option awards in an effort to best align his interests with those of our shareholders. Based on a recommendation by the Compensation Committee, the Company began paying Mr. Allison an annual base salary beginning on November 1, 2008, and made him eligible for an annual discretionary cash bonus in light of the Company’s performance under his leadership over those first 10 years. Since 2014, following the Company’s 2013 acquisition of Liberty Bancshares, which represented the then largest ever merger of two Arkansas-based banks, the Compensation Committee has awarded a majority of Mr. Allison’s compensation in the form of equity awards of restricted stock. The purposes of these equity awards have been to maintain alignment of the Chairman’s interests with those of our shareholders, appropriately reward him for his strategic leadership in the Company’s growth and performance, and provide total compensation at a level that is generally comparable to the Company’s peers. In 2009, Mr. Allison decided to step down from his role in the day-to-day management of the Company, and the Board of Directors promoted C. Randall Sims, then CEO and President of the Company’s bank subsidiary, Centennial Bank, to be the Company’s Chief Executive Officer, while Mr. Allison remained in the executive Chairman’s role. Mr. Sims served as Chief Executive Officer of both the Company and Centennial Bank until January 2015, when Tracy M. French was promoted to President and CEO of Centennial Bank. Mr. Sims remained Chief Executive Officer of the Company until his retirement in November 2019. Upon Mr. Sims’ retirement, the Board of Directors determined it was in the best interests of the Company and its shareholders to reappoint Mr. Allison as the Company’s CEO and President while the Board continues to evaluate the Company’s long-term management succession plans. Mr. Allison’s total compensation is designed to reflect his strategic vision and leadership as the Company’s executive Chairman and CEO. A significant portion of this compensation consists of an annual performance-based cash bonus and long-term equity incentive awards, two-thirds which are subject to performance goals aimed at keeping the Company one of the top-performing financial institutions in the country. In particular, the Compensation Committee believes that paying the majority of Mr. Allison’s compensation in the form of equity awards aligns his compensation with the returns realized by our shareholders. Mr. Allison remains the Company’s largest individual shareholder. We believe this alignment is evidenced by the table and graphs presented under Executive Compensation - Pay Versus Performance beginning on page 53 of this Proxy Statement. The Compensation Committee believes this compensation structure appropriately reflects Mr. Allison’s contributions and responsibilities to the Company’s growth and performance and incentivizes strong future performance in a manner that aligns with shareholder interests.

  41. Record Revenue, Earnings and Book Value

    At our 2025 Annual Meeting, our shareholders approved, on an advisory basis, the compensation of our named executive officers for 2024 as disclosed in last year’s proxy statement, with 94.4% of the votes cast on our advisory say-on-pay resolution voting in favor of our executive compensation program. We value the endorsement by our shareholders of our executive compensation policies. We believe the 2025 say-on-pay results continue to positively reflect our current executive compensation programs, which we implemented in 2021 based on shareholder engagement and feedback. Key features of our executive compensation program include: •An annual cash Executive Incentive Plan for our NEOs based on predetermined, weighted performance metrics reflecting key absolute and relative financial performance indicators. •A performance-based equity incentive program for the Chairman and CEO under which two-thirds of the annual equity award to our Chairman and CEO is subject to predetermined, weighted performance targets relative to a peer group measured over a 3-year performance period. •A performance peer group of banking organizations between $10 billion and $50 billion in total assets for purposes of our cash and equity incentive programs. •Meaningful clawback features as part of our cash and equity incentive programs. The Committee has considered the results of the 2025 advisory vote on executive compensation, and we have followed the same philosophy in determining our current executive compensation of maintaining competitive executive pay that rewards performance and encourages management to focus on the long-term growth and success of the Company. The Company has included in this Proxy Statement a similar proposal providing for an advisory vote to approve the compensation of our executives in accordance with the shareholders’ recommendation. See Proposal Two - Advisory (Non-binding) Vote Approving Executive Compensation below.

  42. Record Revenue, Earnings and Book Value

    | CEO Compensation Elements | | Salary and Other | | Annual Incentive Bonus (subject to pre-established performance metrics) | | Performance-based Restricted Stock (67%) | | Time-vested Restricted Stock (33%) |

  43. Record Revenue, Earnings and Book Value

    The Compensation Committee, composed entirely of independent directors, administers the Company’s executive compensation program. The role of the Committee is to oversee the Company’s compensation and benefit plans and policies, administer its stock plans, and review and approve annually all compensation decisions related to the named executive officers and our Board members. The Committee reports its compensation decisions to the Board for their review or recommends such decisions for approval by the Board. The Committee receives updates on our business results from management and reviews historical and projected financial information as necessary to assess whether executive compensation continues to be properly balanced with and supportive of our business objectives. The Committee may also review various financial and operating data, compensation information, market capitalization and disclosed governance practices regarding comparably-sized bank holding companies in a peer group to assess our comparative performance and compensation structure. The Committee uses management updates and peer information as tools to evaluate the connection between executive compensation and our performance as a business. The Committee has historically reviewed this information in a subjective manner with no direct or formulaic linkage between peer information and our compensation decisions. The Committee may evaluate various financial performance criteria such as net income, earnings per share, return on assets, growth in assets (including through acquisitions), asset quality, return on equity, net interest margin, efficiency ratio, net cash flow and other metrics, as well as regulatory capital ratios and examination results. The Committee believes that the following metrics in particular are key indicators of the Company’s financial performance and has most closely evaluated these measures, in addition to the overall earnings results and asset growth of the Company, in establishing incentive compensation decisions: •Return on assets, •Return on tangible common equity, •Efficiency ratio, •Net interest margin, and •Net charge-off ratio (i.e., asset quality). Based on these reports and assessments, the Committee annually evaluates both the short-term and long-term performance compensation for the named executive officers to ensure alignment with our business objectives. The Committee also works closely with management regarding long-term equity incentives, including performance-based equity awards, which emphasize shareholder returns while providing enhanced retention value for key executives. Because the Compensation Committee believes the metrics listed above are key drivers of the Company’s earnings results and value for the Company’s shareholders, the Committee has historically considered these measures in evaluating our named executive officers’ performance, and the Committee utilized these measures specifically in designing the Company’s performance-based incentive programs. While total shareholder return (TSR) can be a useful measure in aligning compensation with shareholder value, the Committee believes that macroeconomic factors, overall market volatility and other external forces which can affect a company’s stock price from period to period substantially limit the effectiveness of TSR in evaluating whether the Company’s performance is in line with its strategic goals. In comparing the Company’s performance to its peers, the Compensation Committee has designated a broad-based peer group consisting of U.S. banks and bank holding companies with $10 billion to $50 billion in total assets, excluding banks and bank holding companies in Puerto Rico as well as companies and institutions that are not traditional banks primarily offering both depository and lending services. The Committee believes evaluating performance against a larger peer group of comparably-sized institutions aligns with the Company’s expectations of being a strong performing bank nationally, including among institutions with considerably greater assets or market capitalization.

  44. Benchmarking Executive Compensation Against A Peer Group

    Benchmarking Executive Compensation Against A Peer Group The Committee in the past has compared total compensation levels for the executive officers to the compensation paid to executives in a peer group. The Committee annually considers the need for a peer analysis and reviews compensation paid to executives in a peer group as the Committee deems necessary. For 2025, the Committee informally reviewed and considered certain internally-compiled peer company compensation data in determining the base salary increases for 2025. The Committee also evaluated and considered the overall performance and achievements of the Company and our bank subsidiary, as well as each executive’s individual performance and the Chairman’s recommendation for such executive (other than himself). The Compensation Committee did not target 2025 salaries or total compensation to any particular benchmark based on a peer group or engage a compensation consultant during 2025 to advise the Committee on setting the compensation of our executive officers.

  45. Benchmarking Executive Compensation Against A Peer Group

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  46. Employment Agreements

    Employment Agreements On March 1, 2021, we entered into an employment agreement with our Chairman and CEO, John W. Allison, providing for his continued service as our executive Chairman or Chairman Emeritus over the next 10 years. The agreement sets forth certain compensation and benefits to which Mr. Allison is entitled in his role as executive Chairman and to which he will be entitled upon a decision by Mr. Allison or the Board that he shall no longer serve as executive Chairman, at which time he will be appointed Chairman Emeritus and will continue to serve in an advisory role to the Board. Mr. Allison’s compensation arrangements under the agreement for his service as Chairman include an annual base salary of $500,000 or such higher salary as is determined by the Compensation Committee, eligibility for an annual cash incentive bonus of up to 100% of his base salary, an annual award of up to 150,000 restricted shares of our common stock (with two-thirds of such shares being subject to specified performance targets over a three-year period and the remaining one-third being subject to time-based vesting), and certain benefits and perquisites. Mr. Allison’s base salary for 2025 was $800,000. In the event he transitions to Chairman Emeritus status, Mr. Allison’s total compensation would be substantially reduced, with a decrease in annual base salary to $400,000, and he would no longer be eligible to participate in any annual cash incentive bonus program or receive any new equity incentive awards. These reductions would have represented an over 75% reduction in his annual total compensation for the 2025 calendar year. The Compensation Committee believes that this agreement was necessary to set forth the terms of Mr. Allison’s continued service as an executive of the Company in light of all relevant factors, which include his leadership experience and history as the Company’s founding Chairman and CEO and largest individual shareholder, desired terms and conditions of his continued employment, and the strategic importance of his position with the Company, with compensation arrangements consistent with recent prior years. The Committee also believes his continued service in an advisory capacity in the event he should transition to Chairman Emeritus would provide substantial strategic value to the Company at a level commensurate with the compensation he would receive in such role. There are no current plans for Mr. Allison to transition to the Chairman Emeritus role. See Executive Compensation – Employment Agreements for further discussion of the terms of this agreement. We do not currently have an employment agreement with any of our other named executive officers.

  47. Employment Agreements

    | Components of Compensation |

  48. Employment Agreements

    The key elements of the Company’s executive compensation program are: •Base salary •Annual cash incentives (bonuses) •Equity incentive compensation (restricted stock and stock options) •Retirement and insurance benefit plans •Certain defined perquisites The Company tries to determine the proper mix of base, short-term and long-term incentive compensation. In our markets there are a number of national, regional and community banks. The competition for experienced executives in banking is strong. The Committee understands that being a public company that can offer equity incentives and a community banking philosophy puts the Company in a competitive position for strong management. The public market for the stock and its easily accessible value is a positive factor in aligning management’s interest with that of the shareholders and making them meaningful stakeholders.

  49. Base Salary

    Base Salary Base salaries historically have been targeted at comparable levels for peer companies and adjusted to recognize varying levels of responsibility, individual performance, Company performance and internal equity issues. The Committee reviews the base salaries of the executive officers annually. This base salary provides the foundation for a total compensation package that is required to attract, retain and motivate the officers. Generally, base salaries are not directly related to specific measures of performance, but are determined by experience, the scope and complexity of the position, current job responsibilities, and salaries of competing banks. The Committee did not use specific benchmarking but did informally review peer compensation data in determining annual base salaries for 2025. For 2026, the Committee approved salary increases for each of the NEOs compared to their annual base salaries in effect at the end of 2025. These increases were primarily in recognition of the Company’s record financial performance during 2025 and to continue to keep their compensation comparable to peer company executives. Ms. Townsell received an additional salary increase to be more aligned with her senior executive role. The Committee approved more substantial salary increases for most of the NEOs in 2026 based primarily on the Company’s continued record financial performance during 2025.

  50. Annual Cash Incentives

    Annual Cash Incentives An annual cash bonus plan is intended to reward individual performance for that year. The Compensation Committee historically has issued discretionary annual cash bonus awards after evaluating a number of performance criteria for the Company or the bank and considering the overall profitability of the Company and our bank subsidiary. In evaluating our named executives, the Committee historically has reviewed criteria such as net income, earnings per share, return on assets, growth in assets (including through acquisitions), asset quality, return on equity, net interest margin, efficiency ratio, net cash flow and other metrics, as well as regulatory capital ratios and examination results. Since 2021, the Compensation Committee has utilized an annual cash incentive program for each of our named executive officers’ cash bonuses based on specific performance criteria and payout formulas utilizing certain performance measures which the Committee and the Company have long viewed as key indicators of the Company’s overall financial strength and performance. This plan is described below. Executive Incentive Plan The Company’s Amended and Restated Performance-Based Executive Incentive Plan (the “Executive Incentive Plan”) utilizes a combination of absolute and relative performance measures focused on certain Company financial metrics as well as an individual performance component. These measures focus on the Company’s annual financial results for return on average assets, return on tangible common equity (a non-GAAP measure), efficiency ratio, net charge-off ratio and net interest margin, with targets that the Committee considered to be achievable but sufficiently rigorous and consistent with the Company’s high financial performance expectations. Relative performance criteria are measured against a peer group consisting of U.S. banks and bank holding companies with $10 billion to $50 billion in total assets, excluding banks and bank holding companies in Puerto Rico as well as companies and institutions that are not traditional banks primarily offering both depository and lending services. Upon completion of the performance period, if the Committee has received the year-end financial results for the Company but year-end financial results for the peer group are not yet available, the Committee may apply the peer comparison performance measures based on the Company’s and the peer group’s performance as of and for the nine-month period ended September 30th of the bonus year to determine whether each applicable performance target was met. Certain performance measures may be adjusted to exclude unusual or infrequently occurring items and the effects of changes in applicable tax laws or accounting principles as the Committee deems appropriate. The Executive Incentive Plan provides for potential incentive cash bonuses of up to 100% of annual base salary for the Chairman and CEO and up to 50% of annual base salary for each other named executive officer, plus an additional cash bonus amount equal to 10% of base salary for the named executive officers other than the Chairman and CEO if all performance criteria are met, which is payable three years from the beginning of the performance period, subject to the executive’s continued employment with the Company. The additional bonus is designed to serve as an additional long-term incentive for each executive’s continued service with the Company.

  51. Annual Cash Incentives

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  52. Annual Cash Incentives

    The various performance measures for 2025, including the targeted and actual performance level for each component, are provided in the table below. In setting targets for 2025, the Committee chose not to adjust the target performance levels following 2024. The Committee viewed the goals as still reflecting superior performance in the industry while not being assured in light of ongoing business and economic uncertainties.

  53. Annual Cash Incentives

    | Performance Measure | Relative Weighting | | Target Performance (Absolute or peer group percentile) | Actual Performance (Absolute or peer group percentile) | | | CEO | Other NEOs | | | | Absolute Performance Measures | | | | | | Return on Average Assets, as adjusted (1) | 20% | 10% | ≥ 1.20% | 2.05% | | Return on Tangible Common Equity, as adjusted (2) | 20% | 10% | ≥ 10% | 17.44% | | Efficiency Ratio, as adjusted (3) | 20% | 10% | Under 47% | 41.29% | | Net Charge-off Ratio (4) | 20% | 10% | ≤ 1% | 0.06% | | Individual Performance Component (5) | 20% | 10% | — | — | | Peer Comparison Performance Measures (6) | | | | | | Return on Average Assets | — | 12.5% | 66 2/3rd or above | 97.00% | | Return on Tangible Common Equity | — | 12.5% | 66 2/3rd or above | 91.00% | | Efficiency Ratio | — | 12.5% | 66 2/3rd or above | 94.00% | | Net Interest Margin (7) | — | 12.5% | 66 2/3rd or above | 97.00% |

  54. Annual Cash Incentives

    (1)Return on average assets is calculated by dividing the Company’s net income by average total assets for the year. Return on average assets, as adjusted, is a non-GAAP measure which for 2025 excludes the FDIC special assessment, BOLI death benefits, fair value adjustment for marketable securities, gain on sale of building, recoveries on historic losses, special income from equity investments, merger expenses, gain on retirement of subordinated debt, legal fee reimbursement and legal claims expense. (2)Return on tangible common equity is a non-GAAP measure which is calculated by dividing the Company’s net income by the result of average equity minus average goodwill, core deposits and other intangible assets. Return on tangible common equity, as adjusted, which for 2025 excludes the FDIC special assessment, BOLI death benefits, fair value adjustment for marketable securities, gain on sale of building, recoveries on historic losses, special income from equity investments, merger expenses, gain on retirement of subordinated debt, legal fee reimbursement and legal claims expense. (3)Efficiency ratio is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income. Efficiency ratio, as adjusted, is a non-GAAP measure which is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income, which for 2025 excludes the FDIC special assessment, BOLI death benefits, fair value adjustment for marketable securities, gain on sale of building, recoveries on historic losses, special income from equity investments, merger expenses, gain on retirement of subordinated debt, legal fee reimbursement and legal claims expense. (4)Net charge-off ratio equals the percentage of the Company’s net charge-offs (recoveries) to average loans outstanding and is calculated by dividing net charge-offs to average loans outstanding. (5)The individual performance component is evaluated at the Committee discretion based on the individual’s performance and contributions to the Company during the performance year. (6)Because the peer group financial results as of December 31, 2025 were not yet available when the Committee met to determine 2025 bonus amounts, the Committee applied these performance measures based on the Company’s and the peer group’s performance as of and for the nine-month period ended September 30, 2025 to determine whether each applicable performance target was met. Actual performance for the peer comparison performance measures is based on peer group data provided by S&P Global Market Intelligence. Peer company financial data does not include certain adjustments included in the Company’s calculation of its performance as described above. (7)Net interest margin means the Company’s annualized net interest margin on a fully taxable equivalent, or FTE, basis. The following table shows the eligible bonus award for each applicable named executive officer, expressed as a percentage of annual base salary, and actual bonus award earned by each applicable named executive officer based on the level of achievement of the Company’s performance metrics during 2025, in dollar amount and as a percentage of the executive’s base salary in effect at the end of 2025.

  55. Annual Cash Incentives

    | | Target | 2025 EIP Bonus | 2025 EIP Bonus Earned | | Name | (% of Base Salary) | Earned ($) | (% of Base Salary) | | John W. Allison | 100% | 800,000 | 100% | | Brian S. Davis | 60% | 240,000 | 60% | | J. Stephen Tipton | 60% | 360,000 | 60% | | Kevin D. Hester | 60% | 345,000 | 60% | | Donna Townsell | 60% | 240,000 | 60% |

  56. Annual Cash Incentives

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  57. Annual Cash Incentives

    Clawback. Under the clawback provision of the Executive Incentive Plan, all bonus amounts paid will also be subject to clawback in the event the Company restates its financial statements and the Committee determines that the cash bonus paid to the executive officer would not have been paid had it been based on the restated results, in the Committee’s discretion if the cash bonus award would not have been made had the Committee known of an action or omission by the executive, or otherwise if required under any Company clawback policy in effect from time to time. In addition, if any bonus amounts are awarded based on September 30th peer performance comparisons, any such bonus amounts will be subject to clawback if the Committee determines that the performance measure was not satisfied once the peer companies’ fourth quarter financial results are received. 2025 Special Bonus In addition to the incentive bonus amount earned under the Executive Incentive Plan, in January 2026, the Committee approved a special cash bonus to Mr. Allison in the amount of $50,000, which the Committee believes appropriately recognizes his individual role and responsibility in the record financial performance of the Company for the year ended December 31, 2025 and in negotiating the Company’s pending acquisition of Mountain Commerce Bancorp, Inc., which is expected to be completed by the second quarter of 2026. This special bonus was paid in January 2026.

  58. Equity Incentive Compensation

    Equity Incentive Compensation Consistent with the Company’s philosophy that favors compensation based upon performance, the Compensation Committee believes equity incentive awards are an important component of total compensation. In January 2022, our Board of Directors adopted and on April 21, 2022, the Company’s shareholders approved the Home BancShares, Inc. 2022 Equity Incentive Plan (the “Plan”), which replaced the Company’s Amended and Restated 2006 Stock Option and Performance Incentive Plan. The Committee utilizes the Plan to grant shares of restricted stock and nonqualified stock options to our directors, executive officers and other key employees in an effort to link future compensation to the long-term financial success of the Company. Equity-based awards granted to our executive officers and other key employees are intended to attract and retain highly qualified officers and key employees, to provide incentives to enhance job performance and encourage those persons to improve our business results, and to enable them to participate in the long-term growth and success of the Company through an equity interest in the Company. Policies and Practices for Granting Equity Awards The Company does not have a formal policy, but has an established practice described below, with respect to the granting of equity compensation. Our practices regarding the granting of equity awards are designed to ensure compliance with applicable securities laws and to maintain the integrity of our executive compensation program. The annual equity incentive awards to our Chairman and CEO and to our directors are recommended by the Compensation Committee and approved by the Board during its first-quarter meeting usually held in January of each year following the announcement of the Company’s fourth quarter and year-end financial and operating results. The Compensation Committee and the Board may from time-to-time grant promotional or other equity-based awards to our executive officers at other times during the year. In determining the timing and terms of an equity award, the Compensation Committee and the Board may consider material nonpublic information to ensure that such grants are made in compliance with applicable laws and regulations and, if appropriate, may delay the grant of equity awards until the public disclosure of such material nonpublic information. The Compensation Committee and Board of Directors did not grant stock options to any named executive officer during 2025. The Committee evaluates opportunities under the Plan along with the annual setting of salaries and awarding bonuses and from time to time considers and grants awards to executive officers and key employees at other times during the calendar year in conjunction with the establishment of new Company-wide strategic goals or other circumstances. The Committee will also consider awards under the Plan, as appropriate, in recruiting new employees. Historically, the Committee has granted both regular (time-based) and performance-based restricted shares and nonqualified stock options. Awards granted on a regular (or fixed) basis carry a set vesting schedule based on a certain time period as determined by the Committee. Performance-based awards are payable in recognition of achievement of certain annual and/or cumulative performance goals of the Company or our bank subsidiary based on one or more designated performance criteria. Performance-based equity awards granted by the Committee have historically been based on quarterly, annual and/or cumulative diluted earnings per share or asset growth targets designed to align with corporate strategic goals and incentivize record-setting earnings performance or the successful completion of strategic acquisitions. The Committee may, however, consider various financial performance measures similar to the criteria evaluated in connection with the Company’s annual cash bonus program in establishing performance targets or in determining the size of equity compensation awards. The equity awards (both fixed and performance-based) typically have been based on a vesting period of three to seven years. Under the Plan, the Committee must certify in writing that all performance goals and other material terms of a performance-based award have been met before the named executive officer may receive payment for such award.

  59. Equity Incentive Compensation

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  60. Equity Incentive Compensation

    Clawback. The Plan provides that the Committee may cause a forfeiture of any realized gains by an award recipient who breaches any agreement with or obligation to the Company or who violates any Company policy or procedure. Awards may be annulled for any employee who is terminated for cause. All awards are subject to mandatory repayment if the participant becomes subject to any clawback or recoupment under Company policy or applicable law. In October 2023, the Board of Directors adopted a clawback policy in accordance with NYSE listing requirements and SEC rules that requires recovery of any incentive compensation paid to an executive officer based on a financial measure, if the Company is required to restate its financial statements on which such financial measure was based, that exceeds the amount of incentive compensation the executive would have received based on the corrected financial statements. Similarly, the Plan also allows the Committee to rescind or clawback an award if the award would not have been paid or vested had the committee known of an action or omission of the participant or, in the event that the Company restates its financial statements, had the payment or vesting been based on the restated results Deductibility of Equity Compensation Prior to 2018, the Company’s stock option grants and certain restricted stock awards to covered employees were generally intended to comply with Section 162(m) of the Internal Revenue Code. Section 162(m) places a limit of $1,000,000 on the compensation that a publicly held corporation may deduct in any one year with respect to its principal executive officer, principal financial officer and the next three most highly compensated executive officers whose compensation is required to be disclosed in the company’s annual proxy statement (referred to as covered employees). Historically, there was an exception to this $1,000,000 limitation for performance-based compensation that meets certain requirements, and the principal financial officer was excluded from the definition of a covered employee. Effective January 1, 2018, the Tax Cuts and Jobs Act amended Section 162(m) to eliminate the exception for performance-based compensation and to make compensation paid to the principal financial officer now subject to the $1,000,000 deduction limitation. The amendments to Section 162(m) include a grandfather clause applicable to compensation paid pursuant to a written binding contract in effect on November 2, 2017 that is not materially modified after such date. The Company generally believes its outstanding stock option awards granted before November 2, 2017 have met those requirements and, as such, are deductible. The Compensation Committee does not have a specific policy with regard to Section 162(m). While tax deductibility is one of several factors that the Committee may consider in determining compensation, it reserves the flexibility to design and maintain executive compensation arrangements that it believes are competitive and will best attract and retain executive talent, and thereby advance the interests of the Company and its shareholders, even if such compensation is not deductible by the Company for federal tax purposes. Equity Awards to the Chairman and CEO Generally, the Committee grants awards of restricted shares to our Chairman and CEO, Mr. Allison, on an annual basis in January of each year. As the Company’s founding Chairman and CEO and largest individual shareholder, owning approximately 3.57% of our outstanding common stock, the Committee believes that Mr. Allison’s total compensation should be comprised largely of equity-based compensation. During the first 10 years of the Company’s history, Mr. Allison declined to receive a salary or bonus as Chairman and CEO of the Company and instead relied on dividends and appreciation in the value of his existing stock holdings and stock option awards in an effort to best align his interests with those of our shareholders. Since 2014, following the Company’s 2013 acquisition of Liberty Bancshares, which represented the then largest ever merger of two Arkansas-based banks, the Compensation Committee has awarded a majority of Mr. Allison’s compensation in the form of equity awards of restricted stock. The purposes of these equity awards have been to maintain alignment of the Chairman’s interests with those of our shareholders, appropriately reward him for his strategic leadership in the Company’s growth and performance, and provide total compensation at a level that is generally comparable to the Company’s peers. The Committee has historically evaluated the Company’s performance and Mr. Allison’s individual performance for the prior fiscal year in determining the size of the annual restricted stock grant for Mr. Allison. The Committee also considers shareholder return during the past year and Mr. Allison’s overall compensation as part of its analysis. The Committee believes Mr. Allison’s total compensation should be generally comparable to total compensation of other CEOs and Executive Chairmen among the Company’s peers and that a significant portion of his total pay should consist of stock-based compensation. The Committee has not increased the size of the annual equity awards to Mr. Allison in the past three years. Mr. Allison received 150,000 restricted shares of our common stock in each of 2025, 2024 and 2023, along with an annual award of 3,000 shares granted to each director of the Company. The Committee believes the size of these awards appropriately reflects Mr. Allison’s continued strong leadership and the Company’s continued high performance levels, as indicated in the annual cash bonus plan metrics described above, while maintaining his total compensation at a level generally comparable to his peers and taking into account the Company’s stock price and total shareholder return during this period. The annual restricted stock awards to Mr. Allison have historically been granted on a fixed-basis with vesting to occur on a “cliff” basis or in annual installments over a three-year period. In response to shareholder feedback, the Committee adopted a performance-based equity compensation program set forth in an Executive Chairman Agreement entered into with Mr. Allison on March 1, 2021 (the “Chairman’s Agreement”). The terms of the Chairman’s Agreement provide that Mr. Allison is eligible to receive annual equity incentive awards of up to 150,000 shares of restricted stock. Two-thirds of Mr. Allison’s eligible annual award, or up to 100,000 shares, is subject to the satisfaction of the performance conditions over a three-year

  61. Equity Incentive Compensation

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  62. Equity Incentive Compensation

    performance period. The remaining one-third of the eligible award, or up to 50,000 shares, is time-based with vesting to occur over a similar three-year period. See Executive Compensation – Employment Agreements for more information regarding the terms of the Chairman’s Agreement. The performance criteria for each portion of Mr. Allison’s performance-based shares granted in 2025 as set by the Committee based on the initial award terms provided in the Chairman’s Agreement are similar to the peer comparison performance measures included in the Executive Incentive Plan, measured annually over the three-year performance period, with payouts of each annual installment to be determined based on the actual performance level for each metric relative to the peer group. The peer group under the Chairman’s Agreement is the same performance peer group as defined in the Executive Incentive Plan. The Committee believes these metrics closely align with the financial measures the Company emphasizes in driving robust earnings results which bring value to our shareholders. The Committee views these measures as more effective indicators of the Company’s and our Chairman’s performance than total shareholder return (TSR) given the impact that macroeconomic factors, overall market volatility and other external forces beyond the Company’s control can have on TSR. The Committee may, however, in its discretion designate different or additional performance conditions for future annual performance-based restricted stock awards granted to the Chairman. Under the current performance criteria, the vesting of the performance-based restricted shares depends on the extent to which the Company’s percentile rank against the peer group exceeds the minimum threshold for each applicable measure for each year during the performance period. Based on the Company’s percentile ranking among the peer group, the numbers of shares vesting will be 50%, 75% or 100% of the original shares granted weighted according to each performance measure. The various performance measures and weighting for each component for each annual installment of the performance-based restricted shares granted to the Chairman in 2025 are provided in the table below.

  63. Equity Incentive Compensation

    | | | | Performance Goal (Peer Group Percentile) (and Payout %) | | | | Performance Measure (1) | Relative Weighting | Eligible Shares | Threshold (50)% | Target (75)% | Maximum (100)% | | Net Interest Margin (2)(3) | 25% | 8,333 | 25th | 50th | 66 2/3rd | | Return on Tangible Common Equity (2)(4) | 25% | 8,333 | 25th | 50th | 66 2/3rd | | Efficiency Ratio (2)(5) | 25% | 8,333 | 25th | 50th | 66 2/3rd | | Return on Average Assets (2)(6) | 25% | 8,334 | 25th | 50th | 66 2/3rd |

  64. Equity Incentive Compensation

    (1)If the Committee has received the year-end financial results for the Company but year-end financial results for the peer group are not yet available, the Committee may apply the peer comparison performance measures based on the Company’s and the peer group’s performance as of and for the nine-month period ended September 30 of final year of the performance period to determine the level at which each applicable performance goal was met, if at all. (2)May be adjusted to exclude unusual or infrequently occurring items and the effects of changes in applicable tax laws or accounting principles as the Committee deems appropriate. (3)Net interest margin means the Company’s annualized net interest margin on a fully taxable equivalent, or FTE, basis. During the third year of the performance period, the number of shares eligible to vest for the net interest margin performance goal will be 8,334. (4)Return on tangible common equity is a non-GAAP measure which is calculated by dividing the Company’s net income by the result of average equity minus average goodwill, core deposits and other intangible assets. (5)Efficiency ratio is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income. (6)Return on average assets is calculated by dividing the Company’s net income by average total assets for the year. In January 2025, the Compensation Committee determined that the restricted shares granted to Mr. Allison in January 2022 vested at the 100% level based on the Company’s actual performance for the three-year period ending December 31, 2024, at the 87th percentile or above for each performance measure. Clawback. The Chairman’s Agreement provides that all equity awards granted to Mr. Allison under the agreement are subject to clawback in the event the Company restates its financial statements and the Committee determines that the shares vested to the executive officer would not have vested had the vesting been based on the restated results, if in the Committee’s discretion the stock award would not have been granted or vested had the Committee known of an action or omission of the executive, or otherwise if required under any Company clawback policy in effect from time to time. In addition, if all or any portion of the award vests based on September 30th peer performance comparisons, any such shares will be subject to clawback if the Committee determines that the performance measure was not satisfied once the peer companies’ fourth quarter financial results are received.

  65. Equity Incentive Compensation

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  66. Equity Incentive Compensation

    Equity Awards to Other NEOs The Compensation Committee does not have a practice of annually granting equity incentive awards to our named executive officers, other than our Chairman. The Committee issues equity incentive awards to our other named executive officers on a less frequent basis. These awards may be in the form of restricted shares, nonqualified stock options or certain other equity-based awards and may be granted on a regular (fixed) basis with time-based vesting or as performance-based awards subject to vesting upon the satisfaction of performance conditions. While equity incentive compensation represents an important component of the Company’s overall executive compensation program and promotes alignment of our executives’ interests with our shareholders, the Committee believes that less frequent, more targeted equity grants to our other executives and key employees, which may be coordinated with specific Company-wide strategic performance initiatives, serve as an effective mechanism to incentivize superior long-term individual and Company performance. The Committee may also issue restricted shares or stock options in connection with an executive’s promotion or to reward or incentive other special performance, such as efforts in connection with a strategic acquisition or other operational initiatives. The Committee also considers recommendations from our Chairman as to awards for our other executive officers. The Compensation Committee did not grant any equity awards to our named executive officers in 2025, other than the Chairman and those other executives who receive restricted shares in connection with their service on our Board of Directors.

  67. Director Fees and Stock Awards

    Director Fees and Stock Awards Mr. Allison receives additional fees for his service as Chairman of the Board of Directors of the Company, which for 2025 included an annual retainer of $14,000, a fee of $7,500 for each holding company Board meeting attended and fees of $750 for each meeting of the Asset/Liability Committee attended. The fees for his service as Chairman of the Board are set by the Board of Directors. In addition, Mr. Allison serves on the board of directors of the Company’s bank subsidiary and each regional board of directors of the bank. He receives fees for his service on the board of directors and each regional board of the bank and certain bank committees. The fees for his service on each board are set by the respective boards of the bank. Mr. Allison earned a total of $171,275 in fees for his service on the Board of Directors of the Company and the board of directors and regional boards of the bank during 2025, including fees for his service on committees of the Company and bank boards. Because Mr. Allison retains these board and committee responsibilities in addition to serving as the Company’s CEO, the Board of Directors believes these director fees appropriately compensate Mr. Allison for his services on the various Company and bank boards and committees on which he serves in addition to his executive responsibilities. Additionally, the Board of Directors has in recent years granted an annual stock award of 3,000 shares of restricted stock to all directors. Mr. Allison, Mr. Davis and Ms. Townsell each received 3,000 shares of restricted stock in January 2025 in connection with their service as directors of the Company. These shares vest in three equal annual installments beginning on the first anniversary of the grant date.

  68. Executive Compensation

    | Summary Compensation Table |

  69. Executive Compensation

    | Name and principal position | Year | Salary | Bonus (1) | Stock Awards (2) | Option Awards (2) | Non-equity incentive plan compensation (1) | Change in pension value and non-qualified deferred compensation earnings | All other compensation | Total | | John W. Allison, Chairman of the Board and CEO | 2025 | $798,954 | $50,000 | $4,651,200 | $— | $800,000 | $56,224 | $865,042(3) | $7,221,420 | | | 2024 | 745,512 | — | 3,765,330 | — | 750,000 | 71,075 | 834,409 | 6,166,326 | | | 2023 | 707,351 | — | 3,431,790 | — | 750,000 | 84,787 | 814,931 | 5,788,859 | | Brian S. Davis, Chief Financial Officer and Treasurer | 2025 | 399,929 | — | 91,200 | — | 240,000 | — | 23,018(4) | 754,146 | | | 2024 | 375,551 | — | 73,830 | — | 225,043 | — | 20,117 | 694,540 | | | 2023 | 368,166 | — | 67,290 | — | 220,631 | — | 21,450 | 677,536 | | J. Stephen Tipton, Chief Operating Officer and CEO of Centennial Bank | 2025 | 599,549 | — | — | — | 360,000 | — | 109,547(5) | 1,069,096 | | | 2024 | 522,206 | — | 2,470,000 | — | 336,144 | — | 103,335 | 3,431,685 | | | 2023 | 450,258 | — | — | — | 270,144 | — | 50,834 | 771,237 | | Kevin D. Hester, President & Chief Lending Officer | 2025 | 574,641 | — | — | — | 345,000 | — | 84,047(6) | 1,003,688 | | | 2024 | 501,344 | — | 2,470,000 | — | 323,622 | — | 78,145 | 3,373,111 | | | 2023 | 431,154 | — | — | — | 258,454 | — | 25,489 | 715,097 | | Donna J. Townsell, Senior Executive Vice President and Director of Investor Relations | 2025 | 399,058 | — | 91,200 | — | 240,000 | — | 45,663(7) | 775,920 |

  70. Executive Compensation

    | Grants of Plan-Based Awards Table |

  71. Executive Compensation

    | Option Exercises and Stock Awards Vested in 2025 |

  72. Executive Compensation

    | Option Exercises and Stock Awards Vested Table |

  73. Executive Compensation

    | Nonqualified Deferred Compensation |

  74. Executive Compensation

    | Payments Upon Termination or Change-In-Control |

  75. Executive Compensation

    | Potential Payments Upon Termination or Change-In-Control Table |

  76. Executive Compensation

    | CEO Pay Ratio |

  77. Executive Compensation

    | Pay Versus Performance |

  78. Executive Compensation

    | Pay Versus Performance Table |

  79. Executive Compensation

    | Year | Summary Compensation Table Total for PEO(1) | Compensation Actually Paid to PEO (2) | Average Summary Compensation Table Total for Non-PEO NEOs(3) | Average Compensation Actually Paid to Non-PEO NEOs(4) | Value of Initial Fixed $100 Investment Based On: | | Net Income(7) | Return on Average Assets, As Adjusted (non-GAAP)(8) | | | | | | | Total Shareholder Return(5) | Peer Group Total Shareholder Return(6) | | | | 2025 | $7,221,420 | $6,927,766 | $900,713 | $1,091,053 | 164.02 | 211.47 | $475,441 | 2.05% | | 2024 | 6,166,326 | 7,238,291 | 2,116,737 | 2,351,307 | 162.52 | 164.70 | 402,241 | 1.77 | | 2023 | 5,788,859 | 6,915,992 | 873,521 | 995,491 | 141.36 | 123.02 | 392,929 | 1.79 | | 2022 | 5,747,086 | 5,182,217 | 2,108,999 | 1,902,898 | 123.11 | 112.77 | 305,262 | 1.67 | | 2021 | 5,124,814 | 5,537,549 | 809,480 | 999,978 | 127.89 | 135.97 | 319,021 | 1.73 |

  80. Executive Compensation

    | Reconciliation of PEO SCT Total and Compensation Actually Paid. | | 2025 | 2024 | 2023 | 2022 | 2021 | | | Total Compensation as reported SCT | $7,221,420 | $6,166,326 | $5,788,859 | $5,747,086 | $5,124,814 | | Subtract | Pension values reported in SCT for covered fiscal year | (56,224) | (71,075) | (84,787) | (97,449) | (109,140) | | Subtract | Fair value of equity awards granted during covered fiscal year | (4,651,200) | (3,765,330) | (3,431,790) | (3,661,290) | (3,381,000) | | Add | Pension value attributable to covered fiscal year's service and any change in pension value attributable to plan amendments made in the covered year | — | — | — | — | — | | Add | Fair value of equity awards granted in covered fiscal year and that are unvested at end of such covered fiscal year - valued at year-end | 4,250,340 | 4,329,900 | 3,875,490 | 3,486,870 | 3,652,500 | | Add | Fair value of equity awards granted in covered fiscal year that vested during such covered fiscal year - valued on date of vesting | — | — | — | — | — | | Add | Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | — | — | — | — | — | | Add/Subtract | Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | (157,560) | 899,910 | 767,080 | (312,000) | 730,500 | | Add/Subtract | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | 320,990 | (321,440) | 1,140 | 19,000 | (480,125) | | Subtract | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | — | — | — | — | — | | Equals | Compensation Actually Paid to PEO | $6,927,766 | $7,238,291 | $6,915,992 | $5,182,217 | $5,537,549 |

  81. Executive Compensation

    | Reconciliation of Non-PEO NEOs SCT Total and Compensation Actually Paid. | | 2025 | 2024 | 2023 | 2022 | 2021 | | | Total Compensation as reported SCT | $900,713 | $2,116,737 | $873,521 | $2,108,999 | $809,480 | | Subtract | Pension values reported in SCT for covered fiscal year | — | (17,172) | (15,915) | (15,108) | (13,662) | | Subtract | Fair value of equity awards granted during covered fiscal year | (45,600) | (1,271,915) | (33,645) | (314,145) | (33,270) | | Add | Pension value attributable to covered fiscal year's service and any change in pension value attributable to plan amendments made in the covered year | — | — | — | 8,207 | — | | Add | Fair value of equity awards granted in covered fiscal year and that are unvested at end of such covered fiscal year - valued at year-end | 55,560 | 1,457,450 | 75,990 | 182,320 | 24,350 | | Add | Fair value of equity awards granted in covered fiscal year that vested during such covered fiscal year - valued on date of vesting | — | — | — | — | — | | Add | Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | — | — | — | — | — | | Add/Subtract | Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | (38,287) | 76,230 | 95,885 | (66,690) | 181,408 | | Add/Subtract | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | 218,668 | (10,023) | (345) | (685) | 31,673 | | Subtract | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | — | — | — | — | — | | Equals | Compensation Actually Paid to Non-PEO NEOs | $1,091,053 | $2,351,307 | $995,491 | $1,902,898 | $999,978 |

  82. Relationship Between Compensation Actually Paid to our NEOs and Company Performance

    Relationship Between Compensation Actually Paid to our NEOs and Company Performance The following graphs show the relationship between the compensation actually paid to our PEO and the average of the compensation actually paid to our other NEOs to our total shareholder return, net income and return on average assets, as adjusted, and the relationship between our cumulative total shareholder return and the cumulative total shareholder return of the peer group, each over the fiscal years ending December 31, 2025 as reported in the table above:

  83. Relationship Between Compensation Actually Paid to our NEOs and Company Performance

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