First Financial (FFIN) Form 4: Hickox Reports RSU Grant, Option Award, RSU Deferral

Rhea-AI Filing Summary

First Financial Bankshares, Inc. (FFIN) reporting person Michelle S. Hickox received equity awards and recorded exercises and deferrals on August 14, 2025. The filing shows a grant of 3,403 restricted stock units (RSUs) and the vesting/deferral of 1,203 RSUs into deferred stock units under the company supplemental executive retirement plan (SERP), resulting in a reported disposition of those 1,203 RSUs. The reporting person also received 11,431 employee stock options with an exercise price of $36.43 and an expiration date of 08/14/2035.

After the reported transactions the filing lists 25,018 shares beneficially owned following the RSU grant and 23,815 shares following the reported disposition/deferral. The filing is a Form 4 reflecting routine executive equity compensation activity: new RSUs, option grants with multi-year vesting, and conversion of vested RSUs into deferred units payable under the SERP.

Positive

• Grant of 3,403 RSUs supports executive retention through multi-year vesting.
• 11,431 stock options at $36.43 provide long-term upside aligned with shareholder value.
• Vested RSUs deferred into the SERP indicate structured deferred compensation and tax/timing planning.

Negative

• Potential dilution from newly granted RSUs and options increases outstanding equity obligations.
• Exercise price and vesting schedule disclosed show extended timeline before full alignment with shareholders (multi-year vesting).

Insights

Financial Analyst

TL;DR: Executive received RSUs and stock options; vesting and deferral recorded, modest change in beneficial ownership—routine compensation event.

Michelle Hickox was granted 3,403 RSUs that vest in three approximately equal annual installments and 11,431 stock options exercisable through 08/14/2035 at $36.43 per share. Separately, 1,203 previously granted RSUs vested on 08/14/2025 and were deferred into the SERP as 1,203 deferred stock units payable upon termination. Reported beneficial ownership moves from 25,018 shares to 23,815 shares after the exchange/deferral. These items represent standard executive compensation and long-term retention incentives rather than immediate cash transactions.

Corporate Governance Expert

TL;DR: Equity awards follow common governance practice: time-based vesting and SERP deferral, indicating structured executive retention and deferred compensation.

The RSU grant vests in three roughly equal annual tranches, and the option grant vests over three years (33.33% increments), consistent with multi-year retention design. The vesting-triggered deferral of 1,203 RSUs into the SERP is expressly reported, showing use of the company supplemental retirement plan for deferred equity payout. The Form 4 discloses the transactions transparently and includes required ownership figures and instrument terms.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Hickox Michelle S

Role EVP/CFO

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option, Right to Buy	11,431	$36.43	$416K
Grant/Award	Deferred Stock Units	1,203	$0.00	--
Grant/Award	Common Stock	3,403	$0.00	--
Disposition	Common Stock	1,203	$0.00	--

Holdings After Transaction: Employee Stock Option, Right to Buy — 11,431 shares (Direct); Deferred Stock Units — 2,558 shares (Direct); Common Stock — 25,018 shares (Direct)

Footnotes (1)

1. Reflects grant of restricted stock units (RSUs) which vest in three approximately equal installments on each of the three anniversaries of the grant date. In connection with the vesting on August 14, 2025, of 1,203 restricted stock units previously granted to the reporting person, the reporting person's receipt of 1,203 shares of common stock was deferred resulting in the reporting person's receipt instead of 1,203 shares of deferred stock units into the First Financial Bankshares, Inc. Supplemental Executive Retirement Plan, as amended and restated effected July 26, 2022 (the "SERP"). The reporting person is therefore reporting the disposition of 1,203 restricted stock units in exchange for an equal number of deferred stock units under the SERP, which are payable upon the reporting person's termination. The options vest 33.33% after one year from the grant date, 66.66% after the second year, and 100% after the third year.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hickox Michelle S

(Last) (First) (Middle)

P O BOX 701

(Street)

ABILENE TX 79604

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST FINANCIAL BANKSHARES INC [ FFIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP/CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/14/2025		A		3,403(1)	A	$0	25,018	D
Common Stock	08/14/2025		D		1,203(2)	D	(2)	23,815	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option, Right to Buy	$36.43	08/14/2025		A		11,431		(3)	08/14/2035	Common Stock	11,431	$36.43	11,431	D
Deferred Stock Units	(2)	08/14/2025		A		1,203		(2)	(2)	Common Stock	1,203	(2)	2,558	D

Explanation of Responses:

1. Reflects grant of restricted stock units (RSUs) which vest in three approximately equal installments on each of the three anniversaries of the grant date.

2. In connection with the vesting on August 14, 2025, of 1,203 restricted stock units previously granted to the reporting person, the reporting person's receipt of 1,203 shares of common stock was deferred resulting in the reporting person's receipt instead of 1,203 shares of deferred stock units into the First Financial Bankshares, Inc. Supplemental Executive Retirement Plan, as amended and restated effected July 26, 2022 (the "SERP"). The reporting person is therefore reporting the disposition of 1,203 restricted stock units in exchange for an equal number of deferred stock units under the SERP, which are payable upon the reporting person's termination.

3. The options vest 33.33% after one year from the grant date, 66.66% after the second year, and 100% after the third year.

	By: Michelle S. Hickox	08/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions did Michelle S. Hickox report on Form 4 for FFIN?

The filing reports a grant of 3,403 RSUs, the vesting and deferral of 1,203 RSUs into deferred stock units under the SERP, and a grant of 11,431 employee stock options exercisable at $36.43.

When did the reported transactions occur for FFIN insider Michelle Hickox?

All reported transactions occurred on 08/14/2025, with the Form 4 signed on 08/18/2025.

How many shares did Hickox beneficially own after the reported transactions?

The Form 4 lists 25,018 shares beneficially owned following the RSU grant and 23,815 shares following the reported disposition/deferral.

What are the terms of the stock options reported?

The employee stock options total 11,431, have an exercise price of $36.43, and expire on 08/14/2035; they vest 33.33% after one year, 66.66% after two years, and 100% after three years.

What happened to the 1,203 vested RSUs?

The 1,203 vested RSUs were deferred into the First Financial Bankshares, Inc. Supplemental Executive Retirement Plan (SERP) as 1,203 deferred stock units, payable upon the reporting person's termination.