First Financial (FFIN) Form 4: RSU grant and long-dated options disclosed

Rhea-AI Filing Summary

First Financial Bankshares, Inc. (FFIN) reporting person Ronald D. Butler II, Chief Accounting Officer and director, reported equity award activity on 08/14/2025. The Form 4 shows acquisition of 3,458 restricted stock units (RSUs) granted on that date, disposal of 1,222 RSUs that were converted into 1,222 deferred stock units under the company SERP, and acquisition of 11,615 employee stock options with a $36.43 exercise price exercisable through 08/14/2035.

The reporting person beneficially owned 175,272 shares11,615 options6,249 deferred stock units

Positive

• Reported increase in insider equity ownership: beneficial ownership rose to 175,272 shares after the RSU grant, aligning executive and shareholder interests.
• Long-term option grant: 11,615 employee stock options exercisable through 08/14/2035 provide extended retention incentives.
• Use of SERP for deferred compensation: 1,222 vested RSUs were converted to deferred stock units payable upon termination, indicating structured retirement planning.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received significant equity compensation increasing reported ownership and long-term option exposure.

The Form 4 discloses a standard executive compensation package: a grant of 3,458 restricted stock units and 11,615 employee stock options at a $36.43 strike, plus conversion of 1,222 vested RSUs into deferred stock units under the SERP.

This raises the reporting person’s beneficial common stock holdings to 175,272 shares and adds 11,615 options exercisable through 2035. For valuation, the option strike and vesting schedule are explicit; potential investor impact centers on insider alignment with shareholders via equity-based pay and the timing of vesting/exercise.

Corporate Governance Expert

TL;DR: Equity awards and deferral into a SERP reflect typical governance of executive compensation and retirement planning.

The filing documents a mix of immediate equity grants, deferred compensation via the SERP, and long-dated options with staged vesting. The SERP deferral indicates use of retirement-plan mechanisms for already-vested RSUs. Vesting schedules and deferred-payment terms are specified, which are relevant to assessing retention incentives and timing of insider interests becoming liquid.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Butler Ronald David II

Role CAO

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option, Right to Buy	11,615	$0.00	--
Grant/Award	Deferred Stock Unit	1,222	$0.00	--
Grant/Award	Common Stock	3,458	$0.00	--
Disposition	Common Stock	1,222	$0.00	--

Holdings After Transaction: Employee Stock Option, Right to Buy — 11,615 shares (Direct); Deferred Stock Unit — 6,249 shares (Direct); Common Stock — 175,272 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 1,222 restricted stock units previously granted to the reporting person, the reporting person's receipt of 1,222 shares of common stock was deferred resulting in the reporting person's receipt instead of 1,222 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 1,222 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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hours per response:			0.5

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^*

Butler Ronald David II

(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)
	CAO

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		3,458(1)	A	$0	175,272	D
Common Stock	08/14/2025		D		1,222(2)	D	(2)	174,050	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		11,615		(3)	08/14/2035	Common Stock	11,615	$0	11,615	D
Deferred Stock Unit	(2)	08/14/2025		A		1,222		(2)	(2)	Common Stock	1,222	(2)	6,249	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 1,222 restricted stock units previously granted to the reporting person, the reporting person's receipt of 1,222 shares of common stock was deferred resulting in the reporting person's receipt instead of 1,222 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 1,222 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 Attorney in Fact for Ronald D. Butler II	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 Ronald D. Butler II report on Form 4 for FFIN?

The Form 4 reports acquisition of 3,458 RSUs on 08/14/2025, disposition of 1,222 RSUs converted to deferred stock units under the SERP, and acquisition of 11,615 employee stock options at a $36.43 strike.

How many shares did the reporting person beneficially own after the reported transactions?

Following the transactions, the reporting person beneficially owned 175,272 shares of First Financial Bankshares common stock.

What are the terms of the reported stock options?

The Form 4 shows 11,615 options with a $36.43 exercise price, issued 08/14/2025, exercisable per a multi-year vesting schedule and expiring on 08/14/2035.

What is the SERP deferral disclosed in the filing?

In connection with vesting on 08/14/2025, 1,222 vested RSUs

Who signed the Form 4 filing and when?

The Form 4 was submitted by attorney-in-fact Michelle S. Hickox on behalf of Ronald D. Butler II on 08/18/2025.