First Financial (FFIN) CFO Converts 1,354 RSUs to Deferred Units Under SERP

Rhea-AI Filing Summary

Michelle S. Hickox, EVP/CFO of First Financial Bankshares, Inc. (FFIN), reported a transaction dated 08/16/2025 in which 1,354 restricted stock units (RSUs) vested and were exchanged for 1,354 deferred stock units under the company’s Supplemental Executive Retirement Plan (SERP), as amended and restated effective July 26, 2022. The deferred stock units are payable upon the reporting person’s termination. Following the reported transaction, the filing shows 22,461 shares of common stock beneficially owned and 3,912 deferred stock units held in a direct ownership form.

Positive

• 1,354 RSUs were converted to deferred stock units under the company’s SERP rather than sold, indicating no immediate market disposition
• Reporting person retains 22,461 shares of common stock following the transaction, showing continued direct ownership

Negative

• None.

Insights

Financial Analyst

TL;DR: Reporting shows executive RSUs vested and converted to deferred stock units, leaving sizable direct share ownership.

The Form 4 discloses a non-cash exchange on 08/16/2025 where 1,354 RSUs vested and were converted into 1,354 deferred stock units under the company SERP. This is a routine compensation event that does not show a sale of shares into the market. The reporting person’s post-transaction direct beneficial ownership of common stock is 22,461 shares, with 3,912 deferred units also reported as direct holdings. For investors, this filing documents executive equity retention and the use of the SERP for deferral, without indicating any immediate liquidity action.

Corporate Governance Expert

TL;DR: The filing documents normal executive compensation mechanics — vesting and deferral under the SERP.

The statement details that vested RSUs were not sold but were deferred into the company’s Supplemental Executive Retirement Plan pursuant to its amended SERP. The disclosure is consistent with standard governance practices for executive compensation deferral and clarifies the timing of payout (payable upon termination). The Form 4 is informative for oversight purposes, showing continued equity alignment between the executive and shareholders via retained common shares and deferred units.

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
Estimated average burden
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^*

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)
08/16/2025

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	08/16/2025		D		1,354(1)	D	(1)	22,461	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
Deferred Stock Units	(1)	08/16/2025		A		1,354		(1)	(1)	Common Stock	1,354	(1)	3,912	D

Explanation of Responses:

1. In connection with the vesting on August 16, 2025, of 1,354 restricted stock units previously granted to the reporting person, the reporting person's receipt of 1,354 shares of common stock was deferred resulting in the reporting person's receipt instead of 1,354 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 1,354 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.

	By: Michelle S. Hickox	08/19/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

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

The filing reports that on 08/16/2025 1,354 restricted stock units vested and were exchanged for 1,354 deferred stock units under the First Financial Bankshares, Inc. SERP.

How many shares does the reporting person own after the reported transaction (FFIN)?

Following the reported transaction the Form 4 shows 22,461 shares of common stock beneficially owned.

What is the nature of the deferred units reported by Michelle S. Hickox?

The deferred units are deferred stock units contributed into the company’s Supplemental Executive Retirement Plan (SERP) and are payable upon the reporting person’s termination.

How many deferred stock units are reported after the transaction?

The filing indicates 3,912 deferred stock units are beneficially owned following the reported transaction.

When was the SERP amendment that applies to this deferral effective?

The SERP was amended and restated effective July 26, 2022, as referenced in the Form 4 explanation.