Ronald D. Butler II - 16 Aug 2023 Form 4 Insider Report for FIRST FINANCIAL BANKSHARES INC (FFIN)

Role: CAO
Signature: By: Michelle S. Hickox Attorney in Fact for Ronald D. Butler, II
Issuer symbol: FFIN
Transactions as of: 16 Aug 2023
Net transactions value: -$4,105
Form type: 4
Filing time: 18 Aug 2023, 16:27:24 UTC
Previous filing: 14 Feb 2023
Next filing: 31 Oct 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FFIN	Common Stock	Tax liability	$4,105	-139	-0.09%	$29.53	146,627	16 Aug 2023	Direct	F1
transaction	FFIN	Common Stock	Award	$0	+4,063	+2.8%	$0.000000	150,690	16 Aug 2023	Direct	F2
transaction	FFIN	Common Stock	Disposed to Issuer		-565	-0.37%		150,125	16 Aug 2023	Direct	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FFIN	Employee Stock Option, Right to Buy	Award	$0	+14,289		$0.000000	14,289	16 Aug 2023	Common Stock	14,289	$29.53	Direct	F4
transaction	FFIN	Deferred Stock Units	Award		+565			565	16 Aug 2023	Common Stock	565		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reporting person elected, in accordance with the Registrant's 2021 Omnibus Stock and Incentive Plan, to exercise his right to have the Registrant withhold 139 shares of the Registrant's common stock to pay income taxes related to vesting of previously granted restricted stock units.
F2	Reflects grant of restricted stock units (RSUs) which vest in three approximately equal installments on each of the three anniversaries of the grant date.
F3	In connection with the vesting on August 16, 2023, of 565 restricted stock units previously granted to Mr. Butler on August 16, 2022, Mr. Butler's receipt of 565 shares of common stock was deferred resulting in Mr. Butler's receipt instead of 565 shares of deferred stock units into the First Financial Bankshares, Inc. Supplemental Executive Retirement Plan, as amended and restated effective July 26, 2022 (the "SERP"). Mr. Butler is therefore reporting the disposition of 565 restricted stock units in exchange for an equal number of shares of deferred stock units under the SERP, which are payable upon Mr. Butler's termination of employment.
F4	The options vest 33.33% after one year from the grant date, 66.66% after the second year, and 100% after the third year.