Form 4: First Financial Bankshares Inc. Executive Kirk W. Thaxton Reports Changes in Beneficial Ownership
SEC Form 4
Kirk W. Thaxton, Trust Company CEO of First Financial Bankshares Inc., reports the disposition of common stock to cover income taxes and the acquisition of deferred stock units related to vesting restricted stock units.
Summary
- On August 16, 2024, Kirk W. Thaxton, Trust Company CEO of First Financial Bankshares Inc., reported changes in his beneficial ownership of the company's stock.
- Thaxton elected to have the company withhold 98 shares of common stock at $35.65 per share to cover income taxes related to the vesting of previously granted restricted stock units.
- Additionally, 1,368 restricted stock units vested on August 16, 2024, and Thaxton deferred the receipt of the corresponding shares, receiving 1,368 deferred stock units under the First Financial Bankshares, Inc. Supplemental Executive Retirement Plan (SERP) instead.
- These deferred stock units are payable upon Thaxton's termination of employment.
- Following these transactions, Thaxton directly owns 89,646 shares of common stock and indirectly owns 330 shares through his spouse.
- He also owns 1,795 deferred stock units.
Sentiment
Score: 7
Explanation: The document reflects routine executive compensation transactions. There is nothing inherently positive or negative, but the transactions indicate continued employment and vesting of previously granted compensation.
Future Outlook
The deferred stock units are payable upon Mr. Thaxton's termination of employment.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the transactions of company insiders. This filing reflects standard practices related to stock-based compensation and tax obligations.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they involve internal transfers of equity related to executive compensation.
- Employees may be interested in the details of the SERP and executive compensation practices.
Key Dates
| Date | Description |
|---|---|
| July 26, 2022 | Effective date of the amended and restated Supplemental Executive Retirement Plan (SERP). |
| August 16, 2024 | Date of the reported transactions: stock withholding and vesting of restricted stock units. |
| August 20, 2024 | Date of the Form 4 filing. |
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