secwatch.observer — SEC 8-K summary
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Issuer:     FIRST FINANCIAL BANKSHARES INC (FFIN)
CIK:        0000036029
Form:       8-K
Filed at:   2022-08-10T23:59:59+00:00
Accession:  0000950170-22-016341
Event type: other
Sentiment:  neutral
Materiality: 0.25
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Financial Bankshares renews executive change-in-control severance agreements for 8 officers
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- Renewed agreements effective August 1, 2022, replacing previous agreements that expired July 1, 2022.
- CEO F. Scott Dueser receives 300% base salary severance; other executives receive 200% on change-in-control termination.
- Agreement term runs to earliest of death, disability, retirement, pre-change termination, or August 1, 2024.
- If change-in-control occurs, agreements extend for 2 years post-change; benefits include prorated bonus and accrued PTO.
- Parachute payment excise-tax cutback applies only if net-benefit test favors reduction.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/36029/000095017022016341/0000950170-22-016341-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/36029/000095017022016341/ffin-20220809.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-016341

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