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PROSPERITY BANCSHARES INC

For the period ended Apr 15, 2025. Filed Mar 13, 2025.

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About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Apr 15, 2025 · Filed Mar 13, 2025

PB$71.87-0.1%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material Pursuant to §240.14a-12

Prosperity Bancshares, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

Prosperity Bank Plaza

4295 San Felipe

Houston, Texas 77027

NOTICE OF 2025 ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD ON TUESDAY, APRIL 15, 2025

Shareholders of Prosperity Bancshares, Inc.:

The 2025 Annual Meeting of Shareholders (the “Meeting”) of Prosperity Bancshares, Inc. (the “Company”) will be held at the East Lawn Board Room of Prosperity Bank at 80 Sugar Creek Center Boulevard, Sugar Land, Texas 77478, on Tuesday, April 15, 2025, beginning at 10:00 a.m. (local time), for the following purposes:

To elect five directors of Class III to serve on the Board of Directors of the Company until the Company’s 2028 annual meeting of shareholders, and each until their successors are duly elected and qualified or until their earlier resignation or removal;

To ratify the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the Company for the year ending December 31, 2025;

To conduct an advisory (non-binding) vote regarding the compensation of the Company’s named executive officers (Say-On-Pay); and

To transact such other business as may properly come before the Meeting or any adjournment thereof.

The close of business on February 24, 2025 has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting or at any adjournments thereof. A list of shareholders entitled to vote at the Meeting will be available for inspection by any shareholder at the principal office of the Company during ordinary business hours for a period of at least ten days prior to the Meeting.

By order of the Board of Directors,

David Zalman

Senior Chairman of the Board

March 13, 2025

Houston, Texas

Your Vote is Important.

You are cordially invited and urged to attend the Meeting. Whether or not you plan to attend the Meeting, please vote by completing, signing and dating the enclosed proxy card and promptly mailing it in the enclosed envelope or submit it via the Internet or by telephone pursuant to the instructions provided on the enclosed proxy card. The proxy is revocable in the manner described in the proxy statement at any time before it is exercised at the Meeting. If you attend the Meeting, you may vote in person if you wish, even if you have previously returned your proxy card or submitted your vote via the Internet or by telephone.

TABLE OF CONTENTS

Page
ABOUT THE MEETING2
ITEM 1. ELECTION OF DIRECTORS7
Election Procedures; Term of Office7
Skills Matrix8
Nominees for Election9
CONTINUING DIRECTORS AND EXECUTIVE OFFICERS11
Executive Officers of the Company13
CORPORATE GOVERNANCE15
Board Leadership Structure15
Meetings of the Board15
Executive Sessions of the Board15
Board Oversight of Risk Management15
Committees of the Board16
Governance Features and Enhancements18
Director Nominations Process19
Communications with Directors21
Director Attendance at Annual Meeting21
Code of Ethics21
Director Independence21
Environmental and Social Practices22
DIRECTOR COMPENSATION24
EXECUTIVE COMPENSATION AND OTHER MATTERS26
Compensation Discussion and Analysis26
Board Compensation Committee Report on Executive Compensation33
Summary Compensation Table34
Grants of Plan-Based Awards36
Outstanding Equity Awards37
Stock Vested38
Potential Payments upon Termination or Change in Control38
CEO Pay Ratio Disclosure41
Compensation Committee Interlocks and Insider Participation42
Pay versus Performance43
AUDIT COMMITTEE REPORT48
FEES AND SERVICES OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM49
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS50
BENEFICIAL OWNERSHIP OF COMMON STOCK BY MANAGEMENT OF THE COMPANY AND PRINCIPAL SHAREHOLDERS51
ITEM 2. PROPOSAL TO RATIFY APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM53
ITEM 3. ADVISORY VOTE ON EXECUTIVE COMPENSATION54
DATE FOR SUBMISSION OF SHAREHOLDER PROPOSALS FOR 2026 ANNUAL MEETING55
COSTS OF PROXY SOLICITATION56
OTHER MATTERS56

i

Prosperity Bank Plaza

4295 San Felipe

Houston, Texas 77027

PROXY STATEMENT

FOR

2025 ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD ON TUESDAY, APRIL 15, 2025

Unless the context otherwise requires, references in this Proxy Statement to “we,” “us,” “our,” “our company,” “the Company” or “Prosperity” refer to Prosperity Bancshares, Inc., a Texas corporation, and its consolidated subsidiaries as a whole; references to the “Bank” refer to Prosperity Bank (a wholly-owned subsidiary of Prosperity Bancshares, Inc.). In addition, unless the context otherwise requires, references to “shareholders” are to the holders of our voting securities, which consist of Prosperity Bancshares, Inc. common stock, par value $1.00 per share (“Common Stock”).

This Proxy Statement is being furnished in connection with the solicitation of proxies by the Board of Directors of the Company (the “Board”) for use at the 2025 Annual Meeting of Shareholders of the Company to be held at the East Lawn Board Room of Prosperity Bank at 80 Sugar Creek Center Boulevard, Sugar Land, Texas, on Tuesday, April 15, 2025, beginning at 10:00 a.m. (local time), and any adjournments thereof (the “Meeting”) for the purposes set forth in this Proxy Statement and the accompanying Notice of 2025 Annual Meeting of Shareholders (the “Notice of Meeting”). This Proxy Statement, the Notice of Meeting and the enclosed proxy will first be sent to shareholders on or about March 13, 2025.

IMPORTANT NOTICE REGARDING AVAILABILITY OF PROXY MATERIALS FOR THE 2025

ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON TUESDAY, APRIL 15, 2025

Pursuant to rules promulgated by the Securities and Exchange Commission (“SEC”), the Company is providing access to its proxy materials both by sending you this full set of proxy materials and by notifying you of the availability of its proxy materials on the Internet. You may access the following information athttps://www.proxydocs.com/PB, which does not have “cookies” that identify visitors to the site:

Notice of 2025 Annual Meeting of Shareholders to be held on Tuesday, April 15, 2025;

Proxy Statement for 2025 Annual Meeting of Shareholders to be held on Tuesday, April 15, 2025;

Form of Proxy; and

Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.