Form 4: SouthState Corp CFO William E. Matthews V Awarded Performance and Restricted Share Units

William E. Matthews V, CFO of SouthState Corp, reports the acquisition of performance share units and restricted share units.

Summary

• On January 21, 2025, William E. Matthews V, the Chief Financial Officer of SouthState Corp, was granted performance share units (PSUs) and restricted share units (RSUs).
• The CFO acquired 5,145 performance share units at a price of $100.9, which will vest after a 3-year performance period ending on December 31, 2027, and are exchangeable for common stock at a 1:1 ratio.
• Additionally, 3,430 restricted share units were awarded at a price of $100.9, vesting in equal installments on January 1st of 2026, 2027, and 2028, also exchangeable for common stock at a 1:1 ratio.
• Following these transactions, Matthews directly owns 22,606 shares of common stock and 7,094 restricted share units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as the granting of share units aligns management's interests with shareholders and encourages long-term value creation.

Positives

• The awarding of performance and restricted share units to the CFO aligns his interests with those of the shareholders, incentivizing him to improve the company's performance.
• The vesting schedules for both PSUs and RSUs encourage long-term commitment from the CFO.

Future Outlook

The performance share units will vest based on the company's performance over the next three years, ending December 31, 2027.

Industry Context

Granting share-based compensation is a common practice in the financial industry to align executive incentives with shareholder value.

Comparison to Industry Standards

• Many financial institutions use a mix of performance-based and time-vested equity awards to incentivize their executives.
• The vesting schedules and exchange ratios are fairly standard compared to similar companies in the banking sector.

Stakeholder Impact

• Shareholders may view the equity grants positively as they incentivize management to improve company performance.
• Employees may see this as a positive sign of the company's commitment to its leadership.

Key Dates