Form 4: SouthState Corp Director Douglas J. Hertz Acquires Restricted Share Units

Director Douglas J. Hertz acquired 1,063 restricted share units (RSUs) of SouthState Corp on May 1, 2024, as part of annual director fees.

Summary

• On May 1, 2024, Douglas J. Hertz, a director of SouthState Corp, acquired 1,063 restricted share units (RSUs) at a price of $77.28 per unit.
• These RSUs are part of the stock component of the annual director fees.
• The RSUs will vest in a single installment six months from the grant date, on November 1, 2024.
• Following the transaction, Mr. Hertz directly owns 1,063 shares of SouthState Corp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The grant of RSUs to a director is a routine event and generally viewed as a positive sign of aligning management interests with shareholders.

Positives

• The acquisition of RSUs by a director demonstrates alignment with shareholder interests.

Industry Context

Director compensation in the form of stock and restricted stock units is a common practice in the financial services industry to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Granting RSUs to directors is a standard practice among publicly traded companies, including financial institutions like SouthState Corp.
• Companies such as Truist Financial and Regions Financial also utilize equity-based compensation for their board members.
• The vesting schedule of six months is relatively short compared to some companies that may have vesting periods of one to three years.

Stakeholder Impact

• The granting of RSUs aligns the director's interests with those of the shareholders, potentially encouraging decisions that increase shareholder value.

Key Dates