Form 4: SouthState Corp Director Joshua A. Snively Acquires Restricted Share Units

Director Joshua A. Snively acquired 1,063 Restricted Share Units (RSUs) of SouthState Corp as part of annual director fees.

Summary

• On May 1, 2024, Joshua A. Snively, a director of SouthState Corp, acquired 1,063 Restricted Share Units (RSUs) at a price of $77.28 per unit.
• These RSUs represent the stock component of his annual director fees.
• The RSUs will vest on November 1, 2024, six months from the grant date.
• Following the transaction, Mr. Snively directly owns 1,063 shares of SouthState Corp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The transaction reflects standard director compensation practices and aligns director 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 share units is a common practice in the financial industry to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Stock-based compensation for directors is a standard practice among publicly traded companies, including financial institutions like Truist Financial (TFC) and Regions Financial (RF), to incentivize long-term value creation.
• The vesting schedule of six months is relatively short compared to some companies that may have vesting periods of one to three years.
• The amount of RSUs granted is likely determined by a compensation committee based on factors such as company performance, director experience, and industry benchmarks.

Stakeholder Impact

• The acquisition of RSUs by a director can positively influence shareholder confidence by demonstrating a commitment to the company's long-term success.

Key Dates