Form 4: SouthState Corp Director Page G Ruffner Jr. Acquires Restricted Share Units

Director Page G Ruffner Jr. of SouthState Corp acquired 1,063 restricted share units (RSUs) as part of annual director fees.

Summary

• On May 1, 2024, Page G Ruffner Jr., a director of SouthState Corp, acquired 1,063 restricted share units (RSUs) at a price of $77.28.
• These RSUs represent the stock component of the annual director fees and will vest on November 1, 2024, six months from the grant date.
• Following the transaction, Ruffner directly owns 1,063 derivative securities.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard director compensation practices. The acquisition of RSUs aligns director interests with shareholders.

Positives

• The acquisition of RSUs aligns the director's interests with those of the shareholders.

Industry Context

Director compensation in the form of stock options 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

• Many financial institutions, such as Bank of America, JP Morgan Chase, and Wells Fargo, use a combination of cash and stock-based compensation for their directors.
• The vesting schedules for RSUs typically range from immediate vesting to vesting over several years, with six months being a shorter than average vesting period.

Stakeholder Impact

• The granting of RSUs to directors can be viewed positively by shareholders as it aligns their interests with the long-term performance of the company.

Key Dates