Form 4: SouthState Corp Director Ronald M. Cofield Acquires Restricted Share Units

Director Ronald M. Cofield 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, Ronald M. Cofield, 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 in full six months from the grant date, on November 1, 2024.
• Following the transaction, Cofield directly owns 1,063 shares of SouthState Corp common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally. The acquisition of RSUs can be seen as a positive sign of alignment between the director and shareholder interests.

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 services industry to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Many financial institutions use a mix of cash and equity-based compensation for their board members.
• The specific amount and vesting schedules can vary widely based on company size, performance, and industry norms.
• Comparing SouthState Corp's director compensation structure to peers like Truist Financial, Regions Financial, and Fifth Third Bancorp would provide a more detailed benchmark.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning director interests with company performance.

Key Dates