Form 4: SouthState Corp Executive Beth S. DeSimone Reports Acquisition of Performance and Restricted Share Units
SEC Form 4
Beth S. DeSimone, CRO and General Counsel of SouthState Corp, reports the acquisition of performance share units and restricted share units.
Summary
- On January 21, 2025, Beth S. DeSimone, CRO and General Counsel of SouthState Corp, acquired 2,472 performance share units (PSUs) and 1,648 restricted share units (RSUs).
- The PSUs will vest after a 3-year performance period ending December 31, 2027, and are exchangeable for common stock at a 1:1 ratio after vesting.
- The RSUs will vest in three equal installments on January 1st of 2026, 2027, and 2028, and are also exchangeable for common stock at a 1:1 ratio after vesting.
- Following the reported transactions, DeSimone directly owns 10,308 shares of SouthState Corp common stock and 3,248 derivative securities.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine filing related to executive compensation. The acquisition of share units is generally a positive sign, but it's not a major event.
Positives
- The acquisition of share units by a key officer could be seen as a positive sign, indicating confidence in the company's future performance.
Future Outlook
The performance share units are contingent on the company's performance over the next three years, while the restricted share units provide a fixed vesting schedule, incentivizing long-term commitment from the executive.
Industry Context
Share-based compensation is a common practice in the financial industry to align the interests of executives with those of shareholders.
Comparison to Industry Standards
- Comparing SouthState Corp's executive compensation structure to peers like Truist Financial (TFC) or Regions Financial (RF) would provide a benchmark for assessing the competitiveness and appropriateness of the equity awards.
- Analyzing the vesting schedules and performance metrics used by these comparable companies can offer insights into industry best practices.
- For example, if Truist Financial uses similar performance-based metrics for their executive compensation, it would suggest that SouthState Corp's approach is aligned with industry standards.
Stakeholder Impact
- The granting of share units aligns the executive's interests with those of shareholders, potentially leading to better long-term performance for the company.
- Employees may view the equity awards as a positive sign of the company's commitment to its leadership.
Key Dates
| Date | Description |
|---|---|
| 01/21/2025 | Date of transaction: Acquisition of Performance Share Units and Restricted Share Units |
| 01/21/2025 | Date of target award of Performance Share Units |
| 01/21/2025 | Date of award of time-vested Restricted Share Units |
| 01/01/2026 | First vesting date for one-third of Restricted Share Units |
| 01/01/2027 | Second vesting date for one-third of Restricted Share Units |
| 12/31/2027 | End of the 3-year performance period for Performance Share Units |
| 01/01/2028 | Final vesting date for one-third of Restricted Share Units |
| 01/23/2025 | Date of signature for the Form 4 filing |
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