Form 4: SouthState Corp Executive Daniel E. Bockhorst Reports Acquisition of Performance and Restricted Share Units
SEC Form 4 Filing
Daniel E. Bockhorst, Chief Credit Officer of SouthState Corp, reports the acquisition of performance share units and restricted share units.
Summary
- On January 21, 2025, Daniel E. Bockhorst, Chief Credit Officer of SouthState Corp, acquired 2,133 performance share units (PSUs) and 1,422 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 these transactions, Bockhorst directly owns 8,695 performance share units and 7,290 restricted share units.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine disclosure of stock awards to an executive, which is neither particularly positive nor negative.
Positives
- The acquisition of share units by a key executive could be seen as a positive sign, indicating confidence in the company's future performance.
Future Outlook
The document does not contain explicit forward-looking statements, but the vesting schedules for the PSUs and RSUs extend into 2028, suggesting a long-term incentive structure for the executive.
Industry Context
Executive compensation in the form of stock options and restricted stock units is a common practice in the financial services industry to align management's interests with those of shareholders.
Comparison to Industry Standards
- Stock-based compensation is a standard practice across the financial industry.
- Companies like JP Morgan Chase, Bank of America, and Wells Fargo also utilize similar compensation structures to incentivize their executives.
- The vesting schedules and performance metrics associated with these awards are typically tailored to the specific goals and priorities of each company.
Stakeholder Impact
- The granting of share units aligns the executive's interests with those of shareholders, potentially incentivizing actions that increase shareholder value.
- Employees may view the executive's stock ownership as a sign of confidence in the company's future.
Key Dates
| Date | Description |
|---|---|
| 01/21/2025 | Date of transaction: acquisition of performance share units and restricted share units. |
| 01/23/2025 | Date of signature on the Form 4 filing. |
| 12/31/2027 | End of the performance period for the Performance Share Units (PSUs). |
| 01/01/2026 | First vesting date for one-third of the Restricted Share Units (RSUs). |
| 01/01/2027 | Second vesting date for one-third of the Restricted Share Units (RSUs). |
| 01/01/2028 | Final vesting date for one-third of the Restricted Share Units (RSUs). |
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