Form 4: SouthState Corp Executive Renee R. Brooks Reports Acquisition of Performance and Restricted Share Units
SEC Form 4
Renee R. Brooks, Chief Operating Officer of SouthState Corp, reports the acquisition of performance share units and restricted share units.
Summary
- On January 21, 2025, Renee R. Brooks, the Chief Operating Officer of SouthState Corp, acquired 4,081 Performance Share Units (PSUs) and 2,721 Restricted Share Units (RSUs).
- The PSUs will vest after a 3-year performance period ending December 31, 2027, and are exchangeable for common stock on a 1-for-1 basis 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 on a 1-for-1 basis after vesting.
- Following these transactions, Brooks directly owns 17,422 shares of SouthState Corp common stock and 5,529 derivative securities.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The acquisition of share units by an executive is generally seen as a positive sign, indicating confidence in the company's future. However, it's a routine filing and doesn't necessarily indicate a major shift in the company's prospects.
Positives
- The acquisition of share units by a key executive signals confidence in the company's future performance.
Future Outlook
The performance share units vest based on a 3-year performance period, indicating a focus on long-term company performance.
Industry Context
This filing is a routine disclosure related to executive compensation and is common in the financial services industry.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, and restricted stock units to align management's interests with those of shareholders.
- The vesting schedules for the RSUs (one-third each year for three years) are fairly standard in the industry.
- Performance-based share units are also common, with vesting contingent on achieving specific financial or operational targets.
Stakeholder Impact
- The acquisition of share units by a key executive can positively influence shareholder confidence.
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 3-year performance period for the Performance Share Units. |
| 01/01/2026 | First vesting date for one-third of the Restricted Share Units. |
| 01/01/2027 | Second vesting date for one-third of the Restricted Share Units. |
| 01/01/2028 | Final vesting date for one-third of the Restricted Share Units. |
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