Form 4: SouthState Corp Executive Richard Murray IV Reports Acquisition of Performance and Restricted Share Units

Richard Murray IV, President of SouthState Corp, reports the acquisition of performance share units and restricted share units on January 21, 2025.

Summary

• On January 21, 2025, Richard Murray IV, President of SouthState Corp, reported the acquisition of 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.
• 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.
• Following these transactions, Murray directly owns 17,422 common stock shares and 9,644 derivative securities.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reports a standard transaction of share unit acquisitions. It's a routine filing and doesn't inherently indicate positive or negative performance.

Positives

• The acquisition of share units by a company executive can be seen as a positive sign, aligning the executive's interests with those of the shareholders.

Future Outlook

The document outlines the vesting schedules for the Performance Share Units and Restricted Share Units, indicating future dates when these units will convert to common stock.

Industry Context

This filing is a routine disclosure related to executive compensation and is common in the financial services industry. It reflects standard practices for aligning executive incentives with company performance and shareholder value.

Comparison to Industry Standards

• Executive compensation packages including performance-based and time-vested equity awards are common practice among publicly traded financial institutions like SouthState Corp.
• Companies such as Truist Financial, Regions Financial, and Fifth Third Bancorp also utilize similar equity-based compensation strategies to incentivize their executives.
• The vesting schedules and terms outlined in this filing appear consistent with industry norms for executive equity awards.

Stakeholder Impact

• The acquisition of share units by an executive can positively impact shareholders by aligning management's interests with the company's long-term success.
• Employees may view this as a positive sign of the company's commitment to its leadership.

Key Dates