Form 4: Synovus Exec's Post-Merger Stock Holdings Update

A Synovus Financial Corp. executive updated her beneficial ownership of common stock and performance units following the merger with Pinnacle Financial Partners, Inc.

Summary

• The filing reports changes in beneficial ownership for Sharon Goodwine, EVP Chief Human Resources Officer of Synovus Financial Corp., following the merger with Pinnacle Financial Partners, Inc. (now New Pinnacle).
• Effective January 1, 2026, each share of Synovus Common Stock was converted into 0.5237 shares of New Pinnacle Common Stock.
• Goodwine's beneficial ownership of common stock following the transactions is 37,493 shares.
• This number includes a correction of 2,940 shares from a previous Form 4 filed on December 15, 2025, which had overstated tax withholding obligations.
• The reported common stock also includes 606 shares acquired through dividend accruals and Synovus' Employee Stock Purchase Plan.
• Performance Stock Units (PSUs) were converted into the right to receive New Pinnacle Common Stock, based on maximum performance and adjusted by the exchange ratio, less tax withholdings.
• The converted PSUs include 162 shares acquired through dividend accruals.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a significant corporate merger and the executive's adjusted stock holdings, including additional shares from dividend accruals and an employee plan, which are generally positive indicators. The correction of a previous administrative error is a minor negative.

Positives

• The successful completion of the merger between Synovus Financial Corp. and Pinnacle Financial Partners, Inc. (now New Pinnacle) on January 1, 2026.
• The reporting person acquired additional shares (606) through dividend accruals and the Employee Stock Purchase Plan, indicating ongoing participation and benefit from company programs.
• The correction of an error in a previous filing demonstrates transparency and accuracy in reporting.

Negatives

• A previous Form 4 filed on December 15, 2025, contained an error, overstating shares withheld for tax obligations, requiring a correction in this filing.

Future Outlook

This filing is a report of past transactions related to a completed merger and does not contain forward-looking statements or guidance regarding future performance or strategic direction.

Industry Context

This filing reflects a completed merger within the financial services sector, a common trend of consolidation aimed at achieving scale, expanding market reach, and enhancing competitive positioning. The conversion of equity awards and common stock is a standard procedure in such corporate transactions, impacting executive compensation and ownership structures post-merger.

Stakeholder Impact

• Shareholders of Synovus Financial Corp. have had their common stock converted into shares of New Pinnacle Common Stock, impacting their ownership structure and future investment in the combined entity.
• Employees, particularly those with equity awards like the reporting person, have seen their restricted stock units and performance stock units assumed or converted into New Pinnacle equity, aligning their incentives with the new corporate structure.

Key Dates

Keywords

Synovus Financial Corp, Pinnacle Financial Partners, New Pinnacle, Merger, Form 4, Beneficial Ownership, Insider Transaction, Common Stock, Performance Stock Units, Executive Compensation