Form 4: Synovus Executive's Holdings Convert Post-Merger

An executive at Synovus Financial Corp. reported the conversion of common stock and performance stock units into New Pinnacle Common Stock following a merger effective January 1, 2026.

Summary

• Daniel Zachary Bishop, EVP, Technology, Operations, & Security of Synovus Financial Corp., reported changes in beneficial ownership.
• The transactions occurred on January 1, 2026, following the completion of the merger between Synovus Financial Corp. and Pinnacle Financial Partners, Inc., which resulted in the formation of "New Pinnacle."
• 43,460 shares of Synovus Common Stock were converted into New Pinnacle Common Stock at an exchange ratio of 0.5237 shares of New Pinnacle for each Synovus share.
• Outstanding Restricted Stock Unit (RSU) Awards in respect of Synovus Common Stock were assumed by New Pinnacle, relating to a number of New Pinnacle Common Stock shares determined by multiplying the original number of Synovus shares by the Synovus Exchange Ratio.
• Synovus Performance Stock Units (PSUs) were converted into the right to receive New Pinnacle Common Stock, based on maximum performance and the Synovus Exchange Ratio, less applicable tax withholdings.
• Specific PSU conversions included 9,322 units (which included 1,004 shares acquired through dividend accruals), 10,470 units (which included 666 shares acquired through dividend accruals), and 6,814 units (which included 204 shares acquired through dividend accruals).

Sentiment

Score: 5

Explanation: The filing is a standard regulatory report detailing the mechanical conversion of an executive's equity holdings post-merger. It does not contain information that would inherently be positive or negative for the company's operational performance or future prospects beyond the merger itself.

Positives

• The merger between Synovus Financial Corp. and Pinnacle Financial Partners, Inc. has been successfully completed.
• The executive's equity holdings were orderly converted into the new combined entity's stock as per the merger agreement.

Future Outlook

The filing confirms the completion of the merger, establishing the new corporate structure under "New Pinnacle." No further forward-looking statements regarding operational performance or strategic direction are provided.

Industry Context

This filing reflects a common outcome in the financial services industry following a merger or acquisition, where executive equity holdings in the acquired entity are converted into holdings in the acquiring or new combined entity. It signifies the integration phase post-merger.

Comparison to Industry Standards

• The conversion of equity awards (RSUs, PSUs) and common stock at a predetermined exchange ratio is standard practice in corporate mergers within the financial sector.
• The specific exchange ratio (0.5237) would have been determined during merger negotiations, reflecting the agreed-upon valuation of the merging entities.

Stakeholder Impact

• Shareholders of Synovus Financial Corp. had their common stock converted into New Pinnacle Common Stock at the Synovus Exchange Ratio.
• Employees holding Synovus RSU and PSU awards had their awards converted into New Pinnacle RSU and PSU awards, respectively, reflecting the merger terms.

Key Dates

Keywords

Synovus Financial Corp, SNV, Pinnacle Financial Partners, New Pinnacle, Merger, Form 4, Beneficial Ownership, Stock Conversion, Performance Stock Units, Restricted Stock Units, Executive Compensation, Daniel Zachary Bishop