Form 4: Synovus Financial Corp Director Storey Acquires Shares Through Deferred Compensation Plan

Director Barry L. Storey acquired 2,988 shares of Synovus Financial Corp through a deferred compensation plan at $36.82 per share, increasing his total holdings to 46,471 shares.

Summary

• On April 24, 2024, Barry L. Storey, a director of Synovus Financial Corp, acquired 2,988 shares of common stock at a price of $36.82 per share.
• The acquisition was made through Synovus' director deferred compensation plan, where the shares are deferred and will be paid out according to Storey's election or upon termination of his service as a director.
• Following the transaction, Storey's total beneficial ownership of Synovus Financial Corp common stock increased to 46,471 shares, which includes 580 shares acquired through dividend accruals.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The director's participation in the deferred compensation plan indicates confidence in the company. The acquisition itself is a routine transaction.

Positives

• Director's participation in the deferred compensation plan signals confidence in the company's future.
• Increased share ownership aligns the director's interests with those of other shareholders.

Future Outlook

The shares acquired through the deferred compensation plan will be paid out in accordance with the Reporting Person's deferral election or upon termination of the Reporting Person's service as a Director.

Industry Context

Directors often participate in deferred compensation plans as part of their overall compensation package, aligning their interests with the long-term performance of the company. This is a common practice in the financial services industry.

Comparison to Industry Standards

• Deferred compensation plans for directors are a common practice among publicly traded companies, including financial institutions like Synovus.
• Comparable companies such as Truist Financial and Regions Financial also offer similar deferred compensation plans to their directors.

Stakeholder Impact

• The increased share ownership by a director could be viewed positively by shareholders.
• The deferred compensation plan is part of the overall compensation structure for the director.

Key Dates