DeSimone Beth S Form 3 SOUTH STATE / Beth S DeSimone ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

DeSimone Beth S

(Last) (First) (Middle)

1101 FIRST STREET SOUTH, SUITE 202

(Street)

WINTER HAVEN FL 33880

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/07/2020

3. Issuer Name and Ticker or Trading Symbol
SOUTH STATE Corp [ SSB ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
CRO, General Counsel

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,899(1)	D
Common Stock	108(1)	I	By spouse IRA

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Units	(2)	(2)	Common Stock	3,330	(2)	D
Restricted Share Units	(3)	(3)	Common Stock	5,521	(3)	D
Restricted Share Units	(4)	(4)	Common Stock	9,799	(4)	D
Restricted Stock Award	(5)	(5)	Common Stock	300	(5)	D

Explanation of Responses:

1. Acquired in connection with the Agreement and Plan of Merger, dated as of January 25, 2020 (the "Merger Agreement"), by and between South State Corporation ("South State") and CenterState Bank Corporation, pursuant to which CenterState merged with and into South State (the "Merger") on June 7, 2020 (the "Closing Date"). Pursuant to the Merger Agreement, each share of CenterState common stock issued and outstanding immediately prior to the effective time of the Merger (the "Effective Time") (other than certain shares held by South State or CenterState) was converted into the right to receive 0.3001 shares (the "Exchange Ratio") of South State common stock. The closing price of South State common stock on NASDAQ on the Closing Date was $60.27.

2. Pursuant to the Merger Agreement, at the Effective Time, each outstanding CenterState performance-vesting restricted stock unit award ("PSU") was converted into a South State RSU, with the number of underlying shares of South State common stock adjusted based on the Exchange Ratio. The converted CenterState PSUs are subject only to time-vesting through the remainder of the originally scheduled performance period (or any later scheduled vesting date) and otherwise remain subject to the same terms and conditions as applied immediately prior to the Effective Time.

3. Pursuant to the Merger Agreement, at the Effective Time, each outstanding CenterState time-vesting restricted stock unit award ("RSU") was converted into a South State RSU, with the number of underlying shares of South State common stock adjusted based on the Exchange Ratio. The converted CenterState RSUs otherwise remain subject to the same terms and conditions as applied immediately prior to the Effective Time.

4. Pursuant to the Merger Agreement, on the Closing Date, the reporting person received a "pay to lead" award in the form of a South State RSU, which will cliff-vest on the second anniversary of the Closing Date, subject to the reporting person's continued employment with South State through such date.

5. Pursuant to the Merger Agreement, at the Effective Time, each outstanding CenterState restricted stock award was converted into a South State restricted stock award, with the number of underlying shares of South State common stock adjusted based on the Exchange Ratio. The converted CenterState restricted stock awards otherwise remain subject to the same terms and conditions as applied immediately prior to the Effective Time.

Remarks:

	William E. Matthews, V, CFO, pursuant to power of attorney	06/12/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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