Silvia T. King
About Silvia T. King
Silvia T. King is Chief Human Resources Officer (CHRO) of Southern First Bancshares (SFST), serving since March 2018. She is 47, with degrees in Psychology and International Marketing from Clemson University and a Master of Human Resources from the University of South Carolina, and brings 20+ years of HR leadership experience at Monsanto, Select Comfort, FGP International, and e‑Cornell . Company performance during her tenure shows 2024 net income of $15.5M (+15.7% YoY), tangible book value growth of 4.76%, and cumulative TSR of $112.45 on an initial $100 since 2020 (context for pay-for-performance alignment) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FGP International (Greenville) | Senior HR Consultant | 2009–2016 | Human capital advisory for clients; recruiting and HR systems |
| e‑Cornell University | HR Instructor | 2016–2018 | Executive/continuing education in HR practices |
| Monsanto Company | HR and Senior Management Roles | Not disclosed | Enterprise HR leadership and operations in a global setting |
| Select Comfort Corporation | HR and Senior Management Roles | Not disclosed | HR leadership in consumer durable goods; organizational development |
External Roles
No current public company directorships disclosed; prior roles are operating/educational, not board positions .
Fixed Compensation
Multi-year compensation (as disclosed when Ms. King was a Named Executive Officer):
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Salary ($) | $175,000 | $185,000 | $190,500 |
| Bonus ($) | $52,250 | $55,000 | $35,000 |
| Stock Awards ($) | — | $36,684 | $26,070 |
| Option Awards ($) | $31,911 | — | — |
| All Other Compensation ($) | $25,860 | $28,634 | $30,924 |
| Total ($) | $303,160 | $312,295 | $282,494 |
Notes:
- 2023 RSU grant was 600 shares on Jan 17, 2023; RSUs vest ratably over four years .
- 2021 stock option grant to purchase 2,000 shares under the 2016/2020 plans; per-share fair value of $15.96 at grant .
Performance Compensation
Long-term equity incentive framework and performance linkage (Company-wide plan):
| Metric | Target (1 Star) | Stretch (2 Stars) | Maximum (3 Stars) |
|---|---|---|---|
| Tangible Book Value Growth | 15% | 20% | 30% |
| Cumulative Net Charge‑offs | <75 bps | <55 bps | <40 bps |
| Total Shareholder Return | 15% | 20% | 30% |
Star achievements determine equity grant sizing as % of base salary; Ms. King’s schedule in the plan:
| Total Stars | % of Base Salary (Ms. King) |
|---|---|
| 9 Stars | 50% |
| 8 Stars | 40% |
| 7 Stars | 30% |
| 6 Stars | 25% |
| 5 Stars | 20% |
| 4 Stars | 15% |
| 3 Stars | 10% |
Additional notes:
- RSUs vest over four years; options vest in four equal annual tranches and expire 10 years from grant .
- Equity is tied to multi-year performance with capped payouts and pay-for-performance governance (no option repricing; annual say-on-pay) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 15, 2024) | 2,983 shares owned; rights to acquire 5,625 via vested/near-vest options; ~0.09% of shares outstanding |
| Stock Ownership Guidelines | No formal guidelines for officers/directors; board reviews holdings periodically |
| Hedging/Pledging | Hedging prohibited; pledging discouraged and requires preclearance |
| Insider Trading Controls | Preclearance required for directors/executives; violations subject to discipline and legal liability |
Outstanding equity awards (as of Dec 31, 2023):
- Unvested RSUs: 1,050 shares; market value $38,955 .
- Options (examples): 2,000 exercisable at $45.50 expiring 3/20/2028; 625 at $32.32 expiring 1/15/2029; 1,125/375 at $42.72 expiring 1/21/2030; 1,000/1,000 at $39.45 expiring 1/19/2031 .
Option/RSU activity (2023):
- Stock vested: 150 shares; value realized $6,339 .
- Option exercises: none .
Employment Terms
| Provision | Ms. King |
|---|---|
| Employment Agreement | None (not party to an employment agreement) |
| Severance (CIC) | Not entitled to CIC severance without an employment agreement |
| Salary Continuation (SERP) | Participant in salary continuation plan (2023): present value $49,394; annual benefit at normal retirement age $50,000; forfeiture of early termination benefit if competitive activity within 30 miles for 1 year |
| Clawback Policy | Incentive Compensation Recovery Policy effective Nov 21, 2023; recovery required for “Big R” and “little r” restatements |
| Perquisites | Life insurance; dues for one golf/social club; automobile or allowance; standard employee benefits |
| Non‑Compete/Non‑Solicit | Restrictive covenants tied to SERP early termination (as above) |
| Governance of Pay | Compensation Committee of independent directors oversees pay; independent consultant (McLagan, 2021) provided peer input |
Say‑on‑Pay context:
- 2023 approval: 67.34% .
- 2024 approval: 73.7% .
Investment Implications
- Compensation alignment: Ms. King’s equity awards vest over four years, and the long-term incentive plan ties equity sizing to multi-year TBV, charge‑offs, and TSR, reinforcing retention and pay-for-performance; absence of option repricing and adoption of a robust clawback increases governance quality .
- Retention risk: Lack of a dedicated employment agreement and CIC severance (for Ms. King) could elevate external poaching risk versus peers; SERP benefits partially mitigate but include forfeiture if competitive activity occurs post-termination .
- Selling pressure: Annual RSU vesting and multiple option maturities between 2028–2031 could create periodic liquidity windows, but insider trading preclearance and anti-hedging policies reduce opportunistic selling risk; no pledging disclosed for Ms. King .
- Ownership skin-in-the-game: Direct ownership and options provide exposure, though company has no formal ownership guidelines; board’s stance against hedging and pledge preclearance supports alignment; beneficial ownership is modest at ~0.09% .
- Execution/track record: Company-level KPIs improved in 2024 (net income, TBV growth, TSR), supportive of incentive realization and talent stability across the executive bench that includes HR leadership critical to recruitment/retention in a tight labor market .