secwatch.observer — SEC 8-K summary
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Issuer:     SOUTHSIDE BANCSHARES INC (SBSI)
CIK:        0000705432
Form:       8-K
Filed at:   2026-02-20T23:59:59+00:00
Accession:  0000705432-26-000029
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Southside Bancshares enters split-dollar life insurance for CEO, director Bosworth to retire
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- CEO Keith Donahoe receives $2.1M death benefit if employed at death, adjusted 5% annually.
- Post-employment death benefit equals 1.5x final base salary, vested at age 65 or other triggers.
- Director Michael J. Bosworth to retire at May 14, 2026 annual meeting per mandatory age policy.
- Board size reduced from 14 to 13 members effective as of the 2026 annual meeting.
- Split-dollar agreement includes annual gross-up bonus for CEO to cover taxes on imputed income.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/705432/000070543226000029/0000705432-26-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/705432/000070543226000029/sbsi-20260219.htm
  HTML page:      https://secwatch.observer/filing/0000705432-26-000029

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer