---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-000803"
form_type: "8-K"
ticker: "SPFI"
cik: "0001163668"
company_name: "SOUTH PLAINS FINANCIAL, INC."
filed_at: "2023-01-06T23:59:59+00:00"
generated_at: "2026-06-20T18:36:56.958209+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

# South Plains Financial terminates ESOP effective Dec 31, 2022

## Summary
- Board terminated the Employee Stock Ownership Plan (ESOP) effective December 31, 2022.
- Reason: ESOP no longer serves intended purpose; administrative costs exceed benefits.
- All participants become fully vested regardless of prior vesting status.
- Assets to be distributed in lump sum cash and Company stock; accounts >$1,000 without consent go to IRA.
- Accounts ≤$10,000 may receive lump sum cash if participant elects.

## SEC filing metadata
- accession: 0001140361-23-000803
- form_type: 8-K
- ticker: SPFI
- cik: 0001163668
- company_name: SOUTH PLAINS FINANCIAL, INC.
- filed_at: 2023-01-06T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1163668/000114036123000803/0001140361-23-000803-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1163668/000114036123000803/brhc10046408_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-000803
- JSON: https://secwatch.observer/filing/0001140361-23-000803.json
- Plain text: https://secwatch.observer/filing/0001140361-23-000803.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.