Southern States Bancshares, Inc. announced resignation of Stephen Whatley as Chairman of the Company's Board of Directors, as well as Chairman of the Board of Directors of the Bank. Mr. Whatley is retiring with an effective retirement date of April 30, 2023. In connection with his retirement, the Company, the Bank, and Mr. Whatley entered into a Confidential Severance and Release Agreement (the “Agreement”), pursuant to which Mr. Whatley will receive a $1,777,840.00 severance benefit (less any required withholdings), payable as follows: (i) $660,000.00 paid in a lump sum within thirty (30) days after Mr. Whatley's retirement date and (ii) $1,117,840.00 paid in twenty-three (23) monthly installments, on the 15 th day of each month beginning on May 15, 2023.

Mr. Whatley will also receive a payment of $822,160.00 pursuant to his existing employment agreement, payable in a lump sum within thirty (30) days after his retirement date. Mr. Whatley will receive any benefits under supplemental executive retirement programs in accordance with the terms of such programs, and the vesting of certain outstanding awards under the Company's 2017 Incentive Stock Compensation Plan as described on Exhibit A to the Agreement. The Agreement contains a general mutual release of claims by Mr. Whatley, the Company and the Bank.