Pinnacle Financial plans $1.5M noncompete payout
PNFP extended Harold Carpenter’s noncompete and cooperation obligations to March 31, 2027 in exchange for $1.5 million of cash payments, including an accelerated installment.
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Rhea-AI Filing Summary
Pinnacle Financial Partners, Inc. (PNFP) amended and restated its letter agreement with former executive Harold R. Carpenter on September 9, 2026, extending his noncompetition and non-solicitation obligations, as well as his agreement to cooperate and assist the company, through March 31, 2027. In exchange, Pinnacle will accelerate a previously scheduled $1,000,000 payment to October 1, 2026 and pay an additional $500,000 in cash on or after March 31, 2027, both subject to applicable withholdings. These “Restrictive Covenant Payments” are subject to repayment or forfeiture if Mr. Carpenter breaches the noncompetition covenant.
8-K Event Classification
Key Figures
Key Terms
noncompetition covenant regulatory
Restrictive Covenant Payments financial
amended and restated regulatory
non-solicitation regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What agreement did PNFP amend with Harold R. Carpenter?
How long does Harold R. Carpenter’s noncompete with PNFP now last?
What payments will PNFP make to Harold R. Carpenter under the amended agreement?
What are the “Restrictive Covenant Payments” in PNFP’s filing?
Are the payments to Harold R. Carpenter from PNFP subject to clawback?
What kind of assistance must Harold R. Carpenter provide PNFP under this agreement?
AI-generated analysis. How Rhea-AI works. Not financial advice.