Park National (PRK) chair amends Form 4 for PBRSU vesting and tax shares
Filing Impact
Filing Sentiment
Form Type
4/A
Rhea-AI Filing Summary
Park National Corporation’s chairman David L. Trautman reported amended compensation-related share activity tied to performance-based restricted stock units (PBRSUs). On March 31, 2026, 1,717.5 PBRSUs converted one-for-one into common shares following certification of performance and satisfaction of service-based vesting conditions.
He also received a new grant of 2,212.5 PBRSUs and acquired 2,212.5 common shares upon vesting, all at no cash cost. A total of 985.641 and 760.562 common shares were withheld at $163.45 per share to satisfy tax obligations. After these transactions, he directly owned about 47,109 common shares. This amendment corrects the previously reported number of shares withheld for taxes.
Positive
- None.
Negative
- None.
Insider Trade Summary
1,717.5 shares exercised/converted
Mixed
6 txns
Insider
TRAUTMAN DAVID L
Role
Chairman of the Board
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | PBRSUs | 1,717.5 | $0.00 | -- |
| Grant/Award | PBRSUs | 2,212.5 | $0.00 | -- |
| Grant/Award | Common Shares | 2,212.5 | $0.00 | -- |
| Tax Withholding | Common Shares | 985.641 | $163.45 | $161K |
| Exercise | Common Shares | 1,717.5 | $0.00 | -- |
| Tax Withholding | Common Shares | 760.562 | $163.45 | $124K |
Holdings After Transaction:
PBRSUs — 0 shares (Direct);
Common Shares — 48,094.768 shares (Direct)
Footnotes (1)
- Effective March 31, 2026 (the "2023 PBRSU Certification Date"), the Executive Committee of the Board of Directors of Park National Corporation ("Park") certified the level of achievement with respect to the performance criteria for the three-fiscal-year performance period applicable to performance-based restricted stock units ("PBRSUs") granted to the reporting person effective January 18, 2023. The PBRSUs convert into Park common shares on a one-for-one basis. The PBRSUs earned based on the performance level achieved are also subject to a service-based vesting requirement with 50% vesting (resulting in the right to receive the number of common shares shown in the first row in Table I) on the 2023 PBRSU Certification Date and the other 50% to vest on the first anniversary of the 2023 PBRSU Certification Date (shown in the second row in Table II as a derivative security). In the April 2, 2026 Form 4, an estimated number of Park common shares was reported as being withheld by Park in order to satisfy the tax withholding obligations of the reporting person that arose upon the vesting of the PBRSUs which were not subject to the service-based vesting requirement described in footnote (1) and the vesting of the PBRSUs that had been subject to the service-based vesting requirement described in footnote (3), as applicable. This amendment reports the correct number of common shares withheld. These common shares of Park were acquired upon the satisfaction of a service-based vesting requirement whereby PBRSUs were converted into Park common shares on a one-for-one basis.
Key Figures
PBRSUs exercised: 1,717.5 units
New PBRSU grant: 2,212.5 units
Common shares acquired from vesting: 2,212.5 shares
+3 more
6 metrics
PBRSUs exercised
1,717.5 units
Converted into common shares on March 31, 2026 after performance certification
New PBRSU grant
2,212.5 units
Performance-based restricted stock units subject to service-based vesting
Common shares acquired from vesting
2,212.5 shares
Common shares received upon satisfaction of service-based vesting conditions
Tax withholding block 1
985.641 shares at $163.45
Shares withheld to satisfy tax obligations on PBRSU vesting
Tax withholding block 2
760.562 shares at $163.45
Additional shares withheld for tax obligations on PBRSU vesting
Post-transaction holdings
47,109.1268 shares
Direct Park National common shares held after March 31, 2026 transactions
Key Terms
PBRSUs, service-based vesting requirement, performance criteria, tax withholding obligations, +1 more
5 terms
PBRSUs financial
"performance-based restricted stock units ("PBRSUs") granted to the reporting person"
service-based vesting requirement financial
"The PBRSUs earned based on the performance level achieved are also subject to a service-based vesting requirement"
performance criteria financial
"certified the level of achievement with respect to the performance criteria for the three-fiscal-year performance period"
tax withholding obligations financial
"shares was reported as being withheld by Park in order to satisfy the tax withholding obligations of the reporting person"
Form 4 regulatory
"In the April 2, 2026 Form 4, an estimated number of Park common shares was reported"
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
FAQ
What did PRK chairman David Trautman report in this amended Form 4?
David Trautman reported amended compensation-related share activity, mainly PBRSUs vesting into Park National common shares. The filing updates tax withholding share counts and shows new PBRSU grants and vested shares, without any open-market purchases or sales of PRK stock.
What new PBRSU grant did PRK’s chairman receive?
He received a new grant of 2,212.5 PBRSUs, each convertible into one Park National common share. These units are subject to service-based vesting, meaning he must satisfy continued service requirements before the related common shares are fully earned.
Why was this Park National Form 4 filing amended?
The amendment corrects the previously estimated number of Park National common shares withheld to satisfy David Trautman’s tax obligations upon PBRSU vesting. It replaces the earlier estimate with the accurate withholding share amounts for those compensation-related events.