Park National CFO receives stock awards, pays taxes
Park National Corporation Chief Financial Officer Brady T. Burt reported routine equity compensation activity tied to performance-based restricted stock units (PBRSUs).
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4/A
Rhea-AI Filing Summary
Park National Corporation Chief Financial Officer Brady T. Burt reported routine equity compensation activity tied to performance-based restricted stock units (PBRSUs). On the 2023 PBRSU Certification Date, 1,132.5 PBRSUs earned for a three-year performance period were converted into an equal number of common shares, with a service-based vesting requirement.
The filing also shows a new grant of 1,072.5 PBRSUs, which will vest over time. A total of 975.362 common shares were withheld at a price of $163.45 per share to cover tax obligations, rather than sold on the open market. After these transactions, Burt directly holds 12,601.6622 Park common shares.
Insider Trade Summary
1,132.5 shares exercised/converted
Exercise
6 txns
Insider
Burt Brady T
Role
Chief Financial Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | PBRSUs | 1,132.5 | $0.00 | $0.00 |
| Grant/Award | PBRSUs | 1,072.5 | $0.00 | $0.00 |
| Grant/Award | Common Shares | 1,072.5 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Shares | 473.809 | $163.45 | $77K |
| Exercise | Common Shares | 1,132.5 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Shares | 501.553 | $163.45 | $82K |
Holdings After Transaction:
PBRSUs — 1,072.5 contracts (Direct);
Common Shares — 12,601.6622 shares (Direct)
Footnotes (3)
- F1. 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).
- F2. 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.
- F3. 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 converted: 1,132.5 PBRSUs
New PBRSU grant: 1,072.5 PBRSUs
Shares withheld for taxes: 975.362 shares
+3 more
6 metrics
PBRSUs converted
1,132.5 PBRSUs
Converted into common shares on March 31, 2026
New PBRSU grant
1,072.5 PBRSUs
Service-based vesting following 2023 PBRSU Certification Date
Shares withheld for taxes
975.362 shares
Tax withholding upon PBRSU vesting
Tax withholding price
$163.45 per share
Price used for tax-withholding dispositions
Shares held after transactions
12,601.6622 shares
Direct Park National common share holdings after March 31, 2026
Tax-withholding transactions
975.362 shares
Two F-code dispositions on March 31, 2026
Key Terms
PBRSUs, performance-based restricted stock units, service-based vesting requirement, tax withholding obligations, +1 more
5 terms
PBRSUs financial
"performance-based restricted stock units ("PBRSUs") granted to the reporting person"
performance-based restricted stock units financial
"performance-based restricted stock units ("PBRSUs") granted to the reporting person"
Performance-based restricted stock units are a type of employee equity award that converts into company shares only if predefined financial or operational targets are met over a set period. Think of it like a bonus check that becomes stock only when specific goals are hit; it ties pay to results, aligning managers’ incentives with shareholders. Investors care because these awards affect future share count, executive incentives, and signal how management’s success will be measured and rewarded.
service-based vesting requirement financial
"also subject to a service-based vesting requirement with 50% vesting"
tax withholding obligations financial
"to satisfy the tax withholding obligations of the reporting person"
derivative security financial
"shown in the second row in Table II as a derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did Park National (PRK) CFO Brady T. Burt report?
Brady T. Burt reported routine equity compensation activity, including conversion of 1,132.5 PBRSUs into common shares and a new grant of 1,072.5 PBRSUs. The filing also shows tax-related share withholding, not open-market buying or selling of Park National stock.
What are PBRSUs in the context of Park National (PRK) executive compensation?
PBRSUs are performance-based restricted stock units that convert into common shares on a one-for-one basis if performance goals are met. For Park National’s CFO, units earned over a three-fiscal-year period vest partly on the certification date and partly on the first anniversary, subject to service conditions.
What performance period applied to the PBRSUs reported by Park National (PRK) CFO?
The PBRSUs relate to a three-fiscal-year performance period for awards granted effective January 18, 2023. On March 31, 2026, the Executive Committee certified performance achievement, determining the number of PBRSUs earned, which then converted into Park National common shares subject to additional service-based vesting.
Why was this Park National (PRK) Form 4/A filing amended?
The amendment corrects the previously reported estimate of Park National common shares withheld for taxes upon PBRSU vesting. It clarifies the accurate number of shares withheld to satisfy the CFO’s tax obligations, replacing the estimates disclosed in the original April 2, 2026 Form 4 filing.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Accepted by SEC EDGAR
Learn about SEC filing dates