Park National (NYSE: PRK) chair gains shares via PBRSUs and tax withholding
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Park National Corporation chairman David L. Trautman reported compensation-related stock activity involving performance-based restricted stock units (PBRSUs) and common shares. On March 31, 2026, 1,717.5 PBRSUs were earned and converted into an equal number of common shares based on certified performance results.
He also received a new grant of 2,212.5 PBRSUs, which will vest based on continued service. To cover tax obligations on these equity awards, a total of 1,750.5169 common shares were withheld at a price of $163.45 per share. Following these transactions, he holds 47,112.0938 Park common shares directly, plus additional indirect holdings through a KSOP and various spouse-related accounts.
Positive
- None.
Negative
- None.
Insider Trade Summary
1,717.5 shares exercised/converted
Mixed
10 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 | 982.674 | $163.45 | $161K |
| Exercise | Common Shares | 1,717.5 | $0.00 | -- |
| Tax Withholding | Common Shares | 767.843 | $163.45 | $126K |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
PBRSUs — 0 shares (Direct);
Common Shares — 48,094.768 shares (Direct);
Common Shares — 20,418.313 shares (Indirect, KSOP)
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). 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. The number of common shares reported as beneficially owned differs due to shares acquired under Park's employee stock ownership plan (the "KSOP"). Reflects common shares held in an inherited IRA which the spouse of the reporting person received as a beneficiary of her father's IRA following her father's death.
Key Figures
PBRSUs converted: 1,717.5 units
New PBRSU grant: 2,212.5 units
Common shares acquired from vesting: 2,212.5 shares
+5 more
8 metrics
PBRSUs converted
1,717.5 units
Performance-based PBRSUs converting to common shares on March 31, 2026
New PBRSU grant
2,212.5 units
Service-based PBRSU award vesting after March 31, 2026 certification date
Common shares acquired from vesting
2,212.5 shares
Common shares received upon PBRSU service-based vesting
Shares withheld for taxes
1,750.5169 shares
Common shares withheld to cover tax liabilities
Tax withholding price
$163.45 per share
Price used for share-based tax payments
Direct common share holdings
47,112.0938 shares
Direct Park common shares after reported transactions
KSOP indirect holdings
20,418.313 shares
Common shares held through Park’s KSOP plan
Spouse indirect holdings
13,230 shares
Common shares held by spouse Joan Y.
Key Terms
PBRSUs, performance-based restricted stock units, service-based vesting requirement, KSOP, +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
"The PBRSUs earned based on the performance level achieved are also subject to a service-based vesting requirement"
KSOP financial
"shares acquired under Park's employee stock ownership plan (the "KSOP")"
inherited IRA financial
"common shares held in an inherited IRA which the spouse of the reporting person received"
FAQ
What equity transactions did PRK chairman David Trautman report on March 31, 2026?
David Trautman reported PBRSU vesting and new awards on March 31, 2026. 1,717.5 PBRSUs converted into common shares, and he received a new grant of 2,212.5 PBRSUs, all as part of performance- and service-based compensation.
How many Park National (PRK) PBRSUs vested for David Trautman and how were they settled?
A total of 1,717.5 PBRSUs vested for David Trautman and converted into Park common shares on a one-for-one basis. This vesting followed certification of three-year performance results and satisfied part of a service-based vesting requirement.
What new PBRSU award did PRK grant to David Trautman in this Form 4 filing?
Park granted David Trautman 2,212.5 new PBRSUs as a derivative security. These units are subject to a service-based vesting schedule, with vesting tied to the first anniversary of the March 31, 2026 PBRSU certification date, according to the footnote description.
How were taxes handled on David Trautman’s PRK equity awards?
Taxes were satisfied through share withholding rather than cash. Two Form 4 entries show 982.674 and 767.8429 common shares withheld at $163.45 per share, described as payment of tax liability by delivering securities instead of an open-market sale.
Park National