Park National CAO receives 262.5 PBRSU shares
Park National Corporation Chief Accounting Officer Kelly A. Herreman reported equity compensation activity tied to performance-based restricted stock units (PBRSUs).
Rhea-AI Filing Summary
Park National Corporation Chief Accounting Officer Kelly A. Herreman reported equity compensation activity tied to performance-based restricted stock units (PBRSUs). On March 31, 2026, PBRSUs from a three-fiscal-year performance period certified by the Executive Committee converted into Park common shares on a one-for-one basis.
Herreman acquired 262.5 PBRSUs and 262.5 Park common shares, with vesting subject to service-based conditions, including 50% vesting on the certification date. To cover tax obligations, 206.7826 common shares were withheld at $163.45 per share. After these transactions, she directly owned 2,318.1272 common shares and indirectly held 3,141.7210 common shares through Park’s employee stock ownership plan (KSOP).
Positive
- None.
Negative
- None.
Insider Trade Summary
262.5 shares exercised/converted
Exercise
7 txns
Insider
Herreman Kelly A
Role
Chief Accounting Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | PBRSUs | 262.5 | $0.00 | $0.00 |
| Grant/Award | PBRSUs | 262.5 | $0.00 | $0.00 |
| Grant/Award | Common Shares | 262.5 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Shares | 98.6516 | $163.45 | $16K |
| Exercise | Common Shares | 262.5 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Shares | 108.131 | $163.45 | $18K |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
PBRSUs — 262.5 contracts (Direct);
Common Shares — 2,318.1272 shares (Direct);
Common Shares — 3,141.721 shares (Indirect, KSOP)
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. 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.
- F3. The number of common shares reported as beneficially owned differs due to shares acquired under Park's employee stock ownership plan (the "KSOP").
Key Figures
PBRSUs exercised: 262.5 PBRSUs
Common shares acquired: 262.5 shares
Shares withheld for taxes: 206.7826 shares
+3 more
6 metrics
PBRSUs exercised
262.5 PBRSUs
Converted into Park common shares on March 31, 2026
Common shares acquired
262.5 shares
Shares received upon PBRSU conversion and vesting
Shares withheld for taxes
206.7826 shares
Withheld at $163.45 per share to satisfy tax obligations
Tax withholding price
$163.45 per share
Price used for F-code tax-withholding dispositions
Direct holdings after transactions
2,318.1272 shares
Park common shares owned directly by the CAO
Indirect KSOP holdings
3,141.7210 shares
Park common shares held indirectly through KSOP
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
"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")"
employee stock ownership plan financial
"Park's employee stock ownership plan (the "KSOP")"
An employee stock ownership plan (ESOP) is a company-run program that gives workers ownership stakes by allocating or letting them buy company shares, often through a retirement-style account. For investors, ESOPs matter because they align employees’ incentives with company performance—like turning staff into shareholders—which can boost productivity and long-term value but may also concentrate employee retirement savings in company stock, affecting financial risk and share demand.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Park National (PRK) disclose about Kelly A. Herreman’s PBRSUs?
Park National reported that Chief Accounting Officer Kelly A. Herreman had performance-based restricted stock units (PBRSUs) from a three-year performance period certified and converted into common shares on a one-for-one basis. These PBRSUs are also subject to a service-based vesting requirement, with 50% vesting on the certification date.
What is the significance of the PBRSU certification date for PRK’s CAO?
Effective March 31, 2026, the Executive Committee certified performance for PBRSUs granted January 18, 2023. This certification triggered conversion of earned PBRSUs into common shares and 50% service-based vesting, with the remaining 50% scheduled to vest on the first anniversary of that certification date.
What does the KSOP reference mean in the Park National (PRK) Form 4?
The KSOP is Park National’s employee stock ownership plan. A footnote explains that differences in the reported number of common shares beneficially owned by Kelly A. Herreman are due to shares acquired under this KSOP, where she indirectly holds 3,141.7210 Park common shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
