Park National (PRK) CEO nets new shares from PBRSU vesting and grant
Filing Impact
Filing Sentiment
Form Type
4/A
Rhea-AI Filing Summary
Park National Corporation President & CEO Matthew R. Miller reported routine equity compensation activity tied to performance-based restricted stock units (PBRSUs). On the 2023 PBRSU certification date of March 31, 2026, 1,282.5 PBRSUs were earned based on performance and converted on a one-for-one basis into common shares.
He also received a new grant of 1,522.5 PBRSUs subject to a service-based vesting requirement and acquired 1,522.5 common shares linked to vesting. To cover related tax obligations, 1,233.248 common shares were withheld at $163.45 per share. Following these transactions, Miller directly holds 11,545.6756 Park common shares.
This Form 4/A amends a prior filing to correct the number of common shares withheld for taxes upon PBRSU vesting, without reflecting any open-market purchases or sales.
Positive
- None.
Negative
- None.
Insider Trade Summary
1,282.5 shares exercised/converted
Mixed
6 txns
Insider
Miller Matthew R
Role
President & CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | PBRSUs | 1,282.5 | $0.00 | -- |
| Grant/Award | PBRSUs | 1,522.5 | $0.00 | -- |
| Grant/Award | Common Shares | 1,522.5 | $0.00 | -- |
| Tax Withholding | Common Shares | 671.212 | $163.45 | $110K |
| Exercise | Common Shares | 1,282.5 | $0.00 | -- |
| Tax Withholding | Common Shares | 562.036 | $163.45 | $92K |
Holdings After Transaction:
PBRSUs — 0 shares (Direct);
Common Shares — 11,496.424 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 converted: 1,282.5 units
New PBRSU grant: 1,522.5 units
Common shares acquired: 1,522.5 shares
+3 more
6 metrics
PBRSUs converted
1,282.5 units
PBRSUs earned and converted into common shares on March 31, 2026
New PBRSU grant
1,522.5 units
PBRSUs granted subject to service-based vesting on March 31, 2026
Common shares acquired
1,522.5 shares
Common shares associated with PBRSU vesting on March 31, 2026
Shares withheld for taxes
1,233.248 shares
Tax withholding dispositions at $163.45 per share
Tax withholding price
$163.45 per share
Price used for common shares withheld to satisfy tax obligations
Shares held after transactions
11,545.6756 shares
Direct Park National common share holdings following March 31, 2026 activity
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
"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 Park National (PRK) CEO Matthew R. Miller report on this Form 4/A?
He reported routine equity compensation activity tied to PBRSUs. Previously granted performance-based units were certified and converted into common shares, a new PBRSU grant was recorded, and shares were withheld to satisfy tax obligations, with his direct common share holdings updated accordingly.
Why was this Park National (PRK) insider filing amended?
The Form 4/A corrects the number of common shares withheld for tax obligations related to PBRSU vesting. An earlier Form 4 used an estimated withholding amount; this amendment replaces that estimate with the precise number of Park common shares actually withheld for taxes.
What are PBRSUs in the context of Park National (PRK) executive compensation?
PBRSUs are performance-based restricted stock units that convert into common shares if set performance criteria are achieved. In this case, PBRSUs granted in January 2023 were certified after a three-year performance period, then became common shares and remain subject to additional service-based vesting conditions.