Form 4: Pinnacle Financial Partners EVP & CFO Harold Carpenter Reports Share Disposals for Tax Obligations
SEC Form 4 Filing
Harold Carpenter, EVP & CFO of Pinnacle Financial Partners, reported the disposal of company shares to cover tax obligations related to vesting restricted share units.
Summary
- Harold Carpenter, the EVP & CFO of Pinnacle Financial Partners, filed a Form 4 detailing the disposal of company shares.
- The disposals were made to cover withholding taxes due upon the vesting of restricted share units.
- A total of 1,350 shares were disposed of across three transactions on January 18, 19 and 20, 2025.
- The shares were sold at a price of $119.91 per share.
- Following these transactions, Mr. Carpenter directly owns 59,455 shares and indirectly owns 13,359 shares through a 401(k).
Sentiment
Score: 5
Explanation: The document is neutral, reporting standard insider transactions for tax purposes. There is no indication of positive or negative sentiment.
Industry Context
Form 4 filings are a standard part of regulatory compliance for company insiders, providing transparency into their transactions in company stock. This filing is typical for executives receiving stock-based compensation.
Comparison to Industry Standards
- The share disposals are consistent with standard practice for executives who receive restricted stock units as part of their compensation.
- Many companies use restricted stock units as a form of compensation, and it is common for executives to sell shares to cover tax obligations upon vesting.
- The price of $119.91 per share is a specific value for this transaction and would need to be compared to the market price of PNFP at the time of the transaction to assess if it was a fair market value.
Stakeholder Impact
- The share disposals have a minimal impact on shareholders as they are routine transactions for tax purposes.
- The transactions do not indicate any change in the company's financial health or outlook.
Key Dates
| Date | Description |
|---|---|
| 01/18/2024 | Date of grant for one-third of the restricted share units that vested on 01/18/2025. |
| 01/19/2023 | Date of grant for one-third of the restricted share units that vested on 01/19/2025. |
| 01/20/2022 | Date of grant for one-third of the restricted share units that vested on 01/20/2025. |
| 01/18/2025 | Date of first share disposal. |
| 01/19/2025 | Date of second share disposal. |
| 01/20/2025 | Date of third share disposal. |
| 01/21/2025 | Date of Form 4 filing. |
Keywords
Form 4, insider trading, share disposal, restricted stock units, tax obligations, Pinnacle Financial Partners, PNFP, Harold Carpenter, EVP & CFO
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