Form 4: Pinnacle Financial Partners EVP Charissa Sumerlin Reports Stock Transactions
SEC Form 4 Filing
Charissa Sumerlin, EVP and Chief Credit Officer of Pinnacle Financial Partners, reports the vesting of performance units and subsequent sale of shares to cover withholding taxes.
Summary
- On March 11, 2025, Charissa Sumerlin, EVP and Chief Credit Officer of Pinnacle Financial Partners, reported transactions involving the company's common stock.
- Sumerlin acquired 167 shares of PNFP common stock upon the vesting of performance units granted on January 20, 2022.
- These performance units vested based on the company's performance against certain metrics compared to peers over a performance period from January 1, 2022, to December 31, 2024, and the average NPA ratio.
- The average NPA ratio at December 31, 2022, 2023 and 2024 was not greater than 3.00%.
- Also on March 11, 2025, Sumerlin disposed of 41 shares at a price of $99.42 to cover withholding taxes due upon the vesting of the performance units.
- Following these transactions, Sumerlin beneficially owns 2,219 shares of PNFP common stock directly.
Sentiment
Score: 6
Explanation: The document is a neutral report of stock transactions. The vesting of performance units suggests positive company performance, but the sale of shares for tax purposes is a routine event.
Positives
- The vesting of performance units indicates that Pinnacle Financial Partners met its performance targets during the specified period.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, providing transparency to investors regarding insider activity.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their executives, ensuring compliance with SEC regulations.
- The vesting of performance units is a common form of executive compensation tied to company performance, aligning management's interests with those of shareholders.
Stakeholder Impact
- The vesting of performance units and subsequent sale of shares to cover taxes has a minor impact on shareholders.
Key Dates
| Date | Description |
|---|---|
| 2022-01-20 | Reporting person was granted 167 performance units |
| 2022-01-01 | Performance period commenced |
| 2024-12-31 | Performance period ended |
| 2025-03-11 | Date of stock acquisition and disposition |
| 2025-03-12 | Date of signature |
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