Form 4: Pinnacle Financial Partners Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Charissa D. Sumerlin, EVP and Chief Credit Officer at Pinnacle Financial Partners, sold a small number of shares to cover tax obligations related to vesting restricted stock units.
Summary
- Charissa D. Sumerlin, an executive at Pinnacle Financial Partners, sold a total of 28 shares of PNFP common stock.
- These sales occurred over three days, from January 18, 2025, to January 20, 2025.
- The shares were sold at a price of $119.91 per share.
- The sales were made to cover withholding taxes due upon the vesting of restricted share units.
- These restricted share units were granted to Ms. Sumerlin in prior years, specifically 2022, 2023 and 2024.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to executive compensation and does not indicate any significant positive or negative sentiment. It is a standard practice.
Industry Context
This is a routine filing related to executive compensation and is common practice for companies that grant restricted stock units.
Comparison to Industry Standards
- The practice of selling shares to cover tax obligations upon vesting of restricted stock units is standard across the industry.
- Many companies, including financial institutions, use this method to manage executive compensation and tax liabilities.
- This type of transaction is not unusual and is generally expected.
Stakeholder Impact
- The impact on shareholders is minimal as the transaction is small and related to routine executive compensation.
Key Dates
| Date | Description |
|---|---|
| 01/18/2022 | Date of grant for one-third of the restricted share units that vested on 01/20/2025. |
| 01/19/2023 | Date of grant for one-third of the restricted share units that vested on 01/19/2025. |
| 01/18/2024 | Date of grant for one-third of the restricted share units that vested on 01/18/2025. |
| 01/18/2025 | Date of first stock sale to cover tax obligations. |
| 01/19/2025 | Date of second stock sale to cover tax obligations. |
| 01/20/2025 | Date of third stock sale to cover tax obligations. |
| 01/21/2025 | Date of filing of the SEC Form 4. |
Keywords
SEC Form 4, Pinnacle Financial Partners, PNFP, insider trading, stock sale, restricted stock units, tax obligations, executive compensation
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