M. Terry Turner - Feb 28, 2023 Form 4 Insider Report for PINNACLE FINANCIAL PARTNERS INC (PNFP)

Signature
/s/ M. Terry Turner
Stock symbol
PNFP
Transactions as of
Feb 28, 2023
Transactions value $
-$1,025,117
Form type
4
Date filed
3/2/2023, 11:25 AM
Previous filing
Jan 23, 2023
Next filing
Jan 22, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PNFP PNFP Common Stock Award $0 +34.8K +17.78% $0.00 230K Feb 28, 2023 Direct F1, F2
transaction PNFP PNFP Common Stock Tax liability -$1.03M -13.7K -5.94% $74.93 217K Feb 28, 2023 Direct F3
holding PNFP PNFP Common Stock 32.1K Feb 28, 2023 401K
holding PNFP PNFP Common Stock 22K Feb 28, 2023 IRA
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On January 24, 2018, the reporting person was granted 58,129 performance units eligible to vest at target levels of performance(with vesting of more or less units possible based on actual performance) based on the extent to which certain ROATA metrics were met for 2018, 2019 and 2020 and so long as the ratio of Pinnacle Bank's nonperforming assets to its loans plus other real estate owned ("NPA ratio") at December 31, 2022 was not greater than 3.00%.Based upon the performance of Pinnacle Financial Partners, Inc.(the "Company") for 2018, 2019 and 2020 and the NPA ratio at December 31, 2022, as reflected in the Company's Annual Report on Form 10-K for 2022, the reporting person earned 34,766 performance units, which units vested and were settled in 34,766 shares of Company common stock. As described in footnote 3, a portion of those 34,766 shares of common stock were retained by the Company to cover withholding taxes owed by the reporting person.
F2 Performance units are settled in shares of common stock on a one-for-one basis. Accordingly, no purchase price was paid for the shares by the reporting person.
F3 Represents shares retained by the Company to cover withholding taxes due upon the vesting of the performance units and issuance of the common shares described in footnote 1.