ESOPApr 28, 2026, 04:18 PM
PRK Adopts 2026 Long-Term Incentive Plan; 1.5M Shares Authorized
AI Summary
Park National Corporation adopted its 2026 Long-Term Incentive Plan for Employees, replacing the 2017 plan. The new plan aims to foster long-term financial success, increase shareholder value, and attract and retain talent through various incentive awards. It authorizes 1,500,000 common shares for grants, with specific annual and individual limits, and outlines terms for options, restricted stock, and performance-based awards.
Key Highlights
- Adopted 2026 Long-Term Incentive Plan for Employees, replacing the 2017 plan.
- Authorizes 1,500,000 Common Shares for Awards, including Incentive Stock Options.
- Annual grant limit for all participants is 150,000 Common Shares, potentially up to 300,000.
- Individual participant annual grant limit is 15,000 Common Shares.
- Options and Stock Appreciation Rights exercise price must be at least 100% of Fair Market Value.
- Options and Stock Appreciation Rights have a maximum term of ten years.
- Awards generally vest no faster than three years, or ratably over three years.
- Full vesting upon Change in Control if employment terminates without Cause within 12 months.
Price Impact
More from PRK