Peapack-Gladstone (PGC) CEO reports RSU exercises, tax withholding and new grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PEAPACK GLADSTONE FINANCIAL CORP President & CEO Douglas L. Kennedy reported multiple equity compensation transactions involving restricted stock units, phantom stock and common shares on March 20, 2026. He exercised derivative awards into a total of 35,429 shares of common stock and received new grants of 16,150 time-based RSUs and 24,225 performance-based RSUs that each convert into common stock upon vesting.
To cover tax obligations from RSU settlements, 3,781 common shares were withheld at a price of $33.18 per share, described as payment of tax liabilities by delivering securities rather than an open-market sale. Following these transactions, he directly holds 41,031.749 common shares and indirectly holds 230,630 common shares through a rabbi trust, plus additional indirect holdings through a 401(k) plan and an employee stock purchase plan. Remaining derivative holdings include 17,534 RSUs that may convert into common stock if performance conditions are met.
Positive
- None.
Negative
- None.
Insider Trade Summary
35,429 shares exercised/converted
Mixed
18 txns
Insider
KENNEDY DOUGLAS L
Role
President & CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 3,896 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 16,150 | $0.00 | -- |
| Exercise | Restricted Stock Units | 3,674 | $0.00 | -- |
| Exercise | Restricted Stock Units | 3,494 | $0.00 | -- |
| Exercise | Restricted Stock Units | 18,097 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 24,225 | $0.00 | -- |
| Exercise | Phantom Stock | 3,440 | $0.00 | -- |
| Exercise | Phantom Stock | 2,828 | $0.00 | -- |
| Exercise | Common Stock | 3,896 | $0.00 | -- |
| Tax Withholding | Common Stock | 1,993 | $33.18 | $66K |
| Exercise | Common Stock | 3,494 | $0.00 | -- |
| Tax Withholding | Common Stock | 1,788 | $33.18 | $59K |
| Exercise | Common Stock | 3,674 | $0.00 | -- |
| Exercise | Common Stock | 18,097 | $0.00 | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 7,793 shares (Direct);
Phantom Stock — 3,441 shares (Direct);
Common Stock — 43,024.749 shares (Direct);
Common Stock — 212,533 shares (Indirect, Rabbi Trust)
Footnotes (1)
- On March 20, 2025, the reporting person was granted 11,689 restricted stock units (RSUs), vesting in three equal annual installments beginning on March 20, 2026. Upon vesting, each RSU converts into one share of PGC common stock. Shares withheld to satisfy tax withholding obligations arising from settlement of restricted stock units. On March 20, 2023, the reporting person was granted 17,472 restricted stock units (RSUs), vesting in five equal annual installments beginning on March 20, 2024. Upon vesting, each RSU converts into one share of PGC common stock. On March 20, 2022, the reporting person was granted 18,374 restricted stock units (RSUs), vesting in five equal annual installments beginning on March 20, 2024. Upon vesting, each RSU converts into one share of PGC common stock. Held indirectly through a rabbi trust pursuant to a non-qualified deferred compensation plan. On March 20, 2023, the reporting person was granted 26,208 restricted stock units (RSUs), vesting on the third anniversary of the grant if certain performance conditions are met. Upon vesting, each RSU converts into one share of PGC common stock. 18,097 restricted stock units vested. On March 20, 2026, the reporting person was granted 16,150 restricted stock units (RSUs), vesting in three equal annual installments beginning on March 20, 2027. Upon vesting, each RSU converts into one share of PGC common stock. On March 20, 2025, the reporting person was granted 17,534 restricted stock units (RSUs), vesting on the third anniversary of the grant if certain performance conditions are met. Upon vesting, each RSU converts into one share of PGC common stock. On March 20, 2026, the reporting person was granted 24,225 restricted stock units (RSUs), vesting on the third anniversary of the grant if certain performance conditions are met. Upon vesting, each RSU converts into one share of PGC common stock. On March 20, 2024, the reporting person was granted 10,321 phantom stock shares, vesting in three equal annual installments beginning on March 20, 2025. Upon vesting, each phantom share is the economic equivalent of one share of common stock. On March 20, 2021, the reporting person was granted 14,127 phantom stock shares, vesting in five equal annual installments beginning on March 20, 2022. Upon vesting, each phantom share is the economic equivalent of one share of common stock. On March 20, 2024, the reporting person was granted 15,482 phantom stock shares, vesting on the third anniversary of the grant if certain performance conditions are met. Upon vesting, each phantom share is the economic equivalent of one share of common stock.
FAQ
What insider transactions did PGC CEO Douglas L. Kennedy report on March 20, 2026?
Douglas L. Kennedy reported exercising equity awards into 35,429 common shares and receiving new restricted stock unit grants. The activity reflects routine equity compensation events, including vesting of prior RSU and phantom stock awards that convert into PGC common stock upon vesting.
How many new restricted stock units did the PGC CEO receive in this Form 4?
He received 16,150 time-based restricted stock units and 24,225 performance-based restricted stock units. Each RSU converts into one share of PGC common stock upon vesting, subject to time-based schedules or performance conditions described in the accompanying footnotes.
What common stock holdings does the PGC CEO report after these transactions?
After the reported transactions, Douglas L. Kennedy directly holds 41,031.749 shares of PGC common stock. He also indirectly holds 230,630 common shares through a rabbi trust, plus additional indirect holdings in a 401(k) plan and an employee stock purchase plan.
What derivative equity awards remain outstanding for the PGC CEO after this Form 4?
The remaining derivative position includes 17,534 restricted stock units tied to PGC common stock. These RSUs vest on the third anniversary of the grant if specified performance conditions are met, and each vested unit converts into one share of common stock.
How are phantom stock awards for the PGC CEO treated in this Form 4?
Previously granted phantom stock awards vested and were settled as common stock equivalents, then exercised into common shares. The derivative summary now shows zero remaining phantom stock underlying shares, indicating those phantom positions have been fully settled as of this filing.