PGC (PGC) SEVP John Babcock sells 5,000 shares, retains large stake
Rhea-AI Filing Summary
PEAPACK GLADSTONE FINANCIAL CORP senior executive John P. Babcock reported an open-market sale of company stock. He sold 5,000 shares of common stock at a price of $47.1065 per share, and after this sale he directly holds 45,582 common shares.
In addition to these direct holdings, he has 6,720 common shares held through a 401(k) plan and 74,876 common shares held indirectly through a rabbi trust under a non-qualified deferred compensation plan. He also holds various equity-based awards, including 16,000 phantom rights tied to common stock expiring on December 31, 2028, and multiple phantom stock and restricted stock unit grants that each convert into one share of common stock upon vesting or achievement of specified performance conditions.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 5,000 shares
Net Sell
12 txns
Insider
BABCOCK JOHN P
Role
SEVP & Pres of Priv Wealth Mgt
Sold
5,000 shs ($236K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 5,000 | $47.1065 | $236K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
| holding | Phantom Rights | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 45,582 shares (Direct);
Restricted Stock Units — 47,061 shares (Direct);
Phantom Stock — 15,178 shares (Direct);
Phantom Rights — 16,000 shares (Direct);
Common Stock — 74,876 shares (Indirect, Rabbi Trust);
Common Stock — 6,720 shares (Indirect, 401(k))
Footnotes (10)
- F1. Held indirectly through a rabbi trust pursuant to a non-qualified deferred compensation plan.
- F2. On March 20, 2025, the reporting person was granted 7,543 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.
- F3. On March 20, 2026, the reporting person was granted 9,362 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.
- F4. On March 20, 2022, the reporting person was granted 12,588 restricted stock units (RSUs), vesting in five equal annual installments beginning on March 20, 2023. Upon vesting, each RSU converts into one share of PGC common stock.
- F5. On March 20, 2023, the reporting person was granted 11,970 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.
- F6. On March 20, 2025, the reporting person was granted 11,315 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.
- F7. On March 20, 2026, the reporting person was granted 14,043 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.
- F8. On March 20, 2024, the reporting person was granted 8,278 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.
- F9. On March 20, 2024, the reporting person was granted 12,418 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.
- F10. Each performance right represents a contingent right to receive one share of PGC common stock. The performance rights vest upon PGC's common stock achieving a specified price per share.
Key Figures
Shares sold: 5,000 shares
Sale price per share: $47.1065 per share
Direct holdings after sale: 45,582 shares
+5 more
8 metrics
Shares sold
5,000 shares
Open-market sale of common stock
Sale price per share
$47.1065 per share
Open-market sale of 5,000 common shares
Direct holdings after sale
45,582 shares
Common stock held directly following transaction
401(k) indirect holdings
6,720 shares
Common stock held through 401(k) plan
Rabbi trust holdings
74,876 shares
Common stock held indirectly via rabbi trust
Phantom rights
16,000 units
Phantom rights linked to common stock, expire 2028-12-31
Restricted stock units grant 2026
14,043 RSUs
Grant on March 20, 2026, subject to performance conditions
Restricted stock units grant 2025
11,315 RSUs
Grant on March 20, 2025, subject to performance conditions
Key Terms
Rabbi trust, Restricted stock units, phantom stock shares, non-qualified deferred compensation plan, +2 more
6 terms
Rabbi trust financial
"Held indirectly through a rabbi trust pursuant to a non-qualified deferred compensation plan."
A rabbi trust is a special account a company sets up to hold promised future pay for executives, like bonus or retirement money, so those employees can see there are funds earmarked for them. It matters to investors because it signals the company’s commitment to keep key people, but the money is still part of the company’s assets and can be claimed by creditors if the company goes bankrupt—think of it as a labeled jar that isn’t completely off-limits.
Restricted stock units financial
"the reporting person was granted 7,543 restricted stock units (RSUs), vesting in three equal annual installments"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
non-qualified deferred compensation plan financial
"Held indirectly through a rabbi trust pursuant to a non-qualified deferred compensation plan."
An arrangement where an employer agrees to pay part of an employee’s salary or bonus at a later date, often to attract or keep key staff. Think of it as a company IOU or a delayed paycheck held on the company’s books rather than in a protected retirement account; investors care because these promises create future cash obligations that are typically unsecured and depend on the company’s financial health, affecting risk, liabilities, and cash-flow planning.
performance conditions financial
"vesting on the third anniversary of the grant if certain performance conditions are met."
performance rights financial
"Each performance right represents a contingent right to receive one share of PGC common stock."
Performance rights are conditional awards that give employees or executives the promise of receiving company shares or cash only if the business meets specific targets or survives for a set period. They work like a bonus you only get when certain goals are hit, so they matter to investors because they can increase the number of shares outstanding (dilution), signal management’s incentives and confidence in future results, and affect per-share earnings and valuation.
FAQ
What insider transaction did PGC executive John P. Babcock report on this Form 4?
John P. Babcock reported an open-market sale of 5,000 shares of PEAPACK GLADSTONE FINANCIAL CORP common stock at $47.1065 per share. This filing also updates his remaining direct, indirect, and equity-based award holdings in the company’s stock.
What indirect holdings in PGC stock does John P. Babcock report on this Form 4?
John P. Babcock reports 6,720 PGC common shares held through a 401(k) plan and 74,876 shares held indirectly via a rabbi trust. The rabbi trust position relates to a non-qualified deferred compensation plan established for his benefit.
What phantom stock and restricted stock units does John P. Babcock hold in PGC?
He holds 16,000 phantom rights and several phantom stock awards and restricted stock units, each economically tied to PGC common stock. These awards generally vest over time or upon meeting specified performance conditions and convert into or mirror one share of common stock per unit.
When do John P. Babcock’s PGC phantom rights reported here expire?
The filing shows 16,000 phantom rights linked to PGC common stock with an expiration date of December 31, 2028. Each performance right represents a contingent right to receive one share of PGC common stock upon satisfaction of the specified share price condition.
AI-generated analysis. How Rhea-AI works. Not financial advice.
