Peapack-Gladstone Financial (PGC) CEO buys stock, granted 50K performance rights
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Peapack-Gladstone Financial Corp President & CEO Douglas L. Kennedy made an open-market purchase of 11,296 shares of common stock at $35.21 per share, held indirectly through a rabbi trust under a non-qualified deferred compensation plan. Following this transaction, the rabbi trust holds 241,925.774 shares of common stock for his benefit. On the same Form 4, he also received a grant of 50,000 performance rights, each tied to one share of common stock and vesting only if the stock reaches a specified price by December 31, 2028. The filing also lists existing restricted stock units and phantom stock awards that convert into or mirror common stock value as they vest over future years.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 11,296 shares ($397,732)
Net Buy
13 txns
Insider
KENNEDY DOUGLAS L
Role
President & CEO
Bought
11,296 shs ($398K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 11,296 | $35.21 | $398K |
| Grant/Award | Performance Rights | 50,000 | $0.00 | -- |
| 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 | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 241,925.774 shares (Indirect, Rabbi Trust);
Performance Rights — 50,000 shares (Direct);
Restricted Stock Units — 7,793 shares (Direct);
Phantom Stock — 3,441 shares (Direct);
Common Stock — 42,737.749 shares (Direct)
Footnotes (1)
- Held indirectly through a rabbi trust pursuant to a non-qualified deferred compensation plan. 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. 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, 2022, the reporting person was granted 18,374 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. 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, 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 3,441 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, 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. 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
Open-market purchase: 11,296 shares at $35.21
Indirect holdings in rabbi trust: 241,925.774 shares
Performance rights grant: 50,000 rights
+2 more
5 metrics
Open-market purchase
11,296 shares at $35.21
Common Stock bought on March 30, 2026
Indirect holdings in rabbi trust
241,925.774 shares
Common Stock held after March 30, 2026 purchase
Performance rights grant
50,000 rights
Each right for 1 common share, expire December 31, 2028
RSUs tranche
24,225 underlying shares
Restricted stock units granted March 20, 2026
Phantom stock awards
3,441 and 15,482 units
Phantom stock tied to common stock value
Key Terms
Rabbi Trust, non-qualified deferred compensation plan, restricted stock units, phantom stock shares, +1 more
5 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.
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.
restricted stock units financial
"the reporting person was granted 11,689 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.
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.
