PGC (NASDAQ: PGC) EVP exercises equity awards and receives new RSU grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PEAPACK GLADSTONE FINANCIAL CORP EVP Stuart M. Vorcheimer reported a series of equity compensation transactions involving restricted stock units, phantom stock, and common shares. On March 20, 2026 he exercised multiple batches of previously granted restricted stock units and phantom stock at a conversion price of $0.0000 per share, receiving common stock.
He also received new grants of 7,016 restricted stock units that vest in three annual installments beginning March 20, 2027, and 2,339 performance-based restricted stock units that vest on the third anniversary if conditions are met. To cover tax obligations from these vestings, a total of 2,155 common shares were withheld at $33.18 per share.
Following these transactions, Vorcheimer directly holds 10,875 shares of common stock, in addition to indirect ownership of 1,168.0098 shares through an employee stock purchase plan and remaining derivative positions representing 1,856 underlying common shares from restricted stock units and 2,378 underlying common shares from phantom stock.
Positive
- None.
Negative
- None.
Insider Trade Summary
10,190 shares exercised/converted
Mixed
19 txns
Insider
Vorcheimer Stuart M.
Role
EVP, Comm & Ind Lndg
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 1,856 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 7,016 | $0.00 | -- |
| Exercise | Restricted Stock Units | 1,359 | $0.00 | -- |
| Exercise | Restricted Stock Units | 1,699 | $0.00 | -- |
| Exercise | Restricted Stock Units | 1,955 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 2,339 | $0.00 | -- |
| Exercise | Phantom Stock | 2,378 | $0.00 | -- |
| Exercise | Phantom Stock | 943 | $0.00 | -- |
| Exercise | Common Stock | 1,856 | $0.00 | -- |
| Tax Withholding | Common Stock | 582 | $33.18 | $19K |
| Exercise | Common Stock | 1,359 | $0.00 | -- |
| Tax Withholding | Common Stock | 427 | $33.18 | $14K |
| Exercise | Common Stock | 1,699 | $0.00 | -- |
| Tax Withholding | Common Stock | 533 | $33.18 | $18K |
| Exercise | Common Stock | 1,955 | $0.00 | -- |
| Tax Withholding | Common Stock | 613 | $33.18 | $20K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 3,713 shares (Direct);
Phantom Stock — 2,379 shares (Direct);
Common Stock — 8,017 shares (Direct);
Common Stock — 1,168.01 shares (Indirect, Employee Stock Purchase Plan)
Footnotes (1)
- On March 20, 2025, the reporting person was granted 5,569 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, 2022, the reporting person was granted 6,796 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 8,496 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, 2023, the reporting person was granted 2,832 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. 1,955 restricted stock units vested. On March 20, 2026, the reporting person was granted 7,016 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 1,856 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 2,339 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 7,135 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 4,703 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 2,378 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 EVP Stuart Vorcheimer report?
Stuart Vorcheimer reported exercises and grants of equity awards. He exercised multiple restricted stock unit and phantom stock awards into common stock, received new restricted stock unit grants, and had shares withheld to satisfy tax obligations related to these compensation-related vestings.
Did the PGC Form 4 show any open-market buying or selling by the EVP?
No open-market purchases or sales were reported. All activity involved exercising previously granted equity awards, receiving new restricted stock unit grants, and share withholdings for taxes. The filing shows compensation-related movements rather than discretionary market trades.
What are Stuart Vorcheimer’s PGC common stock holdings after these transactions?
After the reported transactions, he directly holds 10,875 common shares. He also has indirect ownership of 1,168.0098 common shares through an employee stock purchase plan, plus remaining restricted stock unit and phantom stock awards tied to additional underlying common shares.
What new restricted stock unit grants did PGC award to its EVP?
He received 7,016 time-based and 2,339 performance-based restricted stock units. The 7,016 units vest in three equal annual installments starting March 20, 2027, while the 2,339 units vest on the third anniversary if specified performance conditions are achieved.
How do the phantom stock awards in the PGC filing work?
Phantom stock awards are economically equivalent to common shares upon vesting. Earlier phantom stock grants vest over multi-year schedules, and each vested phantom share delivers the economic value of one PGC common share, contributing to Vorcheimer’s overall equity-based compensation.