Peapack-Gladstone (PGC) Exec Sells 3,200 Shares; Retains RSUs and Phantom Stock
Rhea-AI Filing Summary
Gregory M. Smith, Senior Executive Vice President and President of Commercial Banking at Peapack-Gladstone Financial Corp (PGC) reported a sale of 3,200 shares of the issuer's common stock on 09/15/2025 at a price of $29.15 per share, leaving him with 5,426.8051 shares beneficially owned following the transaction. The filing also discloses multiple outstanding restricted stock units and phantom stock awards that convert to or mirror common shares: 4,922, 7,822 and 19,078 RSUs under different vesting schedules and 3,602, 754 and 8,103 phantom stock units with time- and performance-based vesting conditions. The explanation clarifies that some RSUs vest in three or five approximately equal annual installments, while certain awards cliff-vest after three years subject to performance conditions. The Form 4 is signed by Mr. Smith on 09/17/2025.
Positive
- Continued ownership: Reporting person retains 5,426.8051 shares following the sale, indicating ongoing equity stake.
- Long-term alignment: Multiple restricted stock units and phantom stock awards remain outstanding with time- and performance-based vesting schedules, supporting retention incentives.
- Full disclosure: The Form 4 specifies transaction date, price ($29.15), and all award quantities, meeting reporting requirements.
Negative
- Insider sale: Disposition of 3,200 shares on 09/15/2025 at $29.15 per share was reported.
- Performance conditions: Several phantom stock and RSU grants are subject to performance-based cliff vesting, which may result in forfeiture if conditions are unmet.
Insights
TL;DR: Insider sold 3,200 shares; meaningful retained equity and multiple time- and performance-based long-term awards remain.
The sale of 3,200 shares at $29.15 is a clear, reportable disposition but leaves the reporting person with 5,426.8051 shares of common stock. The filing details substantial remaining equity exposure through both restricted stock units and phantom stock totaling several tens of thousands of share equivalents across different grants and vesting schedules, which maintains alignment with shareholder interests over time. Transaction and award specifics are fully disclosed; no other material events are reported in this Form 4.
TL;DR: Transaction is routine and properly reported; long-term incentive structures include time and performance vesting.
The Form 4 documents a routine Section 16 sale and provides customary disclosure of outstanding equity awards. The company uses a mix of RSUs and phantom stock with both installment vesting and performance-based cliff vesting, which is consistent with standard executive compensation practices intended to retain and incentivize senior management. All vesting descriptions and quantities are included; no governance irregularities are apparent from this filing alone.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 3,200 | $29.15 | $93K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
Footnotes (1)
- Includes shares received through dividend reinvestment since the last filing. Each restricted stock unit represents a contingent right to receive one share of common stock of Peapack-Gladstone Financial Corporation. The restricted stock units vest and settle in stock in three approximately equal installments on each of the first three anniversaries of the grant date. The restricted stock units vest and settle in stock in five approximately equal installments on each of the first five anniversaries of the grant date. The restricted stock units will cliff vest on the third anniversary of the grant date subject to certain performance conditions being satisfied. Each share of phantom stock is the economic equivalent of one share of common stock. The phantom stock is scheduled to vest in three approximately equal installments on each of the first three anniversaries of the grant date. The phantom stock is scheduled to vest in five approximately equal installments on each of the first five anniversaries of the grant date. Each share of phantom stock represents the right to receive the economic equivalent of one share of common stock subject to certain perfomance conditions. The phantom stock will cliff vest , after three years, if the conditions are met. The phantom stock will cliff vest on the third annivesary of the grant date subject to certain performance conditions being satisfied.
FAQ
What did Gregory M. Smith report on Form 4 for PGC?
What equity awards are disclosed in the Form 4 for PGC?
What vesting terms apply to the disclosed RSUs and phantom stock?
When was the Form 4 signed by the reporting person?
