Executive at Peapack-Gladstone (PGC) awarded 16,000 stock performance rights
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PEAPACK GLADSTONE FINANCIAL CORP executive John P. Babcock received an equity award tied to future stock performance. As SEVP & President of Private Wealth Management, he was granted 16,000 performance rights on common stock at an exercise price of $0.00 per right, expiring on December 31, 2028. Each performance right represents a contingent right to receive one share of PGC common stock and vests only if the stock reaches a specified price per share.
In addition to this new grant, the filing lists existing equity-based positions, including multiple blocks of restricted stock units and phantom stock that each convert into, or mirror the value of, one share of common stock upon vesting, plus direct and indirect holdings of PGC common stock through a rabbi trust and a 401(k) plan.
Positive
- None.
Negative
- None.
Insider Trade Summary
12 transactions reported
Mixed
12 txns
Insider
BABCOCK JOHN P
Role
SEVP & Pres of Priv Wealth Mgt
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Performance Rights | 16,000 | $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:
Performance Rights — 16,000 shares (Direct);
Restricted Stock Units — 5,029 shares (Direct);
Phantom Stock — 2,760 shares (Direct);
Common Stock — 50,582 shares (Direct);
Common Stock — 74,876 shares (Indirect, Rabbi Trust)
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 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. 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. 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. 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. 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. 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. 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. 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. 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
Performance rights grant: 16,000 rights
Performance rights exercise price: $0.00 per right
Performance rights expiration: December 31, 2028
+5 more
8 metrics
Performance rights grant
16,000 rights
Granted on February 11, 2026; each right for one PGC share
Performance rights exercise price
$0.00 per right
Performance rights on PGC common stock
Performance rights expiration
December 31, 2028
Expiry date for 16,000 performance rights
Direct common stock holding
50,582 shares
PGC common stock held directly after reported transactions
Rabbi trust common stock
74,876 shares
PGC common stock held indirectly via rabbi trust
401(k) common stock
6,720 shares
PGC common stock held indirectly through 401(k) plan
Largest RSU block
14,043 units
RSUs granted March 20, 2026, vesting after three years if performance conditions are met
Largest phantom stock block
12,418 units
Phantom stock granted March 20, 2024, vesting after three years if performance conditions are met
Key Terms
Performance Rights, Restricted Stock Units, Phantom Stock, rabbi trust, +1 more
5 terms
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.
Restricted Stock Units financial
"The reporting person was granted restricted stock units (RSUs), vesting in 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.
Phantom Stock financial
"Phantom stock shares vest and are the economic equivalent of one share of common stock."
A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.
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.
FAQ
What did PGC executive John P. Babcock receive in this Form 4 filing?
John P. Babcock received 16,000 performance rights in Peapack Gladstone Financial common stock. Each right can become one share if a specified stock price is achieved before the December 31, 2028 expiration date, aligning part of his compensation with future share performance.
How do the 16,000 performance rights for PGC’s John Babcock vest?
The 16,000 performance rights vest only if Peapack Gladstone Financial’s common stock reaches a specified price per share. Upon vesting, each performance right converts into one share of PGC common stock, creating equity exposure that depends on the company’s future share price performance.
What restricted stock units does John Babcock hold in PGC?
John Babcock holds several restricted stock unit blocks tied to PGC common stock, including grants of 7,543, 9,362, 12,588, 11,970, 11,315 and 14,043 units. These RSUs vest over three- or five-year schedules, then convert one-for-one into PGC common shares at vesting.
What phantom stock awards are disclosed for PGC’s John Babcock?
The filing shows phantom stock grants of 8,278 and 12,418 units for John Babcock. These phantom shares vest over time or when performance conditions are met and are described as economically equivalent to one share of Peapack Gladstone Financial common stock upon vesting.
How much PGC common stock does John Babcock hold directly and indirectly?
John Babcock holds 50,582 PGC common shares directly, plus indirect holdings of 74,876 shares through a rabbi trust and 6,720 shares through a 401(k) plan. These positions complement his performance rights, RSUs and phantom stock tied to Peapack Gladstone Financial common stock.
What is the role of the rabbi trust in John Babcock’s PGC holdings?
The rabbi trust holds 74,876 PGC common shares for John Babcock under a non-qualified deferred compensation plan. These shares are reported as indirect ownership, reflecting compensation that has been deferred but remains linked to Peapack Gladstone Financial’s common stock performance over time.