PGC.NASDAQPeapack Gladstone Financial CORP

Form 4: Peapack Gladstone EVP Reports Routine Equity Vesting, New Grants

Sentiment:

Insider Transaction Report

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Lisa Chalkan, EVP and Chief Credit Officer of Peapack Gladstone Financial Corp, reported routine equity award vestings and new grants, alongside tax-related share dispositions.

Summary

  • Lisa Chalkan, Executive Vice President and Chief Credit Officer of PEAPACK GLADSTONE FINANCIAL CORP (PGC), reported changes in her beneficial ownership of common stock and derivative securities.
  • On March 20, 2026, a total of 4,988 shares of common stock were acquired through the vesting of restricted stock units (RSUs) and phantom stock awards.
  • Concurrently, 1,415 shares were disposed of at a price of $33.18 per share to satisfy tax withholding obligations arising from the vested equity awards.
  • Following these transactions, direct beneficial ownership of common stock increased to 27,175 shares.
  • Indirect beneficial ownership in a 401(k) plan increased by 501.42 shares due to dividend reinvestment, bringing total indirect ownership to 501.42 shares.
  • New grants of 5,785 restricted stock units (RSUs) and 1,928 restricted stock units were made on March 20, 2026, with various future vesting schedules.
  • Remaining unvested derivative securities include 3,266 RSUs, 3,120 RSUs, 1,633 RSUs, 5,785 RSUs, 1,928 RSUs, 2,113 phantom stock shares, and 2,112 phantom stock shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a slightly positive event, reflecting the routine vesting of executive equity compensation and new grants, which aligns management's long-term interests with shareholders. The tax-related dispositions are standard and not indicative of negative sentiment.

Positives

  • Acquisition of 4,988 shares of common stock through the vesting of equity awards, increasing direct ownership and aligning executive interests with shareholders.
  • New grants of 7,713 restricted stock units (5,785 RSUs and 1,928 RSUs) on March 20, 2026, indicating continued long-term incentive alignment for the executive.
  • Increase in indirect ownership by 501.42 shares through dividend reinvestment, reflecting ongoing investment in the company.

Negatives

  • Disposition of 1,415 shares of common stock at $33.18 per share to cover tax withholding obligations, which reduced the net shares received from vesting.

Future Outlook

The filing indicates future vesting events for various restricted stock units and phantom stock awards, with vesting dates extending to at least March 2027 and beyond for performance-based grants, reflecting ongoing long-term incentive plans.

Industry Context

StockSavvy.ai notes that Form 4 filings provide transparency into insider transactions, which are often viewed by investors as indicators of management's confidence in the company's future. This specific filing details routine equity compensation vesting and associated tax withholdings, which is a common practice for executive incentive plans across the financial services industry. Such transactions typically reflect the execution of pre-established compensation agreements rather than discretionary trading based on new material information.

Stakeholder Impact

  • Shareholders: Minor dilution from new grants, but increased alignment of executive interests with long-term company performance.
  • Employees: Reflects standard executive compensation practices within the company.
  • Executive (Lisa Chalkan): Increased personal stake in the company and realization of compensation from vested awards.

Next Steps

  • Future vesting of 3,266 restricted stock units (from March 20, 2025 grant).
  • Future vesting of 3,120 restricted stock units (from March 20, 2023 grant).
  • Future vesting of 1,633 restricted stock units (from March 20, 2025 grant, performance-based).
  • Future vesting of 5,785 restricted stock units (from March 20, 2026 grant, starting March 20, 2027).
  • Future vesting of 1,928 restricted stock units (from March 20, 2026 grant, performance-based).
  • Future vesting of 2,113 phantom stock shares (from March 20, 2024 grant).
  • Future vesting of 2,112 phantom stock shares (from March 20, 2024 grant, performance-based).

Key Dates

DateDescription
03/20/2021Grant date for 1,614 phantom stock shares, vesting in five equal annual installments beginning on March 20, 2022.
03/20/2022First vesting date for phantom stock shares granted on March 20, 2021.
03/20/2023Grant date for 2,600 restricted stock units (performance-based, vesting on the third anniversary).
03/20/2023Grant date for 7,800 restricted stock units, vesting in five equal annual installments beginning on March 20, 2024.
03/20/2024First vesting date for restricted stock units granted on March 20, 2023 (7,800 units).
03/20/2024Grant date for 6,337 phantom stock shares, vesting in three equal annual installments beginning on March 20, 2025.
03/20/2024Grant date for 2,112 phantom stock shares (performance-based, vesting on the third anniversary).
03/20/2025First vesting date for phantom stock shares granted on March 20, 2024 (6,337 units).
03/20/2025Grant date for 4,899 restricted stock units, vesting in three equal annual installments beginning on March 20, 2026.
03/20/2025Grant date for 1,633 restricted stock units (performance-based, vesting on the third anniversary).
03/20/2026Transaction date for multiple equity award vestings and tax withholdings.
03/20/2026First vesting date for restricted stock units granted on March 20, 2025 (4,899 units).
03/20/2026Grant date for 5,785 restricted stock units, vesting in three equal annual installments beginning on March 20, 2027.
03/20/2026Grant date for 1,928 restricted stock units (performance-based, vesting on the third anniversary).
03/24/2026Signature date of the reporting person.
03/20/2027First vesting date for restricted stock units granted on March 20, 2026 (5,785 units).

Recommendation

hold

This Form 4 filing details routine executive compensation activities, including the vesting of equity awards and associated tax withholdings, along with new grants. Such transactions are expected and do not typically provide new material information that would warrant a change in investment recommendation. The filing primarily confirms the ongoing alignment of executive incentives with long-term company performance.

Keywords

PEAPACK GLADSTONE FINANCIAL CORP, PGC, Form 4, Insider Transaction, Beneficial Ownership, Restricted Stock Units, Phantom Stock, Equity Compensation, Executive Compensation, Lisa Chalkan, Stock Vesting, Tax Withholding

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