Form 4: Peapack-Gladstone Financial Corp CEO Douglas Kennedy Reports Stock Transactions
SEC Form 4 Filing
Douglas Kennedy, President & CEO of Peapack-Gladstone Financial Corp, reports the acquisition and disposal of company stock and derivative securities.
Summary
- On March 20, 2025, Douglas Kennedy had shares withheld to satisfy tax obligations from settled restricted stock units, totaling 1,788 shares at $29.55.
- On March 21, 2025, Kennedy sold 5,000 shares of common stock at a price of $28.7944 per share, pursuant to a pre-arranged Rule 10b5-1 trading plan.
- Following these transactions, Kennedy directly owns 40,408.749 shares of common stock.
- Kennedy also indirectly owns 207,136 shares through a rabbi trust, 18,493 shares through a 401(k), and 10,077.4441 shares through an Employee Stock Purchase Plan.
- Kennedy was also granted 11,689 restricted stock units that vest in three equal installments and 17,534 restricted stock units that cliff vest after three years subject to certain performance conditions.
- Kennedy also holds phantom stock: 6,881 shares vesting in three installments, 2,828 shares vesting in five installments, and 15,482 shares cliff vesting after three years subject to certain performance conditions.
Sentiment
Score: 5
Explanation: The sentiment is neutral as it's a standard SEC filing reporting stock transactions. There's no inherent positive or negative implication without further context.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their trading activities. It allows investors to monitor the actions of key executives and their confidence in the company's prospects.
Stakeholder Impact
- Shareholders may be interested in the CEO's trading activity as an indicator of management's view of the company's value.
- The transactions have a minor impact on the overall shareholding structure.
Key Dates
| Date | Description |
|---|---|
| 11/22/2024 | Date of Rule 10b-5 trading plan. |
| 03/20/2025 | Date of shares withheld for tax obligations and grant of restricted stock units. |
| 03/21/2025 | Date of common stock sale. |
| 03/24/2025 | Date of Form 4 filing. |
Keywords
Form 4, insider trading, stock transaction, restricted stock units, phantom stock, Peapack-Gladstone Financial Corp, Douglas Kennedy, PGC
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