Form 4: Peapack Gladstone Financial Corp: Director Gramigna Reports Acquisition of Phantom Stock

Director Edward Gramigna Jr. reports acquiring phantom stock and adjustments to common stock holdings in Peapack Gladstone Financial Corp.

Summary

• Edward Gramigna Jr., a director of Peapack Gladstone Financial Corp, filed a Form 4 detailing changes in beneficial ownership.
• The report indicates the acquisition of 2,989 shares of phantom stock on March 20, 2024, which are scheduled to vest on the first anniversary of the grant date.
• Each share of phantom stock is the economic equivalent of one share of common stock.
• Gramigna also reported owning 8,288.1395 shares of common stock directly, including shares received through dividend reinvestment.
• Additionally, he holds 14,836 shares indirectly through a rabbi trust pursuant to a non-qualified deferred compensation plan.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing changes in stock ownership, with no inherent positive or negative sentiment.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates changes in director Gramigna's holdings, which is typical for executives receiving stock-based compensation.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the holdings of a company director.

Key Dates