Form 4: Peapack Gladstone Financial Corp: SEVP & CFO Frank Cavallaro Reports Acquisition of Restricted Stock Units and Phantom Stock

Frank A. Cavallaro, SEVP & CFO of Peapack Gladstone Financial Corp, reports the acquisition of restricted stock units and phantom stock.

Summary

• Frank A. Cavallaro, the SEVP & Chief Financial Officer of Peapack Gladstone Financial Corp, filed a Form 4.
• The filing reports the acquisition of restricted stock units and phantom stock on March 20, 2025.
• Cavallaro acquired 4,999 restricted stock units that vest in three approximately equal installments on the first three anniversaries of the grant date.
• He also acquired 7,499 restricted stock units that cliff vest after three years if certain performance conditions are met.
• Cavallaro also holds 2,926 shares of phantom stock that vest in three approximately equal installments on each of the first three anniversaries of the grant date.
• Additionally, he holds 6,584 shares of phantom stock that cliff vest after three years if certain performance conditions are met.
• Following these transactions, Cavallaro directly owns 8,543 shares of common stock, 6,614 restricted stock units, 7,499 restricted stock units subject to performance conditions, 2,926 shares of phantom stock, and 6,584 shares of phantom stock subject to performance conditions.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, suggesting a neutral to slightly positive sentiment as it aligns management interests with shareholders.

Positives

• The acquisition of restricted stock units and phantom stock aligns the executive's interests with the long-term performance of the company.
• The vesting schedules encourage continued service and achievement of performance goals.

Future Outlook

The restricted stock units and phantom stock have vesting schedules extending over the next three years, incentivizing continued performance.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency regarding the transactions of company insiders. This filing indicates compensation and ownership alignment practices common in the financial services industry.

Comparison to Industry Standards

• Equity-based compensation, including restricted stock units and phantom stock, is a common practice among financial institutions to incentivize executives and align their interests with shareholders.
• Vesting schedules, typically spanning three to five years, are standard in the industry to promote long-term commitment and performance.
• Performance-based vesting conditions are also frequently used to tie executive compensation to specific company goals, such as profitability or return on equity.
• Companies like JPMorgan Chase, Bank of America, and Goldman Sachs also utilize similar equity-based compensation structures for their executives.

Stakeholder Impact

• The acquisition of restricted stock units and phantom stock could have a slightly positive impact on shareholders by aligning management's interests with the company's long-term success.
• Employees may view this as a positive sign, indicating the company's commitment to rewarding its executives.

Key Dates

Keywords

Form 4, restricted stock units, phantom stock, Cavallaro, Peapack Gladstone Financial Corp, PGC, SEVP, CFO, beneficial ownership