Form 4: Peapack Gladstone Financial Corp: SEVP John P Babcock Reports Changes in Beneficial Ownership

John P Babcock, SEVP & President of Private Wealth Management at Peapack Gladstone Financial Corp, filed a Form 4 detailing changes in beneficial ownership, including transactions involving common stock, phantom stock, and restricted stock units.

Summary

• On March 20, 2024, John P Babcock, SEVP & President of Private Wealth Management at Peapack Gladstone Financial Corp, reported changes in his beneficial ownership of the company's securities.
• The transactions included the disposition of 810 shares of common stock at a price of $23.92.
• Babcock also reported acquisitions of phantom stock, including 8,278 shares that vest in installments and 12,418 shares that cliff vest after three years subject to performance conditions.
• He also holds 17,132 restricted stock units that vest in installments and 30,543 restricted stock units that cliff vest after three years subject to performance conditions.
• Following the reported transactions, Babcock directly owns 67,155 shares of common stock, indirectly owns 47,925 shares through a Rabbi Trust, and 6,630.13 shares through a 401(k).
• He also directly owns 8,278 and 12,418 shares of phantom stock, 8,624 shares of phantom stock vesting in installments, 17,132 restricted stock units vesting in installments, and 30,543 restricted stock units cliff vesting after three years.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing reflecting standard executive compensation practices; neither particularly positive nor negative.

Industry Context

This filing is a routine disclosure related to executive compensation and equity ownership, common in the financial services industry.

Comparison to Industry Standards

• Executive compensation packages including restricted stock units and phantom stock are common practice in the financial industry to align management interests with shareholder value.
• Companies like JP Morgan Chase, Goldman Sachs, and Morgan Stanley also utilize similar equity-based compensation plans for their executives.

Stakeholder Impact

• The filing provides transparency to shareholders regarding executive compensation and ownership.

Key Dates