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

SEVP John P Babcock reports changes in beneficial ownership of Peapack Gladstone Financial Corp stock due to tax withholding and grants of restricted stock units and phantom stock.

Summary

• On March 20, 2025, John P Babcock, SEVP & President of Private Wealth Management at Peapack Gladstone Financial Corp, reported changes in his beneficial ownership of the company's stock.
• 4,580 shares of common stock were disposed of to satisfy tax withholding obligations at a price of $29.55 per share.
• Following the transaction, Babcock directly owns 44,476 shares of common stock.
• Babcock also indirectly owns 64,931 shares through a Rabbi Trust and 6,673.71 shares through a 401(k).
• He was granted 7,543 restricted stock units that vest in three equal installments and 11,315 restricted stock units that cliff vest after three years subject to performance conditions.
• He also holds phantom stock: 5,520 shares vesting in three installments, 2,000 shares vesting in five installments, and 12,418 shares cliff vesting after three years subject to performance conditions.

Sentiment

Score: 6

Explanation: The document is neutral in tone, simply reporting transactions. The grants of equity could be seen as a positive sign of confidence in the company's future, but the tax-related sale is a neutral event.

Positives

• The grant of restricted stock units and phantom stock suggests the company is incentivizing its executives.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The grants of restricted stock units and phantom stock are common compensation practices used to align executive interests with shareholder value.

Comparison to Industry Standards

• Equity compensation practices vary across the financial services industry.
• Companies like JP Morgan Chase and Goldman Sachs also utilize restricted stock units and performance-based equity awards to incentivize executives.
• The vesting schedules and performance conditions attached to these awards are tailored to the specific goals and priorities of each company.

Stakeholder Impact

• The transactions reported in this Form 4 filing may be of interest to shareholders as they provide insight into the actions of company insiders.
• The grants of restricted stock units and phantom stock could potentially dilute existing shareholders' equity over time.

Key Dates

Keywords

beneficial ownership, Form 4, restricted stock units, phantom stock, Peapack Gladstone Financial Corp, PGC, John P Babcock, SEVP, Private Wealth Management, Rabbi Trust, 401(k), tax withholding