Form 4: PGC Director Steven Kass Reports RSU Vesting and New Grant

PEAPACK GLADSTONE FINANCIAL CORP Director Steven Kass reported the vesting of 2,978 restricted stock units and a new grant of 2,652 restricted stock units.

Summary

• Steven A. Kass, a Director of PEAPACK GLADSTONE FINANCIAL CORP (PGC), reported changes in his beneficial ownership.
• On March 20, 2026, 2,978 restricted stock units (RSUs) granted on March 20, 2025, vested, converting into 2,978 shares of PGC common stock.
• Also on March 20, 2026, Mr. Kass was granted an additional 2,652 restricted stock units (RSUs), which will vest on the one-year anniversary of the grant date.
• Following these transactions, Mr. Kass directly owns 3,595 shares of common stock.
• Indirectly, Mr. Kass beneficially owns 2,500 shares through a family partnership, 1,000 shares through his spouse, and 16,238 shares through a Rabbi Trust, which includes shares from dividend reinvestment.
• The total non-derivative securities beneficially owned by Mr. Kass following these transactions is 23,333 shares.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development. Routine insider compensation, particularly through equity grants and vesting, generally signals continued alignment of management's interests with shareholders and does not indicate any adverse operational or financial issues.

Positives

• The vesting of 2,978 RSUs increases the director's direct ownership of common stock, aligning his interests further with shareholders.
• The grant of an additional 2,652 RSUs demonstrates ongoing compensation and continued commitment of the director to the company.

Future Outlook

The newly granted 2,652 restricted stock units are scheduled to vest on the one-year anniversary of their grant date, which is March 20, 2027, at which point they will convert into shares of PGC common stock.

Industry Context

StockSavvy.ai notes that the grant and vesting of restricted stock units are standard components of executive and director compensation packages across various industries, including financial services. This practice aims to align the interests of management with those of shareholders by tying a portion of compensation to the company's stock performance.

Related Party Transactions

• Indirect beneficial ownership includes 2,500 shares held by a family partnership and 1,000 shares held by a spouse, which are common forms of related party holdings reported in insider filings.

Stakeholder Impact

• Shareholders: The increase in director's equity ownership through RSU vesting and new grants generally aligns the director's financial interests with those of the shareholders, potentially fostering decisions that enhance long-term shareholder value.

Next Steps

• The 2,652 restricted stock units granted on March 20, 2026, are expected to vest on March 20, 2027, converting into PGC common stock.

Key Dates

Recommendation

This Form 4 filing details routine insider compensation through RSU vesting and a new grant. It does not present new information that would fundamentally alter the investment thesis for PEAPACK GLADSTONE FINANCIAL CORP, thus a 'hold' recommendation is appropriate as it maintains the status quo regarding insider alignment without indicating significant operational changes or financial performance shifts.

Keywords

PGC, Peapack Gladstone Financial Corp, Steven Kass, Form 4, Insider Transaction, Restricted Stock Units, RSU, Beneficial Ownership, Director Compensation