KENNEDY DOUGLAS L 4

What Happened
Douglas L. Kennedy, President & CEO of Peapack Gladstone Financial Corp (PGC), reported two transactions: an open‑market purchase of 11,296 common shares on 2026-03-30 at $35.21 each for a total of $397,732, and a grant on 2026-02-11 of 50,000 performance rights (derivative award) recorded at $0.00. The purchase is a cash outlay (a straightforward buy), while the 50,000 performance rights are contingent awards that would convert to common shares only if specified stock‑price performance conditions are met.

Key Details

• Purchase: 11,296 shares on 2026-03-30 at $35.21/share — total reported cost $397,732. (Transaction code P)
• Award: 50,000 performance rights on 2026-02-11, reported as $0.00 (derivative) — each right can convert to one PGC share if price targets are achieved. (Transaction code A; footnote F10)
• The filing was submitted 2026-04-01. The Feb. 11 grant appears to have been reported late relative to the grant date; the purchase was reported on the same Form.
• The filing notes the purchased shares are held indirectly through a rabbi trust under a non‑qualified deferred compensation plan (footnote F1).
• The report lists multiple outstanding RSU and phantom‑share awards (grants from 2022–2026) with varying vesting schedules and performance conditions — see footnotes F2–F9 for counts and vesting terms.
• Shares owned after these transactions are not specified in the details provided in this summary.

Context

• Performance rights are derivative awards: they do not equate to immediate share ownership and only convert to shares if the company meets the specified stock‑price criteria (per F10).
• The open‑market purchase is a direct buy by the CEO and is often considered more informative than grants, since it reflects a personal cash purchase; however, filings do not disclose motivation.
• Multiple outstanding RSU and phantom awards listed in the filing reflect typical executive compensation structures (time‑based and performance‑based vesting).