Peapack-Gladstone Grants Performance RSUs to CEO and Senior EVP for Retention and Performance

summarizeSummary

Peapack-Gladstone Financial Corporation awarded performance-based restricted stock units to its CEO and Senior Executive Vice President, totaling 82,000 shares, to incentivize long-term retention and align executive compensation with key performance metrics including stock price, assets under management, and wealth division margin.

check_boxKey Events

• CEO Awarded 50,000 Performance RSUs

  Douglas Kennedy, President and CEO, received 50,000 performance-based restricted stock units, with vesting tied 100% to stock price performance metrics over three annual periods through December 31, 2028.

• Senior EVP Awarded 32,000 Performance RSUs

  John Babcock, Senior Executive Vice President and President of Private Wealth Management, received 32,000 performance-based restricted stock units, with vesting tied to 50% stock price, 30% assets under management (AUM), and 20% wealth division net direct margin.

• Retention and Performance Incentives

  The awards are designed to incentivize the executives to remain with the company through December 31, 2028, and to align their compensation with the achievement of significant company performance goals.

• Stock Price Targets Set

  Performance goals for the stock price component require increases of 20% to 60% from a December 2025 base price, with minimum price thresholds ranging from $37 to $50 per share, indicating a strong incentive for future stock appreciation.

auto_awesomeAnalysis

This 8-K filing details significant performance-based restricted stock unit (RSU) awards to CEO Douglas Kennedy (50,000 RSUs) and Senior Executive Vice President John Babcock (32,000 RSUs). These awards, valued at approximately $2.8 million based on the current stock price, are designed for multi-year retention through December 31, 2028, and to align executive interests with shareholder value. The vesting is contingent on achieving specific performance goals, primarily stock price appreciation for the CEO, and a mix of stock price, assets under management (AUM), and wealth division margin for the Senior EVP. The stock price targets require substantial increases from a December 2025 base price, with minimums ranging from $37 to $50 per share, which is notable given the stock is currently trading near its 52-week high. This compensation structure aims to drive sustained growth and executive commitment.