BEDMINSTER, NJ - Peapack Gladstone Financial Corporation (NASDAQ:PGC), currently trading near its 52-week high with a market capitalization of $638 million, announced today that its President and Chief Executive Officer, Douglas L. Kennedy, has begun a prearranged stock trading plan to sell 30,000 shares of the company's common stock.
The stock trading plan, which commences today, is in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. This rule allows corporate insiders to set up a trading plan for selling stocks at a time when they are not in possession of material non-public information. The plan is part of Kennedy's personal tax and financial planning strategy.
Upon completion of the plan, Kennedy is expected to retain ownership of roughly 283,110 shares of Peapack Gladstone's common stock. This count includes 69,586 shares of restricted stock units that are yet to vest. Kennedy will remain the largest shareholder among the company's management and directors, holding well above the threshold mandated by the company's stock ownership guidelines.
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