UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Deferred Compensation Agreements Extended for an Additional Five Years. The Deferred Compensation Agreements, originally effective as of August 4, 2017, between Peapack-Gladstone Bank (the “Bank”), a wholly owned subsidiary of Peapack-Gladstone Financial Corporation (the “Company”), and each of Douglas Kennedy, President and Chief Executive Officer of the Company and the Bank; John Babcock, Senior Executive Vice President of the Company and President of Private Wealth Management; and Jeffrey Carfora, Senior Executive Vice President and Chief Financial Officer of the Company and the Bank (the “Executives”), were due to mature June 30, 2022. On March 24, 2022, the Bank extended the term of such agreements for an additional five-year period by entering into amended and restated agreements with each of the Executives.
Under the amended and restated agreements, commencing on July 1, 2022, and on the first day of each calendar quarter for a period of five years, the Bank will make quarterly contributions of $50,000 ($100,000 for Mr. Kennedy) to each Executive’s deferral account provided certain financial metrics have been achieved. Additionally, the amended and restated agreements remove a provision that would require the benefits to be reduced by the amount necessary to avoid any excise tax or penalties under Internal Revenue Code Section 280G. All other terms of the amended and restated agreements remain materially the same.
The foregoing description of the amended and restated agreements does not purport to be complete and is qualified in its entirety by reference to the amended and restated agreements included as Exhibits 10.1, 10.2, and 10.3 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PEAPACK-GLADSTONE FINANCIAL CORPORATION | ||||||
| Dated: March 30, 2022 | By: | /s/ Jeffrey J. Carfora | ||||
| Jeffrey J. Carfora | ||||||
| Senior Executive Vice President and Chief Financial Officer | ||||||