PEAPACK-GLADSTONE FINANCIAL CORPORATION (NASDAQ:PGC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 22, 2017, Peapack-Gladstone Financial Corporation (the “Corporation”), announced that Finn M. W. Caspersen, Jr., Chief Strategy Officer and General Counsel, resigned from his positions and from the Board of Directors of Peapack-Gladstone Bank (the “Bank”) and the Corporation, effective December 31, 2017.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is the press release of the Corporation dated November 22, 2017 relating to Mr. Caspersen’s resignation.
Subject to the receipt from Mr. Caspersen of an acceptable general release, the Corporation has agreed to pay Mr. Caspersen severance of $640,000 payable over a two-year period, pay him a bonus in respect of the 2017 fiscal year in the amount of $176,000 (payable in March 2018), fully vest 19,355 shares of restricted stock, at today’s price that would be valued at approximately $626,328, which would have vested over the next several years and other perquisites that are consistent with other executives at his level.
Mr. Caspersen will continue to provide consulting services to the Corporation and the Bank for the three-month period ending March 31, 2018 to assist with the transition of his services. Mr. Caspersen will be paid a total of $80,000 for his consulting services.
Item 9.01. Financial Statements and Exhibits.
| (d) | The following exhibits are filed with this report: |
Exhibit 99.1Press release dated November 22, 2017.
PEAPACK GLADSTONE FINANCIAL CORP ExhibitEX-99.1 2 ex99-1.htm EX-99.1 Exhibit 99.1 PEAPACK-GLADSTONE FINANCIAL CORPORATION ANNOUNCES DEPARTURE OF FINN M. W. CASPERSEN JR.,…To view the full exhibit click here
About PEAPACK-GLADSTONE FINANCIAL CORPORATION (NASDAQ:PGC)
Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Bank provides private banking services to businesses, non-profits and consumers through its private banking locations in Bedminster, Morristown, Princeton and Teaneck, New Jersey; wealth management division, and branch network in Somerset, Morris, Hunterdon, Middlesex and Union counties. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automatic teller machines; telephone and Internet banking services; merchant credit card services, and customer support sales. The Private Wealth Management Division includes asset management services, personal trust services and corporate trust services.