Exhibit 10 F 2

                     PEAPACK-GLADSTONE EMPLOYMENT AGREEMENT
                               OF CRAIG SPENGEMAN

            This  EMPLOYMENT  AGREEMENT is as of January 1, 2008, by and between
Peapack-Gladstone Financial Corporation ("PGFC") and Peapack-Gladstone Bank (the
"Bank")  (PGFC  and  the  Bank  are  collectively  referred  to  herein  as  the
"Company"),  and EXECUTIVE CRAIG SPENGEMAN ("Executive"),  whose home address is
117 Apgar Way, Asbury NJ 08802,

                                   WITNESSETH:

            WHEREAS,  the  Company  desires to employ  Executive  pursuant to an
agreement  embodying  the  terms  of  such  employment  (this  "Agreement")  and
Executive  desires to enter into this  Agreement and to accept such  employment,
subject to the terms and provisions of this Agreement; and

            NOW,  THEREFORE,  in consideration of the mutual covenants contained
herein, the parties agree as follows:

            Section 1. Term of Employment.

            (a)   The term of Executive's  employment under this Agreement shall
commence on January 1, 2008 (the "Effective  Date") and end on December 31, 2009
(the "Original Term of  Employment"),  unless  terminated  earlier in accordance
herewith.

            (b)   The Original Term of Employment shall be automatically renewed
for successive  one-year terms (the "Renewal Terms") so long as the Company does
not, prior to 60 days before such  expiration  date,  deliver a notification  of
non-renewal to Executive  stating that the Company is electing to terminate this
Agreement at the  expiration  of the then current Term of  Employment.  "Term of
Employment" shall mean the Original Term of Employment and all Renewal Terms. In
the event that this  Agreement is not renewed  because the Company has given the
60-day notice prescribed in the preceding  paragraph on or before the expiration
of the Original Term of Employment or any Renewal Term, such  non-renewal  shall
be treated as a "Termination Without Cause" pursuant to Section 5.

            Section 2. Position and Duties.  During the Term of Employment,  the
Executive  shall serve as the  "PRESIDENT" of the Company.  The Executive  shall
have such powers and duties as are commensurate with such position and as may be
conferred  upon him by the Board of  Directors  of the  Company  (the  "Board").
During  the Term of  Employment,  the  Executive  shall  devote  all of  his/her
business  time,  attention,  skill and efforts  exclusively  to the business and
affairs of the Company and its subsidiaries.  Notwithstanding the foregoing, the
Executive may engage in charitable,  educational,  religious,  civic and similar
types of activities, speaking engagements,  membership on the board of directors
of  other  organizations,  and  similar  activities  to  the  extent  that  such
activities  do not  inhibit  the  performance  of his/her  duties  hereunder  or
conflict  in any  material  way  with  the  business  of  the  Company  and  its
subsidiaries.

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            Section 3. Compensation.  For all services rendered by the Executive
in any capacity  required  hereunder  during the Term of Employment,  including,
without limitation, services as an executive officer, director, or member of any
committee  of the Company or any of its  subsidiaries,  the  Executive  shall be
compensated as follows:

            (a)   The Company  shall pay the  Executive a fixed salary at a rate
per  annum  equal to  $250,000("Base  Salary").  Base  Salary  shall be  payable
bi-weekly.

            (b)   The  Executive  shall be  eligible  to  receive  a bonus  with
respect to the Term of  Employment.  The amount,  terms and  conditions  of such
bonus shall be determined in due course by the Board.

            (c)   The  Executive  shall be entitled to five weeks of vacation in
each calendar  year during the Term of  Employment.  The Executive  shall not be
entitled  to  carryover  vacation  from one year to another or to any payment in
respect of any unused vacation.

            (d)   The  Executive   shall  be  entitled  to  participate  in  all
compensation and employee benefit plans for which any salaried  employees of the
Company are eligible.  Notwithstanding the foregoing,  nothing in this Agreement
shall  preclude  the  amendment  or  termination  of any such  plan or  program.
Executive  will not be entitled to  severance  under any  severance  plan of the
Company other than pursuant to this Agreement.

            Section 4. Business Expenses. The Company shall pay or reimburse the
Executive for all reasonable entertainment, travel or other expenses incurred by
the Executive in connection  with the  performance  of his/her duties under this
Agreement,  subject to the Executive's presentation of appropriate documentation
in  accordance  with  such  procedures  as the  Company  may  from  time to time
establish.

            Section 5. Termination of Employment.

            (a)   The  Company  shall have the right,  upon  delivery of written
notice to the Executive, to terminate the Executive's employment hereunder prior
to the expiration of the Term of Employment:

                  (i) pursuant to a Termination for Cause, or

                  (ii) upon the Executive's Permanent Disability, or

                  (iii) pursuant to a Termination Without Cause.

            (b)   The Executive  shall have the right,  upon delivery of written
notice to the Company 30 days in advance of the proposed  termination  date,  to
terminate the  Executive's  employment  hereunder prior to the expiration of the
Term of Employment in the Executive's sole discretion.

            (c)   The   Executive's   employment   hereunder   shall   terminate
automatically without action by any party hereto upon the Executive's death.

            (d)   For purposes of this  Agreement,  the following terms have the
following meanings:

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                  "Termination for Cause" means a termination of the Executive's
      employment by the Company because the Executive has (a) materially  failed
      to perform the duties  assigned to him  hereunder  or imposed  upon him by
      applicable  law,  and such  failure to perform  constitutes  self-dealing,
      willful misconduct or recklessness,  (b) committed an act of dishonesty in
      the  performance  of  his/her  duties  hereunder  or  engaged  in  conduct
      materially  detrimental to the business of the Company, (c) been convicted
      of a felony or a misdemeanor  involving  moral  turpitude,  (d) materially
      failed to perform  his/her duties  hereunder,  which breach or failure the
      Executive  shall fail to remedy within 30 days after  written  demand from
      the Company, (e) knowingly failed to follow lawful,  written directives of
      the Board,  or (f) engaged in any  material  employment  act or  practice,
      including but not limited to sexual  harassment,  forbidden by the Company
      in its employment manual as revised from time to time.

                  "Termination   Without  Cause"  means  a  termination  of  the
      Executive's  employment  by  the  Company  other  than  due  to  Permanent
      Disability,  retirement or expiration of the Term of Employment  and other
      than a Termination for Cause.

                  "Permanent  Disability"  means  permanently  disabled so as to
      qualify for full  benefits  under the Company's  then-existing  disability
      insurance  policy. If the Company does not maintain any such policy on the
      date of termination,  "Permanent  Disability"  shall mean the inability of
      the Executive to work for a period of four full calendar months during any
      eight  consecutive  calendar months due to illness or injury of a physical
      or mental nature, supported by the completion by the Executive's attending
      physician of a medical  certification  form  outlining the  disability and
      treatment.

            Section 6. Benefits Upon Termination.

            (a)   In lieu of any severance  that may otherwise be payable to the
Executive pursuant to any policies of the Company,  whether existing on the date
hereof or in effect from time to time  hereafter,  in the event that the Company
terminates the Executive's  employment  pursuant to a Termination Without Cause,
the Company shall continue to pay the Executive's  Base Salary for a period (the
"Severance Period") equal two years from the effective date of such termination.
The Executive  also shall be entitled to any earned but unpaid Base Salary as of
the effective  date of  termination  of  employment.  No other payments shall be
made,  or benefits  provided,  by the  Company  under this  Agreement  except as
otherwise required by law or the Company's benefit plans.

            (b)   In the  event  that the  Company  terminates  the  Executive's
employment  pursuant  to a  Permanent  Disability,  the  Company  shall  pay the
Executive  any earned but unpaid  Base Salary as of the date of  termination  of
employment.  No other  payments  shall be made,  or  benefits  provided,  by the
Company  under  this  Agreement  except  as  otherwise  required  by  law or the
Company's benefit plans.

            (c)   In the  event  that the  Company  terminates  the  Executive's
employment  pursuant  to a  Termination  for Cause or the  Executive  terminates
his/her  employment  with  the  Company  for  any  reason  (including,   without
limitation, pursuant to any retirement), the Company shall pay the Executive any
earned but unpaid Base Salary as of the date of termination of

<PAGE>

employment.  No other  payments  shall be made,  or  benefits  provided,  by the
Company under this Agreement or otherwise  except to the extent  required by law
or the Company's benefit plans.

            (d)   In the event  that the  Executive's  employment  hereunder  is
terminated due to the Executive's  death,  the Company shall pay the Executive's
executor or other legal  representative  (the  "Representative")  any earned but
unpaid  Base  Salary  as of the  date of  termination  of  employment.  No other
payments shall be made, or benefits provided,  by the Company whether under this
Agreement or  otherwise  except to the extent  required by law or the  Company's
benefit plans.

            (e)   Any  payments  to be made or  benefits  to be  provided by the
Company  pursuant to this Section 6 (other than in the event of the  Executive's
death or Permanent  Disability)  are subject to the receipt by the Company of an
effective  general  release  and  agreement  not to sue,  in form and  substance
reasonably  satisfactory  to the Company (the  "Release")  pursuant to which the
Executive  agrees (i) to release  all claims  against  the  Company  and certain
related parties  (excluding claims for (x)  indemnification  under the Company's
Certificate of  Incorporation  or by-laws or (y) any severance  benefits arising
out of this  Agreement or  otherwise),  (ii) not to maintain  any action,  suit,
claim or proceeding  against the Company,  its  subsidiaries  and affiliates and
certain related parties,  and (iii) to be bound by certain  confidentiality  and
mutual  non-disparagement  covenants specified therein.  Notwithstanding the due
date of any post-employment  payment, the Company shall not be obligated to make
any payments  under this Section 6 until after the  expiration of any revocation
period applicable to the Release.

            (f)   The Executive  shall not be required to mitigate the severance
payments  to be  made  to  him  hereunder  and if the  Executive  obtains  other
employment while receiving  severance payments hereunder he shall continue to be
entitled to the benefits of this Agreement.

            (g)   Notwithstanding  anything  else herein to the contrary in this
Section 5 or otherwise, distributions to be made to Executive may be delayed for
up to 6 months in order to avoid  adverse tax  implications  to  Executive,  the
Company or other similarly situated employees under Section 409A of the Internal
Revenue Code of 1986 (the "Code").  At the end of such period of delay, you will
be paid the delayed  payment  amounts,  plus interest for the period of any such
delay.  For purposes of the  preceding  sentence,  interest  shall be calculated
using  the six (6) month  Treasury  Bill rate in effect on the date on which the
payment is delayed, and shall be compounded daily.

            Section 7. Confidential  Information.  The Executive and the Company
agree that all  information  pertaining to the affairs,  business,  clients,  or
customers of the Company or any of its subsidiaries, other than information that
the Company has previously made publicly available, is confidential  information
belonging to the Company and is a unique and valuable asset of the Company. Both
during the Term of Employment  hereof and  thereafter,  the Executive shall not,
except to the extent  reasonably  necessary in the performance of his/her duties
for  the  Company  during  the  Term of  Employment,  disclose  any  information
concerning the affairs, businesses,  clients, or customers of the Company or its
subsidiaries,  or make use of any such  information  for his/her own purposes or
for the  benefit  of any  other  person,  firm,  or  corporation.  All  records,
memoranda, letters, books, papers, reports, or other data, and other records and
documents  relating  to the  Company or its  subsidiaries,  whether  made by the
Executive or otherwise coming into his/her

<PAGE>

possession, shall remain the property of the Company, no copies thereof shall be
made  which are not  retained  by the  Company,  and the  Executive  agrees,  on
termination of his/her  employment not to retain any copies and deliver all such
confidential information in his/her possession to the Company.

            Section 8. Non-Compete; Non-Solicitation.

            (a)   During the period (the "Restricted  Period") commencing on the
termination of his/her employment for any reason whatsoever, except in the event
of  Change  in  Control,  during  the Term of  Employment  and  ending  one year
thereafter,  the Executive  shall not,  without express prior written consent of
the Company, directly or indirectly, own or hold any proprietary interest in, or
be employed by or receive remuneration from, any corporation,  partnership, sole
proprietorship  or  other  entity   (collectively,   an  "entity")  "engaged  in
competition"  (as defined below) with the Company or any of its  subsidiaries (a
"Competitor"). For purposes of the preceding sentence, (i) the term "proprietary
interest" means direct or indirect  ownership of an equity interest in an entity
other  than  ownership  of  less  than  2  percent  of  any  class  stock  in  a
publicly-held  entity,  and (ii) an entity shall be considered to be "engaged in
competition"  if such entity is, or is a holding  company for or a subsidiary of
an entity  which is engaged in the  business  of (A)  providing  banking,  trust
services,  asset management  advice, or similar financial services to consumers,
businesses individuals or other entities, and (B) the entity, holding company or
subsidiary  maintains any physical  offices for the transaction of such business
located within 50 miles of the main office of the Company.

            (b)   During  the  Restricted  Period,  and for a period of one year
thereafter,  the Executive shall not, either directly or indirectly, for himself
or on behalf of or in conjunction with any other person,  company,  partnership,
corporation or business of whatever  nature,  (i) call upon any person or entity
which  is or has  been  within  24  months  prior  to the  termination  or other
cessation of Executive's employment for any reason, a customer of the Company or
any  subsidiary  (each a  "Customer")  for the  direct or  indirect  purpose  of
soliciting or selling deposit, loan or trust products or services or (ii) induce
any Customer to curtail,  cancel, not renew, or not continue their business with
the Company or any subsidiary.

            (c)   During  the  Restricted  Period,  and for a period of one year
thereafter,  the Executive shall not,  without the express prior written consent
of the Company, directly or indirectly, (i) solicit or assist any third party in
soliciting  for  employment  any person  employed  by the  Company or any of its
subsidiaries  at the  time  of the  termination  of the  Executive's  employment
(collectively, "Employees"), (ii) employ, attempt to employ or materially assist
any third party in  employing or  attempting  to employ any  Employee,  or (iii)
otherwise  act on behalf of any  Competitor to interfere  with the  relationship
between the Company or any of its subsidiaries and their respective Employees.

            (d)   The Executive  acknowledges that the restrictions contained in
this Section 8 are reasonable and necessary to protect the legitimate  interests
of the Company and that any breach by the Executive of any  provision  contained
in this Section 8 will result in  irreparable  injury to the Company for which a
remedy at law would be inadequate.  Accordingly, the Executive acknowledges that
the Company shall be entitled to temporary, preliminary and permanent injunctive
relief against the Executive in the event of any breach or threatened  breach by
the  Executive  of the  provisions  of this  Section 8, in addition to any other
remedy that may be available

<PAGE>

to the Company  whether at law or in equity.  With  respect to any  provision of
this Section 8 finally  determined  by a court of competent  jurisdiction  to be
unenforceable,  such court shall be authorized  to reform this  Agreement or any
provision  hereof so that it is enforceable  to the maximum extent  permitted by
law. If the  covenants  of Section 8 are  determined  to be wholly or  partially
unenforceable in any jurisdiction,  such determination  shall not be a bar to or
in any way diminish the Company's  right to enforce such  covenants in any other
jurisdiction  and  shall  not  bar or  limit  the  enforceability  of any  other
provisions.

            (e)   The provisions of this Section 8 shall survive the termination
of the Executive's employment with the Company for any reason whatsoever so long
as the termination of employment occurs during the Term of Employment.  If there
is no termination of Executive's  employment during the Term of Employment,  the
provisions  of this Section 8 shall expire and be of no further force and effect
after the Term of Employment. The Company shall not be required to post any bond
or other security in connection with any proceeding to enforce the provisions of
this Section 8.

            Section 9.  Withholdings.  The  Company may  directly or  indirectly
withhold from any payments made under this Agreement all Federal, State, City or
other taxes and all other deductions as shall be required pursuant to any law or
regulation  or pursuant to any  contributory  benefit plan  maintained  by or on
behalf of the Company.

            Section  10.  Notices.  All  notices,  requests,  demands  and other
communications  required or  permitted  hereunder  shall be given in writing and
shall be deemed to have been duly given if delivered or mailed, postage prepaid,
by same day or overnight mail (i) if to the Executive,  at the address set forth
above, or (ii) if to the Company, as follows:

            The Board Of Directors
            Peapack-Gladstone Bank
            158 Route 206 North
            Gladstone, NJ 07934

or to such other  address as either  party shall have  previously  specified  in
writing to the other.

            Section 11. Binding Agreement;  Assignment.  This Agreement shall be
binding  upon and shall inure to the benefit of, the  Executive  and the Company
and its  successors  and permitted  assigns.  This  Agreement is personal to the
Executive  and may not be assigned by him. The Company may assign its rights and
obligations   under  this  Agreement  in  connection  with  a  sale  of  all  or
substantially  all of the  business of PGFC or the Bank.  Any  successor  to the
Company by merger or  consolidation  shall be entitled  to the  benefits of this
Agreement.

            Section 12.  Governing Law. This Agreement shall be governed by, and
construed in  accordance  with,  the  internal  laws of the State of New Jersey,
without reference to the choice of law principles thereof.

            Section 13. Dispute Resolution.  At the option of either the Company
or the Executive, any dispute,  controversy or question arising under, out of or
relating  to this  Agreement,  the  Executive's  employment  or  termination  of
employment, including but not limited to any and all

<PAGE>

statutory claims involving workplace  discrimination or wrongful discharge,  but
excluding  claims  pursuant  to Sections 7 or 8 hereof,  shall be  referred  for
decision  by  arbitration  in the State of New  Jersey  by a neutral  arbitrator
mutually  selected by the parties hereto.  Any arbitration  proceeding  shall be
governed by the Rules of the American Arbitration  Association then in effect or
such last in effect (in the event such  Association  is no longer in existence).
If the parties are unable to agree upon such a neutral arbitrator within 21 days
after  either party has given the other  written  notice of the desire to submit
the dispute,  controversy  or question for  decision as  aforesaid,  then either
party may apply to the American Arbitration  Association for a final and binding
appointment of a neutral arbitrator; however, if such Association is not then in
existence or does not act in the matter within 45 days of any such  application,
either  party  may  apply  to a judge  of the  local  court  where  the  Bank is
headquartered for an appointment of a neutral arbitrator to hear the parties and
such  judge is hereby  authorized  to make such  appointment.  In the event that
either party  exercises the right to submit a dispute,  controversy  or question
arising hereunder to arbitration,  the decision of the neutral  arbitrator shall
be final,  conclusive and binding on all interested persons and no action at law
or in equity shall be instituted or, if instituted, further prosecuted by either
party other than to enforce the award of the  neutral  arbitrator.  The award of
the neutral  arbitrator may be entered in any court that has  jurisdiction.  The
Executive  and the Company  shall each bear all their own costs  (including  the
fees  and  disbursements  of  counsel)  incurred  in  connection  with  any such
arbitration and shall each pay one-half of the costs of any arbitrator.

            Section 14. Entire  Agreement.  This Agreement shall  constitute the
entire  agreement  among the parties with respect to the matters  covered hereby
and shall supersede all previous written,  oral or implied  understandings among
them with respect to such matters.

            Section  15.  Amendments.  This  Agreement  may only be  amended  or
otherwise modified, and compliance with any provision hereof may only be waived,
by a writing  executed  by all of the parties  hereto.  The  provisions  of this
Section 15 may only be amended or otherwise modified by such a writing.

            Section 16. Effect on Change-in-Control  Agreement.  Notwithstanding
anything  else to the  contrary  in  this  Agreement,  if the  Change-in-Control
Agreement  between the Company  and the  Executive,  dated as of January 1, 2008
becomes  effective  due  to a  Change-in-Control  of  the  Company  (as  defined
therein),  while the Executive remains employed by the Company,  this Agreement,
including,  without  limitation,  Sections  7 and 8  hereof,  shall no longer be
effective in any respect but instead the relationship  between the Executive and
the  Company  shall  be  governed  by the  Change-in-Control  Agreement.  If the
Executive  is  terminated  prior to a  Change-in-Control  of the  Company,  then
Sections 7 and 8 hereof shall survive any Change-in-Control.

<PAGE>

            Section  17.  Counterparts.  This  Agreement  may be executed in any
number of counterparts, each of which shall be deemed to be an original, and all
of which shall together be deemed to constitute one and the same instrument.

            IN WITNESS WHEREOF,  PGFC and the Bank have caused this Agreement to
be  duly  executed  by the  undersigned,  thereunto  duly  authorized,  and  the
Executive has signed this Agreement, all as of the date first written above.

      WITNESS                             PEAPACK-GLADSTONE
      -------                              FINANCIAL CORPORATION

      /s/ Antoinette Rosell               By: /s/ Frank A. Kissel
      Antoinette Rosell, Secretary        Frank A. Kissel, Chairman

      ATTEST:                             PEAPACK-GLADSTONE BANK

      /s/ Antoinette Rosell               By: /s/ Frank A. Kissel
      Antoinette Rosell, Secretary        Frank A. Kissel, Chairman

      /s/ Bridget J. Walsh                By: /s/ Craig C. Spengeman