Document:

Exhibit 10.3

                     PEAPACK-GLADSTONE EMPLOYMENT AGREEMENT
                                OF ROBERT ROGERS

         This EMPLOYMENT  AGREEMENT (this "Agreement") is as of January 1, 2007,
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 Robert Rogers (the  "Executive"),  whose home
address is 14 Zellers Road, Long Valley, NJ 07853.

                                   WITNESSETH:

         WHEREAS, the Executive is willing to continue to serve as the President
and Chief Operating Officer of the Company and the Company desires to retain the
Executive in that capacity on the terms and conditions herein set forth; and

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

         Section 1. Term of Employment.  This Agreement shall be effective as of
the date hereof and, subject to earlier  termination as specified herein,  shall
continue until December 31, 2007 (the "Term").

         Section 2. Position and Duties.  During the Term,  the Executive  shall
serve as the President and Chief Operating Officer 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, the Executive shall devote all of his 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 duties  hereunder or conflict in any material way
with the business of the Company and its subsidiaries.

         Section 3. Compensation.  For all services rendered by the Executive in
any capacity required hereunder during the Term, 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  $204,846.99  ("Base  Salary").  Base  Salary  shall be  payable
bi-weekly.

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

<PAGE>

         (c) The  Executive  shall be entitled to five weeks of vacation in each
calendar year during the Term. 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.

         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 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:

            (i) pursuant to a Termination for Cause, or

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

            (iii) pursuant to a Without Cause Termination.

         (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 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:

                  "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 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 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.

<PAGE>

                  "Without  Cause   Termination"  means  a  termination  of  the
                   ----------------------------
         Executive's  employment  by the  Company  other  than due to  Permanent
         Disability,  retirement  or  expiration  of the Term 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 Without Cause Termination,
the Company shall continue to pay the Executive's  Base Salary for a period (the
"Severance Period") equal to the longer of (A) the remainder of the Term, or (B)
one year 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 employment
with the Company (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 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,

<PAGE>

in a form  reasonably  satisfactory  to  the  Company  and  the  Executive  (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 payable hereunder),  (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.

         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 hereof and  thereafter,  the Executive  shall not, except to the
extent  reasonably  necessary in the  performance  of his duties for the Company
during the Term,  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 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
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  employment  not to retain any copies and  deliver  all such
confidential information in his possession to the Company.

         Section 8. Non-Compete; Non-Solicitation.

         (a) During the  period  (the  "Restricted  Period")  commencing  on the
termination of his employment for any reason whatsoever,  except in the event of
Change in Control, during the Term 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.

<PAGE>

         (b)  During  the  Restricted  Period,  and  for a  period  of one  year
thereafter,  the Executive  shall not,  without express prior written consent of
the Company, solicit or assist any other person in soliciting for the account of
any  Competitor,   any  customer  or  client  of  the  Company  or  any  of  its
subsidiaries.

         (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 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. If there is no termination
of  Executive's  employment  during the Term,  the  provisions of this Section 8
shall expire and be of no further  force and effect after the Term.  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:

<PAGE>

         Frank A. Kissel, Chairman & CEO
         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 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

<PAGE>

all of the parties hereto. The provisions of this Section 15 may only be amended
or otherwise modified by such a writing.

         Section 16. 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.

         Section  17.  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 December 11, 2003,
becomes  effective under Section 13b thereof 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 the  Change-in-Control  in
accordance with the terms of Sections 7 and 8 hereof.

         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/ F. Duffield Meyercord
---------------------------                  -------------------------
Secretary

                                         PEAPACK-GLADSTONE BANK

/s/ Antoinette Rosell                    By: /s/ F. Duffield Meyercord
---------------------------                  -------------------------
Secretary

Robert M. Rogers                             /s/ Robert M. Rogers
---------------------------              -----------------------------
                                         EXECUTIVEEXHIBIT 10.4

                     PEAPACK-GLADSTONE EMPLOYMENT AGREEMENT
                              OF ARTHUR BIRMINGHAM

         This EMPLOYMENT  AGREEMENT (this "Agreement") is as of January 1, 2007,
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 Arthur Birmingham (the "Executive"), whose home
address is 14 Apgar Avenue, Gladstone, NJ 07934.

                                   WITNESSETH:

         WHEREAS, the Executive is willing to continue to serve as the Executive
Vice  President  and Chief  Financial  Officer of the  Company  and the  Company
desires to retain the  Executive  in that  capacity on the terms and  conditions
herein set forth; and

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

         Section 1. Term of Employment.  This Agreement shall be effective as of
the date hereof and, subject to earlier  termination as specified herein,  shall
continue until December 31, 2007 (the "Term").

         Section 2. Position and Duties.  During the Term,  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,  the
Executive  shall devote all of his 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 duties  hereunder  or conflict in any  material way with the
business of the Company and its subsidiaries.

         Section 3. Compensation.  For all services rendered by the Executive in
any capacity required hereunder during the Term, 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  $175,583.42  ("Base  Salary").  Base  Salary  shall be  payable
bi-weekly.

<PAGE>

         (b) The Executive  shall be eligible to receive a bonus with respect to
the Term. 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. 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.

         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 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:

            (i) pursuant to a Termination for Cause, or

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

            (iii) pursuant to a Without Cause Termination.

         (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 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:

                  "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 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 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

<PAGE>

         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.

                  "Without  Cause   Termination"  means  a  termination  of  the
                   ----------------------------
         Executive's  employment  by the  Company  other  than due to  Permanent
         Disability,  retirement  or  expiration  of the Term 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 Without Cause Termination,
the Company shall continue to pay the Executive's  Base Salary for a period (the
"Severance Period") equal to the longer of (A) the remainder of the Term, or (B)
one year 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 employment
with the Company (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 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.

<PAGE>

         (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 a form  reasonably  satisfactory to
the Company and the Executive  (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 payable hereunder),  (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.

         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 hereof and  thereafter,  the Executive  shall not, except to the
extent  reasonably  necessary in the  performance  of his duties for the Company
during the Term,  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 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
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  employment  not to retain any copies and  deliver  all such
confidential information in his possession to the Company.

         Section 8. Non-Compete; Non-Solicitation.

         (a) During the  period  (the  "Restricted  Period")  commencing  on the
termination of his employment for any reason whatsoever,  except in the event of
Change in Control, during the Term 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)

<PAGE>

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,  without express prior written consent of
the Company, solicit or assist any other person in soliciting for the account of
any  Competitor,   any  customer  or  client  of  the  Company  or  any  of  its
subsidiaries.

         (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 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. If there is no termination
of  Executive's  employment  during the Term,  the  provisions of this Section 8
shall expire and be of no further  force and effect after the Term.  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

<PAGE>

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:

         Frank A. Kissel, Chairman & CEO
         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 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.

<PAGE>

         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. 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.

         Section  17.  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 December 11, 2003,
becomes  effective under Section 13b thereof 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 the  Change-in-Control  in
accordance with the terms of Sections 7 and 8 hereof.

         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/ F. Duffield Meyercord
---------------------------                  -------------------------
Secretary

                                         PEAPACK-GLADSTONE BANK

/s/ Antoinette Rosell                    By: /s/ F. Duffield Meyercord
---------------------------                  -------------------------
Secretary

Arthur F. Birmingham                         /s/ Arthur F. Birmingham
---------------------------              -----------------------------
                                         EXECUTIVE

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