Document:

EXHIBIT 10.11

EMPLOYMENT AGREEMENT

                THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of this 24th day of October, 2005, by and between METABANK, 121 E. 5th Street, Storm Lake, Iowa 50588 (hereinafter referred to as the “Bank” whether in mutual
or stock form) and Troy Moore III (the “Employee”), who resides at 14731 Lakeview Drive,
Clive, Iowa 50325.

                WHEREAS, the Employee is currently serving as Executive Vice President and Chief Operating Officer;
and

                WHEREAS, the Bank is a publicly held corporation as the subsidiary of Meta Financial Group, Inc. (the
“Holding Company”) and

                WHEREAS, the Board of Directors of the Bank recognizes that, as is the case with publicly held corporations
generally, the possibility of a change in control of the Holding Company and/or the Bank may exist
and that such possibility, and the uncertainty and questions which it may raise among management,
may result in the departure or distraction of key management personnel to the detriment of the Bank,
the Holding Company and its stockholders; and

                WHEREAS, the Board of Directors of the Bank believes it is in the best interests of the Bank to enter

into this Agreement with the Employee in order to assure continuity of management of the Bank and

to reinforce and encourage the continued attention and dedication of the Employee to his assigned

duties without distraction in the face of potentially disruptive circumstances arising from the
possibility
of a change in control of the Holding Company, although no such change is now contemplated;
and

                WHEREAS, the Board of Directors of the Bank has approved and authorized the execution of this Agreement

with the Employee to take effect as stated in Section 4 hereof;

                NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements of

the parties herein contained, it is AGREED as follows:

                1.  Employment. The Employee will be employed as Executive Vice President and Chief Operating Officer of the Bank.
As Executive Vice President and Chief Operating Officer, Employee shall render administrative and
management services as are customarily performed by persons situated in similar executive capacities,
and shall have other powers and duties as may from time to time be prescribed by the Board, provided
that such duties are consistent with the Employee’s position as Executive Vice President and
Chief Operating Officer. The Employee shall continue to devote his best efforts and substantially
all his business time and attention to the business and affairs of the Bank and its subsidiaries
and affiliated companies.

                2. Compensation.

                        (a) Salary. The Bank agrees to pay the Employee during the term of this Agreement a salary established by the
Board of Directors. The salary hereunder as of the Commencement Date (as defined in Section 4 hereof)
shall be at least equal to the Employee’s salary in effect immediately prior to the Commencement
Date. The salary provided for herein shall be payable not less frequently than biweekly in accordance
with the practices of the Bank, provided, however, that no such salary is required to be paid 

by the terms of this Agreement in respect of any month or portion thereof subsequent to the termination
of this Agreement and provided further, that the amount of such salary shall be reviewed by the Board
of Directors not less often than annually and may be increased (but not decreased) from time to time
in such amounts as the Board of Directors in its discretion may decide, subject to the customary
withholding tax and other employee taxes as required with respect to compensation paid by a corporation
to an employee.

                        (b) Discretionary Bonuses. The Employee shall be entitled to participate in an equitable manner with all other executive officers

of the Bank in discretionary bonuses as authorized and declared by the Board of Directors of the

Bank to its executive employees. No other compensation provided for in this Agreement shall be
deemed
a substitute for the Employee’s right to participate in such bonuses when and as declared
by
the Board of Directors.

                        (c) Expenses. During the term of his employment hereunder, the Employee shall be entitled to receive prompt reimbursement

for all reasonable expenses incurred by him (in accordance with policies and procedures at least

as favorable to the Employee as those presently applicable to the senior executive officers of
the
Bank) in performing services hereunder, provided that the Employee properly accounts therefore
in
accordance with Bank policy.

                3. Benefits.

                        (a) Participation in Retirement and Employee Benefit Plans. The Employee shall be entitled while employed hereunder to participate in, and receive benefits under,

all plans relating to stock options, stock purchases, pension, thrift, profit-sharing, group life

insurance, medical coverage, education, cash or stock bonuses, and other retirement or employee
benefits
or combinations thereof, that are now or hereafter maintained for the benefit of the Bank’s

executive employees or for its employees generally.

                        (b) Fringe Benefits. The Employee shall be eligible while employedhereunder to participate in, and receive benefits under,
any other fringe benefits which are or may become applicable to the Bank’s executive employees
or to its employees generally.

                4. Term.  The term of employment under this Agreement shall be a period of three (3) years commencing
on the date of completion of the Conversion (the “Commencement Date”) subject to earlier
termination as provided herein. Beginning on the first anniversary of the Commencement Date, and
on each anniversary thereafter, the term of employment under this Agreement shall be extended for
a period of one year unless either the Bank or the Employee gives contrary written notice to the
other not less than 90 days in advance of the date on which the term of employment under this Agreement
would otherwise be extended, provided that such term will not be automatically extended unless, prior thereto, such extension is approved

by the Board of Directors following the Board’s review of a formal performance evaluation
of
the Employee performed by the disinterested members of the Board of Directors of the Bank and
reflected
in the minutes of the Board of Directors. Reference herein to the term of employment
under this Agreement
shall refer to both such initial term and such extended terms.

                5.  Vacations. The Employee shall be entitled, without loss of pay, to absent himself voluntarily from the performance

of his employment under this Agreement, all such voluntary absences to count as vacation time,
provided
that:

                        (a) the Employee shall be entitled to an annual vacation of not less than five (5) weeks per year;

                        (b) the timing of vacations shall be scheduled in a reasonable manner by the Employee; and

                        (c) solely at the Employee’s request, the Board of Directors shall be entitled to grant to the
Employee a leave or leaves of absence with or without pay at such time or times and upon such terms
and conditions as the Board, in its discretion, may determine.

                6. Termination of Employment; Death.

                        (a) The Board of Directors may terminate the Employee’s employment at any time, but any termination
by the Bank’s Board of Directors, other than termination for cause, shall not prejudice the
Employee’s right to compensation or other benefits under the Agreement. If the employment of
the Employee is involuntarily terminated, other than for “cause” as provided in this Section
6 (a) or pursuant to any of Sections 6 (d) through 6 (g), or by reason of death or disability as
provided in Sections 6 (c) or 7, the Employee shall be entitled to receive, (i) his then applicable
salary for the then-remaining term of the Agreement as calculated in accordance with Section 4 hereof,
payable in such manner and at such times as such salary would have been payable to the Employee under
Section 2 had he remained in the employ of the Bank, and (ii) health insurance benefits as maintained
by the Bank for the benefit of its senior executive employees or its employees generally over the
then-remaining term of the Agreement as calculated in accordance with Section 4 hereof.

                The terms “termination” or “involuntarily terminated” in this Agreement shall refer
to the termination of the employment of Employee without his express written consent. The Employee
shall be considered to be involuntarily terminated (1) if the employment of the Employee is involuntarily
terminated for any reason other than for “cause” as provided in this Section 6 (a), pursuant to any
of Sections 6 (d) through 6 (g) or by reason of death or disability as provided in Sections 6 (c)
and 7; or (2) there occurs a material diminution of or interference with the Employee’s duties,
responsibilities and benefits as Executive Vice President and Chief Operating Officer of the Bank.
By way of example and not by way of limitation, any of the following actions, if unreasonable or
materially adverse to the Employee, shall constitute such diminution or interference unless consented
to in writing by the Employee: (i) a change in the principal workplace of the Employee to a location
more than fifty (50) miles from the Bank’s main office; (ii) a material demotion of the Employee,
a reduction in the number or seniority of other Bank personnel reporting to the Employee, or a reduction
in the frequency with which, or in the nature of the matters with respect to which, such personnel
are to report to the Employee, other than as part of a Bank or Holding Company-wide reduction in
staff; or (iii) a reduction or adverse change in the salary, perquisites, benefits, contingent benefits
or vacation time which had theretofore been provided to the Employee, other than as part of an overall
program applied uniformly and with equitable effect to all members of the senior management of the Bank or the Holding Company.

                In the case of termination of the Employee’s employment for cause, the Bank shall pay the Employee
his salary through the date of termination, and the Bank shall have no further obligation to the
Employee under this Agreement. The Employee shall have no right to receive compensation or other
benefits for any period after termination for cause. For purposes of this Agreement, termination
for “cause” shall include termination because of the Employee’s personal dishonesty,
incompetence, willful misconduct, breach of a fiduciary duty involving personal profit, intentional
failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order, or material breach of any provision
of this Agreement. Notwithstanding the foregoing, the Employee shall not be deemed to have been terminated
for cause unless and until there shall have been delivered to the Employee a copy of a resolution,
duly adopted by the affirmative vote of not less than a majority of the disinterested members of
the Board of Directors of the Bank at a meeting of the Board called and held for such purpose (after reasonable
notice to the Employee and an opportunity for the Employee, together with the Employee’s counsel,
to be heard before the Board), stating that in the good faith opinion of the Board of Employee was guilty of conduct constituting “cause” as set forth above and specifying the particulars thereof in detail.

                        (b) The Employee’s employment may be voluntarily terminated by the Employee at any time upon 90

days written notice to the Bank or upon such shorter period as may be agreed upon between the Employee

and the Board of Directors of the Bank. In the event of such voluntary termination, the Bank shall

be obligated to continue to pay the Employee his salary only through the date of termination, at

the time such payments are due, and the Bank shall have no further obligation to the Employee under

this Agreement.

                        (c) In the event of the death of the Employee during the term of employment under this agreement and

prior to any termination hereunder, the Employee’s estate, or such person as the Employee
may
have previously designated in writing, shall be entitled to receive from the Bank the salary
of the
Employee through the last day of the calendar month in which his death shall have occurred,
and the
term of employment under this Agreement shall end on such last day of the month.

                        (d) If the Employee is suspended from office and/or temporarily prohibited from participating in the
conduct of the Bank’s affairs by a notice served under Section 8 (e) (3) or (g) (1) of the Federal
Deposit Insurance Act (“FDIA”), 12 U.S.C. § 1818 (e) (3); (g) (1), the Bank’s
obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate
proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the
Employee all or part of the compensation withheld while its obligations under this Agreement were
suspended and (ii) reinstate in whole or in part any of the obligations which were suspended. 

                        (e) If the Employee is removed from office and/or permanently prohibited from participating in the

conduct of the Bank’s affairs by an order issued under Section (8) (e) (4) or (g) (1) of the

FDIA, 12 U.S.C. § 1818 (e) (4); (g) (1), all obligations of the Bank under this Agreement
shall
terminate, as of the effective date of the order, but vested rights of the parties shall
not be affected.

                        (f) If the Bank becomes in default (as defined in Section 3 (x) (1) of the FDIA, 12 U.S.C. § 1813

(x) (1)), all obligations under this Agreement shall terminate as of the date of default, but this

provision shall not affect any vested rights of the parties.

                        (g) All obligations under this Agreement shall be terminated, except to the extent determined that

continuation of this Agreement is necessary for the continued operation of the Bank: (i) by the
Director
of the Office of Thrift Supervision (“OTS”) or his or her designee at the time
the Federal
Deposit Insurance Corporation or the Resolution Trust Corporation enters into an agreement
to provide
assistance to or on behalf of the Bank under the authority contained in Section 13 (c)
of the FDIA,
12 U.S.C. § 1823 (c); or (ii) by the Director of the OTS or his or her designee
at the time
the Director of the OTS or his or her designee approves a supervisory merger to resolve
problems
related to operation of the Bank or when the Bank is determined by the Director of the
OTS to be
in unsafe or unsound condition. Any rights of the parties that have already vested, however,
shall
not be affected by any such action.

                        (h) In the event the Bank purports to terminate the Employee for cause, but it is determined by a court
of competent jurisdiction or by an arbitrator pursuant to Section 17 that cause did not exist for
such termination, or if in any event it is determined by any such court or arbitrator that the Bank
has failed to make timely payment of any amounts owed to the Employee under this Agreement, the Employee
shall be entitled to reimbursement for all reasonable costs, including attorneys’ fees, incurred
in challenging such termination or collecting such amounts. Such reimbursement shall be in addition
to all rights to which the Employee is otherwise entitled under this Agreement.

                7.  Disability. If during the term of employment hereunder the Employee shall become disabled or incapacitated to
the extent that he is unable to perform the duties of the Executive Vice President and 

Chief Operating Officer, he shall be entitled to receive disability benefits of the type provided for
other executive employees of the Bank.

                8. Change in Control.

                        (a) Involuntary Termination. If the Employee’s employment is involuntarily terminated (other than for cause or pursuant to

any of Sections 6 (c) through 6 (g) or Section 7 of this Agreement) in connection with or within

12 months after a change in control which occurs at any time during the term of employment under

this Agreement, in addition to any payments under Section 6 (a) of the Agreement, the Bank shall

pay to the Employee in a lump sum in cash within 25 business days after the Date of Termination
(as
hereinafter defined) of employment an amount equal to 299% of the Employee’s “base
amount”
of compensation as defined in Section 280G of the Internal Revenue Code of 1986, as
amended (the
“Code”).

                        (b) Definitions. For purposes of Section 8, 9 and 11 of this Agreement, “Date of Termination” means the
earlier of (i) the date upon which the Bank gives notice to the Employee of the termination of his
employment with the Bank, or (ii) the date upon which the Employee ceases to serve as an Employee
of the Bank; and “change in control” is defined solely as any acquisition of control (other
than pursuant to the Conversion or by a trustee or other fiduciary holding securities under an employee
benefit plan of the Holding Company or a subsidiary of the Holding Company), as defined in 12 C.F.R.
§ 574.4, or any successor regulation, of the Bank or Holding Company which would require the
filing of an application for acquisition of control or notice of change in control in a manner as
set forth in 12 C.F.R. § 574.3, or any successor regulation.

                9. Certain Reduction of Payments by the Bank.

                        (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined

that any payment or distribution by the Bank to or for the benefit of the Employee (whether paid

or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise)

(a “Payment”) would be nondeductible (in whole or part) by the Bank for Federal income

tax purposes because of Section 280G of the Code, then the aggregate present value of amounts payable

or distributable to or for the benefit of the Employee pursuant to this Agreement (such amounts
payable
or distributable pursuant to this Agreement are hereinafter referred to as “Agreement
Payments”)
shall be reduced to the Reduced Amount. The “Reduced Amount” shall be
an amount, not less
than zero, expressed in present value which maximizes the aggregate present
value of Agreement Payments
without causing any Payment to be nondeductible by the Bank because
of Section 280G of the Code.
For purposes of this Section 9, present value shall be determined
in accordance with Section 280G
(d) (4) of the Code.

                        (b) All determinations required to be made under this Section 9 shall be made by the Bank’s independent
auditors, or at the election of such auditors by such other firm or individuals of recognized expertise
as such auditors may select (such auditors or, if applicable, such other firm or individual, are
hereinafter referred to as the “Advisory Firm”). The Advisory Firm shall within ten business
days of the Date of Termination, or at such earlier time as is requested by the Bank, provide to
both the Bank and the Employee an opinion (and detailed supporting calculations) that the Bank has
substantial authority to deduct for federal income tax purposes the full amount of the Agreement
Payments and that the Employee has substantial authority not to report on his federal income tax
return any excise tax imposed by Section 4999 of the Code with respect to the Agreement Payments.
Any such determination and opinion by the Advisory Firm shall be binding upon the Bank and the Employee.
The Employee shall determine which and how much, if any, of the Agreement Payments shall be eliminated or reduced consistent with the
requirements of this Section 9, provided that, if the Employee does not make such determination within

ten business days of the receipt of the calculations made by the Advisory Firm, the Bank shall elect
which and how much, if any, of the Agreement Payments shall be eliminated or reduced consistent with
the requirements of this Section 9 and shall notify the Employee promptly of such election. Within
five business days of the earlier of (i) the Bank’s receipt of the Employee’s determination
pursuant to the immediately preceding sentence of this Agreement or (ii) the Bank’s election
in lieu of such determination, the Bank shall pay to or distribute to or for the benefit of the Employee
such amounts as are then due the Employee under this Agreement. The Bank and the Employee shall cooperate
fully with the Advisory Firm, including without limitation providing to the Advisory Firm all information
and materials reasonably requested by it, in connection with the making of the determinations required
under this Section 9.

                        (c) As a result of uncertainty in application of Section 280G of the Code at the time of the initial
determination by the Advisory Firm hereunder, it is possible that Agreement Payments will have been
made by the Bank which should not have been made (“Overpayment”) or that additional Agreement
Payments will not have been made by the Bank which should have been made (“Underpayment”),
in each case, consistent with the calculations required to be made hereunder. In the event that the Advisory
Firm, based upon the assertion by the Internal Revenue Service against the Employee of a deficiency
which the Advisory Firm believes has a high probability of success determines that an Overpayment
has been made, any such Overpayment paid or distributed by the Bank to or for the benefit of Employee
shall be treated for all purposes as a loan ab initio which the Employee shall repay to the Bank together with interest at the applicable federal rate provided

for in Section 7872 (f) (2) of the Code; provided, however, that no such loan shall be deemed to

have been made and no amount shall be payable by the Employee to the Bank if and to the extent
such
deemed loan and payment would not either reduce the amount on which the Employee is subject
to tax
under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the
event that
the Advisory Firm, based upon controlling preceding or other substantial authority,
determines that
an Underpayment has occurred, any such Underpayment shall be promptly paid by the
Bank to or for
the benefit of the Employee together with interest at the applicable federal rate
provided for in
Section 7872 (f) (2) of the Code.

                        (d) The total of payments to the Employee in the event of involuntary termination of employment under
Section 6(a) and Section 8(a) shall not exceed three times his average annual compensation from the
Bank over the five most recent taxable years (or, if employed by the Bank for a shorter period, over
the period of his employment by the Bank).

                        (e) Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and

conditioned upon their compliance with 12 U.S.C. 1828(k) and any regulations promulgated thereunder.

                10. Non-competition

                        (a) Upon the expiration of the term of the Employee’s employment hereunder or in the event the
Employee’s employment hereunder terminates prior thereto for any reason whatsoever, the Employee
shall not, for a period of one (1) year after the occurrence of such event, for himself, or as the
agent of, on behalf of, or in conjunction with, any person or entity, solicit or attempt to solicit,
whether directly or indirectly: (i) any employee of the Bank to terminate such employee’s employment
relationship with the Bank; or (ii) any savings and loan, banking or similar business from any person
or entity that is or was a client, employee, or customer of the Bank and had dealt with the Employee
or any other employee of the Bank under the supervision of the Employee.

                        (b) In the event Employee voluntarily resigns pursuant to section 6 (b) of this Agreement, or in the
event the Employee’s employment hereunder is terminated for cause, the Employee shall not, for
a 

period of one (1) year from the date of termination, directly or indirectly, own, manage, operate or
control, or participate in the ownership, management, operation or control of, or be employed by
or connected in any manner with, any financial institution having an office located within fifty
(50) miles of any office of the Bank as of the date of termination.

                        (c) The provisions of subsections (a) and (b) hereof shall not prevent the Employee from purchasing,
solely for investment, not more than five percent (5%) of any financial institution’s stock
or other securities which are traded on any national or regional securities exchange or are actively
traded in the over-the-counter market and registered under Section 12 (g) of the Securities Exchange
Act of 1934.

                        (d) The provisions of this Section shall survive the termination of the Employee’s employment
hereunder whether by expiration of the term thereof or otherwise.

                11. No Assignments.

                        (a) This Agreement is personal to each of the parties hereto, and neither party may assign or delegate
any of its rights or obligations hereunder without first obtaining the written consent of the other
party; provided, however, that the Bank will require any successor or assign (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Bank, by an assumption agreement in form and substance satisfactory to the Employee,
to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that the Bank would be required to perform it if no such succession or assignment had taken place.
Failure of the Bank to obtain such an assumption agreement prior to the effectiveness of any such
succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation
from the Bank in the same amount and on the same terms as the compensation pursuant to Section 8(a)
hereof. For purposes of implementing the provisions of this Section 11 (a), the date on which any
such succession becomes effective shall be deemed the Date of Termination.

                        (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable
by the Employee’s personal and legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. If the Employee should die while any amounts would still
be payable to the Employee hereunder if the Employee had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Employee’s
devisee, legatee or other designee or if there is no such designee, to the Employee’s estate.

                12.  Notice. For the purposes of this Agreement, notices and all other communications provided for in the Agreement

shall be in writing and shall be deemed to have been duly given when personally delivered or sent

by certified mail, return receipt requested, postage prepaid, addressed to the respective addresses

set forth on the first page of this Agreement (provided that all notices to the Bank shall be directed

to the attention of the Board of Directors of the Bank with a copy to the Secretary of the Bank),

or to such other address as either party may have furnished to the other in writing in accordance

herewith.

                13.  Amendments. No amendments or additions to this Agreement shall be binding unless in writing and signed by both

parties, except as herein otherwise provided.

                14.  Paragraph Headings. The paragraph headings used in this Agreement are included solely for convenience and shall not affect,

or be used in connection with, the interpretation of this Agreement.

                15.  Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability

of any provision shall not affect the validity or enforceability of the other provisions hereof.

                16.  Governing Law. This Agreement shall be governed by the laws of the United States to the extent applicable and otherwise
by the laws of the State of Iowa.

                17.  Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively

by arbitration in accordance with the rules of the American Arbitration Association then in effect.

Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

                IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION

WHICH MAY BE ENFORCED BY THE PARTIES.

	 	 
	 	 	METABANK 
	 	 	 	  
	 	 	By: /s/ E. Wayne Cooley
	 	 	 	————————————————
	 	 	E. Wayne Cooley
	 	 	Chairman, Compensation Committee
	 	 	 	 
	 	 	 	 
	 	 	 EMPLOYEE
	 	 	 	  
	 	 	/s/ Troy Moore III
	 	 	————————————————
	 	 	Troy Moore IIIExhibit 10.1

                     PEAPACK-GLADSTONE EMPLOYMENT AGREEMENT
                                 OF FRANK KISSEL

            This  EMPLOYMENT  AGREEMENT  (this  "Agreement") is as of January 1,
2006,  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 Frank  Kissel (the  "Executive"),  whose home
address is 875 Lamington Road, Bedminster, New Jersey 07821.

                                   WITNESSETH:

            WHEREAS,  the  Executive  is  willing  to  continue  to serve as the
Chairman and Chief  Executive  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, 2006 (the "Term").

            Section 2. Position and Duties. During the Term, the Executive shall
serve as the Chairman and Chief Executive 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  $311,017.50  ("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.

            (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.

<PAGE>

            (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.

            "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

<PAGE>

      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,  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.

<PAGE>

            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  during the Term and
ending two years  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,  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,  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

<PAGE>

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:

            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 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

<PAGE>

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.  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
-------

                                    By: /s/ Bridget J. Walsh
----------------------------            ---------------------------
Secretary                               Bridget J. Walsh

                                    PEAPACK-GLADSTONE BANK

<PAGE>

                                    By: /s/ Frank A. Kissel
----------------------------           ---------------------------
Secretary

                                    Frank A. Kissel
----------------------------        ------------------------------
                                    EXECUTIVE

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