Document:

Exhibit (10) T

AMENDED AND RESTATED

CHANGE-IN-CONTROL AGREEMENT

VINCENT SPERO

THIS AMENDED AND RESTATED
CHANGE-IN-CONTROL AGREEMENT (this “Agreement”), is made as of this DECEMBER 4, 2013(the “Effective Date”),
among PEAPACK-GLADSTONE BANK (the “Bank”), a New Jersey state banking association with its principal office at 190
Main Street, Gladstone, New Jersey 07934, PEAPACK-GLADSTONE FINANCIAL CORPORATION (“Peapack”), a New Jersey Corporation
which maintains its principal office at 500 Hills Drive, Bedminster, NJ 07921 (Peapack and the Bank collectively are the “Company”)
and Vincent Spero. (the “Executive”).

 

BACKGROUND

 

WHEREAS,
the Company and the Executive previously entered into that certain Amended and Restated Change-in-Control Agreement dated SEPTEMBER
28, 2009 (the “Existing Agreement”), pursuant to which the Executive was entitled to termination benefits in the event
of a termination of employment following the Change in Control of the Company;

WHEREAS,
the Company and the Executive now desire to amend and restate the Existing Agreement in its entirety to remove the gross-up provision
on parachute payments within the meaning of section 280G of the Internal Revenue Code of 1986, as amended and the regulations promulgated
thereunder (the “Code”), reduce and modify certain severance amounts payable to the Executive upon a termination of
employment and to make certain other clarify changes;

WHEREAS,
in consideration for these changes to the Existing Agreement, the Executive will be entitled to receive an equity grant in the
amount of $68,850 on the Effective Date, pursuant to the restrictions and conditions set forth in the Company’s 2012 Long-Term
Stock Incentive Plan and the award agreement evidencing such equity grant; and

WHEREAS,
this Agreement replaces and supersedes the Existing Agreement in its entirety.

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein, the Company and the Executive, each intending to be legally
bound hereby agree as follows:

1.          Definitions

a.          Cause.
For purposes of this Agreement “Cause” with respect to the termination by the Company of the Executive’s employment
shall mean (i) willful and continued failure by the Executive to perform his duties for the Company under this Agreement after
at least one warning in writing from the Board of Directors of Peapack (the “Board”) identifying specifically any such
failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the Company as specified in a
written notice to the Executive from the Board; or (iii) conviction of a crime, other than a traffic violation, habitual drunkenness,
drug abuse, or excessive absenteeism other than for illness, after a warning (with respect to drunkenness or absenteeism only)
in writing from the Board to refrain from such behavior. No act or failure to act on the part of the Executive shall be considered
willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or
omission was in the best interest of the Company.

b.          Change
in Control. “Change in Control” means any of the following events: (i) when any person (as such term is used in
Sections 13(d) and 14(d)(2) of the Exchange Act), other than an affiliate of Peapack or a Subsidiary or an employee benefit plan
established or maintained by Peapack, a Subsidiary or any of their respective affiliates, is or becomes the beneficial owner (as
defined in Rule 13d-3 of the Exchange Act) directly or indirectly, of securities of Peapack representing more than thirty percent
(30%) of the combined voting power of Peapack’s then outstanding securities (a “Control Person”), (ii) upon the
consummation of (A) a merger or consolidation of Peapack with or into another corporation (other than a merger or consolidation
which is approved by at least two-thirds of the Continuing Directors (as hereinafter defined) and the definitive agreement for
which provides that at least two-thirds of the directors of the surviving or resulting corporation immediately after the transaction
are Continuing Directors (a “Non-Control Transaction”), or (B) a sale or disposition of all or substantially all of
Peapack’s assets, (iv) if during any one (1) year period , individuals who at the beginning of such period constitute the
Board (the “Continuing Directors”) cease for any reason to constitute at least a majority thereof or, following a Non-Control
Transaction, a majority of the board of directors of the surviving or resulting corporation; provided that any individual
whose election or nomination for election as a member of the Board (or, following a Non-Control Transaction, the board of directors
of the surviving or resulting corporation) was approved by a vote of at least two-thirds of the Continuing Directors then in office
shall be considered a Continuing Director, or (v) upon a sale of (A) common stock of the Bank if after such sale any person (as
such term is used in Section 13(d) and 14(d)(2) of the Exchange Act) other than Peapack, an employee benefit plan established or
maintained by Peapack or a Subsidiary, or an affiliate of Peapack or a Subsidiary, owns a majority of the Bank’s common stock
or (B) all or substantially all of the Bank’s assets (other than in the ordinary course of business). No person shall be
considered a Control Person for purposes of clause (i) above if (A) such person is or becomes the beneficial owner, directly or
indirectly, of more than ten percent (10%) but less than twenty-five percent (25%) of the combined voting power of Peapack’s
then outstanding securities if the acquisition of all voting securities in excess of ten percent (10%) was approved in advance
by a majority of the Continuing Directors then in office or (B) such person acquires in excess of ten percent (10%) of the combined
voting power of Peapack’s then outstanding voting securities in violation of law and by order of a court of competent jurisdiction,
settlement or otherwise, disposes or is required to dispose of all securities acquired in violation of law.

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c.          Contract
Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in Control and
ending on the earlier of (i) the third anniversary of the Change in Control or (ii) the death of the Executive. For the purpose
of this Agreement, a Change in Control shall be deemed to have occurred at the date specified in the definition of Change-in-Control.

d.          Exchange
Act. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

e.          Good
Reason. When used with reference to a voluntary termination by the Executive of his employment with the Company, “Good
Reason” shall mean any of the following, if taken without the Executive’s express written consent:

(1)          The
assignment to the Executive of any duties materially inconsistent with, or the material reduction of powers or functions associated
with, the Executive’s position, title, duties, responsibilities and status with the Company immediately prior to a Change
in Control; A change in title or positions resulting merely from a merger of the Company into or with another bank or company which
does not downgrade in any way the Executive’s powers, duties and responsibilities shall not meet the requirements of this
Section;

(2)          A
material reduction by the Company in the Executive’s annual base compensation or bonus opportunity as in effect immediately
prior to a Change in Control;

(3)          
The Company’s transfer of the Executive to another geographic location outside of New Jersey, which is more than twenty (25)
miles from his present office location, except for required travel on the Company’s business to an extent substantially consistent
with the Executive’s business travel obligations immediately prior to such Change in Control; or

(4)          Any
other action or inaction by the Company which constitutes a material breach of the terms of this Agreement; or

(5)          The
failure by the Company to obtain an assumption of the obligations of the Company to perform this Agreement by any successor to
the Company.

Notwithstanding the
foregoing, the Executive shall not have Good Reason for termination unless (A) the Executive gives written notice of termination
for Good Reason within thirty (30) days after the event giving rise to Good Reason first occurs, (B) the Company does not correct
the action or failure to act that constitutes the grounds for Good Reason, as set forth in the Executive’s notice of termination,
within thirty (30) days after the date on which the Executive gives written notice of termination and (C) the Executive actually
resigns within thirty (30) days following the expiration of the cure period.

f.          Subsidiary.
“Subsidiary” means any corporation in an unbroken chain of corporations, beginning with Peapack, if each of the corporations
other than the last corporation in the unbroken chain owns stock possessing fifty percent (50)% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain.

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2.          Employment.
The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment, during the Contract Period upon
the terms and conditions set forth herein.

3.          Position.
During the Contract Period the Executive shall be employed in a senior executive position, with duties and responsibilities substantially
similar with the Executive’s duties and responsibilities as in effect immediately prior to the Change in Control. The Executive
shall devote his full time and attention to the business of the Company, and shall not during the Contract Period be engaged in
any other business activity. This Section shall not be construed as preventing the Executive from managing any investments of his
which do not require any service on his part in the operation of such investments.

4.          Cash
Compensation. The Company shall pay to the Executive compensation for his services during the Contract Period as follows:

a.          Base
Salary. An annual base salary equal to the annual base salary in effect as of the Change in Control. The annual salary shall
be payable in installments in accordance with the Company’s usual payroll method.

b.          Annual
Bonus. An annual cash bonus award opportunity, equal to at least the annual cash bonus award opportunity in effect immediately
prior to the Change in Control. Any annual bonus earned by the Executive shall be paid to him after the end of the fiscal year
to which it relates; provided that in no event shall the Executive’s annual bonus be paid later than March 15 of the fiscal
year following the fiscal year for which it was earned.

c.          Annual
Review. The Board of Directors of the Company during the Contract Period shall review annually, or at more frequent intervals
which the Board determines is appropriate, the Executive’s compensation and shall award him additional compensation to reflect
the Executive’s performance, the performance of the Company and competitive compensation levels, all as determined in the
discretion of the Board of Directors.

5.          Expenses
and Other Benefits.

a.          Expenses.
During the Contract Period, 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.

b.          Retirement
or Welfare Benefits. During the Contract Period, the Executive shall participate in employee retirement and welfare benefit
plans made available to the Company’s senior level executives as a group or to its employees generally, as such retirement
and welfare plans may be in effect from time to time and subject to the eligibility requirements of the plans. Nothing in this
Agreement shall prevent the Company from amending or terminating any retirement, welfare or other employee benefit plans or programs
from time to time as the Company deems appropriate.

c.          Other
Benefits. During the Contract Period, the Executive shall be entitled to vacation and sick days, including other fringe benefits
and perquisites, each at the levels commensurate with those provided to other senior level executives of the Company, in accordance
with the Company’s policies as in effect from time to time.

6.          Termination
for Cause. The Company shall have the right to terminate the Executive for Cause, upon written notice to him of the termination
which notice shall specify the reasons for the termination. In the event of termination for Cause the Executive shall not be entitled
to any further benefits under this Agreement.

7.          Disability.
During the Contract Period if the Executive becomes permanently disabled so as to qualify for full benefits under the Company’s
then-existing long-term disability insurance policy, or is unable to perform his duties hereunder for four (4) consecutive months
in any twelve (12) month period, the Company may terminate the employment of the Executive. In such event, the Executive shall
not be entitled to any further benefits under this Agreement.

8.          Death
Benefits. Upon the Executive’s death during the Contract Period, his estate shall not be entitled to any further benefits
under this Agreement.

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9.          Termination
Without Cause or Resignation for Good Reason. The Company may terminate the Executive without Cause during the Contract Period
by written notice to the Executive providing thirty (30) days notice. The Executive may resign for Good Reason during the Contract
Period upon thirty (30) days’ written notice in accordance with the requirements of Section 1(e). If the Company terminates
the Executive’s employment during the Contract Period without Cause or if the Executive Resigns for Good Reason, the Company
shall pay the Executive the severance amounts set forth in this Section 9 below, subject to (i) the Executive’s execution
and non-revocation of a written release of all claims against the Company and all related parties with respect to all matters arising
out of the Executive’s employment by the Company, or the termination thereof, substantially in the form attached hereto as
Exhibit A (the “Release”), and (ii) the Executive’s continued compliance with the restrictive covenants referenced
in Section 11 below.

a.          The
Executive shall receive a lump sum cash severance payments in an amount equal to (A) 2.0 times the Executive’s annual Base
Salary at the rate in effect at the time of the Executive’s termination, plus (B) 2.0 times the greater of (i) the Executive’s
average annual bonus paid by the Company to the Executive for the three (3) fiscal years preceding the fiscal year in which the
Executive’s termination of employment occurs, or (ii) the annual bonus paid by the Company to the Executive for the last
completed fiscal year. The severance amount shall be paid in a lump sum within thirty (30) days of the Executive Termination of
Employment.

b.          Provided
that the Executive is eligible for and timely elects COBRA continuation coverage, during the 18-month period following the Executive’s
termination date, the Company shall reimburse the Executive for the monthly COBRA cost of continued coverage for the Executive,
and, where applicable, his spouse and dependents, paid by the Executive under the Company’s group health plan pursuant to
Section 4980B of the Code, less the amount that the Executive would be required to contribute for such health coverage if the Executive
were an active employee of the Company (the “Monthly COBRA Costs”). Following the foregoing 18-month period, if the
Executive secures an individual policy for health coverage for himself and, where applicable, his spouse and dependents, the Company
will reimburse the Executive for the monthly cost of such coverage for the period commencing on the first day following the 18-month
period and ending on the last day of the 24-month following the Executive’s termination date; provided that the amount of
the Company’s reimbursement for any month during this period will not exceed the Monthly COBRA Costs. Notwithstanding the
foregoing, the Company reserves the right to restructure the foregoing continued coverage arrangement in any manner reasonably
necessary or appropriate to avoid penalties or negative tax consequences to the Company or the Executive, as determined by the
Company in its sole and absolute discretion.

c.          The
Executive shall not have a duty to mitigate the damages suffered by him in connection with the termination by the Company of his
employment without Cause or a resignation for Good Reason during the Contract Period.

d.          Notwithstanding
anything contained herein to the contrary, upon termination of the Executive’s employment for any reason, the Executive shall
be deemed to have automatically resigned from all positions, including as an officer and, if applicable, as a director or member
of the Board and any committees thereof, or the board of directors or committees of any of the Company’s subsidiaries or
affiliates or any other fiduciary positions with the Company or its subsidiaries or affiliates.

10.          Resignation
Without Good Reason. The Executive shall be entitled to resign from the employment of the Company at any time during the Contract
Period without Good Reason, but upon such resignation the Executive shall not be entitled to any additional compensation for the
time after which he ceases to be employed by the Company, and shall not be entitled to any of the other benefits provided hereunder.
No such resignation shall be effective unless in writing with thirty (30) days notice thereof.

11.          Non-Disclosure
of Confidential Information; Non-Competition and Non-Solicitation.

a.          Non-Disclosure
of Confidential Information. Except in the course of his employment with the Company and in the pursuit of the business of
the Company or any of its subsidiaries or affiliates, the Executive shall not, at any time during or following the Contract Period,
disclose or use, any confidential information or proprietary data of the Company or any of its subsidiaries or affiliates. The
Executive agrees that, among other things, all information concerning the identity of and the Company’s relations with its
customers is confidential information.

b.          Non-Compete;
Non-Solicitation

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(1)          During
the term of the Executive’s employment and for the one year period commencing on the termination of the Executive’s
employment for any reason whatsoever during the Contract Period (the “Restricted Period”), 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 two (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 fifty (50) miles of the main office of the Company.

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

(3)          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.

(4)          The
Executive acknowledges that the restrictions contained in this Section 11 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 11 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 11, 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 11 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 11 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.

c.          Specific
Performance. The Executive agrees that the Company does not have an adequate remedy at law for the breach of this Section and
agrees that he shall be subject to injunctive relief and equitable remedies as a result of the breach of this Section. The invalidity
or unenforceability of any provision of this Agreement shall not affect the force and effect of the remaining valid portions.

d.          Survival.
This Section shall survive the termination of the Executive’s employment hereunder and the expiration of this Agreement.
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 11.

12.          Section
280G of the Code. 

a.          Anything
in this Agreement to the contrary notwithstanding, in the event that a Change in Control occurs and it shall be determined that
any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise (“Total Payments”) would otherwise exceed the amount (the “Safe
Harbor Amount”) that could be received by the Executive without the imposition of an excise tax under Section 4999 of Code,
then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present
value, as determined in accordance the applicable provisions of Section 280G of the Code, does not exceed the greater of the following
dollar amounts (the “Benefit Limit”):

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(1)          the
Safe Harbor Amount, or

(2)          the
greatest after-tax amount payable to the Executive after taking into account any excise tax imposed under Section 4999 of the Code
on the Total Payments.

b.          All
determinations to be made under this Section 12 shall be made by an independent public accounting firm chosen by the Company (the
“Accounting Firm”). In determining whether such Benefit Limit is exceeded, the Accounting Firm shall make a reasonable
determination of the value to be assigned to the restrictive covenants in effect for the Executive pursuant to Section 11 this
Agreement, and the amount of the Executive’s potential parachute payment under Section 280G of the Code shall reduced by
the value of those restrictive covenants to the extent consistent with Section 280G of the Code. All of the fees and expenses of
the Accounting Firm in performing the determinations referred to in this Section 12 shall be borne solely by the Company.

c.          To
the extent a reduction to the Total Payments is required to be made in accordance with this Section 12, such reduction and/or cancellation
of acceleration of equity awards shall occur in the order that provides the maximum economic benefit to the Executive. In the event
that acceleration of equity awards is to be reduced, such acceleration of vesting also shall be canceled in the order that provides
the maximum economic benefit to the Executive. Notwithstanding the foregoing, any reduction shall be made in a manner consistent
with the requirements of Section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable
at different times, such amounts shall be reduced on a pro rata basis, but not below zero.

13.          Term
and Effect Prior to Change in Control. 

a.          Term.
Except as otherwise provided for hereunder, this Agreement shall commence on the date hereof and shall remain in effect for a period
of three (3) years from the date hereof (the “Initial Term”) or until the end of the Contract Period, whichever is
later. The Initial Term shall be automatically extended for an additional one year period on the anniversary date hereof (so that
the Initial Term is always three (3) years) unless, prior to a Change in Control, the Board notifies the Executive in writing at
any time that the Contract is not so extended, in which case the Initial Term shall end upon the later of (i) three (3) years after
the date hereof, or (ii) two (2) years after the date of such written notice.

b.          No
Effect Prior to Change in Control. This Agreement shall not affect any rights of the Company to terminate the Executive prior
to a Change in Control or any rights of the Executive granted in any other agreement or contract or plan with the Company. The
rights, duties and benefits provided hereunder shall only become effective upon and after a Change in Control. If the full-time
employment of the Executive by the Company is ended for any reason prior to a Change in Control, this Agreement shall terminate
automatically and thereafter be of no further force and effect.

14.          Severance
Compensation and Benefits Not in Derogation of Other Benefits. Anything to the contrary herein contained notwithstanding, the
payment or obligation to pay any monies, or granting of any benefits, rights or privileges to the Executive as provided in this
Agreement shall not be in lieu or derogation of the rights and privileges that the Executive now has or will have under any plans
or programs of or agreements with the Company, except that if the Executive received any payment hereunder, he shall not be entitled
to any payment under the Company’s severance policies for officers and employees or under any employment agreement between
the Executive and the Company.

15.          Payroll
and Withholding Taxes. All payments to be made or benefits to be provided hereunder by the Company shall be subject to applicable
federal and state payroll or withholding taxes.

16.          Application
of Section 409A of the Code.

a.          This
Agreement shall be interpreted to avoid any penalty sanctions under Section 409A of the Code. If any payment or benefit cannot
be provided or made at the time specified herein without incurring sanctions under Section 409A of the Code, then such benefit
or payment shall be provided in full (to extent not paid in part at earlier date) at the earliest time thereafter when such sanctions
shall not be imposed. For purposes of Section 409A of the Code, all payments to be made upon a termination of employment under
this Agreement may only be made upon the Executive’s “separation from service” (within the meaning of such term
under Section 409A of the Code), each payment made under this Agreement shall be treated as a separate payment, and the right to
a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event
shall the Executive, directly or indirectly, designate the fiscal year of payment, except as permitted under Section 409A of the
Code. Notwithstanding any provision of this Agreement to the contrary, with respect to amounts under this Agreement are nonqualified
deferred compensation subject to Section 409A, in no event shall the timing of the Executive’s execution of the Release,
directly or indirectly, result in the Executive designating the calendar year of payment, and if a payment that is subject to execution
of the Release could be made in more than one taxable year, payment shall be made in the later taxable year.

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b.          Notwithstanding
anything herein to the contrary, if, at the time of the Executive’s termination of employment with the Company, the Company
has securities which are publicly traded on an established securities market and the Executive is a “specified employee”
(as such term is defined in Section 409A of the Code) and it is necessary to postpone the commencement of any payments or benefits
otherwise payable under this Agreement as a result of such termination of employment to prevent any accelerated or additional tax
under Section 409A of the Code, then the Company shall postpone the commencement of the payment of any such payments or benefits
hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Executive) that are not otherwise
paid first within the ‘short-term deferral exception’ under Treas. Reg. §1.409A-1(b)(4), and then under the ‘separation
pay exception’ under Treas. Reg. §1.409A-1(b)(9)(iii), until the first payroll date that occurs after the date that
is 6 months following the Executive’s “separation of service” (as such term is defined under code Section 409A
of the Code) with the Company. If any payments are postponed due to such requirements, such postponed amounts shall be paid in
a lump sum to the Executive on the first payroll date that occurs after the date that is six (6) months following Executive’s
separation of service with the Company. If the Executive dies during the postponement period prior to the payment of postponed
amount, the amounts withheld on account of Section 409A of the Code shall be paid to the personal representative of the Executive’s
estate within sixty (60) days after the date of the Executive’s death.

c.          All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred
during the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses
eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement,
or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense shall be made on
or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement
or in kind benefits is not subject to liquidation or exchange for another benefit.

17.          Recoupment
Policy. The Executive agrees that the Executive will be subject to any compensation clawback or recoupment policies that may
be applicable to Executive as an employee of the Company, as in effect from time to time and as approved by the Board or a duly
authorized committee thereof, whether or not approved before or after the Effective Date of this Agreement.

18.          Severability.
If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this
Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render
unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable
with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.

19.          Section
Headings. The Section headings herein have been inserted for convenience of reference only and shall in no way modify or restrict
any of the terms or provisions hereof. When the context admits or requires, words used in the masculine gender shall be construed
to include the feminine, the plural shall include the singular, and the singular shall include the plural.

20.          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 Section 11
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 twenty one (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 the American Arbitration Association is not then in existence
or does not act on the matter within forty five (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.

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21.          Miscellaneous.
This Agreement is the joint and several obligation of the Bank and Peapack. The terms of this Agreement shall be governed by, and
interpreted and construed in accordance with the provisions of, the laws of New Jersey. This Agreement supersedes all prior agreements
and understandings with respect to the matters covered hereby, including expressly any prior agreement with the Company concerning
change-in-control benefits. The amendment or termination of this Agreement may be made only in a writing executed by the Company
and the Executive, and no amendment or termination of this Agreement shall be effective unless and until made in such a writing.
This Agreement shall be binding upon any successor (whether direct or indirect, by purchase, merge, consolidation, liquidation
or otherwise) to all or substantially all of the assets of the Company. This Agreement is personal to the Executive and the Executive
may not assign any of his rights or duties hereunder but this Agreement shall be enforceable by the Executive’s legal representatives,
executors or administrators. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

(signature page
to follow)

    	202

    	 

    

IN WITNESS WHEREOF, Peapack-Gladstone
Bank and Peapack-Gladstone Financial Corporation each have caused this Agreement to be signed by their duly authorized representatives
pursuant to the authority of their Boards of Directors, and the Executive has personally executed this Agreement, all as of the
day and year first written above.

 

	ATTEST:	 	PEAPACK-GLADSTONE
	 	 	FINANCIAL CORPORATION
	 	 	 	 
	 	 	By: 	 
	, Secretary	 	______________________________, Chairman
	 	 	 	 
	ATTEST:	 	PEAPACK-GLADSTONE BANK
	 	 	 	 
	 	 	 	 
	 	 	By: 	 
	, Secretary	 	______________________________, Chairman 
	 	 	 	 
	WITNESS:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	______________________________, Executive

    	203

    	 

    

 

EXHIBIT A

 

FORM OF RELEASE

  

    	204Exhibit (10) U

CHANGE-IN-CONTROL AGREEMENT

KAREN ROCKOFF

THIS CHANGE-IN-CONTROL
AGREEMENT (this “Agreement”), is made as of this DECEMBER 4, 2013 (the “Effective Date”), among PEAPACK-GLADSTONE
BANK (the “Bank”), a New Jersey state banking association with its principal office at 190 Main Street, Gladstone,
New Jersey 07934, PEAPACK-GLADSTONE FINANCIAL CORPORATION (“Peapack”), a New Jersey Corporation which maintains its
principal office at 500 Hills Drive, Bedminster, New Jersey 07921 (Peapack and the Bank collectively are the “Company”)
and KAREN ROCKOFF (the “Executive”).

 

BACKGROUND

 

WHEREAS, the Company
and the Executive desire to enter into this Agreement pursuant to which the Executive may be entitled to termination benefits in
the event of a termination of employment following the Change in Control of the Company.

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained herein, the Company and the Executive, each intending to be legally bound hereby
agree as follows:

 

		1.	Definitions

		a.	Cause. For purposes of this Agreement “Cause” with respect to the termination
by the Company of the Executive’s employment shall mean (i) willful and continued failure by the Executive to perform his
duties for the Company under this Agreement after at least one warning in writing from the Board of Directors of Peapack (the “Board”)
identifying specifically any such failure; (ii) the willful engaging by the Executive in misconduct which causes material injury
to the Company as specified in a written notice to the Executive from the Board; or (iii) conviction of a crime, other than a traffic
violation, habitual drunkenness, drug abuse, or excessive absenteeism other than for illness, after a warning (with respect to
drunkenness or absenteeism only) in writing from the Board to refrain from such behavior. No act or failure to act on the part
of the Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and without
reasonable belief that the action or omission was in the best interest of the Company.

		b.	[Change in Control. “Change in Control” means any of the following events: (i)
when any person (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), other than an affiliate of Peapack or
a Subsidiary or an employee benefit plan established or maintained by Peapack, a Subsidiary or any of their respective affiliates,
is or becomes the beneficial owner (as defined in Rule 13d-3 of the Exchange Act) directly or indirectly, of securities of Peapack
representing more than thirty percent (30%) of the combined voting power of Peapack’s then outstanding securities (a “Control
Person”), (ii) upon the consummation of (A) a merger or consolidation of Peapack with or into another corporation [(other
than a merger or consolidation which is approved by at least two-thirds of the Continuing Directors (as hereinafter defined) and
the definitive agreement for which provides that at least two-thirds of the directors of the surviving or resulting corporation
immediately after the transaction are Continuing Directors (a “Non-Control Transaction”)), or (B) a sale or disposition
of all or substantially all of Peapack’s assets, (iv) if during any one (1) year period , individuals who at the beginning
of such period constitute the Board (the “Continuing Directors”) cease for any reason to constitute at least a majority
thereof or, following a Non-Control Transaction, a majority of the board of directors of the surviving or resulting corporation;
provided that any individual whose election or nomination for election as a member of the Board (or, following a Non-Control
Transaction, the board of directors of the surviving or resulting corporation) was approved by a vote of at least two-thirds of
the Continuing Directors then in office shall be considered a Continuing Director, or (v) upon a sale of (A) common stock of the
Bank if after such sale any person (as such term is used in Section 13(d) and 14(d)(2) of the Exchange Act) other than Peapack,
an employee benefit plan established or maintained by Peapack or a Subsidiary, or an affiliate of Peapack or a Subsidiary, owns
a majority of the Bank’s common stock or (B) all or substantially all of the Bank’s assets (other than in the ordinary
course of business). No person shall be considered a Control Person for purposes of clause (i) above if (A) such person is or becomes
the beneficial owner, directly or indirectly, of more than ten percent (10%) but less than twenty-five percent (25%) of the combined
voting power of Peapack’s then outstanding securities if the acquisition of all voting securities in excess of ten percent
(10%) was approved in advance by a majority of the Continuing Directors then in office or (B) such person acquires in excess of
ten percent (10%) of the combined voting power of Peapack’s then outstanding voting securities in violation of law and by
order of a court of competent jurisdiction, settlement or otherwise, disposes or is required to dispose of all securities acquired
in violation of law.

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		c.	Contract Period. “Contract Period” shall mean the period commencing the day
immediately preceding a Change in Control and ending on the earlier of (i) the third anniversary of the Change in Control or (ii)
the death of the Executive. For the purpose of this Agreement, a Change in Control shall be deemed to have occurred at the date
specified in the definition of Change-in-Control.

		d.	Exchange Act. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

		e.	Good Reason. When used with reference to a voluntary termination by the Executive of his
employment with the Company, “Good Reason” shall mean any of the following, if taken without the Executive’s
express written consent:

		i.	The assignment to the Executive of any duties materially inconsistent with, or the material reduction
of powers or functions associated with, the Executive’s position, title, duties, responsibilities and status with the Company
immediately prior to a Change in Control; A change in title or positions resulting merely from a merger of the Company into or
with another bank or company which does not downgrade in any way the Executive’s powers, duties and responsibilities shall
not meet the requirements of this Section;

		ii.	A material reduction by the Company in the Executive’s annual base compensation or bonus
opportunity as in effect immediately prior to a Change in Control;

		iii.	The Company’s transfer of the Executive to another geographic location outside of New Jersey,
which is more than twenty (25) miles from his present office location, except for required travel on the Company’s business
to an extent substantially consistent with the Executive’s business travel obligations immediately prior to such Change in
Control; or

		iv.	Any other action or inaction by the Company which constitutes a material breach of the terms of
this Agreement; or

		v.	The failure by the Company to obtain an assumption of the obligations of the Company to perform this Agreement by any successor
to the Company.

Notwithstanding the foregoing, the Executive
shall not have Good Reason for termination unless (A) the Executive gives written notice of termination for Good Reason within
thirty (30) days after the event giving rise to Good Reason first occurs, (B) the Company does not correct the action or failure
to act that constitutes the grounds for Good Reason, as set forth in the Executive’s notice of termination, within thirty
(30) days after the date on which the Executive gives written notice of termination and (C) the Executive actually resigns within
thirty (30) days following the expiration of the cure period.

		f.	Subsidiary. “Subsidiary” means any corporation in an unbroken chain of corporations,
beginning with Peapack, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing
fifty percent (50)% or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain.

		2.	Employment. The Company hereby agrees to employ the Executive, and the Executive hereby
accepts employment, during the Contract Period upon the terms and conditions set forth herein.

		3.	Position. During the Contract Period the Executive shall be employed in a senior executive
position, with duties and responsibilities substantially similar with the Executive’s duties and responsibilities as in effect
immediately prior to the Change in Control. The Executive shall devote his full time and attention to the business of the Company,
and shall not during the Contract Period be engaged in any other business activity. This Section shall not be construed as preventing
the Executive from managing any investments of his which do not require any service on his part in the operation of such investments.

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		4.	Cash Compensation. The Company shall pay to the Executive compensation for his services
during the Contract Period as follows:

		a.	Base Salary. An annual base salary equal to the annual base salary in effect as of the Change
in Control. The annual salary shall be payable in installments in accordance with the Company’s usual payroll method.

		b.	Annual Bonus. An annual cash bonus award opportunity, equal to at least the annual cash
bonus award opportunity in effect immediately prior to the Change in Control. Any annual bonus earned by the Executive shall be
paid to him after the end of the fiscal year to which it relates; provided that in no event shall the Executive’s annual
bonus be paid later than March 15 of the fiscal year following the fiscal year for which it was earned.

		c.	Annual Review. The Board of Directors of the Company during the Contract Period shall review annually, or at more frequent
intervals which the Board determines is appropriate, the Executive’s compensation and shall award him additional compensation
to reflect the Executive’s performance, the performance of the Company and competitive compensation levels, all as determined
in the discretion of the Board of Directors.

		5.	Expenses and Other Benefits.

		a.	Expenses. During the Contract Period, 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.

		b.	Retirement or Welfare Benefits. During the Contract Period, the Executive shall participate
in employee retirement and welfare benefit plans made available to the Company’s senior level executives as a group or to
its employees generally, as such retirement and welfare plans may be in effect from time to time and subject to the eligibility
requirements of the plans. Nothing in this Agreement shall prevent the Company from amending or terminating any retirement, welfare
or other employee benefit plans or programs from time to time as the Company deems appropriate.

		c.	Other Benefits. During the Contract Period, the Executive shall be entitled to vacation
and sick days, including other fringe benefits and perquisites, each at the levels commensurate with those provided to other senior
level executives of the Company, in accordance with the Company’s policies as in effect from time to time.

		6.	Termination for Cause. The Company shall have the right to terminate the Executive for Cause,
upon written notice to him of the termination which notice shall specify the reasons for the termination. In the event of termination
for Cause the Executive shall not be entitled to any further benefits under this Agreement.

		7.	Disability. During the Contract Period if the Executive becomes permanently disabled so
as to qualify for full benefits under the Company’s then-existing long-term disability insurance policy, or is unable to
perform his duties hereunder for four (4) consecutive months in any twelve (12) month period, the Company may terminate the employment
of the Executive. In such event, the Executive shall not be entitled to any further benefits under this Agreement.

		8.	Death Benefits. Upon the Executive’s death during the Contract Period, his estate
shall not be entitled to any further benefits under this Agreement.

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		9.	Termination Without Cause or Resignation for Good Reason. The Company may terminate the
Executive without Cause during the Contract Period by written notice to the Executive providing thirty (30) days notice. The Executive
may resign for Good Reason during the Contract Period upon thirty (30) days’ written notice in accordance with the requirements
of Section 1(e). If the Company terminates the Executive’s employment during the Contract Period without Cause or if the
Executive Resigns for Good Reason, the Company shall pay the Executive the severance amounts set forth in this Section 9 below,
subject to (i) the Executive’s execution and non-revocation of a written release of all claims against the Company and all
related parties with respect to all matters arising out of the Executive’s employment by the Company, or the termination
thereof, substantially in the form attached hereto as Exhibit A (the “Release”), and (ii) the Executive’s continued
compliance with the restrictive covenants referenced in Section 11 below.

		a.	The Executive shall receive a lump sum cash severance payments in an amount equal to (A) 1.5 times
the Executive’s annual Base Salary at the rate in effect at the time of the Executive’s termination, plus (B) 1.5 times
the greater of (i) the Executive’s average annual bonus paid by the Company to the Executive for the three (3) fiscal years
preceding the fiscal year in which the Executive’s termination of employment occurs, or (ii) the annual bonus paid by the
Company to the Executive for the last completed fiscal year. The severance amount shall be paid in a lump sum within thirty (30)
days of the Executive Termination of Employment.

		b.	Provided that the Executive is eligible for and timely elects COBRA continuation coverage, during
the 18-month period following the Executive’s termination date, the Company shall reimburse the Executive for the monthly
COBRA cost of continued coverage for the Executive, and, where applicable, his spouse and dependents, paid by the Executive under
the Company’s group health plan pursuant to Section 4980B of the Code, less the amount that the Executive would be required
to contribute for such health coverage if the Executive were an active employee of the Company (the “Monthly COBRA Costs”).
Following the foregoing 18-month period, if the Executive secures an individual policy for health coverage for himself and, where
applicable, his spouse and dependents, the Company will reimburse the Executive for the monthly cost of such coverage for the period
commencing on the first day following the 18-month period and ending on the last day of the 18-month following the Executive’s
termination date; provided that the amount of the Company’s reimbursement for any month during this period will not exceed
the Monthly COBRA Costs. Notwithstanding the foregoing, the Company reserves the right to restructure the foregoing continued coverage
arrangement in any manner reasonably necessary or appropriate to avoid penalties or negative tax consequences to the Company or
the Executive, as determined by the Company in its sole and absolute discretion.

		c.	The Executive shall not have a duty to mitigate the damages suffered by him in connection with
the termination by the Company of his employment without Cause or a resignation for Good Reason during the Contract Period.

		d.	Notwithstanding anything contained herein to the contrary, upon termination of the Executive’s
employment for any reason, the Executive shall be deemed to have automatically resigned from all positions, including as an officer
and, if applicable, as a director or member of the Board and any committees thereof, or the board of directors or committees of
any of the Company’s subsidiaries or affiliates or any other fiduciary positions with the Company or its subsidiaries or
affiliates.

		10.	Resignation Without Good Reason. The Executive shall be entitled to resign from the employment
of the Company at any time during the Contract Period without Good Reason, but upon such resignation the Executive shall not be
entitled to any additional compensation for the time after which he ceases to be employed by the Company, and shall not be entitled
to any of the other benefits provided hereunder. No such resignation shall be effective unless in writing with thirty (30) days
notice thereof.

		11.	Non-Disclosure of Confidential Information; Non-Competition and Non-Solicitation.

		a.	Non-Disclosure of Confidential Information. Except in the course of his employment with
the Company and in the pursuit of the business of the Company or any of its subsidiaries or affiliates, the Executive shall not,
at any time during or following the Contract Period, disclose or use, any confidential information or proprietary data of the Company
or any of its subsidiaries or affiliates. The Executive agrees that, among other things, all information concerning the identity
of and the Company’s relations with its customers is confidential information.

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		b.	Non-Compete; Non-Solicitation.

		i.	During the term of the Executive’s employment and for the one year period commencing on the
termination of the Executive’s employment for any reason whatsoever during the Contract Period (the “Restricted Period”),
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 two (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
fifty (50) miles of the main office of the Company.

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

		iii.	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.

		iv.	The Executive acknowledges that the restrictions contained in this Section 11 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 11 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 11, 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
11 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 11 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.

		c.	Specific Performance. The Executive agrees that the Company does not have an adequate remedy
at law for the breach of this Section and agrees that he shall be subject to injunctive relief and equitable remedies as a result
of the breach of this Section. The invalidity or unenforceability of any provision of this Agreement shall not affect the force
and effect of the remaining valid portions.

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		d.	Survival. This Section shall survive the termination of the Executive’s employment
hereunder and the expiration of this Agreement. 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 11.

		12.	Section 280G of the Code. 

		a.	Anything in this Agreement to the contrary notwithstanding, in the event that a Change in Control
occurs and it shall be determined that any payment or distribution by the Company to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (“Total Payments”)
would otherwise exceed the amount (the “Safe Harbor Amount”) that could be received by the Executive without the imposition
of an excise tax under Section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary
to assure that their aggregate present value, as determined in accordance the applicable provisions of Section 280G of the Code,
does not exceed the greater of the following dollar amounts (the “Benefit Limit”):

		i.	the Safe Harbor Amount, or

		ii.	the greatest after-tax amount payable to the Executive after taking into account any excise tax imposed under Section 4999
of the Code on the Total Payments.

		b.	All determinations to be made under this Section 12 shall be made by an independent public accounting
firm chosen by the Company (the “Accounting Firm”). In determining whether such Benefit Limit is exceeded, the Accounting
Firm shall make a reasonable determination of the value to be assigned to the restrictive covenants in effect for the Executive
pursuant to Section 11 this Agreement, and the amount of the Executive’s potential parachute payment under Section 280G of
the Code shall reduced by the value of those restrictive covenants to the extent consistent with Section 280G of the Code. All
of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 12 shall be borne
solely by the Company.

		c.	To the extent a reduction to the Total Payments is required to be made in accordance with this
Section 12, such reduction and/or cancellation of acceleration of equity awards shall occur in the order that provides the maximum
economic benefit to the Executive. In the event that acceleration of equity awards is to be reduced, such acceleration of vesting
also shall be canceled in the order that provides the maximum economic benefit to the Executive. Notwithstanding the foregoing,
any reduction shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically
equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis,
but not below zero.

		13.	Term and Effect Prior to Change in Control. 

		a.	Term. Except as otherwise provided for hereunder, this Agreement shall commence on the date
hereof and shall remain in effect for a period of three (3) years from the date hereof (the “Initial Term”) or until
the end of the Contract Period, whichever is later. The Initial Term shall be automatically extended for an additional one year
period on the anniversary date hereof (so that the Initial Term is always three (3) years) unless, prior to a Change in Control,
the Board notifies the Executive in writing at any time that the Contract is not so extended, in which case the Initial Term shall
end upon the later of (i) three (3) years after the date hereof, or (ii) two (2) years after the date of such written notice.

		b.	No Effect Prior to Change in Control. This Agreement shall not affect any rights of the
Company to terminate the Executive prior to a Change in Control or any rights of the Executive granted in any other agreement or
contract or plan with the Company. The rights, duties and benefits provided hereunder shall only become effective upon and after
a Change in Control. If the full-time employment of the Executive by the Company is ended for any reason prior to a Change in Control,
this Agreement shall terminate automatically and thereafter be of no further force and effect.

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		14.	Severance Compensation and Benefits Not in Derogation of Other Benefits. Anything to the
contrary herein contained notwithstanding, the payment or obligation to pay any monies, or granting of any benefits, rights or
privileges to the Executive as provided in this Agreement shall not be in lieu or derogation of the rights and privileges that
the Executive now has or will have under any plans or programs of or agreements with the Company, except that if the Executive
received any payment hereunder, he shall not be entitled to any payment under the Company’s severance policies for officers
and employees or under any employment agreement between the Executive and the Company.

		15.	Payroll and Withholding Taxes. All payments to be made or benefits to be provided hereunder
by the Company shall be subject to applicable federal and state payroll or withholding taxes.

		16.	Application of Section 409A of the Code.

		a.	This Agreement shall be interpreted to avoid any penalty sanctions under Section 409A of the Code.
If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under Section 409A
of the Code, then such benefit or payment shall be provided in full (to extent not paid in part at earlier date) at the earliest
time thereafter when such sanctions shall not be imposed. For purposes of Section 409A of the Code, all payments to be made upon
a termination of employment under this Agreement may only be made upon the Executive’s “separation from service”
(within the meaning of such term under Section 409A of the Code), each payment made under this Agreement shall be treated as a
separate payment, and the right to a series of installment payments under this Agreement shall be treated as a right to a series
of separate payments. In no event shall the Executive, directly or indirectly, designate the fiscal year of payment, except as
permitted under Section 409A of the Code. Notwithstanding any provision of this Agreement to the contrary, with respect to amounts
under this Agreement are nonqualified deferred compensation subject to Section 409A, in no event shall the timing of the Executive’s
execution of the Release, directly or indirectly, result in the Executive designating the calendar year of payment, and if a payment
that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable
year.

		b.	Notwithstanding anything herein to the contrary, if, at the time of the Executive’s termination
of employment with the Company, the Company has securities which are publicly traded on an established securities market and the
Executive is a “specified employee” (as such term is defined in Section 409A of the Code) and it is necessary to postpone
the commencement of any payments or benefits otherwise payable under this Agreement as a result of such termination of employment
to prevent any accelerated or additional tax under Section 409A of the Code, then the Company shall postpone the commencement of
the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided
to the Executive) that are not otherwise paid first within the ‘short-term deferral exception’ under Treas. Reg. §1.409A-1(b)(4),
and then under the ‘separation pay exception’ under Treas. Reg. §1.409A-1(b)(9)(iii), until the first payroll
date that occurs after the date that is 6 months following the Executive’s “separation of service” (as such term
is defined under code Section 409A of the Code) with the Company. If any payments are postponed due to such requirements, such
postponed amounts shall be paid in a lump sum to the Executive on the first payroll date that occurs after the date that is six
(6) months following Executive’s separation of service with the Company. If the Executive dies during the postponement period
prior to the payment of postponed amount, the amounts withheld on account of Section 409A of the Code shall be paid to the personal
representative of the Executive’s estate within sixty (60) days after the date of the Executive’s death.

		c.	All reimbursements and in-kind benefits provided under this Agreement shall be made or provided
in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement
shall be for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement),
(ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the
expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of
an eligible expense shall be made on or before the last day of the calendar year following the year in which the expense is incurred
and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.

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		17.	Recoupment Policy. The Executive agrees that the Executive will be subject to any compensation
clawback or recoupment policies that may be applicable to Executive as an employee of the Company, as in effect from time to time
and as approved by the Board or a duly authorized committee thereof, whether or not approved before or after the Effective Date
of this Agreement.

		18.	Severability. If any provision of this Agreement or application thereof to anyone or under
any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable
provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction.
If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain
in full force and effect in all other circumstances.

		19.	Section Headings. The Section headings herein have been inserted for convenience of reference
only and shall in no way modify or restrict any of the terms or provisions hereof. When the context admits or requires, words used
in the masculine gender shall be construed to include the feminine, the plural shall include the singular, and the singular shall
include the plural.

		20.	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 Section 11 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 twenty one (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 the American Arbitration Association
is not then in existence or does not act on the matter within forty five (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.

		21.	Miscellaneous. This Agreement is the joint and several obligation of the Bank and Peapack.
The terms of this Agreement shall be governed by, and interpreted and construed in accordance with the provisions of, the laws
of New Jersey. This Agreement supersedes all prior agreements and understandings with respect to the matters covered hereby, including
expressly any prior agreement with the Company concerning change-in-control benefits. The amendment or termination of this Agreement
may be made only in a writing executed by the Company and the Executive, and no amendment or termination of this Agreement shall
be effective unless and until made in such a writing. This Agreement shall be binding upon any successor (whether direct or indirect,
by purchase, merge, consolidation, liquidation or otherwise) to all or substantially all of the assets of the Company. This Agreement
is personal to the Executive and the Executive may not assign any of his rights or duties hereunder but this Agreement shall be
enforceable by the Executive’s legal representatives, executors or administrators. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement
to produce or account for more than one such counterpart.

(signature page
to follow)

    	212

    	 

    

IN WITNESS WHEREOF, Peapack-Gladstone
Bank and Peapack-Gladstone Financial Corporation each have caused this Agreement to be signed by their duly authorized representatives
pursuant to the authority of their Boards of Directors, and the Executive has personally executed this Agreement, all as of the
day and year first written above.

 

	ATTEST:	 	PEAPACK-GLADSTONE
	 	 	FINANCIAL CORPORATION
	 	 	 	 
	 	 	By: 	 
	, Secretary	 	______________________________, Chairman
	 	 	 	 
	ATTEST:	 	PEAPACK-GLADSTONE BANK
	 	 	 	 
	 	 	 	 
	 	 	By: 	 
	, Secretary	 	______________________________, Chairman 
	 	 	 	 
	WITNESS:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	______________________________, Executive

    	213

    	 

    

 

EXHIBIT A

 

FORM OF RELEASE

  

    	214

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