Document:

Exhibit 10 A 5
                              AMENDED AND RESTATED
                          CHANGE-IN-CONTROL AGREEMENT

                                "GARRETT BROMLEY"

            THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement"), is
made as of this "JANUARY 1, 2008", among  PEAPACK-GLADSTONE BANK ("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
158  Route  206  North,  Gladstone,  New  Jersey  07934  (Peapack  and the  Bank
collectively are the "Company") and GARRETT BROMLEY, JR. (the "Executive").

                                   BACKGROUND

            WHEREAS,  the Executive has been  continuously  employed by the Bank
for many years;

            WHEREAS,   the  Executive   throughout  his/her  tenure  has  worked
diligently in his/her position in the business of the Bank and Peapack;

            WHEREAS, the Board of Directors of the Bank and Peapack believe that
the future  services of the Executive are of great value to the Bank and Peapack
and that it is  important  for the growth and  development  of the Bank that the
Executive continue in his/her position;

            WHEREAS,  if the Company  receives any proposal  from a third person
concerning a possible  business  combination  with, or  acquisition  of equities
securities of, the Company,  the Board of Directors of the Company (the "Board")
believes  it is  imperative  that the Company and the Board be able to rely upon
the Executive to continue in his/her position, and that they be able to receive

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and rely upon his/her  advice,  if they request it, as to the best  interests of
the Company and its  shareholders,  without  concern that the Executive might be
distracted by the personal uncertainties and risks created by such a proposal;

            WHEREAS,  to  achieve  that  goal,  and to  retain  the  Executive's
services  prior to any such  activity,  the Board of Directors and the Executive
have agreed to enter into this Agreement to govern the  Executive's  termination
benefits  in the event of a Change in Control  of the  Company,  as  hereinafter
defined.

            NOW,  THEREFORE,  to  assure  the  Company  that  it will  have  the
continued dedication of the Executive and the availability of his/her advice and
counsel  notwithstanding the possibility,  threat or occurrence of a bid to take
over control of the Company, and to induce the Executive to remain in the employ
of the Company, and for other good and valuable  consideration,  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 Executive's  employment shall
      mean (i) willful and continued failure by the Executive to perform his/her
      duties for the Company under this Agreement  after at least one warning in
      writing from the Company's Board of Directors 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 of Directors;  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 of Directors to refrain from such behavior. No act or failure to act
      on the part of the

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      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 Peapack or a Subsidiary  acquires actual
      knowledge  that 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
      twenty-five  percent (25%) of the combined  voting power of Peapack's then
      outstanding securities (a "Control Person"),  (ii) upon the first purchase
      of Peapack's  common stock  pursuant to a tender or exchange  offer (other
      than a tender or  exchange  offer  made by  Peapack,  a  Subsidiary  or an
      employee benefit plan  established or maintained by Peapack,  a Subsidiary
      or any of their respective affiliates), (iii) 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")), (B) a
      sale or disposition of all or substantially all of Peapack's assets or (C)
      a plan of liquidation or dissolution of Peapack, (iv) if during any period
      of two (2)  consecutive  years,  individuals  who at the beginning of such
      period  constitute the Board (the  "Continuing  Directors")  cease for any
      reason  to  constitute  at  least  two-thirds   thereof  or,  following  a
      Non-Control Transaction, two-thirds of the board of

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      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.

                        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.

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                        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 Executive of his/her employment with the Company,
      "Good  Reason"  shall  mean  any  of  the  following,   if  taken  without
      Executive's express written consent:

                              (1)   The  assignment  to  Executive of any duties
      inconsistent  with,  or the  reduction of powers or  functions  associated
      with,  Executive's  position,  title, duties,  responsibilities and status
      with the Company immediately prior to a Change in Control;  any removal of
      Executive  from, or any failure to re-elect  Executive to, any position(s)
      or office(s) Executive held immediately prior to such 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 paragraph;

                              (2)   A reduction  by the  Company in  Executive's
      annual base  compensation  as in effect  immediately  prior to a Change in
      Control or the failure to award Executive  annual  increases in accordance
      herewith;

                              (3)   A failure  by the  Company to  continue  any
      bonus plan in which Executive participated immediately prior to the Change
      in  Control  or a  failure  by the  Company  to  continue  Executive  as a
      participant  in  such  plan  on at  least  the  same  basis  as  Executive
      participated in such plan prior to the Change in Control;

                              (4)   The  Company's   transfer  of  Executive  to
      another  geographic  location  outside of New Jersey or more than 25 miles
      from his/her  present office  location,  except for required travel on the
      Company's business to an extent substantially

<PAGE>

      consistent with Executive's business travel obligations  immediately prior
      to such Change in Control;

                              (5)   The  failure by the  Company to  continue in
      effect any  employee  benefit  plan,  program or  arrangement  (including,
      without  limitation the Company's  retirement plan,  benefit  equalization
      plan,  life insurance  plan,  health and accident plan,  disability  plan,
      deferred  compensation  plan or long term stock  incentive  plan) in which
      Executive  is  participating  immediately  prior  to a Change  in  Control
      (except  that the Company may  institute  or continue  plans,  programs or
      arrangements providing Executive with substantially similar benefits); the
      taking  of  any  action  by  the  Company  which  would  adversely  affect
      Executive's  participation in or materially  reduce  Executive's  benefits
      under,  any of such  plans,  programs  or  arrangements;  the  failure  to
      continue,  or the taking of any action which would deprive  Executive,  of
      any material fringe benefit enjoyed by Executive immediately prior to such
      Change in Control; or the failure by the Company to provide Executive with
      the  number  of  paid  vacation  days  to  which  Executive  was  entitled
      immediately prior to such Change in Control;

                              (6)   The  failure  by the  Company  to  obtain an
      assumption  in writing of the  obligations  of the Company to perform this
      Agreement by any  successor to the Company and to provide such  assumption
      to the Executive prior to any Change in Control; or

                              (7)   Any  purported  termination  of  Executive's
      employment by the Company during the term of this  Agreement  which is not
      effected  pursuant to all of the requirements of this Agreement;  and, for
      purposes  of  this  Agreement,  no such  purported  termination  shall  be
      effective.

<PAGE>

                              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  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 as Executive  Vice  President/Chief  Lending  Officer of
      Peapack and the Bank, or such other corporate or divisional  profit center
      as shall  then be the  principal  successor  to the  business,  assets and
      properties of the Company,  with substantially the same title and the same
      duties and responsibilities as before the Change in Control. The Executive
      shall  devote  his/her  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 paragraph shall not be construed as preventing the
      Executive  from managing any  investments  of his/her which do not require
      any service on his/her part in the operation of such investments.

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

                              a.    Base  Salary. A base  annual salary equal to
      the annual 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 equal to
      at least the average of the  bonuses  paid to the  Executive  in the three
      years prior to the Change in Control.

<PAGE>

      The bonus shall be payable at the time and in the manner which the Company
      paid such bonuses prior to the Change in Control.

                              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 Fringe Benefits.
                              ----------------------------

                              a.    Expenses.  During  the  Contract Period, the
      Executive  shall be entitled to  reimbursement  for all business  expenses
      incurred  by him with  respect to the  business of the Company in the same
      manner and to the same extent as such expenses were previously  reimbursed
      to him immediately prior to the Change in Control.

                              b.    Supplemental  Retirement  Plan.  During  the
      Contract  Period,  if the  Executive  was  entitled to benefits  under any
      supplemental retirement plan prior to the Change in Control, the Executive
      shall be entitled to continued  benefits  under such plan after the Change
      in Control and such plan may not be modified to reduce or  eliminate  such
      benefits during the Contract Period.

                              c.    Club  Membership and Automobile. If prior to
      the Change in Control,  the  Executive  was  entitled to  membership  in a
      country club and/or automobile allowance, he shall be entitled to the same
      membership and/or automobile allowance provided to him prior to the Change
      in Control.

<PAGE>

                              d.    Other  Benefits.  The  Executive  also shall
      be entitled to vacations and sick days,  in accordance  with the practices
      and procedures of the Company,  as such existed  immediately  prior to the
      Change in Control. During the Contract Period, the Executive also shall be
      entitled to hospital,  health,  medical and life insurance,  and any other
      benefits  enjoyed,  from time to time, by senior  officers of the Company,
      all upon terms as favorable as those  enjoyed by other senior  officers of
      the  Company.  Notwithstanding  anything  in  this  paragraph  5(d) to the
      contrary,  if the Company  adopts any change in the benefits  provided for
      senior  officers of the Company,  and such policy is uniformly  applied to
      all officers of the Company (and any successor or acquirer of the Company,
      if any),  including the chief executive officer of such entities,  then no
      such change shall be deemed to be contrary to this paragraph.

                        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,  or is unable to perform his/her
      duties  hereunder  for 4 consecutive  months in any 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/her estate shall not be entitled to any further
      benefits under this Agreement.

<PAGE>

                        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 four weeks
      notice.  The  Executive  may resign for Good  Reason  during the  Contract
      Period upon four weeks' written notice to the Company specifying facts and
      circumstances  claimed to support the Good Reason.  The Executive shall be
      entitled to give a Notice of Termination that his/her or her employment is
      being  terminated for Good Reason at any time during the Contract  Period,
      not later than twelve  months after any  occurrence  of an event stated to
      constitute  Good  Reason.  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, subject to Section 12 hereof:

                  (a)   Within 20 business days of the termination of employment
pay the Executive a lump sum severance payment in an amount equal to three (3.0)
times the highest  annual  cash  compensation,  consisting  solely of salary and
bonus, as well as any 401(k) deferral, paid to the Executive during any calendar
year in each of the three  calendar  years  immediately  prior to the  Change in
Control,  along with any  Gross-Up  Payment due under  Section 12 hereof for the
calendar year of the termination; and

                  (b)   Continue  to provide the  Executive during the remainder
of the Contract Period with health,  hospitalization  and medical insurance,  as
were  provided at the time of the  termination  of his/her  employment  with the
Company, at the Company's cost (subject to standard deductibles and co-pays, and
the  Executive's  continuing  payment of his/her  part of the premium for family
coverage, if applicable).

                  The  Executive  shall not have a duty to mitigate  the damages
suffered by him in  connection  with the  termination  by the Company of his/her
employment without Cause or a

<PAGE>

resignation for Good Reason during the Contract Period.  If the Company fails to
pay the Executive the lump sum amount due him hereunder or the Gross-Up  Payment
due under Section 12 hereof, or to provide him with the health,  hospitalization
and medical  insurance  benefits due under this section,  the  Executive,  after
giving 10 days' written notice to the Company identifying the Company's failure,
shall be entitled to recover  from the Company all of his/her  reasonable  legal
fees and expenses  incurred in connection with his/her  enforcement  against the
Company of the terms of this Agreement. The Executive shall be denied payment of
his/her legal fees and expenses only if a court finds that the Executive  sought
payment of such fees without reasonable cause and not in good faith.

                        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 four weeks' notice
      thereof.

                        11.   Non-Disclosure of Confidential Information.
                              ------------------------------------------

                              a.    Non-Disclosure  of Confidential Information.
      Except in the course of his/her  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.

<PAGE>

                              b.    Specific Performance.  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.

                              c.  Survival.   This  section  shall  survive  the
      termination of the Executive's  employment hereunder and the expiration of
      this Agreement.

                        12.   Gross-Up for Taxes.
                              ------------------

                              a.    Additional  Payments.  If,  for any  taxable
year,  Executive  shall be liable for the payment of an excise tax under Section
4999 and/or  Section 409A or other  substitute  or similar tax  assessment  (the
"Excise  Tax") of the Internal  Revenue Code of 1986,  as amended (the  "Code"),
including the  corresponding  provisions of any succeeding  law, with respect to
any payments  under this Section 12 or any payments  and/or  benefits under this
Agreement  or under any benefit  plan of the  Company  applicable  to  Executive
individually  or generally to executives or employees of the Company,  then, the
Company shall pay to the  Executive,  subject to Section 15 hereof by paying the
withholding  for the Executive,  an additional  amount (the "Gross-Up  Payment")
such that the net amount  retained  by the  Executive,  after  deduction  of any
Excise Tax on such payments and benefits and any federal, state and local income
tax and Excise Tax upon payments provided for in this Section 12, shall be equal
to the payments due to the Executive  hereunder and the payments and/or benefits
due to the  Executive  under any  benefit  plan of the  Company.  Each  Gross-Up
Payment  shall be made  upon the  later of (i) five (5) days  after the date the
Executive notifies the Company or the Company receives notice from the certified
public  accounting firm of its need to make such Gross-Up  Payment,  or (ii) the
date of any payment causing

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the liability for such Excise Tax. The amount of any Gross-Up Payment under this
section shall be computed by a nationally recognized certified public accounting
firm  designated  jointly by the  Company  and the  Executive.  The cost of such
services by the accounting firm shall be paid by the Company. If the Company and
the Executive are unable to designate jointly the accounting firm, then the firm
shall be the accounting firm used by the Company immediately prior to the Change
in Control.

                        b.    IRS  Disputed  Claims. The  Executive shall notify
the  company in writing of any claim by the  Internal  Revenue  Service  ("IRS")
that,  if  successful,  would  require  the payment by the Company of a Gross-Up
Payment in addition to that payment  previously paid by the Company  pursuant to
this section.  Such  notification  shall be given an soon as practicable  but no
later than fifteen (15) business days after the Executive is informed in writing
of such claim and shall  apprise the  Company of the nature of such  claim,  the
date on which such claim is requested  to be paid,  and attach a copy of the IRS
notice.  The Executive  shall not pay such claim prior to the  expiration of the
thirty  (30) day period  following  the date on which the  Executive  gives such
notice  to the  Company  (or such  shorter  period  ending  on the date that any
payment of taxes with respect to such claim is due). If the Company notifies the
Executive in writing  prior to the  expiration of such period that it desires to
contest such claim, the Executive shall:

                              (i)   Give the Company any information  reasonably
      requested by the Company relating to such claim;

                              (ii)  Take   such   action  in   connection   with
      contesting such claim as the Company shall  reasonably  request in writing
      from  time  to  time,  including,  without  limitation,   accepting  legal
      representation  with  respect  to such  claim  by an  attorney  reasonably
      selected by the Company;

<PAGE>

                              (iii) Cooperate  with the Company in good faith in
      order effectively to contest such claim; and

                              (iv)  Permit  the  Company to  participate  in any
      proceedings  relating to such claim;  provided,  however  that the Company
      shall pay directly all costs and expenses  (including legal and accounting
      fees, as well as other expenses and any additional interest and penalties)
      incurred by the Executive and the Company in connection  with an IRS levy,
      contest or claim.

                        c.  This  Section  shall  survive  the   termination  of
Executive's employment hereunder.

                  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 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 3 years)
      unless,  prior  to a Change  in  Control,  the  Chairman  of the  Board of
      Directors of Peapack  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) 3 years after the date hereof, or (ii) 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

<PAGE>

      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  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 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 Executive and the Company including the Employment Agreement dated
      January 1, 2008.

                  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.  Any Gross-Up
      Payment  shall be made in the form of  withholding  taxes and shall not be
      paid to the  Executive,  but shall be timely  directed  to the IRS (or any
      state division of taxation) on the Executive's behalf.

                  16.   Delay in Payment. Notwithstanding  anything  else to the
      contrary  in this  Agreement,  or any other  plan,  contract,  program  or
      otherwise,  the Company (and its affiliates)  are expressly  authorized to
      delay any  scheduled  payments  under this  Agreement  and any other plan,
      contract,  program or otherwise, as such payments relate to the Executive,
      if the Company (or its affiliate)  determines that such delay is necessary
      in order to comply with the  requirements  of Section 409A of the Internal
      Revenue Code. No such payment may

<PAGE>

      be  delayed  beyond  the  date  that  is  six  (6)  months  following  the
      Executive's  separation  from service (as defined in Section 409A). At the
      end of such  period  of  delay,  the  Executive  will be paid the  delayed
      payment  amounts,  plus  interest  for the period of any such  delay.  For
      purposes of the preceding sentence, interest shall be calculated using the
      six (6)  month  Treasury  Bill  rate in  effect  on the date on which  the
      payment is delayed,  and shall be compounded  daily.  Notwithstanding  the
      foregoing,  in the event that the  conditions of the  severance  exception
      under  Treasury  Regulation  Section  1.409A-1(b)(9)(iii)  are  satisfied,
      payment  of  benefit  will not be  delayed  for six (6)  months  following
      termination  from  employment to the extent  permitted under the severance
      exception.

                  17.   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-incontrol  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/her 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

<PAGE>

      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)

<PAGE>

            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

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

ATTEST:                          PEAPACK-GLADSTONE BANK

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

WITNESS:

/s/ Bridget J. Walsh             By: /s/ Garrett P. Bromley
                                 Garrett P. Bromley, ExecutiveExhibit 10 A 6

                              AMENDED AND RESTATED
                           CHANGE-IN-CONTROL AGREEMENT

                           "FINN M.W. CASPERSEN, JR."

            THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement"), is
made as of this "JANUARY 1, 2008", among  PEAPACK-GLADSTONE BANK ("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
158  Route  206  North,  Gladstone,  New  Jersey  07934  (Peapack  and the  Bank
collectively are the "Company") and FINN M.W. CASPERSEN, JR. (the "Executive").

                                   BACKGROUND

            WHEREAS,  the Executive has been  continuously  employed by the Bank
for many years;

            WHEREAS,   the  Executive   throughout  his/her  tenure  has  worked
diligently in his/her position in the business of the Bank and Peapack;

            WHEREAS, the Board of Directors of the Bank and Peapack believe that
the future  services of the Executive are of great value to the Bank and Peapack
and that it is  important  for the growth and  development  of the Bank that the
Executive continue in his/her position;

            WHEREAS,  if the Company  receives any proposal  from a third person
concerning a possible  business  combination  with, or  acquisition  of equities
securities of, the Company,  the Board of Directors of the Company (the "Board")
believes  it is  imperative  that the Company and the Board be able to rely upon
the Executive to continue in his/her position, and that they be able to receive

<PAGE>

and rely upon his/her  advice,  if they request it, as to the best  interests of
the Company and its  shareholders,  without  concern that the Executive might be
distracted by the personal  uncertainties  and risks created by such a proposal;

            WHEREAS,  to  achieve  that  goal,  and to  retain  the  Executive's
services  prior to any such  activity,  the Board of Directors and the Executive
have agreed to enter into this Agreement to govern the  Executive's  termination
benefits  in the event of a Change in Control  of the  Company,  as  hereinafter
defined.

            NOW,  THEREFORE,  to  assure  the  Company  that  it will  have  the
continued dedication of the Executive and the availability of his/her advice and
counsel  notwithstanding the possibility,  threat or occurrence of a bid to take
over control of the Company, and to induce the Executive to remain in the employ
of the Company, and for other good and valuable  consideration,  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 Executive's  employment  shall mean
(i) willful and continued failure by the Executive to perform his/her duties for
the Company under this Agreement  after at least one warning in writing from the
Company's Board of Directors 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 of
Directors;  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 of Directors  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

<PAGE>

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 Peapack or a Subsidiary  acquires actual  knowledge
that 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 twenty-five percent (25%) of the combined voting power of
Peapack's then outstanding securities (a "Control Person"),  (ii) upon the first
purchase of Peapack's common stock pursuant to a tender or exchange offer (other
than a tender or exchange  offer made by Peapack,  a  Subsidiary  or an employee
benefit plan established or maintained by Peapack,  a Subsidiary or any of their
respective  affiliates),  (iii)  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")),  (B) a sale or disposition of all or substantially
all of Peapack's  assets or (C) a plan of liquidation or dissolution of Peapack,
(iv) if during any period of two (2) consecutive  years,  individuals who at the
beginning of such period constitute the Board (the "Continuing Directors") cease
for any  reason to  constitute  at least  two-thirds  thereof  or,  following  a
Non-Control  Transaction,  two-thirds 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

<PAGE>

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.

                  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.

<PAGE>

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

                        (1)   The   assignment   to   Executive  of  any  duties
inconsistent  with,  or the  reduction of powers or functions  associated  with,
Executive's  position,  title,  duties,  responsibilities  and  status  with the
Company immediately prior to a Change in Control; any removal of Executive from,
or any failure to re-elect Executive to, any position(s) or office(s)  Executive
held immediately prior to such 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 paragraph;

                        (2)   A reduction by the Company in  Executive's  annual
base  compensation as in effect  immediately prior to a Change in Control or the
failure to award Executive annual increases in accordance herewith;

                        (3)   A failure  by the  Company to  continue  any bonus
plan in which Executive participated  immediately prior to the Change in Control
or a failure by the Company to continue  Executive as a participant in such plan
on at least the same basis as Executive  participated  in such plan prior to the
Change in Control;

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

<PAGE>

                        (5)   The  failure by the  Company to continue in effect
any employee benefit plan, program or arrangement (including, without limitation
the Company's  retirement plan, benefit  equalization plan, life insurance plan,
health and accident plan,  disability plan,  deferred  compensation plan or long
term stock incentive plan) in which Executive is participating immediately prior
to a Change in Control (except that the Company may institute or continue plans,
programs  or  arrangements   providing  Executive  with  substantially   similar
benefits);  the taking of any action by the Company which would adversely affect
Executive's  participation in or materially reduce  Executive's  benefits under,
any of such plans,  programs or  arrangements;  the failure to continue,  or the
taking of any action  which would  deprive  Executive,  of any  material  fringe
benefit enjoyed by Executive immediately prior to such Change in Control; or the
failure by the  Company to provide  Executive  with the number of paid  vacation
days to  which  Executive  was  entitled  immediately  prior to such  Change  in
Control;

                        (6)   The failure by the Company to obtain an assumption
in writing of the  obligations  of the Company to perform this  Agreement by any
successor to the Company and to provide such  assumption to the Executive  prior
to any Change in Control; or

                        (7)   Any   purported    termination    of   Executive's
employment  by the  Company  during  the  term of this  Agreement  which  is not
effected  pursuant  to all of the  requirements  of  this  Agreement;  and,  for
purposes of this Agreement, no such purported termination shall be effective.

                  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  50% or more of the total  combined  voting  power of all  classes of
stock in one of the other corporations in such chain.

<PAGE>

            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  as Executive  Vice  President of  Peapack  and the Bank, or such other
corporate or divisional  profit center as shall then be the principal  successor
to the business,  assets and properties of the Company,  with  substantially the
same  title and the same  duties  and  responsibilities  as before the Change in
Control.  The  Executive  shall devote  his/her  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 paragraph shall not be construed as preventing
the Executive from managing any  investments of his/her which do not require any
service on his/her part in the operation of such investments.

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

                  a.    Base  Salary.  A base annual  salary equal to the annual
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 equal to at least the
average of the  bonuses  paid to the  Executive  in the three years prior to the
Change in  Control.  The bonus  shall be  payable  at the time and in the manner
which the Company paid such bonuses prior to the Change in Control.

                  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

<PAGE>

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 Fringe Benefits.
                  ----------------------------

                  a.    Expenses.  During the  Contract  Period,  the  Executive
shall be entitled to  reimbursement  for all business  expenses  incurred by him
with  respect to the  business of the Company in the same manner and to the same
extent as such expenses were previously  reimbursed to him immediately  prior to
the Change in Control.

                  b.    Supplemental   Retirement  Plan.   During  the  Contract
Period,  if the  Executive  was  entitled  to  benefits  under any  supplemental
retirement plan prior to the Change in Control,  the Executive shall be entitled
to continued  benefits under such plan after the Change in Control and such plan
may not be modified to reduce or  eliminate  such  benefits  during the Contract
Period.

                  c.    Club Membership and  Automobile.  If prior to the Change
in Control,  the  Executive  was entitled to membership in a country club and/or
automobile  allowance,  he  shall be  entitled  to the  same  membership  and/or
automobile allowance provided to him prior to the Change in Control.

                  d.    Other Benefits.  The Executive also shall be entitled to
vacations and sick days, in accordance  with the practices and procedures of the
Company, as such existed immediately prior to the Change in Control.  During the
Contract  Period,  the  Executive  also shall be entitled to  hospital,  health,
medical and life insurance,  and any other benefits enjoyed,  from time to time,
by senior officers of the Company,  all upon terms as favorable as those enjoyed
by other  senior  officers  of the  Company.  Notwithstanding  anything  in this
paragraph 5(d) to the contrary, if the Company adopts any change in the benefits
provided for senior officers of the Company, and

<PAGE>

such  policy is  uniformly  applied  to all  officers  of the  Company  (and any
successor or acquirer of the Company,  if any),  including  the chief  executive
officer of such entities,  then no such change shall be deemed to be contrary to
this paragraph.

            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,  or is unable to perform his/her duties hereunder
for 4 consecutive  months in any 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/her estate shall not be entitled to any further benefits under this
Agreement.

            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 four weeks notice.  The Executive may
resign for Good Reason  during the  Contract  Period  upon four  weeks'  written
notice to the Company specifying facts and circumstances  claimed to support the
Good Reason.  The  Executive  shall be entitled to give a Notice of  Termination
that his/her or her  employment is being  terminated for Good Reason at any time
during the Contract Period, not later than twelve months after any occurrence of
an event  stated to  constitute  Good  Reason.  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,  subject to Section 12
hereof:

<PAGE>

            (a)   Within 20 business days of the  termination  of employment pay
the  Executive a lump sum  severance  payment in an amount  equal to three (3.0)
times the highest  annual  cash  compensation,  consisting  solely of salary and
bonus, as well as any 401(k) deferral, paid to the Executive during any calendar
year in each of the three  calendar  years  immediately  prior to the  Change in
Control,  along with any  Gross-Up  Payment due under  Section 12 hereof for the
calendar year of the termination; and

            (b)   Continue to provide the Executive  during the remainder of the
Contract  Period with health,  hospitalization  and medical  insurance,  as were
provided at the time of the termination of his/her  employment with the Company,
at the Company's  cost  (subject to standard  deductibles  and co-pays,  and the
Executive's  continuing  payment  of  his/her  part of the  premium  for  family
coverage, if applicable).

            The Executive shall not have a duty to mitigate the damages suffered
by him in connection with the  termination by the Company of his/her  employment
without Cause or a resignation  for Good Reason during the Contract  Period.  If
the Company  fails to pay the Executive the lump sum amount due him hereunder or
the  Gross-Up  Payment due under  Section 12 hereof,  or to provide him with the
health,  hospitalization  and medical insurance benefits due under this section,
the Executive,  after giving 10 days' written notice to the Company  identifying
the  Company's  failure,  shall be entitled  to recover  from the Company all of
his/her  reasonable legal fees and expenses  incurred in connection with his/her
enforcement  against the Company of the terms of this  Agreement.  The Executive
shall be denied payment of his/her legal fees and expenses only if a court finds
that the Executive sought payment of such fees without  reasonable cause and not
in good faith.

<PAGE>

            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 four weeks' notice thereof.

            11.   Non-Disclosure of Confidential Information.
                  ------------------------------------------

                  a.    Non-Disclosure  of Confidential  Information.  Except in
the course of his/her  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.    Specific Performance.  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.

                  c.    Survival.  This section shall survive the termination of
the Executive's employment hereunder and the expiration of this Agreement.

            12.   Gross-Up for Taxes.
                  ------------------

<PAGE>

                  a.    Additional Payments. If, for any taxable year, Executive
shall be liable  for the  payment  of an excise tax under  Section  4999  and/or
Section 409A or other substitute or similar tax assessment (the "Excise Tax") of
the  Internal  Revenue  Code of 1986,  as amended (the  "Code"),  including  the
corresponding  provisions  of any  succeeding  law, with respect to any payments
under this Section 12 or any payments  and/or  benefits  under this Agreement or
under any benefit plan of the Company  applicable to Executive  individually  or
generally to executives or employees of the Company, then, the Company shall pay
to the Executive, subject to Section 15 hereof by paying the withholding for the
Executive,  an  additional  amount (the  "Gross-Up  Payment")  such that the net
amount  retained by the  Executive,  after  deduction  of any Excise Tax on such
payments and benefits and any federal, state and local income tax and Excise Tax
upon  payments  provided  for in this Section 12, shall be equal to the payments
due to the  Executive  hereunder  and the  payments  and/or  benefits due to the
Executive under any benefit plan of the Company.  Each Gross-Up Payment shall be
made upon the later of (i) five (5) days after the date the  Executive  notifies
the Company or the Company receives notice from the certified public  accounting
firm of its need to make such Gross-Up Payment,  or (ii) the date of any payment
causing the  liability  for such Excise Tax. The amount of any Gross-Up  Payment
under this section shall be computed by a nationally recognized certified public
accounting firm designated jointly by the Company and the Executive. The cost of
such  services  by the  accounting  firm  shall be paid by the  Company.  If the
Company and the Executive are unable to designate  jointly the accounting  firm,
then the firm shall be the accounting firm used by the Company immediately prior
to the Change in Control.

                  b.    IRS  Disputed  Claims.  The  Executive  shall notify the
company in writing of any claim by the Internal Revenue Service ("IRS") that, if
successful, would require the

<PAGE>

payment by the  Company  of a  Gross-Up  Payment  in  addition  to that  payment
previously paid by the Company pursuant to this section. Such notification shall
be given an soon as  practicable  but no later than fifteen (15)  business  days
after the  Executive is informed in writing of such claim and shall  apprise the
Company of the nature of such claim,  the date on which such claim is  requested
to be paid,  and attach a copy of the IRS notice.  The  Executive  shall not pay
such claim prior to the  expiration of the thirty (30) day period  following the
date on which the  Executive  gives such notice to the Company (or such  shorter
period  ending on the date that any payment of taxes with  respect to such claim
is  due).  If the  Company  notifies  the  Executive  in  writing  prior  to the
expiration  of such period that it desires to contest such claim,  the Executive
shall:

                        (i)   Give  the  Company  any   information   reasonably
      requested by the Company relating to such claim;

                        (ii)  Take such  action in  connection  with  contesting
      such claim as the Company shall reasonably request in writing from time to
      time, including,  without limitation,  accepting legal representation with
      respect to such claim by an attorney reasonably selected by the Company;

                        (iii) Cooperate  with the Company in good faith in order
      effectively to contest such claim; and

                        (iv)  Permit   the   Company  to   participate   in  any
      proceedings  relating to such claim;  provided,  however  that the Company
      shall pay directly all costs and expenses  (including legal and accounting
      fees, as well as other expenses and any additional interest and penalties)
      incurred by the Executive and the Company in connection  with an IRS levy,
      contest or claim.

<PAGE>

                  c.    This   Section   shall   survive  the   termination   of
Executive's employment hereunder.

            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 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 3 years)  unless,  prior to a Change in Control,
the  Chairman of the Board of Directors  of Peapack  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) 3 years after the date  hereof,  or
(ii) 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  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 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

<PAGE>

severance policies for officers and employees or under any employment  agreement
between  Executive and the Company  including  the  Employment  Agreement  dated
[DATE].

            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.  Any Gross-Up  Payment shall be
made in the form of  withholding  taxes and shall not be paid to the  Executive,
but shall be timely  directed to the IRS (or any state  division of taxation) on
the Executive's behalf.

            16.   Delay  in  Payment.   Notwithstanding  anything  else  to  the
contrary in this Agreement,  or any other plan, contract,  program or otherwise,
the Company (and its affiliates) are expressly authorized to delay any scheduled
payments  under  this  Agreement  and  any  other  plan,  contract,  program  or
otherwise,  as such  payments  relate to the  Executive,  if the Company (or its
affiliate)  determines  that such delay is necessary in order to comply with the
requirements  of Section 409A of the Internal  Revenue Code. No such payment may
be  delayed  beyond the date that is six (6) months  following  the  Executive's
separation  from service (as defined in Section 409A). At the end of such period
of delay, the Executive will be paid the delayed payment amounts,  plus interest
for the  period of any such  delay.  For  purposes  of the  preceding  sentence,
interest  shall be  calculated  using  the six (6) month  Treasury  Bill rate in
effect on the date on which the  payment  is  delayed,  and shall be  compounded
daily.  Notwithstanding  the foregoing,  in the event that the conditions of the
severance  exception under Treasury Regulation Section  1.409A-1(b)(9)(iii)  are
satisfied,  payment of benefit will not be delayed for six (6) months  following
termination  from  employment  to  the  extent  permitted  under  the  severance
exception.

            17.   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

<PAGE>

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/her  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)

<PAGE>

            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

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

ATTEST:                           PEAPACK-GLADSTONE BANK

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

WITNESS:

/s/ Bridget J. Walsh              By: /s/ Finn M.W. Caspersen, Jr.
                                  Finn M.W. Caspersen, Jr., Executive

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