Document:

Exhibit (10) I (3)

 

	Name of Employee:  	No. of Shares:  
	 	Exercise  Price: 

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

INCENTIVE STOCK OPTION AGREEMENT (“AGREEMENT”)

 

PEAPACK-GLADSTONE FINANCIAL
CORPORATION, a New Jersey corporation (“Company”), this __ day of _____________ (“Option Date”) hereby
grants to (“Employee”), an employee of the Company or a subsidiary thereof, pursuant to the Company’s 2006 Long-Term
Stock Incentive Plan (“Plan”), an option to purchase shares of the Common Stock, no par value (“Common Stock”),
of the Company in the amount and on the terms and conditions hereinafter set forth.

 

		1.	Incorporation by Reference of Plan. The provisions of the Plan, a copy of which is being
furnished herewith to the Employee, are incorporated by reference herein and shall govern as to all matters not expressly provided
for in this Agreement. Capitalized terms not defined herein have the meanings set forth in the Plan. In the event of any conflict
between the terms of this Agreement and the Plan, the terms of the Plan shall govern.

 

		2.	Grant of Option. The Company hereby grants to the Employee the option (“Option”)
to purchase all or any part of an aggregate of ____ shares of Common Stock (“Shares”) on the terms and conditions
herein set forth. To the extent possible, the Option is intended to be an incentive option within the meaning of Section 422 of
the Internal Revenue Code of 1986, as amended.

 

		3.	Purchase Price. The purchase price of the shares of Common Stock subject to the Option shall
be ____ per share subject to adjustment as provided in Section 10 below.

 

		4.	Terms of Option. (a)  Vesting. This Option shall not be exercisable until the
dates shown below:

 

Notwithstanding the foregoing
vesting schedule, upon the death, Disability or Retirement of the Employee, or upon a Change in Control, all options shall become
immediately exercisable as set forth in the Plan. The Plan defines Retirement as follows:

“Retirement”
means the retirement from active employment of an employee or officer, but only if such person meets all of the following requirements:
(i) he has a minimum combined total of years of service to the Company or any Subsidiary (excluding service to any acquired company)
and age equal to eighty (80), (ii) he is age sixty-two (62) or older, and (iii) he provides six (6) months prior written notice
to the Company of the retirement.

If the Employee retires but fails
to meet such conditions, he or she shall not be deemed to be within the definition of Retirement for any purpose under the Plan
and this Agreement.

(b) Final Termination.
No Option shall be exercisable after the expiration of ten (10) years from the date hereof or such shorter period as is prescribed
in the Plan or in this Agreement.

		5.	Restrictions. This Option is subject to all the terms and conditions set forth in the Plan
including, but not limited to, the following:

 

		a.	This Option is not transferable, as provided in Section 6(c) of the Plan;

 

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		b.	This Option may be exercised by the Employee or his or her legal representative for a period of
three (3) years after the Employee terminates employment due to death or Disability, as provided in Section 6(g)(1) of the Plan
(but in no event beyond the date determined under Section 4(b) above);

 

		c.	This Option lapses upon the termination of employment if the termination is by the Employee (other
than due to the Employee’s Retirement), as provided in Section 6(g)(2) of the Plan;

 

		d.	This Option may be exercised by the Employee or his or her legal representative for ninety (90)
days if the termination of employment is due to the Employee’s Retirement, as provided in Section 6(g)(3) of the Plan (but
in no event beyond the date determined under Section 4(b) above);

		e.	This Option may be exercised by the Employee or his or her legal representative for ninety (90)
days after the termination of the Employee’s employment if the termination is for any reason other than death, Disability,
termination by the Employee or Retirement, as provided in Section 6(g)(4) of the Plan (but in no event beyond the date determined
under Section 4(b) above); and

 

		f.	This Option may be exercised by the designated beneficiaries of the Employee, as provided in Section
16(c) of the Plan.

 

		6.	Exercise. This Option shall be exercised by notice to the Company, accompanied by full payment
in cash or check (or Shares), as set forth in Section 6(e) of the Plan. A sample form to be used in exercising this Option is attached.

 

		7.	Holding Period Necessary for Favorable Tax Treatment of Shares. To obtain favorable tax
treatment for stock acquired pursuant to this Option, the Employee may not dispose of Shares acquired pursuant to this option (i)
within two (2) years of the date this option is granted or (ii) within one (1) year after such shares are transferred to the Employee.
The foregoing statement of tax consequences is intended only as a generalized statement of current Federal tax law (as in existence
on the date of this Agreement) and the Employee, at his or her expense, should consult his or her tax consultant to determine the
specific tax consequences of his or her exercise of this Option. An employee who disposes of his or her Shares prior to the expiration
of such holding period shall notify the Company, within ten (10) days after the disposition occurs, of the date of the sale and
the amount of gain on the sale.

 

		8.	Securities Law Restrictions. The Company is under no obligation to file a registration statement
under the Securities Act of 1933, as amended (“Act”) with respect to the Shares to be received upon exercise of the
Option. As provided by Section 15(f) of the Plan, unless a registration statement under the Act has been filed and remains effective
with respect to the Shares, the Company shall require that the offer and sale of such Shares be exempt from the registration provisions
of the Act. As a condition of such exemption, the Company shall require a representation and undertaking, in form and substance
satisfactory to counsel for the Company, that the Employee is acquiring the Shares for his or her own account for investment and
not with a view to the distribution or resale thereof and shall otherwise require such representations and impose such conditions
as shall establish to the Company’s satisfaction that the offer and sale of the Shares issuable upon the exercise of the
Option will not constitute a violation of the Act or any similar state act affecting the offer and sale. If issued in an exempt
transaction, the Shares shall bear the following restrictive legend:

 

“These shares have not
been registered under the Securities Act of 1933, as amended. No transfer of the shares may be effected without an opinion of counsel
to the Company stating that the transfer is exempt from registration under the Securities Act of 1933 and any applicable state
securities laws or that the transfer of the shares is covered by an effective registration statement with respect to the shares.”

 

		9.	Restrictions on Transfer. This Option shall not be transferred (other than by will or the
laws of descent and distribution), assigned, pledged or hypothecated and shall not be subject to execution, attachment or similar
process. In the event the terms of this paragraph are not complied with by the Employee, or if the Option is subject to execution,
attachment or similar process, this Option shall immediately become null and void.

 

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		10.	Anti-Dilution Provisions. If prior to expiration of the Option there shall occur any change
in the outstanding Common Stock of the Company by reason of any stock dividend, stock split, combination or exchange of shares,
merger, consolidation, recapitalization, reorganization, subscription rights offering, or the like, and as often as the same shall
occur, then the kind and number of shares subject to the Option, or the purchase price per share of Common Stock, or both, shall
be adjusted by the Committee in such manner as it may deem equitable, the determination of which shall be binding and conclusive.
Failure of the Committee to provide for any such adjustment shall be conclusive evidence that no adjustment is required. The Company
shall have the right to engage a firm of independent certified public accountants, which may be the Company’s regular auditors,
to make any computation provided for in this Section, and a certificate of that firm showing the required adjustment shall be conclusive
and binding.

 

		11.	Acceptance of Provisions. The execution of this Agreement by the Employee shall constitute
the Employee’s acceptance of and agreement to all of the terms and conditions of the Plan and this Agreement.

 

		12.	Notices. All notices and other communications required or permitted under the Plan and this
Agreement shall be in writing and shall be given either by (i) personal delivery or regular mail, in each case against receipt,
or (ii) first class registered or certified mail, return receipt requested. Any such communication shall be deemed to have been
given (a) on the date of receipt in the cases referred to in clause (i) of the preceding sentence and (b) on the second day after
the date of mailing in the cases referred to in clause (ii) of the preceding sentence. All such communications to the Company shall
be addressed to it, to the attention of its Secretary, at its then principal office and to the Employee at his or her last address
appearing on the records of the Company or, in each case, to such other person or address as may be designated by like notice hereunder.

 

		13.	Miscellaneous. This Agreement and the Plan contain a complete statement of all the arrangements
between the parties with respect to their subject matter, and this Agreement cannot be changed except by a writing executed by
both parties. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey applicable
to agreements made and to be performed exclusively in New Jersey. The headings in this Agreement are solely for convenience of
reference and shall not affect its meaning or interpretation.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.

	PEAPACK-GLADSTONE	 	EMPLOYEE
	FINANCIAL CORPORATION	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	 	 	By: 	 
	 	 	 	 	Signature of Employee

    	98Exhibit (10) I (4)

PEAPACK-GLADSTONE
FINANCIAL CORPORATION

NONQUALIFIED
STOCK OPTION AGREEMENT

FOR OUTSIDE
DIRECTORS

 

 

THIS
AGREEMENT, made this  day of   by and between Peapack-Gladstone Financial Corporation (the “Company”)
and  (the “Optionee”),

 

WITNESSETH

 

WHEREAS, the Optionee is
now an outside Director of the Company and the Company desires to afford him or her with the opportunity to acquire, or enlarge,
his or her stock ownership in the Company so that he or she may have a direct proprietary interest in the Company’s continuing
success:

 

NOW, THEREFORE, in consideration
of the covenants and agreement herein contained, the parties hereto hereby agree as follows:

 

		1.	Grant of Option. Pursuant to the provisions of the 2006 Long-Term Stock Incentive Plan adopted
by shareholders on April 25, 2006 (the “2006 Plan”), the Company hereby grants to the Optionee, subject to the terms
and conditions of the 2006 Plan (the terms of which are incorporated herein by reference), and subject further to the terms and
conditions herein set forth, the right and option (the “Option”) to purchase from the Company all or any part of an
aggregate of ________ Shares of the Company at the purchase price of ________ per Share, which purchase price shall be not less
than 100% of the Fair Market Value of the Company’s common stock on the date of grant, such Option to be exercised as hereinafter
provided.

 

		2.	Terms and Conditions. It is understood and agreed that the Option evidenced hereby is subject to
the following terms and conditions:

 

		a.	Termination of Option. Each Option shall expire upon the earlier of (i) one hundred twenty (120)
months following the date of grant, or (ii) three (3) years following the date on which the outside Director ceases to serve in
such capacity for any reason other than removal for cause. If the Optionee dies before fully exercising any portion of an Option
then exercisable, such Option may be exercised by his or her beneficiary, personal representative(s), heir(s), or devisee(s) at
any time within the three (3) year period following his or her death; provided, however, that in no event shall the Option be exercisable
more than one hundred twenty (120) months after the date of its grant. Notwithstanding anything else to the contrary herein, if
the Optionee’s service terminates at a time when Cause (as defined in the 2006 Plan) exists, then any and all outstanding
Options shall automatically be terminated and void as of the date that Cause arose.

 

		b.	Exercise of Option. The Option may be exercised, to the extent exercisable by its terms, in whole
or in part at any time prior to the expiration thereof. Any exercise shall be accompanied by a written notice to the Company specifying
the number of Shares as to which the Option is being exercised.

 

		c.	Conditions of Exercise. The Option shall not be exercisable during the twelve months following
the date of grant. Thereafter, subject to the following provisions of this paragraph, the Option shall become exercisable as follows:

 

		i.	One-fifth (20%) of the Options may be exercised after one year from the date of grant;

 

		ii.	Two-fifths (40%) of the Options may be exercised after two years from the date of grant;

 

		iii.	Three-fifths (60%) of the Options may be exercised after three years from the date of grant;

 

		iv.	Four-fifths (80%) of the Options may be exercised after four years from the date of grant; and

 

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		v.	One hundred percent (100%) of the Options may be exercised after five years from the date of grant,
but only if the Optionee continues to serve as an outside Director at such applicable vesting dates, unless otherwise provided
in the 2006 Plan, and provided that the Option may be exercised only to purchase whole Shares, and in no case may a fraction of
a Share be purchased. The right of the Optionee to purchase Shares with respect to which this Option has become exercisable as
herein provided may be exercised in whole or in part at any time or from time to time, prior to the tenth anniversary of the date
of grant or three (3) years following the date on which the outside Director ceases to serve in such capacity for any reason other
than removal for cause, whichever occurs first.

 

		d.	Payment of Purchase Price Upon Exercise. The Option shall be exercised in the following manner:
the Optionee, or person(s) having the right to exercise the Option upon the death or total Disability of the Optionee, shall deliver
to the Company written notice, in substantially the form of the notice attached hereto, specifying the number of Shares which he
or she elects to purchase pursuant to the exercise of the Option, together with either:

 

		i.	Cash;

 

		ii.	A check;

 

		iii.	A number of previously acquired Shares of the Company’s common stock having fair market value
(as of the date preceding the date of exercise) equal to the price to be paid upon the exercise of the Option; or

 

		iv.	Any combination of cash and Shares of the Company’s common stock, the sum of which equals
the total price to be paid upon the exercise of the Option, and the stock purchase shall thereupon be promptly delivered, however,
the Company may, in its discretion, require that the Optionee pay to the Company, at the time of exercise, any such additional
amount as the Company deems necessary to satisfy its liability to withhold Federal, state or local income or other taxes incurred
by reason of the exercise of the Option or the transfer of Shares thereupon. The Optionee will not be deemed to be a holder of
any Shares pursuant to exercise of the Option until the date of the issuance of a stock certificate to him or her for such Shares
and until the Shares are paid for in full.

 

		e.	Exercise Upon Termination of Service. Upon the termination of an Optionee’s service as an
outside Director for the Company for any reason other than Disability, Change in Control or death, the Optionee’s Options
shall be exercisable only as to those Shares which were immediately purchasable by the Optionee at the date of termination. In
the event of the Optionee’s termination as an outside Director by reason of death, Retirement or Disability, all Options
held by such Optionee shall become immediately exercisable by the Optionee or the Optionee’s legal representatives or beneficiaries.
Upon termination of the Optionee’s service due to or within 12 months after a Change in Control, all Options held by such
Optionee shall become immediately exercisable.

 

		f.	Non-transferability. This Option shall not be transferable other than by will or by the laws of
descent and distribution. During the lifetime of Optionee, this Option shall be exercisable only by the Optionee or by his or her
guardian or legal representative.

 

		g.	Adjustments. In the event of any change in the common stock of the Company by reason of any stock
dividend, recapitalization, reorganization, merger, consolidation, stock split, combination or exchange of Shares, or of any similar
change affecting the common stock, then in any such event the number and kind of Shares subject to this Option and their purchase
price per Share shall be appropriately adjusted consistent with such change in such manner as the Compensation Committee may deem
equitable to prevent substantial dilution or enlargement of the rights granted to Optionee hereunder. Any adjustment so made shall
be final and binding upon Optionee.

 

		h.	No Rights as Stockholder. Optionee shall have no rights as a stockholder with respect to any Shares
subject to this Option unless and until (i) the Option shall have been exercised pursuant
to the terms thereof, (ii) the Company shall have issued and delivered the Shares to the Optionee, and (iii) the Optionee’s
name shall have been entered as a shareholder of record on the books of the Company. No adjustment shall be made for the
dividends or distributions or other rights with respect to such Shares for which the record date is prior to the date upon which
he or she shall become the holder of record thereof.

 

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		i.	Compliance with Laws and Regulations. This Option and the obligation of the Company to sell and
deliver Shares hereunder, shall be subject to all applicable Federal and state laws, rules and regulations and to such approvals
by any government or regulatory agency as may be required.

 

		3.	Optionee Bound by Plan. Optionee hereby acknowledges receipt of a copy of the 2006 Plan and agrees
to be bound by all the terms and provisions thereof.

 

		4.	Notices. Any notice hereunder to the Company shall be addressed to it at its office, 158
Route 206 North, Gladstone, New Jersey 07934, Attention: Arthur F. Birmingham, and any notice hereunder to Optionee shall
be addressed to him or her at . Either party may designate some other address at any time hereafter in writing.

 

 

IN WITNESS WHEREOF, Peapack-Gladstone
Financial Corporation has caused this Agreement to be executed by its President or a Vice President and Optionee has executed this
Agreement, both as of the date and year first above written.

 

	 	PEAPACK-GLADSTONE FINANCIAL
	 	CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 
	 	Optionee

 

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