Document:

Exhibit (10) H (6)

 

peapack-gladstone
financial corporation

 

nonqualified
stock option agreement

FOR
OUTSIDE DIRECTORS

 

 

THIS
AGREEMENT, made this ___ day of ______ 20__  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 2012 Long-Term Stock Incentive Plan (the “2012 Plan”),
the Company hereby grants to the Optionee, subject to the terms and conditions of the 2012 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 2012 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.	[XXXXX (XX%)] of the Options may be exercised after [XXX] year from the date of grant;

 

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		ii.	[XXXXX (XX%)] of the Options may be exercised after [XXX] years from the date of grant;

 

		iii.	[XXXXX (XX%)] of the Options may be exercised after [XXX] years from the date of grant;

 

		iv.	One hundred percent (100%) of the Options may be exercised after [XXX] 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 2012 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;

 

		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; or

 

		v.	His or her election to have Shares that would otherwise be delivered to the Optionee upon exercise withheld by the Company,
as set forth in Section 6(e) of the Plan.

 

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 to him or her of 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 Retirement, 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.

 

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		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.

 

		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 2012 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, 500 Hills Drive, Bedminster, New
Jersey 07921, Attention: Bridget J. Walsh, and any notice hereunder to Optionee shall be addressed to his or her last address appearing
on the records of the Company. Either party may designate some other address at any time hereafter in writing. Notice may also
be provided by facsimile or electronic mail, and any such communication shall be deemed to be effective upon receipt, provided
confirmation of transmission is electronically generated and kept on file by the sending party.

 

 

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: Frank A. Kissel
	 	 	Title: Chairman and CEO
	 	 	 
	 	 
	 	[DIRECTOR]

 

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FORM FOR EXERCISING NONQUALIFIED STOCK OPTION

 

 

 Date: _________________, ____

 

 

Peapack-Gladstone Financial Corporation

500 Hills Drive

Bedminster, NJ 07921

Attention: Bridget J. Walsh

 

Ms. Walsh:

 

I am (check one (1))

 

___ an outside director of Peapack-Gladstone
Financial Corporation and/or its subsidiaries (“Company”)

 

___ a former outside director of the Company

 

___ the designated beneficiary of a deceased
outside director of the Company

 

and, as such, I am entitled to exercise the
option (“Option”) granted pursuant to the attached Peapack-Gladstone Financial Corporation Nonqualified Stock Option
Agreement for Outside Directors (“Agreement”).

 

I wish to exercise the Option to acquire _____
shares of the Company's Common Stock (“Shares”) at the exercise price of $________, as set forth in the Agreement.
My total payment of $_______ or _______ shares is enclosed.

 

(Check one (1) to indicate whether you are
paying in:)

 

___     Wire transfer or bank transfer

___     Check made payable to Peapack-Gladstone
Financial Corporation

___     Other shares of the Company's Common
Stock (only with permission of the Committee appointed to administer the Plan under which the Option was granted)

___     A combination of cash and other shares
of the Company's Common Stock (only with permission of the Committee appointed to administer the Plan under which the Option was
granted)

___     By having shares of the Company’s
Common Stock that would otherwise have been delivered upon exercise of an Option withheld by the Company (only with permission
of the Committee appointed to administer the Plan under which the Option was granted)

 

 

If the Shares I acquire hereby have not
been registered for sale under the Securities Act of 1933, as amended (which the Company is under no obligation to do), I represent
to you that I am acquiring the Shares for my own account for investment purposes only and not with a view to distribution or resale
and I authorize you to place an appropriate restrictive legend on the certificates representing the Shares.

 

Please make a notation on the Agreement to
evidence my exercise of the Option as set forth and return the Agreement (if any Options remain thereunder) to me at the address
below.

 

	 	 
	SIGNATURE	 
	 	 
	 	 
	 	 
	(PRINT NAME)	 
	 	 
	 	 
	 	 
	(PRINT ADDRESS)	 

    	123Exhibit (10) K

 

SEPARATION AGREEMENT AND GENERAL RELEASE

Dated 09/06/2013

 

PEAPACK-GLADSTONE BANK ADVISES
YOU TO CONSULT AN

ATTORNEY BEFORE YOU SIGN THIS DOCUMENT

 

This "Separation
Agreement and General Release" (hereinafter "Release") between CRAIG C. SPENGEMAN (hereinafter "you" or
"your"") and in favor of Peapack-Gladstone Financial Corporation and Peapack-Gladstone Bank(hereinafter collectively
"the Bank"), for the purpose of amicably and fully resolving any and all claims, disputes and issues arising out of your
employment at the Bank and the termination of that employment.

As the Bank is willing
to offer you the benefits described below in exchange for a full and complete release of all claims arising out of your employment
with the Bank; and

As you have agreed
to provide this Release to the Bank in return for these benefits;

Therefore, in consideration
of the mutual covenants and promises hereinafter provided and of the actions to be taken pursuant thereto, you agree as follows:

1.        (a)
You hereby accept the sums and benefits set forth in Paragraph 1(b). Except as provided in Paragraphs 1(b),1(c) and 5 below, you
will not be entitled to any other compensation or benefits from the Bank.

(b) Effective
as of January 2, 2014 (the “Termination Date”), you are resigning as an employee of the Bank, and will similarly resign
from your positions as President and Chief Investment Officer of PGB Trust and Investments, as a member of the Board of Directors
of the Bank, and from all other offices, directorships, trusteeships, committee memberships and fiduciary and other capacities
held with, or on behalf of, the Bank. .

(c) The Bank
will make payments to you described below, minus all deductions required by law. These payments consist of:

		(i)	You shall be paid a total of $600,000 in severance, representing two (2) years of your current
base salary of $300,000, as follows.  Per your election under Section 6(g) of your Employment Agreement with the Bank, dated
January 1, 2008, you will be paid severance pay equal to six months ($150,000) of your current annual base salary of $300,000 on
July 1, 2014, together with interest on said sum calculated using the six (6) month Treasury Bill rate as of the date on which
the payment is delayed September 6, 2013, compounded daily.  Thereafter, the remaining balance ($450,000) will be paid over
the subsequent eighteen months in accordance with the Bank’s normal payroll practices.

		(ii)	On, December 27, 2013 unused vacation time, equal to a sum of $11,538, in accordance with New Jersey
law will be paid.

		(iii)	on December 1, 2013, title to the 2008 Audi A6 used by you for business purposes and owned by the
Bank, valued at $15,500.

		(iv)	Restricted Stock Shares granted to you under the Peapack Gladstone Financial Corporation stock
plans will continue to vest according to vesting schedule.

		(v)	commencing January 1, 2014 reimbursement of all COBRA medical premiums you pay for one year, until
December 31, 2014.

2.        In
exchange for the sums and benefits set forth above, you agree to release the Bank, and its current and former officers, directors,
agents, employees, successors and assigns (hereinafter collectively "the Released Parties") from all claims, demands,
actions, and liabilities, whether known or unknown (except as expressly set forth in Paragraph 5 below), you may
have against them or any one of them in any way related to your employment at the Bank and/or the termination of that employment.
By way of example, the types of claims that are covered under this Release include but are not limited to:

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(a)        all wrongful
discharge claims, constructive discharge claims, claims relating to any contracts of employment, expressed or implied, any covenants
of good faith and fair dealing, expressed or implied, and any personal wrongs or injuries;

(b)        any claims
that could be brought pursuant to Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000 1 et seq., the Age Discrimination
in Employment Act, 29 U.S.C. § 621 et seq., the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq., the Employee
Retirement Income Security Act, 29 U.S.C. § 1131 et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.
the New Jersey Law Against Discrimination, N.J.S.A. § 10:5 1 et seq., the Conscientious Employee Protection Act, N.J.S.A.
§ 34:19 1 et seq., the New Jersey Civil Rights Act, N.J.S.A. 10:6-1, et seq., and the Family Leave Act, N.J.S.A. § 34:1113
1 et seq. (all as may have been amended); and

(c)        any claims
that could be brought under any other federal, state, county or municipal statute or ordinance dealing with discrimination in employment
on the basis of sex, race, national origin, religion, disability, age, marital status, affectional or sexual orientation or other
reason.

3.        (a)
You agree that you will never sue or otherwise institute a claim seeking any personal recovery or personal injunctive relief against
the Released Parties or any one of them for anything which has happened up to now, whether such claim is presently known
or unknown by you, in any way related to your employment at the Bank and/or the termination of that employment.

(b) Nothing
contained in this paragraph shall prohibit you from (i) bringing in any action to enforce the terms of this Agreement and Release;
(ii) filing a timely charge with the Equal Employment Opportunity Commission (EEOC) regarding the validity of this Agreement and
Release; and (iii) filing a timely charge or complaint with the EEOC or participating in any investigation or proceeding conducted
by the EEOC regarding any claim of employment discrimination ( although you have waived any right to personal recovery or personal
injunctive relief in connection with any such charge or complaint.)

4.        You
acknowledge that by entering into this Release, the Bank does not admit, expressly or implicitly, that it has engaged in any wrongdoing
whatsoever.

5.        This
Release does not include any claims you may have with respect to any medical, prescription, dental, retirement and savings benefits
provided by plans maintained by the Bank to which you may be entitled, with respect to any payments due you under this Release,
or with respect to any rights you may have under any applicable worker's compensation laws.

This release also
does not include your rights to indemnification as a director, officer or employee of the Bank. You shall continue to have the
right to be indemnified to the fullest extent permitted by the corporate documents of the Bank in effect as of the Termination
Date or, if greater, under applicable law, as well as to the fullest extent permitted pursuant to applicable director and officer
insurance policies of the Bank, as in effect from time to time.

6.        You
agree that you have executed this Release on your own behalf and also on behalf of any heirs, agents, representatives, successors
and assigns that you may have now or in the future.

7.        You
acknowledge and agree that the benefits provided herein exceed any amount to which you would otherwise be presently entitled under
the Bank's policies, procedures and benefit programs and/or under any applicable law without providing this Release, and constitute
valuable consideration for this Release.

8.        (a)
You hereby acknowledge that the Bank maintains certain proprietary and confidential information that has great value in its business
(hereinafter "Confidential Information") and that Confidential Information includes, but is not limited to, (i) any and
all information (in any medium, including but not limited to, written documents and electronic files) concerning unpublished financial
data, marketing and sales data, compensation data, employee lists, customer lists, product cost or pricing information, contracts,
formulas, trade secrets, inventions, discoveries, improvements, data, know how, formats, marketing plans, business plans, strategies,
forecasts, supplier and vendor identities and (ii) information provided to the Bank in confidence by the Bank's customers and others
with whom the Bank does business.

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(b) You agree
that at all times hereafter you (i) will hold in trust and keep in confidence any all Confidential Information in your possession
or to which you have had access and (ii) will not without the prior express written authorization of the Bank directly or indirectly
use for any purpose, publish, disseminate, or disclose to any person, corporation, firm, or other entity any Confidential Information.

(c) You agree
to reasonably cooperate with the Bank as may be reasonably required, in connection with any past, present or future legal matter
involving the Bank

(c) You further
acknowledge and represent that you have returned to the Bank all Confidential Information (including copies), all other documents,
and all tangible property of the Bank, including, but not limited to, keys, credit cards, cell phones, computers and other electronic
equipment.

9.        You
agree that you will not make any statements, orally or in writing, that disparage the reputation or good will of the Released Parties
or any one of them.

10.      You
agree to keep both the existence and the terms of this Release completely confidential, except that you may discuss this Release
with your attorney, accountant or other tax professional and your spouse.

11.      You
acknowledge that the Bank has advised you and that you are aware of the following:

(a) you have
the right to and should consult with an attorney prior to signing this Release;

(b) you have
21 calendar days to decide whether to sign this Release; and

(c) if you sign
this Release, you have up to 7 calendar days to revoke it, and the Release will not become effective until this 7 calendar day
period has expired.

12.      If
you sign this Release and wish to revoke it, within 7 days after you sign it you must deliver or mail a written notice of revocation
(form attached) to Bridget J. Walsh, Senior Vice President, Peapack-Gladstone Bank, 500 Hills Drive, Bedminster, NJ 07921. The
revocation must be:

(a) delivered
within the 7 calendar day period; and

(b) properly
addressed to Bridget J. Walsh at the above address.

If Bridget J. Walsh
does not receive a written notice of revocation in accordance with the foregoing terms, you will not be able to rescind this Release.

13.      You
agree that this Release contains the entire agreement of the parties and that this Release cannot be amended, modified, or supplemented
in any respect except by the written agreement of both parties. You also acknowledge and agree that you remain subject to the obligations
that apply under the terms of your Employment Agreement with the Bank dated as of January 1, 2008 (the “Employment Agreement”),
and that all payments described hereunder are in full satisfaction of the Bank’s obligations under the Employment Agreement.
Notwithstanding the preceding sentence, in exchange for your agreeing to the terms of this Release, the Bank will release you from
the Non-Compete provisions that would otherwise apply to you under Section 8(a) of your Employment Agreement (but the remainder
of Section 8 will remain in full force and effect).

14.      You
agree that if any term or provision of this Release or the application thereof to any alleged claim, party or circumstances shall
to any extent be determined to be invalid, void, or unenforceable, the remaining provisions and any application thereof shall nevertheless
continue in full force and effect without being impaired or invalidated in any way. The parties further agree to replace any such
void or unenforceable provision of this Release with a valid and enforceable provision that will achieve, to the extent possible,
the economic, business or other purposes of the void or unenforceable provision.

    	126

    	 

    

15.      You
acknowledge that you have read this Release in its entirety, understand fully the meaning and significance of all its terms, have
had an opportunity to discuss said terms with an attorney, and you hereby voluntarily and knowingly agree to accept all of its
terms. You further acknowledge that you have not relied on any representations, promises, or agreements of any kind made to you
in connection with your decision to sign this Release except for the agreements set forth in the Release.

16.      You
agree that this Release shall be governed by the laws of the State of New Jersey without giving effect to any conflicts of law
principles. You also agree that the state and federal courts in the State of New Jersey will have exclusive jurisdiction and venue
over the subject matter hereof. The payments and benefits provided under this Release are intended to be exempt from or comply
with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated thereunder
and, accordingly, this Release will be administered and interpreted to be consistent with such intent, although the Bank does not
provide assurance or a guarantee of such compliance.

 

	 	DATE:	 	 	
	 	 	 	 	CRAIG C. SPENGEMAN
	 	 	 	 	 
	 	STATE OF	 	 	 
	 	 	 	 	 
	 	COUNTY OF 	 	 	 
	 	 	 	 	 
	On this _____day of  2013 _____________________ personally came before me and acknowledged under oath, to my satisfaction, that this person (a) is named in and personally signed this document; and (b) signed, sealed and delivered this document as his/her voluntary act and deed.
	 
	 	 	 	 
	 	    NOTARY PUBLIC	 	 
	 	 	 	 	 
	 	 	 	 	 
	 		 	 
	 	BRIDGET J. WALSH, SVP	 	 
	 	 	 	 
	 	Date	 	 	 

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REVOCATION FORM

To be effective, this Revocation
Form must be mailed to Bridget J. Walsh, Senior Vice President, Peapack-Gladstone Bank, 500 Hills Drive, Bedminster, NJ 07921 within
7 days following the date you sign the Separation Agreement and General Release. This Revocation Form must be:

(1) Delivered within the
7 calendar day period; and

(2) Properly addressed
to Bridget J. Walsh, Senior Vice President, Peapack-Gladstone Bank, 500 Hills Drive Bedminster, NJ 07921.

If Bridget J. Walsh does
not receive a written revocation as set forth above, you will not be able to rescind the Separation Agreement and General Release.

By signing below, I revoke
the Separation Agreement and General Release signed by me and dated _______, 2013 and rescind my agreement to accept the benefits
provided therein. I understand that by signing this Revocation Form and returning it to the Bank as indicated above, my agreement
to accept the terms and conditions of the Separation Agreement and General Release will be considered withdrawn, and my benefits
will be determined in accordance with normal Bank policy.

 

	 	 	 	 
	 	WITNESS	 	CRAIG C. SPENGEMAN
	 	 	 	 	 
	 	 	 	 
	 	PRINTED NAME	 	 
	 	 	 	 	 
	 	DATED:	 	 	 

 

    	128

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