Provident Financial Services Inc. Unveils New Executive Severance Plan with Comprehensive Benefits Package
Provident Financial Services, Inc. has introduced a new Executive Severance Plan effective July 24, 2025. Approved by the Board of Directors, the plan provides severance benefits for selected executives, including a payment of one year’s base salary and target cash incentive if terminated without cause. Enhanced benefits are available post-change in control, offering multiples of two or three times the base salary and target incentive. The plan excludes gross-up payments for excise taxes on excess parachute payments.
Provident Financial Services, Inc. has announced the adoption of a new Executive Severance Plan, effective July 24, 2025. The plan, approved by the company’s Board of Directors, outlines severance benefits for selected executives, including Thomas M. Lyons, Valerie O. Murray, and Ravi Vakacherla, contingent on waiving existing change in control agreements. Under the plan, if an executive is terminated without cause, they are eligible for a severance payment equivalent to one year’s base salary and target cash incentive, along with continued health insurance coverage and outplacement services. In the event of termination following a change in control, enhanced benefits are available, with multiples of two or three times the sum of the base salary and target incentive, plus additional health coverage payments. The plan excludes gross-up payments for excise taxes on excess parachute payments. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Provident Financial Services Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001628280-25-036050), on July 25, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT) Original Document: here
