Provident Financial Services Inc. Unveils New Executive Severance Plan with Comprehensive Benefits Package
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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.
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