Provident Financial Services adopts executive severance plan with change-in-control terms
Provident Financial Services' board adopted the Provident Bank Executive Severance Plan on July 24, 2025, providing severance to selected executives. Eligible executives, including named executive officers Thomas M. Lyons, Valerie O. Murray and Ravi Vakacherla, must waive existing change-in-control agreements to participate.
Key points
- Plan adopted by the board on July 24, 2025; participants selected by the Compensation and Human Capital Committee
- Severance without cause equals one times base salary and one times target cash incentive, plus up to one year of COBRA health coverage and six months of outplacement
- Within two years after a change in control, multiples are two times for Murray and Vakacherla and three times for Lyons
- No excise tax gross-up; payments are cut back if that yields a greater after-tax amount
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:49 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 25, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.