Valley National Bancorp adopts executive severance plan effective January 1, 2025
Valley National Bancorp's Board adopted an Executive Severance Plan on December 3, 2024, effective January 1, 2025, covering certain key employees other than the CEO. The plan sets severance formulas for termination with and without a change in control and is intended to phase out individual severance and change-in-control agreements with executive officers.
Key points
- Board adopted the plan on December 3, 2024, effective January 1, 2025, on the Compensation and Human Capital Management Committee's recommendation.
- Outside a change-in-control period, President-level participants receive 2x base salary plus 1x target bonus plus a prorated target bonus, with SEVP and EVP levels receiving lower multiples.
- During the two-year period after a change in control, President and SEVP participants receive 2x base salary plus 2x target bonus; EVP participants receive 2x base salary plus 1x target bonus.
- The Committee may amend or end the plan before a change in control with 12 months' prior written notice to participants, and no change may take effect during the Covered Period.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 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 December 09, 2024.
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.