Provident Financial Holdings Inc. has announced a new severance agreement for its Senior Vice President, Chief Financial Officer, and Corporate Secretary, Peter C. Fan. This agreement, effective from May 22, 2025, will remain valid until February 28, 2026, with the possibility of an annual extension by the Board of Directors. Under the terms of the agreement, in the event of an involuntary termination within 12 months following a change in control of the Corporation or its subsidiary, Provident Savings Bank, F.S.B., Mr. Fan would receive a lump sum payment equivalent to two times his current base salary and two times the largest annual bonus he received in the two years prior to termination. Additionally, his life, medical, dental, vision, and disability coverage would continue for two years following his departure.
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