<a href="https://laohu8.com/S/PFS">Provident Financial Services Inc</a>. Announces New CEO Compensation Agreement with Enhanced Severance and Non-Compete Terms
Provident Financial Services, Inc. has announced an amended and restated employment agreement with Anthony J. Labozzetta, its President and CEO. Effective June 26, 2025, the new agreement extends through June 26, 2028, with automatic one-year renewals unless otherwise notified. Key changes include an annual base salary set at $1 million, with potential increases. In cases of termination without cause or voluntary termination with good reason, Labozzetta will receive a severance of two times his base salary and target cash incentive, along with up to 24 months of COBRA health insurance reimbursement. In the event of a change in control, the severance is increased to three times the base salary and target cash incentive, plus additional health, life, and disability insurance coverage benefits. Adjustments for potential excise taxes are also included to maximize the executive's net after-tax benefit. Additionally, the non-compete period has been extended to one year post-termination.
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