<a href="https://laohu8.com/S/PFS">Provident Financial Services Inc</a>. Unveils New Executive Severance Plan with Comprehensive Benefits Package
Provident Financial Services, Inc. has announced the adoption of a new Executive Severance Plan, effective July 24, 2025. The plan, approved by the company's Board of Directors, outlines severance benefits for selected executives, including Thomas M. Lyons, Valerie O. Murray, and Ravi Vakacherla, contingent on waiving existing change in control agreements. Under the plan, if an executive is terminated without cause, they are eligible for a severance payment equivalent to one year's base salary and target cash incentive, along with continued health insurance coverage and outplacement services. In the event of termination following a change in control, enhanced benefits are available, with multiples of two or three times the sum of the base salary and target incentive, plus additional health coverage payments. The plan excludes gross-up payments for excise taxes on excess parachute payments.
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