Valley National adopts executive severance plan effective Jan 1, 2025

VALLEY NATIONAL BANCORP

Plan covers President, SEVP, and EVP levels; replaces individual severance agreements.
Non-CIC severance: President gets 2x base salary + 1x target bonus; SEVP/EVP get 1x base salary + 1x or 0x bonus plus COBRA.
CIC severance (2-year window): President/SEVP get 2x base + 2x target; EVP gets 2x base + 1x target, plus 2-year COBRA.
Benefits conditioned on signing release; includes non-solicitation, non-disparagement, non-disclosure covenants.
Plan may be amended or terminated by Committee with 12 months' written notice prior to a CIC.

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