secwatch.observer — SEC 8-K summary
======================================

Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2024-12-09T23:59:59+00:00
Accession:  0000714310-24-000174
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Valley National adopts executive severance plan effective Jan 1, 2025
---------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000174/0000714310-24-000174-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000174/vly-20241203.htm
  HTML page:      https://secwatch.observer/filing/0000714310-24-000174

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer