Valley National Bancorp enters Change-in-Control Agreement with Raja Dakkuri

VALLEY NATIONAL BANCORP

Agreement effective April 1, 2023, with Raja Dakkuri.
Severance: 2x highest annual compensation (salary + cash bonuses) plus 2x COBRA/dental premiums if terminated without cause or resigns for good reason within 3 years post-change-in-control.
Disability/death benefit: lump sum equal to 1/12 of highest annual salary.
Excise tax gross-up provision: greater of full payments or cutback to avoid Section 280G excise tax.
Agreement has no effect if employment ends before a change-in-control.

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