secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2023-04-05T23:59:59+00:00
Accession:  0001214659-23-004984
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000121465923004984/0001214659-23-004984-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000121465923004984/v432308k.htm
  HTML page:      https://secwatch.observer/filing/0001214659-23-004984

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