secwatch.observer — SEC 8-K summary
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Issuer:     PROVIDENT FINANCIAL SERVICES INC (PFS)
CIK:        0001178970
Form:       8-K
Filed at:   2025-06-27T23:59:59+00:00
Accession:  0001628280-25-033337
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Provident Financial amends CEO Labozzetta's employment agreement with $1M base salary, enhanced severance
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- New base salary of $1,000,000 per year; term through June 26, 2028 with auto-renewals.
- Non-change-of-control termination severance: 2x (base + target bonus) paid over 24 months; plus COBRA reimbursement.
- Change-in-control termination severance: 3x (base + target bonus) plus cash for COBRA and life/disability for 36 months.
- Non-compete period increased to one year from termination.
- Agreement replaces prior March 2020 agreement; substantially similar except for above changes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178970/000162828025033337/0001628280-25-033337-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178970/000162828025033337/pfs-20250626.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-033337

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