Provident Financial adopts new Executive Severance Plan for named executive officers

PROVIDENT FINANCIAL SERVICES INC

Board adopted Provident Bank Executive Severance Plan effective July 24, 2025.
Executives must waive existing change-in-control agreements to participate.
Outside CIC: severance = 1x base salary + 1x target incentive + COBRA for 1 year.
Within CIC: Lyons gets 3x multiple; Murray & Vakacherla get 2x multiple; no excise tax gross-up.
Named executive officers: Thomas Lyons, Valerie Murray, Ravi Vakacherla.

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