secwatch.observer — SEC 8-K summary
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Issuer:     PROVIDENT FINANCIAL SERVICES INC (PFS)
CIK:        0001178970
Form:       8-K
Filed at:   2025-07-25T23:59:59+00:00
Accession:  0001628280-25-036050
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Provident Financial adopts new Executive Severance Plan for named executive officers
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178970/000162828025036050/0001628280-25-036050-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178970/000162828025036050/pfs-20250724.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-036050

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