Corporate GovernanceMay 26, 2026, 12:42 PM
Provident Financial Extends Executive Chairman Agreements
AI Summary
Provident Financial Services, Inc. has amended and restated agreements with Christopher Martin, Executive Chairman of the Board. Both the Executive Chairman Agreement and the Change in Control Agreement have been extended to expire on May 21, 2028. Key changes include Mr. Martin serving as a Director Emeritus for three years after his term or termination, and a revised change in control severance calculation based on the remaining term and average annual compensation, along with continued insurance coverage.
Key Highlights
- Executive Chairman Agreement with Christopher Martin extended to May 21, 2028.
- Mr. Martin will serve as Director Emeritus for three years after his term or termination.
- Change in Control Agreement also extended to May 21, 2028.
- Change in control severance calculation revised based on remaining term.
- Severance will be product of remaining term fraction and average annual compensation.
- Mr. Martin is entitled to continued insurance coverage at no cost for the remainder of the term.
Price Impact
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