Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Effective January 1, 2022, Anthony Labozzetta, who currently serves as President
and Chief Operating Officer of Provident Financial Services, Inc. ("Provident
Financial") and its wholly owned subsidiary, Provident Bank (the "Bank"), has
been appointed to serve as President and Chief Executive Officer of Provident
Financial and the Bank. Mr. Labozzetta, age 58, was appointed President and
Chief Operating Officer of Provident Financial and the Bank in July 2020 upon
the completion of Provident Financial's acquisition of SB One Bancorp and SB One
Bank, where he had served as President and Chief Executive Officer. Each of Mr.
Labozzetta's existing Employment Agreement and Change in Control Agreement with
Provident Financial, dated March 11, 2020, remain in effect.
Effective January 1, 2022, Christopher Martin, age 65, who currently serves as
Chief Executive Officer of Provident Financial and the Bank, has been appointed
Executive Chairman of Provident Financial and the Bank. Prior to the
appointment of Anthony Labozzetta as President and Chief Operating Officer in
July 2020, Mr. Martin had served as President and Chief Executive Officer of
Provident Financial and the Bank. Provident Financial has entered into an
Executive Chairman Agreement with Mr. Martin, effective January 1, 2022 (the
"Agreement"). The Agreement, which replaces his current employment agreement,
has a two year term expiring December 31, 2023 and provides for a base salary of
no less than $450,000. The Agreement provides that if Mr. Martin's employment
is terminated for reasons other than for cause, or if he terminates his
employment following an event constituting Good Reason (as defined in the
Agreement), Mr. Martin would be entitled to a lump sum cash payment equal to the
base salary due for the remaining term of the Agreement, plus continued
insurance coverage for the remaining term of the Agreement (or a cash
equivalency payment ). These payments would be in addition to any base salary
and incentive compensation earned as of the date of termination. The termination
benefits are subject to Mr. Martin's compliance with non-solicit and non-compete
provisions for a one year period following his termination.
Provident Financial also entered into a Change in Control Agreement with Mr.
Martin, effective January 1, 2022, which has a two year term expiring December
31, 2023 and replaces his current change in control agreement. Under this
agreement, in the event of a qualifying termination event following a change in
control of Provident Financial, Mr. Martin would be entitled to a lump sum cash
payment equal to three times the average annual compensation paid to him during
the three completed calendar years preceding the year in which the change in
control occurs, as well continued insurance coverage for three years (or a cash
equivalency payment). These payments would be in addition to any base salary
and incentive compensation earned as of the date of termination.
The foregoing summary of the Agreement and Change in Control Agreement is
qualified in its entirety by the full text of the agreements, which are attached
to this Form 8-K as Exhibits 10.1 and 10.2 and incorporated herein by
reference. A copy of a press release dated January 6, 2022 relating to the
above referenced appointments is attached to this Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Shell Company Transactions. Not applicable.
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(d) Exhibits.
Exhibit No. Description
10.1 Executive Chairman Agreement dated December 31, 2021 between
Christopher Martin and Provident Financial Services, Inc.
10.2 Change in Control Agreement dated December 31, 2021 between
Christopher Martin and Provident Financial Services, Inc.
99.1 Press Release dated January 6, 2022
104 Cover page interactive data file (embedded within the Inline XBRL document)
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