PROVIDENT FINANCIAL SERVICES INC: Change of Directors or Key Officers, Financial Statements and Supporting Documents (Form 8-K)

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 is currently President and Chief Operating Officer of Provident Financial Services, Inc. (“Provident Financial”) and its wholly owned subsidiary, Provident bank (the “Bank”), has been appointed President and Chief Executive Officer of Provident Financial and of the Bank. Mr. Labozzetta, 58, was appointed President and Chief Operating Officer of Provident Financial and the Bank in july 2020 upon completion of the acquisition by Provident Financial of SB One Bancorp and SB One Bank, where he was President and CEO. Each of the that of M. Labozzetta Existing employment contract and change of control contract with Provident Financial, dated March 11, 2020, remain in force.

Effective January 1, 2022, Christophe martin, 65, who is currently CEO of Provident Financial and the Bank, has been appointed Executive Chairman of Provident Financial and the Bank. Before the appointment of Anthony Labozzetta as president and chief operating officer of
july 2020, Mr. Martin had served as President and CEO 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 Contract, which replaces his current employment contract, has a duration of two years expiring December 31, 2023 and provides for a base salary of at least $ 450,000. The Agreement provides that if that of Mr. Martin the employment is terminated for reasons other than for good cause, or if he terminates his employment following an event constituting a 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 continuing insurance coverage for the remaining term of the agreement (or an equivalent cash payment). These payments would be in addition to any base salary and incentive compensation earned on the date of termination of employment. Severance pay is subject to that of Mr. Martin compliance with the non-solicitation and non-compete provisions for a period of one year following its termination.

Provident Financial has also entered into a change of control agreement with Mr. Martin, effective January 1, 2022, who has a two-year term expiring December 31, 2023 and replaces its current change of control agreement. Under this agreement, in the event of a qualifying termination event following a change of control of Provident Financial, Mr. Martin would be entitled to a lump sum cash compensation equal to three times the average annual remuneration paid to him during the three completed calendar years preceding the year of the change of control, as well as continued insurance coverage for three years (or an equivalent cash payment). These payments would be in addition to any base salary and incentive compensation earned on the date of termination of employment.

The above summary of the Agreement and the Change of 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 dated press release January 6, 2022 regarding the appointments referenced above is attached to this Form 8-K as Exhibit 99.1.

Article 9.01. Financial statements and supporting documents

(a) Financial statements of acquired businesses. Not applicable.

(b) Pro Forma Financial Information. Not applicable.

(c) Shell Company Transactions. Not applicable.

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(d) Exhibitions.

Part # 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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Stephen V. Lee