Exhibit 10.4

 

THE PROVIDENT BANK

EMPLOYEE STOCK OWNERSHIP PLAN

 

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Amendment Number One

 

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The Provident Bank Employee Stock Ownership Plan (the “Plan”) is hereby amended
in accordance with the following, effective as of January 1, 2002:

 

  1. The third paragraph of Section 10.6 of the Plan shall be amended in its
entirety to provide as follows:

 

If a Participant elects to receive his distribution in the form of a lump sum
pursuant to Section 10.1.1 of the Plan, the Employer or the Trustee, as the case
may be, may elect to pay for the Stock in equal periodic installments, not less
frequently than annually, over a period beginning not later than 30 days after
the exercise of the put right and not exceeding five years, with adequate
security and interest at a reasonable rate on the unpaid balance, all such terms
to be set forth in a promissory note delivered to the seller with normal terms
as to acceleration upon any uncured default.

 

  2. Section 12.4 of the Plan shall be amended in its entirety to provide as
follows:

 

Valuation of Stock. If the valuation of any Stock is not established by reported
trading on a generally recognized public market, the valuation of such Stock
shall be determined by an independent appraiser. For purposes of the preceding
sentence, the term “independent appraiser” means any appraiser meeting
requirements similar to the requirements of the regulations prescribed under
Section 170(a)(1) of the Code.

 

IN WITNESS WHEREOF, this Amendment Number One has been executed by the duly
authorized officers of the Bank as of the 19th day of February, 2004.

 

ATTEST:   THE PROVIDENT BANK

/s/ Mary Louis Festa

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  By:  

/s/ Paul M. Pantozzi

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Corporate Secretary       Authorized Officer