Document:

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                                                                    Exhibit 10.6

                       SUPPLEMENTAL EXECUTIVE SAVINGS PLAN

                                       OF

                               THE PROVIDENT BANK

          WHEREAS, The Provident Bank, a New Jersey savings bank (the "Bank")
has established and presently maintains in effect a savings plan for its
employees, called The Provident Bank Employee Savings Incentive Plan (the
"Savings Plan") which is qualified under Section 401 of the Internal Revenue
Code of 1986, as amended (the "Code");

          WHEREAS, the Code contains certain limitations in Sections 401(a)(17),
401(m), and 415 upon the maximum amount of compensation which may be considered
in computing annual additions under defined contribution plans qualified under
the Code and upon the maximum annual additions which may be allocated under
defined contribution plans qualified under the Code, respectively;

          WHEREAS, under the terms of the Savings Plan, certain employees of the
Bank covered thereby would be, or might be expected to become, entitled to
annual additions which exceed the limitations imposed by Sections 401(a)(17),
401(m), and 415 of the Code upon defined contribution plans and which could, if
paid pursuant to the Savings Plan, cause the plan to cease to be qualified;

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          WHEREAS, under the terms of the Savings Plan, deferred compensation in
the form of deferred raises is excluded in determining annual additions;

          WHEREAS, the Bank desires to provide such excess benefits for
employees affected, and to include deferred compensation in the form of deferred
raises in the determination of such excess benefits, in a manner consistent with
both the Code and with the Bank's present policies with respect to its
employees;

          WHEREAS, effective January 1, 1990, with retroactive applications to
January 1, 1988, the Bank adopted the Supplemental Executive Savings Plan of The
Provident Bank, and

          WHEREAS, in accordance with resolutions of its Board of Managers at
the meetings of December 17, 1992 and June 23, 1994, the Bank restated the
Supplemental Executive Savings Plan in 1995;

          WHEREAS, the Bank desires to add a "Change in Control" provision,
change the investment strategy of the Plan, and to allow participants to make
contributions on a pre-tax basis;

          NOW, THEREFORE, in accordance with resolutions of its Board of
Managers at the meeting of December 18, 1997 the Bank restates the Supplemental
Executive Savings Plan as hereinafter set

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forth:

     1.   Participation in this Plan shall be limited to a select group of
          management or highly compensated employees of the Bank whose benefits
          under the Savings Plan are affected by Section 401(a)(17), 401(m), or
          Section 415 of the Code and who are designated by the Board of
          Managers to participate in this Plan (hereinafter "Employee").

     2.   The Bank will pay to or in respect of each Employee an amount equal to
          the amount which would have been payable under the terms of the
          Savings Plan but for the limitations under Sections 401(a)(17),
          401(m), and 415 of the Code less the amount payable under the terms of
          the Savings Plan. The Bank will also pay to or in respect of each
          Employee an amount equal to the amount which would have been payable
          under the terms of the Savings Plan for any deferred compensation in
          the form of deferred raises. Such amounts, which shall be contingent
          upon the Employee deferring 5% of his Compensation, on a pre-tax
          basis, (minus the amount actually contributed to the Savings Plan) to
          this Plan, shall be paid commencing no later than ninety (90) days
          following termination of employment, but in no event before age 60, in
          180 monthly installments.

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     3.   The accounts of Participants who are not employed by The Provident
          Bank on or after January 1, 1998 shall be allocated earnings once a
          month at the same rate as the Provident prime rate. The Bank shall
          establish a Fund in order to provide for the payment of the amounts
          due under this Plan to employees who are employed by The Provident
          Bank on or after January 1, 1998. The Fund shall be held separate and
          apart from other assets of the Bank and shall be used exclusively for
          the uses and purposes herein set forth. The Employees, their
          beneficiaries, and the Plan shall not have any preferred claim on, or
          any beneficial ownership interest in, any assets of the Fund prior to
          the time such assets are to be paid to the Employee or his beneficiary
          as set forth in the Plan. All rights created under the Plan shall be
          deemed unsecured contractual rights of the Employees against the Bank
          until such time as the Employees or their beneficiaries are entitled
          to receipt of their separate account.

     4.   The Fund shall be invested by the Board of Managers, in its sole
          discretion, after consulting with the eligible Employees (those who
          are employed by The Provident Bank on or after January 1, 1998) in a
          portfolio of assets. The portfolio of assets shall consist of any
          combination of stocks, bonds, notes, mutual funds, certificates of

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          deposit, money-market funds, or other cash equivalent investments. A
          separate account shall be maintained in the name of each eligible
          employee which account shall reflect the amount of each Employee's
          contributions and the Bank's contributions on his behalf and any
          distributions to such Employee. From time to time, the value of each
          account shall be adjusted to reflect its proportionate share of the
          net increment or decrement in the portfolio of assets due to all
          interest, dividends and other income received, as well as any realized
          and unrealized gains and losses. For purposes of making any
          distribution under paragraph 2 above the value of an eligible
          Employee's interest in the portfolio shall be its value (adjusted as
          aforesaid) as of the last day of the month next preceding the month
          distribution occurs. Appropriate payroll and other taxes shall be
          withheld from all payments made under the terms of this Plan.

     5.   Any benefits payable under this Plan which are attributable to the
          Bank's contributions and the earnings on these contributions shall
          become vested under the same terms and conditions as the respective
          benefits provided under the Savings Plan. Any benefits payable under
          this Plan which are attributable to the Employee's contributions and
          the earnings on these contributions

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          shall be immediately 100% vested.

     6.   The undistributed balance, if any, of each Employee's separate account
          shall be distributed to his Beneficiary upon his death. The Employee's
          Beneficiary shall be the person who is his beneficiary in the Savings
          Plan.

     7.   Notwithstanding any other provision of this Plan, the undistributed
          balance of each Employee's separate account shall be distributed to
          him within 60 days after the date of a "Change in Control" as
          hereafter defined. For purposes hereof, a "Change in Control" shall be
          deemed to have occurred if The Provident Bank is merged or
          consolidated with, or acquired or controlled by, any person, company
          or financial institution; provided, however, that no Change in Control
          shall be deemed to have occurred as a result of the following events:
          (a) a merger or consolidation of The Provident Bank with one or more
          financial institutions in which The Provident Bank is the "receiving
          savings bank" (as defined in N.J.S.A. 17:9A-205 (B)(2)), or in which
          The Provident Bank is otherwise deemed to be the successor entity; (b)
          a conversion of The Provident Bank into a capital stock savings bank
          pursuant to federal or state law, provided that the capital stock
          savings bank (or its parent

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          holding company) is not "controlled" by any person or company, as
          defined in the federal Bank Holding Company Act (other than mutual
          holding company formed by The Provident Bank); (c) the formation of a
          mutual holding company and subsidiary capital stock savings bank by
          The Provident Bank, provided that at least a majority of the capital
          of the subsidiary capital stock savings bank or its parent holding
          company is owned by the mutual holding company; or (d) a charter
          conversion by The Provident Bank into any other form of state or
          federally-chartered financial institution.

     8.   The Board of Managers may amend the Plan at any time and from time to
          time in such manner as it shall determine and any amendment may be
          given retroactive effect, except that no amendment may reduce or
          eliminate any benefit which accrued to any Employee under the Plan
          prior to the date of the amendment without the consent of the affected
          Employee. The Plan shall terminate upon the termination of the Savings
          Plan, unless sooner terminated by the Board of Managers.

     9.   Except as otherwise provided by law, the right of any Employee to any
          benefit or payment hereunder is expressly made subject to the
          condition and limitation that it

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          shall not be subject to alienation, assignment, attachment, execution,
          or other process.

     10.  If the Board of Managers determines that an eligible member (or the
          designated beneficiary of an eligible member) is unable to manage his
          affairs, it may, in its sole discretion, pay any amount due to such
          person to the individual or institution then providing for the care,
          maintenance and support of such person, unless prior to such payment
          claim shall be made therefore by a duly appointed guardian, committee
          or other legal representative designated to receive such payment on
          behalf of such person.

     11.  In the event it becomes necessary or appropriate to interpret the
          Plan, the Bank hereby delegates the authority to interpret the
          provisions of the Plan to those persons, who, from time to time, have
          such authority with respect to, and under the Savings Plan.

     12.  In the event that any claim for benefits, which must initially be
          submitted in writing to the Board of Managers, is denied (in whole or
          in part) hereunder, the claimant shall receive from the Bank notice in
          writing, written in a manner calculated to be understood by the

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          claimant, setting forth the specific reasons for the denial, with
          specific reference to pertinent provisions of this Plan. The
          interpretations and construction hereof by the Board of Managers shall
          be binding and conclusive on all persons and for all purposes. Any
          disagreements about such interpretations and construction shall be
          submitted to an arbitrator subject to the rules and procedures
          established by the American Arbitration Association. No member of the
          Board of Managers shall be liable to any person for any action taken
          hereunder except those actions undertaken with lack of good faith.

     13.  Whenever used hereto, the term "Board of Managers" shall mean the
          Board of Managers of The Provident Bank. Whenever the context shall
          require, the masculine gender shall be construed to include the
          feminine and the singular number the plural.

     14.  Whenever used hereto, the term "Compensation" shall mean, for any
          applicable period, the total earnings of a Participant and shall
          include deferred compensation in the form of deferred raises. However,
          compensation shall exclude bonuses, commissions, severance pay,
          reimbursements for expenses and any other fringe benefits.

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     15.  The Plan shall be interpreted and construed in accordance with the
          laws of the State of New Jersey.

                                  Approved by:

/s/ Paul M. Pantozzi
----------------------------------------------------
PAUL M. PANTOZZI, CHAIRMAN, CHIEF EXECUTIVE OFFICER,
                  and PRESIDENT

DATED: March 17, 1998

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                                                                    Exhibit 10.7

                                 RETIREMENT PLAN
                            FOR THE BOARD OF MANAGERS
                                       OF
                               THE PROVIDENT BANK

WHEREAS. The Provident Bank, a New Jersey savings bank (the "Bank") desires to
provide retirement benefits for eligible .members of their Board of Managers
("Managers"); NOW. THEREFORE, the Bank hereby adopts the "Retirement Plan For
The Board Of Managers Of The Provident Bank" (the "Plan"), effective January 1,
1992 as hereinafter set forth:

     1.   Eligibility

          All Managers who are not employees of the Bank are eligible for
          Participation in the Plan. Even though a Manager participates in the
          Plan, no benefits shall be paid under this Plan to a Manager unless he
          or she meets the age requirements outlined in this Plan and unless he
          or she has been a Manager for at least ten years.

     2.   Normal Retirement Benefits

          A Manager who ceases to be a Manager on or after the first Annual
          Meeting of the Bank after the Manager has attained his or her 70th
          birthday, and after having been a Manager for at least ten years,
          shall receive on each subsequent January1, April 1, July 1, and
          October 1 for the remainder of his or her lifetime (but not to exceed
          40 quarterly payments) a payment from the Bank in an amount determined
          as follows:

              Full Years Of
               Service As        Quarterly
          A Manager After 1991    Payment

                   1              $125.00
                   2               250.00
                   3               375.00
                   4               500.00

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              Full Years Of
               Service As        Quarterly
          A Manager After 1991    Payment

                     5           $  625.00
                     6              750.00
                     7              875.00
                     8            1,000.00
                     9            1,125.00
               10 or more         1,250.00

     3.   Early Retirement Benefit

          A Manager who ceases to be a Manager at or after attaining age 65, but
          prior to the first Annual Meeting of the Bank after the Manager has
          attained his or her 70th birthday, and after having been a Manager for
          at least ten years, shall receive the quarterly payments outlined in
          Section 2 above commencing on the first day of the calendar quarter
          immediately following the first Annual Meeting of the Bank after the
          Manager has attained his or her 70th birthday. Alternatively, such
          Manager may elect to have quarterly payments commence on the first day
          of any calendar quarter coincident with or next following the date he
          ceases to be a Manager, in which case each payment shall be reduced to
          reflect the fact that the payments commence prior to the first day of
          the calendar quarter immediately following the first Annual Meeting of
          the Bank after the Manager would have attained his or her 70th
          birthday. The reduction shall be 2.5% for each calendar quarter by
          which the date payments commence precedes the first day of the
          calendar quarter immediately following the first Annual Meeting of the
          Bank after the Manager would have attained his or her 70th birthday.
          The quarterly payments made to a Manager who retires early in
          accordance with this Section shall be made for the remainder of his or
          her lifetime (but not to exceed 40 quarterly payments).

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     4.   Lump Sum Death Benefit

          In the event that a Manager dies before ceasing to be a Manager or
          before age 65 or before having been a Manager for at least ten years,
          no benefits will be payable from this Plan to his or her surviving
          beneficiary. In the event that a Manager who has met the eligibility
          requirements for benefits outlined in Sections 2 or 3 above dies after
          he or she has ceased to be a Manager, a lump sum amount shall be paid
          to his or her beneficiary equal to four times the amount of the
          quarterly payment which the Manager was receiving (or would have
          started receiving on the first day of the calendar quarter next
          following his or her death if payments have not yet commenced), except
          that if such deceased Manager has received more than 36 quarterly
          payments, the lump sum amount paid shall equal (a) 40 minus the number
          of quarterly payments made to the deceased Manager times (b) the
          amount of the quarterly payment which the Manager was receiving.

     5.   General Provisions

          5.1  Benefits under this Plan shall be paid out of the general assets
               of the Bank.

          5.2  The Board of Managers of the Bank may amend or terminate the Plan
               at any time and from time to time in such manner as it shall
               determine. Any amendment may be given retroactive effect, except
               that no amendment may reduce or eliminate any benefit which
               accrued to any Manager under the Plan prior to the date of the
               amendment without the consent of the affected Manager.

          5.3  Except as otherwise provided by law, the right of any Manager to
               any benefit or payment hereunder is expressly made subject

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               to the condition and limitation that it shall not be subject to
               alienation, assignment, attachment, execution, or other process.

          5.4  In the event it becomes necessary or appropriate to interpret the
               Plan, the Bank hereby delegates the authority to interpret the
               provisions of the Plan to those persons, who from time to time,
               have such authority with respect to and under The Provident Bank
               Pension Plan.

          5.5  In the event that any claim for benefits, which must initially be
               submitted in writing to the Board of Managers of the Bank, is
               denied (in whole or in part) hereunder, the claimant shall
               receive from the Bank notice in writing, written in a manner
               calculated to be understood by the claimant, setting forth the
               specific reasons for denial, with specific reference to pertinent
               provisions of this Plan. The interpretations and construction
               hereof by the Board of Managers shall be binding and conclusive
               on all persons and for all purposes. Any disagreements about such
               interpretations and construction shall be submitted to an
               arbitrator subject to the rules and procedures established by the
               American Arbitration Association. No member of the Board of
               Managers shall be liable to any person for any action taken
               hereunder except those actions undertaken with lack of good
               faith.

          5.6  The Plan shall be interpretated and construed in accordance with
               the laws of the State of New Jersey.

          Dated: June 18, 1992

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                EXCERPT FROM THE MINUTES OF THE BOARD OF MANAGERS

                         MEETING HELD OCTOBER 22, 1992

On motion made and duly seconded the Board of Managers unanimously adopted the
following resolution:

BE IT RESOLVED that the Board of Managers deem it advisable to amend the
Retirement Plan for the Board of Managers for the Provident Bank (the Plan) by
providing that in the event that Provident is deemed to be "undercapitalized" as
set forth in the applicable FDIC capital regulations or fails to satisfy the
minimum capital requirement established from time to time by the New Jersey
Department of Banking then Provident's obligations under the Plan shall cease
until such time as Provident is deemed to be "well capitalized" under the
applicable FDIC capital regulations and satisfies the minimum capital
requirements of the Department of Banking at which time the Plan will be
resumed.

                                Mary Louise Festa
                               Corporate Secretary

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