Document:

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                                                                    Exhibit 10.9

                               THE PROVIDENT BANK
                 VOLUNTARY BONUS DEFERRAL PLAN FOR THE CHAIRMAN

     The Provident Bank ("Bank"), establishes this Voluntary Bonus Deferral Plan
For the Chairman ("Plan") effective October 22, 1998 , to enable eligible
employees to defer some part, or all, of any future bonus which is determined in
January for the previous year by the Board of Managers.

     1. Election to Defer. An eligible employee may participate in this Plan by
executing a form of deferral election, a copy of which is annexed hereto as
Exhibit "A", under which each calendar year the eligible employee can elect
irrevocably to defer the receipt of either one-quarter (1/4), one-half (1/2) or
all of any eligible bonus that may be awarded to the employee in the following
calendar year. In no event shall any bonus deferral be permitted with respect to
any bonus previously or concurrently awarded and which the eligible employee
would otherwise have the unrestricted right to receive currently. Except for the
first year of the Plan, any election by an eligible employee to defer a future
bonus shall be made in the calendar year next preceding the calendar year of the
bonus award. Subject to the provisions of the Plan, an eligible employee's
election shall specify in the deferral election form when and in what manner
distribution shall be made of any deferred bonus awards and shall further
designate the person or persons to receive distribution thereof in the event of
his death.

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     2. Period of Deferral. An eligible employee may defer a bonus award for a
period of 5 years or until attainment of age 65, but in no event shall any
amount be deferred beyond the April 1 following the taxable year in which such
employee attains age 65.

     3. Investment and Adjustment of Bonus Awards. The Bank shall establish a
Fund in order to provide for the payment of the amounts due under this Plan. 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.

          The Fund shall be invested by the Board of Managers, in its sole
discretion, after consulting with the eligible Employees, in a portfolio of
assets. The portfolio of assets shall consist of any combination of stocks,
bonds, notes, mutual funds, certificates of deposit, money-market funds, or
other cash equivalent investments. From time to time the value of the portfolio
shall be adjusted to reflect all

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interest paid or accrued thereon, as well as any realized and unrealized gains
and losses. A separate account shall be maintained in the name of each eligible
employee which account shall be credited with the amount of such employee's
deferred bonuses. 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 established hereunder. For purposes of making any
distribution under paragraph 4 below 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.

     4. Payment of Deferred Bonus Awards. Except as otherwise provided in this
paragraph, or in the case of a hardship distribution described in paragraph 5 or
a "Change in Control" described in paragraph 6, the amount of an eligible
employee's separate account (adjusted as provided in paragraph 3) shall always
be 100% vested and shall be distributed to the eligible employee in a lump-sum
or in semi-annual installments after such number of years or after attaining
such age as he may elect in accordance with paragraph 2, or, in the event of his
death or total disability, in a lump-sum to the employee or to the person or
persons designated by the eligible employee to receive such distribution. An
eligible employee

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who wishes to receive a distribution of his separate account in installments may
elect to receive it over either three (3) or five (5) years in semi-annual
installments payable on April 1 and October 1. If distribution is to be made in
semi-annual installments, the amount of each installment shall be equal to the
adjusted value of the eligible employee's separate account determined in
accordance with paragraph 3 above multiplied by a fraction, the numerator of
which is one and the denominator of which is the number of installment payments
remaining to be made. If an eligible employee's service is terminated for
reasons other than death or disability prior to his attainment of age 62, the
undistributed balance of such employee's separate account shall be paid to him
in a single lump sum within a reasonable time following termination of service.
If an eligible employee's service is terminated for reasons other than his death
or total disability after he attains age 62, the Board of Managers may, in its
sole discretion, after receipt of a written request by such employee, pay the
undistributed balance of such employee's separate account in a single lump sum
within a reasonable time following termination of service. The preceding two
sentences shall govern notwithstanding that such payment would be made prior to
the year it is otherwise due in full or scheduled to commence in installments in
accordance with such employee's election.

     5. Hardship Distributions. Notwithstanding the provisions of paragraphs 1
and 4 hereof, upon request of an

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eligible employee the Board of Managers, in its sole discretion, may permit the
distribution of some portion or all of his separate account prior to the time or
times otherwise specified in such employee's deferral election. Such
distribution shall only be permitted upon a finding by the Board of Managers of
a demonstrated financial hardship of the eligible employee. The term
"demonstrated financial hardship" means a financial need of the eligible
employee attributable to unreimbursed medical expenses exceeding $5,000 incurred
in behalf of the eligible employee, his spouse, children or any other dependents
included in such employee's federal income tax return. Any distribution made
pursuant to this paragraph shall, in all cases, be limited by the Board of
Managers to the amount of the demonstrated financial need.

     6. Distribution in the Event of a Change in Control. Notwithstanding any
other provision of this Plan or of any election made by an eligible employee
with respect to the period of any bonus deferral or the form and timing of any
distributions from his separate account, the undistributed balance thereof 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

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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 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.

     7. Rights of Eligible Employee or Other Distributee. Nothing contained
herein, and no action taken pursuant to the provisions hereof shall create, or
be deemed to create a trust of any kind, or to establish any fiduciary
relationship between the Bank and any eligible employee or other distributee.
All payments made pursuant to this Plan shall be made from the general assets of
the Bank. To the extent that any person acquires a right to receive payments
from the Bank

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under the provisions hereof, such right shall be no greater than the right of an
unsecured general creditor of the Bank. The Bank shall retain and exercise all
rights of ownership of any assets of the portfolio established in accordance
with paragraph 3 hereof, and neither the eligible employee nor any other person
shall have any claim or right to any of such funds or other property.

     8. Nonassignability of Benefits. Neither the eligible employee nor any
other person shall have any power or right to assign, anticipate, hypothecate or
otherwise encumber any deferred bonus awards payable by the Bank hereunder, nor
shall any such awards be transferable by operation of law in the event of the
bankruptcy or insolvency of the eligible employee or other person.

     9. Administration of the Plan. The Board of Managers shall have the
exclusive authority to manage and control the operation and administration of
the Plan and shall be the named fiduciary as described in section 402(a) of the
Employee Retirement Income Security Act of 1974. The Board of Managers shall
make all determinations regarding the right of any person to receive a benefit
under the Plan and to determine the amount and time of distribution thereof in
accordance with the provisions of this Plan and the eligible employee's
election. The interpretation and construction of this Plan by the Board of
Managers, and any action taken hereunder, shall be binding and conclusive upon
the eligible employee and any

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other person claiming any rights hereunder. The Board of Managers may from time
to time delegate to such person or persons or to such committee as it shall
designate any one or more of its administrative duties under the Plan.

          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 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.

     10. Right to Amend and Terminate the Plan. The Board of Managers reserves
the right to amend the Plan in whole or in part and to terminate the Plan at any
time, provided that no such action shall affect the rights of any eligible
employee or other person to receive payment of benefits in accordance with the
terms of the Plan as in effect on the day immediately preceding the effective
date of such amendment or termination.

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     11. Special Terms, Gender and Number. Whenever used herein, the term "Board
of Managers" shall mean the Board of Managers of The Provident Bank. The term
"total disability" shall mean a physical or mental condition that renders an
eligible employee incapable of carrying out the ordinary duties and
responsibilities of his usual occupation. Whenever the context shall require,
the masculine gender shall be construed to include the feminine and the singular
number the plural.

     12. Incompetency. If the Board of Managers determines that an eligible
employee (or the designated beneficiary of an eligible employee) 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
therefor by a duly appointed guardian, committee or other legal representative
designated to receive such payment on behalf of such person.

     13. Applicable Law. This Plan shall be governed and construed in accordance
with the laws of the State of New Jersey to the extent not inconsistent with
applicable federal law.

     IN WITNESS WHEREOF, The Provident Bank has adopted this Deferred Bonus Plan
effective as of October 22, 1998.

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                                              THE PROVIDENT BANK

                                              By: /s/ Paul M. Pantozzi
                                                  ------------------------------
                                                  Paul M. Pantozzi

                                              Its Chairman, Chief Executive
                                                  Officer, and President

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                               THE PROVIDENT BANK
                 VOLUNTARY BONUS DEFERRAL PLAN FOR THE CHAIRMAN

                             -----------------------

                              Amendment Number One

                             -----------------------

         The Provident Bank Voluntary Bonus Deferral Plan for the Chairman (the
"Plan") is hereby amended effective October 1, 2002, in accordance with the
following:

         1.  Paragraph 6 shall be amended in its entirety to provide as follows:

                            Notwithstanding any other provision of this Plan or
                     of any election made by an eligible employee with respect
                     to the period of any bonus deferral or the form and timing
                     of any distributions from his separate account, the
                     undistributed balance thereof 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 mean the occurrence of any of the following
                     events:

                            (a)   approval by the shareholders of Provident
                     Financial Services, Inc. (the "Company") of a transaction
                     that would result and does result in the reorganization,
                     merger or consolidation of the Company, with one or more
                     other persons, other than a transaction following which:

                                  (i)  at least 51% of the equity ownership
                            interests of the entity resulting from such
                            transaction are beneficially owned (within the
                            meaning of Rule 13d-3 promulgated under the
                            Securities Exchange Act of 1934, as amended
                            ("Exchange Act")) in substantially the same relative
                            proportions by persons who, immediately prior to
                            such transaction, beneficially owned (within the
                            meaning of Rule 13d-3 promulgated under the Exchange
                            Act) at least 51% of the outstanding equity
                            ownership interests in the Company; and

                                  (ii) at least 51% of the securities entitled
                            to vote generally in the election of directors of
                            the entity resulting from such transaction are
                            beneficially owned (within the meaning of Rule 13d-3
                            promulgated under the Exchange Act) in substantially
                            the same relative proportions by persons who,
                            immediately prior to such transaction, beneficially
                            owned (within the meaning of Rule 13d-3 promulgated
                            under the Exchange Act) at least 51% of the
                            securities entitled to vote generally in the
                            election of directors of the Company;

                            (b)   the acquisition of all or substantially all of
                     the assets of the Company or beneficial ownership (within
                     the meaning of Rule 13d-3 promulgated under the Exchange
                     Act) of 20% or more of the outstanding securities of the
                     Company entitled to vote generally in the election of
                     directors by any person or by any persons acting in
                     concert, or approval by the shareholders of the Company of
                     any transaction which would result in such an acquisition;

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The Provident Bank
Voluntary Bonus Deferral Plan for the Chairman
Amendment Number One
Page 2

                                    (c) a complete liquidation or dissolution of
                           the Company or the Bank, or approval by the
                           shareholders of the Company of a plan for such
                           liquidation or dissolution;

                                    (d) the occurrence of any event if,
                           immediately following such event, members of the
                           Company's Board of Directors who belong to any of the
                           following groups do not aggregate at least a majority
                           of the Company's Board of Directors:

                                        (i)  individuals who were members of the
                                    Company's initial Board of Directors; or

                                        (ii) individuals, other than members of
                                    the Company's initial Board of Directors who
                                    first became members of the Company's Board
                                    of Directors:

                                             (A) upon election to serve as a
                                        member of the Company's Board of
                                        Directors by the affirmative vote of
                                        three-quarters of the members of such
                                        Board, or of a nominating committee
                                        thereof, in office at the time of such
                                        first election; or

                                             (B) upon election by the
                                        shareholders of the Company to serve as
                                        a member of the Company's Board of
                                        Directors, but only if nominated for
                                        election by the affirmative vote of
                                        three-quarters of the members of such
                                        Board, or of a nominating committee
                                        thereof, in office at the time of such
                                        first nomination; provided that such
                                        individual's election or nomination did
                                        not result from an actual or threatened
                                        election contest or other actual or
                                        threatened solicitation of proxies or
                                        consents other than by or on behalf of
                                        the Company's Board of Directors; or

                                    (e) any event which would be described in
                           Paragraph 6(a), (b), (c) or (d) if the term "Bank"
                           were substituted for the term "Company" therein and
                           the term "Bank's Board of Managers" were substituted
                           for the term "Company's Board of Directors" therein.
                           In no event, however, shall a Change in Control be
                           deemed to have occurred as a result of any
                           acquisition of securities or assets of the Company,
                           the Bank or a subsidiary of either of them, by the
                           Company, the Bank, any subsidiary of either of them,
                           or by any employee benefit plan maintained by any of
                           them. For purposes of this Paragraph 6, the term
                           "person" shall include the meaning assigned to it
                           under Sections 13(d)(3) or 14(d)(2) of the Exchange
                           Act.

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The Provident Bank
Voluntary Bonus Deferral Plan for the Chairman
Amendment Number One
Page 3

         IN WITNESS WHEREOF, this Amendment Number One has been executed by the
duly authorized officers of The Provident Bank as of the ___ day of
________________, 2002.

ATTEST:                                  THE PROVIDENT BANK

__________________________               By:____________________________________
Secretary                                      Authorized Officer<PAGE>

                                                                  Exhibit 10.10

                               THE PROVIDENT BANK
                          VOLUNTARY BONUS DEFERRAL PLAN

     The Provident Bank ("Bank"), establishes this Voluntary Bonus Deferral Plan
("Plan") effective January 25, 1996 , to enable eligible employees to defer some
part, or all, of any future bonus awarded to them under the Bank's Management
Incentive Bonus Program ("MIBP").

     1. Election to Defer. An eligible employee may participate in this Plan by
executing a form of deferral election, a copy of which is annexed hereto as
Exhibit "A", under which each calendar year the eligible employee can elect
irrevocably to defer the receipt of either one-half (1/2) or all of any bonus
that may be awarded to the employee under the MIBP in the following calendar
year. In no event shall any bonus deferral be permitted with respect to any
bonus previously or concurrently awarded under the MIBP and which the eligible
employee would otherwise have the unrestricted right to receive currently.
Except for the first year of the Plan, any election by an eligible employee to
defer a future bonus shall be made in the calendar year next preceding the
calendar year of the bonus award. Subject to the provisions of the Plan, an
eligible employee's election shall specify in the deferral election form when
and in what manner distribution shall be made of any deferred bonus awards and
shall further designate the person or persons to receive distribution thereof in
the event of his death.

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     2. Period of Deferral. An eligible employee may defer a bonus award for a
period of 5 years, 10 years, or until attainment of age 60 or 65 as he may
elect, but in no event shall any amount be deferred beyond the taxable year in
which such employee attains age 65.

     3. Investment and Adjustment of Bonus Awards. Any award deferred pursuant
to an eligible employee's election as aforesaid shall be invested by the Board
of Managers, in its sole discretion, in a portfolio of assets consisting of any
combination of obligations of the United States with maturities not exceeding
five years in duration. From time to time the value of the portfolio shall be
adjusted to reflect all interest paid or accrued thereon, as well as any
realized and unrealized gains and losses. A separate account shall be maintained
in the name of each eligible employee which account shall be credited with the
amount of such employee's deferred bonuses. 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 established hereunder. For
purposes of making any distribution under paragraph 4 below 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.

     4. Payment of Deferred Bonus Awards. Except as

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otherwise provided in this paragraph, or in the case of a hardship distribution
described in paragraph 5 or a "Change in Control" described in paragraph 6, the
amount of an eligible employee's separate account (adjusted as provided in
paragraph 3) shall be distributed to the eligible employee in a lump-sum or in
annual installments after such number of years or after attaining such age as he
may elect in accordance with paragraph 2, or, in the event of his death or total
disability, in a lump-sum to the employee or to the person or persons designated
by the eligible employee to receive such distribution. An eligible employee who
wishes to receive a distribution of his separate account in installments may
elect to receive it in either three (3) or five (5) annual installments. If
distribution is to be made in annual installments, the amount of each
installment shall be equal to the adjusted value of the eligible employee's
separate account determined in accordance with paragraph 3 above multiplied by a
fraction, the numerator of which is one and the denominator of which is the
number of installment payments remaining to be made. If an eligible employee's
service is terminated for reasons other than death or disability prior to his
attainment of age 62, the undistributed balance of such employee's separate
account shall be paid to him in a single lump sum within a reasonable time
following termination of service. If an eligible employee's service is
terminated for reasons other than his death or total disability after he attains
age 62,

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the Board of Managers may, in its sole discretion, after receipt of a written
request by such employee, pay the undistributed balance of such employee's
separate account in a single lump sum within a reasonable time following
termination of service. The preceding two sentences shall govern notwithstanding
that such payment would be made prior to the year it is otherwise due in full or
scheduled to commence in installments in accordance with such employee's
election.

     5. Hardship Distributions. Notwithstanding the provisions of paragraphs 1
and 4 hereof, upon request of an eligible employee the Board of Managers, in its
sole discretion, may permit the distribution of some portion or all of his
separate account prior to the time or times otherwise specified in such
employee's deferral election. Such distribution shall only be permitted upon a
finding by the Board of Managers of a demonstrated financial hardship of the
eligible employee. The term "demonstrated financial hardship" means a financial
need of the eligible employee attributable to (a) unreimbursed medical expenses
exceeding $5,000 incurred in behalf of the eligible employee, his spouse,
children or any other dependents included in such employee's federal income tax
return, or (b) the cost of tuition and other expenses incurred in connection
with the post-secondary education of the eligible employee or any of his
dependents, or (c) expenses incurred in the purchase of the eligible employee's
primary residence. Any distribution made pursuant

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to this paragraph shall, in all cases, be limited by the Board of Managers to
the amount of the demonstrated financial need.

     6. Distribution in the Event of a Change in Control. Notwithstanding any
other provision of this Plan or of any election made by an eligible employee
with respect to the period of any bonus deferral or the form and timing of any
distributions from his separate account, the undistributed balance thereof shall
be distributed to him within 60 days of 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 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

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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.

     7. Rights of Eligible Employee or Other Distributee. Nothing contained
herein, and no action taken pursuant to the provisions hereof shall create, or
be deemed to create a trust of any kind, or to establish any fiduciary
relationship between the Bank and any eligible employee or other distributee.
All payments made pursuant to this Plan shall be made from the general assets of
the Bank. To the extent that any person acquires a right to receive payments
from the Bank under the provisions hereof, such right shall be no greater than
the right of an unsecured general creditor of the Bank. The Bank shall retain
and exercise all rights of ownership of any assets of the portfolio established
in accordance with paragraph 3 hereof, and neither the eligible employee nor any
other person shall have any claim or right to any of such funds or other
property.

     8. Nonassignability of Benefits. Neither the eligible employee nor any
other person shall have any power or right to assign, anticipate, hypothecate or
otherwise encumber any deferred bonus awards payable by the Bank hereunder, nor
shall

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any such awards be transferable by operation of law in the event of the
bankruptcy or insolvency of the eligible employee or other person.

     9. Administration of the Plan. The Board of Managers shall have the
exclusive authority to manage and control the operation and administration of
the Plan and shall be the named fiduciary as described in section 402(a) of the
Employee Retirement Income Security Act of 1974. The Board of Managers shall
make all determinations regarding the right of any person to receive a benefit
under the Plan and to determine the amount and time of distribution thereof in
accordance with the provisions of this Plan and the eligible employee's
election. The interpretation and construction of this Plan by the Board of
Managers, and any action taken hereunder, shall be binding and conclusive upon
the eligible employee and any other person claiming any rights hereunder. The
Board of Managers may from time to time delegate to such person or persons or to
such committee as it shall designate any one or more of its administrative
duties under the Plan.

     10. Right to Amend and Terminate the Plan. The Bank reserves the right to
amend the Plan in whole or in part and to terminate the Plan at any time,
provided that no such action shall affect the rights of any eligible employee or
other person to receive payment of benefits in accordance with the terms of the
Plan as in effect on the day immediately preceding the effective date of such
amendment or termination.

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<PAGE>

     11. Special Terms, Gender and Number. Whenever used herein, the term "Board
of Managers" shall mean the Board of Managers of The Provident Bank. The term
"total disability" shall mean a physical or mental condition that renders an
eligible employee incapable of carrying out the ordinary duties and
responsibilities of his usual occupation. Whenever the context shall require,
the masculine gender shall be construed to include the feminine and the singular
number the plural.

     12. Incompetency. If the Board of Managers determines that an eligible
employee (or the designated beneficiary of an eligible employee) 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
therefor by a duly appointed guardian, committee or other legal representative
designated to receive such payment on behalf of such person.

     13. Applicable Law. This Plan shall be governed and construed in accordance
with the laws of the State of New Jersey to the extent not inconsistent with
applicable federal law.

     IN WITNESS WHEREOF, The Provident Bank has adopted this Deferred Bonus Plan
effective as of January 25, 1996.

                                        8

<PAGE>

                                        THE PROVIDENT BANK

                                        By: /s/ Paul M. Pantozzi
                                            --------------------------
                                        Its President and Chief
                                              Executive Officer

                                        9

<PAGE>

                               THE PROVIDENT BANK
                          VOLUNTARY BONUS DEFERRAL PLAN

                              Amendment Number One

     The Provident Bank Voluntary Bonus Deferral Plan (the "Plan") is hereby
amended effective October 1, 2002 in accordance with the following:

     1.   Paragraph 6 of the Plan shall be amended in its entirety to provide as
          follows:

                    Notwithstanding any other provision of this Plan or of any
               election made by an eligible employee with respect to the period
               of any bonus deferral or the form and timing of any distributions
               from his separate account, the undistributed balance thereof
               shall be distributed to him within 60 days of the date of a
               "Change in Control" as hereafter defined. For purposes hereof, a
               "Change in Control" shall mean the occurrence of any of the
               following events:

                    (a)  approval by the shareholders of Provident Financial
               Services, Inc. (the "Company") of a transaction that would result
               and does result in the reorganization, merger or consolidation of
               the Company, with one or more other persons, other than a
               transaction following which:

                         (i)  at least 51% of the equity ownership interests of
                    the entity resulting from such transaction are beneficially
                    owned (within the meaning of Rule 13d-3 promulgated under
                    the Securities Exchange Act of 1934, as amended ("Exchange
                    Act")) in substantially the same relative proportions by
                    persons who, immediately prior to such transaction,
                    beneficially owned (within the meaning of Rule 13d-3
                    promulgated under the Exchange Act) at least 51% of the
                    outstanding equity ownership interests in the Company; and

                         (ii) at least 51% of the securities entitled to vote
                    generally in the election of directors of the entity
                    resulting from such transaction are beneficially owned
                    (within the meaning of Rule 13d-3 promulgated under the
                    Exchange Act) in substantially the same relative proportions
                    by persons who, immediately prior to such transaction,
                    beneficially owned (within the meaning of Rule 13d-3
                    promulgated under the Exchange Act) at least 51% of the
                    securities entitled to vote generally in the election of
                    directors of the Company;

                    (b)  the acquisition of all or substantially all of the
               assets of the Company or beneficial ownership (within the meaning
               of Rule 13d-3 promulgated under the Exchange Act) of 20% or more
               of the outstanding securities of the Company entitled to vote
               generally in the election of directors by any person or by any
               persons acting in concert, or approval by the shareholders of the
               Company of any transaction which would result in such an
               acquisition;

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The Provident Bank
Voluntary Bonus Deferral Plan
Amendment Number One
Page 2

                    (c)  a complete liquidation or dissolution of the Company or
               the Bank, or approval by the shareholders of the Company of a
               plan for such liquidation or dissolution;

                    (d)  the occurrence of any event if, immediately following
               such event, members of the Company's Board of Directors who
               belong to any of the following groups do not aggregate at least a
               majority of the Company's Board of Directors:

                         (i)  individuals who were members of the Company's
                    initial Board of Directors; or

                         (ii) individuals, other than members of the Company's
                    initial Board of Directors who first became members of the
                    Company's Board of Directors:

                              (A)  upon election to serve as a member of the
                         Company's Board of Directors by the affirmative vote of
                         three-quarters of the members of such Board, or of a
                         nominating committee thereof, in office at the time of
                         such first election; or

                              (B)  upon election by the shareholders of the
                         Company to serve as a member of the Company's Board of
                         Directors, but only if nominated for election by the
                         affirmative vote of three-quarters of the members of
                         such Board, or of a nominating committee thereof, in
                         office at the time of such first nomination; provided
                         that such individual's election or nomination did not
                         result from an actual or threatened election contest or
                         other actual or threatened solicitation of proxies or
                         consents other than by or on behalf of the Company's
                         Board of Directors; or

                    (e)  any event which would be described in Paragraph 6(a),
               (b), (c) or (d) if the term "Bank" were substituted for the term
               "Company" therein and the term "Bank's Board of Managers" were
               substituted for the term "Company's Board of Directors" therein.
               In no event, however, shall a Change in Control be deemed to have
               occurred as a result of any acquisition of securities or assets
               of the Company, the Bank or a subsidiary of either of them, by
               the Company, the Bank, any subsidiary of either of them, or by
               any employee benefit plan maintained by any of them. For purposes
               of this Paragraph 6, the term "person" shall include the meaning
               assigned to it under Sections 13(d)(3) or 14(d)(2) of the
               Exchange Act.

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The Provident Bank
Voluntary Bonus Deferral Plan
Amendment Number One
Page 3

     IN WITNESS WHEREOF, this Amendment Number One has been executed by the duly
authorized officers of The Provident Bank as of the ___ day of ________________,
2002.

ATTEST:                                    THE PROVIDENT BANK

__________________________                 By:__________________________________
Secretary                                          Authorized Officer

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