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                                                                    Exhibit 10.8

                               THE PROVIDENT BANK
                  BOARD OF MANAGERS VOLUNTARY FEE DEFERRAL PLAN

     The Provident Bank ("Bank"), amends and restates this Board of Managers
Voluntary Fee Deferral Plan ("Plan") effective October 23, 1997 , to enable any
non-employee member of the Board of Managers ("eligible member") to defer future
fees payable to them for their service as a member of the Bank Board of
Managers.

     1. Election to Defer. Any eligible member 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 member can elect
irrevocably to defer the receipt of all (but not less than all) of any fees that
may be paid to the member. In no event shall any deferral of fees be permitted
which the eligible member would otherwise have the unrestricted right to receive
currently. Except for the first year of the Plan, any election by an eligible
member to defer future fees shall be made in the calendar year next preceding
the calendar year the fees would be earned. Subject to the provisions of the
Plan, an eligible member's election shall specify in the deferral election form
when and in what manner distribution shall be made of any deferred fees. If the
eligible member fails to choose a year of distribution, it shall be deemed to be
the year of his normal retirement. If the eligible member fails to specify a
form of payment, he shall be deemed to have

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elected a lump-sum distribution.

     2. Period of Deferral. An eligible member may defer his fees to a future
year as selected by him. However, in no event shall any fee otherwise payable on
account of any year after 1997 be deferred so that the distribution begins
beyond the year of the eligible member's normal retirement from the Board of
Managers.

     3. Investment and Adjustment of Deferred Fees. Subject to Paragraph 6, any
fees deferred pursuant to an eligible member's election as aforesaid shall be
credited to a separate account maintained in the name of such member. The value
of each account shall be credited monthly with interest at the then prevailing
Wall Street Prime Rate. For purposes of making any distribution under paragraph
4 below the value of an eligible member's interest in the account shall be its
value, adjusted with interest as aforesaid, as of the last day of the month next
preceding the month distribution occurs.

     4. Payment of Deferred Fees. Except as otherwise provided in this
paragraph, or in the case of a "Change in Control" described in paragraph 5, the
amount of an eligible member's separate account (adjusted as provided in
paragraph 3) shall be distributed to the eligible member in a lump-sum or in
annual installments after such number of years or after retiring from the Board
of Managers 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 member or to the person

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or persons designated by the eligible member to receive such distribution. An
eligible member who wishes to receive a distribution of his separate account in
installments may elect to receive it in annual installments over a period of
three (3) years. If distribution is to be made in annual installments, the
amount of each installment shall be equal to the adjusted value of the eligible
member'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
member's service is terminated but he has not attained age 65, the undistributed
balance of his account shall be paid to him in a single lump sum within a
reasonable time following termination of service. If an eligible member's
service is terminated on or after age 65, he shall receive the balance of his
separate account at such time and in such form as he has elected or, the Board
of Managers may, in its sole discretion, after receipt of a written request by
such member, pay the undistributed balance of such member's separate account in
a single lump sum within a reasonable time following termination of service.

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

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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 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.

     6. Rights of Eligible Member or Other Distributee.

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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 member or other
distributee. All payments made pursuant to this Plan shall be made from the
general assets of the Bank. A separate account established hereunder shall be
for record keeping purposes. Fees which have been deferred will be recorded as a
liability on the Bank's general ledger when earned, but no funds shall be set
aside for payment of the liability. Deferred fees shall be subject to the claims
of the Bank's general creditors at all times prior to distribution. 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.

     7. Designation of Beneficiary. An eligible member may designate one or more
person or persons to receive the undistributed balance of his deferred fees in
the event of his death by executing and delivering to the Bank a beneficiary
designation form, a copy of which is annexed hereto as Exhibit "B", and may
change and successively change any such designation by executing a subsequent
beneficiary designation form. Unless the beneficiary designation form indicates
otherwise, any designation of beneficiary shall be deemed to apply to the
undistributed balance of all of the eligible

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member's prior deferrals. If there is no valid beneficiary designation on file
with the Bank on the date of death of the eligible member, the undistributed
balance of deferred fees shall be paid to the personal representative of his
estate.

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

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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 member 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.

     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
"normal retirement" means the date of the Board of Managers Annual Meeting after
the manager attains his seventieth birthday. The term "total disability" shall
mean a physical or mental condition that renders an eligible member 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
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,

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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 Plan effective as
of October 23, 1997.

                                                     THE PROVIDENT BANK

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

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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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