Document:

<PAGE>

                                                                    Exhibit 10.5

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                       OF

                               The Provident Bank

          WHEREAS, The Provident Bank, a New Jersey savings bank (the "Bank")
has established and presently maintains in effect a retirement plan for its
employees, called The Provident Bank Pension Plan (the "Retirement 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)
and 415 upon the maximum amount of compensation which may be considered in
computing benefit accruals under defined benefit plans qualified under the Code
and upon the maximum retirement benefits which may be paid from defined benefit
plans qualified under the Code, respectively;

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

<PAGE>

          WHEREAS, under the terms of the Retirement Plan, deferred compensation
is excluded in determining retirement benefits;

          WHEREAS, the Bank desires to provide such excess benefits for
employees affected, and to include deferred compensation 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;

          NOW, THEREFORE, the Bank hereby adopts in accordance with resolutions
of its Board of Managers at its meeting of December 21, 1989, the "Supplemental
Executive Retirement Plan of the Provident Bank" (the "Plan"), effective January
1, 1990 with retroactive application to January 1, 1998, as hereinafter set
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 Retirement Plan are affected by Section 401(a)(17) or
          Section 415 of the Code and who are designated by the Board of
          Managers of the Bank to participate in this Plan (hereinafter
          "Employee").

     2.   The Bank will pay to or in respect of each Employee an

                                        2

<PAGE>

          amount equal to the amount which would have been payable under the
          terms of the Retirement Plan but for the limitations under Sections
          401(a)(17) and 415 of the Code less the amount payable under the terms
          of the Retirement Plan. Such amount, which shall be determined
          including any deferred compensation, shall be paid commencing no later
          than ninety (90) days following termination of employment, but in no
          event before age 60, in the form of a qualified joint and 100%
          survivor annuity for married Employees and a single life annuity for
          single Employees.

     3.   Any benefits payable under this Plan shall become vested under the
          same terms and conditions as the respective benefits provided under
          the Retirement Plan.

     4.   The Bank shall be under no obligation to establish any fund in order
          to provide for the payment of the amounts due under this Plan and any
          amounts payable hereunder shall be made from the general assets of the
          Bank. Appropriate payroll and other taxes shall be withheld from all
          payments made under the terms of this Plan.

     5.   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

                                        3

<PAGE>

          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 Retirement Plan, unless sooner terminated by
          the Board of Managers of the Bank.

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

     7.   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 Retirement Plan.

     8.   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
          claimant, setting forth the specific reasons for the

                                        4

<PAGE>

          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.

     9.   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, PRESIDENT

DATED :  March 29, 1990

                                        5

<PAGE>

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
                                       OF
                               THE PROVIDENT BANK

                              Amendment Number One

     WHEREAS, The Provident Bank (the "Bank") sponsors the Supplemental
Executive Retirement Plan of The Provident Bank for the benefit of certain
senior executives whose benefits are limited under The Provident Bank Pension
Plan, a tax-qualified plan, due to limitations imposed by Sections 401(a)(17)
and 415 of the Internal Revenue Code; and

     WHEREAS, the Bank desires to amend the Plan to provide for benefit payments
in the event of a change in control.

     NOW THEREFORE, in consideration of the foregoing, the Supplemental
Executive Retirement Plan of The Provident Bank (the "Plan") is hereby amended
effective October 1, 2002 in accordance with the following:

1.   The Plan shall be amended by inserting new Section 4 immediately after
     Section 3 to provide as follows, and by renumbering existing Sections 4
     through 9 as Sections 5 through 10:

                    "Notwithstanding any other provision of this Plan, the
               undistributed balance of each Employee's accrued benefit under
               the Plan 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)

<PAGE>

Supplemental Executive Retirement Plan
of The Provident Bank
Amendment Number One
Page 2

                    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;

                    (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 Section 4(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

<PAGE>

Supplemental Executive Retirement Plan
of The Provident Bank
Amendment Number One
Page 3

                    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 Section
                    4, the term "person" shall include the meaning assigned to
                    it under Sections 13(d)(3) or 14(d)(2) of the Exchange Act."

2.   The Plan shall be amended by adding new Section 11 at the end thereof to
     read as follows:

               "11. Whenever used herein, the term "Board of Managers" shall
                    mean the Board of Managers of The Provident Bank in its
                    mutual form and the Board of Directors of The Provident Bank
                    in its stock form. Wherever the context shall require, the
                    masculine gender shall be construed to include the feminine
                    and the singular number the plural."

     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 10.6

                       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;

<PAGE>

          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

                                        2

<PAGE>

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.

                                        3

<PAGE>

     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

                                        4

<PAGE>

          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

                                        5

<PAGE>

          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

                                        6

<PAGE>

          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

                                        7

<PAGE>

          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

                                        8

<PAGE>

          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.

                                        9

<PAGE>

     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

                                       10

<PAGE>

                       SUPPLEMENTAL EXECUTIVE SAVINGS PLAN
                                       OF
                               THE PROVIDENT BANK

                              Amendment Number One

     WHEREAS, The Provident Bank (the "Bank") sponsors the Supplemental
Executive Savings Plan (the "Plan") of Provident Bank for the benefit of certain
senior executives whose benefits are limited under The Provident Bank Employee
Savings Incentive Plan, a tax-qualified thrift savings plan (the "Savings Plan")
due to limitations imposed by Sections 401(a)(17), 401(m) and 415 of the
Internal Revenue Code ("Code") (hereinafter, said limitations shall be referred
to collectively as the "Applicable Limitations"); and

     WHEREAS, in connection with its conversion to a stock form savings bank as
the wholly-owned subsidiary of Provident Financial Services, Inc. (the
"Company") and initial offering of the common stock of the Company (hereinafter
"Company Stock"), the Bank intends to adopt a tax-qualified Employee Stock
Ownership Plan ("ESOP") and to have the ESOP obtain a loan to purchase up to 8%
of the shares issued in the offering; and

     WHEREAS, the Bank desires to amend the Plan in order to credit the accounts
of Participants with supplemental ESOP benefits to the extent that the
Applicable Limitations limit the amount of benefits to such persons in the
tax-qualified ESOP;

     WHEREAS, the Bank also desires to amend the Plan to revise the definition
of "change in control" to conform to the definition in its other benefit plans
and arrangements, and for certain other purposes set forth herein.

     NOW THEREFORE, in consideration of the foregoing, the Supplemental
Executive Savings Plan of The Provident Bank (the "Plan") is hereby amended
effective October 1, 2002 in accordance with the following:

1.   Paragraph "2" in the Plan shall be re-numbered as "2A". New Paragraph "2B"
     shall be added to the Plan to read as follows:

     "2B Supplemental ESOP Benefit. Each year, the Bank shall credit the account
     (or applicable sub-account) of each Participant, with a number of units of
     Phantom Stock, which number shall be determined in the following manner:
     the Bank shall determine (in accordance with such procedures as it may
     determine) the amount by which the Participant's maximum contribution under
     the ESOP exceeds his actual contribution due to the reductions imposed by
     the Applicable Limitations and then shall determine the number of shares of
     Stock such amount would have purchased under the ESOP if it had been
     contributed to the ESOP for the benefit of the Participant. The number of
     shares of Company Stock such amount would have purchased under the ESOP,
     shall for these purposes, be converted into units of Phantom Stock and
     shall be credited to the Participant's sub-account. The Bank's
     determination regarding "the number of shares of Company Stock such amount
     would have purchased under the ESOP" may take into consideration such
     factors as: whether the additional amount, if contributed to the ESOP,
     would have been used to repay an outstanding ESOP loan, and if so, the
     appropriate number of

<PAGE>

Supplemental Executive Savings Plan
of The Provident Bank
Amendment Number One
Page 2

     additional shares to be released from the suspense account and allocated to
     theParticipant's account based on such ESOP loan payment.

     2B.1 Crediting of Earnings. Phantom Stock credited to a Participant's
          account under this Section shall be credited with dividends at the
          same time and in the same manner as is applicable to the Company Stock
          held in the Participant's account under the ESOP. Cash dividends
          allocated to a Participant's account shall be credited with interest
          at a rate determined by the Board of Managers.

     2B.2 Stock Dividends and Stock Splits. In the case of a stock dividend or
          stock split, additional units of Phantom Stock shall be credited to
          each Participant's account under the Plan.

     2B.3 Valuation of Sub-Accounts. The value of a Participant's ESOP
          sub-account shall be determined as of each "valuation date" (as
          determined by the Bank) in the following manner:

          (a)  First, the Bank will add the earnings to the Participant's
               sub-account in accordance with Section 2B.1.

          (b)  Next, all Bank contributions to the Participant's ESOP
               Sub-Account shall be credited in accordance with Section 2B.

          (c)  Finally, a Participant's ESOP sub-account shall be reduced by the
               amount of any benefits distributed to or on behalf of the
               Participant from said sub-account, if any.

          (d)  Each Participant's ESOP sub-account shall be valued as of each
               valuation date or more frequently, as determined in the sole
               discretion of the Bank, and shall again be valued as of the date
               that a Participant receives a payment under the Plan attributable
               thereto, in accordance with the procedures established by the
               Bank.

          (e)  All allocations to and deductions from a Participant's account
               under this Section 2B.3 shall be deemed to have been made on the
               applicable valuation date in the order of priority set forth in
               this Section, even though actually determined at a later date.

     2B.4 Distribution of Supplemental ESOP Benefit. Except to the extent that a
          different time or different manner of distribution is specifically set
          forth in this Plan, the supplemental ESOP benefit shall be distributed
          at the same time and in the same manner i.e., lump sum or
          installments, as the benefit payable under the ESOP."

2.   Paragraph 4 under the Plan shall be re-numbered "4A". New paragraph "4B"
     shall be added to the Plan which shall read as follows:

<PAGE>

Supplemental Executive Savings Plan
of The Provident Bank
Amendment Number One
Page 3

     "4B. Form of Supplemental ESOP Benefit. A Participant's supplemental ESOP
     benefit under this Plan shall be a benefit paid in the form of Company
     Stock to the extent of the units of Phantom Stock credited to the
     Participant's account. The value of a Participant's supplemental ESOP
     benefit at the time of distribution shall be equal to the number of units
     of Phantom Stock allocated to the Participant's Account multiplied by the
     fair market value of a share of Company Stock on the date of distribution
     plus the dollar value of any earnings thereon.

3.   Paragraph 6 shall be amended by adding the following sentence to the end
     thereof:

     "The Employee's Beneficiary with respect to the ESOP benefit under the Plan
     shall be the same person who is his beneficiary in the ESOP."

4.   Paragraph 7 shall be amended in its entirety to provide as follows:

     "7.  Notwithstanding any other provision of this Plan, the undistributed
     balance of each Participant's separate account, including the Participant's
     separate supplemental Savings Plan account and supplemental ESOP 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 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

<PAGE>

Supplemental Executive Savings Plan
of The Provident Bank
Amendment Number One
Page 4

               persons acting in concert, or approval by the shareholders of the
               Company of any transaction which would result in such an
               acquisition;

          (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 7(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 7, the term "person" shall include the meaning
               assigned to it under Sections 13(d)(3) or 14(d)(2) of the
               Exchange Act."

<PAGE>

Supplemental Executive Savings Plan
of The Provident Bank
Amendment Number One
Page 5

4.   Paragraph 13 of the Plan shall be amended to read as follows:

     "13. Whenever used herein, the term "Board of Managers: shall mean the
     Board of Managers of The Provident Bank in its mutual form and the Board of
     Directors of The Provident Bank in its stock form Wherever the context
     shall require, the masculine gender shall be construed to include the
     feminine and the singular number the plural."

5.   Paragraphs 1, 5, and 11 of the Plan shall be deemed modified to the extent
     that there is a reference to the "Savings Plan" in such paragraphs. Said
     reference shall hereafter be deemed to read "Savings Plan and ESOP" or
     "Savings Plan or ESOP," as appropriate.

6.   The last sentence of Paragraph 8 of the Plan shall be revised to read as
     follows:

     "The supplemental Savings Plan component of the Plan shall terminate upon
     the termination of the Savings Plan, unless sooner terminated by the Board
     of Managers and the supplemental ESOP component of the Plan shall terminate
     upon the termination of the ESOP component of the Plan, unless sooner
     terminated by the Board of Managers."

                  [Remainder of page intentionally left blank]

<PAGE>

Supplemental Executive Savings Plan
of The Provident Bank
Amendment Number One
Page 6

     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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