Document:

Exhibit 10.11

                               THE PROVIDENT BANK
                             2005 BOARD OF DIRECTORS
                           VOLUNTARY FEE DEFERRAL PLAN
                           ---------------------------

     The purpose of The  Provident  Bank 2005 Board of Directors  Voluntary  Fee
Deferral Plan ("Plan") is to to enable any  non-employee  member of the Board of
Directors  ("eligible  member") to defer  future fees  payable to them for their
service as a member of the The  Provident  Bank's Board of Directors  ("Board").
Any  reference  herein to the "Bank"  shall  refer to The  Provident  Bank.  Any
reference herein to the "Company" shall refer to Provident  Financial  Services,
Inc.,  the  Delaware  chartered  stock  holding  company  which holds all of the
outstanding common stock of the Bank.

     This Plan is intended to comply with Internal Revenue Code ("Code") Section
409A and any  regulatory or other  guidance  issued under such  Section.  At the
effective  date of the Plan  additional  guidance was being  promulgated  by the
Department  of Treasury.  Any terms of this Plan that  conflict with such future
guidance shall be null and void as of the effective date of the Plan. After such
guidance  is issued,  the intent is to amend the Plan to delete any  conflicting
provisions and to add such other provisions as are required to fully comply with
Section 409A and any other legislative or regulatory  requirement  applicable to
the Plan. This Plan shall be effective as of January 1, 2005.

     1. Elections. 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 100%,  75%, 50%, or 25% 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.  In the first year that a member of the Board  becomes
eligible to participate,  the eligible  member's election must be made within 30
days of first becoming  eligible and the election must be made only with respect
to fees for services  performed after the date of the election.  Notwithstanding
the preceding  sentence,  if an eligible member was an eligible member under The
Provident  Bank  Board of  Directors  Voluntary  Fee  Deferral  Plan,  then such
eligible  member must make his or her initial  election to defer  future fees by
the end of the calendar year next  preceding the calendar year in which the Plan
becomes  effective.  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 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 be
deferred  so that  the  distribution  begins  beyond  the  year of the  eligible
member's  normal  retirement  from the  Board  of  Directors.  The term  "normal

<PAGE>

retirement"  means the date of the Board of Directors  Annual  Meeting after the
member attains his seventy-second (72) birthday.

     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.  Such
Account shall be referred to as the member's  Investment  Account.  The value of
each member's  Investment 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  Investment  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 Directors as he may elect in accordance with paragraph 2, or, in the event of
his death or Disability (as defined in Section 11 hereof),  in a lump-sum to the
member or to the person 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 sum of
the adjusted value of the eligible  member's  Investment  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  Separates from Service (within the
meaning of Code Section 409A) 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  Separation  from  Service.  If an  eligible  member
Separates  from Service on or after age 65, he shall  receive the balance of his
separate account(s) at such time and in such form as he has elected.

     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 balance thereof shall
be  distributed  to him  within 60 days after the date of a Change in Control of
the Company or the Bank. For purposes  hereof, a "Change in Control" shall mean,
a change  in the  ownership  or  effective  control  of the  Company,  or in the
ownership of a substantial  portion of the assets of the Company,  as defined in
the regulations  issued by the Treasury  Department and/or other guidance issued
by the Treasury Department or Internal Revenue Service under Code Section 409A.

     6.  Rights of  Eligible  Member  or Other  Distributee.  Nothing  contained
         --------------------------------------------------
herein,  and no action taken pursuant to the provisions  hereof shall create, or

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<PAGE>

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.  The
separate  accounts  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.  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.  All  payments  made
pursuant  to this  Plan  shall be made  from the  general  assets  of the  Bank,
provided,  however,  that  nothing  set  forth  herein  shall  be  construed  as
prohibiting the Bank from  establishing a rabbi trust to hold any assets for the
benefit of eligible members of this Plan. Deferred fees and the earnings thereon
shall be  subject to the claims of the  Bank's  general  creditors  at all times
prior to  distribution,  including any fees that are  contributed  to and become
assets of a rabbi trust.

     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 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  Directors  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 Directors 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,
provided, however, that any determination made with respect to the account(s) of
any eligible member shall be made by the Board of Directors sitting without such
member.  The  interpretation  and  construction  of this  Plan by the  Board  of
Directors, 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 Directors  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  member or

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<PAGE>

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 Directors"  shall mean the Board of Directors of The Provident Bank. The term
"normal  retirement"  means the date of the Board of  Directors  Annual  Meeting
after the member  attains his  seventy-second  birthday.  The term  "Disability"
shall  mean the  Participant  is unable to  engage  in any  substantial  gainful
activity by reason of any medically  determinable  physical or mental impairment
which  can be  expected  to  result  in death or can be  expected  to last for a
continuous period of not less than 12 months, or, is, by reason of any medically
determinable  physical or mental  impairment  which can be expected to result in
death or can be  expected  to last for a  continuous  period of not less than 12
months,  receiving income  replacement  benefits for a period of not less than 3
months under an accident and health plan covering employees of the Participant's
employer.  Whenever the context shall  require,  the  masculine  gender shall be
construed to include the feminine and the singular number the plural.

     12.  Incompetence.  If the Board of Directors  determines  that an eligible
          ------------
member  (or the  designated  beneficiary  of an  eligibile  member) is unable to
manage  his  affairs,  it  may,  in  its  sole  discretion  and  subject  to the
requirements  of Code  Section  409A,  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.

     13. Hardship  Distribution.  An eligible  member,  who believes that he has
         ----------------------
incurred an  Unforeseeable  Emergency  may petition the Board of Directors for a
Hardship  Distribution.  "Unforeseeable  Emergency"  means  a  severe  financial
hardship to the  eligible  member  resulting  from an illness or accident of the
eligible member,  the eligible  member's  spouse,  or a dependent (as defined in
Internal  Revenue  Code  Section  152(a)) of the  eligible  member,  loss of the
eligible member's property due to casualty,  or other similar  extraordinary and
unforeseeable  circumstances arising as a result of events beyond the control of
the eligible member.

     Upon a finding  that an  eligible  member  has  suffered  an  Unforeseeable
Emergency,  the Board may, in its sole discretion,  make  distributions from the
eligible  member's   Investment   Account.   An  eligible  member  requesting  a
distribution as a result of an Unforeseeable Emergency shall apply in writing to
the  Board  and  shall  provide  such  additional  information  as the Board may
require.  The amount of the withdrawal  shall be limited to the amount necessary
to  satisfy  such  emergency  plus  amounts  necessary  to pay taxes  reasonably
anticipated  as a result of the  distribution,  after  taking  into  account the
extent to which such  hardship is or may be relieved  through  reimbursement  or
compensation  by  insurance  or  otherwise  or by  liquidation  of the  eligible
member's  assets (to the extent the  liquidation of such assets would not itself
cause  severe  financial  hardship).  If  a  distribution  is  made  due  to  an
Unforeseeable  Emergency  in  accordance  with this  paragraph  13, the eligible
member's deferrals under this Plan shall cease for the remainder of the calendar
year in which the  distribution  occurs and the immediately

                                       4
<PAGE>

following calendar year. Any resumption of the eligible member's deferrals under
this  Plan  shall  be made  only  at the  election  of the  eligible  member  in
accordance with paragraph 1 herein.

     14. 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.

     15.  Successors.  The  provisions  of this Plan shall bind and inure to the
          ----------
benefit of the Bank and its successors  and assigns.  The term  "successors"  as
used herein shall  include any corporate or other  business  entity which shall,
whether  by  merger,  consolidation,   purchase  or  otherwise  acquire  all  or
substantially  all of the business and assets of the Bank, and successors of any
such corporation or other business entity.

     IN WITNESS  WHEREOF,  this 2005  Directors  Voluntary Fee Deferral Plan has
been executed by the duly authorized officers of The Provident Bank as of the 23
day of December, 2004.

ATTEST:                                       THE PROVIDENT BANK

/s/ Mary Louise Festa                    By:  /s/ Paul M. Pantozzi
---------------------                         --------------------
Corporate Secretary                           Authorized Officer

                                       5Exhibit 10.12

                               THE PROVIDENT BANK

                           NON-QUALIFIED SUPPLEMENTAL
                          EMPLOYEE STOCK OWNERSHIP PLAN

<PAGE>

                               THE PROVIDENT BANK
                           NON-QUALIFIED SUPPLEMENTAL
                          EMPLOYEE STOCK OWNERSHIP PLAN

     1.   Purpose
          -------

     This Non-Qualified  Supplemental  Employee Stock Ownership Plan ("Plan") is
intended to provide Participants (as defined herein) or their Beneficiaries with
the full dollar amount of  Employer-provided  pension benefits  obtainable under
The  Provident  Bank Employee  Stock  Ownership  Plan ("ESOP")  which may not be
accrued  under said ESOP due to the  limitations  imposed by Section  415 of the
Internal Revenue Code (the "Code") and the limitation on includible compensation
imposed by Section  401(a)(17) of the Code. The benefits provided under the Plan
(as described below) are intended to constitute a deferred compensation plan for
"a select group of management or highly  compensated  employees" for purposes of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

     This Plan is intended to comply with Internal Revenue Code ("Code") Section
409A and any  regulatory or other  guidance  issued under such  Section.  At the
effective  date of the Plan  additional  guidance was being  promulgated  by the
Department  of Treasury.  Any terms of this Plan that  conflict with such future
guidance shall be null and void as of the effective date of the Plan. After such
guidance  is issued,  the intent is to amend the Plan to delete any  conflicting
provisions and to add such other provisions as are required to fully comply with
Section 409A and any other legislative or regulatory  requirement  applicable to
the Plan. This Plan shall be effective as of January 1, 2004.

     2.   Definitions
          -----------

     Where the following  words and phrases appear in the Plan,  they shall have
the respective  meaning as set forth below unless the context clearly  indicates
the contrary. Except to the extent otherwise indicated herein, and to the extent
inconsistent with the definitions  provided below, the definitions  contained in
the ESOP are applicable under the Plan.

     2.1 "Bank" means The Provident Bank.
          ----

     2.2 "Beneficiary"  means the person designated by the Participant under the
          -----------
ESOP to receive benefits in the event of the Participant's death.

     2.3 "Board of  Directors"  means the Board of  Directors  of The  Provident
          -------------------
Bank.

     2.4 "Code" means the Internal Revenue Code of 1986, as amended from time to
          ----
time.  Reference  to a  specific  provision  of  the  Code  shall  include  such
provision,  any  valid  regulation  or  ruling  promulgated  thereunder  and any
comparable  provision of future law that amends,  supplements or supersedes such
provision.

     2.5 "Committee" means the Benefits Committee of the Bank.
          ---------

<PAGE>

     2.6 "Company" means Provident Financial Services, Inc.
          -------

     2.7 "Effective Date" means January 1, 2004.
          --------------

     2.8 "Employee"  means an employee of the Employer on whose behalf  benefits
          --------
are payable under the ESOP.

     2.9 "Employer" means The Provident Bank with respect to its employees,  and
          --------
any successors by merger, purchase, reorganization or otherwise. If a subsidiary
or affiliate of the  Employer  adopts the Plan,  it shall be deemed the Employer
with respect to its employees.

     2.10 "ERISA" means the Employee  Retirement Income Security Act of 1974, as
           -----
amended  from time to time.  Reference  to a specific  provision  of ERISA shall
include such provision,  any valid regulation or ruling  promulgated  thereunder
and  any  comparable  provision  of  future  law  that  amends,  supplements  or
supersedes such provision.

     2.11 "ESOP" means The Provident Bank Employee Stock Ownership Plan, and any
           ----
successor thereto.

     2.12 "Participant"   means  an  Employee  who  has  been  designated  for
           -----------
participation in this Plan pursuant to Section 3.1.

     2.13 "Phantom  Stock"  means the unit of  measurement  of a  Participant's
           --------------
account hereunder  denominated in hypothetical shares of the Company's Stock. On
any  measurement  date,  the Phantom  Stock shall have a value equal to the fair
market value of the Company's Stock on such date.

     2.14 "Plan" means The Provident Bank  Non-Qualified  Supplemental  Employee
           ----
Stock  Ownership  Plan,  as set forth  herein and as may be amended from time to
time.

     2.15 "Plan Year" means the period from January 1, 2004 through December 31,
           ---------
2004, and each January 1 to December 31 thereafter.

     2.16 "Stock"  means the common  stock of the  Company,  par value $.01 per
           -----
share.

     3.   Participation
          -------------

     3.1  Designation  to  Participate.  Upon the  designation  of the  Board of
          ----------------------------
Directors,  Employees may become  Participants at any time during the Plan Year.
Each Employee  initially  selected by the Board to participate in the Plan shall
be set forth on Exhibit A attached hereto and made a part hereof.  Participation
in this  Plan  shall be  limited  to a  select  group of  management  or  highly
compensated  employees of the Bank whose benefits under the ESOP are affected by
Section 401(a)(17), 401(m), or Section 415 of the Code and who are designated by
the Board of Directors to participate in this Plan.

                                       2
<PAGE>

     3.2 Continuation of Participation. An Employee who has become a Participant
         -----------------------------
shall remain a Participant so long as benefits are payable to or with respect to
such Participant under the Plan.

     4.  Benefit Requirements and Payments
         ---------------------------------

     4.1 Supplemental ESOP Benefits.  A Participant shall be entitled to receive
         --------------------------
as a benefit from this Plan the  supplemental  ESOP benefit set forth below.  In
the event of the death of a Participant  prior to the commencement of payment of
benefits hereunder, the Beneficiary of the Participant shall be entitled to
receive as a benefit from this Plan an amount equal to 100% of the  supplemental
ESOP benefit that would have been payable to the  Participant at the time of his
death. The  supplemental  ESOP benefit is denominated in shares of Phantom Stock
equal to the sum of the difference between "(a)" and "(b)," plus "(c)", where:

               (a)  is the  number  of  shares  of Stock  that  would  have been
                    allocated  to  the  account  of  the  Participant,  and  the
                    earnings thereon, had the limitations of Sections 401(a)(17)
                    and   415(c)(1)(A)  and  415(c)(6)  of  the  Code  not  been
                    applicable;

               (b)  is the number of shares of Stock  actually  allocated to the
                    account of the  Participant for the relevant ESOP plan year,
                    and the earnings thereon; and

               (c)  is the  number of shares of  Phantom  Stock  into  which the
                    dividends  properly  allocable ot the Participant's  account
                    under  the Plan can be  converted,  based on the  following:
                    each  Plan  Year,  a  determination  shall be made as to the
                    dividends  that  would be  allocated  to such  Participant's
                    account  hereunder  for such  year,  based on the  shares of
                    Phantom Stock allocated thereto.  As of the last day of such
                    Plan  Year,  the  cash  dividends  so  determined  shall  be
                    converted  to shares  of  Phantom  Stock,  based on the fair
                    market value of the Company's Stock on such date.

     4.2 Eligibility and Vesting.
         -----------------------

               (a)  A Participant will be eligible to receive  Supplemental ESOP
                    Benefits   only  in  the  event  he  or  she  is  an  Active
                    Participant as that term is defined under the ESOP.

               (b)  A  Participant  shall vest in his or her  Supplemental  ESOP
                    Benefits under the same terms and conditions as the benefits
                    provided under the ESOP.

     4.3 Incidents of Supplemental ESOP Payments.  Benefits under this Section 4
         ---------------------------------------
shall be payable to the Participant in a lump sum upon the Participant's:

                                       3
<PAGE>

               (a)  "Separation  from Service" as defined in guidance  issued by
                    the Treasury  Department;
               (b)  disability;  "disabled"  shall have the meaning set forth in
                    Code Section 409A; or
               (c)  death.

     4.4 Form of Supplemental ESOP Payments.  A Participant's  supplemental ESOP
         ----------------------------------
benefits under Section 4.1 of this Plan shall be a benefit paid in cash.

     5.  Administration of the Plan
         --------------------------

     5.1 Committee;  Duties.  This Plan shall be  administered  by the Committee
         ------------------
which shall consist of not less than three (3) persons appointed by the Board of
Directors  or its  designee.  The  Committee  shall have the  authority to make,
amend,  interpret  and enforce all  appropriate  rules and  regulations  for the
administration  of the  Plan  and  decide  or  resolve  any and  all  questions,
including  interpretations  of this Plan,  that may arise in connection with the
administration of the Plan; provided,  however,  that any such  interpretations,
rules and/or  regulations  shall be  consistent  with the  requirements  of Code
Section 409A and any Treasury Regulations or other guidance issued thereunder. A
majority  vote of the Committee  members shall control any decision.  Members of
the Committee may be Participants under the Plan.

     5.2 Agents.  The Committee may, from time to time,  employ other agents and
         ------
delegate to them such administrative duties as it sees fit, and may from time to
time consult with counsel who may be counsel to the Employer.

     5.3 Binding  Effect of  Decisions.  The decision or action of the Committee
         -----------------------------
regarding any question arising out of or in connection with the  administration,
interpretation  and  application  of the  Plan  and the  rules  and  regulations
promulgated hereunder shall be final and conclusive and binding upon all persons
having any interest in the Plan.

     5.4 Indemnity of Committee.  The Employer shall indemnify and hold harmless
         ----------------------
the members of the Committee against any and all claims,  loss, damage,  expense
or  liability  arising  from any action or  failure to act with  respect to this
Plan, except in the case of gross negligence or willful misconduct.

     6.  Claims Procedure
         ----------------

     6.1 Claim. Any person claiming a benefit,  requesting an  interpretation or
         -----
ruling under the Plan,  or requesting  information  under the Plan shall present
the request in writing to the Committee  which shall  respond in writing  within
thirty (30) days.

     6.2 Denial of Claim. If the claim or request is denied,  the written notice
         ---------------
of denial shall state:

               (a)  the reason for denial,  with specific  reference to the Plan
                    provisions on which the denial is based.

                                       4
<PAGE>

               (b)  a  description  of any  additional  material or  information
                    required and an explanation of why it is necessary.

               (c)  an explanation of the Plan`s claim review procedure.

     6.3 Review of Claim. Any person whose claim or request is denied or who has
         ---------------
not  received a response  within  thirty (30) days may request  review by notice
given in writing to the Committee. The claim or request shall be reviewed by the
Committee  who may,  but shall not be required to, grant the claimant a hearing.
On review, the claimant may have  representation,  examine pertinent  documents,
and submit issues and comments in writing.

     6.4 Final  Decision.  The decision on review shall  normally be made within
         ---------------
sixty (60) days.  If an  extension  of time is  required  for a hearing or other
special  circumstances,  the claimant shall be notified and the time limit shall
be one hundred  twenty (120) days.  The  decision  shall be in writing and shall
state the reason and the relevant plan provisions. All decisions on review shall
be final and bind all parties concerned.

     7.  Amendment or Termination
         ------------------------

     7.1 Amendment of Plan. A majority of the Board of Directors may amend this
         -----------------
Plan  at any  time or  from  time to  time.  However,  no such  amendment  shall
adversely  affect the benefits of the  Participant  which have accrued  prior to
such action.

     7.2 Termination  of Plan.  The Plan  shall  not be  terminated  until  all
         --------------------
benefits  payable  under the  terms of the Plan are  either  paid or  forfeited.
Unless  permitted under Code Section 409A, the termination of the Plan shall not
cause the acceleration of benefits payable hereunder.

     8.  Miscellaneous
         -------------

     8.1 Unfunded Plan.  This Plan is intended to be an unfunded plan maintained
         -------------
primarily  to  provide  deferred  compensation  benefits  for a select  group of
management or highly compensated  employees.  However, the Employer may elect to
fund for the benefits of  Participants  as described in Section 8.3 below.  This
Plan will  continue to be unfunded for tax purposes and Title I of ERISA even if
benefits are funded by the Employer under Section 8.3 below.

     8.2 Unsecured  General  Creditor.  The Participant  and his  Beneficiaries,
         ----------------------------
heirs,  successors and assigns shall have no legal or equitable rights, interest
or  claims  in any  property  or  assets  of the  Employer,  nor  shall  they be
beneficiaries of, or have any rights,  claims or interests in any life insurance
policies,  annuity  contracts  or the proceeds  therefrom  owned or which may be
acquired by the Employer.  Such  policies or other assets of the Employer  shall
not  be  held  under  any  trust  for  the   benefit  of   Participants,   their
Beneficiaries,  heirs,  successors or assigns,  or held in any way as collateral
security for the fulfilling of the  obligations of Employer under this Plan. Any
and all of the Employer`s assets shall be, and remain,  the general,  unpledged,
unrestricted  assets of the Employer.  The Employer`s  obligation under the Plan
shall be that of an unfunded and unsecured  promise of the Employer to pay money
in the future.

                                       5
<PAGE>

     8.3 Trust Fund. The Employer  shall be  responsible  for the payment of all
         ----------
benefits provided under the Plan. At its discretion,  the Employer may establish
one (1) or more trusts,  with such  trustees as the Board may  approve,  for the
purpose of providing for payment of such  benefits.  Such trust or trusts may be
irrevocable,  but the  assets  thereof  shall be  subject  to the  claims of the
Employer`s  creditors.  To the extent any benefits  provided  under the Plan are
actually paid from any such trust, the Employer shall have no further obligation
with respect thereto,  but to the extent not so paid, such benefits shall remain
the obligation of, and shall be paid by, the Employer.

     8.4 Nonassignability.  Neither the  Participant nor any other person shall
         ----------------
have any right to commute, sell, assign, transfer, pledge, anticipate,  mortgage
or  otherwise  encumber,  transfer,  hypothecate  or convey in advance of actual
receipt the amounts, if any, payable hereunder,  or any part thereof, which are,
and  all  rights  to  which  are,  expressly  declared  to be  unassignable  and
nontransferable.  No part of the amounts payable shall, prior to actual payment,
be subject to seizure or sequestration for the payment of any debts,  judgments,
alimony or separate  maintenance owed by a Participant or any other person,  nor
be transferable by operation of law in the event of a Participant`s or any other
person`s bankruptcy or insolvency.

     8.5 Expenses  of  Plan.  All  expenses  of the  Plan  will  be paid by the
         ------------------
Employer.

     8.6 Change of Control of the Company or the Bank.  Notwithstanding  any
         --------------------------------------------
other provision  herein,  to the extent permitted under Code Section 409A, there
shall become immediately due and payable upon a Change of Control of the Company
or the Bank, a Participant's  supplemental ESOP benefit in a lump sum payment. A
"Change in Control" shall mean a change in the ownership or effective control of
the Company or Bank, or in the ownership of a substantial  portion of the assets
of the  Company  or Bank,  as defined in the  regulations  used by the  Treasury
Department  and/or other guidance issued by the Treasury  Department or Internal
Revenue Service under Code Section 409A.

     8.7 Withholding;  Payroll Taxes. The Employer shall withhold from payments
         ---------------------------
made to the Participant from the Plan any taxes required to be withheld from the
Participant`s wages for the federal or any state or local government.

     8.8 Participation by Subsidiaries and Affiliates. If any employer is now or
         --------------------------------------------
hereafter  becomes a subsidiary  or  affiliated  company of the Employer and its
employees  participate  in the ESOP,  the Board of Directors may authorize  such
subsidiary or affiliated  company to participate  in this Plan upon  appropriate
action by such employer  necessary to adopt the Plan.

     8.9 Delivery  of  Elections  to  Committee.  All  elections,  designation,
         --------------------------------------
requests,  notices,  instructions and other communications required or permitted
under the Plan from the Employer, a Participant,  Beneficiary or other person to
the Committee  shall be on the appropriate  form,  shall be mailed by electronic
mail,  first-class  mail or  delivered  to such address as shall be specified by
such  Committee,  and shall be deemed to have been given or delivered  only upon
actual receipt thereof by such Committee at such location.

                                       6
<PAGE>

     8.10 Delivery of Notice to Participants.  All notices, statements,  reports
          ----------------------------------
and other communications  required or permitted under the Plan from the Employer
or the Committee to any Officer, Participant, Beneficiary or other person, shall
be  deemed  to have  been  duly  given  when  delivered  to,  or when  mailed by
electronic mail, first-class mail, postage prepaid, and addressed to such person
at this address last appearing on the records of the Committee.

     9.   Construction of the Plan
          ------------------------

     9.1  Construction  of the  Plan.  The  provisions  of this  Plan  shall  be
          --------------------------
construed, regulated, and administered according to the laws of the State of New
Jersey, to the extent not superseded by Federal law.

     9.2  Counterparts.  This  Plan  has been  established  by the  Employer  in
          ------------
accordance  with the  resolutions  adopted by the Board of Directors  and may be
executed in any number of  counterparts,  each of which shall be deemed to be an
original.  All the counterparts  shall  constitute one instrument,  which may be
sufficiently evidenced by any one counterpart.

     9.3  Validity.  In case any provision of this Plan shall be held illegal or
          --------
invalid for any  reason,  said  illegality  or  invalidity  shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal or invalid provision had never been inserted herein.

[signature page follows]

                                       7
<PAGE>

     IN WITNESS  WHEREOF,  and as  evidence  of the  adoption of the Plan by the
Employer,  it has caused the same to be signed by its Officer  duly  authorized,
and its corporate seal to be affixed this 23 day of December, 2004.

ATTEST:                                THE PROVIDENT BANK

/s/ Mary Louise Festa             By:  /s/ Paul M. Pantozzi
-----------------------                ------------------------------------
                                       Chairman of the Board and Chief Executive
                                       Officer

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