Document:

EXHIBIT 10.1

  

  

  

  

    EXECUTIVE CHAIRMAN AGREEMENT

    This Agreement is dated this 31st day of December 2021 (“Agreement”) to be effective as of January 1, 2022 (the
      “Effective Date”), by and between Provident Financial Services, Inc. (the “Company”), a Delaware corporation, and Christopher Martin (“Executive”).  References to the “Bank” mean Provident Bank, a New Jersey chartered savings bank and wholly owned
      subsidiary of the Company.

    WHEREAS, the
      Company and Executive entered into an Employment Agreement effective as of September 1, 2009 (such agreement, the “Prior Agreement”), pursuant to which Executive serves as Chairman and Chief Executive Officer of the Company and the Bank; and

    WHEREAS,
      effective January 1, 2022, Executive’s service as Chief Executive Officer of the Company and the Bank will discontinue and the Executive will be elected by the Boards of Directors of the Company and the Bank as the executive chairman of the Company
      and the Bank (collectively referred to herein as the “Executive Chairman”), in accordance with the terms of this Agreement; and

    WHEREAS, in
      the position of Executive Chairman, Executive will also serve as an employee of the Company and the Bank; and

    WHEREAS,
      this Agreement shall supersede and replace the Prior Agreement in its entirety; and

    WHEREAS, by
      the execution of this Agreement, Executive acknowledges and agrees that no payments or benefits are due under Section 5 or otherwise under the Prior Agreement.

    NOW, THEREFORE,
      in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

    1. TERM

     

      

    The term of this Agreement shall begin as of the Effective Date and shall terminate on December 31, 2023 (the “Term”), unless terminated
      earlier in accordance with this Agreement.  This Agreement shall replace the Prior Agreement, which shall terminate immediately prior to the Effective Date.

     

    

    2. POSITION AND RESPONSIBILITIES

     

      

    (a) Executive Chairman. Effective as of the Effective Date, the Executive shall be elected Executive Chairman and, thereafter during the
        Term, the Company and the Bank shall nominate and recommend the Executive for re-election as Executive Chairman.  In such positions, Executive shall have such duties and authority commensurate with being the Executive Chairman of the Board of
        Directors of a publicly-held bank holding company and its subsidiary bank, including chairing board meetings, establishing the agenda for all board meetings, strengthening community relationships and any additional duties as may be reasonably
        directed by the Board of

    
      
        

    

    
    

    

    Directors from time to time.  Upon the earlier of expiration of the Term or Executive’s termination of service on the Boards of Directors of the Company
      and the Bank, Executive shall serve as a Director Emeritus of the Bank through December 31, 2025 in accordance with the Bank’s Bylaws.

     

    

    (b) Employee. During

        the Term, as the Executive Chairman, the Executive shall also serve as an employee of the Bank and the Company, reporting directly to the Board of Directors of the Company and the Bank, and shall be subject to the employment policies of the Company
        and the Bank on the same basis as other senior executive officers of the Company and the Bank.  In such capacity, the Executive shall pursue business development opportunities and strategies and meetings with current and potential customers and
        clients. During the Term, Executive agrees to serve, if elected, as an officer and director of any subsidiary or affiliate of the Bank or the Company without additional compensation.

     

      

    3. PERFORMANCE OF DUTIES AND LOCATION

     

      

    (a) Duties.  During the Term, except for periods of absence occasioned by illness and reasonable paid time off,  Executive shall devote substantially all
        his business time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided, however, that, with the approval of the Board of the Company or the Bank, as evidenced by a resolution of such Board, from time to time,
        Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, business companies or business organizations, which, in such Board’s judgment, will not present any conflict of interest with the
        Bank, or materially affect the performance of Executive’s duties pursuant to this Agreement. Notwithstanding the foregoing, the Executive will be permitted to purchase or own less than two percent (2%) of the publicly traded securities of any
        entity which has the potential to be a competitor of the Company or the Bank or an unlimited ownership interest in any entity which is not similar to and does not have the potential to compete with the Company or the Bank; provided that, such
        ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such entity. As of the Effective Date,  the Executive has disclosed all such business, civic, and charitable
        organizations for which he serves as of the Effective Date, and it is hereby acknowledged that, as of the Effective Date, the same do not currently conflict with, and are not expected to interfere with, the Executive’s duties hereunder.

     

      

     (b) Location.  During the Term, Executive will continue to work at the
        Company’s administrative headquarters.  The Company or the Bank shall provide Executive, at his principal place of employment, with a private office, secretarial services and other support services and facilities suitable, appropriate and necessary
        for the Executive to perform his duties under this Agreement.

     

      

    4. COMPENSATION, BENEFITS AND REIMBURSEMENT

     

      

    (a) Base Salary.  The
        compensation specified under this Section 4 of this Agreement shall constitute the salary and benefits paid for the duties and responsibilities described in Section 2(b) of this Agreement. The Company or the Bank shall pay Executive as compensation
        a salary at an annual rate of not less than $450,000 per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are generally paid.  Any

    
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    increase in Base Salary shall become the “Base Salary” for purposes of this Agreement.  In addition to the Base Salary provided in this Section 4(a), the
      Company or the Bank shall provide Executive with all such other benefits as are provided uniformly to permanent full-time employees of the Bank. Base Salary shall include any amounts of compensation deferred by Executive under qualified and
      nonqualified plans maintained by the Company or the Bank.

     

    

    (b) Benefit Plans. 
        Executive will be eligible to participate in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, or any other employee benefit
        plan or arrangement made available by the Bank or the Company in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and
        arrangements.

     

      

    (c) Health, Dental, Life and
            Disability Coverage.  The Company and/or the Bank shall `provide Executive with life, medical, dental and disability coverage
        made available to Bank and Company senior executives and key management, subject to and on a basis consistent with the terms, conditions and overall administration of such coverage.

     

      

    (d) Paid Time Off. 
        Executive will be entitled to paid time off each year during the Term measured on a fiscal or calendar year basis, in accordance with the Bank’s customary practices, as well as holidays and other paid absences in accordance with the Bank’s policies
        and procedures for senior executives.  Any unused paid time off during an annual period will be treated in accordance with the Bank’s personnel policies as in effect from time to time.

     

      

    (e) Expense Reimbursement. 
        The Company or the Bank shall continue to provide Executive with his current automobile, and such automobile may be used by Executive in carrying out his duties under this Agreement, including commuting between his residence and his principal place
        of employment, and other personal use.  The Bank or the Company shall reimburse Executive for the cost of maintenance and servicing such automobile and, for instance, gasoline and oil for such automobile, and will also reimburse Executive for his
        ordinary and necessary business expenses incurred in the performance of his duties under this Agreement (including but not limited to travel and entertainment expenses) that are excludible from Executive’s gross income for federal income tax
        purposes and for fees for memberships in a country club, and such other clubs and organizations and such other expenses as Executive and the Board shall mutually agree are necessary and appropriate for business purposes.  Any such reimbursement
        shall be made only after presentation to the Company or the Bank of an itemized account of such expenses in such form as the Company or the Bank may reasonably require, each such reimbursement payment to be made promptly following receipt of the
        itemized account and in any event not later than the last day of the calendar year following the calendar year in which the expense was incurred. Executive shall be responsible for the payment of any taxes on account of his personal use of the
        automobile, if any, provided by the Bank or the Company and on account of any other benefit provided herein. The foregoing provisions for use of an automobile provided by the Bank or the Company and reimbursement of related expenses shall apply on
        a calendar year basis; prior to the beginning of each calendar year, the Bank or the Company may determine to substitute a cash allowance or other arrangement which it determines to be of equivalent value for one or more succeeding calendar years
        or any portion thereof during the Term.

    
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    5. TERMINATION AND TERMINATION PAY

     

      

    Executive’s service under this Agreement may be terminated in the following circumstances:

      

    

    (a) Death.  Executive’s service
        under this Agreement will terminate upon his death during the Term, in which event Executive’s estate or beneficiary will receive the compensation due to Executive through the last day of the calendar month in which his death occurred.

     

      

    (b) Disability.

     

      

    	

          	(i)	
            Termination of Executive’s services based on “Disability” shall mean termination because of any permanent and total physical or mental impairment which qualifies
              Executive for disability benefits under the applicable long-term disability plan maintained by the Company, the Bank or any subsidiary or, if no such plan applies, which would qualify Executive for disability benefits under the Federal Social
              Security System.  In the event of termination due to Disability, Executive will be entitled to disability benefits, if any, provided under a long-term disability plan sponsored by the Bank, if any.

             

            

          

    	

          	(ii)	
            In the event the Executive is Disabled, Executive will be entitled to, as disability pay, a bi-weekly payment equal to seventy-five percent of Executive’s bi-weekly
              rate of Base Salary on the effective date of such termination. These disability payments shall commence on the effective date of Executive’s termination and will end on the earlier of (i) the date Executive returns to the full-time employment
              with the Bank and the Company in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between Executive and the Bank or the Company; (ii) Executive’s full-time employment by
              another employer; (iii) the expiration of the Term; or (iv) Executive’s death. The disability pay shall be reduced by the amount, if any, paid to Executive under any plan of the Bank or the Company providing disability benefits to Executive. 
              In lieu of the foregoing, in the sole discretion of the Company and the Bank, the Company or Bank may assist Executive in purchasing a supplemental disability policy owned by Executive which would provide a disability benefit, when aggregated
              with the any benefit payable under any plan of the Bank or Company, that would provide after tax-income equal to fifty percent (50%) of Executive’s bi-weekly rate of Base Salary.  In such case, the premiums for the supplemental disability
              policy would be fully paid by the Company or the Bank.

             

            

          

    	

          	(iii)	
            The Bank or the Company will cause to be continued life, medical, dental and disability coverage substantially comparable, as reasonably or

          

    
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    customarily available, to the coverage maintained by the Bank and the Company for Executive prior to his termination for Disability,
      except to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated for Disability. This coverage shall cease upon the earlier of (i) the date Executive returns
      to the full-time employment with the Bank and the Company in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between Executive and the Bank or the Company; (ii) Executive’s
      full-time employment by another employer; (iii) the expiration of the Term; or (iv) Executive’s death.

     

    

    (c) Termination for Cause.

     

      

    	

          	(i)	
            The Board may by written notice to Executive in the form and manner specified in this paragraph, immediately terminate Executive’s employment at any time for “Cause.” 
              Executive shall have no right to receive compensation or other benefits for any period after termination for Cause, except for any benefits that are already vested as of the date of termination and that are not otherwise subject to forfeiture
              under the terms of the applicable plan or program.  Termination for Cause shall mean termination because of, in the good faith determination of the Board, Executive’s:

             

            

          

    	

          	(1)	
            personal dishonesty;

             

            

          

    	

          	(2)	
            willful misconduct;

              

            

          

    	

          	(3)	
            breach of fiduciary duty involving personal profit;

             

            

          

    	

          	(4)	
            intentional failure to perform stated duties;

             

            

          

    	

          	(5)	
            material breach of the Company’s or the Bank’s Code of Business Conduct and Ethics;

             

            

          

    	

          	(6)	
            willful violation of any law, rule or regulation (other than traffic violations or similar offenses), or any violation of a final cease-and-desist order;

             

            

          

    	

          	(7)	
            willfully engaging in actions that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the business reputation
              of the Company or the Bank; or

             

            

          

    	

          	(8)	
            material breach of any provision of this Agreement.

             

            

          

    	

          	(ii)	
            For purposes of this Section 5(c), in evaluating Executive’s performance, Executive’s acts or omissions shall be measured against standards generally prevailing in the
              savings institution and commercial banking industry. For purposes of this paragraph, no act or failure to act on the part of Executive

          

    
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    shall be considered “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that
      Executive’s action or omission was in the best interest of the Bank and the Company. Executive’s employment shall not be terminated in accordance with this paragraph for any act or action or failure to act which is undertaken or omitted in accordance
      with a resolution of the Board or upon advice of the Company’s counsel.

     

    

    	

          	(iii)	
            Notwithstanding the foregoing, Executive’s termination for Cause will not become effective unless the Company has delivered to Executive a copy of a resolution duly
              adopted by the affirmative vote of a majority of the independent Directors of the Board, at a meeting of the Board called and held for the purpose of finding that, in the good faith opinion of the Board (after reasonable notice to Executive
              and an opportunity for Executive to be heard before the Board), Executive was guilty of the conduct described above and specifying the particulars of such conduct.  Any non-vested stock options and stock awards granted to Executive under any
              equity plan of the Bank, the Company or any subsidiary or affiliate thereof, shall become null and void effective upon Executive’s receipt of Notice of Termination for Cause pursuant to Section 7 hereof, and shall not be exercisable by
              Executive at any time subsequent to such Termination for Cause (unless it is determined in arbitration that grounds for termination of Executive for Cause did not exist, in which event all terms of the options as of the date of termination
              shall apply, and any time periods for exercising such options shall commence from the date of resolution in arbitration (but only with respect to options awarded on or after the date of Executive’s initial employment with the Company.

             

            

          

    (d) Voluntary Termination by
            Executive.  Executive may voluntarily terminate his employment during the Term upon at least ninety (90) days prior written notice to the Board. In its discretion, the Board may accelerate Executive’s termination date. Upon Executive’s voluntary termination as Executive Chairman, he will receive only his compensation and vested rights and benefits to the date of his termination. 
        Following his voluntary termination of employment under this Section 5(d), Executive will be subject to the requirements and restrictions set forth in Sections 8(a), 8(b) and 8(c) of this Agreement.

    

    

    (e) Termination Without Cause or
            With Good Reason.

    

    

    	

          	(i)	
            The Board may, by written notice to Executive, immediately terminate Executive’s employment as Executive Chairman at any time for a reason other than Cause (a
              termination “Without Cause”), and Executive may, at any time within the ninety (90) day period following the initial occurrence of an event that constitutes Good
                Reason, provide the Board of Directors of the Company with a written notice of termination specifying the event of Good Reason and notifying the Company and the Bank of  his intention to terminate his employment with the Company and the
                Bank upon the

          

    
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    Company’s and the Bank’s failure to correct the event of
        Good Reason within thirty (30) days following receipt of the Executive’s notice of termination. If the Company and the Bank fails to correct the event of Good Reason and provide the Executive with notice of such correction within such thirty (30)
        day period, the Executive’s employment with the Company and the Bank and this Agreement shall terminate as of the end of such period and the Executive shall be entitled to benefits provided under Section 5(e)(ii) below. Any termination of
      Executive’s employment shall have no effect on or prejudice the vested rights of Executive under the Employers’ qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life, health (including
      hospitalization, medical and major medical), dental, accident and long-term disability insurance plans or other employee benefit plans or programs, or compensation plans or programs in which Executive was a participant as of the date of termination, unless the terms of any particular plan or program expressly provide otherwise.

     

    

    	

          	(ii)	
            In the event of termination under this Section 5(e), Employer shall pay Executive, or in the event of Executive’s subsequent death, Executive’s beneficiary or estate,
              as the case may be:

             

            

          

    
      	
              (1)

            	
              his earned but unpaid Base Salary through the date of termination, to be paid no later than the date on which such Base Salary would ordinarily
                have been paid,

               

              

            

    

    
      	
              (2)

            	
              the annual bonus (if any) to which he is entitled under any cash-based annual bonus or performance compensation plan in effect for the year in
                which his termination occurs, to be paid at the same time and on the same terms and conditions (including but not limited to achievement of performance goals) applicable under the relevant plan,

               

              

            

    

    
      	
              (3)

            	
              the benefits (if any) due to Executive as a former employee other than pursuant to this Agreement under the Company’s or the Bank’s compensation
                and benefit plans (the items described in Sections 5(e)(ii)(1) through (3) shall be referred to as the “Standard Termination Entitlements”), and

               

              

            

    

    
      	
              (4)

            	
              as severance pay or liquidated damages, or both, a lump sum cash amount equal to the Base Salary due for the remaining Term. The payments set
                forth under this Section 5(e)(ii)(4) shall be referred to as the “Additional Severance Payments.”

               

              

            

    

    	

          	(iii)	
            Upon the occurrence of a termination Without Cause or for Good Reason, the Company or the Bank will cause to be continued life, medical, dental and disability coverage
              substantially comparable, as reasonably or

          

    
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    customarily available, to the coverage maintained by the Company and the Bank for Executive prior to his termination, except to the
      extent such coverage may be changed in its application to all Bank and Company employees. Such coverage shall cease at the end of the longer of: (i) the remaining Term; or (ii) twelve (12) months following Executive’s date of termination. To the
      extent the Company or the Bank determines in good faith that it is not practicable (i) to provide in-kind coverage for benefits that qualify for Consolidated Omnibus Budget Reconciliation Act (“COBRA”) coverage, and/or (ii) to include Executive in
      its group insurance plans after the date of termination, it shall provide Executive a lump sum payment equal to the cost to the Executive of the COBRA benefits,  and as to the benefits provided under the other group insurance plans it shall provide
      the Executive a lump sum payment equal to the greater of: (x) the reasonably estimated monthly cost (to the Company or the Bank) of including the Executive in the group life insurance and disability insurance programs or arrangements maintained by
      the Bank and in which he was participating as of the date of termination, based on the costs immediately prior to Executive’s termination; or (y) $1,500.00 a month. Each payment shall be an after-tax amount determined using an assumed aggregate tax
      rate of 40%.

     

    

    	

          	(iv)	
            “Good Reason” exists if, without Executive’s express written consent, any of the following occurs:

             

            

          

    	

          	 (1)	
            a failure to elect or reelect or to appoint or reappoint Executive to the positions and with the responsibilities set forth in Section 2 of this Agreement, unless
              consented to by Executive;

             

            

          

    	

          	(2)	
            a relocation of Executive’s principal place of employment by more than twenty-five (25) miles from its location as of the date of this Agreement (unless such change is
              closer to Executive’s principal residence at the time of such relocation);

             

            

          

    	

          	(3)	
            a material reduction in Executive’s benefits and perquisites, including Base Salary (except for any reduction that is part of an employer-wide reduction in pay or
              benefits by Employer as part of a good faith, overall reduction or elimination applicable to all participants in a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with applicable
              law));

             

            

          

    	

          	
            (4)

             

            

             

            

            (5)  

          	
            a liquidation or dissolution of the Company or the Bank other than liquidations or dissolutions that are caused by reorganizations that do not affect the status of
              Executive;

             

            

             a material breach of this Agreement.

          

    

      

    
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          	(v)	
            Notwithstanding the foregoing, Executive shall not be entitled to any payments or benefits under this Section 5 unless and until Executive executes a release of his
              claims against Employer, its officers, directors, successors and assigns, in the form attached to this Agreement.

          

    

    

    6. CHANGE IN CONTROL

    

    

    (a) If any of the events described in Section 6(b) hereof constituting a Change in Control shall have occurred or the Board has
        determined that a Change in Control has occurred, Executive shall not be entitled to the benefits provided under Section 5 of this Agreement upon any termination of employment, but shall be entitled only to the benefit under a separate Change in
        Control Agreement, if any, to which Executive may be a party.

     

      

    (b) “Change in Control” shall mean the occurrence of any of the following events:

        

      

    (i) consummation of a transaction that results in the reorganization, merger or consolidation of the Company, with one or more other persons, other than a transaction following
        which:

     

      

    (A) 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

     

      

    (B) 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;

     

      

    (ii) 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;

     

      

    (iii) 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;

    
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    (iv) the occurrence of any event if, immediately following such event, members of the Company’s Board who belong to any of the following groups do not constitute at least a majority
        of the Company’s Board:

     

      

    (A) individuals who were members of the Company’s Board on the Effective Date; or

     

      

    (B) individuals who first became members of the Company’s Board after the Effective Date either:

     

      

    (I) upon election to serve as a member of the Company’s Board 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

     

      

    (II) upon election by the shareholders of the Company to serve as a member of the Company’s Board, 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; or

     

      

    (v) any event which would be described in Section 6(b)(i), (ii), (iii), (iv), or (v), if the term “Bank” were substituted for the term “Company” therein and the term “Bank’s Board”
        were substituted for the term “Company’s Board” 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 Section 6, the term “person” shall include the meaning assigned to it under Sections 13(d)(3) or 14(d) of
        the Exchange Act.

     

      

    (vi) To the extent necessary to comply with Code Section 409A, a Change in Control will be deemed to have
          occurred only if the event also constitutes a change in the effective ownership or effective control of the Company or the Bank, as applicable, or a change in the ownership of a substantial portion of the assets of the Company or the Bank, as
          applicable, in each case within the meaning of Treasury Regulation section 1.409A-3(i)(5).

     

        

    7. NOTICE

     

      

    (a) Any purported termination by the Bank or the Company for Cause shall be communicated by Notice of Termination to Executive. For
        purposes of this Agreement, a “Notice of Termination” shall mean a written and dated notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances
        claimed to provide a basis for termination of Executive’s employment under the provision so indicated. If, within thirty (30) days after any Notice of Termination for Cause is given, Executive notifies the Bank or the Company that a dispute exists
        concerning the

    
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    termination, the parties shall promptly proceed to arbitration. Notwithstanding the pendency of any such dispute, the Bank and the Company may discontinue
      to pay Executive compensation until the dispute is finally resolved in accordance with this Agreement. If it is determined that Executive is entitled to compensation and benefits under Section 5 of this Agreement, the payment of such compensation and
      benefits by the Bank and Company shall commence immediately following the date of resolution by arbitration, with interest due Executive on the cash amount that would have been paid, pending arbitration (at the prime rate as published in The Wall Street Journal from time to time).

     

    

    (b) Any other purported termination by the Bank and/or the Company or by Executive shall be communicated by a Notice of Termination
        to the other party. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and
        circumstances claimed to provide a basis for termination of employment under the provision so indicated.  The Notice of Termination shall specify the “Date of Termination,” which shall be not less than thirty (30) nor more than ninety (90) days
        after such Notice of Termination is given, except in the case of the Employers’ termination of Executive’s employment for Cause, which shall be effective immediately.  If within thirty (30) days after any Notice of Termination is given, the party
        receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in Section 17 of this Agreement. Notwithstanding the pendency of any such
        dispute, the Bank or the Company shall continue to pay Executive his Base Salary and other compensation and benefits in effect when the notice giving rise to the dispute was given (except as to termination of Executive for Cause). In the event of
        the voluntary termination by Executive of his employment, which is disputed by the Bank or the Company, and if it is determined in arbitration that Executive is not entitled to termination benefits pursuant to this Agreement, he shall return all
        cash payments made to him pending resolution by arbitration, with interest thereon at the prime rate as published in The Wall Street Journal from time to
        time if it is determined in arbitration that Executive’s voluntary termination of employment was not taken in good faith and not in the reasonable belief that grounds existed for his voluntary termination.

     

      

    8. NON-COMPETITION AND POST-TERMINATION OBLIGATIONS

     

      

    All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with paragraph (a), (b) and (c)
      of this Section 8.

     

    

    (a) Information and Assistance. 
        Executive shall, upon reasonable notice, furnish such information and assistance to the Bank and the Company as may reasonably be required by the Bank or the Company in connection with any litigation in which it or any of its subsidiaries or
        affiliates is, or may become, a party.

     

      

    (b) Confidentiality.  Executive recognizes and acknowledges that the knowledge of the business activities and plans for business activities of the Employers and
        affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Employers. Executive will not, during or after the Term, disclose any knowledge of the past, present, planned or considered
        business activities of the Employers or affiliates thereof to any

    
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    person, firm, corporation, or other entity for any reason or purpose whatsoever (except for such disclosure as may be required to be provided to the New
      Jersey Department of Banking and Insurance, the Federal Deposit Insurance Corporation, or other bank regulatory agency with jurisdiction over the Bank or Executive).  Notwithstanding the foregoing, Executive may disclose any knowledge of banking,
      financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank, and Executive may disclose any information regarding the Bank or the Company which is otherwise
      publicly available or which Executive is otherwise legally required to disclose. In the event of a breach or threatened breach by Executive of the provisions of this Section 8, the Employers will be entitled to an injunction restraining Executive
      from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Employers or affiliates thereof, or from rendering any services to any person, firm, corporation, other entity to whom such
      knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Employers from pursuing any other remedies available to the Employers for such breach or threatened breach,
      including the recovery of damages from Executive.

     

    

    (c) Non-Solicitation/Non-Compete.
        Upon any termination of Executive’s employment hereunder pursuant to Section 5(d) or 5(e) of this Agreement (other than following a Change in Control), Executive agrees that he shall not, either directly or indirectly, take any of the following
        actions, absent the written consent of the Company, for a period of one (1) year following such termination:

     

      

    (i) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer
        or employee of the Company or the Bank, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to,
        any business whatsoever;

     

      

    (ii) solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the
        effect of causing any customer of the Company or the Bank, or any subsidiary or affiliate of the Company or the Bank to terminate an existing business or commercial relationship with the Company, the Bank or any subsidiary or affiliate of the
        Company or the Bank; or

     

      

    (iii) become an officer, employee, consultant, director , independent
        contractor, agent, joint venturer, partner, shareholder or trustee of

        any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other entity that competes with the business of the
        Company or the Bank, or any of their direct or indirect subsidiaries or affiliates that has a headquarters or offices in any county in which the Company or the Bank has an office or has filed an application for regulatory approval to establish an
        office (the “Restricted Territory”).  Notwithstanding anything to the contrary herein, Executive shall not be prohibited from owning up to two percent (2%) of the outstanding equity securities of a corporation that is publicly traded on a national
        securities exchange or in the over-the-counter market so long as

    
      12

      
        

    

    

    

    Executive, other than with respect to such ownership, shall not engage in any activity with such person that otherwise would violate this Section 8(c).

     

    

    (d) Remedy on Breach. 
        The parties hereto agree that money damages would not be an adequate remedy for any breach of Section 8, and any breach of the terms of this Section would result in irreparable injury and damage to the Company for which the Company would not have
        an adequate remedy at law.  Therefore, in the event of a breach or a threatened breach of this Section 8, the Company, in addition to any other rights and remedies existing in its favor at law or in equity, shall be entitled to specific performance
        or immediate injunctive or other equitable relief from a Court in order to enforce, or prevent any violations of, the provisions of Section 8 (without posting a bond or other security), without having to prove damages.  The terms of this Section 8
        shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach of this Agreement.

     

      

    9. SOURCE AND ALLOCATION OF PAYMENTS

     

      

    All monetary payments and non-monetary benefits provided in this Agreement shall be timely paid in cash or check, or otherwise provided
      for, from the general funds of (a) the Company or (b) to the extent provided under an agreement between the Company and the Bank governing the allocation of expenses, the Bank, it being the intent of this Agreement to provide for the aggregate
      compensation due to Executive for all services provided by him to the Bank and/or the Company.

     

    

    10. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS

     

      

    This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the
      Company and/or the Bank or any predecessor of the Bank and/or the Company and Executive, provided, however, that this Agreement shall operate contemporaneously with and shall not supersede that Change in Control Agreement entered into between the
      Company and Executive dated as of the same date as this Agreement, or any successor to such Change in Control Agreement.  In addition, this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind
      elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement.

     

    

    11. NO ATTACHMENT; BINDING ON SUCCESSORS

     

      

    (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation,
        alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be
        null, void, and of no effect.

     

      

    (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank, the Company and their respective
        successors and assigns.

    
      13

      
        

    

    

    

    12. MODIFICATION AND WAIVER

     

      

    (a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto; provided,
        however, that this Agreement shall be subject to amendment in the future in such manner as the Company shall reasonably deem necessary or appropriate to effect compliance with Section 409A and the regulations thereunder and to avoid the imposition
        of penalties and additional taxes under Section 409A, it being the express intent of the parties that any such amendment shall not diminish the economic benefit of the Agreement to Executive on a present value basis.

     

      

    (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the
        enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver
        shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

     

      

    13. MISCELLANEOUS PROVISIONS

        

      

    (a) The Company’s Board may terminate Executive’s employment at any time, but any termination, other than Termination for Cause,
        shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause as defined in Section 5(c)
        hereinabove.

        

      

    (b) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance
        with 12 USC Section 1828(k) and any regulations promulgated thereunder.

     

      

    14. SEVERABILITY

     

      

    If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any
      other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

     

    

    15. HEADINGS FOR REFERENCE ONLY

     

      

    The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or
      interpretation of any of the provisions of this Agreement.

     

    

    16. GOVERNING LAW

     

      

    This Agreement shall be governed by the laws of the State of Delaware but only to the extent not superseded by federal law.

    
      14

      
        

    

    

    

    17. ARBITRATION

     

      

    Any dispute or controversy arising under or in connection with this Agreement, other than a dispute or controversy arising under Section
      8 hereof, shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by the employee within twenty-five miles of Jersey City, New Jersey, in accordance with the rules of the American
      Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date of
      Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

     

    

    18. PAYMENT OF LEGAL FEES

     

      

    All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement
      shall be paid or reimbursed by the Company or the Bank, provided that the dispute or interpretation has been settled by Executive and the Company and/or the Bank or resolved in Executive’s favor. Such payment or reimbursement shall be made no later
      than the last day of the calendar year following the calendar year in which Executive incurs the expense or, if later, within sixty (60) days after the settlement or resolution that gives rise to Executive’s right to reimbursement; provided, however,
      that Executive shall have submitted to the Company or the Bank documentation supporting such expenses at such time and in such manner as the Company or the Bank may reasonably require.

     

    

    19. INDEMNIFICATION

     

      

    The Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and
      officers’ liability insurance policy at its expense, and shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under Delaware law against all expenses and liabilities reasonably incurred by him in
      connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank or the Company (whether or not he continues to be a director or officer at the time of
      incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board of the
      Company, as appropriate), provided, however, neither the Bank nor Company shall be required to indemnify or reimburse Executive for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or
      fraudulent act committed by Executive.

     

    

    20. NOTICE

     

      

    For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
      deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

    
      15

      
        

    

    

    

    To the Company:

    111 Wood Avenue South

    Iselin, New Jersey  08830

    Attention: General Counsel

    

    

    To the Bank:

    111 Wood Avenue South

    Iselin, New Jersey  08830

    Attention: General Counsel

    To Executive:

    Christopher Martin

    79 Sunset Drive

    Tinton Falls, New Jersey 07724

    

    

    21. INTERNAL REVENUE CODE SECTION 409A

     

      

    The Employers and Executive acknowledge that each of the payments and benefits to Executive under this Agreement must either comply with
      the requirements of Section 409A and the regulations thereunder or qualify for an exception from compliance. To that end, the Employers and Executive agree that:

     

    

    (a) the expense reimbursements described in Section 4(e) and legal fee reimbursements described in Section 18 are intended to satisfy the requirements for a “reimbursement plan”
        described in Treasury Regulation Section 1.409A-3(i)(l)(iv)(A) and shall be administered to satisfy such requirements;

     

      

    (b) the life, medical, dental and disability coverage described in Sections 5(b)(iii) and 5(e)(iii) are intended (A) if furnished in-kind, to be exempt from compliance with Section
        409A as a welfare benefit plan described in Treasury Regulation Section 1.409A-l(b)(5) and (B) if furnished by reimbursement, to satisfy the requirements for a “reimbursement or in-kind benefit plan” described in Treasury Regulation section
        1.409A-3(i)(l)(iv)(A) and shall be administered to satisfy such requirements;

     

      

    (c) the payments following termination of employment based on “Disability” described in Section 5(b) are intended to constitute “disability pay” within the meaning of Treasury
        Regulation Section 31.3121(v)(2)-l(b)(4)(iv)(C) that is exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-l(a)(5) and shall be administered to satisfy the requirements for “disability pay”;

     

      

    (d)  the liability insurance and indemnification provisions of Section 19 are intended to qualify for exemption from the requirements of Section 409A as an “indemnification and

    
      16

      
        

    

    

    

    liability insurance plan” described in Treasury Regulation Section 1.409A- l(b)(10) and shall be administered to qualify for such exemption;

     

    

    (e) the Standard Termination Entitlements payable upon termination of employment described in Sections 5(e)(ii)(1) through 5(e)(ii)(3) are intended to be exempt from Section 409A
        pursuant to Treasury Regulation Section 1.409A-l(b)(3) as payments made pursuant to the Employers’ customary payment timing arrangements;

     

      

    (f) the welfare benefits provided in kind under this Agreement are intended to be exempt from Section 409A as welfare benefits pursuant to Treasury Regulation Section 1.409A-l(b)(5)
        and/or as benefits not includible in gross income.

     

      

    All other payments and benefits due to Executive under this Agreement on account his termination of employment that are not exempt from
      Section 409A shall not be paid prior to, and shall, if necessary, be deferred to and paid on the later of the earliest date on which Executive experiences a separation from service (within the meaning of Treasury Regulation Section 1.409A-l(h)) and,
      if Executive is a specified employee (within the meaning of Treasury Regulation Section 1.409A-l(i)) on the date of his separation from service, the first day of the seventh month following his separation from service. All such deferred amounts shall
      be deposited in a grantor trust which meets the requirements of Revenue Procedure 92-65 (as amended or superseded from time to time), the trustee of which shall be a financial institution selected by the Employers with the approval of Executive
      (which approval shall not be unreasonably withheld or delayed), pursuant to a trust agreement, the terms of which are approved by Executive (which approval shall not be unreasonably withheld or delayed) (the “Rabbi Trust”), and payments made shall
      include earnings on the investments made with the assets of the Rabbi Trust, which investments shall consist of short-term investment grade fixed income securities or units of interest in mutual funds or other pooled investment vehicles designed to
      invest primarily in such securities.

     

    

    [Signature Page Follows]

    
      17

      
        

    

    SIGNATURES

    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and its seal to be affixed hereunto by its
      duly authorized officers, and Executive has signed this Agreement, on the day and date first above written.

    	
            ATTEST:

          	 	
            PROVIDENT FINANCIAL SERVICES, INC.

          
	 	 	 
	 /s/ John Kuntz, Corporate Secretary

          	
            By:   

              

          	 /s/ Matthew K. Harding

            
	
            John Kuntz, Corporate Secretary

          	 	
            Matthew K. Harding

            Chair of the Compensation Committee

          
	 	 	 
	
            WITNESS:

          	 	
            EXECUTIVE

          
	 	 	 
	 /s/ Mary Louise Festa

          	
            By:   

            

          	 /s/ Christopher Martin

          
	 	 	
            Christopher Martin

          

    

    

    

  

  18EXHIBIT 10.2

  

  

  

  

    

    

    CHANGE IN CONTROL AGREEMENT

    

    

    THIS CHANGE IN CONTROL AGREEMENT is dated as of this 31st day of December, 2021 to be effective January 1,
      2022 (the “Effective Date”), between Provident Financial Services, Inc. (the “Company”), a Delaware corporation, and the holding company of Provident Bank (the “Bank”), and Christopher Martin (the “Executive”). The Company and the Bank are sometimes
      collectively referred to as the “Employers”.

    WITNESSETH

    WHEREAS, the
      Executive is presently the Executive Chairman of the Bank and the Company;

    WHEREAS, the
      Company desires to be ensured of the Executive’s continued active participation in the business of the Bank and the Company; and

    WHEREAS, the
      Company and the Executive entered into a change in control agreement on as of December 16, 2015 (“Prior Agreement”); and

    WHEREAS, the
      parties hereto desire to enter into this Agreement, which shall supersede and replace the Prior Agreement; and

    WHEREAS, in
      order to induce the Executive to remain the Executive Chairman of the Company and the Bank the parties have specified the severance benefits which shall be due the Executive in the event that his service with the Bank or the Company is terminated
      under specified circumstances.

    NOW THEREFORE,
      in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

    1. DEFINITIONS

    The following words and terms shall have the meanings set forth below for the purposes of this Agreement:

    (a) Annual
            Compensation.  The Executive’s “Annual Compensation” for purposes of this Agreement shall be deemed to mean the aggregate base salary and other cash compensation earned by the Executive (including cash compensation deferred at the
        election of the Executive) with respect to a calendar year. For purposes of this definition, payments of deferred compensation shall be disregarded when paid and deferral of compensation at the Executive’s election shall be included as compensation
        exclusively in the year of deferral.

    (b) Cause. 

        Termination of the Executive’s employment for “Cause” shall mean termination because of personal dishonesty, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, material breach of
        the Company’s or the Bank’s Code of Business Conduct and Ethics, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist

    
      
        

    

    
    order, or willfully engaging in actions that in the reasonable opinion of the Company’s Board of Directors (“Board of Directors”) will
      likely cause substantial financial harm or substantial injury to the business reputation of the Company or the Bank. For purposes of this paragraph, no act or failure to act on the Executive’s part shall be considered “willful” unless done, or
      omitted to be done, by the Executive not in good faith and without reasonable belief that the Executive’s action or omission was in the best interests of the Employers. Executive’s employment shall not be terminated for “Cause” in accordance with
      this paragraph for any act or action or failure to act which is undertaken or omitted in accordance with a resolution of the Company’s Board of Directors or upon advice of the Company’s counsel.

    (c) Change
            in Control.  “Change in Control” shall mean the occurrence of any of the following events:

    (i)  consummation of a transaction that results in the reorganization, merger or consolidation of the Company, with one or more other persons,
        other than a transaction following which:

    (A) 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

    (B) 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;

    (ii) 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;

    (iii) 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;

    (iv) 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:

    (A) individuals who were members of the Company’s Board of Directors on the Effective Date; or

    
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    (B) individuals who first became members of the Company’s Board of Directors after the Effective Date either:

    (1) 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

    (2) 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

    (v) any event which would be described in Section 1(c)(i), (ii), (iii) or (iv) if the term “Bank” were substituted for the term “Company” therein
        and the term “Bank’s Board of Directors” 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 Section 1(c), the term “person” shall include the
        meaning assigned to it under Sections 13(d)(3) or 14(d)(2) of the Exchange Act.

    (d) Code. 

        “Code” shall mean the Internal Revenue Code of 1986.

    (e) Date of
            Termination.  “Date of Termination” shall mean (i) if the Executive’s employment is terminated for Cause, the date on which the Notice of Termination is given, and (ii) if the Executive’s employment is terminated for any other
        reason, the date specified in the Notice of Termination.

    (f) Disability. 

        Termination by the Employers of the Executive’s employment based on “Disability” shall mean termination because of any physical or mental impairment which qualifies the Executive for disability benefits under the applicable long-term disability
        plan maintained by the Employers or any subsidiary or, if no such plan applies, which would qualify the Executive for disability benefits under the Federal Social Security System.

    (g) Good
            Reason.  Termination by the Executive of the Executive’s employment for “Good Reason” shall mean termination by the Executive following a Change in Control based on:

    (i) Without the Executive’s express written consent, the assignment by the Company or the Bank to the Executive of any duties which are
        materially inconsistent with the Executive’s positions, duties, responsibilities and status with the Company and the Bank immediately prior to a Change in Control, or a material change in the Executive’s reporting responsibilities, titles or
        offices as an officer and employee and as in effect immediately prior to such a Change in Control, or any removal of the Executive from or any failure to re-elect the Executive to any of such responsibilities, titles or offices, except in
        connection with the

    
      3

      
        

    

    termination of the Executive’s employment for Cause or Disability or as a result of the Executive’s death or by the Executive other
      than for Good Reason;

    (ii) Without the Executive’s express written consent, a reduction in the Executive’s base salary or award opportunity under incentive compensation
        plans or arrangements maintained by the Company or Bank as in effect immediately prior to the date of the Change in Control or as the same may be increased from time to time thereafter or a reduction in the package of fringe benefits provided to
        the Executive as in effect immediately prior to the date of the Change in Control;

    (iii) A change in the Executive’s principal place of employment by a distance in excess of 25 miles from its location immediately prior to the
        Change in Control;

    (iv) Any purported termination of the Executive’s service for Disability which is not effected pursuant to a Notice of Termination satisfying the
        requirements of paragraph (i) below; or

    (v) The failure by the Company to obtain the assumption of and agreement to perform this Agreement by any successor as contemplated in Section 9
        hereof.

    Notwithstanding the foregoing, prior to any termination of employment for Good Reason, Executive must first provide
      written notice to the Company within 90 days following the initial existence of the condition, describing the existence of such condition, and the Company shall thereafter have the right to remedy the condition within 30 days of the date of the
      Company received written notice from Executive, but the Company may waive its right to cure.  If the Company remedies the condition within such 30 day cure period, then no Good Reason shall be deemed to exist with respect to such condition.  If the
      Company does not remedy the condition within such 30 day cure period, then Executive may deliver a Notice of Termination for Good Reason at any time within 60 days following the expiration of such cure period.

    (h) IRS. 

        IRS shall mean the Internal Revenue Service.

    (i) Notice
            of Termination.  Any purported termination of the Executive’s employment by the Employers for any reason, including without limitation for Cause or Disability or by the Executive for any reason, including without limitation for Good
        Reason, shall be communicated by written “Notice of Termination” to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a dated notice which (i) indicates the specific termination provision in this Agreement
        relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (iii) specifies a Date of Termination, which shall be not
        less than thirty (30) nor more than ninety (90) days after such Notice of Termination is given, except in the case of the Employers’ termination of the Executive’s employment for Cause, which shall be effective immediately; and (iv) is given in the
        manner specified in Section 10 hereof.

    
      4

      
        

    

    2. TERM OF AGREEMENT

    The term of this Agreement shall be for twenty-four (24) months, commencing on the Effective Date and expiring
      December 31, 2023 (the “Term”).  A Notice of Termination shall also be presumed to constitute a notice of termination of this Agreement.

    3. BENEFITS UPON TERMINATION

    If the Executive’s employment by the Company or the Bank is terminated subsequent to a Change in Control and during
      the Term by (i) the Company or Bank for other than Cause, Disability, or the Executive’s death or (ii) the Executive for Good Reason, then the Company or the Bank shall:

    (a) pay the Executive his earned but unpaid base salary through the Date of Termination, to be paid not later than the date on which such base
        salary would ordinarily have been paid;

    (b) pay to the Executive the annual bonus (if any) to which he is entitled under any cash-based annual bonus or performance compensation plan in
        effect for the year in which his termination occurs, to be paid at the same time and on the terms and conditions (including but not limited to achievement of performance goals) applicable under the relevant plan;

    (c)  provide the benefits (if any) due to the Executive as a former employee other than pursuant to this Agreement  under the Bank’s and the
        Company’s compensation and benefits plans (the items described in Sections 3(a), (b) and (c), the “Standard Termination Entitlements”);

    (d) pay to the Executive, in a lump sum on  the Date of Termination, a cash severance amount equal to three (3) times the average of Executive’s
        Annual Compensation (the “Additional Severance Payment”) during the three completed calendar years preceding the year in which the Change in Control occurs; and

    (e) provide, for a period of three (3) years following the Date of Termination, at no cost to the Executive, coverage of Executive (and family,
        if applicable) under all group insurance, life insurance, health and accident insurance and disability insurance and other insurance programs or arrangements provided by the Bank and the Company in which the Executive was entitled to participate
        immediately prior to the Date of Termination.  To the extent the Bank or the Company determines in good faith that it is not practicable (i) to provide in-kind coverage for benefits that qualify for Consolidated Omnibus Budget Reconciliation Act
        (“COBRA”) coverage, and/or (ii) to include Executive in its group insurance plans after the date of termination, it shall provide Executive a lump sum payment equal to the thirty-six (36) times the cost to the Executive of the COBRA benefits,  and
        as to the benefits provided under the other group insurance plans it shall provide the Executive a lump sum payment equal to thirty-six (36) times the greater of: (x) the reasonably estimated monthly cost (to the Company or the Bank) of including
        the Executive in the group life insurance and disability insurance programs or arrangements maintained by the Bank and in which he was participating as of the date of termination, based on the costs immediately prior to Executive’s termination; or
        (y) $1,500.00 a

    
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    month. Each payment shall be an after-tax amount determined using an assumed aggregate tax rate of 40%.

    4. NO MITIGATION, EXCLUSIVITY OF BENEFITS

    (a) The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise. The amount of
        severance to be provided pursuant to Section 3 hereof shall not be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination or otherwise.

    (b) The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to the Executive upon a
        termination of employment with the Employers pursuant to employee benefit plans of the Employers or otherwise.

        

    

    5. WITHHOLDING

    All payments required to be made by the Employers hereunder to the Executive shall be subject to the withholding of
      such amounts, if any, relating to tax and other payroll deductions as the Employers may reasonably determine should be withheld pursuant to any applicable law or regulation.

    6. NATURE OF EMPLOYMENT AND OBLIGATIONS

    (a) Nothing contained herein shall be deemed to create other than a terminable at will employment relationship between the Employers and the
        Executive, and the Employers may terminate the Executive’s employment at any time, subject to providing: (i) any payments specified herein in accordance with the terms hereof, or (ii) any payments and benefits required under any other agreement to
        which Executive is a party.

    (b) Nothing contained herein shall create or require the Employers to create a trust of any kind to fund any benefits which may be payable
        hereunder, and to the extent that the Executive acquires a right to receive benefits from the Employers hereunder, such right shall be no greater than the right of any unsecured general creditor of the Employers.

    7. SOURCE AND ALLOCATION OF PAYMENTS

    All monetary payments and non-monetary benefits provided in this Agreement shall be timely paid in cash or check,
      or otherwise provided for, from the general funds of (a) the Company or (b) to the extent provided under an agreement between the Company and the Bank governing the allocation of expenses, the Bank, it being the intent of this Agreement to provide
      for the aggregate compensation due to the Executive for all services provided by him to the Bank and/or the Company.

    8. NO ATTACHMENT

    (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale,
        assignment, encumbrance, charge,

    
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    pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt,
      voluntary or involuntary, to affect any such action shall be null, void, and of no effect.

    (b) This Agreement shall be binding upon, and inure to the benefit of, the Executive, the Bank, the Company and their respective successors and
        assigns.

    9. ASSIGNABILITY

    The Company may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any
      corporation, bank or other entity with or into which either of the Employers may hereafter merge or consolidate or to which either of the Employers may transfer all or substantially all of its respective assets, if, in any such case, said
      corporation, bank or other entity shall assume all obligations of the Company hereunder in writing as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or their rights and obligations hereunder. The
      Executive may not assign or transfer this Agreement or any rights or obligations hereunder.

    
      
        10.   NOTICE

      

    

    For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in
      writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

    To the Company:

    111 Wood Avenue South

    Iselin, New Jersey 08831

    Attention:  General Counsel

    

    

    To the Bank:

    111 Wood Avenue South

    Iselin, New Jersey 08831

    Attention: General Counsel

    

    

    To the Executive:

    Christopher Martin

    79 Sunset Drive

    Tinton Falls, New Jersey 07724

    

    

    11. AMENDMENT; WAIVER

    No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
      is agreed to in writing and signed by the Executive and such officer or officers as may be specifically designated by the Board of Directors of the Company to

    
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    sign on their behalf; provided, however, that this Agreement shall be subject to amendment in the future in such manner as the Company
      shall reasonably deem necessary or appropriate to effect compliance with Section 409A and the regulations thereunder and to avoid the imposition of penalties and additional taxes under Section 409A, it being the express intent of the parties that any
      such amendment shall not diminish the economic benefit of the Agreement to the Executive on a present value basis. No waiver by any party hereto at any time of any
      breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
      subsequent time.

    12. GOVERNING LAW

    The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
      State of Delaware.

    13. HEADINGS

    The section headings contained in this Agreement are for reference purposes only and shall not affect in any way
      the meaning or interpretation of this Agreement.

    14. VALIDITY

    The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
      enforceability of any other provisions of this Agreement, which shall remain in full force and effect.

    15. COUNTERPARTS

    This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all
      of which together will constitute one and the same instrument.

    16. MISCELLANEOUS PROVISIONS

    (a) This Agreement does not create any obligation on the part of the Bank or the Company to make payments to (or to employ) Executive unless a
        Change in Control of the Bank or the Company shall have occurred.  Following a Change in Control, Executive’s employment may be terminated at any time, but any termination, other than a termination for Cause, shall not prejudice the Executive’s
        right to compensation or other benefits under this Agreement.  The Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause as defined in Section 1(b) hereof.

    (b) Notwithstanding any other provision of this Agreement to the contrary, any payments made to the Executive pursuant to this Agreement or
        otherwise are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. Section 1828(k)) and the regulations promulgated thereunder, including 12 C.F.R. Part 359.

    
      8

      
        

    

    17. REINSTATEMENT OF BENEFITS AFTER REGULATORY ACTION

    In the event the Executive is suspended and/or temporarily prohibited from participating in the conduct of the
      Bank’s affairs by an action of a regulatory agency having jurisdiction over the Bank during the term of this Agreement and a Change in Control, as defined herein, occurs, the Employers will assume their obligation to pay and the Executive will be
      entitled to receive all of the termination benefits provided for under Section 3 of this Agreement only upon the Bank’s (or its successors) receipt of a dismissal of the charges by the regulatory agency.

    18. ARBITRATION

    Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by
      arbitration, conducted before a panel of three arbitrators sitting in a location selected by the Company within fifty (50) miles from the location of the Company’s main office, in accordance with the rules of the American Arbitration Association then
      in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that the Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the
      pendency of any dispute or controversy arising under or in connection with this Agreement, other than in the case of a termination for Cause.

    19. PAYMENT OF COSTS AND LEGAL FEES

    All reasonable costs and legal fees paid or incurred by the Executive pursuant to any dispute or question of
      interpretation relating to this Agreement shall be paid or reimbursed by the Company or the Bank (in accordance with Section 7 hereof) if the Executive is successful on the merits pursuant to a legal judgment, arbitration or settlement in the
      Executive’s favor.  Such payment or reimbursement shall be made no later than the last day of the calendar year following the calendar year in which the Executive incurs the expense or, if later, within sixty (60) days after the settlement or
      resolution that gives rise to the Executive’s right to reimbursement; provided, however, that the Executive shall have submitted to the Company documentation supporting such expenses at such time and in such manner as the Company may reasonably
      require.

    20. CONFIDENTIALITY

    Executive recognizes and acknowledges that the knowledge of the business activities and plans for business
      activities of the Company and affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Company. Executive will not, during or after the term of his employment, disclose any knowledge of the
      past, present, planned or considered business activities of the Company or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever (except for such disclosure as may be required to be provided to the
      New Jersey Department of Banking and Insurance, the Federal Deposit Insurance Corporation, or other bank regulatory agency with jurisdiction over the Bank or Executive). Notwithstanding the foregoing, Executive may disclose any knowledge of banking,
      financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Company, and Executive may disclose any information regarding the Company or the Bank which is
      otherwise publicly

    
      9

      
        

    

    available or which exercise is otherwise legally required to disclose. In the event of a breach or threatened breach by the Executive
      of the provisions of this Section 20, the Company will be entitled to an injunction restraining Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Company or affiliates
      thereof, or from rendering any services to any person, firm, corporation, other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Company from
      pursuing any other remedies available to the Company for such breach or threatened breach, including the recovery of damages from Executive.

    21. ENTIRE AGREEMENT

    This Agreement embodies the entire agreement between the Company and the Executive with respect to the matters
      agreed to herein. All prior agreements between the Company and the Executive with respect to the matters agreed to herein are hereby superseded and shall have no force or effect, except that this Agreement shall not affect or operate to reduce any
      benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this
      Agreement.

    22. INTERNAL REVENUE CODE SECTION 409A

    The Employers and the Executive acknowledge that each of the payments and benefits to the Executive under this
      Agreement must either comply with the requirements of Section 409A of the Code and the regulations thereunder or qualify for an exception from compliance.  To that end, the Employers and the Executive agree that:

    (a) the legal fee reimbursements described in Section 19 are intended to satisfy the requirements for a “reimbursement plan” described in
        Treasury Regulation Section 1.409A-3(i)(1)(iv)(A) and shall be administered to satisfy such requirements;

    (b) the life, medical, dental and disability coverage described in Section 3 are intended (A) if furnished in-kind, to be exempt from compliance
        with Section 409A of the Code as a welfare benefit plan described in Treasury Regulation Section 1.409A-1(b)(5) and (B) if furnished by reimbursement, to satisfy the requirements for a “reimbursement or in-kind benefit plan” described in Treasury
        Regulation section 1.409A-3(i)(1)(iv)(A) and shall be administered to satisfy such requirements;

    (c) the Standard Termination Entitlements payable upon termination of employment described in Section 3 are intended to be exempt from Section
        409A of the Code pursuant to Treasury Regulation Section 1.409A-1(b)(3) as payments made pursuant to the Employers’ customary payment timing arrangements.

    All other payments and benefits due to the Executive under this Agreement on account his termination of employment
      that are not exempt from Section 409A of the Code shall not be paid prior to, and shall, if necessary, be deferred  to and paid on the later of the earliest date on which the Executive experiences a separation from service (within the meaning of
      Treasury Regulation Section 1.409A-1(h)) and, if the Executive is a specified employee (within the

    
      10

      
        

    

    meaning of Treasury Regulation Section 1.409A-1(i)) on the date of his separation from service, the first day of the seventh month
      following his separation from service. All such deferred amounts shall be deposited in a grantor trust which meets the requirements of Revenue Procedure 92-65 (as amended or superseded from time to time), the trustee of which shall be a financial
      institution selected by the Employers with the approval of the Executive (which approval shall not be unreasonably withheld or delayed), pursuant to a trust agreement, the terms of which are approved by the Executive (which approval shall not be
      unreasonably withheld or delayed) (the “Rabbi Trust”), and payments made shall include earnings on the investments made with the assets of the Rabbi Trust, which investments shall consist of short-term investment grade fixed income securities or
      units of interest in mutual funds or other pooled investment vehicles designed to invest primarily in such securities.

    [Signature Page Follows]

    
      11

      
        

    

    IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

    	
            ATTEST:

          	 	
            PROVIDENT FINANCIAL SERVICES, INC.

          
	 	 	 
	 /s/ John Kuntz, Corporate Secretary

          	
            By:   

              

          	 /s/ Matthew K. Harding

            
	
            John Kuntz, Corporate Secretary

          	 	
            Matthew K. Harding

            Chair of the Compensation Committee

          
	 	 	 
	
            WITNESS:

          	 	
            EXECUTIVE

          
	 	 	 
	 /s/ Mary Louise Festa

          	
            By:   

            

          	 /s/ Christopher Martin

          
	 	 	
            Christopher Martin

          

    

    

    

  

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