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Get filing alertsProvident Financial extends Executive Chairman Martin's term to 2028, modifies severance
Filed May 26, 2026 · Period ending May 21, 2026 · ~1 min read
Key Changes
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Executive Chairman Christopher Martin's employment agreement extended through May 21, 2028, providing leadership continuity for the regional bank holding company.
Item 5.02 verify on EDGAR → -
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Change-in-control severance modified to prorate based on days remaining in term, calculated using three-year average compensation, potentially reducing payout if acquisition occurs near term end.
Item 5.02 verify on EDGAR → -
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Martin will serve as Director Emeritus for three years after his executive term expires, maintaining advisory role and institutional knowledge.
Item 5.02 verify on EDGAR →
Summary
Provident Financial Services extended Executive Chairman Christopher Martin's employment agreement by two years to May 21, 2028. The amended agreement is substantially identical to his prior contract except for the extended term and a modified change-in-control severance formula.
The new severance calculation prorates payments based on days remaining in Martin's term rather than providing a fixed multiple, which could reduce costs to the company if an acquisition occurs later in the contract period. For retail investors, this filing signals board confidence in Martin's leadership and provides visibility into executive continuity through 2028.
The prorated severance structure aligns executive interests more closely with shareholders by reducing potential payouts as the term winds down. Martin will transition to a three-year Director Emeritus role after his term, maintaining advisory involvement. Watch for: Any announcements about succession planning or identification of Martin's eventual replacement as the 2028 expiration approaches, particularly given his dual role as Executive Chairman of both the holding company and the bank subsidiary.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Provident Financial Services, Inc. (“Provident Financial”) and Christopher Martin, Executive Chairman of the Board of Directors of Provident Financial and Provident Bank (together, the “Board”), have entered into an Amended and Restated Executive Chairman Agreement (the “Agreement”). The Agreement supersedes and replaces Mr. Martin’s prior Executive Chairman Agreement (the “Prior Agreement”) and is substantially identical to the Prior Agreement except the term of the Agreement expires on May 21, 2028
Christopher Martin, Executive Chairman, has signed an amended employment agreement extending his term through May 21, 2028. The new agreement is substantially identical to his prior agreement except for the extended term date.
Added in current filing · verify on EDGAR →
the change in control severance payable upon a qualifying termination of employment will equal the product of: (x) a fraction, the numerator of which is the number of days remaining in the term, and the denominator of which is 365, multiplied by (y) the average of Mr. Martin’s Annual Compensation (as defined in the Change in Control Agreement) during the three completed calendar years preceding the year in which the change in control occurs, and Mr. Martin will be entitled to continued insurance coverage, at no cost, for the remainder of the term
Martin's change-in-control severance formula has been modified to prorate based on days remaining in his term through May 21, 2028, calculated using his three-year average annual compensation. He also receives continued insurance coverage at no cost for the remainder of the term if terminated following a change in control.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
upon the earlier of the expiration of the term of the Agreement or Mr. Martin’s termination of service on the Board, Mr. Martin will serve as a Director Emeritus of Provident Bank for a period of three years in accordance with Provident Bank’s bylaws
The amended agreement adds a provision that Martin will serve as Director Emeritus of Provident Bank for three years after his term expires or he leaves the Board. This ensures continued advisory involvement after his executive role ends.
Event · Item 9.01 — Financial Statements and Exhibits
PFS amended executive agreements for Chairman Christopher Martin, effective May 21, 2026.
Added in current filing · verify on EDGAR →
Amended and Restated Executive Chairman Agreement between Provident Financial Services, Inc. and Christopher Martin, dated May 21, 2026
The company entered into an amended and restated Executive Chairman Agreement with Christopher Martin on May 21, 2026. This modifies the terms of Martin's role as Executive Chairman, though the specific changes to compensation, duties, or term are not disclosed in this 8-K filing itself.
Added in current filing · verify on EDGAR →
Amended and Restated Change in Control Agreement between Provident Financial Services, Inc. and Christopher Martin, dated May 21, 2026
The company also amended Christopher Martin's Change in Control Agreement on the same date. This agreement typically governs severance and other benefits payable if the executive's employment terminates following a change in control event. The specific modifications are not detailed in this filing.
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Figures/quotes linked to EDGAR · Narrative written by AI · May 26, 2026 · How we verify