Management Change/Compensation (Form 8-K)

(e) 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 and, 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.

In addition, Provident Financial and Mr. Martin have entered into an Amended and Restated Change in Control Agreement (the "Change in Control Agreement"). The Change in Control Agreement supersedes and replaces Mr. Martin's prior Change in Control Agreement (the "Prior CIC Agreement") and the Change in Control Agreement is substantially identical to the Prior CIC Agreement except the term of the Change in Control Agreement expires on May 21, 2028 and 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.

The foregoing summary of the Agreement and Change in Control Agreement is qualified in its entirety by the full text of these agreements, which are attached to this Form 8-K as Exhibits 10.1 and 10.2 and incorporated herein by reference.