This Employment Agreement (this Agreement) is dated this 11th day of March 2020, to be effective as of the Effective Date as defined in Section 22 below, by and between Provident Financial Services, Inc., a Delaware corporation (the Company), and Anthony J. Labozzetta (Executive). References to the Bank mean Provident Bank, a New Jersey chartered savings bank and wholly owned subsidiary of the Company. The Company and the Bank are sometimes collectively referred to as Employers.
WHEREAS, Executive is presently the President and Chief Executive Officer of SB One Bancorp, a New Jersey corporation (SBBX), and SB One Bank, a New Jersey-chartered commercial bank and wholly-owned subsidiary of SBBX; and is a party to an employment agreement with SBBX and SB One Bank, dated January 20, 2010 (such agreement, the Prior Agreement); and
WHEREAS, the Company and SBBX have executed and delivered an Agreement and Plan of Merger, dated as of March 11, 2020 (the Merger Agreement), pursuant to which SBBX shall merge with and into the Company, with the Company as the surviving entity (the Merger); and
WHEREAS, concurrently with the execution of the Merger Agreement, the parties desire to enter into this Agreement in order to induce Executive to accept employment with, and to provide further incentive for Executive to achieve the financial and performance objectives of, the Employers; and
WHEREAS, this Agreement shall supersede and replace the Prior Agreement as of the Effective Date.
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:
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POSITION AND RESPONSIBILITIES
(a) Position. During the Initial Term (as defined in Section 2 below), Executive agrees to serve as Chief Operating Officer and President of the Company and the Bank. Subject to and conditioned upon the approval of, and appointment by, the Board of Directors of the Company, commencing on January 1, 2022 and continuing during the Renewal Term (as defined in Section 2 below), Executive agrees to serve as of Chief Executive Officer and President of the Company and the Bank.
(b) Responsibilities. Executive will perform all duties and will have powers associated with the executive positions set forth in Section 1(a), as directed by the Board of Directors and as may be set forth in the Bylaws of the Company and the Bank. In addition, Executive shall be responsible for establishing the business objectives, policies and strategic plans of the Company and the Bank. During said period, Executive also agrees to serve, if elected, as an officer and director of any subsidiary or affiliate of the Bank or the Company without additional compensation.