This excerpt taken from the PBKS DEF 14A filed Apr 9, 2007.
Change in Control Benefits
The ability to minimize the disruption associated with a change in control of the Company is an important consideration in retaining key officers. Accordingly, it is in the best interest of Provident and its shareholders to provide reasonable financial arrangements in the event of a change in control. In addition, the use of such arrangements by competitors necessarily influences Providents use of such arrangements to maintain the Banks ability to attract and retain key officers. At present, 35 senior officers are covered by change in control agreements providing specified severance benefits and benefit continuation in the event of their termination of employment within a specified period following a change in control.